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TV
ommetrial f
No. 3681
JANUARY 11 1936
Vol. 142
CONTENTS
Editorials
page
167
Financial Situation
The
Supreme Court Again Draws
American Neutral
>179
the Line
181
Rights in Jeopardy
Comment and Review
Gross
and
of United States
Earnings
Net
for the Month of November
New
Railroads
--182
186
Capital Issues in Great Britain
Capital Flotations in the United States During
Month of December and for the 12 Months of the
The New
the
186
Calendar Year 1935
Week
on
the European
171
172
176
Stock Exchanges
Foreign Political and Economic
Foreign Exchange Rates and
Course of the Bond Market
Situation
Comment—
206
219
170
>>241
Indications of Business Activity
Exchange
Week
on
the New York Stock
Week
on
the New York Curb Exchange--
News
Budget Message of President
Annual Report
Text
of
195
199
Roosevelt.
of the Secretary of the Treasury
Decision
Court
Supreme
Declaring Uncon¬
201
218
239
stitutional AAA-_
Current Events and
Bank and Trust
Discussions
Company Items.
General Corporation
and Investment News
Dry Goods Trade
State and Municipal Department. _
292
323
324
Stocks and Bonds
Foreign Stock Exchange
Dividends Declared
291
Quotations
-
Auction Sales
252
291
259
258 & 268
274
Exchange—Stock Quotations
Exchange—Bond Quotations.
New York Curb Exchange—Stock Quotations
New York Curb Exchange—Bond Quotations
i.277
Other Exchanges—Stock and Bond Quotations
280
Canadian Markets—Stock and Bond Quotations
284
Over-the-Counter Securities—Stock & Bond Quotations..287
New York Stock
New York Stock
I
Reports
Foreign Bank Statements
174
Course of Bank Clearings
242
Federal Reserve Bank Statements
255
General Corporation
and Investment News
292
Commodities
The Commercial
Markets and the Crops
Cotton
Breadstuff s
Published Every
Herbert D. Seibert,
Saturday Morning.by
Chairman of the
-
315
317
321
the William B. Dana Company, 25 Spruce Street, New York City
Seibert, President and Treasurer; William D. Riggs, Business
Board and Editor; William Dana
charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
Smith 1 Drapers* Gardens, London E. C. Copyright, 1935, by William B. Dana Company.
Entered as second-class matter June 23 1879, at the post office at New York, N. Y., under the Act of March 3 1879. Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Meidco and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year; $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
Manager.
Other offices:
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State 0613).
London—Edwards &
XVI
Financial Chronicle
Harris Trust and
Organized
N.
as
W.
Harris
HARRIS
&
TRUST
Jan. 11
1936
Savings Bank
Co.
1 882
Incorporated
-
1907
BUILDING, CHICAGO
Statement of
Condition
December 31, 1935
Resources
Cash
on
hand, in Federal Reserve Bank,
and due from Banks and Bankers
$ 61,528,782.59
-
U. S. Government Securities, at
par and accrued interest:
Due five years or longer
-
Due less than five years Due less than five years (Pledged to
U. S.
Treasury Bills at
par
-
-
-
secure
-
3,027,271.52
-
-
Deposits)
-
-
-
'■
35,678,272.85
13,322,718.44
-
5.675,000.00
-
State and Municipal
Securities, not exceeding market value:
years or longer
-
Due three
Due less than three years
Other Bonds and
-
-
-
-
Investments, not exceeding market value
Demand Loans
11,366,017.98
22,076,735.29
-
15,243,766.08
-
-----
Time Loans and Bills Discounted
-
5,546,189.80
-
-
-
32,130,402.47
-
Illinois State
and Municipal
Securities, not exceeding market value,
deposited under Trust Companies Act -
Federal Reserve Bank Stock
-
-
-
Unexpired Federal Deposit Insurance
Customers'
Liability
on
-
-
-
500,000.00
390,000.00
.
-
-
Acceptances and Letters of Credit
-
40,889.14
—
1,027,950.83
-
Total
-
$207,553,996.99
Liabilities
Capital
-
Surplus
-
-
-
-
-
-
6,000,000.00
-
7,000,000.00
-
Undivided Profits
2,212,864.89
Reserve for Taxes, Interest, etc
-
-
Acceptances and Letters of Credit
-
$ 15,212,864.89
-
U. S. Government
Deposits, Secured
Trust Department's Cash
Demand Deposits
Time
Deposits
-
-
-
1,043,150.83
195,190.00
-
Balances, Secured
-
12,439,115.89
-
-
-
2,704,340.98
-
-
-
-
-
-$151,523,462.63
-
-
-
-
-
-
24,435,871.77
Total
-
-
-
175,959,334.40
$207,553,996.99
DIRECTORS
I
ALBERT W.
HARRIS
Chairman of the Board
HOWARD W. FENTON
President and Chairman of Executive
Committee
DAVID A.
CRAWFORD
STANLEY G. HARRIS
Vice-President
BOWMAN
C.
LINGLE
Vice-President
M.
HADDON MAC LEAN
President, The Pullman Co.
Vice-President
FRANK R. ELLIOTT
JOHN McKINLAY
Vice-President
President, Marshall Field & Co.
F.
O.
HALE
President, Illinois Bell Telephone Co.
ARTHUR B.
HALL
Hall & Ellis
GEORGE E.
WILLIAM P.
SIDLEY
Cutting, Moore & Sidley
HAROLD H.
SWIFT
Vice-President, Swift & Co.
WARD
FRANK McNAIR
SCOTT
President, American Steel Foundries
W. WILLITS
President,The Adams & Westlake Co.
JOHN P. WILSON
Wilson & Mcllvaine
Vice-President
CHARLES H. MORSE
Fairbanks, Morse & Co.
FRANK H. WOODS
Chrn.
Addressograph-Multigraph
Corp.
The Financial Situation
prerogatives, although it is still doubt¬
ultimately conclude that such a
Court and its
THIScharacterizedeventful week. It could well be
has been an if the invalidation of the Agri¬
ful whether he will
so
Such, however, is by no means the fact of
the case, as witness the budget message of the Presi¬
dent and the presentation to Congress by the Chief
Executive of the usual estimates of receipts and
period.
expenditures so far as what officials are now
to
expenditures"
call "regular
so-called bonus bill has also
with
that the law was unconstitu¬
tional, and, accordingly, unconstitutional it is and
will remain until such time (if ever) as the Supreme
Court may see
of
course
fit to reverse itself in the matter. It is
both the majority members and
true that
minority dissenters filed lengthy opinions setting
of reasoning that led them to their
the
forth the line
These
An Essential Function
under way
been
of the
closed in this
they
as
inquiry,
are
"When
an
The Constitu¬
so
branch of the government
squares
"All
has only one duty
private life and formerly in
official positions
This
screaming
in
headlines in
a
seriously to mislead
way
the uninformed and the un¬
Court
wary.
eral
The AAA
ployed by the justices, par¬
ticularly the minority, at
neither approves
given the impression rather
widely that all members of
this
question is not what power the Fed¬
ought to have but what
pass
judgment in this case nor
in this case,
the propriety
lic at
challenged in court. There
may well, therefore, be two opinions concern¬
ing the wisdom of the Court in giving expres¬
of its doing so was
OFdevelopments of the
ALL these and other
most im¬
week the
past
sion to the sentences
It
of the
Act
ment
is
tional in its entirety.
page an
on
Court.
shall devote
tion
our
connected
Here
Our
en¬
with
a
some
independent tribunal such
preme
a
Both
of
cam¬
groups
the
of
Court
agreed at least upon the
doctrine
and its
the
that
Court
opinions have
the merits
situa¬
ex¬
tion
whose
the prob¬
of the legisla¬
constitutionality is being decided.
Constitutionality of Act Settled
agriculture which have long
are now
The
brought again sharply to
The President in his
list of
diners" and to the country at large,
radio, spoke of "two opinions" of the Su¬
Wednesday evening to the long
Court, the language of which,
potent influence upon the
extensively
actly nothing to do with
he said, would
lives of our citizens
for many years to come.
This remark of his, and
his manner of speaking at other points, have led to a
widespread impression that he is still giving serious
consideration to a general attack upon the Supreme
have
pro¬
particularly
coming
the
members
as
mockery.
"Jackson Day
via the
pohtics,
during
we
the attention of the country.
on
more
paign.
attention to the fundamental
existed but which
address
the issue
can
brought into being by this ruling, and
lems
any
govern¬
decision
eminently sound
the
how
see
form of
the
Supreme Court to interpret the Constitution
and to pass judgment upon the constitution¬
ality of legislation.
Under any other ar¬
rangement the Constitution would become
tirely to this trenchant and
of
to
our
opinions" should
vide material for throwing
into
of
another
article devoted
however,
It would be
large.
operating as ours does, upon the basis of a
written Constitution, without the existence
unconstitu¬
readers will find
"two
just quoted.
who believes in
*
but to the pub¬
unfortunate indeed if these
challenge the soundness of the
doctrine thus laid down.
It is equally diffi¬
cult to conceive of a governmental system
ment
Adjust¬
Agricultural
the
difficult,
is
citizen
ruling
Supreme Court that
portant by far is the
un¬
necessity of speak¬
ing not only to the litigants
in fact have been given by the people."
of the Supreme Court to
Neither the power
Agriculture
high tribunal felt
der the
Government
powers
Decision and
unavoidably has
points
ends.
"The
The language em¬
Court.
has, if such it
of judgment.
legislative policy.
any
majority and the
minority members of the
not condemns
Its delicate and diffi¬
cult office is to ascertain and declare whether
the legislation is in accordance with, or in
contravention of, the provisions of the Con¬
stitution; and, having done that, its duty
have been
spread
both the
of
expressions
the
upon
to decide
whether the latter
with the former.
Court does, or can do, is to an¬
its considered judgment upon the
question.
The only power it
may be
called, is the power
Act, left its impress
covery
the
nounce
invalidating -
ago
the National Industrial Re¬
and
lenged
cerning individuals both in
and
months
lay the article of the Constitution which
is invoked beside the statute which is chal¬
con¬
following the
ruling of the Court several
—to
been
public knowledge, but cer¬
revealed
politicians, led by the Pres¬
ident himself,
appropriately
Act of Congress is
we
so
think, the attitude of some
challenged in the courts as not conforming
to the constitutional mandate, the judicial
of real im¬
details
Unfortunately,
control the action of the
down.
portance, have long
tain intimate
ion of the Court.
law of the land, ordained
and established by the people.
All legisla¬
tion must conform to the principles it lays
dis¬
far
but only the ma¬
a
tion is the supreme
termed neutrality laws.
thus
or
Court assumes
people's representatives.
"This is a misconception.
further extension of what
facts
overrule
power to
Administration for drastic
The
no
It is sometimes said that the
marshalling popular sup¬
port for the plans
the function
to
for the purpose
"opinions," of
jority decision is the opin¬
misunderstanding as
of this Court in such a case.
"There should be
are
course,
the President. Spec¬
tacular hearings have
conclusions.
respective
statute book,
without the signa¬
or
ture of
far
Court.
rendered the opinion
to the
way
are
The
made further progress,
observers is definitely on its
and according to most
of
pleased
concerned.
are
there were no two opinions of the
The Court, by a majority of six to three,
At any rate,
of first rate importance during the
the only event
politically wise.
of action is
course
by the Supreme Court were
cultural Adjustment Act
highest court in the land, whose membership
is without
question composed of men of learning and
high intelligence, has laid the Agricultural
ment Act down
of the Constitution and found
conform.
Certainly
assert that the
so
Adjust¬
by the side of the appropriate sections
no one
that the two did not
in his right sense would
"people," to whom the politicians are
fond of referring—meaning
thereby, we presume,
nation—could
the rank and file of the citizens of the
hope to arrive at a more accurate or a more
reasoned
judgment
on
this question.
well-
The Act is
168
Financial
unconstitutional.
The matter ought to be left there.
If the Administration
"
or
other group
any
wishes to propose amendments
that, of
course,
Chronicle
the
to
is their prerogative.
or directly enforced, or by
tinkering, but by eliminating ar¬
bitrary controls, tariff absurdities, direct and in¬
Constitution,
at
condition,' not a
condition which many believe calls for
drastic immediate
action, and which all will
belong, who
our¬
agricultural problem be solved
other time. They would like¬
our
at any
or
tion
whether
tem
to believe that the situa¬
seem
necessity of candidly explaining
so
we
extensively based
tion demands
early adoption of some of the other
tions and
of foodstuffs needed
panaceas
so
long and
often in the
so
other
prior to the inauguration of the present
Administration.
It is with the deepest
regret that we
eye
so
notice of the fact that even those
violent in opposing the
gigantic and absurd
ogricultural program of the Administration have
been both
prompt and insistent upon other schemes
that seem to us to be
nearly, if not fully, as
observe
the
"necessity" for
granted;
of those
in
how
our
for
a
farm
minds that there is
own
sort
no
course
to
governmental
difficult
defects that
ernmental
scorn
situation
were
created
the
same
are a
such foundations and
upon
of curing
invalidation
as
they might
are
it upon the electorate. Other¬
wise, they assert, the so-called farm vote would be
lost, and with it the election. This may be
political
realism,
as
those who take this view assert.
however, it is short-sighted realism.
matter
is
If so,
The fact of the
that any
of the schemes thus suggested
must in the end
fail, and failing leave their spon¬
sors in
just the uncomfortable position in which
the Administration finds itself with
its agricultural
program
other
crumbling
upon
its
head—albeit for
an¬
seems
ture to express the earnest wish
that some influen¬
tial political
party or group in the nation would
summon the
about these matters.
obliged to assert that
If
courage to tell both
large the simple truth
they did
not
so they would be
by subsidies or "planned
economy," and not by collective
definitely doomed.
provide
lower
control of
produc¬
This
expansion
would
freight for the railroads, presumably
prices for the hard-pressed
consumer, and
more
larger sales for the farmer
to
offset lower prices if
As to rural demand for manufac¬
they eventuate.
tured
goods, predictions would be unsafe, but the
outlook, all things considered, does not appear to be
greatly affected for the present.
Purchasing Power
It has become
purchasing
customary to speak of the immense
power which has been
placed in the hands
of the farmers in the form of
benefit payments that
now
may
no
longer be made.
Let it be
carefully
noted, however, that this "purchasing power"
not created from thin air.
of
It
was
processing taxes from the
What
the farmer
was
taken in the form
general
gained, accordingly,
population.
was
those
lost by
who had to provide funds for
the payments.
An abolition of the
system at this time would there¬
fore enlarge the
purchasing power of the general
public by the amount by which that of the farmers
thus reduced.
more
politically fantastic, whether Utopian
nature, or whether merely commonplace, we ven¬
foresight and the
so
Pre¬
is at an
end, and what has been
planned under the Bankhead law and other statutes
being made in
Economic Realism
the farmer and the nation at
other factors.
are
Administration
is
reason.
Whether
in
of the Administration and
sumably agricultural production will expand, now
control under the
Agricultural Adjustment
wont to
politically necessary for any party
seeking votes next autumn to develop some
such scheme and
urge
effect upon
Agricultural Adjustment Act,
dogmatic, so un¬
course
is embodied in
agricultural programs, so-called,
group
the
complex and unpredictable
insist that it is
or
of
certain is the
gov¬
embodying its tenets.
nonsense
their
that
good many who
Others whose good sense kills
any faith
otherwise have in such
demonstrate
it will not do at this moment to be
or
tangled
type of
failed, but we certainly shall not
if, while attempting it, we insist upon
so
Concerning the direct and immediate
mal¬
"planned economy" when labeled by its true
but who preach
agricultural programs resting
name
these
a
purpose
by this
meddling. Yet there
into
system upon
be able to succeed
may
general business, and even upon the
farmer, of the
economic defense
authority
for
footing. We
fallacies.
upon
inject
obtaining supplies
after another of these
agricultural nostrums should
to be tried in
order to
for
indirectly affecting agriculture, must be eliminated
by planned national action which will undertake
and
and
have
of artificial "farm
directly
as we know, has yet been able
extensively to convert its farms into factories
self-sufficiency to the destruction
profitable foreign trade in anything like the de¬
gree now apparently widely favored
by some in
public life. It would be unfortunate indeed if one
universally,
such schemes
obviously assume that admitted
adjustments in our economic structure,
by the farmers themselves. No
far
of
program" except
the presupposition that "planned
economy" is desirable. In one way or another all
of
so
national economic
a farm program, that is, of the general
type
already mentioned. Yet we are very certain
any
sys¬
market considera¬
where others have
discouraging to
say
is taken
country,
be able to do
Economy"
program
open ques¬
little devoted to the
production at home
sound business
a
unworthy
and as
unlikely to accomplish that for which they
are
being designed as the one just invalidated by the
Supreme Court.
TO US it is bothwidely, not and
surprising to
an
agricultural
from the market and still maintain
the
most
Farm Programs and "Planned
so
an
upon
producing for the market
obliged to take
are
maintain
can
agricultural
public
all
that under the best of conditions it is
party
may
now
wise be under the
agree
they
and
on
hand, will
either
a
should have the most careful
study.
We find
selves unable to agree with
those, to whatever
subsidies
kindred policies effected
behalf of industry, and by encourag¬
ing international trade with all legitimate methods
faced by a
we are now
currency
supposedly
or
adopted.
However,
theory, and
or
direct
It will then be
the prerogative of the
people to decide whether
not such amendments are to be
1936
tion, whether purchased
tariff
party
or
Jan. 11
If
some
the
assertion is
made, as it is
quarters, that the farmers are
in need of this
"purchasing power" and more
likely to make prompt and effective use of it than
other sections
of
the
population, the answer is af¬
by merely pointing to the billions of dollars
annually in relief that the Administration has felt
forded
it
necessary
to
provide
for
obliged to bear the burden
with this
additional
is that the additional
those
who
have
been
of
providing the farmers
purchasing power. The truth
"purchasing power"
of late been felt in the markets
of the
that has
country has,
Financial
Volume 142
far
so
with
the
as
government has had anything to do
it, originated in the $3,000,000,000 annual def¬
icit which has been converted for the most part
the money
this
Will
stream
power" continue
annual
budget
as
of
little evidence of very sub¬
message
deficit, although of course
question of relief payments is left for later con¬
sideration.
is
We find in the
in the past?
On the other
each
that
hand, the general consensus
day brings greater likelihood that a
huge cash bonus will be voted
which almost cer¬
tainly would be financed just as deficits during the
past few years have
matter up, we
tural
To sum the
been financed.
find the invalidation of the Agricul¬
Adjustment Act most heartening in that it
sanity
Total
combined.
in circulation fell
currency
000,000 in the period from Dec. 31 to Jan. 8, accord¬
ing to the credit summary, and this trend, together
with
newly created "purchasing
stantial reductions in the
the
into
of modern business—bank deposits.
169
Chronicle
Treasury disbursements from its general
fund
with the Federal Reserve
banks, occasionel a sharp
increase in member bank
deposits with the Reserve
All this is in accordance with expecta¬
institutions.
tions, and it likewise was realized that excess re¬
serves
of member banks over legal requirements
would
sharply higher.
move
In the period covered
by the report such excess reserves increased $150,-
000,000 to
aggregate of $3,000,000,000.
an
In two
weeks, therefore, $300,000,000 has been added to the
figure,
reserve
excess
or
virtually half of the $610,-
000,000 drop occasioned in mid-December when cash
payments were made by banks for a large part of
Treasury securities then issued, and the
furnishes additional assurance of a return to
the
in
governmental affairs, but we do not believe that
Treasury deposit with the Federal Reserve banks on
it
presents any very serious general economic situ¬
deposits still remain at the swollen figure of $460,-
perhaps the worst evil of them all—basic in¬
828,000, and as the funds are expended, excess re¬
serves will mount.
The Treasury, in recent weeks,
even
that
the
for
flation—will
time being,
nor
any
be checked.
Budget
estimates—unusual
year
not
the
attention
escaped
profess to be nearly complete—have
ordinarily given
them,
so
absorbed
general business community been with the
verdict of the
Supreme Court.
The business com¬
munity, however, should not fail for that reason to
carefully into these important documents and
look
come
definitely to grips with the problems they pre¬
sent.
It is to be carefully
noted that what are termed
ordinary expenditures planned for the next fiscal
$5,069,000,000, representing a substantial
over those of this year.
The fact that esti¬
year are
increase
mated
receipts
are
also higher, leaving the so-called
ordinary budget in approximate balance, should not
permitted to soothe the public into the easy be¬
budgetary progress is being made. There
What is needed
that
lief
is
is
a
real basis for such a belief.
no
balance obtained not by
heavier taxation but
Moreover it is obvious
the figures presented that if relief expendi¬
in the fiscal year 1937 approximate those of
reduced expenditures.
from
tures
the deficit will without ques¬
astronomical order of magnitude.
the current fiscal year,
tion remain in an
We must not confuse
tures,
as
be
would
appropriations with expendi¬
the politicians have appeared to expect
The
done.
President
has
said
responding large amounts, and this also will in¬
crease
reserves
and excess reserves.
A similar
probable on the basis of further declines
is
effect
of
have
the
unexpended
surprising if the previous record of $3,310,000,000
excess reserves soon is eclipsed.
fiscal
current
something
assume
over a
will be
billion dollars, which he seems to
expended in affording relief.
these funds he later asks
If to
Congress to add other bil¬
will certainly remain exceed¬
ingly uncomfortable, not to say alarming. If fur¬
ther billions are required to pay a cash bonus the
state of affairs can hardly be described as other
the situation
lions,
than
now
catastrophic. Apparently these estimates must
be revised to take account of the invalidation
of the
Agricultural Adjustment Act, since both re¬
therein are
now
illegal, but the picture in general outline is
already clear enough. How such sums of money
ceipts and proposed outlays contained
could be raised without
of
era
virtually forcing us into an
general inflation it is difficult to see.
Federal Reserve Bank Statement
holdings of the Federal Reserve
Gold certificate
banks declined
from
$484,000 to $7,552,873,000 on Jan. 8
$7,553,357,000
on
Dec. 31.
But a sharp in¬
crease
of till and vault cash increased the total re¬
serves
to
$7,873,690,000 from $7,835,351,000.
Fed¬
eral Reserve notes in actual
circulation reflected the
decline of
only in part, through a
currency
in
use
$3,655,764,000 from $3,709,074,000. The
balances of member banks with the System
recession to
reserve
$157,938,000 to an aggregate of $5,745,-
increased
146,000
Jan. 8 from $5,587,208,000 on Dec. 31,
same period Treasury deposits on gen¬
on
while in the
$460,828,000 from $543,770,000.
eral account fell to
of
total
deposits to $6,470,620,000 from $6,385,809,000. The
These
changes,
together with small increases
foreign bank and other deposits, raised the
added
reserves
shadowed
that he
appropriations at the end
period, in the amount of
in circulation, and it should not prove
of currency
the
ratio
reserve
will
gold acquisitions
with the fund in
Washington. When its free funds approach deple¬
tion such certificates again will be deposited in cor¬
through deposit of certificates
THE annual budget message and the that they do
this
in usual budget
has the
to reimburse itself for
has failed
The
by
Such Treasury
general account increased sharply.
assurance
ation
be
new
Discounts
and the decline of circulation over¬
gain in deposit liabilities, and the
was
stepped
up
to 77.8% from 77.6%.
by the System moved
up
$709,000 to
while industrial advances
dropped $479,000 to $32,014,000.
Open market
bankers' bill holdings were quite unchanged
at
$5,381,000
on
8,
Jan.
$4,656,000, and holdings of United States govern¬
ment
securities were $492,000 lower at $2,430,239,000.
Corporate Dividend Declarations
DIVIDEND actions the current week were aagain
favorable.
Pennsylvania RR. declared
divi¬
of $1
dend
a
share
on
the capital stock, payable
29; dividends of 50c. a share were
Feb.
March
15
Transamerica Corp. declared an extra
in
addition to the
15c.
a
paid on
1935, Sept. 15 1934, and March 15 1934.
of 10c. a share
regular semi-annual dividend of
share, both payable Jan. 31.
Packard Motor
Car Co. declared a dividend of 10c. a
share on the
stock, payable Feb. 11, which will be the
distribution on the stock since Dec. 12 1931,
common
ANTICIPATED are duly recordedof the post-holiday period monetary trends in the current
i
condition statement of the 12 Federal
Reserve banks,
first
when
a
like amount
was
paid.
Pacific Tin Corp.
170
Financial
declared
to
a
extra dividend of 50c.
an
quarterly of like amount
both payable Feb. 1.
share in addition
a
the special
on
Walgreen Co. declared
terly dividend of 50c.
a
share
on
the
a
stock,
share
much
uncertainty
was
last
the
the New York
market, and large gains occurred for
virtually all groups of issues. Turnover
the week in
was
exceptionally heavy in all sessions, with activity
on
the New York Stock
Exchange ranging from
about 3,000,000 shares in the
quieter periods to
almost
4,000,000 shares in the
now
a
commonplace that
active
more
It
ones.
stocks
numerous
are
selling at prices far above what might be regarded
normal
some
the
on
degree
basis
the
months doubtless
great
of
current
advances
the result of
are
earnings.
of
the
To
last
10
anticipated gains
1936
Treasury issues, but
fact that advances took place is most im-
pressive.
High-grade industrial, railroad and utility
were
well
of bonds
there
introduced in
by the Supreme Court overAgricultural Adjustment legislation,
Monday, prices soon resumed their advance in
of
mere
group
the stock market
throw
as
the
bonds
New York Stock Market
u
message and the favorable House vote yesterday on
Gains were small in
the bonus.
Nov. 1 1935.
ALTHOUGH
Jan.
Adjustment Act decision, the unsatisfactory budget
stock,
a quar-
common
payable Feb. 1, as compared with only 40c.
on
is
Chronicle
maintained.
In
the
speculative
was
large gains
very
were
recorded, and
hardly an interruption in the upward
throughout the week. The cheaper railroad issues especially were in
demand, but industrial bonds also surged forward.
Foreign dollar
movement
bonds with possibilities of
appreciation, such
defaulted Latin American
issues, also
were
as
the
in keen
demand.
Commodity price movements were erratic,
might be expected in view of the Agricultural Adjustment Act decision, but the stock market was not
in a mood to place much importance on that circumas
stance.
Changes in commodities were irregular on
Monday, and after brief firmness on Tuesday the
trend
was
downward.
Almost all
agricultural prod-
ucts showed losses for the week.
In
exchange markets
uncertain
ing most
sessions,
movements
but the
were
trend
the
foreign
dur-
to
definitely
against the dollar Thursday and yesterday,
owing
ease, induced in
part by the official easy money policy, also is indueing speculative acquisition of stocks.
With most
that further devaluation of the dollar will be effected
in trade and
believe
industry, but there is
that
the abnormal
compilations
average
five years,
eration
of
the
credit
reason
position
consid-
some
the
current
stock
by
President
Roosevelt
before
Congress,
Rail shares
improved materially, but the industrial
section
dull.
was
After
a
good start on Monday the
simultaneously by the Supreme
decision, which virtually wipes out the Agri-
markets
Court
were
faced
cultural
Adjustment Act, and delivery of the budget
In the late trading all the previous gains
day were wiped out, and losses appeared in
message.
of the
all
sections
save
the food
stocks.
Shares
of
com-
panies that had been paying processing taxes advanced sharply on the
assumption that some remight be effected.
covery
losses
Other groups closed with
ranging from small fractions
the market
upswing
soon
aid
leaders
to
to 2
points.
But
recovered its
was resumed with
ministration
tinued
equilibrium, and the
vigor on Tuesday. Ad-
conferred
on
means
agriculture, and for this
for
and
con-
other
the initial apprehension
reasons
soon disappeared.
advance, while material
gains appeared also in utility, railroad and indus-
Food
stocks
continued
trial stocks.
Nor
general trend
in
occurred
ahead
on
food
was
to
there any
interruption of the
Wednesday. Some profit-taking
stocks, but other groups forged
rapidly with
an
unusually large number of
individual
issues
creased
Thursday and
on
traded.
Realization
most of the
sales
fti-
speculative
favorites showed declines
of a point or two.
The
dried up, however, and it was noted
that many of the inactive stocks
continued to ad-
selling
vance.
soon
The
upswing
was
resumed
great vigor and large gains
trial stocks.
Call loans
mained
yesterday with
were recorded in indus-
Utility and railroad
issues also
were
better.
In the listed bond market
almost all movements
the holders.
United States
favored
securities
government
improved slowly despite the unfortunate
implications for the Treasury of the Agricultural
on
the New York Stock Exchange re-
unchanged at %%.
On the New York Stock Exchange the sales at the
half-day session
on
Saturday last were 1,592,400
Monday they were 3,731,690 shares; on
Tuesday, 3,083,670 shares; on Wednesday, 3,525,540
shares; on Thursday, 2,996,010 shares, and on Fri-
shares;
market last
Saturday showed a little
uncertainty, while attempts were made to gauge the
significance of the address made late the previous
evening
eventually.
possible
the
on
movement.
The
in good part to the bonus vote and fears abroad
at highest levels in nearly
now
it is plainly advisable that
given in official circles to
be
influence
some
credit
was
on
day, 3,270,670 shares.
On the New York Curb Ex-
change the sales last Saturday
were
339,480 shares;
Monday, 687,575 shares; on Tuesday, 692,141
shares; on Wednesday, 902,505 shares; on Thursday,
750,530 shares, and on Friday, 742,060 shares.
After early irregularity, attributed in part to the
on
President's message to Congress and the decision
by
the United States Supreme Court on the validity of
the Agricultural Adjustment Act, the market regained its confidence. Encouraged by the aid of a
cheerful business outlook, many issues advanced on
one to four points in a broad market,
With the exception of Thursday, optimism
pervaded
trading on the remaining days, and prices in numer-
Tuesday from
ous
instances
week.
recorded
General Electric
substantial
gains
for
the
closed
yesterday at 391/4
against 38% on Friday of last week; Consolidated
Gas of N. Y. at 32% against
31%; Columbia Gas &
Elec. at 14% against 14%; Public Service of N. J.
at 46% against 46%; J. I. Case
Threshing Machine
99% against 98%; International Harvester at
59% against 62%; Sears, Roebuck & Co. at
62%
at
against 64%; Montgomery Ward & Co. at 37%
against 38%; Wool worth at 53% against 55%, and
American Tel. & Tel. at 158% against
159%. Allied
Chemical &
Dye closed yesterday at 169% against
Friday of last week; Columbian Carbon
at 101% against 97; E. I. du Pont de Nemours at
159%
on
140 against 140; National Cash
Register A at 22%
against 23%; International Nickel at 46
against
15%; National Dairy Products at 21% against
22%; Texas Gulf Sulphur at 35% against 33%;
National Biscuit at 38%
against 33%; Continental
Can at 84% against
84%; Eastman Kodak at 161%
against 160; Standard Brands at 16 against
15%;
Westinghouse Elec.
Lorillard
at
& Mfg. at 102% against
98;
25% against 24%; United States In-
dustrial Alcohol at 43 against 42%;
Canada Dry
at
29%
their gains of the
previ-
National
and
48%,
against
and cable transfers on Paris closed yesterday at
6.63c. as against 6.59%c. the close on Friday of
last week.
/
Schenley Distillers at 47%
against 16;
15%
at
Distillers
against 29%.
The steel stocks continued
v
United States Steel closed yesterday at
week.
ous
Bethle-
49% against 49% on Friday of last week;
53% against 53%; Republic Steel at
hem Steel at
Tube at
20% against 19%, and Youngstown Sheet &
In the motor group, Auburn
yesterday at 44 against 42 on Friday
45% against 453/8.
Auto closed
563/8;
Motors at
2%* against 1%. In the rubber group, Goodyear
Tire & Rubber closed yesterday at 23% against 24%
on Friday of last week; U. S. Rubber at 18 against
18%, and B. F. Goodrich at 14% against 15. The
of last
week; General Motors at 563,4 against
Chrysler at 90% against 91%, and Hupp
shares
railroad
showed further improvement this
Pennsylvania RR. closed yesterday at 34%
week.
against 31%
Friday of last week; Atchison
on
Topeka & Santa Fe at 683/8 against 61; New
York
29% against 29%; Union Pacific at 113%
Central at
against 113; Southern Pacific at 25% against 25;
Southern Railway at 15 against 15, and Northern
Pacific at
26% against 25%.
of
Oil
Standard
N.
J.
Among the oil stocks,
yesterday at 54%
closed
Shell Union
Oil at 16% against 15%, and Atlantic Refining at
29% against 29%. In the copper group, Anaconda
Copper closed yesterday at 29% against 29% on
Friday of last week; Kennecott Copper at 30 against
29%; American Smelting & Refining at 62 against
59%, and Phelps Dodge at 28 against 26%.
against 52% on Friday of last week;
Trade and industrial indices were
able this week.
generally favor-
Steel ingot production
for the week
ending to-day was 49.2% of capacity, according to
the American Iron and Steel Institute.
This compares
with 46.7% last week and 43.4% at this
last year.
the week
Jan. 4
time
The gain of 2.5 points now recorded for
amounts to about 5.4% increase in opera-
Electric power
tions.
production for the week to
1,854,874,000 kilowatt hours, the Edison
Institute reports.
This contrasts with
was
Electric
1,847,264,000 kilowatt hours in the preceding week
and with 1,668,731,000 kilowatt hours in the same
week of 1935.
Car loadings of revenue freight in the
week ended Jan. 4 totaled
541,984 cars, the Associa-
tion of American Railroads states.
This
was a
gain
75,305 cars over the preceding week, and of 44,710
cars over the corresponding week one year ago.
of
As
indicating the course of the commodity mar-
in Chicago closed
101%c. the close on
last week.
May corn at Chicago closed
at 60%c. as against 61%c. the close on
last week.
May oats at Chicago closed
at 28%c. as against 28%c. the close on
kets, the May option for wheat
yesterday at 101%c. as against
Friday of
yesterday
Friday of
yesterday
Friday of last week.
New York closed
12.10c. the close on
Friday of last week.
The spot price for rubber
yesterday was 13.95c. as against 13.56c. the close
on
Friday of last week.
Domestic copper closed
yesterday at 9%c., the same as on Friday of last
The
spot price for cotton here in
yesterday at 11.90c. as against
week.
In London the
price of bar silver yesterday was
against 21% pence per
silver in
yesterday at 49%c., the same as
20% pence per ounce as
ounce
Friday of last week, and spot
on
closed
New York
the close
In
the
transfers
171
Financial Chronicle
Volume 142
on
Friday of last week.
matter
on
of
the
foreign
exchanges, cable
London closed yesterday at
against $4.92% the close on Friday
$4.95%
as
of last week,
~
,
M
,
European stock Markets
jWI OVEMENTS of prices on stock exchanges in
the principal European financial centers
were upward in most sessions of the current week. :
The gains were not extensive, as there is much uncertainty regarding European political affairs, and
additional unsettlement developed early this week
because of the events in the United States. When
it appeared that American markets were inclined
to advance despite, or perhaps because of, the Supreme Court decision on the Agricultural Adjustment Act, gains also were the rule at London.
Some profit-taking appeared in the London
market later in the week, and net changes were
small. The French market was slightly irregular,
with gains rather more pronounced than losses. Reduction of the discount rate by the Bank of France
on Thursday to 4% from 5% proved quite stimulating, and securities moved ahead easily on the Bourse
in that session. The trend on the Berlin market was
business was
done. The disclosure on Thursday that the roster of
the German unemployed had increased 522,354 in
December, to an aggregate of 2,506,806, proved
somewhat disconcerting. In England the business
atmosphere remains optimistic and further recovery
from the depression is anticipated with confidence.
The French business situation remains dubious,
while some questions regarding the German trend
now have been introduced by the sharp drop in em¬
ployment. In all markets some apprehension exists
regarding the possibility of further sanctions against
Italy, which are to be considered beginning Jan. 20.
The London Stock Exchange was fairly active in
the initial session of the week, with interest concentra ted largely in speculative securities. British
funds were dull and inclined to soften. But industrial stocks moved forward brightly, while commodity issues and gold mining shares also improved,
The international section was colorless. With the
American Supreme Court decision on the AAA before it on Tuesday, the Stock Exchange turned dull,
Traders in London preferred to await indications of
the attitude in American markets. British funds
drifted slightly lower, while industrial stocks were
irregular. Modest changes in both directionsappeared in the international section. Confidence was
restored at London, Wednesday, when overnight reports from New York told of the further improvement in American markets. Investment demand
appeared for British funds, and almost all industrial
stocks moved to better levels.-Anglo-American trading favorites advanced and most other issues in
the international department also were stimulated,
In a quiet session on Thursday, British funds remained steady, but profit-taking developed in some
of the industrial stocks. Others remained in demand, and the closings were irregular. International securities were dull. The market was firm
in a quiet session at London yesterday.
The Paris Bourse opened the week with a quiet
session in which political considerations again appeared to be dominant. With French elections not
far away, traders and investors preferred to hold
aloof. Rentes showed slight improvement, but
French bank, industrial and utility stocks were
soft. International issues also were dull. No great
change occurred in the French market on Tuesday,
firm in almost all sessions, but little
172
Financial Chronicle
when the American AAA
prevailing
opinion
uncertainties.
was
Rentes
added to the
not
were
tion.
much
Gains
Railroad
the rule
were
session.
issues
There
better
than
would
others.
not
much
Wednesday's
activity, but rentes
not much
were
lowering of the bank rate
Bourse with
an
changed.
suffer
upward quite generally. All groups par¬
ticipated in the upswing with the exception of inter¬
national issues.
Rentes
marked upward on
were
rule at Paris
Trading
tial
yesterday, but dealings
the Berlin Boerse
on
session
Gains again
of
the
was
were
a
Heavy industrial stocks
were
the
the
neutrality proposal
ference
with
points.
and the
ing
only
were
tended.
sion.
was
quite inactive.
maintained, but in
There
also
was
Gains of
point
a
two
or
The open¬
instances
some
were
Monday,
after
three-weeks'
a
progress
soft, but in most departments of the market such
Even
initial losses
were
stocks in the
gains at the close.
at Berlin
Movements
on
Thursday
were
unimportant. Small fractional gains
appeared in about equal numbers, and
dealings were on a very small scale. No change ap¬
peared at Berlin yesterday, and variations in prices
and
losses
were
unimportant.
to
the
address
made
Roosevelt at the opening session of
Congress, and
the introduction of a more
stringent
to
neutrality
bill.
In
of the
England, France and the smaller
world reactions
generally
countries
favorable to
were
the first
was
portion of the Presidential address, which
devoted in good part to excoriation of the rulers
of "those nations which
dominated
are
spirits of autocracy and aggression."
tries at which Mr. Roosevelt
much
by the twin
But in
coun¬
clearly aimed his shafts,
perturbation and resentment
were
expressed.
The well controlled Italian
press launched on Mon¬
day
his
a
series of bitter criticisms of the President
policies. It
accounts
that
Mr.
Roosevelt himself
dictatorial powers and is in
others
on
that basis.
common
that Mr. Roosevelt
was
which also
a
attempting to hide domestic
was
foreign autocrats.
In
paid to the address but
pertinent, since it
gested that the comments
can
assumed
position to lecture
in countries ruled by dictators
Japan little attention
was
had
freedom, declared with
difficulties when he attacked
that little
no
The German
press,
of
has lost all semblance
unanimity
and
charged quite generally in these
was
were
was
merely sug¬
intended for Ameri¬
voters.
With
regard to the neutrality legislation an en¬
tirely different set of reactions appeared overseas,
and in
some
ways
they
on
England and France
was
felt in
a
connection
are even more
illuminating
the Presidential address.
sense
with
In
no
delegations reassembled, reports
an effort
might be made to con¬
Japan left out.
have been intended to bring some
the Japanese, but, if so, they were quite
pressure on
may
Japanese spokesmen indicated
they
reason
little
saw
which
the
four-Power agreement, with
rumors
has
refused
a
that
for continuance of the parley,
persistently to proceed
on
the
strength
suggestions
general agreement with London on
all
Anglo-Japanese problems might be welcome. The
Japanese attributed the desire for an accord between
London and Tokio to the British
government, and it
plausibly argued that such an understanding
might prove useful to London if the British Far
was
Eastern fleet had to be withdrawn in the event of
war between
England and
Italy.
Such adroit
only
maneuvers are,
influence the deliberations
may
the
diplomatic
accompaniment of the
an
delegations from the
tinue
their
and
no
of course,
conference.
United
France, Italy and Japan had
They
conclusions, but
States, Britain,
choice but to
ordinary discussions,
and
these
con¬
were
quite barren of results. When the gathering resumed
Monday, it was necessary to take cognizance of
on
the recent
change in the British Cabinet. Sir Samuel
Hoare, former Foreign Secretary, was Chairman of
the London
conference, and the present head of the
British
Foreign Office, Captain Anthony Eden,
selected to fill his
place.
the
Japanese toward the British plan for
exchange of information
the years up
perhaps
to 1942. It
even more
was
With the American dele¬
gation standing aloof, representatives of Great
ain, France and Italy attempted on Tuesday to
on
was
a
Brit¬
sway
mere
building plans during
pointed out that
annual
frequent statements of build¬
ing particulars would eliminate the possibility of
any country secretly outdoing the others in naval
construction
however,
or
was
of shock and
dismay
from
the
legisla¬
concessions
proposed
for
unsuccessful.
or
than the comments
the
in Tokio that
HIGHLY instructive are the reactions in foreign
by President
countries
a
suspension
basis of the "common
upper limit" of naval
demanded by Tokio. Also indicative are
Foreign Views
arma¬
whatever had been made in the interim.
before
clude
naval
on
instantly apparent that
was
current that
These
re¬
agree¬
The conference resumed its discussions
last
peared elsewhere.
sized
against Ethiopia.
was
distinctly favor¬
both to the Presidential address
holidays, and it
regained later in the day. A few
mining and utility groups showed fair-
substantial inter¬
a
war
Soviet Russia
speculative favorites,
were
held
at the five-Power conference
ments.
in the
common
equanimity, but in Italy
was
some
ses¬
and fractional advances ap¬
The opening on Wednesday was
more
EVER gloomier possibility of from London
are the reports
garding the
sort of
ment
ex¬
business in that
more
shipments
nothing
Naval Conference
good and the initial gains not
Tuesday
as
neutrality bill.
But the great bulk of issues barely moved.
were
viewed
country's
able with regard
favorites, and in
Fixed-interest issues
on
the
All comment in
good.
instances the advances amounted to 2 and 3
some
and munitions
was
viewed the proposed Amerian neutrality
leg¬
press
quiet.
was
arms
islation with the utmost
quiet in the ini¬
week, but the tone
on
Italy and Ethiopia
acquiescence in the policy forced on
the League by the British
government. The German
the
were
supplies from America, if they be¬
than American
scale, but large gains appeared in French
equities of all descriptions.
re¬
they might themselves
in
velt last October
to
were
marked
modest
lack of
a
But
seas.
seemed to
warfare.
This shows quite defi¬
nitely that the embargo imposed by President Roose¬
Thursday provided the
on
partial abandonment of
European democracies
involved
came
The
agreeable surprise and prices
a
policy of freedom of the
alize for the first time that
gradually fell in line
reports told of the favorable trend at New York.
International issues
indicate at least
the two great
advanced and French equities
as
were tempered to a degree in the
by the realization that such legislation
the old American
the Bourse in
on
was
did
feelings
British Isles
changed, while most French equities showed small
declines.
Such
Jan. 11 1936
Tokio
planning. The Japanese delegation,
reported to have received instructions
during the holiday
and
to
press
recess
to
make
for the principle
no
of the
the
pursued by the Japanese at London. They
common
policy
refused
ish
That, in any event, was
limit.
upper
even
to enter upon a
Mexican
Italo-Ethiopian war and its European
officials of the
announcement
government,
was
in Washington,
last Monday, that an understanding as to silver had
been reached between the two countries.
Notwithby the Treasury Department
stnding the importance of this
matter, officials of
make any disclosures as
Treasury declined to
to the
agreement. Secretary of the Treasury
Henry
that any details
published by the Mexican authori¬
see any particular benefit in mak¬
Morgenthau, Jr., declared merely
would have to be
"We cannot
ties.
ing public what was decided upon," he added. Nor
have the Mexican officials been more communica¬
tive. It
seems
fairly clear, however, that the arrange¬
continued American Treasury pur¬
calls for
ment
chases of Mexican
The white metal is pro¬
silver.
huge quantities in Mexico and
duced in
the basis for the currency
was
silver long
of the country. When
price up¬
than their
face value, and arrangements then were made for
direct purchases by the United States from the Mex¬
ican government. But when the world price of sil¬
the
egregious American policy forced the
ward, Mexican coins became worth more
ver
in
fell 15 cents
a
on
cessation of American buying
the silver program
and it was doubtless to ex¬
London, still other aspects of
made their appearance,
that the Mexican Finance
Suarez, came to Washington.
arrangements now made with regard to Mexi¬
plore the possibilities
Minister,
The
silver
can
Eduardo
Secretary
interest to
who have to foot the bills for the
experiments of this Administration.
remain, as stated, matters that
Morgenthau apparently considers of no
the
taxpayers
silver
absurd
Trade with
Switzerland
on
reciprocal trade agreements
in the series of
ated with other
countries under the special
negoti¬
authority
granted the President by Congress. The newest ac¬
cord is with Switzerland and it is the tenth in the
made, some of which
series.
Mutual concessions are
merely
existing before
here. A
peculiar attempt also is incorporated in the
tend to restore conditions
Smoot-Hawley tariff came into force
rather
document to control the
movements into the
smuggling of Swiss watch
United States through a
Swiss
of such movements.
It would really seem that the powerful United
States government could solve that problem without
calling on Switzerland for aid. Swiss concessions
agreement to control exports
in the
new
accord
were
form of additions to the
made almost entirely in
the
quotas for imports of Amer¬
lard, wheat, fruits, rice,
ican
lumber, automobiles
petroleum products, but a few actual reductions
tariff rates also were effected. It was indicated
and
of
at the
are
State
Department that Swiss import duties
while quotas control
assessed for revenue only,
the
movements
of
wares.
The United States, in
turn, listed 59 categories of goods on which import
duties were either reduced or bound to the existing
level. One-third of the
also
American concessions
affected
watches, and the import duty on Swiss cheese
was lowered.
Trade between the two countries
Swiss
repercussions.,
received the most careful
study in London and Paris, for the British and
French governments are revealed as working in close
harmony, but the fiasco of the Hoare-Laval plan may
be preventing any more precipitate steps. Prepara¬
tions were made in more than one way for the
League of Nations meeting on Jan. 20, at which
sanctions against Italy presumably will be aug¬
mented. The preliminary indications, however, leave
the matter quite uncertain, at least so far as the
highly important oil sanctions are concerned. When
it appeared late last week that the United States
has no intention of shutting off oil supplies to the
The
position doubtless
rather
but
belligerents,
amounts taken in
peace
to
exports
confine
to
times, London dispatches
promptly indicated that oil sanctions might be aban¬
doned altogether by the League. Such intimations,
have been made with a view to their
States, for other signs point to
of course, may
effect in the United
extensive
preparations for any eventualities on and
disclosed at London on Wednes¬
after Jan. 20. It was
day that some of the most powerful units of the
British fleet will sail for Gibraltar in a few days to
augment the already enormous English fleet in the
Mediterranean. The impending fleet maneuvers were
described
by the Admiralty as
"routine," but the
original assemblage of naval strength in the Medit¬
erranean
was characterized in the same manner.
French government now is acting in
large part of the
French fleet also will be concentrated in the Middle
Sea before the League meeting starts.
In the theatre of war the Ethiopians now seem to
Moreover, the
consonance
with the British, for a
to a surprising
continued their air raids on a
very extensive scale, and it was admitted even by the
Ethiopians this week that the town of Daggah Bur
had been virtually wiped out in one of these raids.
But many neutral witnesses have testified that the
effect of the air raids on the Ethiopians is small,
both physically and psychologically. That the raid¬
ers show
no especial competence in hitting their
marks was shown by the bombing of a Swedish hos¬
be
having matters their own way
degree. The Italians
SECRETARY ofthe conclusion ofHull announced
State Cordell another treaty
Thursday
the
Italy and Ethiopia
deavors
AFTER extensive conferences with
the
under the new ar¬
EUROPEANthis week to find a solution for the
chancelleries made no apparent en¬
Mexican Silver Pact
made
expected to increase materially
rangement.
also of France
Italy.
/"V
is
discussion of the Brit¬
plan, which now has the support
and
173
Financial Chronicle
Volume 142
pital unit last week.
Two additional
hospital units
Americans and Egyp¬
tians, were reported bombed by the Italians last
Saturday, but there were no casualties. Unless the
Italian fliers learn to distinguish between plainly
marked hospital units and the Ethiopian military
at
Daggah Bur, manned by
units, the air raids may prove very
in the
long run, through
costly to Italy
heightening of foreign an¬
tagonism.
While Italy
is the undisputed master
of the air in
Ethiopia, actual fighting of any significance seems
to be resulting in Ethiopian victories. In the north¬
ern
area,
kale and
penetrated to Masurrounding
reported now to have
where the Italians had
occupied a large part of the
territory, the
driven their
Ethiopians are
opponents back over a wide area em¬
bracing Tembien Province. This still leaves
in Italian hands.
Rains have been falling
and
continuously in the north, and the
difficulties
aided the
of
Italian
communications
Ethiopians not a little. On the
Makale
heavily
increased
doubtless
southern
174
Financial
Chronicle
front the Italians
began a drive last week, intended
to gain some of the
territory conquered soon after
the
started and then lost.
war
declared
halted.
on
In Rome all
reports of
dismissed
of any
on
as
"fantastic," but
Italian advances. It
Tuesday, however, that
disturbances
had
claims
was
derstood to
been
Ethiopian gains
no
hold
were
they
announced in Rome
at
now
current.
two months
Italy,
are
now
popularity.
to
country for
to take
are
of the
new
resulted in
of
new
the
since.
The
casioned
a
another
by the Spanish
with
was
elections
state
of
1935 occurred
year
ended, and President Niceto
came
to the conclusion
tion
could be
early this
adjusted only by
Premier
of
Manuel
just
Alcala
as
means
of
a
was
A marked rise in the
the percentage to
oc¬
last year
ment securities
that
other securities
restored in order to
were
and
ish
press
censorship
viewed with unmixed satisfaction
by the
was
Span¬
people.
42.79%.
was
a
Loans
brought
week
ago;
on govern¬
dropped off £25,975,000 and those
£2,291,486.
on
The latter consists of
advances, which decreased £2,395,599,
rose £104,113.
The discount
change from 2%.
Below are the differ¬
securities, which
rate did not
was
permit unrestricted elec¬
tioneering, and the lifting of the
rates
discounts and
posi¬
suspended three years ago
£497,905 from other
reserve
35.44% from 27.48%
the ratio
The
change. The President issued a decree on
Tuesday, dissolving the Parliament and providing
for a
plebiscite, and the campaign quickly was
started by the numerous
parties. The constitutional
contraction of £6,192,000 in note
a
from bankers' accounts and
accounts.
general
Portela Valladares
compares
As the rise in gold
year ago.
rose
£6,402,000. Public de¬
posits increased £1,293,000, while other deposits fell
off £23,207,824.
Of the latter amount, £22,709,919
Zamora
year that the
by
a
reserves
ent items
compared with prior
years:
BANK OF ENGLAND'S COMPARATIVE
STATEMENT
material
were
alleged "in¬
an
remote Chinese town.
high of £200,818,172, which
new
attended
commissioned to remain in office
pending the bal¬
loting, and the Cabinet was reconstituted without
guarantees which
a
Nanking regime.
£192,797,515
circulation,
affairs,
Cabinets usually was brief.
crisis
met
Bank of England Statement
demand in that
Within the Parliament this situation
sixth Cabinet
election.
Japanese flag in
in
The first general election
chronically precarious
soldiers
one was hurt in the
encounter,
Japanese protested the "insult" and received
attitude of the
Spanish republic, held three years ago,
disproportionate Parliamentary strength
and the tenure of
reported at Peiping, last
Additional dangers are
being injected into the situa¬
tion, meanwhile, by extensive Chinese student pro¬
tests against the
Japanese incursions and the supine
Right groups, which united at the time, and the
discontent of the Left
wing has been most vociferous
ever
adjustment.
THE statement for the bullion, raising the showsto
gain of £209,158 in week ended Jan. 8 total a
elections, and national
place Feb. 16.
was
Wednesday, it is reported, owing to
Spanish Elections
HEED at length has been paid
government
insistent
satisfactory
any
gates of that city and both parties fired
have been applied for
occasioning genuine difficulties
of
into the air. No
observers state.
some
Jan.
8
Jan.
9
Jan. 10
1936
1935
1934
£
£
Jan. 11
£
*
Circulation
Jan. 13
1933
1932
£
£
405,559,000 385,606,525 373,195,976 358,683,150 354,743,809
11,258,000
11,905,542
19,269,513
12,788,078
22,361,119
144,624,926 145,094,068 154,514,678 146,664,227 106,613,584
107,832,881 108,522,167 117,482,670 112,920,507
68,701,679
Other accounts
36,792,045 36,571,901 37,032,008 33,743,720 37.911.905
Govt, securities
84,389,000
88,096,413 91,177,057 109,967,390 53.560.906
Other securities
34,317,285 19,796,033 22,173,504 30,695,371
51,891,844
DIsct. & advances.
21,259,826
9,041,211
8,307,784
12,902,917
15,846,127
Securities...
13,057,459
10,754,822
13,865,720
17,792,454 36,045,717
Reserve notes & coin
55,262,000 67,190,990 78,500,286 36,860,955 41,587,026
Coin and bullion
200,818,172 192,797,515 191,696,262 120,544,105 121,300,835
Proportion of reserve
Public
deposits
Other deposits
Bankers' accounts
to
.
liabilities
35.44%
2%
Bank rate
42.79%
2%
45.17%
2%
23.11%
2%
32.24%
6%
China and Japan
Bank of France Statement
ALTHOUGH Japanesetheir penetration northern
militarists in
China suspended
of that
^
country during the last two weeks, there
THE loss
statement forholdings ofended Jan. 3 reveals
the week 31,982,724 francs,
gold
in
a
are
now
indications that the advance and
conquest will be
bringing the total down
taken
Gold
up
soon
with renewed vigor.
Shanghai dis¬
patches stated on Wednesday that secret demands
had been presented for
severance of all relations be¬
tween the so-called
"autonomus council" for
Hopei
and Chahar
Provinces, and the Nanking Nationalist
government.
tion
that
of
the
the
The council
was
set up
at the instiga¬
Japanese themselves, and it is evident
demands
are
merely another step in the
detachment of the two Provinces
from
China,
pre¬
paratory to their inclusion in the Japanese
puppetState of Manchukuo. If the
council
temporizes or
refuses, a report to the New York "Times"
said, the
often
threatened Japanese
military invasion of
north China
probably will become
a
of
pressure is
nature
of the
sult" to the
Within
which
settlement
a
Japan, but the Nanking leaders
prompt apology from the Chinese. But the tireless
Japanese presented a new series of demands on
Italy some grumbling
beginning to be heard against phases of the gov¬
ernment's policies, but it is said that
Premier Mus¬
League sanctions
beyond
a
re¬
is
solini has lost little if
any of his
hope
mild
but the
places in Ethiopia against Emperor
Selassie, apparently as a result of the heavy
taxation
one
guns
volts in various
Haile
to extend
Sunday, when Japanese and Chinese
Rome
reports of
expected
1936
The Chinese government is un¬
ready to negotiate
Japanese
rather
denied the reports with the usual
comment of "fan¬
There were rather definite
tastic."
be
11
expected against Shan¬
tung and Suiyuan Provinces. An "incident" of a
some
were ordered to Eritrea.
little
Fresh
of the crack Alpine
troops of Italy have been ordered to East Africa.
Reports from London and Austria suggest that the
Alpine regiments grumbled and that some soldiers
mutinied when
be
all differences with
made
were
could
Hopei and Chahar.
Ethiopian authorities
Thursday that the Italians
Jan.
reality, and the
a
to
66,264,076,024 francs.
aggregated 82,017,703,504francs, and
before 77,240,542,125 francs.
A decrease
year ago
the year
also appears in French commercial bills
discounted of
294,000,000 francs and in creditor
663,000,000 francs.
as
current accounts of
The Bank's ratio is
against 80.72% last
year
now
71.08%,
and 78.92% the previous
year.
Notes in circulation record a large increase,
namely 1,163,000,000 francs, bringing the total up
to 82,312,825,720 francs.
Circulation a year ago
stood at
83,587,898,675 francs and
82,247,195,700 francs.
a
two years ago at
Bills bought abroad register
gain of 1,000,000 francs and advances against se¬
224,000,000 francs. A comparison of the
curities of
various items for three years
appears below:
OF
BANK
FRANCE'S
months' bills
COMPARATIVE STATEMENT
Money
Changes
for Week
Francs
Jan. 5 1934
Jan. 4 1935
Jan. 3 1936
Francs
bills
circulation
curr.
accts...
Propor'n of gold on
hand to sight liab.
a
4%
at
b Includes bills discounted
In France,
78.92%
80.72%
71.08%
—0.42%
Includes bills purchased
abroad.
NO CHANGE of any kind was thisbe noted in
New York
market to week, rates
the
THE statement for thegold and bullion of 53,000
first quarter of January
increase in
an
marks.
Gold last year stood at 79,122,000 marks and the
year before at 389,190,000 marks.
An increase also
appears in silver and other coin of 68,158,000 marks,
marks, bringing the total up to 82,527,000
marks,
other German banks of 746,000
on
month,
for the
32,473,000 marks.
The Bank's
with 2.27%
last year and 11.5% the previous year.
A decrease
appears in reserve in foreign currency of 123,000
marks, in bills of exchange and checks of 655,709,000
marks, in advances of 39,946,000 marks, in invest¬
ments of 18,000 marks, in other daily maturing
obligations of 314,935,000 marks and in other lia¬
bilities of 1,068,000 marks.
Notes in circulation
reveal a gain of 278,363,000 marks, bringing the total
up to 4,563,530,000 marks.
Circulation a year ago
ratio, which is now 2.18%, compares
aggregated 3,684,522,000 marks and two years ago
Below
3,466,129,000 marks.
show the differ¬
we
comparisons for three years:
ent items with
The Treasury
rates.
Changes
Jan. 7 1936
Jan. 7 1935
Jan. 6 1934
Reichsmarks
Reichsmarks
Reichsmarks
Reichsmarks
+53,000
Gold and bullion
No change
Of which depos. abr'd
—123,000
Res've In for'n currency
Bills of exch. & checks
79,122,000
Silver and other coin...
+746,000
Notes on oth. Ger. bks.
5,996,000
—39,946,000
44,211,000
Investments
—18,000
Other assets
+32,473,000
663,613,000
727,889,000
Advances
39,546,000
10,455,000
4,653,000
3,655,062,000 2,972,035,000
236,961,000
237,951,000
9,691,000
11,724,000
62,677,000
70,591,000
591,067,000
766,335,000
537,369,000
714,137,000
—655,709,000 3,895,946,000
220,391,000
+68,158,000
.
389,190,000
21,204,000
82,527,000
20,203,000
5,101,000
Liabilities—
Notes In circulation
+278,363,000 4,563,530,000 3,684,522,000 3,466,129,000
Oth. dally matur. oblig.
—314,935,000
Other
—1,068,000
716,857,000
300,929,000
2.18%
495,661,000
224,504,000
934,358,000
297,898,000
+0.14%
liabilities..
2.27%
Propor. of gold & for'n
curr. to note clrcula'n
sold last Monday an issue of
annual bank discount
New York Stock
all
for
loans
maturities
commercial paper
Rates
time
six months were
Bankers' bill and
Rates
New York Money
DEALINGExchange from day to day, % on 1%
in detail with call loan rates of the
Stock
remained the ruling
for both
new
quotations all through the week
There has been no
loans and renewals.
movement in time money
Rates are now
this week.
maturities. The market for
prime commercial paper has been somewhat firmer
quoted at 1% for all
been
Transactions in prime paper have
High class paper has been available in
increasing quantity and the demand has been good.
Rates are %% for extra choice names running from
four to six months and 1% for names less known.
Discount Rates of
the Federal Reserve Banks
THERE have rates of the Federal Reserve banks.
rediscount been no changes this week in the
The following
is the schedule of rates now
various
the
for
classes
of
paper
in effect
at the different
Reserve banks:
Banks
of Foreign Central
to
rates were unaltered.
FEDERAL RESERVE BANKS
DISCOUNT RATES OF
Discount
up
1%, with few takers.
offered at
Call loans on the
basis.
Exchange held to %%, while
fairly brisk.
for Week
Assets—
there is
of the starvation
of any hardening
$50,000,000 bills due in 273 days, and the awards
were made at an average rate of 0.107%, computed
this week.
REICHSBANK'S COMPARATIVE STATEMENT
arbitrary adjustment is
again are $3,000,000,000
country, and in such circumstances
likelihood
no
some
as
save
Excess reserves now
made.
on an
and in other assets of
money
departments being carried over from last week.
situation undergoes little change from month
The
to
in notes
Market
New York Money
in all
Bank of Germany Statement
shows
Jan. 9,
on
At
6%
but in Switzerland the rate remains
2^%.
9,416,192,418 3,372,748,120 4,232,008,861
1,129,201,468
952,960,280
1,319,625,431
+ 1,000,000
+224,000,000 3,475,257,347 3,297,339,978 2,980,390,125
82,312,825,720 83,587,898,675 82,247,195,700
+ 1,163,000,000
—663,000.000 10,915,197,101 18,021,440,162 15,626,365,917
abr'd
Cred.
to
y%.
market rate was lowered from
open
Francs
Francs
Friday of last week.
on
—294,000,000
discounted.,
Advs. agst. securs..
Note
the
Paris
French commercial
b Bills bought
as-against bA%
call in London on Friday was
on
.
—31,982,724 66,264,076,024 82,017,703,504 77.240,542.125
14,705,350
10,318,294
No change
10,430,581
Gold holdings
Credit bals. abroad,
a
175
Financial Chronicle
Volume 142
Rate in
Effect on
THE Bank of France on The 5% rate had been in ef¬
Jan. 9 lowered its discount
from 5% to 4%.
rate
Date
Previous
Jan. 10
Federal Reserve Bank
Established
Rate
Feb.
2
Boston
2X
8 1934
2
from
At the £ame time the rate of advances on
6%.
1X
Feb.
2 1934
2
Jan.
17 1935
Cleveland
1935, at which time it was lowered
fect since Dec. 31
IX
May
Richmond
2
11 1935
May
9 1935
Atlanta..
2
Jan.
14 1935
19 1935
2X
3 1935
2X
New York
Philadelphia
2X
2
2X
was
from
lowered
6% to 5J^% and on
2X
4%.
Present rates
shown in the table which
30-day advances from 5% to
at the
leading centers
are
2
St. Louis
securities
Jan.
2
Jan.
Minneapolis
2
May
14 1935
2X
Kansas City
2
May
May
San Francisco
2
Feb.
10 1935
8 1935
16 1934
2X
Dallas
2
Chicago
2X
2X
follows:
DISCOUNT RATES OF FOREIGN
Effect
Date
vious
Jan. 10
Established
Effect
4
India-
3
Aug. 28 1935
Nov. 29 1935
3
June 30 1932
3X
7
Italy
5
Mar. 11
1935
Jan.
24 1935
4X
Java
4
July
18 1933
6
Jugoslavia
3
Jan.
1 1936
5
Oct.
21 1935
3X
Aug. 21 1935
June 30 1932
6
Canada
hile
Colombia..
mm
Danzig
Denmark
.
.
2
Estonia
5
Finland
4
Sept. 25 1934
Deo.
4 1934
France
4
Jan.
Germany
Holland
..
9 1935
3 1933
4
7
2 1935
.
Feb.
1
1935
ex
2 1934
3
3X
are
unchanged.
Jan.
6X
May 28 1935
4X
6
Norway
Poland
3X
6
May 23 1933
Oct. 25 1933
2X
Portugal...
4
Deo.
13 1934
5X
Rumania
3X
Deo.
7 1934
6
15 1933
4
10 1935
ex
.
6
4X
3X
5
Spain
5
July
Sept. 30 1932
13 1933
5
Sweden
2X
Deo.
1 1933
3
7X
Switzerland
2X
May
2 1935
2
13 1935
4
up
to and including 90 days
months, 34%
%%
The bill-buying rate of the
bid and
3-16% asked; for five and six months,
bid and
5-16% asked.
5X
9 1936
bills
New York Reserve
1 to 90
for
Bank is y2% for bills running from
days, %% for 91- to 120-day
121-
to
180-day
bills.
The
banks' holdings of acceptances
Foreign Money Rates
on
on
were
Friday of last week, and
9-16@^% for three-
bills and 1%
Federal Reserve
remain unchanged at
Open market rates for acceptances are
in so far as the dealers are concerned, as
$4,656,000.
nominal
IN bills Friday market discount rates for short
LONDON open 9-16% as against 9-16@^%
Rates
American Ac¬
3-16% bid and %% asked; for four
4
2X
.
been, accordingly, few.
Quotations of the
ceptance Council for
are
7
6
Morocco
May
Nov.
and transactions have
3X
5
SouthAfrica
Oct.
been
4X
June
Lithuania..
England
Greece
Sept.
July
4X
3.65
Japan
3X
Czechoslo¬
vakia
THE demand strong this bankers' acceptances has
fairly for prime week but bills are scarce
3i2
Ireland
4
May
4X
Hungary-..
2X
2X
July
July
2
Rate
4X
1935
1935
1935
1935
4
Belgium
Bulgaria...
vious
Established
4
10
1
15
Aug. 15
3X
Batavla-
Date
Jan. 10
Country
Rate
Austria
Bankers' Acceptances
Pre¬
Rate in
Pre¬
Rate in
Country
CENTRAL BANKS
they continue to fix their own rates.
rates for open
The nominal
market acceptances are as follows:
176
Financial Chronicle
SPOT
180 Days
Bid
Prime eligible bills
150 Days
Asked
X
Bid
X
»l6
90 Days
the safe
120 Days
Asked
Bid
X
'is
Asked
British
to
30 Days
Asked
Bid
Asked
Bid
Asked
sis
X
he
X
>i«
X
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks.
Eligible non-member banks
ment of
less
or
traders
which
felt
foreign exchange market
hesitant, partly because international
compelled
to
weigh the
might follow the President's
to
Congress, his budget
of
the
Supreme
at
consequences
annual
decision
affecting
Agricultural
when
the
foreign exchanges
a
give'
move¬
British and other funds held in London to
security markets. While in large
their way to the United
States
been invested
meas¬
exactly
if they had
as
directly through New York brokerage
houses.
The
movement to the American
security
partly counteracts the firming influence of
seeking direct shelter in London.
markets
money
commercial
account
exchange
London until the end of
August.
minor
are
which
doubt
place
through London houses, they must ultimately find
On
the
influences
such transfers to American
securities take
message
and the
However, these public utterances
time
a
message
Court
Adjustment Act.
came
was
these
sterling, there is without
the American
STERLING exchange is exceptionally and inclined
dull at this
season, but the undertone is steady
more
offsetting
firmness to
ure
The entire
1936
considerable extent.
a
Partly
X% bid
X% bid
Course of Sterling Exchange
to firmness.
11
deposit charges. The record high volume of
bank deposits also
represents foreign funds
*i«
60 Days
Bid
Prime eligible bills
Jan.
DELIVER
importance
at this
time
should
favor
This factor is of
because
of the low
usually inactive.
volume of international trade.
commercial
expected to impart strength to sterling in the course
of seasonal
operations is the tourist traffic, which
will not begin until toward the end
of May.
While
Normally from the middle of
January the foreign exchange situation, at least on
account, is expected
and the Continent
to favor
against New York.
as
London
Doubtless
it is understood that the United
States
the usual trend will be slower to manifest
itself this
conditions
prevailing in many European countries.
sterling is concerned market observes do not
anticipate adverse effects.
So far
that the
as
There
was
Treasury's purchases still continue, but in
greatly reduced volume.
a
United States
Treasury purchases averaged between
2,000,000 and 3,000,000 ounces a day, sometimes
greatly exceeding this figure, and even reaching on
States Supreme Court on the
Agricultural
Adjustment Act. The nervousness of European in¬
terests was intensified
by renewal of agitation for
one
two occasions
or
quiring sterling,
can
lending firmness
to the
depreciation in the dollar with reference
sterling and the European currencies
some
measure
to
a
slackening seasonal
is
this week has been between
$4.92%
$4.95% for bankers' sight bills, compared with
range of between $4.92% and
$4.93% last week.
The
for
range
cable
transfers
has
been
following tables give the
on
Paris
market gold
range
the London
of
BY
THE UNITED
4
$35.00
6
35.00
7
35.00
British
open
optimism.
lack
74.80
of
reflect
this
some
| Wednesday, Jan.
j Thursday, Jan.
| Friday,
Jan.
movement
operations
expected to
the other
hoarding of British
of
go
into
smaller
British
8
issues
It
35.00
35.00
are
is
Gilt-edged securities
a
are
not
but
The
display
likely to.
further
awaiting
believed
rise which
bank
issue
market, and is
side,
are
Doubtless
notes
who
,
said to
can
indicates
not
into the London gold market and
increasing,
likewise increasing.
a
propitious moment for flotation.
that
the Bank of England will
buy gold throughout the coming year,
although its present holdings are at record high.
This policy is
apparently influenced by the permanent
$35.00
0
10
currency.
hoarders
are
marked
with increased
£21,600,000 of debt. A loan of
£26,000,000 is expected immediately for railways
development. Many municipal loans and industrial
STATES (FEDERAL
by the increased circulation
England which, according to
on
are
showing
pace
continue to
open
competent observers
war
and London loans are expected to
Australia is the first in the field with a con¬
version of
74.807
Money is
figures of the Bank
of
support
expand.
__74.856
moving into London from many quarters,
trend which continues to be
reflected in the
heavy
gold purchases in the London
further evidenced
imports
is
London stock market started the
year with a
of
seems
to
have occurred in the
a
now
revenue
exports and re-exports
RESERVE BANK)
Saturday, Jan.
Monday, Jan.
Tuesday, Jan.
National
expenditure.
LONDON OPEN MARKET GOLD
PRICE
Saturday, Jan. 4
141s. 2J^d. |
Wednesday, Jan. 8 __141s.
^d.
Monday, Jan. 6
141s. 2d.
| Thursday,
Jan. 9 __140s. ll^d.
Tuesday, Jan. 7
141s.
y2d. | Friday,
Jan. 10 __141s.
PRICE PAID FOR GOLD
An
sentiment
underwriters
buoyancy and is almost keeping
United States:
MEAN LONDON CHECK RATE
ON PARIS
4
74.75
| Wednesday, Jan. 8
6
.74.712 |
Thursday,
Jan. 9
7_
74.739 | Friday,
Jan. 10
by Lloyd's
Europe.
improved
for British trade at home and abroad is
considered
price, and the price paid for gold by the
Saturday, Jzn.
Monday, Jan.
Tuesday, Jan.
the
Mediterranean and Red Seas
shipping
from 5s. to 3s. 4d. In London the immediate
future
London check
mean
from day to
day,
reduction
favorable.
$4.95%, compared with a
between $4.92% and
$4.93% a week ago.
The
the
will involve
of
risks in .the
between
$4.92% and
rate
European markets that the
outstanding evidence
range
perceptible effect in
no
pound.
Italo-Ethiopian conflict
and
a
have
There is less fear in
must also be
demand.
The
single day.
a
as
25,000,000 ounces
The present purchases, while re¬
in
tration.
■
much
as
further devaluation of the dollar in
quarters errone¬
ously believed to be close advisers of the Adminis¬
to
brokers
purely nominal, aggregating around 1,000,000 ounces.
many months
previous to early December,
apprehensions following the decision of the
ascribed in
bullion
For
United
The
London
report the transactions in silver from
day to day as
sharp advance in sterling and all the
Continentals in Thursday's market
owing to some¬
what heavy
selling of dollars in the European markets
due to
Treasury has
virtually ceased its purchases of silver in London,
Secretary Morgenthau let it be known the other day
because of the unsettled political and economic
year
The chief influence
be
pay
as
a
result of
extent
*
of the
hoard
British
more
currency
Money is again
ments.
a
lesser
increasing tendency by foreigners
devaluation of their
in consequence
currency
active trade and to
own
easy
as
a
precaution
to
against
money.
in the London
open
market
of the completion of year-end settle¬
Call money
three-months bills
six-months' bills
is in supply at %%.
are
%%.
Two- and
9-16% to %%, and four- and
Financial
Volume 142
All the
gold
on
offer in the London open
market
the time of the price fixing was taken as
unknown destinations, believed to be
each day at
for
usual
standing by European traders as to the
unofficial character of the inflationary
completely
masquerading under the title of
Committee
principally for account of private hoarding interests.
On Saturday last there was available £189,000, on
£428,000, on Wednes¬
Monday £101,000, on Tuesday
£236,000,
day
and on
£110,000,
Thursday
on
Friday £347,000.
At the Port of New York
the week ended Jan. 8, as
Reserve Bank of New
the gold movement
reported by the
for
Federal
York, was as follows:
GOLD MOVEMENT AT NEW
YORK, JAN. 2-JAN. 8,
INCLUSIVE
Exports
fImports
177
Chronicle
$5,628,000 from England
this side
Supreme Court's
voiding of the Agricultural Adjustment Act, issued a
broadside
advocating further devaluation of the
dollar.
Despite the sudden advance in the franc,
although the market here was only nominal, the
essential position of the unit remains unchanged.
The franc has been ruling easier in terms of sterling
and in relation to the chief Continental currencies.
of the
Nation, which, following the
Future
•
None
10,000 from Nicaragua
reduction
the
was
within two
decrease
As noted here last week,
expected and was the second
weeks.
On Dec. 31, following
5% to 4%.
4,000 from Guatemala
Premier Laval's Parliamentary
$17,775,000 total
reduced from
Net Change in
Gold Held Earmarked for
Foreign Account
Increase, $1,472,000
approximately $1,281,000 of gold was
received at San Francisco, of which $989,000 came from China, and
$292,000 from New Zealand.
Note—We have been-notified that
above
figures
are
for the week ended on
On Thursday $286,000 of gold was
received from Ecuador.
There were no exports of
Wednesday.
earmarked for
foreign account.
On Friday there were no imports
or exports of the metal or change in gold held ear¬
the
metal,
marked for
change in gold held
or
foreign account.
the Bank of France made
discount of
7-16% to
a
discount of 1-32%.
Referring to day-to-day
on
week were quoted at a
rates sterling exchange
The
for bankers' sight was $4.92%@$4.93; for
transfers $4.92%@$4.93%.
On Monday the
Saturday last was firm in a
range
cable
dull market.
The range was
$4.93@$4.93% for cable
transfers.
On Tuesday sterling was exceptionally
steady in quiet trading. Bankers' sight was $4.93@
pound
gave
indication of firmness.
and
$4.92%@$4.93%
$4.93%; cable transfers
were"$4"93%@$4.93%. On
continued quiet and steady.
$4.93%@$4.93% for bankers' sight
Wednesday exchange
The range was
transfers.
On
in a limited
market.
Bankers' sight was $4.94%@$4.95%, and
cable transfers were $4.94%@$4.95%. iNOn Friday
the undertone was firm and transactions continued
$4.93%@$4.93%
and
for
cable
Thursday the pound moved up sharply
The range was
small.
sight
$4.94%@$4.95% for bankers'
$4.94%@$4.95% for cable transfers.
quotations on Friday were $4.95% for
and
Closing
Commercial
sight bills finished at $4.95%, sixty-day bills at
$4.94%, ninety-day bills at $4.93%, documents for
payment (60 days) at $4.95%, and seven-day grain
bills at $4.94%.
Cotton and grain for payment
demand and
closed at
$4.95% fc>r cable transfers.
$4.95%.
FRENCH francs few the whole show little change
from the past on weeks. The general quotation
for the franc was
fairly firm throughout the past two
occasions the quotation
approached the lower gold point for export from
Paris to New York. However, in Thursday's trading
the franc rose sharply close to dollar parity of
weeks,
but
on
numerous
the other side where
against French
result of the Supreme Court's
largely because of a misunder¬
6.6335, due to transactions on
dollars
were
persistently
francs, partly as a
decisions, but more
offered
check the flow
gold from Paris.
of improvement in
the reduction in
cessation of gold exports
Despite the present indications
situation, as reflected in
the French
the rediscount rate and the
from
Paris, there is no
Paris
money
to the future
fundamental change in the
market and widespread uneasiness as
of the franc persists abroad.
Money
Short-term money is exces¬
sively high and hard to arrange as
term money seems
unobtainable.
The lack of confidence in
and the
compared with
while long-
Amsterdam and New York,
London,
the future of the franc
widespread belief that it may
devalued
or
that it may be
A study of
in France.
ultimately be
stabilized in terms of
sterling is reflected in the great
volume of hoarding
French hoarding was
made
recently by M. Pierre Strohl, General Secretary of
the Bank of France.
In recent years such hoarding
has taken the form of bank note
hoarding rather than
of the entire
25,000,000,000
francs of bank notes are hidden away, chiefly in
notes of 500 and 1,000 franc denominations. French
hoarders are believed to have several billions of
Strohl estimates that
M.
metal.
of
of the
circulation
Bank of France
gold and large amounts
francs in
the London market and
The ordinary
notes
because
of gold bought in
there.
left in deposit vaults
citizen, it seems, prefers to hoard the
or fears that the
government may
M.
against such
dangerous hoarding is to put gold coin into circulation
again. The minting of gold coin has just begun, but
the manufacture of adequate stocks would require
nationalize
the
Strohl suggests
metal
and
penalize holders.
that the best safeguard
years.
.
Continental and Other Foreign Exchange
three successive increases
rediscount rate in order to
of 1% in its
rates in Paris are firm.
Canadian funds during the
victory the rate was
The 6% rate had been in
Between Nov. 14 and Nov. 26
6% to 5%.
effect since Nov. 25.
of
The
reduced its rate of
On Jan. 9 the Bank of France
rediscount from
1,755,000 from Colombia
888,000 from France
conspicuous
sterling and dollars have been at
premiums.
5,109,000 from India
4,381,000 from Canada
on
group
Italian lire,
while only nominally
quoted, continue
On numerous occasions
this week the nominal quotation for cable transfers
was as low as 8.02.
The lira had been sagging slowly
since the middle of December.
Up to that time it
to move
steadily downward.
had held at around 8.08
cents. Current
quotations of
in July,
Bank of
Italy was suspended. Par of the lira is 8.91. Since
early in December the Italian government has
ceased to publish any information regarding the
status of the Treasury or the Bank of Italy.
It is
8.02@8.02% compare with a low of 7.97 set
when the
40% minimum reserve ratio of the
believed
that the
bank's gold holdings have
been
178
Financial Chronicle
seriously depleted.
in
the
London
nominal rate
The lira is again being quoted
foreign
of
61 3-16
65% in November,
This
rate
and the
exchange
lira to the
of 8.02 is
Italian
pound, against
also about
the
contrary to "existing Italian currency
lations.
It is evident that there
market for the amount of lire
of which seller and
buyer have
of lire in
any market are
is
now
no
doubts.
goods from Italy into Great Britain
No
debts payable for
debts for Italian
new
when
imports
sterling by the official controller.
either travelers to
are
on
It is
Purchases
The
exchange
continues
created, while
firmest
In
a
and
recent
Zeeland stated that the
government had
scarcely touched the profit which it derived from the
revaluation
last
spring of the gold
National Bank of Belgium.
Ban% of Belgium showed
of the
reserve
On Jan. 2 the National
total
gold holdings of
3,436,400,000 belgas and foreign balances of
1,278,100,000 belgas.
The bank's ratio of gold to notes
stood
at
82.35%, while its ratio
of
gold to sight
liabilities stood at
67.85%.
States dollar:
New Dollar
Range
Parity
3.92
6.63
16.95
5.26
8.91
Switzerland (franc)
8.02
19.30
32.67
Holland (guilder)
32.48
to 32.65
40.20
68.06
67.83
to 68.20
The London check rate
74.79 against 74.70
New York sight bills
on
on
on
on
Jan. 3
2
was
13-16%,
the rediscount rate of the
been at
Bank
a
3%% since Nov.
statement
for
the
The
13.
week
ended
further increase in gold of
7,800,000
to
651,200,000 guilders.
sight liabilities is 75.5%.
although ruling well below dollar
The year-end statement of the National
Bank of Switzerland shows that the
position of the
Central Bank is
to
now
May 1931, when
about the
same
it
as
was
prior
great-movement of capital to
a
the first troubles in
6.59K to
6.63
16.82^ to 16.91
Paris closed
on
to
8.04
Friday
Friday of last week.
In
the French center finished
on
Germany, coincident with the
collapse of the Austrian Credit Anstalt.
This
move¬
ment, which started in July 1932, was accompanied
by an influx of gold which lifted the metallic reserve
of the Swiss bank to the
highest point in its history .
past year, the Bank points out, the foreign
capital domiciled in Switzerland has been almost
In the
completely withdrawn and
has
gold which it brought in.
The year-end statement
showed
Swiss
that
carried
with
it
the
gold
reserves
dropped 521,000,000
27%, during 1935, while the reserve
declined from 93% to
79%. There has been a
francs,
or
great expansion of credit in Switzerland during the
past year.
at 68.19
This Week
13.90
Belgium (belga)
Italy (lira)
days the Amsterdam
parity.
Bankers'
France (franc)
at
has
Swiss francs
steady,
ratio
following table shows the relation of the leading
European currencies still on gold to the United
Parity
the
Netherlands may be reduced to 3%.
The bank's gold cover for
The
Old Dollar
to
as
on
Following the turn of
rate
guilders, bringing the total
those who
budget debate in the Belgian Chamber of
Deputies,
van
remain
Switzerland for safety
started, at about the time of
the
steadiest of the Continental currencies.
Premier
rate
Jan. 7 shows
policy obligations.
Belgian
buoyant.
thought probable that
Netherlands
wish to
pay debts not arising from trade, such as
insurance companies which have to make
payments
will
number of
a
private discount
forbidden.
or
For
been
Bank of The
Buyers of lire in
Italy
has
Imports of
are
are
improvement
quarters
many
compared with 3%% toward the end of December.
imports incurred before Nov. 18,
became effective, are
payable in
sanctions
London
regu¬
concerning the origin
extremely light.
much
exist in
the year the Amsterdam
money market became easier
and the
London
a
pound.
Bourse
clearly traced and
not
showing
probability that Holland
to the
all
transactions in lire in
foreign markets illegal unless
the origin of the lire sold can be
is
is
gold standard. A strong body of opinion in
responsible
quarters advocates that the guilder should be linked
10%
considers
government
Jan. 11 1936
situation
although doubts still
10% discount from parity,
a
New York rate
The
the
at
when last quoted in London.
represents
discount*
market,
Dutch
sight
on
Amsterdam finished
against 67.84
on
on
Friday
Friday of last week; cable
transfers at 68.20 against
67.85; and commercial
sight bills at 68.17, against 67.83.
Swiss francs
closed
at
32.64
transfers,
for
against
checks
32.47
and
and
at
32.65
32.48.
for
cable
Copenhagen
checks finished at 22.12 and cable transfers at
22.13
against 22.01 and 22.02.
Checks
at 25.54 and cable transfers at
Friday at 6.62, against 6.59% on Friday of last
week; cable transfers at 6.63, against
6.59%; and
commercial sight
bills at 6.60, against
6.56%;
Antwerp belgas closed at 16.90 for bankers'
sight
bills and at 16.91 for cable
transfers, against 16.83
and cable transfers at
and 16.84.
on
Sweden closed
13.68.
40.31
for
Final quotations for Berlin marks
were
in
sight bills and 40.32 for cable
comparison with 40.21 and 40.22.
Italian lire closed at
8.02% for bankers' sight bills
and at 8.03% for cable
transfers, against 8.04 and
8.05.
Austrian schillings closed at
18.86, against
18.82; exchange
on
Czechslovakia
at
4.16%, against
0.80, against 0.79%; on
Poland at 18.91, against
18.88; and on Finland at
2.19, against 2.18.
Greek
exchange closed at
on
Bucharest
at
0.93% for bankers' sight bills and at
0.94% for cable
transfers, against 0.93% and 0.94.
♦
war
dollar
no
Holland
guilder,
while
ruling slightly
parity, is steady and inclined
The neutral
ceptional
on
to
under
firmness.
currencies, of course, shared in the
firmness
of
Tnursday's
market.
ex¬
The
Norway finished at 24.89
24.90, against 24.76 and 24.77.
Spanish pesetas closed
at
bills and 13.74 for cable
13.73
for
bankers'
sight
transfers, against 13.67 and
♦
EXCHANGE on thefeatures of importance. In
South American countries
presents
no
general the
new
foreign exchange situation
southern republics is
of
all
the
showing decided improvement.
Recent advices from Buenos Aires stated
that cash
revenue
to
collections in Argentina in 1933
amounted
892,200,000
rate of
pesos ($294,426,000) at the official
exchange, indicating a rise of more than 10%
from 1934.
reporting
on
The
the
Argentine Minister of Agriculture
Argentine cotton crops for 1935
pointed out that the
EXCHANGE on the countries neutralimportance.
during the
presents
special features of
The
25.42; while checks
bankers'
transfers,
4.14%;
and
25.55, against 25.41
of
46%
over
acreage was
the previous
629,000,
an
increase
season.
Argentine paper pesos closed on Friday, official
quotations, at 32.96 for bankers' sight bills, against
32.87 on Friday of last
week; cable transfers at 33.00,
against 32%. The unofficial or free market close was
27.00@27.05, against 26 95@27.0Q. Brjzilian
milreis,
|
bills and 8.46
for cable transfers, against 8J4 and 8.45.
The un¬
official or free market close was 5.55 against 5.55.
Chilean exchange is nominally quoted on the new
basis at 5.19, against 5.19.
Peru is nominal at 24.76,
official rates, are
834 for banked sight
France a
Germany b_
90.204.000
Spain
Italy
42.575,000
53,098,000
98,777,000
Netherlands
Nat. Belg'm
46,825,000
22,376.000
6,555,000
6,602,000
Switzerland
Sweden
Denmark
Norway
EXCHANGEfollow the trends apparent for many
on the Far Eastern countries con¬
__
«...
Washington indi¬
China is selling silver directly to the
Prev. week.
that
cated
United States Treasury
in brder to establish
These are the gold
of
that
had left
amounting to $7,800,000
silver shipment
No official information has been
size of the sales or as to the
Shanghai.
vouchsafed
as
to the exact
intimated in important quarters
agreed to before the recent
silver prices, so that China has
price, but it has been
that the transactions were
in
decline
world
metal.
objective of the Chinese stabilization fund will
to keep the yuan at approximately 30 cents and
secured
approximately 65 cents an ounce for its
The
be
Uy2
pence.
checks yesterday were
Friday of last week. Hong
Kong closed at 32^@32 11-16, against 32.00@
32 3-16; Shanghai at 30J^@30 3-16, against 29%@
Closing quotations for yen
29.03, against 28.83 on
Singapore at
Bombay at 37.49, against
Manila at 50.05, against 50.05;
30;
57.80;
against
58.05,
37.28; and Calcutta at 37.49,
against 37.28.
RATES
BANKS TO TREASURY
JAN.
4
CERTIFIED BY FEDERAL RESERVE
UNDER TARIFF ACT OF 1922
1936 TO JAN.
Noon Buying
Jan.
Austi la,
4
Jan.
Rate for Cable Transfers in
Money
6
Jan.
7
*
*
%
Netc York
Jan.
Jan.
8
9
*
*
Jan. 10
$
.187541*
168250
013375*
schilling
Belgium, belga
Bulgaria, lev.
Czechoslovakia, krone
Denmark, krone
.187641*
.187575*
.187650*
.188083*
.188083*
.168276
.168230
.168307
.168907
.168738
.013375*
.013375*
.013375*
.013500*
.013500*
.041400
.220016
.041407
.041403
.041385
.041567
.220033
.220100
.220241
.220916
.220845
.929250
.930250
.934250
L949583
-.948333
.021755
.021765
.021780
.021840
.021810
.065955
.065934
.065917
.066220
.066167
.402164
.402207
.402821
.402769
.009375
.009380
.009400
.009402
.678314
.678371
.680628
.680521
.296125*
.296125*
.2965C0*
.296250*
.080133*
.080183*
.080268*
.080187*
.247716
.247841
.248650
.248541
.188440
.188410
.188760
.188720
.044831
.044837
.044927
.045050
England, pound sterl'g 4.928750
Finland, markka..... .021765
France, franc
.065934
.402157
.402115
.009375
.009377
Holland, guilder
.678250 f .678228
Hungary, pengo
.296125* .296125*
Italy, lira
.080238* .080175*
.247650
Norway, krone......
.247629
.188380
Poland, zloty
.188500
.044827
Portugal, escudo
.044829
.007843
Rumania, leu..
.007862
.136667
Spain, peseta
136639
.254108
Sweden, krona
' .254095
.324819
Switzerland, franc...
.324769
.022906
Yugoslavia, dinar
.022875
Germany,
INCLUSIVE
Value in United States
Country ind Monetary
Unit
Europe—
10 1936.
relchsmark
Greece, drachma
.041517
.007831
.007831
.007862
.007875
.136610
.136550
.137182
.137085
.254154
.254300
.255170
.255008
.324975
.325060
.326182
.325982
.022912
.022875
.022950
.022937
.295416
.295416
Asia—
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol'r
Shanghai (yuan) dol,
Tientsin (yuan) dol'r
Hong Kong, dollar.
India, rupee
Japan, yen
Singapore (S. 8.) dol'r
.295416
.295833
.295416
.295833
.316875
372390
.287920
.576562
.297083
.297500
.295833
.295833
.295833
.297500
.297916
.295312
.295416
.295625
.296875
.297291
.295833
.295833
.295833
.297500
.297916
.316250
.318125
.319375
.321093
.321562
.372225
.372555
.372781
.373860
.373570
.287840
.288005
.288510
.289460
.289340
.576562
.576562
.576875
.578750
.578750
.295416
Australasia—
928750*
3 912500* 3.912187* 3.912812* 3.916250* 3.933750* 3
958750*
New Zealand, pound. 3, 943125* 3.943125* 3.943125*,3.946562* 3.964062*,3
Africa—
I
4.893750*
South Africa, pound. 4.873500* 4.874250* 4.876250* 4.879205* 4.897000*
Australia, pound
North America—
.996354
.995729
.998281
.998567
.999200
.999200
.999200
.999200
.999200
.277675
.277675
.277675
.277675
.277675
.994187
.994312
.993750
.993375
.995750
.996000
.328450*
.328650*
.328850*
.329562*
.083883*
.083883*
.083886*
.083883*
.084166*
Brazil, milrels
.050950*
.050950*
.050950*
.050950*
The decision of the
Mills
case
.797500*
.797500*
.798750*
.798750*
Uruguay, peso
Colombia, peso
.797500*
.571500*
.573100*
.573100*
.574700*
is
Canada, dollar
...
Cuba, peso
Mexico, peso (silver).
Newfoundland, dollar
.996666
.999200
.277675
.996848
South America—
.571500*
•Nominal rates: firm rates not
implications cannot be
legal importance. As
an exposition
of the nature of the Federal taxing
power and the limitations inherent in the exercise
of Federal power under the Constitution, the opin¬
ion read by Associate Justice Roberts is a notable
example of logical clarity and impressive sweep,
worthy in all respects of the highest traditions of
the Court, and destined to take its place with other
"leading cases" by whose principles and reasoning
ings whose wide political
separated from their technical
other issues will from
Banks
the New Deal structure
Whatever the Presi¬
the way of salvage,
it will be idle to think that what the Court has con¬
demned can again be used. Confronted with the
Constitution, Federal usurpation in agriculture has
collapsed, and there can be no more of it unless the
Constitution itself is overridden or some of its fun¬
damental provisions radically changed.
Justice Roberts's decision was elaborate, but the
substance of its argument is simple. The question
before the Court was whether the imposition of
in
edifice
precarious state.
a
Congress may do in
processing taxes, under the original Agricultural
Adjustment Act, was a constitutional exercise of
the Federal
and
amble,
taxing power.
banks as of
comparisons as of the
corresponding dates in the previous four years:
of
exchange) in the principal European
Jan. 9
1936, together with
Looking at the Act itself
set forth in the pre¬
declared purpose as
its
the Court found that,
"beyond cavil, the
is to restore the pur¬
chasing power of agricultural products to a parity
with that prevailing at an earlier day; to take money
from the processor and bestow it upon the farmers
who will reduce their acreage for the accomplish¬
ment of the proposed end, and, meanwhile, to aid
these farmers during the period required to bring
the prices of their crops to the desired level." In
that plan of regulation the tax "plays an indis¬
pensable part." But the word "tax," the Court
pointed out, "has never been thought to connote the
expropriation of money from one group for the
benefit of another.
The exaction cannot be
wrested out of its setting, denominated an excise
for raising revenue, and legalized by ignoring its
sole
object of the legislation
.
purpose
as
a
mere
end.
about a desired
eyes
.
.
instrumentality for bringing
shut
than we can see and
To do this would be to
to what all others
understand."
It
THE following table indicates the amount of gold
bullion (converted into pounds sterling at par
The
decision, on the other hand,
topple at a stroke one of the main pillars of
and leave the badly shaken
to
was
our
in European
time to time be tested.
immediate effect of the
available.
Gold Bullion
Hoosac
judicial rul¬
Supreme Court in the
of the relatively few
one
.050950*
Chile, peso
.328600*
.083883*
.050950*
.797500*
.571500*
.329925*
Argentina, peso
Court Again Draws
the Line
dent and
Foreign Exchange Rates
EXCHANGE
FOREIGN
17,010,900
90,453,000
76,633,000
76,828,000
78,101,000
67,518,000
14,431,000
7,397,000
6,573,000
v
121,330,835
554,235,726
43,324,500
89,888,000
60,854,000
73,294,000
72,850,000
61,042,000
11,435,000
8,015,000
6,559,000
of France as reported in the new form
the Bank of Germany are exclusive of gold held
present year is £1,010,150.
The Supreme
the operation of its new
Early in the week it was reported
currency.
one
617,924,337
£
120,544,105
662,079,332
38,239,850
90,339,000
63,053,000
86,054,000
74,171,000
88,962,000
11,443,000
7,399,000
8,015,000
holdings of the Bank
gold credits necessary for
managed
191,696,262
•
b Gold holdings of
tatement.
abroad, the amount of which the
foreign
1932
£
1,250,299,287 1,102,828,061
1,101,058,980 1,245,878,043 1,244,565,499
1,252,384,379 1,100,698,697
1,100,435,134 1,248,490,536 1,242,906,193
Total week.
tinues to
Recent information from
192,797,515
656,141,628 /
2,895,900
90,697,000
62,400,000
70.170,000
71,565,000
69.392,000
15,841,000
7,396,000
6,582,000
1933
£
£
£
200,818,172
530.112,608
3,116,200
England
1934
1935
1936
Banks of—
against 24.76.
weeks.
179
Financial Chronicle
Volume 142
a
was
the Act was valid as
not contended that
regulation of inter-State or
foreign commerce. The
weight of the Government argument rested upon the
claim that the Act was valid under the general wel¬
fare
clause.
As
summarized
by the
Court, "the
180
Financial
is
argument
that
authorize the
Congress
^pending of
Chronicle
appropriate and
may
moneys
local public
welfare'; that the phrase should be liberally con¬
cover
anything conducive to national wel¬
fare; that decision as to what will promote such
welfare rests with
Congress alone, and the courts
the
general
welfare
While
the
of
submarginal land, Federal exactions for old age
pensions and unemployment
insurance, or Federal
control of
security transactions not invblving inter-
determination; and, finally, that
appropriation under attack
of
the
Court
was
United
recognized
in fact for the
State
States."
Act
the importance
of
the
phrase
in the
necessary to ascertain the scope of the
to decide whether it would
or
justify
other
in aid of agriculture,
"Wholly apart
question," Justice Roberts declared, "an¬
principle embodied in
hibits the enforcement of the
ment Act.
The Act invades
the States.
control
powers
It
the
their
plan. They
end."
the
Since
taxing
are
the
disbursement
but
end
power
sought
but parts
are
means to an
dent's Jackson
he is
manifestly could not be invoked
compliance
if the
tion,"
Congress is powerless to
plan
were
the
as
one
of
command."
"purely voluntary
government
contended,
Even
co-opera¬
the
Court
pointed out that it would "stand
no better so far as
Federal power is
concerned," since it would be at
best
only a plan to buy submission to a form of
regulation which is reserved to the States. In the
view of the
Court, however, the plan was not volun¬
tary but coercive, and it did not become
voluntary
by turning out to be somewhat imperfect in its
op¬
eration. The
Department of Agriculture hadj itself
correctly described the plan as one "to keep
ft nonco-operating minority in line," and that, the Court
declared, was "coercion by economic pressure" with
"the asserted
power of choice
illusory." If the
Act, the Court declared, "is a proper exercise of the
Federal taxing
power, evidently the regulation of
all
...
industry throughout the United
States may be
accomplished by similar exercises of the
It would be
of
of
same
possible to exact money from
one
mere
threat of such
a
well induce the surrender of
Hoosac
Mills
case,
as
procedure might
has
been
said,
was
brought under the original Agricultural
Adjustment
By an amended Act, however, Congress had
sought to validate what in the original Act had been
In
two
terse
sentences
Justice Roberts
swept the amended Act into limbo.
have
pointed out, there
gress
was
no
"Since,
power
as we
in the Con¬
to impose the contested
exaction, it could not
or confirm what an executive officer
lawfully ratify
had done in that
regard.
1935 does not affect the
The
announcement
of
Consequently, the Act of
rights of the parties."
the
decision brought in¬
stinctively to everybody's lips the familiar
question
"Where do
wo
go from here?" If the
regulation of
agriculture is beyond the power of the Federal
gov¬
no
loophole of
from the
escape
sus¬
Day speech
pursue.
gave no hint of the
Yet it is
clear
as
as
course
sunlight
policies
assumption that State rights could not
of Federal action in any matter
which the President and
Congress chose to regard
nationally necessary
desirable, and that Federal
centralization
or
as
and
national
planning were to be
pressed with scanty regard to constitutional limita¬
tions.
only
and
If that
seek national welfare
tween
the
to
position is now to be abandoned, the
is to scrap nine-tenths of the New Deal
course
the
Federal
by such co-operation be¬
government and
Constitution contemplates.
point to the decision
as
seek such
changes
as
the
States
as
The alternative is
demonstration of the
a
unfitness of the Constitution for
present needs, and
will adapt the Constitution to
the New Deal.
We cannot be too confident that the latter
will not
be
common
knowledge that
most
as,
followed.
influential
It
advisers
has
course
long been matter of
of
some
regard
the
the
President's
Constitution
in important respects, antiquated, and that Ad¬
ministration lawyers have taxed their
or
ingenuity to
formulas which would
get around
embarrassing restrictions. The voiding of the
Agricultural Adjustment Act, following the over¬
turn of the National Industrial
tice
a
that
safe procedure.
revision, and
bring such revision about.
dential
free
time of
a
a
no
no¬
longer
therefore,
demand for
determined
Thrown into
campaign whose issue at the
of
are
We must be prepared,
constitutional
to
Recovery Act, is
ingenious legal arguments
for the announcement at
any
Act.
doubtful.
the
its
rights and the compli¬
Federal regulation as the
price of con¬
tinuance in business."
The
Administration to
point of view, encourag¬
stand in the
way
branch
with
ance
one
that the main foundation of the New
Deal
has been the
devise methods
industry and pay it to another in every field
activity which lies within the province of the
The
likely to
power.
an
States.
be
to
promptly
to attain it.
which the
regulatory
seems
and payments from the
Treasury stppped.
The brief reference to the decision
in the Presi¬
of
There remained the
question whether the power
might not be used "to purchase a
more
pended
unconstitutional
to tax
of the
been, from
visers that there is
unconstitutional,
was
a
Adjustment
condemnation which the Court has
pronounced, and
the operation of the Act has been
tax, the appropriation of the funds raised, and the
for
Act
Control
as
ing. A careful study of the decision, it is
unofficially
reported, has convinced the President and his ad¬
rights of
is a
statutory plan to regulate and
agricultural production, a matter beyond the
delegated to the Federal government. The
direction
Cotton
class; but what constitutional standing
first reaction
decision has
Agricultural Adjust¬
the reserved
same
The
Constitution pro¬
our
Bankhead
have any of the activities of the New
Deal in which
Federal invasion of State
rights is as clearly present
as it has been in
agriculture?
an ap¬
propriation
from that
The
expressly cited in the decision
scheme, and the Tobacco Control
meaning of the general welfare clause, it did
not find it
commerce?
was
extreme example than the
Agricultural
Act of the coercive
character of the
contention, and reviewed at some length the dif¬
ferent opinions that have been
expressed regarding
the
1936
ernment, what about Federal grants for State or
works, Federal aid to States and munic¬
ipalities for unemployment
relief, Federal appro¬
priations for rural settlements and the retirement
for the 'general
strued to
may not review its
Jan. 11
a
effort
presi¬
moment is not
doubt, and urged
on in the agricultural
continuance of Treasury bounties
and artificially maintained
prices, such a demand
States
by hope of
a
might well produce sectional divergencies of
import.
It is
dent
grave
/
certainly to be hoped that neither the Presi¬
Congress will precipitate a constitutional
nor
controversy which, in addition to disrupting parties
giving political radicals a rallying point, would
and
unquestionably check business recovery and post¬
indefinitely the return of an assured pros¬
pone
perity.
Neither the domestic
situation is of
a
nor
character to make
the international
a
political debate
181
Financial Chronicle
Volume 142
munition or implements of war to either belligerent,
or to any neutral country for trans-shipment to a
recognize that the "emergency" is over, demobilize
belligerent. If other countries become involved in
rapidly as possible the unconstitutional agencies
the war, the prohibition is to be extended to them,
for which an emergency has been pleaded as justiIf the President shall find that the restriction of
fication, and return to the ways which the Constituexports of "certain articles or materials used in the
tion authorizes.
The country is weavy of socialistic
manufacture of arms, ammunition or implements of
experiments and increasingly restive under Execuwar" or in the conduct of war will aid the maintetive dictatorship, and now that the Supreme Court
nance of American neutrality or tend to shorten or
has once more drawn the line between what is conlimit the war, such restriction is to be imposed upon
stitutional and what is not, the only right course is
exports "in excess of a normal amount in quantity
to
to it that the Constitution is upheld.
and kind" as shown by "the average of shipments
over
a
of the national government anything
The sensible course is frankly to
the powers
but
danger.
as
see
during
It is
were
about
introduced and accompanied by
ments
upon
irritating com-
the ways of "autocratic"
Europe and Asia, and the threat to
which undemocratic policies embody.
in
part of a clear policy,"
consistent
governments
world peace
If,
as
Mr.
declared, the United States, "as a
also
Roosevelt
is "following a
nations which
twofold
neutrality toward any and all
engage
in wars not of immediate concern
to the
Americas," regard for international comity might
well have dictated a scrupulous avoidance of critigovernments or their policies, how-
cism of either
ever
be
repugnant the ideas or methods
to
American
of either may
government opinion.
The essence
neutrality is non-partisanship, and extended public criticism of nations with which the United States
of
is at peace,
is now conferprevent a naval armais not likely to add to American diplo-
and with some of which it
ring at London in an effort to
ment race,
matic
prestige.
What
was
neutrality"
said in the message about
was very
the "twofold
brief. "First," the message de-
the prosecution of
obtain arms, ammunition or implements of war from the United
states; second, we seek to discourage the use by
belligerent nations of any and all American prod-
clared, "we decline to encourage
war
by permitting belligerents to
ucts calculated to
determined
placed upon the export of food or
regretted that President Roosevelt's
neutrality, in his annual message,
be
to
remarks
previous period of years to be
th«; President." No restriction, however, supplies.
is to be
medical
Neutral Rights in Jeopardy
American
a
facilitate the prosecution pf a war
quantities over and above our normal exports of
peace." Neither of these points was
further elaborated. The first point is obviously only
The issuance of a neutrality proclamation
also operate to prohibit the purchase or sale,
would
by any
person within the United States, of the securities of
any belligerent government or its political subdivisions issued after the date of the proclamation, or
the extension of loans or credits, exception being
made, however, in the President's discretion, of "ordinary commercial credits and short-time obligations in aid of legal transactions and of a character
customarily used in current commercial business."
All embargoes and restrictions are to "apply equally
to all belligerents unless the Congress, with the approval of the President, shall declare otherwise."
American vessels may be prohibited from carrying
to belligerents, or to neutral countries for transshipment, any or all of the articles upon whose export a restriction has been imposed, and American
nationals may be required to assume the risk of commercial transactions with belligerents or their nationals. A proclamation of neutrality would also
debar American nationals from traveling on the
vessels of belligerents except at their own risk, although with discretion in the President to prescribe
regulations for such travel. The usual restrictions
or prohibitions regarding the use of American ports
by belligerent vessels, including submarines, are in¬
eluded in the bill, and the present control of the
munitions industry through a National Munitions
Control Board is continued with more elaborate
;
in
specifications.
them in time of
Finally, if the application of any provisions of the
bill is found by the President to conflict with exist-
a
restatement, in substance, of the
The second, on
law.
statement
present neutrality
the other hand, is in part a
of the policy which
the Administration
authority from
indication of the extension of that policy which is now proposed and
for which the approval of Congress is sought.
has been
the law
following, although without
itself, and in part an
The details of the new
known in the
policy were promptly made
bills, identical in form, which were
in-
by Senator Pittman, and in
troduced in the Senate
McReynolds, on Jan. 3.
of Aug. 311935,
which would expire on Feb. 29 next, except for Section 2, which is incorporated in the bill with extended amendments, but any proclamations issued
by the President under the Joint Resolution are to
the House
by Representative
The bill
repeals the Joint Resolution
remain
in
force
until altered
cordance with the new measure.
ure,
in other words, is now
manent
A temporary meas-
to be replaced by a per-
previous resolution in requir-
ing the President, upon
to
set aside in ac-
one.
The bill follows the
two
or
or more
the outbreak of war between
foreign States or during its
proclaim such fact, and
thereafter prohibits the
of arms, am-
exportation from the United States
continuance,
ing treaties between the United States and "any
foreign country," he may negotiate for such modifications of the treaties as may be necessary, and if
negotiations fail the treaties may be denounced. See¬
tion 15 (b) adds the reservation that "except to the
extent that the law and rules of neutrality are or
may be temporarily or provisionally modified by or
under authority of this Act, the United States reserves and reaffirms its right under international
law as it existed prior to Aug. 11914."
The first thing to be noticed about the PittmanMcReynolds bill is that it continues, as a permanent
policy, the abandonment of the right to an important
branch of neutral trade for which, historically, the
United States has always contended. In common
with other nations, the United States has always
insisted upon the right of its citizens to carry on,
as neutrals, trade with belligerents or with any belligerent in arms, munitions or implements of war,
subject to such risk of capture and confiscation as
was incident to a state of war. The bill, however,
stops that trade arbitrarily and absolutely from the
moment that the President proclaims that belligerenCy
exists. The prohibition applies without refer(C&ntinued on page 206)
182
Financial Chronicle
Gross and Net
Jan.
11
1936
Earnings of United States Railroads for the
Month of November
Substantial progress by the railroads of the
country
reflected in the earnings statistics
is
find most gratifying
improvement,
covering the
month of
November, presented herewith.
in both gross and net
with results of the
be
earnings
are
sharp,
The gains
as
compared
Some
November of the previous
year, but the largest for
any year back to and including 1929.
Production reached 398,024 cars in November
1935,
as against
83,482 cars in November 1934; 60,683 cars
preceding November, and it is to
hoped that the trend will continue and be
tended.
caution
be
must
exercised
point, however, for it is clear that
the month in
ex-
this
on
unusual
some
in
factors contributed to the improvement now recorded.
Foremost among these was the introduction last
November of
viously this
automobile
new
event
models, whereas
deferred until January.
was
extensive purchases of materials
1929.
The
advance of the date for
some
done in subsequent months.
few minor
models thus
new
of the business
ordinarily
Apart from this and
circumstances, however, it
appears
a
that
the railroads of the
country at
length are sharing to a
degree than formerly in the general
business recovery.
This is highly encouraging, not
only from the viewpoint of the railroads themselves,
more
but
reasonable
also
from
that
of
general industry.
A
more
ample level of carrier earnings would enable the lines
to
effect
and the
long-deferred repairs and improvements,
buying thus released in
turn would stimulate
other industries.
It is noted
the
as
Interstate
fundamental, in the annual
Commerce
Commission
report of
which
ap-
peared Dec. 31, that emergence of the railroads from
their
not
unfavorable
only
on
financial
situation
is
dependent
general revival of business, but also
a
adaptation of their transportation methods to
conditions created by
competition from other means
on
of
transportation.
It is conceded that such
adap-
an
tation is in progress.
To such comments it might be
added that the Commission itself could
accomplish
good deal by hastening the regulation of motor
petition, with which it is
Carrier Act.
The
entrusted under the Motor
problem of the railroads is
merely industrial, but to
and
are
a
com-
a
not
large degree regulatory,
a reference to the
high wages which the railroads
forced to pay is sufficient to establish
that point,
Notwithstanding all obstacles, however, the
rail-
roads managed to increase their
gross earnings last
November to
$300,916,282,
or
ing
of
17.25%,
over
the
same
a
gain of $44,278,559,
month of 1934.
the
earnings,
which moved
up to
$82,747,438,
685,802,
over
^
Operat-
also increased sharply, but a
good part
increase was translated into net
expenses
or
37.77%,
Mom of November—
1935
237,306
$300,916,282
218,168,844
to earnings.
72.50%
Operating
expenses
Ratio of expenses
Net earnings
$82,747,438
mc.
(+>
or Dec.
238,668
—1,362
+$44,278,559
+21,592,757
(—)
0.57%
17.25%
10.98%
-4.io%
+$22,685,802
37.77%
country
indicative of this
actual
gains
are
to
circumstance, for the largest
be
noted
in
the
Great Lakes
region, the Central Western region and the Central
Eastern region.
As instances showing the trend of
trade and
business, the statistics regarding automobile
production naturally
come
in fact
first in order.
the
was
November since
in November
largest output for the month
1929.
in any
In November 1933 the out¬
put of steel ingots
was 1,521,189 tons; in 1932,
1,032,221 tons; in 1931, 1,591,644
tons; in 1930, 2,212,220
tons, and in November 1929,
3,521,111
In the
gross tons,
of pig iron production, the
output for
1935 was also the
largest for that month
case
November
since 1929.
The "Iron Age" reports that
2,065,913
tons
gross
were
turned out
in
November
1935
as
against only 956,940 gross tons in November of the
previous year; 1,085,239 tons in November 1933:
631,280 tons in November 1932;
1,103,472 tons in
November 1931; 1,867,107 tons in
1930, and 3,181,411 tons in November 1929.
Turning to another industry—that of the
mining
of coal—we find that while the
output of soft coal
was on a greatly increased
scale, it having been the
largest for the month since 1930, there was a
very
decided
falling
November
1935
off
in
the
hard
coal
quantity
production.
of
bituminous
In
coal
mined in'the United States, according to the
figures
compiled by the United States Bureau of
Mines,
aggregated 33,010,000 net tons, as
compared with
only 30,856,000 net tons in the same month of
1934;
30,582,000 tons in November 1933;
30,632,000 tons
in November 1932 and
30,110,000 tons in November
1931, but comparing with 38,609,000 tons in November 1930 and
ber 1929.
no less than
46,514,000 tons in NovemOn the other hand, the November 1935
output of Pennsylvania anthracite reached
only
3,160,000 net tons as compared with 4,181,000 tons
in November 1934; 4,811,000 tons in November
1933; 4,271,000 tons in November 1932;
4,149,000
tons in 1931; 5,176,000 tons in 1930, and
5,820,000
tons in November 1929.
As to the building industries, greater
activity was
The F. W.
Dodge Corp. reports
that construction contracts awarded
in the 37 States
i.
■
„M
e£st
„
of
,,
Here
we
with
an
~
,
the
called for
Gains effected last November
by the railroads were
to a considerable extent the
result of the
widespread
industrial revival which started last
autumn.
The
results for railroads in different
parts of the
are
in 1931;
cars
very pronounced.
$256,637,723
196,576,087
76.60%
$60,061,636
cars
the production of steel ingots in November
1935, at 3,153,247 gross tons, was
96% above the
1,610,625 gross tons produced in November
1934;
increase of $22,-
1934
Mileage of 144 roads
Gross earnings
an
November 1934.
1932; 68,867
tute,
industry unquestionably stimulated carrier
earnings, as well as the many subsidiary industries,
and the
in
cars
in 1930, and 217,573
There was also
cars
gratifying improvement in
the iron and steel industry.
According to the statistics compiled by the American Iron and Steel Insti-
mobile
threw into November
1933; 59,557
136,754
pre-
by the huge auto-
the output of
motor vehicles for the month
having been not only
more than four and a half times
greater than in
an
Rocky
.
Mountains
.
'
in
■
_
November
expenditure of $188,115,000
as
compared
only $111,691,000 in November 1934.
increase of
68% and is,
1935
This is
moreover, the
largest total
recorded for the month since November
1930, the
earlier comparisons
being $162,340,600 in November
1933; $105,302,300 in November 1932;
$151,195,900
in 1931; $253,573,700 in 1930, and
$391,012,500 in
November 1929.
Lumber
production, as might be
expected, in view of the marked improvement in the
building trade, also showed a large increase.
According to the statistics compiled by the National
Lumber
Manufacturers'
Association,
an
average
of
weeks ended Nov. 30
557 identical mills for the four
against
553,328,000 feet in the same period of 1934. This
is a gain of 48% over the previous year and is 37%
above the record of comparable mills during the cor¬
responding month of 1933. Shipments of lumber in
the same four weeks aggregated 734,630,000 feet as
compared with but 600,728,000 feet in the similar
period of 1934, an increase of 22%. Orders received,
showed
1935
a
of 821,116,000 feet as
cut
greatly in¬
against
595,136,000 feet in the corresponding period of 1934,
or 35% higher than those of 1934 and
11% above
weeks
too, in the same four
creased
were on a
scale, having been 802,037,000 feet as
those of the
period of 1933.
same
traffic was
happens, too, the Western grain
As it
greatly enlarged scale as compared with
November 1934, but was the largest recorded for the
not
only
on a
all the different cereals save
extended to
movement of which was
much smaller than in Novem¬
We deal in detail with the Western
movement in
separate paragraph
a
the receipts at
further along in
the Western primary markets of
staples—wheat,
reached 59,317,000
bushels
000 bushels in
43,673,000
of 1933;
64,597,60,218,000 bushels in the
57,435,000 bushels in 1931;
bushels in 1932;
1930, and
and its
Central
increase in gross
$2,607,947 in net earn¬
ings.
The Norfolk & Western, with a gain in gross
earnings of $1,668,325, reports a gain in net earnings
of $1,548,970; the Chesapeake & Ohio, with an in¬
crease of $1,754,267 in gross earnings, reports a gain
in net of $1,342,216; the Atchison Topeka & Santa
Fe, with $2,372,347 increase in gross, shows $1,301,969 gain in net; the Union Pacific, with $2,025,624
gain in gross, has added $1,095,403 to net; the Chi¬
cago Milwaukee St. Paul & Pacific has enlarged its
gross by $1,317,642 and its net by $980,377, while
the Southern Pacific, with $2,444,125 increase in
gross, has added $863,982 to its net.
In the sub¬
joined table we show all changes for the separate
roads and systems for amounts in excess of $100,000,
earnings of $4,767,017 and of
whether increases
the Atlantic Coast Line and
show losses in gross
and
Seaboard
the
roads which have suffered
or
OF
whole
on
the
On that point the statistics compiled by
the Car Service Division of the Association of Ameri¬
country.
can
Railroads show that for the five weeks
ber
the
1935
3,179,447
in the
loading
of
revenue
of Novem¬
freight totaled
compared with only 2,842,999 cars
five weeks of 1934 and 2,885,251 cars
cars as
same
in November 1933.
With substantial
alike the
the
the returns of
whole,
so
roads and systems are distinguished for
characteristic.
Increases in both gross and
the separate
same
Southern Pacific (2 rds.)
_
S. Fe
Union Pacific (4 roads)._
Chesapeake & Ohio
Atchison Topeka &
1,754,267
1,678,863
1,668,325
1,317,642
Baltimore & Ohio
many
of them of large size, in the case of
The roads and systems
classes of roads.
in that way,
indeed,
even
in the
case
of roads that outrank others in that
roads
indicate the general tendency toward
We need, however, mention but a few
and systems to
a
marked improvement as
compared with the poor
results in November 1934.
Taking first the Pennsyl¬
vania RR. and the New York
stand at the top of
gross
Central System (which
the list both in the case of the gross
and of the net earnings), we
larged its
that it would in¬
to name them all,
are so numerous
volve too much time and space
respect.
distinguished
find that the former en¬
of November 1934 in amount of
Western
327,070
322 028
303,042
301,074
297,111
188,939
277,383
250,399
245,029
Pacific
Minn. St. P. & S. S. M
St. Louis Southwestern._
Alton
& Om
230.659
987,281
Louisville & Nashville—
Southern
945,718
918,917
Chic. Ind. & Louisv
Erie (2 roads)
Illinois Central
883,000
221,418
220,150
191.237
189,597
Texas & Pacific
Boston & Maine
Great
159,830
860,120 Chicago & Eastern 111
158,899
852,147 Spokane Portl. & Seattle
153,441
782,303 Kansas City Southern
151,650
776,024 Gulf Mobile & Northern.
770,414 Yazoo & Miss. Valley.150,629
111,386
672,661 Western Maryland
Denver & Salt Lake
110.483
Northern
Pere Marquette
Grand Trunk Western..
Chic. R. I. & Pac. (2rds.)
Northern
Pacific
569,979
Elgin Joliet & Eastern
Missouri-Kansas-Texas.
547,518
513,888
495,069
447,055
_
Wabash.;
(3 roads)
N. Y. N. H. & Hartford.
Los Angeles <fe Salt Lake.
St. L.-San Fran.
408,317
Denver & R. G. Western
403,881
N. Y. Chicago & St. L-Bessemer & Lake Erie—
$42,514,613
Total (61 roads)
Decrease
Atlantic
Coast
$188,159
166,633
Line...
Bangor & Aroostook.
399,792
388,666
_.
$354,792
Total (2 roads)
These figures cover the operations of the New York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
a
and the
Central,
In¬
Evansville Indianapolis & Terre Haute.
cluding Pittsburgh & Lake Erie, the result is an increase of $4,767,017.
Northern
Cincinnati
and
net earnings for the month of
NOVEMBER
1935
Increase
Increci vs
.a$2,438,839
New York Central
$229,251
210,618
Western Pacific
Wabash
Pennsylvania
1,629,479
Norfolk & Western.....
1,548,970
Texas &
Pacific
204,500
Chesapeake & Ohio
Atchison Topeka & S. Fe
Union Pacific (4 roads)..
1,342,216
N. Y.N. H.& Hartford-
179,406
1,301.969 Pittsburgh & lake Erie. _
1,095,403 Wheeling & Lake Etie. . .
980,377 Reading
863,982 St. Louis Southwestern
809,775 Kansas C ity South ern
633,124 Minn. St. P &S.S.M..
620,529 Chic. Ind. & Louisville.
169,108
148,307
140,115
Chic. Milw. St. P & Pac.
Southern
—
roads)
Erie (2
Northern
Pacific
-
Baltimore & Ohio
Chicago & Nortn Western
603,037
Grand Trunk Western.
574,303 Chicago
„
Great
Northern
Missouri-Kansas-Texas.
Denver & Rio Gr. West.
Bessemer & Lake Erie._.
_
Elgin Joliet & Eastern..
St. L.-San Fran. (3 rds.)_
Col. & Sou.
(2 roads)...
N. Y. Chic. & St. Louis.
Cine. N. O. & Tex. Pac__
Detroit Toledo & Ironton
I
os
Great Western.
.
550,214 Spokane Portl. & Seattle
543,408 Chicago & Eastern 111
Pere Marquette
Missouri Pacific
Angeles & Salt Lake.
Chic. St. P. M. & Om
521,140
475,649
443,415
Del. Lack. & Western
Total (51 roads)
350,121
136,346
131,579
126,781
112,582
109,003
107,555
105,477
100,769
$22,040,393
Decrease
399,264
337,220
136,664
Atlantic Coast Line
Central of New Jersey—
323,811 Long Island
282,240 Boston & Maine
278,807 Bangor & Aroostook
271,238 Seaboard Air Line
$233,706
180,418
176.219
164,393
143,791
103,467
242,008
231,794
Total (6 roads)
$1,001,994
the operations of the New York Central and the
& St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie the result is an increase of $2,607,947.
a
These figures cover
leased lines—Cleveland Cincinnati Chicago
When
the roads
are
arranged in
groups
or
geo¬
graphical divisions, according to their location, as is
our
custom,
$5,064,154 and its net earnings in amount of
497, and that the latter increased its gross
alike
$331,830
Del. Lack. & Western
appears
$1,629,earnings
by $4,435,187 and its net earnings by $2,438,839.
These figures cover the operations of the New York
Increase
1,082,608 Chic. St. P. M.
1,055,437 Lehigh Valley.
Southern Pacific (2 roads)
vir¬
tually all the leading roads and systems, come from
practically all parts of the country and from all
net,
MONT&
1935
a4.435.187
2,444,125 Wheeling & Lake Erie
2,372,347 Cine. N. O. & Tex. Pac..
2,025,624 Detroit Toledo & Ironton
New York Central
principal changes in
railroads of the country as a
the
gross EARNINGS FOR THE
NOVEMBER
Colorado & Sou. (2 roads)
gains in gross and net earnings
outstanding feature of the returns for
the only
are
$5,064,154 Pittsburgh & Lake Erie..
Pennsylvania
Chic. Milw. St. P. & Pac.
the entire railroad system of
Air Line,
losses in net of $100,000
Increase
traffic as
a whole is furnished by the returns showing the load¬
ing of revenue freight, as these deal with all classes
of freight and embrace all parts of the United States,
and hence furnish a sort of composite picture of freight
as a
with the Central
the Boston &
over:
PRINCIPAL CHANGES IN
Chicago Burl, & Quincy..
Chicago & North Western
Missouri Pacific
traffic
earnings in excess of the $100,000
Jersey, the Long Island RR.,
of New
Maine
only two roads,
the Bangor & Aroostook,
limit, and that these roads, along
Norfolk & Western
however, of railroad
decreases, and in both gross
or
It will be observed that
and net.
corresponding period of 1929.
The best barometer,
Including the Pitts¬
leased lines.
burgh & Lake Erie, the result is an
as
similar period
the
in
30 1935
against only 35,069,000
five weeks of 1934; 49,834,000
bushels
same
the
oats, barley and rye—
corn,
combined, for the five weeks ended Nov.
bushels in the
grain
shall therefore only note here that
this article, and
five
The gain
rye, the
immediately preceding.
month in all years
ber 1934.
183
Financial Chronicle
Volume 142
are
the favorable character of the results
from the fact that gains in gross and net
revealed in each of the three great districts,
namely, the Eastern, the Southern and the Western,
as likewise in the case of each of the various regions
184
Financial
grouped under those districts, with the single
tion
of
the
New
small loss in the
is
groups
group
of the net.
below.
as
As
Our summary
the roads to conform
Interstate Commerce Commission.
regions
1199334654
000
we
'
Eastern District—
New England region (10 roads)
,,
12,250,172
57,916,051
11199933354545
1935
-Gross Earnings1934
Inc.
$
$
(+)
Dec. (—)
or
$
11,608,069
49,045,041
60,627,166
51,679,854
.130,793,389
112,332,964
+ 18,460,425
16.43
37,368,277
20,163,917
33,613,897
16,736,861
+3,754,380
+3,427,056
11.17
20.48
57,532,194
50,350,758
+7,181,436
14.26
34,725,056
54,412,710
23,452,933
29,417,889
44,628,826
19,907,286
+5,307,167
+9,783,884
+3,545,647
21.92
112,590,699
Ik
Total
93,954,001
+ 18,636,698
19.84
(144 roads)...300,916,282
256,637,723
(52 roads)
.
.
Total all districts
Barley
Rye
(Bush.)
(Bush.)
1,696,000
1,838,000
6,892,000
2,827,000
1,532,000
1,926,000
1,316.000
831,000
1,071,000
2,109,000
6,998,000
3,047,000
17.31
1,848,000
402,000
1,669,000
2,658,000
630,000
1,457,000
806,000
306,000
2,402,000
295,000
21,000
1,550,000
2,850,000
483,000
357,000
1,079,000
397,000
597,000
73,000
2,792.000
57,000
336,000
310,000
2,260,000
2,000
611,000
723,000
374.000
278,000
5,000
130,000
148,000
107,000
17,000
1,000
160,000
56,000
44,000
109,000
126,000
142,000
74,000
78,000
45,000
915,000
438,000
111999333545454
1934
District and Region
Month of Nov.
Mileage
Eastern District—
1935
New England region.
Great Lakes region..
4,788,000
907,000
3,000
62,000
2.104,000
483,000
3,000
158,000
18,000
1,854,000
Milwaukee—
151,000
61,000
116,000
334,000
Toledo—
1934
17.81
17.25
$
Central Eastern reg'n 25,044
25,080
58,866
59,079
39,039
6,010
39,272
6,035
3,268,688
3,408,378
—139,690
9,512,233 +5,329,115
13,949,467 +3,097,460
14,841,348
17,046,927
35,156,963
26,870,078
8,350,410
7,037,311
7,185,617
10,040,319
45,049
45,307
18,390,729
Northwestern region. 48,266
Cent. West, region.. 54,813
+8,286,885
56.02
22.21
19345
471,000
534,000
772,000
1,162,000
278,000
366,000
747,000
832.000
174,000
190,000
5,000
164,000
99,000
184,000
379,000
316,000
199,000
140,000
10,000
Peoria—
48,494
55,097
Southwestern region.
30,691
9,018,092
14,553,692
5,627,962
+1,313,099
+2,854,702
14,222,928 +4,167,801
30,312
5,580,352 +3,437,740
10,007,170 +4,546,522
3,381,108 +2,246,854
151,000
46,000
2,074,000
929,000
83,000
70,000
2,543,000
1,265,000
2,042,000
1,636,000
388,000
577,000
265,000
1934—
186,000
302,000
185,000
1934....
18.66
39.73
40,000
Kansas City—
30.84
244,000
82,000
Wichita—
1935
643,000
1934
29.30
Western District—
133,391
St. Louis——
4.10
Southern District—
Southern region
Pocahontas region..
82,000
Indianapolis <& Omaha-
St. Joseph—
1935
7,142
26,857
Total
+44,278,559
18.04
-Net Earnings1934
Inc. (+) or Dec. (—)
$
$
%
1935
7,097
26,725
Total
Oats
(Bush.)
Detroit—
.
Total
Corn
(Bush.)
Duluth—
Western District—
'
979.000
984,000
1935....
.
Wheat
(Bush.)
1934..
18.09
Southern District—
Southern region (28 roads)
Pocahontas region (4 roads)
usual form:
Minneapolis—
%
5.53
+642,103
+8,871,010
+8,947,312
Great Lakes region (24 roads)
Central Eastern region (18 roads)._
Flour
(Bbls.)
Nov. 30
1935
our
WESTERN FLOUR AND GRAIN
RECEIPTS
5 Wks. End.
District and Region
movement in
Chicago—
SUMMARY BY GROUPS
November—
the
corresponding period of 1929.
subjoined table we give the details of the West¬
grain
ern
indicated in
the footnote to the table:
Month of
bushels in
In the
The boundaries
are
413,000
33,000
53,000
4,000
37,000
Sioux City—
61.60
1935....
45.43
106,000
764,000
62,000
81,000
36,000
231,000
52,000
1,000
1934
66.45
Total all—
134,282
29,199,746
18,968,630+10,231,116
53.94
Total all dlstrlcts.237,306 238,668
82,747,438
60,061,636 + 22,685,802
37.77
1935
1,848,000
1934
1,800,000
NOTE—Our grouping of the roads conforms to the classification of the
Interstate
Commerce Commission, and the following Indicates the confines of
the different
17,638,000
11,053,000
21,227,000
9,730,000
4,565.000
6.558,000
Jan. 1 to
Flour
Wheat
Corn
Oats
Nov. 30
(Bbls.)
Barley
(Bush.)
(Bush.)
(Bush.)
(Bush.)
1935....
EASTERN DISTRICT
New England Region—Comprises the New England States.
Great Lakes Region—Comprises the section on the Canadian
boundary between
New England and the westerly shore of Lake
Michigan to Chicago, and north of
a line from Chicago via
Pittsburgh to New York.
Central Eastern flexion—Comprises the section south of the
Great Lakes Region
east of a line from Chicago through Peoria to St. Louis
and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River
to Parkersburg, W.
Va., and a line thence to the southwestern corner of Maryland and by the Potomao
River to its mouth.
7,299,000 10,592.000
Chicago—
groups and regions:
8,681,000
Rye
19,917,000
22,042,000
27,427,000 16,870,000
57,083,000 13,746,000
7,142,000
9,808,000
5,173.000
8,512,000
4,380,000 25,032,000 21,365,000
15,996,000
7,820,000 21,683.000
4,378,000
2,999,000
Duluth—
18,941,000
22,831,000
402,000
14,383,000
8.321,000
4,284,000
2,714,000
1,767,000
5,595,000
921,000
5,037,000
8.214.000
2,003,000
15,633,000
1,899,000 15,748,000
446,000
10,784,000
1,257,000
1,418,000
4,243,000
4,496,000
1,241,000
1,184,000
1934
212,000
449,000
836,000
Milwai
1935..
851,000
4,264,000
ip34—
Southern Region—Comprises the section east of the
707,000
3,576,000
1935..
of the Ohio River to
eastern
Northwestern Region
west of a line from Chicago to Peoria and thence to St.
Louis, and north of a line
from St. Louis to Kansas City and thence to EI Paso and
by the Mexican boundary
to the Pacific
Southwestern Region—Comprises the section lying between the
Mississippi River
south of St. Louis and a line from St. Louis to Kansas
City and thence to El Paso,
and by the Rio Grande to the Gulf of Mexico.
advantage of
a
very
than in November last year—in fact, the
largest for
the month in all recent years.
With the
single
ception of
rye
(the movement of which
was
Kansas
St.
than
the
els
primary
as
same
markets
aggregated
17,638,000
compared with only 11,053,000 bushels in
five weeks of
1934; of
corn,
21,227,000 bush¬
compared with only 9,730,000 bushels; of oats,
7,299,000 bushels as against but 4,565,000; of barley,
as
10,592,000 bushels
and of rye,
against only 6,558,000 bushels;
only 2,561,000 bushels as compared with
3,163,000 bushels.
as
Altogether the receipts at the
Western
corn,
primary markets of the five items, wheat,
oats, barley and rye, during the five weeks
ended Nov. 30 1935 aggregated
as
59,317,000 bushels,
against only 35,069,000 bushels in the
same
five
1,298,000
5,616,000
13,644,000
17,583,000
9,569,000
13,197,000
4,693,000
1,508,000
1,029,000
157,000
222,000
1,745,000
1,874,000
1,165,000
1,462,000
13,645,000
14,402,000
2.016.000
2,790.000
2,609,000
1,946,000
940,000
689,000
45,237,000
37,857,000
15,923,000
23,689,000
3,685,000
1,758.000
4,096,000
3,343,000
1,762,000
5,689,000
2,183,000
1,699,000
13,631,000
15,412,000
183,000
1,267,000
93,000
190,000
3,000
2,000
1,357,000
908,000
2,264,000
751,000
261,000
774,000
105,000
76,000
5,381,000
5.471,000
2,024,000
677,000
City550,000
1935
Thus, for the five weeks
Western
35,000
26,000
2,000
1,329,000
10,000
Total all—
receipts of wheat
bushels
18,836,000 11,845,000
35,752,000
7,337,000
1934
particularly pronounced.
the
22,353,000
21,068,000
34,000
Sioux City—
ended Nov.
at
559,000
367.000
Wichita—
ment
the
1,051.000
969,000
Joseph—
erably smaller than in 1934), all the different cereals,
degree, contributed to the increase,
the gain in the case of wheat and of corn
having been
1935
749,000
Peoria—
17,381,000 215,166,000
99,962,000 89,419,000 58,772,000
15,912,000
17,055,000 198,633,000 183,704.000 48,431,000
57,850,000 15,896,000
1934
in greater or less
30
186,000
179.000
St. Louis—
ex¬
consid¬
153,000
275,000
Indianapolis & Omaha-
Western roads, as we have
already indicated, had
much larger grain traffic
11,580,000
144,000
Detroit1—
WESTERN DISTRICT
Northwestern Region—Comprises the section adjoining Canada
lying west of the
Great Lakes Region, north of a line from Chicago to Omaha
and thence to Portland
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the
(Bush.)
57,740,000
40,583,000
8,308,000
Tole
Mississippi River and south
a point near Kenova, W.
Va., and a line thence following the
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region—Comprises the section north of the southern
boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W.
Va.,
and south of a line from Parkersburg to the southwestern
corner of Maryland and
thence by the Potomac River to Its mouth.
2,561.000
3,163,00
Minneapolis—
SOUTHERN DISTRICT
the
1936
1934; 49,834,000 bushels in the same period
1933; 43,673,000 bushels in 1932; 57,435,000 bush¬
els in 1931;
64,597,000 bushels in 1930, and 60,218,-
to the classification of the
of the different groups and
11
of
a
by
previously explained,
/an.
weeks of
excep¬
England region, which reports
case
Chronicle
On the other
appears
hand, the Western livestock
have
to
been
move¬
considerably smaller
in
November 1934.
At Chicago the
receipts
comprised only 7,885 carloads in November 1935
as
against 11,857 carloads in the
previous
year;
same
period of the
at Kansas City but 3,861
cars as com¬
pared with 5,052, but at Omaha 2,876
only 2,663 cars.
Coming
was
on
a
movement
now
the
so
far
as
the port
staple is concerned, but fell far
below that of November 1934 in the
shipments of cotton.
These latter
bales in November 1935
case
were
of overland
only 138,940
against 153,992 bales in
175,795 bales in November 1933,
comparing with only 82,172 bales in November
November 1934 and
but
against
to the cotton traffic in the South, this
greatly increased scale
of
cars
as
Financial
Volume 142
bales
in 1930, and 67,874 bales in November 1929.
Re¬
ceipts of cotton at the Southern outports in Novem¬
ber last year aggregated 1,314,345 bales as against
only 589,254 bales in November 1934 and 1,167,881
1932; 103,352 bales in November 1931; 93,125
bales in November 1933, but
bales
269
November
in
November 1931;
and 1,389,118
lowing table
of the
comparing with 1,665,-
give the details of the port movement
staple for the past three
RECEIPTS
AT
COTTON
OF
Month
years:
drastic cuts in every
effected
in
leaving,
the
withstanding
of the
and $15,846,050 gain in the
was improvement in the net
falling off in
direction,
therefore,
extraordinary
year was one
1920 that netted
in gross
crease
transportation charges put into effect
and $37,533,530 of this having
the
9990130223147562
1564
»
showing
was
extremely
was
strike
at
poor,
In 1919, particularly, the
this having been the period
bituminous
the
149,457
15,709
230,134 1,460,784 1,184,180 1,610,292
261,794
179,190
304,827
27,211
over
86,447
Pensacola
12,160
9,676
3,662
117,963
103,821
134.829
285,620
138,136
132,911
209,803
32,869
442,128
Savannah
37,787
17,251
15.272
Charleston
43,379
21,802
5,704
5,538
15,863
4,902
5,223
11,828
3,100
204,886
Wilmington
194,481
12,189
18,568
5,788
39,749
14.565
307,681
17,651
50,539
294,040
56,445
54,127
130,954
14,942
22,517
8,999
16,277
19,486
8,766
10,778
Brunswick
259
3,347
Beaumont
408
676
30,733
3,814
1,112
1,612
4,117
47,436
8,142
57
Jacksonville
1,314,345
Total
mmim»
-
-
589,254 1,167,881 5,380,767 4,721,256 7,733,922
in
coal
The
respects.
recorded
loss in gross
a
result
strike
This
mines.
contracting the coal traffic
the railroads and proved a highly disturbing
other
,.
bad, large losses in the net having
Mobile
Corpus Christl
few months before),
immediately preceding 1920, however, the
had the effect of very materially
Lake Charles
a
been carried forward as a
in 1919, 1918 and 1917.
up
showing
1933
1934
1935
the years
In
of
Norfolk
$154,239,572 in¬
(mainly because of the higher schedules of
407.276 1,218,385 1,267,787 1,879,682
432,632 1,330,091 1,271,976 2,741,861
New Orleans
November
fairly satisfactory net results, our compila¬
160,508
168,326
Houston. &c
of
in the net, not¬
of the few months of the year
313,152
432,593
356,763
Galveston
$144,962,518,
amount
increase
$18,934,852
loss of $126,927,666 in the gross.
a
previous
By
gross revenues.
saving in expenses was then
a
tions for November 1920 having registered
piled
Ports
1934
in face of the great
even
November
Since Jan. 1
of November
1935
gross
In November 1921 there
gain in the net.
1 1935, 1934 AND 1933
1933
$57,618,155 gain in the
net.
1935,
PORTS IN NOVEMBER
SOUTHERN
1933, AND SINCE JAN.
1934 AND
In the fol¬
bales in November 1929.
we
in
1,586,882 bales
1932;
1,459,571 bales in November 1930,
185
Chronicle
that
was
influence
tabulations
our
and net earnings alike for the month—
only $2,593,438 in the former, but $26,848,880 in the net
earnings,
or
over
35%.
time to this large loss
Added emphasis attached at the
in the net because it came on top of a
considerable shrinkage in the net
1918
In November
year.
a
in November of the previous
tremendous augmentation in
expenses
The substantial increases (as
railroad
indicated above) recorded in
earnings during November 1935—namely, $44,278,-
and $22,685,802 in net—followed a decrease in
559 in gross
the month the
previous
and of $6,732,119
year
of $747,213 in gross earnings
in net earnings, which, in turn, came after
increase of $7,278,342 in gross
an
In the
in November 1933.
there
in net,
decrease in gross of
a
was
and this,
in
and of $2,904,522 in net
previous
followed
turn,
year
(1932), however,
$51,606,559 and $2,888,514
shrinkage in gross
a
$93,375,649 and in net of $32,706,576, which came on
of
top of a loss of $100,671,064
net in 1930.
in November 1929, when
even
1929
gross
business depression was al¬
$32,806,074 and in
was
and of $27,596,760 in
The falling off in gross in Novem¬
ready in its initial stages.
ber
in
happens, too, that there was some shrinkage
It
net $30,028,982.
it is true, after $26,968,447 gain in gross and $29,-
came,
896,691 gain in net in 1928, but these latter gains
a
recovery
of only a portion of the large
roads suffered in November 1927,
favorably, and when
represented
falling off which the
when general trade was on
the decline and other adverse conditions
of
This
affected results
un¬
tabulations registered a contraction
our
$58,159,905 in gross and of $32,544,547 in net. Extending
the
comparisons still further back, it is found that the heavy
loss in 1927
1926,
our
after only
moderate increases in November
compilations for this last mentioned year having
shown only
crease
came
$28,736,430 increase in gross and $10,065,218 in¬
In November of the
in net.
gains likewise
were
preceding
year
(1925) the
moderate, our tabulation at that time re¬
cording $26,960,296 gain in gross, or 5.34%, and $16,775,769
gain in net,
after
came
November
a
Moreover, this 1925 gain ih gross
12.77%.
or
decrease
1924,
as
of
virtually
the
compared with
same
1923.
amount
in
It amounted
therefore, to merely a recovery of what had been lost the
previous
November 1924, it will be recalled, was the
Presidential election, when industrial activity
year.
time of the
greatly stimulated by the result of that election.
was
But
trade, nevertheless, was of much smaller volume than in
November
crease
then
shown.
diminished in
loss in the net,
in amount of
time
which accounts for
1923,
the
However,
sum
the
1924
gross
was
named, there was at that time
inasmuch
no
while
the $26,135,505 de¬
less than
no
operating expenses were curtailed
$32,485,896, leaving the net at that
as
larger by $6,350,391.
As
a
matter of fact, up
to 1927 the improvement in the
since 1919, often in
gross earnings.
In
the change from the previous year was small,
continuous year by year ever
net
was
the
face of
a
heavy'falling off in the
November 1923
there having
been $7,648,500 increase in gross and $7,307,781
increase in net.
In November 1922 our statement
showed
had occurred, owing to the prodigious advances
in wages
Results for Earlier Years
made that year.
These wage advances, with the
in other directions, so augmented
railroad expenses that the increase in the latter far outdis¬
tanced the gain in gross revenues, even though these were
swollen by the higher rates put in force some months before.
The gain in the gross then reached $82,163,408, or 23.06%,
the augmentation in expenses amounted to no less than
$102,091,182, or 39.16%, leaving the net reduced by $19,927,774, or 20.80 %.
The year before (1917) a closely similar
99126457380
great rise in operating costs
situation
existed
and
recorded $33,304,905
our
tabulation for November
1917
increase in gross earnings, but $20,-
830,409 decrease in the net.
It
was
in the prodigious
expan¬
in these early years that there existed
the retrenchment and economies effected in
sion of the expenses
the
basis for
subsequent
In the following we furnish the November
years.
summaries back to 1909:
Mileage
Gross Earnings
Month
of
Year
Year
November
Given
Preceding
918
______
920
922
923
924
Inc.
(+)
Dec.
or
(—)
$242,115,779 $207,816,169 +$34,299,610
+999,511
246,650,774 245,651,263
—1,767,625
241,343,763 243,111,388
276,430,016 244,461,845 +31,968,171
—9,143,593
269,220,882 278,364,475
240,235,841 272,882,181 —32,646,340
306,733,317 240,422,695 +66,310,622
+23,652,274
330,258,745 306,606,471
+33,304,905
360,062,052 326,757,147
438,602,283 356,438,875 +82,163,408
—2,593,438
436,436,551 439,029,989
592,277,620 438,038,048 + 154,239,572
464,440,498 590,468,164 —126,027,666
523,748,483 466,130,328 +57,618,155
+7,648,500
530,106,708 522,458,208
504,589,062 530,724,567 —26,135,505
531,742,071
559,935,895
502,994,051
530,909,223
498,316,925
398,211,453
304,896,868
253,223,409
260,503,983
256,629,163
300,916,282
926
927
928
930
932
933
934
935
.
504,781,775
+26,960,296
+28,736,430
531,199,465
561,153,956 —58,159,905
+26,968,447
503,940,776
531,122,999 —32,806,074
498,882,517 —100,671,064
398,272,517 —93,375,649
304,829,968 —51,606,559
+7,278,342
253,225,641
—747,213
257,376,376
+44,278,559
256,637,723
Per
Year
Year
Cent
Given
Preced'g
16.51
0.41
0.73
13.07
3.35
11.96
233,340
231,563
233,305
241,452
242,849
245,858
248,058
241,621
246,910
7.71
222,966
246,497
27.58
248,863
242,407
232,274
10.19
23.06
0.59
235,213
21.34
5.34
236,043
235,748
253,589
236,309
236,726
5.41
232,259
233,032
35.21
237,335
12.35
1.46
4.92
10.37
232,911
233,839
234,972
235,679
253,793
236,122
235,917
236,369
238,711
5.35
241,138
6.18
241,695
242,616
20.18
23.44
238.142
239,982
241,326
242,625
242,636
242,734
16.93
241,971
2.87
242,708
0.29
238,826
237,306
17.25
Inc.
Net Earnings
226,204
237,596
234,209
237,376
243,745
(+)
242,027
244.143
240,836
238,668
or Dec.
(—)
Month
Year
of
Year
November
Given
Preceding
$92,016,358
83,290,035
79,050,299
93,017,842
78,212,966
67,989,515
118,002,025
118,373,536
96,272,216
75,882,188
48,130,467
$73,266,874
85,778,171
97,366,264
113,662,987
124,931,318
131,435,105
924...
.....
148,157,616
93,778,921
82,069,166
80,316,771
93,282,860
77,567,898
67,999,131
118,050,446
117,102,625
95,809,962
74,979,347
48,244,641
78,431,312
97,816,937
117,623,537
125,084,714
131,381,847
158,197,446
125,957,014
157,140,516
127,163,307
99,528,934
66,850,734
63,966,101
66,866,614
59,167,473
....
148,132,228
158,601,561
82,747,438
60,061,636
127,243,825
157,192,289
Amount
Per Cent
25.59
+$18,749,484
—10,488,886
—3,018,867
+ 12,701,071
—15,069,894
11.02
3.68
15.81
16.15
12.35
—9,578,383
+50,002,894
+323,090
73.52
.
0.28
17.79
—20,830,409
—19,927,774
20.80
—26,848,880
35.89
+37,533,530
+ 18,934,852
+ 15,846,050
+7,307,781
+6,350,391
+ 16,775,769
+ 10,065,218
—32,544,547
+29,896,691
—30,028,982
77.89
24.14
16.19
6.21
5.08
12.77
6.79
20.53
23.49
19.11
22.35
127,125,694
99,557,310
66,854,615
—27,596,760
—32,706,576
—2,888,514
4.32
63,962,092
65,899,592
+2,904,522
—6,732,119
+22,685.802
10.22
32.85
4.54
37.77
Financial
186
New
The following statistics have been
land
Bank,
Ltd.
capital, which
of
of
issues
new
subject to revision, exclude all borrowings
are
by the British government for purely financial purposes;
shares issued to
ization of
vendors; allotments arising from the capital¬
reserve
funds and undivided profits;
issued securities which add nothing to the
of the company whose
conversion
sales of already
capital
resources
securities have been offered; issues for
redemption of securities previously held in the
or
119922340
Jan. 11
1936
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank, Limited]
Month of
Year to
December
Dec. 31
£
£
46,779,000
237,541,000
384,211,000
215,795,000
8,463,000
19,353,000
7,537,000
1,695,000
26,067,000
24,402,000
20,163,000
26,362,000
1925
1926
1927
,.
NEW CAPITAL
United
11993228
Capital Issues in Great Britain
compiled by the Mid¬
compilations
These
Chronicle
Kingdom; short-dated bills sold in anticipation of
Month of
£
£
1933
1934
.
362,519,000
253,749,000
236,160,000
88,666,000
113,038.000
5,283,000
15,862,000
2,692,000
4,312,000
6,353,000
13,042,000
11,218,000
1931...
203,760,000
223,546,000
219,897,000
253,266,000
314,714,000
Dec. 31
24,697,000
1930
235,669,000
Year to
December
__
1935
ISSUES IN THE UNITED KINGDOM
132,869,000
150,190,000
182,824,000
BY MONTHS
[Compiled by the Midland Bank, Limited]
long-term borrowings; and loans by municipal and county
1932
authorities except
the
total
in
do
They
subscription.
include
not
of
issues
January
February...
£2,895,798
11,994,734
12,104,130
18,013,115
12,296,311
17,467,795
3,312,507
March
capital by private companies except where particulars are
April
May
publicly announced.
In all
cases
the figures are based upon
June
prices of issue.
DISTRIBUTION
OF
KINGDOM
UNITED
CAPITAL
NEW
ISSUES
IN THE
4,108,238
19,727,811
20,610,166
53,909.166
6,682,428
7,719,440
72,500
21,208,047
7,164,097
10,026,260
6,747,571
23,446,272
10,807,078
4,312,163
12,786,859
6.353,481
13,056,095
12,543,554
13,041,644
11,217.941
£113,038,329
£132,868,896
£150,189,757
£182,824,210
October
November
BY MONTHS
12,620,080
12,386,235
17,000
19,745,198
August
September...
GEOGRAPHICAL
£16,592,347
£10,853,233
7,007,995
7,081,462
9,590,367
22,440,935
£8,310,263
7,167,385
13.447,603
8.247,859
14,614,014
17,541,251
6,001,777
12,048,454
14,997,397
9,878,332
July
the
1935
1934
1933
where there is a specified limit to
cases
December
4,706,804
{Compiled by the Midland Bank, Limited]
Year
India and
United
Brit.
Countries
Ceylon
Kingdom
Other
Foreign
NEW CAPITAL ISSUES
Total
Countries
KINGDOM BY GROUPS
IN THE UNITED
[Compiled by the Midland Bank, Limited]
February
12,287,000
7,283,000
9,328,000
16,029,000
5,232,000
1,285,000
March
April..
May
June...
£
£
4,753~666
241~666
292,000
8,310,000
7,167,000
13,448,000
8,248,000
14,614,000
5,000
1,070,000
437,000
17,541,000
48,000
244,000
6,002,000
21,208,000
56,000
30,000
1,000
7,875,000
4,917,000
1933—January
£
£
£
110,000
493,000
269,000
1,727,000
1,160,000
965~666
6,738,000
August
September
October
176,000
478,000
4,334,000
250,000
6,814,000
July
3,016,000
185,000
111,000
341,000
437,000
47,000
867,000
Year.
95,059,000
5,018,000 24,796,000
1934—January
8,682,000
February
5,309,000
March
6,011,000
8,665,000
11,397,000
7,021,000
9,958,000
3,165,000
May
June
July..
August
December
Year.
37,000
386,000
566,000
413,000
156,000
6,748,000
23,446,000
141,000
55o"66o
14,000
957,000
3,443,000
1,202,000
586,000
16.592,000
12,620,000
176,000
12,386.000
5,000
4,108,000
19,728,000
20,610,000
118,000
13,000
18,788,000
254,000
154,000
287,000
19,571,000
July
49,999,000
3,622.000
4,761,000
1,921,000
6,682,000
375,000
7,719,000
4,707,000
September
7,344,000
October
3,940,000
545,000
9.204,000
9,686,000
3,136,000
1,395,000
53,909,000
222,000
15,000
Decembe
137,000
161934000
Year
£3,416,300
£31,956,601
£34,308,122
£24,576,954
508,800
Municipalities and public boards:
India and Ceylon...
------
......
304*218
Other British countries
Foreign countries
£31,956,601
£34,612,340
£24,576,954
£2,031,250
Total.
£480,030
£31,720,517
Railways:
United Kingdom
India and Ceylon
36" 000
Other British countries.
828,000 17,210,000
1,351,500
188,000
12,544,000
338*721
£874,145
£32,059,238
£1,471,894
4,462,181
Total.
Breweries and distilleries
Electric light and power
£1,055,618
£2,968,738
2,262,665
11,715,518
6,623,981
16,532,438
16,928,219
8,999,865
47,676
12,071,910
2,994,188
6,969,818
3,329,600
15,941,123
6,985,304
3,002,091
5,380,577
2,460,669
2,879,336
...
Gas and water
Investment and finance
Iron, coal, steel and engineering*.
Mines
Oil
11,165,740
17,676,756
10,000
9,075,634
11,005" 172
1,220,200
734,531
359,517
117,384
26,574,451
2,394,841
142,494
748,387
804*076
30,233,899
42,824,744
£132,868,896
£150,189,757
£182,824,210
Property
Shipping and canals and docks._.
Tea, coffee and rubber
Telegraphs and telephones
Tramways and omnibuses
Mis cell, commercial & industrial.
11,218,000
2,852,000 182,824,000
358,115
£3,382,750
Foreign countries
Banking and insurance
3,058,000 150,190,000
June
November
£10,730,636
13,042,000
1,133,000 39,258,000
1,135,000
660,000
568,000
872,000
August
£32,795,776
Total.
13,056,000
2,346,000
April
14.998,000
9,878,000
25,000
1,899,000
3,355,000
9,688,000
May
63,000
2,465,000
14,433,000
March
190,000
1,228,000
11,076.000
February
10,853,000
7,008,000
7,082,000
9,590,000
22.441,000
12,048,000
359,000
45,000
61,000
106741000
1935—January
£2,907^500
5,298,632
Foreign countries
United Kingdom
137*000
11,016,000
9,122,000
November
6,353,000
5,485,000
5,631,000
20,764,000
September
October
£10,730,636
Other British countries.
7,164,000
7,996,000 132,869,000
1,763,000
49,000
1,433,000
221,000
873,000
7,000
850,000
12,000
62,000 10,945,000
32,000 4,609,000
1,000 5,014,000
April
£2,520,000
4,745,600
20,231,544
Year 1935
12,787,000
11,000
67,000
5,098,000
December
Year 1934
United Kingdom
India and Ceylon
10,026,000
15,589,000
12,172,000
November
Year 1933
Governments:
Total.
*
315,000
304,688
687.200
Including motors and aviation.
The New
Capital Flotations in the United States During the Month of
December and for the Twelve Months of the Calendar Year 1935
The
new
capital appeals to the investment markets of the
United States
during December, the closing month of the
slightly heavier than those during November, our
year, were
compilations revealing
December
as
a
grand total
of $457,366,911 for
against $382,030,662 recorded for November.
These totals compare with $368,120,766 for
October, with
$437,424,560 for September, with $437,126,816 for August,
with
no
less than
$644,508,655 for July, with $512,899,.885
for
June, with $472,428,568 for May and with $507,456,831
for
April.
During the months comprising the first quarter
of the year
considerably smaller totals
for March the aggregate was
it
was
were
recorded.
only $290,478,900, for February
only $95,726,359 and for January only $141,531,419.
The grand total for December of this year was
than
Thus,
the
366,911
December
compares
totals
of recent
years,
much larger
and at $457,-
with $187,261,268 in December 1934, with
$75,717,338 in December 1933, with $159,896,496 in Decem¬
ber
1932
and with
$144,995,133 in December 1931.
The
We mention here that
case,
are
and note issues
and domestic—and also farm loan issues and direct public
tinue to account for
than
agency
a
issues
and
large part of the
of
$128,511,998
Refunding operations
new
issues,
no
con¬
less
$226,129,679 out of the grand total of $457,366,911
Corporation.
Proceeding
floated
issues
with
analysis
the
of
observe
we
and
public utility
December
as
issues
aggregated
for the account of railroads
There
Indus¬
$62,921,563
against $33,350,000 in November.
$21,090,000.
compares
recorded for them in November.
miscellaneous
issues
corporate
that
again led in volume with $83,343,350, which
with $217,153,400
trial
our
during December,
railroad
no
in
Financing
during December amounted
were
offerings
to
during
November.
Total
corporate
mentioned,
footed
$2,809,125.
for
the
as
of
all
kinds,
previously
as
$167,354,913,
consisting of $130,long-term bonds and notes, $34,462,038
single short-term note emission amounting to
The portion of the month's corporate total used
refunding
60% of
was
a
offerings
up
purposes
total.
$217,214,540,
In
or
was
$100,617,350
November
more
than
the
86%
during December representing refunding, thus leaving the
October .the
refunding portion
month's strictly new capita] demand at only $231,237,232.
than 71% of
the total; in September it
the Home
as
Corporation and the Federal Farm Mortgage
083,750 classified
municipal securities.
agencies such
borrowings by governmental
Owners' Loan
of stocks and
governmental
is always the
by corporations, by holding, investment and
corporate flotations, $121,500,000 of farm loan and publiclyState and
as
trading companies, and by States and municipalities—foreign
grand total for December 1935 comprised $167,354,913 of
offered
compilations,
our
comprehensive and include the stock, bond
very
was
or
more
than
refunding portion
of
the
$179,392,421,
was
total;
or
in
more
$230,767,000,
or
Financial
Volume 142
$180,066,700, or
the total; in July the refunding portion
nearly 84% of the total; in August it was
than 81% of
more
was
less than $486,885,330, or nearly
no
90% of the total;
the refunding portion, at $115,488,000 out of
$129,164,000, was also close to 90%; in May the refunding
portion was $81,566,666, or about 64% of the total; in April
it was $133,890,800, or over 85% of that month's total; in
March it was $112,220,000, or slightly over 93% of the total;
in February it was $23,291,000, or about 78% of the month's
total, and in January it was $2,459,000, or about 31% of
the total for that month.
In December 1934 the corporate
in June, too,
portion devoted to refunding purposes was $12,398,000, or
approximately 26% of the total.
Refunding issues of importance during December com¬
prised the following: $45,000,000 Southwestern Bell Tele¬
phone Co., 1st & ref. mtge. 3Hjs, B, 1964 used entirely for
refunding and two offerings by the Southwestern Gas &
Electric Co., namely: $16,000,000 1st mtge 4s, D, 1960, and
$4,500,000 deb. 4s, A, 1936-45, the proceeds of which were
also used entirely for refunding purposes.
The total of $100,617,350 raised for refunding of corporate
issues in December (1935) comprised $83,867,142 new longterm to refund existing long-term, $1,106,858 new long-term
to retire preferred stocks, $12,343,350 new common stock to
retire short-term notes and $3,300,000 new preferred stock
to replace existing preferred stock.
The largest corporate flotation announced during Decem¬
ber was that of $45,000,000 Southwestern Bell Telephone Co.,
1st & ref. mtge. 3^s, B, Nov. 1 1960, priced at 102 Hb
yielding about 3.35%.
Other important utility offerings
comprised the following: $16,000,000 Southwestern Gas &
Electric Co., 1st mtge. 4s, D, Nov. 1 1960, offered at 993^,
to yield about 4.03% and 82,289 shares of Edison Electric
Illuminating Co. of Boston, capital stock, offered at $150
per share and involving $12,343,350.
There were three industrial and miscellaneous flotations
worthy of mention, namely 150,000 shares of Schenley
Distillers Corp., blA% cum. pref. stock, priced at $100 per
share and involving $15,000,000; $16,500,000 ClevelandCliffs Iron Co. (The), 1st mtge. 4%s, Nov. 11950, marketed
at 101, to yield 4.66% and $10,000,000 Inland Steel Co.,
1st mtge. 10-year 3s, series C, placed privately.
Railroad financing during December was featured by an
offering of $18,420,000 Pennsylvania RR. Co. equip, trust
2%s G,
1936-50, at prices yielding from 0.50% to 3%.
Six of the December offerings contained provisions for
converting into or acquiring common stock.
The issues
were as
follows:
$2,000,000 Carriers & General Corp., deb. 5s
carries warrant for purchase of 50
debenture
common
stock at
1950; each
shares of
prices ranging from $10 per share to $20
share.
$1,250,000 Cleveland Tractor Co. (The), eonv. deb. 5s
1945.
Convertible up to Oct. 27 1945 into common stock at
397,511 was for refunding purposes.
In other words, as
against $1,476,004,933 of new capital supplies from private
sources in 1935, the amount back in 1929 was over $10,000,000,000—in exact figures, $10,182,766,518. The amount of
corporate issues both for new capital and refunding in 1935
footed up only $2,267,428,765, as against $10,026,361,129 in
1929.
What a contrast between new corporate financing in
of
common
$700,000
Commercial Banking Corp., conv.
deb. 5Ks
Each $1,000 debenture convertible into 100 shares of
common stock on or before Nov. 1
1940, into 85 shares on
before Nov. 1 1945 and into 70 shares on or
before Nov. 1
1950.
$250,000 Croft Brewing Co. (The), deb. 5s 1945.
With
holder to purchase 1,000 shares
of common stock of the par value of $1 each for each $1,000
detachable warrants entitling
debenture at an aggregate price equal to $1 for each share
purchased between Nov. 1 1935 and Nov. 1 1940.
30,000 shs. Seaboard Finance Corp., $2 cum. pref. stock.
Each share carries a warrant entitling holder to purchase
one
share of common stock up to Dec. 31 1940 at prices
ranging from $7 per share to $10 per share.
The month's financing also included a new issue of $100,000,000 Federal Land Banks 3% cons. Federal Farm Loan
bonds, due Jan. 1 1956, offered at 98%, to yield about 3.08%
and a new offering of $21,000,000 Federal Intermediate
Credit Banks cons. \lA% debentures, due in six and 12
months, offered as usual at price on application. There was
also a refunding issue of $500,000 Fletcher Joint Stock Land
Bank 3)4% bonds, priced at par.
The
Results
for
the
Full
Year
1935—Grand Total
Since 1930
Double That of 1934 and Largest
the 12 months
comprehensive idea of the reduced
volume of private financing of all kinds—for corporations,
municipalities, &c.—in recent years under the new economic
conditions that have been thrust upon the country—to be
When
of
1935
we
we
examine and study the totals for
obtain
a
replaced, of course, by U. S. government financing to fill the
void, as discussed at considerable detail further along in
this article.
For the 12 months of the calendar year 1935 the
brought out in the United States reached a grand
$4,747,100,332, of which $3,271,095,399 was for
refunding purposes, leaving only $1,476,004,933 of new
capital supplied. The year's grand total more than doubled
the figure reported for the 12 months of 1934 and constitutes
the largest yearly output since 1930.
The 1935 grand
total
of $4,747,100,332 compares with $11,592,164,029
six years before, in the calendar year 1929, of which $1,409,new
total
issues
of
a
striking
one
that
present here a brief summary showing the trend of the
corporate issues year by year.
We give the figures so as to
show the totals both for the domestic issues alone and for
we
the domestic combined with the
foreign:
DOMESTIC CORPORATE ISSUES
Calendar Years—
455,293,100
123,650,746
27,180,244
3,198,450
31,402,899
489,894,449
379,850,324
Common stocks
Total
619,860,300
227,244,700
15,222,555
137,383,069
Preferred stocks
2,267,428,765
10,920,875
13,114,170
643,895,345
1929
1930
1931
Calendar Years—
$2,028,034,050
148,015,667
195,115,706
Preferred stocks
Common stocks
Total
DOMESTIC
$3,430,572,660
421,538,230
1,105,018,763
$2,619,953,750
1,694,749,201
5,061,849,892
$2,371,165,423
Bonds and notes
$4,957,129,653
$9,376,552,843
FOREIGN. INCLUDING CANADIAN
AND
1935
1934
$
1932
1933
$
Calendar Years—
$
$
27,180,244
456,493,100
3,198,450
31,402,899
2,267,428,765
491,094,449
381,583,656
123,650,746
Preferred stocks
Common stocks
Total
619,860,300
10,920,875
13,114,170
228,844,700
15,222,555
137,516,401
....2,116,597,775
Bonds and notes
643,895.345
1929
1930
1931
Calendar Years—
195,115,706
1,133,742,653
$3,104,952,089
1,808,986,401
5,112,422,639
$2,588,965,423
$5,473,279,043
Preferred stocks
$10,026,361,129
Common stocks
'Total
Part
$3,904,998,160
434,538,230
$2,245,834,050
148,015,667
Bonds and notes
The
$
$
$
$
1932
1933
1934
1935
2,116,597,775
Bonds and notes
Played by Investment Trusts,
Trading and
Holding Companies
trading and holding companies, which
prominent in emitting new securities and
contributed so greatly to swell the total of the new issues
in that year, have now almost completely fallen out of the
picture, and this has been one of the factors in the great
falling off which has occurred in the total of new financing.
In the 12 months of 1935 their contribution to the total was
Investment trusts,
in
1929
were
so
only $6,000,000, in 1934 they accounted for $18,810,200 in
1933 they totaled only $1,088,566 and only $1,200,000
in 1932, $4,584,550 in 1931, $232,737,079 in 1930, and no
less than $2,223,730,898 in 1929.
In the following we show
the yearly comparisons back to 1925:
Short Term
Long Term
Calendar
Bonds & Notes
Years—
1935
1934......
Bonds & Notes
18,500,000
Grand Total
$6,000,000
Stocks
$6,000,000
1933
1932
1931
1930
78,750,000
1929
116,250,000
1928
99,400,000
1927
81,000,000
11,500,000
3,000,000
1925
1950.
or
The record is such
comment could do.
1926
stock;
$10,000,what has
extensive
1935 of only $2,267,428,765, compared with over
000,000 six years before.
That tells the story of
happened in the interval more eloquently than
per
prices ranging from $16 2-3 to $28 per share.
$1,000,000 Atlas Pipeline Corp., 1st (closed) mtge. con v.
6s 1945.
Each $1,000 bond convertible up to and including
the 10th day prior to maturity or redemption into 100 shares
187
Chronicle
$500,000
41,000,000
1,000,000
1,600,000
4,500,000
4,000,000
$310,200
1,088,566
1,200,000
4,084,550
112,987,079
2,106,480,898
689,670,670
89,406,978
55,600,000
12,070,000
However, the investment trusts, as previously
18,810,200
1,088,566
1,200,000
4,584,550
232,737,079
2,323,730,898
790,670,670
174,906,978
71,100,000
15,070,000
explained
have by no means disappeared.
These
trusts now, however, are not of the type that was so promi¬
nent in 1928 and 1929.
They do not consist of large new
in these columns,
capital issues offered for public subscription in the way
common prior to 1930 and in the way always done by public
utility, railroad, industrial and other corporations.
The
practice now is to gather blocks of securities of one kind or
another and to issue participating interests in the same,
into small units.
These units are then disposed
distributing groups or syndicates.
however, no information of the extent
of these sales is forthcoming, and being sales over the
counter, it is impossible to make estimates regarding their
amount.
Of course, in magnitude the disposals of this
character over the counter do not anywhere near approach
those in the old form and yet they can hardly be treated as
entirely insignificant, even though trust participations of
this kind have no proper place in compilations of new capital
issues.
At all events, however, nothing definite is available
as to the extent of the sales of these investment trusts, or
fixed trusts as they are commonly termed. It is to be noted,
however, that new trusts of this type have also been falling
off.
In this state of things, the only way to indicate the
split
of
up
over
the counter by
In most instances,
presence
of these trusts is to enumerate the offerings made
month. In the following table we show the
from month to
offerings made in the 12 months of 1935.
few
NEW
FIXED
TRUST
OFFERINGS
DURING
THE
YEAR
1935
January to July—
None.
August—
Commodity Corp. common stock, offered by Security Agency, Inc., at $28 per sh.
Standard Utilities common stock, offered by John Nickerson & Co., Inc. at market.
September—
Keystone Custodian Funds common
Funds, Inc., Philadelphia, at market.
shares, offered by Keystone Custodian
America, Inc. common shares, offered by United
Standard Oil Shares Corp., at market.
United Standard Oil Fund of
October and November—
None.
December—
Deposited
Insurance
Shares, series B trust certificates,
Insurance Shares, Inc.. at
market.
offered by Bank <fc
Financial Chronicle
188
The
As
single foreign government issue
States during the year 1935,
outside of two marketed here by Canada, one for $76,000,000,
in the form of 10-year 2M% bonds due 1945, and the other
for $40,000,000 in the form of 3-year 2 % notes. There having
been no other foreign government issues in 1935, the Cana¬
dian total of $116,000,000 constitutes the whole of the foreign
government issues brought out in this country during
1935.
This figure compares with $60,000,000 in 1934, with
a
like amount in
1933; with $66,015,000 in 1932; with
$50,422,000 in 1931; with $619,630,000 in 1930; with
$130,062,000 in 1929; with $689,172,750 in 1928; with
$912,381,300 in 1927; $623,916,000 in 1926, and $791,336,000
in 1925.
The Canadian government loans of $116,000,000
sold here in 1935 were used entirely for refunding purposes.
The $60,000,000 shown for 1934 and 1933 also represented
refunding. The refunding portion was $40,000,000 in 1932,
as against no more than $9,500,000 in 1931; $71,738,000 in
1930; $9,600,000 in 1929; $103,538,413 in 1928; $85,469,000
in 1927; $81,873,000 in 1926, and $201,397,000 in 1925.
There were no foreign corporate issues sold here during
1935.
In 1934 there was a single flotation amounting to
$1,200,000. In 1933 there were two small issues aggregating
$1,733,332.
There were no Canadian or other foreign
corporate offerings in 1932, and even in 1931 they were on a
reduced scale, footing up only $217,800,000 against $516,149,390 in 1930; $649,808,286 in 1929; $887,648,150 in
1928; $812,303,125 in 1927, and $725,877,040 in 1926. The
aggregate borrowings, therefore, in the United States on
behalf of foreign countries, both governmental and corporate,
in the 12 months of 1935 amounted to $116,000,000, against
$61,200,000 in 1934; $61,733,332 in 1933; $66,015,000 in
1932; $268,222,000 in 1931; $1,135,779,390 in 1930; $779,870,286 in 1929, and $1,576,820,900 in 1928.
In 1927 the
foreign flotations aggregated
$1,724,684,425,
and this
compares with $1,349,793,040 in 1926; $1,307,307,500 in
1925; $1,244,795,765 in 1924, and $360,216,279 in 1923.
The following table carries the yearly comparisons back to
was
1
•
Foreign Issues Placed in the United States
already stated, not
in
floated
the
a
United
1919:
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES
(INCLUDING
CANADA.
ITS
PROVINCES
Calendar Year 1935—
New
Capital
AND
MUNICIPALITIES)
Total
Refunding
$116,000,000
$116,000,000
$116,000,000
$116,000,000
$116,000,000
$116,000,000
$61,200,000
Canada, its Provinces & municipalities
$61,200,000
61,733,332
Other foreign government
Total foreign government--,
Canadian corporate issues
Other foreign corporate issues.
Grand total.
Calendar Years—
1934
■
1933
$133,332
61,600,000
1932
26,015,000
40,000,000
1931
1925
253,722,000
—.1,009,213,390
757,837,569
1,319,167,987
1,561,119,925
1,145,099,740
1,086,160,500
221.147,000
1924
996,570,320
248,225,445
1,724,684,425
1,349,793,040
1,307,307,500
1,244,795,765
1923
79,941,679
360,216,279
1920
280,274,600
634,511,034
527,517,000
383,450,887
1919
342,130,300
-
1930
1929
1928
1927
1926
1922
1921
66,015,000
14,500,000
268,222,000
126,566,000
22,032,717
1,135,779,390
257,652,913
163,564,500
204,693,300
779,870,286
1,576,820,900
125,265,000
759,776,034
50,000,000
138,998,000
577,517,000
522,448,887
263,429,000
605,559,300
Large Domestic Corporate Issues During the Year
Domestic
corporate
offerings of exceptional size during
those for December, already
the year 1933, in addition to
mentioned, were as follows:
January—$3,600,000 Dow Chemical Co. 2M% serialnotes,
placed privately.
February—$10,000,000 Laclede Gas Light Co. ref. & ext.
mtge. 5s, due April 1 1939, representing an extension of
maturity, and $8,000,000 Nypano RR. Co. prior lien mtge.
4 Ms, due 1950, also representing an extension of maturity.
March—$45,000,000 Pacific Gas & Electric Co. 1st & ref.
mtge. 4s G, 1964, offered at par; $43,000,000 Swift & Co.
1st mtge. 3 Ms, 1950, also issued at par, and $16,000,000
Chicago Union Station Co. 1st mtge. 4s D, 1963, floated at
101, to yield 3.94%.
April—$73,000,000 Southern California Edison Co., Ltd.,
ref. mtge. 3 Ms, 1960, priced at 98M flat; $19,371,800 Com¬
mercial Credit Co. 5M% conv. pref. stock, issued at $102
per share, to yield 5.39%; $12,000,000 the Monongahela Ry.
Co. 1st mtge. 4s A, 1960, sold at 1013^, to yield over
3.90%,
and $9,000,000 Boston & Albany RR. Co. 1st mtge. 4 Ms,
1943, priced at 96M, to yield 5.00%.
May—$50,000,000 National Steel Corp. 1st (coll.) mtge.
4s, 1965, priced at 100M, to yield 3.97%; $15,000,000
National Distillers Products Corp. 10-year deb. 4
Ms, 1945,
offered at par; $15,000,000 San Diego Consolidated Gas &
Electric Co. 1st mtge. 4s, 1965, marketed at 101, to
yield
3.94%; $12,000,000 Atlantic Coast Line RR. Co. 10-year
coll. trust 5s, 1945, at par, and two offerings of securities
of the Union Oil Co. of California, one in the form of
$7,500,000 12-year conv. deb. 4s, 1947, at 100 M, to
yield 3.92%,
and the other comprising $6,000,000 deb.
lMs-3Ms, due
1936-1940, offered at par.
June—$30,000,000 Pacific Gas & Electric Co. 1st & ref.
mtge. 4s, G, 1964, priced at 104, to yield about 3.77%;
$29,500,000 Commonwealth Edison Co. 1st mtge. 3Ms, H,
1965, sold at 98, to yield about 3.68%; $25,000,000 The
American Rolling Mill Co. conv. deb. 4Ms,
1945, offered
Jan.
1936
11
at par;
$18,594,000 Consumers Power Co. 1st lien & unif.
mtge. 3Ms, series of 1935, due 1965, also sold at par and
$12,500,000 Toledo & Ohio Central Ry. Co. ref. & imp.
mtge. 3Ms, A, 1960, priced at 99, to yield about 3.80%.
July—$70,000,000 Duquesne Light Co.
1st mtge.
3 Ms
1965, issued at 1013^, yielding about 3.42%; $55,000,000
Bethlehem Steel Corp. cons. mtge. 4Ms, D, 1960, floated at
98M, to yield about 4.35%; $53,000,000 The Edison Electric
Illuminating Co. of Boston 1st mtge. 3 Ms, A, 1965, offered at
103.79, to yield about 3.30%; $50,000,000 Public Service
Electric & Gas Co. 1st & ref. mtge. 3Ms 1965, sold privately
at par; $48,000,000 Armour & Co. of Delaware 1st
mtge. 4s,
B, 1955, sold at 98M, to yield about 4.13%; $40,000,000 The
Cleveland Electric Illuminating Co. gen. mtge. 3Ms, 1965,
priced at 102M, to yield about 3.60%; $35,000,000 Southern
California Edison Co., Ltd., ref. mtge. 3Ms,B, 1960, issued
at 98M, to yield about
3.85%; $32,000,000 The Pure Oil
Co. 4M% notes 1950, floated at par; 250,000 shares Com¬
mercial Investment Trust Corp. conv. pref. stock (no par)
$4.25 series of 1935, priced at $100 per share and involving
$25,000,000; $20,000,000 Wilson & Co., Inc., (Del.) 1st
mtge. 4s A, 1955, sold at par and $16,000,000 Public Service
Co. of Northern Illinois 1st lien & ref. mtge. 4Ms, series I,
1960, priced at par.
August—$50,000,000 Pennsylvania Co. 4% secured bonds,
1963, offered at par; $25,000,000 American Smelting &
Refining Co. 1st mtge. & 1st lien 4s, 1950, placed privately
at par; $20,000,000 The Cudahy Packing Co. 1st mtge.
3Ms A, 1955, offered at par; 137,620 shares of M. A. Hanna
Co. $5 cum. pref. stock, offered in exchange for the com¬
pany's outstanding $7 cum. pref. stock; 16,900,000 Phila¬
delphia Suburban Water Co. 1st mtge 4s, 1965, priced at
101M, to yield about 3.90% and $15,282,000 Pennsylvania
RR. Co. equip, trusts 4s, series A, 1936-49, offered at prices
to yield from 0.375% to 3.075%.
September—$30,000,000 Southern California Edison Co.
Ltd., 1st & ref. mtge. 4s, 1960, priced at 102, to yield about
3.875%; $27,500,000 of the same company's 2M%, 3M% and
3M% serial debentures, 1936-45, offered at prices to yield
from 0.875% to 3.75%; $50,000,000 Socony-Vacuum Oil
Co. deb. 3Ms, 1950, floated at par; $49,000,000 The Detroit
Edison Co. gen. & ref. mtge. 4s, F, 1965, marketed at 103M,
to yield about 3.80%; $24,000,000 Republic Steel Corp. gen.
mtge. conv. 4Ms, A, 1950, sold at par; $20,000,000 Pacific
Gas & Electric Co. 1st & ref. mtge. 4s, G, 1964, priced at
102, yielding about 3.88%; $19,172,000 Consumers Power
Co. 1st lien & unif. mtge. 3Ms, 1965, marketed at 99, to
yield about 3.55%; $16,000,000 Northern Natural Gas Co.
gen. mtge. notes due 1947, placed privately and $15,000,000
Phillips Petroleum Co. 1M% to 3M% notes, due up to eight
years, placed privately.
October—$45,000,000 Illinois Bell Telephone Co. 1st &
ref. mtge. 3 Ms, B, 1970, sold at 102 M, to yield about 3.375%;
$37,500,000 Virginia Electric & Power Co. 1st & ref. mtge.
4s, A, 1955, issued at 101 M» yielding about 3.91%; $26,000,000 The Columbus Railway, Power & Light Co. 1st
mtge. & coll. trust 4s, 1965, priced at 101M, to yield about
3.91% and $20,000,000 The Dayton Power & Light Co. 1st
& ref. mtge. 3Ms, 1960, sold at 99M, to yield about 3.53%.
November—$43,963,500 Ohio Edison Co. 1st & cons. mtge.
4s, 1965, issued at 100M, to yield about 3.97%; $40,000,000
Los Angeles Gas & Electric Corp. 1st & gen. mtge. 4s, 1970,
priced at 102, to yield about 3.90%; $30,000,000 The Kansas
Power & Light Co. 1st mtge. 4Ms, 1965, marketed at 103, to
yield about 4.32%; $25,000,000 New York & Queens Electric
Light & Power Co. 1st & cons. mtge. 3Ms, 1965, priced at
102, to yield about 3.39% and $22,000,000 Monongahela
West Penn Public Service Co. 1st & gen. mtge. 4Ms, 1960,
floated at par.
December—The
important issues for this month have
already been referred to in our remarks above in analyzing
the financing done during December.
The Important
Corporate Refunding Operations
The most conspicuous of a long list of corporate
refunding
issues sold during 1935 comprised the following: $10,000,000
Laclede Gas
Light Co. ref. & ext. mtge. 5s, due April 1 1939,
$8,000,000 Nypano RR. Co. prior lien mtge. 4Ms,
1950, both offered in February and representing refunding;
$45,000,000 Pacific Gas & Electric Co. 1st & ref. mtge. 4s,
G, 1964; $43,000,000 Swift & Co. 1st mtge. 3Ms, 1950, and
$16,000,000 Chicago Union Station Co. 1st mtge. 4s, D, 1963,
all three issues having been offered in March and used
entirely for refunding; $73,000,000 Southern California
Edison Co., Ltd., ref. mtge. 3Ms, 1960, and $9,000,000
Boston & Albany RR. Co. Main Line 1st mtge.
4Ms, A,
1943, offered in April, and entire proceeds of both issues
used as refunding; $50,000,000 National Steel
Corp. 1st
(coll.) mtge. 4s, 1965, offered in May, of which $41,066,666
represented refunding.
There was also an offering of $15,500,000 San Diego Consolidated Gas & Electric Co. 1st
mtge. 4s, 1965, during May, all of which was used for
refunding purposes.
In June there were three large issues put out
entirely for
refunding, namely: $30,000,000 Pacific Gas & Electric Co.
1st & ref. mtge. 4s, G, 1964; $29,500,000 Commonwealth
Edison Co. 1st mtge. 3Ms, H, 1965 and $18,594,000 Con¬
and
sumers
due
Power Co. 1st lien & unif. mtge. 3Ms series of
There were a number of large
1965.
during July of which
we
1935,
refunding issues
mention the following: $70,000,000
Financial
Volume 142
Duquesne Light Co. 1st mtge. 3>£s 1965, all for refunding
purposes; $53,000,000 The Edison Electric Illuminating Co.
of Boston 1st mtge. 3Hs, A, 1965, also used entirely for
refunding; $50,000,000 Public Service Electric & Gas Co.
1st & ref. mtge. 3Hs 1965 and $35,000,000 Southern Cali¬
fornia Edison Co., Ltd. ref. mtge. 3^sB, 1960, both used
entirely for refunding.
In addition to the issues just
mentioned, the Bethlehem Steel Corp. came to the market
in July with an offering of $55,000,000 cons. 43^s, D, 1960,
of which $51,090,000 comprised refunding; Armour & Co. of
Del. put out an issue of $48,000,000 1st mtge. 4s, B, 1955, of
which $44,329,000 was for refunding; the Pure Oil Co.
floated $32,000,000
notes 1950 to obtain $27,781,250
for refunding purposes, while Wilson & Co., Inc.
(Del.)
sold $20,000,0001st mtge. 4s, A, 1955, to provide $19,229,000
for refunding.
The refunding issues sold during August
included $50,000,000 Pennsylvania Company 4% secured
bonds due 1963 and $25,000,000 American Smelting &
Refining Co. 1st mtge. & 1st lien 4% bonds, due 1950, both
used entirely for refunding; two issues by the Cudahy Pack¬
ing Co., one for $20,000,000 1st mtge. 3%s A, 1955, and the
other an offering of $5,000,000 conv. deb. 4s 1950, providing
a
total of $17,062,700 for refunding and an issue of $16,900,000 Philadelphia Suburban Water Co. 1st mtge. 4s 1965,
all for refunding.
Refunding operations during September
were featured by
two offerings in behalf of the Southern
California Edison Co., Ltd., one of them being an issue of
$30,000,000 1st & ref. mtge. 4s 1960 used to retire outstand¬
ing bonds and the other consisting of $27,500,000 2^%,
3V2% and 3%% debentures due 1936-45, used entirely to
retire outstanding preferred stock.
Other important issues
during September included $50,000,000 Socony-Vacuum Oil
Co. deb. 33^s 1950, $49,000,000 Detroit Edison Co. gen. &
ref. mtge. 4s, F, 1965 and $20,000,000 Pacific Gas & Electric
Co. 1st & ref. mtge. 4s, G, 1964, the entire proceeds of each
issue going for refunding purposes.
In October the Illinois
Bell Telephone Co. issued $45,000,000 1st & ref. mtge.
3^s, B, 1970, all of which was for refunding; the Virginia
Electric & Power Co. sold $37,500,000 1st & ref. mtge., 4s
A, 1955, to obtain $35,500,000 for refunding; the Dayton
Power & Light Co. marketed $20,000,000 1st & ref. mtge.
3}^s 1960, all to be used for refunding, while the Columbus
Railway Power & Light Co. put out an issue of $26,000,000
1st mtge. & coll. trust 4s 1965, to provide $19,542,000 for
refunding.
The large refunding operations during November comprised
$43,963,500 Ohio Edison Co. 1st & cons. mtge. 4s 1965,
used entirely for refunding, $40,000,000 Los Angeles Gas &
Electric Corp. 1st & gen. mtge. 4s 1970, also used entirely
for refunding, $30,000,000 The Kansas Power & Light Co.
1st mtge. 4^s 1965, of which $26,378,428 represented refund¬
ing and two offerings of the Monongahela West Penn Public
Service Co., aggregating $29,500,000, to obtain $24,730,000
for refunding.
The important refunding issues sold during
December have been mentioned in our analysis of the financ¬
,
Farm Loan Issues
Offerings of Farm Loan securities .during the year 1935,
including direct public borrowings by governmental agencies
functioning along similar lines, amounted to $1,137,070,700,
as
against $721,711,100 in 1934; $90,150,000 in 1933;
$169,600,000 in 1932; $125,600,000 in 1931, and $86,500,000
in 1930.
There were no Farm Loan offerings during 1929,
total of $63,850,000 was marketed.
In 1927
$179,625,000; in 1926 it was $131,325,000; in
1925, $188,225,000; in 1924 it was $179,106,000; in 1923,
$392,505,000, in 1922, $386,415,000; in 1921, $121,940,000;
in 1920 there were no Farm Loan offerings, but in 1919 a
the total
a
was
of $110,000,000 was put out.
The offerings made
during 1935 comprised 10 separate issues of Federal Inter¬
mediate Credit Banks short-term debentures, totaling $208,-
total
000,000; three offerings of Federal Land Bank consolidated
bonds, aggregating $501,000,000;
two issues of Home
Corporation 13^% bonds, series F, for a
offerings of Federal Farm Mort¬
gage Corporation \lA% bonds totaling $100,262,000 and six
offerings of Joint Stock Land Bank bonds amounting to
Owners'
Loan
total of $325,393,700; two
$2,415,000.
Corporate Issues not Representing New Financing
Offerings of this type during the year 1935 amounted to
$80,542,003, as compared with $20,200,000 in 1934, $15,924,750 in 1933, $18,416,000 in 1932, and $34,581,666 in
1931.
These figures are not included in our totals of new
financing because they do not represent applications for
capital by the companies whose securities were offered.
The following table sets forth a monthly comparison of
offerings made during the past five years:
1935
1934
$
January
$
1933
1932
1931
S
$
$
100,000
14,376,300
5,400,000
February
March
700,000
2,144,135
1,200,000
3,780,000
920,000
500,000
4,212,000
1,229,000
1,560,000
345,000
825,000
8,o"ob"666
1,585,000
April
May
June
July
August
September
The Convertible Feature
'
One feature of the old method of
followed
to
some
056,666
100,000
6,966,000 14,105,000
financing continues to be
We allude to the tendency to
preferred stocks more attractive by
according to the purchaser rights to acquire common stock.
In the following we bring together the more conspicuous
issues floated during each month of the present year con¬
taining convertible features of one kind or another, or carry¬
ing subscription rights or warrants to subscribe for or acquire
new
stock:
Conspicuous Issues Floated in 1935 Carrying Convertible Features or Subscription Rights or Warrants
January—37,000 shs. San Jose Water Works
pref. stock (convertible into common stock on a
share basis).
6% cum.
share-for-
February—$691,000 Atlas Imperial Diesel Engine Co.
conv. notes, 1945, convertible into stock of the company
at the rate of $25 per share until March 1 1939; at $33 1-3
thereafter to March 11942, and at $40 thereafter to March 1
6%
1945.
.
,
,
...
March—$1,750,000 Murray Corp. of America 1st mtge.
6J^s Dec. 1 1942, convertible into common
$15 a share until maturity.
stock at $10 to
April—$19,371,800 Commercial Credit Co. 5K% conv.
stock, convertible into common stock at rate of
one share of common for each $55 par amount of preferred
stock.
$5,000,000 Reynolds Metals Co. 5^% cum. conv.
pref. stock, convertible into common stock at rate of three
shares of common for each share of preferred stock.
pref.
May—$7,500,000 Union Oil Co. of California 12-year
deb. 4s, 1947, convertible into capit&l stock until
maturity at rates varying from $25 to $30 of debentures for
each share of capital stock.
June—$25,000,000
The American
Rolling Mill Co.
10-year conv. deb. 4^s, 1945 (convertible into common
stock on or before Nov. 1 1944 at the rate of $25 per share).
conv.
July—$32,000,000 The Pure Oil Co. 4y±% notes 1950
(each $1,000 of notes carrying a non-detachable warrant to
purchase 30 shares of common stock at $15 per share up to
and including July 1 1938 and at prices increasing $2.50 a
share for each three-year period thereafter up to maturity
July 1 1950). 250,000 shares Commercial Investment Trust
Corp. conv. pref. stock, $4.25 series of 1935 (convertible at
the rate of \]/i shares of common stock for each share of
on
preferred stock); $2,200,000 Medusa Portland Cement Co.
1st mtge. & coll. trust conv. 3s to 53^s 1936-45 (convertible
into common stock up to maturity at prices ranging from
$50 to $75 per share), and 60,000 shares Froedtert Grain &
Malting Co., Inc. cum. partic. conv. pref. stock (convertible
into common stock on a share for share basis).
August—$5,500,000 The Kresge Foundation coll. trust
1945 (each $1,000 note convertible into 33 shares of
S. S. Kresge Co. common stock from Sept. 1 1936 and there¬
4s
after to June 30
1937, thereafter for two years into 31
shares,
into 29 shares, thereafter for two
years into 27 shares and during the last two years at rate of
25 shares), and $5,000,000 The Cudahy Packing Co. conv.
deb. 4s 1950 (each $1,000 deb. convertible into 16 shares of
common stock from March 1 1936 and thereafter to Sept. 1
two years
1938, into 15 shares from Sept. 1 1938 to Sept. 1 1941, and
on Sept. 1 1941 and thereafter to Sept. 11944).
into 14 shares
September—$24,000,000 Republic Steel Corp. gen. mtge.
43^s A 1950 (each $1,000 bond convertible into 45
shares of common stock up to Sept. 1 1937; into 40 shares up
to Sept. 1 1939; into 35 shares up to Sept. 1 1942; into 30
shares up to Sept. 1 1945 and 25 shares thereafter to ma¬
turity), and $1,250,000 Northwestern Barb Wire Co. 1st
mtge. 5MS 1945 (each $1,000 bond accompanied by Stock
Purchase Warrants entitling holder to purchase 20 shares of
common stock for a period of 10-years at varying prices).
October—$4,000,000 Railway & Light Securities Co. conv.
coll. trust 4J^s Hth series 1955 (convertible into common
stock at rate of 20 shares for each $500 face amount prior to
Oct. 1 1940, into 17 shares thereafter and prior to Oct. 1
1945 and 14 shares thereafter and prior to Sept. 21 1955),
and 40,000 shares Walter E. Heller & Co. 7% cum. pref.
stock (each share accompanied by a warrant to purchase one
share of common stock from Jan. 1 1936 to Dec. 31 1941 at
conv.
prices ranging from $6.25 to $8.75 per share).
November—$15,000,000 Allis-Chalmers Manufacturing Co.
conv. deb. 4s 1945 (each $1,000 debenture convertible into
common stock prior to maturity on Nov. 1 1945 at prices
ranging from $35 to $45 per share); $12,000,000 International
Cement Corp. conv. deb. 4s 1945 (each $1,000 debenture
convertible into common stock prior to maturity on Nov. 1
1945 at prices ranging from $35 to $45 per share), and
75,000 shares Columbia Pictures Corp. $2.75 conv. pref.
stock (convertible into common stock between Dec. 10 1935
and Nov. 15 1941 at the rate of 9-10ths of one share of com_
mon stock for each share of preferred).
December—The conspicuous issues for this month have
already been mentioned above in our remarks on the financ¬
ing done during December.
407,000
8,566,500
900,000
degree.
make bond issues and
thereafter for
ing done during that month.
but in 1928
189
Chronicle
REVISED GRAND TOTALS BY MONTHS
January
February
$141,531,419 August
95,726,359 September
$437,126,816
437,424,560
December
Total
27,488,797
9,200,644
21,088,127
8,000,000
1,350,000
1,658,000
80,542,003 20,200,000 15.924,750 18,416.000
507,456,831
472,428,568
November
368,120,766
382,030,662!
May
34,581,666
October
April
950,000
2,400,000
551,250
290,478,900
December
457,366,911
June
October
November
March
512,899,885
July
644,508,655
Total
$4,747,100,332
190
Financial
In the
following
we
Chronicle
Tan.
1936
11
show in tabular form the Treasury financing done during the first 12 months of this year.
results show that the government
$3,484,225,700 represented
of which $660,809,600
was
U. S. TREASURY FINANCING DURING THE FIRST 12 MONTHS OF 1935
Date
Amount
Offered
Doled
Accepted
USE
Amount
Applied for
Due
The
disposed of $12,492,864,950, of which $9,008,639,250 went to take up existing issues and
addition to the public debt. For December by itself the disposals aggregated $1,633,240,700,
for refunding, leaving $972,431,100 as an addition to the public debt.
an
Price
Type of
Security
Dated
Yield
OF
FUNDS
Total Amount
New
Accepted
Refunding
Indebtedness
$
Dec. 25 Jan.
182 days
182 days
Jan.
3 Jan.
Jan.
10 Jan.
16
Jan.
17 Jan.
Jan.
24 Jan.
23 182 days
30 182 days
Janua ry
Jan.
141,685,000
142,359,000
232,573,000
203,618,000
total
31 Feb.
Feb.
182 days
214,130,000
Feb.
14 Feb.
Feb.
25 Feb.
Feb.
25 Feb.
262,895,000
196,853,000
156,644,000
20 182 days
27 182 days
27 273 days
120,712,000
165,180,000
Febru ary tota
1 Mar.
Mar.
Feb.
28 Mar.
Feb.
28 Mar.
6 273 days
y38,012,982
Mar.
3 Mar. 15 20-25 yrs
3 Mar. 15 5 years
7 Mar. 13 182 days
Mar.
7 Mar. 13 273 days
Mar.
Mar. 14 Mar. 20 182 days
Mar. 14 Mar. 20 273 days
Mar. 21 Mar. 27 182 days
Mar. 21 Mar. 27 273 days
152,020.000
157,560,000
1559,600,000
513,884,200
129,722,000
120,615,000
104,570.000
67,406,000
108,329,000
117,186,000
Marc h total.
Mar. 28 Apr.
days
273 days
273 days
273 days
20-25 yrs
5 yrs.
April total.
273 days
133 days
273 days
14 yrs.
May 26 6-15May
total.
May
June
June
June
June
67,548,000
71,630,000
153,319,000
106,569,000
738,373,400
139,654,000
134,793,000
137,543,000
135,365,000
133 days
273 days
June
June
75,185,000
75,112,000
75,024,000
50,054,000
50,185,000
June
5
yrs.
June
133 days
June
June
June
June
273 days
133 days
June
June
273 days
June
6-15-
14
yrs.
461,341,000
2
Treasury
Treasury
Treasury
Treasury
Treasury
16
Jan.
23
99.931 *0.14%
Jan.
30
Average
99.939 *0.12%
Feb.
Average
99.944 *0.11%
Feb.
13.
Average
99.941 *0.117%
Feb.
20.
6.
Average
99.946 *0.108%
Feb.
Feb.
27.
yll4,353,595
50,114,000 Average
50,072,000 Average
*2.90%
Treasury
Treasury
Treasury
Treasury
Tre^ury
27.
99.874 *0.166%
99.949 *0.10%
99.889 *0.147%
2.875%
100
1.625%
100
Mar.
Mar.
bills
75,185,000
75,112,000
75,024,000
50,054,000
50,185,000
bills
bills
bills
bills
6
6
Savings bonds
Treasury bills
Treasury bills
Mar. 15
1H% Treas. notes..
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Mar. 13
Mar. 13
Mar. 20
99.889 *0.147%
Mar. 20
99.945 *0.109%
Mar. 27
99.864 ♦0.180%
Mar. 27
50,020,000 Average
99.866
50,155,000 Average 99.872
100
100
r
Apr.
3
Apr. 10
Apr. 17
Apr. 24__
*0.153%
*0.152%
*0.143%
*0.088%
*0.146%
*0.095%
*0.137%
May
Mar. 15
Mar. 15
2.67-2.71
1
15
May 29
May 29
1934..
Average
Average
Average
Average
Average
Average
June
5
June
12
50,062,000
50,020,000
744,000,000
864,000.000
50,155,000
744,000,000
864,000,000
1,808,255,000
*0.148%
1.50%
June
12
Treasury bills
June
15
1H% Treas.notes
19..
Treasury bills
Treasury bills
Treasury bills
99.969 *0.083%
99.898 *0.134%
June
June
19
99.974 *0.070%
June
26
99.907 *0.123%
June 26
June
15
50,085,000
50,091,000
50,255,000
50,063,000
60,020,000
50,021,000
50,037,000
98,779,000
50,085,000
50,091,000
50,255,000
75,168,000
75,287,000
24,915.000
24,771,000
98,779,000
Treasury bills
1934.. 3% Treasury
bonds
300,886,000
148,465,000
50,013,000
50,010,000
50,009,000
50.080,000
738,373,400
50,013,000
50.059,000
50,000,000
50,010,000
Treasury bills
103.'«32 (2.62-
278,667,250
50,018,000
449,351,000
5
99.965 *0.096%
99.888
2,374,203,200
50,155,000
Treasury bills
Treasury bills
100
25,090,000
50,020,000
Total.
June
24,836,000
25,127,000
Treasury bills
3% Treas. bonds...
99.961 *0.105%
*0.149%
99.87
Average
Average
Average
513,884,200
75,365,000
75,023,000
Treasury bills
Treasury bills
8.
15
75,290,000
1,559,600,000
75,041,000
Treasury bills
May 22
une
25.174,000
178,718,250
24,896,000
50,018,000
50,062,000
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2 7A% Treas. bonds
1H% Treas. notes
May 22
May
300,386,000
50, 072,000
1,559, 600,000
513, 884,200
50, 052,000
50, 149,000
50, 125,000
50, 006,000
50, 079,000
50, 071,000
Treasury bills
Treasury bills
Treasury bills
May
25,174,000
1,808,255,000
*0.157%
*0.176%
*
>.176%
*0.169%
*2.875%
1.625%
Total
99.884
50,085,000 Average
99.885
50,091,000 Averaeg
99.892
50,255,000 Average
99.967
50,063,000 Average
99.889
50,020,000 Average
99.965
50,021,000 Average
99.896
50,037,000 Average
98,779,000 Average 103*32
75,065,000
2,652,870,450
...
Total.
50,018,000 Average 99.882
50,062,000 Average 99.867
75,024,000
50, 114,000
2 7A% Treas. bonds
99.953 *0.094%
75,185,000
75,112,000
178 ,718,250
Mar. 15
99.953 ♦0.094%
99.893 *0.141%
Average
Average
Average
Average
50,079,000 Average
50,071,000 Average
375.649,000
bills
bills
75,150,000
75,185,000
75,079,000
325,560,000
1
Mar.
75,129,000
75,106.000
bills
Total.
1559,600,000
513,884,200
50,052,000
50,149,000
60,125,000
50,006,000
50,013,000
50,010,000
50,009,000
50,080,000
738,373,400
50,013,000
50,059,000
50,000,000
50,010,000
112,669,000
75,150,000
75,185,000
75,079,000
75,129,000
75,106,000
bills
Total.
Average
744,000,000
864,000,000
bills
375,649,000
9
Jan.
449,351,000
133 days
273 days
June
June
213,212,000
165,006,000
160,256,000
109,289,000
114,552,000
70,001,000
118,922,000
270,077,000
272 days
133 days
May 23 May
May 23 May
Average
Jan.
Jan.
1,808,255,000
273 days
273 days
May 17 May
May 17 May
May
119,428,000
109,147,000
124,413,000
115,059,000
744,000,000
864,000,000
__
Apr. 29 May
May
2 May
May
9 May
Average
99.926 *0.15%
99.927 *0.15%
2,588,505,795
272
Apr.
4 Apr.
Apr. 12 Apr.
Apr. 18 Apr.
Apr. 21 Mar.
Apr. 21 Mar.
99.949 *0.10%
99.942 *0.12%
Average
325,560,000
1
10 years
6 182 days
Mar.
Average
Average
375,649,000
6 182 days
13 182 days
5 Feb.
75,150,000
75,185,000
75,079,000
75,129,000
75,106,000
75,139,000
24,884,000
75,079,000
25,010,000
738,373,400
75,300,000
24,772.000
75,300,000
24,710,000
1,039,191,400
212,045,000
112,669,000
112,669,000
12.67%
Total
June
total
3
July
133 days
273 days
July
July
July
133
4 July
July
days
273 days
July
4-yr. 5
14 Mar. 15
mo
25 yrs.
88,147,000
158,424,000
124,306,000
197,310,000
2,970,169,700
510,958.000
50,007,000 Average
60,000,000
50,045,000
60,100,000
526,233,000
101,967,000
Average
Average
Average
99.973 *0.072%
July
July
10
99.975 *0.068%
July
10
99.939 *0.080%
July
15
100
Average
101«S2
1.375%
17 273 days
24 273 days
July
July
Mar. 15
29 July
July
July
25 yrs.
31 273 days
17
24
July
223,998,000
160,295,000
320,981,000
50,062,000 Average
50,015,000 Average
106,483,000 Average
99.961 *0.052%
Mar. 15
99.957 *0.057%
101'®32 2.771-
July
158,852,000
50,050,000 Average
total..
Aug.
25 years
Aug.
Aug. 14 273 days
Aug. 15 Aug. 21 273 days
Aug. 22 Aug. 28 273 days
AugU st
7.
139,638,000
123,036,000
84,157,000
50,102,000 Average
99.947 *0.070%
98,465,000 Average
100**32
2.822%
2.829%
Sept.
Sept.
3^ yrs.
10-12yrs.
Sept.
Sept.
273 days
273 days
Sept.
273 days
163,683,000
1,703,565.350
367,000,000
158,384.000
149,236,000
114,836,000
Septe mber to tal
99.945 *0.073%
99.938 *0.082%
Oct.
Oct.
Oct.
Oct.
10 Oct.
16
10 Oct.
152 days
17 Oct.
16 273 days
23 145 days
Oct.
17 Oct.
23 273 days
Oct.
24 Oct.
30 138 days
Oct.
24 Oct.
30 273 days
108,794,000
161,318,000
170,699,000
145,025,000
193.039,000
193,452,000
288,950,000
186,248,000
189,802,000
142,391,000
total
60,015,000 Average
50,040,000 Average
29 Nov.
6 131
Oct.
29 Nov.
6 273
7 Nov.13 124
7 Nov.13 273
Nov. 14 Nov.20 117
Nov. 14 Nov.20 273
Nov. 21 Nov.27 110
Nov. 21 Nov.27 273
days
days
days
days
days
days
days
days
145,210,000
166,236,000
192,570,000
160,548,000
112,392,000
160,918,000
124,025,000
166,467,000
Nove mber to tal.
99.827 *0.228%
1,251,236,400
•
50.107 000 Average
50,003 000 Average
50,006, 000
50,025, 000
50,205, 000
50,111, 000
50,830, 000
50.030, 000
50,325, 000
50,046, 000
50,143,000
50,102,000
50,132,000
50,017,000
50,015,000
50,003,000
50,250,000
50,050,000
days
273
days
3 Dec.
Dec.
2 Sept.
10-12 yrs,
Dec.
2 Dec.
5 years
Dec.
10 Dec.
273
Dec.
17 Dec.
274 days
274 days
Dec. 24 Dec.
days
144,970,000
239,295,000
2,196,297,400
2,736,635,800
200,906,000
138,165,000
79,312,000
99.912 *0.191%
50,050,000
300.462,000
526.233,000
101,967,000
50,062,000
50.015,000
50,046,000
941,614,350
568,910,050
60,031,000
50,015,000
50,040,000
50,046,000
429,180,000
568,910,050
60,031,000
50,015,000
1,198,222,050
50,107,000
50,003,000
50,006,000
50,063,000
50,047.000
50,021,000
50,010,000
Treasury bills
1H% Treas. notes..
2\i % Treas. bonds.
Treasury bills
Treasury bills......
Treasury bills..
Sept. 11
Sept. 18
Sept. 25
Total
2.
Treasury bills.
2.
Oct.
9.
Treasury bills.
Treasury bills.
Oct.
9.
Oct.
16.
Oct.
16.
Oct.
23.
Average
Average
99.845 *0.205%
99.956 *0.109%
Oct.
23.
Oct.
30.
Treasury bills.
Average
Average
Average
99.865 *0.177%
Oct.
30.
Treasury bills.
99.808 *0.253%
Treasury
Treasury
Treasury
Treasury
Treasury
bills.
Average
Average
Average
50,000,000 Average
Gran
98,465.000
5T2",434*350
50,040.000
50,205,000
50,111,000
50,830,000
50,030,000
50,325,000
50,046,000
512.434,350
50,013,000
50,303,000
50,009,000
50,851,000
50,013,000
50,358,000
501,688,000
bills.
bills.
250,119,000
251,569,000
50,143,000
60,102,000
50,132,000
50,017,000
50,015,000
60,003,000
50,250,000
50,050,000
50,000,000
50,245,000
99.961 *0 101%
99.872 *0.169%
Total.
6.
Treasury bills.
6.
Treasury bills.
Treasury bills.
Treasury bills.
99.966 *0.095%
99.878 *0.161%
Nov. 13.
99.973 *0.079%
99.892 *0.143%
Nov. 20.
99.977 *0.071%
Nov. 27.
99.893 *0.142%
99.981 *0.063%
Nov. 27.
99.901 *0.131%
Nov. 13.
1.50%
99.934 *0.087%
99.939 *0.080%
99.939 *0.080%
Treasury
Treasury
Treasury
Treasury
Nov. 20.
bills.
bills.
bills.
bills.
Total.
Dec.
100
98.465.000
50,025.000
bills.
bills.
Nov.
Average
Average
Average
Average
Average
784,500.000
1,710,656,400
4
Sept. 15
99.924 *0.171%
Average
106,483^000
200,219,000
99.823 *0.233%
99.939 *0.144%
50,215,000 Average
1,633,240,700
400,712,000
4
Treasury bills.
11...
Sept. 16
Dec.
Treasury bills
2%% Treas. bonds.
1J^% Treas. notes..
16
Dec.
18
Dec.
24
Treasury bills
Treasury bills
Dec.
31
Treasury bills
Total
12492864,950
Grand
*
24,857.000
24,960.000
298,684,000
Average
60,070,000 Average
Dece mber to tal.
total
75,150,000
75,185,000
)
50,045,000
50,100,000
526,233,000
101,967,000
50,062,000
50,015,000
106,483,000
50,050.000
50,102,000
Average
50,045,000 Average
99.906 *0.124%
50,000,000 Average
99.918 *0.108%
100
645,736,100
2.75%
737,174,600
•
Total.
Dec.
273
Dec.
50,007,000
50,000,000
50,072,000
50,045,000
50,000,000
Oct.
400,712,000
Nov.28 Dec.
....,
»
99.850 *0.198%
501,688,000
Oct.
Nov.
•
50,102,000
Nov.
Nov.
1
98,465,000
50,072,000
50,045,000
50,000,000
Oct.
9 159 days
273 days
Oct.
er
«
Treasury bills
Treasury bills
Aug. 28.
Sept.
50,046,000 Average
99.885 *0.151%
100
941,614.350
1.50%
100
568,910,050
2.75%
50,031,000 Average
99.866 *0.176%
1,710,656,400
166 days
273 days
3 Oct.
Octob
1
99.904 *0.127%
f
Oct.
1
Treasury bills
Aug. 21.
298,684,000
273 days
Oct.
1
2 %% Tfeas. bonds.
Treasury bills
Aug. 14.
50,072,000 Average
50,045,000 Average
50,000,000 Average
150,119,000
147,264,000
total
Sept.
Oct.
1
Treasury bills
Sept. 15
Sept. 26
Sept. 26
1
Total.
Aug.
1,084,962,000
7 273 days
Aug. 11 Mar. 15
Aug. 27
Sept. 3
Sept. 3
Sept.
Sept.12
Sept. 19
•
99.946 *0.071%
31
Mar. 15.
Aug.
1
1,084,962,000
Mar. 15
2.77-
2.787%
July
1
Treasury bills
Treasury bills
Treasury bills
Treasury bills
1%% Treas. notes..
2Ji% Treas. bonds.
Treasury bills
Treasury bills
2H% Treas. bonds
3
99.919 *0.107%
12.78%
July
July
July
1
1,251,236,400
June 27 July
June 27 July
July
1
y
$50,045,000
50,000,000
645,736,100
737,174,600
50,215,000
50,070,000
50,000,000
$1,633,240,700
total.
$12492 864,950
50,007,000
50,142,000
50,045,000
49,973,000
50,185,000
50,115,000
200,237,000
200,475,000
$50,045,000
50,000,000
161,317,700
249,370,900
50,006,000
50,070,000
50,000,000
484,418,400
487,803,700
209,000
$660,809,600
$972,431,100
$9,008,639,250r$3,484,225,700
Average rate on a discount basis.
Amount of sales to Nov. 30 1935 based
on
purchase price.
Market
with
conditions for the
was
sale of State and
municipal
extremely favorable, particularly
respect to the terms achieved by borrowers.
Notwith¬
during 1935
standing the
very
were
low interest rates
carried on the issues
continued demand for municipal
liens, as is indicated in the fact that the volume of sales for
the year, at $1,214,904,867, was the largest for any period
since 1931.
The total for 1935 compares with $939,453,933
marketed,
there
was
in the calendar year
a
1934, $520,478,023 in 1933 (this having
of any period since 1918), $849,480,-
been the smallest total
$1,256,254,933 in 1931.
079 in 1932 and
U.
S.
It remains for
to show the exact extent
Subscriptions to the issue totaled $138,165,000 of which
$50,070,000 was accepted.
The average price for the bills
was 99.939, the average rate on a bank discount basis being
0.080%.
This financing provided for the refunding of a
similar amount of maturing bills.
On Dec. 24, Mr. Morgenthau announced a further offering
of
274-day Treasury bills in the amount of $50,000,000, or
The bills were dated Dec. 31 and will mature
outstanding public indebtedness.
So long as
government was showing huge budget surpluses and the
public indebtedness was, as a result being steadily and
largely reduced, the matter was of little consequence, but
now that there is a budget defict (as a result both of the
ordinary expenditures and of the extraordinary outlays) of
growing proportions (for aid and assistance of outside under¬
takings and to provide for industrial recovery and to take
care of large-scale idleness and unemployment),
it is im¬
portant to know the exact extent to which the government
finds itself obliged to run into new indebtedness.
United States government issues appeared in the usual
order during the month of December. The month's financing
$1,633,240,700 and comprised five single
offerings of Treasury bills on a bank discount basis, an offer¬
ing of 2%% Treasury bonds at par, and an offering of 13^%
Treasury notes also offered at par. The details in respect to
these offerings are recorded further below.
In view of the
magnitude and importance of United States government
borrowings, we give below a summary of all Treasury issues
marketed during December and also those sold during the
11 preceding months, furnishing full particulars of the various
issues and presenting a complete record in that respect for
the entire calendar year 1935.
to
New Treasury
for
for the refund¬
rate of 0.080%
for the above bill issue compares with 0.080% (274-day)
bills dated Dec. 24; 0.087% (274-day) bills, dated Dec. 18;
0.108% (273-day) bills dated Dec. 11, and 0.124% (273-day)
ing of
a
bills, dated Dec. 4.
Secretary of the Treasury Morgenthau disclosed that
$178,718,250 of "baby bonds" with a maturity value of
$238,291,000 were sold between March 1 and Nov. 30. Mr.
Morgenthau also announced on Dec. 16, that a new series of
"baby bonds" would be issued for sale through the Postal
Service on Jan. 1. The new series was designated as series B
to differentiate them from those sold during 1935.
There
will be no change in price. The yield on the new bonds will
be approximately 2 9-10%, if they are held to maturity.
The sale of series A bonds terminated on Dec. 31.
Final
In the
Summary
Morgenthau on Nov. 28, announced a new offering
bills in the amount of $50,000,000, or thereabouts.
The bills were dated, however, Dec. 4, and hence form part
of the government financing for the month of December,
and will mature Sept. 2 1936.
Applications to the issue
totaled $144,970,000, of which $50,045,000 was accepted.
The average price for the bills was 99.906, the average rate
on a discount basis being 0.124%. Issued to replace maturing
Mr.
of the new
issues—brought out in the United States during
12 months, and covering all classes of
except those of the U. S. government*
agency
December and the
issues
SUMMARY
CORPORATE,
OF
FOREIGN GOVERNMENT, FARM
MUNICIPAL FINANCING
AND
LOAN
New Capital
Refunding
Total
$
1935
$
$
MONTH OF DECEMBER—
Corporate—
,
Domestic—
Long-term
Common stocks
...
-
45,109,750
2,809,125
16,555,000
2,263,688
84,974,000
3,300,000
12,343,350
130,083,750
2,809,125
19,855,000
14,607,038
66,737,563
bonds and notes
Short-term
Preferred stocks
100,617,350
40,000,000
167,354,913
40,000,000
Canadian—
T,ong-tfirm bonds
and notes
Short-term
.
Preferred stocks
Common stocks
'
Other foreign—
Short-term
-
-
-
Preferred stocks
Common stocks
-
Total corporate
Other foreign
government
*
40,289" 580
agencies
Municipal—States, cities, &c
United States Possessions., _
Grand total
12 MONTHS ENDED
81,210,420
121,500,000
124,210,089
4,301,909
128,511,998
231,237,232
Farm Loan and government
226,129,679
457,366,911
DEC. 31—
Corporate—
Domestic—
Long-term bonds
322,943,836 1,743,114,814 2,066,058,650
50,539,125
39,245,000
11,294,125
123,650,746
69,155,643
54,495,103
27,180,244
12,343,350
14,836,894
and notes
Short-term
Preferred stocks
Common stocks
a
Financing
financing—corporate, State and city, foreign government,
as
well as Farm Loan and publicly offered governmental
bills.
On Dec.
Ordinary
to
as
following we furnish a complete summary
Canadian government
of 273-day
nounced
0.080%. This financing provided
similar amount of maturing bills. The
basis being
Financing During the Month of
December 1935
.
$79,312,-
$50,000,000 was accepted. The average price
the bills was 99.939, the average rate on a bank discount
the
amounted
Subscriptions to the offering totaled
Sept. 30 1936.
financing has been conducted
volume of the
$209,000 as an ad¬
public debt.
On Dec. 17, Mr. Morgenthau announced another new
offering of $50,000 or thereabouts of 274-day Treasury bills.
The bills were dated Dec. 24 and will mature Sept. 23 1936.
dition to the
000 of which
to which United
during the period under
review, namely, the 12 months of the caleudar year 1935.
It is important in our study that we distinguish between
financing which represents distinctly new capital and re¬
presents an increase, therefore, in the indebtedness of the
government, and borrowing to provide for the taking up
and retiring of issues already outstanding, and which are
to be replaced by the new issues.
This is particularly true
with reference to the placing of United States government
securities. Treasury bills are all the time maturing, and have
to be replaced with other issues, while Treasury certificates
of indebtedness are another form of short-term borrowing
which has to be renewed periodically without adding to the
States
bank discount basis
for the refunding of
thereabouts.
Financing—Its Magnitude
us
99.934, and the average rate on a
0.087%.
This financing provided
$50,006,000 of maturing bills, leaving
was
Municipal Financing in 1935
bonds
191
Financial Chronicle
Volume 142
5, Secretary of the Treasury Morgenthau an¬
new offering of 273-day
Treasury bills in the
Canadian—
Teng-term bonds
Short-term
$50,000,000, or thereabouts. The bills were dated
Dec. 11, and will mature Sept. 9 1936. Subscriptions for the
issue
totaled
$239,295,000, of which $50,000,000 was
amount of
and notes
..
_
Preferred stocks
___________
Common stocks
Other foreign—
,
and the
0.108%. This
accepted. The average price for the bills was 99.918
average
rate on a bank discount
basis
was
financing provided for the refunding of a similar amount of
maturing bills.
The final subscriptions and allotment figures with respect
to the offering on Dec. 2 of 2%% Treasury bonds of 1945-47
and 13^% Treasury notes of series C-1940, were announced
on Dec.
10 by Mr. Morgenthau.
The offering was over¬
approximately five times in a single day. Cash
subscriptions received to the offering totaled $4,522,245,500.
Secretary Morgenthau announced.
The amount allocated
was reported at $972,223,000.
All exchange subscriptions
of the maturing 23^% notes, amounting to $410,688,600,
were allotted in full.
For the 2%% bonds, cash subscriptions
Short-term
Preferred stocks
Common stocks
$2,034,979,700 were received and $484,418,400 allotted.
exchange subscriptions tendered and allotted for the
bonds amounted to $161,317,700. A total of $2,487,264,900
was tendered in cash for the \lA% notes, of which $487,The
was allocated.
The tenders and allotments of the
exchange subscriptions for the notes were in amount of
803,700
$249,370,900.
Morgenthau on Dec. 10, announced a new offering of
or thereabouts,
of 273-day Treasury bills.
The bills were dated Dec. 18 and will mature Sept. 16 1936.
Mr.
$50,000,000,
Applications to the issue totaled $200,906,000, of which
$50,215,000 was accepted. The average price for the bills
403,569,958 1,863,858,807 2,267,428,765
Total corporate
116,000,000
Canadian government
government
government agencies]—
Municipal—States, cities, &c
United States Possessions
Other foreign
Farm Loan and
*
Grand total
subscribed
of
-
*
918,895,395
3,488,000
296,009,472 1,214,904,867
11,696,000
8,208,000
1,476,004,933 3,271,095,399 4,747,100,332
do not include
In the elaborate
ing
-
987,019" 120 1,137",07b"766
funds obtainedlby States and municipalities from
of the Federal government.
*4
These figures
any agency
-
116,000,000
150",b5i"580
and comprehensive tables on the succeed-
pages 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 de¬
tailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page^ tables we give complete details
of the new Capital flotations during December, including
every issue of any kind brought out in that month.
Full
details as to the separate issues for each of the preceding
months dating back to the beginning of our compilation in
March 1921 can be found in the monthly articles for those
months, these articles now appearing usually on the first'
or the second Saturday of the month.
to
to
o
to*to
o
£3
to
a
H
Co
<0
Jo52,103 ^02,360 38,67,906
86,309 12,0 0 45,76023 904,0 0 14,9513
Refundi g 18,9620
385,0 0
19,3470 1,349*837 20,69 837
Capital 24,7180 3,98,0 38,6796
6,983 0 12,0 0 4,10396 904,0 0 124,9826
7,3 8,0 16,75 0 1,945,60 2,765, 25
28,4 25 13,0 0 17,952 7110 ,0 0 159,8649
2,0 ,0 16,0 0 4 5,60
18,4560 16,74",57 35,210 47
5,378,0 75 ,0 01,50 , 0 2,765, 25
10,398625 13,0 010,87 2410 ,0 0 124,68 349
Total
1931
New
Total
1932
Refundig
Capi.tal
New
549,50 405,0 0
549,50
Refundi g
1933
549,50
Cavital
1 ,462,0 3,0 ,0 4,50 , 0
20 ,0 0
1,462,0 3,0 ,0 4,50 , 0 *385,6 6
798,0 0 3, 98,0
4,71 ,2 5 15,0 ,0 3,123,60 3,50 , 0 5,265*625 "6 ",0 1,35 ,6 28, 4 2 5
1,60 ",0
4 5,60
'
16,0 0 "4 5",60
4.0 ,0 0
35 ,0 0 75 ,0 0
4,265, 25
549,50
15,30,518
549,50
Refundi g
1933
15,0 ,0 2,4 5,60 1,0 ,0
549,50
1,0 ,0 5,378,0
New
Total
1931
6,50 , 0 -38,6790 41,935",90 1 .60 ,5 5,40 ",0 8,048*6 6 ,983 0
32,67~,906
549,50
$
19,3470
i,6 "o~6 "460",0 0 "35 ",0 0 16,75 0 4 5",60 4,265, 25
2,0 ,0 15,0 ,0
"678,6 63,50 , 0
6,50 , 0 38, 6790 53, 97, 0 3,0 ,0 16, 0 0 5,785",0 8,048",0 86,3 09
18,9620
2,60 , 0
24,7180
1,0 ,0 7,3 8,0 15,0 ,0
Refundi g 2,0 ,0
1932
18,4560
1932
4,265, 25 678,0 03,50 , 0 4,265, 25 "6"0o"o0", 1,35 ",0 10,3986251
250, 0
250, 0
15,60 518 "5549"0 , 15,30,518
16,50 18
549,50
549,50
42,932,0 3,0 ,0 289,6501,037,50
47,25910 18,30 012,70218 187,261 8
.
FOGFORLAVEMERIFUGNINMNTACMDODPTH,ECLRGBR SFTMAODHEFCENRIVBR
bSotfmaruFinyonatieGcehpdogsddvlersnymal.
$
Refundi g 9,3 8,0 3,0 ,0
12,3980 18,30 017,2346 47,91.46
3,534,0 289,6501,037,50
Capital
1934
34,861 50 104,8"672 139,4 82
New
Total
130,837502,809,12519,85 0 14,607 38
167,35491340, .0 12",50 0128,51 98 457,36 91
R9uef ndi g 84,97 0 3, ~06", 612,34 50
10,61735040, 0, 0 81,20,4204,301,90
SUM ARY CapitalJ 45,109,7502,809,12516,5 0 2,63,8
6,73 563 40,289,580124, 0 89
1935
New
COISRTUPNHIAEED
15,30518
23,072 0 1,360, 0
18,50 0 42,932,0
3,0 ,0
1934
Refundi g 8,038,0 1,360, 0
9,3 8,0
3,0 ,0
Capital 15,034 0
26,197 GORNUEPFIW Refundig
71.0 ,0 10, 0, 0 3,974,0
1935
CHAARNCTDER
231,7 2' CIapital 21,09 0 16,0",0
$
New
289,650 1,327,150
23,072,0 1,360, 0 4,037,50
18,50 , 0 289,650 47,25910
12,3980
1,037,50
21,09 0 71,0 0 26,50,0 7,10 , 0 1,0 ,0 250, 0 2,0 ,0 1, 43,750 130,83750
Total
15,30,518
3,0 ,0
18,50 0 3,534,0
New
15,60 518
8,038,0 1,360, 0 3,0 .0
3.0 ,0
250, 0
1,037,50
Capital
New
Total
2,809,125
2,809,125 12,34 ,3501,082,938 16,0 2 0
84,974,0
3,126,0 1,0 ,0 250, 0 2,0 ,0 1, 43,750 45,109,750
2,809,125
289,650
1,327,150 15,034,0
50
1,037",
250, 0
2,809,125 1,082,938 16,0 2",0
15,60 518
5,023,750 34, 62,038 21,09 ,0 83, 43, 5027,582,938 2,809,12523,1 20 1,0 ,0 250, 0 2,0 ,0 6,1 7,50
167,354913
3, 0 , 0 10,67350
1,723",750 18, 68 21,09 ,0 17,582,938 21,82095",19, 38,0 1,0 ,0 250, 0 2,0 ,0 2,867,50 6 ,73 563
DECMBR bonandotsdes bonandotsdes bonandotsdes ; GovernmtGovernmtGoagvc.iesS&tatesP,,oesin ifnnuclodtse DECMBR BNoontaesdn—sd &coper-,manuft acesori amannufcdtrig! &c thra&odldinicngg,,: BNoonateds—s &cop ,manufctres oi amannudfctrig &c trha&odldinicng,g, utiles c&coopale,r,mnuft acesoriinduamsatnnruifdlctrig bu&ildncgs, trthrua&osdldtinicnMg,igs,ce,lanous utiles ccoopaer,l&,manufcters oiinduamsatnruidflctrig b&uildcng, trthru&aosdlctdin_iMn,gisg,ce,lanous cosrepcuraitte
Grand
Total
Other
Other
Farm
Total
♦
PublicIron,
Other Land,
Oil
Inv.
PublicIron,
Other
Oil
Land,
Inv.
Total
Stocks— Railroads
ste lE,quipment and
Total
PublicIron, Motors Other land,Rub er Ship ingInv.
Oil
otal—
T
RailroadsPublicIrson,et lE,quipmentMoatonrsdOther Land,Rub erShip ingInv.
Oil
~■1
■—
1934
18,50 , 0 289,650 34,861 50
3, 0 , 0 15,643, 50 83", 43", 501 ,0 ,0 3",974",0
12,34,350
OF Domestic— Long-termShort-ermPrefsrtoecdkComstoocnCkandian— Long-termShort-ermPefsrtoecdkComstoocnkforeign—Long-termShort-emPrefsrtoecdkComstoocnk corp ate foreign toal Tfihgdeursoees MOFONTH Long-term
Corp ate—
Can dian Loaannd♦MunicpUl,Sntiateeds
Railroads util es. scteoalEl,,quipmentMoatonrsdindustrial buildngRs,ub erShip ingtrust M,iscelan ous Short-ermRailroads util es scteoaEll,q,uipmenMt oatonrsdindustrial buildngRs,ub erShip ingtrust M,iscelan ous
MONTH
1—-
1933
FYOEIVARS YEARS FYF3TMDA1EFMLINOIUNAOAHVORCRC2RPSDMN.GL
15,60 518 41,49,65910 ,0 0 57,10 7
Total
CORPATE,
750, 0
20 ,0 0
2,678,6 3,50 , 0
$
Total
14,250 3,76 , 61 18,5671
Capital 405, 0 15,95,18
New
OF
385,0 0
9,568,0 if,~6"o ,6 2,806* 6
Capit l
New
16,50 18 14,250 45,21732010 ,0 0 75,1738
15, 95, 18
Total
385,0 0
Refundi g
1931
£»?
9",568",0 1 ,60 , 0 3~,18~5",6 "7050"0, 25,103 0 1 ,4620 3,0 ,0 4,50 , 0 2,60 ",0 *798*6 6 2 ,360 32,67",90
Total
Total
GFCOOVRREPRENIGMANTT,,
II.
1935
OSUMFARY
D3ENED1C.
MONTHS
12
a
o
o
g
&
o
ft)
C
o
3
fc*
(b
72,80. 5,0 ,0 2,5896423 50,42 0 125,60 1,256 493 1,69 0 4,0291356
1,6279380 40,6250 148,0567 195, 706 140, 0
Total
825,1670 9,50,0 51,60" 0 21,47508
5,0 ,0
67,3052 1 ,36150 31,850
Refundi g
1931
ts>
Capit l 950,680 28,69750 16, 567 195, 706 140, 0
New
643,8954 6,015 0 169,0" 849, 079 1,29 0
405,840 214,05 0 10,92 875 13, 4170
$
Total
89 ,0 0
131259310, 730 09.8 ,50 02,9 80 2,9340 94,7120 2,0 0 13,2790 1,650, 0 16,03" 6 1,63480 35,20 185,947 0 21,53 0 9,649,0 14,250 20,89 0 28,69 750 25,86 51 3,90, 0 20,35972 3,452,0 1,46,50 4,084,50 25,683290 31,28 37 345,61730 948,6351 07,280 12,9340 136.58297 15,0150 128,95.70 660,1650",4,084,50 62,17290 1,76348,723
Capit l
New
1,730284
Capit l 271,048 0 34,12 50 10,4752 9,716,850
325,6125 26,0150 7,10.6 762.49,650 1,29 0 1,924875
134,79680 179,840
$
138,49150 8,75320 15.2 ,5 137,8069
Total
13 ,3 2
1.60 ,60
160,7 18
New
1934
Capit l
New
GFOCOVERRENPMIGNATT,,
Total
1935
63,90 0 483,97 4 1,50,0 709,51 2
$
1,20 , 0
491,04 9 50, 0 10, .0 721, 0 93,4593
174.93,50 136,705
Refundi g
1,20 , 0
312,8650 50, 0 10, 0 316,0 136,475 9 825,91 79
12,06 31,50 3,198,450 31,40289
2.6748 5 16,0 1.370 6 1,2490867 1,690 4,7 1032
1,8635 07 16,0
OSUMFARY Capitl 32,94386 1,294125 4,95.103 14,83694
New
987,01920 96,0 472 8,208,0
403,569 8
Refundi g 1,743 814 39,2450 69,15 643 12,34 50
150, 1580 918, 539 3.48,0
3,2710953
CONOGRRPEUFWAPTIE
ACHANRDTE
Sbatneyds
90 ,0
Capit l 12,0 0 10,7210
New
$
Total
250, 0
174,9350 63,9470 52,0 5,98,0 15,0 0
Refundi g 12,5380 56,85 0
2,308,0 3,50 0
60 ,0 0 50 ,0 40 ,0
New
18,50 0 12,06
58 ,750
169.45,0
40 ,0 52 ,0
58 ,750
2,387 49 "52 ",06 "3210"0 ,10,789650 34,601349 249,3210 158,4 0 32,053749 20, 0 18, 02 1,039650 491,04 9
176,4850 109,850 8,26,0 19,0 0
137,905
80 ,0 0 50 ,0 0
7,0 ,0 23,0 0
32,17 8 87,90450 58,10478 19,5740 12,0 0 36,8956 5,9 ,10 20,86 478
73,6820 2,147, 8 30,17 0
90 ,0 325,0 0
859,269
325,0 0
16,750 7,0 ,0 3,54,15 105,9 072 1,795,120 1,08,56 120,4 178 12,0 0 34,210 3,54,15 "859,269 106,7402 1,795,120 1,08,56 160,7 18
40 ,0
178,2510 82,9450 2,908,0 4,0 0 18,50 0 287,031 70,940 75,0 6,758,0 16,0 0
Capit l 65,74 10 26,359 0
1934
8, 61,20 2,168,750 1,20 , 0 1,50 , 0 20,192 5 13,250 274,35017 3,50 , 0 10,8620 8.I2Y.6 2,168,750 l",26",0 12,0 50 325,61 25
f
175,0
23,610 16,50
318,53720
859,269 90 ,0 0 325,0 0
859,269
325,0 0
90,35 20 9,147, 8 3,54,15 136, 9072 1,795,120 1,08,56 152,738956 9,0450 92,731478 2,951 12,0 0 143,069 72 1,795,120 5,9 ,10 .0856 381,536
5,9 ,10
14,8705 7,27,0 23,84 70 19,5740 12,0 0 5,0 .60
1,725,0
Refundi g 80,62750 32,518.0
179,840
7,2 7,0 40.34,70 19,5740 12,0 0 5,175",0 5,9 ,10
138,49150
3,842,9 0 47,82 0 265,90 72 10 ,0 0 4,20,0 " 50.6 0 "450", 6
2,342,9 0 1,50 , 0
"026.3
$
2,1 59482
178.25,94 405,1 0 82,97 54 1.386,4703
2,06 58 0 50,39125 123,65074 27,18024
92,6750 43,290 1,725,0 "906",0
1933
450, 0
38,50 138,4 0 10 ,0 0 2,70,0
134,79680
0 0 2, 0 , 0 271,048 0 1,3250 8,25,0 1,70 , 0 4,501",0 8,310,5 0 34,12 50 6,4 2,175
Total
287,0310 168,25.0 3,198,450 31,40289
Total
325,0 0
1,80 , 0 259,603 3,50 0
New
YGFotfevrhdranomgmunicp.llyesFE3DIAMOVT1NFRSUTIHSOCNSAH2.ERED
YF3EDIMOAT1VFNRIMAHOCSLUAFN2O.CREPRDGLM
Capit l 23,610 16,75.0 15,2 5 105,6.291
8,3
Capit l
20,86478 60, 0 26,50" 6 37.08,49 34,196527
13 ,3 2
450, 0
3",670 6 2, 0 , 0 405,8 0 49,8250 146,290 10 ,0 4, 0 , 0 4,501",60 "450", 0 5lb0", 214,05 0 8, 05, 95 10,36120 2,168,750 1,20 , 0 1,50 , 0 24,035 4 60,9520 540,26895 3,60 , 0 15,08620 8,17 ,0 2,168,750 1,20 , 0 12,0 50 643,895 41
50,0 0
Refundi g 9,327,0 125,4980
381,536 60, 0 90,15 0 520.47823 1,50. 0 1,0537 69
1,60 , 0
Refundi g 14,8705 72,0820 32,17 8
$
1933
325,0
$
1932
•
New
1,270 385,028 3,50,0
Total
318,5 720 40, 0 92,56* 6 87,0 429 538,0419
Refundi g
791,0 0 50 ,0 0
31,850 170,86270 590,2 50 12,6350 4,750 3,50,0 2,694,0 825,1670
80 ,0 0
16,3150 31,05 0
%
4 5,60 3, 97,320
$
1932
50 ,0 0
6057158,32 0 02,61 ,02,50 5,9 0. 0 1,605",60 2,694,0 67,3052 12,530 56,3950 6,10 , 0 38,0 0 791,0 0 1,90 , 0
Refundi g
1931
481,7634 2 0.92,0 74.60, 0 1,2348725 1,69,0 3,150748
72,80. 0
$
tt>
S3
50 ,0 0
121413468, 0 ,02850 09, 30 2,9340 10,62"06 2,0 ,0 14,8 0 1~,"650,6 18",730.6 1,84073,80 48,05 0 24,870 7.0 ,0 59,350 10,4 0 16,502 20,89 0 405,6 250 283,91"56 3,90, 0 21,35972 3,452,0 1,46 50 4,084,50 25,683290 34,1 37 516,480 1,538 7061 19,32 0 12,9340 18,3297 15,89250 132,50 7 C1O,650,60 4,584,50 65,31 290 2,58.96423
Total
907,43208
•-^1
250, 0
58 ,750
31,50
525,0 0
2,387 49
"
312,8650
58 ,750 1,0 ,0 40 ,0 52 ,0
20
310", 10,789650 34,601349 72, 4710 49,35 0
23,78 49 18, 02 1,039650 178,25.94
I
$
Total
$
1935
Refundi g
196,730 1,289 40 265,0
7,941",0 238,15 0 105, 0 8,360 6",bo",0 8,97,50
123,8960 1,475 68 16,2456 2,41,0 189,6540 1 ,28 50 6,3920
4",06",0 7, 4 ,0
2,06 58 0
20,"o~,0 5,0 ,0 8,09,125 4,730, 0 6,0 ,0
06,b"o0"o", 50,39125 354,4"8630",2,39485 102,78 37,62 48 5,075,0
551,0605", 150,83 90 196,73 0 1,28375946 29,84 5 16.852",913 280, 7 48 16,57 0 8,360, 0 6,bo",0 6,053 0 2,6748 5
1.743, 814
20,6 "0 5,0 ,0 2,45,6 6,0 ,0
6,"o ,6 39,2450 3",045296 13,7620 12,0 98 7
2,671"80 81,498 3 123,8960 1,20 64 180, 76 2.4i~,6 204.3,47 106,28.50 6,392,0 4,"ob ",0 36,41580 1,8635 07
--
1,29415 1,785,20 8,632,85 102,78 25,342 51 5,075,0
18,28059",2,485,0
Capit l 72,843 20 81,76532 104,2534 5,0,6 48,150 5,218,750 1,968,0 2",06",0 1,243,750 32,94836
$
28,39"750 69,3197 72,843 20 83,5082 12,87192 14,~ l"913 75,9 401 10,293750 1,9680 2",06 0 29,637.50 403,569 8
New
notes notes notes Governmt agcies&t, 1476,093 fuinocbtladinese D3E1C. Notes— manufctrig &hocl—ding, Notes— &c manufctrig &hocld_ing, &c_op—, manufctres oie maanufnctrdig &c &hotrlcaddiningg,, &cop, manufctres oie maanufnctridg —&c &hotrladcdiningg,, securit
3DENED1C.
boanndds boanndds boanndds corpate Governmt Gov. Staes,Posein dnot END Boanndds &cope, manufctr acesori and &c trading, Boands coper, manuft acesori and - &c ,trading
DaCorpte—• omestic—• Long-term Short-em Presftocrekd Comstockon_ Candi—• Long-term Short-em Presftocrked Cosmtocokn foreign— Long-term Short-em Presftocrked Cosmtocokn Candian foreign Loaannd ♦Municpal,SUtniteesd toal fiTghueresse MONTHS Long-term Railroads utiles csoteall,, Equipment Maontodrs industral buildngs, Ruber Shiping trust ,Miscelanous Short-em Railroads utile_s: csoteall,, Equipment Maontords industral buildngs, Ruber Shiping trust ,Miscelanous Stocks— Railroads utiles csoteal,l, Equipment Maontodrs industral buildngs, Ruber Shipingtrust , Miscelanous Total- Railroads utile_s csoteall,, Equipment Maontodrs industral buildngs, Ruber Shipingtrust ,Miscelanous corpate
MONTHS
Total
Other
12
Grand
Other
Total
Total
Total
Total
»
Farm
12
Public Iron,
Other Land,
Oil
Inv.
Public Iron,
Other Land,
Oil
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other Land,
Oil
Inv.
194
Financial
Chronicle.
Jan.
1936
11
DETAILS OF NEW CAPITAL FLOTATIONS DURING DECEMBER 1935
LONG-TERM BONDS AND NOTES
(ISSUES MATURING LATER THAN FIVE YEARS)
To Yield
Amount
Purpose of Issue
Price
About
$
Company and Issue, and by Whom Underwritten and (or) Offered
%
Railroads—
2,670,000
New equipment.
1.27-3.24
18,420,000
New equipment.
0.60-3.00
Boston & Maine RR. Equip. Trust
3^8. Dec. 1 1936-44. Whiting, Weeks & Knowles, Inc.; Coffin &
Burr, Inc.; Estabrook & Co.; Jackson & Curtis; Stone & Webster and Blodget, Inc. and Stroud
Co., Inc.
Pennsylvania RR. Equip. Trust 2*4b, G, Dec. 1 1936-50. The First Boston Corp.; Evans, Stillman
& Co., and F. S. Moseley & Co.
21,090,000
Public Utilities—
1,600,000
Refunding; retire, pref. stock..
99
4.58
Lockhart Power Co. 1st M.
3.35
Rochester Gas & Electric Corp. 4s, 1960. Sold
privately to insurance companies.
Southwestern Bell Telephone Co. 1st & Ref. M.
3^3, B, Dec. 1 1964.
4)4a, Dec. 1 1955.
& Knowles, Inc.
4,000,000
45,000,000
Refunding.
Refunding.
Sold privately
102^
Brown Harriman & Co., Inc., and Whiting, Weeks
Morgan Stanley & Co., Inc.;
Kuhn, Loeb. & Co.; Kidder, Peabody & Co.; Lee Higginson Corp.; The First Boston Corp.;
Co., Inc.; Edward B. Smith & Co.; Mellon Securities Co.; Bonbrlght & Co.,
Inc., and Dillon, Read & Co.
Brown Harriman &
16,000,000
Refunding; retire pref. stock*
Southwestern Gas & Electric Co. 1st M. 4s, D, Nov. 1 1960. Brown Harriman &
Co., Inc.; Bonbright & Co., Inc.; Field, Glore & Co.; The First Boston Corp.; Blyth & Co., Inc.; Lee Higginson
4.03
99)4
Corp.; W. C. Langley & Co.; A. G. Becker & Co.; Stone & Webster and Blodget, Inc.; H. M.
Byllesby & Co., Inc.; Tucker, Anthony & Co.; Granbery, Safford & Co., and Central
Republic
Co., Chicago.
4,500,000
101.85
2.12
92.20
Refunding; retire pref. stock
5.00
Southwestern Gas & Electric Co. Deb. 4s, A, Nov. 1 1936-45. Brown Harriman &
Co., Inc.; Bonbright & Co., Inc.; Field, Glore & Co.: The First Boston Corp.; Blyth &
Co., Inc.; Lee Higginson
Corp.; W. C. Langley & Co.; A. G. Becker & Co.; Stone & Webster and Blodget, Inc.; H. M.
71,000,000
16,500,000
Iron, Steel, Goal, Copper,&c.
Retire bank loans
10,000,000
Byllesby & Co., Inc.; Tucker, Anthony & Co.; Granbery, Safford & Co. and Cent. Rep. Co.. Chic.
Refunding.
101
Cleveland-Cliffs Iron Co. (The) 1st M. 4$£s, Nov. 1 1950. Lehman
Brothers; Field, Glore & Co.;
Hayden, Stone & Co.; Kuhn, Loeb & Co.; Otis & Co.; Curtiss, House & Co.; A. G. Becker & Co.
Hayden, Miller & Co.; Field, Richards & Shepard, Inc.; The First Cleveland
4.66
Corp.; McDonad-i
Coolidge & Co.; Merrill. Hawley & Co.; Mitchell, Herrick & Co.: and Maynard H. Murch & Co,
Placed privately by Kuhn, Loeb & Co.
Sold privately
Inland Steel Co. 1st M. 10-Year 3s. Series C.
26,500,000
Other Industrial & Mfg.—
1,250,000
Retire bank debt; working capital
250,000
Repay bank loans; working capital
101
Cleveland Tractor Co. (The) Conv. Deb. 5s, Nov. 1 1945.
(Convertible up to Oct. 27 1945 into Common
stock at prices ranging from $16 2-3 to $28 per share.)
Otis & Co.; Hayden, Miller & Co.; Riter &
Co.; Singer, Deane & Scribner; Central Republic Co.,
Chicago:
4.87
Mitchell, Herrick & Co., and
Merrill, Hawley & Co.
Croft Brewing Co. (The) Deb. 5s, Nov. 1 1945. (With detachable warrants
entitling holder to purchase
1,000 shares of Common stock of the par value of $1.00 each for each $1,000 Debenture at an
aggregate
price equal to $1.00 for each share purchased between Nov. 1 1935 and Nov. 1
1940.)
James M.
Johnson & Co., Washington, D. C., and Sears &
Co., Boston.
Gordon Baking Co. 1st M. 5s, B, June 1 1945-50. First of
Michigan Corp. and Lawrence Stern &
Co., Inc.
6.00
92^
1,000,000
Additions & Impts. to plants
100
5.00
4,600,000
Refund'g; repay constr. debt, &c_
101
4.43
Pennsylvania Glass Sand Corp. 1st M. 4)4a, Dec. 1 1960.
B. Smith & Co.; Cassatt & Co.,
Inc., and Riter & Co.
6.45
Atlas Pipeline Corp. 1st (Closed) M. Conv. 6s, Nov. 1 1945.
(Each $1,000 principal amount of bonds
convertible up to and including the 10th day prior to maturity or
redemption into 100 shares of Common
stock.) Boenning & Co.: Chandler & Co., Inc., and Bond & Goodman, Inc.
7,100,000
Brown Harriman & Co., Inc.; Edward
Oil-
1,000,000
Retire tank
debt, &c., add'l
car
working capital
96)4
Land, Buildings, &c.-
250,000
New construction.
Price
Sisters of the Holy Family of Nazareth (Phila.,
Pa.) 1st M.
applic.
on
4^8 Dec. 1 1936-45.
St. Louis Co., St. Louis.
Inv. Trs., Trad'g, Hold'g,&c.
Provide funds for Inv. purposes...
2,000,000
Carriers
5.05
99)4
Metropolitan
&
General Corp. Deb. 5s, Nov. 1 1950.
(Each $1,000 Debenture carries non-detachable
for purchase of 50 shares of Common stock at prices ranging from $10 per shore to $20 per
Calvin Bullock; Eastman, Dillon & Co.; Hemphill, Noyes &
Co.; G. M.-P. Murphy &
Co.; Jackson & Curtis and Battles & Co.
warrant
share.)
Miscellaneous—
700,000
Retire bank loans...
443.750
Provide funds for loan purposes..
98)4
5.65
0.75-3.00
Commercial Banking Corp. Conv. Deb. 6^8, Nov. 1 1950.
(Each $1,000 Debenture convertible into
100 shares of Common stock on or before Nov. 1 1940, into 85 shares on or
before Nov. 1 1945 and into
70 shares on or before Nov. 1 1950.) Herrick, Helnzelmann &
Ripley, Inc., and Tobey & Co.
Savings & Loan Bank of the State of New York. 2)4 % Bonds, July 11936-Jan. 1 1942.
Neergaard,
Miller & Co.
1,143,750
SHORT-TERM BONDS
I
'
'
AND NOTES
(ISSUES MATURING UP TO AND INCLUDING FIVE YEARS)
•
>
To Yield
Amount
Purpose of Issue
Price
About
$
Company and Issue, and by Whom Underwritten and (or) Offered
%
Motors and Accessories—
2,809,125
Retire
curr.
debt; wkg. cap. Ac
100
4.75
Auburn Automobile Co. 3-Year
4% % Notes. Offered to stockholders; underwritten by Cord Corp.
STOCKS
Par
or
No.
of Shares
(a) Amount
Purpose of Issue
Involved
Price
To Yield
per Share
About
$
Company and Issue, and by Whom Underwritten and (or) Offered
%
Public Utilities-
82,289 shs
Retire 5% notes due Apr. 15 '36_
200,000 shs
Iron, Steel, Coal, Copper. &c
Development of properties
20,000 shs
General corporate purposes.
25,378 shs
Retire bank loans
532,938
150
Edison Electric Illuminating Co. of Boston
Capital Stock.
350,000
1.75
Cusi Mexlcana Mining Co. Capital Stock.
200,000
10
Fansteel
21
Ludlum Steel Co. Common Stock.
12,343,350
......
Offered to co.'s stkholders.
Subscribed for by company's stockholders and
by Newmont Mining Corp.
Metallurgical Corp. Common Stock.
national Mining Corp.
Sold to Hallgarten & Co. and Inter¬
Offered to company's stockholders.
1,082,938
46,000 shs
150,000 shs
Other Industrial & Mfg.—
Repay bank loans; wkg. capital..
Pay bank loans; gen. corp. purp_.
1,012,000
15,000,000
22
Glidden Co. Common Stock.
100
5.50
16,012,000
Miscellaneous—
30,000 shs
22,500 shs
Acquire
Seaboard
Corp.'s assets
Small
Offered by company to officers end employees.
Schenley Distillers Corp. 5)4 % Cum. Pref. Stock. Lehman Brothers; Hallgarten «fc
Co.;
Goldman, Sachs <fc Co.; Stone & Webster and Blodget, Inc.; Hayden, Stone & Co.;
White, Weld & Co.; Bancamerica-Blair Corp.; Robert Benson & Co., Ltd.;
Kidder,
Peabody & Co.; Riter & Co.; Schoelkopf, Hutton & Pomeroy, Inc.; Wertheim &
Co.;
Hemphill, Noyes & Co.; W. E. Hutton & Co.; W. C. Langley & Co.; Lee Higginson
Corp.; F. S. Moseley & Co.; Carl M. Loeb & Co.; Lawrence Stern & Co., Inc.; A. G.
Becker & Co. and Stein Brothers & Boyce.
Loan
855,000
.......
28 )4
Seaboard
Finance Corp. $2 Cum. Pref. Stock (Each share carries a .warrant
entitling
holder to purchase 1 share of Common stock up to Dec. 31 1940 at
prices ranging from $7
per share to $10 per
Additional working capital.
168,750
7K
share.)
Leach Bros., Inc. and James M. Johnston & Co.
Seaboard Finance Corp. Common Stock.
Leach Bros., Inc. and James M. Johnston
&Co.
40,000 shs
Retire 8% pref. stock; other corp.
purposes
4,000,000
100
5.00
G. C. Murphy Co. (Penna.) 5% Cum. Pref. Stock.
Lazard Freres & Co., Inc.; Lehman
Brothers; Blyth & Co., Inc., and Burr & Co., Inc.
5,023,750
FARM LOAN AND
GOVERNMENTAL AGENCY ISSUES
To Yield
Amount
Issue and
Purpose
Price
About
$
21,000,000
\
100,000,000
Federal Intermediate Credit Banks
Cons.
V>4% Debs., due In 6 and 12 mos. (provide
for $18,000,000 refunding; add'l capital for
loan purposes)
refunding;
(add'l
capital
Fletcher
Joint
Stock
Land
Bonds, due 1945 (Refunding)
121,500,000
Bank
on
applic.
Charles R. Dunn, Fiscal Agent, N. Y.
for
loan and general corporate purposes)
500,000
Price
Federal Land Banks 3% Cons. Federal Farm
Loan Bonds, due Jan. 1 1956 (provide for
$62,710,420
Offered by
%
98%
3.08
Alex. Brown & Sons; The Chase National Bank of the City of New York: Brown
Harriman
& Co., Inc.; Guaranty Trust Co. of New York; The National
City Bank of New York;
Edward B. Smith & Co.: The First Boston Corp., and Lee Higginson
Corp.
3.25
Fletcher Trust Co. to holders of Fletcher Joint Stock Land Bank
5% bonds, due 1953.
3)4%
100
CAPITAL
DETAILS OF NEW
FLOTATIONS DURING DECEMBER
ISSUES NOT
Par
$
and Issue, and by Whom
Underwritten and tor)
187,500
825,000
113.000 shs
1,751,500
80,000 shs
110,785 shs
100,000 shs
43
3,440,000
4,154,437 mkt. 37^J
I t til
t1
«
1
Bliss &
and Kalman & Co., St. Paul.
Kalman & Co., St. Paul; Bacon, Whipple
W. B. Jarvis
Emerlch & Co., Inc., Chicago.
Parke, Davis & Co. Capital Stock. Charles D. Barney & Co. and Domlnlck &
Philadelphia Electric Co. Common Stock. Graham, Parsons & Co.; Brown
The Virginian Ry. Co. 6% Cum. Pref. Stock.
Brown Harriman & Co., Inc.;
Kidder, Peabody & Co.; The First Boston Corp.; Edward B. Smith & Co.,
WJR, The Goodwill Station (Detroit, Mich.) Capital Stock. W. E. Hutton &
and Ames,
10,000,000
729,690
5.35
112
26
...
Offered
Corp. Common Stock. F. A. Brewer & Co., Inc.
Laughlin, Inc., Capital Stock. Paul H. Davis & Co., Chicago,
Co. Capital Stock. Paul H. Davis & Co., Chicago;
Allied Products
12^
16^
15,000 shs
50,000 shs
28,065 shs
Company
About
Price
Involved
1935 (Concluded)
REPRESENTING NEW FINANCING
To Yield
(a) Amount
No.
or
of Shares
195
Financial Chronicle
Volume 142
& Co., Chicago,
Dominlck.
Harriman & Co., Ino.^and Kidder, Peabody&Co.
White, Eleld & Co.; Lee Higglnson Corp.;
and Blyth & Co., Inc.
Co,
21,088,127
Preferred stocks of a
a
Budget Message of
while preferred stocks of no par value and all classes
taken at par,
stated par value are
of common stock are computed at their offering prices.
for Fiscal Year 1937 Estimated at
President Roosevelt—Expenses
Appropriations
Inval¬
$6,752,606,378—Deficit for Year Figured
for Relief—Revenue Viewed as Affected Through Supreme Court Decision
idating AAA Processing Taxes—National Debt for Year Estimated at
638,737
sub¬
mitted to Congress on Jan. 6, on which date the United
States Supreme Court handed down its decision (referred
to elsewhere in these columns to-day) holding unconstitu¬
budget message was
Roosevelt's annual
President
tional the Agricultural
Adjustment Act, the
imposed thereunder on cotton, wheat, corn,
held to be an invasion of State rights.
In
the President estimates a
sage
deficit of
processing taxes
hogs, &c., being
his budget mes¬
$1,098,388,720 for
30 1937—estimated revenues
being placed at $5,654,217,050, with expenditures estimated
at $6,752,600,370.
In referring in his message to the revenue
fiscal
the
ending June
year
expected from various sources,
the President had the
fol¬
the processing taxes:
From processing taxes the sum anticipated is $547,300,000 against the
estimate of $529,042,000 for the current year, an increase of $18,258,000.
Other taxes recently authorized by the Congress under the Social Security
Act, the Bituminous Coal Conservation Act, and the Act levying taxes upon
carriers and their employees will produce $547,100,000 in 1937 and $38,600,000 this year, an increase of $508,500,000.
lowing to say regarding
It
was
for relief.
In sum¬
practically all of which will have
prior to June 30 1936, and practically all of which have
been
obligated
been
balances,
unexpended
from
made
allotted.
President said "the figure for 1937
does not include such amounts for work relief during the
coming year as may be determined upon by the Congress."
In presenting the fiscal program of 1937 the President
At the same time the
says;
government to carry on its normal
functions and to prosecute those activities essential to continued recovery,
the budget reflects a substantial decrease in the spread between income and
outgo.
This is consistent with the prediction made in the budget message
a
year
ago and is
possible because of progressive improvement in the
Without
probable
adminis¬
Guffey Coal
depression that no new activities be added to
is made for additional revenue to meet
vision
It
reference
people.
Regarding the revised estimates
for the fiscal year
following to say in his current
the President has the
1936
budget
message:
1.
budget
My
message
that
1935 forecast, that the
expenditures
Our most recent estimate
will be $7,645,000,000,
further
or
$875,000,000 less
January 1935 at $3,992,000,000.
will be $4,411,000,000, or an
time it appears that they
At the
increase
$419,000,000.
The message
3.
and the
most
decrease of
a
In
figures
show that the deficit will
$1,294,000,000.
budget
the
scanning
for
1937
the
President
com¬
mented, in part, as follows:
Now let
To
run
us
all
look at the budget for the
the regular
items.
for
pay
these regular activities with
estimated receipts of
of $585,000,000. Out of this
$585,000,000 I will need $580,000,000 for debt retirement, which will still
leave $5,000,000 of excess receipts over expenditures after having paid for
all of the regular expenditures of the government plus debt retirement.
The item for relief remains.
Without that item the budget is in balance.
To make to-day a formal budget estimate of the amount necessary for work
relief would be of necessity a difficult task.
We have too recently reached
our
goal of putting three and one-half million people at work, and the
beneficial effects from this program and from increasing expenditures on
public works cannot be foretold as accurately to-day as it can two months
now.
Furthermore,
employment
by
private
industry
continues to show
sub¬
the figures of a year ago.
.
.
.
estimated in this budget that expenditures for recovery and relief
stantial gains over
It
is
of
out
amount
for
unexpended:
to
gross
an
of previous emergency appropriations will
Including these expenditures, the gross deficit
estimate for additional work relief, is less than the
deficit for 1936 by
need for additional
$2,136,000,000.
I do not anticipate that the
relief funds will be as great as
the AAA, the public
three
works
amounting respectively to
all covered into the
in departmental esti¬
mates, with the announcement by the President that they would hereafter
be
permanent parts of the Federal establishment, demanding regular
recurring
appropriations.
...
17 Billions Emergency
Outlay
appropriated and allocated for relief
purposes up until Oct. 31 1935.
Of this total, $9,865,000,000 was classed
"non-repayable," the rest, $7,469,000,000, being considered, at least in
theory, recoverable to the Treasury.
Of the aggregate total, about $6,000,000,000 is yet actually to be expended, divided about half-and-half between
"repayable" and "non-repayable" items.
The
aggregate for recovery and relief more than accounted for the
increase in the public debt, which jumped from $15,985,000,000 in 1930
to $27,634,000,000 by June 30 1935, and is estimated at $31,351,000,000
for June 30 1937,
if the budget recommendations submitted to-day are
$17,359,000,000 had been
total of
A
as
out by Congress.
carried
made in the message for new legislation.
transfer of appropriations within the same
department Another was for repeal of an amendment to the AAA, enacted
last session, appropriating a sum equal to 30% of customs receipts to the
recommendations were
Three
was
for
Act to allow
an
exportation and domestic
Agriculture to encourage
consumption
i
amendment to the Revised Statutes
to bring all agencies of the' government, including government-owned and
government-controlled corporations, within the authority of the Director of
the Budget with respect to apportionments of appropriations
and other
commodities.
recommendation was for an
of farm
The
other
that "the credit
Declaring
highest," the President
The
average
share.
retard the
The
that sum.
of the government is
adds:
of the business men
of the nation stand ready to
hoped that motives and attacks
political or financial power on the
steady progress we are
$30,933,375,017.
The
To
budget message
the Congress
do their
which spring only from
part of a few will not
making.
it is estimated that
President stated that
public debt on June 30 1937 will
as compared
with an estimated
at its
.
It is to be
desire for
the gross
amount to $31,351,638,737,
debt on June 30 1936 of
follows in full:
of the United States:
provisions of law I transmit herewith the. budget of the
government for the fiscal year ending June 30 1937, together
which is definitely a part thereof. The estimates have
been
developed after careful analysis of the revenues, obligations, and
reasonable needs of the government, and I recommend! appropriations for
Pursuant
to
United States
with this message,
the purposes
specifically detailed in the tables which
follow.
PART I
balances
$1,103,000,000.
1937, without
o
practices of the last
$619,000,000, $322,000,000 and $220,000,000, were
so-called regular budget either in separate items or
$5,654,000,000, leaving an excess of receipts
from
principal departures from
the idea of permanent outlays for
program and the Civilian Conservation Corps.
The
new
expenditures for these activities,
the
expect to
___
available fundB.
need a total
$5,069,000,000.
I
1936-37.
was
years
fiscal year 1937;
activities of the government I will
These regular activities include interest on the public
debt, major public works, operations of the Civilian Conservation Corps,
and agricultural benefit payments, but do not include strictly work relief
of
of the budget's
action on the Social
Conservation Acts, all of
$547,000,000 of the total
WPA and CCC
Backs AAA,
One
unless pro¬
with particular
is expected
in possible court
expected for the fiscal year
revenues
Secretary of
deficit of $4,528,000,000,
be $3,234,000,000,
of January 1935 forecast a gross
recent
seen
Railway Pensions and Guffey Coal
are
counted' upon for approximately
Security,
One
Receipts were estimated in
2.
present
or
expenditures
our
originally forecast.
than
of
of January
1936 would1 be $8,520,000,000.
for the fiscal year
shows
session.
complication is
to enact this
A
the government
their cost."
generally assumed that he was speaking here
to prepayment of the veterans' bonus, which Congress
was
impairing the ability of the
economic status of the
Jan. 6, to
over-all total of new appro¬
necessarily identical
marizing the expenditures for the year the President says:
For recovery and relief, expenditures listed herein are those which will
be
Washington dispatch,
"Times" that the
priations recommended, which are not
to expenditures, totaled $6,400,000,000, including
supplemental items, estimated at $600,000,000, for
tering the Social Security, Railway Pensions,
and other Acts passed at the last session.
From the same account we quote:
The President made it plain that Congress would have to cut its cloth
to fit the pattern as set in existing law if new taxes were to be avoided.
"If the Congress enacts legislation at the coming sesison which will impose
additional charges upon the Treasury for which provision is not already
made in this budget, I strongly urge that additional taxes be provided to
cover
such charges." he 6aid.
"It is important as we emerge from the
which
makes no appropriation
The message
pointed out in a
the New York
No mortal
is
permitted unfailingly to predict the future.
This is par¬
estimates which relate to the money values of property
world of nations torn by dissension, by violent price
fluctuations, and by forebodings of the future.
ticularly true
and
services
of
in
a
Financial
196
It
is,
realize
therefore,
that
a
congratulation
for
cause
within
nation
own
our
beneficial
to
national policy, adopted nearly three years
consistent, broad
a
Chronicle
tively,
In
from
preceding
level
creating
problem
which
normal
even
of
Federal
mounting
a
millions
tax
of
had fallen
receipts
could
government
of
expenses
deficit.
to
such
addition to normal
In
for
called
starving unemployed
balances
000,000.
national
and
homes
of
increase
credit
and
to
public
start
dole
a
foreign
to the
and
on
scale,
large
a
both
other
On
the part
beliefs.
the
of the Federal
machinery
for
First, the
annual
the
of
Second,
ury.
have
the
receipts of
the
sharply during the following few
the
for
losses
and
stated,
purposes
would,
over
This
There
is
to-day
1933.
results
If
even
reduction
of
needy
year
and,
profits taxes.
in
coming
tax
secondly,
tax
receipts
slight
receipts,
Let
above
will
success
the
in
depend, of
course,
employed
condition
by. them.
than
at
because starting with
the
major
1936
time
any
rise;
steady
commenced
fiscal
credit
business
hoped
steady
of
the
from
and
lost
we
on
excess
$40,000,000
personal and
on
tax
corpo¬
increased
of
government
earning power and
profits
the efforts
of
past
the
government
seven
nation
I
years.
on
its
ready
the
highest.
do
to
which
of
began
climb
which
The
succeeding.
budget
my
mitting to the
of January
message
Congress
only
will
It
the
from
few
a
prove
it.
receives
approval
assurance
of
whatever
receipts.
be
of
the
that with the
Such
is
to
expected
give work to
Congress,
be
will
as
now
are
as
desire
retard
not
looking at the revised
pleased
to find
said:
the
"I
that
will
country
be
due
rapidly
as
Estimates for
estimates
we
however,
am,
1936 which
year
the unemployed.
will
by
If
henceforth
our
the
current expendi¬
every
have
for
not
the
payments of
The
fiscal
that
no
made
additional
said
The
a
improvement of
great
brought
about
President initiated in
1933
the
through
and
fiscal
outlook
policies
which
we
text
the
deficit of $4,528,000,000,
$3,234,000,000, or a decrease
have since
the
present
Congress
year
the
and
maintained.
therefore,
this
of
into the subject
examine
condition.
sound
Liberty
bearing
entire
2%
bonds
3}4%
to
Oct.
has
at
been
long-term
per
Liberty
bonds is less
a
year,
or
in
average
refunded,
bonds
of
bearing
$1,900,000,000
annum;
to 2%% per
the securi¬
on
than 2%%
these particular
on
an
annum,
per
annual reduction
an
1933
15
outstanding
interest
amount
for
On
were
in
a
interest
securities.
the
be
added
to
revenue
accompanying
the
to
government
their
meet
unless
provision
is
cost.
offered:
are
as
number
a
of the estimates of appropriations
This provision will add
to promote
a
economical
of
measure
execution
whole, and approval thereof by the Congress
a
has
include provision for transfer between appropriations within
to
flexibility and will tend
administrative
the
of
program
is recommended.
Repeal Amendment to Agricultural Adjustment Act
During the first session of the
amended
was
receipts to
domestic
the
so
Seventy-fourth
as
to
of
the
By
is
appropriating
amendment
denies
of
agricultural
recommended
directly
the
to
a sum
Secretary of Agriculture to
consumption
amendment
Congress the Agricultural
appropriate
for
instead
is
the
No
exportation
estimate
included herein;
following
and
of
repeal
reasons:
of
authorizing
an
the
President
equal to 30% of
encourage
commodities.
expenditure for account of this legislation
opportunity
to
appropriation
consider the
the
need
and
include appropriate estimates
in the budget;
and it denies to the
Congress the opportupity to review such estimates in their relation to the
whole
of the government.
program
The amendment violates the principles
Appropriation Repeal Act of 1934, and of the Budget and
Accounting Act of June 10 1921.
It is in conflict with sound administra¬
of the Permanent
that
passed
it provides
to
in
the
advance
co-ordinate
in the last days of
for large
income
the
and
session
as
annual expenditures without
expense.
a
The
amendment
was
result of conference agreement
debate and consideration by the
Congress which the import
clearly justifies.
measure
Apportionments of Appropriations
Within
the
in
last
general
a
few
agencies
emergency
proposed
months
has
been
of
survey
expenses
control
vested
all
expenditures
administrative
of
for
are
of
in
the administrative expense
of
20
the
Bureau of the Budget which,
them, has effected substantial reductions
administrative
subject
such
to
purposes.
adjustment
Allowances
as
the
status
for
of
the agency warrants.
20
ment
agencies brought
under
the
budget are the Agricultural Adjust¬
Commodity Credit Corporation; Electric Home and
Export-Import Banks (2); Farm Credit Administration;
Administration;
Farm
Authority;
Federal
during this
which
in
exchanged
was
1%%
on
department.
same
The
$1,294,000,000.
been
The
increase of $419,000,000.
gross
and the most recent figures show that the deficit will
be
is
Fourth
following recommendations
been drafted
after
present
and,
adjournment
Appropriation Transfer Provisions
we
with
the
PART II
more
am
what I
before
$8,200,000,000,
the
activities
new
for
in
1936 I
greater knowledge
RECOMMENDATIONS
of
year
far
Congress enacts legislation at the coming session which will impose
charges upon the Treasury for which provision is not already
made in this budget, I strongly urge that additional taxes be
provided to
cover
such
charges.
It is important as we emerge from the depression
attempt
1936
amount.
same
If the
tion
to
by the
for
deficit
gross
additional
any
able
the
2.575%.
and it
is
appropriation
the
interest-bearing debt was on June 30 1934
3.18%, whereas on Nov. 30 1935 it had been reduced to
and without the
or an
deflcit.ofJhe past three
amount
1936
time
than $100,000,000
rate
approximately
current
industry
only accomplished
$4,411,000,000,
1935, forecast
(esti¬
Therefore, it is clear:
$2,136,000,000,
for
with
ranging from
more
average
of
1. My budget message of January, 1935, forecast that the
expenditures for the
fiscal year 1936 would be
$8,520,000,000.
Our most recent estimate shows that our
expenditures will be $7,645,000,000, or $875,000,000 less than
originally forecast.
2. Receipts were estimated in January,
1935, at $3,992,000,000.
At the
time it appears that they will be
3. The message of January,
govern¬
in 1936
appropriations.
and
of
saving'of approximately
cause,
estimates
solely to this
private
have
than
To-day this
to refund
customs
sub¬
in
This
First
4%%.
Adjustment Act
balances
whatever
deficit
sufficient
$5,000,000,000
for
this budget
my budget message of
a year ago, but that the results
respect to both expenditures and receipts have surpassed expectations.
has
in
necessary
of
rates
the
without work."
Revised
In
I
fully covered
occurs
decline
to
re-employ those who
than
'
be
Secure in the knowledge
single exception of this item,
nature
deficit
1935
budget for the fiscal
a
for expenditures to
except
would
at
issued
and
The figures
for
(estimated but not including any new
iess
estimates
amount
about
the
of
average
making.
progress we are
of the
deficit
gross
$3,575,000,000;
exchanged1 for Treasury notes bearing interest from 1%
and the balance was paid in cash.
The average rate
ties
this
say
expenditures
their share.
spring
part
with¬
deficit
need
the
sum.
$1,098,000,000.
the government
of
in
steady and
a
steady
a
are
decreasing deficits will turn in time into steadily increasing
surpluses, and that it is the deficit of to-day which is making possible
the surplus of to-morrow, let us pursue the course that we have
mapped.
may
such
issues
about
of
for appropriations.
at
is
stand
attacks
power
government
continuing
are
the
in 1935,
;
by
is
than the
put
that steadily
In
session
less
imposed by the Revenue
1933, whereas budget estimates for the next
government
and
financial
Our policy is
the
time,
decreased need
a
the
motives
or
of
summer
of
men
that
political
to-day, tax receipts
the
will show
year
The
in
in
same
that
annum,
changes
incomes,
stock
the autumn of 1929 tax receipts began
alarming decline while, at the
ture
rate
expendi¬
givernment receipts this
taxes
finances
The
precisely,
more
follows, that
the
aggregate
interest
continued
a
over
the strength of
on
that
as
1937,
for
than the gross
anticipate
give the Congress full opportunity to
credit
which
successful
our
large
on
checks
increased
new
even
accuracy
make
to
The
the
with
The. only
capital
great bulk
from
not
great
as
$3,989,000,000
this
be
transmit
to
by the employers of the United States greatly to increase the number
persons
better
a
taxes
on
be
1935.
Final
forth
in
and
it
at
greater
war-time
policy
the
and
that
in 1937
estates and
on
throughout the nation and1 not from the
of
of
declining
remembered
$222,000,000 to
that
results
shall
with
actual
in
first, the elimination' of the
were,
case
was
will
session
the estimates
continue
schedules.
tax
increases
only about
emphasize
to
I
of
would
revenues
and by
and to
anticipated
old
large corporations
add
I
year.
income referred
Act of
be
it
will
do
$1,103,-
to
amount
deficit
less
is
this limitation and1 this excellent prospect clearly in mind, I am
including in this budget estimates for additional relief appropriations.
not
relief
work
relief
and
in
followed
shall
By the elimination of the tax
incomes will
for
soundness
have
we
the
1934
1937
was
and the slight increases
revenue,
stopping
the
look forward to-day to
can
we
funds
I
will
gross
With
and
years.
coming from
on
for
fronts I
many
been confirmed
fundamental
present time
increased
in
and
1935,
we
in
work
the
path
the tax schedule
in
and
estates,
the
unemployed.
is
sources
checks
rate
the
to
pf the increase
comparable
of
concisely,
deficits,
made last
on
to
up
the
rise definitely
the need
has
of
relief
Therefore,
expenditures,
these
on
values
1933
$2,136,000,000.
the
relief,
would not exceed that of 1936, which was the lowest gross
1937.
and
doubt
no
more
the
for
large
1936
during the coming
Stated
of
The increase
1934,
work
in
the declining cost of relief.
pass
proceed along the
we
attained
progress
part
rising
diminish
expenditures.
by the Treasury figures of
the fiscal years of
tures
with
years,
is
the fiscal year
Second, that if work relief appropriations by this session of the Congress were
made up to a total of $2,136,000,000, the total gross deficit for the fiscal year 1937
while greatly increased expenditure
policy adopted in the spring of
practice
of
of
thereby reduce Federal
ultimately meet and
for
coupled
period
a
great increase
a
would
government
years,
It
during
First, that since June 30 1934 the gross deficit of the government shows a steady
decrease during the fiscal years 1935 and 1936.
to seek
ultimately return to the Treas¬
would
result of the simultaneous attack
as a
indicated,
cause
government—many
however, in the form of loans which
expenditures
additional
appropriations for work relief),
two interdependent
on
year
relief
years.
would immediately
measures
expenditures
all predicated
were
ago.
continues to
reasonably
industry
a
appropriations
emergency
these
for
mate), $3,234,000,000, and in 1937
Acts creat¬
government the many legislative
recovery
by
state
ment
to reduce unsound
privately-owned activities,
generally disastrous speculation, to eliminate starvation wages,
ing the
of
To
government
extend
imports, to
private
of
work
for
Deficit for 1937 Compared with That of Previous Years
to
values, to give useful work
crop
and
exports
1936
additional
needy unemployed, to reduce all interest rates, to
trade in
railroads
to
works
to stop
higher level of values, and then to maintain those values.
a
'
foreclosure,
sought
adopted
home building, to increase farm
encourage
instead
from
then
we
appropriations
previous
Including
estimate
an
for
the down¬
ward economic spiral by taking simultaneous action along a dozen fronts.
The chief objectives were:
To make bank deposits secure, to save farms
policy which
of
out
obviously would greatly increase that deficit.
The
by
figures
be far less than during the current fiscal year.
It is estimated
budget that expenditures for recovery and relief out of unexpended
the total
will
this
the
program
relief
a
the
over
on
it can two months
as
that
in
on
expenses
gains
expenditures
increasing
accurately to-day
as
1937
low
a
carried
be
not
substantial
from
and
program
employment
1936
11
certain
spite of substantial increases in tax rates during the
in
Administration,
that
without
1933,
this
Furthermore,
now.
show
and successfully toward its objective.
March
from
public works cannot be foretold
by the Congress and the President, has thus far moved steadily, effec¬
ago
Jan.
effects
Co-ordinator
ration ;
of
Transportation; Federal Deposit Insurance Corpo¬
Emergency Administration of Public Works; Federal
Relief Administration; Federal Farm Mortgage Corporation;
Federal
Emergency
Federal Home Loan
Budget for 1937
Now
To
of
let
run
look
us
all
the
$5,069,000,000.
at
the budget for the fiscal year 1937:
regular activities of the Government I will need
tion ;
a
total
These regular
activities include interest on the public
public works, operations of the CCO, and agricultural benefit
do not include strictly work relief items.
I expect to pay
for
these
regular activities with estimated receipts of
$5,654,000,000,
leaving an excess of receipts of $585,000,000.
Out of this $585,000,000 I
will need $580,000,000 for debt
retirement, which will still leave $5,000,000
of excess receipts over expenditures after
having paid for all of the regular
expenditures of the government plus debt retirement.
debt,
tion ;
ration,
major
payments,
The
but
item
for
relief
remains.
Without
that
Bank Board; Federal
Housing Administration; Federal
System; Federal Savings and Loan Insurance Corpora¬
Federal Surplus Relief Corporation; Home Owners' Loan Corpora¬
National Recovery Administration; Reconstruction Finance
Corpo¬
Savings
item
the
budget
is
in
It
so
and
and
Loan
Tennessee
Valley Authority.
is recommended that Section
as
to
To make to-day a formal
budget estimate of the amount neces¬
for work relief would be of necessity a difficult task.
We have too
recently reached our goal of putting 3,500,000 people at work; and the
of the Revised
Statutes be amended
including government-owned
of the
corporations, within the authority of the Director
Budget with respect to apportionments of appropriations and of other
funds
available
to
them.
PART III
REVIEW OF FISCAL YEARS 1935 AND 1936 AND THE
balance.
sary
3679
bring all agencies of the government,
and government-controlled
FISCAL
PROGRAM OF 1937
This
review
concerns
itself
by the Treasury in the fiscal
with
year
cash
actually received and paid out
1935; and with the estimates of receipts,
and expenditures for the fiscal years 1936 and 1937.
As
herein the program of regular activities for 1937 includes
under the AAA and the CCO (Emergency Conservation Work),
appropriations
elsewhere stated
activities
classed
heretofore
emergency.
as
1936 have been
1935 and
1934,
Therefore the figures used!
adjusted to a comparable basis.
YEAR
FISCAL
■■;■■■:'
amounted to $3,800,467,202, or $89,000,000
Internal revenue,
including processing taxes on
above
farm
the estimate by $48,000,000;
sidered
receipts for the year were
actual
While
ADJUSTED
1936,
AND REVISED ESTIMATES, FISCAL YEAR
CLASSIFICATION OF EXPENDITURES IN
Budget Estimate,
Receipts (excluding
postal):
greater than anticipated,
$1,188,000,000
1,685,900,000
570,000,000
298,000,000
250,004,639
actual
The
$1,205,000,000.
Customs
3,606.628,475
Expenditures:
Regular, including AAA and
Interest on the public debt
Recovery and relief-—-,
2.
for
budget
the
When
1936
loans
estimated
the
demands for Corporation assistance were so much less than
and the repayments of loans so much greater, that the Corpora¬
estimated
with net receipts of $107,000,000.
actually closed the year
Deficit and Public Debt
The
instead of the
paid out for
$3,001,799,714. The increase
closed with a gross deficit of $3,575,357,964
$4,869,418,338.
After deducting the amount
year
of
estimate
statutory debt
retirement the net deficit was
public debt was $1,647,751,210,
the total outstanding gross
properly obtained by subtracting
which figure
from the net deficit the decrease
in the
general fund balance, the excess of receipts from trust funds, increment
on gold, &c., over expenditures from
the same accounts, and the amount of
retirement
of
National bank notes from the gold increment.
As of
1935 the total
30
June
while
Net deficit
3
outstanding gross public debt was
$28,700,892,624,
Postal
YEAR
1936
of the first six months of the qprrent year
forecast with a fair degree of accuracy the results of
Dawing upon the experience
is
it
possible to
operations for the whole 1936 fiscal
financial
period.
Receipts
The
ago
same
sources
(excluding
income
of
postal revenues)
expected to produce receipts aggregating
were
expected to produce a total of $4,410,793,946.
Of the items comprising the whole, income taxes
112,000, or $246,000,000
Miscellaneous
internal
more
which a year
$3,991,904,639 are now
will develop $1,434,-
than the 1936 budget estimate.
exclusive of processing taxes is now esti¬
revenue
Receipts from
exceeding the
original estimate by $55,000,000.
Other changes, some upward and some
downward, result in the new estimate of total receipts at a figure of
$419,000,000 higher than shown in the budget for 1936 which was presented
mated
$1,873,091,000,
at
customs
are
expected
to
an increase
of $187,000,000.
reach a total of $353,191,000,
processing taxes in 1936, included in the above
total, is in round figures $529,000,000 as against the original estimate
of $570,000,000.
Actual receipts for the five months ended Nov. 30 1935
totaled $56,000,000, while up to that date approximately $148,000,000 of
due payments had been impounded as the result of preliminary court action.
It is pertinent to repeat here a statement appearing in the summation
of the 1936 budget: -Y "Estimates of receipts contemplate continued collec¬
tion of processing taxes.
If the attack which has been made upon this
Act is sustained we will have to face the problem of financing existing
contracts for benefit payments out of some form of new taxes."
Two new taxes, namely, the bituminous
coal tax and the taxes upon
carriers and their employees, both representing recent legislation, will con¬
tribute $39,000,000 not included in the original estimate of receipts for
1936.
New taxes imnosed by the Social Security Act and the Revenue Act
of 1935 will not produce any income until the fiscal vear 1937.
present estimate for
Expenditures
Indications
are
that
expenditures, including
debt retirement, during the
will not reach the amount budgeted by approximately
$875,000,000; the total now foreseen is $7,645,301,338, against the original
estimate
of $8,520,413,609.
Exclusive of debt retirement the total of
present. fiscal year
estimated at $7,093,276,338, 'while the original com¬
$7,883,979,609.
For recovery and relief the revised
estimate of expenditures for the fiscal vear 1936 is lees than the original
budget estimate by $738,000,000, and expenditures for all regular purposes,
including AAA and CCC/ will be less by $137,000,000.
Debt retirement
will require $84,000,000 less than was budgeted! and interest payments will
be $133,000,000 less.
All regular expenditures, excluding service on the
public debt, will be greater than the original budget estimate by about
expenditures is now
figure
parable
was
The reduction in
above,
Loan
was
bonds
interest payments from the amount budgeted, as referred
to the refunding of First and Fourth Liberty
due largely
aggregating
$8,200,000,000,
at
substantially lower rates of
$25,000,000
estimated at $670,000,000,
the original estimate.
THE FISCAL
PROGRAM OF 1937
•
of the principal features
of the budget for the fiscal year 1937, the details of which appear in
subsequent text and tables.
A few high points stand out and justify
emphasis.
government to carry on its normal
essential to continued recovery,
the budget reflects a substantial
decrease in the spread between income
and outgo.
This is consistent with the prediction made in the budget
message a year ago
and is possible because of progressive improvement
in the economic status of the people.
The state of national recovery is
such that receipts from prevailing tax sources on the basis of present tates
appear adequate for financing the ordinary operations of the government
in 1937, including service on the public debt; and no new or additional
impairing the ability of the
Without
and
taxes
proposed.
are
to
prosecute those activities
functions
./
.
enacted by the first session of the Seventy-fourth Congress
provide in the 1937 estimates new appropriation items
Legislation
makes it necessary to
This total will become approximately $767,reject the ,recommendation, hereinbefore
offered, for repeal of that part of the AAA which appropriates a sum
equal to 30% of customs receipts to the Secretary of Agriculture.
Legislation enacted by the first session also permits including in these
estimates a total of $769,000,000 of additional receipts, of which about
.70% will accrue under the Bituminous Coal Conservation Act, the Act
levying taxes upon carriers and their employees, and the Social Security
Act.
It is worthy of note that but slightly less than 30% of this increase
will be derived under the Revenue Act of
1935.
This Act, it will be
recalled, slightly increased taxes on individuals whose net incomes exceed
$50,000 per year; slightly increased estate taxes on larger fortunes with a
corresponding increase in gift taxes; and in respect of corporations, de¬
creased taxes on net earnings of small corporations while increasing in
relative ratio the taxes on net income of larger corporations.
The Act also
provided for an increase in taxes on capital stock and on excess profits
of corporations.
The effect of the excess profits tax was to increase taxes
on
corporations which earned in excess of certain percentages of their
adjusted declared value of capital stock.
The total revenue expected to be produced by these taxes in the fiscal
$667,000,000.
the
should
Congress
1937 will be only $222,000,000, or 11%, over the income, estate,
capital stock and excess profits taxes under the old law.
Since
collections in the fiscal year 1937 from income taxes and1 the estate tax
year
gift,
only partially reflect the Revenue Act
somewhat larger on a full year basis.
A Federal
in
revised
fiscal
of 1935, the above amount will be
public works program of $405,000,000 is
estimates
year
as
set
out
herein
6how
a
of approximately $3,234,000,000
gross
deficit for the
instead of the original
recommended to meet
improvement requirements of the government,
Federal contribution to work opportunity.
While this
part the development and
and
a
as
proper
represents an increase of about $187,000,000 over the amount for
similar purposes for which the Congress made specific appropriations for
the current fiscal year, it is $333,000,000 less than the total amount made
available for Federal public works in 1936, considering allotments made
program
from emergency
The
success
funds.
attending the
operations
of
CCC and the AAA under
the
status justifies taking them into the budget and
1937 as regular activities, and the estimates of appropriations
tures
have been
prepared accordingly.
The appropriation
for CCC is for the period March 31 1936 to March 31 1937,
program
emergency
to
for
and1 expendi¬
recommended
and amounts
$246,000,000, while the appropriation for the AAA is for the full year
amounts to $499,054,985.
and
following table
The
in
this
budget and
gives a clear picture
shows
how
they
of the main figures proposed
with
compare
similar figures
for
previous years.
Actual
Estimated
{In Millions of Dollars)
1934
I.
1935
1936
1937
1,470
1,099
1,657
1,434
1,873
1,943
2,103
353
521
529
547
313
343
353
354
162
180
183
160
39
547
3,116
3,800
4,411
5,654
Receipts—
818
Income taxes
Processing taxes
Customs
_
_
Miscellaneous
Taxes
under the Social Security Act, the Act levying
carriers and their employees,
Bituminous Coal Conservation Act
Deficit and Public Debt
The
over
presented here a brief factual resume
is
There
taxes
interest.
current
—
Miscellaneous internal revenue
$80,000,000.
to
$3,234,507,392
-
ago.
year
The
$4,528,508,970
$34,238,823,656 $30,933,375,017
for the fiscal year 1936 are now
revenues
is
which
______
debt
Gross public
4.
000,000
FISCAL
—
Gross deficit
aggregating
$27,053,141,414.
June 30 1934 it was
on
retirements
Statutory debt
Therefore,
expenditure and the actual result
amounted to $663,000,000.
Other agencies spent for recovery and relief
$337,000,000 less than estimated.
For the operation and maintenance of regular departments
and estab¬
lishments of the government,
including the AAA and the CCC, actual
expenditures were $2,912,537,509, against the estimate of $3,104,961,174.
For statutory debt retirements there was expended $573,558,250, and for
interest on the public debt $820,926,353, whereas the amounts budgeted
for these items were, respectively, $572,566,000 and $835,000,000.
betewen the estimated
net difference
the
Total expenditures-
the
ditions,
tion
prepared it seemed probable that
was
accounts except relief, would close the year with an excess
over repayments; and
the amount of the net expenditures was
at $556,000,000.
However, because of improved business con¬
all
in
RFC,
$2,682,482,392
552,025,000
875,000,000
fact:
this
$7,093,276,338
$3,892,074,970
636,434,000
CCC
$3,482,208,151
742,000,000
2,869,068,187
$7,883,979,609
receipts
Total
$4,410,793,946
$3,402,351,134
-
____
All other
$1,434,112,000
1,873,091,000
529,042,000
353,191,000
221,357.946
$3,991,904,639
Internal revenue
Processing taxes on farm products
Miscellaneous
$4,608,541,852, exclusive of expenditures made
by the CCC.
This difference is partly due to
made
and
AAA
the
Estimate
Income tax
of all expenditures was $7,375,825,166 against an estimate of
$8,581,069,026.
Approximately a billion dollars of this difference related
to recovery and relief, and the regular agencies accounted for the remainder.
The total spent for recovery and relief was $3,068,803,053, whereas the
budget estimate was
Revised
January 1935
aggregate
a
TO
1937 BUDGET
1.
the amount estimated by
expenditures were less than
in
probable.
COMPARISON OF ORIGINAL
the
Expenditures
is
between budget estimates
this item was $179,424,140.
actually received under
amount
of
the following table for ready com¬
of a year ago and what are now con¬
foregoing figures are set out in
parison
including realization upon assets,
$56,000,000.
Miscellaneous receipts,
estimated at $227,184,181, fell short of
of
under
$2,682,000,000.
in round figures,
as
receipts amounted to
Customs
1936
debt
public
gross
$3,277,690,028, exceeding the estimate by $80,000,000.
$343,353,033, an increase over the estimate
products, produced
deducting the amount of statutory
at June 30 1936 should not be greater than
$31,000,000,000.
This estimate assumes that the working balance in the
Treasury on June 30 1936 will be approximately the same as it was on
June SO 1935, namely, $1,001,142,951.
Obviously, if the working balance
is less, the gross debt- will be less; and if it is greater, the gross debt
The
The
total receipts
estimate.
the
budget forecast of $4,529,000,000.
After
debt retirement the net deficit will be,
•
ended June 30 1935 were in excess of
Considering all sources except postal
receipts for the year
prepared a year ago.
Treasury
estimates
herein for
1935
Receipts
revenues,
197
Financial Chronicle
Volume 142
upon
Total receipts
and the
_
Financial
198
Chronicle
Jan. 11 1936
Deficit and Public Debt
Estimated
Actual
The gross deficit
(In Millions of Dollars)
1937
1936
1935
1934
including
$580,125,000
$518,263,720.
II.
1.
Expenditures—
will
Operation
regular depart¬
of
maintenance
and
1,086
1,083
1,568
2,586
556
ments and establishments
605
718
30
1936
of
805
742
821
757
Tax refunds (exclusive of processing taxes)
Agricultural Adjustment Act
Civilian Conservation Corps
63
45
47
743
621
436
528
220
Statutory debt retirements
360
573
552
580
3,444
4,306
4,776
5,649
the
for work relief
5
Excess of receipts over regular
expenditures
expenditures over receipts
Excess of regular
"328
"506
"365
3,661
2. Recovery and relief,
3,069
2,869
xl"i03
the
recommended
probable
Gross public debt.
expenditures
estimated
Represents
previous
of
balances
unexpended
from
appropriations.
emergency
attention
Directing
for 1937 and
comment is
to
between fiscal operations proposed
forth in the table, the following
comparison
a
estimated for 1936, as set
now
pertinent:
for
Social
Security
and
exclusive of taxes imposed under the
the Bituminous Coal Conservation Act, and the Act
Act,
are expected to reach a
$716,665,704 over similar receipts
and $1,280,730,319 over 1935.
It should be pointed out here that this increase is due largely to increased
collections anticipated under the old schedules.
As has been stated, only
about $222,000,000 will be collected in 1937 as a result of new schedules
levying taxes
total
of
an
increase of
at
estimated
now
their employees)
carriers and
upon
$4,559,817,650,
1936
$3,843,151,946,
Revenue Act of 1935.
the
This
(2)
appropriations
the
for
1937.
all sources, except postal revenues, are estimated
Thus 1937 receipts from
fiscal
Postal
of
gain
a
$35,000,000
evidence
for the
is,
sources
estimated at $705,000,000, an
anticipated in 1936.
This is
are
$670,000,000
over
trend in economic conditions.
detailed
the
of
of
estimates
for each
$125,000,000
Highway
indicates
provide
and
System
fiscal
the
of
1936
years
there
of the
available
for
grade
available
made
that
table
and
the approximate
new
general tax
Estimated
Social
in
being constructed
are
of
appropriations
during the
last
Security
session
of
1937 from
1937:
Act
$479,689,840
47,645,000
1,155,000
45,581,132
27,326,420
17,500,000
27,500,000
11,000,000
10,065,075
Railroad Retirement Act
Coal Conservation Act
Amendments, pension laws
Postal 40-hour week..
Elimination diseased cattle
Soil
of
for
provisions.
appropriations,
Bituminous
total
Moreover, roads
estimate
legislation enacted
new
a
provided
funds in amounts approximating $115,000,000.
shows
administer
to
farm-to-market roads
a
there
funds
1937
year
to
funds
highways
of
these
from
Public Works Program, previously referred to.
following
1933
emergency
$60,000,000
the
to
years
construction
during the fiscal
addition
in
and
appears
course
fiscal
from
the
for
crossings,
expenditure
secondary classification
required
of
This
1938.
year
during the
that
$1,192,000,000
$250,000,000
the General
The
fact
been
has
of
elimination
than
balance
the
Toward
applicable to the fiscal
approximately
be
more
$40,000,000 has previously
1936.
year
in view
inclusive,
of
the
of
fiscal
that year there is provided
justified
and
from $1,873,091,000 to
up
are
and
public works;
•
Federal-Aid
the
for
authorizations
these
the
for
and making it
1936,
$2,103,114,000, a gain of $230,023,000.
Customs receipts are forecast at $354,000,000, substantially the
same
as anticipated
for 1936.
The reduction of $22,654,296 in probable
miscellaneous receipts, from $182,757,946 to $160,103,650, brings the net
increase in the estimates of these four classes of receipts to $716,665,704,
ing taxes,
of the
increase in specific
an
general
of
account
on
(3)
been appro¬
$85,000,000
under the item "General Public
Works Program" an estimate of $60,000,000, which it is believed will be
sufficient to meet commitments maturing during 1937.
As to the authoriza¬
tion of $125,000,000 for the fiscal year 1937, language is included in this
budget having for its purpose the cancellation of this authorization for"
respectively, $1,942,600,000 and $1,434,112,000.
Similarly,
receipts from miscellaneous internal revenue, exclusive of process¬
estimated
authorizations
for
authorized
being,
years
1937;
operations
the
continue
to
31
Congress, and also shows the amount of receipts anticipated in
1937
receipts for
income tax of $508,488,000, the figures for the two
in
1936
over
coming year
the upward
of
to
later,
amounting
appropriations
additional
March
to
under allotments of emergency
receipts for the
examination
An
of $4,410,793,946
estimate
The increase in total receipts from stated
$1,243,423,704.
therefore,
further
against the revised
year.
1936
$187,000,000
of
Under
priated
will
of $508,500,000.
600,000 this year, an increase
increase
anticipated
sum
recently authorized by the Congress
$5,654,217,650
the fiscal year 1936.
over
(1)
$246,000,000
of
31
appropriations of
total
current
to
Department of Agriculture.
Existing
fully
at
March
from
1937
of
at
prospective
legislation enacted at the last session of Congress;
new
appropriation
an
CCC
under the Social Security
Act, the Bituminous Coal Conservation Act, and the Act levying taxes upon
carriers and their employees will produce $547,100,000 in 1937 and' $38,-
processing taxes the
taxes
1937
year
due
is
required to finance
is $547,300,000 against the
Other
increase
and
approximately $610,000,000, including supplementals to be submitted
$529,042,000 for the current year, an increase of $18,258,000.
From
estimate
$6,400,000,000,
$600^000,000, while
aggregate
budget
estimated
supplemental items for
the fiscal year 1936, inclusive of the appropriation of $4,000,000,000 for
recovery and relief, amount to $5,146,000,000, an increase of $1,254,000,000
comparison,
of
purposes
this
items
made
already
increageg^ the general departmental requirements aggregating approxi¬
mately $211,000,000, due largely to the increases in the Army, Navy and
(exclusive of postal revenues and processing taxes,
1937
Receipts in
in
for
(4)
Receipts
also,
in
supplemental
appropriations
required for the fiscal
3,989 3,575 3,234 1,098
27,053 28,701 30,933 31,351
deficit.
Gross
for
The figure
during the coming year
Appropriations
Appropriations
including
Total regular
x
1937
estimated debt on
1937 does not include
as may be determined
an
Congress.
619
332
by
upon
deficit of
net
a
49
290
such amounts
or
public debt on June 30
gross
compared with
as
$30,933,375,017.
790
Veterans' pensions and benefits
Interest on national debt
debt retirement,
statutory
$31,351,638,737,
Regular:
June
for
It is estimated that the
to
amount
1937 is estimated at $1,098,388,720,
for the fiscal year
conservation
Agricultural xesearch and extension
Reduction interest rate, Federal Land banks
stated.
as
The
tion
while
and the Act levying taxes upon
during the fiscal
these
from
revenues
stantial
The
increases.
in the order named are
Estimated receipts from taxes under the Social Security Act, the Act
levying t8*es upon carriers and their employees, and the Bituminous
the
fiscal
next
estimated
amounts
The
expenditures
$6,752,606,370,
1937
for
1937
for
such
taxes
new
Of the two
amount
to
for regular activities,
$5,649,781,738
of
increase
herein
budget
is
will
total
estimated
now
$873,548,587.
For
will
which
those
are
all
which
of
is estimated
the
been
have
at
$4,776,233,151
and
recovery
be made from
relief,
for
CCC,
1936,
expenditures
an
listed'
unexpended balances, practically
cover
mainder
allotted.
The
total
a
of
such
expenditures in
the
regular
public
current
expenditures
debt,
exceed
increase
an
of
1936
$805,000,000 for
the
over
on
the public debt
regular
activities is
$782,448,587
under
and
the
their
employees,
000,000;
public
Social
(b)
Security
and
for other
works,
the
Jan.
on
as
annual
contribution
the
of
the
Congress
United
the
States
naval
and
in
Act
Bituminous
government
the
of
3
(a) For financing activi¬
Coal
(c)
and
up
1930,
to the
and
improved equipment and additional
In
the
War
Congress
actual
strength
to
personnel
Department Appropriation Act
adopted
its
nearer
provide
Act,
that
during
expenditure
this
funds
1936
included1 in
average
during the
sufficient
are
of
to
this
budget
fiscal
year
are
SUMMARY OF
liability
1.
of
is
believed
D.
ROOSEVELT.
THE
NATIONAL BUDGET
Estimated,
Actual,
Fiscal Year
Fiscal Year
1936
1935
$
Internal
J
$
5,140,114,000 3,874,845,000 3,277,690,027
354,000,000
353,191,000
343,353,033
155,142,606
178,772,055
169,002,670
revenue
Customs
Miscellaneous
Total
revenues
2.
replacement
by
and
5,649,256,606 4,406,808,055 3,790,045,732
4,961,044
3,985,891
10,421,469
revenues
Realization upon assets.
Total receipts
II.
5,654,217,650 4,410,793,946 3,800.467,201
Expenditures—
1.
Legislative, Judicial and executive..
2.
Civil departments and agencies
3.
National defense
4.
Veterans' pensions and benefits
Army, $193,000,000.
5.
Agricultural Adjustment Act*
6.
Civilian Conservation Corps
with
it
Revenues:
under
contemplated
1935 the
enlisted
average
The
since
estimate
Fiscal Year
Receipts—
fiscal year
sufficient
1937,
I.
the
an
been prepared,
re¬
no
1936.
the
men.
Likewise
along lines to be recommended by the Secretary
can then be transmitted.
for
maintain
approxi¬
supplemental estimate
for
approximately 147,000
been
has
of $600,000,000 estimated
Estimated,
$485,-
a
These
year.
for
Acts
increased
for
policy of increasing the average enlisted strength of
the Army from 118,750 to 165,000
men, and
toward accomplishing such
purpose
appropriated an additional $20,000,000 for expenditure during
strength
new
Required by the Budget and Accounting Act
(U. S. C., Title 31, Sec. 11 (F) )
carriers
upon
Conservation
$125,000,000;
three
Balanced Statement as
The major
for national defense, to meet the policy
Executive in making up for the delay by the
1922
has
expenditures
1936.
levying taxes
the
expense
sum
and
budget
1937
(e)
bringing the Navy
treaties
a
the
from
existing law, $60,000,000, and
the Potato Act
in 1937, therefore,
compared with
lump
by
the
by the Bureau of
The necessary estimates covering the
will be transmitted during the early days
General and Special Accounts
follows:
the
year
the probable
total
in
increase
an
emergency
appropriations, $228,000,000 ;
for the veterans' adjusted1 service certificate fund in order to bring the
(d)
of
as
legislation,
new
transferred
Act,
current
authorized
together with complete details for 1937.
Agriculture, and
by $91,100,000.
part of this increase is accounted for
ties
for
item
same
for statutory debt retirements,
Excepting debt retirement and interest, the net increase in
for
interest
the
included
Security Board and
taxes
However,
in
supplementals.
the
GENERAL
included
The cost of service
that for
1937
of
to.
included
are
the organization
FRANKLIN
1937
decrease of $1,766,243,555 frofn
$63,000,000
and $580,125,000
year;
$28,100,000.
will
there is
is
administering
figure of $2,869,068,187 for 1936.
In
estimates
collecting
this Act should be amended
of
obligated prior to June 30 1936, and practically
$1,102,824,632, which is
for
referred
and
the session,
for
sufficient time to plan
detailed
no
Revenue
heretofore
mated
to
recovery
including the AAA and
with
compared
as
all of which will have been
of
this
less than
major categories of expenditure, namely, regular and
relief, allowances
required,
Internal
under
$547,100,000
been
has not
to be incurred by the Social
expense
contemplated
there
Because
methods
1936.
and
Coal Conservation Act
show sub¬
will
year
from
$433,200,000, $12,300,000 and $101,600,000.
approximately $893,000,000
or
$667,462,467
-
are
1936 will be comparatively small,
year
in
sources
carriers and their employees
Expenditures
for
Total
provisions of the Social Security Act, the Bituminous Coal Conserva¬
Act,
such that receipts
estimates
of
amount
to
the
purpose
in
39,153,180
703,780,103
744,839,588
717,822,280
621,127,000
528,383,000
36,225,190
513,358,167
533,597,243
605,573,274
743,027,311
435,508,643
7. Debt charges:
Interest
.....
Retirements
Refunds
9.
Recovery and relief
10.
805,000,000
742,000.000
820,926,353
552,025,000
573,558,250
49,403,100
47,103,000
45,247,679
1,102,824,632 2,869,068,187 3,068,803,053
580,125,000
8.
items
(for
1 to 6, inclusive)
Supplemental
groura
in
41,835,627
1,006,220,145
937,791,966
790,058,900
619,347,000
220,000,000
above
600,000,000
80,000,000
maintain
view
Total
of
expenditures
6,752,606,370 7,645,301,338 7,375,825,165
providing
in the 1938 budget the funds necessary to recruit the
Army
strength by the close of that year as will produce an
average
strength of 165,000 throughout the fiscal year 1939, the maximum
indicated by the Congress.
It is felt that this is as fast as the
govern¬
ment should proceed in this matter in the
light of the present forecast
to
such
enlisted
of fiscal
The
383,000
III.
Deficit
IV.
Means of financing deficit:
1.
2.
affairs.
contemplated
as
Total
expenditures
for
the
CCC
show
a
decrease
against estimated comparable expenditures for
1936.
of
$308,-
*
All
1,098,388,720 3,234,507,392 3,575,357,963
Decrease In working balance
(general and special acc'ts)
Borrowings
...
means
expenditures
this heading.
of financing
1,098",388" 720 3,234,507~392
1,262,632,853
2,312,725,110
1,098,388,720 3,234,507,392 3,575,357,963
under the Agricultural Adjustment Act
are
included under
of Treasury—Total Expenditures
Annual Report of Secretary
1935 Amounted
to $7,375,800,000
June 30
199
Chronicle
Financial
Volume 142
In Fiscal Year Ending
Compared with $7,105,000,000 in 1934—
Totaled $1,099,100,000 Compared with $818,000,000 In
Year—Agricultural Adjustment Taxes Increased $168,300,000 to $521,400,000—Alcoholic Liquor Taxes Amounted to $411,000,000—Public
Debt
$28,700,892,624 Compared with $27,053,141,414 June 30 1934
Tax Receipts
Income
Previous
of Secretary of the Treasury
In the annual report
fiscal year ended June 30
thau, for the
is shown that total
Jan. 6, it
Morgen-
1935 made public
and
expenditures for general
special (including recovery and relief) accounts, amounted to
$7,375,800,000 for the year, as compared with $7,105,000,000
in 1934, an increase of $270,800,000.
receipts of general and special
1935 were $3,800,000,000, com¬
According to the report total
funds during the fiscal year
$144,000,000
the
the
Revenue Act of 1934 affecting corporation income tax collections were the
elimination of consolidated returns (except for railroad corporations), the
imposition of a surtax on personal holding companies, and new pro¬
visions with regard to reorganizations.
In addition, the Treasury changed
its administration of depreciation allowances.
The last-named factor,
together with the special efforts of the Bureau of Internal Revenue to collect
back taxes on incomes, resulted in an increase of collections of $45,000,000
Collections of current
of the fiscal year
and which we give elsewhere in this issue.
From
Secretary Morgenthau's report we quote the following re¬
garding the receipts:
Income tax receipts, which were 26% of total receipts in 1934, increased
to 29% of total receipts in 1935.
Miscellaneous internal revenue, though
showing a substantial absolute increase in 1935, declined in relation to total
receipts from 47% in 1934 to 43% in 1935.
FISCAL YEARS
Miscellaneous
revenue—Receipts from miscellaneous internal
$1,657,200,000 in the fiscal year 1935, as compared with
internal
revenue taxes were
$1,469,600,000 in 1934, an increase
from the following sources,
came
order of their
(+)
Dec.
1935
(—)
fermented malt liquors, taxes on distilled spirits
wines, the estate tax,
and the capital stock tax.
obtained from taxes on distilled spirits and wines,
Increased revenue was
gifts, fermented malt liquor,
Income taxes:
Current corporation.
+ 144.0
4e5.4
321.4
documentary stamp taxes,
of the decedent.
448.2
+ 93.2
185.6
+45.0
rates of
1,009.2
+282.2
—.1
—1.1
-
+ 1.0
+281.1
1,099.1
818.0
the result of
Nineteen
internal revenue taxes:
6.6
+ 4.0
80.2
91.5
+ 11.3
104.0
140.4
+ 36.4
2.6
profits
Estate
71.7
+ 62.5
90.0
195.4
169.0
215.6
+ 105.4
+ 46.6
425.2
459.2
+ 34.0
66.6
43.1
—23.5
9.2
-
special taxes) .
(Including special taxes)—
wines (Including
Tobacco
Stamp
202.6
All other—
+ 6.4
32.6
—.5
27.8
43.1
+ 2.5
—15.0
390.0
Lubricating oils
—41.1
77.3
58.1
accessories
Electrical energy
161.5
25.3
tubes and parts or
70.9
33.1
Gasoline
Automobiles, trucks, tires,
342.3
excise.
in the consumption of tax-paid distilled spirits and
$105,400,000 increase in revenue from this source.
liquor resulted in additional
revenue of $46,600,000.
Total revenue of $411,000,000 from liquor taxes
for the fiscal year 1935 exceeded that for any year in the pre-prohibition
gether with an increase
wines, accounted for a
Increased
consumption of fermented malt
manufacturers' excise taxes
decline in collections from
the tax on gasoline.
During part of the preceding fiscal year the 1J^ cents
per gallon rate imposed by the National Industrial Recovery Act was in
effect, whereas during the whole of 1935 the rate was 1 cent per gallon.
The repeal of taxes on candy and soft drinks and the modification of taxes
on furs and jewelry also contributed to the loss of revenue from manu¬
"
••
—15.8
25.6
+ .8
15.4
+ 24.5
47.8
(collection
13.5
1,483.8
1,674.0
+ 190.2
14.2
—16.8
—2.6
1,469.6
1,657.2
+ 187.6
521.4
+ 168.3
—
statement (unrevised)
Internal revenue.
Agricultural adjustment taxes
—
2,640.7
3,277.7
313.4
343.4
+ 637.0
+ 30.0
2,954.1
3,621.1
+ 667.0
.......
and customs.
receipts:
Government-owned securities:
20.4
.7
—19.7
57.4
38.1
—19.3
.5
58.0
+ 57.5
83.2
82.6
—.6
161.5
179.4
+ 17.9
3,115.6
3,800.5
+ 684.9
and miscellaneous internal revenue taxes on the basis of
usted to basis of daily Treasury statement (unrevised);
collections,
Foreign obligations
All other
Seigniorage.c
All other miscellaneous
Total miscellaneous
receipts...--
receipts
general and special
funds..
Income taxes
agricultural
and miscellaneous receipts on basis of daily Treasury
General and special accounts combined. For description
adjustment taxes, customs,
(unrevised).
and bases,
dividends, terminated Dec. 31 1933.
This amount Is exclusive of $140,100,000 held as a trust account, &c., receipts
representing seigniorage taken on silver acquired under the Silver Purchase Act of
1934 and received under the President's proclamation dated Aug. 9 1934.
b Includes
$50.2 million from tax on
c
Income
taxes—In the fiscal year
1935 income tax receipts
aggregated
1934,
$1,099,100,000 as compared with $818,000,000 in the fiscal year
an
increase of $281,100,000.
Receipts during the first half of the fiscal year
1935 were based largely on incomes for the calendar year 1933, and
luring the second half, on incomes reported for the calendar year
Receipts during the second half, therefore, reflected the higher
corporate and individual incomes during the calendar year 1934 as
with 1933 as well as the changed provisions contained in the Revenue
ef 1934, which then became effective for the first time.
increased,
the processing of
substantial revenue.
The expiration,
however, of the tax on dividends, effective Dec. 31 1933, and of the tax on
checks, effective Jan. 1 1935, resulted in reduced collections from those
sources.
A decline in revenue from documentary stamp taxes was in large
part due to the lower revenue from taxes on stock transfers, reflecting a
contraction in the volume of stock trading.
Another factor contributing
to the decline was the reduction, in the Revenue Act of 1934, of the stamp
tax on sales of produce for future delivery from 5 cents per $100 to 3 cents
per
oils gave rise to
$100.
Agricultural adjustment taxes—Receipts from agricultural adjustment
totaled $521,400,000 in 1935, an increase of $168,300,000 over receipts
taxes
Total internal revenue...
Total internal revenue
capital stock tax and excess profits tax
imposed by the Revenue Act of 1934 on
coconut and other
353.1
Internal revenue
Customs.----
Collections from the
and new taxes
b~61~3
basis)
Total miscellaneous
47.7
+ .4
24.5
Internal revenue
Adjustment to dally Treasury
—
—.9
41.4
oils processed
Total miscellaneous
of accounts
1935 was in most part due to the
19.7
14.6
All other miscellaneous
statement
$47,700,000 in revenue from
The decline of
:.v 9.5
Admissions
a
and 1919.
period except 1918
10.4
....
Checks
with totals ad
the first full fiscal year during
amendment was effective.
This factor, to¬
hundred and thirty-five was
19.3
Telegraph, telephone, radio, and cable
Transportation of oil by pipe line
Total receipts,
As in other recent years this
increased consumption of cigarettes.
facturers* excise taxes.
Total manufacturers'
Proceeds of
tobacco manufactures increased $34,000,000
high level of $459,200,000.
repeal of the 18th
in the fiscal year
Manufacturers' excise:
increase
least in
the higher
gifts made
1935.
Collections from the tax on
which the
Capital stock..
30 1934.
anticipation of higher income and estate taxes—than to
gift tax under the Revenue Act of 1934, applicable to
in 1935 to a new
was
Total income taxes.
Miscellaneous
in the year ended June
gift tax increased by $62,500,000 to $71,700,000 in 1935.
This
was due more to the larger amount of gifts—probably made, at
817.0
(un¬
from
taxable value of
Collections from the
The increase of $36,400,000 in collections
during the calendar year
Fermented malt liquors
Revenue Act of 1934
marked extent in collections until May 1935, since
not required to be filed until one year after the
caused mainly by the increase in the
the estate tax was
140.6
Total Income taxes
Cocoanut, etc.,
of tax on estates imposed by the
not reflected to any
355.0
Individual..
Distilled spirits and
and certain other miscellaneous internal revenue
taxes.
part, in
Back taxes..
Gift
estates, and tobacco. These increases more
manufacturers' excise taxes,
in the collections from
declines
offset
than
estates of decedents
Internal revenue:
Excess
manufacturers'
and
excise taxes, taxes on
death
Inc.
Miscellaneous
internal revenue
which are arranged in the
revenue-producing inportance: Tobacco taxes,
under that Act returns were
1934
revised)—
of $187,600,000.
approximately 86% of the total miscellaneous
collections
were
Dollars)
incorporated in the
of 1934.
Revenue Act
In 1935
effect of changes in the rate
capital gains and losses provisions
The increased rates
1935 a
(collection basis) —
Adjustment to dally Treasury statement basis
of $93,200,000 in current individual
collected during the second half
addition to the higher level of individual
compared with 1933, the net
structure and in the
tures,
Current
1935.
the fiscal year 1935 was
and reflected, in
incomes in 1934 as
noted that Secretary Morgenthau's report came out
time as President Roosevelt's budget message,
which likewise deals with government receipts and expendi¬
(In Millions of
about 62% of this increase occurring in
Among the changed provisions in
Approximately 79% of the increase
income taxes during
at the same
SOURCES FOR THE
fiscal year.
the
during tha fiscal year
to be
1934 AND
half of
second
pared with $3,115,600,000 in 1934—an increase of $684,900,000.
Income taxes, miscellaneous internal revenue,
agricultural adjustment taxes, customs and seigniorage on
sflver, all showed substantial increases, says the report.
It is stated that alcoholic liquor taxes for the fiscal year
ended June 30 1935 totaled $411,000,000—the amount being
larger than that for any year except 1918 and 1919.
It is
RECEIPTS BY MAJOR
corporation income taxes increased
in 1935 over the preceding year,
receipts
1934.
levels of
compared
Act
This increase was due mainly to
effect during all of 1934 and for
some commodities only during a small part of the year.
Processing and
related taxes on peanuts and rice and the cotton ginning and tobacco sales
taxes did not become effective until the fiscal year 1935.
Collections of processing and related taxes combined were higher in 1935
for all commodities represented in both years except for cotton and paper
and jute products.
By far the largest increases occurred in the cases of hogs,
on which the tax became effective Nov. 5 1933, and the last increase in rate,
March 1 1934, and of sugar beets and sugar cane, on which taxes did not
become effective until June 8 1934.
Receipts from taxes on hogs, wheat,
and cotton accounted for 77 % of total collections of agricultural adjustment
taxes during the fiscal year 1935.
Customs—Customs receipts in the fiscal year 1935 amounted to $343,400,000, or $30,000,000 mere than in the fiscal year 1934.
The additional
revenue from customers resulted from an increase in imports of distilled
from this source
in the fiscal year
the fact that none
1934.
of these taxes was in
spirits and wines and
from a relatively large volume of imports
of agri¬
cultural products.
Miscellaneous
receipts—Miscellaneous receipts
of general
and special
$161,500,000 in the fiscal year 1934 to $179,400,000
include such items as proceeds from governmentowned securities, Panama Canal tolls, seigniorage, tax on the circulation
of national bank notes, fees, fines and penalties, rents and royalties, and sales
funds increased from
in
of
1935.
These receipts
government property.
seigniorage more than offset
ous
*
An increase of $57,500,000* in receipts from
decreases in certain other sources of miscellane¬
receipts.
This amount is
dated dated Aug.
trust account, &c.,
acquired under the Silver
President's proclamation
exclusive of $140,100,000 held as a
receipt, representing seigniorage taken on silver
Purchase Act of 1934 and received under the
9 1934.
200
Financial
As to the
Chronicle
expenditures the report states:
net
Expenditures for the operation and maintenance of regular departments
establishments of the government
preceding
were:
$1,732,100,000 in
1935,
(exclusive of public debt charges)
increase
an
of $26,800,000
$53,900,000 for national defense, to provide replacement and improve¬
equipment for the Army and to meet provisions of the naval treaties
of 1922 and
connected
1930; $49,000,000 for veterans' pensions and benefits,
disabilities; and $12,000,000
These increases
largely offset by
were
on
pertaining to service-
account of the
postal deficit.
relief.
decrease of $50,200,000 in regular
a
expenditures for public buildings, due to the completion of
a
preceding
for
some
are
shown
revenue
receipts.
Additional expenditures
large extent these outlays supplanted work relief
through the
Administration,
which
Expenditures
was
nearly terminated by the end of the
for the CWA were
because of larger expenditures for loans
States, municipalities, &c., for public
highways, river and
national defense, &c.
Loans to railroads showed a slight
to
harbor works,
a
decrease.
,
Total aid to home owners
declined $91,400,000 in 1935 owing to the fact
that expenditures for the
purchase of capital stock of the Home Owners'
Inc. (+)
Class
as
$1,0^0,400,000 in 1935,
and grants
EXPENDITURES BY MAJOR FUNCTIONS FISCAL YEARS
1935
a
year.
in 1934 to
1934 AND
1935,
$80,600,000 in 1935.
Expemditures for emergency public works
increased from $642,400,000
such.
(In Millions of Dollars)
in
ture in stricken
agricultural areas amounted to
of these purposes were made from recovery and relief funds and
as
Mortgage Corporation by the Reconstruction
$11,300,000 in 1935, as
compared with $805,100,000 in 1934.
Owing to the drought in the summer
of 1934, loans and relief
expenditures mads by the Department of Agricul¬
Columbia,
and by lower expenditures for regular river and harbor works and for re¬
funds of customs and internal
To
Civil Works
major part of
the original public building program of 1926 for the District of
against
1934, an increase of $497,300,000.
Ex¬
penditures for the Federal
Emergency Relief Administration (including the
Federal Surplus Relief
Corporation) were $1,814,300,000 in 1935. an increase
of $1,106,900,000 over
1934, chiefly as a result of larger outlays for direct
the
as
as
Farm
Finance Corporation under the
act of May 12 1933.
Total expenditures for relief
amounted to $2,341,700,000
compared with $1,844,400,000 in
ment of
result of the application of new laws or revised rules
of the
available to the Federal Farm
the
over
The principal items of increase in this class of expenditure
year.
1936
11
$60,100,000,
expenditures of $183,100,000 in 1934.
tures
aggregated
in the. amount of
Recovery and relief expendi¬
Credit Administration decreased
$204,900,000, chiefly
because of the expenditure in
1934 of $199,900,000 of the
$200,000,000 made
EXPENDITURES
and
Jan.
Commodity Credit Corporation
of Expenditure
1
1934
Loan Corporation amounted to
$46,000,000 in 1935, compared with $153,in 1934.
This decrease of $107,000,000 was
or
1935
Dec.
(—)
000,000
partly
offset
by
expenditures of $15,900,000 by the Federal
Housing Administration, created
5
under the act of June 27
1934; of $1,700,000 for the Resettlement Adminis¬
and establishments:
Legislative, Judicial, and executive
•
35.7
+ 3.1
tration, established by Executive
333.3
+ 1.4
75.5
River and harbor works_c
32.6
331.9
Civil departments and agencies.b
Public buildings.c
25.3
—50.2
amounts for
emergency
55.1
—23.2
78.3
4.
Postal deficiency
52.0
64.0
+ 12.0
National defense .c
479.7
533.6
+ 53.9
Veterans' pensions and benefits.c
556.6
605.6
+ 49.0
62.7
45.2
—17.5
36.0
All other.
34.3
—
1.7
order on April 30
1935; and of increased
housing and subsistence homesteads.
Earnings and repayment of loans received by the RFC in 1935 exceeded
direct loans and expenditures
by the Corporation, resulting in net receipts
$135,400,000 as compared with net expenditures of
$565,800,000 in 1934.
of
Expenditures for the Tennessee Valley
Authority increased from $11,000,000
$36,200,000 in 1935, largely for construction in connection with
in 1934 to
the water-control
program.
Total operation and maintenance.
1,705.3
1,732.1
+ 26.8
Public debt charges:
Interest
756.6
820.9
+ 64.3
359.9
573.6
+ 213.7
1,116.5
1,394.5
+278.0
—
Retirements
Total public debt charges
Recovery and relief:
Expenditures classified as "miscellaneous" decreased
$148,300,000 in
1935, chiefly because the Treasury's
purchase of $150,000,000 of capital
stock of the Federal
Deposit Insurance Corporation, as provided in the
Banking Act of 1933, was practically completed in the fiscal
year 1934.
From the report we also take the
Agricultural aid: d
THE
Agricultural Ad ustment Administration.
Refunds of processirg taxes...
289.1
1.2
31.2
+ 30.0
Commodity Credit Corporation
183.1
e60.1
—243.2
Farm Mortgage Corporation).!.
Federal Land banks
346.3
141.4
—204.9
46.2
48.0
+ 1.8
d865.9
d872.3
+6.4
707.4
1,814.3
+ 1,106.9
Total agricultural aid..
Relief:
Federal
Emergency
Relief
Administration
711.8
following:
PUBLIC DEBT
+ 422.7
The fiscal year 1935 closed with the
gross public debt outstanding at
$28,700,892,624.53 as compared with $27,053,141,414.48
outstanding on
June 30 1934, an increase of
$1,647,751,210.05.
The net changes
brought
about during the year in the amounts of
the various classes of securities
which make up the
outstanding debt are shown in the following table,
in which the amounts of the various classes
outstanding at the beginning
and at the end of the year are
compared:
(in¬
cluding Federal Surplus Relief Corporation)..
Civil Works Administration
805.1
11.3
—793.8
Emergency Conservation Work..
331.9
435.5
+ 103.6
80.6
+ 80.6
1,844.4
2,341.7
+497.3
...
ture).
Total relief.
CHANGES
IN
PUBLIC
DEBT
OUTSTAN DING
BY
6.5
14.6
+ 8.1
19.4
23.8
+ 4.4
78.6
137.7
66.2
Pie-war
+ 49.5
72.5
147.9
+ 75.4
National defense
60.7
176.3
Increase (+) or
Decrease (—)
$
$
$
66.1
136.5
+ 70.4
642.4
1,020.4
+ 378.0
Home Lorn system
192.2
75.7
—116.5
Emergency housing
.4
6.5
+ 6.1
15.9
+ 15.9
1.7
savings)
bonds
831,350,370.00
a6,295,020,300.00
9,332,732,350.00
855,263,470.00
+23,913,100.00
bl,246,230,750.00 —5,048,789,550.00
12,683.570,300.00 + 3,350,837,950.00
16,459,103,020.00
6,653,111,900.00
Liberty bonds
Treasury bonds
+ 115.6
Other public works
1935
(including
Postal
—4.5
317.4
AND
Public issues:
+ 59.1
70.7
267.9
Public highways
River and harbor works
1934
June 30 1935
Interest-bearing debt:
tration
30
June 30 1934
Public Works:
Boulder Canyon project
Loans and grants to States, municipalities, &c..
Loans to railroads
JUNE
CLASSES
[On basis of dally Treasury statements (unrevised)
]
14,847,112,338.75 —1,611,990,681.25
10,023,251,900.00 + 3,370,140,000.00
+ 1.7
Total public works
Aid to home owners:
—
States
Subsistence homesteads
2.3
3.7
103.5
C62,047,818.75
Total bonds
notes....
Certificates
of
In¬
debtedness
—91.4
2,052~8~98,000.00
—1,517,245,000.00
+ 648,863,000.00
26,033,494,920.00
Total
Special
+ 62,047,818.75
1,517,245,000.00
1,404,035,000.00
26,923,262,238.75
+889,767,318.75
+ 199,303,000.00
Treasury bills
+ 1.4
194.9
owners.
Sav¬
ings Bonds
Treasury
Federal Homing Administration
Resettlement Administration
Total aid to home
United
Issues
for
in¬
vestment of tiust
Reconstruction Finance
Corporation, direct loans
and expenditures..
{1565.8
el35.4
36.2
+ 25.2
2.7
e2.6
funds, &c.:
Treasury notes
—701.2
11.0
—
—5.3
278,439,000.00
477,742,000.00
debtedness
117,800,000.00
155,500,000.00
+ 37,700,000.00
Total
396,239,000.00
633,242,000.00
+ 237,003,000.00
Certificates
Tennessee Valley Authority
—
Miscellaneous:
Export-Import Banks of Washington
Federal Deposit Insurance Corporation
149.5
.5
Administration for Industrial Recovery
6.6
12.5
+ 5.9
.1
+ .1
Unclassified items
—
of
in¬
149.0
Total
interest-bearing
debt
Matured debt
Total miscellaneous.
158.8
—148.3
d4,283.2
7,105.0
Total lecovery and relief.
Total expenditures
10.5
d4,249.2
+ 270.8
a On
basis of daily Treasury statements
(unrevised), partly reclassified
basis of compilations of the Bureau of the Budget.
(See note d below.)
b
Operation and maintenance expenditures only,
public buildings and public works.
on
the
Total gross debt
a
on
exclusive of expenditures for
Additional
expenditures
for
these
accounts
included
under
"Recovery
and
'
d Includes the
following expenditures classified as general in the daily
Treasury
statements: Expenditures for the Agricultural
Adjustment Administration, refunds
of processing taxes on farm products, and
subscription to stock of Federal Land banks,
e
Excess of credits, deduct.
f Additional expenditures for Farm
departments and agencies, above.
Credit Administration included under Civil
v
$333,600,000 included under "Federal Emergency Relief Adminis¬
tration" and S18.800.000 under
"Commodity Credit Corporation."
$1,394,500,000 in 1935,
as
compared
with $1,116,500,000 in 1934, an increase of
700,000
represented
$278,000,000, of which $213.larger statutory debt retirements, and $64,300,000,
$88,736,850 estimated
amount
of
outstanding
year
aggregated $12,099,919,493.75, and
maturities and redemptions aggregated
increase
OPEN
of $865,854,218.75 in
MARKET
this
$11,234,065,275, with
class
of debt
ISSUES, MATURITIES, AND REDEMPTIONS DURING
1935 (PRE-WAR AND POSTAL SAVINGS
BONDS
EXCLUDED)
Outstanding
June 30 1934
No. of
Issues
an
Increases in rental and benefit
payments
of processing taxes arose
chiefly because such payments
Liberty bonds
2
Treasury bonds
Amount
Issues
No. of
Issues
United States Savings Bonds.-
Treasury notes
a$6,295,020,300
9,332,732,350
a
part of the program in 1935.
Due largely
these increases,
were
expenditures of the Agricultural Adjustment Adminis¬
$452,700,000 higher in 1935 than in 1934.
This increase was
partly offset by net repayments of loans in
excess
of expenditures of the
15
Certificates of indebtedness.
Treasury bills
Total
..
...
Amount
j
2
23
54
"2
$3^51,392",950
1
12
during 1934 were not made for the full fiscal year and also because addi¬
tration
resulting
THE FISCAL YEAR
tional commodities
to
a
outstanding.
[On basis of daily Treasury statements (unrevised) ]
Expenditures for agricultural aid aggregated $872,300,000 in
1935,
made
through
$96,365,587.50, and subtracting redemptions to that date (on the basis of
daily Treasury
statements, revised), the amount actually outstanding on June 30 1935 was
$95,834,700.00.
Sales during May and June were not taken Into the Treasurer's
books,
however, until the next fiscal year.
d Includes $50,753,950 referred to in note a.
e Includes
$88,736,850 referred to In note b.
increase of $6,400,000 over 1934.
were
4j^s
second-, and
4lis on which Interest has ceased.
only bonds sold during March and April less
redemptions
The amount sold during March to June inclusive
amounted to
expenditures for recovery and relief amounted to
$4,249,200,000
$34,000,000 less than in 1934.
This total is net, after
taking
refunds
first-,
Includes
into consideration the earnings of and
repayments of loans to certain agencies
of the government.
in
+ 306,602,666.30
28,700,892,624.53 + 1,647,751,210.05
third-called Fourth
June 30.
in 1935, or
and
+ 214,378,225.00
Excludes $50,753,950 estimated amount of
outstanding first-called Fourth
increase in interest payments.
Total
e319,399,005.26
824,989,380.52
27,053,141,414.48
Open market issues during the
g Exclusive of
Public debt charges amounted to
dl05,020,780.26
518,386,714.22
which interest has ceased.
b Excludes
c
c
relief."
a26,429,733,920.00 b27,556,504,238.75 + 1,126,770,318.75
—34.0
7,375.8
on which
interest has ceased
Debt bearing no interest
e62,567,044
4,678,893,500
6,653,111,900
1,517,245,000
1,404,035,000
63
4,007,066,000
$25,202,144,550
71
$12,099,919,494
5
Financial
Volume 142
201
Chronicle
Increase
Maturities and
Outstanding
Redemptions
June 30 1935
No. of
|
Amount
1
d555,000
14
c$l,246,230,750
12,683,570,300
United States Savings Bonds._
d519,225
1
f62,047.819
1
Liberty bonds
Certificates of indebtedness.
17
$11,234,065,275
70
55
Total.
$26,067,998,769
estimated amount of outstanding
Excludes $50,753,950
estimated amount of Fourth Liberty Loan
f
redemption June 15 1935,
bonds Included in second and
'
Redemptions prior to maturity.
and
In Treasury
third calls
second-, and
occasioned
a
interest-bearing
93,668,569.49
less redemptions through
1 1935, redeemed
Deduct General Fund liabll's.
interest-bearing debt outstanding.
debt outstanding on June 30 1934. and
SINKING FUND
available for the cumulative
Gold valued at $35 per line ounce.
$346,681,016 of United States notes and
sinking fund during the
15 and Oct. 15 1934,
and April 15 1935,
$421,407,750, and First Liberty Loan bonds,
called for redemption on June 15 1935, in an aggregate face amount of
$151,592,250, were redeemed at par for account of the fund, and an un¬
expended balance of $183,652 was carried forward to the fiscal year 1936.
THE TREASURY
c
deposited in the General Fund
made from it.
The balance in
the cash balance of the government.
The net change
the close of the previous fiscal year is accounted for as
Treasury and all expenditures are
1934.
dated Aug. 9
EMERGENCY LEGISLATION
1935, further appropriations and allocations of
continuing the Federal program to fur¬
year
funds were made for the purpose of
of certain
authorized, funds were ap¬
an extensive emergency public employment program, and
limits of the Treasury were raised by amendments to the
An increase in the capital structure
nish relief and to aid recovery.
of the government was
agencies
propriated for
the borrowing
Second Liberty Bond Act.
On June 30
was
stock and obligations that the
time was $6,050,000,000
1935, the amount of capital
authorized to have outstanding at any one
..
ANALYSIS
OF THE
CHANGE
BETWEEN JUNE
IN THE GENERAL
FUND BALANCE
30 1934 AND JUNE 30
[On basis of daily Treasury statements
1935
$2,581,922,240.16
Ordinary receipts:
funds
General and special
Trust funds, Increment on
3,800,467,201.96
371,509,695.45
1,647,751,210.05
-
gold, Ac
Net Increase In gross public debt
$8,401,650,347.62
Total funds available
Expenditures chargeable against
ordinary receipts:
General & special
Less public
accounts.$7,375,825,165.57
573,558,250.00
:
subscribe for,
make loans upon, non-assessable
or
stock purchased by the Treasury
RFC purchase^
$249,771,667 during the fiscal year.
An amendment approved May 28 1935, to the Home Owners' Loan Act
of 1933, increased the bond-issuing authority of the HOLC from $3,000,000,000 to $4,750,000,000 in order to enable that corporation to provide further
a$150,546,457.42
bank
to
the amount of $100,000,000 to
RFC directly to banks from which the
capital stock increased by $14,957,000 to
gold. Ac
National
extending the life of the RFC,
enable
stock of
national mortgage associations organized under the National Housing Act
and of other mortgage institutions.
The same act increased from $50,000,000 to $75,000,000 the authorization to subscribe to preferred stock and
purchase capital notes of insurance companies.
During the year the RFC made fqrther sales of its notes to the Secretary
of the Treasury in the net amount of $400,000,000.
As of June 30 1935. th total sold to the Treasury amounted to
$3,655,000,000 excluding th
RFC
the
Notes issued by the
Increment on
funds,
limita¬
for which there is no statutory
By the Act approved Jan. 31 1935,
original $500,000,000 of the RFC's capital
debt retirements
$6,802,266,915.57
Trust
exclusive of indefinite authorizations
tion.
the authorization had been increased in
(unrevlsed) ]
Balance, June 30 1934
Less
the fiscal
During
RFC
follows:
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 Che President's proclamation
corporate
All cash receipts of the government are
Treasury notes of 1890
Treasury
1934 and $1,181,574 in 1935.
dollars in the Treasury.
This item represents seigniorage resulting from the issuance of
notes of 1890 are also secured by silver
aggregate face amount of
in this balance from
—740,576,700.69
Ge
Fund of the Treasury...
outstanding in the amount of $1,189,324 in
balance of $79,354,835 brought
$573,183,652. Fourth Liberty Loan
GENERAL FUND OF
2,581,922,240.16 1,841,345,539.47
.
Working balance
the
740,576,700.69
—
1
~
—111,284,609.64
+ 140,111,441.47
—769,403,532.52
811,375,756.72
Seigniorage, c
in
—276,271,453.08
700,091,147.08
140,111,441.47
1,770,546,483.44 1,001,142,950.92
li
weight of the gold dollar..
Balance
174,723,486.58
2,581.922,240.16 1,841,345,539.47
reduction
from
lng
1935, including an unexpected
this fund represents
450,994,939.66
of the Treasury
a
bonds called for redemption on April
958,480,491.77 —1,026,414,424.43
+ 10,733,172.47
13,565,097.25
Balance In the General Fund
forward from the fiscal year 1934, was
of the
+ 99,237,633.68
315,036,255.00
3,032,917,179.82 2,016,069,026.05 —1,016.848,153.77
Total
of the com¬
considerable alteration
b Reserve against
an
192,906,203.17
+
res've
annual interest charge was
CUMULATIVE
in
—103,289,466.64
+2,884,931.15
and treasury of
1,984,894,916.20
Philippine Islands
All other—collections, Ac.
2,831,924.78
...
The apprppriation
839,005,418.71
12,111,815.15
and bullion
reduced from
$842,301,133 to $748,878,754, and the computed average rate of interest
borne was reduced from 3.181 to 2.715%.
The reduction of $93,422,379
in the computed annual interest charge, notwithstanding an increase in over
$1,000,000,000 in the outstanding interest-bearing debt, was brought about
through money market conditions which permitted the issue of new debt at
low rates of interest, as is indicated by the reduction of 0.466% in the
computed rate.
Actual expenditures for interest during 1935 were $820,June 30 1935, the computed
fiscal year
942,294,885.35
9,226,884.00
banks,
position and of the final maturity of the
926,353.45.
+ 2,884,931.15
offices:
In depositary banks,
$335,680,600 Treasuiy notes, series B-1935, due Aug.
notes, series B-1940.
On the basis of the
12,111,815.15
above)
coin,
currency,
Other
June 15 1935, in exchange for Treasury
on
9,226,884.00
Sliver (as
June 30.
transactions
1,181,574.00
811,221,993.00
Gold (as above)
:
during March and April.
Includes only bonds sold during March and April
Thesa
—7.750.00
1,189,324.00
Silver In General Fund--
Includes only bonds sold
g Includes
317,921,186.15
496,185,738.00
Total.
first-called Fourth 434s
partial redemption Oct. 15 1934, aDd April 15 1935, respectively.
c Excludes
$88,730,850 estimated amount of outstanding first-,
third-called Fourth 4^s on which interest has ceased,
e
+ 315,044,005.00
standing
for
d
+
810,040,419.00
General Fund assets:
Loan bonds called for
First Liberty
b Includes
Silver ctfs. outstandlng...
Treasury notes of 1890 out¬
which interest has ceased.
on
823,333,808.15
Deduct silver liabilities:
2^052,898,000
49
+311,748,863.15
+6,172,323.00
494,996,414.00
...
Total.
10,023,251,900
37
2
..
Treasury bills
a
gl,308,753,500
1,517,245,000
3,358,203,000
"3
Treasury notes.
$
$
313,308,863.15
510,024,945.00
505,412,622.00
Silver dollars
b$5,048,789,550
Treasury bonds
(+)
(—)
1,560,000.00
503,852,622.00
Silver
Amount
Issues
,
$
Silver assets:
No. of
|
Issues
Decrease
June 30 1935
June 30 1934
note
91,415,650.00
retirements
a241,962,107.42
relief to individual home-mortgage borrowers.
(excluding retirements of
public debt and National bank notes)
Total expenditures
Balance, June 30 1935
a
—
-
-
$1,841,345,539.47
(deduct).
Excess of credits
The
6,560,304,808.15
composition of the General Fund of the
Treasury, existing liabilities
and the balances in excess of such
30 1934 and 1935. in the table following:
against the assets in the fund,
are
shown for June
30 1934 AND
JUNE
[On basis of daily Treasury statements
Relief Appropriation Act of 1935,
Emergency
approved April 8
activities of the government.
A direct appropriation of $4,000,000,000 was made to provide relief and work
relief and to increase employment by providing for useful projects.
It is
to remain available until June 30 1937.
An additional amount not to ex¬
ceed $880,000,000 was reappropriated from the unexpended balances of
funds of the RFC and of other emergency appropriations.
The $4,000,000 ,000 appropriation was
ASSETS AND LIABILITIES OF THE TREASURY,
1935, AND CHANGES DURING YEAR
CASH
CURRENT
liabilities
The
1935, provided funds for additional emergency
made available for the following classes
each class:
Highways, roads, streets, and
grade-crossing elimination
stricken agricultural areas, water
Increase
Decrease
(+)
(—)
$
$
$
Gold assets:
June 30 1935
7,856,074,225.67 9,115,380,809.40 + 1,259,306,583.73
Gold.a
$800,000,000
Rural rehabilitation and relief in
(unrevlsed) ]
500,000,000
conservation, Ac
June 30 1934
of projects
in the amount indicated after
100,000,000
Rural electrification
450,000,000
Housing
Assistance for educational,
300,000,000
600,000,000
900,000,000
professional, and clerical persons
Civilian Conservation Corps
Loans and grants for projects
of States and local governments
prevention of soil erosion,
miscellaneous
Sanitation,
reforestation, flood control,
350,000,000
rivers and harbors,
Deduct gold liabilities:
Gold certificates outstand¬
ing (outside of Treasury)
958,684,599.00
787,745,989.00
—170,938,610.00
It
Gold certificate fund. Fed¬
3,973,332,588.66 5,509,710,115.48 + 1,536.377,526.82
eral Reserve Board
Total
Redemption fund, Federal
22,879,855.28
25,722,721.73
156,039,430.93
Gold reserve b
156,039,430.93
Exchge. stabilization lund. 1,800,000,000.00 1,800,000,000.00
Reserve notes
942,294,885.35
839,005,418.71
Revenue
—103,289,466.64
In
Court
six-to-three
in this issue extended mention
decision
is made
of the United States Supreme
declaring unconstitutional
ment Act—its
the Agricultural Adjust¬
processing taxes on wheat, cotton, corn, hogs,
invasion of State rights.
Below
we give the full text of the majority decision, representing
-the views of Chief Justice Charles Evans Hughes and Asso¬
ciate
Justices Willis Van Devanter, George
Sutherland,
rye,
&c.,
included the extension for
the increased postal rates pro¬
Revenue Act of 1932, as amended; an amendment to the
1934 relating to publicity of income tax returns; and addi¬
vided for in the
Revenue Act of
agricultural adjustment taxes.
Unconstitutional AAA—Act Held Invasion
Rights—Processing Taxes Voided—Views of Minority Members of Court
another item
the
LEGISLATION
legislation during the fiscal year 1935
Supreme Court Decision Declaring
of State
of
by 20% of the appropriation.
of the temporary taxes and of
years
tions to
Text of
provided that the President might increase any one or
REVENUE
two
Gold In General Fund—
further
of the foregoing limits
—2,842,866.45
6,913,779,340.32 8,276,375,390.69 + 1,362,596,050.37
Total
was
more
$4,000,000,000
-
being held an
James
who
C.
read
McReynolds, Pierce Butler and Owen J. Roberts,
the
opinion.
Associate Justice Harlan F. Stone, with
Louis D. Brandeis and Benjamin N.
sented from the views of the
of
the
the
majority, which we
minority
Hoosac Mills
conclusions.
case)
Associate Justices
Cardozo concurring, dis¬
majority.
Following the views
give below, we quote, in part,
The
majority decision
is given herewith:
(in the
202
Financial Chronicle
SUPREME COURT OF THE UNITED STATES
that
of
the
commodity
401—October Term, 1935
No.
United
States
of
America,
Petitioner,
ceivers of Hoosac Mills
William
vs.
occurred
Butler,
M.
Jan.
1936
11
processing tax which would be payable with respect to the
from which the article is processed if the processing had
the date when the processing tax becomes
on
effective.
al., Re¬
et
Hoosac Mills Case
Corporation.
On
On
Writ
Certiorari
of
the
the
to
United
of
Circuit Court
States
Appeals
July 14 1933 the Secretary of Agriculture, with the approval of the
President, proclaimed that he had determined rental and benefit payments
for
First Circuit.
should
of
Mr.
Justice Roberts delivered the
be
made with
commodity
[Jan. 6 1936]
this
case
determine
must
we
the
that
is captioned
economic
an
of
tion
farmers'
in
with
national
a
currents
have
of
publip
and
power
affected
due
arisen,
and
in
burdened
orderly
in
agricultural
obstructed
and
for the enactment of
the
normal
"To establish and maintain such balance between the production and consumption
and such marketing conditions therefor, as will re¬
prices to farmers at a level that will give agricultural commodities (2)
a purchasing power with respect to articles that farmers buy,
equivalent to the
purchasing power of agricultural commodities in the base period."
is. designated as that between August 1909 and July 1914.
The further
by
gradual
and
policies announced
of
correction
feasible
the
consumers'
derived
of
the
an
approach to
inequalities
current
"at
such level
at
retail
as
expenditures
therefrom,
which
is
the
for
domestic
by read¬
agricultural
returned
the
to
percentage
commodities
farmer,
above
or
the
is
the
provides,
declared
merely
a
other
amongst
things,
that
"In
order
to
policy," the Secretary of Agriculture shall have
effectuate
power:
...
of
which
"(2) To enter into marketing agreements with processors, associations of pro¬
ducers, and others engaged in the handling, in the current inter-State or foreign
of any agricultural commodity or product thereof, after due notice and
opportunity for hearing to interested parties."
"(3) To issue licenses permitting processors, association of producers, and others
to engage in the handling, in the current of inter-State or
foreign commerce, of any
.
the
Act.
the
and
The
the
endeavoring
will
to
have
be
his
moted,
to
acreage
observed
that
uncontrolled
make
.
Secretary is not required but is permitted,
the policy
with
agreements
production
or
the
judgment,
individual
such
upon
of the
terms
farmers
he
as
Act
will
for
pro¬
reduction
a
think fair
may
be
so
and
of
rea¬
sonable.
any
do
to
Congressional
the
is
claimed
foreclose
9(a)
enacts:
to
appropriation
of
said
the
When the Secretary of Agriculture determines that
rental
with respect to any basic agricultural
benefit payments are
or
to be made
commodity, he shall proclaim
processing tax shall be in effect with respect to such
commodity from the beginning of the marketing year therefor next following the
date of such proclamation.
The processing tax shall be levied,
assessed, and col¬
lected upon the first domestic
processing of the commodity, whether of domestic
production or imported, and shall be paid by the processor."
determination, and
a
.
.
Secretary
effectuation
meet
of
the
end
of
continued
may
the
from
requirements
of
marketing
any
time to time,
if
.
he finds it necessary
for the
policy of the Act, readjust the amount of the exaction
subsection
(b).
The
if the rental
year
9(b) fixes the tax "at such
rate
is
tax
to
terminate
benefit payments
or
by the Secretary with the expiration of that
Section
the
to readjust
depression
average
such
the tax
of
at
dis¬
are
not
alleged
the
question
when,
9(c)
farm
so as
directs
price
a
that the fair
modity 6hall
price
for the
to prevent
in
payer
future
of
the
diversion
future
by
of
a
step in
Section
of
into
the
the
surplus
that
equals the difference between
as
commodity and
the
be ascertained
fair
12(a)
by
benefit
for
agricultural
15(d)
average farm
Secretary
$100,000,000
administrative
payments.
from
products
permits the
on
.
and
be
available
under
Section
this
a
the
and
the
money
that
confession,
money
taxpayer
will
Mellon, 262 U. S.
vs.
447,
respondents
other
or
Treasury
Obviously
government's
funds
the
the
on
ground
that
the
funds and thus increase
asserted
interest
and the supposed
of
a
tax¬
increase of the
taxation
is minute and indeterminable.
But here the
called upon to pay moneys as taxes, resist the exaction
unauthorized plan.
This circumstance
an
two
its
deplete the public
clearly distinguishes
in
statutes, the
the
other
substance
and effect
levying
one
appropriating the
asks
excsie
an
on
public
to
us
separate the
of
processors
certain
independently of
moneys
treatment.
The
tax
operation
only
can
the
of
cavil
the
of
sole
agricultural
day;
to take
who will
be
Act,
to
processors
sustained
and
raise
by
ignoring
holding it
for
revenue
a
the
reduce their
by
the
law";
a
avowed
purpose
and
merely laying an excise
of government.
Beyond
support
object of the legislation is to restore the purchasing
power
products to a parity with that prevailing in an earlier
from the processor and bestow it upon farmers (6)
to
for the accomplishment of the proposed
acreage
aid
these
farmers
indispensable
stated
the
the
measure
money
meanwhile,
Agricultural
end,
during the period required to bring
in
part
Adjustment
the
plan
of
Administrator,
regulation.
it
is
"the
As
heart of
of
means
"accomplishing one or both of two things intended
help farmers attain parity prices and
purchasing power". (7)
A tax
automatically goes into effect for a commodity when the
Secretary of
Agriculture determines that rental or benefit payments are to be
to
reduction
of
production of
benefit
or
between
ence
It
payments
that commodity.
The
cease.
the "current average
be altered
may
rate
The tax is to
is
fixed
to
such
farm price"
amount
with
cease
when
the
purpose of
the differ¬
It
is to
equal
and
"fair
exchange value".
will
as
prevent accumulation of surplus
stocks.
If the
Secretary finds the policy of the Act will not be
promoted
by the levy of the tax for a given commodity, he
may exempt it.
(Sec¬
tion 11.)
The whole revenue from the levy is
control;
entire
of
none
appropriated in aid of crop
it
is
made
available
for
general
governmental
use.
The
agricultural
adjustment program embodied in Title I of the Act is
to become inoperative
when, in the judgment of the President, the national
economic
emergency ends;
and as to any commodity he may terminate
the provisions of the
law, if he finds them no longer requisite to
carrying
out the declared
policy with respect to such commodity (Section
13).
The statute not
only avows an aim foreign to the procurement of
revenue
for
the
of
support
upon
of
but
government,
processors
to
be
the
by
its
necessary
operation
for
means
shows
the
the
exaction
intended
control
agricultural production.
Similar Cases Cited
In
statistics
to
the
12(b)
Secre¬
and
for
appropriates
expansion
of
markets
and
administrative expenses,
.
removal
rental
of
and
commodities
in
a
is
article processed wholly
respect to which
a
imposed
or
processing tax
directed
cents
that
for
port to
the
so-called,
there
each
in
one
port
resembles that laid by the
Regulate Immigration," which
Money Cases, 112 U. S. 580.
The statute
be levied, collected and
paid a duty of fifty
passenger
the
master,
be paid
to
who should
the United States.
by
to
was
should
alien
closely
Act
upon
certain
competition
conditions, to impose
with
those
upon
the sale
or
and
Various
court
said
to
be
used
objections to
(p.
595)
owner,
disposition
in chief value from
any
commodity with
is to be levied in amount
equivalent to
(1) May 12 1933, c. 25, 48 Stat. 31.
(2) Section 11 denominates wheat, cotton, field
corn, hogs, rice, tobacco
and
milk and its products, "basic agricultural
commodities," to which the Act is to
apply.
Others have been added by later legislation.
was
consignee
into the Treasury,
by vessel
to
or
"be
from
a
foreign
made to the collector
agent
of
the
by
the
was
ship;
the
to be
the
Act
were
presented.
In
answering them
the
:
"But the true answer to all these
objections is that the power
exercised in this
instance is not the taxing power.
The burden Imposed on
the ship owner bv thi*
statute is the mere incident of the
regulation of commerce—of
that branch of foreign
commerce which is involved in
(3) Franklin Process Co.
subject to
other
come
Payment
called the
immigrant
Secretary of the Treasury to defray the
expense of regulating immigration, for the
care of
immigrants and relieving
those in distress, and for the
expenses of effectuating the Act.
fund,
v.
v.
Hoosac Mills
United States, 78 F.
.
.
foreign
I
Corp., 8 F. Supp. 552.
(2d) 1.
(5) Public No. 320, 74th Congress, 1st Sess.
(6)U. S. Department of Agriculture,
Achieving A Balanced Agriculture n 1
forget that all the processing tax
money ends up in the
in those oases where
they pay part of the tax they eet
Every dollar collected in
processing taxes goes to the farmer in bene!
payments."
c
"Farmers
own
tax,
Aug. 3 1882, entitled "An
before this court in the Head
(4) Butler et al.
floor tax
the
immigration."
taxes."
Secretary,
aspects
of
money
in
■
title
these
com¬
processing tax.
By Section 16
any
respondents
of
think the
and
of
price of
available
and
imposed under the Act "to be available
for
.
on
"to
expenses
;
.
taxes
power
it had' during the base period,
current
the
purchasing
,
appropriates
compensating taxes
of
the
use
exchange
commodity shall
a
same
,.
Secretary of Agriculture
Section
exchange value of
commodity the
articles farmers buy as
Agriculture
and
that the fair
benefit payments, and refunds
the
what
Passing the novel suggestion that two statutes enacted as parts
single scheme should be tested as if they were distinct and
unrelated,
legislation now before us is not susceptible of such separation
a
we
Act
will give
as
the proceeds derived from all
to
activity of
are
The government
case.
from
will
taxation.
Federal
burden
commodities,
the accumulation of surplus stocks and
exchange value and the
department.
rental
by
Massachusetts
litigation
expenditures
unlawful
burden
laid
year.
farm prices.
with respect to
of
the
upon
taxpayers,
such, looking to restraint of the expenditure of government funds.
That
might be an authority in the petitioners' favor if we were here con¬
cerned merely with a suit
by a taxpayer to restrain the expenditure of
the public moneys.
It was there held that a taxpayer of the United States
came
Section
tary
therefore concerned
*
current
his
Appeals reversed the
that
the government
interest in it.
value," with power in the Secretary after
investigation, notice and hearing,
be
the
and ordered
prior to the adoption
are
intended
bringing about crop-reduction and price-raising.
"To obtain
to
we
valid
that
case
reental
revenue for extraordinary expenses incurred
by reason of the national
economic emergency, there shall be levied
processing taxes as hereinafter provided.
the
taxes
of
levied
cotton
made
Section
The
of
receivers of
as
on
recommended
excise
an
is
challenge
property
any
It
purpose.
is
longer have
for
Processing and Floor Taxes
such
the
entered
the prices of their
crops to the desired level.
The tax plays
an
will
rates
terms
subject for the imposition of such a tax—the
into the Federal Treasury and thus become available
for
to
become
levying
measure
and,
in
taxes
Court
was
thereof."
It
respondents
floor
receivers
Circuit
agricultural commodity or product thereof, or any competing commodity or product
if,
the
proper
go
appropriation
pursuant
upon
.
with
the first.
ments in connection therewith or upon that part of the
production of any basic
agricultural commodity required for domestic consumption, in such amounts as
the Secretary deems fair and reasonable, to be
paid out of any moneys available
for such payments."
to
District Court found
revenue
are
the
Under Act
"(1) To provide for reduction in the acreage or reduction in the production for
market, or both, of any basic agricultural commodity, through agreements with
producers or by other voluntary methods, and to provide for rental or benefit pay¬
commerce
The
claim
a
processing
The judgment under review
for
AAA
8
for that
year
and fixed the
accordance
First—At the outset the United States contends that the
respondents have
no
standing to question the validity of the tax.
The position is that the
as
Section
of
Upon appeal
respondents who
percentage returned to him in the base period.
Powers of Secretary
in
amending Act of Aug. 24 1935, (5) and
only with the original Act.
may
increase the
not
is
as
in
interest
consumers'
will
rate
a
demand
and calculated
cotton
as
desired equality
rapid
as
consumptive
and the protection of
farm production
products
are
present
view
in
foreign markets,"
justing
of
of cotton, and all other commodities except
case
for
16
no
period, in the
1933 ;
on
presentedi
Corp.
and
(3)
(4)
proceeds
fo agricultural commodities,
deemed
9
processing cotton—a
establish
The base
cotton; that the marketing
1
taxes
the
Act
legislation.
paid.
order.
of
exchange,
commodities
States
Mills
Sections
them
between
to disparity
Hoosac
claim be disallowed.
Section 1
Section 2 declares it to be the policy of Congress:
tobacco,
the
under
with consequent destruc¬
breakdown
transactions
interest
calling
commerce,
has
and other commodities,
purchasing
turn,
"Agricultural Adjustment."
emergency
prices of agricultural
which,
provisions of the Agri¬
1933 (1) conflict with the Federal Constitution.
Title I of the statute
recites
whether certain
Aug.
floor
the Act.
opinion of the court.
The United
In
cultural Adjustment Act,
respect to
to begin
was
processing and
should
pockets.
not
Even
all back.
U. S. Department of
Agriculture. The Processing Tax,
cessing taxes are passed to farmers as benefit
payments."
p.
1:
"Proceeds
(7) U. S. Department of Agriculture, Agricultural
Adjustment, p. 9.
of
nr
protecting the ship owner.
But he is the man
the transaction, .
.
.
The sum demanded of him is
not, therefore, strictly speaking, a tax or duty within the meaning of the Con¬
stitution. The money thus raised, though paid into the Treasury, is appropriated
in advance to the uses of the statute, and does not go to the general support of the
the
government."
thing granted
"It is true not much is said about
who reaps the profit from
sustained
was
pbwer of Congress "to regulate commerce with foreign
question was made of the standing of the shipowner to raise
no
question of the validity of the scheme and
was an incident of it.
the
appropriate element in a
an
as
consequently of the exaction
which
for the
the
is
conclude that the Act
We
is
tax
Congress
of Congress to Lay Taxes
the
lay taxes to provide for
empowered to
expressly
is
Funds in the Treasury as a result of taxation may be
expended only through appropriation.
(Art. I, Sec. 9, cl. 7.)
They can
never
accomplish the objects for which they were collected unless the
tax.
The necessary
public funds may be
the United States."
not have been used.
must be that they were intended to limit and define the
to raise and: to expend money.
How shall they be con¬
is as broad as the power to
terms of the grant is that the
provide for the general welfare of
cannot be meaningless, else they would
appropriate
to
power
implication from the
appropriated
"to
words
These
conclusion
The
granted
strued
legality of the exaction.
the Act is not an exertion of the taxing
standing to challenge the
have
attack was in fact for the
general welfare.
that
such regulation, and that the respondents
of
incident
mere
a
Power
The
power
the intent of the instrument?
effectuate
to
foundation
the
Since
regulating agricultural production,
one
determina¬
the courts may not review its
and
general welfare of the United' States.
Regulation of Agricultural Production
Tax Mere Incident to
welfare;
Congress alone,
and finally, that the appropriation under
tion ;
259 U. S. 20, 37.
Child Labor Tax Case,
for the "general welfare";
moneys
be liberally construed to cover anything conducive
that decision as to what will promote such welfare
phrase should
with
rests
The argument is that Congress may appro¬
authorize the spending of
national
to
interested
and in respect of which there is a power of legislative regulation.
But
manifestly no justification for it can be found unless as an integral part
of such regulation.
The exaction cannot be wrested out of its setting,
denominated an excise for raising revenue and legalized by ignoring its
purpose as a mere instrumentality for bringing about a desired end.
To
do this would be to shut our eyes to what all others than we can see and
understand.
the
that
The true construction undoubtedly is
(11)
is the power to tax for the purpose of
adoption of the AAA.
and
priate
in which both groups are
of a matter
regulation
notwithstanding
powers,
that the only
providing funds for
payment of the nation's debts and making provision for the general welfare.
Nevertheless, the government asserts that warrant is found in this clause
that as a tax it is
subject to no infirmity.
A tax, in the general understanding of the term,
and as used in the Constitution, signifies an exaction for the support of
the government.
The word has never been thought to connote the expro¬
priation of money from one group for the benefit of another.
We may
concede that the latter sort of imposition is constitutional when imposed
effectuate
States is,
the United
of
specific powers."
prescribed by the challenged Act as a tax, or to say
to
defence and general welfare,' the
in reality, a government of general
the subsequent enumeration of
'provide for the common
to
unlimited
and'
misleading to speak of the exaction from processors
is inaccurate and
It
words,
government
the
within
nations,"
exaction
the
While there
plan
203
Financial Chronicle
Volume 142
persisted
the
of
have
opinion
of
differences
sharp
nation
to the true interpretation of the phrase.
Madison asserted it
to no more than a reference to the other powers enumerated
as
amounted
in
is
a
regulation by Congress, of a
subject within one of its granted powers, "and the end to be attained is
one
falling within that power, the Act is not void, because, within a
loose and more extended sense than was used in the Constitution," the
enumerated
that, as the United States
clauses of the same section;
the subsequent
and the exaction not a true tax, the statute is void or the exaction
uncollectible.
For, to paraphrase what was said in
The Head Money
that
follow
not
does
It
as
power
Cases
(supra),
called
is
exaction
596, if this is an expedient
p.
a
tax.
Second—The government asserts that even
the
because
fail
must
if the respondents may question
appropriation embodied in the statute their attack
Article I, Section 8 of the Constitution authorizes the
the
of
propriety
This contention
the case. (8)
We
responsibility to render
in accordance with the principles established for the governance
the tax.
contemplated expenditure of the funds raised by
the great and the controlling question
approach its decision with a sense of our grave
presents
judgment
all three branches of the
of
in
government.
this court in
a power to
overrule or control the action of the people's representatives.
This is a
misconception.
The Constitution is the supreme law of the land ordained
and
established by the people.
All legislation must conform to the
principles it lays down.
When an Act of Congress is appropriately chal¬
lenged in the courts as not conforming to the constitutional mandate the
judicial branch of the government has only one duty—to lay the article
of the Constitution which is invoked beside the statute which is challenged
and to decide whether the latter squares with the former.
All the court
does, or can do, is to announce its considered judgment upon the question.
The only power it has, if such it may be called, is the power of judgment.
This
court
neither approves nor condemns any legislative policy.
Its
delicate
and difficult office
is to ascertain and
declare whether the
such
It
case.
a
is
Constitution;
the
misunderstanding as to the function of
no
that the court
said
sometimes
assumes
or in contravention of,
and, having done that, its duty ends.
the provisions
accordance with,
is in
legislation
of
be
should
There
(9)
ought to have
but what powers in fact have been given by the people.
It hardly seems
necessary to reiterate that ours is a dual form of
government; that in
every State there are two governments—the State and the United States.
Each State has all governmental powers save such as the people, by their
Constitution, have conferred upon the United States, denied to the States,
The
gated
such
differ
we
restriction
government of
are
as
from those granted.
reasonably to be implied
the discretion of its members.
vests sundry powers in the
But two of its clauses have any bearing upon the validity of the
body subject to no restrictions except
Article
I,
Congress.
statute
Section
the
Constitution
review.
under
clause
third
The
of
8,
i
endows
the
Congress
with
"to
power
regulate
com-'
reference in its
first section to a burden upon, and an obstruction of the normal currents
of commerce, the Act under review does not purport to regulate transac¬
tions in inter-State or foreign (10)
commerce.
Its stated purpose is the
control
of agricultural production, a purely local
activity, in an effort
to
raise the prices paid the farmer.
Indeed, the government does not
attempt to uphold the validity of the Act on the basis of the commerce
clause, which, for the purpose of the present case, may be put aside as
merce
.
.
among
.
several
the
Despite
States."
a
irrelevant.
to
pay
first—confers upon
duties, imposts and excises,
the debts and provide for the common defence and general welfare
of
the
United
The
clause
thought to authorize the legislation—the
Congress power "to lay and collect taxes,
the
States.
.
.
."
It
grants power to regulate agricultural
is
not
contended:
the
lay
but has never
Mr. Justice
Story, in his Commentaries, espouses the Hamiltonion position. (12)
We
shall not review the writings of public men and commentators or discuss
entitled
the
and
collect
taxes."
to the executive contrary to the principles
announced in
388, and Schechler Corp. v. United
States, 295 U. S. 495; that this unlawful delegation is not cured by the amending
Act of Aug. 24 1935; that the exaction is in violation of the due process clause of
the Fifth Amendment since the legislation takes their property for a private use;
that the floor tax is a direct tax and therefore void for lack of apportionment amongst,
the States, as required by Article I, Section 9: and that the processing tax Is wanting
in uniformity and so violates Article I, Section 8, clause one of the Constitution.
Panama
v.
the question,
noticed
has
court
is the true construction.
to decide which
necessary
Study of all these leads us to conclude that the
Mr. Justice Story is the correct one.
While, there¬
legislative practice.
by
reading advocated
clause
and define
the legislative powers of the Congress.
It results that the power of Congress
to
authorize
expenditure of public moneys for public purposes is not
limited by the direct grants of legislative power found in the Constitution.
But the adoption of the broader construction leaves the power to spend
the
fore,
which
to tax is not unlimited, its confines are set in the
power
confers
it,
8 which bestow
not in those of Section
and
subject to limitations.
As
Story says;
■
;
contemplated to be the frame of
government, of special and enumerated powers, and not of general and
"The Constitution was, from its very origin,
a
national
unlimited powers
."(13)
he says;
Again
lay taxes for the common defence and general welfare of the United
power.
It is limited to those objects.
"A power to
States in not in common sense a general
It cannot constitutionally transcend them ."(14)
advocate
an
Hamilton, in his well known Report on Manufactures,
admit.
the
that
states
broad
qualifying phrase must be given effect all advocates of
the
That
construction
Hamilton's
of
"general,
must be
purpose
doctrine,
not local."
and
Congress
"Have
wrote:
Monroe,
right to
(15)
a
appropriate the money to any and to every purpose according to
and
and
will
certainly
They
pleasure?
Story
(16).
not."
have
the tax be not proposed for the common
defence or
general welfare, but for other objects wholly extraneous, it would be wholly
indefensible upon constitutional principles.
(17)
And he makes it clear
that
says
the
that
if
powers
national,
mental
law.
them.
of
here
comes
the
can
set
our
the
upon
we
use
of
Every presumption
with
to adjudge
to
lays
question
is to be indulged in
the mandates of the funda¬
statute in contravention
any
that the law fails to conform to
urge
granted
a
legislation
When such a contention
power.
showing that by
a
fall
within
the
no
reasonable possibility
wide
range
discretion
of
when
welfare of the United States,
But despite the breadth of the legislative discretion,
need hardly remark.
duty to hear and
our
in
great is the extent of that range,
How
is the promotion of the general
subject
we
section
frame of government, no other place is provided
permitted to the Congress.
the
the
of the power, and does not attempt
Congress
by
naturally require
challenged
use
reluctant
are
citizen may be heard
limits
the
the
directions.
compliance
Courts
But, under
the
where
detailed
or
faithful
of
favor
welfare.
Constitution
the
throughout
principles which control
meticulous
local
from
only to matters of
extend
and appropriation
taxation
of
distinguished
as
elsewhere
As
down
to render judgment
If the statute plainly
remains.
violates the stated principle of the Constitution we must so
Act Invades Reserved
We
are
welfare
of
aid'
tion
now
required
of the United
embedded
The Act
AAA.
plan
not
declare.
States"
to
regulate
powers
the
of
parts of
in
invades
and
our
to
or
the
scope
determine
of the phrase
whether
"general
appropriation in
an
Wholly apart from that question, another
Constitution prohibits the enforcement of the
rights of the States.
It is a statutory
the reserved
agricultural
control
delegated to the
funds raised,
the plan.
Rights of States
to ascertain
agriculture falls within it.
principle
the
(8) Other questions were presented and argued by counsel, but we do not consider
or decide them.
The respondents insist that the Act in numerous respects dele¬
gates legislative power
This
weight.
to
it
found
production unon the theory that such
would promote the general welfare.
The government concedes
phrase "to provide for the general welfare" qualifies the power
The view that the clause grants power to
provide for the general welfare, independently of the taxing power, has
never
been authoritatively accepted.
Mr. Justice Story points out that
if
it were adopted "it is obvious that under color of the generality of
"to
the
that this provision
legislation
that
Congress.
In this view
appropriation are or may be
the
to
exercise of any of the enumerated legislative
powers.
Hamilton, on the other hand, maintained the clause confers a power
separate and distinct from those later enumerated, is not restricted, in
meaning by the grant of them, and Congress consequently has a sub¬
stantive power to tax and to appropriate, limited only by the requirement
that it shall be exercised to provide for the general welfare of the United
States.
Each contention has had the support of those whose views are
their
It has only such
a
committed
fields
of
incidents
necessary
expressly conferred upon it and
In this respect
radically from
nations where all legislative power, without
or
limitation, is vested in a parliament or other legislative
are
is
union
Federal
legislative
phrase is mere tautology, for taxation and1
the
raise
The
themselves.
to
powers.
as
to
dele¬
reserved
or
is not what power the Federal government
question
government of limited and enumerated powers, the grant of power
tax and spend for the general national welfare must be confined to the
They
production,
Federal government.
and the direction
are
but
means
to
an
a
The tax,
for their
matter
beyond
the appropria¬
disbursement,
unconstitutional
are
but
end.
Refining Company v. Ryan, 293 U. S.
(9) Compare Adkins v.
Mellon, 262 U. S. 447,
488.
of protective tariff laws has its basis in
See Board of Trustees of the University
48, 58.
(10) The enactment
foreign commerce.
States, 289 U. S.
Children's Hospital, 261 U. S. 525, 544; Massachusetts
(11) Story,
Vol. I,
Commentaries
the
on
Constitution
of the
United
States,
Fifth
§ 907.
(12) Loc. cit. Chapter XIV,
(13) Loc. cit.
(14) Loc. cit.
passim.
§ 909.
§ 922.
(15) Works, Vol. Ill, p. 250.
the power to regulate
of Illinois v. United
(16) Richardson, Messages and Papers of the Presidents, Vol. II,
(1 ')Loc. cit. p. 673.
p.
167.
Ed
204
From
Financial
the
delegated
to
be
to
the
accepted
is
from
people.
Amendment
that
such
To
as
not
The
be
not
to the
States
the
contrary,
surrender, which, though, in form voluntary, in fact lacks
of compulsion.
Having regard to form alone, the Act here is
or
carrier of
Tenth
otherwise
purpose
But
prohibited1 end
a
accomplished under the pretext of the exertion of
may
which
powers
privilege, which the State
a
if
stand
are
the
for
granted.
tion
of
a
"Should Congress, In the execution of its powers, adopt measures which are
prohibited by the constitution; or should Congress, under the pretext of executing
It
is
to
its powers, pass laws for the accomplishment of objects not entrusted to the govern¬
come before it, to say that such an Act was not the law of the land."
Maryland, 4 Wheat. 316, 423.
"Congress cannot, under the pretext of executing delegated power, pass laws
for the accomplishment of objects not entrusted to the Federal Government.
And
we accept as established doctrine that any provision of an Act of Congress ostensibly
v.
enacted under
enforced."
Linder v.
principles
United States, 268 U. S. 6,
are
other Federal power.
applicable to the
as
to lay taxes
Said the court, in M'Culloch
Maryland,
vs.
to
as
any
all
We
legitimate, let it be within the scope of the constitution, and
which are appropriate, which are plainly adapted to that end, which
prohibited, but consistent with the letter and spirit of the constitution,
of
power
adopted
as
granted.
a
which
taxation,
to
means
into operation
carry
But resort to the taxing
legitimate,
not within
the
granted,
expressly
is
of
scope
another
been
the
funds
co-operation
concerned.
submission
would
it
best
At
Federal
to
is
it
a
regula¬
the
undoubted
under
of
expenditures
justify
for
United
total
under
contracts
the
of
States
under
contracts
of
that
authorizes
has
no
govern¬
within
Federal
the
Is
control
of
to
be
appropriation
calling for
violation of
objec¬
induce
to
moneys
action
The
intermeddle?
to
a
less
statute
a
power
made.
proper
and
An
power.
govern¬
so
not
are
Federal
of
States
the
is
for
acreage
contracts
expenditure
the United
appropriate money
between
expenditures
which
reduction
range
right to
contracts
the
individual action;
referred
numerous
the past, and
validity.
in
to
We need
Massichusetts
types of Federal
no
it is asserted
not
stop
Mellon,
vs.
(p.
supra,
which have
appropriation
question has been raised
no
examine
to
consider
or
487)
them.
to
as
As
was
:
as an examination of the acts of Congress will
disclose, a large number
appropriating or involving the expenditure of moneys for non-federal
purposes have been enacted and carried into effect."
.
.
of statutes
end which is not
an
Constitution,
has
that much
and.1
which
in
made in
".
be
course,
also expressly
power
to effectuate
power
of
may,
Federal
expenditure
outside the
which
are
their
said
The
is
clearly would offend the Constitution.
field
constitutional."
are
offer to the private
more
means
not
voluntary
power
Congress cannot invade State jurisdiction to compel
can it purchase such action.
421:
supra,
"Let the end be
are
law
a
for
contracts
are
by the
tionable
17.
power
with
cannot
purposes
expended
in
These
purely
Federal
Congress
officers
And
State
for
one
as
individuals;
production
reserved to the States, is invalid and cannot be
power
that
appropriations
power.
granted by the Constitution, not naturally and reasonably
adapted to the effective exercise of such power but solely to the achievement of
something plaintly within
said
mental
power
were
far
so
purchasing
and
But
decision
a
M'Culloch
of the elements
none
an
may grant or
subject reserved to the States.
executive
ment
ment; it would become the painful duty of this tribunal, should a case requiring
plan
better
no
scheme
such
1936
deny, upon a condition, which
the carrier is free to accept or reject.
In reality, the carrier is given no choice,
except a choice between the rock and the whirlpool,—an option to forego a privilege
which may be vital to his livelihood or submit to a requirement which may con¬
stitute an intolerable burden."
(p. 593.)
stated,
by Congress for that
principle that the attainment of
Jan. 11
"If so, constitutional guaranties, so carefully safeguarded against direct assault,
are open to destruction by the indirect but no less effective
process of requiring a
None to regulate agricultural
is given, and therefore legislation
forbidden.
It is an established
the
to
proposition,
same
production
is
Chronicle
of
government
a
reserved
are
prohibited.
are
is
expressly granted, or reasonably
suggestion
any
(18)
granted
not
conferred,
are
forestall
adopted.
was
powers
the United' States
that
it follows that those
powers,
implied
doctrine
obviously
is
As
inad¬
the
because
missible.
opinion
points
remedy
no
such
out,
was
expenditures
for
open
testing
have not
their
been
challenged
constitutionality
the
in
courts.
"Congress is not empowered to tax for those
which are within the
purposes
We
exclusive province of the States."
Gibbons v. Ogden, 9 Wheat. 1, 199.
"There are, indeed, certain virtual limitations, arising from the principles of the
Constitution itself.
It would undoubtedly be an abuse of the [taxing] power if
shall
ment.
the
In
U.
taxing
this
44,
the
of
Tax
their
manufacturing
States—matters
the
court
abuse
of
the
this
the
to
power
U.
20, and in
S.
it
purpose
found
was
trading,
in
not
Hill
which
statutes
to
be
within
any
power
conferred
the
tax
means
tax.
a
constitutional
a
In
Linder
but
use,
United
vs.
otherwise
could
cited.
Congress by
and
said that
compliance.
the
supra,
tax could not justify the regulation of the practice of
profession,
the
Constantine
in
(decided Dec. 11 1935),
the guise
the
ing
could
who
a
sale
to
In
revenue.
United
States
of
liquor.
the
pay
These
pretext
certain
a
of
decisions
raising
price
demonstrate
lay
revenue,
that
tax
a
on
processors
agree
do, with the purpose of benefiting producers.
of
education
to
an
if
the
would
But it is
Third—If
the
taxing
regulation
a
may
power
of
matters
State
necessary
the
Congress
whatever
it
is
is
powerless
might be
said
constitutionally
co-operation.
to
used
The
two
are
end
sufficient
offered
intended
is
proposed
to
be
regulation.
sufficient
(19)
The
to
exert
to
power
the
to
answers
of
if
course,
pressure
confer
that
refuse to
The
to
amount
to
agree
withhold unlimited
benefits
is the power to coerce or
destroy.
If the cotton grower elects not
accept the benefits, he will receive less for his crops; those who receive
payments will be able to undersell him.
The result may well be financial
the
The
fact
because
ments
the
coercive
that
has
it
there
This
intent of
the
been perfectly successful.
remained a minority whom the
still
gone
in
power
a
progression
statute
not
insufficient to induce to surrender
were
Congress has
taxing
and
purpose
further
more
is
It
not
obscured
is pointed
rental and
their
out
by
that,
benefit pay¬
independence of action,
and, in the Bankhead Cotton Act,
used
the
directly minatory fashion to compel submission.
only
serves more fully to expose the coercive
purpose of
imposed by the present Act.
It is clear that the Depart¬
ment of Agriculture, has
properly described the plan as one to keep a
non-co-operative minority in line.
This is coercion by economic
pressure.
the
so-called
The
In
tax
asserted
Frost
Trucking Co.
considered
was
portation
of choice is
power
for
which
RR.
vs.
provided
supervision
S.
U.
and
583,
a
regulation
private
carrier
into
a
public
such
secure
The effect of the
a
commission's
carrier.
In
certificate
action
other
as
words,
the
using the highways as a private carrier for compensation
his dedicating his property to the
quasi-public use
portation.
While holding that the private carrier was
submit
to
the
condition
using the highways if he did
that
as
himself
the
carrier
construed
had
a
free
the
not
choice.
commission
do
so.
This
denied
The
court
of
substitute
him
in
of
the
of
trans¬
obliged
the
was,
to
privilege
as
here,
holding the Act
ends
of
Agriculture,
Agricultural
Adjustment,
p.
9.
"Experience
of co-operative associations and other
groups has shown that without such
govern¬
ment support, the efforts of the farmers to
band together to control
the amount
of their product sent to market
are. nearly always brought to
nothing
Almost
always, under such circumstances, there has been a
which, refusing to
non-co-operating
'minority
along with the rest, has stayed on the outside
and tried to
benefit from the sacrifices the majority has
made.
it is to keep this
non-co-operating minority in line, or at least prevent it from
doing harm to the
majority, that the power of the Government has been marshaled
behind the
go
.
ment programs."
.
into
by
regulation
a
its
con¬
which
distinction
bad.
But
terms
contract
a
clearly
An
an
is
teach
to
appro¬
become "
to
doctrines
affirmance
of
the
the
wide difference in
local
affairs
relating to
the
contract
of
another respect,
State's
a
their conduct;
void
complying
and
with
thus
its
between
citizens
that,
if
prevent
State
those
contract
the
and
any
The
terms.
make the
can
under
argument
only if the
the subject matter of the
subject matter, its exertion cannot be dis¬
reach the
To say otherwise is to deny the supremacy of the
States; to make them subordinate to those of a State.
the cardinal principle embodied
declares
that
Congress
in the
only
may
within Federal competence when the
has
those
the
.
adlust-
J
to enforce
power
by
and
Constitution
and
effectively legislate
States do not dissent.
the
does
not
help
to
a
taxing
and
entire
spending
plan of
of national
widespread
constitutional
If,
in
of
Farmers
the
to
purchase
compliance.
The
the
our
of
its
upon
lieu
subversion
on
on
as
for this is but to say that whenever
concern;
similarity
limitations
States.
commands
government negative any such use
the Act undertakes to authorize.
It
that local conditions throughout the nation have
declare
situation
a
is
its
farmer to the
It must follow that it may not
indirectly accom¬
to tax and to spend
power
created
there
the
no
ends
Constitution
of
local
own
conditions,
Congress may ignore
and usurp those reserved to
powers
of
compulsory regulation of subjects within the
States'
reserved
jurisdiction,
which
is
prohibited, the Congress could
Invoke the taxing and spending power as a means to
accomplish the same
end, Clause 1 of Section 8 of Article I would become the instrument for
total
governmental
reserved
powers
to
the
individual
States.
Regulation
of
All
Industry
Seen
if Act
Is
Proper Exercise
of
Power
of
Federal Government
the
Act
before
is
us
a
proper
exercise of the Federal taxing power,
regulation of all industry throughout the United States
may
by similar exercises of the same power.
It would be
accomplished
possible
to
another
branch
of the
of
of
money
from
one
in
every
field
of
The
States.
surrender
price
exact
mere
rights
threat of such
and
continuance
branch
the
in
of
A
lies
procedure
a
compliance
business.
industry and
an
activity which
with
few
within
it
pay
the
to
province
might well induce the
Federal
instances
regulation
will
as
the
illustrate
the
thought.
Let
or
us
some
suppose
of
ness
Congress
other
producer
with
consequent
products,
its
employees.
should
of
same
taxing
the
result
the
depression
might be
processors,
sideration
for
payment
We have held
If
•appropriating
under
the
by Federal law
his
or
power
the
to
be
farmer,
too
the
miner
for
much
his
the
and
questioned
Act
appropriating
conditions
imposed
be
the
as
valid,
proceeds
the
con¬
subsidy.
Poultry Corp.
vs.
United States, 295 U.
to regulate wages and hours of labor in
paid
whereby they
or
if
output
without
petitioner is right this
money
contracts
Should
no
a
with
of
the
receiving
the
accomplished,
upon
in Schechter
Congress has
business.
either
of
that
is
processing industry and idle¬
by confession, there is no power vested in
lowering of the prices of the raw material
Though,
producer
determine
materials
raw
Congress to compel by statute
the
that
Dept.
enters
is
a
from
sought by the AAA.
plish
by
(18) The Tenth Amendment declares:
"The powers not
delegated to the United
States by the Constitution, nor prohibited
by It to the States,are resereved to
the
States respectively or to the people."
S.
to
pointing the
Congress Has No Power to Enforce Commands
Congress
to
(19) U.
does
which
one
to matters
as
conditioned
public
not
argument
said,
unconstitutional:
privilege
was
upon
of
condition
a
submit
the
stating
effective only upon
one
to tax and to appropriate reaches
reverse
evidently the
to transmute
was
statute
a
shall be expended.
The United States
the United
be
trans¬
hire
operation.
of
would
of
and
private contract carrier should
its
declare
If this
State Act
by automobile on the public highways.
Certificates of
necessity were to be obtained by persons
desiring to use
the highways for this purpose.
The regulatory commission required that a
convenience
of
placed by State action.
If
Commission, 271
is
the
of
jurisdiction
power
This
illusory.
for
to
which
condition
contract
a
may
laws
The
to
ruin.
the. amount
compulsory,
may
him
on
or
to
so
plainly fallacious.
by voluntary
contention.
benefits.
of
case,
asserts
accomplished
regulation is not in fact voluntary.
The farmer,
comply, but the price of such refusal is the loss
the
plan,
the
to
to which
compliance which
a
government
of
is
instrument
respect
in the present
as
to purchase
against the validity
the
it,
may
the
as
with
concern
command?
sound because
There
be
not
of
money,
to
money
Constitution
regulation
State's
between
expended and
institution
said that there
it
Federal
which
the beneficiary
making of
objects,
contract.
enforce
the AAA
By
of
complied with the
expenditure of an appropriation
nullify all constitutional limitations upon legislative power.
to
compulsory
is
the Congress has no authority to interfere,
be employed to raise the money
not
appropriations in aid of education,
doubted' the power of Congress to stipulate
has
one
for
Congress
tend
mere
the
Regulation Not Voluntary
appropriation
are
Many examples
referred
educational
of
authority of
Congress
for cotton and exempt those who
conditions
obligation
enforced.
are
no
sort
subversive
a
vs.
declared
we
is
We
priation
that Congress could not,
tax, impose sanctions for violation of State law respect¬
under
refuse
to
so
of
local
not,
raising
of
pretext
it
be
not
available only
held
we
conditional
a
difference
contractual
might be
unconstitutional
States,
obvious
an
a
the
that the power to
under
is
but
force
with
certain
which moneys shall be
of
regulate
upon
an
upon
assumption
commerce,
to
to
be
to
There
ditions
Wallace,
vs.
purported
inter-State
levy of
not
was
259
before
and
not
Constitution—and
The
held
Case,
court had
But
measures.
conduct
in
Labor
Child
S.
if
longer be available.
no
the tax is appropriated to be expended1
only in payment under contracts
whereby the parties bind themselves to regulation by the Federal govern¬
of the States, or if exercised for ends inconsistent with the limited grants of power
Veazie Bank v. Fenno, 8 Wall. 533, 541.
in the Constitution."
259
concerned
provision that
a
appropriation
exercised as to impair the separate existence and independent self-government
so
with
nor
here
not
are
to
agree
S.
a
495,
local
end may be accomplished by
employers from the Federal Treasury
very
to comply with certain standards fixed
by contract.
Congress ascertain that sugar refiners are not
receiving a fair
profit, and that this is detrimental to the entire
industry, and in turn has
its repercussions in trade and commerce
generally, it might, in analogy
to the present law,
impose an excise of two cents a pound on
every sale
Financial
Volume 142
Chronicle
funds collected to such refiners, and 6uch
maintain a certain price.
Assume
that too many shoes are being manufactured! throughout the
nation; that the market is saturated, the price depressed, the factories
running half-time, the employees suffering.
Upon the principle of the
statute in question Congress might authorize the Secretary of Commerce
commodity and pass the
the
of
only,
will agree to
as
manufacturers providing that each shall
States will pay him a fixed sum
proportioned to such reduction, the money to make the payments to be
raised by a tax on all retail shoe dealers or their customers.
contracts with shoe
into
enter
to
and that the United
his output
reduce
of its deficiency
are given,
the redress
to
illustrations
These
mentioned
409 ;
and
ment
for
has been advanced.
The expressions of the framers
the decisions of this court interpreting that
the writings of great commentators will be searched in
instru¬
vain
clause under discussion or else¬
Constitution,
the
suggestion that there exists in the
Constitution, the authority whereby every
any
where in the
provision and every
instrument may be subverted, the independence
obliterated, and the United States converted into a
central government exercising uncontrolled police power in every State of
the Union, superseding all
local control or regulation of the affairs or
of
,
of the States.
Hamilton
himself, the leading advocate
to tax and to
power
of broad interpretation
of the
welfare, never suggested
Constitution could be used for the destruc¬
appropriate for the general
granted1 by the
tion
of local self-government in the States.
Story countenances no
doctrine.
It seems never to have occurred to them, or to those who
that
-
any power
such
have
general welfare of the United States (which
indestructible Union, composed of indestructible
States"), might be served by obliterating the constituent members of the
Union.
But to this fatal conclusion the doctrine contended for would
inevitably lead.
And its sole premise is that, though the makers of the
Constitution, in erecting the Federal government, intended sedulously to
limit and' define its powers, so as to reserve to the States and the people
sovereign power, to be wielded by the States and their citizens and not
to be invaded by the United States, they nevertheless by a single clause
gave
power to the Congress to tear down the barriers, to
invade the
States'
jurisdiction, and to become a parliament of the whole people,
subject to no restrictions save such as are self-imposed.
The argument
when seen in its true character and in the light of its inevitable results
with them, that the
agreed
aptly been termed "an
has
must be
rejected.
there was no power in the Congress to
it could not lawfully ratify or confirm
what an executive officer
had done in that regard.
Consequently the
Act of 1935 does not affect the rights of the parties.
The judgment is affirmed.
Since,
impose
A
as
the
true
have pointed out,
we
contested exaction,
in mind
attention to the pivot on which the decision
It is that a levy unquestionably ^ within
be treated as
invalid because it is a
thus a forbidden
plan to regulate agricultural production and is
infringement of State power.
The levy is not any the less
a
an
exercise of
intended to defray an expenditure for the
general welfare rather than for some other support of government.
Nor
is the levy and collection of the tax pointed to as effecting the regulation.
While
all Federal taxes inevitably have some influence on the internal
economy of the States, it is not contended that the levy of a processing
tax
upon
manufacturers using agricultural products as raw material has
taxing
their production or manu¬
'
•
.;
Although the farmer is placed under no legal compulsion to
reduce acreage,
it is 6aid that the mere offer of compensation for so
doing is a species of economic coercion which operates with the same
legal force and effect as though the curtailment were made mandatory by
Act of Congress.
In any event it is insisted that even though not coercive
the expenditure of public funds to induce the recipients to curtail pro¬
duction is itself an infringement of State power, since the Federal govern¬
ment cannot invade the domain of the States by the "purchase" of per¬
facture.
.
of acts which it has no power
formance
the assertion that
Of
effect upon either
...
.
.
«
it is
because
power
perceptible regulatory
any
to compel.
the payments to farmers are
coercive, it is enough
such
the
such contention is pressed by the taxpayer, and no
consequences were to be anticipated or appear to have resulted from
administration of the Act
The suggestion of coercion finds no support in
the record or in any data showing the actual operation of the Act.
Threat
to
that
say
no
is the essence of economic coercion.
Members
industry have undoubtedly been tempted to curtail
acreage by the hope of resulting better prices and by the proffered oppor¬
tunity to obtain needed ready money.
But there is nothing to indicate
that those who accepted benefits were impelled by fear of lower prices if
of
a
not hope of gain,
loss,
of
depressed
long
they did not
could
farmer
accept, or that at any stage in the operation of the plan
say whether, apart from the certainty of cash payments
the advantage
compensation, rather than
specified1 times,
plus
expected rise in prices
the
would lie with curtailment
of production
with the same or increased acreage
which actually occurred. . . .
is
plus
the
upon
of
that,
insisted
purpose,
the promotion of
involves
payment on terms
limits
the
within
of their
purpose
the general welfare. Their expenditure usually
which will insure use by the selected recipients
purpose.
Expenditures would fail
constitutional sanction if the terms of
such that by their influence on the action of the recipi¬
of
the constitutional
and thus lose their
payment were not
ents the permitted end would be
attained.
.
.
.
has set aside intra¬
industries by
Congress through the Interstate Commerce Commission
railroad rates.
It has made and destroyed intra-State
state
Test:
Clerk, Supreme Court,
United States.
Stone,
Justices
Brandeis and
tariffs. These results are said to be permissible because
incidents of the commerce power and the power to levy duties
raising or lowering
they
of
Views
are
imports.
on
...
The spending power
.
Cardozo
of Congress is in addition
to the legislative
of
and not subordinate to it.
This independent grant of the power
the purse, and its very nature, involving in its exercise the duty to insure
expenditure within the granted power, presuppose freedom of selection
among divers ends and aims and the capacity to impose such
conditions
as
will render the choice effective.
It is a contradiction in terms to say
that there is power to spend for the national welfare, while rejecting any
power
In part we
dissenting views of Justice
by Justices Brandeis and Cardozo:
quote herewith the
Stone, concurred in
SUPREME COURT OF
THE UNITED STATES
impose
to
power
401—October Term, 1935
No.
end which
States
United
ceivers
Writ
On
the
of
of America,
of Hoosac Mills
Certiorari
to
Petitioner, vs. William
Corporation.
the United States Circuit
[Jan.
think the judgment
The
M. Butler, et al., Re¬
present stress
6
Court of Appeals for
1936]
Justice Stone
should be reversed.
of widely held and
strongily expressed differences of
the AAA makes it important, in the interest
sound result, to emphasize at the outset certain
propositions which should have controlling influence in determining the
opinion
of
clear
of the
wisdom of
thinking
and1
They are:
of courts to declare a statute
validity of the Act.
unconstitutional is subject to
two guiding principles of decision which ought never to be absent from
judicial consciousness.
One is that courts are concerned only with the
power to enact statutes, not with their wisdom.
The other is that while
unconstitutional exercise of power by the executive and legislative branches
of the government is subject to judicial restraint, the only check upon our
own
exercise of power is our own sense of self-restraint.
For the removal
of unwise laws from the statute books appeal lies not to the courts but
to the ballot and to the processes of democratic government.
2. The constitutional power of Congress to levy an excise tax upon the
processing of agricultural products is not questioned.
The present levy
is held invalid,
not for any want of power in Congress to lay such a
tax to defray public expenditures, including those for the general welfare,
but because the use to which its proceeds are put is disapproved.
3. As the present depressed
state of agriculture is nation-wide in its
extent and effects, there is no basis for saying that the expenditure of
public money in aid of farmers is not within the specifically granted
power of Congress to levy taxes to "provide for the
.
.
.
general wel¬
fare."
The opinion of the court does not declare otherwise.
1.
The power
limitation
The
conditions reasonably adapted1 to the attainment of
justify the expenditure.
now sanctioned must lead to absurd consequences.
the
alone would
The
but may not condition the gift
upon their being planted in places where they are most needed or even
planted at all.
The government may give money to the unemployed, but
may not ask that
those who get it shall give labor in return, or even
use it
to support their families.
It may give money to sufferers from
earthquake, fire, tornado, pestilence or flood, but may not impose con¬
ditions—health precautions designed' to prevent the spread of disease, or
induce the movement of population to safer or more sanitary areas.
All
that, because it is purchased regulation infringing State powers, must be
left for the States, who are unable or unwilling to supply the necessary
government may
First Circuit.
Mr.
I
a
at
contention that State power is infringed by purchased
agricultural production that chief reliance is placed. It is
while the Constitution gives to Congress, in specific and
unambiguous terms, the power to tax and spend, the power is subject to
limitations which do not find their origin in any express provision of the
Constitution and to which other expressly delegated powers are not subject.
The Constitution requires that public funds shall be spent for a defined
It
regulation
copy.
Dissenting
our
to turn.
of Congress may
taxing power
step in
the individual States
concerns
direct
made
is
court
implication from that
fair
hardly controverted matters
preliminary and
these
should;
we
the
the
curative
States vs.
282 U. S.
United States, 283 U. S. 15.
The AAA as thus
none of its provisions shall fail because others are
invalid.
with
is
It
principle
government
Federal
declares
pronounced
that
an
Milliken vs.
that
cf.
amended
contends; to test the principle by its applica¬
tions ; to point out that, by the exercise of the asserted power, Congress
would, in effect, under the pretext of exercising the taxing power, in
reality accomplish prohibited ends.
It cannot be said that they envisage
improbable legislation.
The supposed cases are no more improbable than
would the present Act have been deemed a few years ago.
Until recently no suggestion of the existence of any such power in the
of
validating
Heintzen &
of
a
exercise of the power of Congress to pass
intended, though defective tax.
United
Co., 206 U. iS. 370; Graham & Foster vs. Goodcell,
removed by the
statute
the government
which
for
now
been
of the purposes
the scope of the
but to demonstrate
unworthy,
are
of income.
not to suggest that any
of the
power,
the Secretary in
been specifi¬
cally adopted' and confirmed by Act of Congress, which has declared that
it shall be the lawful tax.
Act of Aug. 24 1935 — Stat. —. That is the
tax which the government now 6eekB to collect.
Any defects there may
have been in the manner of laying the tax by the Secretary have now
presented.
The schedule of rates imposed by
accordance with the original command of Congress has since
is
that there are too many
results
in dislocation of
Suppose
variable tax fixed from time to time by fiat
of unauthorized delegation of legislative
Secretary of Agriculture, or
garment workers in the large cities;
that
this
the economic balance.
Upon the
principle contended for an excise might be laid on the manufacture of
all garments manufactured and the proceeds paid to those manufacturers
who agree to remove their plants to cities having not more than a hundred
thousand population.
Thus, through the asserted power of taxation, the
Federal government, against the will of individual States, might com¬
pletely redistribute the industrial population.
A possible result of sustaining the claimed Federal power would be that
every
business group which thought itself underprivileged might demand
that a tax be laid on its vendors or vendees the proceeds to be appropriated
;
205
■
question of a
No
4.
relief.
.
tortured
A
give seeds to farmers,
recourse
to
construction
extreme
of the
examples
of
Constitution is not to be justified by
reckless congressional spending which
could not prevent expenditures which, even if they
any national purpose, would be possible only
to all sense of public responsibility. Such
suppositions are addressed to the mind accustomed to believe that it is the
business of courts to sit in judgment on the wisdom of legislative action.
Courts are not the only agency of government that must be assumed to
have capacity to govern.
Congress and the courts both unhappily may
falter or be
mistaken in the performance of their constitutional duty.
But interpretation of our great charter of government which proceeds on
any assumption that the responsibility for the preservation of our institu¬
tions is the exclusive concern of any one of the three branches of govern¬
ment, or that it alone can save them from destruction is far more likely,
in
the long run,
"to obliterate the constituent members" of "an in¬
destructible union of indestructible States" than the frank recognition that
might occur if courts
could
by
be
thought
to
effect
action of a legislature lost
language, even of a constitution, may mean what is says: that the power
to tax and
spend includes the power to relieve a nation-wide economic
maladjustment by conditional gifts of money.
Mr. Justice Brandeis and Mr. Justice Cardozo join in this
opinion.
206
Financial Chronicle
American Neutral Rights in Jeopardy
to whether the vessels that
ence
might be ready to
carry such exports are American
the absolute
also
a
prohibition of
discretionary
arms
power
foreign.
or
the extension to
in the President to
likely,
or
absolute
prohibition
bill, presumably, is to make
to shorten
Administration
tion
having to enforce its
of
embargo
arms
The
of
war
war
crease their
production, that other neutrals similarly
equipped will increase their own trade, and that a
belligerent which is unable to produce, or whose
to neutral
wise
for the United
course
lie in such directions.
American neutral rights. On the contrary,
the right of American nationals to trade
freely with
or
neutrals, at their
of their government if
should
be
the
assertion
The
protection
they trade in anything else,
clearly asserted
and all necessary
risk if they
own
but with the
war
the national
as
policy,
force should be employed to make
effective. No stronger influence for
could be exerted at the present time than a
✓
determined purpose to maintain it.
directly to the advantage of a
resourceful belligerent, and to the dis¬
surrender
no
of any
The
operates
States does not
There should be
peace
weak
League,
obviously be
supplies is cut off by enemy superi¬
ority, will be the more quickly beaten in the war.
a
the
on
belligerents
or
munitions
and
of
not enforced it would
were
trade in contraband of
strong
the
farce.
a
certainly happen, if such a law is enacted
enforced, is that foreign belligerents already
equipped to produce arms and munitions will in¬
advantage of
law
world, while
and
bill
then
most of the nations of the
means
if the law
1936
extraordinary posi¬
against all the members
What will
access
were
States would be in the
11
act of war, and
an
measure
United
which
if it occurs, by depriv¬
American material assistance.
ing the parties of
the
re¬
manu¬
belligerents of financial aid. One
the purposes of the
less
an
With
and munitions goes
strict the exportation of articles used in their
facture, together with
international law recognizes as
if
(Concluded from page 181)
Jan.
clear declaration of
genuine
neutrality backed by
a
There is nothing
of
this, however, in the Administration bill. The bill
up rights which should at all hazards be kept
unimpaired, and invites trouble in exchange for
gives
one.
provision for the restriction of exports of ar¬
making arms or munitions is pecu¬
ticles useful for
liarly objectionable because
it
negatives the
essen¬
what is surrendered.
ity"
It is
not, in short,
"neutral¬
a
at all.
measure
tial idea of the
neutrality which it professes to sup¬
The restriction is to be imposed whenever the
port.
President finds not
only that it "will
mote the
security and
United States
or
serve to
the neutrality of the
to protect the lives and
commerce
preserve
of nationals of the United
to refrain from
tribute to
The
a
or
expansion of the war."
President, in other words, is to sit in judgment
upon
the present state of
course,
and permit
can
citizens
his
upon
or
a
war,
forecast its probable
own
or
their
opinion
commerce, but also according
about the effect of the trade
the prolongation
such grant of
or expansion of the war.
Any
Executive discretion is in the highest
degree dangerous. It is conceivable that
the prompt
imposition of restrictions might bring a relatively
unimportant war to an early end, but it would be
equally possible for the President, by
refraining
from
of
imposing restrictions, to give assistance to
the parties and
thereby help it win the war.
one
The
possibilities of entanglement which such a discre¬
tionary power holds are further enhanced by the
provision that the President may "from time to time
modify
revoke, in whole or in part," any procla¬
mation of restrictions which he
may issue "when he
shall find that the conditions which
caused him to
issue his proclamation have ceased to
exist or have
so
or
changed
fication
Both
or
as
to justify, in his opinion, such modi¬
revocation."
the
Pittman-McReynolds bill, which is
Administration
measure,
and
which undertakes to enforce
the
Nye-Clark
drastically
a
an
bill,
so-called
policy of "isolation," threaten the neutrality which
they profess to guard. The Administration bill
it in the power of the President to
interfere
with trade with neutrals as well as
with
and to
be,
as
Professor Edwin M.
puts
seriously
University, told the House Committee on Foreign
Affairs on
Thursday, "as unneutral as he desires
to be."
with
It opens the
way to indefinite complications
the League and its members. If
the
for the purpose of
claim
a
League,
enforcing sanctions, were to pro¬
Italy, it would commit what
blockade of
the first full week
of the
new
year
highs for almost every group.
The highest-grade, Aaa
issues, after having sold off since their peak price of last
July, advanced fractionally to a new top this week.
Each
of
the
other
highs,
new
rating groups, Aa, A and Baa, also recorded
did the main classifications of 40 rails,
as
utilities and 40 industrials.
fluctuated
40
United States government bonds
narrowly at recent levels.
Of particular interest
to
the bond market is the
Federal
legislation of the next few months, particularly the method
of
financing
be
may
prepayment of the
any
passed
by
Congress.
naturally not covered in
which advocated
ernment
of
government
necessity
benefit
for
of
the
proposed
something of
a
credit
is
initiating
also
new
declared
was
bonus
which
was
government budget,
reduction in the high gov¬
aid
for
The position
years.
somewhat
processing taxes since
Act
ment
soldiers'
This potential expense
expenditures of the past few
unsettled
farmers
by
the
without
the
the Agricultural Adjust¬
unconstitutional.
High-grade railroad bonds displayed a strong undertone
during the week and fractional gains were shown by most
issues.
Central Pacific 4s, 1949, advanced % to
104%, and
Pittsburgh Cincinnati Chicago & St. Louis 5s, 1970, closed
unchanged at 116.
Lower-grade railroad bonds continued
to show substantial
price gains.
Missouri-Kansas-Texas 5s,
1962, advanced 3% to 64%, and Pittsburgh & West Virginia
4%s, 1960, gained 5% to close at 80.
A feature of the
railroad
shown
bond
market
by many
has
been
the
defaulted issues.
Paul & Pacific 5s,
improvement in price
Chicago Milwaukee St.
1975, advanced 1% to 21%; Chicago In¬
dianapolis & Louisville ("Monon")
gain of 6%.
6s, 1947, closed at 35,
a
In the fore part of the week
utility bonds swung upward
on a broad front, but a
reactionary tendency set in on Thurs¬
day.
High grades have been only fractionally better at the
close, but lower grades had advanced substantially.
Among
the more speculative issues, New Orleans
Public Service
1949, at 72
closed
been
at
were up
86%,
higher,
advanced
belligerents,
Borchard, of Yale
in
has fulfilled best expectations
regarding it by rising to new
restrict this
supplementary
only with regard to the safety of Ameri¬
trade not
to
States," but also "that
placing such restriction would con¬
prolongation
The Course of the Bond Market
The bond market
pro¬
3%
up
6s,
2; United Light & Railways 5%s, 1952,
3.
Issues of medium grade have also
including Kentucky
to
97%;
Utilities 5s, 1961, which
Shawinigan Water & Power 4%s,
1967, which closed at 102%,
Association 5%s,
up 1%; New England Power
1954, which gained 3, closing at 93.
The industrial list has
with
some
securities,
minor
in
displayed continued strength, but
exceptions
reflection
of
of
weakness.
recent
advances
Oil
in
company
crude
oil
prices, have been quite strong, the Empire Oil &
Refining
5%s, 1942, advancing 4% points to 86%, and the PanAmerican
Petroleum
Securities
of
6s, 1940
companies
which
(ctfs.),
stand
up
5 points at 57%.
to
benefit
from
the
Financial
Volume 142
invalidation of the Agricultural Adjustment
been in demand; for instance, the Childs Co.
Supreme Court
Act have also
advanced from 73% to 79%. Amusements
and
metals have been generally strong.
The Parmelee
Transportation 5s, 1944, closed at 62 for a gain of 8 points.
The Pacific Coast 1st 5s, 1946, were up 6% points at 61%.
The
foreign bond market has been characterized by
strength in speculative issues, most of the South Americans,
5s, 1943, which
MOODY'S BOND
Domes¬
Daily
Bonds
Corp.*
Averages
and
tered
are
yield averages
given in the following tables:
YIELD AVERAGESf
Closing Prices)
tt
All
120 Domestic Corporate
120 Domestic
1936
120
by Ratings
Corporate by Groups
Daily
Domes¬
120 Domestic
Corporate* by Groups
A
Baa
RR.
P. U.
Indus.
115.41
107.14
93.99
103.48
108.21
114.04
93.55
102.98
108.21
Aa
weak.
bond prices and bond
Moody's computed
(Based on Individual
Corporate*
by Ratings
Aaa
1945, advanced 4% to
have been somewhat
group
defaulted Cuban Public
42%. Italian bonds as a
4%-point gain to 71%; the
a
Works 5%s,
MOODY'S BOND
tic
**
120 Domestic
120
Govt.
Better-grade issues, such as Norwegians, Denmarks
Australians advanced fractionally.
Panama 5s regis¬
gains.
Yields)
1.
U. S.
substantial
in particular showing
Colombians and Chileans
PRICESt
(Based on Average
1936
207
Chronicle
P. V.
RR.
Baa
A
Aa
Aaa
tic
Averages
Indus.
signs.
3.89
4.33
5.14
4.54
4.27
3.96
6.26
3.66
3.89
4.34
5.17
4.57
4.27
3.95
6.27
3.67
3.89
4.34
5.17
4.57
4.27
3.97
6.26
4.27
3.98
6.30
10__
4.26
3.67
114.24
9—
4.27
8—
4.27
Jan.
30
For-
10-- 108.02
108.39
108.03
108.21
120.11
115.41
106.96
115.41
106.96
93.55
102.98
108.21
107.94
119.90
113.85
108.21
93.26
113.65
4.28
3.68
4.35
5.19
106.78
3.89
115.41
7
119.69
108.21
108.03
102.81
4.58
7- 108.03
4.27
6.31
107.85
102.47
5.21
4.60
92.97
3.68
4.36
106.60
4.29
3.89
115.41
6
119.69
113.46
3.99
108.21
6— 107.99
4.30
3.68
6.22
106.42
3.93
114.63
4
107.67
119.69
112.88
4.02
108.03
4.28
102.47
5.22
4.60
92.82
4.37
4- 107.95
3.93
4.63
4.03
6.23
107.31
92.53
3.70
5.24
106.07
4.32
4.39
114.63
3-
119.27
112.69
4.29
101.97
107.85
3- 107.94
Jan.
119.90
4.29
4.05
6.20
107.14
119.07
106.07
3.71
5.28
4.65
91.96
4.39
114.43
3.94
9—
8-
2- 107.96
High 1935 109.20
106.96
119.69
Stock E xchang
106.72
114.43
1935 105.66
99.20
116.82
108.57
1—
Low
Yr.Ago
110.98
Jan.10'35 106.48
117.43
109.12
2 Yrs.Ago
85.74
99.06
Jan. 10'34
105.72
94.29
e
98.73
101.64
2-
4.33
107.85
112.31
Low 1935
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
5.78
4.SO
3.82
4.25
4.83
6.40
6.37
6.13
4.35
6.97
Hlgn 1935
4.69
3.79
4.22
4.79
5.96
4.72
5.01
4.35
6.23
5.74
4.41
5.12
5.95
7.46
5.67
6.65
4.89
8.39
Stock E xchang e
l._
Close d
91.67
101.31
107.67
112.11
77.88
90.69
94.14
106.78
Close d
Yr. Ago—
99.36
82.99
100.49
95.39
106.78
Jan.10'35
2 Yrs.Ago
83.11
67.42
86.64
75.19
97.78
Jan. 10*34
31 years) and do not purport to show either the average
the relative levels and the relative movement of
bond prices by months back to 1928, see the issue of Feb. 6 1932. page 907.
indexes ww published in the issue of May 18 1935.
40 foreign bonds
from average yields on the basis of one "ideal" bond (4*4 % coupon, maturing in
of actual price quotations. They merely serve to illustrate in a more comprehensive wav
latter being the truer picture of the bond market
For Moody's index of
••Actual average price of 8 long-term Treasury Issues.
+ The latest comolete list of bonds used in computing these
page 3291.
tt Average of 30 foreign bonds out adjusted to a comparable basis with previous averages of
•
These
level
or
prices are comouted
the average movement
yield averages, the
STATE
THE
OF
TRADE—COMMERCIAL EPITOME
Friday Night, Jan.
In
10 1936.
demoralizing effect—especially in the com¬
Supreme Court decision on the Agri¬
Adjustment Act, business activity showed an in¬
spite of the
modity markets—of the
cultural
crease
over
that
of last
week.
Automotive activity and
slowed down considerably, but steel out¬
put, car loadings, coal production and electric output showed
gains.
It is thought the next few weeks will more clearly
reflect the effects of the AAA decision, especially should
the government find itself unable to soon cope with the
situation.
The uncertainty over the course of farm prices
and the effects of legislation proposed as a substitute to the
AAA will naturally make for extreme
caution in many
fields.
Commodity markets in some instances showed dras¬
tic declines, especially in foods
and cotton.
Buying in
wholesale markets was the best in six or seven years.
In¬
ventories are low in both wholesale and retail divisions.
Wool continued active and, according to authoritative re¬
ports, the industry is employing 167,000 workers and pay¬
rolls are the largest since 1929.
Heavy rains fell here dur¬
ing the week, with temperatures higher.
A nine-inch snow¬
fall blanketed Portland, Me., late last week.
It raised havoc
with telephone lines and handicaped traffic.
The coldest
weather of the winter lifted slowly in the frozen prairie
States on the 7th inst. as the cold moved east across the
Mississippi River.
At Warroad, Minn., it was 41 degrees
below.
Other lows were 33 below at Bemidji, Minn.; 27
below at Jamestown and Grandforks, N. D.; 26 below at
Brookings, S. D.; 18 below at Oakdale, Neb.; 14 below at
Mills City, Mont., and 12 below at Minneapolis and Lander,
Wyo.
It was 19 below in northern Iowa and 16 below in
northwestern Wisconsin.
Snow fell in Oklahoma Pan¬
handle, New Mexico and western Texas, and temperatures
fell to 18 above in the Texas Panhandle.
Heavy snow and
rain storms swept up-State New York yesterday.
A blizzard
swept Wyoming on the 9th inst. and four motorists trapped
in the sub-zero storm froze to death.
A 100-mile gale swept
Great Britain on the 9th inst., killing several persons and
injuring many others.
A hurricane struck the Irish Sea
petroleum
runs
week-end.
Twenty-seven persons were known
dead in shipwrecks at sea and accidents in northern Europe
since Sunday.
France was ravaged by floods.
To-day it
over
gain of 9.3% when compared with 1934 and a rise of 12.8%
when the comparison is made with.the same week of 1933.
The first 18 major railroads to report for the week ended
Jan. 4 1936 loaded a total of 259,567 cars of revenue freight
their
on
own
lines, compared with
223,716 cars in the pre¬
days ended Jan. 5
ceding week and 235,253 cars in the seven
1935.
A comparative table follows:
FROM
LOADED AND RECEIVED
REVENUE FREIGHT
CONNECTIONS
(Number of Cars)
Received from Connections
Loaded on Own Lines
Weeks Ended—
Weeks Ended—
Atchison Topeka & Santa
Dec. 28
Jan. 5
Jan. 4
Dec. 28
1936
1935
1935
1936
1935
1935 I
14,987
4,414
12,108
6,046
6,465
6,799
8,494
1,278
1,886
2,360
7,757
34,921
8,040
3,075
32,928
4,531
4,390
x5,929
7,051
3,835
11,264
3,836
11,435
5,862
5,738
5,949
7,288
1,077
1,786
2,296
6,072
31,386
7,272
3,004
27,529
4,168
3,765
X4.852
6,421
15,907
24,429
20,493
12,848
15,926
11,625
2,469
1,806
3,792
12,891
33,199
3,740
18,174
50,097
4,507
4,601
18,674
4,389
Fe Ry.
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chlcago.Burl. & Quincy RR
Chicago Milw. St. P. & Pac. Ry__
Chicago & North Western Ry
Gulf Coast Lines
International Great North. RR_.
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York
Central Lines
N. Y. Chicago & St.
Louis Ry...
Norfolk & Western Ry
Pennsylvania RR
Marquette Ry
Pere
-
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Excludes cars Interchanged S.
x
14,737
19,444
16,051
12,014
22,051
18,887
11,862
14,085
13,527
11,107
2,328
1,735
3,723
10,247
1,917
1,514
3,679
11,806
29,949
3,234
11,757
30,980
3,322
13,714
45,398
12,214
43,107
4,754
4,217
4,262
4,020
16,754
4,281
17,039
4,266
259,567 223,716 235,253
Total
RR.
TOTAL
Freight Car Loadings
in
LOADINGS AND RECEIPTS FROM
Show Gain of 16.1%
Loading of revenue freight for the week ended Jan. 4
1936 totaled 541,984 cars. This is a gain of 75,305 cars, or
7,209
2,597
28,126
4,215
3,652
*5,599
6,472
& New Orleans
CONNECTIONS
Weeks Ended—
Jan. 5
1935
Jan. 4 1936
Chicago Rock Island &
Pacific Ry.
Illinois Central System
St. Louis-San Francisco
Ry.
Dec. 28 1935
18,732
26,349
11,392
16,805
18,188
22,766
9,956
23,511 '
49,527
51,832
56,473
Total
.
10,133
railroads of the United States was
than in any year since 1931, the Association
Railroads announced on Jan. 3.
The Associa¬
Freight traffic on the
greater in 1935
of American
tion further
continued:
Total loadings by
commodities in 1935 compared with
1935
Live stock
1,577,155
714,523
6,147,373
Grain and grain products
1934
1,645,893
1,074,457
6,135,428
1934 follow:
Per Cent Increase
4.2
—•33.5
.2
345,895
Coke
Week
29,933
(Number of Cars)
Forest
Revenue
1,163
1,469
2,108
6,897
158,472 139,555 139,736
P. Co .-Pacific Lines and Texas
Coal
o
5,300
5,727
6,122
7,867
Co.
cloudy and cold here,
above.
Jan.f5
Jan. 4
last
with temperatures ranging from
36 to 42 degrees.
The forecast was for fair, slightly colder
to-night; Saturday increasing cloudiness, with light rain
Saturday afternoon and night.
Overnight at Boston it was
34 to 44 degrees; Baltimore, 38 to 44; Pittsburgh, 30 to 42 ;
Portland, Me., 34 to 38; Chicago, 18 to 34; Cincinnati, 28
to 40; Cleveland, 28 to 40; Detroit, 28 to 36; Charleston,
42 to 56; Milwaukee, 18 to 32; Dallas, 44 to 60; Savannah,
42 to 64; Kansas City, 26 to 40; Springfield, Mo., 34 to 48;
Oklahoma City, 40 to 56; Salt Lake City, 36 to 42; Seattle,
42 to 46; Montreal, 26 to 28, and Winnipeg, 10 below to 4
was
16.1% from the preceding week, a rise of 44,710 cars or
9.0% from the total for the like week of 1935, and an in¬
crease of 41,171 cars, or 8.2% ove
the total loadings for the
corresponding week of 1934.
For the week ended Dec. 28
loadings were 9.7% higher than those for the like week of
1934 and 2.6% higher than those for the corresponding week
of 1933.
Loadings for the week ended Dec. 31 showed a
products
Ore
Merchandise, L. C. L
Miscellaneous
Total
333,017
3.9
1,382,940
993,171
20.4
8,121,743
12,235,572
1,148,929
793,169
8,241,390
11,473,677
—1.5
31,518,372
30,845,960
2.2
25.2
6.6
208
Financial Chronicle
Complete reports for the
year showed that
31,518,372
cars
were
loaded
with revenue
freight in 1935.
This was an increase of 672,412
cars, or 2.2%
above the number loaded in
1934, and an increase of 2,298,320 cars, or
7.9% above 1933.
It also was an increase of
3,338,420
above 1932, but
Loading of
cars,
in
revenue
increase
an
1934, and
of
freight for the week
41,275 cars,
ended Dec.
Ore
28 totaled 466,679
loading
cars,
was
reduction of 132,855 cars,
a
or
freight for the week of
22.2%
below the preceding
week in 1935.
Miscellaneous freight loading totaled 171,154
cars,
below the
preceding week,
corresponding week in 1934
Loading of
but
a
and 10,446 cars above the
merchandise less
than
decrease of 57,981
increase of 22,766 cars above the
an
carload
lot
same
week in 1933.
freight totaled
Coal
loading amounted
the preceding week, but
to
an
117,574
cars, a
increase of 9,152
week in 1934, and 1,389 cars above the
Grain
and
cars
decrease of 16,884
grain products
same
cars
corresponding week in 1934.
an
below
above the corresponding
week in 1933.
loading totaled
below the preceding week, but
cars
19,744
decrease
a
of
increase of 1,803 cars above the
It was, however, a decrease of 659 cars below
the
same week in 1933.
In the Western districts
alone, grain and grain
products loading for the week ended Dec. 28
totaled 11,901 cars, an in¬
crease
of 860
above the same week in 1934.
cars
Live stock loading amounted to
9,816 cars, a decrease of 2,264 cars
below the preceding
week, 1,542 cars below the same week in 1934 and
1,889 cars below the same week in 1933.
In the Western districts
loading of live
crease
of 1,264
alone,
stock for the week ended Dec. 28 totaled
7,171 cars, a de¬
cars below the same week in
1934.
REVENUE FREIGHT LOADED AND RECEIVED
FROM
Total Revenue
Railroads
Eastern District—
1934
preceding week, 2,749
cars
above the
an
increase of 655 cars above the
same
1935
397
1,036
736
192
6,082
7,657
1,130
1,033
1,079
5,942
1,155
162
6,459
1,665
13
I!
Boston & Maine
501
7.475
1.321
15
23
52
Central Indiana.
Central Vermont.....
32
725
689
685
1,504
1.322
4,101
6,877
..I!
Delaware & Hudson
Delaware Lackawanna A West.
Detroit A Mackinac
Detroit Toledo &
Ironton.....
Detroit & Toledo Shore Line
3,665
6,422
3,819
7,373
5,039
5,360
5,058
4,708
138
112
81
56
143
1,603
8,157
2,577
9,348
1,691
11,333
67
123
105
884
Lehigh & New England...
Lehigh Valley
Maine Central.
Monongahela
I—IIIII
1,381
1,055
5,936
2,287
2,643
1,705
1,225
872
857
6,490
5,589
1,827
3,030
157
122
2,543
3,206
1,651
29,949
8,343
1,223
2,944
6,647
3,234
4,227
4,759
3,602
3,894
310
327
267
265
317
145
935
652
968
1,070
393
III!
1,416
29,001
8,073
1,479
3,092
4,320
3,382
290
Montour
418
353
714
1,662
Western..
N. Y. Chicago & St.
Louis
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut & North""
Pittsburgh & West Virginia
Rutland
27,005
7,723
1,745
2,998
989
2,523
10,445
5,393
1,415
34
15
29,945
8,563
1,643
7,209
26,137
February
weeks in March..
I.
Four weeks in April
Four weeks in May
Five
weeks in June
Four weeks in
July
weeks in August
Four weeks in
September
Four weeks in October
Five
weeks in November
Week of Dec.
7
3,642
4,215
2,905
3,520
11
16
466,679
In the
ings for
following table
Dec. 28 1935.
Total Revenue
Railroads
Freight Loaded
Group B (Concluded)—
Georgia
412
Georgia A Florida
...
Gulf Mobile & Northern..
Illinois Central System......
Mississippi Central...
Mobile & Ohio
Nashville Chattanooga A St. L.
209
151
1,268
1,190
1,750
1,414
1,040
895
Tennessee Central
1,960
1,398
1,297
1,723
283
234
247
464
500
Total
39,750
35,778
40,248
19,805
17,283
Grand total Southern District
65,119
60,948
67,203
42,158
36,473
1,148
7,867
2,288
6,122
2,180
6,654
1,989
5,445
Northwestern District—
Belt Ry. of Chicago
390
463
502
A North Western....
Great Western
Milw. St. P. A Pacific.
10,247
1,592
13,527
9,468
10,116
1,397
St. P. Minn. A Omaha
Duluth Missabe A Northern.._
Duluth South Shore A Atlantic.
3,530
Chicago
Chicago
Chicago
Chicago
1,000
166
182
176
131
117
6,413
6,307
1,898
1,961
450
460
379
298
372
347
640
Minneapolis A St. Louis
...
Northern Paclflo
11,264
1,434
253
194
79
116
1,160
3,283
5,944
1,290
1,342
1,057
3,005
1,773
1,573
6,339
1,900
1,738
68
54
49
155
141
1,336
806
670
903
652
54,244 '
48,610
51,718
33,586
28,647
14,737
13,855
3,410
1,514
9,589
971
70
1,136
3,399
6,380
482
20,448
1,053
1,971
178
Minn. St. Paul A S. S. M
171
877
185
3
7
12
4,614
8,025
8,285
40
2
53
28
22
23
978
4,037
4
22
16
645
2,242
1,169
28,126
2,023
885
43,107
41,153
9,653
9,023
3,876
7,366
Central Western District—
Atch. Top. A Santa Fe
System
2,202
GarfieldlllHIIII
2,104
13,393
1,957
3,835
2,019
245
153
177
86
Burlington A Quincy.
A Illinois Midland...
28
12,014
11,151
1,376
11,763
5,727
4,793
1,556
782
648
Alton
'
763
44,715
10,168
5,474
Bingham A
Chicago
Chicago
Chicago
Chicago
Rock Island A Pacific.
7,886
A Eastern Illinois.....
Colorado A Southern
8,680
5,953
5,020
2,694
2,389
2,815
1,825
818
1,406
706
Denver A Rio Grande Western.
Denver A Salt Lake
740
976
668
11,630
23,792
11,310
2,587
2,577
3,166
1,786
537
1,509
1,051
641
386
Fort Worth A Denver
City...,
Illinois Terminal
332
12
1,029
1,769
814
910
683
618
1,540
1,888
1,036
833
67
57
2,341
2,233
4,569
4",478
91,006
83,430
91,187
70,257
62,464
76
North Western Pacific.Peoria A Pekin Union
496
14,635
11,409
5,300
4,573
2,681
701
637
1,022
2,596
511
484
31,313
29,535
30,908
9,430
45
3,505
115
131
2,871
176
180
165
233
208
256
791
675
9,048
10,312
5,989
4,740
459
398
9
6
1,113
1,092
1,212
877
72,458
•816
2,790
155
27
10,317
1,061
Western Pacific
2,597
559
204
98
9,980
507
Utah
2,489
314
39
12,145
9,418
Union Pacific System
15,373
12,302
292
9
25
Southern Pacific (Pacific)
St. Joseph A Grand
Island.....
Toledo Peoria A Western
...
16,051
12,214
1,739
8,087
904
2,344
66,207
70,340
36,637
29,990
2,792
8,554
Belt Line
Virginian
Total..
Southwestern District—
'
/
Alton A Southern
Southern District—
Group A—
Atlantic Coast Line......
5,236
5,732
6,159
801
I_!
Carolina!
801
857
226
Durham & Southern
83
III!
.!_!
211
234
88
83
3,360
1,198
3,218
1,034
657
572
166
171
34
35
24
88-
70
506
707
728
860
804
270
307
296
712
542
159
197
207
2,148
1,994
5,080
Richmond Fred. & Potomac...
Seaboard Air Line
Southern System
4,887
2,705
9,963
2,368
7,953
496
464
12,856
12,113
5,242
13,028
118
92
97
Winston-Salem Southbound...
Total.
25,369
25,170
26,955
22,353
19,190
Group B—
Alabama Tennessee & Northern
Atlanta Birmingham & Coast..
Atl. & W. P.—W. RR. of Ala..
Missouri-Kansas-Texas Lines..
Missouri Pacific
....
...
81
446
394
456
818
670
Terminal RR. Ass'n of St. Louis
Wichita Falls A Southern
1,635
Weatherford M. W. A N. W...
161
135
223
711
539
136
163
841
758
1,207
1,586
1,335
881
1,168
845
658
499
Texas A Paclflo
117
263
162
337
558
569
476
171
133
46
76
155
120
3,679
3,068
9,964
3,565
10,513
2,108
6,897
5,280
Note—Figures for 1934 revised.
Michigan Central RR.
Previous figures,
a
Not available,
b Includes figures for the
33
36
15
1,862
19
81
49
78
104
60
5,262
2,952
1,435
4,214
6,265
1,564
3,964
2,483
1,146
1,618
3,017
3,002
1,274
1,242
1,611
4,894
3,419
1,663
1,409
2,094
3,009
14,847
10,976
48
41
2,414
197
158
49
5
11
35
19
40,760
...
Total.
89
332
570
35,264
37,643
44,297
35,149
197
788
1,472
5.918
...
376
528
295
912
27
109
553
1,179
11,806
452
217
1,163
1,469
63
133
Columbus & Greenville
1,549
1,879
73
416
Florida East Coast
84
1,734
1,470
1,514
321
140
1,740
149
576
Midland Valley
Missouri A Arkansas
425
2,387
302
185
1,468
...
156
2,130
3,689
115
131
112
Louisiana A Arkansas
Louisiana Arkansas A Texas
Litchfield A Madison
378
2,406
75
100
1.917
Kansas Oklahoma A Gulf
Kansas City Southern
Quanah Acme A Pacific
St. Louis-San Francisco
115
95
International-Great Northern..
St. Louis Southwestern
Texas A New Orleans...
163
202
.....
Burlington-Rock Island
Fort Smith A Western
Gulf Coast Lines
Natchez A Southern
233
426
664
Georgia
85
6,821
603
Central of
207
97
Green Bay A Westers
Lake Superior A
Ishpemlng
649
Gainesville Midland*
Norfolk Southern
Piedmont & Northern
7,695
2,971
61
Great Northern
I
Cllnchfleld
Charleston & Western
6,534
2,499
15,878
14,675
77.
87
154
Penn-Readlng Seashore Lines I
Pennsylvania System
Reading Co
Total.
14,070
13,070
14,791
748
132
II.I
15,510
847
292
Norfolk & Western
Norfolk & Portsmouth
216
548
256
125
Pocahontas DistrictChesapeake & Ohio
294
687
3,609
312
Total.
194
976
5,049
295
II"
912
151
961
3,481
206
(Pittsburgh)
887
184
1,231
3.232
18,465
4,428
West Virginia Northern
Western Maryland..
443
1934
4,217
310
164
......
400
1935
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South.
1,235
1,125
I
from Connections
1933
105
Louisville & Nashville
Macon Dublin A Savannah
Total.
10
Long Island
1934
28
Total Loads Received
122
19,444
.
29,220,052
undertake to show also the load¬
separate roads and systems for the week ended
we
250
Allegehny District—
Cumberland & Pennsylvania
Llgonier Valley
30,845,960
338
107,591
.
425,404
31,518,372
Total
'
580,202
548,478
451
2,602
Jerseylll
2,501,950
2,534,940
2,842,999
551,485
599,534
...
Buffalo Creek A
Gauley
Cambria & Indiana...
3,072,864
541,992
559,419
531,464
454,765
Week of Dec. 14
Week of Dec. 21__
Week of Dec. 28..1
Spokane International
Spokane Portland A Seattle...
Central RR. of New
Cornwall
I
'
312
120,794
ErlelZIIIII
2,143,194
2,926,247
2,498,390
3,204,919
2,567,071
2,632,481
2,885,251
3,084,630
2,351,015
321
2,689
Akron Canton A
Youngstown.
Baltimore & Ohio
Bessemer & Lake
2,446,365
377
105,766
Total.
2,314,475
3,067,612
2,340,460
12,233
2,639
2,441
6,472
1,924,208
1,970,566
2,354,521
2,025,564
454
101,410
ErieZIIII
3,987
1933
2,183,081
2,303,103
2,327,120
3,035,153
2,228,737
3,102,066
2,631,558
2,881,924
3,179,447
673,133
615,237
years
1,776
13,332
3,232
111,779
Wheeling & Lake
Four weeks in
Five
1934
2,170,471
2,325,601
3,014,609
...
.....
8,099
1,494
6.476
5,851
2,175
3,843
cars
1,680
4,266
2,769
Wabash
1935
Four weeks in January
4,830
2,117
6,629
.....
N. Y. N. H. &
Hartford
New York Ontario A
154
9,099
...
b New York
Central Lines
1,617
161
3,414
Erie
Grand Trunk Western
Lehigh A Hudson River
1,809
274
1,418
freight in 1935 compared with the two previous
1935
1,516
Chicago Indianapolis & Louisv.
revenue
1934
486
Bangor & Aroostook
Loading of
follows:
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED DEC.
1,381
Ann Arbor
week in 1934, and
same week in 1933.
All districts reported increases
for the week of Dec. 28, in the number
of cars loaded with
revenue freight compared with the
corresponding week
last year.
All districts also
reported increases compared with the corre¬
sponding week in 1933, except the
Allegheny and Southern districts.
from Connections
1933
corresponding week
corresponding week in 1933.
Coke loading amounted to
8,560 cars,
Total Loads Received
Freight Loaded
1935
cars
same
amounted to 3,251 cars, a decrease of
2,523 cars below the
Five
cars,
decrease of 12,523
a
increase of 5,256 cars above the
an
119,514
cars, a decrease of 31,978 cars below the
preceding week, but an increase
of 36 cars above the
corresponding week in 1934.
It was, however, a de¬
crease of 5,194 cars below
the same week in 1933.
11 1936
above the same week in 1933.
above the
Dec. 28
Union
but
cars
an increase of 1,055 cars above
the
in 1934 and 1,144 cars
above the
or
Due to the Christmas
holiday loading of revenue
9,357
loading totaled 17,066
below the
preceding week,
preceding week, but
1933.
cars
Jan.
week in 1934 and 5,259
11.8%
or
9.7% above the corresponding week
11,914 cars, or 2.6% above the same week in
increase of
an
cars,
reduction of 5,632,877 cars, or
15.2% under 1931.
a
Forest products
a
Boston A Albany
RR., the O. C. C. A St. Louis RR.. and
the
$46,389,249 Outstanding by
Corp. Dec. 31
of
Loans
Railroad Credit
Corp. had $46,389,249 of loans out¬
standing at the close of the year, according to a report filed
Jan. 4 with the Interstate Commerce Commission, it was
The Railroad Credit.
announced by E.
who said:
The loans
GL Buckland, President of the
originally made to participating
repayments of $11,522,292,
corporation,
carriers amounted to
$73,691,-
in the loans was
brought about by
credits of $15,694,270 from
distributions made
The reduction of $27,302,119
368.
by the corporation, applied tax
refunds $32,589 and miscellaneous
$52,968.
totaling $29,435,398, which in¬
cluded cash payments of $13,593,658, the corporation has returned 40% of
the contributed fund to the participants in the plan.
.
.
23 liquidating distributions,
Through
Moody's Daily Index Advances
Moderately
as a
Modoy's Daily
week at a level
the 168.0 reached on Friday of
in top hog and rubber prices has enabled
Index of Staple Commodity Prices to close the
of 168.7,
moderately above
last week.
Index, top hog prices rose
while rubber, coffee, wool
During the same period
rather sharp recessions have been seen in spot sugar and
cotton, while moderate recessions occurred in cash wheat,
corn
and silk.
Hides, silver, steel, copper and lead re¬
unchanged.
The movement of the
Index during the week, with com¬
Jan.
Jan.
Jan.
Jan.
Jan.
Sat.,
Mon.,
Tues.,
3
4
6
7--
„
169.4
168.5
168.1
Wed.,
8
Thurs., Jan. 9
Fri.,
Jan. 10-
168.7
2 weeks ago,
Month ago,
Year ago,
1934 High
Low
—
—
Dec.
Dec.
Jan
Aug.
27
13
11
20
165.8
166.4
2
158.2
Advancing prices of clothing, raw
of
Weekly Index of Wholesale Commodity
Prices declined 0.4 point during the week of Jan. 7 to 129.0
from 129.4 Dec. 31.
In noting this, the "Annalist" said:
removal of the processing tax and the grains
were generally higher.
On the other hand, flour was reduced $1.15 a
barrel, pork loins 94 cents a hundred pounds, lard 20 cents a hundred
weight and printcloth H cent.
Cotton declined 30 points, butter 1 cent
and eggs IK cents a dozen.
Coffee and tin were lower and rubber and
Hogs rose 72 cents on the
higher.
beneficial.
of the processing taxes is apt to be
The long-run consequences of
with the commodity, those which
for the most part
THE ANNALIST
corresponding week
advance of 4% over the
year ago.
a
drugs advanced
and
chemicals
and
materials
Building
materials group was the result
in the building
increase
The
0.1%.
of strengthening
and sewer pipe. In the chemicals and drugs
creosote oil, palm kernel oil, and menthol caused the advance.
and lighting materials declined 0.1% because of lower priceslfor
prices for lumber, turpentine,
group,
Fuel
and natural gasoline.
recorded in prices of antimony. Average
of both furniture and housefurnishings were unchanged.
increase of 1.8% in crude rubber prices was not reflected in the
prices
An
slight decrease was
a
for
index
1926
remained at 85.9,
and metal products group
The index for the metals
although
the
miscellaneous
It was 67.5% of the
commodities group.
average.
784 price series
in the country's markets
Statistics includes
of the Bureau of Labor
The index
for the year 1926 as 100.0.
and based on the average
of wholesale prices with
tables compare the current level
specified periods in the past four years:
WITH A WEEK AGO, TWO WEEKS
CORRESPONDING WEEK OF A YEAR AGO
COMPARISON OF PRESENT LEVEL
AGO, AND THE
Dec.
Jan.
Percent¬
Jan.
Percent¬
Dec.
Percent¬
age
21
age
5
1936
Point in "Annalist"
The immediate effect of the ending
and raw
products group to register a minor increase.
Weak¬
ening prices were reported for certain cotton fabrics and burlap.
The ad¬
vance of 0.1% brought the index for the group as a whole to 72.9% of the
175.3
-148.4
The "Annalist"
hides
silk, silk yarn, manila hemp,
jute caused the tectile
1935
Change
1935
Change
1935
79.3
78.4
+ 1.1
77.3
+ 2.6
85.8
85.3
+0.6
78.5
+9.3
96.4
+0.6
+ 0.2
85.3
96.6
96.2
+0.4
86.8
+ 11.3
72.9
products
Foods
Hides and leather
72.8
+ 0.1"
72.7
+0.3
70.0
+ 4.1
28
4
Commodity Groups
Farm
Wholesale
unchanged.
other leather products were
of leather, shoes, and
156.2
'35-36 High —Oct. 7-9
Low—
Mar. 18
prices of butter,
veal, dressed poultry at New
York, cocoa beans and raw sugar.
Prices of canned beans and tomatoes,
bacon, fresh pork, lard, oleo oil, corn oil, cottonseed oil, and vinegar were
lower.
The foods index—85.8—is over 9% above the corresponding week
of last year.
Compared with the low of March 4 1933, the present level
of food prices is higher by approximately 61%.
When compared with its
high of Sept. 28 1935, the index is lower by 0.9%.
The index for the hides and leather products rose 0.2% during the week,
reaching 96.6, the highest point in the past five years.
The advance was
the result of sharp increases in prices of hides and skins.
The sub-groups
beef at Chicago, mutton,
-.126.0
Jan
Weekly Index of
Commodity Prices for Week of Jan. 7
of 0.4
Decrease
food prices was due to rising
The increase in wholesale
cheese, flour, fresh
The following
168.0
167.2
168.3
issued Jan. 9 by
.
weighted according to their relative importance
parisons, is as follows:
Fri.,
Lubin:
coal
Among the items composing the
sharply following the court ruling,
tops and cocoa also advanced.
mained
is from the announcement
The following
Mr.
1926 average, representing an
price trends have been decidedly mixed
result of the AAA decision, substantial strength
While commodity
this week
209
Financial Chronicle
Volume 142
products
Textile products
materials
75.5
75.6
—0.1
75.7
——0.3
74.1
+ 1.9
85.9
85.9
0.0
86.2
—0.3
85.6
0.0
84.6
Building materials
Chemicals and drugs
85.2
85.1
+0.1
85.2
80.1
80.0
80.2
—0.1
79.1
+0.4
+ 0.7
+ 1.3
82.2
82.2
82.2
0.0
82.3
—0.1
Housefurnishing goods
Miscellaneous commodities
+ 0.1
0.0
67.5
67.5
0.0
67.5
0.0
70.9
—4.8
0.0
78.0
+1.0
+ 0.6
77.9
+3.9
All commodities other than
farm
78.8
All commodities
78.8
0.0
80.9
products and foods
78.8
80.6
+0.4
80.4
COMPARISON OF THE PRESENT LEVEL WITH THE CORRESPONDIN
WEEK OF 1934 AND THE HIGH AND LOW WEEKS SINCE JAN. 2 1932
unrestricted production will vary
markets,
adverse effects.
WEEKLY INDEX OF WHOLESALE
_
>"
Jan.
4
Commodity Groups
6
1936
Low Week
High Week
A'r-
Jan.
COMMODITY PRICES
Unadjusted for Seasonal Variation
(1913=100)
+4.9
75.6
Metals and metal products
Fuel and lighting
like wheat have lost their export
permanently, being likely to feel the most
age
Change
% of
1934
Ch'ge
% of
% of
Ch'ge
Date—Index
Date—Index
Ch'ge
Farm products
79.3
57.4 + 38.2
4-20-35 81.8
—3.1
2-4-33 40.2 +97.3
Foods
85.8
62.7 + 36.8
9-28-35 86.6
—0.9
+0.2
3-4-33 53.4 +60.7
3-11-33 67.5 +43.1
3-4-33 50.6 +44.1
6-10-33 60.8 + 24.2
96.6
90.0
products
72.9
76.0
+ 7.3 12-28-35 96.4
2-24-34 76.7
—5.0
Fuel and lighting
75.5
74.3
+ 1.6 11-17-34 76.1
—0.8
85.9
83.3
+ 3.1
5-12-34 88.8
—3.3
85.2
85.5
—0.4
6-9-34 87.8
—3.0
80.1
73.3
+ 9.3
81.6
—1.8
8-13-32 69.4 +22.8
4-15-33 71.2 + 12.5
82.2
81.7
+0.6
5-26-34 83.9
—2.0
5-6-33 71.7 + 14.6
67.5
65.9
+ 2.4 12-15-34
71.2
—5.2
4-8-33 57.6 + 17.2
4-8-33 65-5 + 20.3
3-4-33 59.6 + 35.7
Hides and leather
Jan. 7 1936
Dec. 311935
Jan. 8 1935
124.8
122.8
117.6
131.5
135.6
124.1
Textile
*116.9
118.3
108.0
Metals, etc
Building materials..
Chemicals and drugs
Fuels
170.3
170.3
161.9
Housefurnishings
Metals
111.4
111.5
109.7
Miscellaneous
Building materials
111.7
111.7
112.1
98.4
98.6
4-8-33
76.7 + 12.0
All commodities other
98.4
—4.1
products
Food products..Textile products
Farm
-
-----
Chemicals
85.7
*
Preliminary,
a
Based
Holland; Belgium included
78.3
129.4
76.5
72.5
exchange quotations for France,
prior to March 1935.
on
Switzerland and
0.4% Increase in Wholesale Commodity Prices During
Week of Jan. 4 Reported by United States Depart¬
ment of Labor—Also Higher During Closing Week
of December
commodity prices advanced 0.4% during the
according to an announcement
made Jan. 9 by Commissioner Lubin of the Bureau of Labor
Statistics, United States Department of Labor.
"The
increase during the week ending Jan. 4," Mr. Lubin said,
"brought the all-commodity index to the level of a month
ago—80.9% of the 1926 average." He added:
Wholesale
first week of the new year,
week of last year, the current average
The general index has increased approximately
Compared with the corresponding
shows an increase of
4%.
36% over the low of March 4
of Sept.
1933, and is now within 0.1% of the high
21 1935.
part the
result of increases in agricultural and food products.
Farm products
advanced over 1% and foods rose 0.6%.
Fractional increases were re¬
ported for hides and leather products, textile products, building materials,
and chemicals and drugs.
Metals and metal products, housefurnishing
goods, and miscellaneous commodities were unchanged at a level of the
preceding week, and fuel and lighting materials recorded a decrease.
For the third consecutive week the index for the large industrial group,
"all commodities other than farm products and processed foods," remained
unchanged at 78.8.
This group is 1% above a year ago.
It has recovered
20% from its low of April 8 1933, and is now 0.5% below the high of April
The rise in commodity prices
during the week was for the most
'
and poultry subgroups were
the primary factors contributing to the rise in the farm products index.
Wholesale prices of cotton, eggs, lemons, peanuts, and clover seed also
28 1934.
Marked advances in the
grains and livestock
for steers, heavy hogs,
hops, and timothy seed.
The current farm products index—79.3—is nearly 5% above a year ago.
Compared with the low of Feb. 4 1933, farm products are higher by 97%.
They are, however, 3% below the high point reached on April 20 1935.
Lower prices were reported
lambs, apples in the Chicago market, oranges,
averaged
higher.
3-2-35
•
prod¬
farm
78.8
77.6
+ 1.5
4-28-34 79.2
—0.5
80.9
71.0 + 13.9
9-21-35 81.0
—0.1
122.2
76.5
aAll commodities on old dollar basis
85.4
129.0
Miscellaneous
All commodities
than
...
ucts and
foods
All commodities
In
an
..
announcement issued Jan. 3
Commissioner Lubin
reported that wholesale commodity prices increased
0.2% during the closing week of December.
"The increase was primarily due to the rise in the prices
of farm products, hides and leather goods,
and textile
products," Mr. Lubin said, adding:
The partial recovery from the 0.5% decline of last week brought the all
commodity index to 80.6% of the 1926 average.
Compared with the
corresponding week of last year, the current level of wholesale prices shows
an increase of 4.5%.
It is approximately 14% above the same week of
had
1933 and 30% above 1932.
The
general index is now 3.5% above
reached during the week of
the low point of the year 1935
the high point of
Jan. 5 (77.9) and 0.5% below
(81.0) reached during the week of Sept. 21.
movement of wholesale commodity prices was
the year
The
major commodity groups
higher averages while 4 of the
lower.
mixed as 3 of the 10
and 12 of the 47 commodity sub-groups
showed
major groups and 12 of the sub-groups moved
3 of the major groups and 23 of the
No change was shown for
sub-groups.
The commodity groups
which averaged higher were farm
products, hides
Fuel and lighting materials,
metals and metal products, building materials, and chemicals and drugs
averaged lower and foods, housefurnishing goods, and miscellaneous^commodities remained at the levels of the preceding week.
The index for the large industrial group of "All commodities other than
and leather products,
farm
and textile products.
products and processed foods"
index for the
0.3% below the high point
of the year.
week of 1934 and 1.5% above
United
States
Costs
The present
and
It is 0.9% above the corresponding
remained unchanged.
group—78.8—is 2.1% above the low point of the year
of
the same week of 1933.
Department of Labor Reports/Retail
Food Unchanged
During Two Weeks
Ended Dec. 17
The index of retail food costs
remained unchanged during
17, Commissioner Lubin of the
Bureau of Labor Statistics of the United States Department
of Labor announced Jan. 3.
He stated:
the two weeks ended Dec.
210
Financial
Chronicle
Decreases in the cost of eggs, fats and
oils, meats, and sugar and sweets
were offset
by increases in the cost of fruits and vegetables,
dairy products,
cereals and bakery
products, and beverages and chocolate.
The only
important group change was a 2.7% decrease in the
price of eggs.
There
was a noticeable lack of
uniformity in the movement of food costs in the
reporting cities.
The composite index
is
increase of
an
year when the index
than
they
stands at
now
10.0%
82.0% of the 1923-25
the
a
74.5%.
was
Food costs
15 1929, when the index
105.7.
was
When
Food prices
items
prices
rose
area,
reported
decrease.
0.1%.
Five cities, three of which
advances
bread
prices,
and
The prices of rye bread increased
advanced 0.2%.
price of
in
were in
Rice prices
0.7 and
rose
fuel
White bread
flake prices 0.5%.
flour and sugar moving upward.
eggs,
A rise in
was
cotton; the principal farm products which declined
cattle and light-weight hogs.
were
responsible
commodities
for
relatively small, with the
moderate
The
the
represented
advanced in price and only
meal fell 0.6%.
corn
oil
seven
slight
a
remaining unchanged.
generally higher during the week, with such important
eggs and
during the week
0.1%.
0.1%, and whole wheat bread
corn
were
meats, butter,
hogs, poultry,
con¬
the East North Central
city reported
one
as
the farm products index reflected
higher quotations for most grains, heavy
verted to
a 1913 base, the current index
is 130.0.
The cost of cereals and
bakery products advanced
A month ago the index was 78.5 and
75.0.
(These index numbers represent a slight
Under date of Jan. 6 the*Association also said:
The general trend of
prices was upward during the week, with seven of
component groups moving upward and four
22.5% lower, however,
are
ago
revision.)
compared with the corresponding period of last
were for Dec.
1936
11
preceding week.
year
the
This
average.
Jan.
increase
in
the
in
A rise in the price of
the
fuels
miscellaneous
one declined the advances
result that
the upturn in
index.
Although
commodities
in most
group
cases
were
the group index was a
Textile raw materials were
generally higher during (;he week
hemp, rayon and silk moving upward during the week, more
one.
with cotton,
Meat costs decline!
0.3%, due primarily to decreases of 3.9% for pork
chops and 3.4% for pork loin roast.
Forty-eight of the 51 cities reported
lower prices for pork
chops.
Declines ranged from
certain other items in the group.
Higher quota¬
tions for Southern pine resulted in a
rise in the building materials index.
to
declined.
than
During the week 34 price series
0.3% in Jacksonville
15.5% in Newark.
loin roast prices.
change.
All but
of these 48 cities also
reported lower
one
Sliced bacon advanced 1.2%.
offsetting declines in
Beef prices showed little
Chuck roast dropped 0.5%, while plate beef
0.4%.
rose
included in the index advanced and 14
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Prices
Compiled by the National Fertilizer Association.
of the various cuts of lamb, with the
exception of leg, showed an upward
1926-1928=100
•
tendency.
% Each Group
INDEX NUMBERS OF RETAIL FOOD COSTS
BY COMMODITY GROUPS
Bears
to
Latest
the
Preceding
Month
Week
Group
Total Index
[3-Year Average 1923-25=100]
Week
Ago
Jan.
4
'36 Dec. 28 '35 Dec.
Year
Ago
*35 Jan. 5 '35
7
28.6
Commodity
Corresponding Period in
Foods..
82.1
83.5
74.9
22.3
Farm products
76.9
76.0
77.6
74.4
16.4
1935
Fuels
77.0
76.5
76.3
77.2
82.6
Dec. 3
All foods
2 Weeks
1934
1933
1932
1929
7.7
Misc. commodities..
Textiles
71.1
70.8
71.4
69.9
Ago
Dec. 17
Current
Nov. 19
2 Weeks
Ago
Dec. 18
Dec. 19
Dec. 15
Dec. 15
6.7
Metals
83.5
83.5
84.0
81.9
5.8
Groups
Building materials
77.6
77.2
77.6
78.8
x
82.0
82.0
10.3
81.5
74.5
71.5
71.2
71.5
70.3
69.2
64.7
105.7
Chemicals and drugs.
95.0
Fertilizer materials..
Mixed fertilizers
64.4
64.4
64.5
66.0
70.7
70.7
70.6
76.9
102.7
102.7
101.7
99.7
78.5
77.9
78.5
75.0
.3
95.4
Fruits A veget'les
Fresh
95.0
92.0
86.4
71.1
97.4
97.2
76.6
65.0
66.8
78.2
77.5
75.4
66.2
65.7
100.5
82.8
84.9
74.7
65.7
80.6
94.8
95.6
94.0
117.6
78.8
__
95.3
97.1
80.5
Dairy products
Eggs
1.3
.3
Cereals & bakery
products
Meats
61.3
60.7
;
.3
97.8
128.7
58.7
57.8
68.4
51.8
103.7
59.8
59.2
56.8
55.3
68.8
50.7
Canned
104.1
79.6
79.7
80.0
83.1
73.3
66.8
Dried
58.4
59.0
57.3
58.7
49.5
machinery
All groups combined.
Note—A minor revision of the index and
slight rearrangement of the groups have
are reflected in the above
figures.
94.6
58.4
Farm
100.0
106.9
Beverages & choc¬
Sales
olate
67.6
67.5
67.8
73.4
68.0
Fats and oils
72.8
105.3
82.3
83.1
83.5
68.5
47.7
48.9
Sugar and
90.7
66.5
66.7
67.0
63.5
63.7
58.5
75.1
x
sweets
Preliminary.
•
The cost of dairy products rose
due to
a
been made and
0.8%.
Fresh milk prices increased 0.8%
10.0% advance in prices in Chicago and a 4.5% rise in New Orleans.
The 2.0% advance in the
price of evaporated milk
made by any item in the
group.
Cheese prices
the
was
of
Electricity to Ultimate Consumers During
15.7%—Total Revenues Up 5.5%
The following statistics covering
100% of the electric light
and power industry were released on Jan. 8
by the Edison
November Rise
Electric
Institute:
SOURCE
AND
~
largest increase
decreases
The
most
were
cost
pronounced
country
of fruits
and
the
in
of
some
beans, for example,
price of spinach.
and
oranges,
the
Pacific
rose
area.
Eight of the
10
P. C.
0.9%.
rose
unchanged.
increases
21.1% and
Apple prices
however,
were
an
Potato
prices
as
they ordinarliy do at this
The
increase of 25.6%
By fuel
By water power..
..
was
foods decreased 0.1%.
Dried fruits remained at the level of
3, the only significant price change in the group
being a 1.7% rise
in the price of dried
peaches.
The
retail cost of fats and oils fell
0.9%, due largely to price reductions of
2.3% for lard and 1.3% for lard compound.
The drop in lard prices was
general throughout the country with 43 cities
reporting declines which
was
in six cities
most
to
10.4%
in Memphis.
The
downward
pronounced in the cities of the North and Western
sections.
Oleomargarine rose 0.6%.
Beverages and chocolate costs increased
0.2%, and tea and
cocoa
0.1%.
Coffee prices rose
The price of chocolate dropped 0.8%,
each 0.1 %.
continuing the downward
movement
which
began in August.
Between
Aug. 13 and Dec. 17, chocolate prices have fallen
20.7%.
The decline of 0.3% in the cost of
sugar and sweets resulted from de¬
creases in
which
rose
the price of all items in the
group
0.5%.
Although
4,405,266,000
2,697,870,000
+ 17.2
+9.4
8,114,623,000
(Net)—
-
Total kilowattrhours generated
shown in the
except strawberry preserves
+ 11.7
233,591,000
222,023,000
+ 5.2
47,394,000
103,605,000
52,252,000
112,151,000
—7.6
150,999,000
8,197,215,000
1,270,454,000
6,926,761,000
164,403,000
7,160,756,000
1,171,464,000
5,989,292,000
1,288,842,000
1,292,520,000
3,623,699,000
216,689,000
368,035,000
78,756,000
58,220,000
1,168,382,000
1,157,401,000
2,988,809,000
203,388,000
360,936,000
56,388,000
53,988,000
6,926.761.000
$169,339,300
5,989,292,000
$160,450,500
sources
Net international imports
Total
_
Deductions from Supply—
Energy used in electric railway departments
Energy used In electric A other departments
.
Total
Total energy for distribution
Energy lost in transmission, distribution, Ac.
Kilowatt-hours sold to ultimate consumers..
Sales to Ultimate Consumers (kwh.)—
Domestic service
Commercial:
Small light and power
Large light and
power
(retail).
(wholesale)
Municipal street lighting
Railroads—Street and interurban
Electrified steam
Municipal and miscellaneous
Total sales to ultimate consumers...
revenue from ultimate consumers
Total
—
9.3
—9.3
—8.2
+ 14.5
+ 8.5
+ 15.7
+ 10.3
+ 11.7
+ 21.2
i
'
+6.5
+2.0
+ 39.7
+ 7.8
+ 15.7
+ 5.5
Twelve Months Ended Nov. 30
INDEX NUMBERS OF RETAIL FOOD COSTS
BY REGIONAL AREAS
[3-Year Average 1923-25=100]
+ 14.2
153,693,000
68,330,000
*
Energy Purchased from other
sugar prices remained
unchanged in 27 cities,
lower prices in 21 cities,
ranging from 1.5% in Detroit to 4.9% in Memphis,
brought the average down 0.5%.
7,103,136,000
171,646,000
61,945,000
Additions to Supply—
rose
Dec.
movement
Change
5,163,441,000
2,951,182,000
x
price of green
2.0%, and lemon prices 3.2%. Bananas
7.7% and 2.8% respectively.
The cost of
fell
Kilowatt-hours Generated
The price of lettuce fell 10.0%
substantial.
1934
for the
canned
ranged from 0.5%
TO ULTIMATE
Month of November
1935
vegetables
as a whole remained
and
SALES
rose
in the South.
are
Prices of all other fresh vegatables advanced
season
AND
CONSUMERS
0.8% and butter 0.5%.
Egg prices continued the decline which began early in November.
Price
cities which reported increases
,
DISPOSAL OF ENERGY
v
P. C.
1935
Regional Areas
1935
Corresponding Period in
Kilowatt-hours Generated
Dec. 3
Nov. 19
2 Weeks
2 Weeks
1934
1933
1932
1929
Ago
Ago
Dec. 18
Dec. 19
Dec. 15
82.0
81.5
74.5
69.2
64.7
105.7
80.5
80.4
80.3
73.1
Middle Atlantic.
69.2
66.0
105.8
80.0
83.1
82.6
75.9
70.7
East North Cent.
West North Cent
South Atlantic..
66.6
81.8
81.6
80.8
72.8
68.0
62.2
107.0
84.8
85.0
84.1
76.6
69.2
64.0
107.1
82.9
82.2
81.9
74.8
69.1
Dec. 17
Current
United States.
New England
x
By fuel
106.0
63.1
104.2
East South Cent'l
77.9
77.5
77.0
71.8
65.4
West South Cent.
60.9
103.9
79.6
79.6
79.2
75.6
68.6
Mountain
62.5
104.9
84.9
84.9
83.8
76.8
67.3
64.8
102.5
78.6
79.4
79.3
73.2
67.9
66.4
102.4
Pacific
x
was
no
change.
There
was
an
advance in costs in all
Washington.
advance,
result
1.5%
was
reported
and
costs in the Pacific
fresh
area
by Atlanta
fruits
and
as
a
vegetables.
Important Factors—
Percent of energy generated by waterpower.
Average pounds of coal per kilowatt-hour...
Domestic Service (Residential Use)—
of increases
The
1.0%
in
+ 8.7
+ 7.5
+ 9.0
+ 4.5
1.45
(kwh.)
kilowatt-hour (cents)..
629
+ 6.2
5.06
5.31
—4.7
52.82
52.78
+ 1.4
revenue per
Basic Information
668
as
of Nov. 30
1935
1934
the
decline in
Generating capacity (kw.)—Steam.
Waterpower...
23,727,525
8,964,765
499,500
general level of wholesale commodity prices was
higher in the week ended Jan. 4 1936, according to the index
compiled by the National Fertilizer Association. This index
advanced to 78.5% of the 1926-1928
average from 77.9 in
Total generating capacity In kilowatts
Number of Customers—
Farms in Eastern area (included with
Farms in Western area (included with
Domestic service
Commercial:
Small
light and power
Large light and power
Other ultimate consumers....
Total ultimate consumers
x
As reported
domestic)
...
commercial-large)..
23,767,000
9,023,400
33,191,790
Internal combustion
1.6%, due largely to lower prices
Commodity Prices Increased During Week
Jan. 4, National Fertilizer Association
Reports
—3.5
36.7
1.44
+ 8.8
—1.6
cities
Wholesale
The
83,969,129,000
3,076,689,000
2,010,867,000
85,034,951,000
14,688,552,000
70,346,399,000
51,829,366,300
39.8
Aver.ann. consumption per customer
The largest
resulted from decreases in all cities
except Seattle.
San Francisco reported the
largest decline,
for eggs and fresh fruits and
vegetables.
of
91,351,977,000
3,026,542,000
1,941,117,000
Total energy for distribution
92,437,402,000
Energy lost in transmission, distribution, Ac.
15,785,433,000
Kilowatt-hours sold to ultimate consumers..
76,651,969,000
Total revenue from ultimate consumers
51,911,424,800
reported for 26 of the 51 cities included in
Decreases were shown for 21
cities, and in four
in the South Atlantic area with the
exception of
prices of butter
Total kilowatt-hours generated.
Purchased energy (net)
Energy used in electric ry. & other depts
+ 3.4
+ 18.0
Average monthly bUl per domestic customer.
were
the United States index.
cities there
Change
54,997,397,000 53,172,174,000
36,354,580,000 30,796,955,000
By water power
Average
Preliminary.
Increases in food costs
1934
(Net)—
Dec. 15
82.0
x
33,258,900
468,500
568,848
215,720
517,322
209,728
21,001,610
3,806,835
20,473,539
3,728,106
510,898
68,691
528,528
69,780
25,388,034
24,799,953
by the U. S. Geological Survey, with deductions for certain
plants
light and power enterprises.
not considered electric
211
Financial Chronicle
Volume 142
11.2% Above a Year Ago
weekly statement, dis¬
closed that the production of electricity by the electric light
and power industry of the United States for the week ended
Jan. 4 1936 totaled 1,854,874,000 kwh.
Total output for
the latest week indicated a gain of 11.2 % over the correspond¬
ing week of 1935, when output totaled 1,668,731,000 kwh.
Electric output during the week ended Dec. 28 totaled
1,847,264,000 kwh.
This was a gain of 11.9% over the
1,650,467,000 kwh. produced during the week ended Dec.
29 1934.
The Institute's statement follows:
Weekly Electric Output
The Edison Electric Institute, in its
Major Geographic
Week
Week Ended
Regions
Jan. 4 1936
Week Ended
Ended
Week
Ended
Dec. 28 1935
14 1935
Dec.
1935
Dec. 21
9.0
9.3
9.8
8.8
7.9
Central Industrial
12.3
13.6
14.2
14.8
West
ments to
and
increase
and co-operative policies;, due to the
spread of business to the capital goods industries and the corresponding
reduction of demands upon the Treasury.
However, it is a mistake to
assume that it will come without government economy and private adjust¬
building and railway costs.
ments, as for example in
Only as events take this course can
is that the government deficit in
despite greater tax receipts, for it is
presumed that Congress will authorize a payment to the veterans, and relief
demands will continue.
Thus business will have continued support from
1936 may not
10.5
be greatly reduced,
9.4
13.3
11.3
20.5
17.5
16.2
government funds, and all
Rocky Mountain
18.1
11.1
14.1
14.1
12.1
effects
Pacific Coast
11.2
11.9
12.0
12.2
14
Dec.
21
Dec.
28
4
Jan.
11-....
Jan.
18
25
Jan.
Feb.
1
Feb.
8
1934
1935
of
7,762,513
7,048,495
Feb
.
April...
May...
June...
..
Aug
Sept
Oct
Nov...
7,131,158
6,608,356
7,500,566
Jan
_
1930
1929
1,619
1,644
1,657
1,539
1,519
1,672
1,676
1,747
1,563
1,806
1,841
1,860
1,638
-12.0
-11.9
mm
mm
1,748
1,554
1,565
1,770
1,415
1,524
1,617
1,564
1,426
1,495
1,484
1,470
1,619
1,714
1,717
1,680
1,816
1,834
1,826
1,646
1,625
1,611
1,636
1,652
1,641
1,455
1,483
1,470
1,598
1,713
1,589
1,589
1,687
1,679
1,579
1,684
1,809
1,782
1,545
1,680
1,770
1,718
MONTHS (THOUSANDS OF
KWH.)
7,198,232
6,978,419
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
Dec
+8.9
+6.7
+4.2
+5.8
+4.1
6,480,897
5,835,263
+4.9
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
+ 9.6
+ 10.5
+ 14.0
+ 13.6
+ 14.5
6,182,281
6,024,855
6,532,686
7,435,782
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
80,009,501 77,442,112
Note—The monthly figures shown
mately 92%
1931
1932
1933
Ch'ge
85,564,124
f Total.
farmer gives hope of still
Finally, the outlook for the
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
86,063,969 89,467,099
covering approxi¬
Industry and the weekly figures are
above are based on reports
of the electric light and power
Business
Canadian
Activity in
tained According to S.
of Canadian Bank of
December Well Main¬
H. Logan, General Manager
Commerce
&
Department of Agriculture
due
to
The prospect is for larger crops, given average growing
livestock production, but if the prediction of greater
conditions, also larger
consumer
These
would be expected to drop little, if
demand is realized prices
are
1936 is expected to be better
three reasons why
There are also
incalculable elements in the outlook
at all.
than 1935.
such as the impending
the foreign situation. Finally, it is always
possible that fresh proposals disturbing to business will be put before
Congress or advocated in the campaign.
Prospect of passage of the 30hour week, the Townsend plan, or other unsound measures would interfere
with the recovery, but it is not expected.
Supreme Court decisions and
review of Canadian business issued Jan. 8,
Logan, General Manager of the Canadian Bank of
Commerce, reports that activity was well maintained during
December.
He said that "a seasonal decline in certain
industries and a marked fall in new construction work"
was "offset by a further rise in production of some invest¬
H.
goods and by the briskest holiday
years." Mr: Logan continued:
ment
trade in several
requirements of various lines of holidaythe relative manu¬
facturers were busier than is usually the case in December.
In an analysis
of industrial reports submitted to us, which may be regarded as affording
a representative view of Canadian manufactures, we find that about twothirds showed operations at the level of November, about 25% disclosed
that the public's
In fact, it seems
merchandise were
The
of
volume
higher rate of activity and the balance, less than 10% registered
The results of this analysis are among the most favorable we
a decline.
witnessed
during 1935.
activity during November in
business
Generally favorable retail trade
in December was
the Dominion
reports on which wa
Bureau of Statistics
slightly more than the usual seasonal
increase from November to December, and in other parts of the country
Christmas trade is reported to have shown considerably larger gains over
last year than New York and vicinity.
Loadings of railway freight cars
during the past three weeks of the month receded less than in most recent
years, both in the case of merchandise and miscellaneous freight and in
Christmas showed
the period up to
bulk
shipments.
business activity in
In November the volume of
for usual year to year
(Adjusted for seasonal variations,
for price
changes)
based former statements that the recent progress in
sustained until at least the close of the year.
As
extent in November, except coal production,
slightly, thus reversing the retrogressive movement of some
1934
1935
1935
1935
Sept.
Oct.
Nov.
Primary Distribution—
partly as a result of the introduction of new models,
usual, the industry enjoyed the busiest October since 1929.
ceding month, wh8n,
even
63
63
58
53
51
64p
68
72
71P
70
76 p
than that of October, was
for any November and, while lumber production fell, it con¬
above the corresponding monthly levels of recent years, exceed¬
newsprint, though slightly smaller
that of November 1929.
+
79
86
76
80
80
58
60
64
48
49
92 p
80r
92 r
61r
65
64
70 p
38
45
42
44
64
68 p
65 P
72 p
40
44 p
42 p
43 p
60
57
60
58
83
85
86p
41
46
42
26
29
33
40p
60
63
58
140
147
148
149p
181
188
189
190p
139
142r
141r
141
General Business Activity—
Bank debits,
outside New York City
York City
Bank debits, New
Velocity of demand deposits,
outside of N. Y. City
York City
Velocity of demand deposits, New
New life insurance sales
Factory employment,
Business failures
United States
Building contracts
Activity at Highest Level in
Five Years Says National City Bank of New York—
Cites Three Reasons Why 1936 Is Expected to Be
Better
Than
1935—Turn From Government, to
"Private-Financed Recovery" Viewed as Important
1935 Closed With Business
59
83
43
Gasoline consumptions
72
59
78
registrations
70
89r
Advertising
New passenger car
73
74
61
49
Mail order house sales.
78
60
States
District
63
75
Department store sales, Second
71
79
Department store sales. United
Other chain store sales
The steel mills operated on about the same scale as
in October, when the output was 60% of capacity, and the largest since
March 1931.
Automobile production was 50% greater than in the pre¬
preceding months.
tinued well
61
60
_
Distribution to Consumer—
which
the largest
59
54
64
merchandise and miscellaneous
56
47
Car loadings,
Car loadings, other
Exports
Chain grocery sales
The output of
growth, and where necessary
Nov.
usual, mining slackened to some
earlier than
general compared favor¬
The volume of check transactions and the
after allowance for seasonal changes, and greater
than seasonal gains occurred in sales of department stores and of chain store
systems outside of the grocery field.
Reflecting the early showing of new
models, registrations of new passenger cars rose sharply at a time when there
is ordinarily a decline, and attained a level approximately as high as that
reached in any previous November.
Shipments of merchandise and miscel¬
laneous freight over the railroads declined less than in many other years,
but total car loadings of bulk freight, such as coal, coke, ore, grain, live¬
stock and lumber, decreased more than usually.
month.
amount of advertising rose
confirm the private
business was likely to be
rose
indicated by reports
of New York in
Sales in the metropolitan area
month.
issued during the
Imports
from
Reserve Bank
general "compared favorably" with October, it was stated
by the New York Federal Reserve Bank in presenting its
monthly indexes of business activity in its "Monthly Re¬
view" of Jan. 1. The bank reported:
underestimated and, therefore, that
a
Returns
Indexes of Business Activity of Federal
of New York
ably with the preceding
In his monthly
ing
another year of
The annual outlook statement issued by the
predicts a greater demand for farm products,
improved consumer buying power in this country and in many
improvement in income.
1930
8,021,749
7,066,788
7,580,335
7,416,191
7,494,807
7,239,697
7,363,730
7,391,196
7,337,106
7,718,787
7,270,112
7,566,601
based on about 70%.
S.
be expected to go
prospect is less clear.
foreign countries.
1,542
1,734
1,737
1,717
1,728
1,726
1,602
the re-equipment of industry may
a
P.C.
Month
July
1931
-12.2
1,760,562
DATA FOR RECENT
March
1932
[-13.0
1,854,874 1,668,731 +11.2
1,772,609
1,778,273
1,781,666
1,762,671
1,763,696
15
Feb.
1933
1935
1936
Jan.
1934
1934
1,969,662 1,743,427
1,983,431 1,767,418
2,002,005 1,787,936
1,847,264 1,650,467
7
Dec.
Weekly Data for Previous Yearsin Millions of Kilowatt-Hours
their off-hand
blocked by the fiscal uncertainties.
It has
beginning in 1935, and under conditions of free competition and high
wage rates seems certain to continue, since the need to reduce costs through
improved machinery is endless.
In addition to capital expenditures made
to cut costs, expenditures for new enterprise are greatly needed, but the
made
RECENT WEEKS
schools of thought can agree as to
goods trade.
consumer
on
retarded perhaps, but not
on,
Ch'oe
1935
Dec.
14.2
.
In the second place,
P.C.
bank comments as
viewing the outlook for 1936 the
In
12.6
(In Thousands
Kilowatt-Hours)
of en¬
follows:
10.0
Week of—
the year go on record as one
improvement.
12.4
DATA FOR
Such a transition may be
and employment?
production
naturally accomplished, under sound
Southern States
Total United States.
of
Perhaps the factor of first importance
10.0
9.4
10.7
Central
problem except the limitation
the side of business unremitting adjust¬
promote trade, by setting costs and prices that will move goods
government expenditures; and on
1
Middle Atlantic
New England
What solution is there for the
transition.
during
OVER 1934
PERCENTAGE INCREASE
will mark the turn from government-financed to
privately-financed recovery"
The bank goes on to say:
Both private business and those who favor the spending policy want this
year
New corporations
formed in New York State
level*
Composite index of wages*
General price
Cost of living.*..
p
Preliminary,
r
Revised.
—
56
*1913 average—100.
Question of Year
1935 has closed with business activity at the
five years, and with signs of re¬
covery more widespread than at any time since the turn of
the depression was reached in 1932," it is noted in the
"Monthly Bank Letter" of the National City Bank of New
York issued Jan. 3.
According to the bank "the truly
important question to be answered in 1936 is whether the
"The year
California
highest level in more than
Business
During 1935 at Best
According to Wells Fargo Bank
Advanced
Rate in Five Years
of San Francisco
Registering consistent gains throughout the year, business
in California during 1935 went forward at the best levels
in
five years,
according to a recapitulation of the year
by
212
Financial
Well Fargo Bank of
San
tlie matter continued
In
the
Far
level.
The year-end
1933,
A
as
An
generally good
rainfall;
levels in
year
crops
recent
years
commercial
of the
smaller than
usual; while
activity,
1923-25
71.6% in 1934,
were:
for
agriculture
in
California
yearly
income will
probably show
in
at
have been generally
18%. increase, accord¬
an
ing to official estimates.
•
Tourists have visited
of
1929.
the
numbers
and
Automobiles
State in
luxuries
have sold well,
approaching the record levels
but not to the neglect
of such items as life insurance and
savings bank deposits.
Livestock generally are in
good condition, but the outlook for winter
pasturage in California deoends largely on the early arrival of more rain.
.
The
number of
number
cattle
feed
on
than that of
a
for
in
the
winter
State
is
the
markets
has
67% above the
year ago;
largest in several
reached
a
new
.
years,
and
comparison
average for November.
year ago snowed varied
Similarly,
trends; the gains of 33% in the
the heaviest for 1935
to date, in fact, the
largest in the
since April 1934; the
increase of 32fi% in electrical
.
.
.
Department Store Trade
•
A counter-seasonal
expansion of 3%
was recorded
for November in
Seventh District department
store trade.
Sales in Milwaukee and India¬
napolis stores totaled 1 and
8K% smaller than in October, but those of
Chicago and Detroit stores rose 4 and
9%, respectively, and aggregate
.
peak—35%
a
was
increase of 1% in electrical
supply sales con¬
5% in the
supplies approximated tnat
recorded in tne
preceding montn; drugs snowed
a gain of
only 2%—the smallest since
March; and grocery sales were 4%
less than a year
ago.
For the 11 months of
1935, sales aggregated 3, 7,
22 and 25% larger than
in the same months of
1934 in groceries, drugs,
hardware and electrical
supplies, respectively.
Accounts-sales ratios rose
during November over a month
previous in all groups, but were lower than
those of last November.
by
marketed
been
an
recession of
hardware trade
68.8%
ushered
was
have turned out well and have
a
comparisons witn
as
average
95.0% in 1930.
which, though averaging lower than last year's,
satisfactory, and farm
in
announcement
trasted with
59.2% in 1932, and
abundant
prices
Francisco.
:
a
whole, industrial and
by the bank's index, rose to nearly 90%
measured
in
West
Chronicle
the
sales of firms in smaller
cities increased
more
average for the five years 1929-33.
District
last November
over
3%.
The gain of 14M% for the
the largest in the yearly
comparison since
Detroit recorded tne most
favorable trend over a year
ago and Chicago had the smallest
increase.
Stocks on hand at
was
December 1934.
Volume
of
mated
Bank
Production and Trade
During 1935 Esti¬
8% Above 1934—New York Federal Reserve
Reports Volume, However, About
30% Be-
low 1929
/
The volume of production and trade in 1935
aggregated
approximately 8% more than in 1934, according to a pre¬
liminary estimate made by the Federal Reserve Bank of
New York, it was stated in the Bank's
"Monthly Review"
of Jan. 1. "It would
appear," the bank said, "that for the
year as a whole the percentage increase over 1934 was
of
approximately the
1933
dimensions
same
1932 and
over
1935 volume
30% less.
the rise for the year
in excess of the increase
considerably
between 1933 and 1934.
the
the end of
November W6re 4% heavier than a
month previous, which gain is
larger
than usual for the
month, and they totaled 3 % above those at the same time
last year.
The rate of turnover,
however, continued to be greater tnan a
year ago.
Collection ratios remained
higher than those of 1934.
as
In comparison with 1929
is estimated to have been
Continuing, the Bank said:
volume,
approximately
The output of manufactures continued
during 1935 to lead in the
recov¬
.
activity in this group showing an increase of about
14% over 1934,
restoration of about 46% of the
ground lost between 1929 and 1932.
Mineral production increased about
6% in 1935 and has recovered to about
the same extent as
manufacturing activity since 1932. In general trade,
Stocks
however, the recovery through 1935
and miscellaneous
In the
appears to have been
of railroad
case
freight the increase
was
considerably less
loadings of merchandise
only 3% from 1934 to 1935, and
the recovery from 1932 accounted for
less than one-ninth of the 1929-1932
An increase of about 9% occurred in total
drop.
building and engineering
construction, reflecting primarily recovery in residential
building, but in
case also the 1935 level
indicated that only one-ninth of the
1929-1933
loss had been regained.
this
The putput of agricultural products for
sale
estimated to have been about the
same
considerably larger than in 1934
by drought, but this increase was offset
by
livestock and livestock products which
in
1935 than in
1934.
the lowest level in
or
consumption
in 1935 as in
crops were
a
farms is
sharp drop in production of
influenced
was
on
1934; field and truck
when output was severely cut
Total agricultural output,
more
by the drought
therefore, remained at
number of years.
a
Business Conditions in San Francisco
Federal Reserve
District—Industrial Production and
Employment
Well Maintained
During November
Reporting that during November industrial production
employment in the Twelfth (San Francisco) District
were well maintained after
allowance for seasonal influence,
the Federal Reserve Bank of San
Francisco, under, date of
and
Dec. 26, stated:
In
November,
as
in the two preceding
months, Twelfth District industry
shared only indirectly in the national
improvement,
which has been based
primarily upon expansion in automobile and steel
production.
Local auto¬
mobile assembly and tire and rubber
plants have participated in the national
improvement and structural steel fabricating
plants have been
these industries
are
the United States
relatively
as
a
mucn less
active, but
important in this District than in
whole.
Conditions in the lumber,
petroleum, can¬
ning, mining and motion picture industries
largely determine the level of
industrial activity in this District,
although important influences frequently
from a diversified group of smaller
industries.
During November
come
principal changes recorded
activity and
were
seasonal reductions in lumber and
canning
further expansion in petroleum
output.
Department store sales advanced more than is
New
and
were
13 % larger than in November
1934.
of
freight carloadings
high since
from 73 to 81% of the 1923-1925
average, a new
Intercoastal traffic was
considei'ably lower than
in October.
...
Shortage of rainfall delayed agricultural work
during November, and cold
weatner reduced
yields of
and vegetables.
some
late crops such
Ranges and livestock
are
as
Wholesale
Lines
Showed
Varied
Conditions
Trade
District
in
November, While
Increased Contrary to
Several lines of wholesale trade in the
Seventh (Chicago)
Federal Reserve District
during November were higher than
some
were
smaller, it was reported by the
Federal Reserve Bank of
Chicago in its "Business Condi¬
tions Report" of Dec. 31.
Department store trade, accord¬
ing to the Bank, increased counter-seasonally, which trend
was
also noted in the sales of
consecutive
month.
The
new
following
is
from
the
Bank's
Wholesale Trade
Conditions during November varied
among tne several reporting whoesale
lines in the Seventn District.
Grocery sales, declining 14% in tne period,
snowed
trade
a
was
greater than seasonal recession; the decrease of
8% in the drug
about normal for November; tne decline
of 11% in hardware was
com¬
sold,
cars
daily
average
during
the
unusually high.
new
New
average—was above that of any week of the
last quarter and
9% above the previous week.
Shipments
from the
mills—daily average—was 6% above the previous
week; output
was 30% below,
according to reports to the
National Lumber Manufacturers
Association from regional
associations.
Lumber shipments in 1935 as
reported weekly
were about
1% above and new orders were 3% above the
year's output.
Lumber production in 1935 was
approxi¬
mately 14% above that of 1934; shipments and new business
somewhat over
20% above similar items of last year.
Reported lumber shipments were 28% above
production
during the week ended Dec. 28, orders were 68% above out¬
put.
During the previous week shipments were 15% below
output and orders 9% above.
All items in the current week
were
shown by
reporting mills in excess of those similar
week of 1934, production at these mills
being 62% above last
year; new business 39% above;
shipments, 34% above.
During the week ended Dec. 28, 529 mills
produced 113,981,000 feet of
and softwoods
combined; shipped, 146,371,000 feet; booked
hardwoods
orders of 191,211,000 feet.
Revised figures for the
preceding week
mills, 542; production, 193,969,000
orders, 211,449,000 feet.
All
reporting
regions
but
feet;
Southern
shipments,
hardwoods
165,518,000
showed
orders
were:
feet;
above
production during the week ended Dec.
28.
All regions but Redwood and
Southern hardwoods showed
shipments above production.
Southern Pine,
West Coast and Southern
Cypress reported orders above
corresponding
week of 1934; all but Northern
Pine and Redwood showed
shipments above,
and all reported
production above last year's week.
Identical softwood mills
reported unfilled orders on Dec. 28 the
equivalent
of 35 days' average
production and stocks of 149
days' compared with 23
days and 156 days a year ago.
Forest products
ended
Dec.
cars
28
carloadings totaled 17,066
1935.
above the
This
same
wras
12,523
cars
cars,
during the holiday week
below
the
previous
week of 1934 and 5,259 cars above
week of 1933.
week;
corresponding
Lumber orders reported for the week
ended Dec. 28 1935 by 469 softwood
mills totaled
mills.
or
185,099,000 feet;
Shipments
as
reported
30% above production.
or
74% above the production of the
for the
Production
Reports from 80 hardwood mills give
below production.
Shipments as
25%
7,884,000 feet,
or
same
was
mills
on
new business as
7,004,000 feet,
Production
same
was
or
were
9,388,000 feet.
Dec. 28 1935, give unfilled orders
of
The 438 identical
on
the equivalent of 35
or
week
and Stocks
763,418,000 feet and gross stocks of
3,369,164,000 feet.
softwood mills report unfilled orders
as 755,580,000 feet
feet,
same
week were 138,954,000
feet,
106,650,000 feet.
reported for the
16% below production.
Unfilled Orders
Dec. 28 1935, or
days' average production, compared with
492,928,000
the equivalent of 23
days' average production on similar date a
year ago.
Identical Mill Reports
Last week's production of
452 identical softwood mills
feet, and a year ago it was
was 105,111,000
65,142,000 feet; shipments were
respectively,
137,714,000 feet, and 102,979,000; and orders
received, 183,494,000 feet,
and 131,952,000 feet.
Flour Production
During December
Below Same Month
of 1934
automobiles for the second
report:
and
movement declined
business—daily
apples, potatoes, cotton,
Chicago Federal Reserve
Department Store
Seasonal Trend
seasonal while
holidays, the lumber
Reports from 460 softwood
in
month,
The number ofAised
Business at Lumber Mills Continues
Heavy—
Year's Shipments and New Orders
Slightly Exceed
in good condition in most sec¬
tions of the District.
successive
larger gains, especially at wholesale.
the week ended Dec. 28 but on
basis of
and shipment record was
rose
July 1931.
second
business
Reflecting early introduction
seasonally adjusted index
the
ago showed even
Output
5,256
of new models, automobile sales
increased in contrast with the usual seasonal
After a decline last month, this Bank's
decline.
for
hand followed the trend of
sales.
on
Due to the
a
customary in November
increases
a year
however, declined in November from the
preceding month and wasVonly
slightly above November last year; stocks were
considerably larger than
either a month previous or a
year ago.
Deferred payment sales comprised,
41% of the retail sales of dealers
reporting the item, which ratio compares
with 40% in October and
52% last November.
a
than in basic production.
.
by dealers and distributors recorded heavy
counter-seasonal
parisons with
ery, 1935
and
.
Automobile Production and Distribution
with the advanced
production schedules this year, sales of new
automooiles in this District
In line
General
Mills, Inc., in presenting its summary of flourmilling activities for approximately 90 % of all flour mills in
the principal
flour-milling centers of the United States,
reported that during the month of December 1935 flour
output totaled 4,770,847 barrels.
This was somewhat below
the 5,011,004 barrels
produced during the corresponding
month of 1934.
Cumulative production for the six months
I
Financial
Volume 142
This
barrels.
ended Dec. 31 1935 amounted to 32,240,292
with 32,609,908 barrels produced in the like
period of last year.
The corporation's summary further
compares
disclosed:
31
1934
1935
1934
1935
Southwest
1,184,112
1,559,856
Lake, Central and Southern
1,627,787
399,092
1,173,435
1,808,350
1,646,038
383,181
7,989,982
11,142,643
10,681,089
2,426,578
8,077,351
11,515,573
10,722,153
2,294,831
4,770,847
5,011,004
32,240,292
32,609,908
Northwest
Pacific Coast
Grand total
Dec. 28 Rose
Output for Four Weeks Ended
Lumber
58%—Shipments 23% Higher Than a Year Ago
ended Dec. 28 1935, as
Manufacturers Association on Jan. 8:
An
of 539 mills reported as follows to the
average
Trade Barometer" for the four
Refining Co., subsidiary of the Standard
the advance the day it was posted,
making increases of from 7 to 15 cents a barrel.
The next
day, all major units fell in line.
Schedules were not uniform,
however, although in general the large companies met the
increased prices fully.
In some instances, small differentials
existed.
Co.—subsidiary of Standard of New Jersey
Crude Oil Purchasing Co.—subsidiary of
Standard Oil of Indiana—extended the advance into the
Mid-Continent area with increases of 10 cents a barrel
The Carter Oil
"National Lumber
weeks ended Dec. 28 1935:
Stanolind
—and
posted
cents
Thursday.
on
The
$1.15
herewith data on identical mills for the four weeks
reported by the National Lumber
We give
"tentative" since
the effective¬
their permanent maintenance will depend upon
ness of the Inter-State Oil Compact.
011 Co. of New Jersey, met
Mos. Ended Dec.
6
Month of December
higher prices must be regarded as
that the
The Humble Oil &
i
(NUMBER OF BARRELS)
PRODUCTION OF FLOUR
213
Chronicle
new
a
schedule posted by Sun
Oil listed East Texas at
15 cents and 10
barrel with Gulf Coast at $1.22, up
respectively.
Humble raised North Central Texas
prices 5 cents a barrel, while in East Central Texas, including
Mexia, Powell and Boggy Creek fields, the advance was
12 cents.
Increases of 7 cents in Gray County, Texas Pan¬
handle, and 12 cents in Carson and Hutchinson
counties
posted by the company.
In setting prices for West Texas and New Mexico crude,
Humble revised its system.
Formerly paying 70 and 75
cents a barrel, respectively, the company placed the fields
on
a gravity
scale.
The new postings are 75 cents for
26 degrees gravity and under, with a 2-cent advance for each
degree, to a top of 95 cents for 36 gravity and above.
The
company lifted Anahuac and Dickinson crude 10 cents,
Saxet, Regugio and Miranda, a similar amount; Tomball,
Salt Flat and Darst Creek 15 cents, and Pettus, 20 cents a
were
Orders Received
Shipments
Production
In
In 1,000 Feet
In
1,000 Feet
1,000 Feet
1934
1935
Total lumber
1934
1935
429,313
23,368
626,673
29,543
507.222
26,443
776,529
31,984
577,244
31,235
714,880
Hardwoods—
1935
680,876
34,004
Softwoods
1934
452,681
656,216
533,665
808,513
608,479
weeks ended Dec. 28 1935, as reported by
Production during the four
these mills, was 58% above that
1935 was
in
Softwood cut
of corresponding weeks of 1934,
of comparable
record
the
above
above output during the same
59%
and 45%
1933.
weeks of
mills during the same period of
1934 and hardwood cut was 46% above that
of the 1934 period.
Dec. 28 1935 were 23% above
weeks of 1934, softwoods showing gain of 24%
Shipments during the four weeks ended
corresponding
of
those
and hardwoods, gain of 12%.
Orders received
during the four weeks ended Dec.
of corresponding weeks of
those
above
those of similar weeks of 1933
order
of 35%
gain
28 1935 were 33%
1934 and were more than twice
(114% above).
Softwoods in 1935 showed
and hardwoods gain of 2%
over
the corresponding
weeks of 1934.
reported by 455 softwood mills were
28 1935 gross stocks as
Dec.
On
3,324,944,000 feet,
151
the equivalent of
compared with 3,475,240,000 feet on Dec.
days' average production, as
29 1934, the equivalent of 158
days' production.
On Dec. 28 1935 unfilled
orders as reported by 455 softwood mills were
days' average production, as com¬
29 1934, the equivalent of 22 days'
758,910,000 feet, the equivalent of 34
pared with 495,113,000 feet on Dec.
production.,
♦
World Coffee Consumption July
Through
December
Over
Similar
Period 1934
Reported by New York Coffee & Sugar Exchange
Increase
of 16.8% in
consumption of coffee during the first half of the
July through December, aggregated 12,813,147
bags, a gain of 1,840,191 bags or 16.8% above the similar
1934 period when world deliveries, according to the New
York Coffee & Sugar Exchange, totaled 10,972,956 bags.
The Exchange, under date of Jan. 4, added:
World
year,
crop
Deliveries
the period
bags
to
consumption in the United States were 6,358,147 during
against 5,498,956 during the last half of 1934, a
15.6%
or
while
gain of 859,191
European countries took 5,816,000 bags against
period, a gain of 843,000 bags or
4,973,000 during the previous similar
Other
17%.
than
United
States
and
639,000 bags against 501,000 bags, an
Received
Price
to
United
by
Cuban
States
European
points accounted for
increase of 138,000 bags or 27.5%.
Producers for Sugar Sold
1935 Reported Slightly
During
Higher Than in 1934
producers received approximately eight-tenths of a
pound more for their sugar sold to the United States
during 1935 than in 1934, according to Lamborn & Co. who
report that the 1935 average price for raw sugar, cost and
freight basis, was 2.33 cents per pound as contrasted with
1.50 cents per pound during the previous year.
The in¬
crease of
.83 cents per pound is equivalent to 55%, the
firm said on Jan. 4, adding:
Cuban
cent per
For sugars
United
per
sold in the world market, i. e., to countries
States,
Cuba received during 1935, an average
pound as compared with an average
1934,
a
4%.
approximately 2,380,000 tons of sugar, of
United States.
Of the 2,345,000 tons
decrease of approximately
During 1935, Cuba exported
which
other than the
price of .98 cents
of 1.02 cents per pound during
amount
64%
went
to the
exported in 1934, a little over 67% went to
the United States.
♦
Petroleum and
Its Products—Texas Crude Oil Prices
Oil Increase Followed by Other
Advanced—Sun
Majors—Boost Spreads to Other States—Oil Stocks
November—Daily Crude Output Off
in crude oil prices in
Texas and other Southern Oil States, by large oil companies
this week represented the first major advance since 1933.
Originating in the East Texas and Gulf Coast areas, the
advance quickly widened to take in other Texas areas,
Louisiana, Arkansas and New Mexico. Advances of 10 cents
a barrel were posted in the Mid-Continent area.
The first move was made by the Sun Oil Co., which on
Wednesday posted increases of 10 to 15 cents a barrel in
East Texas, Conroe, Gulf Coast and Duval fields, effective
Jan. 9. Accompanying the announcement, made iD Houston,
was a statement from Sun Oil headquarters in Philadelphia
Dip in
Advances of 7 to 15 cents a barrel
barrel.
the advance, the Texas Co. posted new prices
already published, with the exception of a
flat increase of 10 cents a barrel in West Texas and New
Mexico.
The company spread the advances to take in
Louisiana and Arkansas.
Magnolia Petroleum Co.—sub¬
In meeting
in line with those
sidiary
of
Socony-Vacuum
Oil
Co.—met
the
schedule
established by Humble.
The Texas Co., which
formerly posted a different schedule
that maintained by Humble,
revised its price to bring them in line with the latter unit's
new schedule.
Under the new set-up, prices begin at 92
cents for under 20 gravity, with a 2-cent advance for each
degree up to a top of $1.22 a barrel for 34gravity and above.
The same company lifted Smackover, Ark., crude 10 cents
to 80 cents a barrel.
For the first time, it set a price in the
Lafitte area in Louisiana, posting at $1.12 a barrel.
The
advance made by Texas in North Louisiana and Arkansas
of 5 cents lifted prices from 84 cents on gravity and below,
to a top of $1.08 on 40 gravity above, prices rising 2 cents
in the Gulf Coast area from
for each
degree.
New Mexico, and Winkler County, West
Texas, the company posted a flat scale of 85 cents a barrel,
up 10 cents.
Advances of 10 cents in Crane and Upton
counties lifted them to 80 cents a barrel with Duval County
In Lea County,
Darst Creek is held at 97
quoted by Humble.
All major companies were in line with the higher postings
prevailing in the Texas, Gulf Coast and mid-continent oil
States by the close of the week.
Lesser companies also
swung into line, other areas throughout the United States
being affected bullishly by the markups in the major oil
producing areas in the United States.
The Texas Co. and the Sinclair-Prairie Crude Oik Purchas¬
ing Co. met the 10-cent advance in Oklahoma-Kansas crude
prices. Gulf Pipe Line and Gulf Refining met the advances
in Texas and Louisana.
Tide Water Oil and Shell also met
the advances in areas where they purchase crude.
Advances of 10 cents a barrel in prices of Illinois, West
Kentucky, Elk Basin, Big Muddy, Grass Creek and Rock
Creek crudes were posted Thursday by the Ohio Oil Co.
Illinois and West Kentucky were lifted to $1.23, Elk Basin
and Grass Creek to $1.28, Big Muddy to $1.11 and Rock
Creek to $1.12 a barrel.
The company posted an increase
of 10 cents a barrel in Lima grade crude oil to $1.25 a barrel.
Standard Oil Co. of Louisana—subsidiary of Standard of
New Jersey—posted a new schedule for Caddo, Homer,
Haynesville, Sabine, De Soto, Sarepta, Carterville, El
Dorado, Miller county and Rodessa. The new list lists these
moving
up
5 cents to 85 cents.
cents, against $1.02
.
crudes at 78 cents for below 25
each degree
and above.
gravity,
a
2-cent increase on
in gravity setting a top of $1.10 for 40 gravity
Smackover was set at 75 cents and Nevada at
65 cents.
Daily average "hot
is well under 10,000
ment
road
oil" production in the East Texas field
barrels, E. N. Stanley, chief enforce¬
agent in the area, stated in a report to the Texas
Commission.
"The situation this
week," he
Rail¬
said
Friday in Austin, "is the best in the last three months. The
only possible outlets for the excess are in long gauges by pipe
lines and claims of excessive recoveries by refineries.
The
pipe lines are gauged to an eighth inch.
Our estimates a
month ago put the amount of hot oil through excess gasoline
recovery
at 2,500 barrels, and that has been
whittled down."
Renewed efforts by the Central Committee of
Oil Producers to reach a satisfactory program to
oil
California
curtail crude
production in the State are in view, the Committee having
special meeting on January 14.
The Com¬
August when the Emer-
been called to a
mittee has been inactive since last
214
Financial Chronicle
Curtailment
gency
Committee
of
Independent
Producers took
a
California
decline
by more than
independent producers and refiners with R. A. Broomfield, executive vice president of the Barnsdall Oil Col, at
which the problem of the current
high production rate was
30
It
units also attended the conference.
With the consensus being that continued
over-production,
such as prevails at the
present time, will being lower prices
again, the conference decided to ask the Committee to once
again attempt to bring all elements in the industry into line
on the curtailment
plan. The Committee was authorized to
establish a production-level and take the
necessary action to
of
car
Daily
average crude oil production during the week ended
sagged 8,050 barrels to 2,802,750 barrels, reports
published by the American Petroleum Institute disclosed.
This compared with estimated
January demand of 2,559,200
barrels predicted by the Bureau of
Mines, and actual produc¬
tion in the like 1935 week of 2,388,600 barrels.
Substantial
Gasoline, Service Station Tax Included
New York
x
$.158
x
Brooklyn
Newark...
Jan. 8—Sun Oil Co. posted advance of 10 to 15 cents
crude oil prices.
the Gulf Coast
East Texas and Conroe
moving
Jan. 9—Magnolia
the
10 cents to $1.22.
up
posted advances of 7 to
was
15
Both
cents.
a
Humble Oil & Refining Co.
changes were effective Jan. 9.
Petroleum, Texas Co. and
other oil companies met
price schedules in Texas and the Gulf Coast.
new
Jan. 9.—Stanolind Crude Oil
Purchasing an
Carter Oil Co. posted an
advance of 10 cents a barrel in Oklahoma and Kansas
crude oil prices to
$1.18 for top gravity.
Other companies met the advance.
Jan. 9.—Ohio Oil lifted prices in four
for Illinois and West
Wyoming fields 10
Kentucky, $1.28 for Elk Basin
for Big Muddy and $1.12 for Rock Creek.
10 cents to $1.25
barrel.
a
Smackover
cents set
was
and Grass Creek, $1.11
Lima grade crude was lifted
!
.
Jan. 10—Standard Oil of Louisiana met the
fields.
cents to $1.23
2.15
.155
Boston
Philadelphia
Pittsburgh
.19
.17
Jacksonville
.205
Buffalo
.15
Houston
.17
.16
Los Angeles
.13
Chicago..
...
posted at 75 cents, however, against
New'York
a
top of 80
Prices of Typical Crudes per Barrel at Wells
Bradford, Pa
$2.30
Fuel Oil. F.O.B.
N.
Y.
(Bayonne)
Refinery
I California 27
Bunker C
.172
...
Diesel 28-30 D
1.651
Y.
27
|New Orleans C
$1.15-1.25
(Bayonne)
plus
$.04
I
-.04%
32-36
U. S. Gasoline (Above 65
Standard Oil N. J..S.07
Refinery
I Tulsa
G0__$.02%-.02%
Octane), Tank Car Lots, F.O.B. Refinery
.07%
Colonial
Tide Water Oil Co..
Richfield Oil (Calif.)
.07
Chicago
Texas
.06%
.06%
Gulf
Beacon..$.06%
New
Orleans.
.06%
06%
Los Ang., ex..
Gulf ports...
.06%
.06%
Republic Oil
Shell East'n Pet—
x
$.02%-.02%
I
New York—
Socony-Vacuum
Warner-Qulnlan Co.
95
Terminal
or
Chicago,
I
$.80
Phlla., bunker C
I
Gas Oil, F.O.B.
N.
Terminal
or
p us D
$1.05
Tulsa
$.05%-.05%
.05%-.05%
.05%«.04%
.05%-.05%
.05%-.05%
Not including 2% city sales tax.
Daily Average Crude Oil Production Continues
to Fall—
Off 8,050 Barrels for Latest Week
The American Petroleum Institute estimates
that the
daily
production for the week ended Jan. 4
1936
was
2,802,750 barrels.
This
was a
loss of
from the output of the previous week.
8,050 barrels
The current week's
figure
was, however, above the 2,559,200 barrels calculated
by the United States Department of the Interior to be the
total of the restrictions
States
four
during January.
weeks
imposed by the various oil producing
Daily average production for the
ended Jan.
4
1936
is
estimated
at
,2,833,150
barrels.
The daily average output for the week ended
Jan. 5
1935 totaled 2,388,600 barrels.
Further
details,
Imports of petroleum for domestic
1.25
Eldorado, Ark., 40
Rusk, Tex., 40 and
Corning, Pa
1.32
Darst Creek
Illinois
1.23
Midland District, Mich
Western Kentucky
use
as
reported
and receipts in bond at
principal
United States ports for the week ended Jan. 4
daily average of 181,000 barrels, compared with
totaled 1,267,000 barrels,
a
daily average of 108,714
barrels for the week ended Dec. 28 and
164,714 barrels
weeks ended Jan. 4.
shown)
Lima (Ohio Oil Co.)
1.23
Mld'Cont., Okla., 40 and above
Winkler, Tex
Smackover, Ark.. 24and over
.15
jNorth Texas.$.03%-.03% |New Orleans.$.03%-.04
05# |Los Angeles.. .04H-.05
|Tulsa
;03%-.04
(Bayonne)
a
are not
185
San Francisco
St. Louis
Kerosene, 41-43 Water White, Tank Car, F.O.B.
Refinery
price levels in Louisiana
by other major units.
(All gravities where A. P. L. degrees
$.169
New Orleans
.20
Detroit
Camden
by the Institute, follow:
,
new
Minneapolis
.175
.17
...
average gross crude oil
barrel in Texas
...$.175
Cleveland.
Denver
areas.
15 cents to SI.15, with
up
Cincinnati
.163
.17
4
declines in Oklahoma and Kansas offset
gains in other
Price changes follow:
Receipts of California oil
$1.10
1.15
over
97-1.02
1.02
Sunburst, Mont
;
1.23
1.18 Santa Fe Springs, Cal.38 & over
.89
.85 Huntington, Calif., 30 and over—
.82
75-.80 Kettleman Hills, 39 and over
.90
Petrolia, Canada
1.10
._
ended
Jan.
4,
daily for the four
at Atlantic and Gulf Coast
ports for the week
totaled
77,000 barrels, a daily average of 11,000
barrels,
daily average of 18,714 barrels for the four weeks ended
compared with
a
Jan. 4.
were
There
no receipts for the week ended
Dec. 28.
Reports received from refining companies
owning 89.6% of the 3,869,000
estimated daily potential
refining capacity of the United States,
indicate that 2,453,000 barrels of crude oil
daily were run to the
barrel
stills
operated by those companies and
REFINED PRODUCTS—WEST
FALO
GASOLINE
PRICES
UNCHANGED—MID-WEST
LINE
STOCKS
COAST
GAS PRICES
UP—LOCAL
BULK
GAIN—REFINERY
CUT—BUF¬
MARKET
MARKET
HOLDS
FIRM—GASO¬
that they had in
storage at refineries
28,812,000 barrels of finished gasoline;
5,523,000
barrels of unfinished gasoline and
104,182,000 barrels of gas and fuel oil.
at
the end of the week,
Gasoline at bulk terminals, in transit and
in pipe lines amounted to
18,-
476,000 barrels.
OPERATIONS
PARED
An open gasoline price war broke out in Southern
California
late in the week when Standard Oil Co. of California an¬
nounced that it had reduced all grades of
gasoline 2 cents a
gallon at the "pump" to meet "competitive conditions."
Other major units met the cut which became effective
Friday.
Further improvement in the abnormal
price structure
prevailing in up-State New York developed during the week
when retail gasoline prices at Buffalo were advanced 2 cents
a gallon to 15 cents at the
"pump," taxes included.
Even
at this level, however, prices are 2 cents a
gallon under
Cracked gasoline production
by companies owning 95.9% of the potential
charging capacity of all cracking units, averaged 511,000 barrels
daily
during the week.
DAILY AVERAGE CRUDE OIL
PRODUCTION
(Figures in Barrels)
B. of M.
culations
(January)
retail prices for motor
fuel, and this has aided in bolstering
already strong bulk market.
The sharp reduction in the
refinery operating rate last week also was a strengthening
an
factor.
1936
1935
484,300
146 250
144,700
407,000
137,550
North Texas
59,350
56,700
62,150
62,350
55.900
West Central Texas.
West Texas
55,800
56,050
2o, 400
25,400
25,400
160,050
57,500
26,400
160,300
160,050
155,700
49,250
438,700
49,350
49,150
438,100
437,300
51,650
420,700
55,400
rose 816,000 barrels
during the first week
1936, totaling 47,288,000 barrels on Jan. 4, the American
Petroleum Institute reported.
A decline of 66,000 barrels
at bulk terminals was offset by a gain of 882,000 barrels at
to
Texas...
East Central Texas..
East Texas
Southwest Texas
66,150
65,650
212,700
211,450
65,600
211,100
1,068,300
1,068,200
1,067,000
996,550
43,250
125,650
37,750
128,550
39,600
127,450
24,000
84,450
132,600
168,900
166,300
167,050
108,450
29,500
106,350
29,500
96,900
29,500
Michigan
28,900
98,000
42,200
45,700
42,350
104,900
45,050
37,450
12,550
38,700
38,100
33,600
106,150
28,550
34,950
Coastal Texas
Total Texas.
1,017,200
North Louisiana
Coastal Louisiana
Total Louisiana.
Arkansas
.
Eastern
173 300
Wyoming
Gasoline stocks
of
refineries..
Jan. 5
1935
7*4 cents.
Prices of bulk gasoline in the Mid-Continent area
continue
to hold.
Better than seasonal firmness has been shown in
Ended
Jan. 4
476,850
481,000
134,000
Kansas
Boston to
Week
Ended
1936
Panhandle
Philadelphia and
Aver ape
4 Weeks
Week End. Week End
Jan. 4
Dec. 28
462,800
137,300
Oklahoma.
Strength in fuel oils featured the local refined products
market.
Prices of heating oils are firmly held and con¬
sumption has shown its customary seasonal rise.
Gasoline
prices, both retail and wholesale, appear firm at present
The advances in crude prices were
interpreted as a
bullish factor.
Hartol Products advanced tanks car
gaso¬
line
1-4 cent a gallon
at New York,
i
Actual Production
Dept. of
int. Cal¬
normal.
levels.
Gas and fuel oil stocks
were
off
871,000 barrels
104,182,000 barrels.
33,200
Montana
11,300
Colorado
3,900
12,950
4,150
12,900
3,700
59,300
4,050
3,050
58,800
56,750
57,550
44,750
2,041,400
2,131,550
2,138,900
2,155,100
1.912,500
517,800
671,200
671,900
678,050
476,100
2,559,200
2,802,750
2,810,800
2,833,150
2,388,600
New Mexico.
Total east of California.
California
...
Total United States
A decline of 4.3 points in the
operating rate of
refineries cut the rate to 70.7% of capacity.
reporting
Daily average
a
prices of gasoline at New York,
Philadelphia and Boston
7% cents, effective January 11.
barrels.
Jan.
of
1-4 cent
to
industry adhere to the schedule.
Total storage of oil
during November recorded a decline of
1,669,000 barrels, the monthly report on oil statistics issued
by the Bureau of Mines disclosed.
Gasoline stocks, includ¬
ing natural gasoline, were up 1,455,000 barrels.
An increase
of 2.7% over a year
ago was scored in domestic demand for
motor fuel
during November, which rose to 35,956,000
oil exports were off 100,519 barrels in November to
316,955
from 417,474 in October.
1936
147,000 barrels.
gallon in tank
have the State's oil
Reversal of the normal seasonal trend in
exports of motor
fuel was noted as these shipments rose to
3,050,000 barrels
from 2,461,000 barrels in October.
Of this increase, 188,000
barrels represented shipments to
Italy and to Italian Africa.
November shipments of fuel oils rose to 58,214 barrels from
22,822 barrels in the previous month, with shipments of
residual totaling 110,129,
against none in October.
Crude
stills
to
Jan. 7—Major companies
posted an increase of 2 cents a gallon in retail
gasoline prices at Buffalo, N. Y., to 15
cents, taxes included.
Jan. 10—Standard Oil Co. of
California lowered retail gasoline
prices
2 cents a gallon on all three
grades, the reduction affecting the southern
area of California.
In Los Angeles, the new
price is 13 cents, taxes included.
Jan. 10—The Hartol Products
Corp. posted an advance of
reported that representatives of the major
was
Jan. 11
crude
2,453,000 barrels represented a
Daily average production of
cracked gasoline dipped
30,000 barrels to 511,000 barrels.
Representative price changes follow:
over its duties.
The decision to hold a
meeting of the Committee followed
conference Thursday at Los Angeles attended
discussed.
of
runs
Note—'The figures indicated above do not
Include
might have been surreptitiously produced!
11,900
any estimate of any oil whloh
CRUDE RUNS TO STILLS, FINISHED
GAS
FUEL OIL STOCKS,
AND
215
Financial Chronicle
Volume 142
gallons each)
Stocks
Crude Runs
Daily Refining
Capacity of Plants
AND
AND UNFINISHED GASOLINE
WEEK ENDED JAN. 4 1936
(Figures In thousands of barrels of 42
a
Stocks
Stocks
District
of
b Stocks
Un¬
of
Gas
Daily
P.
C.
ished
finished
Other
Oper¬
Gaso¬
Gaso¬
Motor
Fuel
age
ated
line
line
Fuel
tial
Total
Rate
C.
P.
453
74.0
1935.
During the calendar year to Dec. 31 1935, estimated pro¬
duction was as follows: Bituminous coal, 367,980,000 net
and
Aver¬
Reporting
Poten¬
tons in November
of
of
Fin¬
to Stills
compared with 32,526,000 net tons in the corresponding
month last year and 33,285,000 tons in November 1935.
Anthracite production during December totaled 4,620,000
net tons as against 4,687,000 tons a year ago and 3,160,000
tons and
9,129
135
ing period last year output totaled 359,368,000 net tons of
soft coal and 57,168,000 net tons of hard coal.
The Bureau's
East Coast..
612
Appalachian.
Ind.,111., Ky.
Okla., Kan.,
154
146
94.8
87
59.6
12,774
2,027
244
45
868
442
424
95.9
323
76.2
8,323
610
45
3,792
Missouri..
453
384
84.8
249
64.8
561
565
150
1,550
4,472
1,513
10,533
4,291
612 100.0
In the correspond¬
anthracite, 51,003,000 net tons.
Oil
818
Inland Texas
330
160
48.5
75
46.9
Texas Gulf..
680
658
96.8
591
89.8
169
163
96.4
103
63.2
5,267
1,165
4,916
1,179
80
72
90.0
45
62.5
276
36
120
626
Mtn.
97
60
61.9
32
53.3
880
85
100
764
California...
852
789
92.6
495
62.7
10.481
1,178
1,445
68,194
statement follows:
La.-Gulf
No. La.-Ark.
'
Rocky
120
1,610
231
•
m
~
~
-
Total
Dec. 1935
week:
Jan.
4 1936
Dec.28 1935
70.7 c47,288
89.6
4,125 104,182
4,080 105,053
5,523
75.0 d46,472
2,453
2,600
89.6
3,468
3,468
3,869
3,869
5,337
naphtha distillates, b Estimated,
Includes unblended natural gasoline at refineries and plants; also blended motor
fuel at plants,
c Includes 28,812,000 barrels at refineries and 18,476,000 barrels at
bulk terminals. In transit and pipe lines,
d Includes 27,930,000 barrels at refineries
and 18,542,000 barrels at bulk terminals, in transit and pipe lines.
a
Amount of unfinished gasoline contained in
States Bureau of Mines,' in
The United
report, stated that the total production of soft coal during
the week ended Dec. 28—Christmas Week—is estimated at
This compares with 6,385,000 tons in
6,730,000 net tons.
corresponding week last year.
Anthracite production in Pennsylvania during the
Production during
corresponding week in 1934 amounted to 908,000 net
(Net Tons)
25
1,393,000
25
25
184,800
4,828
367,980,000
51,003,000
936,200
Beehive coke
1,359,000
24.5
33,285,000
3,160,000
101,000
26
131,700
3,885
24
Dec. 1934—a
32,526,000
4,687,000
Anthracite
25
1,301,000
b359,368,000
25
86,800
Bituminous coal
25
187,500
3,472
b57,168,000
b1,028,000
coke
Beehive
b Represents actual production
Final figures,
based on final complete reports
the operators.
Note—All current estimates will later be
adjusted to agree with the results
complete canvass of production made at the
of the
end of the calendar year.
December and Calendar
Slab Zinc Statistics for
Year
the
holiday
(Net Tons)
Days
(Revised)—
1935
Anthracite
from
its weekly coal
End. of Dec.
120,700
Bituminous coal
a
During Holiday Week
Production of Coal Declines
Cal. Year to
Working Day
34,829,000
4,620,000
Beehive coke
Nov.
Average per
Working
(Preliminary)—
Bituminous coal
Anthracite
Totals
No. Of
for Month
(Net Tons)
1935
According to figures released by the American
week is estimated at 865,000 net tons.
tute
the
Zinc Insti¬
produced
during the month of December 1935.
tons.
During the calendar year to Dec. 28 1935 a total of 364,723,000 tons of bituminous coal and 50,443,000 net tons of
Pennsylvania anthracite were produced. This compares with
355,548,000 tons of soft coal and 56,900,000 tons of hard coal
produced in the
The Bureau's state¬
period of 1934.
same
ment follows:
Jan. 6, 40,136 short tons
PRODUCTION OF COAL AND BEEHIVE
(IN NET TONS)
COKE
This compares with
month of November and
35,981 tons in the corresponding month of 1934.
Shipments
decreased from 48,172 tons in November to 41,466 tons in
December.
This latter figure also compares with 32,003
37,469 tons produced during the
shipped during December 1934.
of slab zinc during the calendar year 1935
tons
1935
1934
1935
1934
1935 d
1929
e
</
530,866,000
per'd 6,730,000 8,385,0C0 6,385,000 364,723,000 355,548,000
1,738,000
1,168,000
1,199,000
Dally aver.. 1,346,000 1,398,000 1,277,000
Tot. for
Pa. anthra.: b.
per'd
952,000
158,700
50,443,000
56,900,000
188,700
73,227,000
167,300
17,400
3,480
928,900
3,006
990,900
3,207
tute's statement follows:
6,445,200
4,683
173',000
908,000
181,600
28,100
865,000
1935, 1934, 1933, 1932 and 1931 amounted to 465,154
tons, 352,663 tons, 344,001 tons, 218,517 tons and
314,514 short tons respectively.
Inventories on Dec. 31
1935 stood at 83,936 short tons, comparing with 85,266 tons
on Nov. 30 and 119,830 tons on Dec.
31 1934.
The Insti¬
short
Bltum. coal: a_
Daily aver..
242,900
SLAB
ZINC
STATISTICS (ALL GRADES)- -1929-1935
Beehive coke:
per'd
Daily aver..
26,600
5,320
(Tons of 2,000 Pounds)
20,858
Includes
and coal
shipped by truck from established operations.
Does not include an unknown
amount of
"bootleg" coal,
c Subject to
revision,
d Revised, e Adjusted to
make comparable the number of working days In the several years.
a
Includes lignite, coal
against 366,933 tons in 1934,
years
Dec. 29
Dec. 21
c
totaled 431,085 short tons as
324,705 tons in 1933, 213,531 tons during 1932 and 300,738
short tons during 1931. • Shipments during the calendar
Calendar Year to Date
Week Ended—
Dec. 28
Tot. for
of slab zinc were
Production
ESTIMATED UNITED STATES
Tot. for
on
made Into coke, local sales and colliery fuel,
b
and dredge coal, local sales and colliery fuel
Average
Unfilled
Retorts
Orders
During
Retorts
(a)
Shipped Operating
End of
Produced
Shipped
Stock at
During
During
End of
for
End of
Period
Sullivan County, weshery
Period
Period
Export
Period
Period
Period
631,601
52,633
602,601
50,217
75,430
6,352
57.999
68,491
18,585
504,463
42,039
436,275
36,356
143,618
31,240
47,769
26,651
314,514
26,210
129,842
19,875
23,099
18,273
213,531
17.794
218,517
124,856
21,023
18,560
8,478
27,190
23,653
15,978
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
21,726
16,058
1929
PRODUCTION OF COAL, BY STATES
ESTIMATED WEEKLY
Total for year.
(IN NET TONS)
[The current weekly estimates are
based on railroad carloadlngs and river ship¬
from district
revision on receipt of monthly tonnage reports
of final annual returns from the operators.]
ments and are subject to
and State sources or
Monthly aver.
529
1930
Total for year.
Monthly aver.
196
16
1931
Total for year.
300,738
December
Monthly aver.
25,062
Dec. 21
1935
2,000
213,000
Alaska.
Alabama
Arkansas and Okla..
Colorado
Georgia and No. Car.
Illinois
Indiana
72,000
Dec.
14
1935
Dec. 22
Dec. 23
1934
1933
Average
Dec. 21
1929
1923
e
Total for year.
Monthly aver.
2,000
1,000
205,000
65,000
221,000
78,000
174,000
l.OCO
167,000
153,000
1,000
1,000
1,163,000 1,066,000 1,143,000
397,000
358,000
381,000
s
189,000
47,000
150,000
s
s
s
Total for year.
324.705
Monthly aver.
27,059
344,001
28,667
105,560
83,000
33,077
26,656
111,981
44
28,744
30,296
33,845
32,485
32,877
32,072
35,589
109,792
110,760
-0
104,729
0
30.217
48
21,663
99,672
97,462
101,968
21,913
106,570
0
30,294
110,803
115,852
119,830
0
53
30,763
26,952
26,692
27,193
31,284
30,324
30,442
31,352
31,964
32,793
0
32,944
203,000
s
967,000 1,309,000
387,000
357,000
1934
s
January
514,000
February
L.
88,000
92,000
121,000
151,000
151,000
169,000
142,000
April
30,686
474,000
584,000
May
181,000
615,000
229,000
143,000
550,000
159,000
609,000
179,000
238,000
Maryland
35,000
37,000
42,000
38,000
37,000
Michigan
10,000
13,000
16,000
13,000
74,000
31,000
51,000
12,000
53,000
Western
...
Montana
New Mexico
72,000
35,000
70,000
35,000
55,000
No. and So. Dakota-
Ohio
Penna. bituminous
Tennessee
Texas
Utah
._
112,000
31,000
43,000
44,000
54,000
50,000
64,000
416,000
440,000
515,000
464,000
441,000
1,962,000 1,910,000 1,915,000 1,820,000 2,070,000
66,000
64,000
99,000
91,000
109,000
10,000
13,000
15,000
15,000
17,000
94,000
76,000
68,000
84,000
89,000
135,000
146,000
188,000
225,000
221,000
39,000
32,000
37,000
31.00C
31,000
Virginia
Washington
W. Va.—Southern.b 1,598,000 1,549,000 1,523,000 1,339,000
530,000
514,000
573,000
509,000
Northern, c
116,000
117,000
122,000
130,000
Wyoming
*
*
*
s6,000
Other West'n Statesd
20
253,000
1,535,000
648,000
193,000
89,000
239
349,000
113,000
Missouri
96,000
170
14
18,210
224,000
Kentucky—Eastern a
Kansas and
3
1933
March
Iowa
41
1932
Week Ended—
State
21,000
August
64,000
September
30,944
25,160
24,756
26,169
26,515
56,000
October
34,527
27,000
November
204,000
37,000
599,000
June
July
21,000
0
0
29,928
32,003
366,933
352,663
30.578
29.389
12
January
35.135
February
33.468
March
36,735
35,455
34,877
41,205
117,685
116,276
111,806
Monthly
aver.
0
32,658
33
33,210
Grand total
s5,000
s5,000
April
35,329
38,455
108,680
3,
9,900,000
1,806,000
May
34,572
35,627
107,645
23,
June
34,637
29,353
112,909
0,
July
35,120
32,306
115,723
0,
August
35,547
38,824
112,446
0
September.
36,221
42,351
106,316
0,
October
36,716
47,063
95,969
0,
November
37.469
48,172
85,266
0,
December
Total bltum. coal. 8,385,000
Penna. anthracite
40.136
41,466
83,936
0
8,179,000 8,344,000 7,362,000 7,816,000
952,000 1,096,000 1,263,000 1,323,000 1,795,000
9,337,000 9,275,000 9,607,000 8,685,000 9,611,000 11,706,000
Kentucky mountains through openings in Virginia
Virginia, and the figures are therefore not directly
b Includes operations on the N. & W.; C. & O.;
Virginian; K. & M.: B. C. & G., and on the B. & O. in Kanawha, Mason and Clay
counties,
c Rest of State, including the Panhandle District and Grant, Mineral
and Tucker counties,
d Includes Arizona, California, Idaho, Nevada and Oregon,
e Average
weekly rate for entire month,
p Preliminary,
r Revised,
s Alaska,
Georgia, North Carolina and South Dakota included with "other Western States."
*
Less than 1,000 tons.
a
0j
35,196
*29,691
33,719
*26,000
32,389
*25,709
33,836
*27,172
33,884
*27,374
32,942
32,230
33,157
32,535
*29,665
32,450
*29,467
30,387
*28,003
31,230
*28,814
According to preliminary estimates
made by the United
bituminous coal output during the
month of December 1935 amounted to 34,829,000 net tons,
States Bureau of Mines,
26,967
31,244
*29,193
30,482
*28,402
,36,939
34,870
32,445
.47,080
*28,986
*30,450
34,777
32,934
*28,938
36,650
*31,664
*32,856
33,868
Total for year.
431,085
465,154
35,924
38.763
5
35,126
,39,238
.47,367
.59,453
51,136
*32,298
38,32
59
Monthly aver.
>
*32,680
Month
22,435
,35,878
*30,550
comparable with former years,
Preliminary Estimates of Production of Coal for
of December and Calendar Year 1935
25,993
25,816
[20,000
*26,565
Coal taken from under the
is credited in the current reports to
30,786
28.887
131,000
454,000
11,121
19,188
31,929
1935
1,132,000
692,000
173,000
950,000
14,281
148
Total for year.
100,000
193,000
57,000
0
34,977
35,981
December
2,818,000
103,000
26,966
109,374
3
32,341
Equivalent retorts computed on 24-hour basis,
a Export shipments are
cluded In total shipments.
Note—These statistics include all corrections and adjustments reported at
*
year-end.
in¬
the
216
Financial
Following is
Chronicle
detailed summary of zinc production by
for the past three years.
sources
SLAB
ZINC
PRODUCTION, 1933, 1934 AND 1935
December Pig Iron
1933
1934
By distillation
217,695
278,709
By electrolytic
88,315
76,657
293,869
118,476
306,010
18,695
355,366
11,567
412,345
18,740
324,705
366,933
Output Declines Slightly
Age" in its issue of Jan. 9, stated that the pro¬
duction of coke pig iron
during December amounted to
2,106,453 gross tons, compared with 2,065,913 in the pre¬
ceding month and with 1,027,622 tons in December 1934.
However, the daily rate last month declined 1.3%, or from
68,864 tons to 67,950 tons.
The "Age" further stated:
The "Iron
1935
431,085
Primary zinc from domestic
ore:
Total
Secondary zinc from ordinary type smelters
Total (Amer. Zinc Inst, mthly. statistics)
in Regular
Total
pig iron output in 1935 was 21,007,802 tons, compared with
15,911,188 tons in the preceding year.
Furnaces produced iron last year
at a rate of 57,556 tons
daily, compared with 43,592 tons daily in 1934,
a gain of
32%.
Additional Prodvction not Incl.
Monthly Figures—
Secondary Zinc from large graphite retorts..
11,392
8,124
8,701
336,097
375,057
439,786
1,172
8,224
337,269
383,281
Total domestic
zinc
Bureau of
from
foreign
(per U.
ore
There
daily,
S.
Mines)
Total, all classes
x
x
were
were
companies
blew
blown out.
Prices
Unsettled
Abroad
holiday quiet in major non-ferrous metals
extended
was
into the first week of the
new year.
Prices for copper, lead
change in the domestic markets, but
the undertone, if anything, was not so firm as in the
preced¬
ing week.
The Supreme Court's decision invalidating the
Agricultural Adjustment Act had little influence on metals.
A fovorable development last week was the increase in steel
operations.
The New York quotation for silver held at
49%c., but in London the price was lower than a week ago.
and zinc underwent
result
of
122
a
furnaces
operating
no
conferences
in
Washington, silver relations
between the United States and Mexico are expected to
tinue on a mutually satisfactory basis.
Refined
declined
$1
during the week.
ounce
per
of
one-quarter
"Metal
cent.
a
and
Mineral
out
banked
or
Laughlin Steel Corp.,
stack of the
abroad
as
three
units.
prices showed quite
some
decline for the week of 10 points.
Europe
irregularity.
for yesterday was 8.250c., f.o.b. refinery,
a
increase for
were
were
blown
The Steel
while independent steel
One merchant
stack
was
a
Republic Steel Corp., two Eliza of the Jones &
Lorain of National Tube Co. and the merchant
one
1930
January..
1931
1932
1933
1934
1935
February.
91,209
101,390
March
104,715
65,556
April
106,062
67,317
May
104,283
June
7,804
64,325
54,621
20,935
100,891
61,356
28,412
24,536
54,134
54,138
85,146
81,417
75,890
69,831
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
57,821
59,142
50.742
39,510
34,012
49,041
29,935
59,216
43.754
30,679
63,820
36,174
38.131
31,898
68.864
17,615
33,149
67,950
50,069
23,733
36,199
43,592
57,556
First six months.
July.
August
September.
65,299
31,3*0
33,251
31,201
28,430
25,276
60,950
18,348
19,798
17,484
December,
12 mos. average.
86,025
39,201
47,656
57.448
45,131
52,243
57,561
57,098
55.449
65.900
64,338
20,787
28,621
42,166
51,750
55,713
56,816
larger in the
were
Our export quotation
or-8.550c., c.i.f.
tons
which
Troy Furnace Corp.
December.
well as here, offerings of the metal in
before
DAILY AVERAGE PRODUCTION OF COKE PIG
IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1930—GROSS TONS
November.
Foreign Copper Easier
last week, and
of 66,825
Gary stack of the Carnegie-Illinois Steel
Ensley furnace of the Tennessee Coal, Iron & RR. Co. Blown
an
October
7
an
rate
month
.
out were one Donner of the
con¬
Antimony
Markets" further stated:
On indications that stocks of copper will show
a
Two stacks
one,
platinum
reduced
was
at
one
rate of 70,095 ions daily.
The furnaces blown in
Corp. and
"Metal and Mineral Markets" in its issue of Jan. 9 said
a
with
corporation blew in two furnaces and took off
Major Non-Ferrous Metals Show Little Change Here—
As
119 stacks making iron on Jan. 1
compared
producing iron at
in during the month and five were taken
out, a net loss of three.
Not yet available.
that
1936
11
Jan. 2d, 47.250c.; 3d, 46.675c.; 4th, 46.500c.; 6th,
46.000c.; 7th, 46.000c.; 8th, 46.125.
(Tons of 2,000 Pounds)
Primary
Jan.
Chinese tin, 99%:
a
PRODUCTION
OF
COKE
PIG
European ports,
IRON
AND
OF
FERROMANGANESE
(GROSS TONS)
Consumer buying abroad apparently
improved at the lower levels.
The domestic market
Pig Iron
was
inactive, but there seemed
be
to
no
consumers
again enter the market on
larger scale.
a
Sales for the last week
December
sales
in
the
domestic
market
32,000 tons in November and 66,500
copper
1935
January
totaled
in
tons
40,343
October.
tons,
against
Specifications for
from fabricators increased in the week just ended.
1,608,552
1,770,028
1,663,475
1,727,095
1,552,514
1,215,226
1,263,673
1,619,534
1,726,851
2,042,896
1,930,133
April
May..
June.
Copper consumption outside of the United States has shown little change
The three months' moving averages for
copper consumed
outside of this country,
in short tons, for the Jan.-Nov. period of 1935,
according to the American Bureau of Metal Statistics, follow:
89,5651 April
Feb
88,4481 May
March.. ..92,643 [June
1,477,336
1935
March
Half year
in recent months.
Jan
1934
February
slightly under 3,000 tons.
were
Ferromanganese
x
97,2531 July
100,0661 Aug.
103,9381 Sept
10.048
are
.98,246
_
95,660
95,6211
in the closing week of 1935, the tonnage sold
amounting
evidently maintaining
a
sumption, and
for
on
buying is expected before long.
Books recently opened
February delivery show little tonnage purchased
so
far for that month.
The price continues firm at 4.50c., New York, the
settling basis of the
American Smelting & Refining Co., and at 4.35c., St. Louis.
St.
Joseph
Lead again was a seller of its own brands in the East at
Zinc
Demand for zinc
Prime Western.
have
been
a
at
up
a
premium.
88,902
75,642
August
September
13,175
12.735
10,188
8,733
15,9*3
7,100
1,761,286
1,224,826
1,054,382
1.776.476
898,043
October
1,978,411
951,062
19.007
November
9,830
2.065,913
956,940
18.245
2:106,453
1,027,622
17,126
8,134
4,563
21,007,802
15,911,188
185,173
124,190
These totals
x
Iron
was
concessions.
not
Include charcoal
25.834 gross tons,
v
pig iron.
The 1934 production of this
Included In pig Iron figures.
Steel
The
Shipments in December Lower
Steel products shipments
by subsidiaries of United States
Steel Corp. in December amounted to
661,515 tons, 20,305
tons less than in the
previous month when 681,820 tons were
shipped.
In December 1934 shipments aggregated 418,630
tons.
Total shipments for the
year 1935 show a gain of
we
on
at
4.85c., St. Louis, for
the market that might
continued
unsettlement
TONNAGE
OF
SHIPMENTS
OF
December
1929.
A
of
summary
the
November
and
December
Month
Year 1931
Year 1932
January
February
800,031
426,271
413,001
388,579
395.091
762,522
*
March
Institute, in short tons, follows:
November
Production, daily rate
Shipments
Stock at end
Unfilled orders
December
37,469
1,249
48,172
85,266
59,453
Production
40,136
1,295
41,466
83,936
51,136
production during 1935 totaled 431,085 tons,
324,705
tons
1933.
in
amounted to 118,476 tons, against
1933.
May
the 7th.
thought ;to
Good business in the domestic market
in the firmer price in London
The
totaled
world's
visible
have depressed tne
on
Jan. 7
to £210
of
tin,
including
the
was
Eastern
10s.
carry-over,
with
during
December amounted to 10,458 tons, against 9,632 tons in
November, and
United States deliveries
during December
8.489 tons in December 1934.
amounted to 5,360 tons, against 4,035 tons in
November, and 4,530
tons
year ago.
Advices from London state that Siam may not agree to become
a
to the tin scheme when it comes up for renewal unless the basis
her quota is
raised from 9,800 tons
435.697
338,202
324,746
272,448
291,688
316,019
310,007
275,594
MONTHS
Year 1933
285.138
Year 1934
FOR
Total for year
Reduction,
Year 1935
275,929
331,777
385,500
533,137
256,793
588,209
668,056
643,009
591,728
335,321
534,055
455,302
745,063
603,937
701,322
668,155
575,161
572,897
430,358
985,337
578,108
369,938
378,023
547,794
598,915
624,497
370,306
614,933
343,962
686,741
366,119
681,820
661,515
351,211
227,576
600,639
418,630
a(8,040)
a(5,160)
b(44,283)
a(19,907)
7,676.744
Yearly adjustment-
3,974,062
5,805,235
5,905,966
b Addition,
c
Cumulative
monthly
shipments
c7,371,299
reported
during
the calendar year are subject to some
adjustments reflecting annual tonnage recon¬
ciliations, which will be comprehended in the total
tonnage shipped for the year as
stated in the annual report.
+.
reflected
14,805 long tons at the end of December, which compares
a month previous and 16,490 tons a year ago.
Deliveries
a
BY
yesterday.
supply
16,361 tons
in December
476,032
November
December
a
price in London from £217 I5s. at the beginning of the week
on
486,928
October
Tin Price Lower
593.900
573,372
September
Total shipments of all grades of zinc during 1935
amounted to 465,154
653,104
August..
against 366,933 tons in
764,178
June
tons, against 352,663 tons in 1934 and 344,001 tons in 1933.
are
878,558
July
In 1935, electrolytic zinc production
76,657 tons in 1934 and 88,315 tons in
Heavy offerings of tin from the East
907,251
April
statistics of the American Zinc
and
PRODUCTS
INDICATED
tendency to restrict business here.
December witnessed another reduction in stocks of zinc, the total of all
on hand at the end of the month—83,936
tons—being the smallest
1934
STEEL
YEARS
in
grades
since
do
1,465,333 tons, when compared with the 1934 figure. Below
tabulate the figures by months since
January 1931:
Unchanged
dull, but the quotation held
A little resale material came
picked
London had
was
10,097
9,798,313
the
Producers believe that January requirements
75% covered, on the basis of 40,000 tons monthly con¬
more
10,001
12,961
1,520,263
Agricultural Adjustment Act.
not more than
15,418
17,541
day-to-day buying attitude until
the general situation clears, following the Supreme Court's decision
are
10,818
December
103,4451 Oct..
102,598 Nov
2,700 tons.
Consumers
17,605
9,799,000
Year
to
11,703
12,288
17,762
18,302
'
Lead Sales Moderate
as
1934
July
Sales of lead during the first week of the year continued in about the
same
moderate volume
j
question
about the ability of the producers to hold the price at
9.25c., Valley, until
signatory
figure for
per year to about 25,000 tons.
1935 Steel Production
30% Above Last Year
Production of 33,425,576 gross tons of
open hearth and
during 1935 exceeded 1934 production
Bessemer steel ingots
by
more
than 30% and
was
the highest annual production
on Jan. 8 by the
since 1930, according to a report released
American Iron and Steel Institute.
Operations for the year averaged 48.55% of capacity,
compared with 37.38% in 1934.
During 1930 operations
were at
63.09% of capacity.
production for the year averaged 107,478
gross tons, compared with a daily average of 82,312 gross
tons in 1934.
This was the highest daily average of any
Daily
ingot
since 1930, when production averaged
tons of ingots per day.
Production in December of 3,081,807 gross
year
126,322 gross
tons—55.68%
capacity—brought total production in the fourth quarter
to 9,381,500 gross tons, the highest fourth quarter production
total since 1929, when 10,958,449 gross tons were produced.
OF OPEN HEARTH AND BESSEMER
INGOTS—JANUARY 1934 TO DECEMBER 1935
MONTHLY PRODUCTION
[Reported by companies which in 1934
100% of the Bessemer ingot production.!
made 97.91% of the open
STEEL
rather th&n
Calculated
Product ion
Number
Daily
a
P. C. of
of
Production
Working
Days
Tons
Capacity
(Gross Tons)
2,871,531
2,777,765
2,868,141
48.04
106,353
27
52.28
115,740
24
49.83
110,313
26
8,517,437
49.97
110,616
77
2,640,504
2,635,857
45.87
101,558
26
44.10
40.31
97,624
89,236
27
2,230,893
1935—
March
First quarter
April
May
June
supported, the prices of farm products.
firm and the "Iron Age" composite price
unchanged at $13.33 a gross ton.
Fuel markets
inquiry from Great Britain.
In anticipation
of possible labor troubles in the Welsh coal fields, firm offers of prices on
American bituminous lump, mine run and slack coal are being solicited.
more
melting steel is
buoyant because of
The need for
and
by demands
of automotive stamping plants, refrigerator manufac¬
concessions on sheets equal to those recently granted
certain motor car makers.
with 20,000
against 16 450 tons
in the previous week.
Plate lettings of 12,112 tons include 6,000 tons each
for tanks for the Socony-Vacuum Oil Co. in Italy and for the Texas Co. in
Texas City, Texas.
Ten coal barges for which the Pittsburgh Coal Co. is
inquiring will call for a total of 1,500 tons of plates and shapes.
Upward
of 50,000 tons of iron and steel will probably be needed for the East River
vehicular tunnel, New York, for which a PWA loan and grant of $58,365,000
week ago.
a
25
43.48
96,247
78
16,024,691
46.70
103,385
155
2,270,224
39.44
87,316
26
July
48.84
108,123
27
August
2,919,326
2,829,835
51.13
113,193
25
September.
8,019,385
46.44
102,813
78
24,044,076
46.61
103,193
has been authorized.
steel piling
position on the Miami, Fla., sheet
approval to the City Council's original
among four steel companies.
contract, finally giving its
tion of the 3,600 tons
distribu¬
totaled 2,106,453 tons, or 67,950 tons
68,864 tons daily, in November.
output declined 1.3%.
Furnaces in Dlast Jan. 1
numbered 119 as against 122 on Dec. 1, a net loss of three.
Total output
for 1935 was 21,007,802 tons, compared with 15,911,188 tons in 1934, a
Pig ircn production in December
a
day,
as
compared with 2,065,913 tons, or
terms
27
of daily rate,
233
*116,535
121,279
123,272
awards of 13,650 tons compare
New projects total 17,850 tons as
The PWA has reversed its
7,507,254
First 6 months
products,
scattered
in
finished steel products is still
direction is impeded by the persistence of
such as wire nails and concrete bars,
price advances on various
being urged, but progress in that
weakness
In
Second quarter..
agri¬
held down,
Scrap markets are generally
for heavy
Fabricated structural steel
Gross
number of interests serving the
Government program has
the
turers and others for
hearth and
Monthly
Period,—
..
that
contend
trade
cultural
tons
Calculated
January
the farmer, though a
those selling to
are
of
February
217
Financial Chronicle
Volume 142
gain of 32 %.
Third quarter
Nine months
December.
*52.64
55.68
54.78
26
25
9,381,500
54.33
120,276
78
33,425,576
48.55
107,478
311
Fourth quarter
The December daily rate of
ingots
Total output of Bessemer and open-hearth
33,425,576 tons, a gain of 30.57% over 1934.
in 1935 was
THE
Jan.
PRICES
"IRON AGE" COMPOSITE
Steel
Finished
3,081,807
...
3,081,807 tons compared with 3,153,123,272 tons was the
in December was
highest since May 1934.
*3,146,446
3,153,247
October...
November.
Steel ingot output
247 tons in November.
wire, rails, black pipe, sheets
2.130c.
2.130c.
2.124c.
One month ago
One year ago
tank plates
Based on steel bars, beams,
7 1936, 2.130c. a Lb.
One week ago.
and hot
products make
85% of the United States output.
rolled
These
strips.
Low
High
8
1,997,129
33.59
February
2,211,944
41.86
March
2,798,440
47.07
1
2.124c.
Jan.
Apr.
24
2.008c.
Jan.
2
1933
b
1934—
January
Oct.
1934.
Total
Oct.
3
1.867c.
Apr.
18
1.926c.
1935
27
Oct.
27
7,007,513
40.80
89,840
78
2.936,064
53.34
117,443
3,399,494
57.18
125,907
3,059,483
53.44
117,672
20
9,395,041
64.70
120,449
78
16,402,554
47.75
105,145
156
1,489,453
1,381,350
1,268,977
27.06
59.578
25
23.24
51,161
50,759
27
53,763
77
2
2.273c.
Oct.
29
11
2.217c.
July
17
Jan.
27
May
29
Dec.
4
2.212c.
Nov.
9
25
April
Dec.
2.018c.
Dec.
1929
2
1.945c.
7
Apr.
1930
Feb.
13
Jan.
1931
4
Jan.
1932
2*
73,968
92,164
103,646
...
First quarter
1928
1927
June
Second quarter..
First 6 months
Pig Iron
Jan. 7 1936,
furnace and foundry irons
$18.84
18.84
17.90
One week ago
One month ago
One year ago
Iron at Valley
at Chicago,
Based on average of basic
$18.84 a Gross Ton
August
September-
23.05
25
Birmingham.
Low
5
$17.83
May
14
May
1
16.90
Jan.
27
Dec.
5
13.56
Jan.
Jan.
5
13.56
Dec.
6
Dec.
15
Dec.
16
Nov.
$18.84
1935
1934
1933
1932..
20,542,334
Nine months
40.04
88,165
233
27
November
1,610,625
28.13
December
1,964,257
35.68
54,885
61,947
78,570
5,056,784
29.44
64,831
October—
Fourth quarter
26
•
6
Jan.
7
15.90
1929
18.71
May
19.71
Jan.
1927
Steel
Jan. 7 1936,
37.38
311
82,312
[Based
$13.33 a Gross Ton
Revised.
1934
8.50
11.33
15.00
17.58
16.50
15.25
1932
1931
Production
Rises
33^
Points to 51%
1930
1929
stated that the holi¬
day interval, widely utilized in the steel industry for neces¬
sary repairs to equipment, has been followed by a sharp
recovery in production, ingot output having risen from an
average of 47^% a week ago to 51% of capacity.
The
The "Iron
Age" in its issue of Jan. 9
"Age" further stated:
oparations having
points to 50% at Chicago,
three points to 62% in the Valley's, five points to 39% in the Philadelphia
district, nine points to 61 % in the Cleveland-Lorain area,five points to 45% at
Buffalo, four points to 72% in the Wheeling district and two points to 57%
at St. Louis.
The South was the only important district to show a loss,
in by most producing centers,
The rebound was shared
risen four
points to 39%
12 points to 38%.
with output down
Part of the recovery
lated during the
at Pittsburgh, three
based on orders that, accumu¬
There also has been a carryover
of antici¬
finished steel, track bolts
of December for shipment din¬
ing January.
Pressure for steel on the part of the automobile industry
has relaxed and there is a possibility that the initial bulge in motor car
output is over, with the future trend of assemblies dependent on the course
of retail demand.
However, the appearance of sizable automotive in¬
mills accepted
quiries in
specifications until the close
district, some of them covering February and
instead of one month's needs, is an encouraging de¬
the Cleveland
March requirements
1927
24
Nov.
1
on
No.
1
melting steel,
Philadelphia
heavy
Dec.
Mar.
Aug.
Jan.
Jan.
Feb.
Jan.
Dec.
Jan.
Low
$10.33
9.50
10
13
8
6.75
6.43
8.50
11.25
14.08
13.08
13.08
12
6
18
29
31
11
Apr.
Sept.
Jan.
July
Dec.
Dec.
Dec.
July
Nov.
23
25
3
5
29
9
3
2
22
Steel Institute on Jan. 6 an¬
which it had received indi¬
cated that the operating rate of steel companies having 98.0%
of the steel capacity of the industry will be 49.2% of the
capacity for the current week, compared with 46.7% last
week, 55.7% one month ago, and 43.4% one year ago.
This
represents an increase of 2.5 points, or 5.4 % from the estimate
for the week of Dec. 30.
Weekly indicated rates of steel
The
Iron and
American
nounced that telegraphic reports
operations since Dec. 10 1934
10
Dec.
32.7%
17
34.6%
Mar. 25
Dec.
24
35.2%
Apr.
Dec.
31
39.2% Apr.
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%
42.8%
42.3%
1
8
15
43.4% Apr. 22
Apr.
Jan.
7
Jan.
14
Jan.
21
Jan.
28
52.6%
May
Feb.
4
52.8%
May 20
47.5% Apr. 29
6
49.5% May
13
Feb.
11
50.8%
Feb.
18
49.1%
May 27
June
3
Feb.
25
47.9%
June
Mar.
4
Mar. 11
1935—
1935—
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
39.5% Sept.
39.0% Sept.
38.3% Sept.
10
48.2% June 17
47.1% June 24
32.8%
8
35.3%
15
39.9%
22
42.2%
29_„.__44.0%
5
46.0%
12
48.1%
19
48.8%
26
47.9%
2
45.8%
9
49.7%
16
48.3%
23
48.9%
30
50.8%
1
46.8% July
46.1% July
Mar. 18
Dec.
1935—
follow:
1935—
1934—
products that advanced in price Jan. 1, such as semi¬
and spikes and cold-finished bars, on which most
patory orders for
1928
»
in mill operations is
holiday period.
17
July
17.54
High
$13.42
13.00
12.25
1935
1933
Steel
Dec.
17.04
and Chicago.
13.42 j
12.33 [
One year ago
18.21
4
quotations at Pittsburgh,
$13.33-1
One month ago
14
Scrap
annual capacities as of Dec. 31
on
3
Nov. 27
1928
One week ago..
25,599,118
Calculated
Jan.
18.21
25
1934 as follows: Open hearth and
Bessemer ingots, 68,849,717 gross tons,
b Calculated on annual capacities as of
Dec. 31 1933 as follows:
Open hearth and Bessemer ingots, 68,478,813 gross tons.
a
15.90
78
1,481,902
24.93
Total
1931
14.79
1930
24.42
4,139,780
Third quarter
and
Valley
Buffalo,
Philadelphia,
High
July
1
37.7% Oct.
7
Oct.
14
Oct.
21
Oct.
28
Nov.
5
50.4%
51.8%
51.9%
50.9%
Nov. 11
52.6%
Nov. 18
Nov. 25
53.7%
55.4%
2
56.4%
Dec.
9
55.7%
Dec.
16
Dec.
23
54 6%
49.5%
Dec. 30
46.7%
Dec.
1936—
Jan.
6
49.2%
49.7%
velopment.
At
trend,
Pittsburgh
and
mills expect to
products.
rails with
Chicago, where
railroad buying is on the upward
accumulate substantial tonnages
The Santa Fe has supplemented its purchase
17,804 tons of track accessories.
orders for
Lake Erie and the Union
top freight
cars,
in heavy rolled
of 58,302 tons of
The Bessemer &
inquiries for 3,000 openthan 30,000 tons of steel, and for 25
RR. have issued formal
requiring more
locomotives.
capacity as compared with 60%
a week
ago and 40% during Christmas week.
Notwithstanding a large
carryover of mill inventory, producers are still adding to stocks, so that they
will be prepared to make prompt deliveries on all sizes when can companies
Tin plate
production has risen to 70% of
begin to specify in
volume.
55% of
AAA has caused momentary confusion among
Production of wire products
capacity.
The death of the
in the Middle West now averages
"Steel" of Cleveland, in its summary
markets,
on
Production of coke pig iron
the
of the iron and steel
Jan. 6, stated:
in December at
highest for that month since
2,116,534 gross tons, was
1929, and compares with 2,836,917 tons
in that year.
Due to the extra
working day in December the
November, although the daily average was
shipments in the month were
output was 2.43% over
off 0.8%.
Merchant pig iron
about 65% heavier than in November, while
fairly steady, so that the gain in shipments
consumption by steel works was
apparently was attained by reducing pig
For the full year
than in 1934, and
iron stocks.
1936, production of 21,041,521 tons was
close of December was
119, a
31.7% higher
The number of active stocks at the
net loss of three in the month.
largest since 1930.
218
Financial
Steel works operations last week advanced
1H points to 49M %, pro¬
ducers generally continuing active through New Year's Day.
operations
72;
3
50.
to
ores
Eastern
Pennsylvania
down
was
point to 34;
H
Chicago 3 to 47; New England 2 to 75, and other districts
Fe is first this year to make
unchanged.
were
and
58,000 tons to several producers.
Santa Fe also is taking bids on 550 freight cars, and Aluminum Co.
tons.
of
Last year at this time it placed 25,883
America
freight
22
on
70-ton
this
car orders
hopper
Carbuilders
cars.
domestic
estimate
total 35,000 to 40,000, largest since 1930,
year may
when 45,146 were
bought.
The number in 1935 was approximately 20,000.
Pennsylvania is reported considering purchasing 100 locomotives.
Structural shape awards for the week, 20,075 tons, were slightly higher
than
in
the
preceding week.
with Consolidated Steel
General
Motors
Corp., Los Angeles, for
placed 4,200
Corp.
an
assembly plant in that
In public works con¬
a
great volume of steel requirements is accumulating
for award in the early months this year,
pipe lines,
depending
on
weather
although much of it, including
costs are
United Dry Docks Inc., New York, is inquiring for 3,000 tons of
plates for three New York ferryboats, and barges, which it recently booked.
spring.
Price advances
stocks, however, will defer
pig iron there has been
some small-lot
Warehouses
ton.
actual test
an
Britain,
and strength
second
consecutive
"Steel's"
week
composites
price
are
Acquired consumer
1.
for several weeks,
although in
buying for January at the increase
have raised
cold-finished
bars
steel
$3
ton,
a
Steel ingot production for the week ended Jan. 7, is placed
about 48% of capacity, according to the "Wall Street
Journal" of Jan. 8.
This compares with 49% in the previous
at
week and
trend
in
54% two weeks ago.
There has been
production since the beginning of the
upward
an
new
year.
against 42%
in the
The "Journal" further stated:
U.
S.
Steel
is
estimated
at
approximately 41%,
week before and 46% two weeks ago.
with
an
61% two weeks
The
Leading independents
credited
are
of 54%, compared with 55% in the preceding week and
average
ago.
following table gives
a
comparison of the percentage of production
with the nearest corresponding week of previous years,
together with the
approximate changes, in points, from the week immediately preceding:
U. S. Steel
Industry
1936
48
1935
413^
1934
31
1933
15H
+2
143^
1932
22
+
Independents
22
41
—1
+ 2M
36
+3
+1
28
—1
13^
54
—1
46
+2
16
+1H
+ 1H
33
+2
21H
+3
43
+7
32
+6
62
—2
58
1931...
conformity with the recent advance in the mill price.
Scrap prices
Donora, Pa.,
25 cents.
up
strong, and supplies limited.
are
paid $14.50
consumer
Foreign
show
ores
un¬
$13.12.
a
As
evidence of this,
on
a
for No. I heavy melting steel
per ton
rising tendency; tungsten and chrome
36
1930.
in
iron
Industrial
prices.
in
immediately operative because of many
prior contracts, became generally applicable Jan.
a
Great
semi-finished steel and pig iron, which were inaugurated
on
in Novenber but did not become
of $1
in
expected to mount in 1936.
the
works scrap
will not be specified until
conditions,
seller has advanced African man¬
one
changed, iron and steel holding at $33.31; finished steel $53.70, and steel¬
tons
Small shape specifications continue to gain.
city.
struction of all kinds
demand
steel
For
large rail purchase, distributing
a
and
ore.
"Steel's" London editor in his current cable comments on increasing
Tin plate and sheet mill operations snapped back to 75%.
Santa
1936
11
Jan.
have been raised slightly,
ganese
4 points to 38%, Youngstown 3 to 62; Cleveland 32 to
were up
Buffalo
Pittsburgh
Chronicle
59J4
1929
84
+ 1
86
+ 1
82
+ 1
1928.
67
—3
70
—3
64
—3
1927
75
+5
82
+5
68^
'
+6
—2^
+3H
"
'
The
Week
with
the
Federal
Reserve
New York City
Dec. 31
Jan. 9
Banks
Chicago-
Jan. 8
The
daily average volume of Federal Reserve bank credit
outstanding during the week ended Jan. 8, as reported by
the Federal Reserve banks, was $2,480,000,000, a decrease
of $8,000,000
compared with the preceding week and an
increase of $16,000,000 compared with the corresponding
week in 1935.
After noting these facts, the Board of Gov¬
ernors of the Federal Reserve
System proceeds as follows:
On
Jan.
decrease
8
of
total
Reserve
bank
credit
$10,000,000 for the week.
amounted
This
to
$2,476,000,000,
decrease
corresponds
a
with
1936
1935
1935
$
$
$
$
U. S. Government obligations.
$
3,315
_
3,243
3,127
1,083
1,069
United States Government...
Other securities
387
383
269
89
89
78
1,031
1,030
977
239
243
220
Reserve with F. R. Bank
534
514
452
2,431
2.446
1,527
Cash in vault
56
57
45
37
39
38
Due from domestic banks
77
77
71
190
♦231
179
463
471
749
77
86
99
5,669
5,822
4,731
1,409
•1,433
1,185
579
566
598
418
421
383
197
198
731
98
98
46
2,314
2,200
1,787
538
521
449
398
411
116
4
4
2
Other assets—net..
Liabilities—
Demand deposits—adjusted
Time deposits
increase of $21,000,000
bank
reserve
be
Member bank
balances
reserve
approximately $3,000,000,000 in
excess
Jan. 8
on
of legal require¬
industrial
Borrowings—
1
were
Other liabilities
310
313
298
27
40
36
Capital account
Relatively small changes
bills,
Foreign banks
were
ments.
purchased
_
Domestic banks
balances and $10,000,000 in non-member deposits and other
Federal Reserve accounts.
estimated to
734
Obligations fully guaranteed by
United States Govt, deposits
Inter-bank deposits:
an
Jan. 9
1935
$
cash and
deposits with Federal Reserve banks and
Dec. 31
1935
Assets—
decreases of $99,000,000 in money in circulation, $58,000,000 in Treasury
in monetary gold stock, offset in part by increases of $158,000,000 in member
Jan. 8
1936
1,460
1,458
1,462
224
225
221
reported in holdings of discounted and
advances
and
United
States
Government
*
Revised.
se¬
curities.
The statement in full for the week ended Jan. 8, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on
pages 256 and 257.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
Jan. 8 1936, were as follows:
Increase
(+)
Dec.
1935
or
Decrease
(-)
Since
Jan. 8 1936
$
31
Jan. 9 1935
$
$
Bills discounted
5,000,000
—2,000,000
Bills bought
U. S. Government securities
5,000,000
—1,000,000
.2,430,000,000
—1,000,000
Industrial
advances
(not including
$27,000,000 commitm'ts—Jan. 8)-.
32,000,000
Other Reserve bank credit
+ 17,000,000
3,000,000
-10,000,000
2,476,000,000
Monetary gold stock
10,144,000,000
Treasury & National bank currency..2,476,000,000
Money in circulation
reserve
balances
—10,000,000
+ 21,000,000
..5,783,000,000
5,745,000,000
—99,000,000
+158,000,000
+ 9,000.000
+1,886,000,000
—32,000,000
+ 363,000,000
+1,462,000,000
the
Federal Reserve System for the week ended with the
eral Reserve banks
..3,049,000,000
—58,000,000
with
Federal
518,000,000
+82,000,000
Member
decrease for the week of $44,000,000 in total
a
and increases of $131,000,000 in reserve balances
Reserve banks,
$103,000,000 in demand deposits—adjusted
Loans to brokers and dealers in New York City increased
$62,000,000;
loans to brokers and dealers outside New York increased
loans
on
week.
Returns of
D©c. 31 shows
on
loans and investments,
—45,000,000
+10,000,000
Non-member deposits and other Fed-
eral Reserve accounts
The condition statement of weekly reporting member banks in 101 lead¬
ing cities
and $61,000,000 in deposit balances standing to the credit of domestic banks.
Treasury cash and deposits with Fed¬
^
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System
respecting the
returns of the entire body of reporting member banks of
close of business Dec. 31:
Total Reserve bank credit
Member bank
—6,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
Banks in
New
York
securities to others
$6,000,000;
City and
(except banks) showed
Holdings of acceptances and commercial
real
loans
estate
declined
$12,000,000; and
no net
paper
$4,000,000;
change for the
bought increased
and
"other
loans"
Chicago—Brokers' Loans
increased $8,000,000 in the Chicago district; $7,000,000 in the New York
district and $9,000,000 at all reporting member banks.
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
Holdings of United States Government direct obligations increased
$32,000,000 in the Chicago district, and declined $136,000,000 in the New
banks and also for the
Chicago member banks, for the current
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
York district and $148,000,000 at all reporting member
banks; holdings of
obligations fully guaranteed by the United States Government declined
$5,000,000; and holdings of "other securities" increased $26,000,000 in the
New York district and $24,000,000 at all reporting member banks.
Demand
district,
deposits—adjusted
$20,000,000
in
the
increased
San
$84,000,000
Francisco
district,
in
the
New
$15,000,000
York
in
the
Philadelphia district, $9,000,000 in the Chicago district and $103,000,000 at
reporting member banks.
Time deposits increased
$28,000,000.
CENTRAL RESERVE CITIES
all
(In Millions of Dollars)
New York City
Dec. 31
Jan. 9
Jan. 8
1936
/4,
$
-•
Loans and investments—total..
1935
$
1935
$
7,917
7,332
909
955
Jan. 9
1936
1935
1935
59
54
$
^
564
58
—
Dec. 31
$
7,900
Deposits balances of other domestic banks increased $77,000,000 in the
Chicago
Jan. 8
1,880
1,872
1,554
24
28
In New York City
Outside New York City
on
securities
to
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Dec. 31 1935, follows:
24
Loans to brokers and dealers:
Loans
New York district and $61,000,000 at all reporting member banks.
Increase
27
(except banks)
Dec. 31 1935
735
743
175
174
768
150
149
170
15
15
Loans on real estate....
Loans to banks
Other loans
127
127
231
130
or
Dec. 24 1935
Decrease
(—)
Jan. 2 1935
56
Assefa—
Loans and investments—total
Accepts, and com'l paper bought
(+)
Since
others
16
16
19
42
42
65
6
6
11
1,121
1,161
1,147
258
257
215
$
$
$
20,895,000,000
—44,000,000
+1.413,000,000
In New York City
980,000,000
Outside New York City
183,000,000
+62,000,000
+ 12,000.000
+223,000,000
+7,000,000
Loans to brokers and dealers:
Increase
adopted a resolution prohibiting
The action was
believed in competent quarters to be a definite step toward straightening
out the kinks that have caused a virtual tie-up in silver transactions since
(+) or Decrease (—)
$
others
to
2,111.000,000
Accepts, and com'l paper bought,.
362,000,000
+6,000,000
1,136,000,000
—148,000,000
—88,000.000
—4,000,000
Loans on real estate
fully
Obligations
+9",bbo"666
+485,000,000
+97,000,000
silver
1,126,000,000
—5,000,000
3,052,000,000
+24,000,000
Reserve with Fed. Reserve banks.
4,597,000,000
369,000,000
2,309,000,000
+ 131,000,000 +1,379,000,000
—17,000,000
+48,000,000
13,888,000,000
4,911,000,000
701,000,000
+ 103,000,000 +2,474,000,000
+28,000,000
+101,000,000
—4,000,000
—736,000,000
Due from domestic banks
3, it
was
+63,000,000
forward transactions in
London, England,
Board, in prohibiting members
here to indicate a
and the first
silver from foreign countries, was seen
return to more normal conditions
+336,000,000
from
taken by the Bombay Bullion
from importing
in the Far Eastern market
step in re-establishment of forward contracts.
I/labilities—
deposits—adjusted
Demand
(Associated Press)
stated:
advices
Jan.
The steps
Cash in vault
permits the squaring of standard
commencing to-morrow.
In
by
guaranteed
silver buying policy in
+697,000,000
Other securities
United States Government
Treasury recently changed its
States
The resolution
+ 187,000,000
—148,000,000
3,401,000,000
8,468,000,000
Other loans
U. 8. Govt, direct obligations
to-day
Board
world centers.
—47,bob",600
76,000,000
Loans to banks,.
United
the
Bullion
importing silver from foreign countries.
members from
Jan. 2 1935
$
$
securities
on
(except banks)
Bom Day
The
Since
Dec. 24 1935
Dec. 31 1935
Loans
219
Financial Chronicle
Volume 142
Time deposits
United States Govt, deposits
Domestic banks
+61,000,000
+5,000,000
5,350,000,000
-
443,000,000
1,000,000
Foreign banks
Borrowings
for
48,079 of 5% Gold Bonds of 1925 of China Drawn
Redemption at Face Value of $50 Each
Inter-bank deposits:
+883,000,000
+304,000,000
Republic 5% gold bonds of 1925, it
Holders of Chinese
—4,000,000
notified that, under the
announced Jan. 6, are being
was
plan, 48,079 of these bonds have
been drawn for redemption and are payable on and after
Jan. 15 at their face value of $50 each at the offices of the
Banca Commerciale Italiana, agency in New York.
terms of the amortization
Ethiopian Troops Regain Part of Lost
Territory from
Italians—Rainy Weather Impedes Military
tions—Emperor Haile Selassie Protests to
Opera¬
League
Against Italian "Atrocities"
threatened
Secretary Morgenthau and Mexican Minister of Finance
Suarez Reach Agreement on Silver as Conference
Ends—Details Withheld.
the fighting between
end
to
Ethiopia this week
Italian and Ethi¬
in northern
heavy rains
Continuous
opian troops for several months, and enabled the Ethiopian
forces to reoecupy the Province of Tembien.
A communique
issued on Jan. 8 at the headquarters of Emperor Haile
Selassie said that the troops of Has
the
the
of
reconquest
The conference in
on
between
Secretary of the Treasury, and Eduardo Suarez, Mexican
of Finance, which began on Dec. 31, was con¬
cluded on Jan. 6 at which time Secretary Morgenthau made
River
the Takkaze
Province from
the United States and
Henry Morgenthau, Jr.,
Washington
situation
silver
Mexico
Seyoum had completed
the Italian soldiers had
retreated. On Jan. 9 it was reported that a large-scale Ital¬
ian advance was frustrated in the Dolo region after an
Minister
engagement involving more than 100,000 troops.
Our latest reference to the war between Italy and Ethi¬
reached.
northwestward
Makale.
to
while
known
conference
of Nations Assembly late this month. On Jan. 7
John II. Spencer, American specialist in international
international rules of warfare,
League Commission investigate the fight¬
callous" violations of
Ethiopia
occasions
several
"On
against Ethiopia in disregard of her
wide
stated to have been committed by Ethiopians.
disparagement and abuse
against Ethiopia by means of fabricated publications and faked
allegations form part of a campaign of
launched
photograplis.
and
hospitals
of
planes
the responsibility
to
as
"The
the more intensive
prohibited
opening of a
served ;
even
press has recently commented adversely on
Roosevelt's message of Jan. 3 to Congress, when
Italian
The
President
the
discussed
foreign
situation.
dispatch of Jan. 6 from Rome
as
An
Associated
Press
described one such editorial
follows:
Fascists
behind
speech,
a
resentment of Premier Benito Mussolini
blistering editorial criticism of President Roosevelt's neutrality
to-day
saw
hot
the
by the noted
written
editor, Virginio Gayda, in the
d'ltalia."
II
have
name
nowhere
was
mentioned,
but
many
said Gayda never
published such statements without governmental
dared to have
approval.
the American
President's expressed preference for democracy
compared with autocracy, Gayda declared:
1. United States wealth was "attained with wars of
expansion and con¬
exterminated all colored and native races."
"nevertheless has not known how to stamp out
crimes of gangsters and finally Lindbergh, America's national hero, has
been obliged to seek safety for his child in voluntary exile across the ocean."
3. "President Roosevelt's attempt at American intervention in European
and League affairs establishes a precedent for intervention by Europe or
Roosevelt
only
democracy
continents
President
excessive
of Finance.
,
.
.
Morgenthau declined to comment, it is the understanding
that
Mexico would continue
general as in the past—that is, the United States would
Mexican newly mined
buy all of the
silver that is offered.
Stabilization Effort Seen
It appears
obvious, however, that the United States Government was
President Roosevelt to stabilize
buying power of monetary silver, with some attention
the
being given to its
coordination with gold.
As
to
conferences
future
silver producing
other
with
countries,
Mr.
Other conferences are planned,
of President Roosevelt, as communi¬
Morgenthau had nothing definite to say.
however, if the announced program
cated to Congress, is carried out.
Already Mr. Morgenthau has made known that it
any
implied
a
would be to the ad¬
silver-producing countries to work in close co-operation.
vantage of the
This
possible arrangement to protect the silver countries against
possible unfavorable results of the British-managed currency
Morgenthau would not answer questions relative to the
Mr.
of Mexican central bank's silver reserves,
at which silver
plan.
protection
the transfer of the metal, prices
is to be bought from Mexico, or whether any other
tion restrictions
produc¬
would be imposed by Mexico.
The continuation of silver buying abroad was
adding that the metal was purchased on the
confirmed, Mr. Morgenthau
London market to-day.
The Mexican Minister of Finance, who
left Washington
following the conference, arrived in Mexico by plane on
Jan. 9, it was reported in special cablegram advices from
Mexico, D. F., that day, to the New York "Times" of Jan.
10.
The advices said:
Interviewed
on
landing,
Mr.
Suarez said the
"result of my visit to-
I cannot say anything until I
President Cardenas; probably I will not have anything
Washington was eminently satisfactory.
have conferred with
to say
for publication until
to-morrow."
Whether Mr. Suarez will say that the
..
Roosevelt administration will buy
this
year's Mexican production of silver—about 72,000,000 troy ounces—
is
question confronting official sources.
a
statement
It is thought, however, that his
might materially affect world
will be affirmative and if so it
in
limitation
also
on
provoke new world
Members of
affairs."
warned by the editor that a "ban or
would not halt Italian operations, but could
American
Roosevelt
oil
was
complications."
Bombay (India) Bullion Board
From Importing Silver
Associated Press advices from
had the following to say:
authorities
Washington
may be considering with Mexico the adoption of a bimetallic monetary basis
always with the understanding that the silver industry in this country will
Although official information from United States and Mexican
is lacking,
quest during which they
other
Eventually the operations were dis¬
currency.
Answering
2.
operation, the United States assisted
the silver relations between the United States and
"Giornale
j
Duce's
would
as
While Mr.
people."
Ethiopian
he
use
now
international conventions.
press, which is under government control, announces the
new phase during which no rules are any longer to be ob¬
more callous methods are to be brought into play against
by
Mr. Morgenthau referred to an incident
protection of the franc.
closed in Paris by the French Minister
Italian
"The
the
endeavoring to prepare world opinion
which it is about to make of means of warfare
government is
Italian
French,
speaking of the
France in the
examples.
many
for
misleading public
for odious crimes—the bombing by air¬
ambulances—of which there recently have been
is now being resumed with a view to
"This campaign
opinion
In
when, through a stabilization fund
making every effort to carry out the plan of
leged acts of cruelty,
"These
it did from the French."
which Italy
international undertakings,"
no
if it
"Anything must come from them, as
Mr. Morgenthau added.
of the laws of war com¬
longer able to deny certain crimes which attracted world¬
attention, now is attempting to justify them as reprisals against al¬
"Italy, being
He pointed out
otherwise, with
the Mexican Government may talk about
"This is something that
fit,"
final
been made public.
other countries and their terms had not
sees
in
the message.
said
making public what was decided upon."
agreements had been negotiated by cable, or
that similar
military authorities in the war of aggression
mitted by Italian
is waging
of Jan. 4 from
to the League telegrams
had addressed
announcing numerous violations
statements
and
stated:
Secretary Morgenthau declared that "we cannot see any par¬
ticular benefit in
adviser to the
Ethiopian government.
He will act as technical counsellor
on foreign affairs, succeeding the Swedish General Eric de
Yergin, who resigned on account of ill health.
The Ethiopian government on Jan. 4 sent a note to the
League of Nations charging that Italy was planning "even
law, arrived in Addis Ababa to serve as an
ing in East Africa. Associated Press advices
Geneva quoted from this note as follows:
withheld details of the
not made public, but after the
The details of the agreement were
the League
and asked that a
"mutually satisfactory agreement" had been
ing advices from Washington, Jan. 6), it was
important developments this week. Peace negotiations have
been temporarily suspended, pending the next meeting of
more
a
The Secretary, however,
agreement.
The conversations, last week between Mr.
Morgenthau and Mr. Suarez were referred to in our issue of
Jan. 4, page 37. In the New York "Times" of Jan. 7 (report¬
opia was contained in the "Chronicle" of Jan. 4, pages 28
and 29. Aside from military engagements, there were few
Dr.
that
Prohibited
Bombay, India, Jan. 3,
be
it is believed Mr. Suarez may spring a surprise in that
safeguarded.
♦
Market
Value
Exchange
of
Listed
Jan.
$44,950,950,351
Stocks
on
New
York Stock
1 $46,945,581,555 Compared with
Dec. 1—Classification of Listed
Stocks
As of Jan. 1
1936, there
were
1,185 stock issues aggregat¬
ing 1,317,847,662 shares listed on the New York Stock
Exchange with a total market value of $46,945,581,555,
the Exchange announced Jan. 6.
This compares with 1,175
stock issues
aggregating 1,308,858,205 shares listed on the
Exchange Dec. 1 with a total market value of $44,950,590,351, and with 1,187 stock issues aggregating 1,305,-
220
Financial Chronicle
420,004 shares with
Jan. 1 1935.
Exchange
a
Jan. 11
In its announcement of Jan. 6 1936 the Stock
Jan. 1 1936
said:
ings on collateral amounted to $938,441,652.
was
therefore 2.00%.
Member borrowings
on
date,
this
broken down to separate
are not
listed share collateral from those
on
these ratios usually will
other collateral: thus
on
exceed the true relationship between borrowings
all listed shares and their market values.
on
As of
Dec.
1
1935 New York
Stock
Exchange member
total net borrowings on collateral amounted to $846,113,137.
The ratio of these member total borrowings to the market
value of ad listed stocks, on that date, was therefore 1.88%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
December 1 1935
January 1 1936
Market
Aver,
Market
Value
Price
Value
Aver.
Price
$
Autos and accessories
39.35
3,945,310,264
37.73
Financial
4,197,924,300
1,200,748,106
21.29
5,078,983,705
68.10
1,140,135,761
5,003,584,613
20.24
Chemicals
Building
591,612,477
1,522,704,472
3,027,161,889
319,444,013
645,623,693
306,765,581
50,598,825
1,892,387,176
1,529,170,113
5,182,530,149
344,446,015
2,331,761,856
4,118,222,652
2,116,334,569
245.439,405
2,053,702,976
1,611,505,247
3,567,815,483
222,824,233
248,323,647
426,038,198
20,510,323
42,103,470
123,662,831
243,327,272
1,819,961,053
30,081,467
766,573,219
1,067,293,140
34.04
510,629.101
1,489,947,062
2,889,262,754
279,516,099
635,688,169
291,749,636
44,974,196
1,807,481,434
1,468.323,728
4,540,016,258
30.12
Electrical equipment manufacturing..
Foods
Rubber and tires.Farm machinery
Amusements
Land and realty
Machinery and metals..,
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
T6Xt il 68
Gas and
electric
(operating)
Gas and electric (holding)
Communications (cable, tel. & radio).
Miscellaneous utilities
Aviation
Business and office
equipment
Shipping services
Ship operating and building
Miscellaneous businesses
Leather and boots
Tobacco
Garments
U.S. companies operating abroad
Foreign companies (incl. Cuba & Can.)
All listed stocks
Aver.
Market
Aver.
Value
Price
Value
Price
$
$
$
$
The ratio of these member
borrowings to the market value of all listed stocks,
those only
Dec. 1 1935
Market
As of Jan. 1 1936, New York Stock Exchange member total net borrow¬
total
1936
total market value of $33,933,882,614
41.61
34.90
34.28
57.43
20.23
10.22
37.22
28.04
27.18
21.72
313,761,927
2,361,467,273
4.043,372,897
2,064,663,893
238,635,118
1,992,006,528
37.39
35.70
51.24
22.83
29.56
16.69
96.17
12.71
38.91
40.72
34.69
29.96
56.54
19.50
9.09
36.02
26.93
23.66
20.28
13.90
21.48
38.64
69.39
Railway and equipment
Steel, iroh and coke
Textile—
9,424,798
Gas and electric
(operating)
Communications (cable, tel. & radio).
Miscellaneous utilities
Business and office equipment
85.13
6,725.050
105.53
20,585,215
88.90
110.22
27,240.414 100.40
102.03
270,061.501
104.24
147,900,915 102.91
90.11
101.86
41.37
62,156,298
16,084,613
41.56
61.18
35,116.627
56.30
58.97
89.51
66.20
106.928,216
97.15
317,977,152
88.77
67,036,023
86.42
88.87
18,131,744
8,063,795,105
456.078.964
86.57
8,822,024
59.96
76.34
99.10
64.06
95.09
74.97
97.11
1,851,171,668 104.16
93.10
206.429,677
1,158,814,540 107.90
426.493.961
76.09
21,241,205 104.75
61.10
20.325,545
60.33
15,066,380
64.15
63.44
14,898,496
4,851,909 105.27
46,426,693 125.51
234,076,154 64.45
boots
Tobacco
U. S. companies operating abroad
Foreign companies (Jncl. Can. & Cuba)
229,552,831
63.16
67.49
1,276,562,995
66.90
1,270,545,728
Miscellaneous Businesses
4,918,128 103.81
46,181,857 124.85
5,995,000 109.00
All listed bonds
86.54
87,123.011 106.00
93,261,533 102.21
92.30
50.692,159
103.54
21,165,163 104.38
Shipping services
Shipbuilding and operating
Leather and
18,959.284.769 104.36
4,407.397.458 82.58
83.06
1,848,071,774 104.30
199,626,593 93.77
1,110.329,308 108.25
76.37
428,071,052
Gas and electric (holding)
39,398,759,628
6,132,500 111.50
91.85 38,464,704.863
91.08
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
Average
Market
Value
Average
Price
Value
Price
22.21
28.67
15.73
96.95
26.21
11.22
37.84
7.92
12.87
20.89
38.76
1,833,166,041
70.30
24,994,514
26.20
23.00
758,892,515
881,665,082
22.77
35.62 44,950,590,351
34.34
28.48
303,984,163
68,744,984
18,624,530
8,212,555,830
480,458,451
Retail merchandising
50.07
31.53
46,945,581,555
Petroleum
Paper and publishing
104.50
35.06
414,320,177
16,585,967
38,967,498
101,720,342
244,274,499
9.79
19,686,517,577
4,478,578,245
Autos and accessories
5,922,317
Financial
79,164,203
Chemical
94,210,871
Building
32,827,970
Electrical equipment manufacturing..
29,348,640
Food
270,397,589
Rubber and tires
149,505,120
Amusement
62,671,914
Land and realty
16,050,956
Machinery and metals
38,949,595
Mining (excluding iron)
156,178,790
Foreign Government
37.94
1,519,355,017
3,596,633,786
217,097,866
242,390,336
26.88
67.45
United States Government...
25.75
We give below a two-year compilation of the total market
and the total average price of stocks listed on the
1933—
$
Nov. 1
33,651,082,433
34,179.882,418
1
Dec.
$
1935—
82.33
Jan.
1
81.36
Feb.
$
1
Mar. 1
1934—
Apr.
%
40,659, 643,442
41,064, 263,510
41,111, 937,232
1
90.73
91.30
91.29
83.34
May 1
86.84
June 1
88.27
July
1
1
34,861,038,409
36,263,747,352
36.843,301,965
37,198.258,126
40,360 681,526
40,147, 199,897
39,617, 835,876
39,864, 332,759
89.15
37,780,651,738
90.46
Aug. 1
Sept. 1
June
1
39,457, 462,834
39,061, 593,570
91.71
May 1
90.17
Oct.
1
38,374 ,693,665
July
1
89.93
90.80
Nov. 1
38,170 ,537,291
90.24
Nov. 1
38,239,206,987
39,547,117,863
39,473,326,184
39,453,963,492
38,751,279,426
39,405,708.220
89.39
Dec.
39,665.455.602
89.85
Jan.
1
Feb.
1
Mar. 1
Apr.
Aug. 1
Sept. 1
Oct.
1
1
89.79
Dec.
88.99
1
89.49
90.69
90.62
91.62
90.54
38,464 704,863
91.08
39,398,759,628
91.85
1936—
88.27
Jan.
1
value
Exchange.
Filing of Registration Statements Under Securities
Market
Average
Value
Price
Market
Value
1933—
July
1...
Aug. 1
Sept. 1
Oct.
1
Nov. 1...
Dec.
1__.
$28.29
$36,348, 747,926
32,762, 207,992
36,669, 889,331
32,729, 938,196
30,117, 833,982
32,542, 456.452
25.57
Nov. 1
Dec.
Mar. 1
25.32
Jan.
1
23.30
Feb.
1.
25.13
Mar. 1
25.59
May
1
28.90
June
1
1
28.34
July
23.37
28.13
Aug. 1
Sept. 1
Aug. 1...
Sept.1—
32,618, 130,662
24.90
$32,319, 514,504
$24.61
1
May 1
June
1.1.
July
1...
Oct.
1
35,933,882,614
32,991,035,003
32.180,041,075
30,936,100,491
33,548,348,437
34,548,762,904
36,227,609,618
38,913,092,273
39,800.738,378
40,479,304,580
43,002,018,069
44,950,590,351
1
36,699, 914,685
36,432, 143,818
33,816, 513,632
34,439, 993,735
30.752, 107,676
Apr.
24.22
25.97
1935—
28.42
33,094, ,751,244
37,364, 990,391
36,657, 646,692
1...
31,615,348,531
33,888,023,435
1
Apr.
1...
Feb.
Price
1934—
1934—
Jan.
Average
26.13
Oct.
26.60
Nov. 1
23.76
Dec.
1_
1
25.99
1
46,945,581,555
*
Pace value of $2,999,350 of certificates of
deposit used for total.
Included
in
the
total
25.77
series I, due Jan. 1
cluded in Release No. 612).
27.78
I*Also included is $35,000,000
29.76
30.44
30.97
32.90
34.34
35.62
of first mortgage
sinking fund 4H % bonds,
1966, of the Wheeling Steel Corp. (Docket
2-1839, in¬
cluded in Release No. 611).
series
A, due Feb. 1
Also
included is
$17,500,000 of first mortgage bonds,
1965, of the New York State Electric & Gas
Corp. (Docket
in Release No.
Exchange of International Postal Money Orders
Between United States and Colombia
Inaugurated
Jan. 3 that
orders
a
between
the
United
Colombia went into effect
on
States
Jan.
and
the
Republic
of
1.
are
grouped
as
2
.
Investment trusts
due
Voting trust certificates
Certificates of deposit
Represents face value. No market value given.
Total
Jioo 056 661
11
_
1
1 11
'000
775 000
1
x
series,
follows:
No. of Issues
Type
18
Commercial and industrial
Albert
Goldman, of New York, announced
direct exchange of international postal
money
4%
2-1851, inculded
616).
The securities involved
Direct
Postmaster
is
$27,000,000 of 3J^% first mortgage
bonds,
1966, of the West Penn Power Co. (Docket
2-1835, in¬
23.73
26.50
1936—
Jan.
(Nos. 1833-1854, inclusive) under the Securities Act of 1933.
$114,942,011*, of which $111,167,661
represents new issues, the Commission
said, adding:
The total involved is
25.29
24.70
Act
The Securities and
Exchange Commission announced on
Jan. 7 the filing of 22 additional
registration statements
12
*2,999)550
The filing of
the above registration statements was re¬
issue of Jan. 4, pages 30 and 31.
The securi¬
registration is pending follow as contained in
the announcement of the SEC of Jan. 7:
ferred to in
our
ties for which
Decrease in Short Interest
During December Reported
by New York Stock Exchange
The
total
short
interest
existing as of the opening of
business on Dec. 31, as compiled from information secured
by the New York Stock Exchange from its members, was
927,028 shares, the Exchange announced Jan. 7.
This
compares with 1,032,788 shares as of Nov. 29.
The following tabulation shows the short interest
existing
at the close of each month during 1935:
Jan.
31
Feb.
28
Mar. 29
Apr. 30
764,854
741,513
760,678
772,230
May 31
Oct.
31
930,219
31
768,199
840,537
870,813
Nov. 29
1,032,788
Aug. 30
998,872
Dec. 31
927,028
June 28
July
Sept. 30
913,620
Committee for the Holders
of the
Trenton Mortgage and
First
Title Guaranteed
Mortgage Participation Certificates (2-1838, Form
D-l) of Trenton,
N. J., has filed a registration statement
covering the issuance of certificates
of deposit for 13 separate issues of
guaranteed first
certificates of the
Trenton
mortgage participation
Mortgage and Title Guaranty Co.
having
aggregate par value of $2,999,350.
Filed Dec. 24
an
1935.
Vimy Gold & Metals, Ltd. (2-1834, Form A-l) of
Montreal, Canada, has
filed a registration statement
covering 819,993 shares of no
par value com¬
stock, to be offered as follows: 100,000 shares
at 40 cents a share100,000 shares at 50 cents; 100,000 shares at 60
cents; 100,000 shares at
70 cents; 100,000 shares at 80 cents;
319,993 shares at $1.
Arthur D.
Noble, of Montreal, is President of the corporation.
Filed Dec. 24 1935
El Callao Mining Co., Ltd.
(2-1836, Form A-l) of Toronto,
has filed
a registration statement
covering 2,000,000 $1 par value preference
shares,
to be offered at par.
Russell Palmer, of London,
Eng., is President of the
corporation.
Filed Dec. 26 1935.
mon
Can.",
Market
Value
of
Bonds
Listed
on
New
York
Stock
Exchange—Figures for Jan. 1 1936
The following announcement, showing the total market
value of listed bonds on the New York Stock
Exchange,
was issued by the Exchange on Jan. 8:
As of Jan. 1 1936, there were 1,463 bond issues
741 par value listed on the New York Stock
value of $39,398,759,628.
aggregating $42,893,198,-
Exchange, with
total market
a
'
This compares with 1,467 bond issues
aggregating $42,232,-
governmental
and
industrial
groups with
price for each:
the
-
aggregate
Mining and Developing Co. (2-1837, Form
A-l) of Kirkland
a registration
statement covering 2,000,000
$1 par value certificates of interest, to be offered at
par.
Eugene X. Belnois,
N. Y., is the principal underwriter and
Andrew Gauthier, of
Kirkland Lake, is President of the
company.
Filed Dec. 26 1935.
of Syracuse,
Navajo
Gold Mines, Inc. (2-1838, Form
A-l) of Mancos, Colo., has
registration statement covering 100,000 shares of
$1 par value com¬
mon stock, to be offered at
F. R. Holmes, of
par.
Danville, 111., is President
of the corporation.
Filed Dec. 26 1935.
filed
388,273 par value listed on the Exchange Dec. 1 1935 with
a total market value of $38,464,704,863.
In the following table, listed bonds are classified
by
market value and average
Newman Dick
Lake, Ontario, Can., has filed
a
Columbia
Pictures
Corp. (2-1840, Form A-2) of New York
City, has
registration statement covering 67,808 shares of no
par value common
stock, of which 45,205 shares are reserved for issuance in
filed
a
the event of the
exercise of outstanding purchase warrants for
voting trust certificates for
common stock.
The additional 22,603 shares
being registered are for issu-
Financial
Volume 142
certificates for
Harry Cohn, of Los
Angeles, Calif., is President of the corporation.
Filed Dec. 27 1935.
Harry Cohn, et al (2-1841, Form F-l) of New York City, has filed a
registration statement covering voting trust certificates for 67,808 shares
of no par value common stock of Columbia Pictures Corp.
Filed Dec.
in the event of an increase in
ance
common
the number of voting trust
stock, issuablo upon the exercise of warrants.
1935.
27
A-l) of Jersey City, N. J.,
of $10 par value
purchase of 448,000
shares of 25 cent par value common tock.
The offering is to be made in
units consisting of one share of preferred stock and a warrant for the
purchase of two shares of common.
The initial offering price per unit
is to be $10.50 plus accrued dividends on the preferred stock.
W. R. Bull
& Co., Inc., of New York City, and Bridgeport, Conn., is the principal
underwriter and William R. Bull, of New York City, is President of the
Republic Investors Fund, Inc. (2-1842, Form
has filed
Filed Dec. 27 1935.
corporation.
(2-1813, Form A-l) of Jersey City, N. J.,
1,500,000 shares of 25-cent
par value common stock.
The stock is to be offered at a price to be deter¬
mined from time to time at approximately the current market value of
the corporation's outstanding shares.
As of Dec. 21 1935, the offering
price was $3.45 a share or $5,175,000 for the 1,500,000 shares.
W. R. Bull
& Co., Inc., of New'York City and Bridgeport, Conn., is the principal
underwriter and William R. Bull, of New York City, is President of the
Republic Investors Fund, Inc.
filed
has
a
statement covering
registration
Filed Dec. 27 1935.
corporation.
of Worcester, Mass., has
registration statement covering 50,000 shares of $5 par value non¬
assessable common stock, of which 8,932 shares are issued and outstanding
Brockert
filed
Brewing Co., Inc. (2-1844, Form A-l)
a
7,791 are subscribed for
and
to be offered to
are
Illinois
Consolidated
The remaining 33,277 shares
but unissued.
Anthony Pinkevich, of Meridan
the public at $6 a share.
Conn., is President of the
corporation.
Co.
Telephone
Filed Dec. 27 1935.
(2-1845, Form A-2)
of Mattoon,
of first mort¬
R. A. Lumpkin, of Mattoon,
registration statement covering $800,000
111.,
has filed a
gage
434% bonds, series A, due Jan. 1 1966.
Filed Dec. 28 1935.
is President of the company.
Arrowhead Petroleum
(2-1848,
Corp.
Form A-l)
of St. George, Utah,
of $1 par value com¬
Goodwin, Griswold & Co., of
Albany, N. Y., is the principal underwriter and Ellis J. Pickett, of St.
George, is President of the corporation.
Filed Dec. 28 1935.
Twin Coach Co. (2-1847, Form A-2) of Kent, Ohio, has filed a regis¬
tration statement covering 88,000 shares of $1 par value common stock.
has filed a
mon
The
&
registration statement covering 90,000 shares
stock, to be offered at $2.50 a share.
principal underwriters are Reynolds
President
El Crest Mining Co.
Marks
& Co. and Laurence M.
York City, and F. R. Fageol, of
of the company.
Filed Dec. 28 1935.
Co., both of New
(2 1848, Form A-l) of Denver,
Orinda, Calif., is
Colo., has filed a
registration statement covering 10,000,000 shares of $.001 par value com¬
mon stock, to be offered at 5 cents a share.
Harry A. Moore, of Colorado
President of the company. Filed Dec. 28 1935.
(2-1849, Form A-2) of Sparta, Mich., has filed a
registration statement covering 75,000 shares of $2.50 par value common
stock.
T. E. McFall, of Sparta, is President of the company.
Filed Dec.
Springs, Colo., is
Sparta Foundry Co.
28 1935.
Utah-Idaho Sugar Co.
(2-1850, Form A-2) of Salt Lake City,
Utah, has
$3,500,000 of first mortgage 10-year
5% sinking fund bonds, to be offered at $100 a unit.
Heber J. Grant, of
Salt Lake City, is President of the company.
Filed Dec. 28 1935.
Campana Gold Mines, Inc. (2-1852, Form A-l) of Chicago, 111., has
filed a registration statement covering 1,000,000 shares of $1 par value com¬
mon stock.
Elmer E. Pope, of Parkersburg, W. Va., is President of the
filed
registration statement covering
a
Only the series D bonds will be
company.
Republic Steel Corp. of Cleveland Files Registration
Statement with SEC for $45,000,000
of General
Mortgage Bonds
Filing by the Republic Steel Corp. of Cleveland, Ohio, of
a
registration statement (No. 2-1858, Form A-2), on Jan. 6
under the Securities Act of 1933 covering $45,000,000 of
general mortgage bonds, series B, due Feb. 1 1961* was
announced by the Securities and Exchange Commission on
Jan. 7 (in Release No. 621).
The interest rate, it is stated,
is to be furnished by amendment to the registration state¬
ment.
In its announcement of Jan. 7 the Commission stated:
According
applied
The bonds are redeemable at the
Jan.
1941,
31
as
a
six weeks' notice at
on
thereafter
or on
no case
public the above list the Commission
approval or indicate that the Commission has passed on
the issue or that the registration statement itself is correct.
Registration Statement
Co. of Chicago
security
Bonds in Amount of $45,000,000
made by the Securities and Exchange
Commission on Jan. 2 (in Release No. 617) of the filing by
the Inland Steel Co., of Chicago, 111., of a registration state¬
gage
(No. 2-1855, Form A-2) under the Securities Act of
1933, covering $10,000,000 of first mortgage 3% serial bonds,
series C, maturing serially from 1937 to 1946, inclusive, and
$35,000,000 of first mortgage bonds, series D, due Feb. 1
1961.
The interest rate on the series D bonds is to be fur¬
ment
the registration statement,
statement, the net proceeds form
C and series D bonds are to be applied as follows:
According to the registration
the
the sale
$13,800,000 principal amount o
bonds, series B, due
all of the net proceeds
of the series C bonds, plus additional sums from the treasury of the company,
for which the company will be reimbursed from a portion of the net proceeds
$14,145,000 to redeem on Feb. 1 1936,
outstanding first mortgage sinking fund 434 % gold
Feb. 1 1981, at 10234 %.
The $14,145,000 represents
D bonds.
The interest is to be paid from
$26,445,000 to redeem on April 1 1936, $25,800,000
principal amount of
A, due
be paid
other corporate purposes.
bonds or any entire serial
premium for the
bonds of each serial maturity
months or part thereof between
maturity, plus accrued interest.
for each 12
the date of
The redemption
amendment to
redeemed equal to 34 of
the redemption date and
provisions of the series D bonds are to
the registration
M. Girdler, of Cleveland, is
statement.
President of the corporation.
Filed with SEC Effective
November—Represented Issues in Excess
Registration Statements
During
$272,000,000
During Nov. 60 registration statements filed under the
Securities Act of 1933, representing issues of slightly more
$272,000,000 became effective, the
than
Securities and Ex¬
announced Jan. 5. This compares with
58 statements, representing approximately $412,000,000,
which became effective during October, as noted in our issue
of Dec. 21, page 3940.
In its announcement of Jan. 5
regarding the statements effective during November, the
change Commission
SEC stated:
These
registration statements may be
grouped as follows:
Amount of
Offering
$246 000,000
14,000,000
12,000,000
No. of
Type of Issue
Statements—
Industrials or Commercials
68
Financials
8
Reorganizations
14
$272,000,000
Total
under notice of deficiencies
or under notice of hearing.
Two of these were withdrawn and one became
fully effective during the month.
The remaining four will be included in
the first release on effectiveness after the deficiencies have been remedied.
Fourteen
registration statements were suspended during November;
3 by stop order; 2 by refusal order (consent); and 9 by withdrawal.
Seven
registration statements became effective
Filing by Skelly Oil Co. of Tulsa, Okla., of Registration
Statement with SEC for $3,000,000 Series Notes
and
maturity or maturities thereof
are redeemable at the option of the company on Jan. 1 1941, or at any time
thereafter, after 60 days' notice at the principal amount thereof plus a
The series G
and
furnished by amendment
It is stated, however, that the principal
Kuhn, Loeb & Co. and Field, Glore & Co.,
treasury funds.
sinking fund 434% gold bonds, series
April 1 1978, at 10234% plus accrued interest.
The interest is to
by the company from treasury funds.
outstanding first mortgage
The balance for
T.
60
of the series
the principal underwriters,
discounts or commissions are to be
registration statement.
the
to
of
Announcement was
of the series
1946, 104%;
103%;
102%;
10134%;
101%
10034%;
price to the public, the names of
The
the underwriting
60
Filed with SEC by Inland Steel
Mort¬
by amendment to
SEC said, adding:
1951,
1956,
1958,
1959,
1960,
thereafter without premium.
appeared
Covering Two Series of First
nished
on
or on
1
1
1
1
1
the merits of
previous list of registration statements
in these columns of Jan. 4, page 30.
The last
after
both of New York City.
said:
with the Commission give to any
does the act of filing
thereafter
Feb.
Feb.
Feb.
Feb.
Feb
underwriters are expected to be
its
1 %
thereafter or
sinking fund bonds, series
In making
time after
payment date after Jan.
$5,000,000 or any multiple thereof,
the following prices plus accrued interest:
$1,000,000 of first mortgage 434% 20A, due Jan. 1 1956. H. L. Gary, of Kansas
City, Mo., is President of the company.
Filed Dec. 31 1935.
Eastern Life Insurance Co. of New York (2-1854, Form A-l) has filed
a registration statement covering 15,000 shares of $3.50 par value common
stock, to be offered at $12.50 a share.
Louis Lipsky, of New York City is
In
option of the company at any
whole, and on any interest
If redemmed on or before Feb. 1
registration statement covering
1935.
proceeds from the
31 1941, in principal amounts of
or on
Filed Dec. 31
the net
follows:
$6,573,000 for the redemption on April 1 1936 at 105% of $6,260,000
principal amount of Republic Iron and Steel Co. 10-30-year 5% sinking
bonds, due April 1 1940;
$8,741,550 for the redemption on May 1 1936 at 101% of $8,655,000
principal amount of the Trumbull Steel Co. 15-year first mortgage sinking
fund 6% gold bonds, due Nov. 1 1940;
$4,449,354 for the redemption on May 1 1936, at 101 H% of $4,383,600
principal amount of Interstate Iron & Steel Co. first mortgage sinking fund
gold bonds, series A and series B, due May 1 1946;
$4,070,275 for the redemption on July 1 1936, at 10234% of $3,971,000
principal amount of Donner Steel Co., Inc., first refunding mortgage
sinking fund gold bonds, series AA and series A, due Jan. 1 1942;
««"H
$592,200 for the redemption on May 1 1936 at 105% of $564,000 principal
amount of Witherow Steel Corp. first mortgage 6% sinking fund gold bonds,
due May 1 1952;
$625,210for the redemption onAug. 1 1936,at 103% of $607,000 principal
amount of Dilworth. Porter & Co., Inc., first mortgage 10-year 6% sink¬
ing fund gold bonds, due Feb. 1 1939;
$2,761,350 for the redemption on March 1 1936, at 10234 % of $2,694,000
principal amount of Steel & Tubes, Inc., 15-year 6% sinking fund deben¬
tures, due Sept. 1 1943;
""*1
$1,362,375 for the redemption on March 1 1936, at 105% of $1,297,500
principal amount of the Trumbull-Cliffs Furnace Co. 6% first mortgage
sinking fund gold bonds, series A, due April 15 1943;
$5,512,500 for the redemption on July 1 1936, at 105% of $5,250,000
principal amount of Union Drawn Steel Co. 20-year 6% coupon gold deben¬
tures, due Jan. 1 1950;
$2,000,000 to be paid against the delivery for cancellation of $2,000,000
principal amount of general mortgage converible 4 34% bonds, series A, of
the corporation presently pledged to secure a note to the Pioneer Steamship
Co. for a like principal amount which the corporation intends to pay on
or before March 31 1936;
$5,312,186 to be applied as follows: Up to $1,844,364 to reimburse the
corporation for 50% of the cost of acquisition of outstanding shares of $100
par value preferred stock of the Trumbull-Cliffs Furnace Co., at 102%, and
the balance to reimburse the corporation for 70% of capital expenditures
made since Sept. 1 1935, or to.be made for the consideration of plants,
works or improvements;
The balance for other corporate purposes.
thereafter
President of the company.
as
fund mortgage gold
thereafter or
Co. (2-1853, Form A-2) of Bloomington,
statement,
the registration
to
sale of the bonds are to be
111., has filed
year
series C bonds
Kuhn, Loeb & Co., of New York
City, have underwritten the series C bonds.
The price to the public,
the names of the principal underwriters, and the underwriting discounts or
commissions of the series D bonds are to be furnished by amendment to the
registration statement.
It is expected, however, that Kuhn, Loeb & Co.
will be the principal underwriters of the series D bonds.
Philip D. Block, of Chicago, is President of the company.
Filed Dec. 30 1935.
Wabash Telephone
a
offered to the public, the
having been disposed of by private sale.
registration statement covering 224,000 shares
a
preferred stock Series B, and warrants for the
5%
221
Chronicle
be furnished by
$9,000,000 4% Debentures
Skelly Oil Co. of Tulsa, Okla., filed on Jan. 7 a regis¬
tration statement (No. 2-1862) under the Securities Act of
1933, the Securities and Exchange Commission announced
Jan. 8 (in Release No. 623), covering the following issues:
$3,000,000 serial notes, bearing interest at 134 % to 3%, to be dated Jan. 1
The
1936, due Jan. 1 1937 to Jan. 1 1941.
$9,000,000 4% debentures, to be dated Jan.
1 1936, due Jan. 1 1951.
222
Financial
In its announcement issued
incident to the filing of the
statement, the SEC said:
Of the proceeds to be received
from the sale of the two
issues, $9,241,000
is to be used to redeem
amount
of
the
on
Chronicle
♦
March 1 1936 at 101% the
$9,150,000 principal
company's outstanding
12-year sinking fund
debentures.
5}4%
Belgium
gold
underwriting discounts
The plan of maturities of the serial
notes is to be
$600,000 principal
6O0.OOO principal
600,000 principal
600,000 principal
600,000 principal
Bond
and
as
The four issues for which registration is
sought are:
$12,878,500 of stabilization 1926 external sinking fund 7% gold bonds,
per annum
1956, U. S. A. issue, issued
Applications
U-17-1 and U-17-2.
Form U-17-1 is to be
reports following registration of a
holding
company or election or appointment as an officer or
director;
Form U-17-2 is to be used to show
provisions
bonds of 1935, dated Nov. 1
bonds of 1935, dated Oct. 1 1935, due
April 1 1976, issued.
bonds of 1935, dated Aug. 1 1935, due
Aug. 1 1976, issued.
$38,878,000
reporting ownership
and
transactions
in
10%
Holding Company
equity securities of the company,
registered holding company must, under the
Holding Company Act, report as to his ownership of all securities
issued by
the holding company and
any of its subsidiaries.
•
Simultaneous with the adopting of the two forms
and the
rules for their use, the SEC also
adopted a rule (Rule NA-6)
under the Securities Exchange Act of
1934, relieving officers
and directors who file statement under the
Holding Company
Act from the necessity of
filing statements as to the same
securities under the Securities
Exchange Act. The Com¬
mission
made
regarding the
companies:
public the following excerpts from a letter
forms, addressed to all registered holding
new
Ordinarily, reports will be required
on or
before the 10th of the month
following that on which registration of the holding
company became effec¬
tive.
However, as explained in Release No. 34, it will be
satisfactory if
the statements due Dec. 10 and Jan. 10
filed with reasonable
promptness
on which forms are
being made available.
It is the opinion of the General Counsel of the
Commission that the term
"officer" as used in Section 17 (a) means a
president, vice-president, treas¬
urer, secretary, comptroller, and any other person who
performs for an
are
in view of the date
Issuer,
whether incorporated
to those
be
or
"officer" if his chief is
an
An assistant would
inactive that the assistant is
really per¬
so
However,
an
assistant, although performing
functions which might be those of his
chief: would not be
long
so
unincorporated, functions corresponding
normaUy performed by the foregoing officers.
forming his chief's functions.
some
as
absence
these duties
or
were und9r the
brief vacation
of
an
supervision of his chief.
officer
during which
an
the officer's duties would not constitute the
assistant
an
"officer"
Temporary
one
of the chief officers named above would
matter how limited his responsibilities
may
"Under the Securities Exchange Act of
no
an
"officer."
Sub¬
seem
to
questions
as
to
what
constitutes
'beneficial ownership.'
We
are
enclosing copies of Releases Nos. 79, 160 and 175,
bearing on such questions.
These releases were not especially
prepared to cover the language of the
Holding Company Act, but it
which
seems probable that the
general principles
they set forth will prove applicable to situations that
may arise
under this later Act."
The
new
Rule NA-6
was
announced
as
follows:
The SEC, finding it appropriate in the
public interest and for the pro¬
tection of investors to exempt from the provisions
of Section 16 (a) of the
Securities Exchange Act of 1934 the securities
hereafter specified, pursuant
to
authority conferred
series A,
upon
it by the
Securities
Exchange Act of 1934,
particularly Sections 3 (a) (12) and 23 (a) thereof, hereby adopts the follow¬
ing rule:
.
Rule NA-6—Exemption
from
Section
16
(a) of securities as to which
reports are required under Holding Company Act.
Securities issued by a
company which is registered as a holding company under the
Public Utility
Holding Company Act of 1935, or by subsidiary companies thereof
(as
defined in Section 2 (a) (8) of said Act), shall be
exempt from the provisions
of Section 16 (a) of the Securities Exchange Act of
1934 as regards the
duty of any officer or director of such holding company to file
any reports
with respect to ownership and changes in ownership of such
securities with
of 35-year
5%
external
secured sinking fund
gold
bonds,
of 1928, due 1963, issued.
Expects Increased Stock Market Activity—James
M.
Landis
Asks
Appropriation
House
Committee
for
Greater
Carry Out Regulatory Program
to
Predictions that the stock market will be more active in
1936 than last year were recently made
by James M. Landis,
Chairman of the Securities and
Exchange Commission, it
revealed on Jan. 7 with the publication of a
transcript
of secret hearings of the House
Appropriations Committee.
Mr. Landis urged increased
was
appropriations for the SEC, and
the
Committee
as
a
result
recommended
an
allotment
of
$4,238,000, or $1,973,506 above the total for the current
fiscal year.
Mr. Landis in testifying before the Committee
said that the first step of the SEC in
attempting to carry
Congress to regulate over-the-counter
markets was to prescribe the rules for
registration dealers.
He added that unless appropriations were
increased, however,
the "comprehensive program" of the SEC must fail.
A Washington
dispatch of Jan. 7 to the New York "Times",
added the following regarding Mr. Landis's
testimony:
out the instructions of
Mr. Landis told the Committee that "the
necessity of exercising control
the over-the-counter market was
apparent to
over
was
Congress when the Act
passed and that it daily becomes
unless adequate control is exercised
more
over
evident to the Commission, for
these markets, the entire system
of regulation of the Exchange markets is
likely to break down."
He said that if over-the-counter markets
are left
unregulated, securities
heretofore dealt
on
regular Exchanges
are
likely to drift into the over-the-
counter group.
Additional funds
are
needed
also
because
of the
increasing volume of
trading, Mr. Landis told the Committee.
"Evidences
already apparent indicate
a
likelihood
of market
activity
upon
a considerably larger scale than last
year," he said, adding that
observers fear the tendencies that
may develop unless the market is
controlled and that the task cf supervision was
some
becoming "more arduous
daily."
+.
SEC Report to Congress on Unlisted Securities
Trading
Receives Approval of B. H.
Griswold, Chairman
of
be included,
actually be.
1934, the Commission has had
various
$11,356,000
assistant perform
ject to the foregoing, assistant treasurers, assistant secretaries and
assistant
comptroUers, for example, are not to be considered "officers" for
"purposes
of Section 17 (a).
On the other hand, a person who
officially bears the
title of
$3,865,000 of 30-year 513% external secured sinking fund gold bonds
of 1923, due 1953, issued.
securities
Act requires reports only from officers
and directors.
On the other hand,
whereas the Securities
Exchange Act requires officers and directors of a
•company to report merely with respect to
a
readjustment sinking fund dollar
Republic of Panama (Form 18)—
are
of any class of registered
equity securities, whereas the
director of
external
$3,232,500 of 3% external sinking fund dollar bonds of 1936, dated
Jan. 1 1936, due July 1 1984, issued.
subsequent changes in
Holding Company Act
or
of
bonds of 1935, dated Sept. 1 1935, due March 1
1977, issued.
announcement of Jan. 5 the Commis¬
comparable to those under Section 16
of the Securities
Exchange Act of 1934.
However, the Securities Exchange
Act requires reports from
officers, directors and holders of more than
officer
fund dollar
1935, due Nov. 1 1975, issued.
external readjustment sinking fund dollar
$10,904,500 of 434%~4H% external readjustment sinking fund dollar
SEC
for
18)—$2,680,000 of 5% external sinking
(Form 18)—
43^%-4 J£% external readjustment sinking
$10,826,100 of
used for initial
an
permanent
The City of Bergen (Norway) (Form
Two forms to be used
The
the
the New York Stock
on
fund gold bonds of Sept. 1930, issued.
Province of Buenos Aires (Argentine
Republic)
by officers and directors of registered
holding companies in making reports as to their beneficial
ownership of the securities of such companies and their sub¬
sidiaries, as required by Section 17 of the Public
Utility
Holding Company Act of 1935, were promulgated
by the
Securities and Exchange Commission on Jan.
5.
The forms
;
for
registration of their
Exchange were also filed
City of Bergen, Norway, the Republic
of Panama, and the Province of Buenos
Aires, Argentina.
The filing of these applications was announced as follows
by the Commission on Jan. 6:
securities
with the SEC by the
$8,764,300 of 4jHi%-4%%
sion stated:
Panama
Kingdom of Belgium has filed an application with the
and Exchange Commission, on Form
18, under
Securities Exchange Act of 1934, for the
permanent
the
Act
In its
(Norway),
Applications
$10,690,500 of external loan 30-year sinking fund 7% gold bonds 1955,
by SEC for Use of Officers of Utilities in
Reporting Beneficial Ownership of Securities—
Exempts Securities Registered Under Public Utility
Act from Certain Provisions of Securities
Exchange
holdings.
File
issued.
Forms Issued
as
Also
registration of four of its external bond issues on the New
York Stock Exchange, the Commission announced Jan. 6.
per annum
per annum
$612,000 annually, payable in semi-annual instalments of
$306,000 each
April 1 and Oct. 1 of each year, the first payment to be made
April 1
Sinking fund moneys are to be applied to the purchase of
4% deben¬
tures, if obtainable, at not exceeding par and
accrued
interest (or, if not
so obtainable, to
redemption of 4% debentures at par and accrued
interest)
until an aggregate of $300,000
principal amount of 4% debentures shall
have been retired
through each semi-annual operation of the sinking fund.
under the
Aires
Per annum
1941.
such
Issues—City of Bergen
Buenos
Registration
Four External
of
$9,217,000 of external loan 25-year 6H% gold bonds 1949, issued.
$12,726,400 of external loan 30-year sinking fund 6% gold bonds 1955,
on
known
Permanent
Exchange
issued.
per annum
The 4% debentures
carry the following sinking fund provisions:
are
Stock
The
follows:
amount, due Jan. 1 1937,1H %
amount, due Jan. 1 1938, \ %
%
amount, due Jan. 1 1939, 234 %
amount, due Jan. 1 1940, 2%%
amount, due Jan. 1 1941, 3 %
York
SEC for
Securities
commissions.
or
Applies to
New
on
The company will
pay accrued interest on the debentures to
be redeemed out of its
treasury funds.
The balance of the proceeds from the
sale of the two issues will
constitute
additional working capital, to ba used
for capital expenditures in the
ordinary course of the company's business.
The registration statement stares
that no firm commitment to take the
issues has been made.
It is contemplated
that, subject to market and
other conditions, the
company will, during January 1936 .enter into an
underwriting agreement with the principal underwriters, whose names are
to be supplied in amendment to
the registration statement.
Also to be
supplied by amendment are the price to the
public of the issues and the
Jan.ll 1936
the Commission and with
any national securities exchange, regardless of
whether such officer or director is the
beneficial owner of more than 10%
of any class of such
security.
Investment Bankers Conference Committee
Benjamin Howell Griswold, of Baltimore, Chairman of the
Investment Bankers Conference
Committee, issued
a
state¬
ment in
Washington on Jan. 7 in which he commended the
Securities and Exchange Committee on its
report to Cong¬
ress on unlisted securities
trading on exchanges.
The SEC
report is given elsewhere in this issue of the "Chronicle."
In his statement Mr. Griswold said:
The report of the SEC to Congress on
trading in unlisted securities upon
exchanges, to my mind, gives
every evidence of a most careful and exhaus¬
tive study of tne questions involved, and the
conclusions reached seem to
me
to
be not
In saying
of the
only thoroughly sound but show
this, I
am
Conference
of
course
Committee
voicing
the
nor
a
high degree of foresight.
my personal
opinion and not that
2,000 houses composing our mem¬
bership.
The report seems to me to recognize
fully the various and difficult phases
whole problem of financing the needs of the
country, not merely
of the
one
and
I
angle of it, and proposes to ask for authority to work them out
carefully
on
a
reasonable
basis.
.
.
.
well believe that many of the
security dealers and traders, feeling as
they do that the present system of unlisted trading is wrong, also feel that
it should be immediately abolished and the
great volume of unlisted securi¬
can
ties turned
over
to the over-the-counter business.
On the other
who sees the expe¬
strongly urge that all the vast
should be directed through the small
understand that the broker,
hand I can
exchange, would
diency and facilities of an
business
volume of over-the-counter
exchanges.
funnel of stock and bond
»,
of not only the
the machinery
The one fundamental viewpoint from the standpoint
but the good of the business as a whole, is tnat
country,
Federal
needs of security
delayed recovery
for not only the current demands and
holders, but must be ready to play its part in the longin the capital issues market.
problem as a whole
to take any
radical action which may interfere with this recovery.
The Commission
suggests tnat it requires further time not merely for the study of the problem
injts parts but for wise action with relation to the problem as a whole.
The Commission has not determined whether or not unlisted trading is
wise
unwise.
It simply has refused to perform a capital operation at
tne present time.
Tne surgeon's knife snould be used in major operations
only wnen we fully understand tne whole anatomy of the body into which
propose to cut; otherwise in removing a carbuncle we may sever an
and has offered a
1935, available for dividends and other purposes,
$12,682,207, or $7.70 per share.
Of this total amount
$6,645,991 represented net operating earnings for the year.
These net operating earnings represent $4.04 a share on
1,646,750 shares outstanding. This, it is stated, compares
with a like figure of $5,163,600, or $3.13 a share, for
year 1934, and $4,000,154, or $2.43 a share, for 1933.
$12,682,207 available for dividends and other purposes was
of
the
the
The
utilized
as
follows:
or
we
York Trust Co., New
During 1935 Reported to Stockholders
Buckner—Earnings of $8.12 a Share.
profits for 1935
Net
York,
by Chairman
in accordance
8,780,113
was
York Trust Co., New
of the New
amounted to
Chairman
of stock¬
or $10.29
and an average for 1929 to 1934,
or $10.39 a share.
Of the 1935
1934,
$5,194,400,
earnings, it was reported to the meeting that $2,500,000 had
been distributed to shareholders in dividends at $5 a share,
while $1,194,367 was added to reserves and $365,838 to un¬
divided profits.
In his remarks Mr. Buckner stated:
Our outstanding loans in central Europe at the close of business Dec. 31
1934 amounted to $11,900,000, and during 1935 were reduced by $1,564,000
share, earned in
of
inclusive,
$10,368,000.
the
opinion of your
the trust company has pro¬
officers and trustees,
that
for all contingencies, and we are happy to say
recoveries continue as they have during 1935, it is possible to foresee
return of a substantial amount to surplus and undivided profit.
ample
vided
if
a
reserves
The following
had
its
to
permanent deposit insurance.
of
paid $88,500 into
assessments for the
He said that the New
York Trust Co.
the Federal Deposit Insurance Corporation covering
last four months of the year, which is equivalent
This assessment is
$265,500 per annum.
over
based on average deposits of
"but it is interesting to note that the actual dollar
insurance is about $24,000,000, or only 8% •
total," said Mr. Buckner.
$300,000,000,
amount of
of
is from the "Wall Street Journal" of Jan. 9:
of 1935, asserted Mr. Buckner, was the institu¬
outstanding feature
The
tion
credited to reserve
and
our
deposits subject to
amendment to the company's organization cer¬
be not less than a minimum of 10, or more
than a maximum of 25, as well as an amendment to provide that the
corporate existence, which now expires in 1939, be made perpetual.
Stockholders approved an
tificate to
provide that trustees
Until the last quarter
stockholders of the
addressing the
In
&
Bank
New York,
Co.,
Trust
Central Hanover
at their annual
meeting,
Davison, Chairman, said that there were
signs that the bank had reached the low point in earnings
during 1935.
December earnings, he remarked, had been
better than those in the months immediately preceding.
The
stockholders were informed that the earnings of the institu¬
9, George W.
amounted to $6.03 a share, exclusive of recov¬
previously charged off, which compares with
earnings for 1934 of $10.68 a share.
Mr. Davison told the
tion for 1935
eries on items
stockholders that the
recoveries had been placed in reserves,
and said:
These
tomers
will,
recoveries
capital account,
than
as
at any
As to Mr.
it is
needed increase to the
The bank now has more cus¬
hoped, give a much
deposits have gone up.
time in its history.
Davison's remarks, we
take the following from
Jan. 10:
Earnings were affected during the year by reduced interest rates and
the static condition of the loan market, Mr. Davison said, adding that
there are signs that earnings have passed the low point, with December
showing a better record than previous months.
In the coming year the
Chairman expects capital recoveries in securities to provide a much needed
increase in the bank's capital account to meet the recent growth in deposits.
The past year was a good one in the personal trust department, Mr.
Davison said.
The number of accounts increased and the restoration of
the "Wall
dividends
Street Journal" of
helped
Government
individual accounts.
by the bank are carried on
bonds held
its books mostly at
reduced.
At a special meeting of the stockholders, held prior to the
annual meeting, a proposal was adopted to reduce the Board
par,
first three quarters
Mr. Davison said.
of Trustees from
Report of
Co. of
Operating expenses have been
25 to 23 members.
President Gibson of Manufacturers Trust
New York at Annual Meeting—Increase in
Net
Operating
Earnings—Hopeful of German
Standstill Credits—Business Improvement Looked
for
in
Return
1936—Declares There
of Workers to
Should Be Gradual
Self-Sustaining Effort
Harvey D. Gibson, President of Manufacturers Trust Co.,
revealed at the annual meeting on Jan. 8 that net earnings
of the bank for the year 1935 from all sources, including net
security profits after
charge-offs but after
deducting security less losses, before
all expenses, including taxes, cost of
of 1935 it
for the last quarter,
had been the custom
for
bank to credit all earnings in excess of
dividends to reserve account.
This practice, however, was
discontinued beginning with October 1935.
Gross deposits at the end of the year were
which represented an increase as compared to the
1934, exclusive of government and postal savings
of $104,400,000.
Mr. Gibson indicated that as the large increase in deposits
time for the
$565,713,372,
end of
deposits,
corresponding increase in the
it was necessary for the bank
to seek other outlets for its available funds.
It was largely
for this reason that the holdings of United States govern¬
ment bonds were increased by $22,600,000 during 1935,
and totaled $230,000,000 ($229,997,961) at the end of the
year.
The company, he added, during the past five years
accompanied by a
not
was
demand for commercial loans,
has favored long-term
of
government issues,
to be
the country
believing the credit
"unsurpassed by that of any
other
world."
v
/
Mr. Gibson, who is Chairman of the American committee
of the short-term creditors of Germany, and who will sail
for Berlin and London during the latter part of the month to
nation of the
participate in the conferences about these
pressed the belief that Germany's standstill
for the most
part worth face
obligations, ex¬
indebtedness is
value and that there
is no occa¬
liquidation at a loss.
Mr. Gibson repeated
what he said a year ago, that it was hard to believe that ulti¬
mately Germany or German banks will fail to honor in full
the comparatively small amount of short-term credits still
remaining due to American banks, since these are so essen¬
tial to her foreign trade and are for the most part guaranteed
sion
to force
by sound leading
Central Hanover Bank & Trust Co., New
York, Reported at $6.03 Per Share in 1935 by
George W. Davison, Chairman—Board of Trustees
Reduced from 25 to 23 Members.
Earnings of
Jan.
account during the
1,251,332. representing net earnings, less dividends
was added to undivided profits.
some
before adjustments and charge-offs,
$4,060,205, or $8.12 a share, Mortimer N. Buckner,
of the Board of Trustees, told the annual meeting
holders on Jan. 8.
This compares with $5,146,751,
York,
In
vaults,
592,325 was used to write
of the year;
$4,060,205 Profit by New
to
dividends.
down bank buildings and safe deposit
with the institution's established practice.
$2,058,437 was paid in
artery.
a
outstanding
$7.09
be
charged
total
for the year
The SEO has appreciated this fact, has seen the
constructive program apparently declining
i
and interest on
Insurance
Deposit
capital notes, had amounted to $11,684,430, or
per
share.
He further announced tfrat to this figure should
added recoveries during 1935 of items previously
off the books amounting to $997,778, making a grand
must be ready to care
set up
now
223
Financial Chronicle
Volume 142
German banks.
Discussing general business conditions
outlook for 1936, Mr. Gibson said:
»
Business conditions
for 1935 and the
have generally taken a very
definite step toward
This is shown best in the greater optimism
prevails now and which has broken down so considerably the sales
resistance which had grown out of the almost universal pessimism and lack
recovery
during the past year.
which
of faith of a
few years ago.
.
.
.
advance toward that final recovery
eagerly. That it will be as rapid and
fundamental as would be true if there were to be no Presidential election
is open to question.
But in my opinion the final return of business condi¬
tions which will employ the great majority of employable men and women
and which will put to work the large amounts of capital funds which now
lie idle will depend largely upon our solution of the problem of government
relief and upon the resumption by local communities of their local problems
of human welfare.
We must not, in the name of sympathy with our
fellow men, pauperize their spirit and destroy the initiative for which the
American people has always been so justly famous.
The real crisis of the
past few years has passed, and with its passing there should be a gradual
return of all able-bodied workers to self-sustaining effort, just as rapidly as
the wheels of business activity increase momentum.
And government
relief should be withdrawn promptly enough to give men an incentive to
carve out theit own
careers.
With such retrenchment the government
should soon be able to balance its budget, and thus allay the fears of those
who are being held back because they cannot foresee how future govern¬
I believe that
1936 will see a further
for which we have
ment
aU been looking so
policies will affect
that one of
their business. With this accomplished, 1 believe
will have been taken to prepare the way for
the last big steps
complete recovery.
final and
Regarding the meeting, we
New York "Times" of Jan. 9:
In response
of the
to a
take the following from the
shareholder's question Mr. Gibson said that the policy
the $25,000,000 of capital notes held by the
Corporation was unchanged from that of a year
bank with respect to
Reconstruction Finance
ago,
when it was explained that directors hoped
of funds added to undivided profits.
ultimately to pay these
notes out
As an
illustration, he said that if
$5,000,000 were added to
undivided
of this year the bank might pay off that amount of capital
pointed to the rise of over $104,000,000 in the bank's deposits
in the past year as a development which made it advisable to avoid any
reduction of total capital.
By utilizing profits to reduce the borrowings
from the RFC, he indicated, it should be possiDle ultimately to repay the
profits at the end
notes; but he
loan but to have
left, afterward, as much
capital as the bank now possesses.
of condition of the Manufacturers
referred to in these columns Jan. 4, page 50.
The Dec. 31 statement
Trust Co. was
Federal Home
to
3%
on
Loan Bank of Chicago Lowers Interest
Collateralized Loans to Member Associa¬
tions in Illinois
and Wisconsin
at the Federal Home Loan
3% went into effect Jan. 1 on collater¬
alized advances to savings, building and loan associations in
A reduction of the interest rate
Bank of Chicago to
224
Financial Chronicle
Illinois and Wisconsin.
The
33^% rate which has bepn
charged on all types of loans since last February will continue
in effect on the
non-collateralized credit outstanding and on
new loans of this
type, said an announcement issued by the
bank
use
$11,796,000
at their
in
now
disposal
use
by the associations
i
secured basis and places
on a
available to this District.
n.
A.
R.
step is the main
new notes at
the bank
are
charge
interest
.
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Mr. Colt said that since 1920 the bank had
been paying out about
year
57%
it paid out 76%.
Reference to the annual statement of the bank
was made in our issue of Jan.
4, page 50.
as
of Dec. 31
1935
Stock of Money in the
Country
Treasury Department at Washington has issued the
customary monthly statement showing the stock of
money
The
in the country and the amount in circulation after
moneys
held in
the
United
States
Federal
deducting
Treasury and by
Reserve banks and agents.
The figures this time
for Nov. 30 1935 and show that the
money in circulation
date
(including, of
course,
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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 This total includes
$17,669,713 deposited for the redemption of Federal Reserve
notes ($836,940 in process of
redemption).
d Includes
$1,800,000,000 Exchange Stabilization Fund.
e Includes
$60,078,646 lawful money deposited as a reserve for Postal
what is held in bank
Savings
deposits.
f 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 Treasury
to arrive at the total amount of
money in the United States
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money
held
by the Cuban agency of the Federal
Atlanta
h The
$93,000,000 of capital funds.
operating earnings in dividends, but last
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operating earnings for the year were $8,136,267 compared
with $11,452,111 for 1934. Dividends declared
amounted to
$6,250,000.
The bank's contingency fund at the end of
1935 was $13,966,038, a reduction of
$2,956,671 from the
figures of Dec. 31 1934.
This reduction resulted from
$849,930 used for charge-offs and $2,106,741 restored to
undivided profits.
Regarding the company's holdings, Mr.
up at a rate which will write off the premiums
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profits totaling $4,480,969, of
which $3,351,020 came from the investment account.
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386,034, compared with $12,018,797 at the end of 1934.
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the
capital funds of the bank, was accounted for by an excess of
$1,886,267 of net operating earnings over dividends declared,
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The Commissiou appointed
by the New York State Bankers Association
to make the study has
just published its report in which it has raised a
number of questions
regarding banking in this State, which are also of
national importance and include the
changing character of bank assets
and the substantial increase in time
deposits.
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study and the questions raised thereby present
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maintaining proper
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President of Bankers Trust Co., New York, in
addressing
the stockholders at their annual
meeting on Jan. 9, declared
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in the latter group
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rowers
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some
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Total credit at the Bank to-day is at a new peak
standing at $16,845,873, including
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3% scale the additional $10,000,000 from the sur¬
pluses of the Bank System which the Federal Board has
agreed to make
for all time,
was
of the World War, that
is, on June 30 1914, the total was
only $3,459,434,174.
The following is the full statement:
of the bank's fund®
the
on
System)
$5,846,463,198, as against $5,712,596,930 on Oct. 31 1935
$5,548,533,937 on Nov. 30 1934, and comparing with
$5,698,214,612 on Oct. 31 1920.
Just before the outbreak
by its member institutions, will lower the cost
of
1936
11
and
Jan. 2, which continued:
on
The move, designed to accelerate still
further the
for home mortgage business
Jan.
vaults of member banks of the Federal
Reserve
in circulation Includes any
tinental limits of the United States
money
paper currency
Reserve
Bank of
held outside the
con¬
Note—There is maintained in the
Treasury—(i) as a reserve for United States
Treasury notes of 1890—$156,039,431 in gold bullion;
(ii) as security for
Treasury notes of 1890—an equal dollar amount in standard silver
dollars (these
notes are being canceled and retired on
receipt); (iii) as
notes and
security for outstanding
silver certificates—silver in bullion and
standard silver dollars of a
monetary value
equal to the face amount of such silver certificates; and
(iv) as security for gold
certificates (including gold certificates held in the
Treasury for credits payable
therein)—gold bullion of a value at the legal stadard equal to the face
amount of
such gold certificates.
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
1937, of direct obligations of the United States If so
authorized by a
majority vote
of the Board of Governors of the Federal
Reserve System.
Federal Reserve banks
must maintain a reserve in gold certificates
of at least 40%,
including the redemption
fund
which
Reserve
must
notes
bank notes
in
be
deposited with the United States Treasurer,
against Federal
actual
are in process
circulation.
of retirement.
Federal
Reserve
bank
notes
and
national
Denver Joint Stock Land Bank has Plan for Voluntary
Liquidation—Bondholders Notified of Provision for
Exchange of Bonds for Certificates of Indebtedness
l...
Distributions
Permit
to
McClintock, President of the Denver Joint Stock
Denver, Colo., has notified holders of bonds
issued or assumed by the Bank of a plan for voluntary
Land Bank,
liquidation of the institution and readjustment of its obliga¬
tions.
Provision is made under the plan for exchange of
bonds for certificates of indebtedness which would permit
distributions, from time to time as funds
accumulate, of
proceeds of liquidation, on a rateable basis, of the Bank's
assets to participating holders, to apply on principal; also,
for postponement, but not cancellation of interest payments.
An announcement in the matter, from which we quote, added:
During the past 12 months,
expenses
Due to
in
according to Mr. McClintock, the
payment of its interest obligations
requirements for
cash
Bank's
and operating
exceeded interest collections by $225,409.57.
continued drought conditions and the reduction of farm income
Wyoming and Montana,
Colorado,
Mr. McClintock said, collections
delinquent borrowers, who constitute
from
loans, remain
to meet the
67% of the Bank's mortgage
problematical.
"During the past
year," he said, "the Bank has been able temporarily
cash income by borrowing
situation with respect to its deficit in
Land Bank Commissioner and
the
funds from
while application will be
funds to enable
bank to meet
interest on its bonds—it is perfectly obvious that the bank cannot furnish
sufficient collateral to enable it to continue such borrowings indefinitely."
Bonds assumed by the Denver Joint Stock Land Bank include those of
the First Colorado-Wyoming Joint Stock Land Bank of Cheyenne, Wyo.;
the First Joint Stock Land Bank of Cheyenne, Wyo., and the Montana
made for further
borrowings—for the purpose of procuring
that must be paid, and to enable the
the bank to pay taxes
Bank
Denver
The
has
outstanding
bonds and other interest bearing
$7,165,500 of bonds bearing interest at the rate
obligations,
of 5% per
of 5% per annum,
and $766,906.36 of notes payable bearing interest at the rate of 4% per
annum.
The total present interest charges are at the rate of $407,651.25
$340,000 of bonds bearing interest at the rate
per year.
.
.
.
Bondholders are informed that the
Bank has been making progress
in
the past 12 months has
The expectation of
such liquidation will continue for the next two or
liquidation of its capital assets and during
the
realized
from such liquidation.
cash
$2,177,558 in
McClintock is that
Mr.
approximately the same rate.
Holders of the bonds who
exchange for certificates would also receive in
three years at
surrender their securities in
cash the equivalent
of unpaid interest on the bonds
surrendered.
beyond which agreement to the plan will not be
1936 is the date set
March 1
accepted
♦
Calls Issued
as
of Dec. 31—Comptroller of Cur¬
of Condition—States
Also Request Data
requested all institutions under its jurisdiction to
submit
as of Dec. 31.
Similar requests
the State banks of New Jersey, by Carl K.
condition
also were sent to
Withers, Banking Commissioner of
sylvania banks by Secretary of
except
that State, and Penn¬
Banking Luther A. Harr.
will be exempt, as to principal
of
Thereabouts—To be Dated Jan. 15
of 273-Day Treasury Bills in Amount
or
Announcement of a new
offering of $50,000,000, or there¬
abouts, of 273,day Treasury bills was made on Jan. 9 by
Secretary Henry Morgenthau Jr.
The bills, which will be
sold on a discount basis to the highest bidders, will be
dated Jan. 15 1936 and will mature on Oct. 14 1936, and
the maturity
date the face amount will be payable with¬
interest.
On Jan. 15 there is
securities in amount of $50,020,000.
out
a
maturity of similar
of the
the terms
at
thereof,
up
Jan.
13.
the
to 2 p.m., Eastern Standard Time, Monday,
Tenders will not be received at the Treasury
Department, Washington,
out.
He added:
They (these bills)
denominations
of
Treasury
bills and govern the
Secretary Morgenthau pointed
will be issued in bearer form only, and in amounts or
$10,000, $100,000, $500,000 and $1,000,000
$1,000,
notice
conditions of
their issue.
$132,204,000 Tendered to Offering of
273-Day Treasury Bills Dated Jan.
Accepted at Average Rate of 0.107
$50,000,000 of
8—$50,060,000
totaling $132,204,000 received to the offering
$50,000,000, or thereabouts, of 273-day Treasury bills
dated Jan. 8, Henry Morgenthau Jr., Secretary of the
Of tenders
of
announced Jan. 6 that $50,060,000 had been
The tenders to the offering, which was referred
to in our issue of Jan. 4, page 36, were received at the Federal
Reserve banks and the branches thereof up to 2 p.m.,
Eastern Standard Time, Jan. 6.
Secretary Morgenthau had
the following to say regarding the accepted bids:
The accepted bids ranged in price from 99.940, equivalent to a rate of
about 0.079% per annum, to 99.910, equivalent to a rate of about 0.119%
per annum, on a bank discount basis.
Only part of the amount bid for at
the latter price was accepted.
The averaged price of Treasury bills to be
issued is 99.919 and the average rate is about 0.107% per annum on a bank
Treasury,
accepted.
discount basis.
Cash March 1
$202,500,000 of "Baby Bonds" Sold for
to Dec. 31—Have Maturity Value of
Approximately
$270,000,000—New Issue Selling Well
Henry Morgenthau Jr., Secretary of the Treasury, an¬
nounced Jan. 9 that approximately 997,000 United States
Savings Bonds of series A were sold from March 1 1935 to
the close of the year, for $202,500,000 cash.
As the so-called "baby bonds" are sold on a discount
basis and increase in 10 years, through accumulated interest
to the total 33 1-3% greater than the purchase price, this
10 months cash sale represents a maturity value of approxi¬
mately $270,000,000.
This is in excess of $1,000,000 sale
business day since these
The offering
on
Dec. 31,
Jan. 1.
offered at
bonds became available,
said.
of the Series A
bonds, the first of this type
Treasury, terminated
series, designated series B, was offered
That this new series of "baby bonds" would be
the outset of 1936 was noted in our issue Dec. 21,
of securities
to be made by the
ever
and
a new
page 3943.
As to the sale
bonds, Secretary Morgenthau,
following to say:
The January sales are showing a decided increase over the daily average
of last year, and the all time "high" for daily sales was reached on Jan. 6
with the receipt by the Treasurer of the United States from the Post Offices
throughout the country of $2,803,460, representing a maturity value for
this one day's sale of $3,737,946.
In addition, and on the same day,
the Treasurer received $332,925 cash, in direct-by-mail orders, representing
$443,900, maturity value, or a total sale for the single day of Jan. 6 of
of the series B
in his announcement
of Jan. 9, had the
bonds.
regularly to provide
Large numbers bought the legal limit of $10,000,
of United States Savings
United States Savings bonds
$4,181,846, maturity value,
Thousands are buying
future use.
bonds for the calendar year 1935.
institutions are applying
banks and other fiduciary
Many indi¬
trust funds
bcnis, and the Secretary em¬
phasized the fact that all such purchasers of the legal limit for the calendar
year 1935 are now free to make similar purchases for the calendar year
1936.
Also, that all trustees or guardians for estates may purchase each
calendar year the legal limit of United States Savings bonds for each or as
many of the trusts held as may be desired.
for
the purchase
of United States Savings
The United States Savings
bonds now being sold are
classified as series B
series A sold during the calendar year 1935.
of the bonds and the regulations pertaining to the sale of
are materially the same as those applied to series A, but
distinguish them from
to
The provisions
series
B bonds
especial provision
has been added permitting partial redemption
been made retroactive for series A.
of the
This provision has
bonds.
United States Savings bond could be
the cash surrender
price and increasing each six
months after the first year to the 10-year maturity.
Under the new regulations, an owner of a United States Savings bond
may not only redeem his bond in full, at any time after 60 days from date of
purchase, but if he is the owner of a bond with a greater face value than
the minimum face value of $25, he may, in units of $25, maturity value,
redeem any portion of his bond and a new bond for the remainder, dated
back to correspond with the original bond, will be issued.
Under the
offering announced this week will be
Federal Reserve banks, or the branches
The tenders to the
received
418, as amended, and this
Treasury Department Circular No.
prescribe
money for
1936
on
inheritance taxes.
possessions.
viduals,
$50,000,000,
available funds
other disposition thereof will
or
estate and
maturity value, of these
New Offering
other immediately
or
and interest, and any
also be exempt, from all
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for th3 purposes
of any tax now or hereafter imposed by the United States or any of its
The Treasury bills
gain from the sale
on
condition as of Dec. 31
of all National banks, National and State member institu¬
tions of the Federal Reserve System and members of the
Federal Deposit Insurance Corporation, were issued by the
Comptroller of the Currency O'Connor, Chairman Crowley
of the FDIC and Governor Eccles of the Board of Governors
of the Federal Reserve System.
The New York State Banking Department on Jan. 6
On Jan. 6 calls for the statements of
reports on their
in cash
banks
Secretary Morgenthau
FDIC and Reserve System Ask for Statements
rency,
Reserve
15 1936.
for each
unless later extended.
Bank
Federal
Jan.
of Helena, Mont.
Joint Stock Land Bank
annum,
the
on
taxation,
E.
T.
225
Financial Chronicle
Volume 142
original regulations any
redeemed in full after 60 days
value
being
never
from date of purchase,
less than the purchase
(maturity value).
No
tender for
tender must be in
on
an
amount less than $1,000 will be
considered.
Each
The price offered must be expressed
than three decimal places, e.g., 99.125.
multiples of $1,000.
the basis of 100,
with not more
Fractions must not be
used.
incorporated banks
and recognized dealers in in¬
vestment 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 the incor¬
Tenders will be
and
trust
accepted without cash deposit from
companies and from responsible
porated bank or trust company.
Immediately after the closing hour for receipt of tenders on
Jan. 13 1936*
branches thereof up
to the closing hour wiU be opened and public announcement of the accept¬
able prices will follow as soon as possible thereafter, probably on the follow¬
ing 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
all tenders
received at the Federal Reserve banks or
submitting tenders will be
Payment at the price
advised of the acceptance or rejection thereof.
offered for Treasury bills allotted must oe made at
Gold Receipts by Mints
of
Jan.
and Assay Offices During
Week
3—$7,819,404 Imports
Department announced Jan. 6 that a total
$10,631,519.62 of gold was received by the mints and assay
offices during the week of Jan. 3.
Of this amount, it was
shown, $7,819,403.61 represented imports, $356,985.65 sec¬
ondary, and $2,455,130.36 new domestic.
The following
tabulation shows the amount of the gold received during the
week of Jan. 3 by the variou^ mints and assay offices:
The Treasury
of
Imports
Secondary
New Domestic
Philadelphia...
New York
San Francisco
Denver
New Orleans.
$7,679,400.00
108,519.26
31,407.64
76.71
$237,900.00
68,985.99
21,099.46
20,261.31
8,738.89
$29,100.00
1,841,834.03
370,763.46
121.14
213,311.73
1936..$7,819,403.61
$356,985.65
$2,455,130.36
Seattle
Total for week ended Jan. 3
226
Financial
$233,204 of Hoarded Gold Received During Week
Dec. 31—$19,164 Coin and
$214,050 Certificates
Chronicle
of
Jan.. 11
1936
Figures from the time of the issuance of the order of Aug. 9
1934 and up to Dec. 28 1934 were given in our issue of Oct.
19 1935, page 2518.
Figures issued by the Treasury Department on Jan. 6 indi¬
gold coin and certificates amounting to $233,203.54
received during the week of Dec. 31 by the Federal Re¬
cate that
was
President Roosevelt Extends For Another Year Powers
banks and the Treasurer's office.
Total receipts since
Dec. 28 1933, the date of the issuance of the order
requiring
all gold to be returned to the
Treasury, and up to Dec. 31,
amount to $135,267,596.93.
The figures show that of the
amount received during the week ended Dec.
31, $19,153.54
was gold coin and
$214,050 gold certificates.
The total re¬
ceipts are shown as follows:
serve
Received by Federal Reserve banks:
Gold Coin
Week ended Dec. 31
$19,153.54
Gold
(Jan.
266,456.00
1,800.00
2,325,600.00
$266,456.00
$2,327,400.00
Received pievlously
Total to Deo. 31
Note—Gold bars deposited wltb tbe New York Assay
10)
in
ciated
The
that
Ounces
Week Ended-
1935—
Jan.
Ounces
Week Ended—
1935—
4
1935—
467.385
May
Jan.
11
504.363
Jan.
18
732.210
Jan.
25
973,305
May 17..
May 24
May 31..
10
686.930
363,073
Sept. 13
Sept. 20
Sept. 27.......
247,954
Oct.
86.907
448,440
1
321.760
June
7
203,482
Oct.
11
8
1,167.706
June
14
462,541
Oct.
18.
Feb.
June 21
1,253,628
407,100
796.750
Oct.
Feb.
15
1,126,572
403.179
1
1,184.819
Mar.
8
1,555,985
Mar. 22
554,454
Mar. 29
The
Nov. 16
608,621
Nov. 22
Aug.
2
863.739
751.234
Dec.
13
667,100
Dec.
20...
19
502.258
Aug. 23
1,313,754
Dec.
27
Apr.
26
67,704
3
173,900
Aug. 30
Sept. 6
509,502
May
issue of Oct.
national
310,040
18, page 2518,
1934.
Dec.
6
748.396
—
of
the
It
out of
422,188
1936—
Jan.
we
3
gave
563,220
the weekly
to
United States Under Nationaliza¬
During Week of Jan. 3 Amounted
from
69.06
the
of
continued
pre-devaluation
for
another
fund
would
gold
his
year
increase
or
have
it
expired
Mr.
content
lower
to
power
60%.
to
Both
Jan.
30
this
not
the
if
the profits
reply to questions about the prospect of inter¬
The $2,000,000,000 stabilization fund was
accruing to the government from the devaluation
dollar.
of credit and securities as he might deem
stabilizing the exchange value of the dollar.
official utterances
two
advised
business
that
its
on
On
use.
fund
the
Feb.
being
was
for the
necessary
Operations of the fund have been closely guarded.
11
and
of
purpose
There have been
only
Secretary Morgenthau
1935
would
continue
used
be
to
in the protection of the dollar at home and abroad.
In
midsummer
of
that
nouncement
1935
French
Secretary
banking
authorities
Morgenthau had
by supplying $100,000,000 which
was
to
necessary
made
the
to
come
public
a
aid
of
the
bolster their
an¬
franc
declining
currency.
Jilt
is known from daily Treasury statements that $1,800,000,000 of the
original
fund
Originally
remains
intact.
$200,000,000
York, which acts
as
suffered
enjoyed
loss
a
or
fiscal
That
placed
was
amount
in
the
agent for the
profit
a
was
fund.
3
1934,
still
742; other
743-747.
in
the
Reserve
Whether
not known
The text of the Gold Reserve Act
Feb.
is
Federal
Treasury.
Bank
this
of
New
account
has
publicly.
given in qur issue
was
references theretp having
page
Secretary Morgenthau
Dollar Is
transferred
of
Reports that the Administration plans a further devalua¬
dollar, brought from Secretary of the Treasury
Morgenthau, on Jan. 9, at his press conference, the fol¬
lowing :
would
originate
not
too much
worry
outside
the
United
about
rumors
States.
right
Someone
now,
especially if they
always makes
money,
and
somebody else always loses money.
total of 2,881.08 fine ounces
the United States under the
a
(Jan. 10)
rumors, which brought inquiries to banks here from
many centers
Europe and from Mexico, appeared to have been based on two circum¬
stances.
One
the
President
possible
a
should
fall
in
Adjustment Act
order of Aug. 9 1934 was
issue of Aug. 111934, page 858.
The statement
Treasury of Jan. 6 shows that the silver was received
the wide dissemination given on
was
yesterday morning to
somewhat
The
"Times" of yesterday
The
in
ounces,
previously been reported in the 113 millions of fine
it is explained by the Treasury Department that dur¬
ing the week of Dec. 13 a minus adjustment of 850,723
ounces was made, which covered an
accumulation of dif¬
ferences over a period of several months between
estimated
rumors the New York
said:
had
determinations.
Value
Report Thai
Further Devalue*
tion of the
Regarding the
to
Denies
Be
to
to
Executive Order of Aug. 9 1934,
nationalizing the metal.
A
statement issued by the Treasury
Department on Jan. 6
showed that receipts since the order was issued and
up to
Jan. 3 totaled 112,218,570.53 fine ounces.
While the total
of the
conditions in international
foreign exchange."
In Asso¬
Washington, yesterday, it was
the Secretary of the Treasury, upon the approval of the
President, to deal in gold and foreign exchange and such other instruments
2,881.08 Fine Ounces
given in
the
authorized
1,031,666
505,387
year
During the week of Jan. 3
and final
effect
monetary stabilization.
created
I
was
in
957.288
Aug.
9
Aug. 16
silver
continued
1,139.617
Nov.29
content
and in
stabilization
would
appeared on pages
621.682
379.010
836.198
of
the
President
8.
19
unsettled
50% of the old level
Nov.
695.556
Order
and
power
707,095
26
5
12
1,438.681
tion
to
of
5
Silver Transferred
content
iB
972.384
12
receipts during the
by
to-day
1.146.453
Apr.
Apr.
our
action
1.
Apr.
In
dollar
present
25.
320,550
1.430.886
time
same
the authority con¬
of the dollar.
year
gold
;
Nov.
July
July
July
July
844.528
Mar. 15
June 28.«
the
advices
771,743
Feb.
21
755,232
551,402
1,505,625
4
Feb.
Mar.
Ounces
at
the
President had not acted.
authorized the
Week Ended—
Press
Roosevelt's
from
our issue of Dec. 23
1933, page 4441,
Department to absorb at least 24,421,000 fine
ounces of newly-mined silver
annually.
Since the proclama¬
tion was issued the receipts by the mints have totaled
59,560,000 fine ounces, it was indicated by the figures issued
Jan. 6.
Of the amount purchased during the week of Jan.
3,
452,143.66 fine ounces were received at the Philadelphia
Mint, 105,610.12 fine ounces at the San Francisco Mint, and
5,466.34 fine ounces at the Mint at Denver.
The total receipts by the mints since the
beginning of 1935
follow (we omit the fractional part of the
ounce):
another
revalue
noted:
According to figures issued Jan. 6 by the Treasury De¬
partment, 563,220.12 fine ounces of silver were received by
the various United States mints
during the week of Jan. 3
referred to in
for
to
and finance
commerce
Newly-Mined Silver by Mints and Assay
Offices
from
Treasury Purchases Totaled 563,220.12 Fine Ounces During Week of Jan. 3
was
extended
therein
divers respects
Office In the amount of
Receipts of
which
proclamation, powers granted under the
of 1934, President Roosevelt yesterday
$2,000,000,000 stabilization fund.
In his proclamation of
yesterday President Roosevelt said the "emergency" prompt¬
ing the approval of the Gold Reserve Act "has not been
terminated by international monetary agreement or other¬
wise, but, on the contary, continues and has been intensified
$200,572.69 previously reported.
purchases made by the Treasury in accordance with the
President's proclamation of Dec. 211933. The
proclamation,
Act of 1934—Providing For
Dollar—Life of Stabilization
Fund
Act
President
The
8101,607,570.00
by
Reserve
ferred
$212,250.00
--
Reserve
Continued.
Exercising,
101,395,320.00
$31,066,170.93
Total to Dec. 31
Receive d by Treasurer's ottlce:
Week ended Dec. 31
Gold
Revaluing of
Gold Certificates
31,047,017.39
Received previously
Under
dent
ing
the
year
bilization
the
for
an
the
ounce
Nation
that
to counteract
an
and
financial
emergency
the
under
in
circles
abroad
that
the
Presi¬
proclamation within the next few weeks declar¬
a
of
dollar
fund
price of gold, to $41
recollection
have to issue
continuation
of
the
prices resulting from the invalidation of the Agricultural
the Supreme Court.
The other was the belated and
his authority
content
raise
Wednesday [Jan. 8] and
Committee
by
confused
would
suggestion of the
a
he
Gold Reserve
to
set up under
if
continue in
wished
Act of
to
1934
existence the
prolong
to
alter
for
one
the gold
$2,000,000,000 sta¬
the Act.
our
the various mints and assay offices
Jan. 3 as follows:
at
during the week of
The President's
proclamation extending for another
liis powers under the
day,
as
Gold Reserve Act
year
issued yester¬
was
indicated in another item in this issue.
fine Ounces
Philadelphia
New York
1,584.15
San Francisco
627 00
Denver
Seattle
President
162.07
_
Roosevelt
Behalf
357.99
New Orleans
Program
149.87
Opposed to Export
Agriculture—Would Base
of
Production
on
Control
2,881.08
Following are the weekly receipts since the beginning of
(the fractional part of the ounce is omitted):
1935
Week Ended— Fine Ozs.
1935—
Jan.
4
Jan.
11
Jan.
18.
Jan.
25.
Feb.
1.
Feb.
8.
Week Ended— Fine Ozt.
1935—
309,117
535,734
75,797
Week Ended-
62.077
31.
5.252
Oct.
134,096
June
7.
9,988
Oct.
33.806
June
14.
10
5,311
17
11,480
24
100,197
Sept. 13..
Sept. 20
Sept. 27
4.
7,377
1,909
1,619
1,440
2,495
18
45,803
June 21.
9,517
26,002
Oct.
15.
Oct.
25
152,331
June 28.
16,360
Nov.
1
Mar.
1
38.135
2,814
Nov.
8
8
57,085
July
July
5.
Mar.
12.
9,697
Nov. 16
Mar. 15
19,994
July
19.
5,950
Mar. 22
54,822
7,615
July
26.
16,306
Aug.
2.
5,163
Aug.
9.
2,010
9,404
Aug. 16.
Nov. 22..
8,800
Nov. 29
1,289
3,141
Dec.
Dec.
6...
13
4,270
Dec. 20
68,771
Aug. 23.
3,008
Dec.
50,259
7.941
Aug. 30-
5.395
Sept.
1.425
6.
1,497
2,621
22
6,755
3,742
27
2,416
7,131
We
Jan.
3
must
The
press conference
yesterday (Jan. 10),
behalf of farmers,
declaring:
avoid any
soil
our
national
agriculture policy which
will
result
in
the
fertility to foreign nations.
President, in his remarks, which
the
recent
control and soil conservation
farm program.
In part,
him as follows:
He
said
States,
He
he
not
has
to
separately
noted
that
a
think
of
good
many
with
Export subsidies
for
exports
of
added.
all
good
crops,
foundation stones for
a
new
agriculture
from the
viewpoint of
the
48
but nationally.
revived
a
as
Associated Press accounts reported
crops.
2,881 '
Con¬
were an outgrowth
Supreme Court's decision holding unconstitu¬
tional the Agricultural Adjustment
Act, named production
of
25.960
1936-—
Soil
'
indicating, at his
shipping of
10,817
11
Feb.
Apr.
5
Apr. 12.
Apr. 19.
Apr. 26.
May
3.
Fine Ozs.
11.959
in
Farm
his opposition to
export subsidy plans in
President Roosevelt is quoted as
1935—
May
May
May
May
Feb.
Mar. 29
In
New
and
servation
Total for week ended Jan.31936
Subsidy
deal
he
of
old
suggestions for
suggestion
certain
for
crous
farm
relief
are
subsidizing exports of
eventually
means
being
certain
subsidies
for
Because
he
must
of
think
rather than locally, he
would encourage a vast increase
Mr.
agriculture production.
much of a problem
Then the old: Buffalo grass was
Referring to the wheat crop, he said there never was
until
this
with
plowed
dry farming came along.
in many States, aided by the advent of modern
up
result, he said,
He
then asserted
that
principle
the
encourages
The
again because of the
of land
plowing up
the country is going to have a foreign market
by an export Bubsidy.
he stated his belief that the thinking farmers
merchants and commodity exchanges.
has not come to a specific plan but will try
steamship, warehouse, commission
the Administration
He said
for
legislation
some
this session, carrying
at
out the thought of seeking
regulation and retention of soil fertility
farmers.
1
and keeping up the price for the
limited amount of exports
could be subsidized, Mr. Roosevelt
if
a
that if he were a dictator that
remarked
by
reprisals
I
a
am
happy to stand here
finer,
foreign
Government to Be Issue in
President Roosevelt Tells Jack¬
son
Day Diners in Washington—Says Both Su¬
preme Court Opinions on AAA Must Be Studied*
of
Popular
Coming Campaign,
Commenting
Before
The basic issue of the coming
is "the retention of
velt told
audience of 2,100 at a dinner
an
of Jackson
arranged by the
Jan. 8 in Washington, in observance
The dinner was one of more than 2,000
Day.
held
functions
similar
national electoral campaign
popular government," President Roose¬
Democratic party on
United States, and the
various
in
cities
throughout
the
President's speech was broadcast to
The President drew a parallel between the Ad¬
ministration of Andrew Jackson and his own, and said that
the public.
in both
cases
the Executive had been
forced to combat "the
privilege and greed." Referring to the 1936 elec¬
tions, he asked for non-partisan support from "all those,
regardless of party, who believe in retaining progress and
ideals." The chief problem of the next few months, he said,
is that of disseminating authentic information "in the face
of an opposition bent on hiding and distorting facts."
Mr. Roosevelt made only one reference to the Supreme
Court decision, handed down on Jan. 6, which held the
forces of
Administration processing taxes
unconstitutional.
He said that he was unable to render
"offhand judgment" on that ruling without studying care¬
fully "two of the most momentous opinions ever rendered in
a case before the Supreme Court of the United States.
The
ultimate results of the language of these opinions will pro¬
foundly affect the lives of Americans for years to come. It
is enough to say that the attainment of justice and pros¬
perity for American agriculture remains an immediate and
constant objective of my Administration."
The real issue in this country, President Roosevelt de¬
clared, "is the right of the average man and woman to lead
a finer,
a better and a happier life."
He termed Jackson
"the symbol of certain great ideals," since he "sought social
justice and fought for human rights in his many battles to
protect the people against autocratic or oligarchic aggres¬
sion." A Washington dispatch of Jan. 8.to the New York
Agricultural
Adjustment
"Times" described the dinner at which
he spoke in part as
follows:
d- livered at the Mayflower Hotel before
was
each for t'ckets, $5 for the dinner and $45
as a
contribution to the Democratic National Committee.
The speech
was broadcast both to the public and to other parallel dinners, estimated
2,100 persons, who paid $50
While there
leaders
far toward wiping out the Committee's
by the Committee to number more than
was
wide variation in the price
2,000 in various cities.
of tickets for these dinners, party
hoped that the receipts would go
deficit of $400,000.
Cites Jackson's Problems
President Roosevelt sat at a
head table containing more than 60 places,
officials or party leaders.
President sat in the center with Postmaster-General Farley on his
all filled by high-ranking
The
right and Bruce Kremer,
Vice-Chairman of the National Committee, on
his left.
Vice-President Garner sat on Mr.
Mr. Farley's right.
President
based
on
.
Kremer's left and Secretary Hull on
.
Roosevelt opened his speech
with an extemporaneous remark
portrait decorated the menu card.
dinner card to-night," he said, "is the portrait of a man who
the fact that Jackson's
"On our
immortal toast, 'The Federal Union, it must be preserved.' "
President was greeted alternately with cheers and laughter as he
gave an
The
laugh and occasionaly a derisive
description of Jackson's opponents, drawn
employed every vehicle of oratory, gesture,
tone of voce,
to emphasize his
by him in much the same dimensions as he has described those of his own.
Mr. Roosevelt was the only speaker at the dinner except PostmasterGeneral Farley, who,
and introduced
as
Chairman of the National Committee,
presided
the President.
here arranged by the Young
Democrats of America, giving her talk before loud-speakers carrying the
President's voice to this dinner were turned on.
It was estimated at Committee headquarters that not less than 250,000
tickets had been sold for the nation-wide series of Jackson Day dinners,
but no one would guess at the total receipts.
Mrs.
Roosevelt spoke at another dinner
than
confronted Andrew Jackson.
this Democratic meeting in the same language as if
addressing a Republican gathering, a Progressive gathering, a
were
Farmer
Labor
gathering, a gathering of business men or a gathering of
There is nothing that I say here to-night that does
workers or of farmers.
apply to every citizen in the country no
not
matter what his or her
political
affiliations may be.
It is true that we Americans have
and indeed necessary, in
of
one
our
be useful
of opinion and in the demarca¬
received many honors at the
hands of
It is nevertheless true that in the grave questions
United States at this point I, as President of the United
great parties.
the
confront
that
found party organizations to
the crystallization
It is true that I have
tion of issues.
pre-eminently from the American point
Ideals of
To most of us Andrew Jackson
certain great
problems first, foremost
of view.
Andrew Jackson
appropriately has become the
I like the best to think
ideals.
and
symbol of
of him as a man whom the
fundamentally understood. To the masses
open book. They
loved him well because they understood him well—his passion for justice,
his chamiponship of the cause of the exploited and the downtrodden, his.
American deeply and
average
his purposes and his character were an
patriotism.
ardent and flaming
human rights in his many
autocratic or oligarchic aggression.
If at times his passionate devotion to this cause of the average citizen
lent an amazing zeal to his thoughts, his speech and his actions, the people
loved him for it the more.
They realized the intensity of the attacks by his
enemies, by those who, thrust from power and position, pursued him with
relentless hatred.
The beneficiaries of the abuses to which he put an end
social justice and fought for
Jackson sought
the people against
battles to protect
pursued him with all the violence that
the
people of his day were not
political passions can generate. But
They loved him for the enemies
deceived.
he had made.
thousands who had belonged to
Jackson was compelled,
to fight every inch for the ideals and policies of the democratic Republic
that was his ideal.
An overwhelming proportion of the material power
of the country was arrayed against him.
The great media for the dissemi¬
nation of information and the molding of public opinion fought him.
Backed not only by
other parties or
his party but by
belonged to no party at all, Andrew
opposed him. Musty reaction disap¬
traditionalism shook a trembling finger
all were against him—all but the people
Haughty and sterile intellectualism
Hollow and outworn
proved him.
It seemed that sometimes
at him.
of the United States.
Because history so often
fisted and fought for
American, not merely because
the people's rights,
he did as much as any man
voters, knowledge of
analyze further. Andrew
he was two-
repeats itself, let me
Jackson stands out as a great
Adherence by Jackson to
his career,
the part of the
but because, through
in our history to increase, on
public problems and interest
Following the fundamentals of
in their solution.
Fundamentals of Jefferson
Jefferson he adhered to
the broad philoso¬
the average of the voters would be more greatly
for, and helpful to, the nation than decisions made by small seg¬
the electorate representing small or special classes endowed with
phy that decisions made by
enduring
ments of
social or economic power.
great advantages of
difficulty of disseminating facts
combat epithets, generalities,
misrepresentation and the suppression of facts by the process of asking
his supporters, and indeed all citizens, to constitute themselves into in¬
formal committees for the purpose of obtaining the facts and spreading
them abroad among their friends, their associates and their fellow-workers.
I am aware that some wisecracking columnist will probably say that
He, like Jefferson, faced with the grave
to the electorate as a
whole, was compelled to
red-blooded American citizen
Nevertheless, Jackson got
luxurious propaganda but
the street and the man on the farm believed in his
his honesty, and went out and dug up the facts and
good old Jackson no doubt
realized that every
considered himself a committee
because the
of one anyway.
ideals across, not through any
his ideas and his
on
man
ideas, his ideals and
spread them abroad throughout
This Year's Election—Sees
the land.
Rebirth of Interest in
Established Government
dimly conscious of the fact that this year
national election. Sometimes at the close of a day I say to
History repeats—I am becoming
we are
Roosevelt's speech
Mr.
That was the same issue, more
better and a happier life.
a
I speak to-night to
of his countrymen
Retention
to-night and declare to you that the real issue
of the average man and woman to lead
100 years ago, that
Asked
probably could be worked.
governments if American crops were dumped
through export subsidies, Mr. Roosevelt remarked that a large number of
European nations already had quotas on American crops.
about
hearty greetings.
States, must and will consider our common
,
Asked
throughout our 48 States
board ships at sea,
on
President, Andrew
I
did not approve of it.
He conceded that' certain interests naturally would be for it because of
an
increase
in their own business.
He mentioned the transportation,
But
even
Washington, is one of many hun¬
and territorial possessions and
in honor of the memory of a great general and
Jackson.
To all of you I extend my most sincere and
to-night, in the city of
This meeting
dreds being held
be a virtual
It is very attractive, he agreed,
cotton, he said.
is true with
same
My Friends:
Chairman,
before the United States is the right
in for the national agricultural
that if the country goes
export subsidies dust storms will continue and a vast area will
desert in which no one can live within a generation or two.
to say
The
very
a
steadily worse.
getting
arc
machinery.
light soil was turned up and land owners
By plowing up of this land dust storms began and
that
was
started in raising wheat.
in full:
The President's address follows
agriculture nationally
explained his belief that export subsidies
of
227
Financial Chronicle
Volume 142
to have a
election must have been held a dozen years
the bridge, so many great events in
our history have occurred since then.
And yet 34 months, less than three
years, have gone by since March 1933.
History repeats—in these crowded months, as in the days of Jackson,
two great achievements stand forth—the rebirth of the interest and under¬
standing cf a great citizenry in the problems of the nation and an estab¬
lished government which by positive action has proved its devotion to the
recovery and well-being of that citizenry.
myself that the last national
ago—so
much water has rim under
be the platform,
Whatever may
whoever may be the
nominee of the
convention is to be held to decide
these
momentous
questions—the basic issue will be the retention of
popular government—an issue fraught once more with the difficult problem
of disseminating facts, and yet more facts, in the face of an opposition
Democratic party—and
bent on hiding
and distorting facts.
organization, not party
That is why
that
is,
but
I am told that a
an
organization alone, important as
organization among all those,
regardless of party, who
and ideals, is so essential.
in addition to organization, I make this specific recommen¬
believe in retaining progress
That is why,
dation, that each
facts and in
and every one of you who is
spreading those facts
ested in getting at
interested in obtaining the
abroad, each and every one of you inter¬
the truth that lies somewhere
behind the smoke-screen
national campaign, constitute your¬
self a committee of one.
To do this you need no parchment certificate,
to do this you need no title. To do this you need only your own conviction,
your own intelligence and your own belief in the highest duty of the Ameri¬
of charges
can
citizen.
and counter charges of a
.
To act as such a committee
of one you will need only your own
appoint¬
obligation
on your part to carry out the task you have assigned yourself.
You will
have to rim down statements made to you by others which you may believe
ment, an appointment
to be false.
which carries with it some effort, some
You will need to analyze the motives
tions to you, to
of those who make asser¬
make an inventory in your own community,
in order that
228
Financial Chronicle
you may check and recheck for
yourself and thereby be in a position to
those who have been misled
answer
The Commission's recommendations
on
were
Annual Message to Congress
Subsection (f)
of Section
12 of the
security had been admitted prior to March 1 1934
yond June 1
few hours I received
a
of these than at any time since the
critical days of the
I have carefully read those letters and
(a)
more
spring of 1933.
worthy of repeating to you to-night.
The first is that
large number were sent to me by families who evidently heard
a
follows-
"My wife and I want
unlisted
1936
trading
privileges
such terms and
on
prescribed
on
exchange
any
conditions
of
as
necessary
any
be continued be¬
may
as
which
to
the Commission may
or
appropriate for the
protection of investors
or to prevent evasion of the
purposes of the Act.
No expiration date should be
expressly set, but the Commission should
very
continue to have the power to
my message
while grouped together in the
family home.
know now much we
That
by rules and regulations
telegrams and found two facts
are
bring about the termination of this situation
in part or as a whole.
you to
appreciate," &c.—or "The Jones family, gathered to¬
friends, sends you this message of confidence."
our
as
1934 should be amended to provide:
think it will interest you to know that within
night with
made
Securities and Exchange Act
After my annual message to the
Congress last Friday evening, I received
many appreciative letters and telegrams from all over the
country, and I
which
1936
11
those who would mislead.
or
1.
Comments
Jan.
(b)
That securities, the issuer of which has duly registered any other
security on an exchange pursuant to Section 12, may, during the period
In other words, as
greatly and perhaps even more greatly than on any
when such other registration is
effective,
other occasion since I have been in the White
House, I have the definite
exchange in accordance with such
feeling that what I have said
be admitted to trading on any
may
nation received
a
responsive,
in the homes of America.
about the great problems that face us as a
appreciative and
an
This
means a
lot to
an
understanding
and manufacturers.
ciate and
are
come
change Act.
from business men, storekeepers, bankers
The gist of their messages to me is that they appre¬
grateful for my statement that it is but
and finance that would
minority in business
a
"gang up" against the people's liberties.
I reiterate tnat assertion
to-night.
By far the greater part of the business
industrialists and other employers of the nation seek no special ad¬
men,
vantage; they seek only
an
am
naturally grateful for this support and for the understanding
on
their part that the government of the United States
seeks to give them a
square deal and a better deal—seeks to protect them and to save them from
being plowed under by the small minority of business
against whom I shall continue to wage war.
We
can
men
be thankful that people in all walks of life realize
that government is a
living force in their lives.
and financiers,
more
and more
They understand that tne
value of their government
depends on the interest whicn they display in it
and the knowledge they have of its
policies.
A government can be
on
better than the public opinion that sustains it.
no
I know you will not be
surprised by lack of comment on my part to-night
the decision by the Supreme Court two
days ago.
I cannot render off¬
hand judgment without
studying, with the ustmost care, two of the most
momentous opinions ever rendered in
United States.
a case
before the Supreme Court of the
The ultimate results of the
language of these opinions will
profoundly affect the lives of Americans for
years to come.
It is enough to
that the attainment of justice and prosperity for American
agriculture
say
remains
immediate constant objective of my Administration.
an
The Commission should thereupon proceed expeditiously to perfect
regulations and a program of administration designed to make effective for
all
securities traded on an unlisted basis on
exchanges, requirements con¬
cerning adequacy of public distribution, degree of local trading activity
to be supplied and other
requirements necessary to assure a necessarily
functioning market
must the
so
leadership of this
era
citizens,
There
was
something of the eternal
The destiny of youth became the destiny of
distribution,
Tasks
land
immediately before
As
no
the
temper of the people,
party of reaction,
and faith of chat spirit.
the
responsibility
and
men
We
of
a
no
enjoy
sole
can
peace with the
world; but the fight goes on.
geographic.
our
own
young
Our enemies
are
Our frontiers of
the forces of
privi
us
to-night.
May
life.
by those who
That end being attained,
exchange.
of management,
would
be
furthered
by the creation of
are
tion.
From the Washington advices Jan. 3 to the "Times,"
not
now
quote further
mandatory, and possibly other informa¬
follows:
as
demonstrating
that
unlisted trading represented
a
substantial per¬
centage of all activities in security issues, the Commission said that it
permitted
on
Curb Exchange the primary market for such
activity.
in on that basis on the New York Stock
Exchange.
said 1,370 issues of stock,
issues
of
trading,
was
16 of the 23 national security exchanges, with the New York
No stocks
bonds
of
involving
securities
total of 1,875,291,931 shares, and 564
a
$6,882,396,436
while listed
dealt
are
Commission
face
value
include
2,645
admitted
are
issues
unlisted
to
of stocks,
involving
total of 2,158,464,297 shares, and 1,681 issues of bonds of $25,426,422,544
face amount.
Of the total of unlisted securities,
753 issues of stock, involving 600,-
015,527 shares, and 522 issues of bonds of
are
dealt in
face value of $6,381,S43,636
a
the New York Curb.
on
Commission
then
presented
analysis
an
and against continuance of unlisted trading.
thzt if unlisted
trading
was
of arguments
made for
One of its conclusions
terminated at this time, before the
market problem was solved, many
over
was
the-
of the securities would go over
the counter.
"Thus," it added, "until
some
effective
means
is devised to
traded
are
over
the
bring about
the
counter,
problem of obtaining information concerning securities admitted to unlisted
trading will not be solved by termination of that privilege."
The theory of the Commission as expressed in its report also is that
The President's annual
Jan. 4 issue, page 16.
once
Message to Congress
was
given in
our
Trading Priv¬
ileges Beyond June 1 Urged
trading privileges
on
the question whether
organized exchanges
on
or
a
security should
over-the-counter market
oe
was
con¬
dealt in
one
which
the public interest dictated under the circumstances presented.
As to the alleged manipulative abuses in unlisted securities, the Com¬
mission said that since the
York in
1933
of the
investigation by the Attorney-General of New
New York Curb
hundreds of issues by that
and
"the consequent
expulsion of
Exchange, the evidence for the period since then
is, in the judgment of the Commission, inconclusive."
report submitted to Congress
Commission
system is devised whereby adequate information is obtained
a
cerning all securities,
only
Recommendations by SEC to Congress on
Trading in
Unlisted Securities—Continuance of
Exchange
an
which
registration by issuers whose securities
We will not retreat.
on
Jan. 3, the Securities
recommended
that
unlisted
national securities exchanges be
con¬
tinued beyond June 1 1936, the date fixed in the Securities
Exchange Act of 1934 for the termination of such trading.
Declaring that unlisted trading was closely interwoven with
the
information
be
the authority, would be to
require by regulations that issuers
furnish to stockholders reports at least once a
year and profitand-loss statements certified by independent accountants,
glory and the justice of his rugged
ment.
a
an
there
furnished
In its discussion of continuance of unlisted
trading the
Commission indicated that its purpose, if Congress gave it
counter
borders.
double portion of Old Hickory's spirit be upon
fearless
In
on
that
now
exchange market.
fulfil the hope
The people of America know the heart and the
purpose of thtir govern¬
and
end
exchange market, where the public interest, not subjected to the
an
control
The
be inspired by the power and the
and
particularly the temper of
candidates of reaction
It is the sacred duty of us who are vested with
are economic, not
May
the
to
the Commission should then be
empowered to prescribe terms and condi¬
under which the securities of these issuers should be
permitted to
a
leadership to justify the expectations of the
lege and greed within
we
perfected
tions
of America.
women
are at
to-day
conquest of the frontier
necessary to the fulfilment of that destiny.
I understand
youth,
us are as arduous as the
The nation is still young, still growing, still conscious
Enthusiasm and the intelligence of the youth of the
high destiny.
are
be
have registered their securities
Taking into account all national security exchanges, the
hundred years ago
of its
should
supplied by these issuers comparable to that
America.
a
a program
(3) The existing power of the Commission to bring about adequate
reporting by issuers of substantial size, whose securities have a wide public
we
do its utmost to encourage and sustain
widespread interest in public affairs.
youth in the spirit of Jackson.
as
Such
(a), Section 12 (f) and Section
19 (b) of the Securities Exchange Act of 1934.
In
Jackson roused the people to their fundamental duties
as
such exchanges for such securities.
on
could be put into effect pursuant to Section 6
Widespread Interest in Public Affairs Urged
Just
*
(2)
equal opportunity to share in the benefits and
the obligations of government.
I
by rules and regulations prescribe as necessary or appropriate for the
protection of investors and to prevent evasion of the purposes of the Ex¬
answer
me.
The other interesting fact about these letters and
telegrams is the very
great number of them that
terms and conditions as the Commission
problem of control of the over-the-counter market, the
The Commission gave recognition to the argument that termination
abruptly of unlisted trading might lead to a considerable degree of dis¬
organization during which impairment of values would occur, an im¬
pairment
that
might
extend
listed
to
even
out that whereas unlisted securities have
tions of the Federal Reserve Board,
a
It
securities.
loan value under
also
pointed
margin regula¬
they would lose this if shifted to
over-
the-counter.
The belief also
was
expressed that many securities, if unlisted trading
terminated, might seek listing
was
on
the New York Stock Exchange
on
the ground tnat thus the maximum of benefit would be obtained.
Commision asked that its existing
power to obtain effective
reports concerning securities dealt in on that market be
amplified.
This was noted in advices from Washington
Jan. 6 to the New York "Times," which in
mission said, "which such a concentration would
cause, it would be unfor¬
Commission's recommendations added in
part:
&c.
indicating the
It
presented
to
Congress for its
suggestions which had been made
consideration
to it to deal with
a
order
that
trading in
point where it would
mission
also
would
in all securities of
an
unlisted
be harmful
permit,
under
securities
to
and
discussion
not
of them at this
be reduced
exchanges, the
unlisted
obvious loss to
to
Com¬
trading
issuer that had registered
any of its securities
on
an
exchange.
Would Prevent Disturbance
the smaller
exchanges," the Com¬
The centralization of trading would involve loss
and extra expense in the form
of insurance,
over
the movement of
capital in the nation,
lengthy report the Commission reiterated its belief that
"securing
registration of over-the-counter securities is of the utmost importance,"
and that* the attainment of that objective should be
sought when ways and
Taking
up
the over-the-counter situation,
while registration of securities dealt in there
could be devised which would not
cause
too great a disturbance in
the exchanges, was "extremely
as
the
Commission
well
as
The Commission also reported to Congress that its
reports on the ques¬
tion of segregation of the functions of broker and dealer and on
reorganiza¬
tions and protective committees had not yet
been completed.
In regard
latter, the SEC said that it expected to file with
Congress by Feb. 20
recommendations for legislation.
to the
said
that,
of unlisted securities
desirable," the task of "bringing about
regisiration is equally difficult for each."
"But it should be
An
i
impression of the
vastness
of the
over-the-counter activities,
Commission said, could be obtained from its studies.
it
stated,
11,815 corporations with capitalization
reported
to
appeared
the distribution and dealing in securities.
tendency whicn
emphasized," the Commission added, "that securing
registration cf over-the-counter securities is of the utmost importance in
and of itself, irrespective of whatever solution
may be devised for the prob¬
a
means
a
reason to
lem of unlisted trading."
In
cost of remittances,
It would likewise tend toward the further concentration in New York
believe the New York Stock Exchange recognizes as
being
fraught with serious complications."
on
regulations,
the
tunate in otner respects.
of time
there is
might
to
various
registration of over-the-
the smaller
certain
addition
of control
counter securities, but said that it did not
recommend any
time as the solution.
In
"In
as
the
Bureau of Internal
There
were
of $1,000,000
Revenue, and of these
in
or
about
the
1932,
more
1,800
issuers of securities which had registered on national securities
exchanges.
"While
of the
10,000
remaining
a
number
corporations for the securities of which
isted, the Commission felt it
had
one or
more
was
fair to
security issues which
no
were
were
doubtless
over-the-counter
assume
that "several
closely held
market
ex¬
thousands"
dealt in over-the-counter,
Financial
Volume 142
Quotation Bureau, the report said,
National
The
had reported over-
Stating that the Commission had from the
first recognized that one of
in the over-thecounter market, the Commission said that most plans suggested to it had
been based on the proposal that brokers and dealers be prohibited from
tasks was to obtain registration of securities
its primary
Prohibited From Entering American
existing law, but is limited to sub¬
11, entitled "Submarines
Section
Waters," is in substance the same as
90,000 issues.
the-counter quotations for some
229
Chronicle
/
13, entitled "National Munitions
Section
tially the same as the provision in the
made mere positive
Control Board," is substan¬
existing act, except that it
has been
and definite.
Termination of Treaties," is an
It has been contended by some foreign
commercial treaties come in conflict with this
16, entitled "Modification or
Section
dealing in unregistered securities.
countries.
marines of belligerent
entitely new provision of law.
Might Cause Confusion
Commission,
The
program
indicated the belief that such a forthright
however,
might work to the disadvantage
confusion.
governments that existing
of investors and cause much
Still another suggestion, it
said,
tnat the Federal Reserve
was
Board,
modifying its margin rules, should permit some degree of
over-the-counter securities for which the issuer has
extension of credit on
filed
registration.
a
Of this policy the Commission appeared
suggestion
Another
the Securities Act
for issuers who
was
doubtful.
under
that the requirements for disclosures
of 1933 for new financing might be made less onerous
had registered on the exchanges or in the over-the -counter
markets, or that issuers who
Of this
and one that could not be regarded as
disturbing the normal operation of corporate enterprise."
"The Commission," the report said, "is not now recommending any of
these suggestions as the solution for tne problem.
It nas convassed tnose
suggestions that have oeen made, seeking briefly to point out such merits
the
Commission^
such commercial treaty.
the liberty to terminate
then he has
provisions of the Nye-Clark-Maveriek bill a
Washington dispatch of Jan. 5 to the New York "Times" said:
As
the
to
The arms embargo applies
(1)
and not merely "during the
war
automatically upon the outbreak of any
progress' of war as in the Administration
bill.
materials this bill establishes a definite
It differs also importantly in
the delivery of such quotas in foreign
President to ask Congress to apply further
In regard to export of key war
(2)
quota based on a 5-year pre-war average.
expressly denying any obligation as to
It also instructs the
States.
restrictions in case the export of quotas
Commission believes they may possess.
instead of now advocating one solution to the
American vessels to travel througn zones
(4) This bill expressly forbids
certain well-regulated exceptions.
belligerent operations, with
of
certain."
more
solely at the risk of a foreign
Congressional Committees Speed Action on Adminis¬
tration's Permanent Neutrality Bill—Another Mea¬
Sponsored by Senator Nye, Contains More
Mandatory Provisions
An Administration
neutrality bill was introduced in both
Jan. 3, immediately after Congress
convened, and action on the measure was rushed this week.
Committees of both the House and Senate held executive
sessions on Jan. 8 to discuss the various neutrality proposals
and to consider means of expediting the Administration bill.
Another neutrality bill was introduced on Jan. 6 by Senators
Nye and Clark and Representative Maverick.
This bill is
even more rigid in its provisions than
the Administration
plan, which was sponsored by Senator Pittman and Repre¬
sentative
McReynolds.
The Administration bill would
direct the President to declare an arms embargo "upon the
outbreak or during the progress of any war," while the other
bill would make the direction apply upon "the outbreak
of war between, or among, two or more foreign States, or if
is in progress on the date of enactment of
Senator Pittman on Jan. 3 made public the
war
analysis of the Administration's
all neutrality legislation
war
following
Permanent Neutrality Bill:
contains
and repeats the former act.
against the export of arms,
The embargo
of
this act."
bill to-day introduced by me in the Senate
The Administration
and other articles and
ammunitions, and implements
materials in excess of normal exports to bel¬
It is also mandatory to extend
become belligerents.
This was the intent of the former act, although in the former act the word
"may" was used.
In the present act the wmrd "shall" is used.
In determining the normal exports of articles and materials other than
arms and munitions and implements of war. the President is granted the
authority to fix such period or periods for the determination of the averages
and to use such other methods as he may deem necessary to determine
and permanent.
ligerents is mandatory
such embargoes to
other countries as and when they
such fact under such
It is
for goods to be shipped to
laid down, but there
tion of various
a
complex problem no fixed rules had been
should be more flexibility permitted in the determina¬
This bill penalizes the misuse of the
(6)
belligerents
of merely, in
American flag by belligerent
The penalties provided for violations are
(7)
$100,000 and ten years'
and 5 years' imprisonment.
(8) The Munitions Board has been given powers to make its
financial transactions with belligerent governments,
within the United States to purchase or
regulations
effective.
*
560 New Bills In House On
Opening Day of Congress—
Only One Introduced in Senate
I
Although only one bill, the Pittman neutrality measure,
introduced at the opening session of the Senate on
was
Jan.
3,
flood of measures went into the House
a
hopper, said
dispatch from Washington on that date to the New York
"Times," which, in part, also said:
Headed by the Vinson bill for immediate cash payment of the bonus and
the McReynolds neutrality bill, similar to the Pittman measure, between
00 and 70 public and more than 500 private. bills were introduced in the
a
House, bill clerks said
late this afternoon.
the bills were four offered by Representa¬
Lamneck of Ohio, Hook of Michigan,
of the much-criticized potatoleast five other bills to this effect were said to be in
Among the most interesting of
tives
of
Edmiston
Reed of
and
New
law.
control
At
Virginia,
West
York, all aimed at repeal
and Administration support was regarded as possible.
Representative Treadway of Massachusetts introduced a resolution
preparation
ing the
the
of
Gold
for
of
Congress on the operations
fund, which have been vailed in secrecy.
The
of gold purchased under the
1934, the price, the amount stored, the expenditures
stabilization
Reserve Act
storage
the
of
facilities and their location, the increase in
policy.
the price of gold
inception of the purchase program, the ratio
the rest of the world, and the results of
...
modified version of his bill for
Representative Jones of Texas put in a
appropriation of $40,000,000 for farm loans, and Representative
New
York introduced Senator
O'Mahoney's substitute for the
the
sections of the National
A
.
direct¬
calls for information on the amount
foreign countries since the
United States reserves to
in
.
.
Secretary of the Treasury to report to
gold
resolution
on
Mead
code
Industrial Recovery Act.
forbidding the Supreme Court
bill
passing
normal exports.
Section 4, dealing in
government or national, instead
the risk of our own citizens.
vessels.
of
rules and regulations as he may make.
obvious that in such
the President's discretion, at
imprisonment instead of $10,000
the House and Senate on
such
belligerents are definitely
bill commercial credits to
(3) Under* this
restricted.
(5) This bill makes it mandatory
sure,
jeopardize our neutrality.
Commercial Credits Restricted
exlcusion
of another, the various suggestions should be presented to the Congress in
the hope that public discussion of these suggestions would make judgment
as to the desirability of one as against the other, both by the Congress and
"It believes that,
conflict between such
eliminated; and it is further provided that if the
modification with any such government,
President is unable to obtain any
gradual approach to the proolem
and demerits as the
authority to negotiate
treaties to the end that any
treaties and this act may be
did not register might be asked to make periodic
1933 Act.
program, the Commission said: "It would have the merit of
reports under the
a
grant the President
such existing commercial
deemed
modifications of
this construction, it has been
While the Administration denies
advisable to
<
by regulations
embargo act.
the constitutionality of
an
or any other Federal court from
Act of Congress was proposed by
Representative Cross of Texas.
'
1
"■
111
•
-
makes it unlawful for any person
of the government of any bel¬
ligerent country, or of any public subdivision thereof, or of any person
acting for or on behalf of such government, or to make any loan or to extend
sell bonds,
securities or other obligations
government or person.
So far, this provision is mandatory.
There is a provision, however,
added to this section, permitting the President to "except from the opera¬
tions of tnis section ordinary commercial credits and snort time obligations
any
Bonus
legal transactions and
the section shall not
existing on the date
Section
5,
of
a
character customarily used in current
provides that
of indebtedness
There is also another exception which
commercial business."
apply to the renewal or adjustment
of the President's proclamation of war.
&c., expressly provides
shall apply equally to all belligerents unless the Con¬
entitled "application of embargoes"
that such embargoes
President, shall declare otherwise.
Section 6, entitled "American Vessels Prohibited from Carrying Arms,"
&c., makes it unlawful for such vessels to carry arms, ammunitions, or
implements of war to any belligerent country named therein or to any neutral
country for transshipment to, or for the use of, such belligerent countries.
It also makes it unlawful for such vessels to carry other articles or materials,
the export of which is prohibited under tne act.
Tnis section is also
gress,
Section
Immediate
of
for violation of tne embargo, prohibition
Payment
Measure Would
$1,000,000,000.
over
publican) of Massachusetts to return the bill to committee
under instructions to require payment with unexpended
relief funds.
Id Associated Press accounts
from Washington yesterday
(Jan. 10) it was stated:
Prompt
consideration of the cash bonus issue by the Senate Finance
Committee was
promised by the Chairman, Senator Harrison,
Mississippi.
of
(Democrat)
.
Unless pressure
for the House bill is too great, the Committee was con¬
sidered likely to amend
7 provides penalties
Calling For Payment of
By a vote of 356 to 59 the House of Representatives
passed yesterday (Jan. 10) the "United front" bonus bill
providing for the payment of $3,500,000,000 to World War
veterans.
Just before final passage, the House defeated by
319 to 89 the motion of Representative Treadway, (Re¬
with tha approval cf the
mandatory.
By House
Passed
Front"
Make
credit to any such
in aid of
Bill
$3,500,000,000—"United
the measure or vote out a less liberal one of its
realizing that President
own
Roosevelt is opposed to full payment at this time.
and restriction.
Section 8,
entitled "Transactions of
tne
bel¬
countries, or persons residing therein, even as to legal exports,
the President shall find from the facts that such requirements are
ligerent
when
States and
the safety of the lives and commerce of our citizens, and shall so proclaim.
Section 9, entitled "Travel by American Nationals on Belligerent Ves¬
sels," in substance is the same as existing law, but in addition thereto
prohibits the issuance of passports for departure from the United States
necessary
on
in aid of the
protection of the neutrality of the United
belligerent vessels.
Section
10, entitled
similar to existing
law,
and certain.
*
Supply," is
but has been strengthened and made more definite
"Use of American Ports as a Base of
conferences,
Hurried
Belligerents," is a new and important
provision of law.
It requires nationals of tne United States to assume
risk of commercial transactions with tne governments or nationals of
involving
a
bond-redemption
administration quarters on the Senate side
to consider
The
Committee wrs summoned to meet on Mcnday after¬
the bonus issue.
proposal advanced in the effort of the Democratic leaders to
the White House a
to
in
understood to include leaders of the major veteran organizations.
The Senate Finance
noon
opened
Senator Harrison reported "progress" in negotiations,
House had voted.
which are
plan,
of the Capitol soon after the
embrace
full payment in
bonds, however, to
send to
bill which President Roosevelt would sign was reported
Government bonds—rather than cash—the
be made payable in cash on demand.
concluded debate on the new bonus
approved by three leading veterans' organizations,
providing the immediate cash payment of between $1,000,The House on Jan. 9
bill,
230
Financial Chronicle
000,000
and
$2,000,000,000, but failing to specify any
obtaining the necessary funds.
Little oppo¬
sition to the measure was evident in the House, and it was
anticipated that the bill, with minor amendments, would be
approved by the end of this week.
Inflation leaders in the
House sought to add an amendment providing for currency
expansion, but Republican speakers on Jan. 9 assailed this
proposal.
On the same day the House, by a vote of 148 to 0,
approved a rule permitting four hours of debate on the bill
and freedom to offer amendments.
From the Washington
•account Jan. 9 to the New York "Herald Tribune" we take
exact manner of
the
following:
AU the ranks of scattered Democratic opposition,
tan
Representative Hat-
Summers, of Texas, stood out when he said he did not oelieve the
veterans realized the fuU significance of action and its threat to
Federal
finances.
In order, the House
rejected the following amendments:
By Representative Hamilton Fish Jr.,
Republican, of New York—To
pay the bonus out of the $2,000,000,000 stabilization fund before its expira¬
tion Jan. 30; ruled out of order.
By Republican Allen T. Treadway, Republican, of Massachusetts—To
the bonus from unallocated
pay
or
available relief funds, chiefly from the
The Railroad Retirement Act of 1934, based upon the
Commerce Clause of the Constitution, was dec ared uncon¬
stitutional by Chief Justice Wheat in the Supreme Court
of the District of Columbia and by the Supreme Court of
the United States in
and
issue of May 11 1935,
page 3109.
It is pointed out that Congress, declining to
follow the suggestion of the President and the AttorneyGeneral for the appointment of a commission to fully investi¬
gate the whole question of railroad pensions, passed two
laws to meet the lack of power under the Commerce Clause.
One Act levied an excise tax on the railroads of 3^% of
>he compensation, not in excess of $300 per month, paid by
them to employees, and an income tax on each employee of
^^2% of his compensation not in excess of $300 per month.
The other Act, passed the same day, established a retire¬
ment system for railroad employees reaching 65 years of age,
with a maximum pension of $120 per month.
The text of
the 1935 law appeared in these columns Sept. 21, page 1837.
As to the action just brought, it is stated by the Association
of
A similar but
specific amendment to pay the bonus out of the $4,000,-
more
000,000 fund.
Defeated vive
voce.
Republican,
of New York—To
Meanwhile,
paid their bonus.
Senator Elmer Thomas,
Defeated vive
voce.
Democrat, of Oklahoma, without
awaiting final House action, introduced to-day the inflation amendments
he had announced he would offer to any bonus legislation placed before the
Senate.
.
;,
...
,
.
..
.
••
■
.
■
the pensions.
two
acts and
the funds is
he
regards
the profit of the government in
as
purchase
the
of
silver if and when the valu9 of silver reaches the $1.29 an ounce maximum
price authorized by the Silver Purchase Act.
000
or
more,
The remainder, $1,250,000,-
would be in the form of currency backed by free gold in the
Treasury, of which ho contends there is ample for the purpose.
As
fourth and last resort,
a
followed
not
by the
in the event the currency issue method is
Administration,
and
bonus would
The first
the banks would be secured by government bonds,
appropriation
of present veterans'
of
$100,000,000
paid
he will receive
such person
annually,
to run for 20 years,
about
or
the
He
estimated the government would save over the 20-year period $1,500,000,000
The Thomas plan is said to have been
laid before President Roosevelt and
designated by the latter as "ingenious" in the course of
Thomas had at the
White
been presented also to
House to-day.
conference Senator
Henry Morgenthau Jr., Secretary of the Treasury.
The so-called "United Front" bonus bill
approved by
the House Ways and Means Committee on Jan. 6.
On
Jan. 7 the measure, backed by Representatives Vinson,
Patman and McCormack, was reintroduced in the House,
with a revision which abolished the provision for refund of
interest already paid to banks by veterans who had bor¬
rowed on their adjusted service certificates.
Representative
Patman said the revision would not affect more than $10,000,000 worth of interest.
A Washington dispatch of Jan. 6 to the New York "Times"
summarized the provisions of the measure as approved by
the Ways and Means Committee as follows:
It calls for
was
immediate cash payment to those who want their money,
an
while those who do not care to cash their adjusted compensation certificates
would be permitted to
In
hold them until maturity and receive interest at 3%.
the Senate, where the
Senators Byrnes and
majority is said to favor the bill drafted by
Steiwar, which changes the maturity date to 1938,
thereby automatically raising the loan value of the certificates to about
98% of the face value, the bonus leaders reached a decision to defer action
House acts.
until the
Then
compromise
a
may
be worked out and the
bill speeded to the White Hous3 for the approval or the veto of the President.
decision
The
delay of the
on
Senate plan came after
Senators Clark,
Byrnes and Steiwer had conferred with officials of the various veterans'
The veterans
groups.
are
are
opposed to the Byrnes-Steiwer proposal and
seeking to bring about an acceptance of the "united front"
measure
by
the Senate.
The position of
the President remains to be disclosed.
the Democratic Leader, said to-day that
he had
no
appointment to discuss
the bonus situation with the President, but added that
to my
satisfaction."
Senator Robinson,
'/matters
are moving
He is in favor of paying the bonus and getting it out
of the way as soon as possible.
A development on the
to
of Texas,
was
was
held to
remove an
obstacle
the decision of Representative Patman
author of the "currency expansion" Bonus Bill, to get behind
the "united front" bill.
to
House side, which
quick passage by that body,
He addressed
a
The
"united front"
no
way
of financing the
bonus pay¬
Mr. Patman's aim, it was said, may be to get the payment author¬
ments.
ized first and then seek to have his "new currency "plan of payment adopted.
a
case
Filed in Supreme Court of District of
to
Test
Action
Suit
Columbia
Validity of 1935 Railroad Pension Law—
Brought by Class I Roads
test
the
constitutionality of the 1935 Railroad
pension legislation enacted by Congress was filed in the
Supreme Court of the District of Columbia on Jan. 7 by
135 Class I roads, including 32 in receivership or trusteeship,
the Pullman Company and two express companies, against
the
to
Railroad
Retirement Board and the Commissioner of
Internal Revenue.
helpful
effective date of the Act, and therefore the
injunction.
days and the
restraining order or for an interlocutory
procedure will be for the Retirement Board to answer in 20
will than be tried.
The
being handled for the railroads by a Committee
is
case
composed of R. V.
of Counsel
Vice-President and General Counsel of the
General Counsel, Southern
Fletcher,
Association of American Railroads; S. R. Prince,
Co.;
Aronson,
S.
S. Alderman,
Vice-President,
and
General
Solicitor,
Southern
Lines: E.
&
Nashville
Counsel,
Louisville
RR.
Co.;
Counsel, Northern Pacific Ry. Co., and E. E. Mc~
General Counsel, Atchison, Topeka & Santa Fe
Innis,
Ry. Co.; Jacob
S. Jouett,
New York Central
Law,
General
D. F. Lyons, General
Ry. Co.
U. S. Supreme Court in 6 to 3 Decision Declares Uncon¬
stitutional AAA—Processing Taxes Held Invasion
of
State
Rights—Decision Given
in Hoosac Mills
Case
Another of the Administration's "New
Deal" legislative
Acts has been rejected by the United States Supreme Court,
which on Jan. 6, in declaring the Agricultural Adjustment
Act unconstitutional, held the imposition of processing taxes
under the law to be an invasion of State rights.
Supporting
this view
were
Chief Justice Charles E. Hughes and
Justices Willis Van Devanter, George
Associate
Sutherland, James C.
Mc Reynolds, Pierce Butler and
the conclusions of the majority.
Owen J. Roberts, who read
Associate Justice Harlan F.
Stone dissented, with Associate Justices Louis D. Brandeis
and Benjamin N. Cardozo concurring.
The decision was
given in the suit brought by the Hoosac Mills Corp. against
the United States to avoid payment of $81,694 levied against
it for cotton processing and flour taxes.
On July 16 1935
the United States Circuit Court of Appeals in Boston handed
holding unconstitutional these
Court, which upholds the ruling of the
Circuit Court, declared as follows regarding the Act:
Imposed under the Act are processing taxes on wheat,
cotton, corn, hogs, rye, tobacco, sugar, peanuts and rice.
It is pointed out in the decision of the Supreme Court that
the Secretary of Agriculture "is not required, but is per¬
mitted, if, in his uncontrolled judgment, the policy of the
Act will so be promoted, to make agreements with individual
farmers for a reduction of acreage or production upon such
terms as he may think fair and reasonable."
In its con¬
clusions the High Court said:
down
a
decision in the case,
The Supreme
taxes.
The Act invades the reserved rights of the
States.
It is
a statutory plan
regulate and control agricultural production, a matter beyond the powers
delegated to the Federal Government.
The tax, the appropriation of the
funds raised, and the direction for their
disbursement, are but parts of the
plan.
They are but means to an unconstitutional end.
The government asserts
Suit
It is thougnt the Agricultural
expressed the hope that the case may be decided
its merits before March 1, the
The
to
bill provides
the whole plan is one of spoilation and con¬
and not taxation.
Counsel for the railroads
bill does not ask for
letter to supporters asking them
join in backing it.
regardless of how
plaintiffs in this case.
Vice-President
a
The details of the plan have
pension when he reaches 65 years of age
shall have been entirely out of railroad service.
The railroads allege that
Ry.
in interest.
regardless of cause of
in service at the date of passage of the
and with any service period and for any cause,
Adjustment Administration decision, while not controlling, will be
amount
bankers' profits out of the bonus."
a
a person was
any age
fiscation of their property
on
The outlay of
Also, if
law, and quits at
by the
certificate fund obligation, would be made to retire
Senator Thomas said, to "take the
,
acts as a pension system have many of the
unconstitutional features as the 1934 law.
Among others it pays a
the discharge.
The securities would be non-interest bearing and designed.
these bonds.
estimated this will increase until for the year
The bill charges that the two
Federal Reserve banks, which would be reimbursed only in th9 amount of
an
payment by th9 railroads under the law, it is aUeged,
year's
1960 it will amount to $269,000,000.
to the
be
the service charges necessary for handling the operation.
and
through the United States Treasury
pension to discharged employees when they reach 65,
Second, he would issue silver certificates in the amount of $700,000,000
sum
It charges that the separation of the
of passing
accomplish the payment of a pension, which the
war
risk insurance funds in the Treasury.
the
device to
of general
raised by the tax on
Supreme Court has declared could not be lawfully done.
,/
$250,000,000 availavle in the United States
their employees.
the scheme
a
will b8 $58,000,000, and it is
same
amounted to about
furnish funds to pay
Also that the Retirement Act is not a disbursement
government funds, but is a distribution of the funds
First, Senator Thomas would appropriate $2,500,000,000, using what he
said
Tax Act is not to create revenue for the
support of the Government, but its true purpose is to
the railroads and
By Representative Vito Marcantonio,
prevent relief funds to be used in payment of the bonus or loss of relief
status to veterans who are
American Railroads:
The bill of complaint charges the
telkr count of 116 to 48.
By Representative William M. Whittington, Democrat, of Mississippi—
decision rendered in May 1935,
a
the text of that ruling was given in our
$4,000,000,000 appropriations by two votes—a division of 118 to 43 and
a
Jan.
of the
that whatever might be said against the validity
plan, if compulsory, it is constitutionally sound because the end is
There are two sufficient answers
accomplished by voluntary co-operation.
to the contention.
The regulation is
not in fact voluntary.
refuse to comply, but the price
amount offered is intended to be
to
the
proposed regulation.
The
The power to confer or withhold unlimited
destroy.
If the cotton grower elects not
the benefits he will receive less for his crops ; those who receive
him.
The result may well be financial
The coercive purpose and intent
of the statute is not obscured by
payments will be able to undersell
ruin.
may
sufficient to exert pressure on him to agree
benefits is the power to coerce or
to accept
The farmer, of course,
of such refusal is the loss of benefits.
the fact that it has not been
perfectly successful.
Financial
Volume 142
because there still remained a minority whom the
insufficient to induce to surrender their
It is pointed out that,
rental and benefit payments were
independence of action, the Congress has gone
Cotton Act,
head
fashion
to
to expose
Act.
further and, in the Bankdirectly mandatory
used the taxing power in a more
fully
This progression only serves more
compel submission.
the coercive purposes of the so-called tax
imposed by the present
...
would stand no
for
with Federal funds submission to Federal regulation of a subject
But if the
better
so
plan were one for voluntary co-operation it
far as Federal power is
purchasing
concerned.
At best it is a scheme
reserved to the States.
It is said that Congress has
to executive officers
ment and
the undoubted right to appropriate money
for expenditure under contracts
individuals;
.
.
.
between the govern¬
But appropriations and expenditures
231
Chronicle
under
governmental purposes cannot justify contracts which
within Federal power.
And contracts for the reduction of acreage
Spectators Crowd
Court Boom
•
Justice Stone's reasoning would be
that of a majority, and, were the Court differently manned, it might well
be.
But to-day's majority decision makes it evident that, as now consti¬
tuted, the Court has turned its thumbs down on the Stone-Brandeis-Cardozo
school of flexible interpretation of the rights of Congress.
While to-day's decision stopped the flow of processing taxes into the
Treasury, and exposed to suits for collection the taxes already collected
and distributed, it did not specifically determine the status of over 200
millions in these levies now held impounded by the courts.
Thes3 may be
released to processors as a result of a decision in the injunction case of the
Louisiana Rice Millers, now before the Court.
had hoped that
The Administration
Elsewhere
text of the Supreme
give in full the
we
Court
decision.
contracts for proper
are
not
and the control of
production are outside the range of that power.
An
the United States under contracts calling
for violation of a State law clearly would offend the Constitution.
.
.
.
We are not here concerned with a conditional appropriation of money,
nor with a provision that if certain conditions are not complied with the
appropriation shall no longer be available.
By the Agricultural Adjustment
Act the amount of the tax is appropriated to be expended only in payment
under contracts whereby the parties bind themselves to regulation by the
Federal Government.
There is an obvious difference between a statute
stating the conditions upon which moneys shall be expended and one
effective only upon assumption of a contractual obligation to submit to a
regulation which otherwise could not be enforced.
.
.
.
Congress has not power to enforce its commands on the farmer to the
ends sought by the Agricultural Adjustment Act.
It must follow that it
may not indirectly accomplish those ends by taxing and spending to pur¬
chase compliance.
The Constitution and the entire plan of our government
negative any such use of the power to tax and to spend as the Act under¬
Supreme Court Stays Seven Suits
Public Utility Holding Company Act at
Request of Government—Utilities Must Wait Ac¬
tion of IJnited States Supreme Court in Electric
District of Columbia
Against
appropriation to be expended by
takes to authorize.
declare that local conditions throughout
It does not help to
the nation
but to say that
whenever there is a widespread similarity of local conditions.
.
.
.
If the Act before us is a proper exercise of the Federal taxing power,
evidently the regulation of all industry throughout the United States may
have created a
be
situation of national concern; for this is
accomplished by similar exercises of the same power.
It
would
be possible to exact money
from one branch of an
industry
field of activity which lies within the
province of the States.
The mere threat of such a procedure might well
induce the surrender of rights and the compliance with Federal regulation
as the price of continuance in business.
.
.
.
We have held in Schechter Poultry Corp. vs. United States, 295 U. S.
495, that Congress has no power to regulate wages and hours of labor in a
local business.
If the petitioner is right this very end may be accomplished
and pay
it to another branch in every
by appropriating money to
under contracts
be paid to employers from the Federal Treasury
certain standards fixed
whereby they agree to comply with
contract.
...
A possible result of sustaining the claimed Federal power would be that
every business group which thought itself underprivileged might demand
that a tax be laid on its vendors or vendees, the proceeds to be appropriated
to the redress of its deficiency of income.
...
Until recently no suggestions of the existence of any such power in the
Federal Government has been advanced.
The expressions of the framers
of the Constitution, the decisions of this Court interpreting that instrument
and the writings of great commentators will be searched in vain for any
by Federal law or by
suggestion that there exists in the clause under discussion,
the Constitution, the authority whereby every provision
or elsewhere in
and every fair
be subverted, the independence of
the individual States obliterated and the United States converted into a
central government exercising uncontrolled police power in every State of
the Union, superseding all local control or regulation of the affairs or
implication from that instrument may
concerns
of the States.
Since, as we have
.
.
.
pointed out, there was no power in
the Congress to
exaction, it could not lawfully ratify or confirm what
officer had done in that regard.
Consequently the Act of
impose the contested
executive
an
1935 does not affect the
The
rights of the parties.
1
poultry case, referred to by the
It
an
Deal" Acts—the National
NRA before it, was held by the Court
The AAA, like the
be
filed in the District Court on Dec. 24
by Attorney-General Cummings, as noted in our issue of
Dec. 28, page 4097.
Justice Bailey, it is stated, made as a
condition of his action that there be a "diligent and active
prosecution" of the Electric Bond & Share case which the
government has instituted in the Federal Court of the
Southern District of New York to compel compliance.
The
filing of the suit of the SEC against the Electric Bond &
Share Co., on Nov. 26, was noted in our issue of Nov. 30,
page 3469.
In his decision of Jan. 6 Justice Bailey said (according to
Washington advices of Jan. 6, to the New York "Times"
of Jan. 7):
The court may
tne absence
invasion of the rights of the
The
the Tennessee
other crop control laws, appeared definitely to doom
and Guffey coal-mining
amendment to
of a
unless a
offer to the New Deal only the device
legalize all its recovery methods
used in the case of AAA.
State-aid plan can be
Longer Congress Session Likely
longer session of Congress, if the President
It foreshadowed a
fina a way around the
aides decide to try to
and his
stone-waU decision; cut down
by at least half a billion; jeopardized the
already distributed, and $979,000,000 already
collected, in the processing taxes under AAA; and threw back the whole
farm-relief issue into the lap of partisan politics, with a Presidential campaign
at hand.
Its finality struck the Department of Agriculture with bewilder¬
ment, brought silence to the White House and a general order that all the
expected government revenues
legality of $1,126,000,000
government agencies should be silent
But, while the NRA decision in
to-day's evoked from
also.
the Schechter case was unanimous,
Justice Stone, speaking also for Justices Brandeis
dissatisfaction in the
vast areas where AAA enjoys great popularity.
The objects of his legal
attack, and sometimes scorn, were the Chief Justice of the United States,
Justices Van Devanter, Sutherland, Butler, McReynolds and Roberts,
and Cardozo, words
who read the
burning enough to light fires of
opinion of the majority.
that Congress,
had the right to levy processing taxes, had not the
Justice Stone, in brief,
which they admitted
right to use them as
Decision Cited
been informed that the appeal in the Ameri¬
can States Public Service case will be shortly argued in the Court of Appeals
of the Fourth Circuit and a decision by the Supreme Court on the constitu¬
tionality cf the Act may be had in that case some time before any of the
other suits involving this Act reaches the Supreme Court.
The opinion of
Judge Coleman in that case holds the Act unconstitutional and void in all
respects and, if considered in the nature of a declaratory judgment, might
render it unnecessary for other courts to enter similar judgment pending a
be added that I have
Supreme Court.
decision by the
The suits
affected by the action are those
American
filed in the Court
companies:
by the following
Co.,
Works & Electric Co., Inc.,
American Water
Company, United Lignt & Railways Co., Continental
Corp., American Lignt & Traction Co., and the Tennessee
Gas & Electric
Electric Power Co.
denied the view of his six colleagues
they have been used.
...
American Co. and the
The North
& Electric Co.
American Water Works
of the Government to
had opposed the action
filed in the District
firms on Dec. 31;
reference to this was made in these columns of Jan. 4, page 40.
stay the suits.
A brief to this affect was
of Columbia Supreme Court by the two
+
Conservation Act Ruled Unconstitutional
by Federal Judge Barnes at Chicago—Injunction
Granted
to
Truax-Trear Co.
Restraining Tax
Guffey Coal
majority to
activities.
Valley Authority, railroad pensions
regulation Acts, and seemed to
constitutional
the issues in a case may
Coleman
It might
States to regulate their local
regulate crop production.
attack on the reasoning of their brethren,
the decision a "tortured construction of the Constitution."
decision definitely forecast the later invalidation of the cotton,
potato, tobacco and
by reason of
convenience of the court,
extend the time of pleading
parties or counsel, the
be simplified by decisions in other
suits, and it would, I think, be impossible to define all the conditions which
might justify a court, in its discretion, in staying the further progress of a
case, not finally, but temporarily.
Upon the whole, I am of the opinion that the motion of the defendants
should be sustained, conditioned upon a diligent and active prosecution of
the Electric Bond and Share case.
In view of their assurance given before
the filing of these suits, however, it would hardly seem necessary to issue a
formal injunction, unless the plaintiffs insist upon it.
Collection
Issued
minority of three, in a bitter
termed
grant a stay, or
of or illness of
the fact that
specifically banned the use of processing taxes to
The
Electric
Commission against the
Exchange
Securities and
Bond & Share Co., was
United Lignt & Power
Court,
Industrial
Recovery Act—as to its code-making authority and its hour
and wage-fixing provisions was held unconstitutional by the
Supreme Court on May 27 1935, and the decision was given
in these columns June 1 1935.
With regard to this week's
conclusions of the Supreme Court in the AAA case the
Washington correspondent of the New York "Times"
(^Arthur Krock) had the following to say in part on Jan. 6:
In the Schechter
signed on Jan. 6 by Justice Jennings Bailey
Court of the District of Columbia staying
suits filed in the court by seven utility companies against
the operation of the Public Utility Holding Company1 Act.
A brief requesting that the suits be suspended, pending action
by the United States Supreme Court in the suit ofj;the
in the Supreme
North
judgment is affirmed.
another of the "New
Bond & Share Case
An order was
in
by Federal
Oklahoma
Federal Judge John
Officials—Injunction Also
P. Barnes in Chicago,
in granting
injunction to the Truax-Trear Co.,
restraining Federal officials from collecting a portion of the
taxes imposed under the Guffey
Coal Conservation Act
declared the law unconstitutional.
In the Chicago "Daily
Tribune" of Jan. 4, it was stated:
George T. Evans, attorney for the Truax-Traer company, whose Illinois
coal mines are in Fulton and Jackson counties, said yesterday that his
company voluntarily adopted the provisions of the act on Nov. 12.
Suit
attacking the constitutionality of the act was brought, Judge Evans said,
to avoid payment of the full 15% tax for the period from Nov. 1, when the
Jan. 3, a temporary
on
act took
effect, until the company
Judge Barnes was
Act
signed up.
the first Federal Judge to
declare the National Recovery
unconstitutional.
In his oral opinion, rejecting arguments by Assistant
Attorney-General Carl Perkins, in defense of the act, Judge
Barnes said:
This act
might be held
constitutional only if authorized by
the Inter¬
taxing provisions of the
Constitution, or under the general preamble authorizing the Congress to
legislate for the general welfare of the country. . In my opinion, this act is
Commission clause, or under the
state Commerce
not
authorized
by any of these.
Mining is not an interstate commerce;
in Illinois to persons
state commerce,
and while the sale of
the mixing of
coal mined
would constitute inter¬
such smaU items of interstate transactions
outside of the State probably
(
232
with
Financial Chronicle
the
of
mass
intrastate
The Guffey Act
goes too
does not
commerce
far to be included
date
of
Jan.
It is not
a
tax but
a
5—Development of the United States Employment Service in co-operation
Press
advices
This has been largely
accomplished with 40 States accept¬
ing the provisions of the Wagner-Peyser Act, which created the
service,
from
and with
United
The government lost a round to-day in its
attempt to enforce collection of
taxes under the Coal Conservation Act of 1935 when Federal
27 of them organizing employment services affiliated with
the
States
Employment
Service.
The Claremore firm is
15% tax imposed by the
eight Oklahoma bituminous coal com¬
of
one
Social
A
panies attacking the constitutionality of the law.
A decision
by Federal Judge Reeves holding the act
constitutional
referred to in
was
our
national
social-security
Security
program
Held
Farm
Invalid—Federal
Statute Is
issue of Jan. 4, page 40"
purpose.
in
Rules
Discriminatory
Another
opinion holding unconstitutional the FrazierAct, providing relief for bankrupt farmers, was
on Jan.
6 by Judge Mortimer
Byers of the
Federal Court in Brooklyn, N. Y.
The law as originally
passed was found unconstitutional by the United States
Supreme Court on May 27 1935.
It was later amended aud
enacted in revised form on Aug. 28 1935.
Since that time
has
been
declared
State.
He found that the law
violates the
working
a
as
of Jan.
7
in various district
the first in New York
amended contains some of
Seven States—Arkansas, Connecticut,
Illinois, Florida, Missouri, Rhode
Island, and Vermont—passed old-age-pensions laws in 1935,
bringing the
as
total to 35.
His suit
mortgages,
one
based on the amended Frazier-Lemke
Act, which is known
Subsection S of Section 75 of the National
Bankruptcy Act.
as
Wisconsin alone, at the close of 1934, had
tion law.
for
was
technically
Several States changed the requirements of their
laws to meet
anticipated Federal standards.
Oklahoma and Texas initiated
tional changes to pave the way for
old-age-pension statutes.
The ruling was made in an application by Victor F.
Davis, a farmer
of Mount Sinai, Suffolk County, who
sought to stay certain foreclosure
two
In 1935 the operation of the act
ally reacquire title.
Utah provide for
and later
by the United States Supreme Court
amended in its present form,
which became
law
a
on
Aug. 28
1935.
In opposing Mr. Davis's motions to stay tne
foreclosure proceed¬
ings, tne mortgagees attacked th6 new law on broad constitutional
grounds.
on
rectified
17-page decision pointed out that the amended law
a
of tne main constitutional defects which
the
some
found in tne old law but failed to rectify others.
of wnich
some
had
been passed on
ginia, he continued:
"It
is
not
by Federal
courts in
and
report
With
.
.
Some
of
stitutional
the
decisions
were
Annual
Report
Views
Year
page
3625, and Nov. 23,
of
Secretary
as
an
of
People"—Unemployment
page 3314.
Labor—Miss
"Eventful
Period
Insurance
1935,
in
1934
the
Double Those in
Perkins
Working
and Old-Age
1931
The activities
measures
of this
Department reflect this in the problems
stated,
taken for their solution, and the
instruments of administration
developed within the Department for performing
creating this Department.
more
tion of th8 basic act
The report of the
Secretary further
completely the obliga¬
says:
Social
Security
de¬
were:
Act.
3—Boards
This
has
been
accomplished in the
Act.
2—Old-age security.
for
This has been accomplished in the
Social Security
hearing locality and investigating and
making findings
complaints of industrial practices and in cases of
industrial disputes.
This has been accomplished
by the setting up of the National
Labor Rela¬
on
tions Board and its regional boards,
in steel, textile, coal and in the
through the designation
mar time
to
different sections of the country.
ments.
This
co-operation between the
has
been
of special boards
and lumber
designation by the Secretary of Labor of boards
4—Greater
State and
greatly forwarded
industries and in the
handle local disputes in
Federal
through
regular
Labor depart¬
national
regional conferences aimed to raise standards of labor
legislation
sirable common level
and
so
as
to benefit the
investor and ultimately to evolve
With the
*
a
were
withour
benefit of
Maryland, Mich¬
up
commissions
to
study
fresh
addition
of Indiana,
occupational
Washington and Wyoming, there
27 States which have provided for pensions to the
needy blind.
So-called Mother's pension laws were amended in
eight States last session.
now
Only Alabama, Georgia and South Carolina
Under
the
head
"State
remain without such
Federal
Co-operation
to
say:
legislation.
Raise
to
Labor Law Standards," the report in
part has the
following
•
We have come to a point in our American life
when it seems obvious
that every wage earner should expect as a
result of the laws and adminis¬
tration of law by the government, either State or
Federal, usually State,
that he will work under sound conditions
which give him personal
protec¬
tion.
Among the items which clearly
application
emerge as
being within this code
of
are:
1—Generous
workmen's
compensation
insurance
against
industrial
accidents.
2—Strict
laws
with
regard
to
the
guarding
of machinery
to
prevent
3—The prevention of occupational disease
by the removal of noxious
and poisonous dusts, gases, and fumes from
places of employment and by
other methods.
4—The building
and
accident
vention
of
and arrangement of buildings to
by fire, such
explosions,
as
and
adequate
means
loss
prevent
of exits,
of life
fireproofing,
pre¬
other
hazards; prevention of overcrowding;
adequate ventilation; sanitation in the intersets of
general health in
work
some
limitation in the hours of labor,
cartainly in the American
commonwealths.
5—Shorter hours of labor.
The general
trend
is
toward
40
week.
6—Prevention of child labor undar
hours per
16, and the regulation of the labor
of young people between 16 and
21, in the interests of accident and disease
prevention and in the interests of the development of
opportunity for the
individual.
7—A sound minimum wage law with
particularly of
a
procedure to prevent exploitation,
women and minors who are the most
period of work, wages
a
My first annual report, two years ago, listed desirable
objectives which the
to attain in the
interest of the nation's
wage
earners, thus fulfilling its duties under the law
quoted.
Among these
objectives toward the accomplishment of which the
Department has
1—Unemployment compensation.
schemes.
easily exploited.
8—Some provision for the collection of
wages for those to whom, after
Department should strive
voted its energies and resources
and
study
the
igan, and New Hampshire set
places;
annual report
to
diseases from the viewpoint of compensation.
for
of the Secretary of Labor, made
public Jan. 6, the year ended June 30 1935, is described as
"an eventful period for
working people of this country."
Miss Perkins, Secretary of
Labor, says:
the
created
accidents.
Security Cited as Accomplishments to Which
Department Devoted Energies—Industrial
Disputes
In
unemploument
were
workmen's compensation.
North
Carolina extended coverage to specified
occupational diseases, West Virginia
New York to all occupational diseases.
uncon¬
referred to in these columns Dec. 28
4099; Dec. 7,
page
holding the amended Act
various
commissions
Massachusetts, New
to silicosis, and
.
object the impairment of
farm property liens alone, it follows that
uniformity results only as to a
selected class of bankrupts, and that the law does not
descend upon the
holders of all mortgage liens upon
property being administered in the bank¬
ruptcy courts, but only upon those holding liens upon farm
property."
the
upon
In
enactment of workmen's compensation laws
by Florida and
South Carolina there remained but two
States, Arkansas and Mississippi,
percentage of constitutionality
gages upon farm property.
...
"Once it is perceived that this law has for its
legislation
favored—only Wisconsin
are
or
which may be required of a statute, enacted with
special reference to that
which the Supreme Court has declared to be the
law, which confronts this
Court; but the issue is: Does the new statute defeat the substance of that
which authoritative adjudication has declared to
pertain to a mortgagee?
The answer must be in the affirmative.
"Another aspect of the statute presents
misgivings which are too serious
not to require comment.
The difficulty is this: The
impairment
of a mortgage lien is not uniform, but is confined in its
operation to mort¬
event of Federal
individual company reserves.
Jersey, Rhode Island and Vermont
Illinois and Vir¬
°
question of the degree
a
Supreme Court
After enumerating these,
unemployment-compensa¬
postponed until Jan. 1 1936-
unemployment compensation system in the
the subject.
The pooled fund system is
whose workers
Holds Some Faults Corrected
Judge Byers in
was
constitu¬
estabiisnment of
an
The original Act was invalidated
an
By the end of the fiscal year California, Massachusetts, New
Hampshire,
New York, Utah and Washington had been added to
ths list. North Caro¬
lina, too, had an enabling act providing machinery for the
It establishes the method and the conditions
whereby farmers whose prop¬
erty is in foreclosure may remain in possession of tne
property and eventu¬
now of working age,
unemployment insurance
participation, State co-operation, with a Federal tax
4'According to the report, the influence of the national
social security program upon State legislation was
evident
before the enactment of the Federal law."
It adds:
follows:
proceedings Drougnt against him by the holders of
$2,000 and another for $3,000.
report to the
significant pieces of legislation of this generation.
and also
summarized the decision
a
drafted and presented
was
program, co-operative assistance to the States on the basis of
co-operation
in programs of maternal care, and care for the blind
and crippled children
is now basic law of the
country and stands undoubtedly as on a of the most
principal of uniformity in bankruptcy law, thus
hardship on a single class of investors.
The
New York "Times"
in charge of the
provides for old-age pensions, for the present aged and
indigent,
now
the basis of State
on
was
the original statute,
of
was put
old-age insurance for those
unconstitutional
the constitutional defects
detailed bill
as
indicated, continued to be done through the co-operation of the
Depart¬
ment of Labor and the Federal
Emergency Relief organization.
The law
which
handed down
courts, but Judge Byers's decision
Director,
which finally eventuated in
the basis of which
on
Congrees by Senator Harrison and Congressman Dough ton.
This
bill became law after the close of the fiscal
year of 1935, but the conferences,
public hearings, and continued research work for Congress, as
changes were
Lemke
it
President's
the
to
Brooklyn
the
at
...
and technical work,
President
Bankruptcy Act Again
Court
•
developed
was
E. E. Witts, of Wisconsin, Executive
Frazier-Lemke
says
direction, utilizing the Department of Labor and its personnel as the
general
staff to work under the Cabinet Committee which he
appointed for that
un
research
Amended
the report
program,
in part:
temporary injunction to the Claremore Coal & Coke Co.
The restraining order halted collection of the
act.
^
Regarding the Social-Security
Judge Edgar S.
a
1936
by the historical method of State and Federat'co-
operation.
penalty
Oklahoma City said:
Vaught granted
Jan. 11
the'country
throughout
with the States.
Associated
3,
legislation.
in the general welfare clause,
which does not authorize
specific legislation.
on the coal
industry.
Under
warrant this
to
a
and
de¬
individual wage earner,
employer
sound and unusual
labor-law
policy
are
denied through fraud, carelessness
or
otherwise.
"More
legislation, State and Federal, calculated to benefit
labor was enacted during the
past fiscal year than in any like
period in our history," says the report, which in
pointing
out that the 74th Congress
(first session) enacted a number
of laws affecting labor
standards, adds:
to
The Motor Carrier Act empowers the
Interstate Commerce Commission
regulate the hours of service and other conditions of
employment of
employees
Th8
of inter-State
motor
Guffey-Snyder Act,
gives labor
establishes
a more
a
carriers.
designed
somewhat wider
to
stabilize
the
soft-coal
industry,
important voice in fixing the terms of
employment and
board with jurisdiction
than
that
of the
over
labor controversies in the
National Labor
industry
Relations Board with '
respect to the industries to which it extends.
Since the
enactment
of the
Hawes-Cooper Act, divesting prison-made
goods of their inter-State character,
upon the subject.
a number of States have enacted
laws
The recent Ashurst-Sumners Law is
an
enforcement
measure
intended to
help effectuate the State enactments.
By Executive order of Dec.
11
1934, the President directed the incor¬
poration in the District of Columbia of "Federal Prison
Industries, Inc.,"
with general control over
industrial operations of Federal penal institutions
operations as not to burden any industry
and power to diversify such
with
This agency succeeds the Industrial Division
competition.
government
of Justuce.
of the Bureau of Prisons of the Department
participation of the United States in the war, and said that
was instead directly attributable to Germany's policy
of submzrine warfare.
Mr. Morgan's statement is given
this
further below.
funds to
Presi¬
dent to fix wages for the different types of work which do not adversely
affect the prevailing wage and subject to the prevailing wage-rate law
Emergency Relief Appropriation Act of 1935, providing
The
governing
Testimony to-night had brought out:
(
exceptions, for postal employees.
From the report, we
take the following with reference to
industrial disputes:
There
1933.
1934
was
nearly twice as many as in the depression years
during
be seen in figures
The trend in the number of strikes since the war can
the
preceding
considerably fewer strikes in 1934, however, than
were
representatives
following
there were over 3,500 in 1919,
years:
approximately 1,100 in 1922; 1,300 in 1925; 650 in 1928; 900 in
1,856 in
1931, and
1934.
and discrimination or
the closed shop,
of these and other factors.
in September 1934, which witnessed
Frequently, of course, there was a complication
The heaviest losses of man-hours came
the general
Fisher
government's wishes respecting war loans.
Morgan believes German "insults" and not American loans
That Mr.
At
the
textile strike, and in May 1935, a month
in
strike
lumber
Britain
in
disturbed by a pro¬
Pacific Northwest and the Chevrolet and
the
hearing in part as follows:
Britain wanted to cancel the contracts
Great
to Mr.
Problem Con¬
fronting
Bankers is
Reticence of Borrowers—
Views Bank's Holdings in Government Securities
Concentrated Too Largely in Short Term Issues
of
Jones
RFC
Major
Says
Chairman of the Reconstruction Finance
interview in Chicago on Jan. 7, urged
that banks be more aggressive in seeking borrowers for their
funds, according to the Chicago "Journal of Commerce"
Jesse H. Jones,
Corporation, in
from which
an
also take the following;
we
"The average
before we can
However, many who have a legiti¬
small borrower," he said, "must get credit
complete business recovery."
a
mate use for credit
re-educate
and
are
entitled to it still ar8 timorous and bankers must
people that the banks are anxious to
these
make loans, Mr.
continued.
RFC
The chief of the
Company,
on
was
interviewed in the office of Walter J. Cum-
of the Continental
Illinois National Bank and Trust
stop between trains.
He was returning to Washington
Chairman
mings,
a
from the west coast,
...
On the future of th9
.
RFC, Mr. Jones had little to say other than the
the President
He was positive in his prediction, however, that the
which the Corporation has loaned on its own volition all
lending is over" and the rest is up to
need for "emergency
and
Congress.
$6,000,000,000
will be repaid.
»
establish some
securities,
he speculated that, with more than $13,000,000,000 in these obligations,
banks could hardly afford to let anything happen to the market.
"There probably is not a bank in the United States that has too much
capital," was Mr. Jones' reply upon being questioned whether he thought
many banks were considering repayment in the near future of capital
supplied by the RFC.
In this connection he pointed to the large gains in
questioned as to whether he believed banks should
When
against
reserve
tremendous investments in government
their
deposits since capital accounts were
In
a
dispatch
Morgan, who was en
th^ rifle contracts would have meant tne end of American
and would have dammed the mighty stream of
United States to the French battlefields.
"If the British had antagonized everybody in this country," said Mr.
Morgan, "we wouldn't have been able to take any more issues from them."
cancellation of
financing for the Allies
supplies which flowed from the
'
on
the
day (Jan. 7) from Chicago
same
Asked
what
would
happen to
such an emergency,
RFC's ownership of preferred
stock in
some
1 banker, by virtue of the
6,000 banks, said:
securities to, permit a
Jones
Mr.
also
"The banks hold too many government
slump."
bankers have taken an unsound
position in concentrating their government
A selling wave,
bonds.
quickly
...
In the "Times" of Jan. 8 it was
term
bonds,
is
a
bankers.
expenditures and its
observed in part:
maturities
as
Uncertainty over the Federal program of
ultimate effect on the nation's credit if allowed to
has been a factor in popularizing the shorter
become too burdensome also
It is believed that neither the government nor
afford to let government
the banks can
bond prices suffer a sudden and sizable decline.
♦
J.
P.
supply,
There was, in fact, every sort of war
the list.
on
artificial limns with which they cculd
pieced together again.
be
During the Committee hearing on Jan. 9 official corre¬
spondence incident to President Wilson's approval of the
financing in this country of the Allies was revealed,—the
correspondence embracing letters emanating from the
Federal Reserve, the State and Treasury Departments.
In part as to this a Washington
York "Times" said:
On
Aug. 25 1915, in a
Mr. Wilson
his
was
confidential memorandum to Secretary Lansing,
loans to warring
Although the President used the term
of such financing, the evidence was
approval
Britain
dispatch Jan. 9 to the New
approved tne letting down of the bars against
Eu-opean nations.
principal
the nation which was tne
"belligerents" in
conclusive that Great
beneficiary of the change
in policy.
The pound sterling exchange
and millions of dollars of
other supplies
and
tiens
rate was steadily declining in
American debts incurred by the
were
August,1915,
Allies for muni-
In the opinions of Secretaries
imperiled.
in
whole American foreign trade structure was
McAdoo and Lansing tne
danger.
Great Britain was the belligerent he
McAdoo stated that
had in
declared, "is and always has been our best
Great Britain, he
for
mind,
customer."
the Treasury Secretary
The situation was one,
that the government
necessary
McAdoo told the
Mr.
not unanimous for
President that the Federal Reserve Board was
Mr.
so were
the bankers, who were
.
.
Secretary Lansing was busy
seeking to bring about a definite policy
of loans to Great Britain.
memorandum to Secretary Lansing, said the govern¬
Mr. Wilson, in his
ment would
,
White House on Aug. 21, just five days
In the interval
Wilson acted.
in the matter
Mr. Lansing and himself.
the policy suggested by
The McAdoo letter reached the
before
asserted, where it was
should do everything it could do "to assist
buy."
customers to
our
take no action either for or
against the loans.
He directed
the information to the interested parties
Subject of Investigation—Statement by Mr.
Morgan British Contracts for War Supplies Re¬
viewed by Bankers
War
Senate
Munitions
partner) and Frank A. Vanderlip, former President of
the
National City Bank of New York.
Most of their testimony
dealt with the manner in which Great Britain finaqced its
purchases in this country prior to the entry of the United
States into the World War.
•
At the opening session on Jan. 7 Mr. Morgan read to the
Committee a statement in which he denied that activities
of international bankers were responsible for the eventual
during the Senate Committee
Considering the time that has
on
Jan.
7
by Mr.
"orally "
Morgan
hearing, follows:
elapsed since the War, and the difficulty
records a complete view of our activities,
desirable to make a brief statement to the Committee
gathering from the voluminous
it has seemed to me
of the basic
principles on which J. P. Morgan &
Co. acted, and the reasons
for our action.
When in
1914 the War was begun
invasion
criminal
such
course
a
be
impartiality "even in thought" we found it quite impossible
From that moment we in
that if the Germans should obtain a
impartial as between right and wTong.
common
with many others realized
quick and easy victory the
The
None of us had expected
civilized nation, and in spite of President
deeply shocked.
to be taken by any
Wilson's urging
by Germany by the unexpected and
of a Treaty which had been
of Belgium in violation
respected for 80 years we were
whole
German nation
"World Domination or
tion by
freedom of the rest of the world would be lost.
had started out on the war with the cry of
Annihilation?' and we recognized that world domina¬
Germany would bring
complete destruction of the liberties of the
rest of the world.
Committee, headed by Senator
Nye, on Jan. 7 resumed its inquiry into financing activities
during the World War, and devoted most of its sessions
this week to hearing testimony by partners of J. P. Morgan
& Co.
Among those who testified before the Committee
were Mr. Morgan,
Thomas W. Lamont (another Morgan
submitted
statement
The
to
Partners Testify Before Senate
Committee Inquiry—Financing of World
& Co.
Morgan
Munitions
The
were
had dealt, as agents for the
from snells to olow men to bits to
of
against the longperiod of extremely easy money
for the short-term
natural situation in a
according to
maturities.
modities
they
problem before the banks is overcoming
The banks' preference
rates,
and into
record a tabulation of all the
French and British
governments, and all the purchases they had made.
The purchases amounted to $3,000,000,000, and almost 900 industrial
concerns were involved.
Cotton, enameled ware, excavators, steel, steel
forgings, clothing, tools and scores of other industrial products and com¬
whicn
with
Mr. Lansing to convey
the shyness of bor¬
rowers," he said.
"Many are still timid who have legitimate use for
credit—and are worthy of it.
Bankers must re-educate these people to th3
fact that they are anxious to make loans."
"The big
poured uninterruptedly onto the docks
and Mr. Lament put into the
Mr. Morgan
firms
holdings in short-term maturi¬
he said, would push quotations down just as
short-term paper as on long-term
on
P. Davi¬
War Council on Oct. 17 1916.
were pacified, and supplies
manufacturers
and
take them tc Europe.
the ships waiting to
and
remarked that some
United States
from the
Tie-Up
after Mr. Morgan and the late H.
meeting of che British
a
bankers
American
The
banks if the Federal bond market
the
slumped; would they have sufficient reserves to meet
the nation's No.
had attended
son
Mr.
was
Morgan Averted
The difficulty was composed
grave
bolstered.
reported as saying that the banks of the
United States will be forced to support the Federal govern¬
ment's credit.
In part this dispatch continued:
Jones
Mr.
ties.
for the rifles, which had
J. P. Morgan & Co.
According
the stand tc-day with Thomas W. Lamont,
the United States by
Body strikes in Ohio.
Chairman
Jones
on
000,000 worth of American rifles.
A Washington dispatch
of Jan. 8 to the New York "Herald Tribune" described this
-
have
World War.
Jan. 8 it was indicated that Great
1916 had sought to cancel contracts for $55,-
hearing
been arranged in
Union recognition,
discharge wer9 also often in issues.
of dispute was wages.
The most conspicuous cause
longed
3.
roughly equal to the unmber
and the years immediately following the war.
the war,
loans tc belligerents.
nothing to do with formulating neu¬
trality laws but obey the
plunged tnis nation into the
Whil9 the number of strikes in
in 1933, there were
the question of American
That tne bankers feel they have
2.
neutrality policy of this Govern¬
bankers blamed the shifting
Tnat
1
ment in 1914 for opening up
Congress established a maximum work-week of 40 hours, with some
The
for
part the testimony at the
construction.
Federal
advices of Jan. 7 summarized in
opening hearing as follows:
United Press Washington
employable persons from relief to work projects, authorizes the
shift
233
Financial Chronicle
Volume 142
.
We agreed that we
the Allies win the
mental idea
should do all that was lawfully in our power to help
That thought was the funda¬
War as soon as possible.
underlying every thing that we did from the beginning of the
struggle till the Armistice in
As the weeks went on we
ments, desiring to
host of
of
us
and the idea occurred to the late
were to
go
activities of its purchasing
contract was drawn up
departments in this country.
Davison went to
prolonged discussion with the Government
making us the purchasing agents for the British
This contract is well known to the com¬
among otheirs, that it could be ter¬
time by either party without advance notice, and that we
government on certain terms.
and provided various things,
minated at any
show the British
it in using our services in co-ordinating the
London and after a considerably
mittee,
H. P. Davison that if
to England it might be possible to
Government an advantage to
a
govern¬
make purchases in this country, difficulties caused by a
irresponsible agents who held themselves out as agents for various
manufacturers,
one
November 1918.
observed the difficulties of the Allied
234
Financial Chronicle
should make full disclosure of any interest any of us might have in any
was
company with which we made a contract.
bill which
ernment
vided
complete
a
This and the fact that the gov¬
might buy directly without using
answer
for the government to any criticism from outside
that it had bound itself to
agent and had thereby lost the advantage of
one
many agents.
In the spring of 1915 I went over to London to see that all was working
satisfactorily.
France,
that
While there,
M.
Ribot,
visit to the Government.
came on a
He sent for
should act for the French Government
we
question
had
been
but
governments
contract
with
discussed
French
Government
as
well
both
with
decision had been
no
the
earlier
Minister of Finance
the then
the
British
On
to.
come
should
be
and proposed
me
the British.
as
of
and
This
French
condition that
exactly similar to
the
declared in
interim report
an
1936
urging defeat of the Vinson
Chamber of
made public on Jan. 9 by the
Commerce of the State of New York.
The report, which goes to President
services, at its option, pro¬
our
Jan. 11
was
Roosevelt,
member
<^f Congress and 200 leading chambers of
throughout the country, points
every
commerce
that the proposed bonus
our
payment: \
".
is most untimely when 10 or more million people are out of
employment, the Federal budget already seriously unbalanced, the Federal
.
.
debt expanding rapidly and now at the unprecedent sum of
$30,000,000,000,
and the nation struggling to emerge from the depression."
that
The chamber has consistently taken the position that no
who has served his country in military service should
with the British, and that any changes in the latter should automatically
become part of the contract with the former; and also that any competition
man
between the governments should be settled by them at home, so that we
be
might
ment
never
be put in the position of favoring either at the other's expense,
I agreed.
in
The committee and general public are acquainted with the the facts that
for the British and French governments we ordered about $3,000,000,000
of materials of different sorts,
details of the contract and
individual contract
contract,
we
as
we
they always having full knowledge of the
always having definite authority to sign each
their agents.
For
our
services during the life of the
paid the commission, of roughly 1%, which
were
was
stipu¬
lated, amounting to approximately $30,000,000.
The agency agreements
to furnish
did not involve
find the funds
or to
any
commitment
on
our
part
required to pay for the goods ordered.
The
Allied governments sent over immense sums in gold and securities to meet
their
deprived of his just due.
It has advocated liberal treat¬
of the dependents of all who died or were disabled
war servicb.
It has, however, opposed payment of the
here.
outlays
consulted and
When
helped
we
questions
of obtaining
clients find the
our
credit
arose,
when
money
we
could be done wisely and safely, but at no time were we committed to any
guarantee that the money would be found for prompt payment.
All
that "such procedure saps the resources of our people and
creates
a
from the
specially favored class receiving
people at large."
of
excess
anything known in past history."
Voicing its
to the Vinson bill or similar legislation, the
opposition
report says:
The
ques¬
of
terms
tions of raising money to pay for materials ordered were taken up singly
in the Patman
and from time to time either by the British and French governments jointly,
of interest
in the
as
the
case
of the
Anglo-French loan of October 1915,
association with others prior to
might
or
separately as in
of other issues of obligations of these governments issued by us in
case
the end of the
In this connection I
war.
that subsequent to the Anglo-French loan of October 1915, there
say
collateral security for these loans.
was
When the United States of America
or
into the
any
it
war
class.
It
Germany drove the United States into the
Injuries might have proved
many
to die for than to live
are
two
of them,
history.
as
I
a
came
drove
in because
any
longer.
series of insults and
a
any
are soma
one
into the
war
by
a
before in its
series of acts begin¬
ning with the sinking of the Lusitania and ending in the crowning insult of
suggesting to Mexico to make
war on us,
and the surrender of Texas,
Arizona and New Mexico
certainly could not bear
No
could hate
one
with that hatred I
any more
war more
was
about eight to one).
mitted to
There is
our
of
a state
war
In the speech asking for
war
as
a
reward.
We
we
cannot
but adds enormously
save money,
appropriations of
over two
billions will be
(which it did by
war,
on
That
who
make,
we
are
cash
and utli-
$2,200,000,000 in cash for this
purpose.
straight gratuity to the amount of $1,600 000,000.
opposed the bill
the following grounds,
on
payment of veterans certificates will not promote the general
much
as
need it
least,
as
the largest
will
payments
those in need have already
as
adverse to
will
be made
borrowed
veterans
to
their
on
cer¬
a
return of prosperity.
materially increase taxes and add to the danger of pernicious
inflation with its increased
of living
cost
and other baneful effects.
The report concludes:
At the
an
this
additional
including
bonus,
will
for
pension
a
demand other gratuities
every
and
con¬
ex-soldier and for every widow
ex-soldier, regardless of the relation of the soldier's disability to his
These extra expenditures will all be contrary to the contract
service.
war
time there is good reason to expect that the veterans after
same
obtaining
cessions,
incapable of making—we
present value of the certificates,
It will not make for solid business recovery, but will accelerate conditions
after reciting the viola¬
will not choose the path of submission and suffer the most sacred rights of
our nation and our people to be
ignored or violated.
The wrongs against
which we now array ourselves are no common wrongs; they cut to the very
the
more than
tificates to the limit.
vote of
which the German government had com¬
than
more
others:
welfare, in
April 2
a
The President has pointed out that this means paying
The Committee
among
It
detriment, the President said:
choice
Additional
In other words, it is a
of
one
bonus loans, which is estimated to
government's obligations, although the immediate cash outlay might
$1,600,000,000
of such acts.
proud of my country when the President,
tions of all the former rules of
than those proposed
generous
burden upon the government to the extent of $200,-
mately an expenditure of
promising it should have assistance
than I do and always have done, but even
1917, asked Congress to declare
more
due to tne government on
be somewhat less.
nation's self respect and independence
us
are
Obviously, this plan does not
of the certificates.
of which
things it is better
country has proved once or twice
say,
to the
bill
Among other things it provides for the cancellation
additional
an
000,000.
had the United States not been
But there
without, and
our
as
Germany,
by
American lives,
a cause of war
desirous of maintaining peace.
war
not driven
was
Germany had made it impossible for the United States to refrain
so
place
Vinson
the
bill.
required, in order to provide for the immediate payment of the 1945 value
came
into it by an individual or individuals
injuries, resulting in the loss of
subsidy
a great
The report, which was drawn by the Committee on Taxa¬
tion, of which James T. Lee is Chairman, points out that
soldiers in the World War received many benefits "far in
were
believed it
we
great sums which have been disbursed to or for those who
suffered no physical detriment in the war, taking the position
made with the veterans in 1924.
roots of human life.
In this I may say the President exactly expressed my own feeling in the
Price
As
soon as
seemed to
us
it
that any further purchases must be handled directly by the
various governments, as the United States government had taken over the
control of all supplies.
The fact that
the
Allies found
their task is the fact of which I
useful and valued
us
am
our
most proud in all my
in
assistance
business life of
than 45 years.
Contraction
Government
of
Activities
Urged by New
Its Program
Furthering Recovery—Tax Reduction,
Bal¬
anced Budget and Assurance of Sound Recovery
York State
Chamber of Commerce in
for
Also Advocated
The program of the Chamber of Commerce of the State
of New York for furthering recovery and prosperity in 1936,
President Thomas I. Parkinson announced
Sunday, Jan. 5,
emphasizes the contraction rather than the expansion of the
activities and cost of government, the reduction of Federal,
State and local taxes, the balancing of public budgets and
the assurance of a sound currency and stable economic life.
During the last
measures
of the
as
year the
of government
Chamber gave its full support to policies and
which it believed
were
beneficial to the welfare
people and the nation and vigorously opposed those which it regarded
unsound and harmful.
It is stated that
It will pursue the same course this year.
♦
Opposition
ting of Books by R. H. Macy & Co.
of Appeals at Albany on Jan. 7
upheld the conclusions of the State Supreme Court, holding
unconstitutional the price fixing provision of the FieldCrawford Fair Trade Act of 1935.
The decision was given
in the action brought by Doubleday, Doran and Co.,
pub¬
lishing firm, and Doubleday, Doran Book Shops Inc., to
restrain R. H. Macy & Co. from selling the books of the
publishing house at a price lower than that fixed by the
publishers.
The opinion of the Court of Appeals which was
written by Chief Judge Frederick J. Crane, was
unanimous;
to quote the Knickerbocker "Press" of
Albany the decision
said in part:
That the States cannot fix the selling price of any and all commodities
has
,
Voiced
by New York State Chamber of
Immediate Bonus Payment to World
Veterans—Declares Against Vinson Bill as
Harmful to Business
Immediate payment of the bonus to World War veterans
would injure the entire population of the United States, it
settled.
oeen
public interest"
arisen in
Books, at least these books,
any
more
than
not
are
theater tickets;
no
literary publications, and the business is not
"affected with
has
emergency
a
yet
such as comes within
the class which must submit to rate fixing.
Circumstances which cannot be foreseen from
may arise which will
one
generation to another
require certain articles to submit to regulatory prices
in order that the public may get them at all or get them in a
pure and
beneficial state.
We cannot always express legislative power in exact
formulas,
decide
nor
a
case
before it happens.
Experience is the mother
of teachers.
Under the Nebbia
case
for instance, no one would doubt now that New
combination of forces threatened to shut off all supply or to
that which
was
supplied.
The price might be
with other things in such a case.
So
Fixed
we
an
deteriorate
element to be considered
thought in 262, NY 259.
by Legislature
But to fix arbitrarily the price of books by legislation and not
by agree¬
ment comes within the condemnation of the decisions which have heretofore
dealt
with
cannot do
like legislation.
indirectly
because that
nor
What the
does it
cease to
Legislature cannot do
be
a
directly it
price fixed by the Legislature
body has clothed the publisher with the
power or
authority
to establish it.
For
a
publisher to
agree with its
subsidiary
or
agent to the price of
a
book
which shall thereafter bind all other parties who purchase like books from
.
the publisher is in reality a method whereby the
it is
Commerce to
War
Act
York State would have the power to get milk to the public somehow if
any
of the Chamber's major
activities in
1936 will be to give further impetus to the movement initiated
by it last fall to bring about the nomination and election of
experienced and representative business men to Congress
as
a
means
of combating radical and unsound trends in
policies of government.
Under the leadership of Mr.
Parkinson, who as President of the Equitable Life Assurance
Society of the United States represents the interests of policy
holders in all walks of life, the movement is said to have
already gained considerable headway.
/
one
York Fair Trade
by State Court of Appeals
The New York Court
on
Mr. Parkinson said:
New
Unconstitutional
—Decision Given in Action to Restrain Price Cut¬
the United States entered the war, we, against the expressed
wish of our clients, moved to withdraw from the purchasing
agency as
more
Fixing Provisions of
Held
matter.
a
species of delegated authority.
The plaintiff,
Doubleday, Doran &
obliged to sell Macy & Co.
refuse to sell because
Macy
It could do
was
Co., Inc., the publisher,
so or not as it
our
was
not
pleased and it could
cutting the price.
The earlier decision of the State
in
Legislature fixes the price;
issue of Nov. 23, page
Supreme Court
3315.
was
noted
President Following Supreme
Holding Invalid AAA—Preliminary
Behalf of
Statement in
Court Decision
Study Before Final Analysis of Court's
Views
accounts as to the reception by
Roosevelt of the majority conclusions of the
Various newspaper
dent
Presi¬
the Agricultural Adjustment
Administration case
because of the
that it will be a preliminary study
"I desire to emphasize
analysis is possible—there being two
opinions, majority and minority, and many other legal aspects to be consid¬
ered—there will be three of four subsequent conferences possibly within the
belief that before a final
general
next three or four
be expected until a
none can
conference and
final analysis of the opinions has been made."
public announcement after to-day's
no
From the New York
"Times"
we
take the following from
Washington, Jan. 6:
In
President Roosevelt received word of the
against the AAA and the
Supreme Court's decision
Administration's farm
just ended a conference with
The President had
other officials regarding new
obtain loans, and was
Secretary Wallace and
bulletin of the de¬
of his Secretaries, when the news
Marvin Mclntyre, one
to
Dern and
legislation designed to permit farm tenants
sjated at his desk chatting with Secretary
cision was laid before him.
Mr. Roosevelt held the sheet of
newsprint
"smilel."
"He seemed to tike it all
right," the Secretary said.
had made no
He immediately summoned a group of
House at 2.30 p. m. to discuss the Court's majority
Possibly anticipating an
adverse decision, Mr. Roosevelt
appointments for the afternoon.
his advisers to the
White
dissenting opinions.
Attorney-General CumChester Davis, AAA Adminsitrator; Senator Bankhead and Chair¬
Those
mings,
attendance were
in
Marvin Jones of the
man
Court resumed its work, following a holiday
Roberts was reading the opinion which held
the Roosevelt Administration's agricultural program unconstitutional.
The courtroom was jammed to capacity and outside long lines were
Eight minutes after the
recess
Secretary Wallace,
House Agriculture Committee.
The crowd was electrified as
decision made was to seek an appropriation
from Congress to pay "up to to-day" payments on AAA contracts "entered
into in good faith."
Several drafts of bills were discussed at the meeting,
according to Mr. Davis, but he indicated that no decision was made regard¬
correspondent of the New York "Herald
(Ernest K. Lindley), stated on Jan. 7 that approx¬
The Washington
imately 175 newspaper men packed themselves into the Oval
Room of the White House executive offices on that day for
President Roosevelt's first press conference since the Su¬
Ever since tne Court
Court decision, but they left a half hour later knowing
about Mr. Roosevelt's thoughts on that subject
than when they had entered.
Stating that the President smiled and gossiped as the news¬
paper men came in, the account to the "Herald Tribune"
more
continued in part:
The question
Court might announce
"What is the policy of
asked.
"No news on that to-day."
of the AAA was broached at once.
the AAA decision?" he was
and shook his head.
said.
associated subject involved in
said: "The
carrying out of the laws of the land as enacted by Congress required pro¬
tection until final adjudication by the highest tribunal of the land.
The
Congress has the right and can find the means to protect its own preroga¬
An
inquirer brought up the somewhat
that sentence of the
President's message to Congress which
tives."
President's only comment
The
was
Did it mean that the lower courts
government on grounds of alleged
that the sentence spoke for itself.
unconstitutionality of a Congressional
He suggested that his audience just
one
edged up on the question of the
AAA, asking if
The President waved his cigarette
"No news on that to-day ?" he repeated.
.
.
.
decided, the President said, to fulfill the moral obligation
legislation were possible.
It had been
contracts with farmers. The
would be put into effect imme¬
diately with an authorization and an appropriation.
The farmers who
signed 1935 contracts and carried out their part would receive the promised
of the
government by carrying out existing
legislative leaders were agreed that this
benefits,
He pointed out that winter wheat was the only com¬
he said.
The winter wheat is planted in
These contracts
planting of 95% of base acreage and therefore benefit
modity involved in the
the
were
based
on
1936 contract.
contracted for last summer, he said.
and was
fall
a
payments were very small.
The nearer to 100% the smaller the benefits,
he said.
If the farmers had any
try to carry out
Asked
by
a
equity coming, he said, the government would
its moral obligations under the winter wheat contracts.
from the wheat belt if he meant that the
newspaper man
government would pay the small benefit payments called for in the winter
wheat contracts, the President said that particular, question had not yet
reiterated
to farmers
He
the government intended to meet its moral obligations
had carried out their obligations under contracts signed in
It might depend, he suggested, on the
been settled.
that
who
another newspaper man said that the President's attitude
other means of aiding the farmer would not
toward the possibility of finding
be clear in the
farm belt, and suggested that the President might like to say
something of a general character.
than he had
Mr. Roosevelt said he could say no more
said.
An Eastern newspaper man
about the refunding
asked, what the government proposed to do
of processing raxes.
The President said that hadn't
Washington newspaper
asked what was to bee®me of the employees of the AAA.
The President
said that was another matter that had not been settled.
There were many
been
determined
problems to settle,
In
yet.
The correspondent of a
he added, and he was taking them one at a time.
his Jackson
Day address on Jan. 8, which is given
President referred to the Court's
elsewhere in this issue, the
And no
second Justice co read to-day,
the surprise was
accentuated.
junior Justice, Mr. Cardozo, first
reads.
Mr. Roberts follows, and then the program continues upward in
seniority until Chief Justice Hughes completes the day.
Following this
custom, Mr. Cardozo read a short opinion as the Court assembled, and then,
to the amazement of a tense court room, Mr
Roberts announced the
findings on the AAA.
The former prosecutor
of the Teapot Dome and
Elk Hills oil scandals
performed an extraordinary feat of memory as he informed the world of
what the majority thought of the AAA.
Altnough he fixed his glasses,
he scarcely
glanced at the twenty closely
almost verbatim
printed pages lying before nim.
quoted not only sentences but long
paragraphs
his desk.
required for tne reading of tne majority
without even looking down at
A little over half an nour was
Justice Scone immediately delivered tne dissent.
emphatic than Mr. Roberts but even with this,
opinion, after wnicn
Justice Stone was more
side of the court room had some
difficulty in under¬
Justices have told friends that the
standing all his words.
prevent them often from
faulty acoustics
hearing their associates near by on the
bench.
Suspends Tax Collections, Refunds—Notice
Internal Revenue Commissioner
AAA Order
of
Acting Commissioner of Internal
7
notified
all collectors
to cease
processing taxes and withhold
Revenue Russell on Jan.
collection of commodity-
refund of such taxes until
This
orders from Washington are issued for this procedure.
indicated in a Washington despatch Jan. 7 to the
was
New
Commerce" which also had the following
to say:
The notification
followed action by Agricultural
Chester C.
Administrator
printing of benefit payment
"moral obligations" be
Adjustment Adminis¬
Davis yesterday to immediately halt
checks and issuance of orders that AAA's
compiled for early settlement.
"On Jan. 6 1936, Supreme Court held uncon¬
Mr. Russell's notice reads:
stitutional
agricultural adjustment taxes as
provided for in original act
Withhold collection on all processing tax assess¬
Do not deliver any processing tax
and also in amended act.
outstanding on your records.
ments
office or in transit to you until further
refund checks now in your
notice."
Payments Under
AAA Were $1,200,000,000; Rental and
Aid Over $927,459,777
Agricultural Adjustment Administration has paid out
about $1,200,000,000 in various benefits and administrative
costs under its program for restoring prosperity to farmers,
according to official estimates, said a Washington despatch
Jan. 6 to the New York "Times", which also reported:
For administrative expenses
alone about $50,000,000 was disbursed from
from an original appropriation of
financing incidental undertakings not
properly deductible from the commodity levies.
For rental and nenefit payments along the AAA had paid out $927,459,777 through Sept. 30 1935.
This amount was exclusive of nearly
$100,000,000 realized by cotton farmers from the sale of options taken
on Farm Board supplies, profits on surplus stocks pooled with the Federal
Government and later sold at higher prices, and other amounts obtained
from disposition of exemption certificates under the Bankhead Act which
the
proceeds of processing taxes and
$100,000,000 carried in the law for
were
not needed in
The total of all
localities having short crops.
payments had increased by Dec. 19
190,080, on the basis of a
1935, to $1,126,-
capitulation of benefit checks signed in the AAA
audit division.
^
price of wheat.
perfectly good faith.
Still persisting,
Deal.
Roberts to deliver the opinion.
While the Court has no set rule as to who shall announce its findings,
it has so happened that soxne one of the older Justices usually has delivered
the decisions in various New Deal cases.
And, as Mr. Roberts was the
The
follow the language of the message.
holder airily.
nothing whatever about the New
Benefit
Again the President was taciturn.
Once more some
had been that
should be prevented from enjoining the
act, he was aksed.
substitute
recessed on Dec. 23, tne expectation
apparently, expected Justice
tration
he
M. Butler, et al.,
but counteracting
York "Journal of
The President smiled
and
Adjustment Administration decision would be handed
this there was a feeling that after all the
Agricultural
down to-day,
preme
the Administration on
United States against William
Mills Corporation."
"I have No. 401, the
receivers of the Hoosac
those on the north
ing them.
Tribune"
the Justice took up a paper,
announced:
With remarkable fluency he
Apparently the only definite
no
of two weeks, Justice
According to Court procedure, the
According to Secretary Dern,
before him and
Glance at Document
a
reading of the decision:
the
one,
program.
and
With Hardly
Observing that the decision of the United States Supreme
Court on Jan. 6 came with extreme suddenness, a despatch
on that date to the New York "Times" described as follows
the
atmosphere of tranquility
an
Reading of AAA Decision by Justice Roberts in United
States
Supreme Court Upsets Usual Order of
Procedure—Page After Page of the Ruling Recited
waiting.
days.
will be
"There
and minority) and stated that "I cannot
without studying, with the utmost
care, two of the most mementous opinions ever rendered in a
case before the Supreme Court of the United States."
decisions (majority
render off-hand judgment
U. S.
Supreme Court holding unconstitutional the Agricultural
Adjustment Act have appeared.
On Jan. 6, following
the handing down of the decision, Stephen T. Early, a
Secretary to the President, issued the following statement,
according to the Associated Press:
"The President at 2.30 will go in conference with Attorney-General
Cumndngs and the Secretary of Agriculture to begin a preliminary study
of the Supreme Court's decision and the dissenting opinion handed down
to-day in
235
Financial Chronicle
Volume 142
Farm
November
Year
Ago
Income
According
October But Above
Bureau of Agricultural
Below
to
Economics
Farmers' cash income from
sales of farm products and
government benefit payments was $716,000,000 in November
compared with $856,000,000 in October, and with $612,000,000 in November a year ago, according to the Bureau of
Economics, United States Department of
November income from sales was $660,000,000
benefit payments $56,000,000.
October income
Agricultural
Agriculture.
and from
from
sales
was
$796,000,000
and from benefit payments
$60,000,000.
In November a year ago the income from sales
was $539,000,000 and from benefit payments $73,000,000.
In an announcement issued Dec. 27 the Bureau stated:
236
Financial Chronicle
There is usually a marked decline in farm income from October to Novem¬
ber and the decrease this year was
just slightly greater than usual.
from crops declined
slightly more than seasonally,
livestock and livestock products
was
Income
marketing
whereas income from
unchanged in contrast to the usual
The
more
sharp
than seasonal decline in income from crops
decreases
in
income
from
fruits
wheat,
Reduced income from all types
of meat animals
prices of whole milk and butterfat, and
adjusted income from
and
license
is attributed mainly
and tobacco.
marketing
Cotton
a
was
offset
case.
in addition to those for the dry skimmed milk
industry
areas,
industry, and for twelve fruit and vegetable indus¬
The process of substituting agreements and orders
under the Agri¬
cultural Adjistment Act as amended in
August 1935, for agreements and
by increased
marked increase in the seasonally
licenses
under
the
original act has been under way
Seek
Method
to
for
Replace AAA
Court—House
Leaders
Confer
in
Attorney-General Cummings, Secretary of the
Morgenthau and others, while yesterday (Jan. 10)
at
came
the invitation
caused by the invalidation of the
Act.
was
a
In
number
Agricultural Adjustment
of the
come
the
farm belt would
own
bill.
to
Agriculture, issued
on
a
this
possibility,
Henry A.
Wallace,
Separately
Secretary of
statement declaring that the Court decision did not
invalidate these sections of the Adjustment Act.
Meanwhile, proceeding with the Administration plans for the conference
with
seventy farm leaders, Chester C. Davis, Agricultural Adjustment
Administration Administrator, served public notice that critics of the AAA
would not be admitted to the
meeting.
in whicn he turned down the
He
gave out
the following telegram
request of Dan D. Casement, Kansas wheat
farmer
and
prominent
speaker
against
the
AAA,
to
be
at
the
Independence Council of America
nor
present
conference:
"Neither
any
the
so-called
other affiliates
or
Farmers'
representatives of the American Liberty League or
of the
big processors are invited to the agricultural conference.
meeting of farmers and their representatives."
a
The Department of Justice
rose
from the
This is
lethargy into which the Court
blow sent it Monday by sending telegrams to all United States
Attorneys
instructing them that all processing tax injunction suits in which funds are
tied up should be held in status
quo until the
decision in the rice
forthcoming Supreme Court
This will determine in effect how much of their
cases.
Treasury Studies New
the
Treasury experts
taxes to meet the
to
were
burden of
farmers still to
a
be paid as
proposal to make similar levies
revenue purposes
1.
Taxes
new
farm plan, the bonus and such benefits
will be unfinanced by processing taxes.
on
processors but as excise taxes for
A
general
is under study.
following proposals:
the
producing and what the product sells for abroad.
2
Domestic allotment which would pay a
subsidy on that part of farm
produce which does not flow into foreign commerce.
3.
An appropriation to the various states conditioned
ment of
4.
as
An
was
5.
a
the establish¬
Federal government such
contemplated under the soil conservation
An
on
State adjustment program.
appropriation for land leasing by the
appropriation to
the individual
program.
farmer
conditioned on evidence
that he has reduced his production in line with the old AAA
program.
The extension of marketing agreements was considered a
likely matter
of private study by the AAA as well as
present Agricultural
by the
Adjustment Act provisions
House Committee.
The
for "orders" by the Secre
tary of Agriculture provide even for price-fixing and control of the volume
of marketed
commodities in certain
areas.
Wallace's
This
was
Mr. Wallace's statement
the
that
in the
minority
opinionsr
Washington to-
When,
on
On March 16,
May 27
1935 the
Industrial
Recovery Act was ruled unconstitutional by the
Supreme Court, farm leaders and the Congress endeavored to
profit by that
decision and took what seemed to them the
necessary steps to strengthen
defects in the Agricultural Adjustment
Act.
On Jan. 6
1936, however—24 hours ago—the Agricultural Adjustment Act
constitutional
was
opinion of the Department of Agriculture,
The gist of the
majority opinion is
as
follows:
The Adjustment Act is
unconstitutional, the Supreme Court declares,
because it violates States' rights, as protected in the Tenth
Amendment to
the Constitution.
Agricultural production, the Court says, is "a
purely
local activity."
But the Agricultural Adjustment Act, the Court
declares,
presumes Federal power to control agricultural
production in an effort to
give farmers fair exchange value for their products.
There is no power in
the Constitution, the Supreme Court
declares, giving the Federal Govern¬
ment the right to regulate
agricultural production, "therefore,
legislation
by Congress for that purpose is forbidden."
The power to control agricultural
the Constitution remain with
production, if it exists
under
the
States
rather
than
at
all,
the
must
Federal.
Government.
The majority opinion of the Supreme Court
further observes
that regulation of agricultural production under the
Adjustment Act is not
in fact
voluntary; but even if it were voluntary, it would still be outside
the power of the Federal Government.
Again finally, "Contracts for the
reduction of acreage and the control of
production," declares the Supreme
Court, "are outside the range of that power
the Congress cannot
invade State jurisdiction to
compel individual action; no more can it pur¬
chase such action."
.
.
.
What I have just given you is, I
believe, the heart of the majority and
controlling opinion of the Supreme Court.
The dissenting opinion, sub¬
by three of the nine Justices, does not find the Adjustment Act
scribed to
unconstitutional, and declares that the Constitution means what it
says
when it says "that the power to tax and
spend includes the power to relieve
a nation-wide economic
maladjustment by conditional
gifts of money."
I cannot urge too strongly that
they
Both of these opinions are epochal.
on
farm
prices will not be serious.
Exactly what the effects will be six or nine
months hence, it is impossible to
say.
Concerning the long-time affects it
is easier to reach an
opinion.
At any rate I thought so in July of 1934..
An opinion expressed at that time is
sufficiently removed from the excite¬
ment of the moment to be calm and, I
believe, unprejudiced.
I should
like to have you consider three
paragraphs I wrote in July 1934, and pub¬
lished in a book in the fall of that
year.
These paragraphs
are as
follows:
"I would not mind seeing the
processing tax and acreage control abolished
in 1936 if we have
something better to take its place.
But unless we have
built up greatly increased foreign
purchasing power by reducing tariffs, or
unless we start loaning
money outside the United States to enable
foreign
nations to buy our surplus, 1 am afraid that
dropping the processing tax
ordinary run of weather,
of the 1932 situation.
quite well that during the first year or two
after the removal of the processing
taxes, the result might seem quite happy,
indeed.
In the case of a product like
hogs, I would anticipate that a sudden
removal of the processing tax might result in some increase in
cash prices.
and acreage control in 1936 would
result, with the
in
repetition within a few
"In saying this I realize
a
years
If this comes at the same time that there is a
reduced production resulting
from the previous production control, the outcome
would be to cause un¬
thinking farmers to
say, "Isn't it fine without the processing tax?
Look
we are without it.
"It is exceedingly important now to weigh all the
possible substitutes for
a
processing tax.
If no substitute is provided, and foreign
purchasing
power has not been increased by reduced tariffs, I am
very much afraid
that farm product prices within three
years will be down again to a point
where they will buy only half as much
how much better off
This
the
de¬
Supreme Court of the United
States, three members of the Court dissenting.
subject:
"Field agents of the general crops and dairy sections of the AAA have
been notified
Meanwhile
sound, satisfactory
1933, about 50 representatives of farm organizations from
order to give this country a
of 1932."
Statement
on
a
Supreme Court decision
reported to be at work considering new
An export debenture to pay the farmer the difference between
cost of
approach to
be read in full and studied
carefully in every American home.
We hope that the immediate effect of the
While keeping the investigation of
licensing and marketing agreements
under cover the House Agriculture Committee announced
its consideration
of the
avenue of
National
taxes the processors can recover.
In
make good on these contracts.
Agricultural Adjustment Act became law.
mar¬
much compulsion and regu¬
as
the processing tax and benefit program, or even more.
as
to
studying every possible
every section of the United States assembled with us in
decide upon a farm program to be submitted to
Congress.
a farm
bill was introduced into the Congress, and on
but Committee experts were
special study to determine whether the
though these sections apparently contained
centering attention
Supreme Court decision,
assurance that they will dospeed the enactment of special appropriations
May 12 1933, the
keting agreements and the order and licensing provisions of the Agricultural
Adjustment Act could be maintained and extended on a broad scale even
lation
enable the government
On March 10
Congressional independence born of the
new
power to
clared unconstitutional by a
majority of the
a
course,,
still owed money by the
In summarizing the
majority and
Secretary Wallace in his remarks said:
York
Supreme Court decision.
The Committee ordered
have, of
programs
are
contracts entered into before the
farm program.
Suggestions from the Administration and the
put to work to carry out the
For the benefit of those who
on
majority leaders of Congress have given
we are
insistent in their executive session that they
be welcomed, it was stated,
Home
Agricultural Adjustment Administration has necessarily
a pause."
Mr. Wallace added:
everything in their
Washington
should write their
and
to
Sign-up campaigns for the 1936 adjustment
The Committae members, in a swiftly called
meeting ahead of the con¬
ference of farm leaders whom the Administration had invited to
were
National Farm
processing
Government
the present no checks will be issued for rental or benefit
payments or refunds or for administrative expenses."
The House Agricultural Committee indicated on Jan. 8
that it would also seek a solution of the farm
problem.
Friday and Saturday,
the
immediate consequence of the
Supreme Court'stax collections have
been stopped,,
an
been halted.
The Comptroller of the Currency
mailing of all benefit checks as soon as the
Court decision was read,
while Secretary Morgenthau
announced that' "no further steps would be taken for the
collection of processing taxes, new or old," and that "for
for
over
benefit payments have been cut off, and the whole
machinery
contracts.
date to the New
"Herald Tribune" outlined this plan as follows:
/
address
radio
that "as
had ordered the
that
a
decision,
reported to favor continuation
$250,000,000 with which to meet the government's obli¬
gations to farmers for their actual fulfillment of 1935 produc¬
of
in effect
are
Hour, NBC, on Jan. 7, following the handing down, the
previous day by the United States Supreme Court of the
6 to 3 decision holding the
Agricultural Adjustment Act
unconstitutional, Secretary
of Agriculture Wallace stated
of the President to
of cash payments to farmers in some form.
Immediately
after the announcement of the Supreme Court
ruling it was
planned to introduce in Congress a bill appropriating
dispatch
under the amended act
citrus
industry and the California walnut industry.
marketing agreements and orders have been held for the
Off
Treasury
The President refused to intimate what action he contem¬
plates, while Mr. Wallace
on new
Secretary Wallace Following Decision Holding Agricul¬
tural Adjustment Act Unconstitutional
Says Study
of Satisfactory
Farm Program Is
Being Made—
Processing Taxes Stopped—Benefit Payments Cut
solution of. the difficulties
a
California
Florida
On Jan. 9 President Roosevelt
discussed the subject with Secretary of Agriculture Wallace,
Washington
and
milk
ment Act unconstitutional.
A
time
some
celery industry, the paper shell pecan industry, the western Wash¬
ington vegetable industry, the Colorado vegetable industry, the St. Louismarketing area and the Boston milk marketing area."
Washington
meet the problems created by the Supreme
Court decision of Jan. 6, holding the Agricultural
Adjust¬
Washington to endeavor to find
the
Hearings
designed to
control
for
Administration officials stated that this work is
being continued.
Administration officials and Congressional leaders con¬
ferred this week in an effort to formulate new legislation
tion
the
Agricultural
and the evaporated milk
Payments Invalidated by Supreme
Agriculture Committee Drafts Substitute Measure
of farm leaders
invalidate
the
tries.
eggs.
Officials
—Farm
not
of
"There are in effect under the
original Agricultural Adjustment Act
marketing agreements and licenses, or licenses alone, for 28 fluid milk
"Marketing agreements and orders
Government
provisions
1936
11
"The question of the
marketing agreement, order and license provisions
was not before the
Supreme Court in the Hoosac Mills
of higher cotton prices, decreased less than seasonally.
on account
order
does
of the Act
The announcement continued:
to
agreement,
case
Adjustment Act.
slight seasonal increase.
income,
Jan.
Supreme Court decision in the Hoosac Mills
It
concludes
would
be
my
city products
balanced prosperity.
No
as
analysis of the present situation
premature to
say
more
Congress and agriculture have had
an
than
they should buy in
one wants a repetition
as
this until the
made in
wise
1934.
leaders of
opportunity to counsel together.
"
237
Financial Chronicle
Volume 142
Assistant Secretary he will
to his official duties as
Sugar Quotas Unaffected by Supreme Court Decision
Holding Agricultural Adjustment Act Unconsti¬
tutional, Secretary of Agriculture Wallace An¬
continue his work in the
V
Reports Department.
"Times" of Jan. 7 it was stated:
In the New York
Inasmuch
nounces
Henry A. Wallace, Secretary of Agriculture, announced
Jan. 7 that it was the opinion of the Department of Agri¬
culture that the recent decision of the United States Supreme
Court in the Hoosac Mills cas8 did not in any way affect
validity of the provisions of the Agricultural Adjustment
authorizing the establishment of sugar quotas.
This
means, it is stated, that the orders and regulations of the
Secretary of Agriculture, issued pursuant to the quota
Assistant
the titles of the Bank's Governor,
as
Banking
the terms of the
Assistant
made
Vice-Presidents,
March
only to
and
Deputy Governors
changed on next March 1, under
Act of 1935, to President, Vice-Presidents and
all appointments to these offices have been
Governors will be
Deputy
Other appointments have
1.
been made for the
March 1, it is expected, officers whose
will be confirmed in their existing positions with appropriate
of one year, and on
usual period
the
titles change
Act
changes in designation.
provisions of the Jones-Costigan Act remain in full force and
effect, and that the rate of duty on Cuban sugar of ninetenths of a cent per pound on 96-degree sugar established
in the reciprocity trade agreement with Cuba of 1934 remains
unchanged.
The decision of the Supreme Court on the
Adjustment Act is referred to elsewhere in our issue of
to-day.
An announcement by the Agricultural Adjustment
Administration
Jan.
Dominican
been
have
confirmed the announcement
thus
of the AAA of
Belgium, Czechoslavakia,
Republic, Peru, Dutch East Indies, and the United Kingdom
exhausted.
These quotas were established in General Sugar
1936,
2
Jan. 7 said:
on
Wallace
Secretary
1936 sugar quotas for
the
that
Series 3, issued Dec. 26 1935, pursuant to the pro¬
amendments to the Agricultural Adjustment
Quota Regulations,
visions of the Jones-Costigan
Act.
Federal Ad¬
New York Federal
Perkins Reappointed Member of
James H.
Representing
Council
visory
♦
Formed by Brown Harriman & Co.,
London Concerns Aid in Organiza¬
of Brown Harriman & Co., Ltd.
Affiliate in London
New York—Two
tion
Brown Harriman & Co.,
Inc., New York,
announced
on
organization of Brown Harriman & Co., Ltd., in
co-operation with Brown, Shipley & Co., and M. Samuel &
Co., Ltd., both of London.
The new firm, which will have
offices at 17 St. Helen's Place, London, E. C. 3, will be the
Jan. 2 the
correspondents in Europe of Brown Harriman & Co., Inc.,
in underwriting and dealing in securities.
The Board of Directors of Brown Harriman & Co., Ltd.,
consists of Walter Hargreaves Brown, Chairman of Brown,
Shipley & Co.; Henry Mann of Brown Harriman & Co., Ltd.;
Col. Bertram Abel Smith and Maj. Partick Campbell
Anderson, both of M. Samuels & Co., Ltd.; John G. W.
Husted of Brown, Shipley & Co., and Joseph P. Ripley and
Henrick R. Jolles, President and Vice-President, respectively,
of Brown Harriman & Co., Inc.
Reserve District
Reserve Bank of
meeting, reappointed James H.
Perkins as a member of the Federal Advisory Council repre¬
senting the Second (New York) District for 1936.
Mr.
Perkins, who is Chairman of the Board of the National City
Bank of New York, was originally appointed to the Council
The Board of Directors of the Federal
New
a
York,
at
year ago.
♦
Federal
Several
Sproul and J. H. Williams Made
Officials—Allan
Deputy Governors
The Federal Reserve Bank of New
staff of
two
director of the German Reichsbank, and
German Department of Commerce,
arrived in New York aboard the Europa yesterday morning
They said that they came to the United States for
of visiting officials of the New York Federal Re¬
Bank, but pointed out, however, that their business was
not of an official nature.
It is stated that they will probably
discuss the standstill agreement while in New York.
the purpose
serve
Harbert H. Kimball, formerly Assistant Deputy Governor
and Assistant
Governor and Secretary.
Discount Department, has been
Secretary, has been appointed Assistant Deputy
Manager,
formerly
Phelan,
appointed an Assistant Deputy Governor.
mission
on Dec. 27 appointed five to the
Constitution Sesquicentennial Commission,
which was authorized by Congress to arrange a celebration
in 1937 of the 150th anniversary of the adoption of the
Constitution.
Those named by the President are:
President
United
Roosevelt
States
Charles A. Beard, of
of
Connecticut; Max Farrand,
Goolrick, of Virginia; Daniel
Silas A. Miller of the Securities Department has
been appointed Manager
The Commission is also
appointed Assistant
It is headed by
In its
announcement
the Reserve
the staff changes
of
Williams has been
for the past
of
Reserve Agent and later as Economist,
He is also Nathaniel Ropes Professor of Political
2 H years.
at
Bank
associated with the Federal Reserve
New York, first as Assistant Federal
Harvard University, where he has been a member
of the
Mr. Williams was graduated from Brown University
and received his Master's degree from Harvard University in
faculty since 1921.
1912
in
1916 and
Doctor's degree from the same university in
his
the latter year
various
on
been
Since
1919.
he has been engaged continuously in the teaching of economics
has also served
Princeton, Northwestern University, and Harvard, and
at
national and international groups or committees which
called upon, in a public
or
President
have
Sproul has
John Van A.
confirmation.
R. Gay Elected Director of Stock Clearing
Corporation—Officers of New York Stock Exchange
employee and officer of the
Assistant Counsel, and served in that capacity
in 1938.
Francisco for
a
period of 10 years.
For the past two years
the resig¬
been Assistant to the Governor and Secretary, and since
nation
of
Deputy Governor,
Crane,
early in 1935, he has also
supervised the operations of the foreign functions of the Bank.
Mr. Kimball joined the
November
in
1931
as
until September 1934,
an
when he was appointed Assistant Deputy Governor,
with duties in several departments
Government
•tration
duties
of the bank—Safekeeping Department,
Bond Department, Security Custody Department,
Department,
as
Assistant
Accounting
and
Deputy Governor,
Secretary of the Bank since
Department.
Mr.
Mr. Phelan has been a
As
an
an
Manager of the
loan, discount,
the staff of the Bank since 1917 and
Collection Department since April 1933.
As
in th 'scash and collections
during the
has been the senior employee in the Securities Department,
becomes Manager.
Sanford has been an employee of the Bank since 1918 and has been
employee in the Reports Department
and
Opening
tion
in
Campaign
to
Be Held
to
in
Regional
Develop Banking
Philadelphia Jan.
24
its nation-wide drive for promoting sound in¬
banking service, the American Bankers Associa¬
Jan. 5, the program for the
conferences which will feature its
announced in New York,
first
of
plans.
four
regional
The opening meeting will be held
in Philadelphia,
the Bellevue-Stratford Hotel.
"This con¬
the Association's nation-wide program of
Jan. 23 and 24, at
employee of the Bank since 1918, and
past eight years
the senior
23
creases
of which he now
Mr.
officers were
Association to Hold Four
in
Conferences
Service—First
Bank.
Mr. Miller has been an
American Banking
Deputy Governor.
Assistant Deputy Governor he will continue
functions of the
to his
Bank.
Mr. Willis has been a member of
Payson, President, and other
Laurence G.
re-elected.
member of the staff of the Bank since June 1920
Assistant Deputy Governor he will continue in the
been
change, was elected a director
an
affiliate of the Exchange,
Adminis-
addition
Kimball has been Assistant
of the Discount Department since February 1932.
and credit function of the
has
In
Gay, President of the
Charles R.
early 1935, and now is made Secretary of the
Bank while retaining his duties as Assistant
and has been Manager
Affiliate Re-elected
staff of the Federal Reserve Bank of New York
San
largely in the foreign function of the Bank.
E.
Jan. 9 by
New York Stock Ex¬
of the Stock Clearing Corp.,
at the annual stockholders
meeting held Jan. 8.
William A. Greer, Allen L. Lindley,
E. H. H. Simmons and Richard Whitney, whose terms
expired, were re-elected as directors to serve until the annual
election in 1940.
Mr. Gay will serve until the annual election
Bank of
he has
Jay
on
Charles
His
first office at the Federal Reserve Bank of New York was Assistant Deputy
Governor and Secretary, his work as Assistant Deputy Governor having
been
nominated
Ambassador to Turkey, succeeding
Robert P. Skinner.
At present Mr. MacMurray is Minister
to Estonia, Latvia and Lithuania.
The President also nomi¬
nated Arthur Bliss Lane, Minister to Nicaragua, to succeed
Mr. MacMurray, and Boaz Long, of New Mexico, to succeed
Mr. Lane.
The nominations were sent to the Senate for
been an officer of the Federal Reserve Bank of New
Prior to that time, and following his graduation
from the University of California, he was an
Reserve
MacMurray was
A. MacMurray
President Roosevelt as
York since March 1930.
Federal
Roosevelt Nominates J. Van
as Ambassador to Turkey
semi-public capacity, to study current
economic proolems.
Mr.
York.
♦
Bank said:
Economy
Representatives.
Representative Bloom, of New
Secretary.
Mr.
and "William Hirth,
composed of five members of the
of the House of
Senate and five members
Horace Sanford of the Reports Department has been
of California; C. O'Con¬
J. Tobin, of Indiana,
Missouri.
appointed an Assistant Deputy Governor.
of that Department.
Roosevelt as Members of
Sesquicentennial Com¬
United States Constitution
nor
has been
formerly Manager, Collection Department,
Valentine Willis,
Appointed by President
Five
new
Arthur
a
Hans Hartenstein, of the
in
the Bank, including the appointment
Deputy Governors.
The new deputies are
John H. Williams, formerly Economist, and Allan Sproul,
formerly Assistant to the Governor and Secretary.
The
other changes made by the board at its annual meeting
Jan. 2, were announced by the Bank as follows:
of
Commerce
Emil Puhl,
York announced Jan. 6
board of directors had made seven promotions
the official
Emil Puhl, Reichsbank Director,
of German Department of
and Hans Hartenstein,
(Jan. 9).
•
Bank of New York Promotes
Reserve
that its
Arrival in New York of
recent
a
since 1930.
In addition
ference
launches
banking development," Robert V. Fleming, President
Association, who will preside at the meetings,-said
nouncing the program.
He added:
of the
in an¬
238
Financial
Outstanding speakers will discuss managerial, legislative and
banking problems in the general sessions and forum meetings.
Chronicle
Among the important objectives at this conference will be to give attending bankers information on present banking laws and regulations and dis¬
problems
cuss
improving
customer
organized
to
effort
private
the
arising
from
and
to
their
public
of
relations,
wherever
promote,
agencies
application,
banking
many
and
they
aid develop
to
can
enlist
to
soundly
functions
now
methods
bankers
do
by
performed
government.
The
following
those
are
scheduled
to
before
speak
First General
the
V.
Fleming,
President
Riggs National Bank, Washington, D.
Ohio
National
Bank,
Columbus,
Philadelphia National Bank,
Ohio,
Association, .President
C.; Avery G.
0.
of the Board were renominated.
dinger, President
Howard
Wolfe,
Cashier
New York
Adrian
and
M.
M.
Auch,
Massie,
Robert
M.
Secretary
Ohio
President
New
Association,
York
Wachovia
Trust
Bank
Co.,
&
Columbus,
Ohio;
New
City.,
Trust
Salem, N. C.
York
Co.,
Among the 75 courses offered in the spring semester by
New York Chapter, American Institute of Banking, 420 Lex¬
Winston-
ington
■
Third General
Session, Jan. 24
Fourth General
J.
Benson,
President Dime
Savings
Bank
of
of
Investments
David
Legal
Brooklyn,
Philip
Brooklyn, N. Y.;
following
we compare
Among the
30
1935 Oct.
31
1935 Nov.
$
S
5,578,995
10,906,033
38,991,093
10,332,583
16,485,028
49,323,680
36,709,251
186,723,085
38,655,673
190,854,376
6,432,130
23,236,277
5.707.S66
Dominion notes.
on
22,914,449
102,800,829
5,232,292
2,541,607
Canada, secured,
including bills lediscounted—
Deposits made with and balance
from other banks in Canada
21,733,762
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
United Kingdom
Dominion
19,005,002
33,800,267
109,892,725
and
99,306,757
71,611,722
945,300,577
917,640,839
752,261,218
13S.909.425
52,794,410
142,853,453
55,375,328
129,495,800
37,838,560
95,901,988
59,711,214
856,839,840
138,965,853
73,758,684
52,130,116
855,599,556
153,041,866
98,473,002
107,221,320
871,892,870
133,257,611
22,585,150
29,625",578
24,815,437
100,196,754
government
96,670,586
106,577,952
13,469,731
8,607,518
5,330,533
14,252,539
8,859,429
5,453,693
13,969,781
7,704,047
5,711,570
Provincial
government securities
Canadian municipal securities and Brit¬
ish, foreign and colonial public securi
ties other than Canadian
Railway and other bonds, debs.
stocks
Call and short (not exceeding 30
days)
H.
N.
Whitney
&
by
Dr.
Louis
Wolfanger,
A.
instructor
in
Dr. Lester F. Grieb,
by
Midtown
manager
Bank of the Manhattan Co.
instructors
new
of
Russell
are
Mclnnes
of
the
the
Dry
Goods
in
Institute
New
York,
to
Jan.
Hold
15
Annual
and
16
of
the
New
York
State
Employment
Department of Labor;
Vergil D. Reed, Chief, Retail and Wholesale Trade,
Census of Business, 1935, and Dr. R. S. Alexander, Assistant
Professor of Marketing, School of Business of Columbia
Annual Convention of American Institute of
Banking
Held in Seattle, Wash., June 8-12
due
Due from banks and banking correspond
ents in the United Kingdom.
statistician,
Vance,
Dr
7,862,370
24,518,137
98,140,187
5,329,524
other banks
C.
University, New York.
93,206,434
United States & other foreign currencies
Loans to other banks In
Insurance
176,856,227
Notes of Bank of Canada
Deposits with Bank of Canada
Notes oi other banks
an¬
York City, Jan. 15 and 16.
Among the many speakers who
will address the two-day meeting are E. B. Sydnor, President
of the Institute; Glenn A. Bowers, Director of
1934
5,047,982
"9,738,050
-—
Total.
Cheques
30
14,786,032
Elsewhere
Institute
The ninth annual convention of the Wholesale Dry Goods
Institute will be held at the Hotel New Yorker, in New
BANKS OF THE DOMINION OF
CANADA
Nov.
the
Columbia University.
Convention
STATEMENT OF CONDITION OF THE
Assefs
countries
Division
Wholesale
figures for Oct. 31 1935
and Nov. 30 1934:
Current gold and subsidiary coinIn Canada
courses,
Municipal Bond Department of
Brothers, who teaches municipal securities, and
August Ihlefeld Jr., Executive Vice-President Savings Banks
Trust Co., who teaches savings bank management
Regis¬
tration takes place during the week of Jan. 20.
the condition of the Canadian
1935 with the
new
Lehman
Comparative Figures of Condition of Canadian Banks
In the
Eric
of credit work
aspects
Research
C. Barry,
banks for Nov. 30
three
by
geography at
Credit Department,
Buffalo, Buffalo;
Raymond Roos, Cashier National
Y.;
seminar
commercial
Key
economic
Commercial Bank & Trust Co.,
Albany,
Vice-President Lincoln-Alliance Bank & Trust Co.,
Rochester, N. Y., and Louis S. Thomas, President East Hartford Trust
Co.,
East Hartford, Conn.
"
w
N.
are
Sons.
Session, Jan. 24
George F. Rand, President Marine Trust Co.
Avenue,
nounces, namely:
Carl
K.
Withers, Commissioner of
Banking and Insurance of
New
Jersey; Charles H. Mylander, Vice-President the Huntington National Bank,
Columbus, Ohio, and A. G. Brown, President Ohio Citizens Trust
Co.,
Toledo, Ohio.
A.
Chapter of American Institute of Banking
Offers Three New Courses,
Session, Jan. 23
Bankers
Vice-President
Hanes,
President of
as
Philadelphia.
Second General
David
renominated
was
who, however, will continue as a member of the Board, and
W. W. Pinney was renominated as Treasurer. All members
Bankers
and
Mackey
was
Session, Jan. 23
American
A.
Mr. Wm. H. English Jr. in January 1935.
Wm. G. Daub
nominated as Vice-President to succeed Earl B. Wilson
the
general sessions:
Robert
Vice-Presidency
the New York Coffee and Sugar
Exchange, it was announced
Jan. 3.
Elections will be held on Jan. 16.
This will be
Mr. Mackey's second term in office, he having succeeded
an
the return
so,
being
for
Chandler
of
in
1936.
Jan. 11
C. A. Mackey Renominated as President of New York
Coffee & Sugar Exchange—Wm. G. Daub Slated
operative
The 34th annual convention of the American Institute of
Banking, the educational section of the American Bankers
Association, will be held in Seattle, Wash., from June 8-12
1936, it is announced.
The Olympic Hotel will be the
convention headquarters.
Six special train movements are
being arranged for to carry the delegates, and it is expected
that there will be an attendance of about
1,500.
The
Institute has chapters in
over
200 cities.
loans
in Canada on stocks, deben¬
tures, bonds and other securities of
a
sufiicient
marketable
value
Loans to the Government of Canada.
Loans to Provincial governments
Loans
to
cities,
towns,
__
municipalities
and school districts
Non-current
loans,
Receiverships
to
cover
Elsewhere than in Canada
Other current loans & disc'ts in Canada.
Elsewhere
estimated
loss
pro¬
vided 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
76,114,904
76.394,127
77,754,988
59,425,443
credit as per contra
54,328,225
49,343,885
Deposits with the Minister of Finance
for the security
of note circulation
6
869,389
6,869,389
lo',979",244
12,910,043
6,707,486
15,881,732
13,146,755
1,706,434
Deposit in the central gold
1,911,135
1,557,094
ieserves
Shares of and loans to controlled cos...
Other assets not included under the fore¬
going heads
Total assets.
3,091,757,741 3,058,636,974 2,918,265,409
Liabilities
Advances under the Finance Act..
Balance due to Provincial governments.
Deposits by the public, payable
on
public,
payable
from
other
banks
in
38,593,102
12,902,070
47,54l",064
47,097",040
625,206,281
banks and
in
Canada
United Kingdom
Bills payable
and
.'
Letters of credit outstanding
and unpaid
Rest or reserve fund
Capital paid up
Total liabilities
Note—Owing to the omission of the
of
Ter¬
Cur¬
Jan.
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH
OF DECEMBER
382,658,439
376,661,721
Date
of
326,534,115
First Nat. Bank, Wakaurusa, Ind__
First Nat. Bank, Ayrshire, Iowa
Farmers
National
Bank,
8-22-30
First Nat. Bank,
15,084,692
11,713,462
12,299,964
9,906,679
Dickinson, Tex_
Clyde National Bank, Clyde, Tex__
First Nat. Bank, Monte Vista, Colo.
x Guernsey Nat.
Bk., Cambridge, O.
5,576,557
First Nat. Bk., Mount'n Lake, Minn
27,725,433
1,474,403
59,425,443
2,705,299
2,950,309
132,750,000
145,500,000
28,094,425
2,060,310
54,328,225
2,335,703
2,544,813
132,750,000
145,500,000
3,083,796,353 3,046,241,876 2,911,346,261
cents in
Dis¬
Dividends
Returns
Offsets
Paid
to All
Unsecured
Creditors
Depositors
$112,172
114,848
105.50
107.90
68.10
51.97
156,649
14,055
73,676
136,416
73,258
66.61
Allowed
12-19-33
6-12-31
11-14-33
2-
8-32
6-29-32
55.75
109.97
74.65
61.65
41.17
61.56
24.57
99.15
78.09
82.15
79.94
88.16
29.00
Carlton Nat. Bank, Wauchula, Fla.
2-21-29
210,438
372,227
318,056
64.77
49.7
First Nat. Bank, Shenandoah, Iowa.
First Nat. Bank, Elk Point, S. Dak.
5-13-26
664,837
64.92
41.12
12-16-30
138,022
1,874,053
48,659
65.29
Gregory Nat. Bank,
22,156,286
939,673
49,343,885
2,248,656
2,408,469
132,750,000
145,500,000
3-33
8-12-30
Per Cent
Total
Including
Glenwood
City, Wis
x
10-
Per Cent
bursements
Receiverships
Failure
the official reports, the
footings in
the above do not exactly agree with the totals given
on
Total
1,474,122,395 1,465,301,708 1,411,317,113
the
Liabilities not incl. under foregoing heads
Dividends declared
Banks
Comptroller
Reports
12,253,796
banking correspond¬
Kingdom
ents in the United
than
National
561,733,762
Canada,
other banks in Canada
to
December,
T.
31,103,012
36,944,000
31,081,345
Deposits made by and balances due to
Due
Insolvent
O'Connor, Comptroller of the Currency, made
6 the completion of the
liquidation of 14
receiverships during December 1935, making a total of
187 receiverships finally closed or restored to
solvency since
his last annual report to Congress dated Oct. 31 1934.
Total disbursements, including offsets
allowed, to depositors
and other creditors of these 187
institutions, exclusive of the
12 receiverships restored to
solvency, aggregated $48,272,151.
or an
average return of 72.94% of total liabilities, while un¬
secured depositors received dividends
amounting to an
average of 60.33% of their claims, Mr. O'Connor said.
The following are the 14 banks whose
receiverships were
liquidated during December: /
known
secured, including bills rediscounted..
Elsewhere
F.
14
139,995,879
after
notice or on a fixed day in Canada...
Deposits elsewhere than in Canada
Loans
126,468,158
de¬
mand in Canada
the
130,526,762
613,269,891
Balance due to Dominion govt, after de¬
ducting adv. for credits, pay-lists, &c.
by
rency
"77
of
During
1935
Notes in circulation
Deposits
minated
Gregory/S. Dak
Broadway Nat. Bank, Denver, Colo.
First Nat. Benk, Roy, Mont
11-25-25
1-16-26
2-11-30
47.09
80.63
77.71
68.09
41.85
Receiver appointed to levy and collect stock assessment
covering deficiency in
value of assets sold, or to complete unfinished
liquidation.
x
A report of the Comptroller for November
issue of Dec. 14, page 3798.
our
was
given in
ITEMS
BANKS,
ABOUT
TRUST
COMPANIES,
&c.
late Jan. 3 for the transfer of
membership at $149,000.
The
previous transaction was at $145,000 on Dec. 30.
The
names of the participants in the sale were revealed to be
a
Arrangements were made
New York Stock Exchange
Harold M. Ward to Stuart Scott Jr.
Arrangements were completed Jan. 3 for the sale of a
membership in the Chicago Stock Exchange at $4,500, up
$200 from the last previous sale.
At
a
of the Emigrant
9, Walter
Chairman.
Hoguet, First Vice-President, was elected to
meeting of the Board of Trustees
Industrial Savings Bank, New York, held Jan.
H. Bennett, President since 1930, was elected
Robert Louis
succeed Mr. Bennett
as
President, and Myles J. Tierney was
Francis T. Bergan and James
elected senior Vice-President.
A.
Finn,
Vice-Presidents, were made Viceand William C. Robertson was
Assistant
Presidents by the trustees,
appointed Secretary-Treasurer.
James F. McDonnell, of
McDonnell & Co., was elected to the board to fill a vacancy.
An increase In total resources
of the Public National Bank,
the final quarter of 1935, and also in
cash and due from banks, is shown in the institution's yearend statement of condition.
Resources on Dec. 31 amounted
New
York, during
$156,330,234, compared with $147,857,436 Sept. 30, while
cash and due from banks totaled $41,212,477 at the year-end
months ago.
Both holding of
obligations and State municipal
corporate bonds declined, the former to $37,740,015
Dec. 31 from $38,011,796, and the latter to $23,107,608 from
$24,158,865 at the earlier date. Deposits increased during
the three-month period to $138,312,940 at the close of the
year from $130,444,352. Capital was unchanged at $8,250,000
which surplus was increased by $100,000 to $3,200,000; un¬
divided profits were also higher at $2,252,573, as against
$34,785,819
against
three
States government
Co. of New York announces
appointed on Jan. 6 to the
He previously had been Assistant
The Continental Bank & Trust
Bushnell
office of Vice-President.
L.
that Vance
was
Vice-President.
♦
Lawyers Trust Co., New York, known as Lawyers County
Trust Co., prior to a change in name effective Dec. 23,
reports deposits of $38,094,086 at the end of 1935, compared
with $33,501,235 at the end of 1934, representing an increase
of
13%.
Concurrently resources were increased from
$37,718,963 to $42,611,561, it was stated in an announce¬
ment issued by the institution on Jan. 6, which added:
Undivided profts increased during tha year to $1,017,876, which com¬
end, while reserves advanced to
$148,394.
31 represented an
increase of $3,341,388 more than a year ago.
Holdings of $10,046,773
United States government securities totaled $1,245,501 over a year previous.
State and municipal bond holdings of $3,911,440 likewise showed an in¬
crease of $460,258.
Loans and discounts decreased from $9,326,565 at
pares
with $987,759 at the previous year
$374,931 from the previous figure of
Cash
on
hand and in banks
the first of the year
of $11,533,974 on Dec.
to $9,091,431 at the
close.
Orie R.
stockholders' meeting, held Jan. 8,
At the annual
Kelly, President, reported/that the net income of the
Lawyers Trust Co. for 1935 was $284,673 after deductions
for operating reserves including taxes.
This amount is
equivalent to $3.55 a share on the company's capital stock,
or 1.47 times the regular annual dividend of $2.40.
Mr. Orie
stated:
to
United
239
Financial Chronicle
Volume 142
the bank's security portfolio
Appreciation or depreciation in
or
undivided profits,
of
market
is credited
reserves,
changing
carried as a part of total
and constitutes a reserve for
charged to a special reserve account
instead
quotations.
to
«
and
$2,250,061 Sept. 30.
the bank.
formerly President.
Parker Sloane, First Viceelected by the trustees as President, and his
brother,
William
Douglas Sloane, previously Deputy
Comptroller, was elected to succeed him as First Vice-
W. Fraser,
President,
The
Bank-Farmers Trust Co., New York.
financial
statement
of
v.;
Brown
Brothers
Harriman
Co., New York, private bankers, as of Dec. 31 1935,
reveals increases in total assets, deposits and capital and sur¬
plus as compared with three months ago and the end of the
preceding year.
Total assets at the end of 1935 were $74,119,082 compared with $66,900,468 on Sept. 30 and $56,666,085 a year ago.
Deposits of $43,733,519 compared with
$41,228,461 three months ago and $30,588,687 a year ago.
Capital and surplus on Dec. 31 totaled $11,167,837 againse
$10,839,076 on Sept. 30 and $10,507,205 on Dec. 31 1934.
The principal asset items in the year-end statement show the
following comparisons with three months ago and a year ago:
$11,238,457 and $8,655,628, respectively;
United States government securities (valued at lower of cost or market),
$12,943,101 against $9,951,774 and $7,194,390; call loans and acceptances
of other banks, $7,655,585 against $5,604,899 and $8,002,197; loans and
advances, $12,336,196 against $12,851,454 and $6,145,963; marketable
bonds and stocks (valued at lower of cost or market), $9,824,592 against
$9,388,532 and $8,663,528; other investments, $2,077,112 aginst $2,673,446
and $3,225,455; customers' liability on acceptances, $15,836,777 against
$10,334,741
$12,482,312 and
against
$12,956,149.
♦
.
Vice-President of the Kings County
Trust Co., Brooklyn, N. Y., recently resigned because of
ill health.
Mr. Joost, who joined the bank about 40 years
D. Joost,
had been Vice-President since 1923.
——♦
Illinois, on Dec. 24
authorized payments to depositors
of two closed State banks, namely, the Park Ridge State
Bank and the Pinkert State Bank, Melrose Park, both of
which are in Cook County.
In reporting this the Chicago
"News" of Dec. 24 supplied further details as follows:
The Park Ridge State Bank has been authorized to pay 15%, amounting
to $77,500.
This is the fifth payment to be made since the bank closed and
brings the total paid to 45%.
In addition to this payment, $187,185 has
been paid preferred creditors and $117,464 has been paid on bills payable.
The Pinkert State Bank, Melrose Park, 111., has been authorized to pay
5%, amounting to $15,479, to depositors.
This is the first payment since
the bank closed.
In addition to this payment, $94,317 has been paid on
bills payable and $13,327 has been paid preferred creditors.
Edward J.
announced
&
Cash,
was
Howard
ago,
At the meeting of the Executive Committee held Jan. 6
Edward C. Smith was appointed Assistant Vice-President of
the City
Bank,
Brooklyn, N. Y., at a meeting Jan. 3, created the new
office of Chairman of the Board to which they elected John
National City Bank of New
York, at its regular meeting Jan. 7, appointed Robert W.
Doye an Assistant Comptroller.
He was formerly an Assist¬
ant Cashier of
of the Roosevelt Savings
of Trustees
President.
♦
The board of directors of the
The Board
Barrett, State Auditor of
lie had
that
National
First
Bank
Yonkers, Yonkers, N. Y., in its
of Dec. 31, reports total resources
in
statement of condition as
$6,184,284 compared with $5,260,229 on Dec. 31 1934, an
of $924,055.
Deposits amount to $5,499,286 against
$1,636,205, a gain of $863,081. Surplus was increased during
the year by $25,000, restoring it to the original amount of
$300,000.
Undivided profits amount to $80,213 against
$38,846, a gain of $41,367.
Capital of $300,000 was un¬
of
increase
changed.
*
♦
Three Middlesex County,
York, in its state¬
total assets of $22,-
The New York Hanseatic Corp., New
ment of condition as of Dec. 31 reports
which includes cash and bullion in banks -of
$1,549,806, and bankers' acceptances and United States
government securities on hand and pledged as collateral of
$5,309,786 and $14,833,063, respectively.
The corporation
reported a profit of $176,170 during 1935 and a surplus of
$650,380 at the close of the year.
Capital stock was listed
at $2,000,000.
863,684,
•
year-end statement, the Continental Bank & Trust
Co. of New York shows total resources of $74,594,727,
$200,000, namely the Lechmere Bank of Cambridge; the
Second National Bank of Maiden and the Everett Bank &
Trust Co. of Everett, were
charter of the first
was
$101,165.
Collateral loans show a slight increase from $6,107,169 to $6,506,402, while loans and discounts are of
from
$8,116,547 to $5,602,811.
Deposits &re reported
as $61,916,380, an increase of more than $11,500,000 over
the total of $50,307,683 at the end of 1934.
The capital
account shows capital and surplus unchanged at $7,000,000
with undivided profits up from $608,859 at the end of 1934 to
$791,210 at the end of 1935.
Reserves also are higher at
$1,538,136, compared with $1,467,973.
consolidated
on
Dec. 31 under the
named institution, the location of which
subsequently changed to Everett and its
title to the
County National Bank of Everett.
The new
institution is capitalized at $500,000 with surplus of $300,000
and will maintain, it is understood, two branches in Cam¬
Middlesex
bridge and
one
in Maiden.
♦
In its
compared with $60,662,189 at the end of 1934.
Cash and
due from banks is reported as $24,721,137, compared with
$18,977,187; call loans to brokers, $12,392,390, compared
with $6,898,255; United States government bonds, $7,126,343, compared with $10,992,750; New York State, county
and city bonds, $11,946,966, compared with $6,696,808,
and other marketable securities, $2,081,980, compared with
Mass., banks, all capitalized at
The First National
in
its
condition
Bank of Boston, Moston, Mass., reports
statement as of Dec.
31, total deposits of
$632,851,952 and total assets of $729,598,793, as compared,
respectively, with $575,607,436 and $675,491,791 on Dec. 31
1934. Surplus and undivided profits at the close of 1935 were
$47,878,755, as compared with $30,067,915 the previous year,
while capital showed a reduction from $44,500,000 to $27,812,500. Holdings of cash and due from banks totaled $275,536,874, against $199,140,102 at the close of 1934, and invest¬
ments in United States securities came to $132,902,662, as
compared with $134,780,032. The figures of the Old Colony
Trust Co., which is beneficially owned by the stockholders
of The First National Bank of Boston, are not included in
the
statement.
Deposit
The institution is a member of the Federal
Insurance
Corporation.
•
Merger of the Montclair Trust Co. of Montclair, N. J., and
the Montclair National Bank, to become effective yester¬
day, Jan. 10, "was announced on
Jan. 9 by Isaac B. Grainger,
'
I
240
Financial Chronicle
President of the Montclair Trust Co., and Hugh It.
Monro,
President of the Montclair National.
Beginning yesterday
the
office
of
the
Montclair
National
be
will
conducted
as
the
Watchung Plaza office of the Montclair Trust Co. A
dispatch to the New York "Herald Tribune" in the matter
added:
Deposits of Montclair Trust, according to Mr. Grainger, will be increased
more than $1,000,000 and an equal
amount of cash, bonds and other
liquid assets will be added to its resources.
Mr.
stock
and
Monro
will
retire from active
banking to devote his attention to
business and financial interests in which he has been
engaged for many years.
being granted the
stock
as
Jan.
may
3
intention to
of
assets
until
The
President of
28
to
subscribe
directors
she may own of
or
have
their
announced
April 1 the $400,000 capital debentures
on
which
the
Feb.
of additional shares of
equal the number he
1936.
call
bank
the
right
$100 each for such number
pay
record
of
3, the capital
$250,000 to $500,000, each stock¬
increased from
Avas
holder
new
by
Jan. 11 1936
At the annual meeting of the Southern Ohio
Savings Bank
& Trust Co. of
Cincinnati, Ohio, held Jan.
issued
were
Southern
Ohio
in
1934
Loan
to
Co.
purchase
Arthur
the
Espy
is
the institution.
♦
We learn
York
from
"Journal
chanics
of
Hartford
that
Jan.
on
7
to
the trustees
the
of
National
Fire
succeed
Insurance
Arthur
Co., Chairman of the Board to
Collens, who resigned to devote his
M.
entire time to his duties
Insurance
Co.
as
Mr.
the institution since
President of the Proenix Mutual
Maxwell has
served
trustee of
as
4
New
We learn from Wabash,
the Me¬
Savings Bank of Hartford, Conn., on that date
Sidney T. Maxwell, Senior Vice-President of the
elected
Life
advices
Commerce"
a $700,000
against former officials and directors of the
Wabash County Loan & Trust Co. for $100,000 will make
possible the early payment of an additional 15 % dividend to
depositors, as announced on that date by George D. Garber,
bank
the
banking
career
Mr. Beaton
4
as
The "News" outlined Mr. Beaton's
follows:
national bank examiner for several
years.
He
in
was
charge of examinations in the northern part of the State under Luther K.
Roberts, chief examiner of the Second Federal Reserve Disrtict.
In
September 1933, Mr. Beaton
nonmember
work
Mr.
was
banks
for
made chief examiner in New
was
insurance
governmental
completed he returned to his post
as
of
deposits.
Jersey of
When
his
North Jersey examiner under
Roberts.
1
Bart
named President of the institution at a recent
special meeting
of the directors to fill the
vacancy caused by the death of
Asher Seip, who had held the office for the
past 13 years.-
Arthur
Strunk, Mr. Reading's assistant for more than a
elected Secretary-Treasurer.
"Money & Com¬
merce" of Dec. 28, from which this is
learned, also said in
was
part:
Mr.
ing.
Chicago, 111., was admitted to membership in the Federal
System.
Reserve
4
From the
12 closed State banks in
their
Chicago recently paid dividends, to
depositors,
amounting
to
more
than
About 95,000 depositors were affected.
Checks
respective
$1,200,000.
placed in the mail on Dec. 19 for the depositors of all
banks, with the exception of the Cliatfield Trust & Savings
Bank, whose checks for a 12%% return, aggregating $31,800,
vrere to be available on Dec.
21, making the total return for
were
12
institution 42%%.
Of the current distribution, it was
stated, 7% was obtained from the stockholders' liability suit
and 5%% from ordinary liquidation.
The bank also has
paid $14,237 prior claims. The other banks which made pay¬
ments were listed
most of his youth and his entire adult life in bank¬
age of 15 he entered the
Phillipsburg,
as
employ of the Second National Bank,
A few years later, he went with the North¬
messenger.
ampton National Bank, Easton, in whih he
teller.
rose
to the position of
'
paying
total
return
of
bills contracted before the bank closed.
on
Noel
Also
State—5%
paid
10,000
old
$176,405 for total of 15% return to 15,500 depositors.
claims and $565,594 old bills.
or
$511,886
preferred
Trust
&
depositors.
.
Reliance
to
7,910
Bank
.
President
.
of
the
Clearing
depositors.
West
Town
State—7%%
depositors.
Half
from
liability
also formerly with the
Northampton National, and
went
with the Lafayette Trust when it first
opened for business.
-and that the institution is about to
increase its capital from
$250,000 to $500,000, "Money & Commerce" of Dec. 28
had the following to
say:
At the meeting held
Thursday action
was
to be made
by
a
stock
The branch will be opened in the
building formerly occupied by the First
National Bank of Pitcairn, which the bank is
purchasing from the Receiver,
Thomas J. Donohue,
having been authorized by the Federal Court for the
of $25,000.
a
transferred from undivided profits to
surplus,
to
increasing the
$72,500,000.
structure
of
the
With $1,500,000 capital, the capital
institution now totals
$74,000,000.
In
noting this, "Money & Commerce" of Jan. 4 added:
At
this
•director.
and
was
meeting Clarence Stanley,
First
Vice-President,
Mr. Stanley, who has been with the
institution
Vice-President,
•of th9 late
was
made First Vice-President
a
was
elected
a
number of years,
following the death
4
National Bank,
of
condition
as
of
Dec.
Pittsburgh, Pa.,
31
reports total
cash and due from banks of
the Mellon
resources
of
$337,627,791;
$62,516,364, and
holdings of United States obligations of $215,831,021 and
of other bonds and investments of
$22,302,348.27.
Deposits
were reported
to be $300,298,242.
Undivided profits on
Dec. 31 amounted to
$1,887,867; capital and surplus were
given at $7,500,000 and $17,500,000,
respectively.
4
Resources
of
the
First
Dec. 31 are reported at
statement of condition.
925,546 of cash
on
National
Scranton, Pa.,
$81,643,072 in the bank's year-end
Included in this amount
hand and in banks,
Government
Trust
stock
&
$138,906 for total of
or
preferred
$95,556 for
or
claims
total of
45% returned to 13,400
and
$593,381
bills.
old
30% returned to
Savings—10%
or
$65,584
for
total
of current payment is from ordinary
Also
payments.
or
distribution,
from
14,000
paid
$37,584
of
20%
to
3,400
liquidation and half
preferred
claims
and
%
$59,653 for total of 17%% to 5,200 depositors.
of 1% is from stock liability payments and
the
ordinary liquidation.
Also
$27,047
paid
preferred
claims
Of
and
$50,000 old bills.
Marquette
depositors.
Also
Millard
Also
State—5%
paid
State—5%
paid
Second
Park
$16,991
or
$49,355
for
total
of
22%%
to
6,550
preferred claims and $58,334 old bills.
for total of 40% to 3,200 depositors.
$36,759
preferred
Humboldt
depositors.
$48,065
or
claims
and
$20,000
old
bills.
State—5%
Also paid
or
$21,532 for total of 25% to 2,723
$66,833 preferred claims and $90,000 old bills.
4
In
its statement of condition
as
tional Bank of Chicago, Chicago,
of Dec. 31, the First Na¬
111., showrs total resources
$925,394,244; deposits of $860,409,743; cash
on
hand and
♦—
banks, $355,432,816; United States government ob¬
ligations, $298,603,355; loans and discounts. $187,973,688;
capital stock, $40,000,000 (made up of $15,000,000 preferred
stock and $25,000,000 common
stock) ; surplus of $15,000,000,
and other
undivided profits,
was
$8,-
$1,879,088.
4
ment of condition
553,997;
of
Federal
as
Savings Bank of Chicago in its state¬
of Dec.
31 reports total assets of $207,items are:
Cash on
Reserve
wdiich
the
chief
hand, in
Bank, and due from banks and bankers,
$61,528,783; United States government securities, $57,703,263, and loans and discounts, $37,676,592. On the debit side
of. the statement, total deposits are shown at
$188,593,640
and combined capital,
surplus and undivided profits at $15,212,865.
In its statement of condition
Bank
as
of
Dec. 31, the
National
of
Detroit, Detroit, Mich., reports total assets of
$395,917,602, of which $182,824,132 represents United States
government obligations, direct and(or) fully
guatanteed;
$151,735,942 cash
Bank,
$26,007,174 of United
securities, and $20,555,126 of other
bonds and securities.
On the
liability side of the statement
•capital (common and preferred) was listed at
$6,500,000,
surplus at $1,450,000 and undivided profits at
$682,147.
Deposits amounted to $70,366,626, of which
$4,971,660
was United States
government deposits.
States
paid
The Harris Trust &
President, H. C. McEldowney.
In its statement
$340,500
due from
meeting of the directors of the Union Trust Co. of
Pittsburgh, Pa., on Dec. 31, the sum of $2,500,000 was
same
rest
of
4
At
and
or
$297,681 old bills.
taken to increase the capital
$500,000, the increase
•dividend payable from the
large surplus.
sum
Italian
current
indicating that the First National Bank of Wilmerding,
Pa., is planning to open a branch at Pitcairn, Pa.,
shortly,
50% total return to
claims
Also paid $35,127 preferred claims and $88,140 old bills.
Binga State—5%
♦
..
In
for
preferred
$116,373 for total of 10% returned
$276,072 preferred claims and $1,315,593
$181,845
paid
•Council of Administration of the
Pennsylvania Bankers' Association, and is
President of the Easton Board of Trade.
of the bank from $250,000 to
Co.—5%
Also
State—5%
Also
Columbia
depositors.
was
$165,085
bills.
depositors.
House Association,
or
$745,719
paid
Trust
&
Northampton County Bankers' Association, Chairman of
Group 3 of the
Pennsylvania Bankers' Association, is now serving his second term in the
Mr. Strunk
Savings—10%
Also
bills.
old
Reading has been
Commerce—5% or $244,656 to $10,600 depositors for
15%.
Also has paid $85,493 preferred claims and $673,152
•
With Mr. Seip and most of the
present directors, Mr. Reading organized
the Lafayette Trust Co. in 1922.
Mr.
follows:
as
Chicago Bank of
South-West
Reading has spent
At the
Chicago "Tribune" of Dec. 20 it is learned that
the
•
S.
Reading, Secretary-Treasurer of the Lafayette
Trust Co. of Easton, Pa., since its
organization in 1922, was
year,
of
duties.
was a
liquidating agent.
Effective Dec. 24, the Illinois Central Bank & Trust Co.
appointed Treas¬
of the Hudson Trust Co. of
Hoboken, and has already
new
action
1928, the dispatch stated.
It is learned from the Newark "News" of Jan. 2
that Otis
W. Beaton of East Orange, N.
J., has been
urer
Dec. 30 to the
on
Indianapolis "News," that recent settlement of
«
assumed his
Ind., advices
hand and due from other
banks, and
$43,612,404 loans and discounts.
On the debit side of the
statement, total deposits are given at $368,059,814, while
the canital structure of the institution is
shown at $26,006,131.
James "Inglis is Chairman of the Board of Di¬
rectors and Walter S. McLucas, President.
on
♦
The
following in regard to the affairs of the defunct First
State Bank of Waukesha, Wis., was contained in a
dispatch
from that place on Dec. 30 to the Milwaukee
"Sentinel":
Liquidation of assets of tha closed First State Bank here has been so
successful that the 600 depositors will not
only be paid the full amount of
Financial
Volume 142
bank
in
of liquidation.
After depositors are paid, a good share of the assets
returned to stockholders, it is indicated from the fact that the bank
their claims but will receive 6% interest on the money
when it closed in May 1934,
charge
will be
at
capitalized
liquidation on Dec. 14.
The Old National Bank &
of Reardan, Wash.,
$50,000, was placed in voluntary
The institution was
Union Trust Co. of
absorbed by
Spokane, Wash.
be disposed
building must still be sold and considerable paper still remains to
of.
The First National Bank
they had in the
according to Liquidator Basil I. Peterson,
241
Chronicle
•
of the closed First
National Bank of Flancreau, S. D., has been appointed
Cashier of the Farmers State Bank of that place, we learn
from the "Commercial West" of Dec. 28.
Mr. Johnson
succeeds W. G. Cowles, who had been Cashier of the in¬
stitution since its reorganization several years ago, it was said.
Arthur R. Johnson, heretofore receiver
The First National Bank of
Seattle, Wash.,
capitalized at
$8,000,000, and the Spokane & Eastern Trust Co., Spokane,
Wash., with capital of $1,000,000, were consolidated on
Dec. 28 under the title of Seattle-First National Bank with
of
capital
$8,000,000
and
surplus
consolidated bank has two branches,
of $1,620,000.
The
both located in the
City of Seattle, which formerly were branches of the First
and which were in lawful operation
on Feb.
25 1927.
Eleven branches of the First National
Bank of Seattle, which were authorized since Feb. 25 1927,
were
re-authorized for the new institution.
On the same
National Bank of Seattle
Effective Dec. 7, The Orange City National Bank, Orange
City, Iowa, went into voluntary liquidation.
The institu¬
tion, which was capitalized at $25,000, was taken over by
the Sioux County Savings Bank of Maurice, Iowa.
A
consolidation
the National Bank of Commerce
of
of
Lincoln, Neb., and the Commerce Trust Co. of that city,
capitalized respectively at $300,000 and $100,000, was conummated on Dec. 27 under the title of the National Bank,
of Commerce of Lincoln.
The new institution is capitalized
$300,000 with surplus of like amount.
st
The
Boatmen's National Bank of St. Louis, St. Louis, Mo., at
the close of business Dec. 31, shows total resources of $52,•
statement
semi-annual
177th
The
of
Condition
of
608,460, of which the principal items are:
Cash and due
banks, $18,301,120; bonds and stocks (including U. S.
from
obligations,
government
other
fully guaranteed
securities
S. government, etc., etc.), $22,833,602, and loans and
discounts, $11,015,824.
On the liabilities side of the state¬
by U.
ment total
deposits
are
shown at $48,472,768.
The institution
capitalized at $2,500,000 (composed of $500,000 preferred
stock and $2,000,000 common stock) and has surplus and
is
undivided profits
of $1,309,476.
Tom K. Smith is President.
In its statement of condition as of Dec.
tional
St.
in
Bank
31, the First Na¬
St. Louis, Mo., reports total de¬
Louis,
$217,430,829 and total resources of $235,536,346.
undivided profits are given at $4,915,653 and
capital at $10,200,000. The bank's holdings of cash on hand
of
posits
Surplus and
and due from
banks
are
$83,979,537; United States govern¬
$71,532,442, and securities guaranteed by the
ment securities,
government $13,576,470.
Its loans and discounts aggregate
$52,385,641.
»
a
As of Dec. 23, the First
member of the Federal
State Bank of Spearman, Tex.,
Reserve System, assumed the
deposit liability and acquired certain assets of the First
National Bank of Spearman, Spearman.
of
As
Dec.
The
31,
date
the
•
First-American
National Bank in
Tucumcari, Tucumcari, New Mex., changed its title to The
First National Bank in Tucumcari.
28, the Comptroller of the Currency authorized
institution to maintain three new branches, all in
State of Michigan, namely, at 601 Riverside Ave.,
Dec.
new
the
Spokane; 425 First Ave.,
THE
A
new
all-time high figure
reported
of
San
by the
for its 83 years of existence
Wells Fargo Bank & Union Trust Co.
Francisco for
both deposits
its condition statement as of Dec. 31.
and total resources in
Deposits,
now
stand¬
ing at $224,505,309, increased more than $30,000,000, or 15%,
since Dec. 31 1934.
Of these, $126,000,000 were demand
deposits, $93,000,000 were time deposits, and slightly less
than $4,000,000 were public funds.
Total resources, at $248,562,000, were 12% above a year ago.
During the past five
the Wells Fargo deposits have increased from $139,000.000 to $224,000,000, and resources from $167,000,000 to
years
$248,000,000.
'
.
•
Statement
of
condition
of
the
United
States
National
Ore., as of Dec. 31, shows deposits to
have passed the $100,000,000 mark for the first time when
a
call was made.
Deposits increased nearly $17,000,000
during the year, from $86,085,978.43 on Dec. 31 1934, to
Bank of Portland,
$102,841,623.42 on the current statement.
Total resources
grew during the 12 months period from $96,763,346.29 to
$110,904,709.25, further consolidating the bank's position
as one of the nation's $100,000,000 banks.
The United States National Bank acquired four additional
branches in Oregon during the year just closed, at Eugene,
Ontario, La Grande and Medford.
This brings its total
units to 17, with five in Portland, including the central office,
and others at Albany. Mount Angel, McMinnville, Oregon
City, Pendleton, St. Helens, Salem and The Dalles.
learned from the Portland "Oregonian" of Jan.
3
that two small Oregon banks—the First National Bank of
Prairie City and the Grant County Bank at John Bay—
were consolidated on Jan. 1, the Prairie City bank becoming
a branch of the enlarged Grant County Bank.
The paper
It is
Officers of tne
Jonn
consolidated banks will be: President, Herman Oliver of
Day; Vice-Presidents, Wayne Stewart
of Dayville and Frank Oliver of
Edmund T. Way of Jonn Day; Assistant Cashiers, J. N.
Pocock and Oscar Hoverson; Manager Prairie City branch, D. J. Hughes.
Jonn Day; Casnier,
After consolidation,
excess
capital and surplus of the consolidated banks are in
of S100,000, and total resources are
nearly $1,000,000.
.
.
.
CURB
EXCHANGE
Court holding the
Agricultural Adjustment Act unconstitu¬
moved briskly forward.
As the week
tional the food shares
progressed public utilities, oils and sugar stocks joined the
upward swing and a number of new tops were registered by
some of the trading favorites.
Some irregularity was ap¬
parent from time to time, but this gradually disappeared as
the market grew stronger.
irregular price movements were the
abbreviated session on Saturday.
Oil shares and mining issues were inclined to react downward
but specialties and industrials were firm though the gains
were small except among the preferred stocks, some of which
registered advances of a point or more. Sugar shares also
were inclined to move upward, Fajardo Sugar forged ahead
4 points to 150, while Michigan Sugar showed a modest gain.
Other advances of note were American Hard Rubber, 2
points to 42; Atlantic Coast Line, 3% points to 34%; Central
States Electric pref., 3 points to 35; Quaker Oats, 3 points
to 135; St. Regis Paper pref., 134 points to 66; Florida Power
& Light pref., 234 points to 55, and Childs
prer.7'234
points to 4234The turnover for the day was approximately
339,000 shares with 405 issues traded in.
Renewed activity with
chief characteristics of the
Following moderate strength in the opening hour on
Monday, public utilities eased off and oil shares did likewise.
The decision of the Supreme Court holding the Agricultural
Adjustment Act unconstitutional stimulated trading in the
food stocks and Hygrade Food Products shot upward to a
new
Alabama Power pref. (7) moved against
top at 3%.
surged forward 2 points to 74, Pepperell Man-
facturing Co. advanced 234 points to 66%, St. Regis Paper
pref., 2 points to 68; Duke Power (3), 134 points to 7634;
Chesebrough Manufacturing Co. (4), 234 points to 120;
Economy Grocery Stores, 134 points to 22, and Pennsylvania
Salt, 2 points to 116.
Sharp gains were scored by the public utilities and food
the trading on Tuesday.
Oil stocks and sugar
shares were irregular and showed little net change as the
market closed.
Mining and metal issues were fairly active
issues during
specialties attracted a moderate amount of specula¬
The volume of sales was approximately
691,421 shares.
Outstanding among the advances were
Aluminum Co. of America, 2 points to 89; American Hard
Rubber, 2 points to 43; American Superpower pref., 4%
points to 4434; Kansas Gas & Electric pref. (7), 334 points
to 11134; Sherwin-Williams (4), 2 points to 126; Technicolor,
Inc., 2 points to 20; United Gas Corp. pref., 2% points to
89%, and West Texas Utilities pref. (.3), 334 points to 67.
Oil shares assumed the market leadership on Wednesday
and some very substantial gains were registered in this
group.
Public utilities also were in good demand and some
of the more active of the preferred stocks broke through to
new
high levels for the year.
Miscellaneous industrials
also were in demand and higher prices prevailed among the
and the
tive
attention.
specialties.
the
Prominent among the market leaders closing on
side of the
advance
were
Commonwealth Edison, 2%
points to 102; Draper Corp. (£.40), 3 points to 70; General
Outdoor Advertising pref., 5 points to 70; Gulf Oil of Penn¬
sylvania, 334 points to 7834; Pepperell Manufacturing Co.
(3), 234 points to 70; Singer Manufacturing Co. (6), 6 points
to 341; Square D Co. (B), 6 points to 51; Thermoid Co.
pref., 2 points to 65, and Cleveland Electric Illuminating
Co. (2), 2% points to 52.
especially the preferred shares, were in de¬
higher prices on Thursday.
Oil stocks also at¬
tracted considerable speculative attention, though most of
the buying was among the low priced issues.
Irregularity
appeared during the late trading, and while this checked the
volume of business to some extent, the turnover for the day
Public utilities,
mand
continued in part:
Roosevelt
Trading on the New York Curb Exchange has been un¬
usually heavy during the present week and price movements
have generally pointed toward higher levels.
On Monday
following the publication of the decision of the Supreme
the trend and
is
City of Cheney, and 301
Ave., Mason City.
at
again high, the total transfers reaching 750,070 as com¬
pared with 903,605 on the preceding day. The noteworthy
was
242
Financial
changes
the side of the advance included among others
Alabama Power pref. (6)
4% points to 69%, Duke Power
pref. (3) 4% points to 80, Newmont Mining (bl %) 3% points
to 77%, American
Superpower pref. 2% points to 47 and
on
American Hard Rubber 2 points to 42.
The
trend
Friday and
of
prices
on
number of the popular trading favorites closed
the day with substantial gains.
Specialties were in demand
a
and mining and metal shares moved
sharply forward. The
volume of sales was approximately 742,000 against 750,070
Thursday. As compared with Friday of last week, prices
substantially higher, Aluminum Co. of America closing
last night at 97% against 89 on
Friday a week ago, American
Cyanamid B at 35% against 29%, American Gas & Electric
at
39% against 38%, Commonwealth Edison at 103%
against 97, Cord Corp. at 7% against 5%, Gulf Oil of Penn¬
sylvania at 79 against 76, Humble Oil (New) at 69% against
64%, Lake Shore Mines at 54% against 52%, New Jersey
Zinc at 72% against 70%, Newmont
Mining Corp. at 82%
against 75%, Pioneer Gold Mines of B. C. at 11% against
9%, and United Shoe Machinery at 85% again 184%.
on
were
Jan.
1936
11
concentrating on silver purchases in London, but it was not revealed where
other purchases had been made or whether the new
procedure would con¬
tinue.
Beyond
a
hint that the question of price might have been a factor
in the present tactics of the
Treasury,
no reason was
given for the change
in procedure.
The
again toward higher levels
was
Chronicle
statement
that
the
United
silver and that silver had been
to
States
had
not
stopped
purchasing
bought every day that week, did nothing
dispel the uncertainty attaching to the market.
Offerings continued
large scale, holders in the circumstances being naturally anxious to
liquidate; the American Treasury has been the sole buyer but was again
willing only to take a small proportion of the amount of cash silver offering.
on
a
The price has, therefore, fallen rapidly from 26 J4d. on the 12th instant, to
23d. to-day,
when, America not being interested in purchasing silver in
the price was quoted "sellers" and no business was
the London market,
dones.
There have
been
quotations for two months' delivery.
no
Although the outlook is still rather obscure,
there is
as
of
means
no
anticipating how the American Treasury may proceed, the general situa¬
tion has been much relieved by the fact that considerable daily
purchases
have been made in the Bombay market.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 9th instant to mid-day on the 16th instant:
Imports
Exports
British West Africa
TRANSACTIONS
AT
THE
NEW
YORK
CURB
EXCHANGE
£11,046
12,000
59,848
21,100
19,144
2,592
1,852
7,774
United States of America. £1,347,540
France
2,260
£135,356
DAILY
Anglo-Egyptian
Japan
£1,353,711
Sudan..
Netherlands
Belgium
Stocks
Java
Bonds (Par Value)
Week Ended
Iraq
CNumber
Jan. 10 1936
of
Shares)
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
_
Foreign
339,480
687,576
692,141
902,505
750,530
742,060
_.
__
Total
Corporate
$76,000
$3,350,000
5,841,000
6,420,000
7,678,000
6,587,000
6,452,000
$22,000
53,000
23,000
75,000
55,000
51,000
47,000
37,000
68,000
74,000
96,000
4,114,291 $36,328,000
Sales at
Other countries
Foreign
Oovernment
Domestic
$398,000
Week Ended Jan. 10
$3,448,000
5,941,000
6,480,000
7,821,000
6,716,000
6,599,000
$279,000 $37,005,000
Jan. 1 to Jan. 10
Quotations during the week:
IN
Stocks—No. of shares.
1935
1936
Cash
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
1935
x
4,114,291
1,034,520
5,002,866
1,607,560
$36,328,000
398,000
$23,516,000
432,000
$45,321,000
483,000
$31,894,000
Bonds
Foreign government..
Foreign corporate
267/$d.
279,000
364,000
315,000
$24,312,000
$46,119,000
IN NEW YORK
13—
CPer Ounce .999 Fine)
x
26 7-16d.
x
14—y26 7-16d.
x
Dec. 11
Dec. 12
Dec. 13
16—26d.
x
Dec.
17—-2474d.
x
18
x
Dec. 16——.
Dec. 17
z23d.
25.604d.
..........
61c.
14
*
Nominal,
60c.
-
59c.
x
y
..63c.
62c.
-
.,
•
Sellers.
z
The highest rate of exchange on New York recorded during the period
the 12th instant to the 18th instant
$4.93 and the lowest $4.92 >£.
was
The London silver market will be closed
1,075,000
546,000
$37,005,000
Total
Std
2 Mos.
12—
No quotations,
from
Domestic
LONDON
-Bar Silver Per Oz.
Average—
1936
1,961
1,950
Other countries
Total
New York Curb
Exchange
Norway
on
Saturdays unt I further notice.
$33,515,000
Course of Bank Clearings
THE
We
ENGLISH
GOLD
AND
SILVER
MARKETS
reprint
the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 18 1935:
GOLD
The Bank of England gold reserve against notes amounted to
£199,409,387 on the 11th instant, as compared with
£198,409,170 on the previous
Wednesday.
Purchases of bar gold announced by the Bank
during the week amounted
to
£641,104.
About £1,300,000 of bar gold was disposed of at the
daily fixing.
There
was a fair general demand and
prices ruled at a small premium over gold
exchange parities.
Bank
clearings this week will again show an increase com¬
pared 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,
Jan. 11), bank exchanges for ail cities of the United States
from which it is possible to obtain weekly returns will be
10.3% above those for the corresponding week last year.
Our preliminary total stands at $5,798,680,248, against
$5,255,637,875 for the same week in 1934.
At this center
there is a gain for the week ended Friday of 13.6%.
Our
comparative summary for the week follows:
Clearings—Returns by Telegraph
Week Ending Jan. 11
Quotations during the week:
Per Fine
Equivalent Value
of £ Sterling
Ounce
141s. 2d.
141s. Id.
_
Dec. 12
Dec. 13
Dec. 14
Dec. 16
lMd.
141s. l^d.
141s. 3d.
12s. 0.47d.
12s. 0.35d.
San Francisco.
141s. 1.67d.
—
12s. 0.46d.
Pittsburgh
on
Kingdom imports and exports of gold
the 9th instant to mid-day on the 16th i nstant:
Imports
£1,953,054
119,729
475,013
7,573
50,000
67,194
New Zealand
Sweden
France
Netherlands
Finland
27.495
16.000
_
.
Switzerland
United States of America.
Other countries
64,670
795,695
463
£2,811,935
£927.119
Gold shipments from Bombay last week amounted to
about £871,000.
The SS. Corfu carries £615,000 consigned to London and
the SS. President
Adams, £256,000 consigned to New York.
Transvaal
gold output for
fine ounces, as compared
ounces
November 1935 amounted to
with 931,724 fine
for
ounces
909,550
October 1935 and
for November 1934.
The following are the details of United
Kingdom imports and exports of
gold for the month of November 1935:
w
Imports
.
British West Africa
Union of South Africa
Exports
£276,424
5,833,387
Southern Rhodesia
385,476
^dla
2,504,192
-
British Malaya
Australia
New Zealand
11,260
572 477
58* 115
Canada
200,000
British West India Islands & British Guiana
23.584
18 016
Tanganyika Territory
Kenya
Germany
14.701
223,262
Netherlands
42 263
5.628!584
------
Spain & Canary Islands
United States of America
Venezuela.
Other countries
.
£213,484
4,111,848
358,697
10 501
Sweden
Switzerland
26,327
30 854
i
1,025,007
60,026
6,703.261
66,553
-
.
52 684
2,640
——
SILVER
A
on
It
statement regarding recent
£15,978,660 £12,474,963
developments in the market
was
made
Dec. 12 by Mr. Morgenthau, Secretary of the United States
Treasury.
was
+6.1
+ 19.1
143,000,000
58,410,417
+ 28.7
49,000,000
+41.0
+ 32.6
Cleveland
58,656 130
93.900,000
67,796,885
62,072,742
46,436,924
Baltimore
47,695,286
33,471,000
43,715,942
25,881,000
$4,184,622,695
$3,630,188,949
566.441,695
+ 15.3
$4,196,630,644
1,059,007,231
+ 15.1
+ 10.3
£22,796
France
Netherlands
12.342
100,380
23,176
Other countries
France>---
+ 13.6
251,000,000
Twelve cities, five days.
Other cities, five days
647,610,845
Total all cities, five days
All cities, 1 day..
$4,832,233,540
^
966,446,708
+ 18.0
+ 19.9
+ 12.1
+ 26.3
+ 9.1
+ 29.3
+ 14.3
—8.7
3,474
Spain.
Switzerland
^
City..
St. Louis
New Orleans..
Exports
British South Africa
British West Africa
British India
878,847 fine
Kansas
Detroit
the United
registered from mid-day
The
Boston
$2,580,129,925
208,845,114
Cent
$5,255,637,875
Average
The following were
Id.
141s.
Chicago
Philadelphia-_
1935
$2,931,895,875
221,645,283
299,000,000
184,000,000
77,479,932
69,100,000
110,784,000
81,314,709
69,580,480
New York
12s. 0.43d.
12s. 0.52d.
12s. 0.52d.
12s. 0.47d.
141s.
Dec. 17
Dec. 18
Per
1936
admitted that there had been
a
departure from the usual practice of
Complete and exact details TdFthe week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day.
Accordingly, in the above the last day
of the week in all
cases
has to be estimated.
In the elaborate
detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Jan. 4.
For that week there is
an increase of
13.9%, the aggregate
clearings for the whole country being $6,416,676,061,
against $5,633,766,035 in the same week in 1935.
Outside
of this city there is an increase of 17.9%, the bank
clearings
at this center having recorded a gain of 11.5%.
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
an improvement of
12.1%, in the Boston Reserve District
of 21.8% and in the Philadelphia Reserve District of 15.0%.
The Cleveland Reserve District has enlarged its totals
by 16.1%, the Richmond Reserve District by 4.1% and the
Atlanta Reserve District by 16.4%.
In the Chicago Reserve
District there is a gain of 21.9%, in the St. Louis Reserve
District of 10.2%, and in the Minneapolis Reserve District
of 7.2%.
The Kansas City Reserve District has to its credit
an increase of 25.4%, the Dallas Reserve District of
18.3%
of
and the San Francisco Reserve District of
In the
districts:
following
we
furnish
a summary
17.4%.
by Federal Reserve
SUMMARY
243
Chronicle
Financial
Volume 142
CLEARINGS
OF BANK
1935
1936
Reserve
Dlsts.
Boston
S
•
253,796,363
H -21.8
H -12.1
229,787,564
3,629,304,637
3,163,814,198
350,985.551
H -15.0
273,009,847
322,875,633
266,748,100
229,742,564
177,319,938
5th
Richmond
6
113,802,865
6th
Atlanta
10
142,447,001
7th
Chicago
19
487,254,594
8th
St. Louis.4
128,325,704
116,470,915
9th
Minneapolis 7
• •
It
•t
97,869,396
+18.3
40,392,658
167,917,776
340,859,129
21,113,076
120,271,243
23,057,334
August
158,040,297
5,633,766,035
H -13.9
H -17.9
4,795,579,277
2,121,973,888
5,035,172,824
1,878,291.663
1,735,423,431
16.690,972
42,456.772
82.625.795
34,726,590
12,635,870
43,333,974
67.381,004
231,928,172
263,717,240
546.921.118
326.782,111
46,658,488
57.459,775
15.659.921
20.870.861
39,372,212
29.201.959
33,646,666
45.589,317
23,588,612
34,876,456
23.054,483
23,189,747
381,635,752
323,836,634
654,816,452
425,228,894
Nine months.
October....
259,298,132
275,854,593
+9.0
369,251,028
336,126,388
213,277,322
29,427,720
42,925,480
Six months.
Month of July..
37,012.682
+17.4
November....
body of clearing houses of 11.5%, the
aggregate of clearings being $26,378,124,727 and the
Twelve months
1935
1934
Inc.or
1933
1934
2nd
New York.. 13
"
16.070,708,177
Philadelphia 12
"
1,616,128,789
4th
Cleveland..13
"
1,145,973,224
Richmond
8
"
526,161,165
1,143,737,054
15
"
600,768,779
522,116,446
_
+8.6
24,323,211,393 23,049,672,390
+ 5.5
70,355,637,338
+ 5.2
796,405,982
429,378,767
J 12.1
25
"
1,976,512,538
1,618.216.797
1,240,170.680
5
"
575,201,868
484,351,933
+18.8
412.098.307
382,141,398
Mlnneapolisl2
"
405,309.935
365,905,158
319.904,792
"
739,016,160
600,477,351
502,772,497
462,821,707
73,301,734,627 + 14.1
220016625,182 196789800,624 + 11.8 83,619,575,557
300,271,639
10th Kansas City 14
24,715,950,362 + 16.0
73,337,340,194 61.020,158,475 + 20.2 28.670,404,704
9
1,229,444,562
7th
Chicago
8th
8t. Louis...
9th
10
"
418,744,370
330,887,512
+10.8
+23.1
+26.6
328,583,646
273,099,909
Fran..21
"
1,118,568,588
926,956,501
+20.7
776,249,525
735,380,220
26.378,124,727
23,665,246,843
+ 11.5
21,023,337,613
20,956,160,466
10,831,094,531
9,113,393,259
+ 18.8
7,644,084,261
7,722,893,781
1,515,941,099
1,474,978,978
+2.8
1,157,814,113
mos.
1,061,601,46 0
11th Dallas
12th San
8,470.595,496 + 16.9
8,280,241,508 + 14.9
7,965,113,358 + 16.2
9,899,107,753
9,515,577,220
9,256.154,422
..
3d qu.
369,623,991
15.1
+8.1 54,948,736,162 48,585,784,265 + 13.1
284,988 135769642,149
Aug
451,568,553
392,259,863
22.1
28,360,540,496 25,382,302,902 + 11.8
26,170,566,175 21,518.988.039 + 21.6
24,266.053,443 19,915,039,818 + 21.9
Sept.. 22.900,720.576 19,586,130.618 + 16.9
July
8,262.130,385 + 12.5
8,496,304,511 + 14 8
+8.1
8,623,868,006
9,289,816.289
9,748,988,045
9,321,170,110
+ 1.7
May.. 24,922,505.504 22,955.219,861
1,363,042,425
786,404,584
.162 cities
Total
Outside N. Y. City
9fo77.555.733
21,364,451.070 + 23.4 10,802,609,694
24,426,481.580 19,539,779.295 + 25.0 10,373,000,371
26,378,124,727 23,665,246,843 + 11.5 10,831,094,531
Oct... 26,356,057,027
Nov
__
Dec
i
26,550,747,982 + 20.5
4th qu. 74,160,663,334 64,569,477,208 + 14.9 32.006,704,596
The
append another table showing the clearings by Fed¬
12 months for four years.
12 Months
Inc.or
12 Months
1934
1933
of bank clearings at
last four years
12 Months
Dec.
course
99,852,482,609 + 15.8
1935
BANK CLEARINGS AT
Reserve
%
Dlsts.
14 cities
10,827,634,845
+9.0
11,349,934,224
12,369,784,983
Boston
2nd
New York.. 13
3rd
Phlladelp'ia 12
"
17.630,127,695
15,163,257,6831
+16.3
13,041,677,348
14,801,916,127
4th
Cleveland.. 13
"
12,007,179,370
10,311,541,484}
+16.4
8,735,434,280
10,237,489,676
5,193,382,429
4,124,091,288
5,507,126,307
187,047,884,633 166,294,861,072
+ 12.5 161,832,904,230 165,145,310,068
8
"
Atlanta
15
"
6,275,036,412
5,475,162,878
+ 12.0
+14.6
4,204.971.152
4,568,550,564
7th
Chicago
25
"
20,894,890,937
17,404,549,334
+20.1
13,661.877,933
17,255,769.616
8th
St. Louis
5
"
6,189,043,291
4,457,710,424
4,635,322,762
9th
Minneapollsl2
3,650,851,008
3,693,211,987
5,459,341,208
6,184,439,289
3,101,842,486
3,150.573,108
8,254,163,516
9,225,812,317
5th
Richmond
8th
.
5,815,926,338
*
4,721,893,232
10»h Kansas City 14
'
8,149,184,063
10
"
4,235,969,205
+14.1
4,160,160,815 +13.5
6,931,394,176' +17.6
3,727,272,991 + 13.6
11,840,368,357
9,925,187,182 +19.3
llth Dallas
12th San
Fran..21
"
5,422,573.564
162 cities 297,177,288,516
Total
261,359,277,832' +13.7 241,352,499,718 256,634,294,429
+15.8 83,938,505,968 96,495,830,656
115,626,280,1531 99,852,482,609
32 cities
16,927,542,469
15,963,488,513' +6.0 14,720,600.993 12,909,613,409
transactions on
The results for
aqd.1934 are:
Our usual monthly detailed statement of
the New York Stock Exchange is appended.
December and the 12 months of 1935
$
$
$
777
810
13,195
... ...
256
233
142
115
99
109
...
435
338
237
238
130
108
87
78
136
106
97
79
38
32
36
302
251
415
354
325
610
259
...
Cincinnati
812
1,295
262
496
—
Baltimore
796
1,086
509
433
397
233
192
220
...
233
Detroit
Louisville
...
...
159
167
312
255
237
334
Minneapolis
193
387
City.,..
Cleveland
265
216
253
196
44
Providence
10,937
9,612
11,194
9,843
14,515
3,452
4,465
9,405
12,424
2,897
5.475
4,685
2,640
2,124
3,619
2,044
1,815
2,864
2,979
2,531
2,518
3,344
2,438
934
1,362
3,236
460
San Francisco..
875
360
...
$
160,138
13,233 181,551 161,507 157,414
1,335
1,021
1,550
...
Omaha
Canada..
$
1932
1933
$
211
Louis
New Orleans
Outside N. Y. City
1934
10,646
16,909
3,941
5,246
6,469
2,911
2,466
4,348
3,417
3,045
1,434
4,523
1,395
1,503
....
,
Pittsburgh
Kansas
1935
1,040
Philadelphia
St.
1932
$
Chicago
Boston
31-
1 to Dec.
1933
...15,547 14,552 13,379
New York
DECEMBER
Jan.
1934
$
omitted)
12,228,772.708
1st
'*
subjoined statement:
LEADING CITIES IN
—December
1935
(000.000s
Federal
is shown in the
1932
leading cities of the country
and since Jan. 1 in each of the
for the month of December
eral Reserve districts for the
12 Months
+ 19.0
8,359,798,990 + 24.1
9,113.393,259 + 18.8
12mos. 297177288,516 261359 277,832 + 13.7 115626280,153
32 cities
Canada
We
%
.
7,843,155,201 + 19.0
7.006,078,545 + 13.4
8,354,247,617 + 11.6
9,329,886,572
7,939,880,939
9,318,994,207
April.. 24,755.016.469 24,350,745,087
6 mos- 146679
+7.2
+ 16.0
+21.7
$
$
%
23,203,481,363 + 14.6
lstqu. 72,678,551,622 65,414,004,811 + 11.1 26,588.761,718
944,101,708
469,337,853
Atlanta
Mar
13,648,258,372
941.601,825
5th
$
2d qu. 74,000,733,366
919,061.823
1,393,712,352
6th
$
Feb
1934
1935
1934
25,536,411,841 21,395,409,595 + 19.4
+ 1.4
20.791,838,124 20,505,980.543
26,350,301,657 23,512,614,673 + 12.1
Jan
1932
13,772,716,075
14,993.281,068
»rd
1935
June..
+16.4
1,018,402,047
1,185,031.134
Clearings Outside New York
Clearings, Total All
Month
S
%
Dlsts.
CLEARINGS
MONTHLY
December
December
Dec
December
months
since Jan. 1 1935
In the New York Reserve Dis¬
trict there is a gain of 7.2%, in the Boston Reserve District
of 16.4% and in the Philadelphia Reserve District of 16.0%.
The Cleveland Reserve District shows an improvement of
21.7%, the Richmond Reserve District of 12.1% and the
Atlanta Reserve District of 15.1%.
The Chicago Reserve
District has managed to enlarge its totals by 22.1%, the
St. Louis Reserve District by 18.8% and the Minneapolis
Reserve District by 10.8%.
In the Kansas City Reserve
District there is an expansion of 23.1 %, in the Dallas Reserve
District of 26.6% and in the San Francisco Districtof 20.7%.
1935
23.136,913
23,000,594
compilation covers the clearings by
and 1934:
The following
aggregate $23,665,246,843.
December
..
December
of the clearings for the
For that month there is an increase
month of December.
Reserve
176.718,572
124 848,382
87,337,082
6,416,676,061
Boston....14 cities
31,470.916
30,439,671
June
61,506,808
95,988,936
for the entire
1st
22,408,575
22,336,422
We also furnish to-day a summary
Federal
99,110,149
52,896,596
104,213,954
125,619,530
99,649,768
68,216,133
45,673,878
32 cities
Canada
+ 10.2
2,501,306,571
Ill cities
58,129,049
May
358,337,872
195,717,377
t*
Total
141,296,205
September
281,845,996
54,023,277
5
Fran.. 12
Outside N. Y. City
34,362,383
31,716,267
33,031.499
29,845.282
25,335,680
16,800,155
April
95,305,045
229,863,207
tt
llth Dallas.
18,718,292
19,314,200
20,096,557
49,663,714
First Quarter.
108,679,548
+7.2
105,871,137 +25.4
132,740,680
10th Kansas City 10
90,692,390
108,724,445
74,817,176
80,217,169
It
12th San
54,565,349
56,829.952
29,900,904
191,693,860
H -16.1
+4.1
109,359.989
122,395.493 + 16.4
399,630,955 +21.9
.
19,409.132
14,404,525
15,850,057
March
3,274,564,046
403,485,512
Cleveland
5
No. Shares
February
J
309,136,476
1
It
4th
__
1932
No. Shares
Month of January
••
9
1933
No. Shares
1933
1934
%
4,068,631,476
New York. .12
Phlladelp'ia
Dec.
$
240,170,183
12 cities
1st
2nd
3rd
1935
$
Week Ended Jan. 4 1936
Federal
1934
No. Shares
Inc.or
2,704
1,251
3,575
1,189
1,375
10,554
13.970
3,070
4,160
5,054
2,893
2,089
3,795
3,186
1.941
916
911
997
1,102
379
411
428
77
62
52
53
829
695
562
774
Buffalo
132
112
103
96
92
76
64
Denver
121
100
83
75
1,342
1,034
1,050
1,294
102
1,474
1,171
1,264
1,206
St. Paul
724
597
1,369
Milwaukee
.
.
760
768
862
960
490
630
12 Months
December
63
52
43
48
153
138
127
129
1,558
1,288
83
73
62
45
828
760
600
551
138
112
88
88
1,460
1,184
985
1,141
65
56
50
55
648
549
460
490
Salt Lake City.
Month of
56
45
36
35
558
445
421
424
Hartford
Indianapolis
...
Richmond
.
.
Memphis
Description
45,589,317
Stocks, number of shares.
1934
1935
1934
1935
23,588,612
Seattle
323,836,634
381,635,752
...
1,697
Bonds
Railroad & misc. bonds.. $260,871,000 $176, 574,000 $2,287,488,000 $2,238,905,700
33,094,000
20,464,000
State, foreign, Ac., bonds
U. S. Government bonds.
43, 628,000
52, 667,000
602,268.000
885,068,000
378,026,000
673,944,000
24.176 21,811
Total
Other cities
—
2.202
1,854
19,373 19,391 274,112
23,065
1,565
1,650
.26,378 23,665 21,023 20,956
Outside New York. 10,831
9,113
7,644 7,723
Total all
$314,429,000 $272,869,000 $3,339,458,000
Total bonds
The
volume
of
transactions in
share
$3,726,231,700
properties on the
New York Stock Exchange for the 12 months
1932 to 1935 is indicated in the following:
of the years
We
$
First Federal Reser
ve
Fall
River
New Bedford
Springfield
Worcester
Conn.—Hartford
New Haven
Waterbury
R.
I.—Providence
N. H.—Manchester...
Total (14 cities)
1935
1934
Dec.
Inc. or
1936
%
+26.0
16, 693,967
3,210,509
13,108,403
6,933,666
55,562,958
14,964,160
5,950,100
43,612,700
3,356,721
2,766.752
11,968,755
5,874,822
44,940,271
13,688,025
+ 16.0
33, 761,752
144 648,095
4,855,200
+ 22.6
38,205,200
3,031,783
+ 14.2
557, 685,210
173, 213,155
66, 381,000
460, 180,200
+ 10.7
26, 132,997
26,453,749
85,549,737
9,843,325,469
31,216,876
17,698,215
14,463,881
30,379,607
134,540,696
63,150,219
444,687,983
165,219,211
57,986,000
411,388,200
23,874,381
1,185,031,134
1,018,402,047
+16.4
12,369,784,983
11,349,934,224
2,315,682
+ 15.6
31 042,930
6,999,536
+ 14.7
90 994,065
1,021,330,113
3,028,375
1,606,757
878,059,982
1,659,474
2,823,254
1,555,219
1,317,566
+ 16.3
+ 7.3
10,645 822,754
+ 3.3
18 250,020
+ 9.5
+ 18.0
+ 23.6
+ 9.3
1935
33 694,079
71
284,759
Dec.
1934
1933
%
%
2,678,046
8,029,152
Portland
Holyoke
Lowell
S
Dec.
District— Boston—
Maine—Bangor
Mass.—Boston
1934
ENDING JAN. 4
Week Ended Jan. 4
Inc. or
Inc. or
'
add
31
Clearings at—
1935
19,361
16,547
our detailed statement showing the figures
separately for December and since Jan. 1 for
and for the week ended Jan. 4 for four years:
now
MONTHS 1935, AND FOR WEEK
12 Months Ended Dec.
Month of December
19,827
297,177 261,359 241,352 256,634
115,626 99,852 83,938 96,496
for each city
two years
CLEARINGS FOR DECEMBER, 12
241,532 224,805 237,273
479,183
663,262
639,660
+3.7
+ 6.4
2,102,561
1,958,161
268,833,347
2,597,118
218,628,249
—19.0
+8.2
+23.0
197,000,000
+ 17.3
453,302
2,147,797
205,435.701
598,535
657,908
680,621
—3.3
530,207
+ 15.4
*3*6*7419
*319*289
*23*6*333
272*863
+ 11.1
648,633
606,964
484,025
+ 7.5
2,915,231
565,350
3,847,596
+ 12.9
3,483,386
2,147,680
+ 1*5*1
+6.9
+ 19.5
1,609,218
+33.5
1,459,564
+ 25.4
13,954,647
11,035,363
+26.5
11,169,844
2,283,555
10,759,748
3,845,641
4,366,928
8~,966*200
+ 7.9
+ 3.1
"
*
2,940,825
4,362,628
4,455,369
—2.1
+ 11.9
11,394*666
9,783*500
+ 1*6*5
9*.20*1*,600
+ 9.5
520,405
525,781
—1.0
482,181
472,608
+9.0
309,136,476
253,796,363
+21.8
229,787,564
240,170,183
+4.8
+ 14.5
244
Financial Chronicle
Jan.
11
1936
CLEA RINGS—(Continued).
Month of December
12 Months Ended Dec. 31
Week
Clearings atInc.
1935
or
Binghamton
Buffalo
Elm Ira
Jamestown
New
York
Rochester
Syracuse
...
Conn.—Stamford
N.
J.—Montclalr
Newark
Northern N. J
Oranges
Total (13 cities)
34,568,128
33,169,485
4,322,502
3,794,451
132,000,000
112,472,037
2,819,405
2,105,304
2,526,206
2,159,902
15,547,030,196 14,551,853,584
31,518,946
28,296,768
15,803,591
13,262,390
12,159,643
10,121,844
1,946,545
1,913,163
87,169,483
86,001,233
194,979,944
144,194.785
3,863,588
3,936,122
rve District—
a*l,640,000
1,237,283
8,396,238
4,844,507
1,603,718
2,092,673
1,550,000,000
4,870,831
11,676,919
1,246,022
b
4,168,785
6,210,878
19,137,300
Lancaster.
Lebanon
Norrlstown
Philadelphia
Reading
Scranton
1,181,954
7,381,563
3,942,672
1,316,364
1,789,441
1,335,000,000
4,822,331
10,613,517
4,152.423
5,235,065
17,031,000
1,616,128,789
Harris burg
1,393,712,352
District
N. J.—Trenton
Fourth Federal Res
ve
Ohio—Akron
c
Canton.
Cincinnati..
Cleveland
Columbus
Hamilton
Lorain
Mansfield
Youngstown
473 ,466,159
+ 13.9
52 ,448,301
1,473 ,600,000
30 ,320,938
27 ,597,285
181,551 ,008,363
344 ,539,535
180 ,607,051
152 ,490,015
20 .138,878
915 ,488,912
1,783 ,679,320
42 ,499,876
+ 17.4
+ 33.9
+ 17.0
+ 6.8
+ 11.4
+ 19.2
+ 20.1
+ 1.7
+ 1.4
+ 35.2
—1.8
+ 7.2 187,047,884,633
+ 51.7
+ 18.2
+ 9.8
32,800.000
+ 21.1
755,142
643,103
640,649
513,880
+ 6.4
320,397
795,223
+ 10.7
168, 854.931
+ 7.0
7,795,000
1,437,018
+ 18.3
311, 115,953
161,506!
138,
18,
860,
1,368,
41,
Jan.
4
%
25, 031,132
+ 12.4
3,915,369,490 3,511,792,147
8,653,247
8,049,027
4,080,409
3,669,149
3,274,245
2,729,236
+ 8.2
496,521
19,579,601
73,750,154
280.000
+ 77.3
+ 6.3
18.721,175
47,266,182
+56.0
306,326
+4.6
425,000
254,000
18,503,561
34,580,123
21,841,078
37,729,072
+ 2.9
+ 12.5
12,254,642
9,340,898
1,735,094
+4.4
990,846
+ 17.6
25,190,436
27,307,619
+ 17.4
539,861
529,132
+24.7
652,028
508,892
+ 11.5 3,060,155,846 3,156,881,161
+7.5
9,137,336
6,697,570
+ 11.2
4,127,192
3,352.249
+20.0
2,°66,407
2,778,211
+ 10.3
166,294,'861,072
S
$
+ 22.5
957,497
819,562
+ 30.3
1933
1934
,
203,051
605,926
19,484,745
axl6,64^,775
16,664,704
14,710,771
+ 13.7
92,462,196
+ 22.9
+ 18.6
53,097,047
18,674,008
24,749,033
16,909,000,000
61,553,786
113,341,292
49,877,120
66,912,697
+ 12.4
206,265,000
13.676,691
80,627,567
43,647,131
15,793,326
22,955,183
14,515,000,000
53,281,657
109,079,334
60,586,436
54,383,654
177,562,000
+ 16.0
17,630,127,695
+ 64.9
84,348,282
2,466,319,282
3,417,055,094
526,282,600
22,994,767
+ 21.8
+ 16.9
+ 16.1
+ 1.0
+ 10.0
+ 0.4
+ 20.2
+ 26.0
+ 13.3
+ 8.1
681,344
+ 45.4
4,586,315
+ 33.2
b
b
1,145,973,224
941,601,825
4,068,631,476 3,629,304,637
+ 12+ 3,163,814,198 3,274,564,046
b
+ 16.9
407,277
459,439
—11.4
—46.8
a449,305
b
283,476
a2,369,905
237,781
—81.0
+ 7.6
+ 19.2
309,135
1,352" 524
1,022" 104
+3+3
"658",452
304,049
384,996
a447,796
W. Va.—Huntington..
910,472
13,052,000
153,354,178
Richmond
10,391,357
63,838,909
+ 14.7
+ 21.7
+ 18.2
7,462,826
4,812,491
388",bbo'666
338",bob",000
+ 1+8
+ 15.5
1,293,310
—25.2
1,214.530
1,994,071
+ 3.9
3,564,8"4
2,609,334
2,884,479
—17.7
1,451,158
+29.4
+ 15.6
+ 17.7
+32.7
1,575,306
2,174,025
994,094
1,221,010
4,264,000
5,071,000
+ 15.0
273,009,847
322,875,633
+ 16.5
+ 23.0
1,577,183
+ 16.2
5,555,700
15,163,257,683
+ 16.3
403,485,512
350,985,551
59,099,320
2,123,727,180
+ 42.7
2,978,666,477
446,690,900
19,879,787
7,138,947
55,220,865
+ 14.7
51,013,976
87,105,560
+ 17.8
10,838,800
1,326",810
b
+ 16.1
c
b
+ 21.7
12,007,179,370
10,311,541,484
+ 16.4
564,090
+ 61.4
c
40,495,864
61,693,604
9,625,400
1,171,961
+ 13.2
+ 11.2
8,081,893
121,797,000
1,697,211,599
7,026,874
110,665,000
1,558,199,157
b
+ 15.0
12,973,000
137,883,408
+ 51.1
c
c
c
+ 15.6
+ 20.4
+ 19.6
c
+9.9
+41.2
+ 12.6
46,422,506
308",*0*0*0" 000
50,851,466
38,981,363
68.601,102
7,033,400
6,806,100
"846*,985
713,773
+ 45.6
12,007,318
5,245,717,899
62,882,644
83,065,901
+ 10.0
c
26+00+666
+ 15.7
8,118,247
4,375,961
10.932,245
4,464,937,655
55,501,091
77,252,809
+ 20.7
"957~ 268
1
+ 7.8
1,728.831
2,755,617
1,255,606
1,340.173
4,186,000
b
269.731
b
b
b
b
—8.1
+ 10.0
+ 9.8
+ 17.5
116,46+954
110,829*093
+5+
7+09+223
76*.6*8+522
266,748,100
229,742,564
+ 16.1
177,319,938
191,693,860
112,098
26,361,743
+ 13.3
+ 7.5
District— Richmond—•
:
Va.—Norfolk
N. C.—Raleigh
S. C.—Charleston
Columbia
c
c
4,386,201
7,067,195
+ 0.6
c
4,063,648
9,487,866
232,792,495
1,233,402
+ 7.9
c
c
192,344
2,639,000
2,160.000
30,703,463
29,368,915
+71.6
+22.2
+4.5
1,212,358
f,061*998
+ 1+2
"982*653
1**03+610
61,050,376
61,19+599
—0.2
48,070*696
59",472", 165
+ 10
+ 8.9
99,505
364,492
2,062,000
2,882,000
27,602,418
c
+0.1
50,503,403
76,797,514
2,910,636,583
15,841,503
86,978,864
70,339,944
+23.7
935,056,843
738.690,669
+26.6
18,005" 324
15,464*379
+"16+
13,115*793
17,32*1*863
526,161,165
Md.—Baltimore
469,337,853
+ 12.1
5,815,926,338
5,193,382,429
+ 12.0
113.802,865
109,359,989
+4.1
90,692,390
108,679,548
+ 10.2
146,583,478
696,558,308
2,204,500,000
55,199,615
31,282,701
42,029,408
625,438,971
51,064,057
117,916,060
574,513,170
1,957,400,000
46,493,153
25,477,145
35,375,198
530,229,581
50,158,742
737,163,730
53,274,779
34,950,218
41,264,000
259,177,984
1,234,271
Frederick
Hagerstown
D. C.—Washington-..
c
Total (8 cities)
Sixth Federal Reser
Tenn.—Knoxvllle
Nashville
Ga.—Atlanta
Augusta
Columbus
Macon
Fla.—Jacksonville
Tampa
Ala.—Birmingham
Mobile
Montgomery
Miss.—Hattiesburg
c
13,274,138
63,920,979
214,300,000
5,356,238
2,992,583
4,134,348
61,759,159
5,405,769
72,429,468
5,842,104
3,563,355
3,805,000
Orleans
Total (15 cities)
Seventh Federal Re
+ 11.3
«
12,048,858
53,209,495
186,200,000
4,643,136
2,444,859
3,853,490
54,785,090
5,341,829
71,463,667
4,767,363
3,320,984
3,218,000
b
Meridian
—25.5
c
b
1,093,589
536,492
142,355,557
1,080,726
534,572
115,204,377
600,768,779
522,116,446
serve
Mich.—Adrian
+ 20.1
+ 15.1
+ 15.4
+ 22.4
+ 7.3
+ 12.7
+ 1.2
+ 1.4
+ 22.5
+ 7.3
+ 18.2
b
+ 0.4
6,601,561
+ 23.6
South
5,953,443
20,324,376
4,098,389
51,720,000
3,607,552
18,126,309
2,726,538
62,386,625
1,352,370
2,853,861
76,797,856
1,754,337
4,233,063
b
b
36,205,181
Iowa City
32,111,053
b
City
b
13,366,556
Waterloo
10,656,048
b
1,255,793
1,461,455
1,245,883,253
Decatur.
3,146,721
13,871,660
3,772,153
4,927,401
Springfield..
Total (25 cities)
1,976,512,538
Eighth Federal Res
Ind.—Evansville
erve
Districtb
Albany
b
Mo.—-St. Louis.....
Ky.—Louisville
Owensboro
"783", 181
+ 3.9
62+828
353,193
+ 18.0
16,829,000
16,068,000
+ 4.7
16,599,000
8,511,516
16,171,812
1,388,099
15,532,297
1,409,894
+ 4.1
—1.5
12,216,908
1,126,667
10,126,062
1,344,735
+ 1.8
+ 10.7
+19.3
+ 22.5
+ 9.8
b
...
Total (5 cities)
b
b
b
""1*1*6*690
+ 15.1
6,275,036,412
5,475,162,878
+ 14.6
142,447,001
122,395,493
+ 16.4
108,724,445
95,305.045
96,997
596,700
120,963,626
77,978
510,378
88,650,923
+ 24.4
+ 16.9
+36.5
949,115
1,828,524
57,337,864
60,771,697
1,403,648
2.343,597
+ 12.1
211,401,486
+ 50.3
39,882,444
829,442,858
19,679,447
45,107,313
2,888,423
22,689,776
3,574,899,424
44,404,377
83,584,106
14,733,239
49,814,697
32,267,775
88,726,545
597,359,558
40,094,659
189,337,859
26,282,737
695,437,071
16,271,010
26,314,577
+ 40.0
+ 65.0
4,042,530
26,215,143
4,523,166,839
47,149,841
108,254,084
19,073,751
60,635,640
41,287,155
113,007,665
723,916,000
48,356,968
360,232,998
129,512,905
b
1,007,552
2,229,470
1,039,567,949
2,471,108
11,018,303
2,631,943
4,151,633
1,618,216,797
-St.
+ 19.6
+ 30.6
+ 38.0
+22.5
+ 23.1
+ 29.7
+ 48.3
b
+ 12.7
b
+ 25.4
b
+ 24.6
b
384,830,631
b
147,043,590
b
b
310,490,729
b
129,679,143
b
+ 18.7
15,602,948
18,068,214
13,194,988,368
32,452,925
147,301,420
42,856,307
51,127,370
11,193,884,480
28,333,766
125,551,930
31,594,644
45,854,928
+22.1
20,894,890,937
17,404,549,334
—34.4
+ 19.8
+ 27.3
+25.9
+43.3
+ 15.5
+ 26.5
"
64,079
103,635
+ 6.2
+29.5
2,487,306
1,872,027
+32.9
+ 21.7
l", 45 8"! 867
l,bb~0~239
+ 28.0
901,188
727,988
+45.9
+23.8
+21.2
16,269,000
13",0*6*5*666
+20.6
1,050,930
5,928,935
672,819
+29.5
~
56+603
"5*6+700
562,094
872,057
+2+5
+66.2
+33.4
13,47+660
13,545,000
626,918
4,448,981
2,202,926
14,43+516
+~2~6~8
11,412*537
11,359,866
+ 27.4
+ 11.7
4,445,061
5,025,649
+ 51.7
+ 19.3
18,299+95
+ 20.9
+ 71.4
1
1,117] 513
"645+58
+73*2
"256", 169
"6*0*2",356
8",7~l~5~9iLl
6,626*965
+3~l" 5
5*. 6*3+618
5,563,608
3,032,741
2",366,290
+28.2
1,940,084
1,814,728
b
+ 23.9
b
+ 13.4
b
b
b
b
b
b
10,816,689
+ 44.2
23,237,192
—22.2
778+92
*424*336
+83*5
"3*59*687
"918" 188
+ 17.9
299,367,558
259,787,317
537,667
2,396,311
537,960
+ 15.2
+39.7
178,868,759
247,018,409
391,708
2,323,350
1,879,207
856,028
+49.6
454,837
778,945
958,394
399,630,955
+ 21.9
281,845,996
358,337,872.
"
+ 14.5
751,048
+ 17.3
3,199,002
+ 35.6
+ 11.5
959,174
1,280,411
+ 20.1
487,254,594
+33.5
+ 78.3
433,634
531,697
Louis—
b
b
301,586,512
108,289,966
b
b
+ 19.4
+ 19.6
b
b
3,940,653,793
1,395,116,493
b
b
3,451,741,408
1,189,400,966
b
b
b
b
b
b
b
+ 14.2
83".bbb"b66
76",7"ob",000
+9.4
65",bbb"6bb
70*.3*0*0*,660
+ 17.3
27,678,831
23,961,580
+ 15.5
18,983,100
19,041,881
16",312",873
15,399",335
+5.9
12",989" 296
9",975",339
b
Quincy
---A—
b
+0.1
b
b
b
b
b
b
Paducah
Tenn.—Memphis
847.576
"
32,195,001
+ 38.1
63,339,000
Moines
1,154,521
"813",747
+ 22.8
23,912,543
3,086,443
8,492,543
Gary
Indianapolis
Davenport
+ 45.2
+ 18.8
10,274.176
+45.3
—0.4
Iowa—Cedar Rapids..
29,400,000
23,913,636
+41.5
Oshkosh
9,871,647
40,800,000
34,735,028
7,995,279
1,298,859
Milwaukee
2,136,096
+ 9.9
+ 18.7
1,363,216 + 132.2
+5.3
12,108,801
+ 14.6
5,486,248
Terre Haute
2,277,311
50,300,000
788,392
1,434,458,217
+ 62.4
Wis.—Madison
3.166,043
12,745,238
*55,300,000
1,144,401
+ 12.6
"l"42*020
2,750,025
Bend
b
+ 24.3
+21.2
+ 20~6
+28.7
Wayne
Rockford
c
District —Chicago—>
10,440,663
1,837,605
5,465,779
4,260,521
11,731,217
Peoria
+ 16.8
"l"28"076
+ 49.3
Rapids
Chicago
+ 10.3
"i"53~633
265,638
Lansing
Bloomlngtoh
—6.5
+ 14.6
4,464,859
111.—Aurora
c
+ 17.2
13,768,947
5,759,553
1,251,418,602
2,300,043
337,923,405
Jackson
b
13,773,491
396,512
Detroit
Flint
815,852,246
63,579,802
42,798,557
45,316,000
+ 1.2
2,751,051
434,773,694
Ann Arbor
43,098,346
82,116,807
2,640,026,816
13,558,760
District— Atlanta—
ve
Jackson
Vlcksburg
111.—Jacksonville
Dec.
$
6,364,447
1,376,291
27,900,000
+ 4.7
—25.3
Fifth Federal Reser
Sioux
1935
$
445, 177,938
44, 354,109
1.342, 319,027
—79.8
673,707
368,330
1,009,575
415,051,813
5,633,985
6,274,086
W. Va.—Wheeling
New
+4.2
503,470
444,717
1,110,904
496,403,979
8,512,198
7,553,303
Greensburg
Pittsburgh
Ky.—Lexington
Ind.—Ft.
1936
%
c
4,947,595
193,460,501
264,935,016
42,200,700
1,778,858
b
Co
Franklin.
Gtand
Dec.
c
8,159,895
232,631,577
333,817,304
47,811,300
1,922,761
990,954
6,110,862
Total (13 cities)...
1934
Ended
Inc. or
-Cleveland—
Wilkes-Barre
York.
Total (12 cities)
1935
or
Philadelphia-
1,889,657
Bethlehem
Chester.
Des
%
District —New York—
erve
Pa.—Altoona
La.—New
Dec.
16,070,708,177 14,993,281,068
Third Federal Rese
Pa.—-Beaver
1934
%
Second Federal Res
N. Y.—Albany
Inc.
b
b
b
b
b
83,269,737
192,228
1,994,000
575,201.868
72,620,548
182,907
1,672,000
828,308,249
2,646,756
22,318,000
759,789,887
2,300,303
19,341,000
+ 15.1
b
b
+ 19.3
+ 15.4
434,000
410,000
+5.9
297,000
332,548
484,351,933
+ 18.8
6,189,043,291
5,422,573,564
+ 14.1
128,325.704
116,470.915
+ 10.2
97,869,396
99,649,768
+ 14.7
+ 5.1
+ 9.0
b
b
b
245
Financial Chronicle
Volume 142
'
CLEARINGS—{Concluded).
Month of
Week Ended Jan. 4
12 Months Ended Dec. 31
December
Clearings at—
1934
%
Ninth Federal Rese
Rochester
St.
Paul—
N. D.—Fargo
Grand Forks
District
Pueblo
10,740,431
135,555,962
5,974,686
9,285,140
12,770,401
2,048,002
387,181,988
13,491,505
34,032,085
2,976,870
120,757,948
3,293,494
Total
739,016,160
-
—
City—
Wichita
Mo.—Joplln
Kansas City
St.
4,415,714
3,504,695
+ 15.6
+ 54.8
104,160
81,082
99,004,093
+21.4
2,750,013
29,847,716
+ 34.0
+ 42.9
+ 6.9
—4.5
—5.4
Joseph
Okla.—Tulsa
Col.t—Col. Springs
Denver
(14 cities)
+2~5
18.448,796
14",587",402
+ 26.7
1,306,706
1,415,156
"43+354
+ 40.6
+ 13.2
+ 19.1
"
493~510
+
38.11
38.8|
"466",778
++7
386*656
~2~97~382
+ 24.2i
+
"301~620
—1*2
"300",586
277,748
2",405",563
+5.9
1,815,282
1,779",863
74,817,176
+ 7.2
68,216,133
61,506,808
86,838
2,003,573
24,336,386
+ 17.7
+28.5
+37.3
+22.6
1,658,772
22,542,043
+ 30.7!
2,547", 582
.
+ 30.4
+ 40.0
5,105,867
5,423,947
120,181,318
1,503,195.104
68,970,889
112,525,134
144,325,076
i
20,873,521
4,348,112,547
152,587,831
342,644,169
29,863,143
+ 20.9
1,264,029,832
—16.7
31,345,685
1,374,821,061
71,889,000
104,021,086
123,508,559
16,485,011
3,618,798,986
148,803,397
263,846,799
25,400,515
1,050,048,675
26,846,585
+ 23.1
8,149,184,063
6,931,394,176
+ 17.6
—5.9
600,477,351
Omaha
+ 19.5
+9.3
2,184,208
40,830,077
+ 12.6
6,706,510
23,936,910
46,599,479
19,812,205
19,945,007
1,426,983
+ 13.5
+ 22.6
8,377,889
105,756,774
6,240,725
12,076,844
10,605,863
1,544,860
312,409,894
12,491,000
24,179,064
2,126,000
99,895,870
3,954,480
Topeka
42,408,300
20,448.063
1,808,346
4,160,160,815
+ 24.2
484,169
333,919
Kan.—Kansas
$
2,050,068
43,908,039
—5.0
80,217,169
Cltv
Kansas
458,023
449,625
Hastings---
+ 12.6
2,250,643
48,021,182
+ 16.9
4,721,893,232
rve
2,704,320,377
9,693,563
1,034,463,068
a79,015,141
2,137,828
52,484,458
28,911,576
118,424,513
2,177,732
+ 10.8
-
+ 10.9
a94,138,505
+ 48.5
Lewlstown
122,706,582
+24.6
365,905,158
Great Falls
Helena
Lincoln
1933
S
+ 17.0
335,287
Mont.—Billings
Tenth Federal Rese
%
1,171,034,947
405,309,935
6,444,907
2,535,827
3,020,325
13,134,301
Neb.—-Fremont
1934
$
+ 11.2
13,749,423
225,738
768,996
2,769,028
D.—Aberdeen
Sioux Falls
Total (12 cities)
Dec.
$
+ 32.0
+ 10.2
47,735,000
8,013,281
29,719,141
64,355,618
27,497,608
37,779,284
138,492,153
2,839,708
Mlnot
S.
1935
136,061,636
3,044,735.370
13,629,486
+ 15.1
11,017,273
232,811,814
849,740
91,606,057
a7,078,197
3,359,000
619,000
2,258,530
4,809,039
1,774,406
2,825,138
12,685,896
256,464,836
1,121,663
101,843,869
a8,283,034
4,185,000
Minneapolis
1936
District— Minneapolis—
rve
Minn.—Duluth
Dec.
%
1935
Dec.
1934
1935
Inc. or
Inc. or
Inc. or
65,584,047
41,325,384
1,969,290,258
43, 171,694
34, 541,051
1.743, 402,700
142 061,819
258 998,181
102,176
+ 51.9
+ 34.7
+28.2
+ 28.2
—4.3
—23.1
+ 20.4
+ 32.6
+ 23.9
+ 8.0
+ 40.8
+ 9.3
177,484
131,993
76,093
b
1,681,469
16,638,179
—4.1
+ 8.2
1,936"! 998
2", 946", 166
—2+3
2,345*331
l",90+594
+ 16.9
2,660,299
2.467,439
+7.8
1,808,582
4,253,115
+ 20.2
91,347", 105
70"!148", 268
+30" 2
63,669*074
58,658* 851
+ 2.5
2,947,352
2,692,624
+9.5
2,878,274
2,535,120
—2.2
*"505,296
76+346
"748",476 —~2~0~5
"505" 471
*593*937
95,988,936
87,337,082
+ 26.6
+ 29.9
"
"
"450", 064
+ 17.6
460,291
+ 20.4
+ 16.8
"59+797
132,740,680
105,871,137
+25.4
+
Eleventh Federal R
eserve
Distric
t— Dallas—•
5,243,750
3,117,992
153,650,042
14,334,155
22,457,774
12,346,000
106,672,597
1,400,376
3,025,435
8,639,391
+27.9
La.—Shreveport
4,933,740
3,679,845
196,588,474
17,156,635
29,483,719
12,357,000
138,486,425
1,510,207
3,767,972
10,780,353
»
418,744,370
330,887,512
Texas—Austin
Beaumont
Dallas
El Paso
Worth
Fort
Galveston
Houston
Port Arthur—
Wichita Falls
Total (10
cities).
Twelfth Federal Re
District
serve
.
_
Seattle
Spokane
Yakima
Idaho—Boise
Portland
Utah—Ogden
Salt Lake City
Ariz.—Phoenix
Calif.—Bakersfield
Berkeley
Long Beach
—
Pasadena
Riverside
Sacramento
Francisco
San Jose
Santa Barbara
Stockton
+ 29.8
720,628
656,354
31,347",999
26,465! 691
+ 19.1
+ 12.2
5",36+895
4", 130", 284
+29*9
4",195",461
4,546",471
+ 1.7
3,321,000
2,411,009
+37.7
2,209,000
3,098,000
1,246 ,139,725
+ 14.0
16,371,328
14 ,818,879
+ 10.5
+ 24.5
40,372,635
113,607,489
31 ,907,778
+ 26.5
+26.6
,773,164
+8.4
2,634430
2.14+870
+22" 5
1,919" 570
2","247" 166
4,235,969,205
3,727,272,991
+ 13.6
54,023,277
45,673,878
+ 18.3
40,392,658
37,012,682
20, 551,984
1,184, 192,448
375, 656,934
27, 272,960
45, 369,745
7, 012,000
+ 18.0
+ 23.3
29,36+354
23,29+930
+26". 1
21,023",228
17,427*836
+ 16.3
8,726,000
797,802
8,294,000
+5.2
5.886,000
4,389,000
583,086
+36.8
557,807
424,220
1,077, 794,625
26, 602,877
+ 18.7
22,43+577
20,35+380
+ 10.2
18",338", 179
14",156",688
549, 374,665
105, 253,879
45, 617,585
+ 18.0
13,843,517
11,303.490
+22.5
11,017,793
11,500,351
3,529*922
2~,932",088
+20" 4
2",58+392
2,566*346
3,345",094
2,607,053
+28*3
2,584,285
3,066,666
5,603,883
116,545,856
+6.1
3","350",780
+ 17.0
+ 53.3
+41.9
98,696,555
6*.372", 858
94,540,049
1,558,469
1,048,009
989,811
158,040,297
104
SCO—■
+ 25.3
24,251,057
1,459,645,969
436,954,000
35,724,785
56,332,426
8,999,466
1,278,957,000
36,385,824
648,247,800
131,488,045
+ 55.3
57,459,968
+ 19.6
212, 965,852
137 205,788
—10.7
24 ,924,181
128 ,540,941
+ 23.5
31 ,966,365
+ 12.0
+ 7.3
190,145,384
174,486,406
30,786,473
146,110,341
35,809,430
362,509,758
237 ,276,460
+ 52.8
5", 94+603
+ 19.8
6,468,834,882
136,408,000
115,331,953
5,475 ,265,205
95 ,221,099
+ 18.1
+44.6
+ 21.1
2,534,163
551,000
+ 51.9
112,345,289
3,422,328
64,529.963
13,234,984
7,018,378
17,737,142
17,120,418
3,222.000
14,902,440
3,600,720
27,064,474
610,413,936
96,220,194
2,371,192
55,634,980
10,559,717
4,518,109
14,829,164
11,737,287
2,207,000
11,619,664
2,940,385
+16.8
+ 44.3
25,226,346
11,459,338
7,120,881
8,910,980
509,387,174
7,923,607
5,526,753
6,385,098
10,831,094.531
9,113,393,259
New]York
14.9
+ 16*3
—
+ 24.8
23,665,246,843
Outside
1,037,039
35,945! 685
1,420,404,459
+ 16.4
1,118,568,588
cities)
+ 13.0
107 458,000
1,872,856
112,325,507
38,249,883
2,403,282
4,467,303
Grand total (162 cities) 26,378,124,727
882,078
41,821,174
+ 19.6
+ 7.8
926,956,501
Total (21
169,198,993
290,521,612
109,293,000
+ 31.3
2,180,419
138,301,356
46,088,000
3,676,818
5,381,724
Ore.—Eugene
San
Franci
+ 0.1
+ 19.7
837,000
Wash.—Belllngham.
Modesto
-San
+ 18.0
+ 23.1
+ 20.5
+ 53.0
+ 20.5
+ 16.0
+45.9
+46.0
+ 28.3
+ 22.5
+ 31.0
+ 24.2
+28.3
*
+ 36.8
+ 24.9
+ 26.0
+ 27.2
+ 13.7
+ 28.8
59,914,224
52 ,096,573
+ 15.0
1,405,028
990,382
+ 39.6
81,993,166
65 ,025,016
+ 26.1
1,520,147
1,556,776
—2.4
1,688,771
1,063,755
1,122,231
+20.7
11,840,368,357
9,925,187,182
+ 19.3
229,863,207
195,717,377
+ 17.4
167,917,776
+ 11.5 297,177,288,516 261,359,277,832
+ 13.7
6,416,676,061 5,633,766,035
+ 13.9 4,795,579,277 5,035,172,824
99,852,482,609
+ 15.8
2,501,306,571 2,121,973,888
+ 17.9 1,735,423,431 1,878,291,663
+ 18.8 115,626,280,153
.
1,653,453
CLEARING® FOR DECEMBER, 12 MONTH® 1935, AND FOR WEEK ENDING JAN. 2
CANADIAN
Week Ended Jan. 2
12 Months Ended Dec. 31
Month of December
Clearings at1934
Dec.
1935
$
1935
Inc. or
Inc. or
Inc. or
%
1934
$
1935
Dec.
1934
%
1936
Dec.
S
%
1933
$
Canada—
Toronto
Montreal
Winnipeg
Vancouver
Ottawa
-
Quebec
Halifax—
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon..
Leth bridge
Saskatoon
Moose Jaw
Brantford
Fort William—
New Westminster—
Medicine
514,601,337
409,463,364
232,411,701
71,652,290
90,111,372
19,221,593
9,688,776
18,449,796
530,806 053
27.516,794
7,346,210
7,083,640
12,802,645
17,248,091
17,267,544
1,297,984
2,381,228
6,692,788
2,625,972
4,041,313
2,844,533
2,523,025
22,432,645
7,249,850
6,077,060
11,449,853
19,595,475
16,811,493
1,394,395
2,134,617
6,211,945
2,226,323
3,521,447
2,896,519
2,076,156
1,199,244
2,925,585
2,642,595
4,837,890
11,326,617
1,422,657
3,406,979
2,459,363
2,467,941
2,254,230
3,726,002
2,702,934
2,623,971
4,418,899
8,444,155
1,298,293
3,349,980
2,425,837
2,191,362
1,890,796
3,077,009
1,515,941,099
1,474,978.978
Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total (32
a
cities)
Not included In
totals,
—3.1
467,189 686 —12.4
+ 9.2
212,856 ,305
+ 12.8
63,506 ,103
19,620 ,472 + 359.3
+ 4.7
18,353 ,719
+ 6.0
9,144 ,527
+ 15.1
16,029 ,024
+ 22.7
+ 1.3
+ 16.6
+ 11.8
b No clearings available,
2,622,557,766
781,264,535
1,076,864,472
207,012,322
112,710,682
197.844.548
292.584.549
84,059,113
79,007,806
+ 2.7
134,707,964
199,411,079
191,995,407
—6.9
15,020,604
+ 11.6
23,963,851
74,956,724
27,283,900
41,207,595
30,651,099
27.463,691
—12.0
972,075
5,720,065,081
4,582,416,573
+ 7.7
+ 18.0
+ 14.8
—1.8
+ 21.5
+ 23.4
+ 21.1
12,995,361
31,325,062
28,659,155
50,410,984
115,902,542
18,437,204
35,753,000
26,779,593
22,277,377
23,057,600
38,895,230
+2.8
16,927,542,469
+ 8.2
+0.7
+ 9.5
+ 34.1
+ 9.6
+ 1.7
+ 1.4
+ 12.6
+ 19.2
c
5,643,522,459
4,653,226,857
2,676,160,032
755,532,352
—0.1
89,003,828
77,868,137
37,319,098
+ 15.0
13,803,728
11,343,854
4,216,745 +989.9
+7.6
3,766,204
4,048,656
3,813,403
4,241,964
+5.5
+5.2
2,083,767
2,246,054
3,294,707
3,524,136
+ 15.1
+ 13.0
4,170,145
1,672,354
4,109,398
1,518,181
1,533,577
—23.1
1,409,764
3,383,561
—8.4
3,900,687
—3.1
—1.5
84,157,751
—2.0
41,157,169
17,340,483
45,956,585
4,053,549
1,877,158
3,567.751
41,183,821
15,074,634
4,521,586
+ 5.2
5,205,130
1,455,481
1,179,835
3,099,039
+ 5.4
3,778,764
+ 1.8
+ 3.5
255,085,201
84,066,825
73,931,173
128,018,177
189,164,864
181,277,354
15,458,987
20,785,706
65,343,280
24,740,854
38.456.442
32.061.443
25,028,252
+ 14.7
—0.1
+ 6.9
—27.3
102,745,187
84,607,995
33,826,681
106,215,406
+ 3.4
219,698,923 + &10.2
+ 3.2
200,669,727
110,685,559
191,235,709
146,182,626
121,658,518
+ 1.4
1,779,243
3,762,491
—
30.8
4,012,492
1,421,773
1,139,913
2,787,374
+5 9
3,322,187
4,228,871
—21.4
2,666,451
3,367,360
2,893,822
—2.8
254.867
342,592
—25.6
359,350
+ 15.3
385,167
388.394
■—0.8
303,246
229,289
+ 14.7
.1,407,555
561,072
1,403,065
563,499
+0.3
1,056,976
—0.4
588,543
1,372,235
1,028,169
903,176
+ 10.3
3,481,018
4,412,461
295,701
+ 7.2
912,112
1,102,567
—17.3
1,058,305
—4.4
546,835
514,073
550,476
564,584
536.395
—3.1
+ 9.7
+2.6
486,254
10,988,541
30,920,440
28,628,148
50,268,747
+ 18.3
+ 1.3
154,746
+68.7
196,558
160,201
676,354
741,879
—8.8
564,319
+ 0.1
585,351
500,916
+ 16.9
525,035
+ 0.3
1,160,642
1,067,404
+ 8.7
632,145
571,465
850,521
104,459,995
+ 11.0
3,257,852
1,934,737
+68.4
14,357,763
34,991,249
26,825,520
22,129,849
20,886,630
34,881,455
+ 28.4
317,185
319,088
—0.6
--—0.2
660,548
548,667
+ 0.7
476,030
+ 10.4
358,986
590,929
515,636
550,000
443,693
+ 11.5
839,362
665,986
+ 26.0
15,963,488,513
+ 6.0
336,126,388
369,251,028
+ 9.0
261,039
+2
Clearing House not functioning at present,
x
Partly estimated.
477,171
482,186
1,017,550
1,728,482
256,803
2,545,479
+ 11.8
+6.4
560,592
720,488
706,003
—13.4
432,220
586,111
560,645
604,870
505,338
417,634
411,870
275,854,593
259,298,132
—19.1
,
281,375
Financial
246
Chronicle
Jan. 11
d O
b oo
H ©
CABLE
ENGLISH FINANCIAL MARKET—PER
The daily closing
as
quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Jan. 4
Jan. 6
Thins.
Wed.,
Tues.,
Jan.
• ©
I rH
20%d.
I ii
ION
d K 00 rH
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i
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.
141s.
%d.
86%
.
141s.
i
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i£ .
I
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105%
106
106
J
© ©
117%
117%
U. 8. Treasury.
U. S. Treasury
60.01
(newly mined)
77.67
I
49%
49%
49%
60.01
50.01
©
©
rH©COd
co
o © © o ©
O O © © rH
)©OOb©
«©
V
«
Ql}l©©CO©C-b©rH
COOOtHddrH©Hll©d
©00 00C0U5©O®QrH
eoobo©N©opd
OKNcqoiNcoiot-fa
bi b-©
©" ©* -I* d* b" Hji" bT
r-^UJ b" O rH
d" © if ©* ©* in rH © ©*
d
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77.57
77.57
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CO
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the items stood
Dec. 31 1935 are set out in the following.
The figures are
taken entirely from the daily statement of the United States
Treasury of Dec. 31 1935.
holdings of the government
CURRENT ASSETS
AND
as
LIABILITIES
.10122 880,617.25
Gold
ctf.
(outside
124,151,329.00
Board
7,537,872,017.25
fund—
Redemption
Fed. Reserve notes.
Gold
17,443,913.35
Gold In general fund...
487,373,926.72
silver dollars in the Treasury.
SILVER
I
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Oi*l©©eO©©b©rH
COOO-hoioi—notices
© rH d CD (N
3
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lCOOOO®d»00©lOrH
SONOlONOOOd
^b-H^d^© rH UP
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Silver ctfs. outstanding.
of
notes
996,077,568.00
1890
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GENERAL FUND
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88,287,105.53
1,085,543,847.53
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outstanding
Total
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1,085,543,847.53
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10122 880,617.25
Total
Note—Reserve against $346,681,016 of United States notes and $1,179,174 of
Treasury note? of 1890 outstanding. Treasury notes of 1890 are also secured by
Total
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CO £3
576,862,155.53
508,681,692.00
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Silver dollars
I
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156,039,430.93
reserve
Exch. stabilization fund. 1,800,000,000.00
Silver
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fund—Fed.
Reserve
$
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of Treasury)
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10122 880,617.25
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Outstanding
Total
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Liabilities—
Gold
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Assets—
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LIABILITIES
CASH AND CURRENT
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77.57
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50.01
77.57
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50.01
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(in cents) in the United
49%
77.57
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50.01
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106%
117%
IS
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iNNHOnn
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I
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117%
The price of silver per ounce
States on the same days has been:
Bar N.
20 13-16d,
20%d.
141s. %d.
86%
©
|
o«^oo
-
Silver, per oz
Holiday
20%d.
Gold, p. fine oz.l41s.2%d. 141s. 2d.
Consols, 2% %_ Holiday
86%
British 3%%
War Loan
Holiday
106%
British 4%
1960-90
Holiday
117%
1936
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2
*
~
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«30«
10
Jan. 9
»
*88 *2
,
20% d.
141s.ll%d
86%
Jan. 8
Jan. 7
Fri.,
• ©
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Assets—
Liabilities—
S
Gold (see above)...
487,373,926.72
88,287,105.53
3,860,208.00
14,930,805.00
967,614.00
5,084,574.00
4,189,642.35
2,565,470.04
Silver (see above)
United States notes
Federal Reserve notes..
Fed. Reserve bank notes
National bank
notes
Subsidiary silver coin...
Minor coin
Silver bullion (cost value)
Silver bullion (recoinage
Treasurer's
Board
5%
Fed. Reserve banks..
599,826,776.96
sales of Govt. sees..
other
©cod
^
Uncollected
To credit of Treas¬
of
i
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To
items,
I
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7,570,712.40
changes, Ac
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To
credit
of
other
Govt, officers
1,002,617.29
;
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143,015,670.90
l^b
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weight of the gold
dollar
1,202,996.94
*;
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sulting from reduction
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Balance of Increment re¬
depositaries:
of U. S
I
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550,611.20
ex-
215,073,152.31
credit of Treas¬
urer
I
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b.
other
67,495,785.28
•
•
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8,947,006.65
officers...
I
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114,872,905.42
I
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disbursing
l
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I
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£
23,688,210.83
Redemption of Nat'l
bank notes(5% fund
lawful money)
bank
of U. S
I©
100
OoVrH
w
*
lawful
Ac
©QMdCO©
©COd©b-00b
bpa^boo^^l
lCO_COU3faild
Deposits for:
870,761.000.00
depositaries:
! a
00
!®H|lrH©©CO
lOOOrHCOd©
(N CO
©CO
60,078,545.63
courts,
Special depos. acct. of
Govt,
^
Postmasters, clerks of
officers.
credit
CO
Other deposits
3,966,423.42
b"
CO.H
d-*
,
Savings
reserve,
K d © © O0
OObbd ©rH
00©
©
!
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Trustees,
System:
I
4,483,369.30
money
Collections, Ac
To
of
Postal
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«S°S||
Post Office Dept
Unclassified—
urer
ifilit
3,828,797.53
officers:
158,318.10
and
§fa
out¬
Deposits of Government
Deposits in:
Nat.
checks
standing
260,978,043.27
value)
MOW
©d
©
S
100 rH
100 <N
I
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IrHHjl
to
i
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•
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Seigniorage (see note 1)_
260,729,692.58
Working balance
1,804,988,425.19
Philippine Treasury:
H rH CO
dob.
lK©©^lfflO0
nfOOOHIO©
©_d CO
I d b> © 00 CO o
of U. S
»•*
Total
2,423,806,940.98
1—This
2,208,733,788.67
2,208,627.43
Total
Note
Balance to-day
credit of Treas¬
urer
item
the Issuance of silver
certificates equal to the cost of the sliver acquired under the Silver Purchase Act of
©
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amount
l!«*
to
the
credit
of
l©1
©*©"«© ooii
! ©*
,
I
disbursing officers
I
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IIIIIIIH}I|
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2—The
Idd
Cqd^bO^b^rH
I
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1934 and the amount returned for the silver received under the President's proclama¬
tion dated Aug. 9 1934.
Note
iooyfi
oo up © © © CO ©
©
2,423,806,940.98
seigniorage resulting from
represents
<nV
rH©©ooco«t©
CO rH © rH
To
i
I
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•
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and certain agencies
to-day was $2,123,945,754,60.
|H|lrH©
SOdOd II lOOrH©
IdrH©
bNHN
MONTHLY
REPORT
PORATIONS
ON
AND
GOVERNMENTAL
CREDIT
AGENCIES
NOV. 30 1935
COR¬
AS
OF
MCo'a'njTfa'co" J
rH
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d rH © 00 rH
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1
dbONoeo
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b K 00 © © ©
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V
corporations and credit agencies, financed wholly or in
part by the United States, was contained in the Department's
daily statement for Dec. 31. The report is the 18th such
to be issued by the Treasury; the last previous one, for
Oct. 31 1935, appeared in our issue of Dec. 14, pages 38023804.
report for Nov.
30 shows in the
case
of agencies
financed wholly from government funds a proprietary in¬
terest of the United States as of that date of $3,336,879,182,
which compares with $3,319,987,316 Oct. 31.
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
funds and partly from private
funds as of Nov. 30 was shown to be $1,156,006,765.
This
compares with $1,152,730,218 as of Oct. 31.
In the case
of these partly-owned government agencies, the govern¬
ment's proprietary interest is the excess assets over lia¬
bilities exclusive of inter-agency items, less the privatelypartly
from
;
•«
c
i-p a
!oS2
®
is|ii2ip
Jiiis! iii!
government
owned interests.
The statement follows:
^•dEfl
rH
00
The monthly report of the Treasury Department, showing
assets and liabilities as of Nov. 30 1935 of governmental
The
©
CO
ffljSafl
iailiiilili
-sfisiiSfig
fafafacaMWfafafai?
247
Financial Chronicle
Volume 142
CORPORATIONS AND CREDIT AGENCIES OF THE
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL
AS
OF NOV.
1935, COMPILED FROM LATEST REPORTS RECEIVED BY THE
30
UNITED STATES
TREASURY—Concluded
Omitted)
DETAILS (In Thousands of Dollars—Last Three Figures
Financed Partly from Government and Partly from
Private Funds
Federal
Federal
Savings
Federal
Federal
".
*
•
'
Banks
Home
Savings
Inter¬
Farm
Home
Owners'
and
ana
Deposit
Land
mediate
Mortgage
for
Co-opera¬
Loan
Loan
Loan
Loan
Insurance
Finance
Banks
;i.
Federal
Federal
Credit
Corp.
tives
Banks
Insurance
Associa¬
Corp.
Cor p.a
Corp.
tions
$
$
$
$
Corp.I
Banks
$
$
$
$
5
Assets—
$
War
Total
$
Loans:
Banks
Railroads
Tnniiranoe
2,855
4
2,850
.
............
nnmpaniftfl
Credit unions
_
Building and loan associations
Livestock credit corporations
97:6§4
97" 084
.
Mortgage loan companies.
Agricultural credit corporations
Co-operative associations.
States, Territories, &c
54,466
"51", 245
T, 220
....
Joint Stock Land banks
Ship construction and reconditioning loans..
Mortgage loans (not otherwise classified)
785",92l
2,174~2n
4
5,815:448
2,855",311
■
2
140.484
2,850
7
6,110,339
35,927
123
190.023
140,481
Crop livestock and commodity loans._
Other loans
2,174.211
Total loans
785,921
143,702
51,245
97,088
2,855,311
Preferred capital stock, &c.:
Banks and trust companies.
Insurance companies
_
_
Railroads
~
-L575
~l",575
Other
Cash:
20,531
On hand and in banks
lb", 184
190
62,148
4,867
7,816
2,241
63,799
15,150
With Treasurer, United States
104
3,896
36,959
n
n
72
f72
In transit
In trust funds
.
12,181
.
12,181
Investments:
39,934
36,064
37,880
407,640
292,940
8,030
30,670
2,030
United States securities
43,340
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation.
Home Owners' Loan Corporation
83,251
lbi:2-10
10,578
7
746",029
Federal Land bank bonds
111,796
746,029
"
6~ 211
Federal Intermediate Credit bank secure..
6,211
Production credit associations class A stock
Railroads bonds and securities.
Ship sales notes
71
71
Other investments
5,787
Accounts and other receivables
~
"3" 154
32,978
Accrued interest receivable.
Real estate and business property:
Real estate and equipment..
1,476
6,108
""116
5
"""292
8,095
""234
21,811
746
579
53,388
241
44
4
n
17,686
*2,680
120
113,901
6,277
n
Vessels and rolling stock..
Stores
and
39
3,881
supplies
3,921
96,775
95,055
91,559
3
"""281
81
5,631
65
1,360
37
23
20,418
""ioo
obb:796
6,621
2,394,002
232,604
1,619,319
142,442
125,360
3,021,954
101,977
60,796
341,181
kl2,807
5,887
Real estate and other property held for sale..
Other assets
Total assets other than inter-agency
4,849
"
131
8,039,770
lnter-agency assets:
Due from governmental corps, or agencies..
18,701
6
Capital stocks and paid-in surplus of govern¬
mental corporations
rlOO.OOO
100,000
Allocations for
capital stock purchases and
paid-in surplus
rli:496
i"l"496
Other allocations
2,406,809
238,491
1,931,560
Total, all assets
1,619,319
142,448
125,360
3,133,450
127",905
101,977
131
341,181
60,796
8,169,968
Liabilities-
Bonds, notes, and debentures:
Obligations guaranteed by United States...
Other
4,253,703
m2866,309
1,387,394
2,080,487
10
21,012
Accrued interest payable:
Guaranteed by United States
20,522
15,202
5,320
16,763
""821
22,098
1,514
"4",795
""f§I
5,747
574
1,414
2
23,186
1,079
fl5,635
111
lnter-agency..
1,998,356
131,896
1,414,841
145
Due to governmental corporations or agencies
50,830
6
4,478
5,887
Other
Other liabilities
Deferred income
4
16,589
n
18",372
6,764
"U45
n
54,724
10,984
2,858
385
Reserves:
iy
For uncollectible Items
40,012
Total liabilities other than
17:572
45" 881
281
Other operating reserves
6,768
63,734
10
6,540,759
21,575
10
6,601,960
289,299
P30.306
10
1,402,403
21,575
386
2,966,778
Inter-agency liabilities:
Total, all liabilities
—
2,049,186
131,902
1,419,319
6,032
6,768
235,599
k91,616
70,000
200,000
131,499
2,966,778
386
200,000
100,000
115,198
30,000
Capital and surplus:
Capital stock
Paid-in surplus
Reserves from earned surplus:
Reserve for dividends and contingencies..
129
4,750
25,656
Legal reserves
2.406,809
238.491
1,619,319
2,260
C33.327
6,129
245
142,448
125,360
3,133,450
101,977
151,923
"""Ili
94
"4",786
6,589
60,796
61,201
—•.•MM
1,249
~U33
Earned surplus and undivided profits
Total liabilities, capital, and surplus...
•
•
26,996
CI9.444
60,796
341,181
131
8,169,968
Non-stock
(or Includes non-stock proprietary Interests),
b Excess inter-agency assets (deduct),
c Deficit (deduct).
a
d Exclmive of
lnter-agency assets and liabilities (except bond investments),
Also includes real estate and other property held for sale,
e
f
Adjusted for lnter-agency Items and Items In transit.
4
Excludes contingent assets and liabilities amounting to $217,652 for guaranteed loans, &c.
Includes U. S. Housing Corporation. U. S. Railroad Administration, U. S. Spruce Production Corporation, and
supplies.
h
1
notes reoelved on
account of sale of surplus war
Includes Electric Home and Farm Authority; Farm Credit Administration
(crop-production and other loans); Federal Housing Administration; Federal Prisons Indust¬
ries, Inc.; Resettlement Administration; Inland Waterways Corporation; The RFC Mortgage Company; Tennessee Valley Associated Co-operatives, Inc.; Tennessee Valley
Authority; loans to railroads, and inter-agency interests held by the United States Treasury.
J Net after deducting estimated amount of uncollectible obligations held by the Farm Credit Administration,
k Includes $1,813,881 due to Federal Land banks from the U. S. Treasury for subscriptions to paid-in surplus.
1
Preliminary statement.
m
n
Includes unissued bonds covering loans In
than $1,000.
process,
Less
Assets not classified.
Includes
subscribed by the United States; also $11,496,500 subscribed by the Home Owners' Loan Corporation,
Includes assessments paid in by member banks and trust companies to the amount of $30,306,209.
In liquidation.
r
Represents capital stock, paid-in surplus, and other proprietary lnter-agency interests which are not deducted from the capital stock and paid-in surplus of the
corresponding organizations.
o
the amount of capital stock
p
q
•
Includes loans to
t
Appropriation provided by Congress.
Federal Land banks amounting to
$50,278,695.
COMPARATIVE PUBLIC DEBT STATEMENT
(On the basis of dally Treasury statements)
March 31 1917
Net bal. In general fund.
Dec. 31 1930
Highest Post¬
Lowest Post¬
Debt
Gross debt--
Aug. 31 1919
Pre-War
war Debt
war Debt
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
74,216,460.05
306,803,319.55
1,118,109,534.76
Gross debt less net bal¬
ance
in gen. fund
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
Dec. 31 1934
a
Gross debt
Net bal. in general fund.
Gross debt less net bal¬
ance
Year Ago
Nov. 30 1935
Last Month
Dec. 31 1935
$28,478,663,924.70 $29,634,021,333.94 $30,557,324,062.69
1,434,388,082.00
2,208,733,788.67
in gen. fund.. $25,914,818,407.24 $28,199,633,251.94
$28,348,590,274.02
2,563,845,517.48
Financial
248
OF
1936
THE UNITED STATES
RECEIVED BY THE TREASURY—Continued
REPORTS
FROM LATEST
1935, COMPILED
30
NOV.
Jan. 11
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF
AS
Chronicle
DETAILS (In Thousands of Dollars—Last
Three Figures Omitted)
Financed Wholly from Government Funds
U. S.
Public
Regional
Shipping
War
struction
Commodlti
Export-
Works
Agricul¬
Production
Panama
Board-
Emergenci
Finance
Credit
Import
Adminis¬
tural
Credit
Railroad
Merchant
Corp.
Corp.
Corp.
Banks
tration
Credit
Corps.
Co.
Recon¬
'
$
$
$
$
$
Assefs—
and
Agencies ti
$
$
$
$
Total
Other 1
Fleet
Corp.
Corp.
$
$
Loans:
Banks
407,636
Railroads
407,636
442,590
lie", 132
589,951
39,455
31,178
50
......
39,455
328
328
7,865
7,865
930
930
127,839
Mortgage loan companies
Agricultural credit corporations
767
127,839
1,505
"""737
:
.
33,525
95",607
269", 709
22~, 539
7,068
95,824
46,220
234,104
5,111
J192,606
2,261,311
"¥,695
115,534
■
„
4,229
269,709
1,413,506
"5",061
95,607
3,695
454,003
275,780
46,220
4,229
259,203
2,498
""217
Ship construction and reconditioning loans..
Mortgage loans (not otherwise classified)
Total loans
220,688
267
2,230
Other loans...
33,525
598
117,972
102,118
"
Preferred capital stock, &c.:
877,516
877,516
100
100
"¥,419
Other
3,419
4
4
_
Cash:
b
In transit
,
r
179
4,650
593
201
2,369
With Treasurer, United States
On hand and in banks
r
7,373
17,421
192
n
567
42,830
75,780
392
366
91
13,839
18,279
"¥,989
5
78
3,422
3,572
12,492
25,425
f72
.
"""150
In trust funds
Investments:
123
10,621
2,188
United States securities
Obligations guaranteed by United States:
k
19,869
19,869
Federal Land bank bonds
¥3", 010
1,755
21,261
Federal Intermediate Credit bank securs..
"¥,810
661
Railroads bonds and securities
P**
Ship sales notes
692
Other investments
~"f945
_
10
379
5,603
2,414
833
710
*6,364
3
2,238
374
131
593
20
2
81
/ 74
23,984
12,117
1,262
Real estate and business property:
Real estate and equipment..
27.880
1,625
1.029
Vessels and rolling stock
Stores
and
supplies
1,595
sale..
fll2
2,333,568
Total assets other than inter-agency
Inter-agency assets:
Due from governmental corps, or agencies..
Capital stocks and paid-in surplus of govern-
f
s324,097
Allocations for
capital stock
1
105,597
44.777
54
"""122
43,543
180,583
6.269
457
14,135
""476
121,397
3.560
7,219
3,644,483
4,129,903
591
n
7,976
363,127
4,454,592
14,834
1,776,539 rl,848,803
purchases and
56,100
614,695
1,672,594
paid-in surplus
Other allocations
42
53,890
245,625
•
68,722
72,263
mental corporations
I
11,615
276,296
114
15.635
2
5
n
,./
'
n
35
11,521
744
11,600
47,350
525
"
Real estate and other property held for
Other assets
40
2,179
n
67
n
36,578
Accrued interest receivable
r
18,318
18.818
--
Accounts and other receivables
76,866
2,471
76,860
Production credit associations class A stock
.
361,725
11,615
276,296
5,017,219
Total, all assets
r670,795
1,732,881
"""286
60,000
121,397
53,890
44,134
6,269,858 12,351,555
14,834
180,583
Liabilities—
Bonds, notes, and debentures:
252,879
252,879
Obligations guaranteed by United States...
50
Accrued interest
50
payable:
2,467
2,467
Guaranteed by United States
Other
"""670
"¥,924
14,638
"35,354
3
f 112
fl5,568
.
Deferred income.
""401
100
83
273
3,082
2,896
Otherpiabilities
4,949
27
7.872
2,622
_
"""§83
"l56
Reserves:
For uncollectible items
5,078
75
717
5,896
13,035
75
15,706
307,604
25
Other operating reserves
Total liabilities other than inter-agency..
273,537
112
liabilities:
governmental corporations or agencies
4,129,123
269,680
4,402,661
500,000
404
3,666
181
883
269,793
404
3,666
181
1,013
13,035
3,000
11,250
39,500
12,528
120,000
7,000
50,000
t3,599,294
Inter-agency
Due to
Total,
all liabilities
__
__
Capital and surplus:
Capital stock
Paid-in surplus
650
1,745,388
6,144,973
725
1,761,095
6,452,577
a45,434 a4,505,509
5,643.419
3,623,559
129
a361,725
11,736
Reserves from earned surplus:
Reserve for dividends and
125
contingencies..
234
Legal reserves..
"¥,503
53,890
c39
5,017,219
Total liabilities, capital, and surplus
For footnotes see
276,296
11,615
121,397
361,725
&
—Charles J.
NOTICES
Thompson
has become associated
Co., Pacific Coast investment banking house,
with
as
Banks,
Huntley
resident manager of
York office, which has been opened in the Chase National
the firm's New
20 Pine Street.
Bank Building,
Mr. Thompson served for
a
American
Co., establishedlin 1911, is one of the largest and most active Pacific Coast
investment organizations.
•—Fenner
Beane
for the winter season.
Florida,
wood,
Biltmore Hotel,
announce
tne
These offices
are at
Hollywood Beach Hot-el, Holly¬
Casseil; at
Beileview-
Belleair, Florida, under the management ol A. Ed Brown;
Hotel, Augusta, Ga., under the management of Guy R.
This Augusta office is m addition
to
the
regular
Augusta
year-
Securities
Corporation
of
Chicago
will
move
to
new
quarters in the Field Building, 135 South La Salle St., on or about Feb. 24,
it was announced by Joseph D. Blosser, President.
Mr. Blosser said the
move
sion
to the
financial district was deemed advisable because of the exten¬
of the firms business from
the real estate security field to
one
of
a
general investment character.
—Bruce Murrie, member
to
New York Stock Exchange, has been admitted
general partnership in Reynolds & Co.
6,269,858 12,351,555
Corp.,
to
and Assistant
Secretary,
enter business as
respectively,
of
consultants in financial,
They will establish offices at 70 Pine
name
of Gregory, Jones & Co.
Huller & Co. announce the formation of a partnership to
—Hawley,
engage
in the business of underwriting, distributing and dealing in invest¬
The members of the
ment securities.
C. Anderson, H.J. Huller, and T.
new
firm are;
D. A. Hawley, Joe
D. Morrow, and their offices are located
Building, Cleveland.
—Announcement is made of the formation of the firm of F. L. Rossmann
&
Co.,
members of the New York Stock
Robert
H.
Whiton,
who
Frederick L. Rossmann.
holds
The
the
new
Exchange.
Stock
Exchange
The partners
membership,
are
and
firm will have offices with Newburger,
Loeb & Co., 40 Wall St., New York.
—The
New
available for
Straus
Vice-President
St., New York, under the firm
Southern offices
round office.
—The
14,834
Gregory and Richard Seelye Jones have announced their
as
General
in the Union Trust
re-opening of three
under the management of Lionel
and at the Bon Air
Jones.
In addition to the head office in Los Angeles»
branches in eight other California cities.
&
3,198
c3,371,199
number of
New York representative of the Anglo California National Bank of
Francisco, and Bond, Goodwin & Tucker, Inc.
Banks, Huntley &
it maintains
180,583
44,134
public relations and tax matters.
years as
San
c¥l",324
l
resignations
Miles
36,121 c3,481,747
following page.
CURRENT
—John
1,700
77
c~lo",182
1,138
"c2,646
"
fll4~,433
Earned surplus and undivided profits
York
number of copies
year
Security
Dealers Association announces that it
has
banks, insurance companies, brokers and dealers, a limited
of the table of high and low closing bid prices, for the
of 1935, on approximately 600 issues traded over-the-counter.
—Frank C. Masterson & Co., 25 Broad St., New
York, have issued their
quarterly booklet of unlisted quotations showing the closing
prices at
Dec, 31
bid and asked
1935 of approximately 2,500 stocks and bonds most
frequently traded in over the counter.
—Warren
T.
James,
formerly with
Hemphill,
associated with Charles L. Babcock Jr. & Co.
Noyes
&
Co., is
now
249
Financial Chronicle
Volume 142
TREASURY
STATEMENT
SHOWING
APPROPRIATIONS
AS OF
RELIEF
EXPENDITURES
AND
DEC.
31
RECOVERY AND
FOR
1935
The various agencies of the Federal government appropriated $18,371,233,821 for recovery and relief up to Dec. 31 1935,
according to a tabulation contained in the Treasury's "Daily Statement" of Dec. 31. It is shown that of this amount $9,827,695,784 was expended during the fiscal year ended June 30 1935 and prior years, and $1,927,599,217 thus far during the
fiscal year ended June 30 1936; $6,615,938,821 remained unexpended on Dec. 31.
Of the appropriations the tabulation lists $2,877,398,170 as being the specific allocations of Congress to the various
agencies; $6,467,660,651 as having been made available by the Reconstruction Finance Corporation; $3,300,000,000 under
the National Industrial Recovery
Act; $1,426,175,000 under the Emergency Appropriation Act of 1935, (approved June 19
1934), and $4,300,000,000 under the Emergency Relief Appropriation Act of 1935 (approved April 8 1935). The Treasury's
tabulation follows:
FUNDS APPROPRIATED AND ALLOCATED FOR
RECOVERY
OF
31
DEC.
Sources of
1
1935
Funds
BALANCES
PENDED
PENDITURES THEREFROM- AND UNE
AND RELIEF, E
AS
Expenditures
a
a
Appropriations
Statutory and Executive Allocations
Fiscal Year
Reconstruction
Industrial
Specific
16
Act
Act 1935,
Act
Approved
Approved
June
Corporation
1933 June
19
Unexpended
Years b
1935,
Approved
1934
April 8 1935
$
Agricultural aid:
Agricultural Adjustment Administration cl819 019,023
Less processing tax
Net.
e939,500,662
879,518,361
Federal Farm Mortgage Corporation.
310,851,094
154,652,264
158,848,311
447,372,954
519,894,211
104,197,869
h30,155,462
423,395,524
261,044,076
196,138,294
917,072,361
60,000,000
6516,894,211
315,748,397
200,000,000
3,000,000
133,629,959
__
447,372,954
589,378,356
37,554,000
80,000^000
Credit Administration.!
375,923,088 1,033,276,980
874,428,668
65,071,994
1,856,573,023
37,554,000
c939,500,662
Commodity Credit Corporation.f___
Farm
Prior
1936
Appropriation Appropriation
Recovery
1
Finance
Relief
Emergency
1935 and
Fiscal Year
Total
Emergency
National
Organizations
200,000,000
200,000,000
Federal Land banks:
125,000,000
125,000,000
hi,860,920
124,958,815
1,902,105
;
145,000,000
145,000,000
53,539,125
58,950,000
58,950,000
16,967,211
11,098,137
74,493,662
mortgages.
19,506,931
28,344,930
451,915,578 2,443,115,494
116,624,322
8,077,790
65,131,570
Capital stock
Paid-in surplus
Reduction in int. rates
on
Relief:
Federal Emergency Relief Admin
11605,000,000
323,362,315
833,965,000
369,820
816,450,155
17,145,023
1,269,833,395
92,845,000
319,443,140
767,449,494
182,940,760
2,100,839
80,561,249
10,182,910
7,535,642
43,265,888
27,663,429
88,960,000
527,479,450
j 18,339,960
44,125,000
3,000,000
142,390,442
78,464,960
936,746,634
hl6,308,548
h50,238,770
216,303,647
136,969,752
736,751,535
196,704,506
255,488^217
450,685,479
196,704,506
437,141,725
13,000,000
343,670,712
2,239
500~,bbo'ooo
1,192,632,181
94,808,200
130,686,169
478,366,455
9,027,012
585,238,957
220,375,133
467,303,342
252,872,086
140,089,881
79,485,003
260,759
16,820
8,749,431
956,401,208
460,640*362
614,301,587
81,645,700
30,804,300
Department of Agriculture, relief
Public Works (including Work Relief):
Boulder Canyon project
Loans & grants to States, munic., &c.f.
Loans to railroads.f
Public highways
River and harbor work
,
Rural Electrification Administration...,.
9,027,012
1,171,716,331
Progress Administration
All other
79,981,864
784,487,874
72,000,000
Aids to home
911,040,000 3,084,864,756
325,890,000
92,845,000
Emergency conservation work
Works
935,930,085
400,005,000
93,101,630
480,590,512
152,304,158
1345,000,000
Federal Surplus Relief Corporation
Civil Works Administration
178,506,319
215,315,122
1,171,716,331
1,264,920,979
328,451,240
109,973,524
189,979,029
owners:
Home-loan system:
Home-loan
bank
125,000,000
200,000,000
12,550,000
200,000,000
30,241,584
234,405
17,794,304
6,849,186
6,392,348
15,963,873
111,189,058
17,643,778
223,378,365
22,588,004
6,811,963
413,881
1,761,663
6,034,250
199,028,697
363,831
36,250,000
6,360,106
Q07
29,852,065
50,000,000
19,524,010
135,832,550
40,000,000
150,000,000
103,773,050
32,059,500
Emergency housing..
Federal Housing Administration
Resettlement Administration
125,000,000
200,000,000
stock...
Home Owners' Loan Corporation
Federal savings and loan associations.
d39,000,000
1,000,000
3,389,487
38,918,877
...
Subsistence homesteads
181,070^000
6,811,963
Miscellaneous:
Export-Import Banks of Washington.!.
Reconstruction
Finance
35,000,000
1,250,000
Federal Deposit Insurance Corporation.
Administration for Industrial Recovery.
18,96l",666
5,000,000
23,961,000
25*.bob",000
07
150,OOO',000
150,000,000
m
150,000,000
d4036018,042 4,036,018,042
75,000,000
"1*0*3", 668
19,129,222
4,728,108
Corp.—'direct
loans and expenditures.!
50~,0*0*0*666
Tennessee Valley Authority
2,423,336 2,276,434,748 1,757,159,958
2,567,166
47,185,331
25,247,501
2,877,398,169 3,291,243,486 1,386,527,705 4,244,804,049 7,467,660,651 18267634,062 1,927,599,216 9,827,695,783 6,512,339,061
Total
Unallocated funds:
By the President
34,896,252
8,756*513
By Public Works Administration.
Grand total
55,195,951
2,877,398,169 3,300,000,000 1,426,175,000 p4300000,000 6,467,660,651 18371233,821 1,927,599,216 9,827,695,783
The
g Net, after deducting repayments to the Reconstruction
following appropriations Included in the 1936 Budget estimate of $300,000,000 for general public works annual program and expenditures therefrom are
a
not
included
in
the
above
h Excess
Boulder
statement:
Canyon Project, $14,000,000;
Public hi-.'hways, $40,000,000; River and harbor work, $10,000,000; other public
works, $118,409,000; Tennessee Valley Authority, $36,000,000; total, $218,409,000.
b The
i The
to the fiscal year
Corporation,
and subscriptions to capital
stock
of
Federal
Land
Federal
are
not
1932
were
the general
a
the
6,615,938,820
Finance Corporation,
deduct.
the Act of Feb. 15 1934 was
Civil Works Administration. $345,000,000;
$950,000,000 provided
Relief Administration,
in
$605,000,000.
above.
k Under the provisions of the
banks
Emergency Appropriation
Act, fiscal year 1935
Corporation is authorized to purchase marketable
Federal Emergency Administration of Public Works,
but the amount which the Reconstruction Finance Corporation may have invested
Reconstruction
securities
made from general disbursing accounts, and, therefore,
susceptible to segregation from
ments and establishments on the basis of the
Emergency
j See note
under authority of the Act of Jan. 23 1932.
Expenditures by the several depart¬
ments and establishments for public works under the Emergency Relief and Con¬
struction Act of
of credits,
appropriation of
allocated by the President as follows:
expenditures included In this statement for the period prior
1934 include only expenditures on account of the Reconstruction
emergency
Finance
90,092,203
13,507,555
90,092,203
13,507,555
o4,751,042
at
expenditures of such depart¬
any
one
for such
dally Treasury statements.
Finance
acquired
time
by
in such
securities
struction
not exceed
may
$250,000,000.
Moneys paid
(but Dot grants) under Title II of the
The amount of obligations which the Recon¬
Recovery Act.
Finance
is increased
The
securities
available for loans
are
National Industrial
c Includes
(a) $360,000,000 specific appropriations from the general Treasury
under the Acts of May 12 1933, May 25 1934, June 19 1934, and Aug. 24 1935; (b)
$1,357,912,000 advanced by the Secretary of the Treasury under authority of Sec.
the
Corporation is authorized to have outstanding at any one time
by the sums necessary for such purchases, not to exceed $250,000,000.
of such securities by the Reconstruction Finance Corporation is
purchase
12 (b) of the AAA and Sec. 216 (a) of the Potato Act of 1935, which must be returned
reflected
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 Sec.
10 (a) of the Act of June 28 1934; (d) $8,000,000 allocated from processing taxes for
against expenditures of the Federal Emergency
purchase of surplus sugar under the Act of May 9 1934; and (e) $92,111,741.47
appropriated under authority of Sec. 32 of the Act of Aug. 24 1935; less $758,513.02
poration—direct loans and expenditures."
transferred
d There
to Division
are
no
made available
purposes
the
by
of Sec.
the
5 of
Reconstruction
Reconstruction
the
Finance
amounts
Corporation
of
funds
may
preferred
banks and trust companies under the Act of March 9
be
Sec.
11
$700,000
of the
mUnder Sec.
for carrying out the
and for the purchase by
or capital notes of
allocated
Act
of
3 of the
for
April 27
savings
and
loan
authorized
promotion as
1934.
Act of June
16
1934 She Reconstruction Finance Corpo¬
ration is authorized to
Corporation in
stock
1933.
Administration of Public Works.
such transactions has been
therefore, included in the funds of the "Reconstruction Finance Cor¬
I Includes
by
which
Corporation
the Agricultural Adjustment Act,
Finance
of
expenditures of the Reconstruction Finance Corporation and as credits
increased is,
of Disbursement, Treasury Department.
statutory limitations on
as
The amount by which the available funds on account of
a
obligations which
The Reconstruction
outstanding
at
purchase at par obligations of the Federal Deposit Insurance
face amount of not to exceed $250,000,000, and the amount of
the
any
Reconstruction
one
Finance
Corporation is authorized to have
increased by $250,000,000.
The amount to be
proceeds deposited with the Treasurer
account of the sale of suoh obligations by the Federal
is
time
Finance Corporation is required to make available to the Federal Housing Admin¬
istrator such funds as he may deem necessary for the purposes of carrying out the
included
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
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
n
by the Reconstruction Finance Corporation.
The authority of the Reconstruction
Finance Corporation to issue its bonds, notes, and debentures has been increased
as may be required to provide funds for such purposes.
in
by such amounts
eThe
sum
$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 reim¬
burse the Treasury for the advances referred to in footnote c.
United
States
on
will represent the
The appropriation of $500,000,000 for subscription to capital stock is included
This amount represents
by the President to the Administrator of Public Works.
are
Corporation.
the unallocated balance of an allocation of $400,000,000
As and when such funds
allocated by the Administrator to specific projects, the amounts are transferred
from an unallocated status to an allocated status.
! Expenditures are stated on a net basis. I.e., gross expenditures less repayments
p
and collections, details of which are set forth in the supplementary statement below.
OF REVOLVING
this column
the figures shown in the oolumn for Reconstruction Finance
o
of
DETAILS
the
of
in
Includes
$4,000,000,000
specific
from the Reconstruction Finance
FUNDS INCLUDED
IN
THE
TABLE
appropriation
and
$300,000,000
transferred
Corporation under the Act of April 8 1935.
ABOVE
,
This Month
Fiscal Year 1936
Organisations
Repayments and
Collections
Payments
Commodity Credit Corporation
Farm Credit Administration
$1,553,049.53
2,899,015.48
Loans and grants to
23,730,584.71
States, municipalities, &c__
a
$192,362.35
.
10,502,760.82
34,669,725.46
$1,360,687.18
a7,603,745.34
alO,939,140.75
a27,984,077.17
Repayments and
Payments
$175,688,548.28
47,836,777.41
268,943.85
a243,787.51
129,691,594.29
13,485,096.53
8,004,627.00
265.716.320.14
281.980.859.61
al6.264.539.47
599.067,307.55
4,578,928.89
Corporation—direct loans & expenditures
Excess of repayments and collections
Expenditures
25,156.34
Loans to railroads
Export-Import Banks of Washington
Reconstruction Finance
Net
(deduct).
32,563,006.06
Net
Collections
Expenditures
$21,036,283.99
77,992,239.63
146,000,142.86
63,723,867.51
1,644,520.05
$154,652,264.29
a30,155,462.22
al6,308,548.57
a50,238,770.98
6,360,106.95
596,643,971.51
2,423,336.04
Financial Chronicle
250
GOVERNMENT RECEIPTS
PRELIMINARY
AND;EXPENDITURES
The preliminary statement of the
States Dee. 31 1935, as
Treasury statement, is
Internal Revenue:
tax
228,387,052
„
_
Miscell. Internal
revenue
Processing tax
farm prod'ts
on
153,309,588
8,642,071
Customs
29,123,456
164,255,731
131,447,989 '
41,650,752
32,428,184
*
654,814,939
974,554,349
65,071,994
190,167,831
,J„n
n
Principal—for'n obligations
Interest—for'n obligations.
67,449
163,004
other
1,751,751
Panama Canal tolls, AC
2,045,082
Seigniorage
6,923,230
Other miscellaneous
4,400,296
Total receipts
433,812,979
64,355
164,183
6,734,810
1,621,921
2,079,216
4,244,245
384,691,386
67,449
163,004
62,977,159
11,510,691
25,516,626
27,165,467
1,902,009,509
3*4% bonds of 1946-56
3*4% bonds of 1943-47
3*4% bonds of 1940-43
34% bonds of 1941-43
34% bonds of 1946-49
3% bonds of 1951-55
34% bonds of 1941
34% bonds Of 1943-45
438,016
46,132,607
12,176,287
63,104,210
25,270,236
Panama Canal
7,364,159
27,613,624
2,245,997
5,140,856
661,931
658,093
5,000,000
—
34,183,227
a
1,702,311
a
*
a
deficiency
Retirement funds (U. S. share)
Dist. Of Col. (U. S. share)
.....
Army
26,508,766
Navy
31,140,516
19,088,713
25,010,170
48,606,566
46,269,885
Veterans' pensions A benefits:
Veterans' Administration a
34% bonds of 1944-46
3% bonds of 1946-48
1,845,082,517
222,339,768
6,546,903
40,563,603
5,164,876
30,014,655
40,662,400
6,707,500
185,245,143
17,122,918
26,716,142
4,222,350
15,024,176
21,009,100
4,364,295
140,580,817
186,625,119
109,067,752
156,065,573
286,644,396
278,718,523
100,000,000
308,052,622
50,000,000
259.690,980
6,892,083
139,969,400
413,879,607
10,962,367
13,055,647
15,791,063
„
Adjusted service ctf. fund..
Agricul. Adjust. Admin.a C_.
..........
69,242,285
-
57,342,008
Agricultural Adjust. Adminis.
(Act Aug. 24 1935)
6,238,399
129,352,424
948,342
3,014,318
2,830,555
2,661,475
2,069
6,642,179
335,224,800
357,739,266
8,179,720
17,353,489
9,809,294
374,203,361
331,727,895
2,106,853,476
farm prod.
►
68,059,104
154,652,264
Treasury Notes—
116,468,440
bl39,771,467
$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
596,416,100.00
1,293,714,200.00
526,233,000.00
\H% series A-1940, maturing Mar. 15 1940..
1,378.364,200.00
738.428,400.00
113^ %
941»61JM£9,99
737,150,600.00
series C-1940, maturing Dec. 15 1940...
$11,791,969,050.00
4% Civil Service retirement fund, series 1936
AgriCUl. Adjust. Admin
2,552,436
Commodity Credit Corp
Credit Admin, (incl.
Fed. Farm. Mtge. Corp.)
1,360,687
7,718,595
1,840,670
.
b7,603,745
3,695,325
4,008,861
b30,155,462
26,204,429
39,629,721
15,275,968
4%
2%
Emerg. Relief Admin.
(incl. Fed. Surplus Relief
Civil Works Administration
1,444
169,360,655
655,468
Emerg. Conserva'n work..
Dept. Of Agricul., relief
46,669,251
32,791,774
304,274
4,836,433
459,993,369
369,821
319,443,140
2,100,839
221,992
1,658,040
7,535,643
828,995,976
10,113,813
199,594,655
69,600,730
12,860,580
6,688,776
bl6.308,548
b50,238,771
140,089,881
79,485,003
260,760
215,315,122
25,013,326
12,952.704
53,519
...
119,093,951
Allother..
Postal Savings System
Federal
Deposit
Series maturing Jan.
Series maturing Jan.
Series maturing Jan.
Series maturing Jan.
221,306,810
93,591,654
28,006,972
189,979,029
2,470,837
32,074,011
Emergency housing.
4,652,566
126,404
17,794,305
Federal Housing Adrnin...
Resettlement Administra'n.
1,188,674
b9,374,153
5 1936
19 1936
26 1936
6,392,349
Series maturing
Series maturing
Series maturing
Series maturing
—
1,192
b60,i82
413,881
2,015,887
Series maturing
Series maturing
b243,788
b395,296
6,360,107
b3,095,899
Series maturing
497,850
Series maturing
5,499,494
Series maturing
Fed. Deposit Insur. Corp
Admin, for Indus. Recovery..
Reconstruction Finance Corp.
566,265
—direct loans A expend's..
bl6,264,539
18,318,522
2,423,336
Tennessee Valley Authority..
3,609,988
3,127,315
25,247,501
16,130,437
Total recovery and relief
246,778,151
320,657,926
1,674,807,226
1,817,220,796
Total expenditures
620,981,512
652,385,821
3,781,660,702
3,545,017,915
187,168,533
267,694,435
1,879,651,193
1,699,935,397
1,275,088
29 1936
11 1936
Series maturing Mar.
22,588,004
4,728,109
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
4 1936
11 1936
16 1936
16 1936
16 1936
16 1936
16 1936
16 1936
16 1936....--.....-..
16 1936
Series maturing Apr.
Series maturing Apr.
1 1936
11,306,750
335,224,800
157,008,533
256,387,685
1,544,426,393
1,559,965,997
+17,491,944
—43,057,197
+240,614,429
—116,366.765
213,330,488
1,785,040,822
1,443,599,233
Series maturing June
Less nat, bank note retire't
expenditures
25,543,455
...
17 1936
Series maturing July
Series maturing July
295,997,633
Series maturing
July
148,957,022
213,330,488
1,489,043,189
1,443,599,233
Series maturing Aug.
+774,345,707
+966,436,679
+ 367,388,249
-18,076,723
Series maturing Aug.
Series maturing Aug.
923,302,729
1,179,767,167
1,856,431,438
1,425,522,510
Series maturing AUg.
29,634.021,334
Increase in the public debt
27,298,896,758
28,700,892,625
27,053,141,415
30,557,324,063
28,478,663,925
30,557,324,063
28,478,663,925
Public debt at begin, of month
year
Public debt this date
....
.....
Series maturing June 24 1936
Series maturing July
1 1936
Series maturing July
8 1936
Increase (+) or decrease (—) in
general fund balance
.....
10 1936
Series maturing June
gold
Ac., excess of receipts (—) or
expenditures (+)__
6 1936
May 13 1936
Series maturing May 20 1936
Series maturing May 27 1936
Series maturing June
3 1936
(excl,
public debt retirements)
Trust acc'ts, increment on
29 1936
Series maturing
1,699,935,397
139,969,400
174,500,477
expenditures
30,160,000
22 1936
Series maturing Apr.
Series maturing May
1,879,651,193
15 1936
Series maturing Apr.
Summary
-
8 1936...
Series maturing Apr.
Excess of receipts
267,694,435
—
Series maturing Mar. 16 1936
Series maturing Mar. 18 1936
Series maturing Mar. 25 1936
b42,296,411
187,168,533
00
Series maturing Sept.
Series maturing Sept.
Series maturing Sept.
Series maturing Sept.
Accounts,
Increment
Gold, &c.
....
15 1936
22 193629 1936
5 1936
12 1936
19 1936
26 1936
2 1936
9 1936
16 1936...
23 1936
Series maturing Sept. 30 1936
•
_
nnn
—
nn
nn
50.062,000.00
50,020,000.00
50.155,000.00
50,085,000.00
50,091,000.00
50,255,000.00
50,020,000.00
50,037,000.00
50,010,000.00
50.080,000.00
50,107,000.00
50,006,000.00
50,205,000 00
50.830,000.00
50,325.000.00
50,143,000.00
.........
..........
Series maturing Feb.
65,793,968
1,682,857
1,106,635
7,229,212
8 1936
15 1936
Series maturing Feb.
167,533,463
3,511,000
Excess Of expenditures..
Less public-debt retirements.
12 273_699>050
onn
_
22 1936......
Series maturing Feb.
35,767,550
Excess Of expenditures
100,000,000.00
100,000,000.00
.
246.800.000.00
Series maturing Feb.
Home-loan system
Export-Import Bks. Of Wash.
maturing
Corporation
Treasury Bills (Maturity Value)—
Aid to home-owners:
Subsistence homesteads
Miscellaneous:
series,
Insurance
4% Adjusted Service Certificate Fund series,
68,369,892
15,320,830
Works Progress Admin
2,805,000.00
Certificates of Indebtedness—
76,315,743
5.941,892
16,080,776
Electrifica'n Admin.
2,925,000.00
Canal Zone retirement fund, series 1936
maturing Jan. 1 1936
bl0,939,141
b27,984,077
River and harbor work
series
series, maturing Deo. 1 1939
Loans and grants to States,
municipalities, Ac
Loans to railroads..
Public highways
fund,
June 30 1939 and 1940
2%
49,783,709
Public Work (incl. work rel'f);
Boulder Canyon project
Service retirement
to 1940
Fed.
Corporation)
Foreign
1936 to 1940
1,844,125
Federal Land banks..
275,900,000.00
to 1940
4%
Relief:
on
.
14 % series B-1940 maturing June 15 1940-.
Farm
Trust
153,477,487.50
.$14,671,737,927.50
-
34 % series A-1936, maturing Aug. 1 1936—
24 % series B-1936, maturing Dec. 15 193624 % series C-1936, maturing Apr. 15 193614% series D-1936, maturing Sept. 151936..
14 % series E-1936, maturing June 15 193634% series A-1937, maturing Sept. 15 1937.
3% series B-1937, maturing Apr. 15 1937
3% series C-1937, maturing Feb. 15 1937
24% series A-1938, maturing Feb. 1 1938—
214 % series B-1938, maturing June 15 19383% series C-1938, maturing Mar. 15 1938—
24% series D-1938, maturing Sept. 15 1938..
24 % series A-1939, maturing June 15 19391*4% series B-1939, maturing Deo. 15 1939..
14 % series C-1939, maturing Mar. 15 1939..
Agricultural aid:
excess of
uzl7J^moo
—
1
4,387,758
on
Total, general
Recovery and relief:
or
491,377,100.00
1,214,453,900.00
Total bonds
1,727,797,119
—
Internal revenue
Processing tax
11,306,750
107,384,579
Refunds—Customs
b806,973
30,160,000
a
Debt charges—Retirements
Interest
Total
MEMS'SK'S
-
United States Savings bonds
„
1,674,522
Farm Credit Administration
of
^5.476,000.00
834,474,100.00
1,400,570,500.00
1,518,858,800.00
-
34% bonds of 1949-52
24% bonds of 1955-60
National defense:a
Excess
-
2%% bonds of 1945-47
River and harbor work
Rural
758,955,800.00
1,036,762,000.00
489,087,100.00
454,135,200.00
352,993,950.00
544,914,050.00
818,646,000.00
44 % bonds of 1947-52
4% bonds of 1944-54.
Expenditures
General—Departmental
Public buildings a
^ ^ ^ ^
Treasury bonds:
420,550,248
855,066,473
262,509,789
169,770,295
Miscellaneous receipts:
Proceeds of Govt.-owned securltles;
Postal
$49,800,000.00
28,894,500.00
121,820,840.00
3% Conversion bonds of 1946-47
24 % Postal Savings bonds (10th to 49th ser.)
July 1 to Dec. 31
1935-36
1934-35
Month of December
1935
1934
$
$
Receipts—
public debt of the United >
the basis of the daily
on
3% Panama Canal loan of 1961
General & Special Funds
All
as
made up
follows:
Bonds—
and 1934-35.
Income
DEBT STATEMENT OF THE
STATES, DEC. 31 1935
UNITED
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 December
1935 and 1934 and the six months of the fiscal years 1935-36
Jan• 11 1936
w
.......
50,132,000.00
50,015,000.00
50,250,000.00
60,059,000.00
50,010,000.00
50.000,000.00
50.100,000.00
60,062,000.00
60,015,000.00
60,050,000.00
50,102,000.00
50.072,000.00
50.045,000.00
50,000,000.00
50,046,000.00
50,031,000.00
50,015,000.00
50.040.000.00
50,003,000.00
50,025,000.00
50,111,000.00
50,030,000.00
50,046,000.00
50,102,000.00
50,017,000 00
50,003,000.00
50,050,000.00
60,045,000.00
50,000,000.00
50.215,000.00
50.070,000.00
60,000,000.00
.
—
2,404,192,000.00
—,
Receipts—
Trust accounts.
18,213,895
22,423,526
120,174,972
99,811,032
70,889
132,296
383,145
1,097,793
27,624,601
31,840,985
120,618,251
79,604,558
45,909,385
54,396,807
241,176,368
180,513,383
12,071,431
_
5,872,864
92,196,774
55,899,360
Total interest-bearing debt outstanding
Increment resulting from reduc¬
tion in the weight of the gold
dollar
Seigniorage
Matured Debt
Which Interest Has Ceased—
Old debt matured—issued prior to April 1 1917
$5,059,440.26
34 %, 4% and 4 4 % First Liberty Loan bonds
of 1932-47
59,753,650.00
4% and 44% Second Liberty Loan bonds of
Total
1927-42
Expenditures—
44% Third Liberty Loan bonds of 1928
Trust accounts
Transactions
in
25,041,685
Payment to Fed.
13b,
Fed.
Treasury notes, at various interest rates
90,110,083
Ctfs. of Indebtedness, at various interest rates
'
gold:.
Melting losses, Ac
(Sec.
44% Fourth Liberty Loan bonds of 1933-38
34 % and 44 % Victory notes of 1922-23
checking acc'ts
of governmental agencies (net)
Chargeable against Increment on
as
on
$29,596,328,977.50
Treasury bills
21,999
Res.
156,002
5,444,746
3,330,304
8,128,049
224,294,615.26
banks
Res.
For retirem't of nat. bk. notes
Total
Debt Bearing No Interest—
Act,
amended)
744,758
25,543,455
63,401,329
Excess of receipts or credits
481,790,797
Less gold reserve
64,146,618
43,057,197
17,491,944
page 5 of the daily Treasury statement for the 15th of each month.
b Excess of credits (deduct),
c Payable from processing taxes on farm products
or advances from the Treasury to be deducted from processing taxes.
United States notes
295,997,634
11,339,610
116,366,765
240,614,429
a Additional expenditures on these accounts for the months and the fiscal
years
are Included under Recovery and Relief Expenditures, the classification of which
will be shown in the statement of classified receipts and expenditures appearing on
Excess of expenditures
Treasury savings certificates
119,209
1,648,100.00
2,656,400.00
92,640,200.00
757,400.00
17,096,450.00
10,010.100.00
34,356,000.00
316,775.00
.
I
$346,681,016.00
156,039,430.93
$190,641,585.07
Deposits for retirement of National bank and
Federal
Reserve bank notes
540,742,451.50
Old demand notes and fractional currency..-
2,034,903.82
Thrift and Treasury savings stamps, unclassi¬
3,281,629.54
fied sales, Ac
736.700,569.93
Total gross debt
-
-
$30,557,324,062.69
Financial
Volume 142
251
Chronicle
COMPLETE PUBLIC DEBT OF THE UNITED STATES
CONTINGENT
public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Aug. 31
1935, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1934:
OF
Detail-
The statement of the
CASH AVAILABLE TO PAY
1,465,121,422
2,136,497,171
23,884,751
678,497,985
3,789,445
4,085,924
26,824,209
165,328,907
3,937,475
2,746,636
710,258,105
198,837,227
Settlement
on
on
War Savings Certificates
warrant checks..
STATES,
AUG.
31
1935
Guaranteed by the United States:
Federal Farm Mortgage Cory.:
$
862,088,400.00
98,028,600.00
869,631,673.50
99,488,819.18
237.247,654.88
22,336,627.60
64,054,642.32
7,543,273.50
1,460,219.18
236,361,300.00
22,325,000.00
63,190,600.00
3% bonds of 1944-49
3M% bonds of 1944-64
3% bonds of 1942-47.
1 ii% bonds of 1937-2Vi% bonds of 1942-47.
886,354.88
11,627.60
864,042.32
Federal Housing Administration..
S
2,136,676,859
Disbursing officers' checks
UNITED
Amount of Contingent LtdbUityTotal
a interest
*1,281,993,900.00 10,765,517.48 1,292,759,417.48
Aug. 311934
Balance end of month by daily statements, <fec
1,474,882,243
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated items
—9,760,821
Deduct outstanding obligations:
Matured Interest obligations
THE
Prtncipal
MATURING OBLIGATIONS
Aug. 31 1935
$
Discount secured
LIABILITIES
—179,688
Home Owners' Loan
Corporation:
97,575.19
4% bonds of 1933-51
b97,575.19
3% bonds, series A, 1944-52
1,115,962,175.00 11,146,436.10 1,127,108,611.10
2% bonds, seriesB, 1939-49....1,125,338,100.00
2,171,432.73 1,127,509,532.73
31,085.00
49,767,085.00
1H% bonds, series C, 1936
49,736,000.00
1 H% bonds, series D, 1937
49,879,343.33
36,343.33
49,843,000.00
41,276.75
49,573,376.75
2% bonds, series E, 1938-49,532,100.00
1)4% bonds, series F, 1939
325,254,750.00
326,474,447.62
1,219,697.62
607.13
162,507.13
2X % bonds, series G, 1942-44..
161,900.00
*2,715,828,025.00 14,744,453.85 2,730,572,478.85
Total
-
.
Balance, deficit (—) or surplus (+)---
+754,863,317 +1937,659,944
INTEREST-BEARING DEBT OUTSTANDING
Interest
2s Consols of 1930
Aug. 31 1935
$
$
Q.-J.
...
599,724,050
Q.-F
48.954,180
2s of 1918-1938..
Q.-F
25,947,400
3s of 1961..
Q.-M.
3s convertible bonds of 1946-1947
49,800,000
Q.-J. ;.
49,800,000
28,894,500
28,894,500
252,300,000
....
3Hs First Liberty Loan, 1932-1947
J.-D
4s First
J.-D.
Liberty Loan, converted 1932-1947
...J
3,492,150
A.-O.dl 316,672,100
4,405,064,450
4)*s Treasury bonds of 1947-1952
A.-O.
3Hs Treasury bonds of 1943-1947
758,955,800
758,983,300
J.-D.
3s Treasury bonds of 1944-1954
c250,889.454.22
4,274,221,350.55
Total, based upon guaranties...
On Credit
ofthe United States:
Secretary of Agriculture
Postal Savings System:
Funds due depositors
—*
...
..
1,189,578.090.70 25,918,783.90 dl215496,874.60
Total, based upon credit of the
United States
5,002,450
4)£b Fourth Liberty Loan of 1933-1938
3)48 Treasury bonds of 1946-1956......
1,070,287.55
1,681,945.000
532,489,100
4j4s First Liberty Loan, 2d conv., 1932-1947—J.-D.
150,339,114.83
16,069,130.43
84,481,208.96
249,819,166.67
1,392,226,350
...
4348 First Liberty Loan, converted 1932-1947..J.-D.
717,448.16
69,130.43
283,708.96
Tennessee Valley Authority.
2s of 1916-1936
Certificates of indebtedness
149,621,666.67
16,000,000.00
84,197,500.00
2)4. % notes, series E
3% notes, series G
2% notes, series H
Aug. 31 1934
Payable
Title of Loan—
Reconstruction Finance Corp..
1,036,762,000
1,036,834,500
M.-S.
489,087,100
489,087,100
J.-D.
454,135,200
454,135,200
...J.-D.
352,993,950
352,993,950
M.-S.
544,914,050
544,914,050
J.-D.
818,646,000
819,096,500
M.-S.
755,477,000
755,478,850
F.-A.
834,474,100
834,474,100
4)48-3)48 Treasury bonds of 1943-1945...
A.-O.
1,400,570,500
1,400,570,500.
3)4s Treasury bonds of 1944-46
A.-D.
1,518.858,800
1.061,960,500
3s Treasury bonds of 1946-1948
J.-D.
1,035,884,900
824,508,050
3Hs Treasury bonds of 1949-1952......
J.-D.
1,215,496,874.60
—
Other Obligations—•
Federal Reserve notes (face amt.)_
*
Includes
e3,378,678,107.00
After deducting amounts of
funds deposited with the Treasury to meet Interest payments, b Interest to July 1
1935, on $27,114,925 face amount of bonds and interim receipts outstanding which
were called for redemption July 1 1935.
c Does not include $3,825,000,000 face
amount of notes and accrued interest thereon, held by Treasury and reflected in the
publio debt, d Figures as of July 31 1935—figures as of Aug. 31 1935, not available.
Offset by cash In designated depository banks and accrued Interest amounting to
$364,457,752.86 which is secured by the pledge of collateral as provided in the
Regulations of the Postal Savings System having a face value of $383,087,522.98;
cash in possession of System amounting to $74,042,560.58, and government securities
with a face value of $771,487,730 held as investments, and other assets, e In actual
circulation, exclusive of $19,913,113 redemption fund deposited in the Treasury and
$251,010,090 of their own Federal Reserve notes held by the issuing banks.. Federal
Reserve notes Issued are secured by gold certificates In the amount of $3,445,358,000;
United States government securities of a face value of $223,900,000, and com¬
mercial paper of a face amount of $9,804,000.
.
only bonds Issued and outstanding,
a
491,377,100
3)4s Treasury bonds of 1940-1943..;
3Hs Treasury bonds of 1941-1943.
3Hs Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955.
-
3)4s Treasury bonds of 1941
2Ks Treasury bonds of 1955 1960
U. S. Savings bonds, series A.
TREASURY MONEY HOLDINQS
94,977,994
2)4s Postal Savings bonds........
.J.-J.
121,819,840
88,684,020
...11,036,139,600
Treasury notes
6,921,075,400
5
cl00,236,000
c50.525.000
c50.096.000
c50.225.000
Sept. 26.
Oct.
3
Oct.
10...
Oct.
17
Oct.
24...
c50,040,000
Oct.
31
compilation, made
c50.033,000
7
Nov. 14........
c50,173,000
c50,080,000
c50,140,000
c75,226.000
c75,353,000
'
Nov. 21
Dec.
19.......
Dec.
26...
1935*—Jan,
2
c75,167,000
Jan.
16
Jan.
23.
c75,235,000
c75,144.000
c75.200.000
Jan.
30
Jan.
Feb.
6....
Feb.
13..
Feb.
27
...
20
Feb.
...
-
......
Sept. 4...
Sept. 11
Sept. 18
Sept. 25...
Oct.
c50,114,000
...
c50.052.000
c50,125,000
at the
9
Oct.
16......
Oct.
23
Oct.
beginning of business
30
6
Nov. 13
4
Deo.
11
18
c50,071,000
c50,018,000
c50.062,000
c50,020,000
Net subsidiary silver....
Minor coin, Ac.........
Net National bank notes-
Net Federal Reserve notes
Net Fed. Res. bank notes
1936—Jan.
8
Jan.
15
Jan.
22
Jan.
29.
Feb.
5
Feb.
11
Feb.
19.
Feb.
...
26
Mar.
4
Mar. 11
Mar. 18...
Mar. 25
Apr.
1
Apt.
8
Apt.
15
-
Apr. 22
Apr. 29
.
May
6
May 13
May 20
-
.
May 27
Aggregate of interest-bearing debt
Bearing no Interest
Matured, interest ceased
Total debt
c50,155,000
c50,085,000
c50,091,000
c50,255,000
c50,020,000
c50,037,000
c50,010,000
c50.080.000
c50,059,000
c50,016,000
c50,000,000
c50,100,000
c50,062,000
c50,015,000
c50,050,000
c50,102,000
c50,072,000
c50,045,000
c50,000,000
5,393,899
5,084,574
14,930,805
3,860,208
14,606,310
*
755,968
610,139
967,614
3,030,515
6,696,640
4,189,642
6,531,894
1005480,604 *1028401,562
156,039.431
156,039,431
fund...
156,039,431
156,039,431
Cash balance in Treas..
899.263,180
851,129,883
849,441,173
872,362,131
876,517,000
164,509,367
654,080,000
597.578,000
112,892,254
870,761,000
8,947,007
67,495,785
Dep. in spec'l depositories
account Treas'y bonds.
118,072,140
8,979,019
43,261,277
2,338,754
2,347,648
cash
in
8,796,527
65,520,271
2.206.516
599,826,^77
10,191,368
49,255.056
1,870,794
2,540,307
2.415.517
2,208,627
2,205,614
Treasury
1,997,216,245 1,685,955,639 1,630,032,167 2,423,806,941
195.644.085
212,873,188
198,663,155
215,073,152
and in banks
Available cash balance. 1,798.553,090 1,473,082,451 1.434,388,082 2,208,733,789
*
..
..
..
Includes
on
1,
Jan.
$261,136,361 silver bullion and $2,565,470
of Money."
minor,
&e.
coins not included in statement "Stock
......
NATIONAL
The following
BANKS
information regarding National banks is
from the office of the
Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATIONS
.....
.
..
Dec. 28—The First National Bank of Reardan, Wash
Effective Dec. 14 1935.
Liq. agent: B. W. Hughes, Reardan,
Wash.
Absorbed by The Old National Bank and Union
Trust Co. of Spokane, Spokane, Wash., charter No. 4668.
Dec. 28—The Orange Oity National Bank, Orange City, Iowa..
Effective Dec. 7 1935.
City, Iowa.
Liq. agent: P. H. Van Horsen, Orange
Absorbed by: Sioux County Savings Bank of
Maurice, Iowa.
BRANCHES AUTHORIZED
27,956,268,734 26,495,072,650
892,165,249
518,978,925
184,208,475
65,867,350
Dec. 28—Seattle-First National Bank, Seattle, Wash.
Location of branches: All in the State of Washington.
601
Riverside Ave., City of Spokane, County of Spokane; 425
*29,032,642,458 27,079,918,925
1st Ave., City of Cheney, County of Spokane; 301 Roosevelt
Ave., unincorporated Town of Mason City, County of
Spokane.
Certificates Nos, 1217A, 1218A and 1219A.
b28,277,779,141 25,142,258,981
a Total gross debt Aug. 31 1935 on the basis of
daily Treasury statements was
$29,032,655,148.03, and the net amount of public debt redemption and receipts
in transit, «fec., was $12,690.25.
b No reduction is made on account of obligations
of fore'gn governments or other Investments, c Maturity value, d Includes amount
of outstanding bonds called for redemption on April 15 1934.
$
643,413,358
349,423,467
3,780,124
7,326,825
Total cash in Treasury. 1,055.302,611 1,007,169,314
Less gold reserve
Deduct current liabilities.
Deduct Treasury surplus or add Treasury deficit ..+ +754,863,317 +1937,659,944
Net debt
Jan. 1 1936
662,672,912
309,886.087
2,584,102
728,613,037
243,504,413
2,593,924
6,515,218
14,079,805
7,837,894
Net United States notes..
Net
c50,006,000
Deo. 24
Deo. 31
821.932.664
Deposits in foreign depts.
c50,072,000
c50.149.000
Dec.
$
195,741,152
2.325,744
10,233,262
13,747,980
423,555
3,060.360
c50,185,000
Dec.
Dec. 1 1935
$
Dep. in Fed. Land banks.
c50.045.000
Nov. 27
Net gold coin and bullion.
Net silver coin and bullion
Nov. 1 1935
$
Cash in Philippine Islands
c50.007.000
Nov. 20
the first of October, Novem¬
Treasury notes and cer¬
c50,000,000
Nov.
on
Oct. 11935
Holdings in U. 8. Treasury
Dep. in Fed. Res. bank..
Dep. In National banks—
To credit Treas. U. S-.
To credit dlsb. officers-
c50.063.000
c50.021.000
c50,013,000
c50,009,000
c50.013.000
-
from the daily govern¬
ber, December 1935, and January 1936:
tificates of indebtedness
c50,079,000
2...
Oct.
c75,025,000
c75,327,000
c75,320,000
c75,090,000
c75,065,000
up
statements, shows the money holdings of the Treasury
c50,037.000
Nov.
•
The following
ment
Treasury bills, series maturing—
1934—Sent.
.
M.-S. 2,611,156,200
Dec. 31—Middlesex County National Bank of Everett, Mass.
Location of branches: Both In the State of Massachusetts. 225
Cambridge St., Lechmere Square, City of Cambridge, Mid¬
County; 1 Salem St., City of Maiden, Middlesex
County.
Certificates Nos. 1220A and 1221A.
dlesex
Capital
$50,000
25,000
252
Financial Chronicle
CHANGE
OF
Dec. 28—First National Bank of Seattle, Wash
8,000,000
Dec. 28—Sopkane & Eastern Trust Co., Sopkane, Wash
1,000,000
Consolidated to-day under the provisions of the Act of Nov. 7
1918, as amended, under the charter of First National Bank
of Seattle (charter No. 11280) and under the corporate title
of Seattle-First National Bank, with common
capital stock
of $8,000,000 and surplus of $1,620,000.
The consolidated bank has two branches, both located in the
City of Seattle, which were branches of First National Bank
of Seattle and which were in lawful operation on Feb. 25
1927.
Eleven branches of First National Bank of Seattle,
which were authorized since Feb. 25 1927, were reauthorized
for the consolidated bank.
200,000
Dec. 31—The Second National Bank of Maiden, Mass
Dec. 31—Everett Bank & Trust Co., Everett, Mass
200,000
—
200,000
Consolidated to-day under the provisions of the Act of Nov. 7
1918, as amended, under the charter of the Lechmere Na¬
5Hc
Feb.
1 Jan.
25c
Jan.
20 Jan.
10
75c
Mar
2 Feb.
14
Mar
2 Feb.
14
Distillers Co.. Ltd. (interim)
Duff-Norton Mfg., increased (quar.)
Eastern Theatres, preferred (s.-a.)
Extra
Eppans
Jan.
15 Jan.
31 Jan.
2 Feb.
Mar.
Jan. 31 Jan.
Jan. 31 Jan.
Feb.
1 Jan.
Jan. 15 Jan.
.
Smith
Co.
(semi-ann.)
Exeter & Hampton Electric (quar.)
Federal Service Financing Corp. (quar.)
Surplus, $300,000.
A branch of the Lechmere National Bank of Cambridge, located
Cambridge St.,
Square, Cambridge,
authorized since Feb. 25 1927, was re¬
Inmen
Mass., which was
authorized for the consolidated bank.
\
NOTICES
1935.
15 Dec. 31
7% preferred (quarterly)
Jan.
15 Dec. 31
2
Dec. 31 Dec.
10
21 Jan.
First Boston Corp
Jan.
Jan.
Fitchburg Gas & Electric Light Co. (quar.)
Filtrol Co. of Calif, (quar.)
Franklin Fire Insurance (quar.)
the incorporation of their firm
announce
of
as
Vice-President in charge of retail sales in New York; Mace D. Osenbach,
heads the wholesale department, and James D. Cleland, formerly of
now
Chas. E. Quincey & Co., has joined the trading department.
—Chas. E.
for U. S.
Quincey & Co.
are
distributing their current interest table
Treasury issues accrued during the month of January 1936
each
on
different $1,000 bond or note, together with an interest table on Home Own¬
ers' Loan
Corporation and Federal Farm Mortgage bonds.
DIVIDENDS
Dividends
first
grouped in two separate tables.
In the
bring together all the dividends announced the
we
are
current week.
we
show
Then
the
we
follow with
dividends previously
a
second table in which
announced, but which
have not yet been paid.
The dividends announced this week
are:
Per
Name of Company
Share
Adams Millis
(quarterly)
Preferred (quar.)
j,
Affiliated Products (monthly)
Alaska Packers Association (quarterly)
Alliance Investment, preferred
American Art Works, Inc., 6% pref.
(quar.)
American Chicle (quar.)
50c
When
Payable of Record
Feb.
18
Feb.
Jan.
Jan.
Jan.
31
8
Feb.
Jan.
Jan.
Dec. 31
Mar. 12
Mar. 12
Feb.
Feb.
Jan.
Feb.
14c
Jan.
20c
Ry. Trust Shares, bearer
Reserve Insurance
6.64c
Jan.
Jan.
16
Jan.
Jan.
Dec.
Dec.
18
Jan.
21
Jan.
2
Mar.
Feb.
Jan.
Feb.
Feb.
Jan.
20
$4H
$1H
10c
(s.-aJ
Feb.
Feb.
20c
Feb.
Feb.
6.6c
Feb.
12
Birtman Electric
25c
(quar.)
pref. (quar.)
Blocn Bros. Tobacco (quarterly)
Quarterly
Quarterly
Quarterly
$6 preferred (quar.)
6% preferred (quar.)_
6% preferred (quar.)
6% preferred (quar.)
Bon Ami Co., common A
(quar.)
<775C
conv.
9
1
Jan.
5c
37Hc
37Hc
37Hc
37 He
$1H
$IH
$1H
Jan. 15
Dec. 21
Jan.
Feb.
Feb.
Jan.
15
Jan.
Mar.
Feb.
1
10
15
Feb.
14 Feb.
5
11
May 15 May 11
Aug. 14 Aug. 11
Nov. 15 Nov. 11
Mar. 31 Mar. 25
June 31 June 25
Sept. 30 Sept. 25
Common B (quar.)
50c
Dec. 31 Dec.
Jan. 31 Jan.
Jan. 31 Jan.
Extra.
50c
Jan.
31 Jan.
hUK
Jan.
Jan.
Jan.
30 Jan.
Bridgeport Machine Co.,
Briggs Mfg. (quarterly)
cum.
;i
preferred
50c
Brockton Gas Light
Buffalo & Susquehanna RR
Preferred
Canada Life Assurance Co.,
10c
I__
1
Toronto,
Capital Management
Carpet Corp (quar.)
On~t. (qu.j
20c
40c
Case Lockwood &
Central Power &
6%
cum.
Brainard, extra
Light Co., 7 cum. preferred._
preferred
43 Mc
37Hc
^
Central Tube Co
5c
Century Ribbon Mills, pref. (quar.)
Century Shares Trust (semi-ann.)
Cerro de Pasco Copper Corp
Chase National Bank com. (s.-a.)
Commonwealth Edison (quar.)
Cluett, Peabody & Co., Inc. (quar.)
Coca-Cola Bottling Co. of St. Louis
Extra
Collins Co.
$10
I
45c
$1
70c
$1
25c
50o
$1
(quarterly)
Columbia Gas & Electric, 6% pref.
(quar.)
5%
preferred (quarterly)
5% conv. preferred (quar.)
Commercial Insurance Co. of New York:
CommercialNational Corp.
(liquidating)
Commonwealth Life Insurance (Ky.)__
_
18
18
20
29 Jan. 17
15 Jan.]
3
Dec. 31
Dec. 31
Jan.
2 Dec. 31
Feb.
1 Jan.
20
Jan. 15 Jan.]
8
Jan. 14 Jan.
3
Feb.
1 Jan.
15
Feb.
1 Jan.
15
Jan. 25 Jan. 15
Mar.
Feb.
Feb.
2 Feb.
20
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
10
3
1
Feb.
1
Feb.
1
Feb.
1
Jan. 20
Jan. 20
16
18a
Jan.
Jan.
(monthly)
15 Jan.
20
15 Jan.
20
UK
Feb.
Dec.
15 Jan.
20
10 Nov. 27
7
$5
Jan.
10 Jan.
7
Jan.
15 Jan.
3
Jan.
15 Jan
3
Feb.
15 Jan.
Feb.
1 Jan.
Feb.
15 Jan.
lc
25c
25c
_
_
Metal & Thermit Corp. (quarterly)__
Mill City Petroleum (initial)
25 Jan.
13
20
25 Jan.
20
1 Jan.
20
1 Jan.
15
Missouri River-Sioux City Bridge Co.
Cum. partic. pref. (quar.)
Maytag Co., $3 preference
$3 pref. (quar.)
1st $6 pref. (quar.)
Melville Shoe (quar.)
1st pref. (quar.)
2d pref. (quar.)
Merchants Acceptance Corp. of Calif. $1.60
pref.
Modine Mfg
Mohawk Hudson Power, 1st pref
Morris Plan Insurance Society (quar.)
Quarterly
Quarterly
Quarterly
Mullins Mfg. Corp., $7 pref. (quar.)_.
Nash Motors (quarterly)
National City Bank of N. Y. (s.-a.)
Preferred, non-RFC holders (s.-a.)
Preferred, RFC holders (s -a.)
National Liberty Insurance (s.-a.)
-
25a
15
31
Feb.
1 Jan.
18
Mar. 14 Feb. 29
Jan. 31 Jan.
8
Jan.
1 Dec. 31
May
1 Mar. 16
13
1 Jan.
15
15 Jan.
1 Jan.
10
16
1 Jan.
16
1 Jan.
15 Dec.
15 Jan.
18
31
10
1 Jan.
21a
1 Jan.
21a
1 Jan.
20
1 Dec.
27
1 Jan.
15
1 Feb.
25
31 Nov. 30
31 Nov. 30
31 Nov. 30
31 Nov. 30
31 Nov. 30
31 Nov. 30
31 Nov. 30
3l.Nov. 30
31 Nov. 30
Feb.
5
Dec. 31
Jan.
15
Jan.
1
Jan.
15
Jan.
15
Jan.
17
Feb.
1
Feb.
1
20 Jan.
10
Jan. 20 Jan.
Feb. 15 Feb.
Feb. 15 Feb.
10
31
9
5
5a
$2
Dec.
2 Dec.
16 Dec.
$5
Dec.
16 Dec.
50c
Jan.
15 Jan.
8
50c
Mar.
2 Feb.
Feb.
1 Jan.
Feb. 21 Jan.
20
UK
$1
5c
Jan.
9
1
31
$1K
h$2K
Jan.
Dec. 31
Feb.
Jan.
15
75c
Jan.
Jan.
Jan.
15
UK
Feb.
Feb.
Feb.
Feb.
17
7 He
7i30c
Feb.
Jan.
Jan.
Jan.
Jan,
10
50c
Feb.
Jan.
20
Mar.
Feb.
24
June
May 27
Aug. 27
75c
$1
$1
$1
$1
$1
UK
25c
50c
15
17
17
Feb.
Sept.
Dec.
Mar.
Feb.
Feb.
Nov. 26
Feb.
10
Jan.
18
Jan.
18
18
50c
Feb.
35c
Feb.
Jan.
Jan.
10c
Feb.
20 Feb.
10c
_■
National Tea Co. pref. (quar.)
Neisner Bros., pref. (quar.)
Feb.
Feb.
20 Feb.
1
1 Jan.
13
Feb.
1 Jan.
15
Feb.
Jan.
21
Jan.
20
13Hc
UK
New Jersey & Hudson River Ry.
Preferred (semi-annually)
18
1
& Ferry, 6%
$3
50c
75c
New York Merchandise (quarterly)
North Boston Lighting Properties (quar.)
Preferred (quar.)
75c
North Carolina RR. Co.. 7% gtd.
$3H
(semi-ann.)
Northern RR. of New Hampshire (quar.)
$1H
Northwestern Fire & Marine Insurance
50c
(s.-a.)_
Oakland Cotton Mills, preferred
$3H
Ohio Public Service Co., 7%
pref. (monthly)__ 58 l-3c
50c
6% preferred (monthly)
5% preferred (monthly)
Oilstocks, Ltd. (s.-a.)
41 2-3c
Feb.
Jan.
15 Jan.
Jan.
15 Jan.
8
1 Jan.
20
31 Jan.
14
Feb.
Jan.
8
Jan.
2.Dec. 31
Jan.
2
-
Feb.
l!Jan.
15
Feb.
1 Jan.
15
Feb.
15
Jan.
20 Jan.
13
10c
Jan.
Feb.
20 Jan.
13
Jan.
21
25c
Feb.
Jan.
21
UK
$1K
37Hc
Feb.
Jan.
21
Feb.
Feb.
Feb.
Jan.
21
Jan.
31
Jan.
31
50c
(Providence, R. I.) (quar.)_
1st pref. (quar.)
2d pref. (quar.)
Pacific Gas & Electric, 6% pref.
LJan.
20c
Extra
Feb.
40c
15
Jan.
Mining
15 Jan.
28 Jan.
28 Jan.
Feb.
(quar.)
Massachusetts Fire & Marine Insur. Co., extra.
Semi-annually
Massachusetts Power & Light Assoc .$2 pref. (quar.)
Mclntyre Procupine Mines (quar.)
Outlet Co.
14
Jan.
Extra
10
10
Jan.
Feb.
$25
3
.
21
10
24
Jan.
Extra
$1 K
15 Jan.
16
24
7 Jan.
•
15
17
26
31 Jan.
20 Jan.
Feb.
Horder's, Inc. (quarterly)
;.
Houston Lighting & Power, 7% pref
Feb.
Feb.
6% pref. (quar.)
Hutchins Investment Corp., $7 pref
Jan.
$1
Illinois Northern Utilities, 6% pref. (quar.)
Feb.
$IK
$7 junior preferred (quarterly)
Feb.
International Cigar Machinery (quar.).
Feb.
International Paints, Ltd.. preferred__
7i$1.125 Jan.
International Products Corp., 6% pref
h$ 3
Jan.
International Utilities Corp., $7 pref. (quar.)__
Feb.
$3 K preferred (quar.)
75c
Feb.
Interstate Dept. Stores, 7% pref. (quar.)
Feb.
UK
Jamestown Telep. Corp., $5 cl. a pref. (s.-a.)_
Jan.
$2K
Jantzen Knitting Mills (quar.)
10c
Feb.
7 % preferred (quarterly)
Mar.
UK
Jones (J. E.) Royalty Trust—
Series D partic. certificates ($500)
$2.78
Dec.
Series E partic. certificates ($100)
Dec.
$1.13
Series F partic. certificates ($100)
55c
Dec.
Series G partic. certificates ($100)
15c
Dec.
Series H partic certificates ($100)
12c
Dec.
Series I partic. certificates ($100)
11.2c
Dec.
Series J partic, certificates ($500)
Dec.
$1.80
Series K partic. certificates ($100).
10c
Dec.
Series L partic certificates ($100)
61c
Dec.
Kelvinator of Canada, 7% pf. (quar.)
Feb.
UK
Jan.
Reystone Custodian Fund, series B-l
$1.01
25c
Feb.
Ring Royalty.
50c
Jan.
KiManning Telep. Co. (quar.)
Kress (S. H.) & Co. (quar.)
Feb.
25c
Feb.
15c
Special pref. (quar.)
Louisiana & Missouri RR., 7% guar, pref
Feb.
$3H
Louisville Henderson & St. Louis Ry. (s.-a.)__
Feb.
$4
Preferred (semi-annual)
Feb.
$2H
Lucky Tiger-Combination Gold Mining Co.—
3c
Jan.
Quarterly
Extra
15
26
1 Jan.
'
18
UK
$1H
Electric Co. (quar.)
70c
6% preferred (quar.)
Continental Can Co., Inc. (quar.)
75c
Crandall McKenzie & Henderson (quar.)
;
12Hc
Cresson Consolidated Gold Mining &
Milling—
Quarterly
3c
Cuneo Press (quarterly)
30c
Preferred (quarterly)
:
$1H
De Havilland Aircraft, (increased)
10%
Delaware Rayon Co., 7% pref. (quar.)
UK
Deposited Insurance Shares, series A
e2K%
Concord
24
20
20 Jan.
Jan.
Marquette Cement Mfg., 6% pref.
Feb.
Jan.
18
31 Jan.
Feb.
Jan.
Jan.
Jan.
14a
10
20
15 Jan.
1 Jan.
1 Dec.
1 Dec.
Feb.
18
15
3
18 Jan.
1 Jan.
1 Jan.
Feb.
Ludlum Steel, resumed
Ludlum Steel Co., com. (quar.)
15
$2
87 He
Bangor Hydro-Electric (quar.)
Basic Insurance Shares, ser. C
(bearer)
Beatty Bros., 1st preferred (quar.)
Benjamin Elec. Mfg. Co., 8% 1st pref
BluetRidge Corp., $3
Dec.
Jan.
Jan.
Jan.
$1M
Archer-Daniels-Midland Co., pref. (quar.)
Automobile Fire Insurance, pref. (s.-a.)
Atlanta & Charlotte Air Line
Ry. (s.a.)
Atlantic City Electric Co., $6 pref.
(quar.)
Preferred
Jan.
20c
American Securities Shares (St. Louis)
American Steamship Co.
(quar.)
Baltimore American Insurance
Extra
Jan.
25c
50c
American
Apr.
Apr.
UK
(quar.)
American Equities Assurance, N. Y.
(quar.)
American Home Products Corp
American Machine & Foundry, com
American
14
Feb.
Jan.
5c
Dairies, Inc., 7% pref.
18
Jan.
$2
7i$3
Extra
American
Holders
15 Jan.
Jan.
Feb.
Jan.
Homestake
Walter J. Young, formerly of Cassatt & Co., has become
3
15 Dec. 31
Extra
—Brown, Young & Co.
Dec. 26
17
Jan.
Extra
CURRENT
17
25
Jan.
Gray & Dudley Co. (quarterly)
7% preferred (quarterly)
Gude Winmill Trading Corp
Halle Bros., preferred (quar.)
Hannibal Bridge (quarterly)
Haverhill Electric Co. (quar.)
Hawaiian Agricultural Co. (mo.)
Hawaiian Electric Co. (monthly)
Hecla Mining (quarterly)
Hollinger Consol Gold Mines
been changed to Middlesex County
National Bank of Everett.
The capital stock of the con¬
solidated association consists of $500,000 of common stock.
7
15
20
Extra
Extra
has
12
Jan.
Ely & Walker Dry Goods (quar.)
Employers Group (quar.)
Fulton Petroleum Corp
General Cigar (quarterly)
tional Bank of Cambridge, charter No. 614, the location of
which has been changed to Everett, Middlesex County, and
1385
Deposited Insurance Shares, series B_
Devonian Oil Co., increased (quar.)__
Dictaphone Corp
Preferred (quarterly)
Holders
of Record
Feltman & curme Shoe Stores, pref. (quar.)
Dec. 31—The Lechmere National Bank of Cambridge, Mass—
No.
1936
Share
Name of Company
CONSOLIDATIONS
at
11
Per
The First-American National Bank in Tucumcari, Tucumcari,
New Mexico.
To: The First National Bank in Tucumcari.
the title of which
Jan.
TITLE
(quar.)
5 H % preferred (quarterly)
Packard Motor Car (resumed)
34 He
10c
Pennsylvania RR
Philadelphia Insulated Wire (s.-a.)
Philadelphia Suburban Water, preferred
Peoples Telep. Corp. (Butler, Pa.) (quar.)
Pepeekeo Sugar Co. (monthly)
Phoenix Finance Corp., 8% pref. (qu.)
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Piedmont & Northern Ry. Co
Pittsburgh Cincinnati Chicago & St. Louis RR.
Co. (semi-annually)
Pittsfield Coal Gas (quarterly)
Pneumatic Scale Corp., preferred (quarterly)
—
Feb.
Jan.
15
$1
Feb.
Jan.
22
50c
Feb.
1 Jan.
15
Feb.
29: Feb.
10
$1H
$1H
Jan.
15 Dec. 31
20c
Jan.
15 Jan.
50c
10 June 30
50c
Apr.
July
50c
Oct.
50c
Jan.
11
10
|Mar. 31
10 Sept. 30
10 Dec. 31
75c
Jan.
10.Dec. 31
$2H
Jan.
20 Jan.
Dec.
23 Dec.
19
2 Dec.
24
$1
17Hc
Jan.
10
253
Financial Chronicle
Volume 142
Feb.
1 Jan.
15
Feb.
1 Jan.
15
41 2-3c
Feb.
1 Jan.
25
Public Service of Northern Illinois 6%
SI**
Feb.
1 Jan.
15
Feb.
Jan.
3c
Feb.
1 Jan.
15 Jan.
1 Jan.
15
20c
pref.(qu.)
7% preferred (quar.).
Quaker State Oil & Refining Co. (quarterly)
Quarterly Income Shares, Inc. (quar.)
Reliance Manufacturing (quarterly)
Reserve Investment Corp., $7 preferred-Reserve Resources Corp., $6 preferred
Ritter Dental Mfg., preferred
Preferred (quarterly)
Rochester & Genesee Valley RR. (s.-a.)
Semi-annually
Rockland Light & Power (quarterly)
Stock trust certificates (quarterly)
Royalty Management Corp
St. Lawrence Flour Mills (quarterly)
Preferred (quarterly)
St. Paul Union Stockyards (quarterly)
Scott Paper Co., 7% series A pref. (quar.)
Selected Managements, Inc., trustee shares
Solvay American Investors, pref. (quar.)
Simms Petroleum (liquidating)
Southern Fire Insurance. New York (semi-ann.)
Squibb (E. R.) & Sons, $6 pref. (quar.).Spiegel May Stern (quar.)
15
10
15c
Feb.
1 Jan.
21
h$lH
Jan.
15 Jan.
10
h$ 1
Jan.
15 Jan.
10
hU
Jan.
9 Jan.
9 Jan.
9
3;
Jan.
Jan.
—
S3
July
9
2 Dec. 14
il June 15
15c
Feb.
1 Jan.
15c
Feb.
Feb.
1 Jan.
1 Jan.
15
5c
50c
Feb.
1 Jan.
20
Feb.
25c
Jan.
1 Jan. 20
2 Dec. 20
1 Jan. 17
Feb.
15
10
8,
Feb.
15
14 Jan.
15
Jan.
27 Jan.
20
60c
Mar.
1 Feb.
15
Feb.
1 Jan.
17
Feb.
1 Jan.
15
May
1 Apr.
15
6.6675c Jan.
_
%
6** % preferred (quar.).
25c
fins
Springfield Gas Light (quarterly).
Standard Can & Seal (quar.).
Telephone Investment Corp. (monthly)-.
Texas Power & Light, 7% pref. (quar.)..
$6 preferred (quarterly)
Toburn Gold Mine, Ltd
Toledo Edison Co., 7% pref. (monthly)__
6% preferred (monthly).*
5% preferred (monthly)
Transamerica Corp. (semi-annual)..
Jan.
15 Jan.
—
4
3
60c
Feb.
1 Jan.
11
25c
Jan.
23 Jan.
20
$1**
SI**
Feb.
1 Jan.
11
Feb.
1 Jan.
21 Jan.
21
Feb.
58 l-3c
Name
Payable of Record
Public Service Co. of Colorado, 7% pref. (mo.). 58 l-3c
50c
6% preferred (monthly)
5% preferred (monthly)
Per
Holders
When
Per
Share
Name of Company
Feb.
11
1 Jan.
1 Jan.
15
15
Jan.
SI**
Feb.
$15*
Binghamton Gas Works, 7% preferred (quar.)$1.56** Mar.
6**% preferred (quarterly)
—
2**c Jan.
Bishop Oil Corp. (quar.)
Feb.
SI X
Bloomingdale Bros, preferred (quar.)
$4
Apr.
Boston Insurance Co. (Mass.) (quar.)Jan.
25c
Bower Roller Bearing (quarterly)
Jan.
r50c
Brantford Cordage Co., 1st pref
Jan.
Si
Brewer (C.) & Co. (monthly)
Feb.
SI
Monthly
Mar.
SI
Monthly
Jan.
37**c
Brewing Corp. of Canada preferred
Jan.
40c
Bridgeport Hydraulic Co. (quar.)
Jan.
8d.
British American Tobacco, ord. (final)
Jan.
lOd.
Ordinary (interim)
2**% Jan
British Columbia Elec. Ry. 5% preferred
Jan.
r37c
British Columbia Power Corp., Ltd., A
Feb.
British Columbia Telep., 6% preferred
Jan.
75c
Brooklyn-Manhattan Transit Co., (quar.)
Jan.
Preferred (quarterly)
Apr.
Preferred
(quarterly)
Feb.
$1
Brown Fence & Wire Co., A (s.-a •).
Jan.
30c
Bruck Silk Mills (quar.)
$3 Jan.
Buffalo Insurance (N. Y.) (quar.)
Feb,
$1**
Buffalo, Niagara & Eastern Power, 1st pf. (qu.)
40c
Apr.
Calamba Sugar Estates (quar.)
35c
Apr.
7% preferred (quar.)
Jan.
h$l
Calaveras Cement 7 % preferred
Feb.
1**%
Calgary Power, preferred (quar.)
Jan.
h75c
California-Oregon Power, 6% pref
h87**c Jan.
7% preferred
Jan.
50c
Canada Light & Power Co. (semi-annually)
Jan.
30c
Canada Northern Power Corp. (quar.)
IX % Jan.
7% preferred (quar.)
Feb.
SI**
Canada Southern Ry. (semi-ann.)
Feb.
50c
Canadian Bronze Co., Ltd., common (quar.)
-
•
50c
Feb.
Feb.
1 Jan.
15
15
31
10c
Extra.
.
Jan.
S2
Feb.
5 Jan.
4c
Series F registered
Series F coupon
Feb.
1 Jan.
15
31
4c
Jan.
£$2.02
$2**
United New Jersey RR. & Canal (quar.)..
United States & Foreign Securities—
Feb.
z$1.15
United Investment Shares, series A
Series C__
Jan.
1
15 Dec. 31
15 Dec. 31
Apr.
10 Mar. 20
Canadian
-
Canadian Fairbanks Morse 6% preferred
Canadian General Investment (quarterly)
Canadian Industries. A & B (quarterly)
Preferred (quarterly)
Carnation Co., 7% preferred (quarterly)
Carolina Clinchfield & Ohio Ry. (quar.)
Stamped certificates (quar.)
Celluloid Corp., 1st preferred
Central Hudson Gas & Electric Corp. (quar.)__
Voting trust certificates (quar.)
Central Illinois Public Services—
23
1 Jan.
23
Jan.
15 Jan.
2
Utilities Stock & Bond
Feb.
1 Jan.
21
Van Camps, $7 preferred
Jan.
2 Dec. 31
Feb.
1 Jan.
4 Jan.
18
$6 preferred
6% preferred
Central Illinois Security preferred
15
Central Kansas Power Co.,
1 Jan.
15
10 Jan.
7
Corp., v. t. c
(quarterly)
Virginia Ry., preferred (quar.)
Walgreen Co. (quar.)
Washington Gas Light Co. (quarterly)
Washington Oil.
West Penn Electric Co., 7% pref. (quar.).
6% pref. (quar.)
West Jei
rest Jersey & Seashore RR. (s.-a.).
Wilcox-Rich, class B
Wilson & Co., Inc
$6 preferred (quar.)—
Westland Oil Royalty Co., A (monthly)
Woolson Spice Co. (resumed)
Preferred (quarterly)
Wool worth (F. W.) (quarterly)
Woolworth (F. W.) Ltd., ordinary (final)
Ordinary, extra
,
Wrisley (A. B.) Co., 7% preferred (guar.).-,.
Feb.
Feb.
—
Jan.
July
Feb.
15 Feb.
1
2 Feb.
15
1 Jan.
15 Jan.
31
Feb.
Mar.
Feb.
Feb.
14
Dec. 31 Dec. 27
Dec.
...
Below
15 Jan. 20
15 Jan. 20
1 June 15
Feb.
31 Dec. 27
give the dividends announced in previous weeks
paid.
This list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
Per
Share
Name of Company
When
Holders
Payable of Record
Advance-Rumely
Feb.
15
Feb.
Jan.
15
15c
Feb.
Jan.
15
Dec. 31
10c
Jan.
2c
-
Jan.
m$l
(liquidating)
Affiliated Fund
Mar.
81H
Adams (J. D.) Mfg. (quar.)
Administered Fund Second
Jan.
75c
Feb.
Jan.
10
Feb.
Jan.
10
SI**
$1H
Albany & Susquehanna RR. (special)
Jan.
15c
Albemarle Paper Mfg. 7% pref. (quar.)
Allied Chemical & Dye Corp. (quar.)
Dec. 31
Feb.
15c
Extra
Jan.
Jan.
Dec.
Jan.
Feb.
Jan
SI**
22
19
Dec. 26
10
Jan.
Alpha Portland Cement
Jan.
2
Jan.
Jan.
1
Altorfer Bros., preferred
Aluminum Goods Mfg. (quar.)
h$l
15c
Apr.
Mar. 21
Aluminum Industries (quar.)
Amerada Corp., common (quar.)
10c
50c
Jan.
Dec. 31
Jan.
Jan.
15
American Alliance Insurance (quar.)
Extra
25c
Jan.
Jan.
3
20c
Jan.
Jan.
3
American Asphalt Roofing
American Can (quar.)
Jan.
Preferred
Jan.
24
$1
o75c
Extra
American Cities Power & Light, A (quar.)
American Coal Co. of Allegany County (quar.)_
American District Teleg. or N. J. (quar.)
t
Dec. 31
Feb.
Feb.
Jan.
24
Feb.
Jan.
11
SI
SI
Feb.
Jan.
10
6% pref. (quar.)
Jan.
Ice, preferred
American Light & Traction
Preferred (quarterly)
14
Dec.
14
Feb.
Jan.
Jan.
8
6
Jan.
American
Dec.
Jan.
Jan.
$1H
SI**
(quar.)
American Gas & Electric Co., pref. (quar.)
American General Equities, inc. (quar.)
Jan.
6
30c
Feb.
Jan.
15
»c
Feb.
Jan.
Jan.
Jan.
15
6
30c
Jan.
Dec.
23
SI**
Jan.
1
50c
Jan.
Feb.
Jan.
15
40c
Feb.
Jan.
31
American News New York Corp. (bi-mo.)
American Rolling Mill
(quar.)
6% preferred B (quar.)
American Ship Building (quar.)
American Smelting & Refining (resumed)
First preferred (quar.)
Second preferred (quar.)
American Telephone & Telegraph (quarterly)—
Amoskeag Co., common
Preferred
(semi-annual)
Arlington Mills (resumed)
Asbestos Mfg Co., $1.40 conv. pref. (quar.)
Associated Telephone preferred (quar.)
Atchison Topeka & Santa Fe, preferred (s.-a.)-_
Atlas Powder, preferred (quar.)
Austin, Nichols, prior A
(semi-ann.)
Terminal & Realty,
Preferred
(quar.)
Crane Co., preferred
Crowell Publishing Co., 7% pref. (semi-ann.)—
Crown Zellerbach, preferred A and B
Cudahy Packing Co.. common (quar.)
—
Cuneo Press (extra)
Curtis Mfg.—
Cypress Abbey Co
Darby Petroleum (semi-annually)
Dayton Power & Light, 6% preferred (monthly)
Deposited Insurance Shares, A
Detroit Edison Co. (quar.)
Extra
River Tunnel Co. (semi-ann.)
Dictograph Products (resinned)
Dome Mines Ltd. (quar.)
Quarterly
Dominion Textile Co., preferred (quar.)
Dow Drug (special)
20
$1H
Jan.
Dec. 31
Jan.
Dec.
Jan.
Dec. 31
Jan.
Dec. 31
Jan.
15 Dec. 31
Feb
15 Feb.
Jan.
15 Dec. 31
20 Dec. 30
Jan.
Jan.
Jan.
31
1
15 Dec. 31
15 Dec. 31
31 Jan. 21
Jan.
Jan.
4
Jan.
Jan.
2
Feb.
Jan.
Aug.
July
23
23
Feb.
Jan.
15
Mar.
Feb.
15
Jan.
Dec.
31
Mar.
Feb.
15
Feb.
Jan.
15
Mar.
Feb.
15
Feb.
Jan. 15
Feb. 17
Mar.
Feb.
Jan.
Jan.
Jan.
Jan.
Dec. 27
15
Dec. 31
Jan.
6
Jan.
Dec. 30
Feb.
Jan.
Jan.
Jan.
6
SI?*
h$l
Jan.
Jan.
Jan.
Jan.
10
S3**
Feb.
Jan.
24
h$ 1
23
6
Jan.
Jan.
2
Jan.
Jan.
6
Jan.
6
62**c
Jan.
Jan.
Jan.
30c
Jan.
Jan.
2
50c
Feb.
Jan.
15
2c
Jan.
Dec. 31
25c
Jan.
Feb.
Jan.
3
50c
Jan.
20
6**c
Feb.
Jan.
2
SI
Jan.
Dec. 31
Jan.
Dec. 31
4
$4
Jan.
8
Jan.
Jan.
6
50c
Jan.
Dec. 31
50c
Apr.
Mar. 31
$1?*
—
Jan.
15c
Detroit
Jan.
Dec. 31
8
15c
Feb.
Feb.
Driver-Harris Co
25c
Jan.
Jan.
10
Duplan Silk (semi-ann.)
du Pont de Nemours, debenture (quarterly) —
Duquesne Light 5% preferred (quar.)
Eastern Bond & Share series B (quar.)
Eastern Gas & Fuel Assoc. prior pref. (quar.)
6% preferred (quar.)
Eastern Township Telep. Co. (quarterly)
East Pennsylvania RR., 6% gtd. (s.-a.)
Eaton Manufacturing (quar.)
50c
1
—
Dec
75c
July
July
June 20
June 20
Edison Electric Illuminating of Boston
Jan.
Dec. 30
Electric Bond & Share Co
Feb.
Jan.
$5 pref. (quar.)
Electric Household Utilities
Feb
Dec. 31
—
Economical-Cunningham Drug
Preferred
B
(quarterly)
Tune
20
Famise Corp., common (initial)
12c
Jan.
Dec.
31
Fansteel Metallurgical Corp., $5
5c
Jan.
Jan.
20
Barnsdall Corp.
15c
Feb.
Jan.
10
5c
Feb.
Jan.
10
$15*
r$l**
$15*
37**c
Jan.
Dec.
31
Farmers & Traders Life Insurance (quar.)
Jan.
Dec.
23
Jan.
Dec.
20
Jan.
Jan.
15
Federal Mogul (resumed)
Fibreboard Products, Inc., 6% pref. (quar.)„
Finance Co. of America, A & B (quar.)
25c
Jan.
Jan.
15
87**c
Jan.
Jan.
15
Ely & Walker Dry Goods, 1st pref. (semi-ann.).
2nd preferred (semi-annual)
Eureka Pipe Line (quar.)
.«
Dec. 31
Mar. 14
15c
Mar. 14
Dec. 31
Jan.
11
$1**
Jan.
25c
Feb.
Feb.
12**c
Feb.
Feb.
1
Jan.
Jan.
6
Jan
Jan,
6
10
1
$2
Feb.
Jan.
SI**
SI**
Feb.
Jan.
Feb.
Jan.
6
Jan.
Jan.
10
3%
$1**
S3**
Jan.
Jan.
Dec. 31
Jan.
4
S3
Jan.
Jan.
4
SI
Feb.
Jan.
15
25c
Jan.
Dec. 31
20c
pref. (quar.)„
$5 preferred
$5 preferred
(quarterly)
(quarterly)
$5 preferred (quarterly)
7% pref. (quar.)
7% pref. A (guar.).,
Feb.
$1,125 Apr.
Apr.
Si**
18c
Apr.
till
25c
S6 pref. (quar.)
Insurance
Feb.
Jan. 10
Dec. 31
SI**
_ _
Electric & Musical Industries preferred
El Paso Electric Co. (Texas), $8 pref. (qr.)
Excess
Feb.
Jan.
Jan.
25c
Jan.
Extra
Aviation & Industrial Corp., class A
Bandini Petroleum
20
Jan.
20c
-
Jan.
Preferred, series A (guar.)
20
Dec.
Feb.
SI
(quar.)
Extra
87**c
12**c
12V*c
f
Dec.
Jan.
Jan.
5c
Crum & Forster
14
—
20c
75c
15
Beneficial Industrial Loan Corp. (quar.)
Common (extra)
10
20 Jan, 10
20 Jan. 31
Feb.
1 Dec. 31
Feb.
1 Dec. 31
Feb.
75c
20
Bayuk Cigars, 1st pref. (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Pennsylvania pref. (quar.)
20c
e5%
Corn Exchange Bank Trust (quar.)
Corn Products Refining (quar.)
Dec.
(quar.)
M
25c
Continental Oil of Delaware
Jan.
Extra
1
20 Jan.
$2
Jan.
i
31 Dec. 10
15 Dec. 31
Apr.
Jan.
5c
Consolidated Royalty Oil (quar.)
Consolidated Traction N. J. (semi-ann.)
10
Mar. 20
15
15 Dec. 31
15 Dec. 31
Jan.
$1**
10
Apr.
July
20
Jan.
25c
(N.Y.)
$5 preferred (quarterly)
Feb.
Ouarterly
Jan.
$1**
$1*4
e2**%
e2**%
$1.62
Columbia Rail, Power & Light Co., 6** % pf.(qu)
$15*
Commonwealth Utilities Corp. 6** % pf. 0 (qu.)
7 **e
Community St. Corp., class A
SI**
Connecticut River Power Co., 6% pref
37 **c
Consolidated Chemical Industries A (quar.)
SI *4
Consolidated Cigar, 7% pref. (quar.)
Prior preferred (quar.)
Feb.
(semi-annual)
25 Dec. 31
15 Dec. 31
1 Dec. 27
6**%
Jan.
7% preferred
15 Dec. 31
15 Dec. 31
15 Dec. 31
15
Clinton Water Works, 7% preferred (quar.)
Columbia Pictures Corp. (semi-annual)
Semi-annual
50c
Automatic Voting Machine (quar.)
1 Mar. 14
15 Dec. 31
15
1 Jan.
Jan.
Jan.
45c
Auto Finance (quar.)__
17
15
1 Jan.
1 Mar. 14
Jan.
—
Jan.
15
1
16
20
—
Jan.
37**c
$2**
SI**
15 Dec.
31 Dec.
1 Jan.
30c
Jan.
Feb.
15
12**c
Jan.
SI
35c
2
15 Apr.
29 Jan.
Feb.
Chesapeake & Potomac Telep. Co., of Balti. City
$1**
Cumulative pref. (quar.)
50c
Chicago Mail Order (extra)
Cincinnati Newport & Covington Light & Trac¬
$1**
tion (quarterly)
$1,125
$4** preferred (quarterly)
SI**
82 **
$2**
2
15 Jan.
SI**
SI 5*
16
15 Jan.
87 **c
75c
Continental Public Service A (s.-a.)
Dec."31"
3%
Air Reduction Co., Inc.
(quar.)
Alabama Great Southern RR., preferred
Alaska Juneau Gold Mining (quar.)
7% pref. (quar.)__
6% cumulative preferred
Consolidated Gas
25c
Abbott's Dairies (quar.)
Abraham & Straus. Inc. ,pref. (quar.)
15
15 Dec. 31
1 Jan. 17
r$l
preferred (quarterly)
and not yet
15 Dec. 31
17 Dec. 21
17 Dec. 21
$1
Central Republic Co. (initial)
Chain Belt (quarterly)
Postal
25 Mar. 20
15 Dec. 31
$1
Central Power Co., 7% cum. pref.
Cincinnati
~2 Dec". "20
2
15 Dec. 20
25 Jan. 20
25 Feb. 20
Feb.
Cincinnati Northern RR.
Jan.
25 Jan.
15c
(quarterly)
6% preferred
2
21
1 Mar. 20
r$l
rSl X
$1 k
SI
Dock
Extra.-
Feb.
SI**
1 Jan.
20
Feb.
rSl
Feb.
1st preferred (quarterly)
United States & International Securities—
1st preferred
Utah-Wyoming Consol. Oil
15 Jan.
1 Jan.
1 Jan.
Feb.
SI *4
1 Jan.
1
1 Jan.
1 Jan.
50c
(quar.)
Dredge &
15
1
10c
Preferred
31 Jan.
31 Jan.
23 Jan.
SI**
Bonus
Jan.
Holders
When
Payable of Record
Biltmore Hats, Ltd
412-3c
15c
Twin Bell Oil Syndicate (monthly)
United Insurance Trust Shares—
Share
of Company
S1J*
SI**
$1**
SI**
$2**
Jan.
6
28
Feb.
Jan.
Mar.
Mar. 14
June
June
15
Sept. 30; Sept. 15
Dec. 31 Dec. 15
Apr.
llMar. 11
10c
Jan.
$1**
12**c
43**c
8?*c
Feb.
15 Jan.
l'Jan.
Jan.
15 Jan.
3
4
Jan.
15 Jan.
4
Jan.
15 Jan.
4
16
254
Financial
Per
Name of Company
Finance Co
of America at
7 % preferred, class A
Class A & B common
Share
Dec. 31
Jan.
6
Jan.
Jan.
3
Feb.
Jan.
25c
15
Dec. 26
Dec. 31
Dec. 31
Mar.
Jan.
Jan.
8c
$1*4
30c
Jan. 15
Dec. 31
3 Jan.
1 Jan.
1 Jan.
Feb.
Feb.
Feb.
15
15
18
Jan.
Jan.
10
Feb.
Jan.
20
Feb.
20
May 22
Junel
Jan.
75c
Feb.
$1*4
Feb.
25 Dec. 27
1 Jan. 10a
1 Jan.
6
25c
Feb.
1 Jan.
15
$1*4
$2*4
$1*4
Feb.
1 Jan.
15 Jan
15
Jan.
Feb.
1 Jan.
2
25c
Jan.
20 Jan.
$6 15
Mar.
1 Feb
2
6
14
Jan.
1 Jan.
15 Jan.
Jan.
15 Jan.
3
Feb.
1 Jan.
15
30c
Feb.
10
3
1 Jan.
15
Feb.
1 Jan.
1 Jan.
15
Feb.
$134
$234
$3 34
Harbison-Walker Refractories Co., pref. (quar.).
Harrisburg Gas. 7% preferred (quar.)
Hartford Electric Light (quar.)
Hat Corp. of America preferred
Feb.
75c
Jan.
$1 54
$1*4
$154
6854c
h%6*4
$154
15
Oahu
Oahu
1 Jan.
10
1 Jan.
10
5
Jan.
Feb.
Feb.
15 Jan.
15 Feb.
15 Jan.
Feb.
15 Jan.
15 Jan.
lc
Jan.
15 Dec. 31
m 5*4
$154
Feb.
1 Jan.
15
Feb.
Jan.
40c
Feb.
1 Jan.
15 Jan.
1 Jan.
15
h50c
31
Feb.
|.
L
5
4
25
25
25
5
11
Extra
50c
Jan.
15 Dec. 31
35c
Jan.
3%
Feb.
15 Jan.
10 Dec.
30c
Jan.
15 Dec. 30
International Milling Co., 5% pref. (quar.)
International Nickel Co. of Canada, pref. (qu.)
$1*4
$1 54
Jan.
Feb.
15 Jan.
1 Jan.
2
Interallied Investors Corp., class A (s.-a.)
International
10
20
4
Printing Ink (quar.)
(quarterly)
Intertype Corp., 1st preferred
35c
Feb.
1 Jan.
13
$1*4
Feb.
1 Jan.
13
$2
Apr.
1 Mar. 16
Investment Foundation, 6% preferred
hi 2c
Jan.
50c
Jan.
15 Dec. 31
15 Dec. 15
50c
Jan.
7i87*4c
Jan.
6*4 % preferred B
H8 l*4c
6% preferred C._
h75c
Jewel Tea (quarterly)
75c
Johns-Manville Corp., common;
50c
Johnson Publishing, 8% preferred
7i$2
8% preferred
7i$2
Joplin Water Works, 6% pref. (quar.)
$1*4
Kalamazoo Vegetable Parchment Co
15c
Quarterly
15c
Quarterly
15c
Quarterly
15c
Kansas City St. Louis & Chic. RR., pref. (qu.)_
$1*4
Kaufmann Department Stores (quar.)
25c
Kentucky Utilities, 6% pref. (quar.)
$134
Keystone Steel & Wire preferred
$1 54
Rlein (D. Emil), preferred (quarterly)
$154
Koloa Sugar Co. (monthly)
50c
Kroger Grocery & Baking 7% preferred (quar.)
$1 H
Lane Bryant Inc. 7% preferred
154%
(quar.)
Lazarus (F. & R.) Co., 6*4% pref. (quar.)
$1H
Lee Rubber & Tire Corp
25c
Lefcourt Realty, convertible preferred
7?50c
Lehigh & Wilkes-Barre Corp., com. (quar.)
Jan.
15 Dec. 31
20 Dec. 31
20 Dec. 31
Jan.
20 Dec.
Jan
15 Jan.
15 Dec.
Preferred
Fund, C (quarterly)
Extra
Iowa Electric Light & Power, 7% pref. A
Leonard Custom Tailors Co
Apr.
July
24
1
1
2
15 Jan.
Mar. 31 Mar. 21
June 30 June 20
Jan.
Sept. 30 Sept. 20
Dec. 31 Dec.
1 Jan.
Feb.
Jan.
Jan.
28 Jan.
21
17
lO
Dec. 26
Preferred
Jan.
(quar.)
Pacific Public Service, 1st
Pan American Airways
preferred
(s.-a.)__
(quarterly)
Preferred (quarterly)
Pennsylvania Glass Sand Corp., preferred
Pennsylvania Power Co., $6.60 pref. (mthly.)-_
$6.60 preferred (monthly)
$6 preferred (quar.)
Pennsylvania Salt Mfg. (quar.)
Penn Traffic
Extra
Plymouth Cordage (quar.)
Extra
Feb.
Dec.
20
Feb.
15
15a
Jan.
Jan.
8
Jan.
Jan.
13
15
Feb.
Jan.
Jan.
Jan.
$154
8734c
Jan.
6
Dec. 31
Feb.
Shares
(semi-annual)
Procter & Gamble, 8% pref. (quar.)
Prudential Investors, $6 pref. (quar.)
Public Service Corp. of New Jersey—
6% preferred (monthly)
Public Service Trust Shares, ser. A reg
6*4% preferred (quar.)
2d preferred (quar.)
Los Angeles Gas & Elec., pref. (qu.)
Louisville Gas & Electric Co.—
7% cumulative preferred (quar.)
6% cumulative preferred (quar.)
5% cumulative preferred (quar.)
Mac Andrews & Forbes Co., common
pref.
20
Feb.
15
Feb.
Jan.
17
Feb.
Jan.
17
Jan.
31
Feb.
Jan.
15
$1.63
Feb.
Jan.
15
Reading Co. (quarterly)
Reliable Stores, first preferred
First preferred
Remington Rand, new 5% pref. (quar.)
$6 preferred (semi-ann.)
Rex-Hide. Inc. (quar.)
$2
Feb.
Jan.
17
Rich Insurance Co. of N. Y.
$134
Feb.
Jan.
31
Rich's, Inc., 6*4% preferred (quar.)
Richmond Insurance Co. of N. Y. (extra)
Rickel (H. W.) & Co. (semi-ann.)
7% preferred
6% preferred
Mine Hill & Schuylkill Haven RR. (s.-a.)
Mohawk Carpet Mills (quarterly)
Jan.
15 Dec. 31
Jan.
15 Dec.
Jan.
15 Dec. 31
Ritter Dental
50c
Jan,
15 Dec.
Jan.
Jan.
h$3
50c
18 54c
15 Dec. 31a
15 Dec. 31a
15 Dec. 31
Rochester American Insurance
Extra
Jan.
15 Dec.
Jan.
15 Dec. 31
$6*4
$1*4
Feb.
1 Jan.
28
15
27c
Jan.
Jan.
$2
Jan.
$1*4
6234c
Jan.
$3
50c
Feb.
Feb.
Jan.
Jan.
r$l *4
Jan.
Dec. 31
Jan.
Dec.
Feb.
$2
Jan.
15 Jan.
20 Dec.
6
31
15 Dec. 31
15 Dec. 31
Dec. 31
1
15
31
Jan.
24
75c
$2
Mar. 15 Feb.
Feb.
1 Jan.
28
h%l
s50c
24
Feb.
1 Jan.
24
$1.31 *4 Feb.
$1.12*4 Feb.
1 Jan.
1 Jan.
15
Feb.
Jan.
1 Jan.
15 Jan.
15
$1*4
25c
15
10
$1*4
$1*4
12*4c
Feb.
Jan.
16
Feb.
Jan.
Jan.
Dec. 31
50c
Feb.
Jan.
$1*4
Jan.
25c
Jan.
Dec. 31
Feb.
Jan.
Mar.
Feb.
15
Jan.
Dec.
31
Jan.
Dec. 31
$1
Dec.
16
20
20
31
Jan.
Dec
31
h68 94c
$2
Jan,
Dec.
31
Jan.
Dec.
30
$1*4
$1*4
$1 *4
Jan.
Dec.
31
Jan.
Dec.
31
Jan.
Dec. 20
Jan.
Jan.
Jan.
Jan.
6
Jan.
Dec.
31
9
Jan.
Dec. 31
$2
Feb.
Jan.
May
Apr. 20
Jan.
Jan.
Jan.
Jan.
10
15c
Jan.
Dec.
27
$1*4
$1*4
Jan.
Dec.
27
Feb.
Jan.
20c
Feb.
Jan.
15
16*4c
17*4c
Feb.
Jan.
15
Feb.
m
M
20c
20
6
15
Jan.
15
Jan.
Dec.
31a
Feb.
Jan.
20
Jan.
Dec.
31
Feb.
Jan.
15
Feb.
Jan.
20
Mar.
Feb.
15
June
May 15
Aug. 15
10
Sent.
Feb
37*4c
$1
75c
Jan.
$1*4
h$l *4
Feb.
Feb.
Feb.
Feb.
Feb.
15 Feb.
2 Dec.
1
27
15 Feb.
5
1 Jan.
21
1
Dec.
13
55c
Feb.
1 Jan.
20
55c
Mar.
2 Feb.
20
$1*4
Mar.
2 Feb.
20
75c
25c
Jan.
Feb.
Apr.
Jan.
Feb.
15 Dec. 31
1 Jan.
1
15
Mar. 25
25 Dec. 31
1 Jan.
10
$1*4
Feb.
2 Jan.
25c
Jan.
15 Jan.
$1 H
Feb.
1 Jan.
10
2
20
75c
Apr.
1 Mar. 14
Feb.
1
Feb.
1 Dec. 27
Jan.
20 Dec. 31
50c
$194
Jan.
20;Dec. 31
Jan.
15 Jan.
1*4%
1*4%
Jan.
15 Dec. 31
15 Dec. 31
45c
M
Jan.
Dec.
27
2
Jan.
15 Dec.
Jan.
15 Dec.
16
7c
Jan.
15 Dec.
31
$2
Jan.
15 Dec.
24
$1*4
Jan.
15 Dec. 31
50c
Jan.
31 Jan.
r3c
16
2
Extra
Manufacturing, preferred
(quar.)
Extra
San
15 Dec. 31
Feb.
29 Feb.
10c
Jan.
20 Dec.
20c
Jan.
20 Dec. 31
50c
Feb.
13 Jan.
7i$5*4
h$5*4
31*4c
Mar
16
16 Mar. 16
July
Apr.
15 July 15
1 Mar. 10
Apr.
1 Mar. 10
15 Dec. 31
25c
Jan.
10c
Feb.
$1*4
Jan.
5c
Feb.
8c
Jan.
Jan.
h$ 2
Dec.
25c
Jan.
20c
Jan.
Roos Bros. Inc.
(Del.), $6*4 pref. (quar.)
Russell Motor Car Co., 7% pref. (quar.)
7% preferred (quarterly)
St. Croix Paper (quar.)
Samson Corp., 6% preferred
San Carlos Milling Co. (monthly)
Diego Consol. Gas & Elec. pref. (qu.)
Schuyler Trust Shares, ord. reg
Second Twin Bell Syndicate (monthly)
Seeman Bros., Inc., common (quarterly)
Common (extra)
Shareholders Corp. (quar.)
Sharp & Dohme, preferred A (quarterly)
Shawinigan Water & Power (quar.)
Sheaffer (W. A.) Pen Co., $8 pref. (quar.)
Southern California Edison Co., Ltd. (quar.)__
Original preferred (quar.)
Series C, 5*4% preferred (quar.)
Southern Calif. Gas, pref. A (quar.)
Preferred (quarterly)
Southern Canada Power Co. common (quar.)..
6% cum. partic. pref. (quar.)
Southern Counties Gas Co. of Calif., pref. (qu.).
31
Jan.
4c
(quarterly)
154%
134%
i*4 %
Jan.
30
1
20 Dec. 31
1*4%
Magma Copper Co
Magnin (I.) & Co. (quarterly)
Mahoning Coal RR. (quar.)
Maine Gas Co., $6 preferred (quar.)
Massachusetts Investors Trust (quar.)
Massachusetts Lighting Cos., $8 preferred (qu.)
$6 preferred (quar.)
Massachusetts Utilities Assoc. pref. (quar.)
Massawippi Valley RR. (s.-a.)
McCall Corp., common (quar.)
McColl Frontenac Oil Co., 6% pref. (quar.)
McKales, Inc.. increased (s.-a.)
McLellan Stores Co., 6%
pref. (new)
McKesson & Robbins, preferred (special
New $3 preferred (initial)
McLellan Stores, pref. A (resumed)
Merchants Refrigerator Co. of N. Y., $7 pref
Michigan Public Service Co.—
Dec.
Jan.
50c
Extra
Jan.
$1
$1*4
5c
Mar. 14
31a
75c
Quaker Oats (quar.)
Preferred (quar.)
Railroad Employees Corp., A & B (quar.)
A & B, extra
Preferred (quarterly)
Jan.
31
30
15 Dec. 31
Feb.
;
Dec.
15 Dec.
20c
Lord & Taylor
4
Feb.
Jan.
Apr.
Loew's, Inc., $634 pref. (quar.)
Lone Star Gas
17
*0>1
Jan.
25c
Extra—
31
Jan.
15.4c
40c
(quar.)
Liquid Carbonic (quar.)
Dec.
Jan.
15.4c
Mar.
30c
Preferred
Jan.
Series A coupon
$154
Link Belt
15
rlc
Extra
Premier
20
13
J an.
Feb.
$1*4
Plymouth Rubber, preferred (quar.)
Power Corp. of Canada, 6% pref. (quar.)
6% non-cum. pref. (quar.)
Premier Gold Mining (quar.)
25
Jan.
Dec.
Dec. 31
Feb.
Feb.
$1*4
m
Petersburg RR. (s.-a.)
Philadelphia Co. (quar.)
Philadelphia Electric Co. (quar.)
Preferred (quarterly)
Philip Morris & Co. (quar.)
Phillips Jones Corp., preferred (quarterly)
Pittsburgh Bessemer & Lake Erie, (s.-a.)
Pittsburgh & Lake Erie RR (s.-a.)
20
Jan.
25c
Jan.
Jan.
25c
25c
Penmans Ltd.
Jan.
Jan.
10
$1,125
Paterson & Hudson River RR.
Jan.
Feb.
Jan.
25c
Quarterly
Quarterly
Feb.
Feb.
lO
Feb.
Dec. 31
25c
Parker Rust-Proof (quarterly)
Parker Wolverine
Jan.
10c
Lexington Telephone Co. 6*4% pref, (quar.)
Lincoln Printing, preferred (quar.)
Jan.
31
2
50c
Lerner Stores (quarterly)
Preferred (quar.)
Macfadden Publications, $6
(quar.)
Preferred (quar.)
Pacific American Fisheries, 5% pref. (qu.)
Pacific Finance, 8% preferred A (quar.)
6*4% preferred C (quar.)
7% preferred D (quar.)
Pacific Gas & Electric Co., com. (quar.)
Pacific Lighting (quarterly)
Parker Pen (quar.)_.
15 Dec. 31
9
Jan.
20c
Otis Elevator
Pacific National Fire Insurance
Jan.
Jan.
Feb.
31
$1*4
Old Colony RR. (quarterly)
Onomea Sugar (monthly)
15 Dec.
Jan.
Dec. 31
$2
Jan.
$1
Dec.
Dec. 31
Jan.
Jan,
Jan.
$1*4
(quarterly)
Quarterly
Jan.
International Business Machines, stock dividend
International Harvester (quar.)
Investors
Preferred
Old Colony Insurance Co. (Boston)
Jan.
10c
June 20
Jan.
25c
Ohio Brass
75c
Extra
June
Jan.
15c
25c
15 Dec. 31
7
31 Jan.
7
31 Jan.
20
20c
Ry. & Land (monthly)
Sugar (monthly)
87*4c
Insurance Co. of North Amer. (s.-a.)
(quar.)
1
75c
(quar.)
Hershey Chocolate (quarterly)...
Conv. preferred (quarterly)
Conv. preferred (extra)
Hollv Development (quar.)
Holly Sugar, 7% preferred..
7% preferred (quarterly)
Home Dairy Co., Inc., class A.
Horn & Hardart Co. (N. Y.) (quar.)
Household Finance. A & B (quar.)
Participating preferred (quar.)
Incorporated Investors (semi-annual)
Northern States Power, 7% pref.
7
154%
Hercules Powder Co., pref.
-
15 Feb.
15 Feb.
20
h75c
20 Jan,
15 Dec.
Feb.
Dec.
Mar.
/i87*4c
;
Feb.
60c
...
7% cum. preferred
6% cum. preferred
5*4% cum. preferred
Jan.
Feb.
6
Feb.
Mar.
Northern Indiana Public Service—
6% preferred (quar.)
Northwestern Bell Telephone 6*4 % pref. (quar.)
Feb.
Jan.
40c
(quar.)
(quarterly)
Light, $6 pref. (quar.)
Nevada-Calif. Electric. 7% preferred (quar.)
New Bedford Gas & Edison Light Co
Newberry (J. J.) Realty Co., 6*4 % pref. A_..>_
6% preferred B (quar.)
New Brunswick Telep. Co. (quar.)
New Jersey Zinc (quar.)
New York Telephone, preferred (quar.)
Nipissing Mines.
;
Norfolk & Western Ry., adj. pref. (quar.)
North American Edison Co., pref. (qu.)
North Central Ry. Co. (semi-ann.)
15 Dec. 31
75c
(quar.)
Hawaiian Commercial Sugar
Jan.
i2m
preferred B
Jan.
15
1
Dec. 31
National Power &
Jan.
1 Jan.
Dec. 31
Jan.
12*4c
Northern Securities Co.
Feb.
Jan.
50c
8c
National Biscuit (quar.)
15 Dec. 31
15 Dec. 31
Jan.
i
r38c
2
10
25c
Mutual Telep Co., Hawaii (monthly)
National Automotive Fibres, cl. A (qu.)
Class A (extra)
National Lead,
Apr. 30
5c
National Fuel Gas
Mar.
Jan.
May
17*4c
$2
National Cash Register (quar.)
National Distillers" Products (quar.)
20c
Jan.
Feb.
2*4c
8% preferred (quar.)
Jan.
Dec. 31
Feb.
Jan.
50c
25c
25c
Gulf State Steel <^o.. 1st preferred
Gurd (Chas.) preferred (quar.)
New stock (quarterly)
Mountain States Telep. & Teleg. (quar.)
Mutual Investors Trust Shares
Mutual System (quar.)_„
25c
Holders
When
Payable of Record
15c
el 00%
50c
$194
$1*4
$1H
1936
$194
$1*4
$2*4
Motors Products, old stock
New stock (initial)
Sept. 25
11
80c
Montreal Telephone Co. (quarterly)
Montreal Tramways (quar.)
Oct.
June 24
$1 %
(quar.)
Monogram Pictures Oorp (quar.)
Monongahela Valley Water Co., 7% pref. (qu.)_
Montana Power, preferred (quarterly)
Montgomery & Erie RR (semi-annual)
Montreal Light, Heat & Power (quar.)
1 Mar. 25
25c
;
Share
Apr.
July
25c
(quar.)
Per
Name of Company
7i$l*4
$1 H
$1 94
$1 h
20c
(quar.)
Greenfield Gas Light, 6% preferred (quar.)
Guarantee Co. of North America (quarterly)
Extra
Quarterly
4
$1*4
"
Preferred
4
Jan.
$134
7% preferred (quar.)
7% preferred (quar.
'.)
Fyr-Fyter Co., A (quarterly)
Gardner-Denver (quar.)
Preferred (quarterly)
General Cigar, preferred (quar.)
Preferred (quar.)
General Electric Co., common
L
General Mills, Inc., com. (quar.)
General Motors. $5 preferred (quarterly)
General Stockyards (quar.)
Preferred (quarterly)
Georgia RR & Banking (quar.)
Gillette Safety Razor Co., $5 con v. pref. (quar.)
Glen Aid en Coal (quarterly)
Globe & Rutgers Fire Ins.. 2nd pref
Gold Dust Corp. (quar.)
Preferred
4
Jan.
Jan.
7i25c
Frost Steel & Wire Co., 7% 1st preferred (quar.)
Fuller Brush Co. 7% pref. (quar.)
Green (H. L.)
Extra
Jan.
Jan.
Jan.
Foundation Trust Shares, series A
Freeport Texas, preferred (quarterly)
Froedtert Grain & Malting, pref. (quar.)
Great American Insurance
Extra.
Jan.
30c
Preferred (quar.)
First National Corp. of Portland, $2 cl. A
Fishman (M. II.), pref. A & B (quar.)
Food Machinery, new (quar.)
"
43 He
8 94c
Jan.
Financial Shares Corp. (s.-a.)__
Firemans Fund Insurance (quarterly)
Firestone Fire & Rubber (quar.)
Jan.
Holders
When
Payable of Record
1234c
Baltimore, 7% pref.
Chronicle
Feb.
$194
h$ 1
Feb.
Feb.
Jan.
1 Jan.
21 Dec.
1 Jan.
31
11
16
11
15 Dec. 20
15 Dec. 20
27 Dec. 27
15 Jan.
3
3
15 Jan.
1 Jan. 15
1 Dec. 31
50c
20c
Jan.
1 Dec. 31
2
15 Jan.
31 Dec. 31
Jan.
15 Jan.
50c
Jan.
Jan.
15 Jan,
2
15 Dec. 31
1 Dec. 30
50c
$1 94
12c
Feb.
20c
Jan.
62*4c
50c
Feb.
10c
Jan.
87*4c
Feb.
Feb.
2
15 Dec. 31
1 Jan.
15
1 Jan.
15
15 Dec. 31
1 Jan. 17
rl5c
Feb.
15 Jan.
20
$2
Jan.
20 Dec.
31
37*4c
Feb.
15 Jan.| 20
15 Dec. 20
37 *4 c
34 *4 c
Jan.
Jan.
15 Dec. 20
15 Dec. 31
15 Dec. 31
20c
Feb.
15 Jan.
1*4%
$1*4
Jan.
37*4c
37*4c
Jan.
Jan.
Jan.
31
15 Dec. 20
15 Dec. 31
Financial
Volume 142
Name
Payable of Record
UK
$114
-
(quar.)
Dec.
27
Dec.
31
Dec. 31
Preferred
Dec.
6c
Jan.
31
Preferred
UK
$114
Jan.
Jan.
2
Preferred
Jan.
Jan.
2
75c
Jan.
Jan.
3
Feb.
Jan.
15
15
Extra
South Pittsburgh Water, 7% pref.
quar.)
6% preferred quar.)
Spicer Mfg., preferred (quar.)
Spiegel. May. Stern. 6H% preferred (quar.)
Standard Coosa-Thatcher Co.,7% pref. (quar.).
Standard National (resumed)
Standard Oil Co. (Ohio), 5% cum. pref. (quar.)
Standard Wholesale Phosphate & Acid
Stanley Works, preferred (quar.)
State Street Investment (quar.)
Steel Co. of Canada
Jan.
Jan.
Jan.
Jan.1
20c
Jan.
Dec. 20
Feb.
Jan.
Feb.
Jan.
Jan.
43 Kc
$3
7
7
(quarterly)
preferred
Jan.
Jan.
1
$114
1214c
Feb.
Jan.
Jan.
Jan.
15
25c
Feb.
Jan.
27
UH
Feb.
Jan.
10
15c
Feb.
Jan.
15
15c
Apr.
Feb.
Jan.
....
Stetson (John B.)
Suburban Elec. Security Co., 6% 1st
pref. (qu.)
Superheater Co. (quarterly)
Swift & Co.
(special)
Tacony-Palmyra Bridge, 7)4% pref. (quar.)
Telantograph Corp. (quar.)
Tex-O-Kan Flour Mills (quar.)
Thatcher Mfg. Co., con v. pref
Tide Water Assoc. Oil, resumed
Toronto Elevator preferred (quar.)
Troy & Greenbush RR. Assn. (s.-a.)
Tuckett Tobacco, preferred (quarterly)
United Biscuit of America, preferred (quar.)
United Bond & Share (quar.)
90c
Jan.
Jan.
Jan.
Jan.
$1 K
Jan.
35c
Jan.
UK
$2
12Hc
$IK
Jan.
Jan.
June
OF
MEMBERS
FOR
THE
Dec. 31
Jan.
Jan.
Feb.
Jan.
THE
Jan.
6
15 Jan.
10
$1H
Jan.
UK
Jan.
Feb.
15 Dec. 31
31 Jan. 20
1 Jan. 20
25c
Mar
2 Feb
25c
2c
Apr.
1 Mar. 20
1 Dec. 31
62 He
Jan.
Dec.
Dec.
The following corrections have been
31
made:
19
Jan.
Dec. 31
214c
7 He
Jan.
Jan.
Jan.
Dec.
3
13
Feb.
Jan.
15
Mar.
Feb.
15
Advance-Rumely, liquidating stock div. of )4 sh. of
stock on each share of Advance-Rumely capital stock held,
of Com¬
common
mulated dividends,
50c
Apr.
Feb.
Jan.
581-3c
Mar.
Feb.
58 l-3c
53c
Apr.
Jan.
Mar.
Feb.
53c
Payable in stock.
0
/ Payable in common stock.
0 Payable in scrip,
i Payable In preferred stock.
15
n
53c
Apr.
Dec.
Dec.
1214c
Jan.
Dec. 31
30c
$5
Jan.
Jan.
31
Dec. 30
8714c
Jan.
Dec. 30
19
26
Feb.
Jan.
Jan.
Robbins pref. special div. is
jan7~3l"
for
Payable In U. S. funds,
u
I
Less tax.
z
to
Less depositary expenses.
Per 100 shares.
y
New
SATURDAY, JAN.
City
HOUSE
4 1936
in
New York
at
Deposits,
the
comparison with the previous week and the
Average
corresponding
date last year:
Jan. 8 1936
31
Dec
1935
Jan. 9 1935
Deposits,
Profits
York
condition of the Federal Reserve
close of business Jan. 8 1936,
The following shows the
Bank of
Time
Net Demand
of
Condition of the Federal Reserve Bank
York City
NEW YORK CLEARING
payable upon delivery of
new preference.
A deduction has been made for expenses.
x
Feb.
1-32 share of common for
Payable in special preferred stock,
t
17
$114
&
McKesson
present stock in exchange
3
Feb.
of the holder, 75c. cash.
deduction of
s
Dec.
1-32 of one sh. of cl. B
Cities P. & L., conv. A opt. div. ser.,
at the opt.
Payable In Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will be made.
r
a
Jan.
25c
or
Blue Ridge Corp., $3 conv. pref. opt div. of
each share of $3 conv. pref. held, or 75c. cash.
g
Mar. 16
Jan.
Jan.
Amer.
stock
15
15
Allis-Chalmers
of 1-5 sh. of pref. stock for each share held.
Lincoln Printing, pref. div.
o
15
xwS%
50c
ft On account of accu¬
m
Mar. 16
Feb.
the rate of 5-208 of 1 share of com. stock per share of
conv. pref. stock, opt. series of 1929, so held. or. at the opt. of the holder,
in cash at the rate of $1.50 for each share of conv. pref. stock, opt. series
of 1929, so held.
stock of the corp. at
Mar. 16
58 l-3c
and
31 Jan.
d A reg. quar div. on the conv. pref. stock, opt. series of 1929,
Investment Trust Corp. has been declared payable in
Jan.
Undivided
Capital
20
dividend,
Transfer books not closed for this
50c
50c
*Surplus
•
House
1
Feb.
10c
ENDED
15 Dec. 27
31 Dec. 31
6
1 Jan.
mercial
16
27
5c
OF
15 Dec. 31
15 Dec. 31
Feb.
Feb.
Jan.
50c
WEEK
15
Jan,
«
c
1
Jan.
The weekly statement issued by the New York
Clearing House is given in full below:
ASSOCIATION
10
Jan.
1
15 Dec. 20
15 Dec. 20
25c
a
2
June
Return of the New
Clearing House
Weekly
20 Oct.
$1H
$3
C (quarterly)
preferred (quarterly),
6 % preferred
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Ymit Yankee Girl Gold Mines
York Railways (quar.)
3
Jan.
Universal Leaf Tobacco (quar.)
Universal Trust Shares
Clearing
Oct.
Feb.
50c
75c.
Upper Michigan Power & Lt. Co., 6% pf. (qu.).
10
Apr. 20 Apr. 10
20 July 10
2)4%
6% preferred (monthly)
6%. preferred (monthly)
6% preferred (monthly)
7% preferred (monthly)
7% preferred (monthly)
7 % preferred (monthly)
6.36% preferred (monthly)..
6.36% preferred (monthly).....
6.36% preferred (monthly)....
United Molasses (final)
United Securities (quar.)
United States Pipe & Fdy Co.. com,, (quar.)
1st preferred (quar.)
United States Smelting, Refining & Mfg
Preferred (quarterly)
United Verde Extension Mining
14
10
31
UK
United Investors Realty Co., class A
United Light & Ry. Co. (Del.)—
15 Dec.
20 Jan.
20 Jan.
July
25c
Wisconsin Telephone Co.,
Mar. 14
25c
United Gas & Electric Co., 5% pref. (s.-a.)
United Gold Equities of Can., std. shs. (quar.).
of Record
Wisconsin Gas & Electric Co.—
4
1 H%
$1 k
United Fruit Co
STATEMENT
Jan.
UK
Western Union Telegraph (resumed)
Westinghouse Air Brake Co. (quar.)
.
West Penn Power, 7% pref. (quar.)
6% preferred (quarterly)
Wichita Union Stockyards, 6% pref. (s.-a.)
7
Feb.
Feb.
Jan.
$4
UK
UK
$1K
Western Pipe & Steel (Calif.), 7%pref. (s.-a.)
Western Power Corp., 7% pref. (quar.)
Dec". "3l"
43 Kc
1.42)4
h58 l-3c Jan.
(quar.)
(quar.)
(quar.)
Preferred (quar.)
Dec.?31
37 He
50c
...
......
When
Payable
Preferred (quar.)
Warren Foundry & Pipe
Western Grocers, Ltd. (quar.)
Dec. 26
UK
(quar.)
■Extra....
Preferred
$1 H
50c
of Company
Utah Power & Light, $7 preferred
Vulcan Detinning (special)
Jan.
Jan.
Jan.
Southern Franklin Process 7% pref. (quar.)
Southern New England Telephone
Southland Royalty (quar.)
Holders
Per
Share
Holders
When
Per
Share
Name of Company
255
Chronicle
Average
Members
Assets—
Gold certificates on hand and due from
BankofN.Y.&Tr. Co-
10,747,300
6,000,000
Bank of Manhattan Co..
20,000,000
National City Bank
Chemical Bk. <k Tr. Co..
127,500,000
20,000,000
49,711,100
Guaranty Trust Co
90,000,000
176.613,400
Manufacturers Trust Co.
32,935,000
10,297,500
Cent. Hanover Bk. & Tr.
21,000,000
61,523,900
15,000,000
16,726,200
10.000,000
91,767,600
50,000,000
4,000,000
150.270,000
Corn Exch. Bk. Tr. Co.
58,021.900
3,711,500
69,874,900
Flret National Bank
Irving Trust Co
Continental Bk.&Tr.Co.
Chase National Bank
500,000
7,000.000
8,250,000
3,377,200
63,748,200
5,314,800
7,825,200
21,651,600
7,745,600
5,433,500
614,955,000
731,404,300
Fifth Avenue Bank
Bankers Trust Co
25,000,000
Title Guar. & Trust Co..
10,000,000
Marine Midland Tr. Co.
5,000,000
New York Trust Co
12,500,000
Comm'l Nat. Bk. A Tr.
Pub. Nat. Bk. A Tr. Co.
Totals
*As
per
141,487,000
350,906,000
25,431,700
41.881.200 01,360,865,000
432,748,000
&1.326,358,000
427,642,000
731,603,000
227,828,000
456,060,000
501,550,000
42,163,000
Cl,786,635,000
46,187,000
d765,142,000
16,206,000
5.757,000
31,138,000
145,337,000
14,980,000
38,788,000
82,087,000
14,542,000
21,025,000
3,501,000
608,000
293,000
3,151,000
22,221,000
1,680,000
81,905,000
294,605,000
68,213,000
77,088,000
9,135,191,000
40,612,000
1935; trust
(a) $225,227,000; (b) $73,471,000;
(c) $71,320,000; (d) $29,838,000.
are
a
following
are
House.
of the New York Clearing
not members
The
the figures for the week ended Jan. 3:
54,360,000
71,163,000
1,714,000
Redemption fund—F. R. bank notes
Bills discounted:
by U. S. Govt, obligations
direct A (or) fully guaranteed
Secured
1,608,000
2,177,000
market
Bills bought in open
1,838,000
2,550,000
3,030,000
4,388,000
1,738,000
Total bills discounted
832,000
2,198,000
3,785,000
Other bills discounted
1,738,000
7.741,000
1,982,000
7,747,000
Industrial advances
846,000
U. S. Government securities:
Bonds
141,018,000
55,252,000
493,164,000
185,967,000
187,668,000
161,566,000
734,383,000
741,883,000
777,818,000
754,392,000
785,034,000
265,000
9,556,000
121,041.000
10,781,000
28,649,000
Total U. S. Government securlties.
55,908,000
498,307,000
747,653,000
-
Treasury notes
Treasury hills
265,000
5,483,000
166,040.000
10,781,000
27,956,000
104,738,000
475,234,000
Other securities
Foreign loans on gold
Gold held abroad...
Due from foreign banks
F. R. notes of other banks.
Uncollected items
Bank premises
All other assets
WITH THE CLOSING
BUSINESS FOR THE WEEK ENDED FRIDAY, JAN.
3 1936
64,882.000
3,366,274,000 3,377,145,000 1,921,251,000
Total bills and securities.
"Times" publishes regularly each week
number of banks and trust companies which
The New York
returns of
...
Total reserves
525,064,000
National, Nov. 1 1935; State, Sept. 28
official reports:
companies, Sept. 28 1935.
Includes deposits In foreign branches as follows:
Other cash*
1,514,000
55,484,000
42,346~000
3.299,760.000 3,320,993.000 1,848,589,000
1,499,000
1,792.000
1,632,000
U. S. Treasury.*
Redemption fund—F. R. notes
300,000
5,423,000
11,438,000
31,015,000
INSTITUTIONS NOT IN THE CLEARING HOUSE
OF
NATIONAL AND STATE BANKS—AVERAGE
4,284,219.000 4,342,062,000 2,860,913,000
Total assets.
FIGURES
Liabilities—
Loans,
Other Cash,
Disc, and
'
Including
Investments Bank
Manhattan—
$
Grace National
Sterling National
Trade Bank of N. Y.
Notes
$
Res. Dep.,
Dep. Other
Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
S
$
N.
$
21,367,900
17,020,000
91,900
4,798,500
2,867,200
25,586,000
505,000
244,545
2,010,000
343,355
20,005,000
3,955,476
3,050,000
1,580,511
5,201,044
Brooklyn—
Peoples National
655,466,000
807,718,000
791,420,000
F. R. notes in actual circulation
25,136,000
F. R. bank notes In actual circulation net
Deposits—Member bank reserve acc't.. 2,761,892,000 2.747,431,000 1,782,744,000
45,163,000
330,925,000
308,335,000
U. 8. Treasurer—General account...
6,568,000
12,755,000
10,542,000
Foreign bank
123,937,000
170,991,000
165,156,000
Other deposits
4,764,000
TRUST
109,000
688,000
451,000
5,552,000
3,253,973,000 3,254,054,000
Capital paid In
....
—
All other liabilities
/'
Res. Dep.,
Cash
Banks and
Gross
Trust Cos.
Deposits
102,620,000
51,006,000
50,825,000
7,744.000
49,964,000
S
Manhattan—
54,998,000
$
*9,506,000
7,634,810
174,835
Fiduciary
10,794,885
Fulton
17,780,800
*1,232,171
*3,568,600
*7,314,000
19,973,880
Federation
Lawyers County
30,377,100
United States
65,062,909
S
8,400,600
680,029
1,156,325
1,622,500
1,875,200
19,466.080
$
3,268,000
2,461,995
1,439",300
S
65,151,700
9,166,667
11,325,556
20,764,300
37,606,900
75,423,626
Brooklyn—
Brooklyn
King County.
*
79,419,000
28,909,821
3,504,000
2,347,708'
Includes amount with Federal Reserve as
ciary, $962,845; Fulton, $3,359,500;
773,000
7,510,000
1,426,000
4,284,219,000 4,342,062,000 2,860,913,000
Total liabilities
Ratio
total reserves to
of
deposit and
83.2%
F. R. note liabilities combined
Empire
8,849,000
1,727,000
59,606,000
Dep. Other
N. Y. and
Elsewhere
Loans,
Disc, and
Investments
160,139,000
51,051,000
50,825,000
7,744,000
8,849,000
1,050,000
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
COMPANIES—AVERAGE FIGURES
,958,412,000
119,307,000
Total deposits
Deferred availability Items
38,076,000
9,955,849
153,000 114,063,000
35,848,094
follows: Empire, $8,148,900; Fidu¬
Lawyers County, $6,535,100.
73.5%
83.1%
liability on bills purohased
correspondents
Commitments to make Industrial ad¬
Contingent
450,000
for foreign
vances
*
9,948,000
9,907,000
...
3,948,000
"Other cash" does not Include Federal Reserve notes or a bank's own
Federal
Reserve bank notes.
x
These
are
certificates given by
the U.
S.
Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan.
cents
to
59.06
oents,
these certificates being
31
under the
1934 devalued from 100
worth less to the extent of the dif¬
ference; the difference itself having been appropriated as
provisions of the Gold Reserve Act of 1934.
profit by the Treasury
256
Financial Chronicle
Jan.
1936
11
Weekly Return of the Board of Governors of the Federal Reserve System
The following is issued by the
Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
results for the System as a whole in
comparison with the figures for the
seven
on
on
Tuesday.
Thursday afternoon, Jan. 9,
The
first
table
presents
preceding weeks and with those of the
the
corre¬
sponding week last
year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The
Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes
between
the Reserve Agents and the Federal Reserve banks.
The comments of the Board
upon
the returns for the latest week
appear
COMBINED RESOURCES AND
in
our
LIABILITIES
of Governors of the Federal Reserve System
department of "Current Events and Discussions."
OP THE
PEDERAL
RESERVE
BANKS
AT
THE
CLOSE OP
BUSINESS
JAN. 8 1936
,
Jan. 8 1936
ASSETS
□old ctfs.
on
hand & due from U.S.Treas.x
Redemption fund (F. R. notes)
Other cash *
Total
Dec.
$
reserves
31
1935 Dec.
$
24
1935 Dec.
18
$
7,552,873,000 7,553,357,000 7,553,849.000
17,444,000
17,170,000
17,563,000
264,550,000
303,647,000
219,896,000
1935 Dec.
$
11
1935 Dec.
4
$
1935 Nov.
27
$
1935 Nov.
20
$
1935
t7.553.852.000 7,520,349,000 7,410,351,000 7,266,651,000 7,161,648,000 5,142,076,000
tl7.633.000
17,487,000
17,524,000
17,668,000
18,598,000
19,060,000
233,371,000
235,413.000
225,445,000
227,249,000
242,110,000
287,644,000
7,873,690,000 7,835,351,000 7,791,308,000 7,804,856,000 7,773,249,000 7,653,320,000
7,511,568,000 7,422,356,000 5,468,780,000
Redemption fund—F. R. bank notes
1,964,000
Bills discounted:
Secured
by
S.
U.
obligations
Govt,
direct and(or) fully guaranteed
Other bills discounted
2,358,000
3,023,000
1,541,000
3,131,000
3,782,000
3,373,000
Total bills discounted..
5,381,000
4,672,000
7,155,000
6.920,000
6,106,000
5,368,000
4,656,000
32,014,000
4,656,000
32,493,000
4,657,000
4,671,000
32,600,000
32,696,000
4,679,000
32,790,000
4,675,000
32,395,000
Bills bought In open market
—
Industrial advanoes
Ui S. Government securities—Bonds-
3,022,000
3,084.000
2,360,000
3,200,000
3,008,000
2,832,000
2,500,000
2,922,000
3,588,000
3,406,000
6,032.000
5,422,000
6,994,000
4,674,000
4,674,000
32,562,000
5 611,000
14,744,000
32,634,000
'
-
Total Ui 8. Government
ties.. 2,430,239,000 2,430,731,000
sec ■
Other securities
181,000
on
3,634,000
3,286,000
216,176,000
215,678,000
216,172,000
215,615,000
215,116,000
219,948.000
225,753,000
395,662,000
219,940,000
1,641,603,000 1,641,597,000 1,641,597,000 1,641,602,000 1,639,097,000 1,630,725,000
1,651.757,000 1,646,009,000 1,507,117,000
572.958,000
572,958,000
572,958,000
572,958,000
575,958,000
558,482,000
527,475,000
679,508,000
558,482,000
Treasury notes
Treasury bills
Foreign loans
Jan. 9 1935
s
s
181,000
2,430,727,000 2,430.175.000 2,430,171,000 2,430,181,000 2,430,179,000 2,430,244.000 2,430,254,000
181,000
181,000
181,000
181,000
gold
Total bills and securities.-Gold held abroad-
2,472,471,000 2,472,733,000 2,475,320,000 2,474,643,000 2,473,927,000 2,472,800,000 2,473.700.000 2,473.083,000 2,457,603,000
—
"""
—
Uncollected Items
Bank premises
—
Total assets
"""
—
665",000
""""665",666
""""665~666
~"~~65~0",666
""""64l"666
27,445,000
603,789,000
47,723,000
22,010,000
602,470,000
"6"44,666
6~46~666
30,508,000
499,777,000
47,740,000
38,082,000
Due from foreign banks
Federal Reserve notes of other banks
All other assett;
181,000
181,000
20,039,000
657,595,000
50,308.000
38,290,000
19,477,000
554,980,000
50,304,000
44,766,000
18,550,000
543,286,000
50,279.000
43,413,000
20,038,000
38,094,000
50,395,000
38,732,000
531,236,000
50,278,000
43,329,000
645,000
23,945,000
599,082,000
50,274,000
42,518,000
805,000
24,489,000
428,403,000
49,190,000
44,850,000
10962,933,000 11,025,800,000 10980,900,000 11.046.381.000 10,917,344,000 10782,292,000 10,630,794,000 10,611,903,000 8,476,084,000
--
LIABILITIES
F. R. notes In aotual circulation
F. R. bank noteu In aotual circulation.
Deposits—Member banks
3,655,764,000 3,709,074,000 3,768,480,000 3,698,393,000 3,653,741,000 3,648,243,000
3,626,782,000 3,570,416,000 3,136,987,000
...
reserve account
U. S. Treasurer—General account..
-.
Foreign bankj
Other deposits
Total deposits
26,185,000
5,745,146,000 5,587,208,000 5,429,284,000 5,436.894,000 6.039,613,000 5,905.115,000
5,788,991,000 5,781,642,000 4,282,546,000
460,828,000
614.255,000
543,770,000
632,794,000
24,031,000
50,458,000
80,137,000
42,672,000
53,768,000
34,881,000
28,935,000
32,850,000
32,716,000
31,849,000
29,396,000
19,114,000
39,109,000
43,787,000
229,765,000
233,240,000
225,896,000
248,110,000
248,062,000
232,142,000
174,725,000
244,335,000
237,782,000
6,470,620,000 6,385,809,000 6,309,629,000 6,350,514,000 6,343,555,000 6,231,231,000
6,124,328,000 6,093,638,000 4,556,522,000
Deferred availability Items—
....
497,233,000
130,516,000
145,772,000
26,334,000
591,556,000
130.512,000
33,692,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
t34,867,000
3,975,000
Reserve for contingencies
All other liabilities
3,002,000
-
Total liabilities
Ratio
of
total
145,772,000
t24,235,000
555,054,000
130,469,000
144,893,000
23,707,000
30,698,000
17,970,000
650,308,000
130,471,000
144,893,000
23,457,000
30,700,000
17,645,000
555.360,000
130,440,000
144,893,000
23,457,000
30,701,000
35,197,000
547,149.000
533,284,000
601,723,000
130,437,000
130,436,000
144,893,000
23,457.000
30,700,000
16,914,000
130,306,000
146,844,000
144,893,000
23,457,000
30,700,000
144,893,000
16,770,000
3,421,000
144,893,000
23,457,000
30,701,000
26,181,000
419,920,000
10,496,000
30,816,000
10962,933,000 11,025,800,000 10980,900,000 11,046,381,000 10.917,344,000 10782,292,000
10,630,794,000 10,611,903,000 8,476,084,000
to
reserves
deposits
and
F. R. note liabilities combined
Contingent liability
on
•
77.8%
77.3%
77.6%
77.7%
77.8%
bills purchased for
77.5%
76.8%
77.0%
foreign correspondents
71.1%
878,000
Commitments to make Industrial advances
27,284,000
27,649,000
27,745,000
27,691,000
28,084,000
t27,719,000
28,002,000
t27,486,000
10,375,000
Maturity Distribution of Bills and
Short-term Securities—
$
..
$
1-15 days bills discounted
3,028,000
2,115,000
18-30 days bills discounted
27,000
203,000
1,858,000
265,000
185,000
.
.
$
206,000
192.000
1,173,000
1,114,000
231,000
118,00v,
1,138,000
275,000
707,000
$
5,478,000
125,000
1,239,000
122,000
30,000
6,920,000
6,106,000
5,368,000
6.032,000
5,422,000
6,994,000
1,730.000
1,524,000
1,958,000
1,328,000
808,000
615,000
1,768,000
721,000
532,000
859,000
2,006,000
489,000
1,376,000
1,571,000
1,471,000
644,000
2,350,000
156,000
741,000
2,719,000
882,000
1,269,000
4,671,000
4,679,000
4,675,000
4.674,000
4,674,000
5,611,000
1,512,000
1,651,000
334,000
683,000
1,053,000
1,565,000
373,000
1,530.000
1,665,000
435,000
829,000
684,000
295,000
812,000
84,000
102*000
655,000
904,000
4,673,000
176,000
1,628,000
4,592,000
207,000
94,000
1,041,000
568,000
1.221,000
1,154,000
5,381,000
4,672,000
7,155,000
656,000
886,000
302,000
1,151,000
597,000
2,252,000
986,000
656,000
1,609,000
2,086.000
2,090,000
754,000
4,656,000
4,656,000
4,657,000
1,582,000
382,000
1,674,000
259.000
1,529,000
339,000
886,000
980,000
653,000
788,000
28,376,000
493,000
29,087,000
32,014,000
32,493,000
81-60 days bills discounted
61-90 days billB discounted.
Over 90 days bills discounted
Total bills discounted
1-15 daysbills bought In open market...
16-30 days bills bought In open market...
81-60 days bills bought In open market
61-90 days bills bought In open market...
698,000
56,000
260,000
777,000
Over 90 days bills bought In open market
Total bills bought In open market
1-15 days Industrial advances
16-30 days Industrial advanoes
81-60 days industrial advances
1-90 days Industrial advances
Over 90 days Industrial advanoes
Total industrial
advances
1-15 days U. 8. Government securities..
16-30 days U. 8. Government securities..
81-60 days U. 8. Government securities..
61-90 days U. 8. Government securities..
Over 90 days U. 8. Government securitles.
Total U. S. Government securities
-1-15 days other securities
6-30 days other securities...
1-60 days other securities
$
3,718,000
94,000
250,000
$
3,761,000
784,000
713,000
S
3,566,000
712,000
162,000
927,000
29,152,000
418,000
664,000
936,000
29,166,000
29.069,000
1,072,000
28,556,000
28,998,000
773,000
29,017.000
12,999,000
32,600,000
32,696,000
32,790,000
32,395,000
32,634.000
32,562,000
14,744,000
987,000
29,675,000
27,750,000
25,570,000
34,250,000
91,024,000
90,084,000
33,830,000
32,550,000
27,400,000
27,605,000
25,425,000
29,675,000
25,070,000
27,250,000
34,250,000
112,050,000
111,110,000
45,535,000
71,643,000
63,618,000
68.343,000
62,743,000
57,280,000
50.495.000
59,320,000
81,354,000
56,925,000
104,069,000
122,169,000
120,384,000
124,344,000
70,643,000
67,343,000
62,618,000
62,743.000
164,630,000
2,197,247,000 2,189,224,000 2,189,300,000 2,183,768,000 2,183,974,000 2,188,009,000
2,164,756,000 2,164,521,000 2,111,235,000
2,430,239,000 2,430,731,000 2,430,727,000 2,430,175.000 2,430,171,000 2,430.181,000
2,430,179.000 2,430,244,000 2,430,254,000
....
1-90 days other securities
Over 90 days other securities
Total other
4,399,000
64,000
264,000
""
"
181*,666
~~""l81~,666
""i"8l",000
"l~8l",666
"l8l",666
"""I8T066
181,000
secuilties
"""l8l"666
181,000
181,000
181,000
181,000
181,000
181,000
181
000
181,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent
4,021,577,000 4,047,052,000 4,062,539,000 4,022,187,000 3,966,374,000
3,942,712,000 3,897,108,000 3,874,197,000 3,480,183,000
365,813,000
294,059,000
337,978,000
323,794,000
312,633,000
294,469,000
270,326,000
303,781,000
343,196,000
Held by Federal Reserve Bank
In actual circulation
3,655,764,000 3,709,074,000 3,768,480,000 3,698,393,000 3.653,741,000
3,648,243,000 3.626,782,000 3,570,416,000 3,136,987,000
Collateral Held by Agent as Security for
Notes Issued to Bank—
□old ctfs.
on
hand & due from U. 8. Treaa.
By eligible paper
U. 8. Government securities
Total collateral..
•
"Other
cash"
3,934,843,000 3,970,843,000 3,976,843,000 3,960,843,000 3,909,843,000
3,863,843,000 3,824,343 000 3,779,343,000 3,288,200,000
3,427,000
2,716,000
5,199,000
5,044,000
4,404,000
3,744,000
4,494,000
3,882,000
5,582,000
152,000,000
127,500,000
127,500,000
110.000,000
109,000.000
121,100.000
125,900.000
238,000,000
109,100,000
4,090,270,000 4,101,059,000 4.109,542,000 4,075.887,0001 4,023,247,000
3,988,687.000 3.937,937,000 3,909,125,000 3,531,782,000
does
not
Include
Federal
Reserve
notes,
t Revised figure.
These
are certificates given by the U. S.
Treasury for the gold taken over from the Reserve banks wnen the dollar was devalued from 100
1934. these certificates being worth less to the extent of the
difference, tne difference Itself naving been appropriated as profit by tne
provisions or the Gold Reserve act of 1934.
*
on
Jan.
31
cents to
59.00 oents
Treasury under the
257
Financial Chronicle
Volume 142
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
OF BUSINESS JAN. 8 1936
BANKS AT CLOSE
OF THE 12 FEDERAL RESERVE
STATEMENT OF RESOURCES AND LIABILITIES OF EACH
*BEKI Y
Two C%vhs:s (00) Omitted
Total
Federal Reserve Bank of—
□old certificates
on
$
S
$
$
Cleveland Richmond
Phila.
New York
Boston
$
RESOURCES
Atlanta
%
San Fratti
$
%
%
$
%
Dallas
Minneap. Kan. CUv
St. Louis
Chicago
$
$
band and due
from U.S. Treasury
7,552,873,0 545,455,0 3,299,760,0 383,672,0 500,930,0 224,453,0 166,278,0 1,368,989,0 191,243,0 149,410,0 193,563,0 129,304,0 399,816,0
675,0
2,880,0
841,0
787,0
532,0
1,017,0
476,0
1,419,0
2,841,0
1,107,0
1,632,0
2,963,0
17,170,0
Redemption fund—F. R. notes..
18,325,0
6,713,0
9,687,0 20,817,0
15,708,0
13,772,0
37,823,0 20,112,0
Omer cash.*
36,241,0
64,882,0 37,470,0 22,097,0
303,647,0
7,873,690,0 584,659,0 3,366,274,0 422,249,0 524,044,0 241,580,0 182,891,0 1,407,288,0 212,142,0 159,629,0 215,221,0 136,692,0 421,021,0
Total reserves
Bills discounted.
Be*, by U
9. Govt, obligations
45,0
45,0
64,0
3,0
2,358,0
1,608,0
271,0
25,0
2,177,0
123,0
~~33~0
13,0
75,0
13,0
41,0
15,0
~~42~0
507,0
9,0
5,381,0
Total bills discounted..
247,0
3,023,0
direct A (or) fully guaranteed
Other bills discounted
272,0
3,785,0
394,0
33,0
58,0
88,0
41,0
18,0
42,0
571,0
54,0
25,0
577,0
1,825,0
87,0
61,0
1,574,0
128,0
126,0
328,0
1,778,0
1,108,0
25,0
4,656,0
32,014,0
343,0
1,738,0
484,0
444,0
175,0
165,0
2,919,0
7,747,0
6,703,0
1,745,0
4,127,0
922,0
215,678,0
14,420,0
19,070,0
493.164,0 120,857,0 149,491,0
185,967,0 39,415,0 49,464,0
10,209,0
8,240,0
80,028,0
26,479,0
157,671,0
734,383,0 177,120,0 218,025,0 116,716,0
94,209,0
343,189,0 123,200,0
75,576,0 106,844,0
181,0
83,975,0 199,331,0
2,472,471,0 161,205,0
747,653,0 184,701,0 220,247,0 121,076,0
95,384,0
345,632,0 123,733,0
77,253,0 108,862,0
85,933,0 200,792,0
25,0
24,0
Bills bought In open market.....
Industrial advauces..
428,0
1,138,0
D. 8. Government securities:
Bonds
...
Treasury notes..
Treasury
Other
1,641,603,0 107,636,0
572,958,0
35,615,0
.....
bills
Total n
s. Govt, securities. 2,430,239,0
16,848,0
64,596,0
84,631,0
21,373,0
85,166,0
27,837,0
Total bills and securities
63,0
69,0
265,0
73,132,0
24,198,0
47,0
17,0
18,0
3,0
4,0
80,0
17,435,0
50,722,0 136,674,0
45,222,0
16,783,0
16,470,0
9,514,0
12,959,0
47,178,0
15,439,0
10,732,0
24,529,0
233,494,0
181,0
securities
Due from foreign banks
665,0
50,0
30,508,0
364,0
9,556,0
1,136,0
1,838,0
4,407,0
2,133,0
3,578,0
1,464,0
1,064,0
1,917,0
387,0
2,664,0
499,777,0
47,740,0
52,717,0
121,041,0
39,969,0
43,420,0
18,481,0
69,031,0
18,382,0
10,781,0
4,845,0
6,525,0
2,284,0
4,826,0
3,360,0
1,524,0
28,594,0
3,580,0
131,0
28,663,0
3,578,0
1,324,0
1,130,0
455,0
185,0
12,469,0
1,531,0
467,0
28,911,0
3,113,0
25,860,0
2,452,0
38,082,0
40,902,0
2,919,0
985,0
249,0
785,0
130,0
...
Fed. Res. notes of other banks
U noollected Items
Bank
55,252,0
premises
AU other resources.
10962 933,0 802,239,0 4,284,233,0 656,547,0 797,461,0 411,894,0 302,327,0 1,830,890,0 365,840,0 252,416,0 358,538,0 243,720,0 656,828,0
Total resources
LIABILITIES
F« R. notes In actual olroulation.
74,238,0 278,764,0
842,666,0 160,970,0 109,396,0 139,837,0
791,420,0 266,560,0 350,031,0 176,257,0 154,040,0
3,655,764,0 311,585,0
Deposits:
2,761,892,0 296,615,0 332,665,0 169,473,0 110,330,0
3.527,0
33,568,0
8,134,0
6,562,0
308,335,0
1,260,0
3,326,0
1,295,0
3,466,0
12,755.0
4,372,0
2,797,0
2,296,0
10,542,0
170,991,0
3,639,0
823,354,0 148,943,0 112,164,0 176,174,0 130,870,0 305,807,0
5,423,0
3,019,0
2,748,0
10,410,0
2,095,0
46,234,0
2,452,0
910,0
840,0
945,0
1,050,0
4,061,0
2,840,0
14,721,0
731,0
6,669,0
8,004,0
2,163,0
6,470,620,0 413,792,0 3,253,973,0 317,185,0 373,931,0 181,198,0 117,914,0
875,812,0 168,407,0 121,768,0 180,598,0 137,639,0 328,403,0
Member bank reserve account. 5,745,146,0 376,859,0
U.
9.
Treasurer—Gen.
460,828,0
30,773,0
34,881,0
acot..
2,521,0
Foreign bank
Other deposits
229.765,0
Total deposits
69,624,0
26,415,0
12,371,0
28,371,0
21,665,0
26,796,0
4,170,0
11,978,0
3,922,0
3,773,0
21,350,0
3,758,0
4,655,0
2,997,0
5,616,0
1,391,0
546,0
3,613,0
1,142,0
3,783,0
754,0
3,420,0
1,003,0
2,288,0
7,573,0
496,0
892,0
1,287,0
174,0
841,0
1,328,0
10,127,0
9,645,0
1,021,0
1,849,0
214,0
38,0
223,0
10962 933,0 802,239,0 4,284,233,0 656,547,0 797,461,0 411,894,0 302,327,0 1,830,890,0 365,840,0 252,416,0 358,538,0 243,720,0
656,8|8,0
Oaferred availability Items
497,233,0
53,190,0
119,307,0
39,636,0
42,404,0
Capital paid in
130,516,0
9,433,0
51,051,0
12,331,0
Surplus (Section 7)._
145,772,0
9,902,0
50,825,0
13,406,0
12,383,0
14,371,0
26,334,0
33,692,0
2,876,0
4,231,0
1,007,0
1,413,0
7,744,0
8,849,0
3,000,0
3,002,0
48,0
1,064,0
198,0
•nrplus (Section
13-b)
Reserve for contingencies
AH other liabilities
...
.'
Total liabilities
...
39,965,0
4,593,0
5,186,0
17,489,0
3,111,0
3,363,0
1,261,0
223,0
71,0
56,0
197,0
1,256,0
Ratio of total res. to dep. A F. R.
note liabilities combined
•
"Other Cash
does
not
Federal
72.4
701,0
9,907,0
3,321,0
27,284,0
inoiude
72.3
1,606,0
2,284,0
83.2
80.6
77.8
Committments to make Industrial
advances
67.6
Total
by
Agent
81.9
67.2
64.5
69.3
2,211,0
138,0
1,351,0
593,0
4,521,0
STATEMENT
%
$
%
San Fran
Dallas
Minneap. Kan. City
St. Louis
Chicago
Atlanta
$
36,645,0
921,831,0 286,711,0 366,717,0 192,306,0 177,116,0
16,049,0
23,076,0
16,686,0
130,411,0 20,151,0
892,488,0 169,450,0 115,413,0 150,258,0
10,421,0
6,017,0
8,480,0
49,822,0
81,381,0 319,676,0
40,912,0
7,143,0
3.655,764,0 311,585,0
791,420,0 266,560,0 350,031,0 176,257,0 154,040,0
842,666,0 160,970,0 109,396,0 139,837,0
74,238,0 278,764,0
3,934,843,0 356,617.0
938,706,0 290,000,0 371,440,0 174,000,0 133,685,0
45,0
75,0
359,0
2,064,0
911,000,0 143,632,0 111,500,0 137,000,0
78,000,0 289,263,0
45,0
F.R.Agt. 4,021,577,0 348,230,0
In actual circulation
held
NOTE
Cleveland Richmond
%
Held by Fed'i Reserve Bank
Collateral
RESERVE
Phila.
New York
Boston
Federal Reserve notes:
Issued to F.R.Bk.by
r-
69.1
Reserve notes
FEDERAL
Two Ciphers (00) Omitted
Federal Resent Agent at—
496,0
64.4
155,0
67.3
365,813,0
...
aa
se¬
curity for notes Issued to bks:
Gold certificates on hand and
due from U. S.
Treasury
Eligible paper
3,427,0
U. 8. Government eeourltles..
Total collateral
247,0
19,000,0
152,000,0
8,0
551,0
5,000,0
14,000,0
35~,obb"6
5,000.0
83,045,0 324,263,0
911,000,0 170,640,0 116,533,0 151,551,0
940,770.0 290,359,0 371,440,0 193,045,0 180,760,0
4,090,270,0 356,864,0
33,0
27,000,0
47,000,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System 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.
The statement
beginning with Nov. 6 1935
covers
also been revised further so as to show additional items.
reporting banks In 101 leading cities, as It did prior to the banking holiday In 1933, Instead of 91 cities, and has
The amount of "Loans to banks" was Included heretofore partly in "Loans on securities—to others" and partly
deposits—adjusted" represents the total amount of demand deposits standing to the credit of individuals, partnerships, corporations;
associations, States, counties, municipalities, &o.t minus the amount of cash items reported as on hand or in process of collection.
The method of computing the Item
"Net demand deposits," furthermore, has been changed In two respects in accordance with provisions of the Banking Act of 1935:
First, it includes United States Govern¬
ment deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted
In "Other loans."
The Item "Demand
deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits''
not comparable with those shown prior to Aug. 23 1935.
The item "Time deposits" differs In that it formerly Included a relatively small amount of time deposits of other
banks, which are now included In "Inter-bank deposits." The item "Due to banks" shown heretofore included only demand balances of domestic banks.
The item
"Borrowings" represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources. Figures are shown also for "Capital
from gross demand
account," "Other assets—net," and "Other liabilities."
By "Other assets—net" Is meant the aggregate of all assets not otherwise specified, less cash items
hand or in process of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY
1
Boston
Total
Federal Reserve District—
New York
Cleveland Richmond
Phila.
Atlanta
reported as on
DISTRICTS, ON DEC. 31 1935 (In Millions of Dollar*
Minneap. Kan. CUv
St. Louis
Chicago
San Fran.
Dallas
ASSETS
Loans and investments—total
20,895
8,778
1,134
1,114
1,748
613
523
602
2,755
458
2,156
3
2
11
43
390
42
/624
Loans to brokers and dealers:
In New York City
980
9
61
26
16
15
3
6
33
5
2
221
68
-
(except
2,111
banks)
Acceptances and com'l paper bought.
Loans on real estate
2
2
1
961
5
183
Outside New York City
Loans on securities to others
155
898
149
48
225
60
32
362
42
177
20
5
7
5
30
12
10
1,136
85
243
67
187
20
21
65
38
6
-
2
24
15
21
368
1
5
7
170
28
76
U. S. Govt, direct obligations
Obligations fully
guar,
__
2
42
1
10
3,401
Loans to banks
Other loans
274
1,299
170
178
109
145
357
115
127
132
133
362
8,468
372
3,473
297
818
295
181
1,550
208
154
232
160
728
2
6
1,126
20
412
96
74
38
40
141
58
14
47
51
135
3,052
by U. S. Govt.
Other securities
153
1,212
288
244
73
76
343
99
45
117
47
355
4,597
266
2,525
193
248
104
65
662
116
78
183
Mi«i
rvl wi
Reserve with Federal Reserve Bank..
53
104
19
369
15
32
16
10
64
12
5
12
10
190
166
217
130
141
462
130
104
279
163
196
1,395
85
54 p
98
114
43
43
125
27
22
37
30
231
912
6,314
754
977
365
294
2,081
375
270
447
321
778
4,911
300
967
250
673
190
170
762
172
120
145
121
1,041
701
Other assets—net
71
131
13,888
Due from domestic banks
103
2,309
Cash In vault
15
2£6
45
55
33
32
130
11
8
16
27
103
5,350
227
2,263
291
310
200
194
708
239
114
358
189
257
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Govt, deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
......
•»
10
9
412
4
1
1
5
765
26
325
19
12
30
8
44
9
5
2
6
279
3,506
230
1,596
223
331
88
83
338
81
56
88
75
317
443
1
1
1
Financial Chronicle
258
Jan.
United States Treasury
air?..
Rates
j
quoted
1936
11
Bills—Friday, Jan. 10
for discount at purchase.
are
.
mxamth
Asked
Bid
Asked
Bid
Jan.
0.15%
June 10 1936
0.20%
5 1936
11 1936
0.15%
0.15%
June 17
Feb.
19 1936
0.15%
Feb.
Spruce, New York.
29 1936
Feb.
Feb.
William Street, Corner
22 1936
Jan.
Publishers,
DANA COMPANY,
WILLIAM B.
151930
Jan.
PUBLISHED WEEKLY
20 1936
4 1936
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
Mar. 11 1936
0.15%
Mar. 18 1936
Mar. 25 1936
0.15%
0.15%
Aug
1 1936
0.20%
Aug. 12 1936
0.20%
0.20%
0.20%
Aug. 19 1936
0.20%
Aug. 26 1936
0 20 %
Mar.
United
York
Securities
Government
States
of the transactions in
New
daily record
Liberty Loan, Home Owners' Loan,
Exchange—Below
Stock
the
on
we
furnish
a
Apr.
Federal Farm Mortgage
Corporation's bonds and Treasury
May
13 1936
1
•
«
1
»
1
t
1
1
1
1
•
1
1
\
1
Jan. 6
Jan. 4
Daily Record, of U. S. Bond Prices
Jan. 7
High
115.11
Low.
115.11
115.8
115.14
Close
115.11
115.8
115.14
Total sales in SI.000 units...
2
Treasury
4Kb 1947-52.—
40
Jan. 9
Jan. 8
32ds
/
Jan.
July
1
(•I
1936
8 1936
15 1936
July
July
July 29 1936...
115.9
6
52
111.8
111.9
111.10
111.9
111.10
Low.
111.7
111.8
111.5
111.6
111.6
Close
111.8
111.9
111.8
111.5
111.9
20
2 1936
106.2
106.4
106.2
105.30
105.30
105.30
105.30
106.2
106.2
Close
106
105.30
106.1
106.2
106.3
106.2
9
109.10
109.14
Low.
109.7
109.9
Close
109.9
109.10
18
24
109.9
15
Total sales in S1.000 units...
High
106.2
4
9
109.8
109.11
109.13
109.14
109.8
109.10
109.8
109.10
3
107
1
5
30
106.24
106.29
106.25
106.27
0 20%
Sept. 23 1936
Sept. 30 1936
106.24
106.24
106.25
NEW
0.20%
YORK
EXCHANGE.
STOCK
United
Total
States
Bond
For'n Bonds
Bonds
Close
106.21
106.24
106.27
106.25
106.27
159
108
103
103.2
102.29
103
102.30
103
Low.
Close
Sales
§12,101,000
$1,641,000
$402,000
$14,144,000
1,153,000
840,000
1,007,000
951,000
1,030,000
17,888,000
24,217,000
19,840,000
16,159,000
1,657,000
15,756,000
21,484,000
16,869,000
17,698,000
1,292,000
1,726,000
2,020,000
18,199,980 $100,067,000
Total..
106.27
■
1,592,400
3,731,690
3,083,670
3,525,540
2,996,010
3,270,670
$10,445,000
Friday
106.27
8l. 1951-55
0.20%
0.20%
7 1936...
State,
Municipal <&
Thursday
106.27
Low.
106.24
30
*•
0 20%
Bonds
Saturday
Monday..
109.13
106.21
103
I
18,969,000
109.11
109.14
106.21
High
«
Railroad
Wednesday
(High
Total sales in S1.000 units...
1
and Mis cell.
Tuesday
ales in S1.000 units...
8KB. 1943-47
1
1
(0.20%
Sept.
% Shares
Jan. 10 1936
6
105.30
Low-
Iks, 1946-66
3
106.2
[High
IHB-3KB, 1943-45
1
0.20%
111.6
52
59
1
•
Stocks,
Week Ended
111.6
111.8
Total sales in S1.000 units...
1
Number if
1
High
4S. 1944-54
1
0.20%
5 1936
Sept. 9 1936
Sept. 16 1936
THE
1
«
115.9
115.14
AT
•
1
1
11
111
1
•
1
I
DAILY, WEEKLY AND YEARLY
115.9
115.13
115.9
115.9
1
TRANSACTIONS
1
0.20%
0.20%
—
July 22 1936
0.20%
10
115.14
115.9
115.14
115.11
Total
1936
1936
June 24 1936
1
0.20%
0.20%
May 20 1936
I
0.20%
0.20%
6 1936
1
point.
a
6
15
103
103.1
102.31
103
103
103.2
103
5
13
67
20,837,000
$5,383,000 $115,895,000
Sales at
New
Jan. 1 to Jan. 10
Week Ended Jan. 10
Stock
York
1936
Exchange
1935
1936
1935
1
103.4
Stocks—No. of shares-
18,199,980
6,028,480
23,272,290
8,938,966
$5,383,000
10,445,000
100i067,000
$33,498,000
$9,158,000
10,936,000
12,755,000
50,924,000
129,338,000
$48,859,000
16,234,000
74,917,000
$115,895,000
$95,358,000
$151,251,000
$140,010,000
Bonds
102.30
103.1
2,109,000
250
Government.
103
Total sales in SI.000 units—
4
High
102.31
103.4
103.4
103.1
103 4
103.6
Low.
102.31
103
103.1
102.31
103.2
Close
102.31
103.4
103.1
103.3
103.3
Total sales in SI.000 units—
1
State and foreign
103.3
3s; 1946-48
103.1
15
122
108
High
Low.
18
253
25
25
Railroad & industrial—
Total.,
101
107.30
107.31
107.31
107.30
108
108
107.30
108
Close
8KB. 1940-43
"
Apr. 22 1936
Apr
291936
•
3
0.20%
0.20%
Oct.
Quotations after decimal point represent one or more
of
—
June
May
the New York Stock Exchange.
on
15 1936
May 27 1936
0.15%
8 1936
Apr.
certificates
Apr.
0.15%
108
107.31
3
Total sales in SI.000 units...
108.12
107.31
1
108.8
9
High
108.10
108.9
108.12
108.7
108.6
108.10
108.8
108.10
108.9
108.7
108.9
108.10
108.8
108.11
108.9
105
10
Total sales in SI.000 units...
'
High
104.1
104
........
Low.
103.31
103.31
the firm
8
104.1
103.29
104
104.1
104.2
44
20
104.2
154
changed to Haskell, Scott & Jennings, Inc., following the
name was
resignation of Russell W. Geyer, who intends to devote
duties
104.1
103.29
104
52
52
104.1
104
Close
Total sales in $1,000 units...
8KB. 1946-49
3
4
NOTICES
•—Haskell, Scott & Geyer, Inc., Chicago, announce that effective Jan. 1
108.10
Low.
Close
8KB, 1941-43
CURRENT
6
as
President
In addition,
Mr.
Geyer will continue biswork
as
a
time to his
more
of the Grand Rapids Brass Co., Grand
Rapids, Mich.
municipal
counselor
making financial surveys for municipalities and bondholders.
2
David
H.
Jennings,
Secretary
and
Treasurer
of
the
firm,
has
been
High
s
104
104.2
104.2
103.31
103.31
104.1
103.30
103.30
104
identified with the banking business in Indiana since 1919 and during the
Close
.
104.3
Low.
8KB. 1949-52
104
104
104.2
103.30
104
104
past several years was receiver for the First National Bank, and the National
104.2
104.1
Total sales in $1,000 units...
52
8
26
17
112
45
High
108.26
108.26
108.28
108.24
108.23
....
Low.
108.23
108.22
108.24
108.23
108.23
Close
108.23
108.22
108.28
108.23
108.23
18
8
33
55
5
8KB. 1941
Total sales in $1,000 units
High
105.20
105.20
105.22
105.21
105.24
Bank of America, botn of Gary, Indiana.
—Telephone Securities Corp., has opened
La
....
105.24
Salle Street.
Francis G.
Kansas City office,
a
Chicago office at 120 South
Kulleck, who formerly managed the firm's
will be in charge of its trading department of the
Low.
105.20
105.20
105.20
105.18
105.19
105.22
branch.
Close
8KB. 1944-46
105.20
105.20
105.22
105.21
105.23
105.24
Total sales in $1,000 units...
7
11
2
fHigh
24
20
Arrangements have been made for trading Canadian securities
•
11
—Investment dealers
throughout the country are generally optimistic
100.17
100.8
100.9
100.7
100.10
100.9
Low.
100.5
100.4
100.6
100.3
100.7
100.8
about
Close
2KB. 1955-60..
new
through W. C. Pitfield & Co., Ltd., of Montreal and Toronto.
100.6
100.8
100.7
100.7
100.9
100.9
representing the capital goods industries, according to
17
Total sales in $1,000 units
81
119
190
77
57
outlook
the
for security
markets during 1936,
particularly stocks
a
consensus
of the
[High
101.8
101.9
101.9
101.7
101.11
101.10
opinions of the district managers of Distributors Group, Inc. who held
Low.
101.6
101.5
101.6
101.6
101.8
101.10
meeting in New York the first part of this week.
Close
sales in $1,000 tmto...
101.6
101.9
101.6
101.6
101.11
101.10
2KB, 1946-1947
Tota
8KB. 1944-64
10
309
38
77
41
290
High
federal Farm Mortgage
102.29
102.25
102.30
102.25
102.28
102.27
Low.
102.28
102.25
102.28
102.23
102.28
102.25
Close
102.28
102.25
102.28
102.25
102.28
102.27
Total sales in $1,000 units...
federal Farm Mortgage
High
6
6
115
37
3
The district managers of Distributors Group represent every important
section of the country except the
were:
12
101.17
101.18
101.19
101.17
101.17
101.16
101.17
101.16
101.17
101.14
101.17
101.18
101.18
101.16
101.17
Total sales in 81,000 units...
federal Farm Mortgage
9
26
41
High
102.1
102.1
102
102.1
102.1
36
102.2
Low.
8s. 1942-47
Close
Total sales in $1,000 units...
102.1
102.1
9
-
«-
102.2
•
Total salesin $1,000
1
11
100.22
100.22
100~20
New Jersey municipal
—James
100.19
Low.
100.21
100.22
100.22
100.19
100.19
100.21
100.22
100.22
100.19
100.19
25
units...
Home Owners' Loan
•
Macdonald,
J.
N.
York,
are
Mandeville,
distributing
a
list of
bonds yielding from 2.70% to 5%.
Inc.
has
been
appointed factor for
Sidmor
Fabrics,
81
FOOTNOTES FOR
NEW
YORK
STOCK
PAGES
•
Bid and asked prices, no sales on this day.
t Companies reported In receivership. ■
a Deferred
delivery.
10
High
1944 62
Those who attended the meeting
H.
2
62
5
2
Talcott,
101.6
101.7
101.8
101.8
101~8~
101.10
»
Low.
101.4
101.5
101.6
101.2
101.5
101.6
r
Cash sale.
Close
3fl, series A
R.
101.30
57
100.21
Close
2 KB. 1942-47
south.
101.30
High
Federal Farm Mortgage
Kuechle,
Inc., New York City, distributors of silks and rayons.
102.4
102.1
102.4
<~
G.
16
102.4
«k
M.
—H. L. Allen & Co., 100 Broadway, New
101.14
101.18
Messrs.
G, B. Pearsall, S. B. Rankin, A. R. Stembridge and George Swinburne.
101.16
Low.
Close
8B, 1944-49
a
101.4
101.7
101.8
101.6
101.8
101.7
x
Ex-dlvldend.
Total sates <n $1,000 units...
Home Owners' Loan
70
14
47
82
177
121
V
High
*Ks, series B, 1939-49..■ Low.
99.28
99.30
99.30
99.29
99.30
99.21
«
99.26
99.24
99.28
99.26
99.28
99.27
"
Cloae
99.28
99.29
99.30
99.27
99.30
99.30
24
67
84
77
117
115
38
Total sales <n $1,000 units...
New stock,
Ex-rights
Adjusted for 25% stock dividend paid Oct. 1 1934.
Listed July 12 1934; par value 10s. replaced fl par, share for share.
Par value 550 lire listed June 27 1934; replaced 500 lire par value.
bonds.
1
15
2
Treas.
above
table
only
Transactions in registered bonds
sales
of
Listed Aug. 24 1933; replaced no par stock share for share.
Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
«
coupon
Adjusted for 66 2-3% stock dividend payable Nov. 30.
Adjusted for 100% stock dividend paid April 30 1934.
Adjusted for 100% stock dividend paid Deo. 31 1934.
Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
Listed April 4 1934; replaced no par stock share for share.
58
were:
29
3Hs, 1943-47
106.17 to 106.17
Treas. 3 Ms, 1941
Treas.
includes
"
28
Note—The
48
108.24 to 108.24
„
2Jis, 1955-60...
41
99.31 to 100.1
42
Adjusted for 25% stock dividend paid June 1 1934.
48
Listed under this
44
From low through first classification, loan 75% of current.
From last classification and above, loan of 55% of current.
Listed April 4 1934; replaced no par stock share for share.
American
Quotations for United States Treasury Certificates of
45
48
Indebtedness, &c.—Friday, Jan. 10
Figures after decimal point represent
a
one
or
more
42
48
32ds of
15 1936...
15 1939—
Mar. 15 1939...
June
15 1940...
Sept. 15 1936...
Dec.
15 1940...
Former name.
Listed Sept. 13 1934; replaced no par stock share for share.
Listed June 1 1934; replaced Socony-Vacuum Corp. $25 stock share for share.
50% stock dividend psid Dec. 10 1935.
100% stock dividend payable Feb. 1 1936 to stock record Dec. 20 1935.
Adjusted price for stock dividend.
The
Int.
Deo.
Aug. 9 1934 ;replacing no par stock.
Sugar Co.
88
si
June
name
49
point.
Maturity
Beet
Rate
1H%
IH%
IH%
1H%
1K%
1 K%
Int.
Bid
Asked
Rate
Bid
Asked
National Securities Exchanges on which low prices Blnce July I
100.23
100.25
Feb.
1 1938.
2H%
104.23
104.25
»
100.25
Deo.
15 1936.
New York Produce
2 H%
'4 Colorado
102.21
102.23
4
101.12
101.14
Apr.
15 1936.
New York Real Estate
'5 Denver Stock
101.5
101.7
8
100.27
100 29
June
15 1938.
101.5
101.7
Feb.
15 1937.
100.22
100.24
Apr.
15 1937.
2H%
2H%
3%
3%
3%
3K%
3K%
Mar. 15 1940...
1H%
101.11
101.13
15 1939...
2 H%
103.13
103.13
Sept. 15 1938--
2K%
104.24
104.26
Mar. 15 1938.
1 1936.
Sept. 15 1937.
Aug.
1933
made (designated by superior figures In tables) are as follows
<
' New York Stock
'2 Cincinnati Stock
22 Pittsburgh Stock
2 New York Curb
» Cleveland Stock
22 Richmond Stock
100.23
June
Maturity
Baltimore Stook
'•
Springs Stock
Detroit Stock
28
28
105.16
105.18
•
Boston Stock
'7
Los Angeles Stock
27
103.10
7
Buffalo Stock
'•
103.23
Los Angeles Curb
28
103.21
■
California Stock
19
Mlnneapolis-St. Paul
9
New Orleans Stock
105.18
105.20
Chicago Stock
20
102.31
102.1
10
Chicago Board of Trade
105.6
2' Philadelphia Stock
»
Chicago Curb
'
24 St. Louis Stock
103.8
105.4
were
28
Salt Lake City Stock
San Francisco Stock
San Francisco Curb
San Francisco Mining
Seattle Stock
29
Spokane Stock
»
Washington
259
»
Volume 142
Stock Exchange
Report o/ Stock Sales—New York
AND YEARLY
DAILY, WEEKLY
Occupying Altogether Nine Pages—Page
NOTICE—Cash and deferred delivery sales are
•ales in computing the range
disregarded In the day's range, unless they are the
One
No aooount Is taken
only transactions of the day.
on
suoh
for the year.
July 1
HIGH
AND
Jan.
Tuesday
Jan.
7
Monday
Saturday
4
6
Jan.
,
I
$ per share
*45i2 4878
*4514
50
11214 11214 *112i2 11414
*69
70
6834
6938
11
11
115s
115s
114
lli2
1003s 10038 *10038 10C34; 1003s 1003s
34
35
343g
3434
*3334
3434
"•
2358
24i4
2334
244'
2378
24
1978
2012
203s
2078!
2078
2H4
712
75g
712
7i2:
75s
734
$ per share
$ per share
*45
52
*11214 114
6934
6934
172i2 1734
2 >8
218
172i2 1725s
17258 1725s
2
218
*77
8134
1538
1534
378
378
31s
278
2
24
82
*78
82
*78
3
16ls
1578
I8I4
16
17U
19
18
16
18
15
17
174
18
3234
32i2
1714
17U
3H2
294
31
32
325s
3012
18i2
32
31
32
3H2
163
157
16H8
159
1605s 16H2
183S!
1205s 12378
•1237s 1253a *12378 12538
2634
7i8
2434
678
2634
714
25
72
72
71
72
7H2
38U
38i2
36l2
36 I8
22
22
2034
38l2
22
26i2
7
*32
3778
*32
75
7714
54
♦52
54
*7714
♦511s
4334
*4314
44U
44
65
65
*65
66i2
65
65
48i2
4712
46
48
127
334
127
47i2
3U2
4812
653s
3) 34
127
127
115
*8678
*110
*10912 115
88
884'
88
88l2
♦30
35
♦30
35
2814
183s
*94
158
*1014
1318
273s
♦13i2
*30
9U
277g
17i2
28i4!
18s4
94l2
134
93
11
1034
14
734
758
31
I
94
91S
7i2
30i2
3178
1338
133s
2712
2712
14'8
1378
6i8
638
578
40 i4
4058
3758
318
1934
3912
3714
3i8
♦193s
35
23", loo
37,500
17
18
31
18i2
1712
31,800
4,900
1714
*16
18
5,000
Pref
3114
4,000
2M% prior oonv pref ..No par
32i2
33
1834
18
1734
3178
3314
17i2
*16i2
3012
32i4
166
I8I4
31
1205s 12058
24
678
684 25i2
168
734
678
178
11
53
44U
445s
664
*65i2
47l2
18
89l2
2
1U2
84
323s
143a
38
2812
14
6i8
3978
3812
3
314
2i8
114
24
12i8
8I4
32i?
1378
85g
33's
1478
28i2
85s
334
15i4
2914
2's
1134
778
3214
1334
27i2
284
14
14
14
14
6
*38
384
314
19i2
3414'
53i2
*12714 130 2I
2434
24l2
15958 1597s
*96
96i2
98l4
99U
140
I
*136
9438
944
10
64
1»4
14
918
9&8
434
44
47l2
29iS
29i2
38
38
18
17is
105
105
39
76
77
7784
107fi
2918
11
2884
1H2
29'4
1H2
12 I8
2678
47
3958
477
403
3812
27
2534
4534
157
157
109
38
934
4734
404
264
414
157
174
130
24=
2438
19
19
1.300
40
3812'
4
8,700
No par
preferred
$6 preferred
S Co
Amer Hawaiian S
A Leather
Amer Hide
50
6% conv pref
21341
American loo
pref
100
Amer Internat Corp
No par
Amerloan Locomotive
No par
100
No par
No par
No par
No par
287S
2812
1H2
2878'
2,600
6,000
Amer Maob A Fdry Co
12i8l
6,700
Amer Mach A Metals
284
135
38
97g
484
474
41
394
2678
264
1574 1574
32
324
28
*130
*364
Voting trust
300
)
900
94
94 111,800
474
394
14,700
484
20,000
404
20'4 114,200
264
158
ctfs
Amer Metal Co
294
13434,
38
Preferred
158
440
32ig
324
67,700
*894
9134
300
6%
Ltd..
preferred
oonv
Amer News, N Y
Amer
$0 preferred
...
61
624
700
*1343g 13434 *1344 1374 *1344 1374
264
254
25'4
254
254 26
*109
110
112
1114
109
*108
30
354
524
54
*1304
244
138
244
354
3478
35
1,600
534
524
534
6,800
1344 1344
244
2378
1574 1584
600
133
24
133
244
1577g 1594
99
994
1004 1014
84
34
138
734
3234
139
84
34
98
99
100
101
1384 139
734
324
84
35
244
2234
237S
224
234
94
94
94
95
95
104
978
104
104
664
684
654
674
65
104
6634
13s
134
14
134
8
II4
778
2338
104
64
94
834
94
54
I84
834
*41
474
45
54
454
29
294
287g
2978
2958
35
35
35
36
35
17
174
174
1934
44
434
*41
28i4
3678
1634
37
44
*1054 1074
12
124
494
108
1075s
534
534
684
6778
115
5114
258
*103
51
434
*40
1074 108
*1134
46
124
48
1084
6
694
109
524
108
54
684
*103
504
134
10
48
1084
578
6834
109
52
494
25
100
Preferred
No par
100
Amer Steel Foundries
Preferred
4,30o'
2,710
103,400
1,000
14,900
24,000
14,700
12,700
54
4,100
300
27,900
180
700
8,200
Tobacco
Common olass B
Preferred
...
jAm Type Founders
Preferred
Am Water Wks 4
.....
-
preferred
100
Armour 4 Co (Del) pre!....100
Armour of Illinois new..
5
$0 oonv pref
No par
Preferred
100
Armstrong Cork Co
No par
7%
109
504
.........
"Y. 200
"34
49
254
104
10*8
114
24
27
39
20
204
114
25
114
Nov 14
344
194
40
6
88
90
80
904
120
1204
Nov
194
10
12
254
Dec 31
32
4
44
14
19
June
8
434
404
344 Aug
2
20
Nov 21
115
96
22
'
2
94 Dec 31
3534 Nov 2
20*4
"
194 Deo 31
135
Sept 13
54
32
24
20*4
04
04
9234 Dec 30
378 Dec 9
94 Dec 27
94 Aug 17
72
42
Aug 12
11*4
114
17
Aug 19
37g
104
84
04
Oct 14
4
10
373
2
25
224
24*4
254
47g Jan 17
3784 Feb 10
14
144
254
1138 Nov 22
44
4
1294 Jan 18
48 Mar 19
47b Mar 13
354 Mar 18
4 Mar 29
16
13
20
13
1
25
2
21
16
144
364
12
124
3
34
44
3
134
127j
63
03
20*4
21
14
104
84
254 Dec 31
Sept 28
94
1074
323g Nov 16
9534 July 25
124
334
159
24
May
71
67
June 20
43
143
July 1>
100
484
104
597s
324
454
704 Feb 16
6
102
2778 Nov 14
11
987t
634
1604 Nov 29
1044 Nov 19
107
Nov 18
Nov 19
714
106
52
9
1404May
100
104
254 Nov 14
113
Deo 12
141
134
80
174
304
284
70
Jan
94
10
1114
15
Jan
1174 Aug
43
3
11*8
2
7
644 Deo
144
44
9
494 Aug 12
414 Aug 12
264
3
32
334 Nov 18
124 Dec 5
124 Dec 5
324 Deo 5
1304 Nov 12
364 Nov 25
94 Nov 8
047|
105
24
37
40
1034
134
1004
054
07
1074
3
49
14
10
31
12
19
19
16
16
5
Aug 21
30
Deo
9
37
Deo
6
74
94
174 Jan 4
109
Apr 26
107g
134
80
84
34
2l7g
264
104 Deo
384 Dec
2234 Deo
944 Nov
1034Sept
6884 Nov
24 Deo
1134 Dec
578 Dec
124 Deo
52
Aug
7
74
74
124
48
54
47g
854
30
4
24
3
31
8
9
1
7
1
27t
34
864
10
44
1224 July 19
106
Dec
7
64
64 Jan
3
34
34
464
404
2
704 Jan 10
110
Jan 30
314
54
253s July 19
5034 Deo 30
Aug 22
97
Apr 3
34 Apr 3
554May 1
117
85
Jan
109
*
13
174
104
28
2734 Nov 20
754 Dec 9
134
80
11
3
384 Nov 22
217g Deo
.„.
*4
Nov 29
40
....
2*4
384 Aug 12
154 Oct 5
678 Nov 29
Mar 30
84 Apr 18
3
Oct 15
2i4Mar
3
Mar
31
Mar
8
Mar
164 Apr
107s Sept
964 Oet
34 Mar
36
Jan
1224
54
34
334 Dec 27
24 Mar 18
9 Mar 15
74 Mar 13
Amer Telep 4 Teleg
1154
117
Dec
65
No par
,.100
Eleo—No par
1st preferred
No par
Amerloan
Woolen..
—No par
Preferred..
..........100
tAm Writing Paper..
—1
Preferred
No par
Amer Zlno Lead 4 Smelt.—100
Preferred..
——25
Anaconda Copper Mining
..50
Anaconda Wire 4 Cable—No par
Anchor Cap
No par
$0.50 oonv preferred
No par
Andes Copper Mining
10
Archer Daniels Mldl'd
No par
-
37l
15"
1074
3378 Dec 31
324 Dec 30
504 Deo 26
124
Deo 28
184 Jan 29
984 Mar 18
724 Apr 3
7434 Mar 21
Preferred
4
1*4
64
134
1494 Oct 22
108
May
3
24
2
13
15
14
Feb
14
4*8
2
Dec 30
129
1
88
2*4
»4
24
473* Nov 14
No par
100
100
No par
100
25
25
100
Stores
Amer Sugar Refining
American
Amerloan
1084 10878 ~i~2<)6
5*4 176,100
54
9,100
684 694
*103
Snuff
American
3,300
15,500
1,900
304 105,700
36
1,800
48
100
Am Sumatra Tobaooo
464
204
194
1064 1074
124
124
2nd preferred 0 % cum
3,100
16,000
1*1214
*1214
*1214
*122
350
35
15834 16034
99
994
137
15,200
*524
94
24
900
c—No par
Co—No par
Amer Smelting A Refg
No par
Preferred
..—100
104
674 Feb 16
104 Mar 13
84 Mar 13
104 Mar 13
1344 Mar 1
154 Mar 18
00 Mar 14
44 Mar 12
20 Mar 14
814 Apr 3
121
Feb 4
1014 Deo 11
03
Jan 10
125
Feb 20
12 Mar 14
9,100
76
1*8
134
14
80
—No par
$5 preferred
No par
Am Rad A Stand San'y.. No par
Preferred
100
Amerloan Rolling Mill
25
Amerloan Safety Rasor —No par
1214
26V
75
91*4
.
40
z24
Jan 3
14 Mar 13
117g
2534
74
44 Dec
100
1218
78
84
47g
47,
804
4
114
24
214
70
28
04
34
424 Deo 31
12
16
6
754 Oct 21
3778 Oct 28
2234 Nov 20
Jan 11
Mar 29
119
Jan 8
110
Jan 15
1514 Jan 4
10 Mar 13
254 Mar 13
8
Jan 30
38
Jan 11
60
Feb 8
30 Mar 26
2*s Mar 14
224 Mar 18
64 Feb 5
574 Jan 2
»4May
2*4 Apr
2
Mar
14 Mar
37* Mar
704
144
21
Aug
V
66
—
43
72
"
44
23s Deo 2
3
74
Sept 26
26
17 *204 Jan 9
4
Deo 11
14June 24
33g Deo
»4 Mar 30
144 Deo
21, Mar 21
144 Deo
2 Mar 27
1438 Deo
1*4 Mar 28
334 Deo
04 Apr 2
32
Dec 31
21
Jan 12
125 Mar 18 173 Sept 18
139
Oct 31
1224 Apr 18
244 Deo 26
224 Deo 20
9
Nov 20
34 Mar 13
*49 June 17
12 Mar 13
14 Mar 13
24 Mar 14
20 June 25
484 Jan 11
414June 1
134 Jan 12
111
89
21
2038 Dec 31
83s Feb 11
173
Nov 0
20
18
High
$ per share
35
43
89
1004 Dec
374 Nov
2488 Dec
12
18
Corp.. No par
Power A Light
No par
non-cum
Oct
7484 Nov
1178 Deo
110
144 Oct 17
44 Mar 18
9 Mar 13
32 Mar 19
184 Mar 13
44 Apr 4
44 Apr 4
134 Mar 15
72
Jan 2
0%
30
524 Nov
3
10
25
15
2
6
Apr
1 x 294 Apr 12
No par
17b Oct 16
Amer Home Produots
13,100
3,200
27
1138
No par
No par
.10
1
32,700
I
714
4878
33a
39
71
137
9l2
page
34
6I4
800
1,900
12
see
12,100
142
50
footnotes
3,500
1334
64
1044
115s
For
27i4
38l2
27'8
1334
6ig
39i2
38i2
104
4914
52
144,
2nd
3H2
141
12U
5034
94
Preferred
12,800
1014 1024
97
9934
*90
*364
14,100
14
58
604
594
584
1404 14078 *1414 1414
104
105
105*4 10534
72
72
7134
*714
3434
15734 159
6
2734
*132
—No par
Amer Shipbuilding
4978
1074
llSg
26iS
7634
See's
Amer European
Amer A For'n Power
70,800
Amerloan Seating v t
1054 *105
*12112
19
1,700
8is
32i8
3,040
29,600
66U
112
1634
284
III4
314
114'
No par
No par
Amer Encaustic Tiling
14,400
94
38
38
1U4
77g
100
0% 1st pref
2834
22i2
38
*38i2
1134
21,500
24
100
pref
26
53
52
434
578
2i8
480
90
2nd
2834
48i2
51
17is
24
*1158
5034
...10
20
4,800 Am Oomm'l Alcohol Corp
American Crystal Sugar
..10
18,700
29
24
No par
(Alleghany Co) 25
Chicle
Amer Colortype Co
294
10i8
71
5,9O6
10i8
244
94i2
115
American
Am Coal of N J
34
100
preferred
28
234
*95
No par
Preferred
100
American Can
...........25
Preferred
100
American Car A Fdy
No par
Preferred
100
American Chain
No par
7%
~2~ 400
50
Preferred
Am Brake Shoe A Fdy
2334
1284
115
12,000
3,600
13,100
3514
65i4
No par
Amer Agrlo Chem (Del) --No par
American
Bank Note..
10
304
48l2
*96
400
166
1
50
Leather Co
preferred
Amerada Corp
247S
9i2
5U
6734
Amalgam
29
2H4
9234
107
Alpha Portland Cement.. No par
23
738
29i8
157
47U
♦IO6I4 107
5U
518
6712 6734
510
No par
No par
23
*137
47i8
27
♦115a
*12112
9,400
No par
Allls- Chalmers Mfg
92
31*4
105
12584 12634
132
132i2
■
No par
100
100
92
7
458
7,500
*82i2
NO par
pref...
92
31
2818
80
4834
16i2
5%
3278
3412
9
104
49
7i2
*41
4,100
66i2
104
2878
100
warr
92
j 108
140
284
132
38
3238
Us
75g
47
66l2
64
without
32
30
130
274
131
30
7i2
44
3312
A
7%
800
166
Pref A with $40 warr
92
22i2
251S
24
160
157
984
96i2
98i4 10134
140
3,100
"6,900
52
4734
Pref A with $30 warr
321
31U
*89
3412 344
5378
52U
130
129
|
117S
26i4
6334
22U
63a
2834
117S
2512
90
90
1134j
19i2
19l2
137
53
IOI4
29
17
9214
2958
19i2
*10538 106i8
3414
378
377S
84l2
*33
*30
34
90
764
>*106
*30
17
5634
138i2 *138i2 141
104i2 105
72
70i2
72
6978
6978
*70U
13338
♦1331s 13434 *13338 134i2
244
2434
2334 2478
24i2
8
|
1734
3734
2512
105
3178
2234
34
28I2
I6I4
45
138
10734 108
♦30
III4
46i2
393s
273g
25,800
4,900
324
3238
114«4
♦10912 115
*109i2 11434 *111
89i2 89i2
887S 89l2
89
8912
29i2
39
*15514 157
*15514 157
32
3214
3012
3178
92
*89
9034
9034
2234
23l2
24i4
2312
31
283s
29U
2818
58
5834
57U
5834
*41
I
48
285s
2738 28
2812
27l2 28
2814
*130
131
131
13014 130'4 *118
38
38
37i2 371
38l4
36l2
9i8
10
87S
9i2
834
87«
912
66i2
47i2
4812
12534 126l2
52
29
*19
7514
2912
U34
8
8U2
*5158
29
534
1214:
30»4
82
5218
44
IOI4
734
3H2
1334
275s
1334
274
105
2214
334
103s
3V
11
*136
2218
378
3778
3878
22i2
7914
5218
4378
7512
3
26
2634
38
79
38i2
338
1934
12U
27
7734
3734
1178
3834
39
10
11
8I4
32i2
1412
28
1378
6l4
4012
39
27
4514
378
377g
72
35s
*33
22V
72
78i4
*65
1,400!
71
71
38
2H2
No par
No par
100
100
Corp
fAlleghany
4,100 Allegheny Steel Co
14,800 Allied Chemloal A Dye
Preferred
7,900
18,000 Allied Mills Co Ino
41,500 Allied Stores Corp
16912
12058 1205S;
2414
254
10
Alaska Juneau Gold Mln
A P W Paper Co
7%
11
1158
378
*32
39U:
2,800
33
33
17034 *1684 16934
1205s 12034
10i8
8912
134
No par
314
1684
94
No par
Reduction Ino
Air Way Eleo Appliance..
Alabama A Vlcksburg RR Co 100
I6I4
378
2734
2614
7514
2914
89
934
10
28is
1834
Air
No par
15i4
378
3i8
1758
*16i2
128
115
*101
Affiliated Produots too
1558
43s
314
378
♦12534 127
131i4 13212
13134 13234 13234 134*4
1315s 13278
165i2 166
*163i2 166
165
165
*164i4 165i4
35
35l2
34
34i2
3312 35
325s
34U
65
63
65
6534
6414
65i2
6334
65
33
335s
32
3314
3134 33
127
13234 13378
♦16312 165
345s
3334
6412
4
.--No par
Advance Rumely
6,100
4,200
3,100
7,600
3i8
1678
17
*16
303s
71V
7718
10
*154
70i2
383s
2158
334
3778
334
No par
33g
2614
7 j
77i8
5334
4334
♦33
100
-
.
Mlllls
Adams
Address Multlgr Corp
85
1
2H4
334
Preferred
350
2,400
4,300
par
*79
2514
634
714
3778
2H2
37g
3778
78i4
6234
44i2
No
Express
85
2618
7
634
Adams
16
414
3
187*1
Acme Steel Co
1,200
25,700
Low
$ per sh
Jan
June
44 Mar
8484 Jan
28 June
8
Jan
4ij Mar
64Sept
1048g Mar
'4 Apr
74 Sept
134 Oct
100
25
.
_
Highest
$ per share
32
110
61
No par
A Straus
Preferred
*79
*79
1514
37S
154
3
Abraham
30
Year 1934
Low
Lowest
3 per share
Par
Shares
Mange for
to
Dec. 31
100-share Lots
1935
Week
Jan. 10
$ per share
$ per share
*4514
49i2
*4514 49i2 *4514
48
112i4 11214 *11214 11414 *11214 11414
687S
6934
6978 70 I
6984
6 934
113s
1158
III4 IPs!
1H2
H?8
100i2 100i2
1003s 1003s *11038 10084
35
35
35
3514
3434
3514
24
2334
2334
2414
2334 24
21
21
2H2
2U2
2II4 2112
75s
778
7&8
734
758
734
18434 187
17434 175
179i2 184
23s
2i4
218
214
2i8
214
378|
1518
*35s
8
$ per share
314I
15i2
378
338
1514
♦35s
Jan.
the
Friday
Thursday
Jan. 9
Wednesday
O* Basis of
YORK STOCK
EXCHANGE
NEW
for
1933
Range for Year 1935
STOCKS
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
LOW
10
704
260
HIGH
New York Stock
•
LOW
AND
SALE
Record—Continued—Page 2
July 1
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
for
Saturday
Jan.
Monday
Jan.
734
7h
8%
*8934
15i 2
*104I2 107
*98
7%
46
64
6214
93
94
95
32l2
3038
3234
14
6478
*1512
1978
28%
*4734
*11212
18%
2918
15
*13*2
*14i2
28i4
48
41%
8%
4314
878
29*8
8i2
5
438
434
484
438
393s
16%
484
40
41
39
40i8
17
18
16U
1734
75g
834
Jan
$ per share
734
834
7*2
*85g
7*4
46
44
44
*44
46
66I4
6634
68*4
99
97
98
3134
32l2
66*2
97*2
30*2
14l2
14
15
145s
*153g
17
18
18
29*4
4934
29*s
29*2
1778
412
40%
1778
5*8
45g
4U4
18*2
25*2
62,600
2,800
24,200
16
620
187s
30*8
200
51
51
43
9*4
934
34,700
'
"7,660
540
5
29,600
27,400
4,300
74,100
17,200
434
40*4
18*4
24*2
Goods..
1st preferred
2d preferred
Assoolated
Oil
123i2
2334
16*2
*20
22
*112
113
*90
2258
533s
*93
3934
9214
2378
12U2 123*8
2378
2414
16
15*4
11134 113
*90
2434
16*4
I6I4
*20
22
*90
53
5458
53%
94
94
94
40
6714
*7*2
8*4
27*4
68I4
834
178
178
178
Us
Us
16%
1578
9
2678
16
5234
5334
52
16*2
5234
5U2
1658
52*4
48
48
48
48
48
48
*4U2
42
4U2
434
4134
41*2
42
412
4i2
*45g
*33i2
40%
35i2
4118
9912
*33*2
434
3512
4114
33i2
40*2
9938
99
9912
4034
9938
53i2
54
53i2
6412
934
65
65
9lo
1738
934
1038
18
10214 10214
10l8
1038
94
*91
258
1258
1234
24
9*2
1038
17*8
102i2
958
55
54i2
65i2
1038
IU4
1834
10212
IOI4
90
278
*64i2
934
*85
234
2i2
92
25g
125s
1234
12i8
12i2
125s
2334
12
12
2234
23*4
1*2
*1U
138
*8
u8
16*4
525g
4834
4112
*4i2
27%
6834
8*2
Us
1,400
1678
33,500
22
Powder
Works— .No
41
4,700
600
19*s
86
2*2
1238
12i2
23*2
*1%
7S
278
127g
1258
2478
108
108
10*4
1058
90*8
no
92
258
12*4
*12*4
25*8
1234
26*2
26
12*o
2534
263S
26*4
234
9is
878
2634
3*8
878
2634
3*4
263s
3*8
8*2
1778
234
3
9
18
18is
*234
278
Us
22i8
16*2
2%
18
1778
278
234
1
U8
21*4
20*2
68
69
35
183g
278
138
22i8
69*2
3534
*17
278
18
278
u2
227S
Us
26*4
U8
3
3*4
*8
87g
*17
17*2
697s
71
234
u2
21*s
71*4
3534
36
35
l3s
22
3
*1*2
78
12i2
26*4
Us
1
6,500
800
18*2
570
3*8
22*2
71*4
22
70*2
74
4,600
3,900
24,400
1,460
35*2
35*2
36
4,900
1*2
13s
1*2
23*4
37l2
34
78
6i4
638
6
6*4
31i2
1538
*53i2
31%
30
3114
30*8
42
4134
42
14*4
473g
14*s
4534
14*s
1438
15
*1412
47
15i2
*53i2
113s
4Us
13*2
4634
47
46
46
*4612
1478
4734
88
*86
88
*83
88
*83
88
91
*91
91*2
£91*2
11%
40
*1234
163s
15*2
16*s
56
54
54
12l8
40i4
13i2
1U4
3934
12
*4634 ' 4712
13%
*4634
42l4
13*2
87
87
*85
87
*85
91
91
91
91
91
8
8%
97
9914
*117
119
8
92l2
8
812
96*2
II6I3 11634
93%
116
78
6
30*2
31
78
6*4
32
31*4
100*4 Feb 21
par
36*8 Mar 12
106*4 Mar 18
3*4 Feb 25
100
100
20
1534
55
lUs
117
85g
8*4
94
118*4 11834 *118
56
5534
56*4
30%
315g
2958
21
21i2
2038
42
92
8*2
95*4
118*2
59
5912
56
5934
55
56*4
2834
29%
2914
20
3034
19*2
3134
1934
3214
1978
58
58
5934
59
2612
27
27
60*4
2738
*57*2
2714
27
27
50
50
51
50
50
*50
51
*57l«
5812
26*2
2612
50i2
51
9
9
19*4
*55
2538
*48
8%
8%
*814
2U2
9
834
*10314 105i2 ♦103U I05i2 *103*4 105i2 *100
54
53U
51*4
53i2
5178
53*2
53*2
1434
15
15
90
1338
8884
26
31
3218
59i2
6138
60
5258
U2
5358
52l8
u2
U8
278
314
3
3
134
U8
134
U8
178
5
514
518
512
5
*89*2
7
7
31
89*2
34i8
6U4
5314
Us
3i8
*5
31
2938
178
2
3'8
314
338
3i2
8
8I4
7*2
178
3i8
314
734
3138
15
14
147g
*78
36
86*2
39*2
61
63
62l2
65*2
5214
*U8
53*4
134
53
*6
2912
8734
14
1334
15
83*4
84*2
35*8
64*2
37-
54
.No
B
7%
100
preferred
Burroughs Add Mach
.No par
{Bush
.No
Term
100
Bush Term B1 gu pref otfs—100
Butte
Copper A Zinc...
Co
Zlno-Lead
Cannon
Mills
Preferred
52*2
Us
47g
434
25
2
5
5*8
25
2*s
63s
63S
26
Carolina
No
2,800
6,300
220
par
par
1
CUneh A Ohio Ry__100
Stpd
100
—
Carriers A General Corp
1
Case (J I) Co
Preferred
certificates.
100
8*8
Aug 8
71*8 Aug 13
69*4
82%
97
Mar 18
43
46
80%
53
Mar 11
63*4 Aug
41
46
61
3% July
6
2
11*2 Deo
4*4 Mar 14
1
87s Deo 14
1734 Dec 31
Mar 14
*4 Sept 11
2*s Mar 21
334 May 13
8*4 Mar 13
*4 July 9
14 Mar 20
100
4
3%
3*8
6
6
47
Dec 31
3*8
00
934 Nov 22
3
16
16
9*8
76
3
97*2 Deo 16
10%
14%
3
Nov 25
%
7*4
44
....
143s Nov 22
2
2
1434 Nov 29
2*8
2%
6%
24i2Nov 16
4*8
5%
15*8
2*4 Jan 25
%
6%
6
1%
1
Marl6
1*2 Nov 27
97a Jan 23
13*4 Mar 14
1
Apr 8
5*4 Apr 3
3*8 Jan 21
10*8 Jan 22
2
2*4
10
22*8 Jan 21
4*8
5%
3
Mar 28
28
1
Nov 23
10*8
3%
4
3
15%
10%
*4
*19*8
8%
9*8
*4
21
Mar 14
1
*4 July 8
2ia Mar 13
7ia Mar 13
8*8 Sept 27
50
Apr
9
8*8 Oct
2
30
June
1
43s Mar 21
32ia Feb 25
8214 Feb 27
85
Mar 20
7
Dec 21
83*a
36*8
19*a
16*8
Nov 30
55
Nov 29
Apr 11
3*2 Nov 22
Dec
42*8 Feb 18
1*8 Jan
634 Oct
3
%
8
2*8
%
2*4
33*8 Nov
2
6
6
Dec 30
Oct 5
Jan 9
44
17%
56*2
13*4
40*4
8%
8%
22*4
Oct 15
12%
48%
10%
28%
5*8
4*4
1%
6%
15%
29%
66%
18*4
38*4
14
Nov
6
48
Nov
7
26
26*4
39
88
Aug 29
60
74
80
95
July 18
8% Deo 5
111*4 Nov 16
36
36
126*2 Nov
4*4
70
70
3%
....
10*4
92%
....
86*4
6
567a
56%
60
Nov
8
15
23
38*4
35*8 Jan
7
17*8
17%
44%
16*8
mmmm
....
Mar 18
21*4 Nov 18
62*4 Nov 21
29
May 8
62*2 Aug 17
Mills....No par
6*8 July 31
12*8 Jan 16
100
96*4 Mar 14
Cerro de Pasco Copper.. .No par
385s Jan 15
par
.No par
{Celotex Co
.No par
100
5% preferred
Agulrre Asso
Central
.No
par
Ribbon
Certain-Teed Products.. .No par
7%
Cab
Corp
.No
par
25
Mar 12
37i8 Mar 12
Apr 26
%June
tChlc Ind A Loulsv pref
100
Chicago Pneumat Tool.. .No
1,100
9,200
{Chicago Rock Isl A Pacific.. 100
Chicago A North Western... 100
Preferred..
100
Preferred
preferred
preferred
Mar 12
3
**8 Feb 28
15s Feb 28
Preferred..
7%
6%
36
1
6% preferred
Chicago Great Western.
Chicago Yellow Cab
35s Mar 13
4*8 Mar 27
{Chic A East 111 Ry Co
Conv preferred
22*4 Feb 13
34
23
preferred
Checker
49,100
32,200
3,800
44%
Jan 16
No
Tractor
Celanese Corp of Am
5
Chicago Mall Order Co.
tOblc Mllw St P A Pao._ .No par
17,100
100
08%
28%
Apr 26
Caterpillar
2,100
20,800
17,500
14
25*4
4
43
45*4 Mar 18
5,900
25
4
Deo
46*4 Aug 10
44*8
19*8
52*2
6
Jan
27%
87*8
3%
31%
67%
4,800
6
90
38
14
26
1%
18*4
9
25
9
10*8
4
40
334
334
6%
63g
2534
May
28*s
26
Oct 26
Dec 31
5*2 Dec
12
16%
10
Preferred
440
14
36*8 Mar 15
55
42
3
....
32
Century
9,800
23*8 Jan 17
30*8May 25
1*8 Apr 18
653s Oct 26
....
6
400
22,400
7
19%
%
•
66
834
6
94
30*8 Aug
37g
6
76
32
834
2434
68
3*4
334
358
8*2
238
778
77S
July 18
32*4
2*8
4*8
334
2*8
11*4
68*4
8
1*8
29*4
52*2
66%
44*8
597a Jan
100
1%
13*4
2
2*4
109
6*4
*8
29
52*2
28
6%
33*4
1*8
2*s
2
88
28
113s
29*4
5212
66
Dec 26
7
2
19
Deo 27
90
22*2 Dec 31
40
3
5
A
558
87g
19*4
114
82
16*4
26
1*4 Jan
100
Capital Admlnls ol A
55g
87g
19
2378 Aug 16
19*4
19%
205s Jan
25
534
4
52
1*8 Mar 12
Ginger Ale
558
9
2234 Dec 26
67*2 Nov 7
*8June 3
113s Mar 14
__1
Canadian Pacific
57g
9
15*4
23%
par
.No
Packing
558
2858
9%
127
6
Preferred
California
5%
8U
9
9*4
»
76%
87s
95*8
par
No
Us
2958
2*8
4*s
334
58
7
79
100
{Butterlck
Byers Co (A M)
4*2
19*4
5212
par
Debenture
u4
9
par
Central RR of New Jersey.-.100
24,100
24*a Feb
62*4 Mar 22
3*4 Mar 15
Burns Bros class A
Class
Jan 31
*2June
10
Co
3*4
3*2
8*2
par
Wheel
Budd
Bullard
33g
Us
4
pur
Bulova Watch..
3*4
U8
2
6is Mar 18
395s July 10
23
Us
8*4
29i2
54
103*4 Jan 22
28*4 Mar 13
700
105*2
3558
65*4
36
17
Mfg
338
51*2
1,700
3,000
8334
100
16
7% preferred
Rights
U8
134
414
378
258
58*2
1338
83*4
65
31
par
preferred
3*4
51*2
page
7%
Budd (E G)
u8
Us
For footnotes see
7,500
26*2
5534
19*4
55
27
6
Jan 30
8*s Mar 16
3*8
5312
23*2
20*2
58*2
54*2
45*4
109*8
10*4
54%
Preferred
Chesapeake
8*2
"
420
21
545S
23
89
8%
6
.No par
_
.
Co
Chesapeake A Ohio
734
4
300
8,500
57
105*2 *102
23
80
44*8
14*4
.No par
Bruns-Balke-Collender
Bucyrus-Erle
1,900
9,500
3i8
4i<>
20
12,200
834
5%
27 *2 Sept 30
17
Nov 14
No par
.No
30,800
3l8
24
240
3034 115,100
2 Us
14,000
*8*4
6*8
38%
10
6%
121*2 Nov 16
6
Southern
56*2
9
14*4 Deo 23
66*4 Dec 31
115 May 16
20*8 Nov 16
10818 June 18
33*2 Sept 24
95
Sept 12
1434 Nov 15
117*8 Mar 7
24*2 Oct 21
14*4 Mar 19
95s Mar 14
16%Juno 19
100
Co
20,400
53
334
Shoe
Dry
8*2
50
2*4
16%
55*4 Mar 18
$6 preferred series A.. .No par
Brown
Canada
2934
26*2
115
2*4
14
40
90
Brooklyn Union Gas
Canada
5634
*48
95*8
2
Nov 18
49%
5
Bfclyn Manh Transit
80
31
59*4
91%
Deo
15*2 Nov 25
12%
Brooklyn A Queens Tr_. .No par
Preferred
19,300
65,100
3,700
2,100
100*2
118*2 11834
116
24%
Bristol-Myers CO
2*s
312
4l8
92
37%
102%
46%
15
26
Co
Brlggs Manufacturing.. .No
Brlggs A Stratton
54*s
5478
23
8*4
43
86*a
85%
86
12
tBotany Cons Mills class A—50
.No par
Bridgeport Brass Co
6558
54
438
_
Maine
Us
19
4
Boston A
5334
19*8
23
92
98
lUs
29*4
21%
Class B
Us
18
35s
42
55
25*4 Deo 5
110*2 Dec 16
49*2 Aug 9
21
Aluminum A Br..
*U4
1978
414
100
No par
64*4
34*a
Dec 31
34
Preferred
63*2
5338
19
21i2
215a Mar 18
Blumenthal A Co pref
134
33S
134
15*8 Mar 13
par
.NO par
53%
8
17s
15
*53*2
lUs
53*4
35
par
16
4*8
16*4
12*4
100
7% preferred
Blgelow-Sanf Carpet Ino.
134
20
134
5434
39
1938
134
*8*4
105*2 *102
14i8
875s
34%
29*2
2*8
4%
35g
2
834
5
Campbell WAG Fdy— .No
1434
9434
2
15,900
lUs
83S
9334
Feb
11*8 Mar 18
Sept 19
1 Us Mar 13
79
Callahan
54
8l2
72
par
Calumet A Heola Cons Cop...25
16
95
6
10,000
1U8
*40
Nov
27,300
55
5
33
78
15*2
11*2
Oct 10
100*8 Jan
658
33*s
15*4
*53*2
6
37*8 Mar 14
107«4 Jan 11
14
Sept 11
88
50
34
16
June 21
67b Mar
25
6*8
31*2
82
6
%
32
1*8
7*8
7*8
9%
100
6*4
34
6
55
1U4
440
14,500
35%
78
100
1,320
9*4
34
6*8
1,900
10,800
3*2
3514
34
29,000
83g
27*4
%
6
170
700
8
834
6,000
29,200
15,300
17,700
1
3
800
60,800
8
2638
200
6,006
234
127g
*7g
8*2
900
1,700
1,100
1034
7%
2558
278
500
25g
12*4
11*2
1
u2
1,600
10%
234
8
U2
110
18
8*a
6*4
*34*8
18*s
6**8 Jan
9
40
Dec 10
60
«*«•«•«•
17*8 Nov 20
35*4
10
1% Feb 26
7*2 Apr 3
7*s Mar 13
9*8 Mar 13
par
Preferred
Baltimore A Ohio
16%
6*8
31*4
....
8is Apr 30
41*2
9834
12*4
1834
2*4
31*8
41
958
1U8
18*2
5*4 Deo 26
%
*34i8
65*4
234 July 10
234 Dec 10
434
10*s
12*8
27%
6
42*4
958
4
2
28U
4*2
lUs
2
6*4
4134
10
10*4
1U8
12*2
18*2
19*2
105*4 105*4
10*8
1034
Jan
Jan
7
16%
4I0
65*4
14
63
35*2May
16*4
57*8
mmm.m
19%
49
55
7
3*4
41*2
98*2
16%
Deo
11*8
49
5578
16
2
18
4138
4*2
65*4
45*2 Oct 21
878 Dec 17
16,600
98's
54*2
Mar 18
*64 Dec 23
5*2May 6
3*4 Mar 27
5234
65*4
5*1
38
4834
4Us
434
99
4
2734 Nov 8
70*2 Dec 30
52*4
56
6
16
A
56*8
107
19*2 Deo
47*4 July 17
5258
65
35*4
83
35*4
Deo 27
52
55
18
76
Sept 19
Mar 13
—
Airplane
21*8
Mar 29
53*8
*64%
24
20*2
21
23,800
35*4
42*s
9834
5538
16
*%
6
May 16
48*2 Nov 7
90
38
167g
34
64*4
5
28*4 Jan 15
1634
4034
24i2
3
Borg-Warner Corp
68*4
8*4
Us
17*2
49
19*8
*
Borden Co (The)
27*4
66
*48
29*8
45*4
70*8
40%
73*4
53*4
1,810
29,600
8,900
26*2
67
1*2
35*4
Bon Ami class A
27*4
*734
26
Dec 31
4
Aviation Corp of Del (Tbe) new 3 f
Bohn
Dec 24
28
Nichols
Boeing
90
64%
3
Auburn Automobile
18%
7*4
36
6
116
10*8
70%
46
5
3
8%
4
63*4
44
Mar
2
High
3 per share
36
Mar
Atlas Tack Corp
Baldwin Loco
1934
360
Us
1634
34
85
10
8*4
u2
16*4
40*2
*97
40
71,800
8,800
18*4 Nov 19
Sept 18
3
Preferred
Loss
63*4
7*4
2
20*2 Oct
3234 Apr
106*4 Jan
Bloomlngdale Brothers.. .No
66
8*4
60
No par
Refining;
Blaw-Knox Co
.......
2634
8
934
68
*20
1
*9
69
27*8
66*4
7,000
2434
16*4
8
78
778
1
*24
8
78
734
20
2U4
12634 128
*1*4
*78
78
69
934
23%
8I4
2638
3i8
35
555s
1234
2414
78
1J8
99
65
12
814
2614
2li8
4034
13
*ll4
234
434
33*2
IU4
123s
I8I4
193g
102% 102l2
978
10*8
9034
212
*20
1634
*111*2 113
*111*2 113
*111*2 113
*90
90
*85
90
92*4
23
24*4
25*2
2458
23*2
2478
5438
54
54*4
5438
5334
53*2
53*2
94
95
94l2
95
95
95*2
95*2
42
4058
405s
41l2
41*4 4U2
41l2
40
39%
26*4
68
16*4
24
27i2
68i2
8i4
3934
2634
22
123*2 126*2
24i2 24i2
92l4
2218
5334
6934
*20
25*s
167g
*UU2 113
2314
94
26i2
125*s
2438
1558
9214
2078
123
24
22
*20
69
8I4
*134
1658
123*4 124
Deo 19
44
Preferred
-
16
109
100
Nov
92*8 Dec 13
37*4 Jan 4
17*2 Deo 2
19% Deo 2
10C
At G A W I SS Lines...
Prior
Range for
Year
2%
3*8
978 Oct 21
90
6
Atlantic Coast Line RR
Austin
9
29*>4 Feb 21
35»4 Mar 28
665s Mar 28
19*2 Apr 3
26
Preferred
Atlas
9% Deo
Mar 12
1
Atob Topeka A Santa Fe_.__19C
Atlantic
S per sh
48
Associated Dry
6%
6
Mar
Low
3*4 Mar 15
Apr 25
7% Mar 13
807s Apr 3
70
•
2334
4
5
25
23
25
2312
2314
2434
23
24
Preferred
24i2
*10812 11438 *10858 110*2 *10858 110*2
10 Bamberger (L) A Co pref
109*2 109*2 *1085g 115
*1085g 112*2
42
42
43
44
4212 43
43
42i2 43
*43
44
4278
2,200 Bangor A Aroostook
114U 11414
114
114
*113
11514 *113
20
Preferred
115*4 *11418 115*4 *U4*s 115*4
14
1334
13*2
14
*1338
1314
*1314
1378
14
.No
1334
1334
1334
1,200 Barker Brothers
*82
83
83
85i2
83
83*2
84
*8214
83
83
83
280
6H % oonv preferred..
82*4
14*2
1434
14*8
1434
14*8
1434
16
1434
157s a:15i8
67,500 Barnsdall Corp
16*4
15*2
68
68
69
6538
6538
63i2
69
68
68*4
69*4
683S
3,300 Bayuk Cigars Ino
69*2
112i8 1121S *112
113
11278
11212 112*2 113
113
113
80
1st
*112*2 113
preferred
19
1938
1938
20
1978
20%
1938
19*4
1934
19*4
7,800 Beatrice Creamery
18*2
19*8
*107
110
*107
no
*107
107
107
107i8
*107
100
Preferred
107*2 *107
107*2
*
*
*
*
*_
3534
3534
3534
Beech Creek RR Co
3534 *
3534
3534
~88~
"8812 8812 "88" 89
88*2
"88*2 89*2 "§9% 89*2 "89" 89
1,200 Beeoh-Nut Packing Co..
14
14i8
1378
14i4
1414
1334
1334
1414
1334
13*2
13*2
137s
5,500 Beldlng Hemingway Co. .No
86
86
86
*8312
*8378
86
*84i8
*8438
100 Belgian Nat Rys part pref
85*2
85*2
*85*2
87*2
23
22
2338
23U
23
2218
2278
22i2
227s
32,600 Bendix Aviation
22*4 2278
223S
22
22
2238
2278
2134
2278
22
22*4
.No
2238
22*4
24,900 Beneficial Indus Loan
2U8
22*4
48
49
48i2
48i2
48%
48i2
50
48*2
50
50
50*2
5478 & 4,300 Best A Co
51
5214
5314
4938
52*2
5334
5278
54*4
5134 533g
5278
5458 114,700 Bethlehem Steel Corp.....No
123
3 per share
—
Rts w 1
44
478
4i2
40*4
1778
434
40*2
18*4
2434
9,000
19*4
443g
44
5
35,800
2,200
30
*U278
18*4
4334
47g
4i2
39*2
17*2
110
2938
44
Arnold Constable Corp.
Artloom Corp
7%
—
3 Us
18*2
44
47g
4*2
40*2
5
45
800
69
31
9*4
43
13,900
44*4
*15*4
5078
9
9*2
700
99
6738
*98
*17
---»
18*4
42*2
44
9
9*4
43i2
50
*11278
Highest
9 per share
Par
8,500
108
44*4
16*8
1878
Lowest
Preferred
*100
69*s
98*s
3Us
15*2
----
9
1438
14*8
153g
10834 *104*2 10834
101
28*4
4938
*11234
18*2
18*4
43i2
4278
8*4
to
Dec. 31
1935
Shares
75s
1933
On Bastt of 10C-«*ar<i Lot*
EXCHANGE
*90
*100
Range for Year 1935
YORK STOCK
Week
9
9
102
28%
4912
10
$ per share
*90
14
1414
14l2
*107
106*2 109
3238
the
Friday
9
*100
4U2
5
434
Jan.
102
9
43i2
8
*90
42
938
43
4314
478
412
19
48
4914
112*4 11212
I884
I8I4
40i8
4278
187g
41
812
*4334
62l2
97U
31*4
14i2
16*8
2734
4912
*11212
I8I4
97
30i2
14
758
*98
Thursday
$ per share
8i2
*8934
102
*44
46
61*8
Jan.
15
14
14l2
*10412 10634 *10412 10634
102
*45
Wednesday
7
$ per share
778
8i2
7%
8i2
*8934
14U
8i8
15*4
6
$ per share
$ per share
*98
Tuesday
Jan.
4
Jan. 11 1936
1
32%
92
5*8
5%
12*8
75
82
23*4
30*4
44%
15*8 Dec 31
88*4 Dec 31
2%
10%
3*4
17%
4%
36
21
6U4
53*4
2%
3*4
2*4
Dec 31
4%
Nov 27
Dec 4
29%
37%
Jan 12
1
Deo 18
Jan 7
5% Deo
9
Nov
7
3
Jan
3
34
89%
1%
110%
7%
16%
48%
48%
7
%
1%
8
%
2
z35
1%
3%
5*8
11%
1*4
8*4
19
1%
Dec 12
1
»
8*4
>4
2
7
8%
13*4
4*4 Jan
5% Jan
4
'4
7
16
8
1%
3%
3%
3%
10% Jan
6*4
28
20% Deo 30
3%
3%
9%
54*4 Dec 30
2% Jan 9
4*4 Dec 10
14*4
14*4
28*4
*4 July 9
1% Mar 30
*4
1%
6*4
1*4 July 22
9*4 July 19
Jan 10
1%
2
1934 Dec 31
9*8
9%
par
45s Mar 14
100
18*4
63
2
Mar 30
35s July
.No par
18*4
34
7
109*8 Jan
65*8 Deo
19i8June 7
*4 Mar 29
*4 Mar 29
l%June 28
100
.No par
55
93
20
1
Mar 13
4
1%
2%
9%
8
*16
261
New York Stock Record—Continued—Page 3
Volume 142
Jnly 1
Monday
Saturday
7
*24
8%
*2378
26%
89%
15%
74
74%
74
----
5
26%
25
26%
*75%
107% 10734
*43
44
87
*47
-
26%
88%
90% 161,700
1534
50
834
—
—
5
5
24%
5%
2434
2434
*107% 108
*83%
87
50
*47
50
*47
50
47
*
8%
"5%
3678
34
36
28%
2634
37%
2634
34
27
25
25%
2634
23
25%
22%
22%
19
20
44
5%
534
534
38%
39
40
47%
25%
26%
25%
27
2334
24
25
22
42
48%
60
70i,
31
38
45
5234 Dec 24
20
247,
45
110
Aug 19
126
90
95
7212 Nov 16
533s Apr 20
93
No par
No par
(The)
100
No par
100
No par
{Colorado Fuel A Iron.__2Vo par
Preferred
100
Colorado A Southern
100
4% 1st preferred
—100
9
preferred.........
Columbian Carbon v t o
5,100
Columb Plot Corp v t o
43%
43%
4%
*48%
14%
49
49%
51
1,800
15
1534
16
1478
1534
14%
15% 193,100
Columbia Gas A Eleo
91
*90%
93
93
94
95
95
93
93
94
94
2,000
*70
81
8034
81
81
82
83
*80
82
82
82
220
44%
45%
45
44
45
9,300
111% 111%
59
5834
111
49
14%
46%
46%
11134 11134
49
*82%
44%
49
45%
44
4434
110%
57%
56%
45%
111
110
110%
110
9
4378
44
17
17
1834
19
42%
1878
18%
32%
*31%
33%
10%
10%
7134
73
73
110
534
18%
8%
4334
44%
44%
44%
43
4334
1878
18%
18
17%
17%
18%
18%
1734
43%
*1634
19
19
20
30%
30%
31
31
10%
10%
10%
11%
71
71
71
*68
73%
*73
76
*71
110
*71
6
6
10%
110
71
*68
18
18%
33%
32%
103% 103%
478
434
12
12%
33
34
101
101
*100
-
—
7,700
19%
1
1
preferred
Oct 30
35%
62
78%
83
Dee 11
31
41
71
58
Oct 18
18%
40%
1534
Maris
84%
01
9778
30%
31
69
Nov
1
82
Feb 28
45%
46%
747,
7212 Oct 23
80
6
45%
49
70
712 Jan 16
1%
3i4May 17
14%May 31
157, Feb 20
72% Feb 23
li2 Mar 12
6ia Mar 13
108i2 Feb
100
No par
20%
47%
5
Dec 28
22
21%
22
21%
22%
2134
22%
13,200
13
1334
14%
1434
15%
15%
1634 116,300
Continental Bak class a.. No par
4ig Mar 13
71%
7234
7278
77
85
84
8434
No par
100
20
*8 Anr l
46% Jan 28
83%
83
70%
82%
8412
85
2
2
2%
2%
2%
Class B
97,100
Preferred
4,500
10,600 Continental Can Ino
19%
18
19
18%
19
19%
20
19%
19%
19%
19%
4334
42
44
42
43
43
43%
2%
36%
42%
2%
43%
42
4278
5,000
234
40,900
67%
7234
2%
2%
2%
2%
3438
3478
34
67%
66
6634
70
6978
69%
73%
2%
34%
67
67
2%
66%
7134
72%
71
165
164
165
*160
165
*160
163
163
34%
2%
3334
3434
67
2%
36%
36%
38
56,900
67%
6734
*67%
69
1,130
72
20,200
71%
72%
71%
6%
6%
3778
18%
6%
6*4
6%
6%
37%
37
6%
37%
6%
37%
37%
37%
37%
37%
37%
37%
37%
18
18
18
18
18
18%
18%
4578
44%
45%
44
18%
45%
18%
45%
1834
44%
44%
45%
18%
45%
46
46%
*4534
47%
47%
47
47
*100%
878
6%
*103%
~
9"
37%
37
104
*101
43%
47%
*100%
"878
8%
37%
8%
36
~
36%
*100%
8%
834
37%
37%
11,600
3,200
Coty
400
4634
834
8"8
8%
834
14,100
Crown Zellerbaok v t
38%
36%
37%
36%
38%
10,300
108
105
108
*102
*102
105% 105% *101
2
178
1%
134
1%
1*4
134
1%
13
12
*12
11
11%
12%
13%
7
7
7
6%
634
6%
6%
6%
67
69
66%
67
6734
66% 67%
63%
42
42
42%
42%
41%
42%
44%
4078
105
400
105
'
2
1%
1234
13%
7
7%
69
70
40%
41%
2178
22
21%
101% 101%
4%
11%
*12
22%
4%
4%
4%
11%
10%
11%
85
85
46
64
64
45%
9%
*8%
*8
9
27%
27
24%
24%
23*4
24%
39
40%
16%
17%
5734
52%
27%
5U
438
*129% 132
9%
*834
*17
20%
---
-
38%
3734
3934
37%
17%
16%
5%
478
128*4 12834
*64
*64
70
*11712
20%
*37%
38
25,800
2,340
42
41%
9,000
2234
22%
4%
11
3,400
4lo
4%
4%
11%
11%
96,800
52,800
89%
20
89%
44%
*83
70
*64
44%
4478
8%
8I9
*S34
9%
*9%
53%
55%
56%
5534
2778
2734
2778
28
28
28
24
2478
24
2478
23%
2434
39%
3934
38
3934
3878
39%
16%
17%
24%
38%
1678
25%
37%
17%
16%
17%
16%
5%
5%
5%
578
6
129%
129
5%
129
129
----
18%
18%
43
*117%
39
*127
129
129
*5
9
*6
9
*17
20
17
17
*6
*14%
17
6%
129%
9
20
23
28
36 U
7
8
171,
17
4414
84
14
17
38*8
30
44
71
7,
3%
Dec 11
3
3U
10i2
212
3»s
14
«4
3
8 0*4 May 13
1412
20'a
65
2
35ig
37
525s
2434 Nov 25
105% June 13
1312
381,
13i|
89i2 Mar 14
431,
29*8
95*4
Mar 12
45g Dec 31
37
16
par
1
Dec 27
Mar 15
2
471, Jan
2
3*4
12% Dec 31
6U Mar 15
Mar 23
x95
8
75
Nov 15
Nov 8
Mar 13
47
73
21,
91
61
64l|
90
912
11
21%
512
6
No par
Preferred
20
4,000
13,600 Diesel-Wemmer-Gllbert Corp. 10
..100
18,000 Delaware A Hudson
50
31,200 Delaware Lack A Western
100
6,000 Denv A Rio Gr West pref
100
900 Detroit Edison
Detroit A Maoklnao Ry Co.. 100
22*4 Mar 18
5834 Nov 15
10i8
10U
5% non-oum preferred
100
Devoe A Raynolds A
No par
100
16,100
-
•
-
—
*
600
-
-
No par
No par
preferred
61
6
8
Davega Stores Corp....
Deere A Co
June
16
June
-
1,400
1st
100
preferred
No par
Diamond Match
28
Sept
187g Deo 2
23ig Mar 26
24% Deo
Mar 13
19ig Jan
5
7
7
11
431, Jan
112 Feb 27
65
Mar 13
5
Dec
t«
34%
10U
19U
4is
23i2
35
73ia
14
33*4
9
Dec 28
55
Aug 12
6
Jan 17
2
2
3512 Aug 28
114ia Mar 8
19
Dec 31
518 Oct
2
26i2 Jan
34*8 Jan
7
Deo 24
63is
50*8 Jan
2
8
891,
99
21
275,
281*
3412
9
44% Dec 10
87g
32
40%
Nov 19
4H2May
34%
33
33%
33
33%
23,000
44
44
44%
44%
45%
10,200
Dome Mines Ltd
No par
Dominion Stores Ltd
No par
6a4May 29
Jan 28
6»4
Douglas Alroraft Co Ino ..No par
17i2 Mar 12
58*8 Dec 31
11%
1312 Mar 15
32
978
9%
978
978
10%
56%
53%
5634
55%
57%
30
29
29
*28%
31
17
16%
16%
*16
16%
1%
1%
1%
*6%
684
15%
----
*%
1%
634
15
*%
1%
634
15%
1
1%
1
1%
6l->
6%
14%
14%
138
140
140
140%
138
*131
131%
131% 131%
*28%
30%
*28%
16
16%
153*
1
1%
6%
*1434
139
132
132
139
1
1%
1%
1%
7%
15%
142%
8
161
*155% 163
*155% 165
*155% 165
29%
2878
29%
28% 29%
29%
8
8
8%
8
8
8%
3834
37%
39%
3978
37%
3834
*160
163
11034 11034
13*4
14%
13%
678
6%
"
6%
6%
34%
30%
For
7
35%
6%
3334
31%
30
111
14%
6%
7%
35%
32%
footnotes see
13%
6%
14
6%
29%
8
8%
14
6%
35%
37%
31%
33%
33
778
8%
*159
163
139% 141
*130
13012
15
8%
161
*159
29%
29%
29%
8
8
8
39
38%
37%
37%
111%
111% 111% *111
7%
35»8
7
page
111
29
8
159% 159%
15%
15%
6%
6%
6%
7%
734
7%
2
20
8
117,
5
6*8 Mar 18
5
3%
i4June 13
1
Deo 11
%
%
i4June 21
1*8 Deo 12
%
%
6
8U Deo 10
500
160
8%
10,000
163%
2,800
163
31
8%
100
Duquesne Light 1st pref—.100
0% non-voting deb
Durham Hosiery
------
19,900
3,400
120
14%
'
23
14%
Convertible class B
42,600
678
8%
11
Duluth S S A Atlantic
39
8
Nov 25
200
111% 113
377a
Dresser (SR) Mfgoonv
12&8
26
28ia
600
24
160
111
A— No par
No par
100
Preferred
100
600
1
4,400 Dunhlll International
No par
1,500 Duplan Silk
Preferred
100
9,000 DuPont deNemours(E.I.)ACo.20
100
38i2 Deo
2
June
17% Dec
12»4May 21
19
Mar 20
116
103
Aug
2
1234
6
92
Nov 16
1534 105,500
4,400
634
7% 124,800
Mills pref-.100
11%
No par
No par
5
(The)
100
...3
Boat
Electric Power A Light
34%
36%
3334
3434
31,100
3278
3134
32
14,700
*6
preferred
..No par
No
$7 preferred
3134
.
146i2 Nov 20
132
Oct 28
597,
104%
13
237,
110%
92
100
103
116
128
5
85
90
27i2 Dec 10
12
21
115
Aug
Jan
7
3%
172U Nov 18
66%
8
107%
30%
12
79
116
120
147
par
...No par
July 26
120
305, Oct 23
83g Nov 1
3834 Oct 21
10
3%
0
11%
15
31
113i28ept 25
1434 Deo 26
8% Feb 18
75
80
no
3
3
7
2%
4%
11, Mar 15
7i2 Aug 17
1%
2%
9
Mar 13
345g Dec 31
31*4 Dec 31
3
6%
21
21*
6
19
141
Jan
4
16*8 Jan 15
3U Mar 27
193sJune
107
1
Jan 23
378 Mar 15
3
21, Mar 13
258.
T
164
4%
5% Sept 21
100
Eleo A Mus Ind Am shares
34
Nov 29
1101, Jan 16
Preferred
37%
12
J)...No par
Eltlngon SchUd
Electric
Feb 18
3'4 Mar 13
6% cum preferred
Eaton Mfg Co
Eleo Auto-Lite
104
..5
Eastern Rolling Mills
Eastman Kodak (N
86% Mar 18
1267, Feb 8
»
1%
2%
3
------
114%
778
111
7
1634
*11434
*20
24%
8%
160%
7%
7
1634
1%
114
*20
158
*1%
1
24
115
25
778
15%
1
115
114
*20
161
139% 142%
2978
15%
*20
114
25
7%
7%
15%
....
*28%
114
114
*20
159
7
15%
*11434
6,100
69,000
115
114
8
1534
978
57%
130
25
162
30
*%
9%
55%
*131% 132% £130
114% 115
734
10
5534
1
*11434
*11434
*11434
97g
54
34is Jan 15
117
21
3
41
33%
33
18U
55U
120i2 July
4234
*%
*160
10
29
1%
20
4234
400
13U
84
7
5
3334
*16
*20
33*
14
130
2
8I4
101,
11
5
Jan 15
19
-
20
»«,-
8%
Cutler-Hammer Ino
32%
9%
6U
12*4
76%
42%
*29
*15
5U
73
3278
50%
97«
5i8July 22
8%May 13
42%
9io
6s,
Deo 31
38
4134
57%
*11434
3»8
3U
32
9%
56
3614
351,
47
33%
43
18*4
18*4
32
Dec 21
40
Nov 20
43
38%
*37%
33%
97,
4
Participating preferred
25
Distill Corp-Seagrams Ltd No par
38
*37%
84>a
1501,
35,
105U Deo 16
2% Dec 9
5
40i2 Jan
1
pref —100
Class A
135
314
9
9% Deo 18
Jan 28
No par
Cushman's Sons 7%
55l2
5512
133
May 23
48
Jan
Curtlss-Wright—
51
487g Nov 16
5
No
22*4
100
13
18
1
Packing....
15*4
401S
19*8 Dec 12
24
14
4
47i2 Apr 12
10
100
50
Preferred
12%
4012
758 Deo
397g Mar
100
Curtis Pub Co (The)
2*8
Dec 31
165
No par
Preferred
*4
69*4 Dec 12
783, July 10
Maris
14
361*
%
35
2
Oct
lit*
6
33*8
234 Nov 29
Dec 27
21
42
42
*42
42%
43%
42%
*119
120
120
*11734 119% *119
39
38
3834
38%
3734
38%
38
38
38%
38
38%
38%
20i2 Dec 11
447g Dec 11
6
2%
10i2 Dec 14
5,200
9%
57
Jan 15
60
100
100
pref
Cuban-American Sugar
Cudahy
64
04%
1134Sept
23ig Mar
43i2 Jan
74i2 Mar
3i2Mar
Preferred
Cuba Co (The)
~»Y%
7,
357* Jan 15
Cuba RR 6%
~~6%
7
10
70
4578
27%
*5
11,400
102
102
55%
2734
38
39
678
68%
0%
67
87S
*42
43
----
*3834
44%
360
54%
*5%
*5%
*17
44
11,400
52
'
43
44
*41%
*117%
*83
*83
70
4378
43%
*8%
55%
27%
56
4%
1178
89%
2278
2%
1334
11%
438
11%
89
*63
43%
22%
1017S 102%
4%
*83
70%
46
*63
2178 23%
10134 102%
11%
4%
107g
90
*83
22
21%
101% 102%
1017g 102
178
12%
2%
4%
56%
14814 Oct 8
4i8 Mar 13
Crucible Steel of America
6%
%
44%
2
15isMar 14
41»4Mar 11
a...No par
"9"
—
%
%
>4 Jan
Crown W'mette Pap 1st ptNo par
*100%
*100%
-
2%
44%
No par
No par
No par
$2.70 preferred
'
2%
<s
37
No par
Cream of Wheat ctfs
100%
Deo 27
69
par
No
Ino
14%
112%
108
103
1*8 NOV 21
287g Mar 13
Motors
3,000 Crosley Radio Corp
8,000 Crown Cork A Seal
48%
*46
47
*46
300
165
*160
165
*160
6%
61"
6
Continental
4%
1%
7%
99U Nov 20
7
5
2.50
1
Continental OH of Del
5
Corn Exchange Bank Trust Co 20
Corn Products Refining
25
Preferred
100
Continental Insurance..
234
37%
1%
8%
62>4 Jan 15
5,900 Cont'l Diamond Fibre
19
43%
95
£71
£71
23ig Dec 30
1178 Dec 26
17g Deo 24
21%
2%
6%
10%
18%
1214 Dec 31
112ia Oct 28
13%
70
1%
7»4
101% Dec 18
8t4 Dec 10
22
75
157,
100% Deo 19
2*2 Jan 25
*8 Aug 10
100
13%
5%
3434 Nov 20
105is Nov 20
63g Deo 6
22
84%
Mar
5%
22ig Feb 15
10%
2
58
14%
Jan 24
11%
1%
69
55
74
22
2
01
24
7%
Mar 28
1034
70%
8234
32
7%
Mar 14
2134
1%
14%
July 19
5812 Sept 20
III4 Nov 25
%
21%
67%
35%
16%
49
7
78
82
0
13%
22
17%
Dec
4534 Nov 20
2H2Nov 9
Mar 15
{Consolidated Textile....No par
Container Corp of America ...20
67%
Oct 30
11
3%
52%
5
71
1
84
—-
21%
%
Nov
36%
1
15%
4
1%
1%
-
15%
7
8
3
1
*66%
Oct 15
237, Jan
1
15%
2%
71%
114
"
8%
%
01
35%
105
8%
71,900
11%
M
1151, Jan 29
7%
1
19%
6%
22%
6
Feb
....
110
1191, Aug 10
72
Aug 15
8
%
77%
9012 Dec 31
Dec 17
7
No par
Oonsol RR of Cuba pref
8,500
30
....
....
62
par
Preferred new
8%
100
9%
11%
48%
3%
7%
8%
1%
*9
33%
58
50
9
.No par
Corp
45
6
497g Dec 10
14% Nov 19
No par
Preferred
Consol Oil
1,200
101
734
8%
11
57g Mar 18
Oonsol Laundries Corp...No par
4,000
13% 168,400
111% 111%
*100
7%
No
Preferred
Consolidated Gas Co
2,300
5%
16%
13
6%
29ig Jan
Oonsol Film Indus....
3278 115,900
101
*100
—
15,500
105
7
»4Mar
No var
100
Prior
preferred
100
Prior pref ex-warrants
100
110
—
—
40%
10%
5
7
110i4 Deo 27
9778July 29
16i2 Oct 3
Preferred
20
32
7
5614 Feb
Consolidated Olgar
14,700
1^%
5
39ij Jan 2
Oct 23
No par
Preferred
%
Deo
Nov 20
19
111% 111% *111% 112
111% 111%
*100
101
Jan 15
8%
3%
17i2 Deo
101% Nov
21
9
110
Commercial Solvents
9
5
6
Dec 31
22i2 Deo
Feb 26
24
32%
1234
29
100
33
478
% Mar 13
Mar 14
27
19%
105
04
Congoleum-Nalrn ino
No par
700 Congress
Cigar
No par
100
880 Connecticut Ry A Lighting
6%
6%
6%
74
5
31
No par
$4.25 conv pf ser of 1S35 No par
70
110
69»4
3% Mar 13
3512 Mar 13
4,000
73%
73%
104% 10434
4%
434
13%
1234
1278
12%
9%
*71
110
18%
3134
103% 10378
478
478
..
73%
73%
18%
18
5%
12%
1834
71
5%
5%
5%
1734
31%
1034
31%
1034
*7134
*
3278
101
101%
8
9%
71%
111% 111%
111% 111%
*100
9%
578
5%
1178
1234
12%
9%
*68
103%
103
5%
7278
9%
*30%
10%
18%
31%
31%
*5
70
69%
9%
Dec 23
97g Nov 9
5i2 Jan 21
4812 Dec 27
No par
3% 762,300 Commonw'lth A 8ou
70
$6 preferred series
No par
9,300
S%
1,200 Conde Nast Pud.j Inc...No par
3%
28%
109
40% Deo 27
Conv preferred.
227g 161,800
33
76
18
102*4 10234
2278
334
22%
3%
18
110
5%
578
18%
31
•
*71
22%
71%
*71%
*71
97
1878
19%
32%
1078
934
*68
*68
97%
97
1021,
10
7
..No par
Trust
18 >8
681,
9
7
...10
Credit
9*8
66
Dec 26
6% Mar
preferred
Comm Invest
9
9
Dec 16
50
10*4 Feb 28
100
preferred
Commercial
1,200
98%
42%
187g
43%
5%
9,600
100
110% 110% *11034 111%
9%
9
834
57%
55%
Preferred series A
1,000
110% 110%
56
55
57
58%
59
5834
*11034 111% *110% 111% *110% 111% *110% 111%
99
987g
9878
97'8
9778
98%
99%
*99%
22%
21%
2078
2078
21%
20%
20% 2078
3
3%
3%
334
3
278
3%
278
70
71
72%
72% 74
70
69%
70%
9
4934
57""
50 >8
451,
MarlS
6
—No par
No par
No par
No par
...100
$2.75 conv pref...
15%
49%
15%
4934
1478
*87%
*48
21
115
2II4
9
107U Dec
3
««
9
6% Jan 10
Joo
2d preferred.:
290
5,900
Dec
78
69>4 Mar 13
Beacon Oil
22
Jan
May 20
5858 Dec
1
15%June
101
101% 103
*19
21
48i2 Dec 12
July 27
1,630
101% 103%
43
4334
3
20
1,220
23%
*19
27%
27% July
90*4
71
Oct 31
940
25%
21
21*4
71
June 25
22,800
27%
99% 10034
43
4334
41
67g
3734
98
83*
48
Colonial
24%
21
2 >8
61,
2
Collins A Alkman
Preferred
26%
*
%
87
960
11
9
52
3714
3U
Deo 26
0%
90
9
9212
35
175,
June 25
300
27,800
8%
67
633s
Nov
80
Co (The) 1
50
Class A
4734
47
34*8
27-03 Deo 18
89
Aug 23
Colgate-Palmollve-Peet.. No par
*110% 111%
110
1714
48
700
22,000
105% 105%
48%
46%
94
43%
43
44%
19%
105
110
*20
96%
9434
97
*9434
56
19%
12
1158
80
Coca-Cola Co
37
26%
25%
22
5578
5%
"5%
36
80
4,600
19%
60*8
6i2 Nov 18
314 Apr 30
12%May 15
No par
100
2914
Speo'l grt 4% betterment stk 50
Cluett Peabody A Co
No par
Preferred
—100
5",300
87%
26%
Oct 29
37
7
Oct
303*
9
Cleveland A Pittsburgh
-
87%
8io
5%
4%
5%
434
5%
9
*7
—
56
105
10978
♦
—
126% 126%
88
19%
48%
46%
*109
110
110
10978 10978
8%
8%
—
57
55%
57%
125%
87%
*5578
*104% 105
47%
4534
47%
45%
47%
109
109
55
125
Cleve Graphite Bronze
50
—
6934Sept 10
35
100
5
19U
3*4
1014
3ig
4
Nov 25
9378 Dec 24
24,78May 24
100
May 3
8
Oct
12
Dec
High
9 per share
persh
15
Cleve Elec Ilium Co prel.No par
900
2,200
4434
87
Mar 12
..100
Preferred
-
4478
45
*83%
44
-
10734 10734
10738 107%
83
*47
105
104% 104% *104
10434
—
31
9
26
Feb 23
No par
C C C A St Louis pref
83
50
—
-
9
Low
Low
;
3134 Dec 12
Sept 17
3% Mar 15
25
par
......25
5
Co..
Copper
City Ioe A Fuel
*85
45%
54
54
54
54%
53
5478
54
54%
*121% 125
*121% 125
*121% 125
*121% 125
88
87%
87% 88
8934
89
8778
89%
56
56
56
5578
56
5534
*5578
*55%
20%
19%
1978
19%
20%
19%
1934
19%
*104
24%
90
No
City Investing Co
"3", 200 City Stores
4,900 Clark Equipment
5_%
24%
44%
45%
82%
*47
5%
2478
*85
*7519
108"
44%
82%
"5%
*5
24%
Chile
640
—
_
_
"
Highest
$ per share
10
Oil
Co
Chrysler Corp
6,300
79%
7834
*40
__
Chllds
260
1578
15%
1578
78%
*40
—
—
9%
15%
77'8
76%
*40
----
108
45
*82%
*
26
89%
434
IO7I4 107%
45
45%
87
25%
24%
*75%
2534
*751*
*82%
25
87%
74
*40
5
5%
5
25
89%
157«
74
74%
*40
41,900
88%
15%
75%
15%
1578
15%
1534
*40
4,300
10%
25
28%
9%
29
2834
9%
89
86%
29%
8%
Cotton
Chlokasha
28i2
29
*24
89%
Par
25
8
26
86%
9034
$ per share
$ per share
Lowest
$ per share
Week
Shares
29%
8%
29
30%
8%
2878
8%
Range for
Year 1934
1935
EXCHANGE
the
10
Jan.
8
Jan.
8
$ per share
$ per share
$ per share
$ per share
29
29%
Jan.
7
Jan.
6
Jan.
4
Jan.
1933 to
Dec. 31
100-ikar# Lott
On Ba»U of
YORK STOCK
NEW
for
Friday
Thursday
Wednesday
Tuesday
Range for Year 1935
STOCKS
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
LOW
AND
HIGH
**
12%
22
10
9
262
HIGH
New York Stock
AND
SALE PRICES—PER
LOW
Monday
Tuesday
Jan.
Jan.
Jan.
4
$ per share
6
$ per share
65
541,
%
*8
48
55
55
7*4
50i8
*50
678
678
121,
1778
1212
135(5
18i2
17i2
1218
*
3
CENT
9
Jan.
$ per share
54
Sales
10
54%
5484
1214
30
124
124
2178
^
124
20%
*55.
7
*
70
"12"
3978!
4%
1134
35%
12
35%
12%
36%
122% 123%
21% 22%
8434 85
22%
1 400
68
12%
38%
5%
284
12%
10
12234 123
21% 22%
12%
12
12%
890
35
3534
6,700
1,300
5,800
123
2078
21%
85
*82
85
60
*58
63
*58
63
*58
63
*58
63
62
62
200
85
80
80
*76
85
*75
80
*75
80
80
80
7*4
778
518
2U4
4312
5%
314
614
33s
2114
43i2
*20i8
7l2
478
334
358
21
221,
*20 "a
IIOI4
25*4
2612
101*4 10134
11058
25%
1015s
46l8
4012
2934
*29
414
45%
*29
438
4%
39%
40
7%
478
7%
40l2
29i2 30i8
28%
11U2 11H2 *109
85
7%
5%
3%
5
3%
378
21
43U
110
778
85
*83
7*4
85
7%
7%
5
5%
4
85
5%
1 3%
17,200
9,600
4278
43%
2,400
20
100
3514
35
34%
34%
34%
3478
35%
35
34%
3478
35%
*64
66
*64
66
*64
66% *64
66%
67
66%
66% *64
29
30
2934
30i8
28% 29%
31
29% 30%
30%
31%
32%
*11512 16018 *115l2 160% *121
160% *120
160% *122
160% *122
160%
51
52
51
51
*51
53
50
48
51%
48% *48%
5034
40
40i2
40
40% 41
40
41
38
40
38
41%
41%
4
4
4
378
4
4
334
4
4
378
*3%
334
12
12*4
1234
12% *12%
12
13%
1234
12%
12%
I284
12%
105jj
105s
1038
10%
10%
10%
10%
10%
10%
10%
10%
10%
*98
97i2 97i2 *9914 100
100
100
100
100
100
*99% 102%
50
5138
4984 51%
52
50%
52
51%
5234
52%
5134
62%
23
233a
245g
24%
23% 24%
26
24%
2484
2434
25%
27%
125(,
1234
1234
14%
I384
14
14
14%
1334
14%
13%
1378
*1277,5 143
*138
*12778 143
143
143
143
145
145
*140
145
914
9i2
934
914
9%
9%
9%
11
934
934
1078
11%
65,5
684
6%
634
634
8
778
77(5
8%
734
778
8%
19
19U
21
1734
18%
18%
21
20% 21%
20%
21%
22%
75
74
75
7514
77
75%
76% 77
75%
7778
76% 77
50
*551, 5634
57%
56%
57
57
57%
55% 57
57
5684
*141
*141
143
3818
3884
34i8
14
15
1
191,
20
20
20
119
2014
2314
6i8
65g
*403(5 41
1067(5 1067(5
39i2
*107
334
4014
108
3
36
1
1
16
16
40
35
48l2
108
234
*3834
41%
3578
17
20
20
22
1
20
*107
3%'
234
4U2
2,500
5,200
200
8,500
54,000
8,800
310
48i2
47
1784
17%
87%
684
35
47%
17%
8884
7%
69
71%
8884
73i2
487(5
110
4834
109
*104
*105
14%
15
80
82
78
2438
8984
2258
88I4
14
93s
938
9
79U
7914
77
278
938
414
2038
3412
3
171(5
33
32
137
*40
26*4
278
938
938
458
4U
20%
21
34
34*4
333(5 *_
318s
~29%
1714
16%
3414
3214
3214
3U4
137
136
70
*45
27
3
40
36%
24%
56%
69%
118% 119
55
55%
118% 118%
23% 2534
*68
678
7%
*40%
40%
106*4 107
4
4%
42
43
*107
108
2,200
510
13 800
300
160
28,600
32,100
12,300
3,400
2,700
143
60
26i8
91
83
70
70%
2%
65%
31
10%
3414
*28i8
*10084
30
*35%
*638
1488
*110
2
2634
85%
6912
214
4684
13%
115
For
Gen
$8
—No par
preferred..
General Cigar Ino
7%
...No par
100
preferred
Electric
24
130
27
26
26
Genera]
32.500
General Foods
—No par
1%
44,200
Gen'1 Gas A Eleo A
56%
68% 69
118% 118%
110
5,000
500
107
107
107
40
278
38%
35
130
General
3%
38%
35%
9,600
41
42
8,300
Gen
106
20
4%
4%
3
3%
*38%
35
39
35%
20,400
500
9,400
47
46*4
46*4
45
46%
17%
17
17%
87
1634
86%
684
72
87%
7%
74%
86%
678
70%
87%
684
72%
73
49%
4934
49%
I
7%
49%
10934 110
73
49%
111
4958
111%
111
17%
678
112
45%
1678
86%
678
74%
46%
17%
86%
8%
76%
4934
50%
111%
111
540
15,800
1,200
23,800
4,900
10,700
320
*40
70
26l4
2612
13l2
115
X120
120
13i8
115
footnotes
see
*40
75
2618
2658
26
2612
90
87
87
83
83
67
68
6812
72
70%
71U
10412 104I2
3134
3258
*117
120
13
1338
115
75
*82
...
120
*50
115
page
13i4
115
258.
2
214
*28i4
30
10
10
3384 3412
3034 3U8
10778 IIOI4
30
30
*35i2
2
*37i8
95(5
33i2
3H8
109
*2978
35
2i8
28
*40
26
*81
71
1*4
27
No par
Railway Signal..
Preferred
100
Gen Realty A Utilities....
120
13
115
120
1338
115
105
33
26i4
90
7278
2
6,500
70
12,400
8,000
Preferred
100
Glldden Co (The)...
Prior
preferred
5
26
preferred
Gold A Stock Tel'ph Co
100
1st preferred
Gotham Silk Hose
No par
.....No par
100
Graham-Paige Motors....
Granby Cons M 8m A Pr
Part paid rets
........No par
Grant (W T)
...No par
Gt Nor Iron Ore Prop
No par
Great Northern pref
100
Great Western Sugar
No par
Preferred—
*11014 115
360
Gulf States Steel..
Preferred
500
Haokensack
-05
3358
10484
3212
3,100
7,700
115
40
0434
3278
140
9,700
*119
122
122
122
180
13
13
13
13
1,900
♦1045s 108
220
*1045(5 108
48i2 Dec
Mar 15
*1338
140
23%
10%
2
721,
6
12
33
24%
27
59%
97
16
167,
127%
25%
28
Apr
2
1%
Jan 15
14
Apr 13
51
12
Mar 14
701, Jan
4
2i, Mar 13
Mar 27
238, Feb
23%
90
5
*4
39i8 Deo 7
33<2 Dec 31
10
8%
July
9
Nov 19
1912 Aug
93
7%
14
•
7
0
Aug
42
109
21
6%
25%
90
1
6%
45%
101%
10
8%
26%
10%
23%
10
20
17%
48%
147,
7%
45%
2%
Oct 14
16%
30
12
49i2 Deo 21
47
13%
884 Dec 10
7534 Deo 19i
111
64%
118
2
16%
80
2
3'8 Deo
61
103
10%
73%
8
Jan 30
22
62%
10%
61%
8%
21
13
3
41i4 Dec 11
Oct
11
60
24%
89%
8%
3%
84
Oct 16
23
18
61
100%
22%
**
Dec 17
412 Nov
1
19
32
Oct 25
Nov 21
109
S07f
%
6%
6*4
7%
M
0i4 Dec 17
4258 Nov 7
109
28
%
6%
9
593, Nov 18
21
6%
4%
14%
97
•
3 *120% Dec
120
2%
4
14
Nov 16
64U July 27
1451, Oct 7
407, Nov 13
377, July 8
U2 Aug 22
1512 Aug 19
26*8 Mar 13
Mar 20
14%
108%
6
0
2
6%
100
5
Jan
87
15%
28%
8%
72
2%
6%
1047, Jan
li, Apr 26
148,May
II11,May
Nov 25
805,
US
148,
83
22
120
June 29
961,
00%
104
105
77
77
71,
261,
1684
5%
18%
62%
41%
64
80%
Dec
71, Mar 13
40
Mar 15
1534 Mar 13
70
Apr 11
21, Apr
4
20
Apr 3
li4June 25
514 Mar 19
484
Jan 25
Dec
0
14i2 Deo 31
82
Dec 31
207,
92
Jan
"
Jan 10
10% Deo
85
63i8
9
20
41, Oct 25
135(5 Nov 29
2i4 Mar 15
8
21,
Dec 20
9%
23
120
77
18
37,
11%
88%
71%
4%
13%
U4
4
107%
8*8
16
1%
4
5
Jan
7
2U
4
148,May 20
2984
Jan
3
23
40
18is Mar 29
2234 Oct 2
353s Nov 25
33U Nov 22
38U Sept 7
143,
181,
2234
2i
31%
26
Mar 26
9U Mar 19
96, Mar 12
266s Jan 15
10
34
1
19
Jan
Feb
Fob
6
1
Feb 16
26
25
25
40%
16%
32%
35%
4
99
102
118%
Dec 31
21
Dec 31
784
35% Dec 18
3478May 20
96,
May
2858 Dec
95
~28~"
8%
9
8%
12%
2558
Deo 24
18
>
74i2Nov 14
2*4May 13
43UMay 14
18
59
5
*8
71,
"3%
714
81
4
Mar
7
5
16 >«
Apr
3
1U, Dec 12
34i4 Dec 9
4
6
6
12
35*4
No par
12
Mar 29
33i2 NOV 25
12
151,
42
48
Mar 29
Water
100
Dec
3
83
3084 Dec 10
25U
197,
47
2U4 Jan 15
201,
26I4
30
Jan 18
35
26
27
31
4
Mar 19
8
25 preferred
.....No par
Harbison-Walk Refrao—.No par
Preferred
100
Hat Corp of America ol A
108
25
25
10
Hamilton Watch Co. —No par
Preferred
100
Hanna (M a) Co 27 pf...No par
preferred
43%
12
6
Apr
lis Mar 13
156, Mar 13
11%
80
Aug 20
5
931, Jan 22
4%
20
100
18
176, Feb
1%
6%
Aug 13
018, Feb
9
6
8
78
038 Nov 16
7
Aug
33%
19%
25*4
11*4
6%
Oct 17
1534 Jan 15
Jan
50%
14
64%
9
32
59?s Feb
63
160%
103, Nov 20
5
Oct
20
5%
221, Nov 20
Mar 29
17%
„7«
7
13U Dec 27
1078 Dec 11
100i8 Sept 16
Mar 12
80%
21%
113%
12%
4*4
47i2 Deo 28
58s Nov 23
22%
100
.....
7% preferred class A
Hall Printing
634%
17%
Dec 27
461, July 17
1,500
20
65
Greene Cananea Copper
Greyhound Corp (The).
Preferred
8
112%
50
32
6I4
Jan 10
Nov
Nov 19
140
32
17
70
305s Nov 20
125
2
390
40
17
27
8%
18
84
14s4
I684
16is
8%
8%
Mar
80
17%
+mmm
0%
Oct 16
8
2
5%
17%
Apr 12
255s Nov 26
3,600
5,200
25%
"
66
21
...No par
100
'-•ulf Mobile A Northern
100
09%
16
2
2%
16%
119
5
92%
63
12%
44%
100
.100
71%
44%
25%
13
Dec 31
Green Bay A Western RR Co. 100
Green (HL) Co Inc.
1
Guantanamo Sugar
Preferred
13%
67%
101, Jan 7
36i8 Nov 18
17«4 July 15
4
Mar 20
116
36%
111
U Feb 25
1
100
Grand Union Co tr otfs
1
Conv pref series
...No par
Granite City Steel
No par
106
15
7
21
15
46is Nov 16
No par
Preferred
30
87
8»,
127is Jnn 2
20is Jan 15
80
Sept 17
No par
Goodyear Tire A Rubb
11
3014
100
Goodrich Co (B F)
Preferred
27
30U
No par
No par
conv
3514
*35
100
JGobel (Adolf)
97(5
30i4
35i2
6i4
No par
Gold Dust Corp v t e
34S4
32l2
No par
Gen Steel Castings pref —No par
Gillette Safety Raior
No par
Conv preferred
No par
Glmbel Brothers....
No par
9;
110
1
26 preferred
...No par
Genera] Refractories.....No par
35
6
6i4
6i4
6
17i2
1778
17
1714
17i2
11234 11234 *110
113
*110
10412 1045s
3212 33i8
75
par
No par
No par
23
181, Nov 18
No par
Printing Ink—..No
23%
10
z85
Dec 31
...No par *107% Jan 4
No par
10
Mar 20
26 preferred
Gen Public Service
31
7
76
Gen Ital Edison Eleo Oorp
General Mills
No par
Preferred
100
General Motors Corp
10
106
4%
42%
107
37
107
20
30
Jan 10
11
$5 preferred
Jan
Mar 26
...No par
No par
Common
4
15
Mar 13
8
Gen Outdoor Adv A
6%
1
16%
20%
39% Deo 31
Mar 14
No par
$8 pref class A
......
par
6*s
8%
2
%
3
4
...No par
No
pref class A
6
Dec 31
2
July
62
27,
1
Sept 26
19
100
2*4
25i2 Dec 31
10278 Deo 21
587s Aug 12
303s Deo 11
5% Mar
....No par
cum
25
114
Feb 21
115
5
78,600
118% 119
24%
25%
7
7%
*40%
4034
35%
6
»«
8i2 Deo 4
4i, Jan 7
3i8 Aug 19
25
Aug 8
45U Dec 9
484 Mar 13
7s May 21
5
Class A
7%
98
16
10
General Cable
62
Mar 13
No par
"ll%
4
60
5is
8484
325s
1134
73s
....
4
May 28
No par
preferred
....
107
Mar 30
Corp
115
62
7
General Asphalt...
General Baking
General Bronse
18*4
Dec 31
34%
3014 Apr
1714 Mar 18
112isJune 27
No par
Amer Trans
12 M
7
%
33
No par
39%
35%
*33
'
...No par
No par
Gen Amer Investors
*21
17
1*4
218
32
27
27
26i2 28
10%
10
95s
978
10l8
3484
32% 34
33i2 34i4
30%' *28% 29
2838 283S
10778 *100% 1077s
10778 10778
30
30
30
*2978
30
*3512
*35%
6%
6%
6%
*614
612
16
17
15%
17%
1734
112
112
112
*112
11284
♦10314 104i2 *10314 104i2
32
31
32i4
32i2
120
$6 2d pref
Preferred
8,200
47,500
52,500
5534
5678 174,300
11834 119
2,200
2478
28%
10,600
678
778
15,000
400
4078
407a
278
*38*4
No par
Conv pref series A
118% 118%
55%
56%
4%
41%
1
Fuller (G A) prior pref...No par
Gabriel Co (The) ol A
Gamewell Co (The)
884
47,
40
97s Mar
60«s Mar
25jjJune
1934 Mar
8B| Mar
100
390
56%
6834
107
3%
190
31,
Aug 16
Apr 26
39
No par
Preferred
890
1
Dec 11
72
2% Mar
par
Fkln Simon A Co Ino 7% pf—100
Free port Texas Co..
10
27U
3
95
19
No par
Fourth Nat Invest w w
Fox Film class A—..
14*8
9
2
x85
84i> Apr
par
No
Preferred
22
26
*33
69
20
14,700
5%
6%
5%
6%
90.900
5%
6%
6%
6%
20% 21
20% 20% x20
20
20%
20% 31,900
11534 11534
11578 11578
11534 1157„
11534 11534
1,100
*105%
*105%
*105%
*105%
1434
14%
14%
14%
1434
14%
15%
1434
35,300
15%
79
79
79341
84
|
79% 81
82
79%
83%
4,200
24%' 23
23
24
23%
23%
24%
23%
24%
49,600
88%
*88% 90
89
90
88% 88*4
8934
1,700
90%
9%
9%
9%
9%
9%
934
10%
10%
11% 21,500
78
1
77
80
80
84
88
79%
88% 93
1,690
3
3
3
278
3
3
278
278
3% 51,100
9%'
9%
9%
9%
9%
9%
9%
9%
5,800
9%
434'
4%
4%l
4%
5
4%
4%
5%
5%
21,200
21
21
21%
21
20%
2034
22%
22% 2278 13,300
34
3478
34
34%'
34
34% 34%
3434
3434
2,200
*
*
33% *
$
33%
33% *
327„
3278
30% ~30%
30% "30% 31%
~30"
30
30
30%
4,300
17%
17
16%
17
16*4
17
1634
167(5
8,700
17%
33
34%
34%
34%
34%'
34
33%
34%
66,400
33%
31
32
3234
32
31% 32%
31%
31% 3134
13,000
136% *136
137
137
137
137
137
136
136
480
70
90
2l4
Foster-Wheeler
7
3
~
44^ Nov 20
Maohlnery Oorp new...10
38%
35%
1%
*17%
86%
49%
110
2334
"3034
10
No
22
26
24%
*33
142
3,200
........
*
Food
Bros
39%
35%
1%
17%
412
434
458
578
20*8 2078
2038 21%
*11534 11578 *11534 11578
*89
2.50
...100
100
First National Stores
No par
Florsheim Sbos class A—No par
tFollanBbee
68,
215(5 Nov 25
16it Mar 29
28i2 Mar 14
16
Apr 9
IO6I4 Mar 6
13itMay
par
Firestone Tire A Rubber
Preferred series A
23
68
Apr
334 Mar 23
2
July 6
7s Feb 25
No par
preferred
Voting trust certlfs
714
109
108
143
17
24% *20% 24%
*33
56%
56%
70%
68%
68%
120
120% 119
120%
537(5 55%
54%
5534
118i2 118% *118% 119
2214 2334
23%
23%
6I4
678
6%
678
*40% 41
4078 41
1067,5 1067,5 *106
10634
4
378
4%
4%
40
40%
40% 41%
*107
*142
39%
35%
1%
38%
35%
1%
1634
1%
*17
142
3878
35%
16
6734
36
7
73i2
20
141
39%
3578
*33
3i8
*39l2
35i2
143
37%
35%
*20%
66i8
6734
120i2 120i2
50
55%
67l2
358
*141
38%
20
*33
119
143
373s
34%
7(5
15
3378
78
47l2
17l2
8814
15,800
0H%
Aug 17
28U
9
'
Apr
No par
Fidel Phen Fire Ins N Y
Fllene's (Wm) Sons Co
I484
50
684
60
Nov 18
125
54
No par
No par
Foundation Co
35
Jan
81,
Deo
Nov
15
Dec 16
6% Mar 15
40
2,700 Federated Dept Stores...No
23
25%
26%
102% 102%
4678
4734
29%
29%
4%
478
40
39%
29%
28%
111
113%
115
48
10*8
247,
35(5 Dec 11
Jan 11
100
251,
5
9«s
101,
2*8
Mar 19
15
Federal Motor Truck
Federal Screw Works
0
Dec
13
4i2
71,
Jan
391, Dec 27
4
100
Federal Water Serv A
21
7
17
100
17,100
110
May
No par
3%
21%
110
12
100
No par
Preferred
8%
5%
*20%
55% Nov
7i2 Deo
8
Aug
40% Deo 31
Preferred
7%
5%
21
21%
21%
20%
43
43%
4334 44%
4334
43%
43%
22%
22% 22% *20% 24% *20%
24%
112
11058 *110
*110
112
*110
112
26%
25%
257(5
25% 20
25%
26%
10178
101% 102% 102
102%
101% 102%
46
4634
45% 46
46%
4634
47%
*29
2934
29% *29
29%
29%
29%
4%
4%
4%
4%
4%
4%
4%
40%
39% 40%
40% 40%
40
39%
29%
28% 2878
29
2878 29%
28%
111
111
112
111% 111
111
112%
24>i
Apr 30
8s Mar 26
Federal Min A Smelt Co
3%
3%
21%
21
11
25
Preferred
200
85
11
2
Fairbanks Co
50
60
*80
"
Nov
15
6% conv preferred
Federal Light A Trao
123
12234 123
21
20%
55
5
Fairbanks Morse A Co
300
8*
231,
Feb 7
Mar 19
5
Evans Products Co
2
101,
No par
Exohange Buffet Oorp
128
Us
1018
19i2
13%
8584
1478
50
900
5%
234
120
112
8
03
Nov
6>4 Mar 12
69if Feb 18
lOisMar 19
—100
2,600
28,300
39
Dec 31
8I4N0V
17,
3«4
45
50
Mar 26
Erie A Pittsburgh
3534
3
134
52
<s
1
Mar 19
14
Eureka Vacuum Clean
35%
„
4%
84
%
5
Mar 20
—100
4%
*234
12%
3
'
68
First preferred
Seoond preferred
6,200
337,
14ia
15ia
4i2
7i8
8%
No par
100
Erie
Sept
High
% per share
14
No par
No par
$6 preferred
Equitable Office Bldg
66
12634 Jan 10
Us Mar 16
No par
No par
preferred
«
6884 Nov 30
7, Jan 10
100
$5 oonv preferred-.
Lots
178 Aug 17
60
Engineers Publio Serv
2,200
12,800
Range for
Year 1934
% per th
>4 Mar 29
Corp
%5H
to
Low
share
per
*s Apr 1
52»4 Jan 16
Preferred
500
1778
12%
No par
$
50
200
678
12%
3934
Endlcott-Johnson
Highest
2 per share
39
Mar 21
No var
0% part preferred
3,200
200
17%
*11%
Eleo Storage Battery
tJElk Horn Coal Corp
140
1278
68
37
700
60
684
12%
183s
12%
■
5
3
*55
678
13
"l2"
12%
40%
39
*434
3
60
634
12%
17%
12%
13%
18%
12%
*
12%
4%
*234
11%
3434
60
Lowest
Par
1,700
1,100
1,800
1933
Dec. 31
1935
Shares
*4
684
Range for Year 1935
On Batts of 100-sAar# Lote
EXCHANGE
Week
$ per share
54%
STOCKS
NEW YORK STOCK
the
Friday
1%
12%
17%
12%
70
37%
5%
3%
*
*82
Jan
5434
*55
18%
1234
"l2"
38
35
1212
217,
54%
*%
1%
*64%
684
13%
*
*412
*234
1U2
3758
124
8
$ per share
66
634
12%
36
3
*11*4
301,
12%
1712
1284
70
~12%
1238
385(5
51(5
3814
*412
Jan.
%
1*4
64%
56
634
13U'
187(5
12%
012
70
"121*4
%
1%
64%
66
12
13
*
%
1*4
112
0414
134
*6*4
*45i4
*4634
7
Thursday
1936
11
Jmy 1
*4
*4
%
*4
1%
1%
1%
1%
66
65
65
65%
65% !
6£%
133
133
1*131
134
| 132*4 133% *12984 134
*12934 134
1
8
8
7i2
8I4
8%
*7
8
8%
734
8% !
1
47i2 47%
47% 47% *45
47% *44
46% *45
46%
48
48
*49
50%
5034
50% 51
50% 1 *49
50%
112
64
134
Wednesday
3 per share
55
55%
65
*
6s
1*2
63
NOT PER
Jan.
4
for
Saturday
54
SHARE,
Record—Continued—Page
1
100
61, Apr 30
63
4
112
Jan
2
108
1001, Sept 20
105
16
Mar 15
4
Oct 28
141, Nov 16
Jan
101
Dec
Deo 30
June
3
Nov 20
303s Dec 31
9934 Jan
7
121
51, Feb
6
14% Dec 23
1131, Deo 20
81
Feb
6
Deo
5
1
'
3U
35,
20
77
31,
36,
984
117,
25
63
84
101*4
1001,
12
82
11,
141,
"l3"
87
1*,
19*4
24*4
100
T
76,
92
263
Record—Continued—Page 5
New York Stock
Volume 142
July 1
4
Jan.
Thursday
Jan. 9
$ per share
$ per share
$ per share
$ per share
$ per share
42
30!8
2914
4134
2978
72
4112
2814
*41
*6978
72
»6978
41
413S
29
2938
72
*65
4134
29%
71%
7
53
4%
43g
434
4%
4%
12i8
12l2
12%
12%
12%
12%
15%
16
15%
16%
5234
52%
53i2
16
16i2
15%
1638
1»4
178
134
1%
2114
1934
21%
21
22
158
19%
35
37
35
35
59
59
58
5834
1712
*334
4
*71s
*3
714
2012
Hudson Motor
2
2
21,600
Hupp Motor Car
21%
20%
2%
2034
37,700
1,100
Illinois Central
*34%
36
60
60
1234
*4%
1234
102% 104 "
6%
6%
104%
6%
6%
7%
17%
7%
7%
17%
17%
334
7%
17%
334
*3
3%
14
14%
13%
4
4
34
34
17834 180%
22
22%
3%
14%
4
3%
14%
3%
182% 18434
41%
40%
40%
40%
39%
4034
38i2
39%
39%
26
4012
40i2
~2~7%
48
4734
2112
*21
4734
21
2%
1%
26%
40%
25
41
110%
110% 110%
*27
27%
48
48%
2034 2034
28
27%
2%
1%
24%
41
4%
2%
1%
110
4%
40
40
110
473s
4
25%
2312
2418
*10914
2678
2138
63%
63%
1414
13i2
14%
1334
*20%
13i2
13i2
13%
13%
1234
14%
13%
82%
83
83
83
83
1538
15U
15%
17
28
28
28
28
GO*"
60
*12234 125
*
*
153
'79"
~79%
79i8
83%
82%
17
17%
28%
98%
98% 102
126%
126% ♦123
97%
*
80%'
-79%
80
7934
-79%
80
""650
119
*118
119%
15
119
30
15
15%
15
15%
10,400
20%
21
20%
21
1434
119% *118
'
1414
2078
1538
1334
15%
14
2U2
20
21
20
21%
21
18%
1734
18
17%
2134
17%
»17%
17%
1834
I8I4
17%
18iS
18
5,800
3,100
28%
2734
28%
4,600
2914
2834
28%
29
29
80
80
80
23%
28%
2834
82%
80
80
19%
5%
37%
24%
2434
24%
24%
24%
107
5
85
*70
77%
*75
2634
26%
27
27
26%
*40
43
8
*101
107
2%
107
2334
24%
107% 107%
73%
28
2934
45%
23%
8
14
18
7%
1334
16
*101
16%
16%
107
934
2%
23%
7%
13%
23%
7%
13%
23
10%
44%
2%
2%
14
14%
1334
1334
13%
14%
95%
95%
94
9634
95%
95%
12%
4834
12%
12%
12%
12%
49%
47%
12%
48%
47%
107
*101
10
48%
1034
9%
2%
13%
96%
12%
4834
10%
28%
10
284
1334
97%
13%
50%
10%
28%
107%
5
5
*70
82
73%
27%
73
73
28
27%
2734
2734
2734
*26%
29%
*38
45
*37
23%
*7%
8
13%
14
*7%
13%
14
18
18%
18%
17%
106% 107
9%
2%
13%
9!
107% 107%
934
9%
234
2%
2%
13%
9734
13%
1334
97
97%
13%
13%
13
48%
49%
49
10%
10%
10%
12%
1034
29%
*42
38
21
21%
27%
43%
43%
28%
4334
41%
41
41%
28%
28
28%
42%
42%
39%
42
42%
43
43%
4034
52%
40%
41%
40%
38%
5484
54%
5434
53%
54%
52%
51%
52
53%
53% _54
*10734 109
107
*10734 109
107
107% 107%
107%
*107
107% *107
3
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
4%
3%
3%
3%
3%
3%
3%
3%
3%
334
3%
3%
44
44% 44%
43
43
4334
42%
42%
41%
4434
*40% 41%
110%
*108% 110% *108% 110% *108%
*108% 110% *108% 110% *108% 110%
26
25% 25%
25%
26%
25%
25%
25%
24%
26%
24%
24%
*144% 146% *140
*13%
*20%
57%
24%
14%
21
61%
24%
129
129
%
1
39%
39
*126%
—
146%
142
142
143
143
14%
14%
13%
14%
21
21%
21%
61%
24%
6234
2434
61%
21%
62%
22%
64%
14%
21%
63%
24%
25%
*129% 135%
130
130
%
34
%
%
40
40
39% 40
14%
*126%
*126%
For footnotes see page
I
258
26
25%
132% 132i2
h
,
%
40
*126%
40%
143
143
14
14
22%
62
143
143
25%
22%
14%
22%
1434
22%
63%
63
63%
25%
25%
130
130
*129%
%
3,
*39%
39%
40%
127% 127% *127%
%
7,300
25%
132
'
40%
128%
.
Tobacco
Liggett A Myers
Series B
5,500
11,100
560
%May
21% Jan
98% Jan
25
400
1,200
50
preferred
ll7*
6%
37%
164%
15
131
12%
1%
3
7
130% Nov 21
21
28% Dec 24
4234 Dec 20
Dec 10
66
100
20
21
32
38
38
50*a
16
19
4544
40
59
84%
2*4
3%
16*8
90
Aug 19
16%
21%
81%
16
Nov 19
4*4
5%
36
Jan, 8
20*4
24%
9
85
90
8
26
120% Apr
37
Aug
Apr
12
10
10
39
110
33
67%
39
36%
64*8
87
101
21
115
135
40
45
45
77
120% Dec 11
14% Dec 10
22
Deo 12
97%
97%
3*4
6%
19*4
6%
10%
27%
20% Nov 18
30
Oct 13
6%
6
6
4
4
31% Nov
28% Nov
Jan 25
I
10% Aug 27
1
5
5
20
2%
3
10
1%
2*8
07,
11%
21%
55
)5%
94
16
23%
20
*8
7
14
July
96
19%
18%
37%
4%
13%
15
18% Jan
Mar 21
14%
12
90% Oct 23
2*s Jan 17
22
Aug 12
3% Mar
.....—.100
17*4
7%
5%
9
15*4 Jan 17
34
Mar
7
100
25%
65
16% Sept
3*4 Mar 13
25
9
49% Nov 20
28
Jan 4
78
Oct 19
14
Deo
6
4
115% Mar 20
100
24%
36%May 14
126% Deo 6
130
Feb 19
93
Nov 20
84
8%
9
117% Mar 15
130
Feb 19
6
2*4
4%
99% Nov 18
Apr
3%
7«
%
110
Jan 22
% Apr
6%
%
Dec
130
2
1%
Mar 13
6
29%
115%
101
7
3% Deo 7
2% Dec 10
5
38% Mar 13
6% Mar
7% Feb
6
2
14%
«
47% Dec
9%
2%
1%
4*4 Aug 19
49
50
110
110
6% Oct
2
Deo
.
Dec 23
154
110
.—100
10
Forbes...
2
125*4
Nov 29
8
24% Oct 22
Rights
6%
4
10
Jan 25
42*4
5
2%
1%
2
190% Dec 11
6% Mar 13
8% May 8
70%June 27
6% Mar 13
A—.No par
Nashville......100
—.—...1
preferred
No par
MacAndrews A
1%
4
7
Jan
5
56% Dec 23
Louisville Gas A El
Conv
Jan
3
42% Mar 19
16
July 19
Ludlum Steel
19,900
Jan
4% Mar
Louisville A
6,900
Jan
5
1
June
% July
7% preferred———..100
$ Louisiana Oil
No par
6,800
7,300
13% Dec 24
1% Mar
Link Belt Co
Preferred
22%
123% July
Lily Tulip Cup Corp
No par
Lima Looomot Works..—No par
5% preferred
(P) Co
6%
7%
22% Jan
Lorlllard
330
2%
l%June
29-166
400
7
2
1*4
6%
1% Mar
23,800
6,100
5,600
15,600
31,000
5%
»7%
No par
Liquid Carbonic
-No par
Loew s Incorporated...—No par
Preferred
...
No par
Loft Incorporated.—.—No par
Long Bell Lumber A .—.No par
Loose-Wiles Biscuit
25
2,700
5%
6%
4%
17%
2%
447,
137
25
100
—
Preferred
2
18
2
15
20
15
11
15
11
7
13
15
2
50
16,500 Lehigh Valley RR
No par
3,200 Lehigh Valley Coal
Preferred
—
50
2,000
5,000 Lehman Corp (The)..—.No par
5
6,900 Lebn A Fink Prod Co
25,600 Llbbey Owens Ford Glass. No par
26,300 Llbby, MoNeill A Llbby.No par
—-5
1,100 Life Savers Corp
300
56
2%
4%
100
preferied
116%
34%
2%
8
7% Dec 10
23%Sept 11
4% Jan 25
Oct
8%
105
23%
No par
—No par
300 Lane Bryant
6
8,800 Lee Rubber A Tire
50
13,700 Lehigh Portland Cement
7%
26
18%
10
80
49%
45
3%
100
163
28%
27
38%
112%
22
29
3934
111
21
42%
28%
20%
28%
29
27%
43%
20
20%
49%
10%
21%
20%
28%
20
20
20
8
Oct 21
24%
4*4
32%
73*4
19%
18%
No par
100
Preferred
100
No par
—366 Kress (S H) A Co
No par
31,600 Kroger Groo A Bak
890 Laclede Gas Lt Co St Louis ..100
23%
M
2
135
preferred
...
66,
7%
2%
23%
"
preferred
9,100 Lambert Co (The).
48*4
4%
2%
13%
65% Nov 15
6
No par
oonv.olA— 1
6%
40
7%
3
34% Mar
Kresge (S S) Co
240
50
36% Nov 15
—
7%
21
105
3% Mar 12
...
2 id
88 •
15
22% Mar 15
Kelvlnator Corp
16,700
13%
20% Dec 21
26
pref—100
Class B
24%
9%
6
149% Jan 15
No par
70 Kendall Co pt pf ser A—No par
51,300 Kenneoott Copper—...No par
...—No par
400 Kimberly-Clark
.....No par
9,400 Kinney Co...
Preferred
No par
4,210
45
22%
23
10%
10
11%
28
2834
2834
28
28%
28%
28%
111
111
110% 110% 110% *109
108% 108% *109
*105% 108
112
111% 11134
111
112%
108% 110%
10734 109%
*107% 10834
*156% 16334 *160
*162
164
*156% 164
*156% 164
*156% 164
10%
*28
3,400
4,200
30,700
6%
17,
1
7
2% July 11
Kresge Dept Stores
82
*70%
,
2334
107
5
*4%
82
2%
2%
39S4
*70%
27%
2884
9%
9%
9
6%
40%
*70
4434
16%
15%
16%
16
*101
6%
39%
2734
44%
*19%
6%
75
30
29%
20
*19
82
27
14
13%
14%
5
*434
16%
88%
29%
*70
8
*7%
107
16%
28%
2634
23%
23
23%
2234
*7%
1334
2434
24%
107
22%
89
16%
*88
26%
22%
16%
88%
30%
20
6%
42%
24%
2534
22%
22%
75
77%
27%
27%
42%
*41
43
26%
0% preferred.
Kelsey Hayes Wheel
26%
*4
Nov 18
l%May
-------
Kelth-A lbee-Orpheum
100
80
*75
9
6
108
4% Mar
t Kelly-Sprlngfleld. Tire—
26%
*70
85
77%
26%
7%
7
40
106% 107
5
*4%
107
*4%
5
*70
29%
19%
38
5%
37
*106% 107
*4%
89
2834
19%
38
15%
87%
28%
*18%
37%
89
29
18%
7
42%
24%
22%
16%
*5%
16%
89
28%
18%
534
23%
16%
8734
29%
19%
6%
87%
29%
19%
15%
89
22%
16
29
22%
16%
27%
26%
22%
26%
26
*85
*75
27
23%
16%
26%
27%
23%
27%
29
28
*80
85
*80
Kayser (J) A Co
6%
"
9%May 21
1
No par
Johns-Manvllle
.No par
Preferred
100
Jollet A Chlo RR Co 7% gtd.100
Jones A Laugh Steel pref—100
Kansas City PALpI ser BNo par
Kansas City Southern
100
Preferred
100
Kaufmann Dept Stores $12—60
50
12%
Nov
1®4 Oct 14
Jewel Tea Ino
153
*
153
I*
153
14%
10,200
5%
57%
4
1%
July 18
884 Mar 15
2
Oct
7
1
Coal
2%
86%
2*4
130
2% Feb 27
4
Mar
1
1
Ltd
29*4
20
9
121
46% Mar 22
54
12%
9%
5% Dec 13
363s
43
43
Deo 6
Oct 23
Jan 7
Deo 4
Dec 7
59% Deo 9
15
Deo 4
9% Mar 14
Apr 11
40
Mar 21
4% Mar 30
2% Mar 16
23%May 8
60% Mar 13
109
Jan 7
8%
2%
2%
1334
17%
3%
22%
38%
5
34
11
7
Jan 21
14
15
Preferred
59
98%
125% 125% *123
119
"2-9OO
*113%
59"
5834
97%
79%
"59"
Island Creek
1,100
*113%
-5-9"
59
153
28%
7
6% Mar 26
...100
■
Jan 2
Nov 25
6038 Deo
sTo" X4~30%
200
Dec 31
July 31
5%
84 Apr
1.75
31% Dec 18
73
Nov 19
1% Mar 13
Jan 15
-100
'7
.
42
2*4 Feb 27
10%
13
5%
Jan
17*4
105%
4*4
6*4
4
495
43
—
r28%
11
73*4
48%
83
80
2238 Dec
preferred
100
No par
14% 143,500 Inter Telep A Teleg
5,600 Interstate Dept Stores—No par
13%
Preferred
100
210
82%
—No par
18
3,900 Intertype Corp
1734
28
118
19% Deo 17
338
Feb 6
30% Mar 14
6% Mar 13
49
Jan
2
9% Mar 15
6% Mar
81%
125*4
44
3034 Deo
7%
80
63
13%
17
98%
*118
120
*118
120
*118
14
28%
"79%
80
14%
13%
1634
125
125
*
153
400
1334
12%
*113%
95%
96
9414
*12234 123%
20%
28%
"go"
59%
60
60
9434
9414
83%
20%
*61%
*82
80
1,100
1634
*113%
*11312
*11312
12%
23,000
2,700
4834
63
*20%
1,500
4,500
27%
28%
16%
+28
200
8.400
4834
*27
63
48%
21%
62%
14%
1234
83%
14%
63i2
1378
71,100
1,200
27%
48%
21%
*27%
48%
27%
48%
62%
63
*8212
45% 4634
45%
*126% 128
*126% 129
4%
4%
4%
4%
4%
2%
2%
2%
2%
2%
1%
1%
1%
1%
1%
25
25% 27%
26
25%
42
*41
41
41
4234
£110% 110%
110% *110%
*27
63%
63
5%
129
129
128
128
5%
104%
Jan
July
534 Mar 16
6% Mar 29
No par
No par
Preferred
100
Int Hydro-El Sys ol A
—25
Int Mercantile Marine—No par
Int Nickel of Canada
No par
Preferred
100
Inter Pap A Pow cl A
No par
Class B
No par
Class C
No par
Preferred
100
Int Printing Ink Corp.—No par
Preferred
100
International Salt...—No par
International Shoe..——No par
International Sliver..
100
52,900
3,000
5%
45%
45%
44%
44%
45%
4418
45
4538
*12638 129
*12638 129
4
4%
414
4i8
2%
214
2i2
*238
1%
134
178
1^4
434
Dec
111
40
81*4
73% Apr 4
Jan 25
International Cement
Internat Harvester
100
153
153
Oct
131
9
104
No par
Preferred
100
Intercont'l Rubber———No par
Interlace Iron
No par
Internat Agrloul
No par
Prior preferred
100
Int Business Machines.—No par
28,300
59%
58
56% 58%
57
56% 58%
5834
62
58i8
62i2
62%
153
*149
153
*149
153
*150
155
*150i2 153'2 *149
5%
5
434
5
5%
438
434
414
438
4l8
5%
5%
5%
5
5%
5%
5
5%
538
Sis
Feb
59
90
Mar 12
71
5%
5%
36% Dec
Jan
122
10
Corp
Internat Carriers
39
163
12%
Certificates
11,800
40
39%
123%
ctfs series A
Indian Refining
1,500
183%
183
18234 18234
120
Leased lines
800
34
34
34
34
June
RR Sec
1,250
12,900
29,300
5,300
26
2%
14%
3%
162
-—100
No par
—
Car
0% pref series A..
220
334
3%
3%
4
35
334
14
14%
334
34%
4
18% .18%
4
4%
18%
3
19%
234
3%
7%
145
7,700 Inspiration Cons Copper...—20
1
1,000 Insuranshares Ctfs Ino—
5,600 Jlnterboro RapldTran v t 0 —100
390 Internat Rys of Cent Amer.-lOO
7%
7%
634
7%
3
3%
3
3%
105"
634
6%
*7%
17%
*3%
21
*20
21
234
1378
334
334
31%
104
104%
104
101
100
1000
10
1,100
11 900 Industrial Rayon..—.—No par
1,400 Ingersoll Rand..—.——No par
Preferred
100
No par
"5-560 Inland Steel
*126
*126
*126
74
94
....
Preferred
730
125
*120
120
119
120
65
June
25
6
Manhattan..—...100
Hudson A
420
4%
30%
31
30%
31%
30%
119
4%
4%
434
434
5
31%
120
104-34
34l2
179
*178
179
179
41,600
13%
*3
37s
16%
59%
21
13U
16
1234
278
3414
16%
59
312
14
4
5,800'
*34
2012
4i8
35i2
1334
*3412
14%
13%
334
25s
13
98%
Dec
141
11
No par
Co
Howe Sound
6*4
1%
1
120
Jan
Voting trust ctfs new
8% 101,300
7,200
54%!
8,000
5
60
*3
234
54
«
$ per share
2
6
Jan
preferred
*65
36
20
3i2
20i2
234
18,100
13%
1712
*3i2
2934
7134
60
5
638
734
17
2884
35
3034
103
618
6%
712
1712
6%
1,400
13
*126
102
10214 10312
200
42
59%
120
*126
*126
520
36
High
Low
sh
142% Jan 10
No par
Holland Furnace
No par
Hollander A Sons (A)
5
Holly Sugar Corp...
No par
Homestake Mining
100
Houdallle-Hersbey ol A --No par
Class B
No par
Household Flnanoe part pf—.60
Houston OH of Tex tem otfs—100
Conv
9,300
8,100
14,000
9%
20%
4%
Year 1934
Low
S per
6% Oct
1% Mar 18
85
127
100
preferred
Hershey Chocolate
1,000
32
7%
Highest
$ per share
2
...25
25
100
No par
No par
97 cum
500
80
116%
12%
30
31l2
118i2 119
30U
118
Hercules Powder
270
37
5
438
5
*4
2978
118
1,900
58%
*35
12l2
1214
13
12
2
1%
89%
131
42
12%
1534
1%
1934
21%
1%
205s
Heroules Motors
13%
4%
12l2
13-666
7%
54
434
52%
1214
Preferred
34%
7134
7%
414
62
53%
4%
5312
W)
(G
Helme
300
157
29%
28%
*65
6%
52%
438
6i2
Hayes Body Corp——
Haael-Atlas Glass Co
1,300
42
42
4134
29%
*69%
Lowest
$ per share
Par
19,900
123
138
*13112 138
Range for
to
1935
Shares
534
5%
123
123
123
120
12218
120
*133
137
137
135
135
13H2 131i2
*131i2 137
*15134
*15134 157
*15134 157
*15134 157
*15134 15734 *15134 15712
33
3334
3334
33% 34
33i8
34
33i2
3414
3414
35
89%
88
88%
87% 87%
87i8
87%
87lS
8778
88I4
89
131
131
131
130
131
130
13034
12958 13014
+123
130
*79%
79% *79%
79% 79%
7914
7914
7834 7834
7834
79
116%
116
116
*116
118
*11638 118
117
117
117
118
31
31%
32%
30%
3158 •31% 32%
3038
3114
3078
31iS
9%
10
934
10
10%
914
97s
914
938
938
912
20%
20%
21%
21%
22
20l2 2214
20U
2234
2234
2338
520
520
*465
500iS 500% 500% *490
*465
525
*485
550
+119
the
$ per share
123
123
YORK STOCK
EXCHANGE
Dec. 31
Week
10
Jan.
5%
4%
4%
5
123% 123%
5
434
5
478
Sis
Sis
Wednesday
Jan. 8
.
On Basu of
NEW
tor
Friday
Tuesday
Jan. 7
Monday
Jan.
6
Saturday
SHARE, NOT PER CENT
SALE PRICES—PER
AND LOW
HIGH
1933
1935
100-i»ar« bote
Range for Year
STOCKS
Sales
7%
13% Mar 13
10
Mar
5
30% Deo
13»4
Nov
9%
9%
4
23
Mar 29
19*4 Mar 13
6% Dec 18
41
Deo 18
2%
3
12
13%
41
27*4 Nov 22
16%
13*8
22*4
9
99%
21
2% Oct
103% Apr 26
2
May 21
42
Jan 11
113
56% Apr 6
22%May 16
80
Mar 22
12
19% Mar 27
21*8 Oct
3
May 13
6
8% Mar 14
10% Mar 14
89*4 Jan
3
Mar 13
5
1% Mar 13
5%May
1
67% Mar 28
10% Oct
1
21% Mar 30
6% Sept 10
Mar 14
21
5
93*4 Apr 4
151% Jan 30
94% Apr
Apr
7%
*114
101
7%
2%
2
6% Nov 22
Oct 31
18%
12
19
55
27*4
36
65%
32% Aug 12
19
23%
33%
9
12
20
63%
Aug 20
19%
27
60
8
19%
22%
31%
3
4%
5
14%
5%
7
80
Nov 12
27% Dec
46
28% Jan
9
Jan
14% Dec 28
7
107
Dec 13
11% Jan 7
3% Aug 14
1534 Nov 26
95*4 Nov 18
17% Jan 25
49% Oct 28
10% Nov 19
29% Nov 22
Aug
6
6
167%May
4
120
122
Aug
14%
11
20
73
73%
90
5
9%
1%
2%
4
5
58*4
64%
78
10%
11%
23%
21
22%
43%
9
17*8 Jan
*
21%
5
16%
2%
24
15%
17%
71%
73
no
73%
74%
111%
129
123
v
152%
15% Oct 16
13% Mar 14
28*4 Nov 20
27% Nov 18
14%
16
26%
13%
15%
86%
17% Mar 13
24% Mar 13
43
Oct 16
11%
11%
19%
37% Deo 31
55% Nov 25
IO884 Oct 18
16%
19%
18%
20%
66
72
2% Oct 28
4% Deo 17
41% July 25
112
Deo 4
1
10734
26% Nov 14
14%
5 zl49% Deo 12
1% Jan 7
*8 July 16
15
Deo
6
4%June 19
w8%
31% Feb 7
102
Feb 1
1
Maris
1% Mar 12
33
Apr 25
10734 Nov 27
18% Mar 26
124
Apr
10*8 Mar 18
34
Mar 29
12*4 Mar 26
90% Jan 4
38 Deo 19
37% Nov 4
113
Feb 8
23
64
26
135
«7
130
Aug 19
Deo 12
35%
37
105
1%
3
1
V
6%
3
33%
1
33
1*4*4
----
15*4
22%
*130
102
*4
3%
7%
23%
1038
12
21
34
37*4
62%
19%
7%
8%
60
50
38
97
K.ati
21
30
42%
87%
96
111%
New York Stock
264
HIGH
AND
LOW
SALE
PRICES—PER
SHARE.
NOT PER
Record—Continued—Page
Sales
STOCKS
Jan.
Tuesday
Jan.
Jan.
4
$ per share
6
S per share
31
29%
4638
30%
47l2
10
10
10%
10%
35%
1%
34%
1%
1%
134
8
8%
21%
21
19%
*2%
19%
*18
19%
938
1%
9%
10%
58
2%
10%
58
2%
93g
*1%
1%
7
NEW
1%
1%
7%
7
19%
3
42%
41%
42
12%
1278
127g
*8%
10
13%
8%
42%
30
155
30
52%
16%
*51%
53%
155
52%
42
23g
12%
13%
*8
10
30
3012
*150
155
*150
53%
17%
51%
17
17
18%
51%
52%
50
50
50
3178
104
13
*106
112
104
104
105
32
32
32
13
1338
13%
12%
13%
108
108
19
19
19%
40%
4112
4038
118
118
9%
9%
38%
38%
1278
13
*96
14
13%
13%
110
*6l"
*_
8%
41%
63
4134
2034
2238
2238
111
738
6l2
60
62i2
h
*1%
6
%
6
h
*3
314
314
18i2
5i2
14i2
238
378
2H8
18%
3812
3878
3612
6%
16U
278
438
21l2
9134
3834
44
47
47
55
15i2
238
4
21U
*90%
238
438
21X2
92
91
*60
6178
34
*61*4
62
6012
34
30
31%
1734
18
24
I
38
*58
4%
111
10i2
10i8
33iS
287S
19X2
41
578
*15
123
1%
*
112
54
54
6178
6178
*60%
62
34
60%
30%
1634
34
61
15%
15
1238
3578
36%
13
*153
22%
2278
22%
141,
14i2
1,300
14i2
4,000
19%
14%
14%
*7538
22%
18%
4334
*43
81
81
2212
18%
43%
17%
22%
15%
12%
37%
44
16
158
153
22%
33
20
18%
20%
32l2
29%
19%
4212
40
4134
4234
42
5
5i2
*5%
5%
4i8
938
578
*2i2
*214
1314
68
90
1
4%
9%
6%
4%
43g
9
9%
3
2%
3
*2%
3
6
5%
3%
13%
69%
90
109
90
212
106
106
*106
107
106
106%
27%
28%
28%
29l2
55
55
55
55
For footnotes
98
see
*3%
*
page
258
9i® Mar 15
8I4 Mar 12
100
60i® Mar
68
_No par
.
7%
100
5%
97%
Preferred series A
Mohawk
9034
102
30%
30
29%
212
_
30%
213
»
11%
1
*2
74%
22%
h
73%
77%
10%
10
12%
12%
7,200
1,280
43,900
-
-
1,400
Motor
Wheel
5
—
Mulllns Mfg Co Class A...—7.50
Class B
1
Munslngwear inc
.No par
Murray Corp of Amer_.
Myers F A E Bros
Nash Motors Co
10
.No par
11
Nashville Chatt A St Louis ..100
National
Aome
14
National Aviation Corp.. .No par
Biscuit
i
7% cum pref
Dairy
.No
7% pref class A
9%
10%
534
27g
3%
14%
71%
91%
102%
2%
216%
106%
2912
7078
91i2
102
2%
2%
2%
214
217% 216
106% 106% *106%
29%
30%
28%
5478
5478
54%
634
7%
6%
9934 100%
99i2
*5
5%
*3%
*..
14
*6978
91%
105
2%
220
99%
100
5%
*3%
*
100
5%
97%
3
Apr
Mar 14
4% Mar 13
0% Feb 20
22>4 Apr
1
108
19%
271®
14%
14%
36%
158%
2312
2218
113%
108
9%
Deo 13
10
13i®
14
33%
Jan
Jan
7
11
12%
19%
82
8
14
3
3%
Dec 31
5%
6I4
6
22%
26?®
Dec 18
1291®
Nov
12
12
11%
IS
18%
Nov 6
Aug 19
'
80
zl06
4% Jan 17
34% Nov
Y
New
Air Brake
York
Central
Preferred series
York
.No par
.No par
,,
100
preferred
100
8
1
121%
161®
x4 Mar 19
8334 Nov 14
33
207® Aug 17
77% Aug 17
11% Jan 4
9
Mar 20
7% Jan 15
21x4June 6
431® Jan
109
2
Jan 25
3% July 13
4% Mar 12
18% Mar 12
12% Mar 12
13%
4134
61%
118%
11%
107g
361®
2934
Dec 9
Oct 21
%
33
10
21%
SSX®
60
9
3%
714
4
0X®
9
15
81
Apr 23
80
100
Dec
Dec
5
Deo 27
Nov 20
Deo
9
3%
"
6
25
6X®
lix®
28%
18%
46%
19
Deo
5
6
Dec
4
97®
6% Deo
5
2
1678 Dec 16
4
6
101
108
112
Mar 11
%May 31
96
Nov 16
2% Oct 23
5% Oct 23
2% Mar 15
0X8 Mar 14
139
June 12
1% Dec
99
9
May 22
81® Jan 4
16% Aug 13
6% Nov 25
334 Deo 17
2% Nov 18
16i« Jan 7
497®
112
4%
39
Mar 29
18%
1()38
30%
11%
12%
Mar 12
Mar 14
1
68%
28%
si
2%
%
84X®
9
207®
10
43%
2%
%
78%
2%
5%
2%
13
32
9
108%
%
83
1%
90
0
24%
101®
87%
41®
%
11%
%
----
....
0'8
91®
227®
%
1%
51
Oct
9
June
5
921® July 16
09
73
99%
May 28
% Aug 6
102% Dec 23
2% Deo 9
79
90
1097,
4%
79
168
87
Jan
7
51
72
«4
1%
89%
Mar 13
218
Dec 13
138
161
1U0
99
Jan 10
108
June 18
77
82
.No par
9
Mar 13
28
Nov
8
9
36% Mar 15
55
Deo
4
31
7% Deo 26
2
2%
8%
39
471®
741®
Preferred
1
2
No Amer Edison pref
.No par
No German Lloyd Amer shs....
67
Central
1401®
40% Mar 13
36
327®
170
69
.No par
Norfolk A Western
Northern
101®
186
122
87%
122
%
x4May 22
preferred
North Amer Aviation...
or
Dec 31
0%
1® Mar 29
Preferred stamped
N Y Shipbldg Corp part stk
American Co
81%
1001®
4
{N Y N H A Hartford-
Ad J as i4% pref
28%
%
0
50
{N Y Investors Ino
.No PUT
N Y Laokawanna A Western.100
North
37®
6
10
%
47®
2
N Y A Harlem
7%
I
3
97® Mar 12
A
Dock
Preferred
Con v
mmmt*
16
2
32i®July
181
99%
*8X4 Mar 13
87.
13%
Dec 31
1% Nov 29
34 Nov 29
Mar 13
46%
Dec 31
14% Aug 17
9
11%
491®
148%
23%
121% Jan 26
47® Mar 15
...
37®
Dec 31
B
.No par
.No par
~25~
18
3%
Oct 25
162%May 23
140% July 30
97 1st preferred
{Norfolk Southern
44,100
1,000
9%
62
34»4 Feb 16
% July 12
1
Nov 22
206
N Y Steam 96 pref
2878 124,500
54%
1,700
7
Jan 12
Jan 18
520
180
54%
6%
10%
Oct 22
Jan 18
230
106% 106%
7
97l2
16,800
217% 217%
5478
0%
75®
6%
Nov 25
Nov 24
May 31
4,100 N Y Ontario A Western.
3,400 N Y Railways pref
1,300
1,700
28%
4
21
N
2%
Sept
50
15% Dec 31
160
Newport Industries
91%
44%
146
10%
73
16%
31%
A
33%
105
%
16%
1534
8134
26%
21%
47%
Sept 28
7% pref class B
100 xlO0
Sept 3
{Nat DepartmentStores. .No par
li® Mar 7
Preferred
17
Apr 2
Natl Distil Prod..
.No par
23%May 2
Newberry Co (J J)
7% preferred
100
{New Orleans Texas A Mex..100
*2%
%
15%
Aug 21
Aug 23
71
1
33% Dec 23
127® Mar 21
20
18,000
M
Deo 10
Dec 27
Mar 12
14H® Mar 7
13% Mar 14
Nat Enam A Stamping.. .No par
National Lead
l%May
69
par
100
7
9434 Nov 14
4
100
Prod
Nov
Mar 18
13% Mar 26
4% Mar 13
30
National
Dec 12
14 Apr
171®
31%
71®
914
9%
62
250
20
22%
68
Feb 29
23
Preferred
24,900
97®
12%
65%
15
4%
10%
6%
3%
3%
14%
0
2%
65X®May 24
117g 171,200 National Pow A Lt
.No par
1%
1,400 Nat Rys of Mex 1st 4% pf—100
2d preferred
%
2,800
74%
6,300 National Steel Corp
22
21,000 National Supply of Del.
77
Preferred
6,010
10%
16,400 National Tea Co
.No par
12% 17,500 Natomas Co
.No par
90
34
1%
1%
10%
00
Mother Lode Coalition.. _No par
Motor Products Corp... .No par
112
438
934
5%
27g
I
01
Nelsner Bros
90
4%
12
57®
4
5
3
03%
70
90
4
Jan
41® Deo
7%
"lV"
86%
3,300
4%
16% Dec
8
1%
4%
39
500
1%
2%
17
1%
1%
1%
10%
6% Nov 25
20
12478
*1
4% Dec 12
1734 Dec 31
151®
*120% 12478 *120
*
6%
34%
720
1%
3%
24
15%
16%
1%
%
%
1
Morris A Essex
15
15%
41
%
1%
9
July 10
67,
161®
'a
Feb 26
-
370
15
407® Dec 10
400
5i2
17®
66
N Y Chic A St Louis Co
5i2
1%
66
New
5%
1
06
107
Nov 18
2% Deo
85%
80
87
34 Nov 21
4
44
20%
08
*
21% Mar 12
37
29%
19%
40%
68
Preferred
800
44
2
4178 Deo 26
58
33
Deo
lix® June 19
7% Nov 25
Mont Ward A Co Inc... _No par
Morrel (J) A Co
37
*9%
10%
150
Monsanto Chem Co
*57X2
112
217,
25%
10% Mar 13
500
220
0i«
Oct
20
16,300
5%
71
Mills..
4178
5%
43
91%
102%
Carpet
01,
14%
6%
0
July
8*4
9%
IX® Mar 30
19,900
1,900
30% 132,700
19%
5,200
20
3%
1
preferred
"
*20%
27®
Mar 14
li® Mar 29
10% Apr 9
2% July 22
57®May 7
25%
9%
9 xl
Max
3%
22
71 •
24
2%
x® Mar 4
% Apr 24
1
Nat Cash Register
36%
36%
*57i2 58
11134 112
15
*9%
97g
10%
3212 32%
29%
30%
19
18%
39% 41%
10%
32%
30%
100
7% preferred..
4% leased line otfs...
Conv
Jan
31
Nat
10'/f2 107%
2%
2%
30
31%
29%
30%
3
20%
20% Dec 31
247g Sept 20
116% Oct 9
0%
3% Mar 15
Preferred
{Minneapolis A St Louie
6
Jan 15
106
en
a<%
Oct 21
8
21® Mar 13
Minn St Paul A SS Marie...100
24,300
120
6!
8% Nov 14
42% Dec 31
50,200
109
2
Jan 15
153X2 *15478 163%
23%
22%
2278
22
22%
21%
109
Jan
Mar 12
24i®
96,600
12
14%
212
*
65% Nov
3
3%
>*28
97% Dec 30
41
33% Deo
16%
10
76%
*2%
13%
6978
212
6%
97i2 Dec 30
Apr 12
38%
21%
7634
5i2
90%
100
73
21%
234
*2%
13%
69%
7
No par
Minn Mollne Pow Impl
1
%
1434 Dec 26! '
22
15%
19,200
4,400
Dec 20
0()34
12%
38%
%
6%
210
6%
11
20»4 Mar 20
16
13%
3
1
13%
38%
12%
2%
3
630
%
*3g
10%
13%
400
57,300
11%
15
90
1,000
33,600
19
w
112
120
2278
1
100
Preferred
19%
43l2
23
30
978
534
102% 102%
2%
2%
212% 212%
*97i2 100
5
*4%
117®
6% pref series A
470
1734
213
2%
102%
2714
27%
*53t2
53%
7
678
*97i8 100
*334
4%
*94I2
1
81
23
30
6
10218
1?8
2%
»%
Jan
When Issued
32,200
18%
208
2%
90
91
4%
Dec 13
j
15%
8i2 Apr
8% cum 1st pref
100
Minn-Honeywell Regu.. .No par
*161%
*161%
*138% 139i2 *138% 139%
4%
*65
102%
*134
2%
120
*
17
22%
109
29%
29%
16.
22i2
107% 10712
2X2
2%
;%
4%
10
13
102
15%
1%
69%
*65
5%
120
13%
12%
*9%
978
15%
90
4%
9%
5%
2%
*2%
81
21%
30
120
14%
14%
23
112
17
16%
14t4
14%
221
33
*
6,700
45%Sept 28
7% preferred
100
Meroh A Mln Transp Co .No par
1,200
28%
19%
40%
1
%
78
,
90
31%
33
90
%
62
30%
16%
30%
20%
119
*61
5,400
30%
33
1
62
53i2
30%
36i2
10%
119
37%
53%
311,
171,
*57%
15
*
94
37%
4,300
28%
1%
96
5,300
38% 128,700
93
54%
34
30
112
10
6,700
7;
2978
57i2
*9%
21%
*61
*108% 109
10712
2%
37
15
20%
91%
*29
1012
21%
22%
109
57%
7,200
24,200
2134
107% 107i2
2%
2%
30
30%
29% 30%
37
5%
3
61
157
2178
4%
31%
1634
15
1314
15%
234
16%
234
4X2
4
no par
Melville Slioe
1,600
60
30%
90
2,600
1,100
1,300
62
44
*9%
123
%
*%
53%
21%
1834
14%
60i2
35,800
61
1878
18%
15%
60X2
7%
60%
613.
21
14%
678
36%
I
44
21
*43
10
15l2
7%
4
1934 Dec 23
li®
40
Mengel Co (The)
150
2%
6434
10%
10%.
33%
6
180
5%
38% Dec 19
Mesta Machine Co
1,000
3%
38%
Miami Copper
Mld-Contlnent Petrol...
10
Midland Steel Pn-d
.No par
155
1%
111% Dec 31
79
11,300
108
Dl
3%
16,600
155
7
28%
24,400
2,600
108
24
%
67%
21%
21%
22%
111% 111%
155
49
7
Nov 20
43%
6%
4%
37%
112
42%
6%
20%
108
21
81
58%
*111% 112
427g
6%
9
1034 Dec 10
{Missouri Pacific
278
8134
58
50
27
22
1478 Dec
14% Dec
4x®
10
131
Mission Corp
Mo-Kan-Texas RR
-
58%
32%
June 17
35%June 17
3334 Nov
par
No par
8,100
21,500
40,100
81
39
*31
8
103
SO
90% Jan 15
57® May 22
....
6%
82l2
*37
3H2
pref
20%
206
38
1,230
6
*2834
29%
2934 30
*203i2 207
207
207
*203% 207
*161%
*161%
*161%
*138
139i2 *138% 139i2 *138% 139i2 *138%
10X2
10%
10%
lli2
11%
123g
12%
1
1
1
*?8
1
1
%
1
*38
*%
%
*%
%
*%
74
74
73
74
72% 73%
73%
21X2
22%
20i2
21'%
21% 22%
21%
7514
76%
74%
75i2
75%
77i2
76i2
9X2
9%
9i2
9%
10
9%
10»8
12X4
12%
11%
12%
12
11%
11%
11%
206
62%
15l8
9134
*16114
62%
8i2
conv
§6 pref series A
1,000
16,100
8%
6%
14%
31
(1%
Mead Corp.
50
6%
14
30%
62%
*61
62
200
Oct 11
12%
40%
3%
57% Feb
7% Mar 26
1
19X2
15l2
13%
36%
278|
6,100
97i2
4
23%
8%
55
19%
110
23
4
7X4 Apr
6i2 Apr
6
2%
23%
Oct 11
Nov
32
8%
105%
54
4%
17
0J?
20
12%
1
7»
5734 Nov 20
8%
3
3
12
Nov 16
9
2%
%
2
No par
pref
conv
6%
3738!
31
15%
98%
13i2
110
%
2
Jan 30
84i® Jan
28
Mar 14
par
par
MoLellan Stores
1578
14X2
1258
34%
29%
13%
$3
12,600
108
1734
31
13%
99
5%
—5
McKesson A Bobbins
4,100
1238
99
150
24
29
39
12X2
99
20%
3%
5
Jan 15
32i® Jan
par
Mclntyre Porcupine Mines
McKeesport Tin Plate...No
2,100
18,700
20%
24%
"278
9%
8%
19
3534
5334
109
39
20% -21
21%
2214
111% 11134
6%
L578
2%
4%
15
107i2 107i2
278
2%
3014
31%
2834 29%
9%
38i2
Co ...No
Pub
430
24
107i2
35,600
117% 117%
912
McGraw-Hill
3%
15
2278
45%
117
51®
100
preferred
4
1434
21l2
2,800
43%
Conv
334
24
23%!
20%
1%
7
Dec
156
357® Mar 29
No par
4
*1478
22%
2178
2338
109
10812 108i2 *108
|
200
19%
29%
10%
1
33% Nov 22
Jan
33
No par
No
Class B
3%
1538:
2212
2214
1,000
31%
21%
16 i8
*153
{MoCrory Stores olassA—No
3%
24
*153
Prior preferred
McCall Corp..
8,000
3%
18%
1334
2,900
13%
3%
17%
34i8
32
12%
12%
3%
1818
13i2
31%
13%
3%
2434!
15
32
61
60
10
par
Preferred ex-warrants. -No par
60
43
10%
10
7
11
June 27
136
No par
2%
17i2
3334
*49%
Stores
No
2
34
19i8
5138
105
Department
%
6%
60
45
Preferred
1%
91
23
Maytag Co
*%
1514
18
*43
May
1%
1538
*2134
5,900
2,800
14% Nov
23*4 Mar 14
100
%
30
193g
44i2
No par
4
6,500
19%
10%
9
0% Mar 14
9%
8%
41
23% Dec 10
,
1%
3
20
9
Deo
No par
17%
109% *107% 109%
178 Dec
3%
3
97S Dec 11
10
7
*23%
14
378 Deo 13
Mathleson Alkali Works—No par
750
1
May 24
45% Deo 14
53
!
15%
7®
Mar 13
51
13
7.
Mar 15
17%
13%
12%
1
Preferred
105%
6
20
52%
105
1
3sJune 14
100
Dec
Marshal] Field A Co
15,100'
5138
5X4 Apr
2i2 Oct 24
3>4 Mar
1
41%
62%
2%
100
17%
58
32%
preferred
preferred
134
3014
1634
2238!
44
50
Feb 23
100
500! Martin-Parry Corp
32%
Mar 28
1
22
35%
2%
No par
155
51
6
81
I
31%
*150
2nd
18,500;
9%
10
1
18%
30%
12% Dec 11
66% Oct 16
30
Sept 11
19% Nov 25
3
May 23
13% Mar 15
25
Explor.
Dec 31
Marlln-Rockwell
52%
17%
6
1438
14i2
15141
15X2'
49%
13
12%
Prior
250
*8%
100
High
% per share
Nov 18
Dec 12
10
Apr 29
Apr 23
Preferred
1,000
7
3
29
Corp (Del)...5
Market Street Ry
100
460
2%
42%
*41
32%
155
*52
58
1534
84
32
*150
42
16%
4
78
2%
12%
8%
8%
19%
18%
3
12%
18%
234
61
20
4214
Jan
4
100
8 per sh
2%May 14
6
No par
Marine Midland
3%
20%
I
250
7g Feb
100
334
15
60%'
34
60
19
*2%
100
-
Oil
Range for
Year 1934
Low
Low
shar*
ver
3034
57%
11%
3734
5i® Jan
2
18% Jan 16
10
2*
3'8
334
I8I4
578
314
250
7%
Maracaibo
8,300
42%
56
6
%
*n2
2
*li2
3i2
3i2
18i2
6i4
1638
42%
1%
712
42
51%
18i2
52%
51%
*31%
578
1934
27,200
8
Copper
Preferred
4,300
3%
10%
*1%
1%
18%June
tManhattan Ry 7% guar
Mod 6% guar
Manhattan Shirt
5,600
S
30i2 Apr
Mandel Bros
30
~
20
20%
2134 2234
111
111
111%
147
148
145t4 145%
150
109
*107% 109
*107% 109
7i8
6%
678
634
60
*58
61
60
61%
%
2
8
21%
2i4
10%
*49%
*49l2
104% 104%i 104%
31%
32%
31%
13
13%
12%
133s
13% *12%
108% 108% *107%
19
19%
19%
41% 42%
42%
117
118% 117
93S
9%
9%
38%
38%
38i2
12%
12%
12%
*96
99% *96
13%
13%
13l2
*94% 98% *9412
62
62%
61%
8
7%
8%
5578
42
42l2
148
*14414
108U IO8I4 *107i2
7%
62
7%
1978
*143
*3i8
3U
18%
62
55%
*31%
4058
534
6
19
8
56
*31%
578
19
41
40%
117% 118
93g
9%
38
38%
12%
1278
9738
973g
13%
1338
*94
98%
56
738
57
2038
2078
22i2 23
11078 11078
*60
13i2
110
*6l"
63
8
*56%
*31%
133g
13
13%
*108% 1097g
19%
41%
116
117%
938
9%
3778
38%
1238
12%
*96
*
53
31%
3178
13%
13%
13
*49
21%
2%
1%
3
52
52
19%
42%
12%
9%
32%
50%
17%
5178
21%
7%
par
No par
730
21%
10%
No
{Manatl Sugar
500
400
20%
2%
Mack Trucks inc
Magma
to
Dec. 31
Highest
share
per
Maoy (R H) Co Inc
1,100
8
S
Madlaon 8q Gard v t c...No par
400
9%
57%
2238
21%
5714
10
19,100
9
9%
58
1936
1935
Lowest
14,900
10%
35%
1%
1933
On tianu
Par
8
7%
9%
STOCK
Week
30%
*1%
7%
155
5178
134
*55
2%
10%
1%
7%
19%
12%
*8%
30%
17
*103% 105
30
19%
2%
8
YORK
EXCHANGE
48
35%
*1%
10
10
29%
45%
10i4
10%
35%
35
56%
20%
19%
*1%
7%
19%
*258
42%
52%
50
31i8
I6I4
15X4
1514
8OI4
2134
19is
1%
30%
46%
1%
10
7%
42
3038
*150
35%
18%
2%
2%
20
2%
8%
30%
*150
19%
10
9%
30
*10
the
$ per share I Shares
4512
46
20
*2%
7
20
10
20%
10
Jan.
$ per share
30%
*35
Friday
9
Jan.
10
1%
7%
*9%
56%
*18
2%
9%
8
30%
45%
58
20%
19i2
2%
*6i2
*19X2
*23g
*
*3412
*138
7%
*9%
*56%
Thursday
$ per share
46%
1078
3578
1%
8%
*10
8
7%
*9%
*56%
20%
10%
*56%
20%
Jan.
.
30
29%
45%
47
36%
7
$ per share
30%
46%
35
Wednesday
Range for Year 1935
of 100-ikar# Lots
.
ffiT
Monday
11
Juiy 1
CENT
JUT
Saturday
Jan.
6
tu>
Mar 13
Jan
3
3% Nov 14
86% Mar 29
102
Nov 21
10% Nov 26
99
Aug 20
7%
71
187
100%
10%
26%
84
46
7%
81
10
92%
volume 142
New York Stock Record—Continued—Page 7
265
July 1
HIGH
SALE PRICES—PER
AND LOW
SHARE,
STOCKS
Sales
NOT PER CENT
NEW
for
Saturday
Jan.
$
per
25
*51%
2%
♦22
14%
2678
20%
4
share
2612
52
2%
253g
143s
27
207*
*107
8%
255s
*123
16%
*87i4
49
Tuesday
Monday
Jan.
Jan.
6
24i2
*5U2
263s
2
214
2538
*2184
.
52
I4l4
13i2
24is
26
19
2012
*107
~~8%
267*
124
834
26
*123
92
1578
*8714
49
49
17i«
Jan.
7
93s
2714
124
!
8
$ per share
S per share
$ per share
2634
263S
*51%
2%
*2184
Jan.
*123
52
2%
253g
14%
124
124
90
107b
91%
49
47
49
267b
155*
124
*123
17
10
16%
*87
47
-
31%
3U8
521*
52U
32l2
5212
16*4
I684
19
*119% 120
*135«4 140
13%
7
17
*H2
137*
7*8
17
1*4
119
317b
52%
17%
120
119ig
*13534 140
14
1384
714
17
U2
187*
19
19
8I84
103*
10*4
10
82
7934
1178
1812
1214
*1812
48*
584
7*4
13
1%
125*
19i2
4I2
03*
77*
13
114
*68
69
77
78
.4%
55s
73s
12%
114
6878
7714
5%
518
514
5%
58*
5
33
32%
3278
54
5334
54
18%
18
18
119
120
140
140
14
7%
19
19
1%
1%
19
85%
10%
81%
12%
18%
4%
10%
90
400
190
*9
73
1%
133*
158
914
73
1%
163s
17s
834
9
72i2
U4
73
14
16
1*4
35
35
35
50
50
*45
*10
*33
1012
3712
*176
97*
54
2
163*
10
37
5%
*5
5%
5
5%
5
5%
5%
31%
33%
*9
*07%
H2
138
1434
17b
3714
1%
36%
*45
70
4%
8%
8
7%
8
13
13%
1%
68%
76%
13%
1%
2
163*
37*
9i8
54
21*
17
59
*184
1284
127*
21*
1234
13U
684
H2
105*
*13*
1178
5%
1*4
984
25
35s
2514
475*
475*
312
23%
47l8
35*
*120
46i2
122
46*4
121
4614
*1167* 118
132
*131
118
118
♦131U 133
*147
*147
105
106
1123* 112% *111
38
1714
115
38*8
1784
115i2
10318 1031s
15
1234
5484
8884
55*
39
39
37%
37%
1018
10
10
15i2
2134
9212
2414
117
5
*15
21U
93i2
2438
*97
478
1858
*8414
16
5%
19i2
9112
9H2
141*
1514
3012
3H2
*1131. 115
*33
*107
3012
*115
30
30
30U
5618
5634
56i8
*32
60
60
11
11
27
2714
*3184
3314
*23
88
114
31l2
117
30U
577b
*
93
185g
*8384
92
*115
39%
9%
*67
1%
15
1%
36%
*45
9%
*36
278
70
9%
51%
2%
19
39%
407b
9%
9%
*67
75
1%
1%
167b
16
v
1%
1%
6%
2%
5%
1984
8684
92
14%
117
47g
1078
278
69%
83
13
40%
570
1,500
978
40
75
1% 122,200
10% 37,900
2
32,200
37
r36
36
70
*45
70
200
10
10
800
37
37
500
9%
37
*176
10
9%
53
56
2%
20%
*2%
*16
4%
5%
60
64%
23%
2%
23
2%
14%
13%
778
278
14
13%
7%
3
10%
2,400
—
"lO"
58
2%
20
5%
65%
24
.
*
•
-
—
87
92%
14%
3434
*115
113
133
113
39%
18
16%
12%
57g
29%
39%
*40
72%
2%
2%
16%
16
22
117
29%
57%
58
58
29%
58%
*60
62%
60
60
11
*1034
*25%
*31%
11%
26
1078
24%
33%
32%
11%
25%
32%
Parmelee Transporta'n...No par
Pathe Film Corp
No par
Patlno Mines A Enterpr —No pat
Penlok A Ford-.
3
—No par
Penney (J O)
Penn Coal A Coke Corp
No par
10
Penn-Dlxle
No par
Cement
Preferred series A
100
Pennsylvania
Peoples Drug Stores
50
Preferred
-No par
100
:
People's Q L A C (Ohio)
100
Pet Milk
No par
Petroleum Corp of Am
Pfelffer Brewing Co..
5
No par
Phelps-Dodge Corp..—.....25
Philadelphia Co 6% pre!
50
26 preferred
No par
{Philadelphia Rap Tran Co
50
Phoenix
Hosiery.............6
Preferred
100
106
16%
13%
55%
110
10%
17%
13
1,300
74,000
21%
*90
*23
*-
89%
678
29%
88%
6%
42
40
93
94
14%
14%
*34
31%
*115
29%
58%
2%
17%
218g
*90
*23
237b
87
113
75
92
5%
197g
88%
19%
29%
73%
2%
16%
217b
116
~~4%
55
35%
113%
31%
117
*
75
2%
17%
22
92
2378
"5%
19%
5%
20%
89
90
94%
147g
94%
15%
preferred
—100
{Radlo-Kelth-Orph—No par
Raybestos Manhattan—No par
Reading
60
1st preferred....
50
2d
50
preferred
—10
Preferred... .............100
Rels (Robt) A Co—No par
1st
preferred—
...100
Remington-Rand............. 1
8,400 Real Silk Hosiery
280
2,600
600
62,900
1,300
900
26 preferred..............25
Prior preferred
25
Renns A Saratoga RR Co —.100
116
6
86,000 Reo Motor Car
—No par
82,300 Republic Steel Corp
1,700
6% conv preferred
100
6% conv proir pref ser A.. 100
1,500
5,800 Revere Copper A Brass........6
30
36
700
Class
113
113
120
Preferred
30%
*115
29%
29%
58%
60
5784
*5584
11
11
*11
22%
32%
25
25
32%
32%
*56%
55
6%
Purity Bakeries—.......No par
Radio Corp of Amer
No par
Preferred..
50
Preferred B..——No par
31%
117
30
58%
60
11%
25%
3278
A..................10
100
4.700 Reynolds Metals Co ....No par
5H% conv pref.......... 100
2,300 Reynolds Spring .............1
23,600 Reynolds (R J) Tob olass B—10
20
Class
A
—10
900 Rhine Westphalia Eleo A Pow.
3,400 Hitter Dental Mfg.......No par
.
1,300
Roan Antelope Copper Mines...
2
12%
0%
11%
8%
19
84
2
123
68%
99%
69
85%
Jan
,
3
18
14
Dec 31
7% Oct 22
21
17
17b Deo
20
Nov 30
28
20
21
18
3
28
12
5
6
*
2%
4
8
67
9%
11
478
8%
'4
31%
1
4%
44%
67
61%
1%
74%
5%
Mar 9
Mar 11
5% Aug 6
30% No v 22
2%
12%
20%
32%
1%
2*4
10
32% Deo
17%
5
39% Apr 1 »10%
80
11034 Mar 28
17%
43% Aug 17
4
Nov 22
54
Mar 15
2
7
7% Mar 14
Oct
14
2
Feb 27
5
26
30
21
12
5% Mar 22
53% Apr 1
13% Mar 12
10
8%
11
2
11%
21%
38%
«
87
49
64%
1%
18%
2
4%
3%
6
Deo
7
48
Deo 31
11
13%
44
16
48
9
3
6%
48%
11%
21
7
74%
*20%
13%
4%
64
60
%
1%
Nov 23
%
2%
%
4%
%
10%
1*4 Deo 13
18
18%
84%
65%
70%
38
Nov 16
76% Jan 26
127g Aug 13
4434 Aug 13
180
Aug 21
10
Deo 31
65
Oot
1
7
4
141%
4%
15%
141%
1
6%
1%
3% Sept 11
4
62
Nov 18
4
Mar 21
25
Nov 25
6% Mar 15
13
6% Mar 15
1234 Nov 20
578 Nov 9
24%
67«
1
169
11%
4%
43
3%
19%
5
1%
25%
59%
10
27
5
1%
7%
6
Deo 31
6
1%
%
4%
%
33%
1%
5%
33%
102%
6%
8%
10%
4% Deo 6
26% Deo 23
5334 July 23
16%
14%
2%
7
2% Nov 12
"
18%
42%
15%
1%
8%
6%
2% Aug 30
1% Mar 19
% Feb 28
87
26
16% Deo 31
l%Mar 20
2
7%
26
2% Nov 25
Mar 21
%May 14
6%May 14
42% Jan 12
13%
24%
3
Nov 27
17%
14%
........
1%
10%
5%
8
6
4% June 13
43
9%
7%
10% Deo 11
78% Nov 22
1% Nov 25
5% Mar 13
22% Mar 13
24ls Apr
6%June
13%
9%
40
Feb 14
10% Apr
51%
1434 Deo 27
Mar 14
26%June
8
88
18
85
8
43%
2
12
12
a:68 >8 Dec 31
Mar 21
July
112%
19%
4
4% Jan
% Apr 27
2% July 24
66
19%
86
Deo 31
19% Deo 16
28% Deo 9|
45% July 13
85% Nov 12
4% Nov 29
12% Mar 15
88% Mar
1% July
3% July
1% Mar
35% Mar
7
87
9%
14%
Deo 28
19%May
13% Oct
1
9%
35%
13
1
2
.
44%
34% Nov 23
6434 Dec 31
172
6%
%
8
July
2% Feb 26
9% Mar 13
16% Mar 13
7
86%
2%
%
1% Nov 30
5
3
17
2
8% Dec 30
16
May 23
7
7
50
21%
84'4 Sept 18
6% Aug 21
Feb
23
2%
%
7
21
5
81
9%
6%
12
3
13
108% Oct
17% Mar
11
116
%
Apt 26
4% Deo
37
5%
6%
36
23%
2%
10%
8%
Nov 22
16
19
19
18
14
103
6
if
Deo 31
8078 Dec
12
Sept
101% Sept
14% Sept
21% Nov
17% Mar 12
30
Deo 14
142% Deo 19
65% Aug 26
3%
247g
48%
120% 120%
47
40%
105% 105%
118% 118%
133% 133%
*149% 152
1
12%
20%
No par
.....100
3%
19
PUlsbury Flour Mills
Preferred.—...
6
7
—»
12
Pirelli Co of Italy Amer shares-
100
Dec
31% Dec 31
% July 16
31
Apr 8
Pitts Ft W A Chic pref—
1
2
No par
100
94
"
........
0
Pleroe Petroleum
Preferred
114%
60
6
Jan
—25
Pittsburgh Coal of Pa.......100
97
60
w
25
47
Nov
Pleroe Oil Corp.
Preferred
100
97
Nov 12
8
9
30
7%
28
4
19%
108
3%
21
9% Aug
11
May
2% Mar
% Apr
4% Oct
8% Feb
% July
64% Feb
57% Apr
2% Mar
......1
Peerless Motor Car
92
3
66
67
...
*106
133
*149% 151%
73
94
.
100
Park Utah O M
11%
92
Mar 18
70
Second preferred..........10
Park-Tllford Ino
1
3%
24%
12%
5%
20%
88%
.
First preferred
14%
June 19
71% Deo 10
8
Aug 28
......5
106
122
457b
47%
105% 106%
118% 118%
6
63g
95
19
Parafflne Co., Ino
.No par
Paramount Pictures Ino.
...1
Pan-Amer Petr A Trans
3%
70
434
12
Panhandle Prod A Ret—..No par
8% conv preferred
1.. 100
No par
-No par
40%
18%
118% 121
*119
13% Mar
----
5% Dec
Mar 27
111% Jan 14
6% July 11
3% Mar 13
10% Jan 9
%June20
6% Mar 12
Pac Western Oil Corp
48
10%
19%
1
15%
1%
3%
10
3% Apr 22
No par
Class B..........—No par
12,100
8,100 {Postal Tel A Cable 7% pref .100
10%
"5"
No par
5,000 {Pressed Steel Car..——No par
Preferred......
.—100
2,000
——No par
8,400 Procter A Gamble
80
5% pref (ser of Feb 1 '29)—100
19,500 Pub Ser Corp of N J—No par
$5 preferred....
...No par
1,500
2,000
6% preferred............100
900
7% preferred...—..—100
100
8% preferred..
.......100
*112
113
600 Pub Ser El A Gas pf 25
No par
No par
41% 54,400 Pullman Ino
40%
.No par
18%
19% 101,800 Pure Oil (The)
119% 122
1,340
8% conv preferred.......100
3%
Mar 26
1st preferred
Packard Motor Car
16%
3%
7
1734 Nov 13
3% Deo 7
5
2d
8%
10
92
1
3%
10%
10%
24
Pacific Coast...............10
900
39%
117
Aug
129
Mar 12
14
40%
8%
70
115% Mar 29
114% Mar 23
4%
29
8%
Deo 21
80
preferred.......
20
5
Dec
5
43
1%
6
92
25
36%
33
5%
12%
55
Paolflo Amer. Fisheries Ino
Pittsburgh A West Virginia ..100
800 Plttston Co (The)
No par
32,600 Plymouth Oil Co
5
.—No par
9,400 Poor A Co class B
No par
14,800 Porto Rio-Am Tob ol A
2%
14%
13%
July
17% Sept
14%
W
8
Mar 12
Owens-Illlnols Glass Co...
Pittsburgh Screw A Bolt— No par
Pitts Steel 7% oum pref.
100
Pitts Term Coal Corp..—..100
300
6% preferred..———.100
40,600 Pittsburgh United
25
41
24
100
125
7
High
t per share
13%
Nov 20
11% Nov
26% Deo
3
4
Low
33
4
22% Jan 16
38
No par
Preferred
107
Jan 16
Jan
Jan
Jan 3
Dec 31
Deo 13
2034 Deo 31
4% Mar 14
Prior preferred...........100
Outlet Co..
2,300
1,980
106
No par
26,500
5,650
41
*
100
Mar 20
4% Apr
11% Apr
No par
Preferred..
Otis Steel
2%
32%
14%
27%
16% Oct 2
.3% July 23
75
No par
Otis Elevator
25% Dec 26
52% Deo 11
9% Mar 18
new-No par
Omnibus Gorp(The)vtc— No par
Preferred A
..........100
Oppenhelm Coll A Co
f per sh
z20
No par
1,770
7% preferred——
...50
—No par
8,000 Phlla A Read G A I
10
10,900 Phillip Morris A Co Ltd
800 Phillips Jones Corp
No par
10
7% preferred............100
No par
50,300 Philips Petroleum
39%
30
*80
9%
200
39
41
29%
For footnotes see page 258.
13%
83
69
6
60
2714
33%
127g
4%
9%
2%
687fi
*12%
83
40
14%
35
*33
357b
113% 113% *110
113%
31%
30% 31%
307b
13%
4
2,200
90
37%
*90
24
117
~~47g
*87
90
297b
*71%
2%
16%
2134
16
94
3%
8%
2%
27%
477b
10
217b
24%
48%
47%
50
Ohio Oil Go...
Oliver Farm Equip
Low
f per share
13% Mar 28
367a Jan 18
1% July 12
100
Telegraph
100
2,400 Peoria A Eastern
1,400 Pere Marquette..... ......100
Prior preferred........... 100
2.800
Preferred.—..——.
100
1,600
13% 346,400
2,600
90
17,100
7% 196,200
29%
3,150
40%
5,600
300
41%
800
39%
5%
2%
21%
92%
117
48
26%
28.200
29%
39%
*39%
*37%
73
16
1512
3812
114
13
22%
91
8712
*71%
2%
28
16,200
14,700
31,200
88
37l2
218
800
14%
17%
90%
41
72
10%
88
5%
29%
7078
2i8
62
8784
40
2is
107
50
16%
14%
I6S4
267b
55
39%
15
1078
25U
107
800
61
55%
29
91
*58
117% 118
8,700
1,800
66,600
1%
16%
14%
167g
17%
13%
55%
41
70
18
5%
33%
34%
10
61
16%
1278
55%
584
29%
20
3014
17%
38«4
17%
117
117%
1047b 105%
85
478
193s
878*
113
1634
88
10i8
132
3778
82i2
53s
2878
3934
*3834
*37U
10ig
118%
132
113%
3878
40%
89
1018
*3212
117
*112
55
41
122
47% 48%
105% 106
69%
76%
5%
23,000
86,700
14,900
41,800
1,100
2,800
11,300
1,300
72
*119
48
400
19
71
121
105
8
71
45
5%
24%
48%
55
37
34%
3%
24%
4734
55
37
33
34%
3%
55
*3812
5
5%
32%
487b
112
5%
75%
5%
25
17%
578
1%
70
3%
24%
112
.
15
48
3%
113i2
104
8
10,000
301,700
19%'
1,900
278 26,200
1,740
28%
84
6,200
1078 55,100
82
8,700
12% 25,500
14%
478
7%
778
Northwestern
Norwalk Tire A Rubber —No par
Preferred
50
25
14,100 Paolflo Gas A Electric
No par
6,800 Paolflo Ltg Corp
No par
7,200 Paolflo Mills....
160 Paolflo Tolep A Teleg
100
20
6% preferred
.........100
5%
31%
*86
21
*149% 151
11512 11712
4%
7%
49
6%
2%
6
31%
16%
52%
278
149
17i2
12%
18%
25
2%
12%
1234
*117% 118
13034 131%
383s
10%
81%
12%
*17%
4%
0%
7%
14%
1%
69%
75%
5%
10%
61%
23
12
46%
14%
"10%
149
1658
83
83
10
16%
12%
30
24
4
2
10
173*
127g
4012
*97
21
*18%
1%
20%
84%
1078
4%
63%
22%
2%
1378
12%
1512
12i8
39
2i8
15i2
205s
86I4
284
7%
22
5%
65%
23%
2%
1378
13%
6%
2%
10%
15i2
1314
297*
70
51
14
147b
7%
20%
*176
150
37U
103
9%
9?8
52%
2%
20%
4%
61%
24%
1%
1234
13%
6%
2%
10%
46%
4712
*105
*176
121
121
*1041* 106
150
38
48
35s
245s
4834
1%
103*
12
38
5%
61
1%
36%
37
6%
-
45%
5%
31%
*16%
16
70
12%
-
478
30%
68%
10%
3%
24%
35s
5918
2234
2i8
125*
127g
684
17b
103s
5
3%
36%
*45
5
mm
9,700
3,100
2,030
1,130
1,730
44
1%
10%
9%
17
225*
1%
70
2%
17%
3%
58%
2234
1%
12%
12%
5?8
1%
10%
214
61
15
-
15
32%
32% *32%
32%
114% 114% *113% 116
9%
74
10%
51
55
24
334
1%
69%
74%
77
37
"lO
23
*64%
1%
16%
1%
36%
*176
*59
9%
93g
73
1%
69
10
10l2
37i8
*176
101*
55i2
13%
7%
19%
1%
20%
83%
10%
81%
117b
18%
4%
678
7%
13%
1%
68%
77%
634
14%
484
11%
5%
31%
32%
32%
53
52
53%
1778
18%
177s
1778
122
*120
119% 121
140
140
*135% 140
12%
18%
8
.»
144% 146%
15
52
83
33
32
32
*3134 32
327*
3134
317g 33%
33% 34%
*32
32
32
32
32
32i2
32%
32%
*11412 116
*114l2 116
*114% 110
*114% 116
45
43
4512
47%
415* 41*4
46% 48
4
5%
4i2
478
*414
4i2
438
47S
31
30
30
29
30
29i2
31%
31%
65
66
65
66
65l2 67
68% 68%
*54
61
59
56
60
60
60
*51%
*16
I6I4
1634
16%
16% *16%
10%
1618
14
13%
14U
137g
133s
135g
135s
14%
17
16
17
17
16%
16»4
16%
16%
26
26
2612
26i2
20%
26%
255g 26%
46
*45U
4612
4634
4734 48
47% 47%
82
85
85
*7914
*8034 84
81%
81%
*3
*3
*3
♦27*
312
334
35s
3%
8I4
814
8U
8%
8%
83S
8%
*8%
284
27*
234
234
234
2%
234
27g
70
69i2
71U
70%
67i2 7014
6934
69%
*12
*12
*12i2
1314
1384
12% *12
12%
83
83
83
*80
*80
*80
*80% 83
40
3934
38is
40%
38%
39%
38%
395*
33
32
*117%
146"
31%
5
53s
3334
33U
10
45,300
49
5%
7818
514
2,600
19,800
49
1134
*18%
4%
6%
7%
127b
1%
68%
767b
71
•»
90
87%
107g
81%
12%
1834
43g
MM
91
21
8434
10
-
48
7%
20%
15s
20
80
*
*87
14%
1%
1934
83%
10i2
8H4
1214
1812
4l2
6i2
734
1278
H4
81
325s
120
«
16%
.
82
21
83
*18
-
Northern Paolflo
Highest
S per share
Par
.
83,000
15,800
38,200
10%
47
-
100
1,200
125
17%
Lowest
85,800
Range for
Year 1934
1936
Shares
48
91%
m
—
*13534 140
1334
14%
7%
7%
7%
1838
1%
83
--
*123
1933 to
Dec. 31
Week
10
$ per share
28
26%
52
*117
*117
*11014
*117%
*117%
138
143
13934 14684
137i2 1391*
13784 139
139%
15
1484
14*4
1514
14%
147g
1434
14%
14%
4
4
434
37«
4%
47g
378
414
4%
11
13
II84
12%
9i2
10%
9i2
IOI4
11%
5
6
*484
512
6%
538
53*
5%
6%
31%
5212
Jan.
9
S per share
25% 26%
52
*51%
51% 51%
2%
2%
2%
2%
2%
25%
*21% 25% *2184 25%
14
14%
147g
14%
15%
14%
27
28
27% 28%
29%
28% 28%
197b
19% 20%
19%
20%
20%
20%
120
*107
*107
120
120
*107
1185g *107
9
9
9%
978
9%
958
9%
9%
26
27
2684 2738
26% 27%
267b
26%
25%
*51%
2%
*2134
1378
25%
I884
165s
8912
*165.
Friday
Thursday
Wednesday
Range for Year 1935
On Basts of 100-sAare hots
YORK STOCK
EXCHANGE
the
16% Jan
5%
"
1
89%
5
22
44%
Jan
2
121
20% Mar
5
4634 Nov 18
104% Deo 28
20%
69%
25
46
67
84
117
Deo 12
73
78
97%
Deo
6
84
88
Deo
9
99
105
115
62% Feb 20
73
Mar 14
85% Mar 18
132
Mar 14
148
100
99
Jan
5
113
Nov
7
101
83%
July30
62% Jan
29%
6%
9
87%
85%
117%
106
119%
104%
59%
14%
29% Oot 11
57g Mar 21
49% Mar 18
11978 Deo 12
49
49
80
65
103
33%
8%
33%
63
8%
19%
4
22
4%
28%
66%
15
46
June 25
8% Feb
1
4
Mar 13
60
Mar 18
17
Deo 31
Deo 16
1734 Oot 15
13% Deo 18
62% Jan 25
85% Mar 12
1% Mar 13
16% Mar 13
92
Deo 18
13%
6
Oot 21
30% Deo 31
1%
11%
29% Mar 28
86
Apr 6
33
Apr 17
43% Jan
7
29%
43% Nov
6
38
6
3% Apr
20% Apr
11
1
8
7
4
2
Mar 26
Mar 12
June
1
69
Aug 22
21% Oot 15
98%June 10
2% Mar 13
9
Mar 15
28% Mar 18
78% Oot 2
6% Apr 3
13
Apr 17
75
Apr 9
17% Apr 29
101
June 10
12% Mar 20
43%Mar 26
55% Apr 22
11% Dec 19
5% Mar 26
217t Feb 25
Deo
6%
9%
4%
1%
14%
23
56%
28
35%
33%
27
29%
89%
41%
72
Aug 10
Nov 13
3%
20%
3
Oot 25
1
1%
6
6%
5%
6%
38%
0
13%
18
Nov
7
2034 Deo 12
88
Nov 27
Mar
1
21%
981s
5% Deo
4
2
2034 Nov 20
9
97
19
Nov 14
Deo 11
44
37% Deo 30
*•
115
32
Deo 31
67
Nov 12
13% Mar 13
20% Deo 31
33
Deo
5
60%
3
«
5%
26%
67%
mmmm
5
10
14%
28%
11%
46
9%
101
«
"26
•
10%
33%
35
Nov 26
113% Deo 24
31 s4 Deo 12
68% Nov 23
114*
78%
95% Nov 22
16
14
85
69
25% Nov 19
110
6
6
39%
55%
12%
5%
20
90
27%
15%
W — m
6%
89%
•
-
16
53%
57
62%
12%
23
6%
20
13%
83%
1936
11
Jan.
New York Stock Record—Continued—Page 8
266
JnlV 1
SALE PRICES—PER SHARE, NOT PER
AND LOW
HIGH
$ per share
$ per share
1*2
1%
2%
10%
234
1012
1934
33
♦15
32%
134
234
10%
1934
3384
14i4
48%
338
16%
4658
4778
3%
3%
1658
1534
53%
54
1
78
2%
3534
33%
35
*358
4
1
35
*3%
4
64%
438
68i2
16%
11%
6478
438
5
*4238
32%
*38%
15%
*110
16%
1578
1634
11%
2134
58
43%
32%
1578
11
16
116% 116%
*58
61%
60
60
71
69
7038
63
67'2
69%
64i2
27U
1458
7078
64i2
27%
2658
27%
15
70
1578
22%
34
34
778
6434
65
152
150
7
7%
7%
■7%
7%
7
7
7
7
8%
68
35"
18
14%
34%
1734
16%
1734
1634
17%
1478
14%
14%
14%
17%
*13%
45
45
45
45
*13%
45%
67
67%
67% 69
6934
6684
69%
103% *10234 103%
10358 *10134 10358 *100
1658
1634
16%
16%
1634
15%
1534
15%
124
124% 123% 124%
124
124
*12134 124
12%
10%
10% 10%
105s' 1058 11%
10%
69
10%
26%
28%
258
6%
734
1034
1034
1234
12%
26%
2734
2838
2934
234
27
28
29
258
258
113%
113% *113
39% 40%
4058
40%
34
3434
3338
3338
2834
*23%
*23% 28%
52%
51%
5278
52%
*113
2834
2%
113%
40%
3434
*23%
31%
31%
31
31
5134
3034
66
66%
65%
3%
10%
65%
65
334
978
334
10
*48%
18%
50
15%
958
16
72%
18%
978
72%
*48%
17%
1538
9%
7234
3%
334
11%
1158
2338
658
23
33%
1%
6%
87S
8%
2958
3338
758
1034
30%
42%
1%
638
878
8%
34
7%
7%
10%
31%
2834
29%
43
41
42
61
61
60
60%
*10
11
10%
*9734100
9%
938
99%
9%
99%
9%
5%
5%
538
5%
28%
28%
9%
25%
*27%
27%
5%
5%
9%
25%
558
*2834
15%
3134
1534
10058 10058
65
*50%
1234
1238
68
6734
13%
1678
1558
7%
*93
9
26
534
2734
9%
26%
5%
30
*52%
13%
58
13%
100
9%
6%
27%
834
26%
5%
*26
10%
100
10%
6%
27%
69%
5%
8634
69%
5%
66
5%
69
6
2334
934
934
66%
5%
67
91%
88
89
90
91
133
*125
133
493$
7284
24%
32%
534
66%
534
834
25,700
28%
9%
5%
30
15%
102
*52%
31
1578
102
58
15%
53,100
1,600
1434
102% 102%
58
*52%
14%
14%
13%
13%
17%
16
16%
6634
13%
16%
15%
7%
97%
478
778
.26%
35%
1534
8
25%
35%
10%
6634
6
92
93
133
*125
133
48
48
48
50
72%
73
72%
2358
73%
2434
3178
67%
13%
*125
For footnotes see page 258
*29%
400
1334
7334
2334
5%
27
66%
96%
15
15
7%
778
96%
97%
25%
34%
934
65%
5%
2678
36%
10
65%
578
93
1,100
28%
1,200
978
28% [26,900
5% 20,200
9%
14%
49%
23%
*27
67%
71%
24
1,000
778
2634
48
23%
500
11
7%
28%
9%
27%
534
6
9%
58
61
10%
9,400
27%
5%
3134
15%
*5978
934
5%
23%
3134
Texas Paclflo Coal A OH
99%
8
10
28,400
18,100
9%
7%
32%
838
*95%
5
934
Texas Corp (The)
934
5%
31%
55,000
28,400
99%
8
23
22,700
9%
734
23%
31%
9%
10
8%
*96%
*5
32%
878
9
110
5%
24
14,600
....
10
65%
578
93%
93%
*125% 133
125
15%
13%
16
8
111",600
10,300
43,000
14,700
3,100
27,000
1,500
9734
5
8%
27
36%
4,000
1,600
18,200
34,400
2,500
10
370
66
pref
Third
Nov 12
4584
4
Deo 27
10
Dec 28
25„
Mar
6
60
Deo 27
28%
6% Mar
4%
Mar 23
96
9
*11
115ia Jan 10
xll
Apr 4
par
15
314 Mar 6
Sept 16
2234 Dec 31
32]2 Deo 17
>4 Apr 16
II4 Apr 29
6I4 Sept 20
4
Mar 15
16ia Mar 13
2884 Apr
3U
Jan
4
2
8>a Jan 15
Apr 12
May
5U Apr 10
100
61i8 Jan
7
1
2ia Mar
7
16
1958
U
1U
614
3i8
I6i2
2284
2ia
6
44% Deo 27
61
Nov 8
38%
8
4
4
Oct 16
100
45
50
Mar 15
5
2
Nov 15
13
Jan
133s Mar 13
No
Tidewater Assoo Oil
par
100
Preferred
No par
Axle
10
No par
Transamerioa Corp
No par
Transcon A Western Air Ino
5
Timken Roller Bearing
Transue A Williams St'l— No par
Tri-Contlnental Corp
No
preferred
Truax Traer Coal
No par
6%
par
No par
10
Trusoon Steel
20 th Cent Fox FUm Cor p. No par
...No par
Twin City Rapid Trans..
No par
100
Preferred
Apr 23
75s Mar 18
84
Jan
8
18
3
6
Mar 18
Under Elliott Fisher Co ..No par
6384 Mar 29
125
Dec 24
4958
7278
50%
50
50%
6~600
Union Bag A Pap Corp
No par
29
May 28
7434
7434
75%
Union Carbide A Carb
No par
44
Jan 15
24%
25
24%
25
26,000
20,600
25
14*4 Feb
6
9%
8%
22%
11
20%
5%
14%
14%
04%
87
18
24
«0
13% Dec 31
3
72% Nov 18
21
6
8%
4%
4%
13%
00%
1%
1%
24%
»4
4%
1
1
87i4 Deo 10
133
Apr
5
8*4
78
5%
8%
9%
----
....
«««
....
3%
13
Deo 26
22%
95
•
1*8
0
1
8%
89
4
80
587,
102
1287,
007,
29
Jan 22
7584 Nov 20
24
Deo 31
3
17,
51
5i8Nov
50ia
8%
41
5%
7%
Dec 30
25
2
10
18
13
33% Deo 13
1258 NOV 29
73
24
47,
15% Nov
16
87,
Deo 31
8'4 Nov
97% Nov
67a May
8% Nov
2478 Deo
245s Oct
2i2June
12%
83
43%
17, Mar 13
Apr 4
Aug 28
8
7%
"
478 Mar 12
7U Mar 29
5i8Mar 14
li8June 10
100
*r
14
35s Oct 14
3ia Mar 13
1*4
17
52%
Dec 31
283s Mar 15
13
10
1%
17
1578 Dec 31
48
69
47,
10
Deo 31
104i2 NOV 18
2684 Mar 15
41* Mar 16
par
No
28
4
18%
4%
2634 Nov 22
5
Deo 31
17
1% Mar 15
2%
2%
10% Dec 26
5
5i8 Jan
19
Oct 19
125$
No par
Union OH California....
ll
I3ia
No par
No par
Thompson-Starrett Co
Preferred
•
28% Dec 31
29
Ulen A Co
"
534
3ia
Sept 30
834 Dec 26
30% Deo 31
3684 Feb 19
9U Oct 7
12'aMay 14
June 28
3,900
97
1%
45a
»
87g Nov 29
Thompson Produots Ino
Preferred
2
9
7
25
$3.60 oum pref
2U
33% Deo 18
1% Nov 27
6% Deo 2
97S Jan 9
1778 Oct
4
Thompson (J R)
Detroit
8
2ia
3% Deo 13
I284 Aug 27
25
Deo 9
8
1
30b8 Deo
2
13i8May
100
121
Mar 18
1% Jan
5
50
..No par
Third Nat Investors
1
3i8 Mar 28
36
No par
...No par
Co
6
42
1
Avenue
Tlmken
68
60ia Mar 20
10
Preferred
19
12ia Mar 14
6,900
578
133
Mfg
23
Feb 18
32
6884 Jan 15
14
The Fair
94ig
26ia
4078 Dec 31
333s Deo 31
3318
100
Co
Tide Water Oil
68
1634
No
7a
2>2Nov 18
Apr 6
116
52% Dec 31
32% Nov 16
par
25
Texas Pacific Land Trust
Thermold
2
6
15% Dec 31
1034 Nov 25
77
Nov 21
6
5
Texas Gulf Sulptur
conv
15
Oct
Ua
1878 Deo 31
No par
Telautograph Corp
Tennessee Corp
$3.60
Mar
20
2ia
6
No par
Class A
Thatcher
8
5
734
6,000
95
*7%
{Symington (Jo
7%
43%
10%
94%
5%
Swift Internat Ltd
3,300
5,200
23
2% Apr 17
..No par
5,300
1%
43
61
15
7%
Swift A Co
33%
1%
44
10
3
Jan
2734 Mar 15
120
2% Mar 14
50
25
Sweets Co of Amer (The)
43
7%
94%
4%
2,900
56,400
Texas A Paclflo Ry
*5978
7, July 17
Apr
par
No par
1
100
10
Superheater Co (The)
Superior OH
Superior Steel
Sutherland Paper Co
5,400
13%
17%
15%
8
8%
Preferred
32
61
Mar 15
6
111
100
No
31
101%
734
8,400
3,200
12%
2334
8
130
1
{Studebaker Corp (The).
Sun Oil
30%
16
8
1178
23%
No
Webster
29%
13%
7%
84,200
A
31
16 34
15%
5,800
378
Stone
11%
13%
93
28%
3%
50
6
Stewart-Warner
8%
1078
16
7%
119%
28
No par
34%
44
100
preferred
87S
11%
13
14
No par
Standard Oil Export pref
35
13%
93
Stand Investing Corp
1034
17%
738
4*4
11
15
13%
66%
13%
1634
15%
26% Dec 31
2878 Dec 31
858
3158
35%
101
*52%
9
8%
67
10
24%
6
10%
7%
66
3134
72
9%
15
15%
100% 101
24
48%
.
15%
7%
2334
*125
100
1434
5%
*758
*10%
3%
1134
68
16
119
8%
11
4»4 Mar 15
17 oum prior pref
No par
No par
78
35%
8%
60
1*4
$6 oum prior pref
77
c034
4134
1138 Aug 17
18%
31%
41%
184 Mar 15
1734
19% 119%
28%
12%
No par
51
420
45
3
9
Preferred
18%
17%
9%
2,600
714
*
1
Jan
19%
UaMar 16
51
2734
105% Nov
10134 July 26
{Standard Gas A El Co ..No par
Convertible
7834
6
Oot 21
12% Dec 14
9U Aug* 17
Preferred
9%
4378 Mar 27
84
2ia Mar 15
1,200
30%
34%
*25%
12%
9%
77
35a
1
6,300
17,400
17% 119,000
1034 120,900
18
15i2
48
No par
Preferred
2,600 Sterling Securities ol A
16%
7U Mar 14
8l| Mar 14
33U Feb 14
12i2Sept 18
122%June 4
1178
24
29%
55
16%
18% Dec 31
Oct 22
Nov 22
Nov 13
lig Mar 19
33
29%
100% 101
1734
1%
36% May ll
30ia
1214
31
Spiegel-May-Stern Co...No par
6>i% preferred
100
Standard Brands
No par
27g
Oct 18
Oct 21
8ia
100
1
No par
No par
5
20
8'4 Dec 19
No par
10
No par
237$
*5934
9%
5%
27%
9%
25%
5%
*49
30%
107
59ia Apr
Spencer Kellogg A Sons __No par
51
3%
70'2 Nov 22
Dec 11
2
3
3% Mar 13
3% June 25
Apr
15
81
Sperry Corp (The) v t 0
Splcer Mfg Co
Conv preferred A
7
3334 Dec
834 Nov 22
Mar 23
1134
378
5%
65
Sterling Products Ino
1%
7%
9%
834
30%
No par
No par
Sparks Withlngton
Spear A Co
Starrett Co (The) L 8
.3%
734
42
900
24%
10%
30%
42%
*59%
100
preferred
Spang Chalfant A Co Ino pref. 100
3
12*4
Jan
2158 Dee
Mar 14
3,600
1%
34
Spalding (A G) A Bros—No par
112
8
164
July 23
July
Dec 23
Nov
27
8
7
5
20
25% Dec
8
15
66%
3%
12
5i2 July
76
Oct
152
4
Feb
105, Mar 13
12«4 Mar 18
5478
33%
734
132
26
912
1
28% May 24
Jan 30
20
*■
1584May 24
35«4 Mar 18
24
10%
*98
3%
11%
5378
31%
66%
400
112
10
1%
8%
9%
8%
30%
34
55,100
6,200
15% Apr 3
10% Aug 30
107ij Jan 15
Standard Oil of New Jersey...25
34
10%
2834
15
100
Standard OH of Kansas
33%
33%
7%
42
Standard Oil of Indiana
24
8%
8%
29%
I8ia
3>a
No par
31%
12%
66%
95
5
9
25
*52
66%
834
8%
28%
16
15%
7
Nov
30
2834
734
734
10%
3658
*23%
*7%
6%
70i2 Nov 16
68i2 Deo 18
No par
25
23%
6%
10%
30
65%
1%
7%
8%
8%
29%
Mar 12
46% Nov 30
100
68,600
8%
24%
1%
7%
24
Mobile A Ohio stk tr otfs —100
8%
23%
1%
33
54%
30
12%
27%
Stand Comra Tobacoo
8%
33%
11
2834
65%
3%
1234
1134
15
Preferred
55,900
37%
31
3%
12
100
37%
36%
*23%
65%
3
65% Dec 31
Standard Oil of Calif
53%
9%
74%
11834
28%
Mar 20
100
100
43,500
5334
18%
1734
958
75%
119
28%
11%
13
Co
28,600
6,400
52%
30%
55
410
17%
68%
No par
29%
2858
30%
28%
234
234
234
234
113%
112% 112% *113
4134
41%
40%
4158
'
*50
L57.700
24%
7«4
6
Edison
19,400
27%
334
200
8ia
434
9
5Ua
Preferred
12%
23%
24
8%
12
2334
11%
11%
23
33%
1%
8%
12%
3%
1178
2378
25
3384
778
118% 119
28% 28%
3
3%
33
30
1134
2634
12
260
12078 122%
123% 124
28
74
8%
28%
5,800
27%
73
30%
69
69
68
6734
104
103% 103% *101
16%
1578
16%
1578
46%
2734
17
23%
6%
834
700
13
18
8%
24%
33%
1%
63,300
1434
46%
12%
17%
9%
7%
18%
1434
13%
18
7%
1034
17%
13%
12%
50%
23%
3
1778
13%
14%
17%
16%
9%
658
23%
33%
1134
28%
400
12%
6
Jan
89
6
Preferred
34%
734
50
7234
3,500
8%
18%
9%
46,600
OO
8
100
So Porto Rioo Sugar
1st
57
514
I884
6*1 Jan 15
c
7%
7%
50
2334
3%
2834
52%
3034
65%
10%
28%
3%
11%
23%
29
3
35
334
118% 118% *118% 118%
29
40%
10%
1634
106
7%
8%
30
3058
234
234
11234 H234
40% 41%
34% 36%
*23% 2834
30%
234
113
200
60
13%
27%
14
26%
2,000
6
45ij
2S
42
Iron
corp
57,500
6734
lUa
5i2
"
Apr 26
20'2 Deo 24
Southern Railway
34%
46
Packing
Pacific
700
~2~6~%
116'4 Deo 27
Socony Vacuum Oil Co Inc
Southern
38,900
"l9~"
Jan 22
Solvay Am Invt Tr prof
Calif
37
49
7i2
19
100
No par
A
Southern
21
8%
8%
7%
290
9
Steel
20,400
98,400
34%
46
*100
678
8,000
1378
60
25
7% preferred
Smith (A O) Corp
Snider
13i4
77,
S8I4
30
20i2 Dec 31
434 Oct 24
5ia
4
100
Preferred
990
3,700
4
3U
Nov 14
193*
Mar 15
6
9
6
16% Deo 10
11)
10
81oss-Sheff
17%
46
46
45%
838 Feb 16
Petroleum
360
*81
34%
"35%
1458
500
5,500
26%
15%
8%
63i8 Mar 21
Skelly Oil Co
27%
67
106
34%
100
Conv preferred
10,400
2734
*36
106% 106%
7%
7%
7%
7%
*81
*33%
1738
35
8%
68
*34
No par
Mines—5
No par
Shell Union Oil
4U
52
4*s
6*4
3ia
Deo 31
39
65s
51U
Ua
82
30
Dec 27
6
6
534 Nov 25
50
July 23
3414 Dec 31
40% Nov 12
29% Dec 28
20*8 Jan 2
5% Mar 19
81
U«
2534 Nov
Mar 14
38%
2ia
2ia
1278 Deo
3% Mar 12
Slmms
153
*81
*105% 109
734
7%
7%
7%
*34
658
8%
*66
No par
Conv preferred ser A
No par
Sheaffer (W A) Pen Co
.No par
Shell Transport A Trading.__£2
30
17
714 Mar 14
Simmons Co
100
2678
2 534
147$
20%
l%May 6
Apr 3
7% Mar 13
.
20*4
19
6978 Nov 20
4i8 Nov 25
70
Nov 19
40
3i8
1
5g
3678 Dec 31
478 Jan 26
Mar 12
9
2
2
'a
%
3
Deo
3
1
58 Aug
31
Sharpe A Dohme
1538 142,300
152
li4 Deo
%June 29
1
14,700
26%
387,
30%
15
8
20*8
8
3
1*4
4i8 NOV 25
Jan 18
4
4
Apr
No par
No par
(F G)
66,500
65
1'4 Apr
1
1
Preferred
27,400
15
36%
14%
*81
*81
*R1
TO JL
8
..
Second Nat Investors...
23%
27%
3534
67%
105
105
105
*101
"7%
68
5%
17%
No par
Sliver King Coalition
26%
152%
20
8
8%
*7%
*65%
17%
100
578
27
27
152
35
15%
4%
2
Sears. Roebuck A Co
900
*111
35
35
9
278 Oct 14
23,400
12
27
1538
21
16
2134
35
1638
111%
123s
2178
26%
15%
21%
35
98%
13~% Deo
5614Nov
20*4 Mar 12
170
16
113%
12%
90%
Jan 15
Mar 12
No par
1,800
111
114iaJune 19
6
No par
700
31%
108
Seagrave Corp
427g
64
25%
21%
45
31%
*38%
68
6638
2658
16%
2238
2634
2534
634
45
27
25%
8
6
534
534
23
21
2158
2214
117
116% 116% *115
*58
5934 60
5934
70
70%
69%
69%
2658
25%
65%
1138
21%
27
24%
14%
19%
65
734
27%
27%
27%
152
26%
15%
1578
2658
2634
15
15%
1478
111% 111% *111
26
8
778
678
6812
2778
26%
*31
*101
•V
70
67%
1958
2534
*38%
IIII4
11%
2538
2334
14%
2558
2034
27
150
16%
5%
44%
3134
57
84%
Seaboard Oil Co of Del
600
1634
38%
80
2
22
Sharon Steel Hoop
2234
5%
578
20
20'2
116% 11678
*58
5934
5%
20%
20
6534
1537« 15378 *150% 154
25%
24%
Shattuck
27,600
36,500
1558
11%
23%
31%
Jan
46
No par
6
1
Servel Ino
16,200
25%
2218
27
27%
28%
2778
*27%
15
15
15%
1434
1434
*110% 111% *110l2 11112 *110'2 111%
27
28,200
12%
2434
111
11
22%
63
70%
*63%
44%
a32%
*38%
11%
2134
5%
5%
5
5%
6i8
20
20i2
19%
20's
118
*115
*116% 118
*58
7078
72
27
13
12
23i2Nov 29
113i4June 29
Mar
No par
47,600
4%
7178
16%
11%
25
6%
44%
32i2
A278
16%
111%
1178
2258
6
20
No par
434I
4%
4%
6%
1%
8
4
12
100
100
Preferred
2,300
13,700
1
734
31% Dec 27
10434 Mar 11
109
Oct 1
100
{Seaboard Air Line
6234
438
278
3534
1%
Jan 12
Scott Paper Co new
61%
414
71%
1578
1178
16%
1134
2334
638
45%
32%
4278
11%
15,200
62
1534
11%
23'8
578
22%
600
1
61%
16%
1138
2234
578
11
61
277,
15%
34
2
100
6234
438
1558
111
6034
10%
Jan
Nov 29
Preferred
6,600
1,300
71
Te""
19
15
4%
2534 Deo
3
A or
39%
MW — —
3
14
1
No par
35's
378
70
111
58
17,300
12,200
18
25
Dec 16
3
.
3678
334
70
111
111
1634
4834
334
1858
3%
190
24,700
2
Dec 28
10
734 Dec 31
6% preferred
7% preferred
Savage Arms Corp
Schenley Distillers Corp
Schulte Retail Stores
34i2
334
*3%
32%
14%
1338
4734
102
Apr 18
10U Mar 13
84June 6
Stores
Safeway
290
1
6H2
438
44
11134 11214
Preferred
12", 900
Nov 20
3
High
$ per share
28%
28%
48i2 Dec 31
82
.....10
100
.100
{St Louis Southwestern
238
63
43U
32i2
*38i2
15%
20
34
35%
110% 110%
11184 11134
14%
1538
48
47's
334
3%
110%
Low
$ per sh
100
Francisco
1
61
5
*17
35
234
Lou's-San
1st preferred
120
20
34
{St
13,700
10
St Joseph Lead
23g
34%
11U
4
*9
9i2
?8
34i2
4
438
1,800
10,900
6,200
—
100
prei
238
1
2%
36
4
*4%
3%
*9
57
58
""
78
238
21%
11%
2212
110
58
1
234
1%
1,000
Highest
$ per share
29% Mar 12
Royal Dutoh Co (N Y shares)
Ruberold Co (The) cap stk No par
Rutland RR 7%
2
24
24%
178
110
212
21
15%
110
2358
134
*17
35%
3434
78
2%
3334
*3%
1158
111
20
*17
34%
110
21%
5%
*38%
1558
Ill's
2438
178
3%
10%
1,500
50%
101
8%
8
834
9
834
11134 11134 *11134 112
13%
14
13%
1334
4734 48%
4658 4778
3%
314
3%
338
16
*16i2 1634
16%
11%
43%
32%
98
8%
50
99
2334
134
278
10%
20
21
5
49b8
99
6934
70
69%
11%
2H2
5%
43i8
3234
21
238
60% '64%
*4
438
69%
*914
3314
56
66
2%
78
238
49%
Low
Lowest
$ per share
Par
2458
50
99
834
23'2
134
278
10%
*17
Shares
*49
100
8'2
2314
1%
212
$ per share
$ per share
Week
*95
49%
49%
110
11134 11134
14%
1338
111
13%
47Bs
3%
16%
54
24%
*109% 110
*109% HO
111
8%
8%
23%
15s
238
10%
*14%
3234
9
24l2
$ per share
$ per share
the
Range for
Year 1934
1935
EXCHANGE
Friday
9
Jan.
8
Jan.
Jan. 10
Thursday
Wednesday
100
99
*94
100
878
24i4
4878
4878
49%
49%
100
6
Jan.
4
Jan.
Tuesday
Jan.
7
Monday
Saturday
to
Dec. 31
100-»*ars Lois
On Basis of
STOCK
YORK
NEW
for
1933
Range for Year 1935
STOCKS
Sales
CENT
»
39%
34
35',
507,
11%
11%
20%
267
New York Stock Record—Concluded—Page 9
Volume 142
July 1
HIGH
AND
Monday
Saturday
18%
27
28
*114
115
23%
2384
24
23%
28%
14%
28%
1378
27%
18%
18%
26%
13%
18%
26
25%
26%
115
71
71
70%
70%
13
19%
67%
17%
44%
13%
12%
19%
1834
93%
93%
4%
4%
70
68%
18%
1734
109% 109%
9%
9%
4%
68%
17%
4%
7%
7
43%
95
*93%
109% 109%
9%
9%
6
6
5%
75
*70%
67%
*70%
68
68
*155
157
*52%
157
2%
18%
*93
*70%
73
*68
70
23%
21%
2%
16%
21%
21%
2%
16
36
38%
14
14
91
86%
*9%
14
13*4
*90
93
87%
87*4
86*4
*163
165
9
9%
42%
2%
38
13%
87%
*21
16%
*91
165
*163
23%
14%
14%
13%
834
73
*71
73
12%
13
18%
*71
16%
*35
21%
20%
*63
4%
4%
33
34%
*112
115
*112
115
*112
113
113
113
114
113
*5
*27
*75%
35
79
79%
*5
6%
*26
35
220
Universal Pictures 1st pfd___100
2
14,900
178
2
16%
17
1%
17%
17
24%
21%
21%
2%
2%
1,100
16%
17%
1,740
36%
36%
2,800
U
5,400
USA Foreign Seour
14%
92
88%
89%
89
90
164
164
210
165
165
43%
6,400
9%
1,800
U 8 Leather v t o
13%
15%
8,600
Class A v t o
72%
72%
400
12%
33,600
U 8 Realty A Impt
18%
43,300
U 8 Rubber
43
50%
53%
53
54%
34,700
93*4
92%
94%
94%
96%
12,900
6934
71
71
70%
71
50%
48%
4934
118% 119%
*140
142
50
4834
118*4 120%
*140
78
1,300
121,200
7,900
100
142
*16034
♦160*4
4%
3%
3%
3%
3*4
40,200
1%
1%
1%
1%
1%
9,600
45
*35
22
2284
68"
78
35
*26%
41
41
42
22%
22%
23%
30,900
30%
29%
2934
3,900
112% 112% *111% 113%
42
42
42% 42%
700
*35%
21%
29
X77
20
72
*63
26%
79
*22
*73%
Prior preferred v t o
No par
No par
...100
Mln__—60
1st preferred
U 8 Smelting Ref A
60
Preferred
100
100
U 8 Steel Corp
Preferred
No par
100
U 8 Tobacco
Sales
Preferred
No par
Vanadium Corp of Am
6
Van Raalte Co Inc..
170
20
350
2%
"2%
2%
"284
2%
"2%
5%
5%
5%
*2
9%
33%
534
5%
6
4%
4%
9%
9%
33
33%
*116
♦116
~
4%
4%
9%
33%
9%
34%
118
6%
6%
6%
6%
107b
11%
2%
11%
2%
13%
53
53%
♦116
55
2%
52
10%
*51%
1%
10%
•
16
18
25
27
7%
7%
1%
"t%
45%
45%
53%
10
4%
9%
34%
7%
13
4%
4%
10%
3,900
6
5%
7
6%
7%
16,000
5%
5
5%
310
9,800
10%
9%
934
9%
6,900
34
34%
34
34%
*116% 118
*116% 118
7
148,300
634
634
7%
7%
14,300
14
14%
14
13%
13%
24,000
3
3%
3
3
3%
2,800
57%
57
56
*56%
56
10% 109,400
10%
10
10%
10%
7
2%
55
54
3%
118
127,
3%
2%
9%
3434
9%
34%
♦116
118
6%!
3
10
51%
51%
600
1%
1%
1%
1%
1*8
5%
5%
6%
5%
6
4,500
19,500
50*4
50
52
16%
16
17
17
17
18%
I884
25
24
24
24
24%
24
24
25
26
26%
25%
26
25%
26%
2478
25%
24%
26%
5%
*
"24"
25%
8
7%
*47%
7%
*80
*80
*80
3
6
234
*47%
1%
5%
*15%
1%
5%
5%
6%
12%
"~2%
1%
5%
157,
51
1%
1%
24%
23%
10%
9%
51
52
5%
3%
234
100
...100
Detlnnlng
2%
45%
2%
51
1%
5%
8
m mm -
8%
7*4
«•
2%
*80
«
-
-
-
7%
8
2%
2%
2%
2%
2,200
4134
40%
41%
13,800
82%
81
81%
9
81
81
82
93
92%
92%
91*4
91*4
92
9234
92
92
97%
96
98
96%
97
97
98
97
99%
92%
92%
90
90
117
117%
113
113
9%
18%
2%
10
18%
2%
6
5%
75%
35%
76%
36%
97%
97%
126
*125
31%
♦36%
32%
39
80%
90*4
91%
90%
91%
117
117
116% 117%
113
u134 11134 *112
97,
9%
934
87g
17%
16*4
2%
1634
2%
2%
534
6%
5*4
18i,
2%
6%
75
73*4
36%
35
36%
977,
7278
35%
94%
*123%
75
95% 100%
—
.
32
30%
39
39
123% 123%
31%
30*4
38
*36%
267,
26%
92
91%
117% 117%
112% 112%
9%
17%
2%
10
17%
234
117% 118
112% 112%
9%
9%
17%
17%
234
234
9234
100
92%
92*4
100
92%
190
6%
684
6%
6%
17,700
75%
75%
77%
30,100
36
36%
76%
36%
36
*36%
38
35%
100% 10234
127
30%
127
31%
28%
28
28
34
*30
34
*46
50
*46
50
31
31%
98%
99
15%
15%
15%
15%
15%
197,
15%
434
434
4%
434
4%
4%
18%
19%'
2%
27g
8%
8%
2434
79%
65%
25%
60%
61
47
47
64
64%
*78*4
54
17%
27g
87g
18%
27,
17%
2*4
234
1834
234
97,
9*8
9%
9%
18*4
-
9978 100
20%
19%
15%
15%
4%
5%
19%
24
27,
278
3
9%
9
9%
19
36%
100
37%
100
10
15,200
......
50
18,400
1,300
20%
21%
81,500
15
15%
3,200
4*8
4%
17,300
24%
9,900
3
3%
3,700
9
9% 132,900
23v
80
84
80*4
82
82
8234
5,000
545,
52*4
5334
53%
54
34,400
24
25%
24%
25
24%
24%
4,500
6O84
59%
60
53%
24*4
59*4
54%
2434
537,
24%
81*4
53%
82
52%
23%
68%
6I84
59
60%
6884
60%
1,420
47%
47
50%
49%
49%
*48%
50*4
63
48%
6634
49%
64
64%
77*4
67
64%
64%
78%
64%
6434
630
77*4
7734
1,000
47%
62%
78%
*7784
82%
81%
1,100
78
78
*77%
78
78
78
35
35
35*4
36
36
36
36
36
36
3634
37
37%
9%
89%
48%
45%
9%
83%
46%
10%
10%
11%
12
1334 163,000
85
89
10%
88%
10*4
85
89
88
90
90%
95
3,520
48%
46%
43%
47
47
47%
47%
4734
47%
48
4,600
4584
45
45%
45
46%
106% 106%
13%
1278
108
9%
87
48
44%
108
*107
13%
8%
»-*
eo j
4134
105
97,
44%
107
12*4
13*4
8%
9%
For footnotes see pa*<
9%
106
12%
87,
258
107
13%
9%
*107
12*4
87,
46%
108
13%
9%
44%
8%
9
78
34%
51%
Jan 11
165
143
Feb
5
6
3
Mar 13
9% Mar 13
24% Mar 14
1234
8*4
1,600
27,600
53%
96%
54%
119UNov 20
140*4 May 16
165
Aug 3
HU April
11% Feb 7
2% Mar 18
61%
27%
67%
140
160
»
7g
%
19%
21*4 Jan
7
11%
14
33
Nov 14
3%
4%
1)4
Nov 18
64%
>54%
44% Deo 13
23%
24%
No par
Wlloox Oil A Gas
6
Wilcox-Rich Corp olass A .No par
Wilson A Co Ino
—No par
Class A
No par
$6 pref
100
Woolworth (F W) Co
10
Worthlngton P A W
100
Preferred
Preferred
100
100
A.
B
Wright Aeronautical
No par
Wrlgley (Wm) Jr (Del)—No par
Yale A Towne Mfg Co
26
Yellow Truck A Coach ol
Preferred
B...10
100
Wire...No par
Youngstown Sheet A T—No par
5H preferred—.....
100
Young Spring A
1,000
13
11,900
Zenith Radio Corp
50,700
Zonite
Products
Corp..
No par
1
12%
98
86%
70
Aug
6
68
80
80
Dec 17
60
76
80
478 Dec 31
5%
17,
17«
17i2June
1
10
10
26
85
Jan
4
120% Oct 31
57%
69%
84
72ig Jan
4
112% Dec 16
60
65
80
Deo 31
37
734 Nov 14
2
3%
9
Nov 20
16
16%
27
83
May 10
36
62
8
Deo 18
Nov 27
Deo 6
Deo 10
95
95
112
2
June 22
15
Feb 19
33
63% Mar 29
26%June
1
11734
3%
5*4
4%
978
33%
Jan
7
120
109% Feb
1
Apr
lti Mar
6
1
1
May 22
1
4% Mar 15
114
114 Feb 28
1
1%
1%
2%
8%
1
1%
3%
Nov 19
Dec 14
4pr 24
4
6%
87,
15%
22%
297,
84%
116%
1%
1%
Mar 14
11
Deo
4
6-
6
1% Feb 28
3
Deo
4
1%
1%
28% Jan 12
47
Deo
7
6
2% Mar 15
14% Mar 13
% Mar 15
Deo
6
7
6
19
3
22
6% Jan
17
Aug
32
25ig Deo 19
30% Deo
4
Mar 14
734 Nov
85
Apr 29
Jan
6
301! Jan 15
72
Jan 29
Mar
6
397, Mar
6
34
36
Mar 14
104i2 Jan 17
95
Jan
2
2% Feb 26
20% Mar 14
90
Mar 27
Feb
5
Sept
90
77g
13%
9
:
8%
817,
1
37,
3%
13%
8
287,
13%
81
21
3
3
Nov 26
7
65
60
Feb 18
3
15
%
2%
8%
86
2%
12
6%
12
24
2%
9
1% Deo
2is Mar 15
77g Mar 20
20% Aug 7
1
24
10% Dec 10
52
4'%
80
6% Nov 25
90
2%
35%
74%
15
%
15%
49
52%
91% Deo 30
99% Nov 8
34
397,
44%
51%
92
Nov 29
36
45
z68%
1203g
11434
10%
1934
Dec 20
Dec 28
88%
78%
89%
110%
78%
106
4
4
6%
7%
17%
Deo
7%
9%
23
3% Jan
7
2%
7% Jan
7
1%
23g
%
55% Nov 26
84% Oct 31
Deo
3534 Dec 31
98*4 Nov 19
126
Dec
70
80
«
8%
30j
4%
17%
20%
15*4
277,
29%
667,
157,
27/,
86
47%
77
77% Nov 18
82
95
Mar 18
33% Deo 26
5
4
38% Dec 23
15
16%
29%
16*4 Mar 13
25% Nov 19
12%
147,
a7%
35% Sept
9
18
24%
50
2
21
24
36
11%
11%
29
34
34
57
10
18
Jan
Jan
3
Mar 14
Nov
12*g Oct 4
114 Mar 15
preferred
17,
22%
31%
63
60
..m.No par
White Sewing Machine...^o par
Conv
6%
1%
%
19%
102% Nov 13
Motor
99%
99
126
9
4% Aug 13
Nov
9
48% Jan 12
White Rk Mln Spr otf
65%
597,
81%
2
100
White
67%
141
124%
32% Nov 14
Preferred
29%
56% Nov
14% Mar 28
108
9%
24
61%
Mar 18
lig July 19
-
11
24%
60% Nov 18
% Mar 15
1914 April
12%
9%
17%
124% Apr 25
73*4 July 14
Jan 4
Feb 11
4
80
Deo 31
43
3
Jan
Mar 15
1
3
117,
19%
7
46
11% Dec 31
17% Jan 3
Mar 18
91*4 Deo 28
82%
27%
73%
119ig
149*4
7
10%
64%
5%
45
73
Jan 22
4%
82
3%
16% Sept 18
Sept 11
7% Mar 16
63
146
115
3%
32
9% Sept 18
100
Preferred
100
Western Union Telegraph... 100
A
110
7
3% Mar 15
fiij Mar 15
Class
Dec 19
10% Nov
50% Nov 20
74 Mar 30
1st
4%
7
85*1 Mar 13
25
26%
*30
19
68%
34%
6% non-cum preferred
100
Wheeling Steel Corp
No par
♦36%
50
99
60
100
Western Paolfio
16%
6
Nov 29
Nov
29
34
20
100
Maryland
preferred
4
14
27%
Nov 27
100
2d
19%
15
No par
Westvaoo Chlorine ProdNo par
Wheeling A Lake Erie Ry Co. 100
*46
987,
100
pref
preferred
0%
Western
16%
1%
%
96
7,300
38
*30
20%
No par
100
A
100
Power
33
87
3234
30*4
50
987g
19%
..No par
No par
preferred
Penn
3
24
15%
4i2 Mar 12
85% Mar 26
40% Mar 12
18
*36%
36%
West Penn Eleo olass
West
7,
4%
11
32% Mar 18
38
35%
preferred
Conv
46%
%
4%
11
El A Mfg
60
preferred
...
60
Weston Eleo lnstrum't
No par
34
3578
99
100%
20%
1934
15%
15%
4%
4%
1
Wesson Oil A Snowdrift
140
167,
Mar 14
Westlngb'se Air Brake ...No par
*33
35%
No par
100
Elsenlobr
63
112%
15
11
Westlnghouse
*46
347,
Warren Fdy A Pipe
Waukesha Motor Co
40%
37
108%
Nov 25
8%
8%
76
4
180
50
33%
pref
2%
64
4
36,500
34
33%
Convertible
46
13%
21,900
*45%
32%
*98%
18%
27
No par
No par
No par
5
Bros
Warren
2%
3
3i2 Oct
20*8 Oct
127%
35%
127
*30
26%
No par
No par
$3.86 oonv pref
99%
1%
21*4 Deo
101% 102%
50
267,
3,400
634
34
2534
1,200
7778
50
2634
440
14,000
6%
7534
100% 102%
126% 126%
31
32%
Warner Bros Pictures
t Warner Qulnlan
6%
934
234
Preferred
Preferred
112%
18
No par
100
6
Class B
790
118%
*30
26
200
112
*16%
2*4
Co
Ward Baking olass A
X Walworth
430
*118
9%
No par
—.100
No par
No par
preferred
6 H%
Preferred
82
80
No par
Waldorf System
Walgreen Co
Wells Fargo A Co
40*4
97%
100
100
A
Preferred B
6,300
----
2%
93
100
Webster
4384
80
11
3,900
21,800
2%
82
44
8
1,600
42%
1%
44%
80%
43
734
*80
*80
100
t Wabash.
86
7
Deo 17
6% pref
20%
1
Oct 28
7%
77
11%
figJune 24
July 26
68
Preferred
82%
107,
59
5
19% Jan
63
Vulcan
Nov 26
73
...—100
Preferred
....
9%
73i2Nov 29
9 x!69% Deo 19
3
Feb 20
6% preferred
100
7% preferred
100
Virginia El A Pow $6 pf ..No par
Virginia Iron Coal A Coke.—lOO
380
49%
8
78
May 28
Deo
9
6,500
...
75%
8%
7% Jan
4
3
91
Virginia-Carolina Cbem ..No par
35
*116%
*116%
Apr
18%
8%
69%
Mar 15
61
877,
9%
3
11% Deo 23
34
3,900
.
*118
*118
46
13314 Feb
29
Aug
8%
21%
50
110
87i2 Mar 15
2% Jan 28
3i2 Apr
6%
2*4
50%
~
"2%
Dec 11
18% Nov
6
'■
'♦118
♦118
1
9% Mar 18
100
pre!
1st
7%
VIck Chemical Inc
Common
72
77
1
No par
100
Utilities Pow A Lt A
Vadsoo
60% Oct
120
7% Jan 9
92*4 May 14
96
Mar 21
3% July 18
Vlcks Shreve A Pac Ry Co pf.100
*65
*65
*63
26%
81
79%
110
20i2 Dec 31
5%
1%
20*4
4
4
4
39% Dec 31
No par
No par
No par
100
Preferred
1%
4if Mar 13
65
29%
35
*
12
5
Maoh Corp
U 8 Industrial Alcohol
43%
8*4June 14
5
Nov 21
Nov 21
Dec 21
107
20%
Nov 16
Dec
6%
17
104%
7
78
24%
734
4534
1334
Jan 28
17% Oct 3
Hi Feb 27
20»< Mar 13
15%
21%
225s Deo 31
20
100
preferred
7%
19
14a4 Mar 14
No par
Preferred
U 8 Gypsum
U 8 Hoff
10%
9%
9
1337,
8
.
2% Jan 18
19*« Mar 6
No par
No par
Freight
4,100
9%
52%
141
8
71
9
4%
4%
4%
414
4%
4%
4%
34
33%
33%
33%
34*4
34%
34%
114
*112
114
114% *112
1147, *112
113
113
112% 112% 113
112% 113
534
5
5
534
5%
5%
6%
35
80
400
6,100
69%
49%
118%
Preferred
17
3%
% Oct 16
No par
100
37%
25%
3%
9% Oct 19
No par
preferred
16
1
89
8%
15%
8%
20
U 8 Dlstrlb Corp
37
13%
117
1st
Oct
71%
7
26% Jan
118
Aug
High
$ per share
90
Nov 20
20
Low
13*4
1
—_—
U 8 Pipe A Foundry
600
2%
50%
9234
*63
68
*26%
25,800
23%
21%
2
Preferred
Year 1984
82%
627g
10
3
17
81
26
100
tUniversal Pipe A Rad
1,530
23%
23%
21%
92
v
6%
55
14%
20%
21%
30
30%
30%
30%
30%
30%
31%
*110% 113% *110% 113% *110% 113% *110% 112%
42%
42%
42*4
427, *42
*42%
43% *42
*.">7 la
*6 71a
*57%
it i 'fl
*57%
1
©
*5
*51
*160*4
37,
1%
44*4
21*4
4%
53
52
93
141
4
32
Universal Leaf Tobaooo __No par
Preferred
100
18
1%
4%
150
18%
3%
34%
400
11%
141
No par
69%
17
*139
No par
United Stores olaas A
Preferred olaaa A
158%
69%
11%
49%
115% 117
100
155
12*4
47%
14,500
73
*70%
Preferred
tUnlted Paperboard
158% 159
1734
1%
4%
34%
5%
11%
37g
68
5%
17
52%
No par
No par
No par
No par
Fruit
United Gas Improve
1,100
800
9
17%
1%
*63
109%
8%
12%
3%
.
5%
5%
18% 129,300
18%
109
I6S4
1%
37%
22%
31%
68
19%
71
3%
*63
18%
109% 109%
*9
9%
71
1%
37%
44*4
United
u34
51
10
100
United Electric Coal
7,600
71
3%
*35
3,300
72
*160*4
*160*4
4%
69%
13%
92
*160%
4%
68%
13%
69%
141
47g
69%
14
91
116% 117*4
434
6884
13%
69%
*137
10
14
69%
142
10,600
United Dyewood Corp
Preferred
Mar 13
Mar 13
46
94%
*93
Oct 16
111
par
17%
94%
834
93%
No
Mar 14
20% May 16
100
-
Carbon
17%
13%
17
8%
53%
Preferred
United
No par
.
7%
14
9%
United Blsonlt
45%
12%
13
111% Jan
90% July
26i2 July
3038 Dec
1334 Deo
Mar 29
8%
93
90%
7
45%
70
165
United American Bosch..No par
6
Corp
United Aircraft
7%
15
$ per sh
United Air Llnee Transp ▼ t c__5
_
44%
*93
Low
S per share
Mar 28
100
100
No vat
-
Preferred
Union Tank Oar
1,200 Unlted-CarrFastener Corp No par
No par
7% 345,600 United Corp
Preferred
No par
45%
14,700
6
38,200 United Drug Ino
13%
8%
69%
47%
2,200
Highest
$ per ehare
82%
79ij
20%
9%
4%
Union Paolflc
24
42
91
*138
73%
24
43%
8%
49%
49%
72%
24
427,
8%
93
53%
93%
69%
48%
49%
116% 117%
7234
9%
42%
8%
523,
*68%
10
115
115
115
12%
12*4
177g
11%
17%
42%
*8%
13%
15,500
14%
88*4
164
9
14%
*71
88
700
28%
93
14
165
19%
27%
73
37%
*92
9
42
*8%
41%
*8%
14
93
*163
9%
9
42
37
55,600
52,100
*18%
*68
36*4
21%
*2%
3,600
18%
*70%
37
178
167,
22%
2%
1,500
28%
70
16
18
143s
1434
73
*158% 159
51
52%
50%
2
2%
1%
17
17%
17%
24
23%
23%
21%
*21%
21%
2%
2%
2%
15
I684
16%
50
52%
28%
14
72%
*23%
158
534
273g
8.400
18%
5%
*68
158
23
91
434
68
67%
17
37%
13
28%
Par
Shares
2734
8%
45%
13%
18%
94%
478
69%
19%
16
23%
*114
8
*93
96
24
27
237,
45%
113% 114
92%
92%
24
137g
Lowest
Week
$ per share
24
72
*23%
75
5%
157
18
16
115
71%
5%
*70%
17%
*21%
2%
*114
71%
237,
8%
45*4
13*4
18*4
92%
92%
4*4
68*4
18*4
187,
109
109% *109% 109%
*834
87,
9%
*8%
4%
67%
18%
578
52%
1%
59
2
71%
23%
7%
43%
12%
23%
22%
23%
7%
44%
1338
19%
*23%
678
43*4
13%
187g
28%
*114
*114% 115
112% 114%
92%
91%
24
24%
29%
28%
15%
14%
18*4
18*4
27%
277,
24%
29%
14%
18%
23%
27%
13%
$ per share
114
113
Range for
fo
1935
EXCHANGE
the
10
Jan.
9
Jan.
8
$ per share
108% 112%
92%
91s4
109% 113%
91% 91%
91
91
$ per share
$ per share
$ per share
113
115%
Jan.
7
Jan.
6
Jan.
4
Jan.
1933
Dec. 31
On Bam of
YORK STOCK
NEW
for
J VI
Friday
Thursday
Wednesday
Tuesday
Range for Year 1936
100-share Lot*
STOCKS
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
LOW
67g Mar 15
6
1
Jan 11
Mar 14
67,
0
15%
29
16
28%
9
12%
11%
81%
434 Deo 31
1%
1%
20% Dec 30
3% Dec 13
4
5
1
2
19% Deo 11
24% Jan
37,
11%
6%
34%
Feb
5
35%May 27
227,
27%
37g Apr
3
7
9% Nov 22
25!g Feb
31*g Jan
3%
11%
12%
58
Apr
2
79
3
Nov 22
58
61
Jan 15
65% June 18
36
41%
55%
11*4 Mar 12
25% Mar 13
20
Apr 4
35!2 Mar 13
73*4 Mar 13
17*4 Apr 9
25% Nov 19
11%
13%
317,
Nov 21
25%
31%
53
20
23%
34
61
51% Nov 21
4%
9
82%
42
12
167,
75
82*4 Apr 26
47%
54%
76
35% Nov
11%
14
22%
7%
68
Dec 31
8
9% Dee 27
2%
25
2%
28
18
Mar 18
53% Deo
7
10%
13
22%
13
Mar 15
46% Dec 30
12%
12%
33%
30
84
59%
2%June
3H2May
6
8
38% April
l%May
2*8June
6
7
96
105
Nov 20
Deo 30
»
47%
1434 Nov 25
1%
1%
4%
734 Deo 31
2%
3%
7%
Weekly and Yearly
New York Stock Exchange—Bond Record, Friday,
268
111936
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 ooour.
No account Is taken of such sales in computing the range for the year.
On
bonds woe changed and prices are note "and interest"—except for income and
1909 the Exchange method of quoting
1
Jan.
Week's
Br.
8TOCK
T.
EXCHANGE
1933
mS
Dec. 31
Bid
dt
Low
Government.
S.
■3
Friday's
Week Ended Jan. 10
U.
Week's
July 1
Range ot
BONDS
to
Ashed
«5<§}
1935
Hi-
No
Low
Treasury 3 Ha.
mmmm
113.6
117.7
141
mmmm
102.28
106.28
External 5s of 1914
mmmm
108.24
112 8
107
110.25
loan 4 Ha
Sinking fund 5Hs
mmmm
103.38
107.29
♦Public
111.5
111.10
109.7
109.14
396
June 15 1943-1947
106.21
106.29
319
Sept 15 1951-1955
June 15 1946-1948
102.29
103.4
132
102 31
103.6
517
June 15 1940-1943
107.30
108
108.6
108.12
182
103.29
104.2
272
103.30
104.3
Aug 1 1941
108.22
Apr 15 1944-1946
Mar 15 1955-1960
105.18
100.3
—
..
May 15 1944-1949
3s
Jan
108.23
104.14
108.28
101.28
105.11
260
101.15
105.9
108.28
119
104.18
108.28
105.24
75
102.24
106.19
100.10
541
08.26
101.28
101.11
765
102.30
179
101.19
137
1942-1947
101.30
102.4
133
Mar 1 1942-1947
2H8-——
100.19
100.22
mmmm'
123
15
00.16
100.
mmmm
08.24
104.5
May
1
Aug
1
101.2
1944-1952
1939-1949
99.24
101.10
498
Aprf* coup
ex* 5s
♦External sec s f 7s 2d ser
♦External seo s f 7s 3d ser
♦External a f 7s ser D
f 7s 1st Ber
Argentine Govt Pub Wks 6s
Argentine 6s of June 1925
a
I 6a Berles A
14%
33%
15%
16
32
64
90%
97%
External 30-year a f 7b
75
98% 105%
93
101%
61
82%
39
70
72
67
♦Bogota (City) extl s f 8s
extl 8s
12
40
61%
10
36
55
1940 A O
1945 MN
63
64
8
36
54%
67
29
29
1
25%
25%
43%
36
65%
65%
3334
3334
let
5 Ha of 1926
ser
♦Dresden
1940
(City) externa! 7s
A
(Republic)
ext
*
63%
1948 J
J
J
J
*42 ~
44
1967 J
J
93
95
10
1927
107
6
104
104%
4
M N
26
6
20
J
D
172
26%
174%
17
126
165% 190
D
177
178
127%
169% 190
9
♦
11%
6%
11%
9%
Gras
80
6%
6%
9
11
6%
6%
10%
9
12
16
6%
6%
10
9
10138
21
6%
6%
74%
88
98%
22
44
90%
99%
99
34
44
90
99
26
44%
90
99
35
44
90%
98%
9878
37
90%
22
44%
4412
99%
98%
98?8
9878
98%
46
44%
90
99
44
44%
90
98%
98%
98%
98%
17
45
90
98%
24
41%
77%
84%
98
10678
106
3134
10934
10658
108%
68
117%
118%
20
9278
96
137
70
90
10%
97.
126
96
78
98
579
73%
92%
23
42%
81
106%
99%
98%
32
2
37
2
26%
88%
86%
92%
29
110
99%
93%
♦
(Cons
Agric
Loan)
108
100%
(Central Ry)
19
108%
100%
28%
2
23
93% 110%
93%]109%
101% 119%
97
110%
91
62%
93
102
22
25%
38
27
27%
5
20%
21%
38%
13
14
8
9%
9%
5%
28%
87S
738
738
2778
1334
784
9%
9%
267
191
4
57
29
5%
,
4
9%
8
4
8%
23
39?a
1937
t4% fundioan £ opt I960- ——1990
♦Greek Government a 1
ser
1962
1955
♦7s part paid
1964
♦S f secured 6s
1968
♦6s part paid
Ha B-2
♦Hamburg
.—1946
(State) 6s
♦Heidelberg (German) extl 7Hs»1950
Helslngfors (City) ext 6 Ha
1980
106%
95%
22
27%
39%
25%
1
27%
24%
37
26
26
1
16%
23%
23%
2434
25
20%
20%
33
25%
5
*29%
25%
F"
30
A
O
293%
9334
67
82
95
O
*26%
26%
20%
22%
36%
J
24
15
16
31
A
O
*23%
104%
1981 MN
*27
s f 5s
39
*111
...1960
1952
*37
1957
18
18
♦Leipzig (Germany)
f 7s
Lower Austria (Province of)—
♦7Hs June 1 1935
1947
s
ooupon
18%
18%
31%
32
6
29
31
9538
131
68
41%
97%
♦4s of 1904
97%
♦Assenting 4s of 1904
External B f 6s ser C-3
1961
1961
>>>1961
1961
9734
*9278
92i2
77
90
89%
53
97%
77%
23
31%
10034
1945 Q
♦Assenting 5s of 1899
87%
85%
97
7
36%
13
98
-
-
-
29%
40%
103
32%
39%
84
99
♦Assenting 4s of 1910 large
•Assenting 4s of 1910 small
♦{Treas s of '13 assent (large)
.
82
95
92%
7778
51%
65
67
1
50
97
4
*10%
11%
4
4
478
6%
6%
9%
9%
J
10
23
10
35
6%
6
534
14
3
15
3%
137
3%
5%
4'>8
9
7%
5%
"4%
"24
106
10%
8%
4
11%
11
"~5% ~6%
4%
3%
8
7
3%
7
5%
8
4%
8%
52
54
116
39
39
15%
16%
13
13
13
19%
15%
16
24
13%
13%
19%
1
85%
Minas Geraes
66%
78
1952
(State of, Brazil)—
♦6Hs Sept ooupon off..
1958 M S
♦8 Ha Septcoupon off
1959 M S
77
52
65%
♦Montevideo (City of) 7s
14%
12
12
12
18%
12
12
19
New So Wales (State) extl 5s
1967 F
A
External s f 5s
Apr 1958
♦External
112
43
44%
6%
Milan (City. Italy) extl 6Hs
82
5834
1134
10634
112%
85
8978
30%
6%
*7%
1334
10i2
105&S
89
100
25
3
1933
56
14
99
23
12
578
25%
27%
25%
*13i2
40%
34
478
71
3
44
7
"~6~
5538
187
68
44
10034
934
8%
7%
36%
29%
1
68
40%
6
♦{Small
36
-
8
50%
29%
"5"
71
.
83
25%
F
F
100
25
M
71i4
Bulgaria (Kingdom of)—
J
J
•Sinking fund 7s July coup offl-967
M N
♦Sink lund 7 Ha May coup off—1968
14
*31
9234
71%
5734
M
54
O
1954
36%
1960 A
1960 A
External s f 6s ser C-2
6
A
1954
75
136
56
♦Assenting 5s small
97
68%
35
34%
49%
108% 116
50%
94%
2
F
on..1950
44
8
25
31%
92
115
A
(Colombia) 8 Ha
1954
♦Mexican Irrlg Asstng 4 Ha
1943 M N
♦Mexico (US) extl 5s of 1899 £—1945 Q J
31%
31%
44
3
35
63%
52%
99%
88%
♦Medellln
17%
96%
39%
38
37%
25
25
30
24%
25%
25
86
z 55
Japanese Govt 30-yr s f 6 Ha
1954
Extl sinking fund 5 Ha
1965
Jugoslavia State Mortgage Bank—
♦7s with all unmat coup
101% 104%
24%
25%
60%
1947
Italian Publlo Utility extl 7s
66%
83%
1951
Italian Cred Consortium 7s A
External seo a f 7s ser B
17%
104
5
*27
1944
133
95
105
35
Italy (Kingdom of) extl 7a
119
A
*27
♦7Hs February ooupon on
106
J
327g
♦Sinking fund 7 Ha ser B
Hungary (Kingdom of)—
OO
108%
106% 116%
64
A
*27%
24
24%
99
Hungarian Cons Municipal Loan—
♦7Hs unmatured coupons on_> 1945
♦7a unmatured coupon on
1946
♦Hungarian Land M Inst 7Hs>.1961 MN
24%
104
!
84
45%
"61
1952 A
Haiti (Republic) s f 6s ser A
3D2
J
S
49
35
30%
34%
10634
F
1968
22%
2278
J
23%
mm
MN 0114% 0116%
1964 MN
7s
105
Budapest (City of)—
♦6s July 1 1935 coupon on
127
*97%
106%
1954 M N
♦8s unmatured coupons on
23
1950
30%
44%
D
♦Assenting 5s large
20-year sf 6s
38%
mm
(Municipality of)—
Gr Brit A Ire (U K of) 5 Ha
32
47%
37%
12
63
Bks
J
37%
27
*_.
1949
6Hs>.—1958
21%
26%
28%
27
37%
21%
35%
18
21?«
4
84
21%
27%
J D
♦SHs of 1930 stamped1965
♦
5Hs unstamped
1965
♦German Rep extl 7a stamped..1940 AO
6%
99is
♦{Bremen (State of) extl 7s
1935
Brisbane (Clty> a f 6s————1957
Sinking fund gold 5s
1958
♦6Hs stamped
101% 104%
107
1953
1949 J
6%
10434
r,
M
1958
♦6s stamped
70%
84%
1941
6%
98i4(
1969
1941
1957
1957
1952
extenal 8s
f 6 Ha of 1926
♦External s f 6Ha
70
62
97
103% 108
48%
1945 M S
6%
10578
♦External sinking fund 7s
•Buenos Aires (Prov) extl 8s
mmmm
1956 M S
6s
6%
978
96%
67
12
98V
98%
98*4
98%
98%
95i2
10434
♦External secured 7s
•Brasll (U S of)
Buenos Aires (City) 6
797g
68
54
1956
♦External sinking fund 6s
♦7s
23
186
63
20
1960
1960
1958
1945
1947
Stabilisation loan 7s
♦Bergen (Norway) ext st 5s
•Berlin (Germany) a f 6 Ha
♦External s f 6 Ha of
102%
95%
67
978
978
1956
f 6s
♦External a
50
94
...
O
978
1955
Belgium 25-yr extl 6 Ha
♦Bolivia (Republlo of)
106%
101%
39
Irish Free State extl
♦Bavaria (Free State) 8 Ha
a
100%
95% 108
3
7s unstamped
German Prov A Communal
1045
1949
a f 7s
14%
9
8%
8%
2100%
98%
98i4
98%
1960
—1961
1961
1962
1955
External g 4 Ha of 1928
External
95% 107%
77
45
External sink fund 6 Ha
♦Frankfort (City of) s f 6 Ha
4
1956
1967
Public Works extl 5 Ha
Australia 130-year 5a
External 5s of 1927
Austrian (Govt)
18
19
1957
6s (State Ry>
a t
Extl 6s Sanitary Works
8%
77%
44
Finland
19
8i2
814
1958
Extl 6s pub wks May 1927
6
6
M S
{♦Stamped extd to Sept 1 1935
Dominican Rep Cust Ad 5Ha»-1942 M S
101.6
98%
8ia
1960
6s of May 1926
External
11%
101
105
J
A
1962 A O
1932
External g 4Ha—Apr 15
Deutsche Bk Am part ctf 6s
8i«
1959
1957
6s of Oot 1925
External 6s series B
8 f
1942 J
1956 F
8
1958
1960
1959
Antwerp (City) external 6s
Extl
14%
102.16
187S
1957
♦External s f 7s ser C
External
8%
♦Certificates of deposit
Estonia (Republlo of) 7s
98
1945
1945
1945
1957
1967
a f
38
.
17%
1948
1963
1945
on
♦External s f 7s aer B
Extl
98%
100%
42
mmmm
German Govt International—
♦AntlOQula (Dept) coll 78 A
s
23%
French Republic extl 7 Ha
External 7s of 1924
(Dept)
♦External
77
19%
37%
30 1945
10%
1959 MN
100%
1951 A O
1952 A O 2100%
♦El Salvador (Republic) 8s A
Foreign Govt. A Municipals
♦Sink fund 6s
61
119
102.24
City—See note below.
Agricultural Mtge Bank (Colombia)—
♦Sink fund 6a Feb
coupon on—1947
Akershui
84
2
45
06 20
*mmm
101
95
09.16
511
99.31
90
100
101.20
Mtge Corp—
2Ha
High
94% 101
68%
83%
61?s
102.20
'
3s series A.
6
100
Sinking fund 8s ser B
Denmark 20-year extl 6s
External gold 5 Ha
99.28 101.5
101.14
mmmm
*91
2d series sink fund 5 Ha
Federal Farm Mortgage Corp—
Mar 15 1944-1964
3HB
8s
104.15
100
1935
Low
J
Ciechoslovakla (Rep of) 8s
mmmm
101
Low
A
104.10
mmmm
*9934
9934
No.
D
104.10
101.14
Sept 15 1945-1947
Treasury 2 Ha
19
S
A
for Year
J
1949 F
100.20
mmmm
102.23
1946-1949
Dec 15 1949-1952
1944 M
Range
Dec. 31
1935
Asked
Hiab
July I
1933 to
*2
Jan 15 1953 J
100.20
mmmm
<ft
Low
..1949 F
A
ser
wks 5 Ha .—June
•Cundlnamarca 6 Ha
101.5
16 1941-1943
Mar
June 15
10
External
mmmm
80
1944-1954
15
■3 a. Bid
Cuba (Republlo) 5s of 1904...
102
Mar 15 1946-1956
Friday's
Foreign Govt. & Munle. (Con.)
106.4
Dec
A
High
115.14
Treasury 3 Ha
Treasury 3Hs
Treasury 3s
Treasury 3s
Treasury 3 Ha
Treasury 3Ha
Treasury 3 Ha
Treasury 3 Ha
Treasury 3He
Treasury 3 Ha
Treasury 2 Ha
Range or
11
EXCHANGE
105.30
Treasury 4s..
State
STOCK
Week Ended Jan.
1935
Low
Y.
115.8
Treasury 4Hs
Home Owners
N,
.
^
•
BONDS
Range
for Year
s f
1952 J
6s series A
47
47
27%
31%
46%
22
25
29
43%
A
102%
103
47
73%
96% 105
O
102%
103
17
73%
96% 105%
A
106%
D
43
1969 M N
44%
Norway 20-year extl 6s
♦Caldas Dept of (Colombia) 7Hs_1946 J
Canada (Dom'n of) 30-yr 4s
1960
A
J
O
5s
1952 M N
4Hs
10-year 2Hs
1936
17
98%
97
23
96%
42%
101
108%
114%
100
A
10%
10
7%
36%
33%
6
29%
34
3
26
11
26%
26%
J
96i2
*35%
934
36%
33i8
Oct 15 1960 A
O
33
33%
♦Farm Loan 6s ser A
A
O
36
37
>
Apr 15 1938
1942 M N
1960 A O
♦Ext sinking fund 6s_
Feb 1961 F A
J
♦Ry ref ext a f 6s
Jan 1961 J
♦Ext sinking fund 6s
Sept 1961 M S
♦External sinking fund 6s
1962 M S
♦External sinking fund 6s
1963 M N
♦Chile Mtge Bk 6 Ha
1957 J D
♦Sink fund 6H« of 1926
1961 J D
♦External Blnklng fund 6s
1961 AO
>1962 M N
f 6s
♦Guar s f 6s
1960 M S
♦Chilean Cons Munlo 7a
1951 J D
♦Cologne (City) Germany 6Hs—1950 M S
Colombia (Republlo of)—
♦6s Apr 11935 ooupon on. .Oct 1961 A O
J
♦6s July 11935 coupon on.. Jan 1961 J
♦Colombia Mtge Bank 6Ha
1947 A O
♦Chinese (Hukuang Ry) 5s
1946
1947
1952
1953
1957
1957
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927..
Copenhagen (City) 5s
26-year g 4Hs
♦7s stamped
♦External sink fund 7s
1778
J
D
9278
105%
106
15
89
68%
59%
71%
27
247a
40
70
62%
100
27
36%
60
S
1234
13%
26
8%
11%
1578
1959 M S
D
15%
17%
51
7
12
21%
1234
14
284
5
14
225
♦7s Nov 1 1932 coupon on
Panama (Rep) extl 5 Ha
♦Extl s f ser A
♦7s Sept coupon off
♦Peru (Rep of) external 7s
15%
14%
978
11
14%
7%
7%
10%
10%
14%
14%
32
5
9%
1
22
33%
47
22
26
36
18
18
89
67
2
1778
13%
18
3
12
1778
9534
9034
2
13%
60%
55%
89
32
5234
*6712
70
59
59
1
75
75%
6
36i4
36%
1
23
24%
24
12
mmmm
1947 M
♦Nat Loan extl
s f
6s 1st ser ...I960 J
♦Nat Loan extl
s f
6s 2d
ser
1234
78%
2109%
1961
Poland (Rep of) gold 6s
Stabilization loan
ir 7s
1940
External sink fund g 8s
195C
Porto Alegre (City of)—
♦8s June coupon off
12%
1947
94
16
1961
15
♦7 Ha July coupon off..
1966
*100
Prague (Greater City) 7Hs
1952 M N
28%
♦Prussia (Free State) extl 6HB-.1951 M S
-
1778
13%
13%
13%
85
81%
44%
37
4%
7%
7%
17%
17%
83%
79%
17
56
71
10934
7
63
95%
50
9978 126%
797g
9678
16%
15%
7
63%
12%
22
12
12
22
77%
24%
24%
98
12%
♦Rhlne-Maln-Danube
s f
7s
7s
A.
28
28%
36
O
109
110%
7
94
A
109
110
9
83%
1950 M S
*33
45
2212
36%
1057a 111%
103% 110
43i>
32%
Rio de Janeiro (City of)—
♦8s April coupon off
1946 A
O
16%
18%
19
13%
13%
91%
59%
66%
♦6Hs Aug coupon off
....1953 F
Rio Grando do Sul (State of)—
A
1434
1578
35
11%
11%
16%
1734
15%
1534
14
14
14
23%
34
12%
12%
12%
30
12%
22
21
21%
66
♦6s June coupon olf
1946 A O
.1988 J D
55%
♦7s May coupon off
1966 M N
70
81
♦7s June coupon off
1967 J
30%
38
17%
17%
32%
105%
22%
37
25%
94%
50
25%
22%
22%
O
46%
38%
m
26
.1941 A
1947 F
mm
-
3
101%
28%
1952 A
Queensland (State) extl
25-year external 6s
♦8s April ooupon off
Rome
.1951
1951
102% 107%
(State of)—
297g
5
mm
A
36%
72
24%
17%
1952 F
♦Stamped
15%
Costa Rica (Republic of)—
«7s May 1 1936 coupon on
f 6s
15%
32
*58%
5238
M N
s
Pernambuco
•24
A
"j
D
1963 M N
30-year
•External a f 6s
1718
17i2
1942 J
Cordoba (Prov) Argentina 7s
1953 J
15%
A
1937
stamped
85%
103%
10%
10%
2034
103
99
15%
24
98
73
10%
10%
20%
22
5
6%
28
2934
103
6%
*2714
98% 104%
*26%
102
38
45
76
80%
1955 M N
81
1138
39
Oslo (City)
6%
45
10278
47
46%
55%
6%
23
1963 M S
1970 J D *102%
Municipal Bank extl s f 6s
♦Nuremburg (City) extl 6s
35%
122
13%
13%
12%
99% 104%
External sink fund 5s
90
15%
15%
15%
1214
787a
74%
89
1214
32
59%
17
6
103%
25
15%
7%
D
8034
10%
10%
10%
75
1966 J
103% 108%
7934
12
93
100% 105%
88
13%
58%
5
12%
12%
103% 108
83%
22%
7
15%
15%
13%
13%
87%
31
77%
17
1412
14%
20
105%
64
51
14i2
107
104%
10234
102%
27
345
14%
106%
O
85
1534
14i2
22
A
1952 A
84
15%
35
107%
1944 F
1963 M S
1958 M N
1434
F
F
734
1943 F
20-year external 6s
30-year external 6s
40-year s f 6 Ha
Oriental Devel guar 6a
Extl deb 5 Ha
1412
1937 MN
•Cordoba (City) extl s f 7a
100% 103%
96%
96%
62%
42%
26%
27%
M N
M N
53%
14
106
A
•Chile (Rep)—Extl s f 7s
♦7s
100%
8%
F
July 15 1960 J
♦Farm Loan s f 6s
♦Farm Loan s f 6s
s
53
8%
86%
99%
F
Aug 15 1945
J
♦Carlsbad (City; b X 8s
1954 J
♦Cauca Val (Dept) Colom 7Hs»1946 A O
•Cent Agric Bank (Ger) 7s
1950 M S
♦Guar
22
110
(City)
extl 6 Ha
Rotterdam (City) extl 6s
1952
...1964
A
14
1434
17
D
54%
O
•110
17
57%
112
2
162
12%
40%
92%
12%
19%
18%
40% 87%
139%
110
327g
1
For
footnotes
see
page
273.
NOTE—Sales of State and City securities occur very rarely on the New
Bid and asked quotations, however, by
York Stock Exchange, dealings In suoh securities
active dealers in these securities, will be found on a subsequent
page
being almost entirely over the counter
under the general head of
"Over-the-Counter Securities.'
New York Bond Record—Continued—Page 2
Volume 142
Wok's
T
EXCHANGE
STOCK
•5
tt,
Week Ended Jan. 10
►s
A
BONDS
1933 to
Range
«2
Dec. 31
for Year
1936
1935
No
Friday's
Bid
Askii
Wok'i
5
%
GQ<§
Low
Ranot or
BONDS
N.
269
July 1
•»
Ni
T.
1933 u
Range
Dec. 31
for Year
Nr.
Friday's
b
m
Bid
10
sl
Low
Hanoi or
0
£
STOCK EXCHANGE
Week Ended Jan.
July 1
A
A skid
1935
'
1935
1
horn
Foreign Qovt. AMunle. {Condi.)
Eio)
Low
Low
Hiok
25
22
20&8
2318
86I2
J
27
27
5
27l2
27i2
78
1952 M N
♦8s May coupon off
♦External 6 Hb May coupon off 1967 M N
*15
413s
46
77
27
27
42*4
J
3478
37
24
23
23
357,
1959 J
.1937 J
Atl Gulf A W I 88 coll tr 5s
J
62
65
43
35*4
35*4
J
10578
10634
97
193s
Auburn Auto
1939 J
J
100
10334
144
45
13*2
11*2
13i2
15l2
1112
197,
Austin A N W 1st gu g 5a
.1941 J
J
101
101,
22l2
1634
24
15
15ia
22i8
30
.1940
28
121j
145g
4
23»4
21
Refund A gen 6a series A
.1995 J
D
7534
783s
248
54
19
1234
10®4
1234
14
I8I4
I6I4
1514
{Baldwin Loco Works 1st 5s
Bait A Ohio 1st g 4s
July
13
21
1st gold 5s
.1948 A
O
108*2
109*4
133
9418
82
85
43
61
727,
9114
Ref A gen 6s series C
P.LE A W Va Sys ref 4s
D
86
89
239
69
63*4
17
52
86
99l2
291js
4718
29iz
Southwest Dlv 1st 3H~Bb.
Tol A Cln Dlv 1st ref 48 A
Ref A gen 5s series D
76*8
74*4
38
7314
70
42U
Atlantic Refining deb 5b
1834
conv
deb 45is
San Paulo (State of)—
..1936 J
*88 July coupon off.—
J
J
♦External 8s July coupon off. ..I960 J
♦External 7s Sept coupon off. ..1956 M S
J
-.1968 J
♦External 6s July coupon off.
A O
♦Secured s f 7a
7s.. —1942 M S
♦Santa Fe (Proy Arg Rep)
♦Stamped
-
•Saxon Pub Wks (Germany) 7s —1945 F
♦Gen ref guar 6 Hb.
A
1961 M N
D
,1946 J
—
•Saxon State Mtge Inst 7s
♦Sinking fund g 6 Ha
153g
*61*8
7478
20
—
1946 J
D
3234
32
32
15
28
28
40
34
35
4
35
35
65
*3212
36
34
34
52i|
....
1936 ooupon on__ —1962 M N
23*8
1936 ooupon on__ —1962 M N
.1968 J D
of) extl 7s
2318
71*4
-
—1947 F
A
15
4s stamped
103
112*8
945,
103
118
O
J
119"
O
J
103s
14
3
1967 M N *100*8
58
5334
741|
66I2
59
74«s
8*2
63*4
1936 J
Beech Creek 1st gu g 4s
2d guar g 5s
9
42
Belvidere Delaware
♦Berlin City Elec Co deb BHb
♦Deb sinking fund 6 Hb
812
1214
100
33
361,
3^s... .1943
cons
—
60
64
68
101*4
4
88
100
103
89*a
100
102
95
98
1195s
21
103
113*4 120*2
12514
1257s
6
103*4
116*4 126*8
*101*8
32*2
2914
32*2
5
27*8
27*a
44
29*4
10
24*2
39*2
24*2
39*8
413,
101
«.
—
—
*
«»*»•.
66
99
-
«.'mm
_
-
....
A
O
28*2
29
19
24i2
24*2
.1956 A
O
32
32
1
275s
30
J
J
10438
10534
227
99*8
99l8 104*2
j
♦Berlin Eleo EI A Underg 6 Hb.
Beth Steel cons M 4J4s ser D
.
D
8
*3 8*2
48"
S
79U
81
80
8134
.1960
47*8
413g
184
26ia
34U
4H2
Big Sandy 1st 4s
38
41l4
122
266a
3418
42
Blng A Blng deb 6 Hb
61
51
83
Boston A Maine 1st 5s A C
92i2
9378
526,
80
96
—1958 F
—1961 J
A
70
7U2
18
41
63
74*8
D
85
87
55
63
8
----
76*2
114-3,
1959 F
1955 A
♦Debentures 6s
3778
*531S
D
111
112
76
3
J
J
.1961 J
16
69
J
J
76
86
91
—
,1989 J
873s
—1952 MN
Yokohama (City) extl 6s
101*2
..
.1942 J
deb 4 He
M
1967 M
90
80*4
90
M N
1st M 5s series II
♦6s Nov ooupon on
91
A
Vienna (City of)—
Warsaw (City) external 7s
100*4 106*4
1948 J
.1960 A
10
M N
110
74*8
.1961
12
1964 M N
O
94*2
10412
10912
J
*10412
D
68*4
Beech Creek ext 1st g 3 He
53
—1952 A
.
7
22
J
Bell Telep of Pa 6s series B
75i2
81*4
♦External sf6s
1137s
106*2
J
103
823S
♦External sf6s
52*2
IOII4
M N
Venetian Prov Mtge Bank 7s
52*2
95
79i2
39i2
335
86
75
*
767s
76
17
8U2
F
♦Uruguay (Republic) extl 8s.. —1946
7414
11334
47*4
....
1952 M S
A O
1st BHb—
8
1943 J
J
BaDgor A Aroostook 1st 5s
1st A ref 5s series C
Trondhjem (City)
62*4
M
176i|
96
♦Tollma (Dept of) extl 7s
38*2
158
103i2
J
765
43
102i2
J
65*2
25*4
*8934
.1971
62i2
Battle Crk A Stur 1st gu 3s
A
External s f 5 He guar
88
A
52i2
38*2
Batavlan Petr guar
A
Tokyo City 6s loan of 1912—
75*4
52*2
75
6II4
F
-
61
170
36
—1946 F
8678
93*4 100*4
77
36
Styria (Province of)—
♦7s Feb ooupon off
77*2
109*2
8934
22i8
117
54
7434
651|
5
95*2 104*2
101
89*4
23i2
164*4
101
J
17
....
95*4 105
8
1959 J
M
42
..1936 M N
Taiwan Elec Pow s f BHb
127
90
95*4
82*4
130
102
12
Solssons (City of) extl 6s
Sydney (City) s f 5He..
102
45
51l4
75
"96
9934
72
1914
104
IOII4
2438
24i2
*4912
16414
_
1025s
100*8
mm
~
J
.1950 J
Con ref 4s
♦7s Nov 1
107*4
.1941 M N
—.
Ref A gen M 5fl ser F
♦8s Nov 1
♦Slleslan Landowners Assn 6s
J
Conv 4Hs
9
0
101
12
F
61
3234
Serbs Croats A Slovenes (Kingdom)—
Silesia (Prov
M N *10.5
.1948 A
July
60
...............
62*4
10534 108*4
100*8 108*2
1434
Sao Paulo (City of. Brasll)—
9
Hioh
J
Atl A Dan 1st g 4a
2d 4b
A
Low
1948 J
J
2384
Roumanla (Kingdom of Monopolies)—
1959 F
♦7s August coupon off
..1953 J
♦Saarbruecken (City) 6s
&ioh
25
1025s 110*8
123
69*4
63
-
60*2
45
8058
82*2
34*2
5912
60*2
-
-
-
1st g 4*^8 ser JJ
1961
{Boston A N Y Air Line 1st 4s._ .1965 f
A
O
757s
77
71
56
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A
23
26
40
75
40-*s
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2334
34
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534
18*4
.1934 A
534
*27*8
..
—
2134
23
35
6
6
|{ ♦Botany Cons Mills BHb
♦Certificates of deposit
26*4
{{♦Bowman-Bllt Hotels 1st 7s.. .1934
RAILROAD
AND
i darns Express coll tr g
4s
—1953 J D
M 8
J
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1952 A
Adriatic Elec Co ext 7s
J
Ala Gt Sou 1st cons A 6s
1943 J
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♦Albany Perfor Wrap Pap 6s.. —1948 A
1948
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186
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....
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115
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Allied Stores Corp deb 4 V$s
..1950 A O
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1965 M S
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—
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8
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1950
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f Alleghany Corp coll tr 6s
8
J
J
88
1949 J
J
1075s
1085s
J
10634
108
J
107*4
1075s
D
10414
105
Il941
Brooklyn City RR 1st 5s
COMPANIES.
♦If Abltlbl Pow A Paper 1st 6s
M
Stmp as to pay of 3435 pt red.
INDUSTRIAL
50
489
1221s
6
92
93
925s
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Bklyn Edison Inc gen 6s A
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Bklyn-Manh R T sec 6s A
1952 J
1968 J
.1949 J
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Bklyn Qu Co A Sub
con
gtd 5s.. .1941
M N
69
75
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1940 F A
2030 M S
American Ice s f deb 6s
1953 J
1
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to
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Am Internat
—
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Am Rolling Mill conv deb 4>ia
Am Telep A Teleg conv 4s
30-year coll tr 6s
—
—
D
1949 M N
10212
6934
70
8412
94
1051a 10934
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9
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32
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1
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12
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1950 F
A
106
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10
104
104
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J
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—
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—
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309
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5
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5
14
14
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It ♦Burl C R A Nor 1st A coll 5s. .1934
♦Certificates of deposit
.1952 A
{♦Bush Terminal 1st 4s
O
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81
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76
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94
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102is 129i2
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1937 MN *107
J
J
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115
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1071a 11012
Cal Pack conv deb 5s
110
100i2
IOH2
100*4
lllig 114
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Canada Sou cons gu 5s A
1942 A
1962 A
103
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20
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58
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S
112
1947 J
J
42
{♦Am Writing Paper 1st g 6a._
♦Certificates of deposit
Anaconda Cop MIn s f deb
—
mm***"--
4HS.1950
♦Anglo-Chilean Nitrate 7s
—
{♦Ann Arbor 1st g 4s...
—
Ark A Mem Bridge A Ter 5s
....
A
O
114
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49
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8
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87
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28
1939 J
..
A
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114
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J
1995 A
.
O
1
96
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73
9634
481
106i2
60
J
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..1955 J
Conv 4s of 1905
J
Conv g 4s
Issue of 1910
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1948 J
1966 J
Rooky Mtn Div 1st 4s
Trans-Con Short L 1st 4s...
1958 J
78i«
75
9034
103
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6012
87*4
102
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J
Canadian Pac Ry 4% deb stk perpet.. J
For footnotes see
87*2
5s equip trust ctfs
J
J
103*s
113*8
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Deo 1 1954 J
5
284
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D
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1157>
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J
D
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76
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D
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..1943 J
30-vr 5s
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109
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81H
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58
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113
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♦Mac A Nor Dlv 1st g 5s
1946 J
J
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19
20
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110
11312
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J
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J
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8
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19
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gen 6 Hb series
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B
C
Cent Hudson G AE 1st A ref ZHa 1965 M
Cent 111 Eleo A Gas 1st 5s
1961 F
{♦Cent New Engl 1st gu 4s
1961
*
23
~
253
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243
Oct.. —1952 MN
8U2
8512
May 1 1946 M N
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56
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168
BROKERS
Bonds
Vilas & Hickey
49 WALL STREET
Telephone
—
Members
—
New York Curb Exchange
NEW YORK
-
HAnover 2-7900
—
Private Wires to Chicago,
A. T. & T.
99*2
87*4
J
Railroad, Public Utility and Industrial
New York Stock Exchange
71*2
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273
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43
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118
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114
1949 J
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11334
A
July 1969
gold 5s
Oct 1969
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1956
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Guaranteed gold 4Vss
Sept 1951
.1946
Canadian Northern deb 6 Ha
Cart A Ad 1st gu
D *118
—1944 J
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1067g 1111a
101
106i|
1944 J
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43
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101*4 10618
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8
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.1962 M
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1
111
1995 M N
"13
.1957 J
64
144
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1995 Nov
Adjustment gold 4s
Stamped 4s__
102*8
107*4
105
934
1113s
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Atch Top A S Fe—Gen g 4s
O
43
107i2
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1945 MN
J
1st M 8 f 4s ser B (Del).
99
1964 M
,.
Armour A Co (111) 1st 4Hs
M N
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70*4
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21
Amer Water Works A Electric—
—
J
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10534
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116*4
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930
1944 M
103*8 106*4
M N
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1975 M N
114*4 121
118*8 128
1981 F A
,,,1937 M S
Buff Gen EI 4 Hb series B
103i2
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93
88>,
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D
100
—
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S
J
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1943 MN
20-year sinking fund BHb
1
2
72
110
1055,
1950 J
J
....
35-year s f deb 6s
104
104*8 107*4
1947 M N
8
D
106
98
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1945 M
1936 M
J
102*2
86<s
Debenture gold 5s
1st Hen A ref 5s series B
Bklyn Un Gas 1st cons g 5s
1949 J
65
14
24
39i2
73
103
106*8 110*2
112
111*2
— -.
Am Beet Sugar 6s ext
93
103
75
109'2
7
4*4
82
23
69
J
F
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8
89
A
1941 J
1st 5s stamped
Bklyn Union El 1st g 5s__
4*2
*7
Teletype NY 1-911
Indianapolis and St. Louis
New York Bond
270
Week's
BONDS
Week's
Itano« or
1933 to
Range
Friday's
A Allee
Yi STOCK EXCHANGE
Week Ended Jan. 10
IV
Dec. 31
for Year
1935
1935
Bid
NO
Lew
Low
1949 F
A
10384
10458
65%
1954 A
1960 F
Cent Pae let re! gu k 4b
O
102
103
63%
Low
BONDS
Y
89S4
92
55
1937 M N
68
68
49
62
Centra! Steel 1st g a
1941 M N
122
122
1948 M
966s
10212
118i2
110%
llDs
118i2
11078
18b
'"•ertaln-teed Prod 5 Ha A..
A
R
Champion Pap ft Fibre deb 4Hs— 1950 M S
( besap Corp con? 6a
1947 M N
10-yearoonvooll5e
1944 J D
....
nhee A Ohio 1st con g 6b
General gold 4 He
1939 M N
1992 M S
1993 A O
1995 J
J
1940 J
J
Ref A Impt 4 Ha
Ref A Impt 4 Ha ser B
Craig Valley let 6s.-May
Potta Creek Branch 1st 4a
100
42
98
103
'*100%
94
122l2
114
101%
111%
104
08%
114
124
631*
96%
101*4 102
102
119%
101% 112*4
110% 113%
114% 120%
Bid
A
Low
•Consolidated Hydro-Eleo Works
of Upper Wuertemberg 7a.....1956 J
Consol Gas (N Y) deb 6 Ha
1946 F
Debenture 4 Ha
Debenture 5s
(♦Consol Ry
1933
Friday's
Hi
J
A
1951 J
1967 J
D
♦Debenture 4s
c
Low
105U
109
70
99
138
1045s
108%
88
93
105i2
36
20
2414
23i2
85
20i8
24
24
9
5
16
16
3514
17%
23»4
175g
23*4
32*4
25
J
20
24
67
16
16
295*
(♦Cons Coal of Md 1st ft ref 5s..1950 J D
♦Certificates of deposit
Consumers Gas of Chic gu 5s ....1936 yd
35
36
41
10
29
44%
34l2
10284
36
36
10
29
44
10234
4
98
102*4 105%
108%
109
3
1O012
106(2 IO8I4
103
103
1966 J
84
1077* 112
IO884
10834
96
105
87
1027* 105
105% 112*4
105% 108
99
107
33%
Crown Willamette Paper 6a
Crown Zellerbacb deb 6a w w
Cuba Nor Ry 1st 5 Ha
1951
1940 M
1942 J
56
Cuba RR 1st 5s g
1952 J
1936 J
50
57
36
51
61
28
13*8
28
52
48i2
104(4
56
7
15
23*4
47
104H
10
102
8OI4
323
67
J
85
90%
108
112
108
....
Consumers Power Co—
1st lien ft unlf mtge 39*8
1st lien ft unlf mtge 3Hs
1965 M N
1941 M
1949 A
S *110
O
1949 J
42
59
45
J
105%
1949 J
J
8
108%
10734
1st ArefiHsaerB
1977 F
A
1st A ref 5s ser A
1971 F
A
84
13
109
1958 M
10
106
Illinois Division 4a
General 4s
92*4
84%
104
107%
108%
10878
127
113%
114%
6
84%
82
82
3
53
16%
18%
266
5*8
1478
16%
22
1982 M N ♦1153s
J
105
1937 J
5%
82%
105%
17
97
1934 A O
1951 M N
I (Chicago A East 111 1st 6a
(♦C A E 111 Ry (new eo) gen 6a
♦Certificates of deposit
Chicago A Erie 1st gold 6s..
Ch G L A Coke 1st gu g 6s
1959 M S
(♦Chicago Great West 1st 4s
(♦Chic Ind A Loulsv ref 6s
25
117
mm
471
77
26%
30
1947 J
J
30
35
22
15
__1947 J
J
29
34
29
15%
1947 J
•Refunding g 6a ser B
♦Refunding 4s series C
J
28*4
35
26
14
16
17%
57
1966 MN
♦1st A gen 6s series A
♦1st A gen 6s series B.May
1966 J
J
16
17*4
J
94
95%
24
1858
110%
103% 109%
107% 114%
1053s
34
D
104l2
105
40
68
1943 J
D
101
102
68
Copenhagen Telen 5s Feb 15
1964 F
A
1950 M N
s f 4a
1st ref 7 Hs series A
1st lien ft ref 6s ser B
5%
5%
1969
♦GengSHaaerB May 1
♦Gen 4 Ha series O..May 1
D
.1989
J
47
4858
.1989
Ohio L S A East 1st 4 Ha
J
44
44
Cumb T ft T 1st ft gen 6s
Del A Hudson 1st ft ref 4a
1943 M N
Gold 5 Ha
Del Power ft Light let 4 Ha
1937 M N
J
1971 J
111% 117
103% 10678
18%
35%
15
29%
16%
27%
14
28%
17*4
4%
4%
867*
Q3%
99
*11U4
32(2
32%
J
17*4
10%
17%
1st A ref 4J*s
1st mortgage 4Hs
100% 111*4
33%
68%
321*
55
1969 J
Stamped
as to
{♦Den ft R G 1st
90%
103%
105l2
10218
7884
99i2
IO6I4
973s
57
49%
693s
1047a
48
102(2
10
65
97% 103
6OI4
101
15
37
13*4
29
105
100*4 105
13
10558
10634
93
104% 112%
96
101
85
102% 1071*
103
107%
10658
Penna tax.....1951 M N
88
27
IO684
1
271
4s
gen 5s
30
32
32
3212
20
13'8
15i2
176
6H
6%
13
153s
26
2838
375
189
5U
11H
11%
6
♦Assented (subj to plan)..
♦Ref ft Impt 5s ser B
Apr 1978 AO
J
485s
36
36
62%
(♦Des M ft Ft Dodge 4s ctfs
J
50
5U4
36%
36%
62*4
J
53
36%
30%
64*4
10912
A
2258
14
2000 A
O
4078
4U2
42l2
43
481*
11314
109(8
10878
114
♦Conv adj 6s
Jan 1
(♦Ohio ft No West gen g 3Ha..
♦General 4s—
9%
2%
28*8
(♦Des Plalnes Val 1st gu4Hs..
1947 w 8
Detroit Edison gen ft ref 5e ser C 1962 F A
Gen A ref 4 Ha aeries D
1961 F j
10812
1976
5114
1934
784
110U
109%
20
♦Gen 6s stpd Fed (no tax
45
49
33
35
38%
30%
7*4
63
53
577*
61%
48
1987 M N
44
45
1936 M N
4812
2214
38
38
70
D
24
13
13
31
...
2037 J
D
21
2234
13
13
2037 J
D
21
2234
12%
12%
28
II84
13i2
7%
7%
gOHa.
♦
lat ref g 6s
May 1
♦
(at ft ref 4Hs stpd.May 1
♦let Aref 4HaserO.May 1
...
2037 J
♦Conv
494s series A
((♦Chicago Railways 1st 6b atpd
Aug 1 1983 26% part pd
1949 M N
F
A
,1988 J
(♦Chic R I ft P Ry gen 4b
J
78i4
42*4
66%
3978
32%
32%
10%
31
457*
30
43
10%
17%
10
10
10%
10%
10%
10%
18
4%
41*
40
1934 AO
16
1778
1962 MS
1584
1678
1714
1834
17l2
978
♦Certificates of deposit
(♦Secured 4 Ha series A
♦Certificates of deposit
16
....
Oh St L ft N O 6a
I960 MN
.
758
June 16 1961 J
Gold 3 Ha
D
*10284
June 16 1981 J
D
1951 J
D
Chlo T H ft So East 1st 6B
1960 J
D
83i2
76%
1960 M
S
64
1963 J
J
10758
107i2
108i8
75
Dec 1
Chic Un Sta'n 1st gu 4Ha A
1st 5s series B
1963
Guaranteed g 5s
1944
Guaranteed 4s
1944
10
80
16%
10
90
63(2
1057s
88%
89
85*4
45
59
75
88
81
70
257g
257*
76
66%
152
108%
9
13%
93*4
13%
106%
106%
100%
105%
*8378
Memphis DIy 1st g 4s
Inc gu 6s
22%
37i8
*35i8
(♦Refunding gold 4s
91
5112
73
♦Certificates of deposit
•Cony g4Ha
7
107*4
109
32
*107
100
95
105%
10938
107
107% 109*4
10834
9934
10758
109%
"37
100%
148
.1962 M S
107*4
8
82
102
107
1st ft ref 6 Hs series C
1962 M
S
107
107%
12
103
103
107%
Ohllds Co deb 6s„
1943 A
O
Chile Copper Co deb 5s
1947 J
J
7314
10118
103
series D
1963
Jfuc ft West Ind con 4s
{♦Choc Okla A Gulf
1962
cona
1952 M N
6a
Cln G ft E 1st M 4s A
1968 A
Cln H ft D 2d gold 4 Ha
C I St L ft C 1st g 4s..Aug 2
Cln Leb ft Nor 1st coo gu 4s
1937 J
O
61*4
46
79
35
35
1
106
23
'learfleld ft Mah 1st gu 4b
1993 J
4b
D
10178
97
1993
1941
Ref ft Impt 6s ser D
1963
*10is4
89i8
A
1981 J
J
80
106
57
501*
63
65
78
501*
65
78
62
68
76
76
446
735s
637
7314
11714
8
46H
10
90 (4
921*
86
117(2
52%
74%
52
74%
114% 118%
112% 117%
461*
105
111
425s
43
43
83
95
Federal Light ft Tr 1st 60.
5s International series
1st lien
...1942
99
9912
60
81
99
...1942
♦97U
9778
10134
99
75
83
901*
99i8
59
7934
98
f 5s stamped
1942
1st Hen 6s stamped
30-year deb 6s serleB B
1942
97
07
112%
5
914
11
124
678
1278
877*
100
52%
114
10234
31
111% 114%
09%
101%
—
—
—
•V
~
91
"83
422
89
112
103
00
00
89
60
78*4
1
88%
58
87%
941*
06
88
90
85
72
10918
103% 104
95
95%
109
110*4
105
105
105
100%
107% 112
105%
70
1943
99%
50%
62%
99%
9978
98*4
*110%
100%
98*4
10
731*
105% 105%
105% 105%
1001* 107%
3
74
927, 105*4
71
85
176
06
92%
14
25
38
owner.
MN
80
104
38
O
3(2
2
3(2
3
104%
83
101%
105(2
947*
103% 1067*
108
0434
100
110%
40
15
23
.46*4
7584
72
75
75U
84
Gen Amer Investors deb 6e A
Gen Cable 1st s f 5 Ha A
1952 F
1947 J
A
♦Gen Elec
102
102
10158
1025s
J
J
1940 J
D
325s
313s
313s
10358
90U
3138
3138
(Germany) 7b Jan 15..1945
♦s f deb 6
♦20-year
Ha
s f deb 6a
1948 IVI N
J
...1939 J
warr
_.
((♦Gen Theatres Equip deb 6s
♦Certificates of deposit.
1949 J
1940 A
J
O
33
95
143
♦Certificates of dep stamped
(♦Ga A Ala Ry 1st cons 6s
{(♦Ga Caro ft Nor 1st ext 6a
J
18(2
1934 J
J
*21%
105
80
101*4
3
3
32(2
3U2
8
30*4
♦Good Hope Steel ft Ir seo 7s
Goodrich (B F) Co 1st 6 Ha
Conv deb 6s
1945 A
O
1947 J
J
1945 J
D
101*8
192
100*4
62
69%
60%
68% 100
76
90i8
732
54
54
94
212
2>4
0%
0(«
19*4
19%
18%
266
18*8
18%
9
18(2
18
30
1940 F
A
33
323s
37
108
10814
197
891*
104t4
10458
105
119
63
106
100
IOOI4
323s
110% 112%
100
1031,
106% 109*8
1st A gen s f 8Hs
Qreat Northern gen 7s ser ▲
1st 4 ref 4Ha series A
5
833*
127
82(*
11
18
18
24
33
107*4
92%
1031*
82%
44*4
109*8
104%
106
100%
8
17
58
101
IOOI4
102% 110*4
105*4 H2%
*97
1942 J D
Gr R ft I ext 1st gu g 4Hs
J *108l4
1941 J
Grand Trunk Ry of Can guar 6s. 1936 M S
103i8
Grays Point Term 1st gu 6s
D
*78
1947 J
Gt Cons El Pow (Japan) 7s
...1944 F A
99
10378
139
93
70(4
68
50
50
49%
104
6312
100
32%
31%
31%
1
{(♦Gould Coupler 1st b f 6s
Gouv ft Oswegatchle 1st 5a
09
75
99
40
25U
24i2
.1946 J
54
731*
25U 1133
21
_
115% 117%
7
20»4
..
Goodyear Tire 4 Rub 1st 5s ....1957 IVI N
Gotham Silk Hosiery deb 6s
D
1936 J
73*4
1035s
351*
21
101
107%
68
2
1
~
J
06% 100
22
6K2
58
8
52
481*
94
9
4
4
52
15%
91
4%
*119
48%
383
41*
8
224
•••»*»<»
9i2
D
232
100%
12
♦7(2
1934 IVI
55
*110%
5%
♦(Gelsenklrchen Mining 6s
65*4
26%
51*
3(2
Galv Hous ft Hend lBt 5 Ha A ...1938 A
Gas A El of Berg Co cons g 5s....1949 J
an
247
----
95
934
Fort St U D Co 1st g 4Hs
1941 J~"j *10438
Ft W ft Den C 1st g 5 Ha
D ♦104i2
1961 J
Framerlcan Ind Dev 20-yr 7 Ha ..1942 J
J
108
(♦Francisco Sug 1st s f 7 Ha
3512
1942 IVI N
Pub Serv deb 5Ha
Gen Steel Cast 5Hs with
90
01
61*
I02i2
103% 107
17
10V"
1023s
8
((♦Proof of claim filed by
♦Certlfloates of deposit
101
6
42
1974 M 8
♦Certificates of deposit
101% 101*4
93
50
1959
Fonda Johns ft Glov 4 Ha
1952
((♦Proof of olalm Hied by owner
MN
(Amended) 1st cona 2-4s
1982
108
06
92%
s
♦1st A ref 6s series A
78%
73
99%
104
69
1948
783s
70
104
50
95%
*107%
1955
78(4
62
99
48
1938
uol 4 Tol 1st ext 4s
95*4 102
6
24
795s
106
281
*106U
*105l2
Col A H V 1st ext g 4b
101% 100(2
1013* 106(2
61
1945
May 1952
69
5934
103
Apr 15 1952
Jan 16 1961
"
90
196
101
113
106*4
1934
1954
90
31
110
105%
1980
Ernesto Breda 7s
2
101
98*4
101
f 6b
1947
1091*
101*4
92
3
1977
((♦Col Indus 1st ft coll 5s gu
1957
1938
40
104%
8U>
110
1973
Colo A 8outb 4 Ha ser A
Genessee River 1st s f 6a
N Y ft Erie RR ext 1st 4s
3d mtge 4 Hs
""l5
50
107
coal River Ry
1956
102%
32
89
43%
109
f 6s Series B guar...
1967
1975
3D*
30
33
26
1961
..1972
lata f 4Hs series 0
Ref ft Impt 6s of 1927
Ref 4 Impt 6s of 1930
Erie ft Jersey 1st a f 6s
A
A
M
A
J
J
M
M
F
99
10734
4
32*4
111%
106% IO8S4
1237* 128
31*4
41%
7678
101%
41%
F *105
1977 F
1953
96
28
97
1950 A
...1963
4s series D
3
131
21
101% 105
55
96
Gen ft ref mtge 4Hs ser B
cony
79
*52
94%
Series D 8Hs guar
Gen 4 Ha ser A
1948 M N
Series B
1
1943
1940 M S *10014
1942
1942
1953 A
5
61%
(♦Fla Cent A Penln 5s
(♦Florida East Coast 1st 4 Ha
9412
1942
Penn coll trust gold 4s
Conv 4s series A
104%
103*4
107%
7%
111*4
82
ft • gb geu gu 4 Hs ser B
...1996
31%
6%
891*
109
105
Series B SHa guar
J
...1996 '
...1951 F
cons g
J *10558
J ♦1055s
100
J
7834
J
106
A
76
C
76
O
70(2
O
7U8
N
70i2
O
117'8
J
117
J
N *110
8 *104
425s
A
47
97%
79
Series A 4Hs guar
Series C SHa guar
4b prior
1st consol gen Hen g 4s
Gen
J
J
1940
1940
10
102
104%
100% 108%.
15
105
*96i2
10858
*111%
*10212
*11U2
*10258
Erie RR 1st
ser B
20
80%
1977
J
Erie A Plus ggu 3 Ha
Series C 3 Ha
102
67
501*
1939
1965
♦(East Cuba Sug 16-yr e f 7 Ha —1987 M S
125s
East Ry Minn Nor Dlv 1st 4s ...1948 A P
104i2
East T Va A Ga DIy 1st 6s
10334
1956 M N
Ed EI III Bklyn 1st cons 4s
1071s
1939 J
J
Ed Elec (N Y) 1st cons g 6s
1996 J
J *128i8
♦El Pow Corp (Germany)
325s
6HB..1950 M B
♦1st sinking fund 6Ha
*325s
...1963 A O
Elgin Jollet ft East 1st g 6s
1941 M N *10978
El Paso ft P W 1st 6s
19«« A O
10134
5a stamped
101
1965
87
12
63
03%
Ref A Impt 4 He ser E
1P40 J
1937
4
107
104%
46 <4
Cairo Dlv 1st gold 4s
Spr ft Col DIy iBt g 4b
W W Vr| Dlv 1st
9 4b
Cleve Elec Ilium 1st M 3Hs
37
55
59(2
*111
Ref A Impt 6s ser C
Cln Wabash ft M DIy 1st 4s...1991
St L Dlv 1st coll tr g 4s
1990 M N
36
100*4
78%
General 5s series B
Debenture 5s
30
501*
J
Cleve-Cllffs Iron 1st mtge 4Hs—1950 MN
Debenture 5a
84
98
*80i2
*73is
Columbia Q ft E deb 6a
14
113
30
157s
12%
1057* 112%
65
112
b
...1937
26
26
Tl%"
95
J
1st gu 4s
(♦Colon Oil cony deb 6b
{♦Colo Fuel ft Ir Co gen
Dul ft Iron Range 1st 6a
Dul Sou Shore A Atl g 6s..
20
*28
*60U
J
a
....1996
905*
1946
1940 J
1943 J
1st
104U
106%
gold 4a
Detroit River Tunnel 4 He
Donner Steel 1st ref 7a
85(a
10 7
1954
1940 J
Sho Line lat gu 4Ha
Oleve Union Term gu 6Ha
♦Second
*15%
1125s
1942
♦1st 4s assented
*38
J D
1961 * N
♦Det 4 Mac lBt lien g 4a...1
19
Flat debs fg 7s
1957 Wl N
(small)
cieve
i
i
1995 J I
1995!—.
1007* 103%
1st guar 6s series C
lev
A
3%
72
108% 110%
106% 113*4
108% 111%
107
109%
82
10978
•eve CIO cm A tit L geu
1965 A
ser F
2%
03
93
887*
97%
110%
Series B
1952
Gen ft ref M 4s
31*
63
*63
101% 107%
102% 103%
101% 103
2020 J
Clearfield Bit Coal 1st 4s
92
30%
J *103
J
637*
344
104
1st mtge 5s series B
1st 4Ha A
107%
203
80%
1938 Q F *102
1942 M N *10234
J
2020 J
110
Cln Union Term
Gen A ref 5s series E
63
109%
110%
.at ref 6 Ha series A
1st mtge 4s
1935 J
5%
39(4
39%
13%
13%
247s
28
...
♦4 Ha stamped
♦Secured
30%
38%
44
1987 M N
494b atpd Fed Inc tax
33
35
1987 M N
46i2
46i2
4584
♦Stpd 4s non-p Fed Ino tax., 1987 M N
♦Gen
'
21
*3(8
J
26
20*4
21%
J
J
A
1989
9%
21*
28%
30%
30%
101
F
..Aug 1966
(♦Ohio Mllw St P ft Pac 6s A...
<
831*
2034
1936 J
cons g
♦Consol gold 4 Ha
.1989
9
72% 947*
89% 10234
107%
891*
,1989
1987 M N
1987 M N
104% 107%
93*4
♦Gen 4 Ha series E__May 1
51
51
2
♦Gen 494a series F_.May 1
._
55*4
....
105
1043s
....1936 J
101*4 106
69
100
IO6I4
1043s
.
100
10278
*100%
1065s
f 6s
92
102% 10314
75
J
s
105
99% 104*4
83
101*8
7
106
J
1969 J
1936 F A
..1961 M N
D RR ft Bridge 1st g 4a
Den Gas ft El L 1st ft ref
(♦Den ft R G West
♦Chlo M ft St P gen 4s ser A
J
80
73
4*4
70
105
1946 J
1936 J
1937 J
4*4
80
1956 J
Chlo Ind A Sou 60-year 4s
110
33%
50%
101% 100%
106*8 1097*
1965 IVI N
Container Corp 1st 6a
15-year deb 6s with warr
Crown Cork ft Seal
Warm Spring V 1st g 6a
Chlo A Alton RR ref g as
nhlo Burl A Q—111 Dlv 3Ha
41%
1041* 1067s
99
10834
102*4 107U
111
J *11218
J *107%
1989 J
High
29
91%
83%
1989 J
2d conBol gold 4b
1935
Low
119i2
112U
11214
1946 J
R A A DIt 1st con g 4a
Range
for Year
29
*29
105
O
1936
1935
J
1956 J
....1955 A
♦Debenture 4s
Hiok
fo|
Dec. 31
|
QQ &
NO
Asked
J
J
non-conv deb 4s...1954 J
♦Debenture 4s
11
Jrslt 1 |
Itanoe or
EXCHANGE
High
Cent RR A Bkg of Ga eoll 6a
Guaranteed g 6b
8TOCK
Week Ended Jan. 10
97% 1033s
971* 102%
69%
90(2
Through Short L 1st gu 4a_
Jan.
Record—Continued—Page 3
July I
101
101
1031s
84
"~9
95
3
86
9134
104% 108%
wn%
37
103% 107%
90
85
85
681*
86*4
621
56
78%
10278
198
7U*
82
103%
108i2
90
681*
90
108
97
1943
111%
*10338
Conn Ry ft L 1st ft ref 4Hs
1951
*106%
Stamped guar 4 Ha
For
footnotes
see
1951
page
273
107
1117*
23
95(2
92
107
1
88%
96%
106
109
1952
110
116
64
75
109(2
1973
57
09
105
1976
9734
105U
9934
287
General 4 Ha series D
General 4 Hs series E
1949
General 6 Ha aeries B
General 5s series C
Comm'l Invest Tr deb 5 Ha
Conn A Passum Rlv 1st 4b
93i2
8584
10258
1075s
108U
IO384
458
537*
03
98
1977
97i2
9934
53>2
623*
97%
.1950 J
1936
...1961
J
93%
271
Record—Continued—Page 4
New York Bond
Volume 142
Jnlyl
Week's
July 1
Week*
Range or
1
BONDS
Bid
►nR,
A
Asm
♦Green Bay A West
♦Debentures ctfa B
5 Ha B
1st mtge 5a series C
Gulf A SI lat ref A ter 5s
Gulf Mob A Nor lBt
Steel
103
J
J
Hocking Val 1st cons g
4 Ha
Co 1st mtge
♦Holland-Amer Line 6a (flat)
.1949 J
♦Hoe (R) &
—
{♦Housatonlc Ry cona g 5s
J
.1947 IM N
.1937 M N
6a
Houston Oil sink fund 5Hs A
Hudson Coal 1st a f 5a ser A
—
MMMM
J
105
.1940 IM N
J
M
101
D
_
83
IOIS4
35
O
33*4
35
232
2534
1951
—
J
O
A
Extended 1st gold 3 Ha
IO2I4
1951 IM
Collateral trust gold 4a
8
O
4a
—
J
95
105
A
1950 J
1025s
64l2
gold 4s
Lltchrield Dly 1st gold 3s
Loulay Dly A Term g 3 Ha
.1951 J
.1953 J
J
J
Omaha Dly lat gold 3s
.1951 F
A
St Louis Dly A Term g 3s
.1951 J
J
1951
82
87ig
C
Illinois Steel deb 4 Ha
D
70iS
72l2
154
108i2
5
107H
{♦Ind A Loulsyllle 1st gu 4s
Ind Union Ry gen 6s aer A
O
.1966 J
1965 J
Ind III A Iowa 1st g 4s
A
.1940 A
1950 J
Ind Bloom A West lat ext 4a
J
3238
*102
J
*99
21*4
10534
108
Inland Steel 1st 4H aer A
103(8
10312
F
A
102^8
1025s
•
10012
23
Mead Corp 1st 6a with warr
1945
100*4
Meridionals Elec lat 7s A
1957
107
Metrop'Ed 1st 4Hs
104
Metrop Wat Sew 4 D 6 Ha
10234 io6i4
561*
81U
94i2
8758
885«
61
8678
8678
92(2
63(2
62
19t4
50
84(2
60
60
2
20U
481*
Jaok Lans 4 Sag 3 Ha
59
671*
84
81
97
Ref 4 Impt 4 Ha series C
S
90
9U4
8734
28
571*
82
941*
94
67
50
72
86(4
coll tr 5s—
Stamped extended to 1942
IM N
9978
A
40
146
26
10(4
J
1134
590
47s
381*
39
Internat Hydro El deb 6s
1944 A
O
4858
Int Merc Marine s f 6s
1941
A
O
69i2
9234
1947 J
1955 M
5s ser A A B
Ref s f 6s series A
J
1st coll trust 6% g notes
1st lien & ref 6Hs
O
10U2
F
A
16
e
J
•
•
....
.
23
251*
47i
23
....
43(2
iu4
43
23
23
42(2
5412
727
28U
28U
7U2
118
37
4658
96l2
273
66(4
73
96*8
26
47
68
337
3U4
355s
82
18
45i8
70
83
lat
89
12
49i8
74i«
1st cona 6a gu as to Int
85
431*
08
89
81i2
37
50
76*4
25-year
88*4
80(2
lat ref 5 Ha aeries B
A
*80i8
J
J
7534
78i2
376
J
8734
90
851
42
1955 F
A
82
609
40
651*
A
O
10058
101
7
82
99
O
1005a
1005«
6
82
99
103U
S
1*8
Us
87h
9
1938
1938
6s
cona
Debenture 5s
1948
Investors Equity deb 5s ser B w w
Without warrants
{♦Iowa Central Ry 1st & ref 4s. .1951
1959 J
Kan A M 1st gu g 4s
D
1990 A
James Frank & Clear 1st 4s
O
130
3
102
6658
74
70
97
O
42 s4
89
A
O
38i2
39
78
28
F
A
1121*
113
14
96
.1950 A
J
O
74i2
55
5U4
•.MM..
K C Pow & Lt 1st mtge 4Hs.— .1961
City Sou 1st gold 3s
J
Apr 1950
Ref & impt 5s
Kansas City Term 1st 4s
Kansas Gas & Electric 4 Ha
.1960 J
1980 J
.1943
(Rudolph) 1st 6s
.1943
♦Ctfs w w stmp (par $645)
♦Ctfs w w stmp (par $925)... .1943
.1943
♦Ctfs with warr (par $925)
♦Karstadt
Keith
847g
102
J
D
MN
....
....
....
.1946 IM 18
1948 M 5
(B F) Corp 1st 6s
Kendall Co 5 Ha.
4038
67(8
107
39
30l4
92i2
103
Kentucky Central gold 4s
1071s
Kentucky & Ind Term 4 Ha
1961
J
J
897s
1961
J
J
J
100
38l2
1938
1946
1st 4 ref 6s series A
3
-•MM
6758
26
42
23
68
1071*
2
80
90
8
73
100
5
80
MM
155
1949 F
—
93
-
25U
38
23
31
671*
9534
lOU* 103*8
1041* 10712
77
9512
95
99
10112
102i2
M
103
1O0(2 108*4
-MM-
118
1451* 155
94
103l2
MM
—
14
66
A
10312
10478
1954 J
J
11278
113
9
100*4
110
1954 J
J
119
119
1
1061*
1171* 122
Kinney (G R) & Co 7 H % notes. .1936 J
D
102 78
1027«
1
1945 J
J
109(2
8
3234
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
First and ref 6 Ha
Kresge Foundation coll tr 4s
IM
{♦Kreuger & Toll cl A 5s ctfs... .1959
Laoiede Gas Light ref A ext 5s.. .1939 A
1953 F
Coll A ref 5 Ha series C
146
111
63
33i2
" "l2
68
6OI4
3634
69
37
55
41
90
62 U
IVI
8
J
J
*50
53s
M N
IM
O
10U2
A
72i2
12
lOlls
114
76
196(1
F
A
72(2
Coll tr 6s series A
194? F
A
76i2
76(2
Coll tr 6s series B
1942 F
A
*74is
1937 J
J
1941 J
J
J
D
♦Lautaro Nitrate Co Ltd 6a
1954 J
J
Lehigh C A Nay a f 4 Ha A
Cona alnk fund 4 Ha aer C_
1954 J
Lehigh A New Eng RR 4s A
.1965 A
94
7512
2d gold 5s
Lake Sh A Mich 80 g 3 Ha
1954 J
Lehigh A N Y lat gu g 4a
M
Lehigh Val Coal let A ref b f 6a— .1944
109
10U
115
iooi4 105
109
11312
J
J
29
31
25
J
J
38i2
40
149
J
J
25
26i2
Nl
8
1934
22i2
80
15
J
J
82i2
86
43
51*a
20U
37i2
69
7U4
76(2
75
75
77
102
1
77
100l4
7
61
100
101
28
79
99(2
J
99(2
O *104i2
57
2414
850
10234
30
152
103
105(4
-
M
-
-
5
61
80
7U4
100*4
2134
97U 10212
591*
81
46
102
J
S
46*4
—
5
MM—
90
4*4
771*
80
103i2
52(2
lOlU 103*4
85
100*8
971* 102i2
7
21i2
9514 1O018
95(2 100
103(2 10514
55
7314
F
A
97
9712
5
64
87ia
97*4
5a
F
A
66
68(2
4
33
65
80
lat A ref a f 5a
F
A
67i2
6712
1
3U2
51
72
lBt A ref a f 6a
1974 F
A
6778
7
32
52
731*
lat A ref a f
65i2
1938 J
J
*98iS
73
91U
Leh Val Harbor Term gu 5a
.1964 F
A
85i2
873s
47
79
84
Leh Val N Y 1st gu g 4 Ha
.1940 J
J
81*4
85
39
757*
7814
Secured 6%
gold notes
For footnotes see
page
273
1949
1980
♦Certificates of deposit
1981
♦lat 4 ref 5a aeries I
{♦Mobile 4 Ohio gen gold 4s
♦Montgomery Dly lat g 5s
♦Ref 4 impt 4 Ha
1938
1938
1947
1977
1938
100
•
•MM
98(2
104
99
78
85
12
11
37
77l2
83i2
260
50i2
64i4
321
31 i2
76
2734
54i2
5934
120
31
3418
824
28i2
IU4
118
20
16
19
51
58 i2
2712
30
27
27l2
8
10i8
12
989
57*
8
28
30
907
191*
28
99
28i2
30
281
181*
19*4
27i2
77s
27i2
9
1878
978
655
3*4
526
191*
~3~0"~ "913
1958
191*
187s
M N
A
F~
28i4
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2734
O
A
30
27
M S
F
A
27
*78
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83
t
6968
30
88
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9
21
M S
11
12
106
M S
1012
12i2
172
5
M S
86I4
106i2
94
70
41*
M N
43
1021*
J
J
1043s
104i2
35
87
1937
1943
J
J
1031s
5
J
J
10714
1962
J
D
99
IO334
10712
IOOI4
4S...1991
Monongahela Ry 1st M 4s ser A..I960
1st gu 6s
1937
g
16
85i4
105i2
Mont Cent
Deb
197*
31
36
36
♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4% July
Deb 6a aerlea A
26*4
298
60i2
1978 MN
♦let 4 ref g 5s series H
A
MM
*76
MN
♦Certificates of deposit
Montana Power lat 5s
1
37
MM
2712
♦Conv gold 6 Ha
gold 6s
*2
MM MM
*2(8
34(2
♦Certificates of deposit
lat guar
5
J
F
1975
IM
1977
♦lat 4 ref 5a series G
Mohawk 4 Malone 1st gu g
4
36
6(4
2
30i8
601*
MM
MM
J
IM
notes
70
*1(4
8
♦Certificates of deposit
5%
66
80
1965
{♦Mo Pac 1st 4 ref 6a aer A
♦Sec
57
~76l~4
Jan 1967
♦Cum adjust 6s ser A
59
16
104i2
Montecatlni Mln 4 Agrlo—
Coll & ref 5 Ha series D
Lake Erie & West 1st g 5s
77(2
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Prior lien 4 Ha series D
70
40
121
7334
10378
1990
1962
1962
1978
Mo-K-T RR pr lien 6s ser A
83i8
841*
45
9834
104
1959
gold 4s
74i2
13
44
Mo Kan 4 Tex lat
♦lat 4 ref 5s aerlea P
45
25i4
lat Chicago Term a f 4a.
{♦Mo-Ill RR 1st 5a series A
♦General 4a
32
92
10678
52
..1949
1978
1941
6Ha
78*4
100U 10512
27
O *151
6U2
13*4
20
O *106
391S
io6i4 109
M
96(8
1997 A
41
28
70*4
—
M
30i4
1937 A
Kings County EI L A P 5s
Purchase money 6s
-
103*8
J *100
29*4
110l8 114
841*
39
*34
62
85(2
103
62
105
45
29*4
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85
107l2
1045s
J
Plain
360
6934
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1987 J
Stamped..
75h
681*
*4
.1936 A
{♦K C Ft S & M Ry ref g 4s
♦Certificates of deposit
Kan
M
79
--MM
9314
5
103
103(4
103&8
1948 A
985s
J
1962 Q
82
1947 F
J
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83
2
105
1949
88i2
17«
92
105
♦let 4 refunding gold 4s
76i2
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1939 J
Conv deb 4Hs
103
*80
1941
1934
M St P 4 88 M con g 4alnt gu
2918
J
1939
1947
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{♦Milw 4 State Line lat 3Ha
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9
36i2
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1936
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.
67
1712
334
M S
1961
1971
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,
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D
J
,
1940
80
ti
1972 IM N
1941 IM N
Int Rys Cent Amer 1st 5s B
•
2b
39
36
J
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11914
118i2
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1956 J
—
911* iooi4
172
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July 1952
62
61
100
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Milw EI Ry 4 Lt let 5a B
Int Agric Corp 1st &
♦1st g 5s series C
89
89l2
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74
A
1940
1951
1952
1976
City Air Line 4a
41i2
102
8
Michigan Central Detroit 4 Bay
62i2
47
108
4714
10878
IVI
1958
308
60
10318
O
1977 M S
91*8
41
10214
4634
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I960
60
85
100
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|{*Met West Side El(Chlc)4a ...1938
ser
8912
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1988
D
106
10314 10738
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102
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7
51
8212
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1940 Q
f 6a
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1932 M
33
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J
....
8*10-yearconv 7% notes
♦Certificates of deposit
J
1947
Marlon Steam Shore!
♦Mlag Mill Mach 1st a f 7s
•••
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49*4
45"
*36
♦Mex Internat 1st 4s asatd
1932 A
§*10-year6s
82
79i2
J
104
95
80
27
94i2
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J
79
7
51
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1943
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35
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8
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1941
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6734
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4
25
7138
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{♦Man GB4NW lat 3 Ha
71*
21
66
4a___—1939
98U
1
33
J
{Interboro Rap Tran 1st 5s
♦Certificates of deposit
1953
let ext 4e
2
61*
O
A
2013 J
4s
a
9
22
461*
4
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73*4
109
104
7
1
108
49*4
100
63
19
23l8
Manila Eleo RR 4 Lt s I 5a
78*8
130
26l2
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AO
♦Certificates of deposit
♦2d
98*4
16
10534
J
87U
72
....
24
J
—
1942
22
10312
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O
A
1942
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ft^Flat stamped modified.
8912
891*
1965 J
1978 A
Gen A ref 5a series B
Internat Paper
10012
76
97<s
31
....
80
441*
11634
22
♦Certificates of deposit.
78
101U
6
32i2
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567*
881,
23
O
A
{♦Manhat Ry (NY) cona g 4a ...1990
85
49*4
1942
|{*Stmpd Oct 1931 coupon
,
77
521*
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♦Certificates of deposit
88(2
92*4
74
523s
1950
|{*ManatI Sugar lat a f 7 Ha
Manila RR (South Lines)
389
92
IO8I4
II6I4
10234
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Proof of claim filed by owner
McKesson 4 Robblna deb 6 Ha
66(4
421*
75
77
.1948 F
•Ilaeder Steel Corp mtge 6s
89
1941
{♦JMcCrory Stores deb 5 Ha
941*
102(2
67
7338
O
751*
747g
863S
J
541*
IIU4
88is
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M
♦Lower Austria Hydro El 6 Ha—1944
71
57
81
1955 M N *107(4
F
A
88(3
Atl Knoxv 4 Cln Dly 4s—
66
82
81
IVI
86*8
621*
3
O
A
South Ry Joint Monon 4a
831*
981*
105
F
1980
-1945
1952
74
105
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1946
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75i8
100
108l2
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Mob 4 Montg lat g 4H8
66
61
....
2003
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103
108
J
J
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Gold
5a
106i2
67
60
5
82*4
lOOU
87
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.1963 J
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8O7*
10414
1
111 Cent and Chic St L A N O—
♦Adjustment 6s ser A
81
86(3
65(g
*99
86
259
651*
J
381*
105
lat 4 ref 5a aeries B
90*8
397s
28
J
J
.1961 F
IVI
98h
881*
98&s 102(2
A
1951 J
Gold 3 Ha
Springfield Dly 1st g 3 Ha
Western Lines lat g 4s
6
233
883S
18
801s
34
113
44
73*8
77
75
8534
11134
J
110
10512
77
77
M N
85*4
4
27
109
70ig
*8G(2
119
108
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MM
13178
118
1940
2003
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....
421*
446
67
131
A
1051s
94
92
Cairo Bridge
67
D *102(8
Aug 11966
10214
O
F
1969 J
lat refund 5 Ha aerlea A
82
9H2
A
26
70U
224
10U2
10212
2
52*4
8
72
8
104i2
10834
56
71
45
IVI
104i2
56i8
86i2
87U
92lg
1937 IVI N
57
70
98 U
6
47
102i2
98
Loulavllle 4 Naahvllle 5a
10214
69 lg
S
rvi n
1951
Loulavllle Gaa 4 El (Ky) 5a
991* 102
107
1936 J
F
15-year secured 6Hag
Guar ref gold 4a
Lorlllard (P) Co deb 7a
(VI
2
99
121
deb 5a
J
10712
78
84
p m
811*
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10712
761*
66
89i4
8
5
82is
1953 M N
1955 M N
Refunding 4s
Purchased lines 3 Ha
20-year
5a
b
--MM
103
1952
1945
103
83
22
1938
1949
1937
1949
1944
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102ia
81
1955 M N
J
1962 J
f 6a
Unified gold 4a
102(2 10418
102(2
--MM
*77
1952 A
1st gold 3a sterling
216
105U
123
Louis 4 Jeff Bdge Co gu g 48
25*4
1951
a
Long Island gen gold 4a
4478
A
gold 4a
1st A ref 4 Ha Berlea
46*8
29i2
49i2
787s
10414
122
76
113*4 120
63*4
J *104(8
J
10212
A
1944
89is
10134
230
O
117
10438
85
J
~ "~26
38
35
101*8
134
16
85
V
133i2
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101
116
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104(8
10214
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40
A
D
15
121
38i2
121
O ♦116
16
96
61
A
1985
4
10578
46l4
13
81*4
A
Illinois Bell Telep 3Ha ser B._. .1970
40-year 4 Ha
-
10578
10*414 ""67
5414
A
Feb 1957
♦Adjuatment Income 6a
Refunding 6a
M
O
fia—1941
59
11258 1171*
30
46(8
.1957 ¥
Hud A Manhat lat 5s ser A
Collateral trust gold
M
37l2
A
10334
45i2
89
1
105
J *104
118
1941 A O
D
1952 J
121*
21
48
1982
5414
9058
....
80
711*
1949 M N
Hudson Co Gas lat g 5s
3Ha
*14
33
43I2
Loew'a Inc deb
3314
80
30U
4414
422
Little Miami gen 48 aerlea A
26(8
91
422
3758
IM N
Liggett <k Myera Tobacco 7a
3712
37i2
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1
5058
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4034
4058
M N
10338
90
67
116
4714
1935
N*
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66i4
57
1051* 108
3314
116
O
1937 J
Houston Belt A Term 1st
let gold
5
*37
.1937 J
H A T C lat g 6a lnt guar
Illinois Central 1st
1
31
Dec. 31
1951 F
Leh Valley Term Ry lat gu g
Lex 4 Eaat lat 50-yr 5a gu
Lombard Elec 7a aer A..
39
1999 J
491*
951*
31
J
66u
50
b
39
.1944 A
........
16
104
108(4
50
491*
•
-
90
82
635s
55
9
•
-
M-
491*
MM
103
....
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50
8538
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834
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....
259
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.1939
'33 coupon on)
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6
2003
-——2003
2
<a
0Q0Q
Asked
A
Low
Lehigh Val (Pa) cons g 4a
60
38(8
•
Friday's
Bid
High
Low
26
....
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lo
Low
103i2
J
J
♦6s (Oct 1
_
•
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81*4
O
Hansa SS Lines—
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-M
.1942 J
deb 5Ha—
4a
Hackenaack Water 1st
♦6s (Apr
MM
H. T. BTOCSK EXCHANGE
Week Ended Jan. 10
No.
9l2
8i2
J
Febl952
Stamped
States
Feb
1950 A
70
*55
1940 M N
.1950 A O
Greenbrier Ry lat gu 4a
Gulf
Feb
deb ctfa A...
1935
1935
03 0Q
Hinh
Low
BONDS
for Year
1933
1933 to
Rang* or
Range
Dec. 31
3,
Friday's
SS
Y. STOCK EXCHANGE
Week Ended Jan. 10
N.
1937
7558
J
1941 J
A
1956
A
Gen 4 ref a f 5s Berlea B
1955
A
Gen 4 ref a f 4 Ha series C
1955
A
Gen 4 ref a f 5s aeries D__
1956
Morris 4 Co lat a f 4 Ha
1939 J
Morris 4 Essex 1st gu 3 Ha
2000 J
M
Constr M 5s ser A
.——1956
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1965 M
Mutual Fuel Gas lat gu g 5s.
1947 M
IM
Mut Un Tel gtd 6a ext at 5%
1941
Namm (A I) 4 Son—See Mfra Tr—
F
Nash Chatt 4 St L 4s ser A
1978
Nash Flo 4 S 1st gu g 5s—
1937 F
J
Nassau Elec gu g 4s atpd
1951
Nat Acme lat s f 6a
1942 J
F
Nat Dairy Prod deb 5Ha
1948
Nat Distillers Prod deb 4 Ha
1945 M
103U
86
Gen 4 ref a f 6s series A
119
7914
77
501*
65
76
10278
Montreal Tram 1st 4 ref 5a
37
52
86
88
70*8
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*
63*4
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91
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87
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103
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J
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102
102
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70
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95
89*8
4
78
1
91
47
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5
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245
60
99
272
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BONDS
If.
T
STOCK
Hanoi or
EXOHANQE
Bid
K,ft,
A
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LOW
flat Ry of Mex pr Hen 4 Ha
51o*
Dec. 31
Range
for Year
1935
II
1935
No.
Low
J
J
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1*4
6
2
g 4s
2
27g
134
2'4
10512
106i2
146
4
59i2
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37
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124
69
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12034
47i2
4318
104*8
7
4938
9914
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..
...1960
105*2
1061s
75
78i2
178
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52
54
fNew Orl Pub Serv 1st 6s A... ...1952
8934
First A ref 5s series B
...1955
New Orleans Term 1st gu 4s.
...1953
fl*N O Tex A Mex n-o lnc 6s.. ...1936
S934
8134
9234
92i4
8534
82ij
68*i
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...1983
9
6
N J Pow A Llgbt 1st 4 He
New Orl Great Nor 5a A
NO A NE 1st refftlmpt
..
2478
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...1954
33
...1956
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...1954
32*2
1944 MN
1997 J
11334
9038
7534
8134
98l2
Debenture 4s
1942 J
100
Ref A Impt 4Hs ser A
Lake Shore coll gold 8Hs
2013 A
7534
1998 F
90
Oonsol 4s series A
Ref A Impt 4Hs series A
Ref A Impt 6s series C
N Y Cent A Hud
Rly M 3Hs
1998 F
A
2013 A
2013 A
Mlob Cent coll gold 3 Ha
N Y Chic A St L 1st
g 4s
1998 F
8834
1937 A
101*2
Refunding 5 Ha Berles A
1974 A
84
Ref 4Hs series C
1978 M
♦|3-yr 6% gold notes
♦Deposit receipts for 6s
W Y Connect 1st
gu 4Ha A
1935 A
1953
77
105
38
73
551*
555s
69*4
89i2
38
15*g
I8I4
197g
187g
30
161
42
11534
780
98*4
9258
7734
391
449
64
8412
100
A
100l2
7734
9U8
90i2
102i8
88i2
9
67
505
43
16
1946 IVI N
65
51
77
267
1973 M N
4 Ha series B
1973 M N
N Y L E A W Coal A RR
5HS...1942 IVI N
N Y L E A W Dock A
J
Impt 6s...1943 J
N Y A Long Branch gen 4s
1941 M S
N Y A N Eng
A O
1939
1947 M S
♦Non-cony debenture 3Hs.... 1947 M S
♦Non-cony debenture 3Hs
1954 A O
♦Non-cony debenture 4s._._.. 1955 J
J
4s
1956 M N
J
1956 J
1948 J
.Collateral trust 6s
J
1940 A O
1957 M N
♦Debenture 4s
♦1st A ref 4 Ha ser of 1927
♦Harlem R A Pt Ches 1st 4s.
D
1967 J
1954 M N
June 1992 M
10
68*4
5914
109i2
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10678
30
46
30
59
16
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66
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46
102
1634
20
180
31
36
825
89
91
86
O
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O
83
♦Ino 6s assented
.1965
31i4
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.1965
i"~j
9978
.1951 M N
.1947 M N
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J
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101
329
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1938
..1941
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10514
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1944
*104
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101
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Ohio Indiana A West 5s
Apr 11938 Q
J
Ohio Public Serylce 7Hs A
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1946 A
1947 F
A
1948 J
J
35
1943 M S *108
273.
102
132
212
*108
O
64
61
100
10538
107
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7
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10118
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464
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120
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113
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1981 J
D
110
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107
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F
108
III
J
Pirelli Co (Italy) oonv
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D
10334
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107
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48
.1973 J
5078
.1949 M
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J
27
29
.1943 A
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0
.1942 A 0 *11158
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.1942 M N
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175
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34
79
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157
72
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19
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1
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.1953 J
D
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..II
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.1960 F
A
.1963 F
A
.1957 M N *108
98
*108
11534
109
11178
107*4 110
104U 1047g
108
108*4
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14
107
99
96*2
117
.1964 M N *116
General M 5s series A
75
104*2
108*8 112l2
108*2 112
100
.1949 F
110
104*4 <08*4
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75
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53'1
22*4
30
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17
-«»-*
.1945 M N *116*2
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Series G 4s guar
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105
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Pitts Va ft Char 1st 4s
109
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i
Apr
Philippine Ry latsf 4s..IIIII
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110
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D
116
117"
5
I
.1975 A
0
116
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.1977 J
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.1943
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75
80
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75
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D
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.1962
.1974 J
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..."
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.1948 J
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107
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g 5s
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M S
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75
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139
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.'
64
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17
80
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503
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104
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D
—
11941
Reading Co Jersey Cent coll 4s
II1951 A
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A
1997 J
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1997 J
Rem Rand deb 5
Ha with warr ..1947 IVI
5Ha without warrants
1947 M
Rensselaer A Saratoga 6s
gu.
1941 M
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11940 A
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cons guar
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A
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106
40
52
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101
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51
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Ref mtge 5s series A
Paducah <fc ills 1st s f g 4
Hs
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J
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1952 J
J
1955 F
A
.1939 J
f*Rlo Grande West 1st gold 4s. ..1939 J
♦1st con ft coll trust 4a A
*103i2
J
45*4 161
16
164
9678
1948 M
♦Direct mtge 6s
1952
♦Cons mtge 6s of 1928
1953
♦Cons M 6s of 1930 with
warr„ 1955
If ♦Richfield Oil of Calif 6s
1944
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♦Rlma Steel 1st s f 7s
Rio Grande Juno 1st gu 5s
n
J
35
82" "65
1954 M N
8a—II1953
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M
n
7534
9614
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106i2
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O
1950 M N
Purch money 1st M conv
5Hs
Revere Cop A Brass 6s ser
A
♦Rhelnelbe Union s f 7s
♦Certificates of deposit
19*4^
105*4
e
J
_
102*2
2047
Northwestern Teleg 4Hs ext
Norweg Hydro-El Nit 5 Ha
page
65
1947 M
Ref A Impt 5s series D
Nor Ry of Calif guar g 5s
Nor States Pow 6s ser A
4
A
cpns-...
Gen Hen ry A Id g 3s Jan
Ref A Impt 4Hs series A
Ref A Impt 6s series B
footnotes
5
19
1941 M N
♦Apr 1934 coupons
Nor Ohio Trao A Lt 6s A
North Pacific prior Hen 4s
For
"31
111
1996 O
1941 J
1961 F A
10334
No Am Edison deb 5s ser A
1967 M S
1025s
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..Aug 15 1963 F A
10358
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Noy 15 1969 M N
10134
North Cent gen A ref 5a A
1974 M S *116
Gen A ref 4 Ha series A
1974 M S
11212
t*North Ohio 1st guar g 5s
*43
1945
as
155
16*4
367g
1051*
1041* 108
6214 100
63
8958
42
621*
107
rJ
32
10
1947 M N
1947 M N
♦Stmpd
62
85
1950 M N
Apr'83-Oct'33-Apr'34
41
37*4
511*
971* 100
109
111*4
83
♦Norddeutsche Lloyd 20-yr
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63
1534
1956 A
Pocah CA C Joint 4s
North Amer Co deb 5s
46
81
Nlag Look A O Pow 1st 5s A
Niagara Share(Mo) deb 5Hs
1961
1041* 1075*
84
.1946
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N A W Ry 1st oons g 4s
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76
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9934
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46
s f 6s.
45
98
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63
2
4
3 J
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g 4s
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25
3
100
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94
101
4
A
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93U 1027,
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100
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65
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.1946
103
87
31
313s
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105
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.1965 Apr
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10034
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99
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97
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t*N Y Proyldence A Boston 4s.. 1942 A
.
98
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Pennsylvania
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71
52
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82
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67
47
52
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1056 J
...
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2000 M N *103
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64
40
12278
113*2
1949 F
(Bost Term) 4s
4314
46*2
737«
845
254
34
170
5878
109*8
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105*8
1948 J
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141]
92
Pac RK of Mo 1st
1
1478
11134
113i2
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3612
36
86
67
A
1951
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g 5S
2d gold 4Hs
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Terminal 1st gold 6s
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14i8
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1944 A
if Y Susq A West 1st ref 5s
1414
87
10078
1938 A
N Y A Rlohm Gas 1st 6s A
If Y Steam 6s series A
12U
14
90
1478
1113s
8
Low
87
♦Certificates of deposit.......
Paramount Broadway Corp—
108*4
f"
.1941
Jan
58*4
88
82
1953 F
1951 F
If Y Edison 1st A ref 6
Ha A
1st Hen A ref 5s series B
1st Hen A ref 5s series C
106
100*8
1935
1st guar 5s series B
If Y Dock 1st gold 4s
Serial 5% notes
94
53
3334
73
116i* 124
112*g 123i8
881* 100
1
2
J
M
Range
for Year
1935
Low
10134
J
)
No
102
3 J
Paclflo Coast Co 1st g 5s
Pacific Gas A El amn A ref 5s A
1st & ref 4s series G
lr
1935
Hioi
11312
11012
1181s
11918
m
35
*10738
N Y Cent RR con* 6s
A
65
483g
'"II
30
...1945
NAG Bdge gen guar 4 Ha
45
1131* 120*8
81
47l2
70
43ig
35
33
30
A
F
4*4
483s
33i2
♦1st 5s series C
...1956
2
Asitd
A
10134
M N
J D
4
6*g
3
25
♦1st 4 54s series D
♦1st 6 His series A
P
1
3
ist 5s
102!% 106i2
45
*11834
58
IsVeV.—II III I!
1933
102
D
0
7 A
t*01d Ben Coal
3
*63
...1954
...1945
♦Oonsol guar 4s
.—1945
New England Tel ft Tel 5s A.. ...1952
1st g 4 His series B
...1961
N J Junction RR guar lBt 4s.
...1986
N Y
Nft.
1
5i2
414
Dec. 31
Bid
Low
Ontario Power N F
314
5s... ...1948
♦v«w England RR guar 5s
t*N Y Rys Corp lnc 6s
10
47g
*4l4
_
if Y O A W ref g 4s
General 4s
fe
■
214
2ig
Dl
1
4
...1951
♦Assent oasb war ret No 4 on..
Nat Steel 1st coll s f 4a
...1965
♦
EXCHANGE
High
lh
~4'4 "37
•1st oonsol 4s
{♦NYNHAHm deb
BTOC
Week Ended Jan.
1*2
"
4
♦Guar 4s Apr *14 coupon... ...1977
cons
Y.
1936
July 1
Hanoi or
Friday's
p*
BONDS
If.
3 J
*3
on
♦Assent cash war rot No 6 on
Nat RR Mex pr lien 4 Ha
...1920
♦Assent oasb war rot No 4 on..
Newark Coosol Gas
Wok's
.1957
♦Jan 1914 coupon on
♦Assent casn war rot No 4
{♦Naugatuck RR 1st
Jan. 11
5
*
1933 (0
Friday's
"a5
Week Ended Jan. 10
Record—Continued—Page
July 1
...1949 A
D
J
O
90
—
«•
-
597
1025s
80
106*2
17
6
5
m
49"
178
4734
10612
525s
335
90
79i2
81
40
4312
76
29
19*i
5
99
2
45
102*8 115*8
106*2 109*2
107U 108*4
25
24*2
43*2
43
43*2
4678
45
104*8 107*4
48
60
70
85*2
95*2
59
60*8
24*2
60*8
24*2
82*4
140
2
47*2
Wtekt'
5*
BONDS
If.
Y
STOCK
EXCHANGE
Bid
C_—1948
D—
1977
Gen mtge 5a series E
1902
({♦R I Ark A Louis 1st 4Hs
1934
Royal Dutch 4s with warr
1945
Gen mtge 4Hs aerlea
1936
No
Low
M S
2
M
8
*32i4
J
35
Rutland RR 1st con 4Hs
St Joe A Grand Isld 1st 4a
J
J
1947
1937 M N
J
1996 J
32 lg
11
80
3634
18i2
30
3534
*107
O
90*s
....
35
J
Union Oil of Calif 6s series A
7^8
*11412
O
{♦(Union Elev Ry (Ohio) 5a
75*
1512
1051* 1361*
32ig
38
89H
22
Un E L A P (111) lat g 5 Hs A
112i8
22
51
St Lawr A Adr 1st g 6s
1996
2d gold 6s
A
83!*
"
6
107
*80
6
861*
1967
1933
♦(Rlv A G Dlv 1st g 4s
♦Certificates of deport—-
68
M N
1948 j
1955 J
1950 J
159
72
*.
8OI4
72
{♦St L-San Fran pr lien 4s 4
♦Certificates of deposit
j
..1978
M
1947 J
33
*33
1947
33
33
100
155
64
66
87
6OI4
62i2
89i4
107i2
10712
♦Unterelbe Power A Light 6s
t Pacific ext gu 4s (large)
St Paul Un Dep 5s guar
85
1944
1947
40
40
66i2
Utll Power A Light 5Hs
4212
170
33i8
33i8
Vanadium Corp of Am oonv 5s
3212
173
23i2
23i2
VandaUa
457*
64i4
541*
7814 101
46
F
A
19i8
66
11
"II
106
10714
20
92ig
10334
10334
2
1041* 109i2
101
10484
10414
10414
5
86
118
119
4
96
J
J
J
86
1957 M N
J
1934 J
10H* 104i2
I8I4
9934 10414
2003
1962
1962
Virginia Ry 1st 5s series A
9014
San An*onlo Publ Serv 1st 6s
1942
Santa Ff Pres A Phen 1st 5s
943s
101
55
108i2
1943
1952
8 A A Ar Pass 1st gu g 4a
10914
18
70
....
Stamped
1946 A
O
Scioto V A N E 1st gu 4s___
1989 MN
1950
O
*1678
(♦Gold 4s
...
......
A
28
6*4
2
(♦Refunding 4s
171s
10
10
IOI4
107*
10
2
2
20
478
4U
414
♦Certificates of deposit
1933 MS
{(♦All A Blrm 1st g 4a
83s
i7i4
119
812
9t4
8
31
334
384
41*
41*
10
254
31*
31*
17l2
2
81*
81*
117*
10
18
♦Series B certificates
O
A
1935
5i8
113
2U
214
214
412
*414
5i8
214
1948 F A
1962 M N
103
10314
39
35
Shell Pipe Line s t deb 6s
10334
86
Shell Union Oil a f deb 5s
24
788*
Sblnyetsu El Pow 1st 6Hs..
1962 J
8478
4
58
•(Siemens A Halske s f 7b
1935
J
39
1951
60i2
4234
3
M S
10314
8412
60i8
4234
104l2
10334
17
1947 M N
3
36
11278
5
8684
29*s
1
2578
Sharon Steel Hoop s f 5 Ha
♦Debenture
s
f 6 Ha
D
112
Sierra A San Fran Power 5s
1949 F
A
♦Silesia Elec Corp s f 6Hb
1946 F
A
2958
SHeslan-Am Corp ooll tr 7s
1941 F A
1939 M 8
101l2
Skelly Oil deb 5Hs
105
1053s
*102i8
103i8
O
1936 F
1963 A
1947 J
1949 J
Southern Colo Power 6s A
So Pac ooll 4s (Cent
Pac coll)
1977 M
1968 M
lBt 4 Ha (Oregon Lines) A
Gold
J
89
4Hs
So Pac RR 1st ref guar
1st 4s, Stamped
9938
J
...1994 J
...1956 A O
Deri A gen 4s series A
1005* 105
110
106
103i8
8334
88
777g
78
7712
97
97
59i2
996
28
28
72
76
165
35i2
351*
745g
79i8
387
351*
351*
86
85
87
60
69
921*
J
78
8112
1938 M S
98
98
1938 M S
...1954 F A
Mobile A Ohio coll tr 4s
S'west Bell Tel 1st A ref 5s
1955 J
1943 J
{♦Spokane Internat 1st g 5s
Staten Island
Ry 1st 4 Ha
1945 J
({♦SteTena Hotels 6s series A
J
D
J
61
105i8
1434
....
19*g
1945 J
J
8U2
...1936 J
J
6
*100l2
10512
O
77
♦Studebaker Corp conv deb 6«
Sunbury A Lewlston 1st 4s
I960 IVI
Swift A Co 1st M3HB
...1947 A
Tenn Cent 1st 6s A or B
Tenn Coal Iron A RR gen 5s
Tenn Copp A Chem deb 6a B
Tenn Eleo Pow 1st 6s ser A
Term Assn of St L 1st g 4Hs
1st cons gold
O
6s
Gen refund s f g 4s
Texarkana A Ft S gu 5Hs A
Texas Corp coot deb 6s....
1951 J
J
12012
104i8
1944 M 8
1947 J D
94l2
IIOI4
1939 A O
*116i4
1944
105*8
1953
2000
gold 6s......
29
9
104
15
6
«
-..*
26i8
9012
....
101i2
4314
9934
IIOI4
345
....
8
60
4
....
541*
88
67
29
105l4 HI
6
1638
.
..
13
39
....
..
.
22
12
31
28
4
10i2
101*
28*4
2912
2934
313g
181
11*4
11*4
30
2912
32
70
28*4
1378
11*4
11*4
31
29i2
25
1012
101*
27i2
717g
375
....
....
82
127
....
....
1
A O
120"
3
__
...
"
11614
119"
20
117l2
♦Deposit receipts
'
----
....
102l2
12t2
...
_
1945 A O
fund 6s ser A
29
11
118
2934
71
11758
♦Without warrants
♦Deposit receipts
2000
Warren RR 1st ref gu g 3Hs
118l2
17
F
A
*
77
1st 5s series E
~94i~2
1948 Q M
1945 F A *1055g
1945 F A *10734
110i2
J
1939 J
12134
1950 J D
10538
1946 IVI S
1963 IVI s *119lg
1st sec 5s series G
1956 J
1st mtge 4a ser H
1961
Washington Cent 1st gold 4s
1st 40-year guar
3Hs
4s
Wash Water Power a f 5s
33
481*
12i2
48i2 106ig
181*
59I4
36i8 110
481*
81*s
36
59U 111
891*
1943
1946
Gen gold 4s
{♦Western Pao 1st 5s ser A
♦5s
1938
1950
15-year
1936
1951
1960
1953
2361
2361
6 Ha
25-year gold 5s
5s
♦Westphalia Un El Power 6s
West Shore 1st 4s guar
__
11
111
76
79
94
91
86
1035* 106i2
94
1067*
1067*
105
112
4
11514 122*8
lOOU
106
1017*
10534
98i*
103U
14
122
114U 122
101
105U 11 u*
12034
10
1111*
106l2
J
10912
10912
O
97
J
96i4
106i2
10734
77
66
98
J
104
104
13
100
104
107
A
O
108
108l2
18
78
102
M
S
38
3934
157
23
25
3712
393g
171
10878
38*4
38's
J
1946
Assented
5
....
1063g
1952
1977 J
1937 J
1st A ref 6Hs series A
...
94i2
106i2
40
D
A
Western Maryland 1st 4s
y~j
106
IW N
3
90U
323
611*
71
10638
....
851*
1051* HOI4
87H
98
10612
25
10H* 106*4
82
10312
100
103*8
103
10334
91
671*
F
A
103is
10314
62
92
J
D
104i4
104I4
10514
91
71**
821* 104!4
10514
123
72
80
ion* 10534
54U
113
75
12134
9U* 104
90
104
104U
IVI
8
J
J
325g
32*s
7
27
31
43*2
J
J
855g
88i2
144
66
741*
86I4
82i4
84
95
104
104
1
J
J
White Sew Mach 6s
Without
70U
82*s
390
16
64
83
100
11812
99i2
14
82
113
120
67
65
79
98
9912
99l2
791*
201
54
791*
97
9514
12
67
38
501*
591*
185* 261*
J
J
*99lg
101
J
99
99
90
98lS
221o
2578
153
2212
2478
349
49i2
16
33
8
86
338
98
m
1942
J
D
45
...1938
1955
1960
J
D
107
10714
J
J
100i8
101
J
I
*10714
Wllk A East 1st gu g 5s
Will A S F 1st gold 5s
{♦Wis Cent 50-yr 1st gen 4a
♦Certificates of deposit
"
...
74
...
1
27
...
90
103*8
43<s
65
961*
45
66
421*
64
9912
9H2
414
334
83
81*
2278
7
2278
36
50
1021* 107
9978
98
104*8 1081*
1936
2134
7**
15i2
J
75s
2078
215
1234
1238
89
71*
41*
71*
IOI4
*7i2
J
1949
"697
16
MN
105
60
41*
17*4
161*
IU4
891* 105
223
1027s
{♦Wiokwlre Spencer St'l 1st 7s ..1935
J
J
♦Ctf dep Chase Nat Bank
♦Ctfs for col A ref cony 7s A
1935 MN
Winston-Salem 8 B 1st 4s
100i2
lOOU
10258
1940 MN
Wilson A Co 1st M 4s series A
76i8
96U
1025* 10434
102U 109
O
warrants
1091* 116i2
641*
83
108
J
A
.
104*4
103
70
10712
J
1948
1953
..1936
Partlc a f deb 6s
1081* 112
70
3
*103
J
with warr
99
90
M S
1949 M S
1st A ref 4 Ha series B
98
1011* 106
1966
Wheeling A L E Ry 4s ser D
RR 1st consol 4s
Wheeling Steel Corp 1st 5Hs
8934
--
10312
118
985s
1960 J
J
61*s
68l2
♦AdJ lno 5s tax-ex N Y.Jan
Third Axe RR 1st g 5a
Toho Eleo Power 1st 7s A...
1960 A O
J
1937 J
1955 IW 8
27
32
D
12
♦6Hs deposit receipts
Registered
71
Third Aye Ry 1st ref 4a...
98
98
106
51
1365
931*
631*
185*
10U2
9434
25
8514
9434
42
7014
881*
95U
66
571*
97U
72
853*
101
100U 103
♦Sup A Dul dly A term 1st 4s
♦Certificates of deposit
{♦Wor A Conn East 1st 4Hs
1943
Youngstown Sheet A Tube 6s —1978
1st mtge a f 5s ser
r
1970
B..
4
4
9
AA
I
J
J
J
10438
105" ""98
83U
'891* f0~41*
A
O
104i2
105
71
6314
891* 104*4
OO
a Deferred delivery sale not included in
Under-the-rule sale not included in year's range.
( Negotiability
t Accrued interest payable at exchange rate of $4.8665.
Cash sales not included In year's range,
year's range,
n
impaired by maturity,
{ Companies reported as
being in bankruptcy, receivership, or reorganized
securities assumed by such companies.
under
Section 77 of the Bankruptcy Act, or
..1953 J
D
79i2
82
J
D
lOOU
101
A
O
97
3Ha.. 1960
1960
1942 M S *108
Toronto Ham A Buff 1st g 4s
1946 J D *10U2
Trenton G A El 1st g 5a
1949 M 8 *120
J *117i2
Trl-Cont Corp 5s conv deb A... 1953 J
90i4
Truax-Traer Coal cony 6 Ha
1943 M N
M N
102i2
Trumbull Steel 1st a t 6a
1940
Tol W V A Ohio 4s ser C
ion*
127
103
27
105l2
♦Guar sec a f 7a
2
3238
{§*Walworth deb 6Hs with warr.1935 A O
30-year
10634
I
Ujlgawa Eleo Power a f 7a
39
98*4
103
O
♦Tyrol Hydro-Elec Pow 7Hs
516
....
12
8512
120i2
10438
1964 M
Tol A Ohio Cent ref A lmpt
96
96t2
106i2
1979 A
1980 J
Tol StLAW 1st 48
....
28
Gen A ref 5s series C__
Tokyo Elec Light Co Ltd—
1st 6s dollar series
95
63l2
1977
Gen A ref 5s series D
691*
10514
Gen A ref 5s series B
Tex Pao-Mo Pao Ter 5 Ha A
63U
73
81
9912
1943
Texas A Pac 1st
3
1031*
621*
102*g
1944
Tex A N O con gold 5s
13
68
88
1950
5
30
*
A
1955 A O
Western Union coll trust 5s
56i8
East Tenn reorg Hen g 5s
1956
let g 5s
13
1955 0
West N Y A Pa 1st g 5s
77
St Louis DIt 1st g 4s
Mem DIt
11
deposit
West Penn Power ser A 5s
74
J
Deri A gen 6 Hs
8
29
Walworth Co 1st M 4s
Wash Term 1st gu
1025s 10434
112
1161*
448
1996 J
1951 J
Deri A gen 6s
3078
29i2
80
97
O
8612
12U
80
3912
8212
95
1956 A
A
62l4
77
12U
181
1980 A O
Funding A real est g 4Hs
Southern Ry 1st cons g 6s
451*
56
32~l2
53
100i2 100i2
89
99*8
97
38
31
42l2
10612 10778
601*
45
.
351*
95
100i2
-
35's
100
*97
1955
.
.
19
56
244
61l4
49
991* 107
108
4
3
72
.
4134
801*
*97
86
21
42
*10612
So Pac Coast 1st gu g 4s
70
65
981* 102
63
7178
31
633
N
6a.....1937 M
1937 J
4s
1955 J
So Pac of Cal 1st con gu g
531*
30
82 i4
38
72
60
*8712
985*
891*
577*
21
82i2
108
"
86
*66i2
48
50
..
24
73i2
661*
651*
7812
673*
25
86i8
-
49
43
7734
10634
167
100
99l2
8434
*66l2
206
55
O
103U 106
247
44
1950 A
84H
50
350
1981 M N
1
32
598
1969
HO"* 113
104i2
88i2
431
San Fran Term 1st 4a
55
89
10412
4H2
9334
8212
Gold 4HS
84
43
.28
30i2
82
Gold 4Hs
635s
8312
llll2
86
601*
78
105
8
46
89
1027*
94
8
60 U
8
99
757*
IW
30
8
91
1941 IVI
314
IVI N
50
....
1939
8434
10212
805s
70
661*
1
3
100i8
1939 M S
103i2
D
4
10558 107
♦Warren Bros Co deb 6s
1031*
108
1055s
{♦Warner-Qulnlan Co deb 6s
17
10738
59
412
I6»z
1978 A O
Westchester Ltg 5s stpd gtd
South Bell Tel A Tel 1st a f 6s... 1941
3*4
6034
98«4 1081*
99
4
3
39
10334 113
257s
45i8
1005s
2
3
.
Warner Bros Plot deb 6s
33
....
134
*
76
80
*11412
1950 A O
South A Nor Ala cons gu g 5s
16
90
68
10
112
94U
106*4 107U
102'4 107
85
28
♦Ref A gen 5s series D
♦1st sinking
66
99
,
♦Ref A gen 4Hs series C
1021* 10414
761*
88
47
7612
102
A
Socony-Vacuum Oil 3Ms
Geo cons guar 50-year 5s
75
80
10284 10514
59
8
108
815g
♦Certificates of deposit
5i2
434
10378
75
111
C
1976 F
series B
♦Certificates of deposit
6s debentures
A
...1935 F
{♦Seaboard All Fia 6s A ctfs..
98'4
66*4
63
28U
♦Ref A gen 5s
♦Certificates of
20U
IW N
—1939 M N
...1939 F A
1954 J
J
Det A Chic Ext 1st 5s
1941 I
J
Des Moines Dlv 1st g 4s
1939 J
J
Omaha DIt 1st g 3 Ha..
1941 A 0
Toledo A Chic DIt g 4s
1941 M £
{♦Wabash Ry ref A gen 5 Hs A ..1975 M 8
8
400
18
IW N
♦Certificates of deposit
11
'
143
65
10018
{Wabash RR 1st gold 5s
♦2d gold 5s
20
17ig
4i2
95«
18
11
131*
16
6i2
1945 M S
1091* 115
10U
18
678
♦Certificates of deposit.
♦1st A cons 6s series A
28
1st mtge 4Hs series B
241*
108
*102
1st Hen g term 4s
10
1734
414
1949
1959
60
601*
90
.
16
Oct
321*
2
20
17
stamped
♦Certifs of deposit
♦Adjustment 6s
60
27
6012
114l2
1734
1950
stamped
57
29
29
60
34
261*
73
6078
*50i2
56i2
114l2
({♦Seaboard Air Line 1st g 4s
♦Certificates of deposit
34
75
59
Guar s f 6Hs series B
95
....
■
*58is
...1946
907*
10034 10934
108
1123s
741*
20**
....
65
8
J
1958 A
1st cons 5s
11914
113
9678
697*
..
IW N
J
41*s
65
■
10714
1949 IW
32
501*
55*4
89
"l4"
1955 MN
...1936
32
....
9078
"Iii"4
Virginia Midland gen 6s
Va A Southwest 1st gu 5s
31*4
985g
I
D
Va Iron Coal A Coke 1st g 6s
141*4
16
128
"4"
J
1942 J
41
120
13
98*4
....
4112
*107ig
37g
Virginia EI A Pow 4s ser A
6
J
-.1941
...1955
♦Vertlentw? Sugar 7s ctfs
26~"
D
4s series A
♦(Vera Crus A P 1st gu 4Hs
♦(July coupon off
J
1712
cons g
Cons s f 48 series B
IOII4
79
195°
Debenture 5a
D *10314
25
J
J
1937
1940
.1972
Mont ext 1st gold 4s
64
78i2
2978
1943 J
St PhuI Minn A Man 5
61
7734
53U
84
4212
321*
97i2
9834
712
46
43
33
*32i2
734
399
6
3214
23
1953
676
1514
....
26
27
20
1227g
36i~2
35
IOII4
21
Utah Lt A Trac 1st A ref 5s.....1944
15
*
1951
{♦Universal Pipe A Rad deb 6s ..1936
98
....
15
9«4
9«4
♦Sink fund deb 6 Hs ser A
25*4
901* 10312
851*
—
71*
9«4
101
107*8 1121*
15*4
66
201
734
81*
934
27
*10034
971*
Un Steel Works (Burbaoh)7s
8i2
82
6
53
105*s 10818
87
99
2
33 I8
17i2
1634
117
1055*
319
33ig
3412
J
C
120
991* 10478
23
104i2
D
19
10034
*100i8
108
113
766*
4
D
♦Sec. s f 6Hs series
41
J
IW N
103
99
1734
16
1812
17
16
934
Utah Power A Light 1st 5s
1990
St Paul City Cable cons 5s
1937
Guaranteed 5s
1937
St Paul A Dulutb 1st con g 4s
1968
{♦St Paul E Or Trk 1st 4Hs
1947
{♦8» Paul A K O 8b L gu 4HS—1941
1037g
81
16
55
58
26
J
9*4
294
..
J
25
J
18
♦3en A ref g 5s ser A
llllo
J
1091* 11834
1077* 11312
103*4 1085s
1951
60
56
8
J
801*
1951 J
30
37
J
8
10334
10634
98ig
M
119
♦Un 8teel Works Corp 6 Hs A
30
23
541
MN
{♦•h L S W 1st 4s"bond ctfs..
1989
♦2s g 4s Inc bond ctfs
No* 1989 J
♦1st terminal A unifying 5s..
1952
IW
94
5618
77U
61
18i2
1634
8
1953
1944
1934
1161* 121
109H
102
1937
7914
Btamped
O
105
113i8
10878
108i2
117i2
10434
107i2
10034
11112
United S S Co 15-year 6s
16i2
14i2
♦Certificates of deposit
♦Con M 4Kb series A
1950 A
53
118
71
75i2
J
D
10
21
121
1201*
69
1378
1950
♦Prior Hen 5s series B
10114 106i2
13
2512
64
~3834
43
10412 109*s
9914
10U
541*
J
Hioh
943*
13
62
J
1935
Low
10
U S Rubber 1st A ref 6a ser A
J
Range
for Year
106
451*
....
1935
1063g
117
196R J
United Drug Co (Del) 5s
UNJ RR A Can gen 4s
85
16i2
{♦Bt L Peor A N W 1st gu 5s
St L Rocky Mt A P 6s stp 1
Sohulco Co guar 6 Ms
J
J
June 20U8 M 8
United Biscuit of Am deb 5s
90
70
8734
85
96
St Louis Iron Mt A Southern—
♦Ctfs of deposit
J
June 2008 M 6
Gold 4s.
1045s
70
641*
10378
10358
Hiob
17i4
11834
11834
1121*
10712
10638
A
1947 J
Gold 4Hs
103
N
({♦United Rys 8t L 1st g 4s
1st fia
108
Low
Asked
106
O
1947 M
1st Lien A ref 4s
1st Hen A ref 5s
St Jos Ry Lt Ht A Pr
1945 A
1942 F
12-year 4s conv deb
Union Pac RR 1st A Id gr 4s
4014
18i2
No
A
106
1957 A O
J
1954 I
Union Elec Lt A Pr (Mo) 5a
106i2 no
5
13
Dec. 31
Low
108
....
to
gS
05 <§
Bid
*<•1.
Hioh
Low
10534 1097s
15
13
1948 A
1949 J
1941 J
1935
10
96
109
10834
8
O
Week Ended Jan.
s
Friday's
EXCHANGE
STOCK
Y
R
for Year
1933
Range or
BONDS
Range
to
86
105i2
10512
M 5 *11214
A
Rut-Canada 1st gu g 4s
OJ0Q
Hioh
M
•Ruhr Chemical s f 0s
So
A iked
A
Low
Roch GAE gen M SHs ser
1933
Dec. 31
Friday's
July 1
Week!
July 1
5.
Hanoi or
«Qfe
ft.
Week Ended Jan. 10
Stamped.
273
New York Bond Record—Concluded—Page 6
Volume 142
1955
IW N
1952
f
1946
A
84i8
*8334
9434
77
98l2
-
-
-
-
102"
121
.....
23
....
....
1121*
54
90
96
82
101»*
103
85
96
103
....
8
2
....
7
99
81
103
....
z93
97U
60
103
961* 102i2
11214 1185s
35
1121* 1183s
70
94
671*
100
451*
75
431*
713s
901*
691*
87
961*
10434
96
»
*
Cash sales in which no account
♦ Bonds selling flat.
Friday's bid and asked price.
is taken in computing the range, are shown
below;
No sales.
z
Deferred delivery sales in which no account
is taken in computing the range, are
given below:
Antwerp 5s #960, Jan. 9 at 98^.
Canadian Nat. 5s 1970, Jan.,8 at
115H-
43^s 1956, Jan. 8 at 1109-6.
100H1952, Jan. 4 at 923^.
Czechoslovak 8s, Jan. 4 at
Haiti 6s
7s B, Jan. 20 at 523-6.
6Hs 1950, Jan. 9 at 1543-6.
8 at 10836Traer 636s, Jan. 10 at 93>6 •
ItaUan Cred. Consortium
Nord. Ry.
Poland 7s 1947, Jan.
Truax
274
New York Curb
Jan. 11 1936
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales are disregarded in the week's range, unless
he regular weekly range are shown In a footnote In the week in which they occur.
they are the only transactions of the week, and when selling outside of
No account Is taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions
on the New York Curb Exchange for
Saturday last (Jan. 4 1936) and ending the present Friday (Jan. 10 1936). 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:
the week beginning on
July
1
Week's Range
Rales
for
Dec. 31
Week
1935
Shares
Low
Par Loto
Acme Wire vtc com
High
20
44
44
100
Adams MUlls 7% 1st pf 100
111
112
100
17
500
Aero Supply Mfg cl A
*
*
Class B
1
Agfa Ansoo Corp com
Alnsworth Mfg Corp.—10
Air Idvc stors com
*
Conv pref
*
Warrants
AlabamaQt Southern
60
Ala Power $7 pref
$6
..*
*
preferred
164*
0%
Goods
Aluminum Ind
Mfg..*
Deo
4
Mar
3
3%
Jan
6
18 %
12 X
Feb
Mar
Mar
304*
Dec
'ic
Feb
%
Apr
Jan
43
Dec
Nov
80 X
Deo
3
34*
1,000
30
•is
900
1
1% June
%
1,000
9
%
4*
37 %
71%
384*
175
30
30
77
410
26
41X
65
694*
20
25
37
316
316
4*
200
1,300
2%
100
X
X
X
2%
22
22 X
87
100
preference
15
900
X
08
109
15%
1154*
15K
UK
*
45
50
100
87
87
Am dep rets ord reg—10s
British Col Power cl A
*
28
28
124*
14
950
30
303*
73*
400
Aug
May
Feb
12%
Jan
%
Dec
,s16 Nov
2% Nov
23%
Nov
95
Nov
Burco Inc com
69%
Mar
114
Nov
9%
7%
Feb
Mar
16%
Mar
5934
Nov
Butler Brothers
11
Nov
Dec
Apr
91
Nov
2%
Jan
7
Apr
5
6
Apr
Feb
6%
44*
76
1,800
1
20
41
IX
57
Jan
BX
76
Mar
Oct
Deo
Amer Capital—>
Class A
10c
4%
10c
com
9,6
274*
864*
Common class B
S3 preferred
*
35.50 prior pref
Am Cities Pow A LI—
*
5X
400
9,6
100
%
900
9X
„
30
864*
47X
7
1
50
1,500
19,900
25
Class B
1
..10
Amer Dlst Tel N J com..*
7% Conv preferred..100
Amer Equities Co com
1
Amer Fork & Hoe Co com *
& Foreign Pow warr.
73%
116
B
*
38
108
3X
23%
B%
Aug
Nov
Nov
7
7
Dec
1,000
30
30
Dec
33
Dec
Dec
2%
100
Am Superpower Corp com *
24*
26
2X
26
Feb
Nov
Apr
42
400
10%
12 X
Mar
24%
Oct
16,100
7X
16
7%
17%
Mar
19
Deo
4
1,400
4,250
'
11
3% 207,800
88
1,400
504*
19,300
82 X
*
39%
Amer Thread Co pref.
6
4%
4%
Amsterdam Trading
American shares
*
14*
2,100
44
3%
X
Apr
Mar
8
Mar
1
Jan
Apr
X
Mar
44
Feb
7X
7X
3
400
Feb
12X
H
200
*
184*
14*
184*
Anchor Post Fence
IX
%
50
«.*
1st preferred
Preferred
4
11H
%
Mar
Jan
11X
Jan
%
Mar
28%
16
Dec
Nov
".6 May
20%
Dec
2% D c
30
Oct
3%
8rt
Aug
Dec
41%
Deo
4% Nov
16% May
1% Nov
Am dep rets ord reg—£1
9
"44* "4% ""406
3
2%
*
Appalachian El Pow pref.*
A returns Radio Tube
1
oom
*
Common class A
*
Preferred
.10
Arkansas PAL J7 pref—*
Art Metal Works oom
6
4*
Aug
Nov
Dec
%
600
%
4*
Aug
1
Jan
13*
100
•is
3*
54*
1,900
25
Feb
13* June
4* Nov
54* Nov
274* Nov
103*
103*
94*
1,100
54*
43*
74*
64*
Oot
134*
300
Jan
113*
24*
23*
9,300
4,000
13*
14*
13*
13*
Mar
24*
Nov
Mar
44*
May
Jan
144*
51S
54*
Amer deposit rots
1044*
34*
674*
106" ""130
"is
14*
8,100
33*
12,600
9%
44*
44*
73*
904*
103*
10%
103*
34*
74*
90
£1
Common
1
1
Class A
]
1
14*
14*
35 preferred
♦
6
7
4%
26
100
154*
20
Nov
Nov
Celluloid Corp
37 dlv preferred
la preferred
Cent Hud G 4 E
Nov
43*
Dec
Jan
193*
July
33
543*
Jan
95
250
9,400
7,800
Aug
Deo
45
115
Mar
1114*
Option warrants
'is
'32
924*
174*
Nov
Oot
73
Nov
375
11
Jan
»i.
204*
■1#
463*
24*
Nov
%
X
1
1
Mar
204*
Nov
4,475
2
2
Mar
344*
Nov
100
700
14*
14*
Mar
243*
Nov
20
233*
1,175
3,300
3*
X
Mar
Nov
34*
44*
June
204*
64*
194*
Conv pref op ser '29—100
Pipe
54*
„•
Charts Corporation
18
300
9
120
50
105
173*
_i
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet 4 Mach.,*
53*
120
•
100
354*
Nov
124*
Jan
274*
Nov
16
Apr
384*
Deo
4,000
3*
Jan
3*
Mar
14*
34*
Apr
Nov
Mar
474*
Deo
6
6
Mar
43
Deo
74*
74*
Mar
424*
64*
Mar
43
Aug
Deo
5,500
3
34*
Jan
134*
Dec
100
3*
3
33*
■n
234*
Nov
4
Mar
14*
Jan
50
54*
Jan
183*
14*
14*
May
2
June
H
4*
Aug
4
Deo
63*
63*
4*
63*
Oct
53*
4*
June
Associates Investment Co *
•
oom
Assoc
Telep 31.50 pref
Atlantic Coast Fisheries.
1%
34*
12 X
Oct
124*
4
54*
11
4*
400
85*
1%
400
1
34
35%
13
13%
30,500
*
51
55
2
80
*
18
35
Jan
Apr
26
Oct
16
22
14*
24*
14
Apr
54
Jan
U%
12
1,600
14*
51
1,410
43 X
43 %
Babcook A Wilcox Co
•
Baldwin Locomotive warr.
70
54%
75%
325
18X
28
IX
400
5
Oct
Dec
35%
Mar
4%
8%
144*
14*
84*
10
Mach.*
Sept
Mar
74*
47
9,700
4,100
11
Deo
Nov
18
74*
2.300
X
364*
23*
4*
29
14*
13
38 preference A
Deo
44* June
30%
Atlas Corp common
1%
1
"2" 500
i nn
104 H
Conv pref
4
4
100
12
12
14
354*
14%
35%
500
*
22%
25%
7,000
13%
3%
16%
3%
13.300
45
16%
43
»
Mfg Co..*
Blaunerslnc
in
100
•
Blokfords Ino com.
32 50 conv pref
1%
4%
75
S3 opt conv pref
•
Blumentbal (8) A Co
*
Boback (H C) Co oom....*
100
Botany Consol Mills com..*
Bourjols Ino
*
..25
Bearing
6
Feb
77
Dec
Feb
3 %
60
Jan
Dec
Apr
5X
June
May
1%
60
123
1424*
Deo
IX
5
Feb
Mar
44*
15
Deo
Dec
8X
Feb
Apr
154*
364*
22
Dec
16
Deo
Merchandising
Consol Retail Stores
Jan
66
Deo
Mar
100
Nov
4*
16
133*
14*
14*
134*
----
13*
14*
4*
70,100
1,775
3,000
15,200
9
46
Jan
983*
Nov
X
B%
%
Jan
X
Aug
Jan
20%
May
2
Aug
Dec
1
Sept
23*
4*
*
80
8
1,000
173*
Dec
47%
8
94*
46
------
163*
Mar
424*
304*
4*
30
2,900
14
-
4*
424*
12,700
Sept
Deo
Apr
Mar
47
Sept
June
7
184*
July
46
6
10,700
Oct
14*
64*
13,600
62c
854*
1,200
453*
53*
84
—
—
-
-
.....
— —-
------
43*
-----
115
—-——--
J*
1,000
-
-
124*
H
18
Jan
Deo
4*
Deo
1
Jan
6
Deo
523*
1343*
Jan
90
Nov
Feb
218
2
June
343*
1,900
1
29
Nov
36
Deo
Feb
3
.Nov
Mar
1
750
Deo
54*
100
894*
Jan
*
74*
600
5
53*
73*
64,200
1
53*
64*
2,100
"24*
13", 100
%
4*
June
14*
Deo
100
14*
73*
104*
8,200
%
3*
Nov
64*
Deo
dep rots ord reg—£1
143*
113*
Mar
144*
July
4*
Mar
4*
Aug
Nov
154*
Nov
Copper Range Co
Cord Corp
1
Mar
44*
Nov
45%
1,600
2814
19
2,200
2
5
June
11
Jan
43
20
38
38
Deo
65
Feb
24*
93
1
4*
X
Mar
14*
Deo
2
2
Apr
6%
Deo
24*
33*
Apr
93*
Deo
Jan
300
64*
100
114*
Nov
7,300
Corroon 4 Reynolds-
%
5%
100
35 X
2%
X
100
3
150
3,900
5,400
Bridgeport Machine.._..*
13%
14%
Mar
Jan
46
May
194*
X May
Deo
X
Deo
64*
Nov
3
5%
June
6
6
16
4,400
1%
3%
30%
7%
27%
210
279
25
32
4*
13*
404*
404*
974*H033*
Continental Oil of Mex___1
Continental Securities...•
16
10%
27%
15
32
24*
883*
3*
64*
94*
354*
63*
234*
10
•
Sept
1,650
6
8% preferred w w...ion
Consol Royalty Oil
0
Cont G 4 E 7% prior of 1( 0
Mar
7% 1st pref
100
BrasllllanTr Lt A Pow
*
page
Mar
24*
7,975
6
Consol G E L4P Bait com »
Consol Mln 4 Smelt Ltd.2f
Mar
16
Dec
16
Mar
354*
Oct
Cooper Bessemer
com
53 pref A
Common
36 preferred A
Cosden OH
com
Preferred
Courtaulds
Am
IX
7%
X
X
200
400
X
23
IX
fran
7%
3%
Aug
X
Jan
Mar
1
Jan
23
Nov
200
6%
6%
50
22%
244*
Apr
Nov
3
Jan
104*
144*
Nov
1%
Nov
Deo
3%
38
7%
28
Dec
»
•
12
600
163*
354*
Nov
3
9
3
July
64*
Dec
2
24*
Mar
53*
Deo
1
14*
Mar
64*
Deo
10
•
1
Cramp (Wm) 4 Sons Ship
4 Eng BIdg Corp
100
Preferred
6
Crocker Wheeler Elec
Croft Brewing Co
*
1
Crowley Milner 4 Co
*
Crown
Dec
Crown Cork Internatl A—•
Cuban Tobacco oom vte.»
264*
MM
-
-
-
Petroleum
.....
-
—-
—
283*
—
22
Mar
56
Deo
-
-
—
—
—
—
8
4*
—
5
7
Mar
32
10,000
—
87
Feb
273*
120
Deo
Dec
25" 100
53*
10
Mar
233*
Nov
144*
27,700
13,700
33*
4
Mar
10
July
4*
4*
Oct
24*
23*
Feb
9
34~ 200
3*
3*
Feb
24*
114*
600
54*
73*
Mar
12
Nov
44*
200
13*
13*
July
5
Aug
1
—
—
-
—
"24*
113*
44*
200
—
2lk
194*
113*
4*
1
Cent
143*
—
26
100
CreolePetroleum
Deo
Aug
37
Ltd—
Crane Co com
7%
Aug
7
98
Consol Copper Mines
Nov
14
»
84*
Apr
613*
*16
3%
26%
1%
Deo
Dec
8,100
*
pref
1.
25
3
Apr
514*
1
IX
%
5%
13%
29
Mar
Deo
93
Oompo Shoe Machinery..1
5
.♦
------
®16
7,000
4%
12
100
4,000
43*
15*
Warrants
Nov
Dec
Bowman Biltmore Hotels
•
——————
"34*
Mar
13*
Columbia Ploturee new
•
Commonwealth Edison.100
Commonwealth 4 Southern
O'inn Gas 4 Coke See 53
pf*
Consolidated Aircraft.,
l
May
33%
23
*
Bliss (E W) A Co com____*
Blue Ridge Corp oom
l
360
.....
Conv 5% pref..
100
Columbia OH 4 Gas vtc_. •
Nov
"109%
*
144*
214*
14*
X
Columbia Gas 4 Eleo—
Como Mines
May
15
IX
64*% pf-100
Benson A Hedges oom
100
•
Colon OH Corp com..
•
Colt's Patent Fire Arms.25
July
Aug
Mar
%
11
~~2%
■is
52
3
Community P 4 L 56 pre'•
Community Water Serv..*
Nov
3*
1,200
-----
X
H
64*
Consolidated Automatic
Uaumann(L) ACo7 % pfdlOO
Bellanca Aircraft com
♦
Deo
Nov
Tobacco—
common
com
64*
400
1,400
~13~% 'ilx ~3~i66
*
45
52
Atlantic Coast Line Co—50
Atlas Plywood Corp.
424*
Cleve Elee Ilium
1%
3%
44*
424*
Dec
29X
3%
8%
41X
•
90%
*
Warrants
»
Rosenberger
Feb
54*
Preferred
Cockshutt Plow Co com..*
Nov
Oct
Nov
44*
34* 135,500
434*
2,900
100
44*
530
434*
Cllnchfleld Coal 10m
100
Club Alum Utensil Co...»
354*
157
300
------
254*
45
3
•
com
7
Mai
Mar
5,260
-----
X
Cleveland Traotor
124*
115
64*
---- -
25%
34%
Childs Co pref
Chief Consol
414*
Aug
Aug
Dec
Aug
4,350
25 4*
332
%
2
42
134*
34*
3*
'«4
4*
Mar
Mar
Aug
33
114*
34*
3*
4*
Mar
244*
184*
City Auto Stamping
»
City & Suburban Homes 10
Claude Neon Lights Ino—1
'64
May
Oct
Jan
Nov
33
Deo
1%
483*
234*
74*
*
common
Oct
244*
694*
Deo
100
Convpreferrsd
Cohn 4
15
83*
8
4,000
73,700
Feb
Aug
Aug
Oct
63
23*
Mar
2X
103*
7
63
2
1%
1%
X
2
Nov
May
1,000
463*
24*
Apr
Feb
124*
------
153*
-----
X
4*
%
1%
Deo
Nov
90
40
934*
154*
14*
4*
X
194*
974*
64*
200
92
-----
50
7,100
13,800
1,900
96,700
874*
45
81
184*
6,300
Deo
Oot
75
175
35.900
100
44*
Feb
Aug
Apr
525
454*
3%
3%
Deo
83*
414*
275
------
40
Preferred BB
•
Cities Serv P 4 L 37 pref_•
56 preferred
•
%
»i«
X
34*
-----
warr 100
preferred
Nov
Nov
10
Dec
1
1144*
1154*
112
•
Cities Service com
106%
44*
•
100
104*
67
27
20
114*
113
v t 0.— •
6% pref without
Centrifugal
Dec
2
17
864*
Cent 4 South West Utll.l
Cent States Eleo oom
1
7%
64*
14*
184k
42
94*
•
Cent Maine Pr 7% pref 100
Cent P 4 L 7% pref
100
6
200
1,700
104*
15
oom
200
44*
194*
85
1
Aug
July
Jan
71
4*
4*
Assoc Laundries of Amer.*
'l6
3%
200
42
•
10
16%
6%
Assoc Gas A Eleo—
see
H Mar
■is May
34* Mar
25
*
Corporation
Castle (A M) 4 Co
Gatalln Corp of Amer
13
14% May
4
May
Industries
For footnotes
Nov
94*
Preferred B
Angostura Wupperman..l
Apex Elec Mfg Co com
Class A
Deo
36
34*
Mining Co..l
Anglo-Iranian Oil Co Ltd—
7% preferred
Brlllo Mfg Co com
Dec
Nov
13*
7% 1st partlo pref...100
7% prior preferred—.100
16%
57%
is9'6
*
Class A
Feb
24*
Jan
Celanese Corp of America
42X
U1X
8%
Oct
1,050
9,300
X
BX
Brill Co p class B
57
Feb
Aug
92
Feb
22%
8,200
34*
Bower Roller
524*
Mar
88
Mar
Deo
31,500
6,800
Borne Scrymser Co
Mar
4*
*
IX
16 X
80%
3%
4%
"l6
23X
Amer Meter Co
Deo
40%
110
150
Amer Pneumatic Service.*
30
Sept
400
7% 1st pref
20
Nov
I%
194*
15X
15
Black & Decker
3*
Nov
1044*
53*
164*
33*
185*
IX
1,050
30%
Roll Tel of Canada
Nov
244*
Jan
'l6
14*
------
*
com
Carrier
14
Amer Potash & Chemical.*
Carnation Co
Nov
294*
Bell Tel of Pa
424*
Jan
23*
4*
•
Convertible oiass A
Class B
Oct
Nov
20%
19X
1
Oct
Nov
109
46
Amer Maracalbo Co
6%
28
116
18X
Class A
Jan
Oct
Mar
30
23*
Jan
19 K
Axton-Flsher
Deo
18
26
26c
Apr
Feb
40
Automatic-Voting
123*
Oct
750
2
IX
an
Associated Rayon
Jan
Dec
173*
304*
2,700
1
76
..26
25
100
v
16
1
Amer Laundry Mach
Vtc
934
594*
93*
111
""ioo
34%
Eleo
Oct
"84*
-
15X
25
98
35*
21X
4X
30%
Associated
Deo
Deo
54*
X
Carolina P 4 L 57 pref
56 proferred
$2 preferred
1
Amer Hard Rubber com.50
Arkansas Nat Gas
Nov
334*
163*
66
400
June
Dec
30
200
143*
1
250
4
13
73*
Amer dep rets pref shs £1
Calamba Sugar Estate..20
Canadian Indus Alcohol A*
Mar
Mar
26
1,900
-----
Am dep rets A ord shs. £1
Am dep rets B ord shs £1
47
116
Jan
July
284*
3*
v 10
Cables 4 Wireless Ltd—
Carlb Syndicate
~294* ~35% 44~500
315*
293*
July
Sept
24*
514*
484*
514*
.10
Nov
Apr
Mar
Oct
Apr
Mar
214*
143*
694*
243*
4*
Burma Corn Am dep rets..
87%
%
450
254*
104
20
Deo
20%
5K
9X
0% preferred
Aug
41
24%
pref
Warrants
28
X
12%
8H
Dec
June
123*
5
conv
May
July
29
83*
Amer Mfg Co com
Deo
X
1,200
*
non-voting
Canadian Marconi
23 %
46
American General Corp 10c
Amer L A Tr com
Jan
76
...»
Amer Gas A Eleo com
Preferred
5
Apr
%
16%
46
Amer Cynamld class A.. 10
Amer
IX
163*
16
Carman 4 Co—
Class A
Class Bn-v
39 J*
104
...
33
9
173*
Cable Elec Prod
Deo
2
214*
24*
IX
B%
9
Buckeye Pipe Line
50
Buff Nlag A East Pr pref 25
Mar
37
High
Mar
June
264*
263*
2
600
*
.
Nov
24
243*
------
33*
7
Brown (<ormau
Bruck Silk Mills Ltd
60 %
44*
75
Brown Fence & Wire B._.*
Deo
-----
34*
100
Deo
2%
100
-----
ai6
17
244*
25
Brown Co 6% pref
dep rets ord reg__£1
70 X
6
2,300
Deo
3X
Am
Jan
8
Low
144*
16
British Celaness Ltd—
Feb
17
283*
Dec
54
100
American Beverage com..]
284*
Deo
D warrants
American Book Co
Am dep rots ord bearer£l
12%
21
12
123*
144*
Range for Year 1935
British Amer Tobacco—
32
3X
1,700
52
C warrants
0% preferred
Low
20
*
82
9
1,000
1,000
95*
Shares
High
-183*
•
coup
351st preferred
*
Bulova Watch 534* pref..*
Bunker Hill 4 Sullivan..10
200
*
Oil
'is
2,250
1935
Distillery.1
Bruce (E L) Co com.
*
%
1,800
7,150
com
Amer
Registered
"u
200
Aluminum Ltd com
Brit
X
5%
25
com
July
Nov
200
—
Aluminum Co common..
Nov
46%
12
28
Dec. 31
Par Low
113
6
2,700
1933 to
for
Week
High
Jan
Feb
47
Alliance Investment com.*
Allied Products cl A
Low
8%
103
24*
114*
Allied Internatl Invest—*
Aluminum
34*
Sales
of Prices
(Continued)
6
6%
66%
1
Week's Range
STOCKS
Range for Year 1935
453*
Algoma Consol Corp com.*
7% preferred..
*
Allied Mills Inc
July
1933 to
of Prices
STOCKS
14*
Jan
Nov
Deo
*
July
1
July
Week's Range
Sales
of Prices
Dec.3\
Shares
Low
STOCKS
High
Par Low
Darby Petroleum com
95*
x39A
Dec
Guardian
1,16
i07
Nov
Gulf OH Corp of Penna..26
725*
2A
Jan
Gulf States Util %6 pref..*
825*
8A
Dec
76
Dec
4
Oct
8
June
Jan
16
13
4
85*
5,900
2,500
HA
1J*
2%
11
115*
Feb
10 X
IX
2A
295*
Draper Corp
Duke Power Co
Jan
7
Dec
70
Dec
Mar
18
Nov
1
10X
8X
•
67
Nov
38
Dec
105
Oct
Mar
X
Feb
Jan
A June
12
Aug
6X June
2
*
*
465*
8,200
4%
1%
235*
East States Pow com B_.*
$7 preferred series A
475
415*
6
4A
17A
5,600
2,900
265*
7
50
Mar
8X
Mar
6
July
53A
Aug
3X
Nov
5A
Nov
*
Option warrants
Eleotrlc ShareholdingCommon
14
Jan
40
Nov
345*
Jan
635*
Nov
Oct
9A
Jan
Dec
Imperial Tob of Canada.5
Jan
7X
Aug
20 A
Deo
Indiana Pipe Line
Jan
39 A
19,500
105*
15f*
Mar
225*
May
205*
600
115*
155*
Mar
225*
May
July
Imperlcal Tobacco of Great
3
Deo
Sept
205*
135*
135*
100
385*
300
235*
55*
700
55*
10
Mar
10 A
2A
Mar
9
Dec
2X
Feb
20
Aug
A
A
Mar
Aug
International Cigar Mach *
32
2A
700
Jan
69
7A
X
4,200
98
250
Dec
Deo
2A
11
100
Mar
7A
95A
Nov
Nov
40
Jan
1
1
JaD
12
Dec
6
Jan
16
6 A
23
July
31*4
Aug
Oct
315*
14
Jan
405*
Dec
Mar
50X
Deo
Deo
'"825
45
44
46 A
Class B
4
1
7% preferred
100
11
33
80
45*
45*
Apr
900
A
f*
July
15*
Feb
Holding A Inv__*
: 145*
10
115*
135*
Petroleum.*
35*
335*
4
345*
Corp
Warrants
International
*39^*
2,700
16
3f<
Mar
135*
Aug
15 A
2f*
Nov
65*
Jan
32,900
1554
28
Mar
395*
May
29f*
Feb
375*
Nov
25*
Jan
55*
Dec
5*
July
15*
Aug
45*
Aug
A
Aug
Mar
X
Aug
June
35 5*
Jan
IX
33X
1
150
30
20 A
22 A
30,200
7A
7X
158
X
X
2,800
May
•«
500
1,200
X
20X
Oct
9A
Sept
Nov
5X
July
7A
2X
Jan
Mar
13A
Dec
15 A
17
500
IX
IX
Mar
5
Nov
27
29
400
19 A
19 A
27
27
18A
Dec
Nov
5
Oct
28 A
Dec
Nov
28X
Nov
lloo
A
A
32
Dec
26
Aug
A
Oct
10*4
18A
7A
A
2,400
Feb
Sept
Sept
A
~31A
16'
II"
~815*
20
116
117
40
31
57
Jan
110
112
Jan
«
Stores—
7%
preferred..
285*
600
35*
14f*
Apr
295*
165*
800
25*
3f*
Jan
17
1,200
A
A
Mar
*16
Dec
15*
Jones A
30
Kingsbury Breweries
Feb
Deo
Feb
X75
Deo
20
60
60
May
80
Nov
20
605*
605*
925*
Nov
25*
315*
2,800
X
700
155*
18
15*
200
Aug
5% preferred D
Kirby Petroleum
i
X
835*
X
835*
Dec
1
Dec
10
Mar
110
Nov
X
f*
July
25*
916
185*
1154
Jan
Jan
Klein (Emil)
Mar
42 A
Dec
Kleinert
Mar
61
•
Feb
57
Feb
X
15*
Ma'
3
May
X
95*
f*
Aug
22
"466
55*
55*
4A
7A
Mar
9X
Jan
23 A
June
32 A
Jan
985*
325
26A June
395*
Oct
Kress (Sh) & Co pref-.100
12
12
200
100
8A
14A
98
3,500
Kreuger Brewing
14
2X
2A
Jan
45*
May
Lackawanna RR of N J 100
145*
145*
Apr
Aug
Apr
175*
25*
11X
Mar
185*
Deo
4A
June
12
Deo
♦
Ford Motor of France—
American dep rets .100
15
16A
General Alloys Co
•
2A
17
2,500
3X
X
8,900
ord reg
£1
18X
135*
18 A
9X
800
17 A
9,700
3
Gen Gas A Eleo—
86 conv pref B
Gen Investment oom
•
1
300
IX
1
2,400
"i«
3
*32
I'ioo
'l2
86 conv pref class B___*
*16
6%pfl00
*
Gen Rayon Co A stock
73
85
150
67
72
140
IX
14X
*16
Mar
Jan
15
Nov
15*
Jan
65*
Deo
si«
Oct
5*
Nov
Nov
71
Deo
Mar
73
Nov
Lit Brothers
A
Oct
15*
Feb
13 A
13 A
Dec
47
47
Dec
3,900
34A
34 A
155*
485*
895*
Nov
1,300
70
56X
89
A
Apr
103
52
Jan
89
Deo
50
60
Apr
72
Nov
55*
15X
2A
_
1
Gorham Ino class A com.*
*
$8 preferred
'"700
'
9X
1,400
»
H
316
extended
•
Gray Telep Pay Station..*
Great Atl A Pac Tea—
Non-vot com stook
1st preferred
Gt Northern Paper
7%
Greenfield Tap A Dia
•
100
25*
Deo
25
15
17 5*
Feb
19
145*
165*
Dec
55*
45*
Nov
175*
85*
105*
8,500
7% preferred
100
745*
Pref olassB
100
665*
45*
5
785*
716
916
3
24X
3
24X
675*
825
400
155*
Deo
Lucky Tiger Comb GM10
Lynch Corp com
5
May
100
6A
Dec
A
A
A
Jan
Apr
Mapes Consol Mfg
A
Aug
Feb
IX
11X
50
IX
ux
May
July
45*
25
Deo
Dec
19 A
10
21A
lix
2,900
10f*
12X
Mar
215*
Nov
Maryland
3,200
4X
55*
Mar
115*
Sept
Masonlte Corp com
20 X
24
2,200
8A
Mar
26
Nov
Mass
126 A 128 A
126X 127
25
25 A
•
7A
Grocery Stores Prod v t o26
For footnotes see page 279.
26X
8
Casualty
Util Assoc vto
Massey-Harris oom
140
290
115
121
Mar
40
120
122 A
Aug
July
Jan xl35
27
May
•
American dep reoeipts.£l
Margay Oil Corp
*
Marlon Steam Shovel
I
45*
•
25*
15*
39 5*
39 5*
"2',400
85*
900
1
53
245*
57
120
12
25
300
215*
85*
35*
1
35*
*
63 5*
67
1
15*
2
...•
Mayflower Associates
250
19X
2,500
3A
15
4A
Mar
105*
Nov
A
Feb
X
Aug
McCord Rad
20
Deo
A
Mfg B..»
Jan
925*
Nov
Jan
835*
Nov
Aug
65*
Dec
85*
Oct
4ft
Jan
115*
Deo
25* Nov
205* Mar
55* June
35*
Apr
415*
1U5*
July
655*
Oct
Nov
47
July
Oct
335*
Jan
June
85*
Nov
215*
8
19
Oct
4
4
1,800
15*
IX
Mar
85*
Nov
3,600
1
15*
Jan
35*
Deo
Oct
725*
Nov
200
850
85*
50
Feb
2
Aug
75*
Nov
1
1
3,00C
3
35*
585*
150
38
41
Jan
60
Deo
22
405*
Feb
44
Mar
12
585^
800
65*
125*
35*
Sept
155*
Jan
Apr
95*
Nov
May Hosiery Mills—
$4 pref w w
...
McColl Frontenac Oil com*
A
Deo
Mar
65*
17
Feb
Nov
2
35
8
7 5*
6
Deo
Deo
July
37
2
16 5*
Mar
25*
48
32
Marconi Internat Marine—
2,800
300
90c
400
38,400
115*
"
8,100
7%
Mfg Co—
Grand Rapids Varnish
Deo
Nov
115*
3X
Deo
85*
•
•
5*
705*
7~5O6
6 5*% pref ww
Apr
X
Deo
Aug
May
1085*
~
Mangel Stores Corp
275*
85*
Jan
105*
Dec
Nov
15*
Feb
85*
May
45*
Jan
5
Mar
95*
25*
Oct
18
35*
75*
28
Jan
915*
Louisiana Land A Explor.l
Apr
Deo
55*
Long Island Ltg—
Deo
65*
80
40
185*
Common
Jan
3
Loudon Packing new
Dec
Mar
'"966
85*
Oct
2 A
Mar
f*
67
1
75*
Jan
16 A
68
S16
105*
24
10
Oct
55*
3,900
40
2,000
.
26
660
916
795*
Mar
2A
100
8
•
uoldfteld Consol Mines. 10
2A
24
24
455*
Mar
40
5*
775*
May
Jan
325*
1
13A
7
May
7
24 A
5A
2
Class B
75*
78
5*
9,900
75*
75*
75*
Dec
Nov
Dec
600
25
Class B
Dec
155*
400
45*
45*
10
4,700
17
Globe Underwriters Ino_.2
New common
«
100
125*
22
__*
Goochaux Sugars class A.*
IX May
1
100
Oct
12 5*
185*
_.
12 5*
Mar
6,100
75*
*
Loblaw Groceterias cl A
Apr
45*
73
45*
*
Lockheed Air Corp
Lone Star Gas Corp
Deo
Sept
aril 5*
10
1,400
"545* "6,906
75*
*
Mar xlOO
72
54
25
24
Lerner Stores common
35
5X
5l"
Leonard Oil Develop...25
50
•
1
Deo
375
•
Lefoourt Realty com
Preferred
Aug
4,800
400
*
Aug
*32
73
49 A
93
Class A....
IX
42
Jan
98 X 102
90
88 A
i
22
100
6% pref with warr_.100
Lion Oil Development...*
*l«
0% preferred A
100
Georgia Power 86 pref...*
85 preferred
•
71
pref
Lehigh Coal A Nav
83 convertible pref
*
General Tire A Rubber. .25
83
7%
Apr
13 A
V t o agreement
May
105*
695*
15
65*
Lakey Foundry A Maoh__l
Lane Bryant
16 A
47 X
com
100
24
20
IX
Oct
General Telephone com_20
Preferred
preferred
60
60
*
Oct
5X
18A
16
Warrants
Gen Pub Serv 86 pref
8%
Langendorf United Bak—
Ltd—
Gen Fireprooflngcom....*
Koppers Gas A CokeCo—
Lake Shore Mines Ltd...2
Malt-
preferred
Gorham
22
Aug
»16
12,100
Gold Seal Eleotrloal
Jan
Jan
6
1
£1
"i«
15
5
87A
(A C)
57
50
2,000
28 A
Glen Alden Coal
Nov
100
100
26A
Gilbert
Jan
95
7,000
8X
Gen Outdoor Adv
Mar
75
9,^
10
i
25*
35*
74
74
24X
28 A
Am dep rets
Oct
Nov
—
•
Co
1J*
365*
600
dep rets ord reg.£l
Electric
Apr
Mar
5*
75
]
Knott Corp com
Apr
15*
Kings County Lighting
7% pref B
...100
Kolster Brandos Ltd
Aug
43
15*
A
Nov
X
42
15*
SIX
Rubber
Aug
1115* 1115*
*
Kansas G A E 7% pref. 100
Jan
117
Dec
Nov
15*
500
Kansas City Pub Service—
V t c pref A
Apr
885*
15*
—2.50
Laughlln steel. 100
Dec
27
765*
88
100
Jonas A Naumburg
88
11X
10A
Nov
76
Oct
8X
5*
100
Oct
3X
5* June
he
4A
1,000
5*
72
45 A
3,500
100
705*
4A
575*
5*
100
55*% preferred
6% preferred
35 A
41
May
A
525
53
2 5*
Central P A L—
11,200
38 A
June
Warrants
7A
*
Jan
1
*
Italian Superpower A
Jersey
Kirk land Lake G M Ltd—1
♦
8
1
Iron
59 A
6X
53
7
100
25*
16
159 A
700
25*
23 5*
Irving Air Chute
Jan
265*
Interstate Power $7 pref.*
Investors Royalty com..25
Iron Fireman Mfg v t C..1P
Feb
22
32
1
Apr
13
295*
10
35
Apr
he
Jan
2,600
_•
com
Jan
X
35
'16
900
he
*16
Jan
15*
IX
X
»
Interstate Hos Mills
Cap Copper
X
35
Nov
Dec
1
16
Nov
"16 June
9
2A
2H
$7 prior pref..
Warrants
5*
275*
6X
71
4A
Sept
Feb
Apr
Aug
38
6
2A
2X
59
400
Nov
A
3A
A
2
13 A
4X
135*
1,000
17,700
•
_i
13,100
750
143
65*
1
100
Class B
Deo
Aug
Dec
lOf*
5,100
Class A
2A
If*
25*
15*
Deo
1454
Aug
Aug
75*
65*
Dec
June
X
Nov
Nov
35*
15*
56 A
12
345*
2,900
5
51
2A
May
9,960
1,800
Internatl Safety Raaor B_*
Internat'l Utility-
Mar
Nov
185*
Registered
Mar
225*
77
5*
1
Internat Mining
Mar
Apr
8
Mar
-
..50
8
9
May
29
23
Pref $3.60 series
8X
4
50
1
52
1
500
335*
Apr
34 A
300
2,450
Internat Hydro-Eleo—
8
800
Class B
Qen
Nov
Jan
Feb
20 X
77
8X
25
15A
A
Nov
885*
If*
15*
Ford Motor of Can cl A..*
Con v
65*
Jan
15*
3X
15*
Vtocommon
Insurance Co of N Amer. 10
8
150
3
Froedtert Grain
Deo
Mar
55
1
600
45*
35*
*
52
Film Inspection Mach—__*
Am
145*
385*
1,500
35*
Non-voting class A.
8
900
47
7X
7X
325
10,900
1
Apr
Mar
Industrial Finance—
Internet
X
100
35*
48
2X
S16
100
12
31f*
3J*
95*
38
£1
Oct
205*
20
*
*
2X
2
Fire Association (Phila.) 10
8
6
Aug
*
Motor Co Ltd
10
2A
Fiat Amer dep rects
Ford
Nov
2 X
10 A
Florida P A L 87 pref
415*
2,950
A
Fllntokote Cool A
Jan
4,600
7,800
516
preferred
135*
3f<
Oct
If*
15*
£1
2A
Fed Compress A Warebse.*
86
10
445*
7,900
1,350
9A
6A
Flsk Rubber Corp
415*
105*
.,*
preferred
Nov
22 A
100
National
40
78 A
warrants
7% 1st
Jan
25*
Industries
IX
European Electric Corp—
First
355*
20
345*
25X
34
Dec
17
Jan
39
Fidello Brewery
0
Mar
100
37 A
47
Ferro Enamel Corp com.
25*
Oct
800
26 X
10c
50
FED Corp stamped
Aug
If*
22,600
5,500
43 A
Feddere Mfg Co com
Nov
26
Mar
65*
79
44
Falstaff Brewing
1
Fanny Farmer Candy——1
Fansteel Metallurgical...*
42
Aug
f*
45*
International Products_..*
3
Apr
26
385*
25 A
12 A
100
205*
375*
Jan
24 A
Deo
May
35
100
Britain and Ireland
64
Indian Ter Ilium Oil—
30X
—
Jan
44
Illuminating Shares cl A..*
Amer deposit rots
245*
25*
•
Imperial Chem
Jan
Nov
6
Hygrade Food Prod
6
Hygrade Sylvanla Corp..*
preferred
Dec
108 J*
■it
205*
800
2,700
395*
25
175*
Ei-cell-O Air A Tool
35
7% pref stamped
100
7% pref unstamped..100
Hydro Eleotrlo Securities.*
Illinois P A L $6 prer
Aug
34
Jan
225*
Ind'polls P A L 0 5* % pf 100
15
Fajardo Sugar Co
si
18
Feb
1025*
115*
26,
15,600
1
5*
1
Common
Dec
Emsco Derrick A Equip. .5
Falrchtld Aviation
75*
Aug
Aug
22
7% preferred
25,900
Nov
22
Option
255*
695*
2X
Empire Power Part Stk..*
Evans Wallower Lead
July
20 A
100
Equity Corp com
Eureka Pipe Line
Aug
835*
Jan
43
preferred
Aug
75*
210
Mar
100
100
-.100
preferred
6
55*
63
Apr
16X
Jan
16f*
""456
35
Jan
2
20
.*
Mar
15A
July
205*
llf*
Huylers of Delaware Ino—
6
A
255*
Oct
22
16
"2l"
225*
4
A
Empire District El 6% .100
Empire Gas A Fuel Co—
8%
100
Hud Bay Mln A Smelt
»
Humble Oil A Ref
Nov
Jan
1065* 1075*
7% preferred
5
1
Elgin Nat Watch Co...15
154
Apr
Deo
25*
Nov
37
3
4
1
Eleo Shovel Coal 84 pref..*
85*
300
Dec
Nov
125*
58
14
155*
A
10
•
"4~5o6
75*
335*
•
3A
m
935*
1
86 conv pref w w
400
15 A
'l8~
A Co...*
Horn A Hardart
9X
8A
l
2,100
Nov
13
Jan
f*
»i*
25*
525
Holt (Henry) A Co cl A..*
19X
2X
l
Feb
July
15*
35*
Feb
A
74X
7% preferred
_*
com
Imperial Oil (Can) coup
Registered
3X
6
6
18
3A
•
8 5*%
Jan
66 X
6
86 preferred
6% preferred
Nov
Oct
i
4
52 A
135*
65*
"2~i66
*
cdectrographic t ory com
Feb
Oct
■
June
*
18 A 273.800
68 A
2,500
"3 A "I A
85 preferred
Class A
125*
3 6A
1,000
22
16 A
66 X
Eleo P 4 L 2d pref A
Deo
54
800
27
22
*
fi
Elee Power Assoc com
Dec
36
Edison Bros Stores com..*
Elsler Electric Corp
Eleo Bond A Share oom
IX
16
53
6
400
25X
6H
Easy Washing Macb "B"_*
Economy Grocery Stores.*
2 A
9,100
66
61
45*% prior preferred .100
8% preferred
100
16 preferred series B
Holophane Co
0%
6
45*
*
Eastern Malleable Iron
Apr
Deo
2A
East Gas A Fuel Assoo—
Common
IX
74
3A
35*
3.500
8
Eagle Plsher Lead New .10
Oct
A
560
July
Apr
37
7X
*
105 A
13
01A
100
1
Durham Hosiery class B__*
...
Mar
62
Durham Duplex Razor—
54 prior pref ww
Duval Texas Sulphur
»
10
4A
X
7
25
Chemical...
Hollinger Consol G M...6
33
Oct
26,200
Hires (C E) Co cl A
48
75
Apr
25*
71
Jan
X
2X
14-5*
Feb
Tooo
80
755*
10
605*
5*
25*
125*
25*
515*
Hecla Mining Co
Dec
"""A "»16
__100
7% preferred
Dubliler Condenser Corp.l
485*
600
5A
9A
100
115*
28 A
30
70
Dec
105*
Oct
100
67
75*
1
Mar
Mar
Mar
2,700
2,700
15*
Mar
*385* x38X
1,500
35*
is
35*
72
4X
80 A
If*
75*
10 A
36 A
62
*
10
Driver Harris Co
"
Oct
200
75*
•
Hormel (Geo A)
100
Jan
75*
Haseltine Corp
Heyden
'
Feb
7
Harvard Brewing Co
Apr
12
78
Nov
Mar
Nov
8X
Deo
70
Jan
65*
35*
35*
16 A
12
97 X
55
3
8 sh.
Hartford Eleotrlo Light .25
Hartman Tobacco Co
*
July
Aug
70
Dominion Textile Ltd com*
96
405*
•
Am dep rots pref
21
8
Douglas (W L) Shoe Co—
»
Sept
65*
24 A
175*
1,100
Dominion Tar A Chemical*
Dow Chemical
87
~4~7o6
3X
24
28
Jan
65*
2X
24
55
65*
Helena Rubensteln
300
Amer deposit rots..—£1
Nov
May
40
Nov
18
Jan
11
11
1,700
May
20
Distillers Co Ltd—
Doehler Die Casting—
Dominion Steel & Coal B25
X
745*
Handley Page Ltd—
Aug
2
Feb
20
9X
300
11
Apr
May
X
X
*
7
Mar
Mar
A
175
Gypsum Lime A Alabast.*
Apr
15X
Jan
4
IX
20
*
7% preferred
*
$5.50 preferred
High
A
505*
80
l*t6
4
1
Low
43
50
80 A
85
Investors
Range for Year 1935
1,800
24,100
X
Feb
Hall Lamp Co
6X
Low
Feb
87
8
Dictograph Products....2
Distilled Liquors Corp.. 6
Shares
High
Par Low
High
Low
30
Am Dep Rets
Diamond Shoe Corp
1935
155*
De Havllland Aircraft Co—
Preferred
Week
69 A
Davenport Hosiery Mills.*
ord reg £1
Detroit Gray Iron Fdy
5
Derby Oil A Ret Corp com*
Dec. 31
(Continued)
1935
4,200
1,100
15*
15*
95*
o
1933fo
for
150
1065* 107
05*% preferred
100
Cusl Mexican Mining..50c
Sales
of Prices
STOCKS
Range for Year 1935
300
40 A
39
•
com
1
Week's Range
1933 to
for
Week
(Continued)
Press
275
New York Curb Exchange—Continued—Page 2
Volume 142
Cuneo
•
85*
95*
6.900
If*
Feb
Mar
New York Curb
276
Exchange—Continued—Page
Jan. 11
3
July
for
of Prices
Par Low
High
Sales
Dec. 31
Week
Week's Range
STOCKS
(Continued)
1
1933io
1935
Shares
*
59
60
910
*
8814
88%
100
5k
5M
2,500
7% preferred
23
»
6k% A preferred
Mesabl Iron Co
21%
55
8%
"~3% ~~4k
700
5%
1,100
41
100
'16
42
*
516
Dec
Deo
6
k
Nov
95
Oot
5k
Nov
49k
Nov
'is May
k
Nov
Edison—
80
46k
Michigan Gas A Oil
1
Sugar Co
Preferred
k
1
5
10
800
2%
1
•
k
1%
%
2%
16
6,600
%
5%
3,700
3)4
"%
4%
13,100
1
Middle West Utll com...*
%
16 conv pref ser A w w__*
2%
2%
3i6
3)4
8,300
23,400
2,000
1,500
Jan
k
lk
k
96
3
2k
Oct
3k
May
Mar
lk
June
8
June
Feb
Nov
Class A vte
▼ t c
,
Certificates of dep..
Midland Royalty Corp—
S3
3%
pref
Midland Steel Prod
•
10%
12
19
20 %
%
400
•
conv
Co
Miss River Fuel rights
Miss River Pow 6% pfd 100
Mook Judson Voehrlnger.*
4
22)4
*
109
15%
81
87
43
49
10%
11%
142
"~28"
~28~
100
American Shares
127
Nov
35k
Nov
Pittsburgh Forglngs
1
Pittsburgh ft Lake Erie.50
Pittsburgh Plate aiass..25
Pleasant Valley Wine Co.l
Jan
143
5%
Mountain Sts Tel A Tel 100
Mueller Brass Co com
1
Dee
4k
Apr
Feb
%
Dec
4k
k
105k
Jan
5k
Dec
Jan
1
July
Mar
140k
Nov
20%
26k
Dec
29 k
Dec
7,600
3%
Ul% 142%
Murphy (G C> Co
150
27
100
30
6,700
150
100
"u'% '12%
12 conv pref
National Fuel Gas
""360
•
2%
43
69~400
13
13%
200
24%
26
350
21%
85
20
1
3,600
3,000
H
k
H
100
1%
k
lk
46 k
28 k
500
«
2%
»16
1%
*
1%
2%
2%
78
82%
7%
%
316
9
32
17
17%
24
National
Transit
12.50
Union Radio Corp-.l
10%
14%
",6
%
600
100
Nov
1
Nov
Dec
Feb
2k
lk
2k
84k
Dec
Jan
Dec
4
4
%
11%
14k
21
8%
6k
6k
►
Nestle-LeMurCo clA
Nev Calif Eieo
13
14
*
100
com
7% preferred
"l3"
"Ii"~
New Bradford Oil
Puget Sound P ft L—
$5 preferred
6% preferred
1%
%
100
1%
.74%
1%
9%
82%
900
9%
3,300
25%
25%
100
Newmont Mining Corp. 10
New Process com
»
34
$6 proferred
Y Shipbuilding
Feb
June
111
Oct
Apr
76
Nov
May
k May
34 k Mar
11
*
Founders shares
1
3
76k
26k
3k
25 k
Jan
35k
17%
31k
Dec
69 k
12
Jan
Aug
1
•
pref.100
107
Deo
98
Deo
Ilk
10%
1,900
1,200
12
119k
175
113
4%
69
100
4
k
Apr
Mar
13k
May
22
Aug
113k May
121
Mar
12
20
3
1
$6 preferred
•
North American Match..*
No Amer Utility Securities*
Nor Cent Texas Oil Co..6
Nor European Oil com___l
2%
2k
34
39%
4%
43%
40
3%
3%
S16
4
4%
k
Nor Ind Pub Ser 6% pfdlOO
7% preferred
Northern N Y Utilities
100
class A100
16,900
50
Corp
15%
36
__
k
Mar
Mar
Jan
58
Deo
%
Jan
5
Dec
1,800
1,000
lk
2
'i«
Jan
'h
32
$6
»
54k
•
preferred
17%
38%
25
84
Dec
Oct
Mar
5k
Jan
18k
May
3
3,200
5'
"
14 k
Jan
100
19
Jan
225
45k
70
Feb
400
81k
89
Jan
13%
1%
'""300
6k
1,300
%
11%
900
k
4
lk
lk
2
25
1
11
6
20%
*
105
78
pane 279.
6
10
5
29%
80
3,00i
30
27
105%
78
3,800
85k
Jan
71
13%
pref..100
see
20
10
90 k
Apr
9k
Feb
k
Mar
18k
lk
20 k
$3
oonv
v 10
Jan
Apr
Mar
Jan
8
Nov
Feb
60k
28%
Roy barn Co Ino
Reynolds Investing
5%
135
135
141
141
29k
Nov
Deo
2k
Jan
7k
Sept
127
Jan
141k
Nov
132 k
Feb
147
17
19
475
4k
6k
Mar
200
k
k
Jan
k
Jan
100
k
*« June
"is
Nov
k
Nov
3k
Deo
%
%
k
13
100
3k
25
10k
H
27
27
"3k "3k
Oct
41
18
225
100
Salt Creek Con sol Oil
Salt Creek Producers
1
10
Savoy
♦
"•
com
13k
2,600
lk
lk
«
2
k
6k
9
k
6,000
85
6
6
100
k
lk
9,200
%
lk
17
2,500
Aug
Aug
72
40 k
10
4
2k
30
Deo
5
Dec
15k
k
Apr
9
Oct
Dec
4
Nov
k
Mar
200
60k
35
43~606
1
k
1
85
k
4k
1
25
Allotment certificates...
Selfrldge Prov Stores—
Amer dep reo
£
Sentry Safety Control
1
Seton
Leather oom
•
Shattuok Denn Mining
6
Shawinlgan Wat A Power.*
Shenandoah Corp oom
I
$3 conv pref
25
1
Mar
7k
May
Jan
lk
33k
Nov
k
Deo
k
13
300
26k
Mar
k
June
Mar
200
7,000
34
Jan
38
Mar
k
43k
Mar
k
Mar
k
Mar
1
Oct
28
Jan
1
1,200
Deo
36
27
k
13,400
74
19k
k
17'
16k
18k
Jan
Oct
"
Sherwin-Williams
66k
71
Feb
107
Dec
Oct
76
Nov
6% preferred A A
100
Sherwin-Williams of Can.*
oom. .25
k
k
16,400
Deo
3k
50
lk
2k
34
Nov
85k
Nov
2k
Sept
2k
Jan
k
Jan
Mar
k
Nov
8k
Deo
k
900
k
1,900
3,100
3k
1,050
lk
20k
2k
2,000
3k
lk
14k
2,100
k
126k
107k 109k
18k
20
2",950
275
lk
Jau
14 k
May
k
12 k
Apr
6
Deo
Mar
22k
2k
49k
'
32k
84
Jan
128k
Nov
'
90k
106
Aug
113 k
Mar
14k
1
Dec
18k
Deo
12
1,020
Oct
86
Mar
8k
123"
2k
Mar
46k
*16
8
150
5k
Oct
Jan
Apr
48
85k
5
Aug
May
37 k
85
81k
2
Mar
Jan
Oct
38
84
19k
Jan
Deo
Sept
7,.
7,400
3k
Nov
•is
3,600
2,900
15k
2k
Deo
6k
"l6
lk
2k
2k
Nov
Mar
7k
3k
4k
Aug
44k
Apr
May
17 k
17k
46 k
Mar
Mar
'
26 k
Ino-^"
Common
$5.50 prior stock
Deo
3k
3k
k
k
27
lk
Jan
%
15k
500
*
2
Dec
2,100
500
2k
Deo
Nov
Feb
640
68
30
46
Deo
Aug
May
200
*
2k
5k
103k
Deo
Dec
k
k
General.*
.!*
23k
k
7
Deo
%
150
73
2k
13k
4k
23k
8k
2k
1,600
"3k "4k
65k
k
Oct
Deo
1,400
516
39
8
8
Oct
k
Apr
7
33 k
Ino
Apr
Mar
2
4k
14k
k
Corp
k
2k
2k
Apr
July
July
Aug
Jan
Nov
8
Apr
k
Deo
43k
Apr
Mar
32 k
Bros
Dec
Feb
'»
4k
*
Water Co $6 pref
40
40
4k
Manufacturing.25
Scranton-Sprlng Brook
oom
4
'is
2
preferred
Feb
4k
Roosevelt Field, Ino
6
Petroleum Co
1
$1.20 oonv pref......20
Safety Car Heat ft LlghtlOG
St Anthony Gold Mines.. 1
St Regis Papt.r com
10
k
65
_•
25
600
2,800
International
Oct
Feb
Deo
Nov
8
k
k
Aug
1,200
7k
2k
5
4k
3k
10k
July
16k
'is June
"""loo
2
...
k
13
26
Richmond Rad oom
1
Rochest G &E
6% D pf 100
Rogers-Majestic class A..*
»
27k
Deo
14k
111
800
Sept
Dec
Dec
21
Nov
30
1,600
33
Nov
50 k
Mar
9
175
9,700
Selected Industries
Nov
Mar
6k
160 •106
4k
Nov
6
13
17k
2k
Seeman
Nov
July
15k
10k
40k
5k
62k
lk
'"500
9
Oil
Sohlff Co
Deo
6
200
]
Segal Lock ft Hardware._•
Selberllng Rubber oom
»
Selby Shoe Co
*
Dec
5k
•
Nov
Nov
k
7k
k
10
Rice Stlx Dry Goods
Richfield Oil pref
Nov
2k
12k
3,725
2,700
8k
*
20
13
87
k
*
27k
103k Nov
107k May
Oct
nik
104k Nov
10
fiOc
600
70
Feb
16
8k
jrtlble preferred ♦
200
20 -.70
17 k
*
Sohulte Real Estate
103
4k
6k
800
9k
150
*
Hcovllle
Jan
30
111
Class B
Nov
Dec
Deo
Sept
4
1
Common
Securities
's'ioo
57
Raymond Conorets Pile—
Nov
Mar
105%
111k
6k % 1st pref
Paciric Ltg $6 pref
7J6
38k
30
»
4
80
45k
5k
6k
101% 102
Paolflo Eastern Corp
1
Pacific G 4 E 6 % 1st pf .25
Aug
Nov
45 k
525
105
Overseas Securities
4k
41k
Jan
Feb
Ohio Brass Co cl B
com..*
Ohio P S 7% 1st pref..100
Ollstocks Ltd com
6
Oct
'
Ohio Edison $6 pref
Ohio Oil 6% pref
100
Ohio Power 6% pref...100
Outboard Motors B com.*
Class A conv pref
»
Apr
10k
100
Nov
*
5k
Dec
Sept
Nov
Ryan Gonsol Petrol
3
Mar
Feb
8
12 k
4
8k
Oct
4k
4k
lk
Dec
92
3k
2k
Deo
Mar
May
Feb
*
34k
Jan
Deo
Nov
5
82
•is
19 k
Apr
k
8
k
Rustless Iron ft Steel
Jan
k
600
.
10 k
8*
54
Nov
Oct
Deo
Feb
Nov
4k
24k
18
10k
98
9k
Mar
Apr
20k
Nov
98
Mar
July
%
3
2,300
1,600
12k
9
Mar
20 k
"21% "24%
9k
Pyle-Natlonal Co
6
Pyrene Manufacturing..10
7%
10
Engineering.
1%
16k
'516
10 k
Royallte Oil Co
Royal Typewriter
k
1
21
103% 100%
k
2
8k
2
2,000
100
7% 1st preferred
Northern Pipe Line
82
7k
19,900
500
16k
Russeks Fifth Ave
"32% '34% ~1~266
45
Jan
9k June
k
Jan
Nov
97
I*
I*
3,900
3%
12k
5
k
Deo
34
July
May
Rossla
8%
4%
150
20k
Nov
81
Nov
7%
3
Common
4k
Jan
2%
3,000
20
lk
31
81
100
Nov
Mar
%
%
3%
400
5k
9k
k
23
83
7is
2k
%
1
k
Deo
102
10k
2%
%
5
2k
6k
15k
2,400
25
Jan
Root
43,000
3,700
1,200
Nor Amer Lt 4 Pr—
38 k
Jan
500
lk
Deo
Apr
Sept
Aug
%
100
Noma Electric
Ilk
July
12 k
36 k
lk
Nov
78 k
77k
2%
Niagara Share-
*
Mav
12k
Sept
77
Apr
Feb
%
Niles-Bement-Pond
Nlplsslng Mines
6k
32
73 k
99 k
28
46 k
1%
6
375
lk
,
36
7k
S16
12k
4k
2k
Jan
08%
common
Jan
41
Jan
N Y Wat Serv 6% pfd..100
Niagara Hud Pow—
Class A preferred
7k
*
61^
9%
7k
*
53 k
8%
4,500
25k
Reed Roller Bit Co
59
3
lfi
Deo
Reeves (D) oom
Relter-Foster Oil
Reliable Stores com
53H
500
Class B opt warrants
Feb
4k
Deo
50
Class A opt warr
3k
25 k
Jan
Deo
Aug
Nov
30
5
Common
Deo
Aug
k
*
99
119
lk
18k
k
1,400
1,700
10
Red Bank Oil Co
107
10k
10%
400
~7"806
Oct
106
98%
2k
Raytheon Mfg
38
350
2k
"3k "4k
Deo
35
4%
For footnotes
2k
Feb
6
PaclfloP4L7%
3k
Corp—
N Y Steam Corp com
com
Oot
2
%
N Y ft Honduras RosarlolC
N Y Pr 4 Lt 7
% pref—.100
Novadel-Agene
Deo
lk
10k
N Y Merchandise
Nor Sts Pow
5k
12
60
15
N Y Auction Co com
N Y Telep 6k
%
N Y Transit
Mar
Deo
99k
NOV
102
47%
Apr
71k
98 k
Rainbow Luminous ProdClass A
*
New Mex A Aris Land___l
Feb
46k
09%
38
Jan
New Haven Clock Co...
51
80 k
Deo
Sept
100
Ry & Utll Invest cl A
49
8
100
7% preferred
Public Service Okla—
Oct
75
37
Jan
Pub Utll Secur $7 pt pf_*
May
8k
Mar
2k
51
Deo
Feb
6
Mar
33 k
2
4~900
Deo
Aug
113k
5
2k
29
"
Oct
54
35
Mar
Mar
54 k
7% pr L pref
4k
Apr
6k May
2k
Dec
5 k June
1H
1
17,200
9k
"7% "8 k
6% prior lien pref.--100
Oct
May
Jan
8k
Public Serv Nor 111 oom..*
Common
60
Jan
Deo
4k
12k
k
8k
Nov
Jan
May
Aug
Aug
Nov
15
k
16k
lk
8k
98
k
10k
Jan
38
Deo
'2~200
2
Jan
14
T660
1
Jan
13
"73%
26
4,200
Mar
Quaker Oats com
•
6% preferred
100
Quebec Power Co.......*
Ry ft Light Secur oom
■
09%
100
12
Feb
8
Aug
"""2k "3%
6
New Eng Tel A Tel
New Jersey Zinc
48
Apr
5
Aug
Apr
Nov
35
Feb
8k
75
Mar
Feb
Nov
lk
27 k
3k
»
6
5k
9k
4k
k
16k
900
8
9k
Deo
Nov
75
Nov
5%
5,500
Oct
113k
400
51k
35
Nov
Jan
Dec
290
113k
""20
100
112k
14
18k
Feb
1
43k
Mar
42
July
>
Feb
4
14k
37k
50
3%
31
4
6% 1st preferred
100
Pub Serv of Indian $7 pref *
$6 preferred
90
2
Apr
21
Jan
2
900
62k
100
Oct
83
113
1,700
Nov
62 k
89k
89k
59
20k
75
Jan
200
H
110% 111
12k
14%
63 k
Deo
98 k 100
%
96 k
k
Deo
41k
com.*
Providence Gas Co
Prudential Investors.....*
$6 preferred
•
Pub Serv of Colo—
Oct
May
%
%
103
116k
Jan
Realisation—
Dec
Oct
8%
Nov
Nov
Jan
....
Apr
Nov
k
k
Jan
4k
20k
107k
Apr
80k
k
Prentice-Hall Ino
Pressed Metals of Amer..*
Producers Royalty
1
31
Nelson (Herman) Corp
5
Neptune Meter olass A...*
Northwest
Nov
86
21
4,600
1st pref
Nelsner Bros 7% pref. .100
Class B
Mar
20
Feb
Mar
H
1,700
%
35
Mar
Mar
2%
3~200
%
Nebel (Oscar) Co com..
Nebraska Pow 7% pref. 100
Nehl Corp oom
July
Mar
2
7,200
23
Nov
Apr
77
i4~700
Power Corp of Can com..*
Pratt ft Lambert Co
•
Premier Gold Mining
1
Nov
11
200
16
1
Mar
76 k
"9k "Ilk
10
Voting trust otfs.33 l-3c
Propper McCallum Hos'y *
55
35
Pond Creek Pocahontas..*
Potrero Sugar oom
5
Powdrell ft Alexander
•
Properties
Ilk
k
%
200
1
7
26
lk
9k
July
July
740
4k
7k
Jan
Nov
11
74k
6,800
Meter
Dec
k
44k
2
70
PItney-Bowes Postage
Prosperity Co Ino B
800
%
June
Nov
2
Feb
18 k
30
U%
2,400
5%
6%
14k
8%
10
10,900
5,100
National Sugar Refining..*
Nat Tea Co 5k % pf___10
N
29k
29
National Refining com..25
Nat Rubber Ma on
*
Nat
Mar
k Sept
lk May
44
•
Conv part preferred...*
National Steel Car Ltd-..*
6
1%
%
Warrants
Nat Service common
Apr
85
•
Nat Mfg & Stores com
National P A L $6 prot__
Deo
4%
■
*
oom
154k
116
19%
2%
*
National Investors eom__l
$5.50 preferred
1
Jan
Dec
%
2
National Candy Co com..*
National Container Corp—
Common
72
110
31%
105
Nat Bond A Share Corp..*
Nat Leather
28%
100
National Baking Co com.l
Natl Beiias Hess oom
1
Dec
Feb
Nov
July
Nov
42 k
12k
Ilk
Pitts Bessemer ft Le RR.50
Oct
26%
Dec
107k
41k
400
39
9k
»
Nov
Dec
%
Mountain Sts Pow com..*
Nachman-Sprlnfllled Corp*
Pines Wlnterfront Co
Pioneer Gold Mines Ltd__l
*
com
July
May
3k
k
8,200
10
8% preferred
Pierce G overnor oom
14k
144k
Feb
Apr
420
116
4k
38k
$3 oonv pref ser A...10
Nov
83
X40
Feb
17
Mar
5k
90
Common
44 k
Jan
7
lk
*
Pie Bakeries Ino
%
X
.100
oom..._
Jan
May
23
24
65
2k
100
87 k
Mar
Jan
26k
1%
1
87
Nov
Mtge Bk of ColumbiaMountain A Gulf Oil
Mountain Producers
*
Mar
7k
Dec
8,600
116
Phlla Elec Co $5 pref
Phoenix Seourltiet—
18k
fi
Feb
4k
5k
79k
Nov
25
50
Apr
108
Oct
Nov
34
July
72 k
*
$6 preferred
Penn Salt Mfg Co
Pa Water ft Power Co
lk
Dec
Nov
12k
40k
36,400
18
Feb
80
Oct
6
4
3k
18k
18k
106k 107 k
39k
Nov
Sept
100
70k
k
June
65
8k
8k
14
88 k
17
12k
66 k
24
64
24k
Deo
39
100
39k
18 k
125
90
18
Philadelphia Co
9
12
18
Perfect Circle Co
Jan
Dec
Deo
39
»*
4k
Pepperell Mfg Co
Nov
Jan
6
47k
27k
24k
Dec
Ilk
'u July
26%
16%
'~"l25
*
Mar
Mar
32k
itjf
49 k
4k
4
Peninsular Telep oom...
Preferred
100
Pa Gas ft Eleo olass A
Pa Pr A Lt $7 pref
lk
3k
4k
Dec
9
800
32%
"'"956
Dec
12
30%
960
144
31k
77%
22k
Mar
2k
66
75
48 k
10k
30k
•
4,800
"is Mar
6%
•
43%
Jan
Feb
175
%
200
Mar
82
675
Oct
21,400
5k
44 k
Nov
65
6,100
Nov
Jan
June
♦
Pa Cent Lt ft Pow $2.80 pf *
$5 preferred
Penn Mex Fuel Co
..1
Pennroad Corp v t 0
J
High
47%
Dec
26
36
Patchogue Plymouth Cp.»
Pender D Grocery A
*
Class B__
Low
10
31k
7k
88 k
200
Aug
3k
3k
Low
2,250
3k
5
...1
*
Range for Year 1935
4,200
6
7%
110
15%
Montreal Lt Ht A Pow...*
Moody's Invest Service..*
Moore Corp Ltd com
Preferred A
23)4
Dec
Nov
•is
Apr
Apr
88%
'16
109
1
*
<•
450
3k
,5t6
1935
k
85
"1.
Moh A Hud Pow 1st prof.*
2d preferred
*
Molybdenum Corp
Montgomery Ward A
k
'is
4%
18k
Mining Corp of Canada._*
Minnesota Mining A Mfg
Minnesota P & L 7% pf 100
Mar
Mar
Jan
*i«
%
800
*
Mldvale
k
k
'16
1
Dec. 31
Shares
50
48
Parker Pen Co
10
Parker Rust-Proof com__*
May
Jan
Middle States PetrolClass B
Paramount Motor
Parke, Davis ft Co
48%
45%
3%
1933 to
for
High
*
10
Pantepeo Oil of Venes
Jan
Mar
8
Paolflo Tin speo stk
Pan Amer Airways
Nov
27k
Jan
%
Par Low
60k
90k
July
70
~i~206
High
Jan
Apr
Mai
lk
9k
60
S6 preferred
Mexico-Ohio Oil
Michigan
Low
12%
900
Sales
of Prices
1936
1
Week
STOCKS
(Continued)
44%
1%
100
Merrltt Chapman A Scott *
Metropolitan
21
Week's Range
Range for Year 1935
Low
McW llllam« Dredging
Mead Johnson ft Co
Memphis Nai Gas oom_.fi
Mercantile Stores com..
July
k
Nov
Deo
Deo
277
New York Curb Exchange—Continued—Page 4
Volume 142
1
July
July
1
Sales
1933 to
of Prices
for
Dec. 31
Week
1935
Shares
Low
(Continued)
High
Par Loto
Smith
(L
C)
_
•
Bo Amer Gold A Plat
20 x
J
1
IK
4K
20 X
5*4% Dref series C
Southn Colo Pow cl A
21,400
600
26
900 "
4*4
10
Southern Pipe Line
4K
Southern Union Gas com.*
Southland Boyalty Co
Oct
Utah Radio Products
3*4
Oct
Utica Gas & Elec 7% pf.100
5X
Nov
39*4
July
UK
Jan
28*4
Oct
Jan
26*4
Oct
1
Jan
4*4
104
Jan
""200
3X
3X
Jan
K
Oct
1
7X
"4"400
Jan
6*4
July
Mar
34*4
Deo
44 K
Nov
66
Dec
Spanish A Gen Corp—
Am dep rets ord bear.£l
42
52 X
29
32 X
2,000
3,250
'is
Oct
"is Sept
8%
6*4%
preferred
9
k
Mar
5,000
8,100
1
50
IK
IK
8
Taggart Corp com
Tampa Electric Co com.
3*4
66*4
Apr
Deo
Mar
14 K
""266
OX
6
103
2X
7K
275
Tastyeast Inc cl A.
300
X
X
Nov
2*4
22,800
X
2.10
30
17 K
20 X
4*4
5X
*
*
100
63
66
•
65
66
5X
109*4
3K
3K
IK
1
Common
2K
1
25*4
1
UX
12 K
14X
15 K
3
Deo
Appalaohlan Power 5s. 1941
108
Feb
4*4
2024
114
115*4
.*
8X
OX
MOO
8
*
37
X
United Dry Docks com ._*
1
86
United Lt A Pow oom A..*
*
•
*
£1
United NJRR& Canal 100
2X
IK
x
"4 k
OK
»
5X
7% preferred
10
*
100
Apr
IK
77X
IK
34 K
4X
32
104*4
Deo
1*4
1*4
July
5*4
7*4
7*4
Mar
17*4
Aug
July
35*4 258,000
35
243,000
64
38*4
97*4
62
107
Oct
89*4
Jan
50*4
102*4
Deo
106
Feb
94*4
Apr
105
Dec
96*4
Jan
Oct
Dec
41
74
Jan
101*4
64
101
Jan
106*4
Dec
99
105*4
84*4
Feb
109
Mar
Jan
113*4
68
Deo
73*4
29*4
Jan
98*4
Dec
20*4
Feb
64*4
Nov
12
14*4
Mar
50
45*4
Nov
9*4
13
Feb
37
Nov
9*4
11
Mar
37
Nov
11
12*4
Mar
39*4
Nov
11*4
12
Mar
39
Nov
Mar
44
Nov
75*4
78
85
82,000
34
79
Deo
10,000
9
Jan
Nov
30*4
33
28*4
67*4
14*4
Jan
Assoo TAT deb 5 *4s A '65
14*4
Jan
33
Nov
77*4
~i"c66
13*4
20
Jan
78*4
Dec
77*4
13*4
20
Jan
78
Dec
77*4
2,000
47
78
Mar
96
Deo
32*4
Apr
89
Nov
30*4
Apr
81*4
Nov
98
109*4
Mar
115*4
Apr
97
111*4
Feb
118*4
Apr
97*4
112*4
Jan
120
July
126*4
Jan
138
July
102*4
69*4
Jan
107 *4
Oct
Jan
91*4
80*4
Aug
Aug
9
Jan
8*4
Oct
12
Nov
Dec
15
Dec
Dec
4
Sept
Mar
May
26*4
9*4
*4 June
X June
X
*4
Jan
June
16*4
2X
Mar
8
Apr
Mar
40
Jan
Jan
1938
ee
77*4
Ctfs of deposit
Atlas Plywood 5*4s..l943
Baldwin Loco Works—
97*4 100
6s with warrants.-.1938
81
83
8,000
1938
75
78*4 105,000
30*4
6s without warr
Bell Telep of Canada—
1956
Registered
1st M 6s series B...1957
..I960
5s series C
1998
Bethlehem Steel
Dec
Blnghamton L H A P 5s '46
Birmingham Eleo 4*4s 1968
6s
6s..1969
Deo
Birmingham Gas
Boston Consol Gas 58.1947
Aug
Deo
Broad River Pow 5S..1954
Sept
Sept
Buff Gen Eleo 5s
1939
Gen A ref 6s
115
116
9,000
114
1st M 5s series A
Aug
114
"is
88
116*4
116*4 117
134
134*4
116
106
106
8*4
Dec
Jan
Deo
Cent
Apr
110
3l",660
71
97
Apr
103*4
51,000
20,000
99
100*4 260,000
3,000
111*4 112
8,000
105*4 106
98
105
Jan
Oct
251
111
Light
5s
1943
X
Mar
7K
Feb
1956
251
1*4
Jan
6s series E
Oct
5*4
1st A ref 4*4s ser F.1967
Apr
6s series G
1968
4*4% series H
1981
Sept
9
29
70
Jan
Jan
May
Deo
Jan
Mar
112X
66
88*4
Jan
105*4
Nov
46*4
83*4
Jan
100*4
May
Aug
113*4
Aug
94*4
109
72*4
89
Jan
33*4
39
Mar
44*4
June
Mar
Dec
106
ib'ooo
99
Apr
109*4
100*4 101*4 28,000
96*4 204,000
94*4
99*4 100*4 122,000
60
76*4
Jan
45*4
67
Jan
49
76
Jan
101*4
94*4
99*4
94*4
104
'l07*4
107*4
Central 111 Pub Service—
4X
May
105
Cent German Power 6s 1934
29
106
102
104*4
Jan
102*4
Aug
Jan
111*4
3
Jan
Aug
103*4 103*4
Cedar Rapids M A P 5s '53
38*4
56
91*4
109*4
104*4
Carolina Pr A Lt 5s__.1956
76*4
46*4
109
110
Cent Arts Lt A Pow 6s 1960
102
Aug
Canadian Pao Ry 6S..1942
Deo
45
1,000
106*4
Canada Northern Pr 6s '5s
Deo
Sept
7
"
102*4
Capital Adminls 5s... 1953
31*4
3*4
6,000
12,000
146,000
89*4
70,000
78
79*4
7,000
107*4
107*4
11,000
90*4
89*4
4,000
107*4 107*4
Aug
Mar
Feb
16,000
94
1956
Mar
Oct
1,000
Deo
84
39,000
32*4
Apr
5
Mar
Mar
Deo
Nov
8
Certificates of deposit¬
Dec
11
Rayon 6s
X
95
106
96
75.000
40
67*4
Jan
17,000
72
95*4
Jan
Deo
Dec
Dec
Nov
Deo
47
70
Jan
88*4
Deo
Cent Maine Pow4*4sE1957
103*4
104
37,000
Jan
98*4
Aug
96*4
72
Jan
Cent Ohio Lt A Pow 5s 1950
55*4
36
40*4
99
30 X
90*4
93
49,000
37*4
69
Jan
92*4
Deo
85*4 428,000
70*4 646,000
72*4 865,000
37*4
69*4
Jan
84*4
Aug
25
26
Mar
66
Nov
25*4
X
Oct
X
x
X
July
X
'j2
K
Mar
39 X
1,100
'is
14*4
«
Deo
Cent Power 5s ser D__195?
1*4
Dec
Cent Pow A Lt 1st 58.1956
82*4
*4
Aug
Cent States Eleo 5s...1948
63*4
J32
Jan
1954
65*4
IX
10X
Mar
X
Mar
"8
Apr
Apr
80*4
Mar
IK
June
10
5
Jan
Oct
5
5X
X
16
1
Jan
'32
X
600
1,800
Jan
assoo
3*4
X
5,800
13,
97*4
~69~"
July
Nov
13 X
July
X
279,
July
Sept
1
2K
50
100
105*4
77
3
Y,io6
1,875
8ept
Aug
105
Apr
3X
""560
5K
108
14*4
X
3,600
35 X
41
Jan
60
1
2,200
IX
105*4
11
3X
12.400
79
92*4
88*4
Nov
64
7~7~,600
2X
90
16,000
21 *4
Mar
24 K
Jan
34,000
29
85
5
22
July
44*4
66*4
78
July
Apr
10 X
X
5,000
*1
For footnotes see page
Oct
4*4
2*4
X
U 8 Rubber Reclaiming. _*i
United Stores v t o
July
10*4 June
X
15
11,800
*
100
U S Lines pref_
Card
Apr
Mar
4*4
143,600
I.
»
»
U S Playing
2
Apr
100
X
July
95*4
39
Apr
h
*
*
U 8 Elec Pow with warr__l
101*4
Jan
34
1*4
21*4
6
B
July
Jan
73
54*4
1977
1950
Feb
3X
194
'ix "ix
Jan
56
Nov
Conv deb 5*4s
X
4
U S Dairy Prod class A
*
29*4
60,000
64,000
32*4
32*4 247,000
Oct
47*4
102
31
Apr
Mar
125
85 H
1
1949
39*4
Mar
July
1968
*4
'is
X
4,000
39
U 8 Int'l
37*4
30*4
2*4
Deb 5s
Dec
»1«
36,600
6
10
Mar
....I960
'i6
14,800
8
Aug
*4
31
Conv deb 5s
X
37
39
U S Radiator Corp com
Oct
X
9
0
84
Securities
1st pref with warr
109
6,000
235,000
98*4 100
60*4 255,000
57*4
1938
1948
20
3X
29 K
26
Preferred
Jan
X
*16
3X
46
United Shoe Maoh com.25
U S Foil Co class B
83
Conv deb 5*4s
Conv deb 4*4s O
Conv deb 4*4s
19,500
10
8 Finishing oom
Nov
1*4
1*4
.*
Am dep rots ord ref
Warrants
104
4
United Molasses Co—
U
Jan
2X
19*4
2X
00 x
warrants
United G A E 7% pref. 100
Class
Nov
3
13
700
4X 145,300
4,500
4
♦
2,400
Option
Preferred
Jan
34
OK
8
2,100
40
IX
United t ;orp warrants
16*4
OK
14*4
*
Preferred
7
Jan
3
United Aircraft Transport
United Profit-Sharing
Dec
16 X
2
60
Warrants
Jan
Apr
4*4
X
2K
«
83 cum A part pref
24
19 K
16
13X
MOO
United Chemicals com
Deb 6s
Arkansas Pr A Lt 5s.. 1966
Associated Eleo 4*4s..l953
Associated Gas A EI Co—
68
16
*
Nov
23*4
ox
Un Oil of Calif rights
Milk Produots
IX
3
*
Union Tobacco com
Dec
104
Nov
6*4
Assoo Telep Utll 5*4s_1944
600
3
4*4
103*4
Mar
11X
7*4
4,100
10
Union American Inv'g
July
Amer Radiator 4*4s..l947
Feb
5
X
4,300
1,100
6,700
*
80o dlv pref new
July
60
2X
OK
Class A
108
93*4
105*4
IX
Trunz Pork Stores
Tung-Sol Lamp Works
107
Am Pow A Lt deb 6s..2016
100 X
'is
X
7,100
2,900
24 X
16
Amer G A El deb 5S..2028
Jan
103*4
""766
19
7X
Am El Pow Corp deb 6s *57
July
Appalachian El Pr 5s. 1956
58 X
Trl-State TelATel 6% pf 10
1
Deo
78*4
X
Amer Seating oonv 6s. 1936
Triplex 8afety Glass Co—
Tubize Chatlllon Corp
5*4
14
Jan
Feb
Am Roll Mill deb 5S..1948
18
20
for ord reg.
4
Oct
Trans Lux Plot Soreen—
Trl-Contlnental warrants.
4
Jan
1
""k "~x
Amer Com'lty Pow 6*4s 53
Nov
51
109
Nov
June
3*4
27
Sept
28*4
105*4
101*4
6,000
27,000
5,000
11,000
70,000
6*4
4X
100
100
35
Jan
1952
5s called
Aluminium Ltd deb 5s 1948
6*4
Mar
24
107
30,000
69*4
73*4
18*4
5X
July
1st A ref 4 *4s
1967
Alnmlnum Co s f deb 5s '52
Mar
X
Toledo Edison 8% pref 100
Tonopah Mining of Nev..l
Apr
86*4
81*4
107*4 108*4
105*4 105*4
103*4 104*4
37 K
ord reg_.£l
7% preferred A
100
Tonopah Belmont Devel.l
1st A ref 5s
1968
3*4
Jan
Jan
63
92*4 128,000
85*4 406,000
Deo
Deo
Jan
59,000
99*4 127,000
99
86,000
102*4 103*4
May
Tobacco Securities Trust
33 X
1946
Nov
88*4
83*4
83*4
86*4
1942
62*4
June
>16
4*4
75
Tobacco Prod Exports—•
Am dep rets dof reg__£l
5*4
4,500
22X
4X
75
Todd Shipyards Corp—
20,500
96*4 493,000
105
12,000
104
53,000
33,000
101*4
37,000
106
8,000
108*4
75
"ok "ok "s'ooo
300
Tobaooo Allied Stocks
17*4
20
69,300
Texon Oil A Land Co
800
Feb
48
*16
2X
700
OK
29*4
8*4
2*4
1*4
Dec
Nov
3*4
BONDS—
Abbott's Dairy 6s
Alabama Power Co—
62*4
32*4
3*4 June
29*4
Dec
1$
Jan
ih
300
7*4
Sept
June
2
16
24,100
89
45
4*4
Amer deposit rets
6e
Wrlght-Hargreaves Ltd..*
Yukon Gold Co
*
26*4
mm
*4
2*4
18
9
7*4
97
K
11X
3X
Apr
6*4
97*4
Nov
2*4
Nov
""3*4 "3*4
1956
K
7X
3X
X
l
1951
Mar
Jan
13*4
2,300
1st A ref 5s
22 X
6*4
17*4
34*4
1st A ref 5s
Dec
July
3
31*4
Petroleum
Oct
June
7
X
m, mem
Deo
June
3
X
2X
-»
105
7
6,000
Feb
6*4
38*4
Jan
500
m
Sept
63*4
Jan
99
1,300
"~i~X ""1*4
Deo
Aug
28
60
Deo
Nov
17*4
Feb
22
10,200
Wilson-Jones Co
12
25
•
Sept
21H
X
Oct
6*4
102
Jan
25
102*4 102*4
4
4*4
9
8*4
6*4
1,600
8,200
Tenn Products Corp com*
67
68 X
June
107
67
Oct
K
Mar
600
Mar
X
74*4
Mar
Oct
Mar
July
80
05
30
16*4
Sept
100
Mar
105*4
2X
1
17,200
9,900
Nov
June
19
46*4
16
18X
44
"moo
1
78
78
1st A ref 5s
89
OK
Jan
25
98
86
105
2
1H
4k "ix "~8~706
•
Texas P A L 7% pref..100
10 K
6K
100
7% 1st pf 100
Texas Gulf Producing
X
62*4
20
Woolworth (F W) Ltd
6*4
48*4
2X
40
34
Dec
12*4
Wood ley
Nov
35
300
10*4
1
Wolverine Portl Cement 10
Apr
Teok-Hughes Mines
preferred
22
2
17
5*4
60*4
•
preferred
Deo
Mar
Technicolor Inc com
$3
Dec
X
Jan
....*
Cafeterias Inc
Jan
2
Mar
2X
300
29",660
w
Conv
*
Apr
4
27*4
Deo
10
Wil-lc
100
preferred
Wise Pow A Lt 7% pref 100
17*4
3K
United
June
7%
Dec
Mar
3K
$8 conv 1st pref
Oct
10*4
3*4
5K
1
Common class B
3
Nov
Deo
700
30 X
Pref non-voting
2X
108
17 X
35K
United Gas Corp oom
Jan
July
5*4
'u June
2
'is
39
Prod—
Mar
32X
*
Westvaoo Chlorine
Mar
X
Feb
7
Western Tab A Stat v 10
West Texas Utll $6 pref..*
42X
X
3*4
Syracuse Ltg 6% pref..100
100
100
2,800
»
1
Swiss Oil Corp
7% 1st preferred
Western Power 7% pref
West Va Coal A Coke
2,400
*4
Western Cartridge pref.100
Western
Maryland
Ry
Williams (R O) A Co
*
W 111ms Oil-O-Matic Heat. *
Jan
6
1
Western Auto Supply A..*
Apr
Dec
Sept
6
Western Air Express
"n June
.....
Swiss Am Elec pref....100
'is
4*4
38*4
1
28
X
22*4
1
Oct
Oct
6H
2ix
1
Apr
K
6X
Nov
Wayne Pump oom
K
X
4X
ox
Nov
2
800
2
1*4
19
K
8
100
"2 k
Mining Co..10c
Sutherland Paper Co
10
SwanFlncb Oil Corp..
15
Union Traction Co
Aug
Aug
16*4
Sunshine
Union Gas of Can
May
2,000
*
1
_
Unexcelled Mfg Co
4*4
Deo
IK
23
*
$3 oonv preferred.
Am dep rets
5
Dec
IX
23
..*
preferred
9,600
2X
25 K
Cumiil
Apr
80
23
11
Mar
3*4
*4
*
»
Class B
K
H
11
Sun Investing com
Am dep rets
Oct
17
Sept
Sullivan Machinery.....*
pref..
Nov
89
Co
Tbermold 7%
4*4
76 X
Stuts Motor Car.......
Tenn El Pow
Aug
25
Stlnnee (Hugo) Corp
Sunray Oil-__
2X
May
Sterchl Bros Stores.....
Stroock (S) A
X
Dec
12
•
Deo
4*4
*4
*
Waltt A Bond olA
Nov
100
Sterling Brewers Inc
Stetson (J B) Co com
Deo
6
Wenden Copper
36
23*4
99*4
13*4
9
Aug
Feb
Nov
Mar
Mar
13*4
Dec
Mar
2
22
Mar
•
21
3*4
*4
18*4
32
Stein (A) A Co com
8
3*4
Jan
7K
X
3X
2*4
3,400
Aug
UX
3*4
400
8X
12*4
7H
UX
♦
22 X
16*4
1,900
2,800
.10
preferred
Steel Co of Can Ltd
21*4
12*4
Nov
Starrett Corporation
Jan
Nov
12*4
24
*16
Oct
76
2,800
35*4
28
Nov
21,900
7,100
4,700
Jan
716
X
67
21*4
Apr
2X
67
Nov
17*4
IX
July
28
Deo
*
88
Sept
5K
1
Dec
1*4
18
•
Common classB
Preferred
Standard Sliver Lead
84
34*4
10 X
3*4
31*4:
Oct
13 X
4*4
Deo
2*4
Jan
X
Jan
IX
10
97
~8"700
»
Aug
4
X
910
3*4
Mar
Aug
22*4
5,700
97
IK
1*4
Aug
18
1*4
1*4
Mar
Feb
•1.
9
100
6% preferred
3*4
X
3*4
20*4
39*4
Standard PAL com
79*4
1*4
4*4
1*4
Mar
9,300
21*4 .21H
Standard OH (Ohio) com 26
May
1
1,900
100
12*4
Jan
X
X
2*4
29K
23 K
9
'
33*4
18*4
500
11*4
43*4
30
125
2,200
5,400
Oct
Aug
Nov
Deo
5*4
X
1*4
34*4
22*4
100
Mar
*4
31*4
33 *4
10
26
Apr
84
77
3,500
Jan
1
Standard Cap A Seal com .5
Standard Oll(Ky)
3
Walker(Hlram)-Gooderh'm
A Worts Ltd oom
*
Oct
Standard OH (Neb)
Aug
W alker Mining Co
Dec
38*4
1
Oct
X
preferred
*4
9
Oct
Nov
Oct
3K
Conv
52*4
44
Apr
Stand Investing 15.60 pf.*
Jan
X
40
Apr
Aug
Mar
*
16
May
100
Co—
July
13X
May
K
Dredging
X
800
13
17
IX
Common
700
4*4
29
200
Standard
X
48 X
18
Dec
27*4
1*4
"
70c
K
3
2,500
Dec
Nov
8
2.40
K
3
Standard Brewing Co
31
Aug
July
«
*
Stahl-Meyer Inc com
5
2
Deo
'o
500
1S16
reg__£!
1
Square D class B com
Class A pref
K
K June
20*4
June
8*4
Waoo Aircraft Co..
Wahl (The) Co com
K
8*4
1
Virginian Ry
4K
21X
Jan
800
Va Pub Serv
15*4
2,000
35
34
3*4
Jan
Venezuela Mex OH Co..10
7% pref..100
100
Vogt Manufacturing.....*
4*4
4*4
Oct
7
2,400
Venesuelan Petroleum.._6
Aug
5*4
19*4
Sept
Apr
5
K
4X
7% preferred
High
2*4
IX
450
22*4
3
Dec
135
1.20
22,900
•
*
•
Utll Pow A Lt oom
Aug
»
"""130
Utility A Ind Corp
Conv preferred
X
1
"99""
95
5
4
79*4 81*4
1*4
1*4
4*4
3*4
1*4
1 *4
Utility Equities Corp
Priority stock
Jan
15X
2*4
200
8
Range for Year 193 5
Low
Low
2,200
22,200
100
Apr
14X
1935
1
3X
28K
200
So'west Pa Pipe Llne...60
Am dep rets ord
24X
Apr
34 X
7*4
5
26
South PennOil
Feb
1
100
4%
*
6
15X
28X
25
Utah Pow A Lt *7 pref...*
IK
27*4
Southern N E Telep ..100
Utah Apex Mining Oo...5
26
"
25
4*4
May
*
1
son
26
Deo
72
Universal Products
79*4
JaD
Universal Pictures com__.l
3*4
36 H
25
Oct
29
5,600
5
8
Insurance
Dec
74X
200
2
Sou Calif Edison—
5% original preferred.26
Preferred B
25
7*4
221*4
4*4
25*4
*4
46
4X
15*4
Corona
A
Typewriter v t o com
Bono tone Corp
Dec
40
*
.
3*4
10
336
Feb
2X
2
Sioux City Q A E 7% pi 100
Smith (A O) Corp com
Mar
2•
Universal Consol Oil
Universal
reg.£l
Amer dep rec ord
235
119
110
333X 341
United Wall Paper.
Dec. 31
Shares
3*4
4*4
3
Dec
10 K
Jan
8
5
*
Singer Mfg Co
..100
Singer Mfg Co Ltd—
_ _
High
Par Low
High
Low
Un Verde Extension...fiOo
Simmons Boardman Pub Co
Convertible preferred
(Concluded)
1933 to
for
Range
of Prices
STOCKS
Range for Year 1935
Sales
Week
Week's
Week's Range
STOCKS
X
K
X
Feb
Mar
2
5*4
23*4
2
Jan
5*4s ex-warr
Cent States PAL 6*4s.'53
Nov
Chio Dlst Eleo Gen 4 *4s '70
Deo
Chlo
Aug
Jot Ry A
Yards 5s
1940
Chlo Pneu Tools 6*48.1942
1*4
Nov
Chlo Rys 58 otfs
38*4
May
5*4
39
1*4
IX
Nov
Nov
Aug
Jan
1927
Cincinnati St Ry 5*4s A
6s series B
Cities Service 5s
Conv deb 5s
105*4
25*4
Mar
77,000
29
48*4
Jan
67*4
71*4
Nov
74*4
106*4
33,000
62
92*4 I Jan
105*4
July
Union Stk
Nov
80*4
73.
'52
4,000
109*4 109*4
7,000
102*4 102*4
268,000
72*4
77
3,000
87*4
88
1955
94*4
1966
69*4
1950
Cities Service Gas 6 Us *42
70
Dec
95
72*4
May
105*4
Jan
110*4
51*4
87 X
Jan
103*4
43
65*4
Jan
80
40*4
58
Feb
89*4
Aug
93
Aug
90
Dec
June
18,000
47
66 X
Feb
61,000
28*4
30*4
Mar
70*4
28*4
29*4
Feb
70*4
De
43*4
63 X
Jan
99
De0
72*4 101,500
166,000
98*4 100
Dec
Dec
New York Curb
278
,
July
Week's Range
of Prices
BONDS
Low
Oltlea
Service
Ga«
112
Feb
Aug
Deo
Ind'oolls P A L 5s
47
Feb
109
Jan
80%
105%
Jan
113%
113%
Nov
9,000
3,000
79%
104%
94%
98%
Jan
113
Nov
69%
98%
169"
109
July
85
33%
1,000
14,000
67,000
61%
119%
Oct
Interstate Nat Gas 6s. 1936
Interstate Power 5s__1957
73%
Mar
Jan
108
87%
Aug
106
98%
102
May
103%
Aug
Jan
126%
Jan
112
71,000
47,000
51
33
4%
3,000
Jan
4%
70
88
106
65
87
89
Jan
31%
Cuban Telephone 7%s 1941
Cuban Tobaoco 6s
1644
Cumberld Co PA L 4%s'5fl
Dallas Pow A Lt Os A. 1049
106%
109% 110
106% 106%
1962
Delaware El Pow 6 %s._'69
46,000
6,000
1,000
104
104%
103% 108
99% 100
15,000
11,000
15,000
105% 106% 134,000
103% 104% 106,000
Denver Gas A Eleo 6s .1949
Derby Gas A Eleo 6s.. 1946
Det City Gas Os ser A. 1947
6s 1st series B
1960
Detroit Internet Bridge—
Aug.l 1952
Certificates of deposit.
4%
4%
6%
5%
1
Deb 7s
Aug 1 1952
Certificates of deposit.
Dixie Gulf Gas 6%s
1937
1
Eastern Util Invest 5S.1954
28
35
76%
79
Mar
100
109%
86%
103
104%
Nov
95%
Apr
103%
Oct
50
61%
Mar
89
Deo
38
Aug
61%
Deo
95%
103
106% 107
106% 106%
99%
99%
107
Jan
Jan
HO
85
86%
105%
92%
Nov
6,000
4,000
3,000
14,000
7%
Apr
Apr
Apr
99%
Jan
7
%
Jan
2%
y<
Mar
76
101%
Aug
85
104%
Dec
1%
103%
108%
Apr
Dec
Nov
65
85%
Jan
103
Deo
64
89%
Jan
104%
Deo
Deo
106%
106%
98%
JaD
67
Jan
54
Jan
40%
40
40
Dec
100
Jan
6,000
65
65
1,000
11,000
24
34%
Aug
Apr
98
58
96%
Jan
104
38%
45%
Aug
1%
1%
Feb
"78% "81" 133", 000
31%
Jan
18,000
99% 100%
15
86
98%
Mar
104% 105
20,000
85
102%
104% 105%
17,000
89
103
Fla Power Corp 5Hs_1979
100
72,000
Lone Star Gas 5s
1961
99%
Jan
Jan
Mississippi Pow
98%
Jan
Miss Pow A Lt 5s
98%
65
81%
Mar
99
100%
30,000
54
74
Gen
Mar
80
82%
63,000
23%
51%
Jan
81
30
30
11,000
30
30
Dec
67%
29,000
2
17",606
2,000
108%
46%
58
65%
106% 106%
105
105%
102% 103
108% 108%
1977
74
25
Deo
24%
86%
Deo
100
July
Jan
83
Nov
98%
102%
93%
10
100%
86%
Dec
102%
Feb
107
Jan
17%
Oct
Jan
24
25
Mar
97
105
Apr
51,000
19,000
62
94%
87%
108%
Jan
June
51
Feb
Aug
41%
Feb
84
Jan
101%
July
Jan
106%
Jan
105
55
93
29%
76
Mar
—
—
—
—
—
104%
98% 100%
1953
106% 106%
1978
104
104%
105%
105
Hungarlan-Ital Bk 7Hs '63
•
1950
-
-
—•
-
114
-----
1949
56%
1049
58
1956
B f deb 5Hs
..May 1957
Indiana Electric Corp—
114
-----
80
89
92
100
OHs series B
1963
100
100
5s series C
1951
88
-
......
89%
-
91
-----
94%
105% 106
110% 111
For footnotes see
page 279.
Deo
July
87
Apr
Deo
Nov
99% June
103%
Aug
107
Mar
101%
Sept
105%
Nov
13,000
80
104
Jan
106%
Deo
42
42
1,000
—
-
318",000
Aug
55
100%
111%
Jan
114
100
105%
Feb
108
40%
47
42
Jan
July
Sept
64%
Jan
50
Apr
Sept
63
Apr
86
105
Nov
109
May
60
60
Mar
85
Deo
82%
102%
75%
Jan
48
46
69%
Jan
42%
66%
Jan
96%
Deo
143,000
32%
57
Jan
89%
Sept
15,000
7,000
54%
64
Jan
96%
58
68
Jan
99%
33,000
45
60
Jan
88
------
21,000
21,000
7,000
93
44
70
88%
106%
62%
99
107%
Jan
Oct
Jan
107
July
107%
102%
99%
107%
95
46
82%
95
Nov
55
73
Jan
105
July
60
69
Jan
100
Nov
45%
62%
1955
1957
Aug
Deo
Deo
Nov
Deo
Nov
Mar
Nov
Jan
106%
Sept
Jan
112
July
Jan
Jan
Jan
104%
101%
Feb
105
76
103
Feb
105%
60
56%
Apr
54
91%
104
16,000
64%
76
Jan
103%
23,000
57
98%
Jan
103%
-
—
-
—
mm
—
-
—
104%
—
—
HO",660
—
-
—
—
_
—
102
102%
104% 104%
106% 106%
93% 100
—
104%
105%
101
Jan
95%
105%
Jan
87%
103%
Jan
108%
107%
106%
Dec
—
—
61%
—
—
23%
25% 101,100
78%
79%
17,000
104% 104%
50,000
105% 105%
5,000
99
100% 203,000
104% 104%
61,000
81
94
104,000
93%
96% 202,000
22%
33
46
88%
Feb
109%
107%
Jau
105%
104
Jan
108%
60
July
35
July
Oct
Mar
May
Feb
May
Deo
Apr
Dec
37
Aug
96
June
102%
98
Jan
Deo
90%
Jan
104% June
89
Jan
105
Oct
Jan
107%
93%
Oct
100%
66
Jan
4%
Jan
53
62%
Jan
102%
Oct
108%
67
94%
79%
88%
Jan
106
3%
68%
Oct
Aug
110
9u»
54
Aug
Mar
Dec
75
Deo
Dec
Aug
107
Feb
79
-
40~666
79
109%
103%
82%
Jan
June
Nov
65
100
6,660
105%
Jan
Sept
Nov
87
99%
1,000
23,000
-----
■
—
Nov
102
72
109% 122,000
"l05%
95
82%
7,000
106
Dec
Oct
24%
Nov
82
July
Jan
98%
Jan
104%
Jau
Aug
Deo
Deo
35%
62%
Jan
93
Nov
40
72
Jan
93%
July
94
Mississippi River Fuel—
Missouri Pub Serv 5s.1947
Mont-Dakota Pow 5%s '4
Montreal L H A P Con—
105% 105%
107% 107%
5s
series
B
1957
Nassau A Suffolk
Ltg 5s 45
Nat Pow A Lt 6s
A...2026
Deb 6s series B
2030
Nat Pub Serv
5sctfs._1978
Nebraska Power 4%a_198l
6sseries A.
2022
Nelsner Bros Realty 6s '4*
Nevada-Calif Eleo 5s. 1956
New Amsterdam Ga
5s.'48
N E Gas A El Assn 5s_
1947
Conv deb 5a
1948
Conv deb 5s
1950
New Eng Pow Assn
5s. 194V
Debenture 5%s
1954
New Orl Pub Serv—
5s stamped
1942
__194w
Y Central Eleo 5 %•
'50
New York Penn &
Ohio—
Ext 4%s
N
stamped-.1950
N Y PAL Corp 1st
4%s 6
N Y State GAE
4%s_ 198c
1st 5 Hi
1962
If Y A Westoh'r
Ltg 4a 2004
Debenture 5s.
1954
Niagara Falls Pow 6s_1950
5s series A
..1959
Nippon El Pow 6%s__1953
No Amer LtA Pow 6s
5Hs series A
Nor Cont Util 5%s
No Indiana GAE
_
~~58%
93%
"
—
—
—
6%
105
"
67,000
95%
8,000
61
-
—
—
—
-
—
"8%
31,000
105%
Deo
106%
Jan
108%
101%
Jan
107%
May
Sept
33
41%
Mar
47%
67%
Jan
93%
94%
104%
Mar
107%
2
June
85%
27~666
106
Mar
95%
70%
2
91%
102%
Apr
62
11
106%
102%
Oct
100%
Jan
104%
Jan
101
90% 129,000
19% 645,000
42
71%
61%
88
18%
Jan
90%
Deo
3%
Mar
19%
Nov
107%
101%
3%
83
117% 117%
107%
86%
88%
109% 110%
74
77%
74
76%
73%
76%
86%
92
90%
95%
106
Jan
107
111
Jan
118%
15,000
36
90
Jan
107%
257,000
54
67
Apr
9,000
85
2,000
170,000
70%
34
100%
47%
Jan
Mar
87
109%
Dec
May
Deo
May
Nov
Deo
Nov
Deo
79%
Nov
34,000
33%
48
Mar
79%
Nov
289,000
33%
47
Mar
Nov
327,000
46%
54%
Mar
79%
85%
187,000
50
67%
Mar
90%
Deo
76%
81
169,000
71%
72%
16,000
102% 103%
4,000
60
60
Aug
25
30%
Jan
74%
74%
Nov
56
77
Jan
103
107%
105%
102%
107%
103%
112
Deo
Deo
103%
Mar
108
Deo
86,000
73
89%
Jan
106
Dec
103%
108%
104%
81,000
58%
85
Jan
10,000
17,000
77
103%
Oct
108% June
112
1,000
11,000
96
107%
107% 108
108
108%
89%
89%
9,000
2,000
8,000
103%
81
104
99%
63
99%
99%
Jan
Jan
106
104%
106%
105%
Jan
112%
Sept
"92"
68",000
110
Jan
102% June
82%
100%
25%
44%
Mar
90
91
6,000
18%
20%
Mar
2,000
71
99%
Jan
107
51%
77
Jan
103%
Jan
103
24,000
Oct
Mar
109%
58
102% 103%
102% 103%
May
Apr
Feb
81%
"9l"
Dec
106
108
1960
Feb
93%
108
__194o
Jan
Nov
61
2,000
1948
5%%
notes
.1940
N'western Elect 6s
1945
N'western Power 6s A .1960
Certificates of deposit
N'western Pub 8erv 5s 1957
Deo
98
161"
6s.1952
1970
Nov
48,666
105% 105%
"98"
56
No Ohio PAL 5HS..1951
Nor Ohio Trao A Lt 5s '56
No States Pr ref 4%s__1961
Ogden Gas 6s
Ohio Edison 1st 5s
6,000
1936
1956
Northern Indiana P S—
5s series C._
..1966
5s series D__
.1969
4 %s series E
44,000
——————
1st
A ref 5s ser
A...1951
Munson S S 6 %s ww_ 1937
Narragansett Eleo 5s A '51
Feb
79
80
98
1957
Nov
91%
2,000
-----
1947
6s..
Jan
12,000
55,000
108
108%
14,000
83% 87
198,000
106
106%
3,000
102% 104
118,000
89
100%
98,000
95%
97% 257,000
Idaho Power 6s
1947
Illinois Central RR Os 1987
111 Northern Util 6s___ 1957
III Pow A L 1st 6s ser A '63
1st A ref 5 Hi ser B.1954
Indiana A Mloh Eleo 6s '55
5l
6s series A
1981
Indiana Gen Serv 6s..1948
Indiana Hydro-Eleo 5s '68
Aug
37
65
6sseries A...
63
30
40
C
108% Aug
Oct
109%
52% May
37
2,000
I~3~66O
ser
Jan
Aug
28
42
32
Jan
10,000
24,000
1st A ref 5s
95
77%
104%
104% 104%
1951
93%
105%
Feb
Nov
98
60
104
6s A
1943
6s ex warrants
1944
Miss River Pow 1st 5s
1951
Missouri Pow A Lt 5 %s *55
Feb
Sept
July
98%
18,000
2,000
Jan
7S
1986
Houston Gulf Gas fls_.1948
OHs with warrants.1043
Ref A impr 6s
93
Jan
60
55
32
Os series B
56%
105%
107%
105%
103%
111%
106%
A St Ry 6Hs
1938
Hood Rubber 5%s_...193fl
Hygrade Food
5s efts of deposit
.
42
Hydraulic Pow 5s
Dec
Jan
80.000
1,000
Deo
Aug
July
Jan
32,000
-----
72%
Nov
Jan
Apr
46%
Nov
4
63
168%
99
100%
Oct
4
5,000
42,000
Jan
42,000
_
Middle States Pet 6 %s '45
Middle West Utilities—
99%
93
100
73
Oct
90
70
7,000
63
Apr
Apr
100% 100%
Nov
70
78
70
Aug
101%
108%
10,000
60
69
115%
Jan
109
1902
59%
1332000
Jan
Jan
77%
16,000
36,000
5s series F
Deo
59%
100
90
105
55
65,000
Nov
60
82
61%
107%
80%
67
71%
with warrants
July
July
33
93% 104,000
23,000
Jan
105
Dec
103%
103%
103%
105%
MeCord Radiator A
Mfg—
6s with warrants
1943
Memphis PA L5s A..1948
Metropolitan Ed 4s E_ 1971
84%
99%
84%
Oct
Jan
70%
53,000
Jan
85%
101%
106
99
78
.
83%
93
108
Jan
95
May
84%
53
Apr
82
55%
2%
General Bronse 0s
1940
General Pub Serv 6s ..1953
"§8% "89% 225",000
Mar
105%
87%
91
May
Sept
June
101%
93%
106%
102%
14,000
28,000
2,000
88
Feb
57
77
70
Mar
31%
66%
96%
80
Mar
30
1,000
102,000
Jan
32%
May
231,000
63%
32%
Oct
48
94
63%
Gestural Os x-warrants 1953
35
48
98
84,000
Gillette Safety Rasor 5s '46
35
57,000
96
105%
40
35,000
"92%
92
54%
40%
|
1955
Apr
47,000
10,000
95
1946
5%s._
89%
92%
87
83%
Aug
Mass Gas deb 6a
July
6s ex-warr stamped. 1944
Gatlneau Power 1st 6s 1966
Deb gold 0s June 16 1941
Deb 6s series B
1941
82
Nov
55
Jan
55%
Mllw Gas Light
4%s_.1967
Mlnneap Gas Lt 4%s_1950
Minn PAL 4%a
1978
5S
;
1058
97%
39
55
"I03%
June
Jan
Deo
Apr
June
39
3,000
"76%
100%
105%
56%
81%
56%
Nov
July
102%
Manitoba Power 6% s 1961
Mansfield Min A Smelt—
7s with warrants
1941
Midland Valley 5s
2
105
106
Jan
Louisiana Pow A Lt 5s 1957
Louisville GAE 4%aC 19flt
Jan
Oct
Deo
38%
Jan
Jan
Apr
69
106%
Deo
16,000
89%
78,000
99% 555,000
86
107
93%
26%
82%
100
56%
72
104%
92%
100%
26%
57%
94
Jan
23%
Dec
94
Jan
89
Nov
105%
1947
F
Dec
25
101
Jan
1943
1942
series
68%
Certificates of deposit...
Jan
88
5%s
76
Gen Wat Wks A El 6s. 1943
91
56
5 %s series E
90
Georgia Power ref 5s_.1967
Georgia Pow A Lt 5s.. 1978
Oct
67
7,000
13,000
20,000
14,000
98,000
6s.
61
Gen Vending Os ex war '37
101
Deo
48
16,000
Jan
Deo
44%
Pub Util OHs A.1966
General Rayon Os A..1948
92
Dec
81
95% 476,000
17,000
Nov
67
------
21,000
87%
1942
93%
Gary Electric & Gas—
Nov
83%
46
1939
195?
101
87%
Jan
105% 106
Long Island Ltg 6s...1945
Los Angeles GAE5s
5s
90%
38%
103%
Jan
47%
93% 97% 100,000
104% 105%
14,000
98% 101
54,000
94
97% 141,000
103% 104
5,000
103% 104%
21,000
Lexington Utlllties6s_1952
Libby MoN A LIbby 5s *42
32
76
41
103
62
42
101% 102
106% 106%
106% 106%
Laclede Gas Light 5%sl935
Lehigh Pow Seour 6s. .2026
Feb
46
80
41
115,000
140,000
115% 117
fund deb 5 %s.1950
Mar
June
25
79%
38%
Sink
May
Jan
Aug
Aug
104%
23,000
104% 104% 136,000
106% 107
2,000
1969
Deo
72
104
Kimberly-Clark 5s
1943
Koppers G A C deb 5s 1947
10
4,000
67,000
87% 183,000
2,000
Apr
Dec
65%
57%
106% 106%
1948
33%
Jan
Deo
108
80
39%
1955
22
91
101%
Jan
100%
104%
105%
83%
79
1st mtge 5s ser H..1961
5 Hi series F
5s series I
10
56%
Jan
Apr
Kentuoky Utilities Co—
Jan
2
Feb
44
1947
Nov
Jan
.
80%
Jan
105% 106
106
Jan
%
%
Feb
Dec
Jan
100
4
Deo
77%
85%
57
105% 105%
104% 105%
1942
Dec
38
101% 103%
102%
99
91%
1H
101%
Aug
Oct
89
53%
Nov
37
1957
Nov
67%
36,000
43
Nov
26%
-----
100
4 %s series C
1961
Jones A Laugblln Stl 5c '*«
Kansas Gas A Eleo 68.2022
Deo
83
3
-----
1961
6s series B
Aug
66%
76
Jan
83%
69
68%
105%
105%
4%
85% 269,000
72% 104,000
90
Kansas Power 5s
1947
Kansas Pow A Lt 6s A.'55
5sseries B
195?
78
0s-5sStampedl001
A
Apr
------
84
Jamaioa Wat Bud 6%b'66
Jersey Central Pow A Light
July
Feb
Firestone Cot Mills 5s.'48
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '67
ser
104%
68%
81%
Stamped
Deo
104%
40%
1958
European Mtge Inv 7s C'67
1st 4Hs ser D
1st 4Hs ser E
47%
1958
Jacksonville Gas 5s
Mar
Sept
94
2%
1907
European Eleo Corp Ltd—
OHs x-warr
1905
1st 6s
46
49
Deb 61 without war. 1963
Mar
110%
107%
104%
Jan
106
100%
81%
Houston Light A Power—
46
Isaroo Hydro Eleo 71.1952
Isotta Franshlni 7s
1942
Italian Superpower of Dei
Nov
Jan
102
77%
60%
60,000
8,000
817,000
3,000
102% 103%
1947
2,000
87
1947
w w
Iowa Pow A Lt 4%s
Iowa Pub Serv 5s
Nov
Jan
42
Eroole MarelliEleo Mfg—
6s series A
Oct
70
without warrants
Dec
Sept
106%
33
9,606
101% 101%
104% 104%
1907
Eleo Power A Ligh 15s. 2030
Elmlra Wat, Lt A RR 6s '56
El Paso Eleo 5s A
1950
Hall Print 6s stmp
41%
1956
6%s series D
6%s
Hamburg Eleo 7s
1935
Hamburg El Undergrouno
41%
-----
82%
Iowa-Neb LAP 6s...195?
Nov
35
1040
1961
Mar
1958
4 %s series F
Invest Co of Amer—
July
23,000
107%
87% 967,000
103% 103%
9,000
102% 103
11,000
91
88%
11,000
Aug 11940
4Hs series B
1%
1962
5s series D
July
Jan
109%
106% June
106%
85%
Haokensack Water 5s. 1085
1%
Jan
Interstate Public Service—
Deo
110
88%
103
107
.
Cont'I Gas A El 6s....B 6i
Gulf Oil of Pa 5s
1947
Gulf States Util 5s...1966
Jan
-----
Interstate Irn A Stl 4%s'46
21,000
92%
Guantanamo A West 6s '58
Guardian Investors 58.1948
97%
56
Deo
May
July
96
Gt Nor Pow 6s stmp__1960
Great Western Pow 6s 1946
73
55%
Deo
122
39
Grand Trunk Ry OHs 1936
Grand Trunk West 41.1960
Jan
55
105
113
96
Glen Alden Coal 4s...1965
Gobel (Adolf) OHs.._193o
80
55
104
Oct
31%
Florida Power A Lt 5s
23%
High
68
1962
6s series B
Fairbanks Morse 5s..1942
Farmers Nat Mtge 7S.1963
Federal Sugar Ref 6s..1933
Low
Jan
...1967
106
Jan
88%
Banks
E
Jan
110%
114%
.
Federal Water Serv 6Hs'54
Finland Residential Mtge
series
7s series F
Aug
99%
A..1048
ex-warr
7s
1955
International Salt 5s.. 1951
International Seo 5s._ 1947
5,000
Conv deb 0 %s w w
1943
Consol Pub 7%sstmp.l939
Consumers Po w 4 % b. 116
OHs A
6 %s series 0
Nov
2,000
121
108% 108%
.
Low
71,000
57,000
67,000
70,000
11,000
36%
35%
ser A '5?
Jan
54
68% 303,000
113%
121
Empire Diet El 5s
1052
Empire Oil A Ref 6Hi 1942
$
Range for Year 1935
22
Interoontlnents Pr 6S.1948
111% 111%
.1988
1935
4,000
107
107%
8,000
99% 101% 244,000
102% 103
17,000
101% 101%
2,000
68
5s series A
El Paso Nat Gas 0 Hs.1943
With warrants
Dec. 31
High
66
69%
64%
68%
94%
96
104% 105%
4%
4%
Indianapolis Gas 5s A. 1952
86%
103% 104%
1939
Erie Lighting 6s
1963
Deo
Jan
112
Gen mtge 4 Hi
1964
Consol Gas El Lt A P (Bait j
1st ref sf 4s
1981
Consol Gas Util Co—
6 Kb
27%
33%
1950
1st Hen A ref 5s
Deo
110%
108
Duke Power 4%s
27%
33
103%
67%
109%
113%
"165
6s series C
Feb
Debrnture 6s
..1966
Cruolble Steel 6s
Jan
26%
86%
...1061
Crane Co 6s
Low
6,000
29,000
65
6s series D
1962
Conn River Pow 6s A 106?
Consol Gas (Balto City)—
ser
84%
1933 to
for
of Prices
High
26%
107% 135,000
103% 104%
48,000
103% 104%
54,000
6s 1967
Connecticut Light A Power
1st A ooll Os
Low
111
112%
110%
110%
105%
Community Pr A Lt
6S
Sales
Week
BONDS
(Continued)
1936
4
1
International Power Sec—
111
1st M 4s series F...1981
4 %s series C__
Range for Year 1935
55
70%
35
3%s series H
1965
Com'wealth Subsld 5%s '48
Deb
Low
32,000
76,000
70
111,000
35%
13,000
66 %
67
1st M 6s series B...1954
1st 4%s series (J...1956
1st 4%s series D..1957
7s series A
J
103% 104 H
5%S
1040
Commerz A Prlvat 5%s '37
Commonwealth Edison—
let M 6e aeries A... 1068
'
1935
Indiana Service 5s
1043
P4L5H> 1062
/*>•
Week's Range
Dec. 31
Pipe
Line Or
Cities Serv
for
High
5
July
1933 to
Week
(Continued)
Exchange—Continued—Page
1
Sales
53%
Feb
June
Dec
Deo
Nov
100
Deo
105% 105%
"l05%
106%
103% 103%
101% 102
51
52%
50%
52
99% 101%
103% 105
1'06
107
69
76%
71%
101%
Jan
108
Oct
66
99
100
Jan
108
Sept
Jan
106
Deo
104
July
93,000
52%
168,000
49%
14,000
Jan
65",660
71
90%
12,000
69
88
Jan
34,000
97
99%
Deo
Nov
97
Sept
8%
28
Jan
50
Deo
Jan
49%
Deo
77,000
8%
47%
28
72
Jan
99%
Dec
64,000
73%
96
Jan
63%
97%
Jan
105%
106%
July
24,000
6,000
8,000
103%
Oct
Oct
279
New York Curb Exchange—Concluded—Page 6
Volume 142
July
1
July
Week's Range
Sales
for
Dec. 31
Week
1935
$
Low
(Continued)
High
Low
Ohio Power 1st 6s
Ohio
6s
Service
Public
series
O
6s series D
194J
6s
Oswego Falls
2,000
7054
1053* 10534
107
10734
105
10534
103
10334
9034
9234
9334
9434
series E
1961
Okla Gas A Eleo 6s...I960
8s series A
1940
Okla Power A Water 6s '48
9934
10034
10934
1.000
63
Jan
3,000
10634 107
Pacific Coast Power 6s 1940
10534
1941
1967
1960
Pac Invest 5s ser A
1948
Pacific Ltg A Pow 5s._1942
Pacific Pow A Ltg 6s
1956
Palmer Corp 6s
1938
Park A Tilford 6s
1936
Penn Cent LAP 434s 1977
6a
1979
Penn Eleotrlc 4s F
1971
1st 6s series B
1st A ref 434s F
21,000
10,000
11934 120
10634 107
10634 107
9834
9834
99
Jan
10554
9034
Jan
104
June
Jan
91
Dec
40
48
4534
6554
Jan
96
9934
Jan
107
434s series
Jan
10934
10934
9954
5s series B
Deo
69
87
102
110
Jan
88
343,000
35
July
10534
June
5348
3934
6634
Jan
105
Deo
6s series A
1952
24,000
6134
Jan
9934
Deo
1973
106
10034
10634
35
6s series A
85,000
3,000
9254
105
Apr
10834
107
107
10,000
66.34
100
Jan
108
July
95
Jan
10634
Jan
11434
109
Deo
Sep!
10534 May
11234 11234
11034 112
8634
8634
Jan
45
55
49,000
6234
62
Jan
92
104
May
91
10434
Jan
75
Mar
11034
10734
May
11454
7534
July
3534
69
9354
9034
Nov
Jan
434s
Apr
9854
Nov
25
June
35
105
Feb
72
Jan
65
9954
9334
101
10234
41
41
9034
9034
53
Jan
Nov
10554
Jan
7854
9734
9834
1,000
30,000
4134
76
3134
3134
2,000
29
39",606
102
8234
July
Dec
Jul?
71
June
62", 000
Oct
8834
Jan
"73"
Feb
10734
10734
34
Oct
7034
Nov
Dec
106 54
Jan
13334 Sept
118
May
July
62
9034
Jan
10954
6834
89
Jan
107
Deo
16,000
6834
81
Jan
104
59,000
5234
8034
Jan
103
10234 10334 125,000
6234
80
Jan
10254
10534
8954
103
93
88
8434
85
8034
106
106 34
23,000
01
94
Jan
10134 10234
60,000
52
7034
JWn
31,000
2,000
61
76
Jan
7834
90 *4
Jan
0334
9534
Jan
9434
Jan
5s series F
...1958
10134 10234
54
July
10554
101
Apr
88
102
Jan
107
Oct
86
Jan
105
Deo
17,000
12,000
3,000
4,000
Jan
6534
82
22 34
3134
11154
3234
Deo
101
Oct
83
Mar
23
112
3234
3234
10634 10734
9,000
15
1934 221,000
2554
Aug
11334
4354
3434
91
10534
May
10934
June
6
June
1434
100
2834
334
66,000
64
10934
2,000
101
1937
3254
3254
2,000
1935
1935
1854
1854
2,000
19
1834
10254 10334
6634
10154 10234
88
San Joaquin
109
Bohulte Real Estate—
3054
Feb
Jan
105
Aug
July
Jan
126
June
Sept
111
Jan
Aug
4234
2134
Dec
15.000
434
1034
Feb
2134
Sept
15,000
0634
96
Jan
10334
Nov
17
2834
Jau
9634
61
101
107
6,000
10034 10234 100,000
9,000
10034 102 54
67
Dec
Nov
10034
Deo
101
Jan
10734
Dec
0334
90
Apr
10134
Aug
63
90
Apr
10034
30.000
73
98
Apr
10634
July
26,000
6334
9134
Apr
101
38
47
Jan
63
Aug
98,000
41
73
Jan
99
Nov
10454 263,000
3734
6434
Jan
10254
10034*10254 140,000
59,000
10134 10234
3,000
10634 107
9634
Oct
10134
Oct
10134
Dec
7834
9734
Jan
10634
7634
9034
Jan
105
10,000
10754 10754
5934
6134 146,000
10134 10234 100,000
9634
10534
July
9734 10034
2025
103
Southern Calif Edison Co—
104
10434
25
25
'81
110
63
Mar
53
Feb
102 34
Cauca Valley 7s
0334
Jan
9434
10434
Aug
93
Jan
00
9234
Jan
"9934
10034
56:666
45
7134
Jan
22,000
25
60
Jan
10434
9834
9534
Aug
9434
24,000
37
49
Jan
10234
Nov
10134 102
10334 10434
12,000
55
77
Jan
4,000
83
103
July
93
So'WeJt Pow A Lt 5s.2022
1946
1942
.1935
6
8
934
10234
106
'
Oct
7,000
30
32
3234
3334
30
97
7,000
9,000
22
96
0834
9234
1953
91
91
1,000
01
80
Apr
3034
5434
Aug
External 634s
1952
70
23,000
71
2834
2834
8,000
23
23
Aug
2834
2834
9,000
2134
2234
Aug
1939
3234
32 34
5,000
23
3034
Hanover (Prov) fl 34s..1949
2634
1034
834
1334
2634
5,000
21
21
1034
3,000
Secured 6s
Lima (City) Peru 634s..'68
Certificates
7s
of
ooupou
1958
off
1951
Mendosa 734s....... 1951
7134
76
90,000
3734
3734
7134
75
131,000
48
48
Oct
68
stamped
1961
75
126,000
3734
37 34
Feb
6934
75
107,000
4734
4734
Oct
6834
Deo
291,000
30
32
Feb
6734
Dec
2834
31
Mar
07
Deo
04
8234
Jan
98
Dec
Jan
99
73
6834
Standard Investg 634s 1939
9734
7334 332,000
9834
27,000
1937
Stand Pow A Lt 6s
1957
Standard Telep 5348—1943
97
9734
15,000
0434
85
6534
71
578,000
2534
2534
Mar
4634
48
25,000
16
2334
Jan
45
46
5s ex warrants
Stlnnes
(Hugo) Corp—
1931
(State) 7s
111 434s '68
1970
Syracuse Ltg 634s
1954
5s series B
1967
Tennessee Elee Pow 5s 195b
Tenn Public Service 5s 1970
Terni Hydro Elec 6 34s 1953
Texas Elec Service 5s.l90o
6 34s
certificates
1134
4834
Oct
51
Feb
13
7s
Stamped
•No par value,
the
rule sales
range,
x
not
234
2
134
231
a
1134
adjusted
for stock
s
1134
Sept
34
34
Aug
Jan
7,000
46
4334
Oct
534
934
Mar
10
Mar
Included In year's range, n Under
Cash sales not Included In year's
dividend.
Deferred delivery sales not Included
Sou. Colo. Power class A, Jan.
In weekly or yearly range are
shown below:
9 at 3.
deposit; "cons." consolidated;
"cum," cumulative; "conv," convertible; "m." mortgage; "n-v," non-voting stook:
"v t c," voting trust certificates; "w I," when Issued; "w w." with warrants; "x w,'
Abbreviations
Above—"ood," certificates of
Used
without warrants.
The National Securities Exohanges
made (designated by
2
New York Curb
3
New York Produce
Nov
•
New York Real Estate
8534
Jan
10534
Deo
9
18,000
50
Baltimore Stock
June
10834
Feb
«
2,000
Boston Stock
97
10634
Apr
10934
July
7
Buffalo Stock
'"8934 ~95~" 152:666
48
•
California Stock
Feb
July
9
Chicago Stock
3634
Nov
10034
8534
75 34
July
40
8134
7634
Jan
117,000
Feb
!•
Chicago Board of
Deo
n
Chicago Curb
which low prices slnee July 1 1933 were
tables), are as follows:
22 Pittsburgh Stock
23 Richmond Stock
24 St. Louis Stock
25 Salt Lake City Stock
26
on
superior figures in
New York Stock
10834 11034
1
1
Sept
adjusted for spllt-up.
Price
Sept
10134
34
34
Aug
Sept
1
1
1
Price
5334
Jan
Sept
1034
534
«
10534
8534
Aug
1034
4334
«
Jan
00
934
1034
13
Deferred delivery sales not
r
May
10054 10134 185,000
57,000
6,000
10,000
Included In year's range,
May
3034
Nov
6
Ex-divldend.
86
17,000
Oct
934
1961
7a
2934
44
8234
7.000
234
234
1949
Santiago 7s
3434
4134
Dec
10,000
234
134
192?
1945
1945
59
86
Oct
1034
45,000
*1234 "l4"
1919
1921
certificates
534s
5 34s
Oct
13
1034
25
79 54
13
734
0234
634s...1919
6,000
106
13
3,000
"MOO
Coupon off
Russian Govt
1
10334
Jan
934
10534 10634
106 34 10634
Super Power of
1st 4 41
4434
18
"1234 "1234
1958
de Janeiro 634>—1959
20
7-4% stamped—1946
Jan
2334
Coupon off
28,000
7-4% stamped.-.1936
Aug
Nov
62 34
"7134 "72 k" "moo
18
Mtge Bk of Chile 6s
Dec
6834
Debenture 6s.Deo
Mar
Sept
1034
834
2634
Deo
66
1951
11966
Debenture 6s
634
1034
Issue of Oct 1927
Dec
71
.
334
1034
1034
834
19:666
""934 "Il34
Issue of May 1927
Dec
7034
.....
5,000
Mtge Bk of Bogota 7s .1947
Rio
Mar
12,000
834
14
1958
Medellln 7s ser E
4s
Jan
Aug
034
434
13
deposit
7s
Maranho
Deo
1935
Certificates of deposit
Conv 6s
Aug
May
1947
German Cons Munlo 7s *47
Mar
Certificates of deposit.
stand Gas A Elec 6s
Dec
33
1956
5s
Dec
6934
Dec
Dec
3234
Danslg Port A Waterways
Aug
Feb
Apr
6754
1952
Danish 534s
Dec
60
96
19,000
6
Santa Fe 7s
18,000
94
2534
2734
1948
6s series A
Jau
23,000
1957
6s..1957
Nat Gas ds.1945
43,000
Prov Banks 6s B._.1951
Aug
9434
5s series B
37,000
59 34
Cent Bk of German State a
Nov
10334
S'western Lt A Pr
5834
(Province)—
1952
Parana
103
9334
5534
5734
6,000
Mtge Bk of Denmark 5s '72
40
'61
1934
26
Nov
Aug
Oct
17
1947
July
6.000
5954
58
Nov
15
20
26
7s stamped....
Deo
9034
9634
9634
105J4
10054 102
20
1951
Buenos Aires
Aug
11,000
105
1834
1947
20-year 7s
Baden 7s
Aug
9634
1934-1946
Hanover (City) 7s
Jan
99
7s
Feb
11
107
Second Int'l Sec 5s
9234
10734
108
6,000
With coupoa..
heb
7
18,000
37,000
6554
3054
Deo
20-year
7 34s stamped
Mar
Oct
106
Aug
6134
Ruhr Housing 6 34s...1968
S'west Pub Serv 6s
Wiso-Minn Lt A Pow 5s '44
Nov
85
112
Staley Mfg 6s
Dec
2134
19*555
Rochester Ry A Lt 6s. 1954
S'western
Wise Elec Pow 58 A...1964
97
21
16,000
7634
Southwest G A E 5s A. 1957
10634
10334
Mar
"LOGO
24,000
104"
10134
S'western Assoc Tel 6s
Jan
100
10334
"16334
1534
10534
76
Southern Nat Gas 6s. 1944
91H
1534
10334
100
„19M
04
15
105
Rochester Cent Pow 5sl953
.
22,000
12,000
319,000
4s
10534
106
Agricultural Mtge Bk (Col)
Nov
Sou Indiana Ry
21
AND MUNICIPALITIES—
Nov
Sou
21
Deo
Nov
8534
Sou
39,000
10234
8154
1961
Counties Gas 4 34s. *68
Indiana G A E 634s '67
38
FOREIGN GOVERNMENT
Jan
Ref M 3348 B July 1 1960
9234 315,000
3334
Dec
Jan
Sou Calif Gas Co 4 34S-
Jan
89
Nov
60J4
1 I960
Jan
July
West Texas Utll 5s A. 1957
West Newspaper Un 6s '44
105
6334
3 348 May
63
41
July
3834
Ref M
84
July
102
3634
Without warrants
00
70
99,000
Southeast PAL 6s
4034
15.000
99
10334 10434 163,000
384,000
1948
1948
Hhawlnigan WAP 434s '67
4 34 s series B
1968
1st 6s series C
.1970
1st 4 34 s series D
1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 68.1957
Jan
69,000
10434 10534
2030
West Penn Traction 6s.'60
1937
Jan
Servel lno 6s
Jan
9934
0334
1941
5534
6s ex-warrants
Jan
9034
York Rys Co 6s
7934
Sorlpp (E W) Co 534S-1943
Seattle Lighting 5s...1949
Jan
99
75
33:660
10634
Feb
10034
83
Yadkin RIv Pow 5s
3734
Wks 6s
loe"
10434
70
July
4034
6s with warrants
West Penn Elee 5s
9234
«
10634 10734
14,000
Saxon Pub
Wasn Water Power 5S.1960
107
106
Mar
106
10134 102
Coke 6s '47
8 5s B__'58
10634 10634
Ward Baking Os
1937
Wash Gas Light 5s... 1958
Wash Ry A Elect 4s-.1951
Jan
5
434
Wlso Pub Serv 6s A...1952
Jan
Jan
Jan
L A P 6s B *52
Sauda Falls 6s
1956
41,000
7,000
13,000
Jan
Wlso Pow A Lt 6a E„ 1956
9354
San Antonio P
27
West United G A E 634s *55
9454
St Louis Gas A
5634
Wheeling Elec Co 5s.. 1941
65
1953
Jan
45
23
Feb
6034
34s *7v
Jan
6834
Waldorf-Astoria Corp—
7s with warrants
1954
Nov
2,000
29,000
With warrants..
73
45
46,000
42
10334 104
634s series A
Reliance Managemt 5s 1954
52
88
99
10434 10434
1968
75
28,000
84
Aug
6sserlesC..
E 434s '68
1952
3,000
127,000
1946
Dec
6s series D
D.1960
10234 103
9634
98
9234
95
1950
_
Feb
2934
10334
Pub Serv of Oklahoma—
Puget Sound P A L 53*s *49
1st A ref 5s series C.1950
1st ref 6s ser B
6s
Jan
9034
9534
1937
9034
Mar
2,000
42,000
10854 10934
10634 10634
10134 10334
1961
1967
Pub Serv Subsld 634S.1949
1952
Va Public 8erv 534« A.1946
Nov
105
Apr
98
9634
Vamma Water Pow 534s'57
89
98 54
5s Series E
Valvollve Oil 5s
Jan
10834
6734
9134
1944
Mar
7534
Jan
13
134*
Sept
109
Feb
6734
notes..1940
Dec
112
Jan
10634
34% serial
Utlca Gas A Elec 5s D_ 1956
Mar
80
434s series E
1st A ref 434 s ser F.1981
9834
41,000
100
25
1978
1980
00
93 34
10454
3534
133"
634 % serial notes—.1939
Utah Pow A Lt 6s A—2022
51,000
4434
~67~
Jan
Sept
22,000
3,000
1,000
9934 101
Jan
Feb
Jan
Jan
Aug
8334 103,000
1,000
10634 10634
7,000
10634 10734
3,000
10234 10234
Nov
98
834
8034
9334
9834
Mar
79
30
9334
(J 8 Rubber Co—
Oct
43,000
8234
25
9934
134
9734 10134
5134
88,000
29,000
00
104
10534
27,000
10534 10654
81
7734
Jan
Mar
00
Jan
89
3934
00
89
1,000
31
16,000
18,000
134
106
256,000
19,000
68
9,000
106
22,000
87
83
23,000
July
40,000
10034 102
10434 10434
10534 10634
89
43
4134
10334 10434
Mar
78
10134 10134
10234 10334
Jan
98
Jan
29
634% serial notes—1937
6 34 % serial notes
1938
72
108
108
28
USA Brit Internat 5a 1948
6
Apr
Jan
60
Un Lt A Rys (Del) 5 54s '52
Feb
Apr
Sept
26
United Lt A Rys (Me)—
5634
10334 10534 208,000
834 804,000
634
10534
10834
2034
86
634s
104
9034
Oct
83
Oct
9234
9034
Jan
Dec
8134
July
424,000
Nov
3234
7634
10034
104 *
Q2
10534
3234
1974
Apr 1 1959
101
Jan
89
Dec
Dec
1945
1st s f 68
June
Jan
8454
11034
7334
9434
3234
United Lt A Pow 6s... 1975
10434
Jan
9234
60
7334
3534
32
67
103
Aug
3234
32
62
6,000
54
35
87
85
29,000
64
2,000
3234
1,000
11434 H434
Apr
4,000
48
3234
2,000
10434 105
Jan
4234
25,000
2,000
1,000
326,000
112,000
47
United Industrial 6 34s 1941
July
99
4534
33
13,000
10634
10534 106
11334 11534
106
United El Serv 7s x-w_1956
Jan
Jan
19
99
Apr
98
103
32
10534
79
78
Nov
Jan
1966
Ruhr Gas Corp 6 34s..
1949
Jan
1966
Safe Harbor Water 4
19,000
31,000
117
66,000
Pub Serv of Nor Illinois—
Queens Boro G A
Jan
Feb
1957
9334
PowerCorp(Can) 434 s B'69
Power Securities 6s
1949
Prussian Electric 6s
1954
Pub Serv of NH 434«B '67
Pub Serv of N J 6%pet ctfs
Quebec Power 6s
25
.1967
434s
United Elec N J 4s
7434
Stamped
1st A ref 434s ser
32
1,000
21,000
10734 10734
78 J*
7934 156,000
75
12,000
74
1954
5134
534s__1972
Phlla Rapid Transit 6e 196?
Phil Sub Co Q A E 434s'57
Pleflm't Hydro-El G34> *60
Piedmont A Nor 6t—.195*
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6i—.1948
Pomeranian Eleo 08—1963
Poor A Co 6s
1939
Portland Gas A Coke 6s '40
Potomac Edison 51—1956
434 s series F
1961
Potomac Eleo Fow 61.1936
Potrero Sugar 7s
1947
6s series C
7034
78
6,000
Phlla Elec Pow
434 s series D
49
72
125,000
Peoples Lt A Pr 6s
1979
Phlla Electrlo Co 6s._1966
1st A ref 6s
21,000
—1944
9734 100
1981
1957
6s series C
9934
98 54
32
Union Amer Inv 6s A.1948
Deo
10034
Peoples Gas L A Coke—
4s series B_.
12034
Jan
101
1968
B
Jan
79
5s series A
Jan
67
Union Elec Lt A Power—
11134
1,000
Jan
Jan
55
74
6s 2d stamped
July
8234
102
.-1944
10434 105
1940
Penn Water Pow 6s
Twin City Rap Tr 534s '52
8334
31:666
Stamped ctfs of deposit..
8234
67J4
1962
Ulen Co deb Os
Deo
101
(Leonard) 734s_1946
Toledo Edison 5s
Nov
66
Penn Ohio Edison—
1960
Deb 6 V<s series B
1969
Pennsylvania Power 6s *66
Penn Pub Berr 6s U__ 194 V
6s series D
1964
Tiets
63
13,000
10234 10234
10034 10034
10034 102
6s series A xw
Nov
10734
1334
9434
"9634
"96"
Tide Water Power 6s. 1979
6834
26,000
2022
6s stpd.193)
Thermold Co
Jan
Mar
8534
106
Nov
12
66
7,000
52,000
40
105
10534
114
114
36
1956
May
LOW
Low
61
1945
Texas Power A Lt 6fc_<
Sept
Sept
Paoiflo Gas A El Co—
1st A ref 434s E
10634
Range for Year 1935
1935
$
High
Low
Texas Gas Utll 6s
6s
6034
3,000
22,000
18,000
46,000
7,000
109
534s
Jan
Jan
111
10334
Dec. 31
{Concluded)
Jan
10834
8334
20,000
10534 10634
1966
Co—
1963
1964
Apr
Oct
1933 to
for
reek
High
Low
10434
Sales
of Prices
BONDS
1935
Range for Year
88
8,000
10534 106
B—1952
ser D
1st A ref
Week's Range
1933 to
of Prices
BONDS
1
"Cincinnati Stock
« Cleveland Stock
Colorado Springs Stock
™ Denver Stock
«
Los Angeles
San Francisco
Detroit Stock
"
is
19
w
Stock
Los Angeles Curb
Mlnneapolia-St. Paul
New Orleans
Stock
Trade 2' Philadelphia Stock
Stock
"
San Francisco Curb
28
San Francisco Mining
29
Seattle Stook
30
Spokane Stock
Washington(D.O.) Htocl
*»
280
Financial Chronicle
Other Stock
Jan. 11
Exchanges
July
New York Real Estate Securities
Week's Range
of Prices
Exchange
Unlisted Bonds
BU
1041
Berkshire (The) 6s
1941
Alt
'
3
Brierfieid Apt Bldg ctfs
5
40
59
31
6%s *41
Pennsylvania Bldg 6s„ 1939
New
Tudor
10
14
23
5
18
22
6
10
4th Unit Inc units
8
12
6
8
Baltimore Stock
on
Established 1853
BALTIMORE, MD.
New
Louisville, Ky.
York
and
Baltimore
2%
Oct
8%
Aug
58c
8,865
20c
20o
Apr
35c
Dec
10
83
56
379
39
57c
*
15
ii
1
26
ii
6
1
10, both inclusive, compiled from official sales lists
21
Jan
32%
Dec
19
July
27
%
Oct
July
8
2%
Feb
2%
M <>r
%
AUg
%
35
69
%
of Prices
for
Dec. 3 L
Week
Stocks—
1933 to
Shares
Low
*
Bait Transit Co
com
High
Jan
12%
1% June
11%
15%
Mar
23%
259
18
20
Mar
36
%
2%
22%
.25
Commercial Cr 5 % % pref.
Consol Gas E L & Power.*
5% preferred
..100
Davison Chemical Co
80
14
130
70
Jan
88%
Dec
30%
35%
Ian
9i6
Dec
40%
1%
Sept
%
28c
10%
6%
Dec
2%
1
Feb
4
Dec
428
3%
4%
Mar
Nov
862
2%
2%
Sept
9%
6%
4%
Jan
28
Jan
76%
82%
Nov
95
Dec
23
5
74%
18
170
414
S5.000
32%
49%
74
74
200
34
50
Mar
88
6,000
35
63
Jan
9%
9%
15%
17%
11%
25
11
50
255
Merch & Miners Transp. _*
Monon W PennPS7% pf 25
31
24%
Paaf H.Davis & Go.
Dec
Feb
34
Aug
Apr
120
Mar
90
Aug
117
Members:
New York Stock Exchange
Chicago Stock Exchange
New York Curb
(Associate)
Chicago Curb Exchange
Sept
%
119%
Sept
July
July
6%
11
1%
37 So. La Salie
Dec
19%
26
Sept
Sept
90
Jan
43%
Jan
10
Chicago Stock Exchange
8
3
50
4%
8
June
8%
July
4
5
Feb
Week's Range
Sales
1933 to
5% May
16%
11%
Nov
5%
Dec
of Prices
for
Dec. 31
Week
1935
Shares
Low
8,485
38
72
182
210
Jan
241
21
21
Mar
<
32%
24%
231
Dec
Jan. 4
Jan.
to
Dec
10, both inclusive, compiled from official sales lists
July
Nov
33%
Stocks—
Par Low
Abbott Laboratories com."
99%
Adams (J D) Mfg com
*
126
12%
15%
Jan
5
1%
19%
1%
10
39
July
Sept
51%
13%
14
708
5%
6
Mar
14
95
95
22
71
Mar
98%
Aug
1%
87%
15%
50
1
Nov
1%
Nov
Allied Produot* Corn el A.»
30
41%
Altorfor Bros
2,593
2%
14%
88%
1%
53
25
Nov
4
Jan
Oct
Dec
Jan
90
Nov
Jan
5%
15%
Dec
Adams Royalty Co com..*
Advance Alum Castings..6
conv
pref
*
Amer Pub Serv Go pref. 100
A Co common..6
Bonds—
Asbestos Mfg Co com
300
17%
50
1,100
6%
21%
6%
7%
22%
40
27
6
116%
51,500
15%
17
19%
22,800
8,500
84
85
114
Dec
13
------
84,500
17
Nov
18%
Aug
Dec
19%
Dec
85
Dec
13%
13%
79
79
114
Sept
Dec
Auburn Auto
Automatic
*
com
_*
Products
Backstay Welt Co
Exchange
Stocks—
Par Low
Amer Pneumatic Serv Co—
Common
25
*mer Tel A Tel
.100
„
Sales
A
*
Albany....
KM)
Boston Elevated
High
Dec. 31
1935
Shares
Boston & Providence. .100
Brown-Durrell Co
com
Calumet & Hecla
_
_
Rast Gas A
22%
120
23
10
1st
.
14
14
Edison
Elec ilium
..
Georgian Inc (The)—
Class A pref
Gilchrist Co
>illetie Safety Raior.
20
*
•
*
Class B
*
Preferred
*
Helvetia Oil Co tr ctfs. ...1
isle Royale Copper._ —25
Loew's Theatres
—25
98%
Preferred
For
footnotes see
100
100
page
16,250
3%
5
3,200
1%
1%
9%
22%
7%
3%
7%
23%
8%
4%
69%
6%
Jan
5%
Nov
750
"8%
29
Nov
36%
Oct
200
15
15
Mar
45%
Oct
Jan
10%
Oct
22%
Nov
1,450
2%
170
4%
20
20
11
May
87%
Feb
2%
July
2,500
2%
5,200
9%
12
4,400
2
100
July
7%
24%
Oct
Dec
Jan
7%
4%
Nov
Mar
Oct
Jan
70%
Dec
13%
Jan
17%
Oct
28
14%
26%
13%
7%
28%
30%
14%
8%
1%
42%
550
*
B
Bruce Co (E L)
High
•
oom
2
lu
,...
Mar
2%
Dec
Canal Construct
June
5%
Oct
59
Nov
Castle & Go iA Mj com
10
Gent 111 Pub Serv pref
*
Cent 111Secur common... 1
16
Central aw
12%
98%
Mar
Jan
25
160%
Nov
conv
pref*
27
Sept
122
65
68%
Apr
71%
Sept
Aug
12%
12%
Mar
26%
Aug
3%
Central State Pow & Lt
pf *
3%
Apr
9%
Dec
Chain Belt Co
Common
Prior Hen
Apr
12
July
6
Mar
15
Deo
Chicago Corp
111
125
Mar
153
Jan
45%
1,157
8%
54%
6
3
Oct
Jan
46
Nov
990
10%
13%
Jan
59%
Nov
1%
Nov
%
H
Jan
7%
Feb
16
1%
2
Dec
8u
%
Jan
2
Nov
12%
3%
51
Nov
Mar
25%
Nov
1%
Jan
12
Aug
21%
18%
Jan
40
Jan
41
Dec
Apr
4%
46%
36%
Nov
35
Nov
15,950
51%
1,000
2
22
25
1,090
2
*
com
Cherry Burrell Corp com.*
common
*
•
9%
35
40%
4%
44
90
10%
36%
170
14
43
160
5
5%
48%
34%
3
Feb
6%
Dec
Chlo A No West Ry
com
70c
Dec
3%
July
Chicago Rivet & Mach cap*
25
25
103
26
7,750
Oct
4%
63%
68%
Jan
Oct
Aug
July
% May
2%
Sept
54
%
4%
50
1
1%
76c
76c
100
2,015
54%
37%
4%
5
Jan
4%
Apr
July
Apr
Mar
38
.
3%
5%
9%
Nov
23
346
845
280
Deo
14%
Apr
97%
Feb
171
Nov
11
Jan
22
Aug
18
24%
5%
425
2%
16%
17%
1,092
7y»
10
Mar
%
Aug
Apr
%
3
12%
Mar
Commonwealth Edison 100
Consumers Co—
Common
34
1%
5%
55
Dec
20%
Dec
Continental
6
2
6%
19%
5%
30
%
1%
2%
1,100
%
30
10%
July
17% May
20c
51c
61c
250
20c
%
9%
%
35
300
2
Jan
%
10
6
26
10(
A
pref
35
40
Mar
Jan
May
%
%
Apr
80
%
5%
30%
100
% May
50
Nov
Oct
5%
Jan
27%
Nov
100
19%
3%
Oct
Deo
Nov
4
Deo
Apr
35
Nov
98
Oct
%
Feb
1%
Sept
July
%
1
%
Dec
Jan
17%
*7
%
1
5%
27
42%
7%
28%
8%
Sept
Mar
5
121
126
108
108
3%
10%
20
3%
12%
21%
5
9,100
98,050
3,350
5
70
32
83
Jan
120
130
90
Oct
108%
100
2
2
2%
8%
2%
16,550
3,250
2
Decker & Cohn—
100
Oct
De Mets Inc preference--*
Dexter Co (The) com
5
Oct
3%
Jan
9%
3,200
3
June
13
34
80
1%
80
32,450
350
Mar
9%
104
3
Dayton Rubber Mfg com. *
Econ Cunnghm Drug com *
Oct
1
34
39
Cudahy Packing Co pf 100
Curtis Lighting Inc com..*
Aug
2
Jan
13%
15%
58%
1,250
no
29
8%
1%
4%
97
»
Preferred
el
2%
3%
3%
100
Cord Corp oap stook
Crane Co common..
Cumul
3
7
300
1,100
Jan
Oct
ttteei—
Nov
Nov
21%
3%
%
6%
Nov
36%
3%
%
5%
100
Common
Preferred
5%
•
Club Aluminum Uten Co.*
Coleman L'p & Stove com *
6% prior pref A
7% cum pref
14%
97%
%
com
Oct
33
H%
Cities Service Co
Oct
1,051
25
10
20%
180
Mar
Chic Towel Co conv pref..*
Chlo YeUow CaD In* cap.*
100
2
36
100
31
1
1
5,050
34
29
37
35
1%
63,700
com..5
25
1
8
50
Chlo Flexible Shaft oom..6
53
Dec
5%
Chicago Mail Order
100
9%
400
Oct
2
10
%
5,950
Dec
23%
35
Apr
6%
52%
1%
Aug
5
444
Oct
6%
Mar
2
Nov
%
17%
Julv
37%
Dec
17%
10
1%
66
4%
•
40
X
757
33%
Apr
400
2%
%
30%
Jan
5
5
10,200
1%
3,012
Jan
4
01%
350
2 H
1,620
156
2,500
50
54%
21%
159%
21
1%
16%
05
•
Preferred
4%
41%
60%
61
1%
*
5%
475
1
1
prof
6
%
1%
42
810
Jan
—
5%
%
Oct
%
Oct
Eddy Pap Uorp (The) oom*
%
Mar
1%
Oct
Eleo Household Utll cap.5
Elgin Natl Watch Co—16
50
50
22%
22%
9%
16%
29%
17%
10
16%
30
6
Feb
2
Mai
7
Mar
104%
43%
5%
Dec
27%
Dec
3%
Dec
Nov
8%
19%
21%
19%
19%
July
12
18%
4%
Jan
20%
Jan
10
500
370
17
Deo
Jan
10
3%
Dec
May
May
20
450
Dec
47
Nov
Dec
Nov
Oct
17
Dec
17%
Dec
4%
13%
Jan
31
Dec
6
12
4
5%
Jan
10%
Deo
7%
215
4%
4%
Jan
18%
Oct
21%
9%
140
8
11%
Jan
23
Sept
18%
3,650
A pi
30
31
18%
2,300
6%
14%
Feb
FitzSlms & Con D&Dcom *
374
7%
283
30%
43
Apr
Mar
Oct
6%
Mar
Maine Central—
Common
Nov
427
7
Hathaway Bakeries—
Class A
37
11 %
10
12
*
Jan
6
7%
3%
650
Mar
6%
4
*
3
4,250
14%
4
11
Rec for 550 pd on new shs
Rm ploy ere uroup
General Capital.
30
17
88
5%
6%
KM)
100
27
Dec
16%
Brach & Sons (E J) com..*
Brown Fence A W ire—
110
34
*
Dec
9%
10
14%
4
2
com. —.*
2d preferred
41
6%
*
com.
88
70
144% 144%
34
Economy Grocery Stores.*
Jan
18
205
11%
100
B
18
103
1,206
9
100
Adjustment
Eastern S S Lines
9%
7
857
28%
100
preferred
Preferred
10
'
Fuel amu
Eastern Mass St Ry—
Common
50
<15
137
123%
11%
*
*
41
103
Preferred
8
._*
Common
36%
29%
Convertible preferred..*
%
2
60
3,107
69
25%
—25
0% cum pref
.100
« % % prior preferred 100
Low
%
65
156% 160%
Copper Range
East Boston Co
Low
418
5%
25
Boston A Maine—
Cl D 1st pref stpd_. .100
Range for Year 1935
Butler Brothers
2
1%
5%
24
66
Prior preferred
.100
Cl A let pref stpd__ .100
Class B 1st pref stpd.100
Dec
Nov
2%
1%
28%
Borg Warner-Corn
1933 to
for
Bigelow-Sanford Carpet Co
Common
6%
Class A
1
Week
of Prices
-.50
May
3% May
1% Mar
Class
Week's Range
1st preferred
22%
127
Jan
*
•
Mar
12
100
Berghoff Brewing Co
1
BInks Mfg Co A conv
pref *
Jan
12
3%
com."
com
Go
Bendlx Aviation oom
10, both inclusive, compiled from official sales lists
July
Boston
Bastian-Blessing
High
60
5
1,150
43
6
oom
Low
8%
9,150
5%
4%
1
New common
Balabor & Katz pref
6% non-cum pref.. „50
Range for Year 1935
1%
1%
Associates Invest Co—
Boston Stock
Jan.
High
101%
17%
Armour
114
1
Dec
3
1%
CH ICAGO
21
50
87
St.,
Oct
Feb
41%
22%
6%
Aug
3
Owings Mills Distillery—1
to
Nov
Nov
50
New Amsterdam Casualty5
Northern Central Ry
50
Jan. 4
Jan
Dec
SECURITIES
43
255
*
100
Bait Transit Co 4s flat 1975
A 5s flat.
1975
B 5s flat
1975
Jan
Listed and Unlisted
Sept
Oct
15%
90%
1%
3%
25
Jan
3%
46
Baltimore City Bonds—
4s Engine House
1957
Jan
28c
1
88
Dec
Jan
1%
9%
,9%
Penna Water & Pow com.*
U S Fidelity & Guar
2
Sept
47
25
CHICAGO
53
9c
782
88
100
Jan
104%
12%
43%
Preferred
91
17
20
Mt Ver-Wdb Mills com 100
Dec
Nov
4%
50
1948
Oct
111
45%
11
Fid & Guar Fire Corp—10
.
110
2
Aug
Nov
111
875
Finance Co of Amer cl A__*
Class B__
*
Houston Oil preferred
111
103
1
%
1%
7%
23%
-
7%
38
110% 110%
84
85%
114%
*
Mfrs Finance 1st pref
Mercantile Trust Co
1%
4%
119
%
%
340
896
114
Eastern Sugar Assoc com.l
Fidelity & Deposit
602
1%
3
24%
33%
33%
119
*
Preferred
Sept
27
.1948
High
679
35
*
*
Preferred
Low
21%
34
vtc.*
Ches & P T of Bait pref 100
Dec
2
95%
Range for Year 1935
20%
(Conn)..50
1st preferred vt c
Black & Decker com
15%
Jan
1935
Par Low
Arundel Corp
Atl Coast Line
Dec
157
5,940
72
1%
16 %
12
Series D 6s
1
Sales
Jan
Jan
Mar
Series B 5s
July
Week's Range
Oct
%
6%
2,357
1%
13%
8
9%
65c
5%
Eastern Mass St Railway—
Series A 4%s
1948
Apr
Mar
150
3%
23
*
June
17%
105
%
»
D)._
Aug
72
12!
10
1,202
3%
9%
Venezuelan Mexican Oil. 10
Waldorf System Inc
*
112
Dec
17%
80
23%
4%
83%
39%
5
Feb
Feb
1,845
6,385
2
Dec
%
52
93%
25%
4%
85%
39%
88
Jan
39
800
1%
91
Mar
12
690
80c
16%
12%
17%
May
103
%
155
23
11*
15%
100
Warren Co (S
Bonds—
1,692
70c
•
Preferred.
220
17%
34%
31%
22%
Utah Apex Mining
Utah Metal <k Tunnel
Stock
60c
17
..60
Warren Bro" Co
Jan.
55
2%
110
U Shoe Mach Corp
Baltimore Stock Exchange
to
24%
49
....
Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Jan. 4
75
109
645
110
Suburban Elec Secure com*
TorringionGo
*
Broadway
474
High
2% Aug
4112
Dec
120%
Deo
Feb
40c
25
Union Twist Drill Co
United Gas Corp
York, Pa
1
100
Stone A WebeW...
NEW YORK
,
Hagerstown, Md.
Members
39
1
20%
inn
RR
Low
315
4!%
Pond Creek Pocahontas..*
STEIN BROS. &> BOYCE
6.S. Calvert St.
Low
Range for Year 1935
387
87
Quincy Mining
25
Reece Butt Hoe Mach__10
Sbawmut Assn tr oils
*
Exchange
Shares
121
82
*
Pennsylvania
1935
4
119
Pacific Mills
2d Unit Inc units
Dec. 31
24%
88%
___inn
Old Colony RR
Old Dominion
_
1933 to
for
lVs
41%
pref___100
Co
HavendtHariiordiut
Northern RR (N H)
35g
3
City—
High
1%
40%
Linotype..•
North Butte
5th Unit Inc units
Orders Executed
River
Par Low
v t c
New Eng Tel A TH
18
Stocks—
Lincoln Bldg Corp vtc
m
m
(Concluded)
Mass Utilities
Mergenthaler
Beaux Arts Apts Inc units..
<.
ity A suouruan nornoe
"«»•» V
14
Lincoln Hotel Props
Ask
17
NY N
Unlisted
80 Broad St Bldg 6%s_1950
*>th AvpA 20th Mt Corn Cs'48
Bid
21
1712
1937
(Concluded)
79 Madison Ave Bldg 6s *48
2124-34 Bway Bldgs ctfs...
Carnegie Plaza Apts
Bldg 6s
Dorset ctfs of deposit
Stocks
Unlisted Bonds
46
Sales
Week
Closing bid and asked quotations, Friday, Jan. 10
Mden 6s
1936
32
Oct
17
8%
8%
Jan
18%
Oct
11%
3%
17%
11%
3%
200
General Candy A
c.en Housenold Utll
100
3
5%
1%
Jan
13%
Oct
Oct
7%
Jan
5
oom
*
2,500
1%
Nov
July
1
Week's Range
Sales
1933 to
of Prices
for
Dec. 31
Week
Stocks
1935
Shares
Low
Par Low
(Concluded)
Godchaux Sugars Ine—
Class A
High
22%
*
Goldblatt Bros Ino
Range for Year 1935
8%
50
22%
10
200
10
22%
23
500
8%
29
6
32%
6%
9
13
20%
12,440
Hall Printing Co com...10
12%
3%
28%
30
8%
9%
103% 103%
4,750
_•
com
Helleman Brew Co G cap. 1
Horders Inc com
*
m
12%
Hormel & Co (Geo) com A*
17%
CI B_*
Illinois Brick Co
.25
111 North Utll Co pref-.lOO
Interstate Pow $7 pre!
ffats Drug Co com
8%
Deo
16
16
July
20
6%
Mar
31%
Sept
5
60
Jan
102
Dec
30
Feb
70
Dec
8%
Jan
25
Aug
13%
Feb
30
Deo
50
7
3%
•
15%
Jan
31%
Sept
3%
Jan
700
Jan
13%
Deo
Jan
Nov
Mar
Nov
July
%
Jan
40%
80%
2%
3%
Oct
46
%
•
July
25
ip
Deo
Jan
Deo
Leath A Co—
*
Cumul
*
preferred
660
3%
28%
%
3
90
"
6
Feb
Mar
4,700
2%
5
...v.—*
2,850
%
1
Jan
?.-50
280
%
5%
Jan
Llbby McNeil A Llbby-10
10
4%
Nov
30
Deo
10%
Nov
Lincoln Prtg Co-
Common
7%
_
preferred
Loudon
Deo
Mar
Sept
Nov
7
Oct
8%
Oct
26
Mar
41%
July
9
Mar
41
Nov
Jan
31
Nov
2
3%
800
8
9
47%
6%
8%
2,010
Lindsay Light com.
10
Lion Oil Refining Co com.*
3
3%
Deo
Deo
Packing—
New coin
*
7%
39%
6
Lynch Corp com
02%
1,250
26
990
McCord Rad A Mfg A
*
Electric com...6
37
28
1,100
McQuay-Norrls Mfg com.*
67%
160
Manhattan-Dearborn com*
21
26%
13%
2
570
McGraw
1,320
Mapes Cons Mfg cap....*
Marshall Field oommon.. *
24
51
39
Mar
7,200
60%
Aug
Apr
22
4
Nov
Oct
%
%
22
100
33
Jan
14%
Nov
Deo
68%
6%
Nov
60
410
20**
20
July
27
Nov
100
9%
10
Jan
15
Dec
2,150
e7r%
8*
_•
Metrop Ind Co allot ctfs
H
16,450
1%
Jan
Oct
Mlckelberry's Food Prod—
1
Common
%
Apr
2%
Oct
Middle West Utilities'16
%
Jan
%
•
4,800
3,700
H
%
Mar
3%
*
160
%
%
Jan
1
Sales
1933 to
for
Dec. 31
Week
1935
Week's Range
It
of Prices
J
Range for Year 1935
Stocks—
Par Low
9%
12%
766
19%
20%
199
23%
227
104%
170
Industries.
Champ Coated
ion
1st preferred
100
22%
104
*
Churngold
12%
699
Apr
Deo
Oct
27%
Nov
107%
Nov
Nov
Jan
1%
Dec
Jan
103
Nov
176
May
230
Nov
100
Apr
110
Sept
62
CNO&TP
229
230
15
176
110% 110%
17
80
.100
Sept
Sept
100%
2%
150
102%
Preferred
24
72%
1%
101
ion
11
Mar
1
*
Clntl Ball Crank pref.
Clnti Gas & Elec
..100
1%
July
20
20
100%
90
13%
5%
12%
9%
10%
2
High
Sept
Low
Low
Shares
High
*
Amer Laundry Mach. ..20
Aluminum
1%
14%
Jan
2%
8%
Cincinnati Street Ry__ -.50
Cincinnati Telephone. -.50
7%
587
Apr
86%
241
2%
60%
2%
85
62%
Jan
Clntl Union Stock Yard..*
22
22%
45
16%
21
Feb
28
*
44
44
*
18
18%
54
-.20
8
8%
778
7
Deo
91
Coca-Cola A...
Crosley Radio
Eagle-PIcher Lead
5%
10
Nov
Sept
3%
Mar
9%
Mar
23
Dec
16%
7
Jan
31
Nov
3%
11%
Early & Daniel
*
17%
17%
Formica Insulation...
Gibson Art
♦
23
25
140
8
*
28%
29%
173
7%
Goldsmith
*
Hobart class A
*
43%
44
110
Julian & Kokenge
Kahn 1st pref
*
24%
26
205
4
10
50
65
19
7
93
93
Kroger
*
26%
27%
Lunkenhelmer
*
18
18
30
30
Procter & Gamble
*
48
48%
16
16%
108
Co
i
217
Feb
46
Feb
23
Apr
94
Dec
23% May
8
Apr
32
Aug
15
Nov
Jan
27
Nov
Dec
Deo
10
'
*
4%
5
10
43%
Jan
53%
July
16
Dec
20
May
4
Oct
124
*
U 8 Playing Card
U S Printing
8% May
Oct
33%
9%
40
46%
48
126
10
34%
35
70
B
Rapid
Nov
10
8
50
Deo
8%
27
22%
43
*
Nash
100
Nov
19
7
3
25
7
7%
5%
12%
5%
i
Aug
Nov
2%
7% May
12
27%
Jan
49%
14%
29%
Jan
39
Nov
May
Aug
Common
*
$6 conv pref A
Aug
Oct
Midland United CoCommon
July
f —tea
Randall A
Mar
6H
»
950
Masonlte Corp com
*
Mer A Mfrs Sec ol A com. 1
Prior preferred..
18%
3%
-
Dec
%
%
_
lists
10, both inclusive, compiled from official sales
—
May
6
8
5
7%
%
820
40%
22
1%
570
5,350
4 to Jan.
—
10
1%
Jan.
Oct
7
19
3,600
Corp6%cumpfl00
Cincinnati Stock Exchange
Deo
10%
3%
9
Corporation
Deo
42%
300
Common
Wire System—First Boston
Nov
20
60
Lawbeck
5%
2%
5,070
6
Stocks and Bonds
Nov
12%
500
Kingsbury Brew Co cap..l
CINCINNATI
BLDG.,
Specialists in Ohio Listed and Unlisted
Oct
Oct
30
28%
TRUST
Dec
7%
Sept
Keystone Stl A Wire com. *
com
30%
May
10
Ken-Rad T A Lamp com A*
Unlv
Mar
4
6%
Kellogg Swltchbd com..10
Ext
17
10
150
La Salle
Oct
250
:
1
Ky Utll Jr cum pref
Jan
24
450
25
27%
•
Kalamazoo Stove com...*
Oct
350
40
25
*
Iron Fireman Mlg v t o__
1,100
3,050
65
63
t o—,?.*
v
Members Cincinnati Stock Exchange
28% May
11% May
Jan
15%
6%
17%
3%
Great Lakes DAD com..*
HoudalllfrHersney
BALLINGER & CO.
High
Low
UNION
*
Class B
Indep Pnel Tool
281
Financial Chronicle
Volume 142
*8
1,450
%
%
60
%
100
920
Miller A Hart conv pref.*
3,210
1,750
%
1%
% Apr
%
Apr
% June
7
16%
Jan
39
2
6%
Jan
11
Jan
54
Nov
33
Nov
544
10
4%
Exchange—See
Stock
Sept
14%
Cleveland
7%
Jan
Jan
2
23%
6%
21%
..50
Preferred
3
348
7% May
Jan
25
291.
page
Oct
42%
*
Conv preferred A
*
Midland Utll—
100
6% prior lien
7% prior lien..
Modlne Mfg com.....
Monroe Chemical—
Common
*
180
Preferred
*
300
20%
Nachman SDrlngfleld com*
800
4%
*
*
630
7% cum preferred...100
Natl Gypsum cl A com..6
160
Class A
com
National Leather
*
com
Nat'l Union Radio com_„l
Noblitt-Bparks Ind com..*
North Amer Car
*
com
Deo
AUg
4%
Nov
%
H
Mar
26%
Mar
37
%
18%
Apr
Feb
10
1%
2%
Mar
%
Telephone
Aug
Nov
Nov
34%
5%
' Oct
July
10
8%
Jan
11
Detroit Stock
Jan.
4 to Jan.
Dec
10
3
3
5%
Jan
20%
1%
Jan
11%
Nov
2
July
Prior lien
preferred.. 100
20
Ontario Mfg Co com...
650
Dec
Mar
28
Jan
28
Nov
Jan
2%
20%
Nov
11
700
4
900
(The) Co..*
400
8
21
Pines Winter front com...6
900
Elec com..
%
%
6
Gas &
Dec
10
21%
10
com..
Mar
31
Feb
%
%
Jan
44
4%
Aug
Dec
Oct
Nov
Potter Co (The) com
*
100
1%
1% June
4%
Prima Co com
*
1,300
1%
1%
Sept
4 %
a pr
Process Corp com
*
100
%
%
Jan
2%
Nov
9%
Jan
Jan
56%
56%
Oct
58
•
Common
60
6% preferred
7% preferred
57%
106%
100
100
115
190
28
61%
Jan
105%
Nov
10
38
73%
Jan
115
July
750
•
....
100
450
Preferred
160
1
2%
6%
Mar
6%
38
Deo
Jan
12
Aug
Hudson Motor Car
18%
Oct
Sept
Kresge (S S) com
*
8,932
1,320
%
1%
1% June
35%
3,304
3
3
1%
13,182
%
%
5%
760
2%
2%
5%
5,940
3
3
Aug
2,849
1,092
17,786
6%
7%
Mar
3%
2%
5
Mar
15%
21%
Apr
7%
1,112
1
19%
33
Jan
47
July
20
2
39
40
Sept
80
Nov
19
Dec
54%
Jan
102
Nov
32
69
Jan
78
Aug
Mich Steel Tube com
*
Michigan Sugar com
*
16
33%
Swift A Co
25
23
Thompson (J R) com...25
9
Utah Radio Product com.*
3%
23
33%
24%
10%
3%
1%
3
140
2,850
19,450
9
Nov
Dec
Murray Corp com
36
Feb
Packard Motors com
'
23
Deo
Parke-Davis & Co
27%
Sept
11
14%
May
»
.
Convertible pref
%
Mar
Mar
%
%
Mar
%
%
8%
6%
1%
4%
4%
16%
16%
160
1%
6%
Jan
17%
41
70
21%
34%
Jan
41
3%
•
17
%
Jan
3%
......
400
*
Jan
Mar
*
17
897
2
7% May
5
5
5%
2%
Mar
5%
Dec
Rickel (HW)
6%
6,633
13,937
2
5%
2%
Feb
6%
6%
9.399
1
2%
2%
5%
6%
Dec
Nov
Aug
Dec
Nov
Jan
20
35% June
Deo
6%
Deo
33%
*
200
•
3,850
5,600
Ward(Montgom) A Co cl A*
130
Wleboldt Stores Ino com.*
750
9%
Wllllams-Oil-O-Matlo com*
1,250
9,400
1,300
8,100
2%
1%
2%
WisconslnBankshares com*
%
%
%
15%
1
Apr
26%
June
Aug
com
Jan
143% May
5s ctfs. .1927
page
27%
471
17%
20%
17
17%
415
4%
23%
23%
15
100
6%
7%
13%
1%
Mar
Sept
%
2%
July
2
Mar
2
Mar
Tlmken-Detroit com
1%
Feb
23
Deo
Mar
14
Nov
June
5%
3%
14%
Nov
Walker & Co units
Nov
Warner Air Corp
1%
Apr
Dec
75%
283.
75%
$5,000
36
62
74% June
*
8%
5
5
400
36
38
77
B
*
6%
2%
26%
23%
"16
"16
15%
7
3
4,353
51,530
1,050
*
Universal Products com.
Wolv Tube com
7%
8
100
Universal Cooler A
Wolv Brewing com
Jan
5%
U S Radiator com
II
May
12%
1
United Shirt Dlst com
Preferred
25
10
Tlcoll Brew com
Jan
2
10
505
2%
28
23%
7,906
1%
1%
1%
55c
518
4%
119
1%
1%
29,826
6%
%
28,340
%
15%
100
3%
Feb
1
Apr
9
Feb
13% June
% July
2%
12
Jan
July
Dec
22%
*
2
Nov
17
Mar
July
4%
1%
27
Jan
Stearns com
Scotten-Dlllon com
127
56
Bonds—
For footnotes see
Oct
Reo Motor Car com
Jan
*
Zenith Radio Corp com..*
Dec
Nov
Pfelffer Brew com
15
com
pt pf.*
Oct
Dec
1% May
7% July
6% Nov
Apr
Aug
31
5%
24
Walgreen Co common
Class A
34
Nov
Nov
Co—
Chic City Rys
76%
20
Sutherland Paper
*
Common
Preferred
Yates-Amer Mach
75
zt
6
Parker-Rust-Proof
Viking Pump Co—
Common
44%
10
,__*
*
2>
River Raisin Paper
5%
%
4%
1,800
1,300
3,600
3,650
1
%
5%
5%
15%
18%
7%
4
_.*
Motor Wheel com
25
3%
31%
16%
19
7%
44%
5
Jan
Jan
3%
10
5%
19%
100
10
Preferred
Mid-West Abr
41
Utll A Ind Corp com
Wahl Co
7%
McAleer Mfg com
Oct
Dec
10%
%
39%
Oct
Nov
6%
4%
1,561
Lakey Fdy & Mach com
4%
27%
July
7,834
Mar
17%
Mar
1,083
16%
24%
I
Mar
Dec
Oct
30%
Mar
Mar
Mar
31%
17%
15%
5
%
Dec
23%
6%
29
*
1%
3%
3%
12%
10
1%
90
%
Oct
Oct
7
...*
Houdallle-Hershey B
1,320
1%
11
11
*
Swift International
Vortex Cup
*
Hoover Steel Ball com.. 10
*
8%
Dec
4%
3% June
3%
Feb
Jan
23
Nov
7
June
3
8
pref 25
58%
June
1%
3,784
4
conv
Mar
3%
1%
6%
1
Oct
Nov
Dec
Jan
Jan
26%
6
Goebel Brew com
370
Storkline Furn
2% June
July
18
Dec
11%
8%
4%
22%
22%
3%
2%
Deo
Sangamo Electric Co com *
Sutherland Paper com... 10
22
Hall Lamp com
2%
8%
1,500
2,500
1
6%
100
Graham-Paige Mtrs com.l
Jan
com
Rollins Hosiery M conv pf*
4%
15%
9%
830
3%
General Motors
Oct
4
5%
24
20
Mar
Mar
2,401
57,076
9,700
Deo
Nov
14
2%
30%
Feb
3%
3%
56
8%
3%
18
._*
3,690
Jan
5%
9%
3
54%
7%
Apr
16
Common
8%
%
%
3%
2%
14%
5,345
9,488
1,411
11,432
4%
8%
7%
Feb
Convertible preferred..*
Feb
1
3%
5
Standard Dredge—
Mar
1
10
Apr
20
Feb
Mar
1%
65
2
22
9%
120
8%
4%
1%
210
24
Slgnode Steel Strap Co—
Mar
745
*
10
Jan
Apr
Apr
Jan
%
9
8
Oct
Oct
Nov
Dec
Nov
Deo
Nov
Oct
Oct
12%
%
55
Dec
2%
24%
2%
127%
5%
10%
3%
6%
450
Oct
Nov
88%
25%
26%
4%
*
July
30
Mar
31
773
1,280
4,050
1.398
170
21
9%
S-west Gas A El 7% pref 100
St Louis Natl Stkyds cap.*
2%
3
com
9
10
25
130
Detroit Paper Prod com..*
160
25
2%
3%
Detroit Mich Stove com.-l
%
Sou Colo Pow A com
23
Fed Screw Works com
148
3
27%
Feb
9
440
Common
Apr
4
4
3,162
4%
*
5
6% preferred vto
6
Reliance Mfg Co com.. 10
Slvyer Steel Cstgscom
14
129
100
Gemmer Mfg A
100
10%
*
Dec
%
%
960
2%
Dettoit & Cleve Nav comlO
%
t c
26%
24%
90%
22%
24
Delsel-Wemm-Gil com. .10
1,160
v
Mar
2%
Continental Motors com
60c
Common
16
Fed Motor Truck com
Feb
Dec
35
5%
*
17
17
Jan
44
200
Federal Mogul com
Raytheon Mlg—
2
Mar
26
Nov
133
111
70
Rath Packing Co com...10
106
141
Sept
46
2%
90%
Chrysler Corp com
Consolidated Paper com. 10
Ex-Cell-O Air
1
6%
22%
*
5
Capital City Prod com
High
Low
1
6%
26%
23%
Burroughs Adding Mach.*
Oct
9
Jan
Low
32,937
7,245
26
5
Detroit Gray Iron com
250
128
1935
Shares
Range for Year 1935
Dec. 31
40%
..*
Bower Roller Bear com
High
2%
1
Detroit Forglning com
Quaker Oats Co—
Oommon
Baldwin Rubber A
Oct
15%
16%
2,350
Par Low
Stocks—
Auto City Brew com
Detroit Edison com
Public Service of Nor Ill-
Common
for
Dec
15%
May
10
Peabody Coal cl B com...*
Perfect Circle
32
May
4%
40
Conv preferred
Parker Pen (The)
Penn
Mar
10
3
1933 to
Week
of Prices
3
7%
150
Oshkosh Overall Co com..*
official sales lists
1
Sales
Week's Range
Nov
1
80
100
preferred
Exchange
10, both inclusive, compiled from
Northwest Utll—
7%
Randolph 5530
-
July
2%
30
Northwest Eng Co com..*
DETROIT
Buhl Building
Jan
1%
New York Curb (Associate)
Detroit Stock Exchange
Aug
Deo
1
%
Members
New York Stock Exchange
Aug
1%
42%
Mar
H
Watling, Lerchen & Hayes
Dec
Feb
%
6
17
6,850
1,800
Northwest Banoorp com.
2
2%
Aug
%
%
20
Northern Paper Mills com*
Jan
%
6
6,750
2,100
2,300
1,000
2,250
1,700
10
com
National Standard
Mar
6
22
19
100
National Battery pref
Natl Elec Pow—
1
Oct
12%
5%
9%
5%
5%
7%
2%
27%
Dec
24
24
2%
17
Deo
Dec
Nov
Nov
Nov
Dec
Oct
Oct
Oct
Mar
Aug
282
Financial Chronicle
July
Los
Jan. 4
to
Jan.
h&tf
Ifti
*
Week's Range
jt
-*H!
K
Stocks—
Par Low
1935
•
Shares
10
83
30
3%c
1%
3%
400
99
98%
1
6c
1
10c
13c
1,000
*
16%
31%.
1%
29%
16%
31%
2%
30
100
California Bank
6c
25
Chapman's Ice Cream Co.*
Citizens Nat Tr & S Bk__20
i
17%
31
1
1
Jan
18
1,000
1,100
16
16%
Feb
Oct
Dec
Feb
3%
33
Aug
Nov
Mar
16%
12%
3%
15%
7%
Nov
Mar
58%
15%
Nov
Apr
July
10
6%
6%
Mar
90c
1.10
Feb
4%
4%
202
4
Feb
July
19%
7%
'
1,100
A13%
3%
*
57 %c
5c
1,400
3,800
5,600
Preferred
Oct
Jan
Dec
25c
8c
7%
Jan
14% 414%
*
Oct
8c
3c
20
12
Oct
2%
3%
7)
26
Dec
90
Jan
20
Claude Neon Elec Prod..*
Nov
4c May
Apr
50
Consolidated Oil Corp
Consolidated Steel
*
6
60
£42
1,500
Preferred vtc
Byron Jackson Co
July
86
2%
1%
1%
49
4
4c May
Oct
14
100
13,700
Buckeye Union Oil
4%
11%
2%
6%
19%
Dec
Dec
Dec
1
District Bond Co
25
Douglas Aircraft Inc
Emsco Derrick & Equip..5
Farmers & Mer Nat Bk 1 00
General Motors
*
Gladding McBean & Co.
7%
53%
15%
"57%
800
17%
8,400
1
440
440
25
55%
56%
13%
1,500
1,500
12%
Globe Grain & Milling..25
Goodyr T & R (Akron)..
10
11
23%
23%
Hancock Oil A
*
19%
20
1
50c
50c
..5
75c
75c
22%
4%
414
com
Holly Development
Holly Oil Co
Jade Oil Co
5
1,000
'
200
•
7
Jan
340
275
'
1,800
1,100
15%
6
Mar
4%
5%
16%
9%
460
Jan
27
Mar
Dec
Nov
59%
13%
Nov
10
Mar
Dec
26
July
Jan
22% May
Jan
31c
25c
Dec
43c
Jan
Nov
50c
.1
9c
9c
Alrpl& MotorCorpl
62 %c
77 %c
Lincoln Petroleum Corp
1
Lockheed Aircraft Corp__l
11c
12c
1,000
41,500
4,000
9c
9c
Oct
80c
Feb
7%
8%
700
90c
1.10
Jan
Dec
Los
2%
2%
5,500
50c
60c
Feb
114%
221
73%
81
Jan
Jan
8%
2%
114%
7%
Jan
75c
.
Angeles Indust Inc—2
Los Ang G & E 6% pref 100
Los Ange Investment Co 10
113
Mfg
lc
2c
Jan
14c
Dec
10c
3
38c
Jan
80c
Dec
5%
1,900
1%
75c
200
19c
26c
2%
1
6%
5
75c
il
Mascor Oil Co
(Concluded)
518
'
850
1
*
22
22%
55%
27%
56%
120
1
13%
2,530
7%
100
Electric Storage Battery 100
General Asphalt
..10
64%
23%
General Motors
54
Gimbie Bros
10
4,700
2%
2%
Dec
50c
2%
July
3%
5%
Dec
220
200
21c
21c June
36c
Horn & Hard (Phlla) com_
Lehigh Coal & Nav
*
Nordon Corp
5
17c
18c
5,900
6C
7c June
29c
Oceanic Oil Co
1
50c
60c
600
60c
Apr
1
9c
9c
*
8%
10
18%
31%
29%
9%
19%
32%
29%
3,000
2,900
19
19
Pacific Clay Products
Pacific Finance Corp
5% % 1st preferred
25
Pacific Indemnity Co
10
Pacific Lighting Corp pref *
Pacific Western Oil
*
3
Rice Ranch Oil Co
.1
10c
*
57c
Samson Corp B com
6% preferred..
10
San J L & P 7 % pr pref. 100
Security-First Natl Bk__20
Security Co units
*
Shell Union Oil Corp
*
3%
1%
118
Mitten Bk Sec pref.....25
Natl Power & Light..
*
1%
10%
Pennroad Corp v t
300
2
Phila Co
26
17
2
1,000
*
com
Phiia Elec of Pa $5 pref
*
Phila Elec Pow pref
25
Phila Rapid Transit-...60
7% preferred
Phila & Rd Coal & Iron
Salt Dom Oil Corp
Westmoreland Inc
Westmoreland
3
Jan
117
3,150
26%
26%
4,200
44%
106
27
*
30
*
39%
41%
Taylor Milling Corp
Transamerlca Corp
*
19
19
*
Union Bank & Trust Co.50
Union Oil of Calif
..25
13
13%
120
Co
1
5
4%
16
Mar
Dec
5%
Mar
15
July
Mar
26% Nov
39% June
Oct
28%
Oct
26%
Dec
25%
44% Dec
Oct
38%
Jan
41%
21
Sept
10%
29
Feb
17%
Jan
16%
13%
7%
Mar
70c
26%
27%
28%
Apr
Mar
Jan
14
Dec
Feb
80
120
Nov
15
Jan
1.20
2
Jan
3%
5
July
5
50c
25
Dec
23%
9%
11%
"
Dec
Mar
4%
4%
1
Jan
Jan
11
8
71
14
100
Nov
16
15
4,500
28%
46
50%
Apr
14%
12%
1
10
4%
Mar
15%
18,700
6,400
1,200
15%
5%
10%
300
25%
8%
33
26
10
5
28%
1
2
3,100
120
67%
5%
1%
800
30
Standard Oil of Calif
Dec
88
13
1
900
3,000
June
25
229
500
26
Oil
Jan
Nov
20
Western Pipe & Steel Co 10
Dec
2
1,600
Universal Cons Oil Co..10
Weber S. C. & Fixt. pref *
Jan
Jan
2
28
23%
7%
Aug
Jan
7%
1%
38c May
35
A preferred
Aug
72
Dec
27%
24%
44%
66%
Aug
49%
16%
13%
55c
May
5%
7%
July
Dec
26
Feb
14%
Nov
Nov
Mining Stocks—
Alaska Juneau Gold Min 10
Black Mamm Cons MnglOc
Cardinal Gold Mines
Calumet
Mines Co
15%
15%
100
13%
13%
Oct
19%
Jan
22c
26c
21,500
8,900
10,000
6c
6c
Sept
26c
Nov
3c
3c
July
13%c
1,000
10c
1
1.10
1.30
10c
6c
7c
1
5c
Gold Ore Mining Co..
Gordon Mines Inc
10
Tom Reed Gold Mines Col
Zenda Gold Mining
1
'
5c
3
3
32c
33c
Jan
CoalT
25c
5%c
1,000
4%c
4%c
157% 160%
3%
3%
6%
7%
39
38%
36%
37%
596
98%
%
99% May
33c
51c
Oct
Jan
22c
Dec
Jan
112%
8%
11%
%
Aug
100
4%
1%
Mar
17%
Mar
70
Mar
4%
32%
117%
7
Dec
Nov
103%
Jan
115%
Dec
29%
31%
Mar
1%
1%
Mar
34%
4%
Aug
Nov
Mar
10
Nov
90
990
3
3%
150
1%
9%
9%
3
3
563
6,510
1
46
1
1,400
Nov
56
Jan
91
Jan
Jan
Dec
121%
18%
Apr
3%
1%
20%
1
13,264
17%
19%
108% 109%
13%
13%
7%
7%
26,513
'
9%
415
1
82%
6%
4%
1
25
50
30% Nov
916 May
Apr
'i6 Feb
%
Feb
3% Mar
'16
%
2
891
304
31%
113%
17%
500
July
42
60
%
%
5%
4%
22%
Jan
Dec
1% June
24%
105
21
237
8%
45%
44
Mar
4
221
30
%
Nov
Aug
Nov
1,270
77%
4%
Jan
2%
14%
1,783
119
72%
29%
%
Dec
Aug
1%
Feb
20% Mar
9%
Feb
87%
Feb
8% May
5%
Apr
45%
Jan
Nov
Nov
18%
Nov
7%
110
Nov
15
Nov
10%
July
9
1%
6%
Nov
Oct
Bonds—
11%
11% $11,000
112% 112%
4,000
110% 110%
2,000
9
21
Jan
104%
2
110% May
113%
100
108
110% June
Jan
Feb
Pittsburgh Stock Exchange
Jan. 4
to
Jan. 10, both inclusive, compiled from official sales lists
July
1
Week's Range
Sales
1933 to
of Prices
for
Dec. 31
Week
Stocks—
1935
Par Low
Arkansas Nat Gas Corp..*
Preferred
100
Armstrong Cork Co
com..*
Blaw-Knox Co
*
Carnegie Metals
1
Clark (D F) Candy Co
*
Columbia Gas & Elec Co.*
High
3%
51
585
Crandall McK & Hend Co *
%
2
1%
732
16%
4%
5%
14%
2
1,297
52
15%
3%
2
3,918
5
5
7%
9
984
8%
8%
16
16
Ft
1%
31%
1%
33%
97
98%
*
*
10%
1%
11%
1%
5
41
43
Mountain Fuel Supply
4%
Pittsburgh Brewing com..*
Preferred
*
5%
2%
2%
23%
8%
99%
10%
21
Pittsburgh Forging Co
1
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Foundry.*
99%
9%
Plymouth Oil Co
12%
Renner
5
Co
...1
San Toy Mining
1
Shamrock Oil & Gas
*
Standard Steel Spring
*
United Engine & Fdy.....
United States Glass Co..25
Vanadium Alloy Steel
*
1
Westinghouse Air Brake..*
Westlnghouse El & Mfg.50
7%
3
3
1
3c
8
73
Mar
210
Dec
17
2%
30%
100
Jan
Deo
Sept
11
Nov
4%
Mar
50c
Dec
1%
24%
4%
Jan
42%
Deo
Nov
5%
Nov
1%
3,395
2
41
30%
3,827
1
4%
1%
6%
1
800
500
25,271
4
Jan
Mar
2%
'
1
2
15
15
3c
Apr
Apr
50c
4%
665
5%
Aug
8%
4%
'
3,522
780
5
8
8%
Mar
54
Oct
Dec
Oct
15%
Dec
16%
Nov
6%
Mar
1
1
12
150
14%
1
391
17%
5%
1%
Jan
3% May
3% Mar
4%
Jan
Jan
3%
5%
Jan
5
I
200
•
Mar
9%
1
10,260
Lone Star Gas Co
Mesta Machine Co
Dec
Dec
4%
477
McKinney Mfg
50%
4
2
40
315
Mar
3%
900
Pittsburgh Brewing...*
Harb-Walker Refrac com.*
Koppers G & Coke pref. 100
Dec
7%
90c
100
Follansbee Bros pref...100
3%
3
1
500
5
Class A...
Feb
Mar
,
6
735
250
16
High
1
2
17
13
8.212
6
5
Duquesne Brewing Co
Low
Low
Shares
7%
7%
7%
Range for Year 1935
Apr
May
25%
7%
Mar
47%
5%
Feb
Apr
Dec
Nov
Mar
Apr
May
12%
Dec
Oct
1%
100%
9%
1%
Apr
Apr
1
2C
Dec
4
Feb
Jan
5c
75c
75c
Jan
23
24
502
8
9
Feb
3%
20%
31
32
2,826
15
Jan
40
100
1
1
Dec
2
Jan
18
Jan
36
Nov
3%
1%
34
1%
34
65c
2c
100
70c
770
35% 36%
97% 102%
27%
15%
3
836
%
55c
Dec
15%
27%
18%
32%
Mar
Mar
98
1332
1%
1%
Apr
Dec
Apr
1%
35%
1
Dec
706
Jan
Dec
Nov
Unlisted—
Unlisted—
American Tel & Tel...100
Cities Service
*
Cord Corp
General Electric
5
*
Montgomery Ward
*
Packard Motor Car Co..*
Radio Corp of America..*
Seaboard Oil of Del
Standard Oil of N J
Tide
*
Victor Brewing Co
100
1,200
5%c
*
Mar
%
4%
70
26%
58%
Oct
5c
53
*
Oct
5%
%
.._*
United Gas Imp com.....*
Preferred
*
Feb
4%
17%
42%
50
United Corp com
Preferred
81%
»
5,374
57
Union Traction
Dec
Nov
9,665
118
Tonopah-Belmont Dev.-.l
Tonopah Mining
1
Nov
59%
1,983
3,118
12%
4%
34%
118
118%
14%
15%
114% 116%
33%
33%
5%
2%
7%
10%
2%
2%
11%
12%
*
Tacony-Palmyra Bridge..*
59
22%
Mar
3%
100
*
Mar
Mar
26%
31%
20
Scott Paper
Series A 7% pref
Sun Oil Co
Dec
19%
106%
14%
3%
37c
35
*
27
Jan
5c
25
25
Feb
8%
36c
29
*
Dec
14
5
50
Philadelphia Traction...50
Aug
5
50
50
39%
12%
22%
2%
6
130
Dec
22
30%
10c
25
100
8
Jan
37c
25
com
Jan
Feb
45c
6% preferred
5%% preferred
Southern Pacific Co
2%
9%
13%
20%
2%
6%
12%
1%
1%
50
Nov
De
8c May
6,000
5,000
Orlg preferred
Sou Calif Edison Co
Jan
18%
1
15%
11%
25%
Signal Oil & Gas B com..*
Jan
5c
*
c
Pennsylvania RR
Penna Salt Mfg
93%
5
1
869
2%
14%
Mar
68
1
22
1,726
7%
10
Mar
33%
11%
440
856
130
2%
31%
2
Feb
7%
200
118
51%
45%
35c
i
J'
2,800
12,800
105% 105%
13%
14%
Republic Petroleum Co .10
35c
122
7%
9%
Dec
Olinda Land Co
6%
50
Lehigh Valley..
Dec
4%c
*
com
Elec & Peoples tr ctfs 4s '45
35c
193L
High
Low
26%
Phila Elec (Pa) 1st 5s.1966
Phlla Elec Pow Co 5 %s '72
2%
2%
Range for Year
Low
12%
89%
Apr
2%
Pacific Gas & Elec Co...25
Shares
12%
86%
Dec
35c
:
High
*
5
Dec
*
Mills Alloys Inc A
Par Low
Chrysler Corp
Dec
Mt Diabo Oil M & Devel.l
Wellington
1935
Budd Wheel Co..
High
1% Nov
Apr
Oct
Sept
41
5c
•*
.
Low
%
2%
%
8%
3
Broadwy Dept St 1st pdlOO
Square D Co B
Dec. 31
Curtis Pub Co com
2
5c
I
.
ii Range for Year 1935
Low
100
300
6%
10
B
Dec. 31
1%
3%
83
.100
Barnhardy-Morrow Cons.l
Bolsa Chlca Oil A
Menasco
1933 to
for
Week
Stocks
/*,
1933 to
for
High
1%
3%
1
Baker Bros pref
Sales
of Prices
Assoc Gas & Elec A
Bandinni Petroleum
Kinner
Sales
of Prices
10f both inclusive, compiled from official sales lists
Week
ttuttak
1
Week's Range
Angeles Stock Exchange
July 1
1936
11
Jan.
*
25
Water
Assoc Oil
*
Warner Bros Pictures... .5
7
12%
8
13%
36%
»
3,200
Mar
3%
2% June
5%
2
300
6
16
21%
Mar
400
1
15%
2%
22
Mar
4
400
34%
53%
54
14%
15%
1,800
26
10
io%|
5,500
1
200
1
21%
33%
7%
2%
3%
3%
4%
Nov
Nov
%
9
«
*
Dec
40%
40%
7%
Pennroad Corp vtc
Nov
700
4,400
5,500
Nov
160
Mar
3%
4%
13%
36%
Nov
Oct
ST. LOUIS MARKETS
Dec
I. M.SIMON & CO.
Dec
50%
15%
10%
Apr
32
44
Nov
Nov
Dec
V
•
8%
2%
Apr
Mar
Business Established 1874
.
Dec
Enquiries Invited
Dec
all
on
Mid-Western and Southern
Securities
MEMBERS
Established 1874
New York Stock Exchange
St. Louis Stock Exchange
New York Curb (Associate)
Chicago Board of Trade
315 North Fourth St., St. Louis, Mo.
DeHaven & Townsend
Telephone Central 3350
Members
New York Stock
Exchange
Philadelphia Stock Exchange
PHILADELPHIA
St. Louis Stock Exchange
NEW
1415 Walnut Street
YORK
Jan. 4 to Jan.
10, both inclusive, compiled from official sales lists
30 Broad Street
July
1
Week's Range
Sales
1933 to
of Prices
for
Dec. 31
Week
1935
Philadelphia Stock Exchange
Jan.
4 to Jan.
10, both inclusive, compiled from official sales lists
Stocks—
Par Low
(A S) Aloe Co pref
100
for
Dec. 31
1935
Range for Year 1935
Birkart Mfg com
Preferred
Columbia Brew
Stocks—
Par Low
American Stores
*
American Tel & Tel
100
Baldwin Locomotive-..100
Bell Tel of Pa oref
100
Budd (E G) Mfg Co.....*
Preferred
100
Rights
For
High
34%
35%
156 % 160-Hi
4%
4%
121% 122 %
9%
10%
90
85%
2%
footnotes
see
page
283
2%
Shares
Low
1,333
32 %
748
1
180
'
405
109 %
3,094
25
2,677
98%
1%
3
«
16
Low
32 %
98 %
1%
114%
3%
23
%
Dec
Mar
Mar
Apr
Mar
Mar
%
Sept
High
42%
Jan
160% Nov
6%
Jan
124% Dec
9% Nov
96% Dec
3% Nov
Low
Low
High
com
5
40
95
June
40
3
7
Mar
13%
Nov
64
64
40
42
53
Mar
64
Nov
48%
32%
57
877
32%
77
3%
3%
100
Ely & Walk D Gds 2d pf 100
Emerson Electric pref..100
Falstaff Brew
Shares
*
Brown Shoe com
.
13%
*
1933 to
.
13%
5
Sales
Week
of Prices
American Investment B
*
*
X July 1
Week's Range
High
101% 101%
Range for Year 1935
1
com
Hamilton-Brown Shoe
Hussmann-Ligonier
Preferred
Huttig S & D com
com
com.*
_*
..*
98
98
17%
4%
2%
7
9%
4
1
6
9
22
2%
2%
105
Jan
46%
Feb
33
Sept
Dec
Dec
Dec
3% June
15
70
77
18
60
13
17%
Jan
21%
Dec
5
175
2%
Jan
5%
July
3
285
7
25
10
215
4
50
2%
2
2
1
Jan
2
102
Dec
Nov
4%
Jan
July
3% June
6%
Dec
3%
9%
Dec
2
2
4
Jan
Oct
Week's Range
Key Boiler Equip com
Laclede Steel
Dec. 31
1935
Shares
Low
Par Low
8%
*
*
pref
29
4%
4%
*
2%
6%
2%
100
6%
41%
5,638
Nov
Spring Valley Water C
Apr
Standard Oil Co of Calif..*
14
1,085
21
100
25
10
11%
25C
50c
Dec
12 %
18
Nov
116
16
Jan
119
Aug
8%
s%
200
*
B
Dec
Nov
25
75c
26
11%
116
75c
Nlch Beazley Airpl com..5
3%
30
14
13%
3%
Southern Pacific Co
Dec
Apr
6
99
13%
8%
15
Apr
50c
Dec
Telephone Inv Corp
Nov
6%
100
100
Scullin Steel pref
*
Sleloff Packing com
*
Southwstn Bell Tel pref 100
10 %
301
117 %
9%
117
1st preferred
2d preferred
38
36
70
2
25
40c
7
25
7
123
124
148
115%
50
349
6%
♦City A Suburb P S 5s 1934
26%
26%
SI,000
25
10
25
Sept
Universal Consol Oil
8
Mar
Wells Fargo Bk A U T.100
301
!7%
Dec
May
125 %
W estern Pipe &
Dec
10%
preferred
8%
Nov
Jan
3
4
Oct
9
Dec
26%
28
Jan
33
Dec
40%
Mar
28
Dec
42%
Jan
Dec
15%
7%
7%
Mar
83%
Feb
104
Nov
69,346
8,143
3,355
4%
4%
Mar
14
Dec
11%
14%
Feb
*
27
460
8%
1.20
26
May
Oct
7%
Oct
6%
Jan
10%
305
Dec
Jan
230
7%
4,121
29%
16% May
Jan
17%
179
10
Dec
23%
Jan
5
4
16
110
301
26%
Steel Co.10
4%
43%
23
2%
102
Dec
Jan
150
25%
11%
23%
Oct
8% May
28
Oct
Jan
119
7%
15
10%
31%
25
25%
%
5%
%
%
20
Union Oil Co of Calif
Dec
23
Apr
%
7
10%
30%
Wagner Electric com
12 %
Jan
92
102
2
Stix Baer & Fuller com—*
13
16%
Mar
5%
13
3,444
15%
102%
13%
Union Sugar Co com
July
8%
6%
90
7
102
14%
101
100
*
preferred
Dec
Mar
1%
12%
'
High
Low
5%
1
100
41
41
*
Tide Water Ass'd Oil com.*
Transamerica Corp
Rice-Stix Dry Goods com.*
40
'
Feb
%
;
__*
16%
26%
Range for Year 1935
Low
Shares
3,291
5,510
1,270
May
298
10%
1935
High
(Continued)
Shell Union Oil com
Nov
6%
100
11
116
100
49 %
15 %
25
25
Natl Bearing Metals com.*
Natl Candy com
*
Dec. 31
So Pacific Golden Gate A_*
Mar
Aug
29
30
1933 to
for
Par Low
*
15%
100
24%
Stocks
High
Low
42 %
38
40
29
Sales
of Prices
Week
10%
Mo-Portland Cem com__25
1st preferred
Natl Oats com
237
49 %
8%
1
Week's Range
Range for Year 1935
25
20
com
Hioh
48
International Shoe com__*
July
July 1
1933 to
for
Week
Stocks (Concluded)
Sales
of Prices
Knapp Monarch
283
Financial Chronicle
Volume 142
12 %
Jan
34
Dec
25%
Oct
30
Feb
Bonds—
18
STRASSBURGER & CO.
133
MONTGOMERY STREET
Stock
Dean Witter & Co.
New
Municipal and Corporation Bond»
of
Trade
Chicago
Stock
Exchange
New York Curb Ex. (Asso.)
PRIVATE LEASED
Exchange
San Francisco Stock Exchange
{Since 1880)
Los Angeles
New
Francisco
Exchange—San
Board
York
Exchange—San Francisco Stock
Curb Exchange—Chicago
(Associate)
Members: New York Stock
San Francisco Curb Exchange
Chicago
WIRES
San Francisco
York
FRANCISCO
SAN
Members
Board of Trade—New York Curb Exchange
Direct Private Wire
Cotton Exchange
Beverly Hills
Portland
Seattle
Honolulu
Tacoma
New York Coffee Jk Sugar Ex.
Sacramento
Stockton
Honolulu
Oakland
New York
Exchange,
Commodity
Fresno
Stock
San Francisco Curb Exchange
Inc.
Exchange
both inclusive, compiled from official sales lists
Jan. 4 to Jan. 10,
July
San Francisco Stock
July
Sales
for
Dec. 31
Week
1935
Alaska-Treadwell
Range for Year 1935
Amer Tel
Par
Stocks—
Low
Alaska Juneau Gold MinlC
Anglo Calif Nat Bk of SF20
Ins. Fund, Inc—1C
Assoc
Eng A. .5
100
Bank of Calif N A
Byron Jackson Co.
*
Calamba Sugar com.,..20
20
preferred
Calaveras
com..*
Cement
High
15%
Shares
Low
1
375
16%
17%
1,052
5%
9,301
124%
25%
1,460
13%
7%
%
1%
120%
3%
i 15%
21%
4%
21%
1,185
117%
4%
1,020
1
1,635
17
4%
21%
24%
180% 184
1,178
17%
6,629
*15%
%
10
California Copper
85
*
48
48%
35
37%
13,597
Calif Packing Corp
Calif Water Serv pref..
_*
Caterpillar Tractor
611
'
A. 120
1
Cons Aircraft.
14%
14%
m
430
35
36
p
17%
1,231
Jan
Jan
7%
Jan
9%
May
17%
Jan
26%
Aug
5%
Feb
1
Nov
Jan
Feb
Jan
36%
Jan
80
Oct
6%
10
48
41%
100
59%
89%
Feb
Nov
Nov
Nov
16%
Nov
Jan
37
July
Nov
18
Dec
Jan
Aug
100
1st pref
*
Cons Chem Indus A
Willamette
Crown Zellerbach v t c__*
Preferred A
*
Preferred B
*
Di Giorgio Fruit com...
10
100
$3 preferred
Eldorado Oil Works
103
•25
104
30%
30%
104% 105%
9
8%
95
93%
94%
93%
3%
56%
490
11,468
27
1
77
21%
1,205
27%
40
99
3%
3%
Apr
9
Dec
f 50%
Mar
95
Nov
50%
Mar
96
Nov
927
25%
1,380
16
16%
17%
500
15
4,854 ,7>2%
25
*
10
Foster A Kleiser com
Galland Merc Laundry
32
f
4
40%
4
48%
54%
48%
118%
com...*
33%
Preferred
Gen Paint Corp A
B common
Golden State Co Ltd
*
Hale Bros Stores Inc
*
56%
30
1
July
Jan
Jan
27%
18%
Nov
• 15%
|12%
July
15%
Aug
35%
Sept
Jan
J 71%
5
7,873
11
Jan
4%
Jan
20%
Jan
102
77%
Dec
Feb
5
Sept
Jan
53
Aug
53
Dec
56%
Dec
2,824
14%
Mar
1%
Mar
4
Mar
%
4
36
6%
11%
Nov
Aug
Dec
Honolulu Oil Corp
Ltd...*
Honolulu Plantation
20
Hunt Bros Acorn..
*
15
15%
310
27%
Hawaiian Pine
27%
356
27%
22%
27%
25
3,052
10%
♦27% [Dec
Jan
114%
115
17%
126
9%
750
3%
7%lMay
11%
Oct
14%
5,726
5%
5%
Mar
12%
Dec
1%
1% May
122% Apr
4%
Nov
27%
10
Nov
8%
Jan
Jan
17
B
*
Leslie-Calif Salt Co
*
Libby McN A Libby com.*
Lockheed Aircraft
Los Ang G & E
11%
3%
25%
5
868
26
919
10
11
665
2
869
17
7%
pref
100
*
Lyons-Magnus Inc A
*
B
Magnavox Co Ltd
2%
(I) Magnin & Co com
6% preferred
*
113
8%
121
200
114
Nov
29%
Dec
22%
Nov
32% May
8%
1%
1,442
6
100
2%
16%
100
105
Marchant Cal Mach com 10
13
Market St Ry com
100
Natl Automotive Fibres..*
2
17
36
2,781
100
100
70
73
100
65%
15%
70%
North Amer Oil Cons.-.10
Occidental Ins Co
10
28
29
135
Oliver United Filters A...*
29
29%
900
9%
*
12%
13
1,347
15
12%
13
80
25
31%
25
25
29%
27
32%
29%
27%
52
54
27
6,869
%
3
17%
_
B_
_
_
_
.
.
Pacific G & E
com
6% 1st preferred
5%% preferred.
Pacific Lighting Corp
6%
..
Sugar
3%
7%
4
5
14
31%
14%
26
com *
*
preferred..
Pac Pub Ser (non-vot)com*
Preferred (non-vot)
*
1
12%
5,283
2,933
2
18%
576
104% 106
210
5
3,811
2,697
4%
19%
20%
119
121
100
140
140
30
_*
82
86
Oct
7
Nov
52%
53%
52
58
110
26
51
Dec
51
Dec
2.40
2.50
460
2.00
2.00
Dec
2.40
14%
15
370
63
63
20
*
A
*
Cal Ore Pow
6% '27...100
Cardinal Gold
*
Chanslor A Lyon A
*
Neon
Phillips Petroleum
_*
38%
Pig'n Whistle pref
Ry Equip & Rlty com
.*
*
38%
2%
6%
5%
com..
preferred
com
preferred
preferred
-.._.*
*
Rainier Pulp & Paper Co.*
16
1
75c
*
12%
13
200
*
86%
87
70c
10
5
8,695
1,650
105
70c
525
105
17
187
200
i
3,465
2,850
*
13
13%
66
*
64%
21%
21%
10
21
July
99%
99%
42%
208
75
95
June
25
28
31
Jan
100
50c
1,925
2.50
2.90
Nov
3.95 May
6%
5%
Mar
13%
Great West Elec-Chem__
Preferred
Guggenhime pref
Hawaiian Sugar
20
*
1.60
1.60
1
3.25
3.45
14
Hobbs Battery A
Idaho Maryland
14
International Tel & Tel
22c
Kinner
1
4,678
5c
13c
Jan
28c
Feb
47c
66c
Jan
1.85
Deo
22
45c
Oct
77c
65c
10,740
10c
41c
5,900
5c
14c
10,300
13c
1
6%
Montgomery Ward.
38%
300
4.60
Sugar
1,100
5%
30
Nov
4%
Jan
2.20
Dec
3.30
22%
Mar
38%
15
,7
20%
Jan
Mar
1
146
6% May
36
21c
21c
200
18c
18c
Oct
33c
Mar
5%
7%
14%
4%
5%
7%
90
4.55
4.75
Jan
7
July
720
2%
Aug
15%
658
5
4%
9%
1%
1%
Mar
3.05
Pacific Amer Fisheries...5
Pacific Eastern Corp
1
100
3.25
3.25
52
42%
14%
4%
90
30
85
5
7
1,847
2
13%
7%
1,756
1,600
2.75
10
4%
1
12%
Radio Corp
6
Radio Keith Orpheum
2.75
1
Oct
Nov
Nov
Nov
Feb
Jan
3%
11
Pacific Western Oil
Pete
4,254
42%
Pac Portland Cement-.100
Park Utah Mines..
5
7%
17%
5%
3.00
Nov
Dec
11
Deo
Oct
6
Apr
Mar
4
3.05
42%
July
32%
13
Dec
3.50
Aug
2%
Dec
2.00 May
1%
3.05
3.50
Mar
36
36
23%
37%
U%
25%
27
Jan
Mar
Deo
Dec
Preferred
Shasta Water
Silver King Coalition
5%%
Dec
Nov
5
Southern Calif Edison...25
Nov
6%
Mar
30
Dec
Jan
39%
26%
100
7%
25c
Nov
United States Pete
1
100
Waialua Agriculture
20
Jan
49%
7%
Nov
July
46
15
19
36%
Jan
71
Nov
10%
15%
31%
Nov
Western Air Express
1
Jan
29%
27%
Mar
57%
Nov
106%
Dec
5
Nov
1
Oct
7%
70%
11
Mar
38%
Dec
2%
Aug
5
Dec
Dec
85
Dec
19
225
16%
16%
Dec
20
34%
35
712
15
30
Jan
Jan
88%
Jan
-
Jan
July
36%
121
%
5%
Dec
Aug
Nov
Nov
Nov
Jan
Nov
Oct
Feb
o
7%
Dec
15%
/ Flat,
Aug
17c
10
Nov
%
1%
4%
4.50
5
21%
Oct
39
45%
West Coast Life.
Feb
28%
16c
Warner Brothers Pictures.
Feb
Jan
Jan
4
Oct
e
Oct
17%
17
27%
Nov
No par value,
Nov
26%
10
15
•
Apr
27
Jan
220
13
Oct
19
Mar
6
Jan
%
3
7,950
491
Mar
16%
1%
35c
8%
10%
46
25
Jan
71
560
17
Jan
Dec
Oct
Nov
Sept
50
50
4.75
VIca Co
Jan
4%
13%
20%
8%
319
39
Apr
2
50
2,997
26%
27%
United Corp
22
5%
10%
14%
15%
14%
27%
25
South Pac G G pref
11
10
200
11%
37
25
preferred
preferred
2%
Nov
Nov
Dec
Nov
1
Packard Motors
170
Nov
Dec
20
Occidental Pete
Olaa Sugar
19
Dec
5%
15c
3c
4%
2%
15%
400
28
20
Dec
Nov
3c
25
2.90
38%
...
Mountain City Copper
6%
2.70
Manufacturing.
78c
20c
«
5o May
18
July
Oct
Nov
11,218
6%
Dec
1
Oct
Mar
Dec
655
Dec
1.85
50c June
90c
Dec
5
Sept
98%
35c
79%
100
22%
43
25c
5
Republic
Nov
Nov
1.85
20c
M J & M A M Oil
2
13%
70
29%
1
McBryde Sugar
Oahu
'
10
Airplane
Motors
Menasco
16.80
Apr
Aug
1.60
1
Preferred
Kleiber
100
5
48
4%
17
29%
Italo Petroleum
Kennecott Copper
2
42
17
170
600
Jan
Dec
*
Gladding-McBean
Schumacher W Br
80%
%
18%
Dec
General Metals
Dec
142
67%
Oct
Aug
Aug
105
*
122%
45
14
Dec
Dec
1.00
Jan
14
Nov
20%
Mar
July
110
Jan
140
35c
9
100
3%
79
85
June
Dec
Jan
%
23c
2
10
18%
38
Aug
%
117
6%
16%
5%
79%
%
1
2%
Dec
3
Apr
1%
%
Mar
700
Nov
3%
5%
315
450
5
17
Mar
32c
210
36
99%
Nov
75c
5
1,820
111
68%
1
11%
Z
46
18%
17
Flbreboard Prods pref. .100
Elec Bond A Share
Dec
75c
182
Crown-Will 2d pref
Dumbarton Bridge
63
11%
20
3%
70c
Lights
Dec
Mar
4
3,075
3%
Consolidated Oil
14%
25%
1.00
5
81%
19%
2%
4%
81
116
1.30
Dec
July
20
12
14%
%
S J L A Pr 7% pr pref..100
SchlesingerASons(BF) com*
Preferred
16
5%
5%
Dec
80
.._*
Cities Service
Claude
1.15
1,245
6%
5
21
2,446
6%
Paraffine Co's
Dec
9%
15%
18
1%
Nov
5%
2%
72
%
16%
July
Riverside Cement
Mar
20%
66%
Feb
3
Richfield Oil pref
Mar
19
"
2
2%
*
10
5
Aug
Mar
16%
i
1
220
18%
4%
6%
Nov
9%
1%
4,240
100
Pacific Tel & Tel
820
5
July
21%
12%
4
13
3
Atlas Imp Diesel B
United States Steel
Paauhau
Oct
30
3
Feb
13
6%
11
13%
20%
2%
18%
103%
14%
1%
38%
12%
11%
72%
Jan
150
f
60
8,696
7
July
13
Jan
Feb
%
90
9%
Jan
July
1.75
775
Mar
H
8%
2
5
6% preferred
5%% preferred
12%
Dec
93
13
*
114%
1
1
33%
11%
9%
com
Jan
1
66
2,046
90
No Amer Inv
8%
Dec
%
2
Natomas Co
5%
Oct
6
5
13%
Aug
1
12
530
105
i 6%
81%
6%
75
275
8%
1%
2%
2%
90c
19
*
Preferred
Langendorf United Bak A *
Jan
14
Nov
9
29%
8
Dec
10
14
Dec
I 39
1
16
5
Nov
84
941
7
38
126%
5%
1,475 f* %
85
31%
1,353 22 22%
34%
5%
10%
*
com
Jan
18
117
g44
440
4,311
119%
_*
General Motors
113
73
32
99% 100
39%
Oct
22%
fie
155
33
2%
2%
15%
Corp com
Dec
26
*
Food Mach
Nov
127
Emporium Capwell Corp.*
Emsco Derrick & Equip. .5
Fireman's Fund Insur
Nov
33
104
305
32%
24%
Fireman's Fund Indem..l0
105
Jan
Dec
212
3%
Jan
10
Calif Art Tile B
Nov
29%
6
Mar
31,660
Bethlehem Steel
Nov
14%
*18%
Nov
21c
7%
59c
15%
Sept
%
Aug
47c
20c
3
45c
15%
Bancamerica-Blalr
Sept
70
160
1
Bunker Hill & Sull
Nov
22%
30
High
80c June
Oct
Mar
*
2
Oct
Apr
1
99
Bridge
Aviation Corp
Aug
19
31
26%
17
Nov
187
100
Low
15c
10c
98%
Atlas Corp
Dec
17%
4%
Coast Cos G & E—
6%
Low
520
400
35c
Argonaut Mining
Jan
21%
30
15
2
20
10%
|59
570
16%
*
Clorox Chemical Co
5
143
16%
56
87%
Jan
17
'
25
55%
Jan
1%
%
99% 100
87%
Motors
Claude Neon Elec Prod..*
Crown
Shares
High
35c
157% 160
Range for Year 1935
Anglo Natl Corp
High
Oct
12
%
302
*
100
Calif Ink Co A com
26%
Low
14
4
11,336
Calif Cotton Mills com. 100
25
Chrysler
1935
25
A Tel
Amer Toll
7%
Dec. 31
Par Low
Stocks—
1933 to
of Prices
Atlas Imp Diesel
1933 to
for
Week
1
Week's Range
#
Sales
of Prices
10, both inclusive, compiled from official sales lists
4 to Jan.
Jan.
Week's Range
Exchange
5
Cash sale,
5
x
865
2%
4%
110
Ex-dlvldend
t
5
4%
Feb
2
25
3%
27c May
Aug
Ex-Ughta.
i
10%
Listed,
Dec
14
Aug
Dec
5%
Oct
t In default.
Price adjusted because of stock dividends, split-ups, Ao.
r New stook.
X Low price not including cash or odd-lot sales.
The National Securities Exchanges on which low prloee since July
made (designated by superior figures in tables) are aa follows:
--
1
1933 were
*
New York Stock
*
New York Curb
•» Cleveland Stock
« Richmond Stook
1
New York Produce
New York Real Estate
14 Colorado Springs Stock
11 Denver Stock
24 St. Louis Stock
4
29
Salt Lake City Stook
4
Baltimore Stock
14
Detroit Stock
14
San Francisco Stook
•
Boston Stock
17
Los Angeles Stock
27
San Francisco Curb
7
Buffalo Stock
'»
Los Angeles Curb
24
San Francisco Mining
•
California Stock
"
24
Seattle Stock
14
Spokane
n
Washington (D.O.) Stook
« Cincinnati Stock
Mlnneapolls-St. Paul
24
New Orleans Stock
Chicago Stock
«•
Chicago Board of Trade « Philadelphia Stock
11
Chicago Curb
•
"
Pittsburgh Stock
Stook
Financial Chronicle
284
Jan.
1936
11
Canadian Markets
LISTED
Provincial and
Toronto Stock Exchange
Province of Ontario—
Bid
11948
90
93
5*s
Jan
3 1937
Oct
11966
Prov of British Columbia—
86
87
6s
Oct
1 1942
6s...
6s
Sept 16 1943
May
1 1969
4s
June
4Mb
Jan
Jan
6s
4*0
4KB
10012
16 1936 100
99
100
12 1949
96i2 9712
11963
—Feb
July
Oct
6s
4MB-.-
11941
102
6b
June 16 1964
104
68..
Dee
.Aug
2 1969
4Mb
2 1960
Mar
Feb
11968
HOI2
10712 108i2
May
11961
111
101«4
4MB...
109
110
6s....
.June 16 1943
100
10034
6M8..
4MB
.Nov
Oct
16 1946
11961
100
101
11936
May
1001s 10078
Stocks
{Concluded)
Par
Canadian Bakeries pref .100
Canadian Canners
*
pref
Conv pref
96
94U
Price
45
43M
4*
89
1
7
Canadian Car
*
7*
.26
14M
42*
10M
9M
15M
Canadian Dredge
Cndn Ind Alcohol A
*
*
B
*
'
*
100
26
*
Cockshutt Plow
Consol Bakeries
Consumers Gas
Canadian
*
26
.......
Cosmos Imperial
Preferred
Bonds
100
*
100
Distillers Seagrams.
Dom Steel A Coal B
Preferred
*
26
26
—
Dominion Stores
Gundy
124
11M
3M
*
Consol Smelters..
*
Eastern Steel Prod-
6M
7
45
4*
91*
7M
7M
14«
15
42
44*
10M
11
9M
15
124
11M
3
9M
15*
125
12*
3*
8*
Range for Year 1935
Low
Shares
170
25
152
280
4*
10*
19*
6*
6*
375
60
113
1,003
3,971
10,733
980
18
200* 208
790
189
220
32M
4M
34*
7,030
1,916
15
15*
10*
107
"33 M
4M
16
99
19 M
107
18*
9M
5
5
20
Economic Invest.......60
21
21
50
13*
13*
26*
Co.,
*
*
Goodyear Tire
Inc.
*
Frost Steel & Wire
*
Preferred
13M
26M
25
5
5
6*
9*
8*
Jan
Jan
Jan
Jan
Jan
Deo
Oct
42*
13*
11*
15
Jan
127
Mar
Mar
Aug
Oct
Oct
Mar
11*
125*
Jan
13*
6
9*
17*
Nov
Nov
Jan
Mar
Nov
Nov
Mar
220
Deo
184
Oct
193
Aug
14*
102*
13*
Apr
3*
5
Jan
Apr
Apr
Sept
July
Aug
Jan
58*
Jan
14*
7* May
23* June
20* Nov
108
38*
6
18*
12*
May
Deo
Jan
July
Jan
10
Jan
90*
Feb
20
Deo
13*
Dec
150
2
Mar
32*
4*
Nov
July
5,106
3,140
64M
65*
270
59
Oct
72*
55M
65*
Dec
17
Oct
6*
6*
25
Oct
8*
2*
4,225
11
Ford A
94
May
14*
85
Fanny Farmer.
Sept
July
Sept
Oct
935
85
*
36
11
410
191M
18*
192
3*
75
765
207
"l7M
High
AUg
4*
1,190
2,472
8M
17 M
15
935
100
Preferred
14 Wall St.
New York
Week
*
Canadian Paolflo Ry
Canadian Wineries
&
for
of Prices
Low
High
100
Preferred
10784
11384 11484
Wood,
Week's Range
Sale
Canadian Oil
107
11960
Last
Preferred..
101
10714 IO8I4
Sales
Friday
1st
Provlnoe of Saskatchewan—
—Sept 16 1962
Mar
108
4MB
10612 108
4Mb
...June 16 1936
4MB....
Apr 161960
4M8—..
Apr 161961
Provlnoe of Nova Sootla—
6s
107
4b
10512
Prov of New Brunswlok—
4KB
1 1962
16 1966
Ask
104i2 106
111
III84
11514 116*
11384 11484
102i2 103*
Province of Quebec—
Provlnoe of Manitoba—
4Kb
UNLISTED
Municipal Issues
Ask
Bid
Province of Alberta—
AND
51* June
55*
Jan
Deo
57
167
Gen Steel Wares com.....*
5
5
25
3
Aug
5*
Feb
Great West Saddlery
*
25
Sept
8
75c May
Oct
4*
1*
*
*
1M
7M
2*
1
Gypsum
Hamilton Cottons pref..30
Hinde & Dauch
*
Private wires to Toronto and Montreal
27
27
13*
13M
160
Harding Carpets
Industrial and Public Utility
Bid
Abitlbl P A Pap ctfs 6s 1963
/43
Alberta Paolflo Grain 6b 1946
98
ABbeBtOB Corp of Can 6e 1942
Beauharnols L H A P 6Ms'78
Bid
90
4338
115
BrltlBh-Amer Oil Co 6b. 1946
mt Pow A Pap
99
83i2
30i2
Beauharnols Pr Corp 6a 1973
Bell Tel Co of Can 6s..1966
85
31*
115*
103
McColl Frontenao Oil 6sl949
.
Calgary Power Co 68...1960
Canada Bread 6s
1
6*s
Feb 11942
6*8
Feb 1 1947
MacLaren-Que Pow 5*s *61
Manitoba Power 5*s..l951
Maple Leaf Milling 5*sl949
Massey-Harris Co 5s... 1947
L
.
10412
10312
10484 106
8H2
10U2 102
March
of Nfld 6s '68
104
Brit Col Power 6MB...1960
1960
British Columbia Tel 6b 1960
Burns A Co 6Ms-3Ms.l948
1941
108
Canada Cement Co 6Mb *47
Canadian Cannero Ltd 6fl '60
106
Canadian Con Rubb 68.1946
IO584
8638
...
101
Canadian Vlokers Co 6b 1947
Cedar Rapids M A P 6b 1963
Montreal Island Pow 5 *s'57
Montreal L H A P (350
par value) 3s
5s
112
8734
103*
/32i4
109*
Dominion Coal 6s
10434
78
79
Int Nickel
102
Northwestern Pow 6s.. 1960
53
54
53
54
Certificates of deposit
33
...
Dom Gas A Eleo 6MB..1946
Dominion Tar 6a
1949
Donnaeonna Paper 5*s '48
Duke Price Power 6s... 1966
87
97
90
91*
Power Corp of Can
92
94
88
103
10334
65
6512
104^2 10434
East Kootenay Power 7b '42
Eastern Dairies 6b
1949
84
Eaton (T) Realty 6s.._1949
100
Fam Play Can Corp 68.1948
stamped
91
....I960
..
...
...
.
1943
94
5*s'47
102
...
...
105* 106
Southern Can Pow 5s. .1955
104l2 105*2
Steel of Canada Ltd 6s. 1940
112
.
IOIS4
102
84
United Grain Grow 5s__1948
99
93*
94
United Seour'les Ltd 5 *s '52
West Kootenay Power 5s '56
106
Winnipeg Eleo Co 5s...1935
Oct 2 1964
79
/46
Smith H Pa Mills 6 Mb. 1963
105
...
4684
10584
6s
7
Nov
99
Oct
45
26,154
5*
110
1.00
4,625
7*
17*
95
90
Feb
22*
1* May
25c July
Oct
6*
7
July
13*
Deo
11
14*
7*
105*
47*
4*
Jan
225
59
Oct
67
19
2,008
17
Oct
597
16
Oct
19*
18*
*
2.10
1.80
2.25
2,637
Oct
1.65
5*
6*
2,284
5
6
A
100
90
29
100
90
28 M
500
5
90
29*
1,646
147
150
110
175
148
175
30
*
~~30c
Natl Sewer Pipe A
*
18 M
17
*
7M
7
com
100
......
30c
130
40c
Deo
July
Mar
Deo
1
July
5
Mar
Mar
7*
Nov
71*
Jan
17
Jan
90
29*
Dec
Dec
118*
Jan
149
Nov
135
Jan
185
Nov
50c
116
25c
562
14*
Oct
769
4*
July
10
Feb
3*
18*
7*
130
Deo
Deo
Aug
Dec
17*
5M
Jan
Dec
Deo
1.00
67
6M
Feb
8*
18*
18*
17*
100
Ontario Equitable
.....
Page-Hersey
Pantepec Oil
Porto Rico pref.
7M
100
*
1
100
*
Russell Motors pref—.100
125
Apr
June
1.10
22
7*
135
Jan
Jan
Nov
Nov
80
3*
85
29 M
103
100
...
106S4
8
79 M
80
3M
3*
20
6
Dec
224
75
Aug
850
3
Dec
8*
88
4*
Feb
June
Dec
85
87
120
70
Mar
91
Jan
29 M
30
200
27
Jan
31
Dec
102 M 103
45
70
Jan
104
Dec
Dec
*
12
12
5
9
May
15
100
76
79
220
62
June
90
Jan
95
4
July
7
Nov
10
20
Dec
25
July
Mar
Simpsons Ltd A__
Preferred
Standard Chemical
*
6*
6*
*
20
20
*
Steel of Canada
20
59 M
57
59*
825
42
25
Preferred
Preferred
52 *
51M
53*
Sterling Coal
Tip Top Tailors
100
Preferred....
100
*
3
9M
3
9
104
58*
410
41
Apr
49
3
100
2
Aug
4
9*
355
7
Oct
1
90
Jan
104
Dec
Nov
Dec
12* June
100
Dec
...
80
Twin
City
*
*
*
Western Can Flour
18*
*
Preferred..
100
Westons (Geo) com
Preferred
STOCK BROKERS
9M
3M
32 *
*
com
Walker8 (Hiram) com
Preferred
Co.
"60
*
16M
100
Winnipeg Electric
110M
Preferred
*
100
Zimmerknit
Members Toronto Stock Exchange
Canadian Commodity Exchange, Inc.
9M
*
United Steel
&
395
85c
Massey-Harris com
*
Monarch Knitting pref. 100
Moore Corp com
*
Union Gas
Duncanson, White
Oct
66
...
100
100*
Great Lakes Pap Co 1st 6s'60
Dec
17*
...
78*
Gatlneau Power 6s
1966
General Steelwares 6s..1962
Oct
6
12
Mar
19
...
Quebec Power 5s
1968
Shawinigan Wat A P 4*s'67
Simpsons Ltd 6s
1949
82
105
10
40
347
Jan
3*
30*
*
B
Riverside Silk A
94
101
1,145
6
Oct
.
9812 100
Certificates of deposit
Provincial Paper Ltd
85
87
1 1967
Deo
Price Bros A Co 6s
103* 10414
Fraser Co 6s unstamped '60
6s
5s
14
14*
7*
6M
..*
Loblaw Groceterias A
Preferred
Ottawa Traction 5*s..l955
Ottawa Valley Power 5 *s'70
4*s 1959
23
7*
*
Laura Secord..
Muirheads
...
2* Sept
100
17
*
National Grocers
105*
-...
"~85c
*
B
'
1940
*
Lake of the Woods
1,315
27
44 M
3*
6,979
...
103
Ottawa Lt Ht & Pr 5S..1957
B
Kelvinator
6
13M
7M
104
46*
*
Maple Leaf Milling
Preferred
106l2
103*
92
Nova Scotia LAP 5s_.1958
..*
...
50
14M
100
com
Int Utilities A
104* 105
6
£1
...
7814 79*
54
/63
9H2 92l2
105U 10534
32l2 33
1939
6
Int Millng pref..
45
103
11212
Consol Pap Corp 6M8..1961
Dominion Cannera 6s..1940
/44
/94
49*
*
imperial Tobacco
Preferred
106
-
-
.
...
Oct 1 1951
102
88I2
102*
Montreal Tramway 5s. 1941
New Brunswick Pow 5s 1937
-
103
Can Lt A Pow Co 6s_..1949
Minn A Ontario Paper 6s '45
Montreal Coke A M 5*s '47
IO684
106
Canadian Inter Paper 6s '49
Can North Power 6s...1963
Hunts A
Atk
Lake St John Pr A Pap Co—
105
6s
Bonds
Atk
3M
*
8*
3*
*
9
3M
32
9*
9*
3*
17*
7M
33*
18*
7*
58
65
14*
15*
109 * 110*
2*
2*
12
15
2
Mar
12*
Nov
3,715
4
May
10
Nov
590
2
5
6,320
2,813
23
Aug
Oct
26
128
3,340
21
150
12
10
2*
40
51*
52*
149* 150*
204
2*
Jan
Nov
16*
2*
Apr
35*
18*
v6*
20
Apr
57
Dec
Sept
108
May
90c May
4* May
2* Dec
17
Sept
Aug
Jan
13*
115
4*
14
Mar
Dec
Feb
Deo
5*
Jan
Banks—
New York Curb (Associate)
Oct
King Street West, Toronto.
Sale
Stocks—
Par
Abitlbl...
1.80
.100
6% preferred
Alta Pac Grain pref— .100
Amer Cyanamid B... ..10
Beatty Brothers
8*
30*
35
*
....
Preferred
Beauharnols Power
of Prices
Low
Price
.100
*
...
Bell Telephone
100
Blue Ribbon 6 * % pref ..50
Brant Cord 1st pref— -.25
Brazilian
.
96
3*
145*
......
30*
10
Brew & Dist.
*
Brit Amer Oil
1.50
7*
High
1.80
9
9,395
12
110
93
97
25
2*
143* 146
27*
27*
30*
30*
9*
10*
372
118*
*
21*
Brit Col Pow A
*
29
18*
28*
21*
29*
Building Products a..
Burt (FN)
*
36
34
37
Canada Bread
*
B
pref
..50
*
*
*
Preferred
Canada Wire A Cable A
5*
39*
7
6
15
60
8,416
8,420
79,234
50c
100
14*
*
11*
10
Jan
275*
275
276
23
245
Oct
305
Jan
Royal
100
166
164
166
64
133*
Oct
173
Jan
225
227
18
183
Oct
230
May
139
...
-
100
Loan & Trust—
142
45
118
Oct
150
86*
88
65
82
Oct
103
Feb
55
55
1
53
Dec
75
May
2.00
Jan
100
199
199
10
175
Jan
204
Feb
9*
Jan
Ontario Loan A Deb
50
109
109
20
107
Apr
115
Sept
29
29*
Dec
Oct
15
Jan
95
Aug
July
Apr
7
Toronto Stock Exchange—Curb Section
Feb
Jan
Apr
145
Nov
10*
Nov
16* May
Jan
30*
6*
Dec
1,195
2
June
10
63
Apr
Last
:
sales lists
Sales
Week's Range
Range for Year 1935
for
Nov
1.65
Dec
6
Friday]
Feb
31
39*
95
Jan. 4 to Jan. 10, both inclusive, compiled from official
Dec
29
Apr
July
Feb
Jan
28*
32
95
Dec
Dec
333
19
Apr
38
2,038
5
Oct
Jan
Deo
Oct
8*
64*
105
56
May
82*
Nov
2*
155
1
June
Feb
11*
26*
11*
145
6
49*
9
Oct
190
237
24
203
100
55
Oct
83
10*
Oct
Nova Scotia
87
21
62
26
153
142
25*
82*
*
76
100
197
58*
2*
201
100
Mar
39
40*
6*
196
100
170
83
2*
Sept
19* May
Jan
27*
7* Sept
61
Preferred
Canada Packers
Canada Steamships-
B
37*
95
Canada Cement
85
482
1.45
5*
16*
8*
3*
3
1.25
1st pref
July
Nov
35
1.35
38*
55c
4
15
29*
11*
Oct
100
150 M
51*
Landed Banking
National Trust
High
395
30*
Oct
157
Canada Permanent
Low
7,260
3,226
27
141
17
52 M
Huron & Erie
Week
Shares
72
206
100
....
Toronto
Range for Year 1935
for
200
203
Montreal
Sales
Week's Range
Oct
195
203
Dominion
Jan. 4 to Jan. 10, both inclusive,
compiled from official sales lists
Last
122
195
100
60
Commerce
WA. 3401-8
Toronto Stock Exchange
Friday
64
.100
Imperial..
15
66* May
169*
Jan
201* Feb
208* Mar
Canada
Jan
July
3*
11*
167
13*
Nov
23
4*
Aug
18
Dec
■Rruck
*
S|)lc_„...
Brewing Corp
*
Preferred
*
*
Canada Bud
Canada
Marconi
2*
15*
7*
34
*
27
...1
2
*
23
Canada Vinegars
...
Canadian Wire Box A.
Crown Dominion Oil-
Dominion Bridge
.
*
......
*
Jan
Preferred
*
No par value.
High
Week
Shares
[
Low
High
Dec
15
18* Nov
4* May
22* May
8* May
15*
160
2*
13*
6*
33*
26*
2*
15*
7*
2,615
34
1,200
29
Apr
36
Nov
27
431
24
Sept
29
May
2
100
1
Apr
2
2
1,499
Oct
1
656
8
5*
Oct
.
Oct
34
4*
100
/ Flat price.
21*
23
377
15
Apr
21*
86
Corrugated Box pref.. .100
Dominion Tar A Chemical*
of Prices
Low
15*
*
Malting
Canadian
Price
Dec
109
Sale
Par
Stocks—
86
20
30
Jan
90
2*
33*
2*
34*
25
820
5*
490
1*
Jan
24* Mar
3* June
2*
34*
4*
42
70
56
59
13
Jan
7*
Oct
Dec
July
Nov
Dec
Mar
Mar
285
Financial Chronicle
Volume 142
Canadian Markets—Listed and Unlisted
Toronto Stock
Par
Week
Price
*
*
English Electric A
Hamilton Bridge
6%
Preferred
100
32%
30
6%
33%
Honey Dew
Preferred--
—*
50
50
50
'
*
21
*
Imperial Oil-Int Metal Indust
*
*
Preferred
100
International Petroleum.*
Montreal Power
*
National Breweries.-—-*
National Steel Car.—
*
North Star Oil
5
Preferred
5
Ontario Sllknlt
*
Power
7%
33%
20%
—*
Shoe--
Humberstone
*
—*
100
Corp
Rogers Majestic
pref
—*
Paving--——*
Preferred
100
R Simpson
31
34 %
33%
34%
32
31%
33
39
pref
105
19
July
33
Jan
*
67c
54%c
15
Mar
60
Jan
Roche-Long ,Lac
1
6%c
5%c
6%c
8
June
Royalite Oil
*
33%
30%
34
Nov
San ,Antonio
1
3.30
2.97
Nov
Sheep Creek
50c
67c
56c
Sherritt-Gordon
1
1.12
9
6
Apr
25
28
July
35%
22%
Gold..-.--—1
*
Anglo-Huronlan
Arntfield
1
Alexandria
South Amer G&P
Nov
South Tiblemont
*
Nov
*
21c
18%
Jan
Stadacona-Rouyn
St Anthony Gold
1
-18%c
18%c
Sudbury ^Basin
3.15
*3.05
D udbury^Contact
*
1
Sullivan Consolidated
13%
Jan
18
Nov
12
13
12%
Nov
10
2,404
1,275
50
19%
20%
565
1.25
1.20
1.25
455
11
11
2
1
1
4
3134
134
206
8
6% June
9
July
Jan
4%
21%
Feb
115"
*
--1
B uffalo-Ankerite
Buffalo-Canadian
Bunker Hill
Mar
Jan
94 %c
Jan
2.01 May
f 93c
87c
rs» 6c
94%c
68,265
2.62
2.45
2.63
24,515
1
37c
30c
38c
15,900
25c
110
Dec
Teck-Hughes Gold
4.38
5.15
19,940
3.70
23
Nov
1.66
1.90
29,665
55c
1.28
1.30
2,345
1.00
Aug
1.45
12c
Oct
30 %c
Jan
80c May
1.93
Deo
1.75
15
Jan
Dec
Jan
4%
32
Nov
*
5.10
Texas-Canadian
*
1.88
Toburn Gold
1
1.30
Towagmac Exploring
1
23c
20c
26c
2,754
Ventures
*
1.65
1.60
1.70
45,964
Waite-Amulet
*
1.27
11.23
1.30
17 %c
-
24c
Mar
Dec
7c
Jan
8.20
6.90
Aug
^9.90
Mar
51c
16,350
26o
July
85c
Mar
88
108
Mar
Jan
Wiltsey-Coghlan
Wrlght-Hargreaves
1
4c
3%c
4%c
*
8.20
7.75
Ymir-Yankee Girl
*
44c
44c
45
2
Oct
1
July
Jan
4%
2%
Jan. 4 to Jan.
14%o 18%c
Sale
18,650
13c
38,850
38c May
58c
60c
6,200
"1343
1%0
3%c
2%c
4%c
75,600
4%c
4.20
4.40
1,941
13,750
80.090
27,000
Mar
3.60
Dec
1.19
Sept
32c
Jan
2c
Oct
8c
Mar
79,500
89,225
22,975
4,500
39,974
3%c
July
14c
Jan
71c 15,23712
23c 136,206
6%c
7c
4c
5%c
37%c
36o
40c
44c 1
50c
1.48
6.45
Jan
8%C
4.75
4c
1.66
68O
20c
20c
2%c
Oct
3%0t 334c
4i
Mar
Jan
22c
"
1.09
Sept
%c Aug
Jan
2%c
Sept
95c
18o
7c
40c
Mar
77%c Sept
85c
85c
20c
3%c
26c
Dec
6%C
~~95c
5.60
6.45
Par
♦
2%c May
8%c Sept
94c
Apr
Canadlan-KIrkland
Central Manitoba
Churchill Mining
14%c
3%c
Jan
July
15%c
Jan
3c
Jan
6%c
Oct
lc June
4.00
800
1.50
Mar
5.30
Dec
6,000
l%c
Oct
8c
Apr
44c
20c
Deo
»
54c
57c
24,350
Aug
50o
East Crest Oil
*
8%c
7c
9c
9,950
5c June
12c
Jan
Foothills 1011
*
50c
65c
3,850
24c May
90c
Dec
Home«Oil
*
79c
88c
13,710
50c
Apr
90c
Deo
25%
5,469
11.50
Jan
24%
Dec
20c
12,500
12c
Nov
33 %c
Jan
4%c 121,310
2c
Oct
7c
Apr
26,000
%c
Jan
3c
Jan
6c
Dalhousle
|Oil
Hudson^Bay
♦
Mining..
Klrkland-Townsite
24%
...1
*
23
14%c
Oct
14c
Feb
1.06
1.25
Oct
2.16
Jan
Mandy Mines.
31c
Feb
76c
Dec
Night Hawk Pen
16c
Nov
38c
Jan
Nordon Corp
—5
16c
12.50
Jan
5%c
5c
19c
18%c
Lake Maron
Malrobic Mines
*
4%c
l%c
14c
2%c
22,013
20,100
4.30
July
Oil Selections
*
12c
2%c
July
24c
Apr
Parkhill Gold...
1
4.35
16,640
2.35
Oct
4.07
Deo
Pawnee-Kirkland
2o
2%c
%c
Oct
3%c
Jan
7c
7,000
4,010
4c
Jan
8%o
Aug
Porcupine-Crown
85c
3%c
l%c
l%c
13 %c 14 %c
l%c
4c
Sept
8c
Feb
Ritchie Gold
1.05
1.22
47,853
54c
Feb
1.20
Dec
1
Castle-Trethewey—.—1
Central Patricia
1
1.27
1.16
1.30
1,835
95c
July
1.50
Jan
1.24
1.45
Jan
1.34
Apr
2.95
88,895
89,810
56c
2.81
1.12
Jan
2.95
Dec
3%c
Jan
18c
Aug
32c
lc
Feb
4%c
Apr
45c
Mar
1.15
Dec
3c
Jan
6%c
Aug
2%c
1.06
4%c
2%c
4%c
4%c
2%c
1
l%c
lo
3%c
1%C
6c
5%c
6%c
3%c
4c
1
3%c
3%c
40,300
181,700
2c
4c
4c
4c
Wood-Kir kiand
8O0
90c
2,225
70c
Oct
2.35
27c
7c May
Feb
3%c Sept
lc June
Jan
%c
Nov
2c
Apr
9%c
Aug
3o
Jan
9%c
Nov
41,000
lc
Jan
4C
Jan
4,500
3%c
Oct
7%c
Aug
2%c
Jan
Mar
3%c
Dec
13,500
10,500
10,605
34,800
82,400
19,000
4c
1.42
2.93
28 %c
34,700
.1
Sudbury Mines
Temiskaming Mining.
Jan
Mar
20c
1.00
..
4%o
5%c
.1
Robb-Montbray
14%c
3%c
2%c
Preston-East Dome
9c
2,750
8,945
Dec
6%o
Jan
Apr
%c May
11,200
16c 18 %c
1.05
.
17,200
2%c 187,000
2%c
Pend-Oreille
7c
50c June
Apr
4%c
3c
1%C
13c
Aug
11c
3.50
1.20
*
34c
Clerlcy Consolidated
*
Commonwealth Pete -_—*
3%c
4%c
——5
Coniaurum Mines
*
Dome Mines—----—-*
Dominion Explorers
1
Eldorado
—1
Falcon bridge
—-*
Federal-Kirk 1 and --—-_1
3.05
3.00
1.85
36c 614,250
21%c
3%c
6c
1.80
8c
Jan
45,250
2c
Jan
80
Sept
5%c
Dec
2.15
Sept
3.60
1.35
July
2.60
Jan
Jan
42%
Dec
1.90
4,681
42
45%
4%c
4%0
4%o
1.18
1.15
1.24
7.15
6.90
7.30
2,048
2,100
11,105
13,115
4c
3c
434c
5o
35
10c
3%c Sept
CANADIAN SECURITIES
Feb
Apr
1.00
Dec
2.93
Jan
8.60
Dec
73,000
2c
Jan
4%c
Feb
634c 145,500
Drury & Thompson
Apr
3.25
3c
Oct
40c
22c
23c
3,650
9c
Aug
45c
Apr
1.45
19,487
1.16
Members
Montreal Stock Exchange
Aug
23c
6%c
—
Apr
3C
3.05
2,200
0,000
6c
45%
Gold-------—1
Mines--———1
God's Lake-—
—*
High
Low
4%c June
l%c
1
Gabrielle
74,000
3%c 4%c 242,900
ll%c 14%c
98,700
3%c
4%c
17,000
8%c
4.00
Canadian Malartic-----_*
Franklin
7c
1%C
60
Conlagas Mines
Shares
High
Cobalt ^Contact
2c
Cariboo Gold-----*
Low
Range for Year 1935
for
Week
Coast Copper
3.83
85c
7%c
4%c
1
.
9%c
77c
Price
1
4.35
—
Range
of Prices
High
63c
37,500
Week's
'
Stocks—
57c
16c
63c
Section
Sales
Friday
Last
Low
Jan
10, both inclusive, compiled from official sales lists
Range for Year 1935
Shares
July
Toronto Stock Exchange—Mining Curb
Week
Price
50c
Jan
Sales
of Prices
Low
High
Jan
2%c
115
100
Nov
22,700
13,110
114
2%
Dec
1.41
[1.22
3%c
1.30
5.30
10%c
*
June
Jan
Feb
Jan
White Eagle
29
Apr
July
Wayside Consolidated -50c
Jan
1534 May
Mar
67c
7c
Jan
185
2.70
Sept
l%c
6,942
16%c 19 %c 155,200
3c
14,600
3%c
6
129%
38c
Dec
42
for
68c
Chemical-Research
Chibougamau Pros
Dec
11c
Oct
1.59
—
4.10
Sept
Dec
Calgary & Edmonton. __
Calmont Oils
Jan
3c
2
Week's Range
--*
50c
1
*
Bobjo Mines
B R X Gold Mines
1.25
6,650
33
24%
Jan
4,850
1
Exchange—Mining Section
*
Bralorne Mines
49c
19,225
1
1.30
-—1
1
Big Missouri
14%o July
21c
3.30
7%c
17
23%
2%
1
1
—
Exploration
Beattie Gold Mines
Bear
Mar
1
Apr
July
Mar
32c
Sylvanite Gold
14% May
70o
15c
Jan
Tashota-Goldf ields
9
103
7c
Oct
,Oct
13 %c
1,200
Jan
Oct
5%
Feb
18%c
5.10
2C
62,750
35
1%
Ashley Gold--.—-—-—1
Astoria-Rouyn
1
Base Metals
Apr
Apr
21c
35
Algoma Mining
Bagamac-Rouyn. —
Barry-Holllnger
3.30
5.00
5%c 237,864
20%
-*
1
1
Mar
14.40
Nov
36%
39%
Aldermac Mines
AJax Oil & Gas
3.25
W,4c
Sale
Afton Gold
Oct
[5.00
I 4c
Last
& Oil
2.40
1
39%
Feb
4.00
Friday
Acme Gas
37,608
Apr
both inclusive, compiled from official sales lists
Par
Nov
3.14
Mar
31
Jan
30%
1.23
2834
26%
1.50
31J4
1.25
Mar
2.87
15
6%
5%
111% 112
112
5.20
Jan
45c
3.08
3.15
Mar
Oct
55c
1
1.90 May
Dec
2
Siscoe Gold
Jan
30%
29,297
Mar
Oct
Mar
32,538
45
70c
Jan
10 %c May
Oct
2%c
21,300
Nov
1234
Mar
54c
67c
25
25
1.67
Aug
3.35
Apr
209
Oct
25c
1.12
1
6
690
Dec
73c
18
Oct
20,118
High
■
1.48
4,695
2
13%
6
16,100
302
1.00
12%
Toronto Stock
Stocks—
Feb
15%
1734
—*
Jan. 4 to Jan. 10,
1.13
3934
Walkerville Brew
Waterloo Mfg A
1.03
Red Lake-Gold Shore
1634
—*
United Fuel
1.12
5%
3.15
—*
Supertest Pete ord——-*
Preferred
1
July
75
Stop & Shop com
*
100
100
Reno Gold
3
<1.00
Standard
Thayers
Jan
2,845
35
4%
39 %
Shawinigan
Toronto Elevators
1.70
Feb
Jan
70c 251,486
1.44
16%
Low
55c
1.70
Jan
17.634
30%
1634
Week
76,868
32,450
1
7
7%
21
4
Shares
Price
Par
100
33%
Range for Year 1935
for
of Prices
Low
High
Read-Authier
215
15
10)4
4%
Stocks (Concluded)
High
Low
Shares
Week's Range
Sale
for
of Prices
Low
High
Sales
Last
Range for Year 1935
Week's Range
Sale
Exchange—Mining Section
Friday
Sales
Last
Stocks {Concluded)
Toronto Stock
Exchange—Curb Section
Friday
1.37
1.35
Dec
2.24
Jan
16%c
7%c
16c
18c
53,300
11c May
20c
Jan
Goodfish Mining.——
7o
9,300
4c June
14c
Oct
Graham-B ousquet------
4%c
3%c
9%c
434c
5,700
2c
July
7c
6,333
Montreal Curb Market
Inc.
Canadian Commodity Exchange
40o May
Goldale
Gunnar Gold
Halcrow-Swayze
Harker Gold
Highwood-Sarcee Oil
1
1
-*
1
*
Lebel Oro
Little Long Lac
Macassa Mines
Manitoba & Eastern
Mines.-—-.1
Porcupine
5
Maple Leaf
McKenzie-Red Lake
1
—1
-1
*
*
Merland Oil
Mining Corp
97c May
2c June
1,000
8%c
Jan
Montreal Stock Exchange
Jan
Jan. 4 to Jan.
Jan
10, both inclusive, compiled from official sales lists
Sales
37c
Dec
49c
Oct
Friday
7%c
10,900
43,068
26c
7o
4o June
10c
Jan
Last
Week's Range
for
13c
13o
500
10%c
Oct
15c
Oct
Sale
15%
13.85
15%
32.091
11%C
15c
6,500
62c 74 %c 109,520
29c
36c 132,092
11.65
Oct
20%
Mar
of Prices
Low
High
Shares
4%C
Oct
14o
Dec
59 %c
Oct
1.10
Jan
Agnew-Surpass Shoe
""72c
35c
30c
50c
64c
50c
51%
5%C
18C
*
Noranda
*
1
North Can Mining
O'Brien Gold
*
Ltd—
Consolidated -1
1
1
Pickle-Crow.1
Pioneer Gold—1
Premier Gold
1
Prospectors Airways
*
Quebec Gold Mines Ltd—
Perron Gold
—
Oct
30
96
Jan
30
115
15
Sept
Mar
11%
815
Mar
Assoc Tel & Teleg pref
34
58
8c
Oct
Jan
18c
Nov
Jan
8c
Aug
7.25
Feb
Bathurst Pow & Paper A-*
Bawlf N Grain
*
Dec
Oct
Apr
5,115
*
4%
180
Bruck Silk Mills
*
15%
1,326
Building Products A
*
37
370
*
7
3,292
5
100
62
1041
50
Oct
55
2
Apr
3.39
Oct
3c
Feb
12c
Jan
British Col Power Corp A. *
8,900
2%C
Sept
13%c
Jan
34
Nov
1.52
3%o,
210 J
-*
1.51
14%C
1.35
1.47
2%c
2.55
11,350
8c
61c
75,070
4,500
6,240
6,000
15,660
60o
Jan
40c
2.15 May
14c
Sept
27c May
i.98o
Mar
1.53
5c
Oct
j^16C
Jan
'35c
Oct
79c
Sept
■i4
Dec
1%C
Jan
y
2.05
Oct
2.95
Apr
Jan
47%
Deo
16c
July
33c
Dec
2,900
30%c
Mar
75c
Mar
5340 142,900
12,316
2%c
Sept
3.55
Dec
45c
.3.83
31
4o
Jan
Apr
6%c May
50c
Sept
1.25
Dec
Feb
9%0
Apr
Dec
*
f
^
100
Class
B
4.20
Deo
4.50
4.21
4.62 125,841
3.55
11.40
9.65
11.50
9,380
9.00
Jan
1.90
1.80
1.90
8,650
1.36
Aug
3.00
2.80
3.25
8,550
1.25
Jan
3.35
Nov
1.00
1.00
1.05
6,550
1.00
Dec
1.06
Dec
12.25 May
2.05
Apr
10%
2,355
935
25
Celanese
Preferred
*
33
115
Aug
Aug
Jan
13%
Jan
14
Deo
7%
21
14^
26
17%
Aug
July
Apr
3
40
144%
i8g
5
Jan
18%
Oct
32
Oct
8%
64%
Mar
7
25%
Jan
Jan
Dec
Jan
Jan
Jan
Sept
Dec
Jan
Jan
Feb
Dec
1
July
July
2%
11%
Jan
6%
Nov
22
Deo
Jan
165
16
5
Nov
550
26
May
32
Aug
20
110
Jan
117
Sept
8%
Dec
25
2,575
1,755
10%
Oct
17
Jan
—_*
28%
3,145
18%
Apr
27%
Deo
7%
Converters
Preferred
100
127
Canadian Ind Alcohol—
Class B
4%
Sept
8%
Jan
140
100
127
Deo
100
240
24
Dec
32
Mar
100
25
36
66
Feb
105
Mar
85
Sept
Sept
Apr
100
Deo
100
102
Canadian Fairbanks pfdlOO
No par value.
28
7%
114%
*
Candn Foreign Investm't- *
Candn Hydro-Eieo pref 100
*
100%
55
100
Preferred
Canadian Car & Fdy
Preferred--
Canadian
700
*
Canadian Bronze
1,191
*24%
*
Preferred
Can Wire & Cable class A. *
Dec
l%c
1.25
3%c
Can North Power,Corp
Canada Steamship
50o
33,260
20,500
1.12
770
*
Canadian Cottons
Feb
2%C
Preferred
Canadian
16c
3c
Canada Cement
Can Forglngs class A
Dec
3.80
"59c 611,990
1.23
100
*
B
Jan
Jan
18,105
54,925
40o
46 %c
45c
17,300
2.95
33c
3.70
Jan
.10c June
Jan
l%c
29c
4%0
1.45
Feb
12,072
5c
2%c
Sept
%c
46%
3.80
96c
18,500
44 %
40c
63c
1.35
,
:
29c
j
15c
,3%o, l%c
20, 2%C
2.89
46
6c
91,736
31c 124,550
1.63
.14%o i
1.25
7%o j
,580
17,107
1.54
1.40
5%c
29C
45
41
44%
Mar
July
17
118
6%c
46
50c
70
621
100
7%c 257,550
3.38
Mar
145%
9%
28%
Preferred
3.12
July
4%
4,793
5%c
1.31
8% Sept
10
25
13%
Apr
4.50
*
5%c
58,227
High
Jan
Alberta Pac Grain pref. 100
Assoc Breweries
*
7c
.
Low
7%
^Preferred
5%c
3.30
285
Jan
Bell Telephone
Brazilian Tr, Lt & Pr
53,065
9%
Range for Year 1935
Week
Dec
2%c
7C
*
Price
65c
July
7.25
6.70
.
5
33 %c
.46%
.1%C
69,500
20c 378,893
4c
22,200
14o
9~20
83,405
Par
29e
Nov
6%c
3%o
"
20c
Stocks—
30C
9%c Sept
5,240
54
5o
a,
7,900
58c
51o
54
60c
Newbec Mines
Peterson-Cobalt
Feb
30c
—
Nipissing
Paymaster
48c
35c
Murphy Mines
Olga Oil & Gas
Pamour Gold Mines
35c
44,650
7 %c
7%c
Moneta-Porcuplne
Morris-Kirkland
120
Oct
—
Lee Gold Mines
Gold
Dec
80%o 8434c
2%o
234c
Consolidated __5
Homestead Oil
1
Howey Gold
—1
J M Consolidated
1
Kirkland-Hudson Bay ---1
Kirkland Lake
-1
Lake Shore Mines
---1
Lamaque-Contact
1
McWaters
July
5c
15c
81c
Hclllnger
McVittie-Graham
18c
3,000
19,150
13c
Hard Rock
McMillan Gold
22c
6340
25c
—
Greene-Stabell
Mclntyre
19c
25c 2734c
22o
1
1
1
1
1
Grandoro
MONTREAL
PHONE HARBOUR 1254
Mar
5%c
1
Granada Gold
360 ST. JAMES ST. W.,
*
*
181
25
93%
Jan
190
18
Aug
48
941
37
Apr
10
3,695
1,577
7
Jan
SB
Nov
6
Jan
12
Nov
30
Feb
Jan
t
Financial Chronicle
286
Jan. 11 1936
Canadian Markets—Listed and Unlisted
Montreal
Montreal Stock Exchange
Sales
Friday
Range for Year 1935
Last
Par
Canadian Pacific Ry
Cookshutt Plow
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Price
25
11M
High
12 %
11%
m
Cons Mining & Smelting 25
Distillers Corp Seagrams
m
33%
33%
32 %
34%
33%
15
14%
34
15%
100
109
_.
Dominion Coal pref
Dominion Glass
Dominion Steel & Coal B 25
Textile
2Ye
Enamel & Heating Prod..
"UH
*
13%
100
Hollinger Gold Mines
5
15.30
Howard Smith Paper
Preferred
*
100
4%
27%
1%
32
105
1%
14,640
Jan
6
Jan
Nov
Dec
14
Nov
5%
55%
6%
7%
5%
July
Oct
4%
July
3
June
19%
12%
Oct
956
9
Jan
Jan
Jan
Jan
Jan
115
84
3,616
12
Mar
13
Feb
115
Mar
112
109
20.20
July
May
13
Nov,
14%
7%
43
43
46%
44%
46%
20,834
4%
3%
4%
595
1
Apr
6
708
40
[July
64
1,480
1,160
22
Apr
7
June
125
100
80
Sept
125
Nov
4
160
2
Mar
5
July
Mar
7%
Nov
Oct
15%
Jan
£1
Preferred
Intercolonial Coal..... 100
Int Nickel of Canada
*
International Power
Jamaica Pub Serv Ltd.—*
Lake of the Woods.
Preferred
100
Lindsay, C W
Massey-Harris
64
57
33
33%
17
18%
125
125
3%
*
6
5%
6
21
31%
Montreal Tramways
National Breweries
57
57
100
6,905
100
26%
Jan
Dec
Dec
30
Nov
97
Jan
54%
Jan
Feb
Nov
Dec
99% 100
45
102
Dec
39
40
1,918
31
Jan
40
Nov
41
41
25
38
Mar
44
Nov
"i 6%
16%
17
1.725
12%
Sept
34
34
"46"
44%
46%
40
Preferred.
25
80
Jan
Niagara Wire Weaving
*
Noranda Mines
Ogilvie Flour Mills
*
89%
100
Ottawa Traction
100
20%
12
13
15
15
16
Holland Paper pref
St Lawrence Corp
A
*
preferred
~~2
50
1.95
100
St Lawrence Paper pref 100
Shawinigan W & Power..*
100
Simon (H) & Sons
Preferred
11
I*
Page-Hersey Tubes Ltd..*
Power of Can cum pref. 100
Reliance Grain Co Ltd...*
Sou Can P Co Ltd pref. 100
20%
100
Jan
20
8
Nov
5
90
Apr
10
93
*
Preferred
25
Tooke Brothers pref
13%
59%
57
53
50%
100
10%
pref. .100
150
*
2
Viau Biscuit
Preferred
100
Cotton.
2%
24
*
Western Grocers Ltd pf 100
Winnipeg Electric:..
*
18
28
i07"
107
2%
.100
pref
12%
.100
Preferred
2%
12%
66
54
584
2,652
1,125
15
150
10
9% May
42% Mar
Feb
41%
24
219
38% May
Castle-Trethewey
35
33
------
Dome Mines
*
45%
Falconbridge Nickel
*
7.26
Francoeur Gold
*
Greene-Stabell Mines
1
Lamaque Contact
1.32
45%
60
Feb
44%
Dec
3.25
Jan
8.70
Dec
5c May
27c
6.90
25c
25c
28 %c
52
Mining Corp of Can
Nipissing Mines
5
1
*
43%
Apr
Dec
Mar
40c
Jan
Oct
32c
Nov
Oct
15%c
9%c
57%
6%0
Mar
200
2%c Sept
Mar
6%C
6,500
19c
12,530
8c
Dec
16c
Oct
163
34%
Nov
45%
Mar
600
1.01
Sept
1.40 June
13c
*
Pamour-Porcupine
45
5
54
6c
18c
Mclntyre-Porcupine
4,885
27c 138,800
26c
1,200
26c 110,575
7.35
45
1.25
1.25
2.50
—
—
-
-
2.50
50
2.20
Aug
2.80
Apr
29c
29c
500
37c
July
56c
Apr
3.75
-
3.57
3.85
1,050
3.45
Dec
18 %c
1.12
20c
17,950
18c
July
32c
Feb
1.26
1.26
56c
Aug
1.25
Dec
Pickle-Crow Gold
4.60
4.18
4.60
9,475
8,020
4.32
Dec
11.30
9.80
11.30
2.10 May
9.00 Mar
Pioneer Gold
Dec
14
May
1.44
July
Jan
2.01
Apr
9%c
1.05
Dec
1.43
1.67
11,150
29,596
60c
Jan
1.48
Dec
+ *tmmm
57c
57c
1.00
July
3.07
2.90
3.12
18,410
2.40
Oct
3.29
Mar
92c
87c
94c
Feb
91 %c
Dec
4.85
5.05
3.67
Jan
5.25
Dec
1.63
1.60
1.75
48,683
1,120
3,850
11,000
38c
5.00
50c
81c June
1.92
Dec
Teck-Hughes Gold
118
100
1.05
-----
l
Ventures Ltd
Nov
12.00lMay
1.86
1.06
1.67
1
1.86
1.02
Premier Gold Mining
Feb
Dec
775
Dec
*
Wayside Cons Gold.._.50c
Wright-Hargreaves
9c
Feb
665
7.00
Aug
5,000
4,750
12,600
20c 36 %c 275,550
8c 10%c 154,300
l%c
16%c 19%c
8.00
*
80c June
500
8.15
24%c Mar
9.85
Mar
6c
Mar
Dec
Unlisted Mines—
Arno Mines Ltd
2c
1.20
1.12
1.21
54c
Jan
1.18
1
2.97
2.84
2.97
1.15
Feb
2.95
Dec
Chibougamau Prospectors *
Duparquet Mining
1
35C
8c
Jan
26 %c
Mar
5c
Sept
1.01
Dec
2.90
60c
Oct
1.09
35%c June
58c
Feb
3.36
Dec
Cndn-Malartic Gold
Jan
Central Patricia Gold
Dec
Dec
Mar
20%
Dec
31%
106
Nov
Nov
3%
14%
May
Apr
Nov
Nov
70
Jan
*
Feb
109%
14%
58%
49%
July
4
Mar
19%C
18
Jan
45
Jan
1,300
------
Lebel-Oro Mines
Mar
2c
61 %c
36
43
35c
54
6c
6,500
1.34
25%c
Lake Shore Mines
30
750
2%c
mmmmmm
J-M Consol Gold
35
2c
1.27
2%C
1
Mines. 1
2c
9c
Eldorado Gold—
21
Apr
Dec
Nov
Cartier-Malartic Gold
Howey Gold Mines
Kirkland Lake Gold
Macassa Mines
1,025
Nov
18%
Apr
Apr
Jan
35
121%
Dec
Dec
1
Jan
61c June
Mar
16
75
93c
2
98
713
75 %c
15
5
23% May
Jan
16%
651
2,366
Oct
150
770
Jan
Jan
Jan
1,241
4%
Feb
Aug
3
Oct
16c
Nov
12
32%
33%
17%
18
121% 121%
Jan
2
1,375
Mar
30c
1
10
107
12%
67%
3
1.50
20c
133%
355
2%
30%
2%
Apr
600
Jan
125
132
13%
59%
53%
10%
2%
33%
17%
121%
Dec
100
50c
7,683
13,900
Sheep Creek Gold
111% 120
10
May
6%
Oct
80
100
7
Parkhill Gold
Feb
22%
12%
2
204
75c
Siscoe Gold Mines
Sullivan Consol
Apr
93
Steel Co of Canada
Woods Mfg
120
136
99%
Nov
40c
Jan
July
Nov
7%
74c
Dec
Sept
8%
June
99
37c
Dec
15
87
Apr
35c
3%
39%
10
Aug
80
69c
1.90
3,851
1,601
75%
136
7
Dec
22%
2,512
45
99
Perron Gold.
Feb
96
20
383
81
98
"
35c
Read-Authier Mine
24%
20%
Nov
71c
Dec
22%
19%
Mar
Aug
Nov
7
37c
6%
Sept
14%
2%
3%
75c
Quebec Gold
June
85c
Apr
Apr
7
175
38c
Jan
30
Mar
425
*
Nov
113
30o
10,775
5
1
Brazil Gold & Diamond-. 1
Bulolo Gold Dredging
5
12%
17%
14
Mar
Mines—•
Oct
30
Feb
Nov
Aug
Apr
1.25
6%
*
Base Metals Mining
Big Missouri Mines
Apr
40
June
28%
795
98%
*
Feb
June
2
Dec
Nov
Sept
2,733
5,760
75c
Whittall Can Co Ltd...
7
3
90c
22%
20%
4%
39%
4%
Jan
99%
*
Preferred
Oct
Mar
......
United Dist of Can Ltd..*
Walkerville Brewery
Walker-Good & Worts
44c
80
mm
—
98
61
15%
17
95<
4%
5%
7
—
Dec
Deo
Apr
July
July
June
11%
11
4%
Mitchell & Co Ltd (Robt)
6
50c
90(
*
5%
35
8%
8%
2%
100
4
Dec
1.75
8,203
19
Feb
7
54
5,530
21
19
6
*
B
88<
20%
Melchers Dist Ltd A
14
20
80c
21
m — m
4
13
5,245
2,720
10
33%
25
18
22 %
Dec
111
Sept
83
May
60c July
485
12
Oct
Dec
89%
4%
—
5
5,350
1,433
335
10
55
9
.
34%
22
121
*
*
Wabasso
9%
100
Southern Can Power
Tuckett Tobacco
Apr
40
121
Sherwin Williams of Can.*
Preferred-
100
120
St Lawrence Flour MillslOO
Preferred
2%
8%
3%
152
Sept
140
98
97
100
Mar
74
Dec
.
Jan
Dec
204
130
15
5%
5%
5%
Mar
5
10
166
20%
12%
Regent Knitting—
47%
110
110
Quebec
*
Jan
Jan
89%
Power Corp of Canada...*
Power
15
31
153
153
100
Preferred
7
5,813
199% 200
200
100
Preferred
Ottawa Lt, Ht & Pr
Jan
18%
36
.
85(
O'Brien Gold
National Steel Car Corp..*
446
8
55
9
8
—
14
7%
100
Oct
4
20
16
Feb
5
10
7%
11%
Int Petroleum Co Ltd.
*
Inter Util Corp class A...*
Class B
_l
De
36%
58%
Apr
*
Dec
33%
18%
July
33
Dec
.
July
73
86
40
3%
940
96
26
96
Telegraph
Feb
126
35
32 %
22%
96
100
.100
Preferred
Feb
35
14%
Montreal Cottons
26
12
13
Montreal L, H & Pr Cons.*
Oct
10,372
14%
McColl-Frontenac Oil-..
125
68
33 %
18
100
Preferred
6%
355
10%
High
Low
Shares
6
7
Imperial Oil Ltd
Inter City Baking Co..100
Int Paints (Can) Ltd A
*
Aug/
14%
7%
45%
47%
13%
7%
Imperial Tobacco of Can
16
Home Oil Co Ltd
Dec
32
July
11.65
Jan
Nov
3
July
4
Jan
58
13.95 15.50
12 %
Montreal
3
732
120
Oct
9%
6,805
6
Eraser Cos Ltd
Hig)h
6
Voting trust ctfs. _._.__*
Freiman(A J)cum pf 6% 100
Jan
51%
705
8%
100
Preferred
Hillerest Collieries
10
7
6%
8
6%
3
3,115
Dec
Dec
July
82%
5%
3%
Low
__*
18%
Apr
Sept
July
1.25
1
B
34%
Oct
3%
Week
English Elec Co of Can A_*
Dec
Aug
90
for
of Prices
Ea Kootenay P cum pf_100
Mar
60
975
5%
56
56
Gurd, Charles—
*
Gypsum, Lime & Alabast.*
39
5
15
5
5
Goodyear T pfd Inc newlOO
Hamilton Bridge.
13% May
US
125
2%
Range for Year 1935
Week's Rang e
Price
Par
Jan
220
315
1
Foundation Co of Can—*
Mar
3,971
2%
General Steel Wares
Mar
2,556
6%
Eastern Dairies..
6
126
Stocks (Concluded)
Jan
13%
8%
8% I Oct
100
5
77
4%
73
Dryden Paper
2,065
1,809
1,430
109
106
4%
76
—
Sales
Last
High
Low
10,909
1,684
697
Market
Sale
Shares
207
201
207
100
Dominion Bridge
Dominion
Low
Curb
Frida V
2%c
1.22
1.22
200
63c
71c
17%c June
Apr
Jan
22 %c
30c
1.12
1.00
1.15
21c
18 %c
21c
3,100
1,000
3,200
1,300
5,450
102,900
2.48
2.55
350
2,820
5,535
55c
July
3%
3
Sept
Apr
9%
1,783
July
1.70
Nov
4.25
Jan
71c
52 %c
1
3.33
l
McVittle-Graham Mines. 1
Sherritt-Gordon Mines... 1
Dec
-
-
Stadacona-Rouyn Mines.*
Sylvanite Gold Mines
1
-
-
-
56c
3.18
3.35
1.27
July
12 %c June
36c
Jan
45c
Mar
1.23
Nov
14c
Jan
31%c
Mar
2.00 June
2.65
Mar
Jan
Unlisted Stocks—•
Abltibi Pow & Pap Co
Banks—
52
Sept
66
May
Cumul 6% pref.
133
52%
133%
281
100
32
125
Jan
135
Nov
Ctfs
100
149
151
121
120
Sept
198
50
Canada
Canadienne
Commerce
...
52
51%
Feb
205
2
Apr
208
Feb
197
200
201
152
Oct
204
Jan
272
275
45
246%
Oct
304
Jan
Royal
100
164
166
152
133%
Sept
173%
Jan
166
ESTABLISHED
Public Utility
1883
255 St. James St., Montreal
56
Sparks St., Ottawa
Sale
Stocks—
Par
Asbestos Corp Ltd vot tr_*
Bathurst P & Pa class B_ *
.
Price
18
3%
Beauharnois Pow Corp...*
Low
17%
3%
3%
High
18
2,090
4%
710
3%
1,434
80
80
*
21%
16%
21%
18,105
95c
95c
95c
485
Comul pref
100
Cndn Dredge & Dock
100
*
*
23
Canadian Vickers Ltd
*
Canada Vinegars Ltd
Cumul pref...
100
Canadian Wineries Ltd
*
Catelll Mac Prods B
Preferred A
Cumul pref
Nov
7%
77%
10%
Feb
Mar
Feb
1.75
Jan
50c
Aug
23
140
13
July
25
60
Jan
85
5
34
317
29
Apr
5
50
4
May
6%
7
55
4%
Sept
9
60c
400
20c
Mar
50c
Nov
18%
3%
11%
24,676
Jan
July
17%
2.25
Nov
35%
230
Mar
36
2
5
5
2%
3%
575
38
2,605
15
15
80
26%
25
27
1,505
56
55
29
18%
(Can) pref
30
*
12
Apr
Oct
4%
3%
20
Jan
Jan
Nov
Aug
Mar
Dec
Nov
Jan
19
19
35%
96%
23% June
32%
59%
35%
35
Oct
56
Dec
29%
19%
36%
99
365
18
Dec
20
440
17%
18%
93%
19%
Aug
July
Apr
Apr
37
NOV
4
100
25
3%
22%
33%
29
4%
27
34%
15
15
United Amusement Co A. *
2% June
1.00
Nov
577
100
*
65c
32
36
850
237
Oct
1.50 June
100
Mar
Feb
3%
12,770
1,402
5,088
14
Nov
34
18
Aug
10
9
June
30%
11%
|May
Dec
Sept
No par value.
98% May
Oct
24%
19% Mar
111
Nov
Bid
Ask
Canadian Pacific Ry—
4s perpetual debentures..
6a
Sept 15 1942
4%S
6a
Deo
July
15 1944
11944
Bid
Ask
Canadian Paolflo Ry—
88
88I2
4%s
Sept
11012 111
99
9912
113
113l2
5a
Deo
11954
4%s
July
11960
1 1946
103i2 10414
10514 10534
101
101i2
Nov
49
27%
155
44
585
2
267
1.00
11%
13
122
6%
Jan
16
Jan
150
2%
Dec
6
Feb
545
1.50
Jan
4.25
Nov
Jan
23
Nov
3%
90c
10
22% May
60%c Apr
7
-
3%
Nov
305
109
3
*
4.25
105
22
100
--
-----
Aug
Apr
3
Apr
85
May
14% May
1.00
20
*
Dom Tar & Chem Co
Oct
Railway Bonds
18
108
30
31
33
-
17
High
Mar
1%
Commercial Alcohols Ltd.*
Dom Eng Works Ltd
*
Domlnibn Stores Ltd—..*
20
Low
6
42
3%
Aug
35%
*
26%
13
Oct
55c
17%
2%
Price Bros Co Ltd
Preferred..
105
108
7%
Nov
Week
Shares
*
Canada Paper Co pref —100
1.05
26
Jan
7
Range for Year 1935
for
Brit Amer Oil Ltd
Can Nor P Corp pref
2,400
2,725
35%
Loblaw Groceterias A
Brit Col Packers Ltd
Bright (T G) & Co pref. 100
2%
15%
7%
Consol Paper Corp Ltd
Massey-Harris pref
100
McColl-Frontenac OilpflOO
Sales
Range
of Prices
2%
13%
7%
Int Paints
Industrial Bonds
compiled from official sales lists
Week's
50c
Dom Oilcloth & Lino
Royalite Oil Co Ltd
Last
700
Eastrn Dairies pref..—ioo
Ford Motor of Can A
*
Genral Steel Wares pf_,100
and
Montreal Curb Market
Friday
1.40
45c
B
330 Bay St., Toronti
Jan. 4 to Jan. 10, both inclusive,
1.20
2.00 'Jan
5
.
Donnaconna Paper A
Municipal
INCORPORATED
9
8%
2%
15%
7%
33%
Preferred
Canada & Dominion Sugar*
Canada Malting Co
Claude Neon Gen Ad
Consol Bakeries of Can
Canadian Government
6
1.35
Cndn Canners Ltd
Conv pref
HANSON BROS
1.85
6%
8%
Brewing Corp of Can
205
100
100
1.35
9
Brewers & Dist of Van-
Montreal
100
1.80
100
dep 6% pref.. 100
169%
Nova Scotia
Imperial
of
26%
9
4%
59
3%
4
Mar
24%
407
9
90c
300
45c June
32
10%
5%
60
920
1,220
2,690
15
17
Apr
6% July
3% June
44
Jan
28% May
43% Dec
2.00
95c
27
Aug
Nov
Dec
Jan
12%
7%
Feb
72
Feb
Dominion Government Guaranteed Bonds
Bid
Canadian National Ry—
4%a
Sept
11951
4%S
June 15 1955
4%a
Feb
1 1956
4%s.
July
1 1957
5a
July
1 1969
5s
Oct
11969
5a
Feb
11970
Ask
Bid
Ask
Canadian Northern Ry—
11034
11314
11034
109l8
IIU4
114
114i2
114
IID4
lC95s
1153s U578
115U 116
6%s
July
11946
Grand Trunk Pacific Ry—
4a.
Jan
11962
3a
Jan
1 1962
12214 123
10412 10512
9734 98i2
Grand Trunk Railway—
6a
Sept
1 1936
10314 103i2
Financial Chronicle
Volume 142
287
Over- the-Coun ter
Insurance Stocks
STOCKS & BONDS
Public
HoiiRsse 6Trqster
Members
•
Association
York Security Dealers
New
Railroad Bonds
Whitehall 4-3700
Trinity PL, N. Y.
mrn^m
Utility Stocks & Bonds
Real Estate Bonds
Established 1914
74
Bank Stocks
*
Open-end telephone wires to Baltimore, Boston, Newark
Quotations
and Philadelphia.
Private wires to principal cities in United States and Canada.
•
Over-the-Counter Securities—Friday Jan. 10
on
New York City Bonds
Bid
102
d3Hs May 1 1954.
a3Hs Not 1
1954.
o3 Ha Mar 1 1960.
o3«s July 1 1975.
Ask
Bid
Ask
9678
10234
102
10234
10134 102*2
102
102*2
9638
aZXe July 1 1975-
a4)4s April 10 1972.......
a4*4sJuuel 1974
.....
a4)4 a Feb 15 1976
a4)48 Jan 1 1977
o4)4B Nov 15 1978
Bank and Insurance Stocks
10934 110*2
10934 110*2
110i2 111
Bought, Sold and Quoted
110*4 11034
110*2 111
MUNDS, WINSLOW & POTTER
lllis 11158
a4Hs Mar 1 1962.
106*4 10634 o4)4s Marcb 1 1981
106*4 106*4 o4)4b May 1A Nov 1 1967.
106*4 10634 o4)4s Mar 1 1963
106*4 10634 a4)4s June 1 1965.—....
106*4 10634 o4)48 July 1 1967
109*4 10984 o4)48 Dec. 15 1971
109*4|10934 o4 Ha Dec 1 1979
o4Mb Mar 1 1964.
109*4 IO984
o6b Jan 25 1936..........
11334 11434
100*s
<4)48 April 1 1966.
109*4' 10934
06b Jan 25 1987
105*8 105*
a4a May 1 1957—
a4a Nov 1 1958_._
048 May 1
1969—
o4b May 1 1977—
<j4b Oct 1
1980—-
<4)48 Sept 1
1960.
111*4 112
40 Wall Street, New York
113
112
112*4 11312
Whitehall 4-5500
112i2 113*2
113
—
Members New York, Chicago and other Stock and Commodity Exchanges
114
New York
Bank Stocks
New York State Bonds
Bid
Bid
Ait
Par
Ask
4Hb April 1940 to 1949—
Highway Improvement—
4s Mar A Sept 1958 to '67
r3.00
1971
08 Jan A Mar 19461
Highway Imp 4Hs Sept '63.
130
Canal Imp 4*fS Jan
130
Can A
1964
Imp High 4)48 1965.
126*2
'67
Barge C T 4a Jan 1942 to '4ft
Barge CT4*|S Jan 1 1945..
Canal Imp 4s J A J '60 to
40
50
38
13.55
47
49
Penn
City (National)
12 H
Commercial National Bank
r2.30
41
43
100
179
185
Chase
123*2
123*2
112*4
A Trust
11434
Bid
Geo.
m m
1095
2170
100
85
28
16*2
9*2
10*2
10
..50
National
Bank
45
18
...
A
25
46
48
Sterling Nat Bank A Tr„ 25
Bank
12*2
24*4
16*2
2534
Trade
Yorkville (Nat Bank of). 100
25
Klngsboro Nat Bank
Alt
Exchange
Trust
100 1060
100
Alt
70
23
Nat Safety Bank A Tr_12H
First National of N Y..100 2130
Avenue..
National Bronx Bank
Public
Flatbush National
Bid
Ask
...
hid
50
Peoples National
National..
Bensonhurst
Fifth
Port of New York
Par
100
Merchants Bank
36
34
Yorktown.. 66 2-3
Bank of
Bonds
Port of New York Authority
Alt
Bank of Manhattan Co.. 10
World War Bonus—
Oanal A Highway—
Bid
35
45
18*2
60
Bridge—
Washington
Gen A ret 4s Mar 1 1975
10334 104*4
4s series B 1936-50... J AD
103*4
3a series F March 11941.
101*4
4Hs ser B 1939-53..MAN
11034 11134
Gen A ret 2nd ser 3)£s '65
Arthur
Kill
100*4 10034
Par
Alt
4s 1946..-
100
101*2
4 Hs Oct
103*2 104*2
U 8 Panama 3s June 11961.
103*2 104*2
103
106
107*2
5HB Aug 1941...
110
111
112
114*2
1955
Hawaii 4HsOct 1956
As
24
25
220
230
10
69
71
319
324
Honolulu
r3.50
58
119
20
Central Hanover
107g
12
19*2
20*2
1760
50
54
53
55
121
119*2 122*2
115
112
115
61
50
63
66
25
16
124
18
Continental Bk A Tr.
112
59
Clinton Trust
Colonial Trust
11234
Bid
1946
.1947
.100 1710
1178
135
Chemical Bank A Trust—10
115
no
Conversion 3a
10
130
.100
3.00
116
112
4)4a July 1958
5a July 1948
U S Conversion 3s
7
100
Brooklyn
Govt of Puerto Rloo—
101
6s April
Btd
115
518
Bronx County
Alt
Bid
Bid
5s Feb 1952
Par
105
508
Bank of Slolly .......—20
United States Insular Bonds
1959
4 Hs July 1952
Companies
Alt
Baaca Comm Italian*. . .100
111*2 112*2
102*2 10334
Bankers
Philippine Government—
Bid
Bank of New York A Tr.100
MAS
1936-60
Bayonne Bridge 4b series C
JAJ 3
New York Trust
104i2 106
Holland Tunnel 4}£a series E
MAS r.50%
1938-53
MAS
1938-60
4 Ha
Bridges
serleb A 1936-46
D
Inland Terminal 4Us ser
10
2034
Corn Exch Bk A Tr
20
6734
2214
6834
.20
1334
1434
100
73
83
ASk
'
100 2205
2255
•
Federal Land Bank Bonds
Bid
JAJ
optional 1946... JAJ
3*48 *55 optional '45 ..MAN
4s 1946 optional 1944 _.JAJ
4a 1957 optional 1937.MAN
43 1958 optional 1938.MAN
3s 1955 optional 1945..
3s 1956
99
Chicago Bank Stocks
Alt
99*4
98'8
99*8
101*4 101&8
JAJ
OPt 1937
JAJ
OPt 1937..MAN
opt 1938—MAN
opt 1935—.MAN
4Hs 1956 opt 1936
4)48 1967
4)48 1957
10758 108
4)48 1958
104*4 10458
10478 105*4
4HB 1942
4)48 1956 opt 1936
Par
10178 102*8
1035s 104
104
10438
10638 10634
Continental III Bank A
10138 10134
Arkansas Pr A Lt S7
DEALERS-COUNSELORS
*
pref.*
Bangor Hydro-EI 7 % pf.100
Birmingham Eleo 17 pref..*
Atlantic City Eleo 16
)
Teletype CGO. 437
pf—100
pret_25
Carolina Pr A Lt 17 pref—*
6% preferred
Buff Nlag A East pr
Atlantic
Land Bank Bonds
100
6s
Burlington 5s
100
California 5s
100
Chicago
/1634
5s
---
-
-
-
1734
96
100
5s...
Mississippi-Tennessee
Carollnaa 5a
98
100
First of Fort Wayne 6s
—
«.
...
98*2
99l2
97
99
96*2
98*2
Paolfic coast of Portland
-
Ss
Pacific Coast of Los Ang 5s.
100
«.«.
100
-
-
First of Montgomery 6s
88
91
Paelflo Coast of Salt Lake 5s
95
97
Pacific Coast of San Fran.5a
100
5s..
6s...
First Texas of Houston
Fletcher
97
101
95
Fremont 5s
-
100
6s
*
Southwest
St.
San
—
Illinois Midwest 5s
88
93
Illinois of Monttoello 5a
98
100
99
Iowa of 8loux City 6e
Kentucky of Lexington..—
La Fayette
6s
—
/45
Louis 5a
6s
Antonio
...
m
/28
Southern Minnesota 5s
Tennessee
100
6s
101
93
31
---
97
5f
99
100
Union of Detroit 5s
Virginia-Carolina
Vlrglnlanl5s.
48
100
88
5s
101
100
99
99*2 100*2
Potomac 5a
97
108
106
Phoenix 5s
-
100
Greenbrier 5s
Greensboro
—
101
9834
Consol Traction (N J)—100
Consumers
Pow
15 pref..*
100
100
6% preferred
9934
7% preferred
100
Dallas Pow A Lt 7% pref 100
Dayton Pr A Lt 6% pref 100
Derby Gae A Eleo 17 pref
Essex-Hudson Gas
100
Bank Stocks
Ask
Par
Bid
POT
Bid
27
32
Lincoln
20
38
43
North Carolina...
...100
100
15
100
24
26
Dallas
100
67
72
Pennsylvania
—100
23
27
...100
.....100
20
23
58
63
Ask
Potomac
...
Denver
100
5
10
Dea Moines
100
83
87
San Antonio
First Carollnas
100
13
17
Virginia
12
14
Virginia-Carolina. .
Fremont
For footnotes see page
289.
...
5
. . .
-100
h
28
2
3
6*2
5
7%
6*2
6134
111
6334
1
32
100
25*2
91*2
89
113
100
121
26
New Eng Pow Assn 6% pflOO
60 *4
61
42
43
$7 prior lieu pref
*.
75
46
44
46"
99
100*2
107
108*2
*
103*2
103*4 104*4
105*4 106*4
106*4 107*4
7% preferred
115
103
102
105
_
*
74*4
.100
102*2
15 prior preferred
•
190
198
RochGas A
100
101
100
108
110
6% preferred C
100
Sioux City Q A E17 PL. .100
preferred
3934
Interstate Natural Gas
22
*
Jersey Cent P A L 7% pflOO
Kansas Gas A El 7% pf 100
24*4
53*2
88
.
-
—
••
-
41
23*2
25*4
55*2
95
68*o
—100
74*2
76*2
112
6% preferred ser C
•
Mississippi P A L16 pref..*
Miss Riv Pow 6% pref. .100
85
103
60
109
57*2
58*4
76
78
...100
107
109*2
103*2 104*2
81
83
27
28
190
198
66
67
74*2 75*2
102*2 10412
108
109*2
-
-
-»
mm
62
-
86
88
63*2
46*2
47*2
94
97
Utll Power A Lt 7% preflOG
93
67
106
7% preferred
United GAE (Conn) 7% pf
United G A E (N J) pref 100
Utah Pow A Lt 17 pref
*
Utica Gas A El 7% pref.100
10934
pf. 100
Memphis Pr A Lt 17 pre!..*
Metro Edison 17 pref B
•
Sou Calif Ed pre! B
25
South Jersey Gas A Eleo. 100
Tenn Eleo Pow 6% pref.100
Texas Pow A Lt 7% pf.,100
Toledo Edison 7% pf A. 100
Kings Co Ltg 7% pref..100
Los Angeles G A E 6% pf 100
100
Eleo 7% B..100
6% preferred
90
Long island Ltg 6%
7% preferred
76*2
Queens Borough GAE
*
7%
2934 30*2
79
77*4
106*2 108
Puget Sound Pow A Lt—
198
Illinois Pr A Lt 1st pre!...*
97*2
101
Pub Serv of Colo 7 % pf
62
190
96
100
Philadelphia Co 15 pref
110*2
110
110*2 112
Okla G A E 7% pref
100
Pao Gas A Eleo 6% pf
25
Paelflo Pow A Lt 7% pf.100
Penn Pow A Light 17 pref.*
94
60
109
100
Ohio Pub Serv 6% pf—100
44
113
Ohio Power 6% pref
82*2 85*2
101*2 10212
»
17 preferred
103*2 105
103
*
Ohio Edison 16 pref
92
98*2
7% cum preferred
100
N Y A Queens E L P pf 100
Northern States Pr 17 pf 100
cum
Hudson County Gas—100
Idaho Power 16 pref...
27
pf..*
New Orl Pub Serv 17 pf
68
72
95
25*2
47
Newark Consol Gas..
N Y Pow A Lt $6
45
41
3"
2234
45
Nassau A Suffolk Ltg pf 100
Nebraska Power 7% preflOO
New Jersey Pow A Lt 16 pf *
93
87
102
1
New England Pub Serv Co—
24
2434
preferred
7*2
New Engl GAE 5)4% pf-*
10412 106*2
108
100
120
Jamaica Water Supply pf-50
Atlantic
Atlanta
Alt
Mountain States Pr com..*
Foreign Lt A Pow units—
Gas A Eleo of Bergen.—100
Interstate Power 17 pref ..*
Joint Stock Land
Bid
Mo Pub Serv 17 pref
9134
Continental Qaa A El—
9912 10012
Pennsylvania 5s
99
100
100
5a
Par
ASk
76*8
pf.100
100
7% pref-.100
Columbus Ry. Pr A Lt—
1st 16 preferred A
100
16.50 preferred B
100
17 preferred
6.60% preferred
100
First of New Orleans 5s
First Trust of Chicago
590
74i2
90*4
65
Cent Pr A Lt
---
9912 100*2
York 5s
Oregon-Washington 5a
First
100
North Carolina 5s
80
570
Utility Stocks
88
Cent Maine Pow 6%
Ohio-Pennsylvania 5s
101
77
98
Bis
pref.100
Cent Ark Pub Serv
100
Maryland-Virginia 5s
New
Alt
96
LlDcoln 5s
Louisville 5a
101
100
Dallas 5s
Denver 6s
Bid
Alt
99*4 100*4
Atlanta 5s
320
100
5
prsf—*
pre!..*
Gas A El orlg pref.
Alabama Power 17
Broad Riv Pow 7%
Bid
All
310
135
Par
17 preferred
Joint Stock
Bid
222*2 226
Northern Trust Co
132
S6.50 preferred—....
State 0540
100
Harris Trust A Savings. .100
215
Public
Assoc
La Salle St., Chicago
First National
195
33'a
Trust
& STOCKS
Bough t— Sold—Quoted
120 So.
Par
Alt
100
Trust
JAJ
JOINT STOCK LAND BANK BONDS
MUNICIPAL BONDS
MUNICIPAL BOND
Bid
American National Bank A
18
19
Virginia Railway
100
94
Washington Ry A Eleo—
5% preferred
100
108
Western Power 17 pref—100
104
65
109l2
Financial Chronicle
288
Quotations
1936
Jan. 11
Over-the-Counter Securities—Friday Jan. 10—Continued
on
Associated Gas & Electric System
Guaranteed Railroad Stocks
Securities
Inquiries Solicited
S. A. O'BRIEN &CO.
3oscpb Walkers Sons
Members New York Curb Exchange
York Stock Exchange
Members
150
=*s
Dealers in
120 Broadway
Tel. REctor
Broadway, New York
NEW YORK
2-6600
STOCKS
.
Hancock 8920
Direct private telephone between New York and Boston
^ince 1855
Public
WB
Guaranteed Railroad Stocks
Bid
Asked
65
6.00
80
85
10.60
180
185
6.00
91
95
67
88i2
-
5
.100
90
102
9212
98l4
Mtn States Pow 1st 6s 1938
70
Nassau El RR lat 5s 1944.
102
104
Newport N A Ham 5b 1944.
106
107
75
76
3014
New England G A E 5b 1962
New York Cent Eleo 5s 1952
98
100
2.00
33
35
6
100
.....100
8.75
122
125
Associated Electric 6s
8.50
145
150
Assoc Gaa A Eloc Co 4Mb '518
63i2
2912
Canada Southern (New York Central)
100
3.00
55
68
Oaro Cllnchfleld A Ohio (LiNAOL) 4%
Common 6% stamped—
Boston A Providence (New Haven)
M
Metrop Edison 4s ser G 1965
Monongahela W P Pub Serv
1st & gen 412a
...I960
91
-
..60
Beeoh Creek (New York Central)
100l2
10438 1045S
97
8
3
68i2
IO314
Boston A Albany (New York Central)
1936
1st 5s
108
107
Long Island Lighting 5b 1955
General 5b 1947.
la Dollar».
Ask
Bid
Ask
/35
-
Dividend
Albany A Susquehanna (Delaware A Hudson).100
Allegheny A Western (Buff Roch A Pitts)
100
Utility Bonds
Bid
(Guarantor In Parenthesis^)
Alabama A Vloksburg (111 Cent).......
75 Federal St., Boston
COrtlandt 7-1868
GUARANTIED
'•
1961
---
64i2
Associated Gaa A Eleo Corp
10214
98ij>
9712
100
100
86
89
8
30i4
N Y A Queens Electrlo Light
& Power 3Ms
1965
6.00
91
93
8
30
30i2
Northern N Y Utll 5b 1965
103
Chlo Cleve Olno A St Louis pref (N Y Cent) ...100
6.00
83
88
8
3284
3314
Northern States Pr 5s
1964
108
109
Cleveland A Pittsburgh (Pennsylvania)
3.60
82
85
8
35i2
37
Ohio Edison 1st A
4s '65
103
10314
2.00
47
49
61
Oklahoma Nat Gas 6s A1940
100
101
2.00
4412
4612
58i2
59i2
5.50
75
80
-
65i2
67
10.00
165
170
3
71
75
100
101
60
60
Betterman stook
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
26
100
Georgia RR A Banking (LAN, AC L)
100
Lackawanna RR of N J (Del Lack A Western) .100
Michigan Central (New York Central)..
100
Morris A Essex (Del Lack A Western)
60
New York Lackawanna A Western (D L A W)_100
Northern Central (Pennsylvania)
..60
Old Colony (N Y N H A Hartford)
100
uswego A Syracuse (De> Lack A Western)—..60
Pittsburgh Bess A Lake Erie (U S Steel)
60
4.00
-
3
4.00
72
76
950
1050
5
61
63
8
5
3.875
88
95
53
56
4.50
64
.
98
7.00
Partlolpating 8a 1940
91
4.00
68
6.00
1.50
36
3.00
157
100
7.00
176
179
—
eons
6s series B
10414 104l2
1948
Old Dom.Pow.5s May 15 '51
Paolflc G A El 48, ser G_ 1964
9234
9384
73
75
+
Parr Shoals Power 6s 1962..
96""
94
Pennsylvania Elee 6s 1983
Penn Telep Corp 1st 4s 1965
Peoples L A P 6Ms 1941...
-
90
10734 10812
105
106
10514 1055s
69
/67i2
95
96
Public Serv of Colo 8s 1961
107
7314
7414
77i2
Pub Serv of N H 3Ms C 1960
Pub Serv of Nor Illinois—
1031s 103i2
76
84
_
7
162
-
85
85
i
73
7.00
61
102i2
-
38
60
Preferred
1978-
50.00
100
Preferred
Pittsburgh Fort Wayne A Chicago (Penn)
Conv debenture 4s
29i2
)
1st A ret 4Ms July 11960
Colorado Power 5« 1953-,.
—
—
-
-
-
—
-
78i2
/22
San Diego Cons G A E 4s '65
Schenectady Ry Co 1st 5s'4fl
—
•
—
1035s 104
Publio Utilities Cons 5Ms '48
Rochester Ry 1st 5s 1930..
10034 101
5 t
108
107i2 1077s
10
n
10434
7912
24
6.90
98
101
3
IO534
100i2
100
6.00
143
148
5
10234 103
Scranton Electric 5s... 1937
100
100
3.00
72
75
i
68
72
143
148
2
United New Jersey RR A Canal (Penna)
100
Utlca Chenango A Susquehanna(D L A W)..100
10.00
247
250
7
4914
10412
Sioux City Gas A Eleo 6s 47
Sou Blvd RR 1st 6s 1945..
103i2
3.00
Sou Calif Edison 4s
88
)
10434 105
10758 108
103i8 103l2
Rensselaer A Saratoga (Delaware A Hudson). 100
St Louis Bridge 1st pref
(Terminal RR)
2nd preferred
Tunnel RR St Louis (Terminal RR)
0.00
84
100
5.00
90
VIoksburg Shreveport A Pacific (111 Cent)....100
5.00
66
70
6.00
68
73
60
3.50
44
47
3
--60
8.00
62
65
Valley (Delaware Lackawanna A Western)
Preferred
100
Warren RR of N J (Del Lack A Western)
West Jersey A Sea Shore (Penn)
5014
1960
5
10514 105l2
Sou Cities Utilities 5s A 1958
3
104
S'western Bell Tel 3 Ms B '64
S'western Gas & El 4s 1960
10414
101
mm
/40
I
—
85
-
—
Union Ry Co N Y 6s 1942..
Un Trao Albany 4Mb 2004
..
Kan Pow A Lt 1st 4 Ms '65.
102
1023„
5714
56i2
10458 1047s
100l2 lCKFs
83i2
8U2
85
—
mim
7
15
Virginia Power 6a 1943
IO6I4, 10714
Wash A Suburban 5Ws 1941
34
3212
106i4
«
123
98i2 100
Kan Cltv Pub Serv 3s 1951
•
75
Utlca Gas A Eleo Co 5s. 1957
103
Kansas Elec Pow 1st 6s. 1933
1965
Tel Bond A Share 6s 1958...
-mm
76
102
CERTIFICATES
1960
3Ms
Sou Calif Gas 1st 4s
74
EQUIPMENT TRUST
Refunding
10438 104?8
mm-m
«
70
-mm
92i2
90i2
Westchester Eleo RR 5s 1943
70
IO734 10S18
Western Mass Cos 4s__1939
104i2
1
100
101
Western P86H1 i960-....
89
90i2
1
Quotationa—Appraiaala Upon Requeat
51
52
Wisconsin Pub Serv 6i«s '59
Yonkers RR Co gtd 6s 1940.
105
105l2
Wires to
Railroad
Bid
—
Railroad Securities
Equipment Bonds
Alt
Bid
-mm
rnmm
62
65
DEFAULTED
Philadelphia, Pa.
New York
—
10318 103l2
Stroud & Company Inc.
Private
—
Atlantlo Coast Line 634 s
rl.25
r5 60
6.00
4Kb
Baltimore A Ohio 434s
r2.60
1 50
6s
r5 60
6 00
r3.30
2.00
6Mb
r5.60
6.00
r3.50
2.25
ro 00
.
Offerings Wanted
Alt
6 25
6s
Boston A Maine 4Mb
6s
r3.76
0.60
2.75
r 3.75
3Ms Deo 1 1936-1944..
Canadian National ams~
6s
2 75
f3.50
2.00
r3.50
2.50
r3.60
Canadian Paolflo 4Mb
Cent RR New Jer 4Mb...
Chesapeake A Ohio 6Ms..
8MB
2.50
r3 40
2.50
r2 76
2.00
rl 76
1.00
Missouri Paolflo 4Mb
New Orl Tex A Mex 4Mb..
New York Central 4Mb...
20 Pine
2.50
Street, New York
2.50
r3.65
3 00
r3 65
6a
NYNH4 Hartford 4Mb.
r3.25
r3 25
5b
N Y Ohio A St L 4Mb
DUNNE&CO.
Members New York Security Dealers Ass'n.
3 00
r6 26
r2.25
1.50
Pennsylvania RR 4Mb
r2.00
1.25
r2 io
1.40
due Jan & July '36-'49
r3.00
2.00
2 Ms series G
non-call Deo 11936-60
BONDS
5 50
Northern Paolflo 4Mb
RAILROAD
5.50
r6.25
JOhn 4-1360
6b
rl.00
0 60
6a
4Ms
r2 60
2 00
r2.60
2.00
—
Sold
—
Quoted
Earnings and Special Studies
on
Request
4s series E
6s
Bought
Chicago A Nor West 4Mb.
r5.75
5.00
7-5.75
5.00
7-6.75
6.00
7-6.75
6.00
77
85
77
6s
Chlo Mllw A St Paul 4Mb.
6s
85
Chicago riA Pao 4Mb...
6s
Denver A R G West 4Ms_.
f6 25
5.50
6s
r6 25
5.50
6Ms
r6.25
5.50
r3 00
2.50
r3 0 )
2.50
4Mb
r3 25
2.75
6s
r3 00
2 50
r2 00
1.25
r2.00
1 25
Erie RR 8Mb
6s
Great Northern 4Mb
6s
r2.75
r3 60
2.75
Reading Co 4Mb
r3.00
2.50
r3.00
John
2.00
Pere Marquette 4Mb
E.
Sloane
83
5s
r5.25
1.75
Bia
Akron Canton A Youngstown 5Ms, 1946
5Ms
-
....
6s. 1945
Augusta Union Station 1st 4s
3 00
r4 00
3 00
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 4 Ms, April 1 1943
r3.40
3 00
Boston A Maine 3s,
91
1953
9512
10078
1.25
r3.25
2.25
4Mb
r3 40
3 00
r3.00
2 00
6s
r3
40
3.00
6MB
r2.0U
1 00
r2 00
1.00
OMs
r2.00
1 00
r2.00
1.00
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5s. 1961
1.50
Chateaugay Ore A Iron 1st ref 4s, 1942..
re .00
5 25
5s
Virginian Ry 4Ms
r2.25
Prior lien 4s, 1942
Prior lien 4Ms. 1944
....
97
1 25
5Ms
94
97
Georgia Southern A Florida 1st 6s, 1946
rl .09
0 50
6s
98
100
r4.00
3 25
Maine Central 6s
6Ms
1.25
r4.00
3 25
r6.25
5 25
r6.25
5 25
r2.25
97
94
5s
Western
1.50
93
Maryland 4Mb..
6s
r4.00
3.00
r4.00
1%
5.5"
Goshen A Deckertown 1st 6Ms, 1978
Hoboken Ferry 1st 6a. 1940
Kanawha A West Virginia 1st 6s.
82
90
100
102
78
r2 00
r2 00
5s.
Wabash Ry 4Mb
4Mb
Western Paolflo 6s
5 Ms
r6.50
r6.50
60
93
95
89
90
50
52
100
88
.....
1955
9914
9812
1st 5s, 1905
BROADWAY, NEW YORK CITY
92
58
61
75
Minneapolis St. Paul A Saul I Ste. Marie 2d 4s, 1949..
Montgomery A Erie 1st 5s. 1950
60
New York A Hoboken Ferry gen 5s; 1940
76
.......
St
Stock and Commodity Exchanges
66
Clair Madison A St. Louis 1st 4a, 1961.....
Shreveport Bridge A Terminal lat 6s, 1955....
Somerset Ry 1st ref 4s. 1966
Southern Uttnola A Missouri Bridge 1st 4a, 1951......
Toledo Terminal RR 4Mb, 1957
see
page
289.
Washington
OotmtY
Rv
let 3 Ms
62
90
67i2
85l2
84
1967
80
90
72
54
75
107
Toronto Hamilton A Buffalo 4Mb. 1966
For footnotes
...
Portland RR 1st 3 Ms, 1951
Consolidated 5s. 1946
Rock Island-Frisco Terminal 4Mb,
Members of New York Stock Exchange and other
33
100
90
....
Maryland A Pennsylvania 1st 4s, 1951
120
99
IOOI4
36
Meridian Terminal 1st 4s, 1955
ABBOTT, PROCTOR & PAINE
90
98
Kansas Oklahoma A Gulf 1st 5s, 1978
Little Rock A Hot 8prlngs Western 1st 4b, 1939
Maine Central 6s, 1935
81
/55
Macon Terminal
Minn St P A S S M 4s
81
80
6Ms
Loulsv A Nashv 4Mb
2 00
2 00
64
80
6S
r3.00
r3.00
97
IOH4
79
Choctaw A Memphis 1st 5s, 1952
Cincinnati Indianapolis A Western 1st 5s, 1965
Cleveland Terminal A Veiley 1st 4s. 1996
4Mb
68
72
m—mm
60
1950
Illinois Central 4Mb
6s
Union Paolflo 4Ms__
70
/68i2
70
1.75
3 60
r4 00
Texas Paolflo 4b
Alt
4.50
r2 50
r4 30
5s
Bell System Teletype NY 1-624
Railroad Bonds
r2 50
Southern Ry 4Mb—
•
4.50
r5 25
8Mb
Southern Pacific 4 Ms
HAnover 2-2455
•
83
77
41 Broad St., New York
83
77
4Mb
5s
St Louis Southwestern 6a.
77
r2.00
Long Island
Co.
Yor\Security Dealers Association
Hooking Valley 6s
Internat Great Nor 4Mb..
&
2.50
6a
St Louis-San Fran 4b
Members T^ew
1054
83
■
>m — mm
mmmm
58
80
108l2
90
93
56
571*
289
Financial Chronicle
Volume 142
Securities—Friday Jan. 10—Continued
Quotations on Over-the-Counter
Specialist* in
over-the-counter securities
prudence bonds
BOUGHT—SOLD—QUOTED
Statistical Information
RYAN & McMANUS
Members New York Curb Exchange
39
Title Company
i
PULIS.COULBOURN &CO.
New York City
Broadway
A. T. & T. Teletype
25 BROAD ST.,
Digby 4-2290
N. Y. 1-1152
Furnished
Mortgages & Certificates
Tel.: HAnover 2-6286
NEW YORK
Principal Cities
Private Wire Connections to
Real Estate Securities
Specialists in —
Reports—Markets
Water Works Securities
Complete Statistical
Utilities—Industrials—Railroads
Public
Information—Inquiries Invited
AMOTT,
Swart.Brent&Co.
BAKER & CO.
incorporated
BArclay 7
2360
incorporated
4CA
..
,
„
A.T.&T. Tel.
u
150 Broadway, N.Y.
ny 1-588
EXCHANGE PLACE, NEW YORK
40
Teletype: New York 1-1073
Tel.: HAnover 2-0510
Real Estate Bonds and Title Co. Mortgage
Water Bonds
Bid
Bid
'57
90
Alton Water Co 5s, I960—
105
1960
103
Monmouth Consol W 5s, '56
102i2
10U2
Monongahela Valley
5Ks. 1950
5s. series O. 1967
105
5s. series B, 1954
10212 105
New Jersey Water 5s,
104
New Roohelle Wat 6s, B, '51
Arkansaw Water Co 5s,
Ashtabula Water Wks 6s, '68
Atlantic County Wat 5s, '68
Birmingham Water Works—
5Ks. series A. 1954
Butler Water Co 6s. 1957-
10434|
1O012
—
Ask
103
Long Island Wat 5Ks. 1955
Middlesex Wat Co 5Ks. '57
Alabama Water Serv 5e.
mmm
107
109
98
100
67l2
Morgan town Water 5s, 1905
Muncle Water Works 5s. '65
102
Chesebrough Bldg 1st 6s, '48
59
61
92
102
mmm
m
m
—
95
5)4s. 1961
93i2
97
10412
85
88
6s. 1951
10U2
Ohio Valley Water 5s, 1954.
107
110
5Ks. series A. 1951
103i2 105
Ohlo Water Service 6s, 1958
98i4
96U
85
87
'52
101
103
102i4
Penna State Water 634s.
1964
101
Penna Water Co 6s, 1940—
1957
1st 5s series C
...
105l2
Clinton W Wks Co 5s. 1939
10134 104
5)4fl. series A, 1947
Community Water Service—
...
99
101
100l2
103i2
10018 10712
mmm
Phila Suburb Wat 4s, 1965—
76
0s, series A, 1940
Connellsvllle Water 5a_1939
Pinellas Water Co 5Ks 1959
98
100
77i2
Pittsburgh Sub Water 5s, '58
Plalnfleld Union Wat 5s, '61
103
105
Rlohmond W W Co 6s, 1957
105l2
Roanoke W W 5s, 1950
101
Consolidated Water of Utlca
9534
4 )4s, 1958
98
1st mtge 6s, 1958
Davenport Water Co 6s, *01
E St L A Interurb Water—
5s, series A, 1942
105
100
Roch A L Ont Wat 5s,
1O012
St Joseph Water 5s,
—
Scran ton Gas A Water Co—
104
Os. series B. 1942
1938
1941—
106
92l4
9414
95
101l2
1901
93i2
95
Sedalla Water Co 5)4s. 1947
92i2
5s, series A. 1952
94
South Bay Cons
82i2
103i2
mmm
103
mmm
105
mmm
104
6He. series B, 1977Huntington Water 5s B, '54
109
5s, series A, 1960
102
5s series B
107
—I960
Haute Water 5s. B, *50
101
103
Terre
102
100
mmm
mmm
102
Illinois Water Serv 5s A, '52
10U2 103
6s, series A, 1949
Texarkana Wat 1st 5s..1958
Indianapolis Water 4)4s, *40
1st Hen A ref 5s. 1960
105
Union Water Serv 5)4s, 1951
10U8
92
1962
..
10434
Water Serv Cos, Ino, 6s, '42
1st lien A ref 5s, 1970
10434
West Virginia Water
1st Hen A ref 5Ha, 1953-.
104
48
m
7312
78
mmm
1943
47i2
12i2
66i2
71
73l2
44l2
46
86
88i2
57l2
/54i2
/52i2
55l2
4434
46l2
82
mmm
/48
51
Lef court Manhattan Bldg—
1941..
1st 4-5s extended to 1948.
48i2
Roxy
69
6914
1st diss, Apr 15
Llnooln
/4934
/36
Bldg Ino 6Hs, 1963
60
38
/24
/24
20
/26
1943
'40
08, 1945
Sherry Netherland Hotel—
1st 0»4s. May 15 1948—
00 Park PI (Newark) 0s. *37
616 Madison Ave 1st 6 He '38
28i2
61 B'way Bldg 1st 5Xs. 1950
General 7s, 1945
...
Syracuse Hotel (Syracuse)—
1st 0183. Oct 23 1940
Textile Bldg 1st 6s. 1958
Trinity Bldgs Corp—
1st 5Ks, 1939
2 Park Ave Bldg let 4s, 1941
7114
---
4312
13
55
/52
/42
45
97
...
5712
Westlnghouse Bldg—
1st fee A leasehold 6s. '39
59i2
Walbrldge Bldg (Buffalo)—
51
26
/5212
/19i2
/4U2
/9
—
29
/29
1st 6i8S. Oct 19 1938
/46
1937.
...
51i2
Theatre—
Savoy Plata Corp—
Realty ext 1st 5Ks, 1940
48
/46
Kelth-Albee Bldg (New
1st 5348, June 15 1941
46l2
/71
Realty Assoc Seo Corp¬
1st fee A leasehold 6Ks
64
Graybar Bldg 6s, 1940
Harrlman Bldg 1st 6s, 1951
Hearst Brisbane Prop 6s '42
80
69i2
se, Income,
/44i2
/10i2
....
m
76l2
77
65l2
1939..
1941
165 B'way Bldg 1st 5Ks. '51
PrudenceCo 5Ksstmpd,196l
Lewls Morris Apt Bldg—
10212
0s. 1954
1958—
42 B'way 1st 6s. 1939
1400 Broadway Bldg—
1st 6Ks stamped. 1948—.
Fox Theatre A Off Bldg—
1st 6 He, stamped,
19
/17
«...
103 East 57th St 1st 6s.
Lefcourt Empire Bldg—
80i2
'55
South Pittsburgh Wat 5s,
'43
40 Wall 81 Corp 6s.
Roohelle) 1st 6s, 1936
Wat 5s. *60
5s, series B, 1952
Haokensaok Water Co 5s, '77
1939
1st 6s, Nov 15 1939
1 Park Ave 0s, Nov 0
35
/33
6Hs unstamped 1949
33
52i2
Oliver Cromwell, The—
mmm
62d A Madison Off Bldg—
Hotel St George 1st 5Ks '43
4s
1950
93
Water Serv 5s,
series Q
35
45i2
19th A Walnut St (Phila)—
1st 6s, July 7
Hotel Lexington 1st 6s,
102l2 104
4)4s, 1958—
Scranton Spring Brook
1st A ref 5s. A, 1967—
102i2
5s, series D. 1900
Greenwich Water A Gas—
68
---
9414
5 Kb
45l2
/30i2
5Ks series F-l
"mmm
/22
...
/44
/34i8
/5184
/43i2
6Ks series BK
500 Fifth Avenue—
Fuller Bldg deb 6s. 1944
.
101
10134 103
.
49
/39
35
101
1937
5Ks series C-2
lSt 6188. Oct 1 1941
107
92l4
10012
9734
6912
4734
Film Center Bldg 1st 6s,
98i2 10012
..
Prior lien 5s, 1948
10334
5)48, series B, 1940
9
502 Park Avenue 1st 6s, 1941
1st consol 5e, 1948
105l2
5s, series C, 1967
/7i2
67i2
6s. Nov 1 1947
1st A ref 5s, 1950
1st consol 4s, 1948
Commonwealth Water (N J)
/30i2
1st A ref 534b, 1947
4s, 1949 stamped
Peoria Water Works Co—
106
1st A gen 6s, 1940
33
Dorset. The, 1st 6s, 1941..
Eastern Ambassador Hotels
7314
3034
/33
1939
NewYork Title A Mtge Co—
50
1st 6s. Apr 28 1940
72
/29i2
f deb 5s 1945
N Y Eve Journal 0Ks.
/47i2
50 Bway Bldg 1st 3s, Ino *46
IOOI4 10214
Newport Water Co 6s, 1963Ohlo Cities Water 5Ks. 1953
s
Munson Bldg 1st 8Kb.
N Y Athletic Club—
Eoultable Off Bldg deb 5s'52
New York Wat Serv 5s, 1961
Ore-Wash Wat Serv 5s, 1957
Chrysler Bldg 1st 6s. 1948.
Court A Remsen St Off Bldg
5512
m*m
32
Metropolitan Playhouses Inc
94
1950-
mmm
...
82
/30
Majestic Apts 1st 6s. 1948..
54
9U2
82
IstflKs (L I). 1930
/41
104
Bauman—
1st 6s (Bklyn), 1942
3034
1st leasehold 6 Kb. 1944—
105i2 107
6s. 1941
Ludwig
3U2
B'way Motors Bldg 6s 1948-
103i2 105
City W (Chat) 6s B
53i2
41
f 38i2
London Terrace Apts 6s. '40
Chanln Bldg ino 4s 1945—
Ask
Bid
47i2
102
Water
'68
Cltliens Water Co (Wash)—
City of New Castle Water—
/4412
/50i2
/29
/2934
B'way A 41st Street—
Callfornia Water Serv 5s, '58
Chester Water Serv 4Kb,
Jan 11941—
Broadmoor, The, 1st 0s, '41
B'way Barclay 1st 6s, 1941
Certificates of deposit—
Alden 1st 6s,
Certificates
Ask
Bid
63
...
Loew's Theatre Realty Corp
Western N Y Water Co—
1st Hen A ref 5)48, 1954—
1st mtge 5s,
95
5s. 1968
Interstate Water 6s, A, 1940
105
Joplln W W Co 6s, 1957
Kokomo W W Co 6s, 1958—
Lexington Wat Co 534s, '40
107""
1st
6s.
1947
99is
98
96
1951
98
1st mtge. 6)4s. 1950
101
*50
lOOK
10514
6s, series C. 1900
6s, series A, 1949
103
103
W'msport Water 5s. 1952—
York
Stock
Exchange
Baltimore
Stock
Exohange
New
104
10412 106""
101«4 10314
Members
Specialists in
103
102
Wichita Water Co 5s, B,
98
97
95
Westmoreland Water 5s, '52
10212
Jamaica Water Sup 5)4s, '55
98
.
10112 103i2
5s. '51
5s. series B, I960..
104
Indianapolis W W Securities
mm
SURETY GUARANTEED
mmm
mmm
MORTGAGE BONDS
105
Associate Member N.
Mackubin,Legg&Co.
Par
Bid
Amer Dlst Teleg (N j) com *
109
100
Preferred
115i2 1171s
BANKERS—Est.
Par
Bid
New York Mutual Tel—100
1899
Ask
110l2 118
100
1%_25
North w Bell Tel pf 6)4%
19
17
Pac A Atl Teleg U 8
121
123
Peninsular Telephone com.»
84
87
Cuban Telep 7% pref—100
37
43
Empire A Bay State Tel.100
Franklin Teleg $2.50
100
62
80 A Atl Teleg
40
Sou New Engl
134
136
Allied Mtge Cos, Inc.—
All series, 2-5s, 1953
72
S'western
123
12434
Arundel Bond Corp 2-5s, '53
73
Arundel Deb Corp 2-6s, 1953
51
142
77
Gen Telep Allied Corp $6 pf
79
100
Llnooln Tel A Tel 7%
*
Mount States Tel A Tel.100
10012 1031*
141
144
New England Tel A Tel.100
119
19
16i2
_100
pf-100
$1.25
25
Telep
100
Bell Tel, pf—100
11034
109
111
Preferred A
Roch Telep $0.50 lBt
•
0%
Tri States Tel A Tel
10
11
100
115
Preferred
103
Wisconsin Telep 7% prof
Bid
-
21
1912
121
(nt Ocean Teleg
12i2
117
42l2
1953
'53
Cont'l Inv Deb Corp 2-6s '53
Home Mtge Co 5Ka A 6s,
mmm
1934-43
Mortgage Bond Co
Inc 2-,5s, 1953
44
41
43"
52
of Md.
75
kmetlcan Meter 6s
kmer Tobacco 4s
4m Type
—
—
...
Fdrs 0s
1946
..1951
—1937
10414 10514
Merchants Refrlg fls_—1937
108
Mldvale Steel A Ord 53-1936
..1939
Debenture 6s
/ 92
/ 92
..1942
—
94
96
4 m Wire Fabrlos 7s
94
River
Bridge 7s.
—
Bethlehem Steel 5s._ —1936
/31
33
1961
99
100
OonsoIldatlonCoaU V4s 1934
Cudahy Pack conv 4s —1950
/40
42
102
10334
—
—1955
1st 3Ks
Deep Rook OH 7s
-1937
02
Fed F'm Mtge 1 XSep .11939 100.19 100 22
13
15
1938
Bavtlan Corn 8s
103
1041a
..1939
GUdden Co 5Ks
—
Hiram Walker G AW
4Ks'45
Internat Cement enuv
Journal ol < 'omm 0
4M
45 t
1987
10434 105i4
...
09*4
10012 IOII4
100i2
—
Aug 15 1930 100.25 100.29
Aug 16 1937 102 5 102.9
Aug 15 1938 102 20 102 24
June 15 1939 100.21 100 24
41
/39
Natl Radiator 5s
1940
90
N Y Shlpbldg 5s
1940
89
/85
No. Amer Rsfrao 0)4s_1944
2-6s, 1953
Potomac Deb Corp 2-6s, '53
Potomac Franklin Deb Co—
40
42
40
42
2-6s, 1953
Potomac Maryland
40
42
(Mtge Guarantee series)
Bondholders part otfs
/30
(Mtge Security series)
/27
'53
Nat Deben Corp 2-6s, 1953.
Nat Consol Bd Corp 2-5s,
Realty
2-6s, 1953
40
42
40
42
Bond
&
40
29
mmm
•
••
Mortgage
deb 2-6s, 1953
1937-47
Union Mtge Co 5 Ks & 6s '37
Universal Mtge Co 6s '34-'39
Union Mtge Co.
69
Deben¬
66
Debenture Corp
34
mmm
2-6s, 1953
Realty
Atlantic
ture Corp
2712
Nat'i Bondholders part ctfs
mmm
70
Potomac
/25i2
(Central Funding series)
Nat'l
1941
Otis Steel 6s ctfs.—
98
102
'
9934 IOOI4
/60
AM*
|
mmm
(all
6s,
/40l2
42i2
/50
52
/50
52
42
134s
102
dutteriok Publishing 6 »41.>o0
Chicago Stock Yds 5s
134s
2s
93
..1953
Bid
dome Owners' Loan Corp
lXa
Bear Mountain-Hudson
|
1
Corp
issues) 2-5s, 1953
Potomac Consol Deb Corp—
+ mm
Nat'l Bondholders part ctfs
4 si
Bond
Potomac
70
1954
Series B 2-5s,
...
70
/50
51
Series A 2-6s, 1954
Associated Mtge Cos, Inc—
Debenture 2-6s,
Ask
Bid
Ask
Nat'l Union Mtge Corp—
Cont'l Inv Bd Corp 2-5s,
Miscellaneous Bonds
Bid
Debentures
Surety Guaranteed Mortgage Bonds and
147
100
Bell Telep of Penn pref—100
Clncln A Sub Bell Telep—50
Bell Telep of Canada
6030
24
Ask
111
Baltimore—Plaza 9260
New York—Andrews 0
Philadelphia—Pennypacker 8300
A. T. A T. Teletype—Bait. 288
Redwood & South Sts., Baltimore, Md.
Telephone and Telegraph Stocks
Exohange
Y.Curb Exoh.
Stock
Washington
73»i
Penn-Mary Steel 5s
1937
Pierce Butler A P 6 M»«.194<!
Revere Copper A Br
4)£s- '50
10438
/15
18
1017g 1023g
1946
106
107
St'd.Tex.Prod.lstS )4s as.'42
Struthers Wells Tltus6 )4s'43
/15
18
Willys-Overland 1st 0)4s '33
Wither bee Sherman 08.1944
Woodward Iron 5s
.1952
/62
/15
/52
SoovlUe Mfg 6 )4s
.
*
No par value.
d Coupon.
a
Interchangeable.
/Flat price.
r
c
Baals price.
Registered coupon (aerial).
to <
When Issued.
t
Ex-dlvidend.
mmm
80
V
Now listed on New York Curb Exchange.
♦*
Transferred
to
the
investing
companies
under
the
heading of Investment
Banking Corp.
t Nowllsted on New York Stoek Exchange.
mmm
17
...
X Quotations per 100 gold rouble bond equivalent to 77.4234 grams 01 pure
gold.
290
Financial
I,
Quotations
Chronicle
NORTHERN NEW YORK UTILITIES, INC.
Bonds and Preferred Stock
Company Securities
DISTRIBUTORS
63 Wall
1936
Over-the-Coiinter Securities—Friday Jan. 10—Continued
on
Specialists in all
Investment
Jan. 11
GROUP,
Street, New York
Offerings Wanted
ROBINSON, MILLER & CO.
Incorporated
INC.
BOwling Green 9-1420
Kneeland 8C Co.—Western Trading
HAnov£h2-T282 52 William
Correspondent
Investing Companies
jTyTsk*
Street, N.Y.
COMPREHENSIVE SERVICE
in the
Par
Administered Fund
Affiliated Fund Inc
♦
Bid
Ask
16.08 17.11
1.82
Par
Invest. Co. of Amer com.io
2.00
7% preferred
1358
1478
Investors Fund C
1.15
com...
Amerex Holding Corp
Amer Business ShareB
1.26
41
IU4
1.18
Bancamerica Blair Corp.
334
414
6I4
7»s
**
Bancs hares, Ltd part shs 50c
Bankers Natl Invest Corp.*
.50
".75
438
478
Basic Industry Shares.....*
British Type Invest A....1
-
Bristol & Willett
...
Established 1920
7
6I4
54i8
Members New York Security Dealers' Association
555s
25g
com
—
93.79
6
First Boston Corp
Major Shares Corp
Maryland Fund Inc
44
91.93
1034
Amer Insurance Stock Corp*
Assoc Standard Oil Shares .2
Bancamerlca-Blalr Corp... 1
•
Over-the-Counter Market
Ast
41
Investment Trust of N Y
Investm't Banking Corp's
1.07
Amer A Continental Corp.
Amer General Equities Inc.
rtd
-
115
Broadway, N. Y.
4.34
Mass Investors Trust
Mutual Invest Trust
1
Nation Wide Securities
1
24.63 26.77
1.51
.35
"55
..1
17i8
1858
Voting trust certificates.
Canadian Inv Fund Ltd__.l
3.90
4.30
Central Nat Corp class A
Class B
44
*
Century Trust Shares
*
4.57
1.61
50
1.79
3l2
5
28.16 30.28
Commercial Natl Corp
Corporate Trust Shares...
_
37fi
2.44
Series
2.57
Series
Class
B
39i2
1.08
Deposited Bank Shs ser A..
Deposited Insur Shs A...
42
5.32
53
43
15U
Andian National Corp
♦
1»4
2i4
1.09
1.69
11.73 12.23
3.65
3.90
.50
.70
Management....
4.90
c
4.55
Selected Cumulative Shs...
Selected Income Shares....
D
6.35
7.00
Spencer Trask Fund
1.61
1.73
Standard Amer Trust Shares
Standard Utilities Inc
*
3.60
State Street Inv Corp
*
Super Corp of Am Tr Shs A
AA
88.57
Dividend Shares
25c
Eqult Invest Corp (Mass).5
Eaulty Corp ov pre!
l
Fidelity Fund Inc
•
Five-year Fixed Tr Shares..
Fixed Trust Shares A
*
B
4.41
27.81 29.88
34i2
3812
50.27 54.13
3.85
2.89
Fundamental Tr Shares A..
Shares B
5.55
6.13
5.27
-
4.59
-
.
3.85
3.65
-
-
mm
m
m
m
7.21
1.62
1.77
4.30
4.55
Trustee Standard Invest C__
2.74
Agricultural shares
1.61
1.78
Automobile shares
1.45
1.60
...
1.85
2.04
;..
1.54
1.70
,15
1.27
Trusteed Amer Bank Shs B.
1.12
1.24
.21
1.34
Trusteed
1.35
1.50
...
.44
1.59
Petroleum shares
.29
1.42
Trusteed N Y Bank Shares.
United Gold Equities (Can)
RR Equipment shares...
Steel shares
.10
1.21
Building shares
Chemical shares
Food shares
Merchandise shares
Mining shares
Tobacco shares...
Guardian Invest Trust com*
Preferred
1.50
IBs
2h
Huron
Holding Corp
Incorporated Investors
.46
•
Investors Fund of Amer
.62
21.01 22.59
1.03
mm
Industry Shares..
Shares
1
m
-
-
-
1.72
1.92
2.49
2.77
183g
187g
B
2.84
2.94
Voting trust ctfs
1.08
1.16
Un N Y Bank Trust C 8
Un N Y Tr Shs ser F
414
.,
...
2
Wellington Fund
-
16.63 18.26
1.13
Par
Bid
Aetna Casualty A Surety. 10
Aetna Fire
..10
106
Aetna Life
10
Agricultural
..26
American Alliance
9
84
79
80
Knickerbocker
1414
35i2
Lincoln Fire
1314
1514
Maryland Casualty
Mass Bonding A Ins
16i2
18
67
69
3U2
33l2
25
5834
6034
10
4234
-2H
934
4434
ID4
..
Bankers A Shippers...
25
Camden Fire
107
112
705
Boston
715
25i2
Carolina
32i2
City of New York
-10
Connecticut General Life.10
45U
27i2
34i2
32i2
4634
Continental Casualty.. ...6
25i2
27
414
5
_2
Employers Re-Insurance. 10
Excess
6
Federal
30U
38
1434
40
1534
103
106
Fidelity A Deposit of Md.20
90
92
Fire Assn of
81
Philadelphia. 10
6
26
46
126
100
110
114
57
59
Oldetyme Distillers....... 1
37l2
39
PatheFllm7% pref......-*
98
100
38
40
Columbia Baking com
45*2
47
86
89
Norwich Pharmacal
Ohio Leather
8
6
35
36i2
1412
16*2
47
Remington Arms
47
Rock wood A
4^4
4414
18
20
National Fire
78
80
10
National Liberty
National Union Fire
2
20
New Amsterdam Cas
New Brunswick Fire
New
6
10
Scovlll Mfg
Singer Manufacturing
50
5*5
_.*
97
102
50
49
53
Douglas Shoe preferred..100
19
22
71
73
T12
4
45g
25g
3l2
Gair (Robert) Co com.__(*)
634
3514
3714
Preferred
42
5012
4
England Fire
Warren,
Halifax Fire.
1414
3912
Northern
6
2U2
24l2
12.60
109
2.50
Northwestern National..25
142
26
138
10
106
109
6
_
1634
.10
4314
10
6
26
1834
45U
1434
207
16U
211
1214
14i4
1834
20
22
50
Security New Haven
10
4U2
4314
73
Southern Fire
10
29
31
Springfield Fire A Marlne.26
Stuyvesant
5
143
146
712
Welch Grape Juloe pref.. 100
West Va Pulp A Pap com..*
Preferred
100
6
99
I6I4
17~34
100i2 102l2
White (8 8) Dental Mfg—20
White Rock Mln Spring—
16's
99
100
112
100
17ig
60
100
118
•
Par
Bohack (H C) com
100
preferred
102
20
60
Ask
Bid
*
7%
preferred
Diamond Shoe pref
Par
Savannah Sugar Rel
West indies
1
•
22
11*6
Ask
Bid
.100
10414
11134
Sugar Corp.—1
238
7% preferred
19
mmm
m
mm
2 7S
-
Ask
8
684
100
40
100
Edison Bros Stores pref. 100
104
106
112
Flshman (M H) Stores
Preferred
Bid
Ask
111
2512
27h
MockJudsAVoehr'ger pf 100
98l2
Murphy (Q C) 8% pref. 100 V
Reeves (Daniel) pref... 100
110
...
mm
...
*
1312
100
94l2
10
Par
Melville Shoe pref
100
Miller (I) A Sons pref...100
48
1512
-
Schlff Co preferred
100
1112
12i2
106i2 110
United Cigar Stores 6% pref.
100
100
200
U S Stores preferred
1st preferred 6%
100
108
2nd preferred 8%
100
118
~
„
1734
•
-
-
.
19
1712
8% pref ctfs
1
m
111
1834
2
4
100
1 ■■
...
Federal Intermediate Credit Bank Debentures
■
<f
Bid
2314
Sun Life Assurance
100
420
15 1936
F I O 1>*S Feb.
15 1936
—
Travelers.
100
622
r.40%
FIOIHS Mar. 16 1936.. r.40%
FIClHs Apr. 15 1936— r.40%
151936
F I C ltfs June
15 1936— r.40%
—
r.40%
15
3334
5734
88
90
U S Guarantee
96
Westchester Fire
lHs July
15 1936
FIC1H8 Aug. 15 1936
—
FICl^s May
632
U S Fidelity A Guar Co...2
U S Fire
4
F I C
r. 30%
Bid
I 1 1|
11 11 •11 I1
I 11V
FIOlHs Sept. 151936
FIC1H8 Nov. 15 1936
F I O lHs Deo.
15 1936
1 11 1
1
1
1
r.50%
—r.50%
—r. 55%
—r.60%
—r.60%
—
Alt
,
I
1 |
1
1
1
•
1
1
1
1
•
I
1
1
1
1
1
1
1
1
1
1
430
20
4234
I
Ask
|
FIClMsJan.
8U
4034
Hartford Steam Boiler. —10
73
75
Home
41l4
10
2.50
3912
ISoviet Government Bonds
16
5934
103
4314
4D2
Bid
Union of Soviet Soo Repub
7% gold rouble
1943
Par
Bid
Bond A Mortgage Guar..20
Empire Title A Guar...100
7
h
Ask
1
12
Par.
Lawyers Mortgage
20
Lawyers Title A Guar..100'
Bid
U4
4
88.55
Alt
91.42
CURRENT
Realty, Surety and Mortgage Companies
47
Young (J 8) Co 00m
12
25
3134
For footnotes see page
.._*
30i2
10
-.10
43
Northam—
53 conv pref
144
Phoenix
29
Seaboard Fire A Marine...6
Seaboard Surety
10
12
13*2
145
Pacific Fire
North River
114
3214
2134
...10
Harmonla
Hartford Fire
1314
37i2
13
157
68
Hamilton Fire
Hanover Fire
1U2
154
30l4
9
~3~l2
278
12i2
4i2
Worcester Salt
211?.
Kress (8 H) 6% pref
St Paul Fire 4 Marine..
Indemnity. ...1
10
15
1034
15'2
h
Lerner Stores pref
Lord A Taylor
31
2nd preferred.......
934
Chain Store Stocks
20
29
Great Amer
4234
98
39
21
...
Haytian Corp Amer
55
Georgia Home
Great American
834
41*2
2612
Co..20
Preferred.
49U
Rossia
4612
•
12
Bid
Sugar Assoc
17
20
1634
Eastern
52
18i2
5
Poudre
48
General Alliance
15
La
10
Rochester American
—
20
57 1st preferred
Wlloox-Gihbs 00m
5i2
Par
Cache
10
37i2
Globe A Rutgers Fire..
135
I8I2
25i2
25
Herrlng-Hall-Marv Safe. 100
20
35i2
Globe A Republlo
125
348
•
37
100
Great Northern Paper..
8
4714
35
100
Unexcelled Mfg Co
T
_.(*)
Gen Flreprooflng 57 pf-.lOO
Golden Cycle Corp
10
Graton A Knight com
*
33
Un Piece Dye Wks pfd ..100
U S Finishing pref
100
Foundation Co—Foreign shs
American shares
3312
341
6
Trico Products Corp..
»
TubizeChatllloncum pf.101
105
Preferred
3234
25
100
Standard Screw
**
57g
23
84
Taylor Milling Corp
Taylor Whar IAS com
103
478
18
79
Standard Cap A Seal
*
101
100
5*9
Driver-Harris pref...... 100
First Boston Corp
10
Flour Mills of America
*
6
•
47l2
118
22
514
*
56
New Hampshire Fire
Preferred Accident
43
100
00m
Co
44*2
New Jersey
New York Fire
Providence-Washington
41
20
Preferred
10$2
...100
5
Publication Corp com
57 1st preferred
45i2
45^2
•
com
1314
16
Glens Falls Fire
86
North Amer Match Corp.
Northwestern Yeast
100
67
1U2
83
.6
58
21
100
Preferred
48
63
14l2
—
712
314
Merchants Fire Assurcom2 H
Merch A Mfrs Fire Newark.6
National Casualty
10
Franklin Fire
Firemen's of Newark..
54
110
29
I6I4
8i2
3i2
30i4
32i2
American Surety
8i2
3212
7
2834
-10
Eagle Fire
30t2
Importers A Exp. of N Y..6
American Reserve
Baltimore Amer
7U
10
Ins Co of North America. 10
American Re-lnsuranoe ..10
Automobile
10
36i2
6
11312 115i2
100
Casket—
Preferred.
•
Nat Paper A Type pref .100
New Haven Clock pref. .100
102
Ask
34i2
„10
American of Newark... -2 H
Bid
6534
-.10
American Equitable
American Home
34
534
38i2
Sugar Stocks
Par
Home Fire Security
Homestead Fire
6334
82
36 !2
27
Companies
Ask
110
l
1,
Merck A Co Inc com
7%
Insurance
458
100
Draper Corp
•
334
Mh
*
Preferred
m
mm
6.90
6.28
U S Elec Lt A Pow Shares A
1.62
1.36
25
B
38i2
•
100
com
100
Doehler Die Cast pref
'mmm'
2.69
Trustee Standard Oil Shs A
Standard
1.47
23
D
2h
34
22
434
Preferred
National
h
20
334
6% preferred
Collander
Dentist's Supply Co of N Y.
Dictapnone Corp
*
Preferred
100
Dixon (Jos) Crucible
100
mmm
m
Trust Fund ShareB
Group Securities—
Balke
Co 7% pref
$7 preferred
mmm
3.85
10<
Brunswick
100
Crowell Pub Co
...»
2.49
3.65
Shares
1st preferred
81.00 cum pref
Columbia Broadcasting ol A *
Class B
•
.97
-
2.51
D
-
-
.90
C
Supervised
12
5412
pf.*
Hotels.*
Carnation Co $7 pref
...
19.42 20.65
B
9.38
2.63
Investors
3.33
BB
11.23
•
Inc
Fundamental
♦
10l2
5234
Bowman-Biltmore
102
Carrier Corp 7% pref—100
Climax Molybdenum Co new
1.63
8.70
4834
Beneficial Indust Loan
Canadian Celanese com
1.50
47
*
2*2
28
97
com 6
Preferred
Mallison H R Inc
~5i2
5ig
Art Metal Construction..10
.98
1.54
934
4.20
Diversified Trustee Shs B_.
3.00
Macfadden Publica'ns
American Republics com..*
13i2
Plymouth Fund Inc cl A.10c
Quarterly Inc Shares...25c
Representative Trust Shares
Republlo Investors Fund..5
Royalties
47
41
Selected Amer Shares Inc..
Selected American Shares..
2.70
23
15l2
3.01
10
353g
13i2
Series ACC r-od
100
Cumulative Trust Shares..*
42
3412
25
65
A
7% preferred
Amerioau Hardware
American Manufacturing 100
Preferred
100
Class
34i2
40
21
American Hard Rubber..50
-H
Ask
2U
23
...
3.09
Northern Securities
100
Pacific Southern Invest pf.
3212
76
1968
2.57
1.13
74
Bid
Par
......
*
3.01
100
Klldun Mining Corp
King Royalty 00m
$8 preferred
100
Klnner Airplane A Motor
Lawrenoe Port Cement—100
Amer Maize Products-
2.45
Common B shares
12i2
30
Ask
3.10
Series AA
8% preferred
lli4
26
t c
v
1956
Accumulative series
Series AA mod
Crum A Foster Ins com..10
Bid
*
100
Amer Air Lines Inc
American Book $4
.
3.14
....
3S
Par
American Arch 31—
86
82i4
No Amer Trust Shares, 1953
Scries 1965
Industrial Stocks
1.65
4.47
N Y Bank Trust Shares
No Amer Bond Trust otfs.
Bullock Fund Ltd
Tel. BArclay 7-0700
-
18.46 19.96
Ask
134
434
Bid
Union of Soviet Soo Repub
10% gold rouble—.1942
Ask
87.68
NOTICES
—Townsend, Graff & Naumburg, 29 Broadway, New York, have pre¬
an analysis on American Car & Foundry Co.
pared
—John N. Gordohn has joined the staff of Newman
Bros, & Worms at
289.
the firm's main office,
25 Broad St., New York.
Quotations on Over-the-Counter SecuritiesFriday Jan. 10—Concluded
German and
29
f27
f26h
f!6
'48
Barrauquilla 8s'35-40-46-4b
Bavaria 6 %e to 1946
18
/1212
f31h
'47
28i2
f 16
Anlioqula 8%, 1946
32i2
18
1312
Bavarian Palatlnata Cons
Lelpalg Trade Fair 7s, 1953
Luneberg Power, Light A
10
28
Water 7%
62i4
55
Munlo Bk, Hessen,
42
41
Municipal Gas A Elec Corp
Recklinghausen, 7s, 1947
Nassau Landbank 6 %s, '38
9612
Natl.
7%. 1947
(Peru) 7%%. 1944
1947..
/2I2
Burmelster <*Wain 6a. 1940
Ceara (Braall) 8%.
Columbia scrip issue of 'S3
4%
9i2
70i2
412
Hungary 7%fl, 1962
National Hungarian A lnd.
/51
46i2
/49i2
f26h
47l2
Mtge.7%, 1948
Oberpfala Elec. 7%. 1946..
Oldenburg-Free State 7%
Costa Rica Pao; Ry 7%s'49
1949._
40
/16i2
43
40
*/31
Panama 5%
*
sorlp
34
Porto Alegre 7%. 1968
2812
Protestant
Dulsburg 7% to 1946
/27
/27
East Prussian Pr. 6a. 1968.
/27
28
43
Frankfurt 7s to 1946......
/40
/28i2
30i2
French Govt. 5%o, 1987.
155
French Nat. Mall 88.6S/52
149
153
German Atl Cable 7a. 1946
/32
35
Dortmund Mun Utll 6 s. '48
Duesseldorf 7a to 1946....
bank 6)4%, 1948
Rio de Janeiro 6%. 1933—
/13'4
f27
/26l2
/22i2
14i4
/26
30
/24i2
/2 2
25i2
Jan to June 1934
28"
Serbian 6s, 1956......
/17
1712
/U
/1314
f25
90
95
Stem A Halske deb 6s. 2930
June 1 1935
Guatemala 8s 1948
Haiti 6% 1958
7s 1940
Stettin Pub Utll 7s, 1946
Stinnes 7s unstamped. 1936
"
7s unstamped 1948
263
/253
/35
S28h
/60
2912
70
f54
93
Tuouman Prov. 7s. 1950—
28
f26
6%. 1957
96
99
102
67
Nov
Apr
23
Nov
63%
36%
Nov
35%
45
21
30
Jan
12
12
12%
12% May
36%
10
14
16
27
Jan
44%
91
Apr
104
90
104% 104%
100%
20
38
Mar
35
147
11
301
24
565
6%
4%
285
2%
10
10%
125
3
248
5
50
6
2
Jan
*
23%
*
4%
Leland Electric.
*
23
24
*
16%
16%
National Refining.
—
_
Ifrov
13%
Oct
9
Jan
22%
12
Jan
17
1%
Mar
2%
2%
40
65
Sept
/30i2
33i2
Tucuman Scrip
34
Veaten Eleo Ry 7s,
1947—
Wurtemberg 7a to 1945
1
1%
Jan
8%
2%
200
1
2
Sept
5%
29%
165
10
19
Jan
104% 104%
25
48
96
Mar
33
105%
Jan
10
Dec
*
25
27
360
10%
19
Apr
28
Nov
*
56%
2%
15%
58%
529
38
46%
Apr
60
Dec
2%
16%
4
May
4
May
256
8%
9
Jan
14%
32
50
9%
20
Jan
33
Nov
7
130
2%
3
Apr
5
Dec
2
Feb
12
Dec
Feb
17
Dec
,__*
1
Selberling Rubber
SM A Corp
Stouffer class A
*
32
Union Metal Mfg
*
Vlchek Tool
*
5%
10%
Weinberger Drug Inc
*
17
720
6%
3%
20
9%
9%
16
i
535
11%
17%
12%
148
*
No par value.
Prices
3212
Paris Bourse
on
by cable each day
Jan. 9
Francs
Francs
Francs
Francs
Jan. 8
Francs
Bank of France
9.310
9,200
9,200
9,300
sold at auction on Wednesday
1,009
469
1,013
468
902
461
997
459
of the current week:
998
462
183
18,200
1,048
1,350
185
18,000
1,055
1,350
180
17,900
1,036
1,350
182
17,900
1,040
1,340
180
17,900
1,047
1,350
17
17
Banque de l'Unlon Parisienne—
Canadian Pacific
Canal de Suez
Cie Dlstr. d'Electrlcltle
By Adrian H. Muller & Son, New York:
Corp., common, ctf. of dep
$135 lot
140 Hudson View Gardens Inc. and proprietary lease for apt. 53 in building.$3,100 lot
Corp. (111.), no par
5 Hudson Annex Building Corp. (111.), no par
20 units Pratt Shore Apartments Trust, certificate of interest
5 Hudson Apartment Building
...
Cle Generale d'Electrlcltle
$ per Share
Stocks
10 Commonwealth Hotel Construction
1
J
$ per Share
75%
58c
5%
76
$1 lot
par $100
Corp., common
40 New Hampshire Acceptance Corp., pref., par $10—
10 Public Electric Light Co., pref., par $100—
50 International Match Corp., part, pref., par $35
Co.,
23
$30 lot
3 Boston Woven Hose & Rubber Co., common
124 Tolman Print Co., pref., par
$100
$200 lot
1,005 North American Mines, Inc. B
Per Cent
Bonds—
$1,000 Austin Street Ry. 5s, Jan. 1 1936 coupon July
1932 and sub. on
22% flat
Shares
S per Share
Stocks
33c.
37c.
7%
12%
131
1
$1 lot
27%
100 Atlantic National Bank, Boston, par $10
25 Atlantic National Bank, Boston, par
$10
18 Nashua Manufacturing, common, par $100
5 Farr Alpaca Co., par $50.
7 Ludlow Manufacturing Associates
25 Lawyers Mortgage
Investment Corp., common, par $100
10 Boston Dwelling House Association
5 Tremont Building Trust
20 Wendell Philips Co., preferred, par
30 Old State Corp., preferred,
par
$ per Jhare
1,213 The Penn Chemical Works, par $100
103 Middle States Petroleum Corp., class "A," v. t. c., no par
86 Middle States Petroleum Corp., class "B," v. t. c., no par
1,680
2,280
488
716
1,660
2,240
480
705
583
584
575
571
910
818
1,011
405
22
1,302
71.90
74.50
73.70
81.80
80.40
102.10
2,260
900
816
1,011
410
22
1,271
71.40
73.90
73.10
81.30
79.80
101.60
2,280
890
829
1,007
401
33
1,272
71.40
74.00
73.10
81.40
79.90
101.90
2,280
890
830
1,012
407
30
1,280
72.25
75.10
74.10
82.25
80.80
103.25
2,260
1,695
Societe Generale Fonclere
1,540
51
27
1,675
1,521
51
28
1,673
1,525
52
28
1,685
1,504
52
27
Soclete Lyonnalse
2,282
2,248
2,237
par
J $295 lot
$3 lot
$250
Lives and Granting Annuities, par $10— 41
10 Philadelphia National Bank, par $20
—101
52 Pennsylvania Co. of Insurances on
17 Integrity Trust
9%
Co., Philadelphia, Pa., par $10
Co., German town, Pa., par $10
4 Germantown Trust
24 Central-Penn National Bank, Philadelphia, Pa., par
1 Athenaeum
of
$10
Philadelphia
26%
36%
115
Per Cent
Bonds—
$1,500 Point Judith Country Club, 5%, due Nov. 1 1935
$5,000 Waterloo Cedar Falls & Northern Ry. Co., 5%, first mortgage,
ing fund, due Jan. 1 1940
36 bonds Imperial Russian Govt., International Loan of 1916, 5% %
2,225
Energle Electrlque du Littoral..
Kuhlmann
L'Alr Liquids
Lyon(PLM)
NordRy
Orleans Ry
Patbe Capital
Pecblney
Rentes, Perpetuel 3%
Rentes4%, 1917
Rentes4%. 1918
Rentes 4%%, 1932 A
Rentes 4%%. 1932 B
1920
Royal Dutch—
Saint Gobaln C A C
Schneider A Cle
51
Soclete Francaise Ford
539
$15 lot
sink¬
$425 lot
$230 lot
By A. J. Wright & Co., Buffalo:
Stock
15 Zenda Gold Mines
.
540
70
517
66
512
539
67
511
43
42
42
1,660
2,350
890
409
71.30
74.20
73.00
81.30
79.90
101.90
2,290
51
539
65
524
44
Union d'Electrlcltle
539
73
520
Societe Marseillaise
Tublze Artificial Silk pref
41
Wagon-Lite
Berlin Stock
The
Jan.
15c
Jan.
4
6
by cable each
Jan.
Jan.
Jan.
Jan.
7
8
9
10
Per Cent of Par
38
37
38
39
114
115
113
114
115
136
136
136
136
83
136
82
83
84
84
85
119
119
119
121
121
122
83
82
82
82
83
85
Deutsche Erdoel (4%)
107
Deutsche Relchsbabn (German Rys pf 7%). 121
Dreedner Bank
83
108
109
109
108
109
121
121
121
121
121
83
83
83
84
85
Farbenindustrie I G (7%)
Gesfuerel (6%)
147
147
147
148
148
148
125
125
125
125
125
126
Hamburg Electric Werke (8%)
132
132
132
132
131
131
36
Allgemelne Elektrizitaets-GeseUschaft
Berliner Handels-Geaellscbaft (6%)
114
136
Berliner Kraft u. Llcbt (8%)
Commerz-und Privat-Bank A G__
Dessauer Gas
(7%)
Deutsche Bank und Dlsoonto-Gesellsohaft—
37
Hapag
15
15
15
15
15
15
Mannesmann Roehren
78
77
78
79
78
80
16
17
17
17
17
............
Relchsbank (8% 1
S per Share
Exchange
Closing prices of representative stocks as received
day of the past week
Nordeutsch <1 Lloyd
Shares
89
575
890
829
1,031
409
22
1,290
71.90
74.40
73.60
81.75
80.30
102.10
2,280
Credit Commercial de France
$5,000 lot
f
1
100-50097th interest Middle States Petroleum Corp
Beach Trust,
93
238
570
1,680
2,250
477
710
...
1
preferred, par $100
Stocks
1 Scarborough
920
92
234
561
1,330
17
76
909
93
179
18,000
J
By Barnes & Lofland, Philadelphia:
Shares
1,680
2,280
477
710
17
77
9,100
\$3 lot
$100
$100
58 U. S. Bond & Mortgage of Massachusetts,
240
576
17
77
921
233
562
1,660
2,260
476
711
Rentes 5%,
By Crockett & Co., Boston:
924
93
241
570
Coty S A
Energle Electrique du Nord
Stocks
924
93
Comptoir Nationale d'Escompte
Eaux Lyonnalse
20 New Hampshire Acceptance
Jan. 7
Citroen B
Credit Lyonnalse
By R. L. Day & Co., Boston:
Jan. 6
Cie Generale Transatlantlque...
Courrieres
[$50 lot
Jan. 10
Francs
9,400
Banque de Paris et Des Pays Bas
AUCTION SALES
Shares
Oct
31
f29h
/31
289.
25 West Point Manufacturing
Jan
Nov
Patterson-Sargent
Jan. 4
Shares
Nov
Sept
Richman Bros..
Quotation* of representative stocks as received
of the past week
The following securities were
May
3,923
29%
Dec
June
6% June
Apr
7%
12
8%
2%
*
6% cum preferred.-.100
Packer Corp
*
Oct
5%
40
*
cl A
24%
211
*
Oct
11%
Jan
11
75
67
100
cum
Dec
Jan
2% May
4% May
i
1,000
1,409
7%
5%
_25
_
5%
5%
Metropolitan Pav Brick._*
21
Dec
Dec
Nov
104%
Sept
100%
20%
4%
10
35
Apr
37
2
104
Dec
105
/31
Housing A Real Imp 7s, '46
Hungarian Cent Mut 7s.*37
N.v
Apr
5
Jan
36%
....
91
68
50
5
21
Kelley Isl Lim & Tras
Nestle LeMur
34%
Apr
14%
104
----
Tuouman City 7s, 1951..
Hanover Hara Water Wka.
For footnotes see page
37
36
/43-54
Serbian coupons
1134
14
/13i2
/32
480
2,255
57%, Dec
115% July
Nov
109%
53%
99%
35%
10
Lamson & Sessions
Ohio Brass B
Sao Paulo (Braall) 6s. 1943
100
Sept
24% May
4% Nov
Mar
12
*
Preferred
914
I4i2
34i2
311
Nov
35
Oct
2%
15
35%
-
f8U
15
13%
Oct
12
1
1,170
57
McKee (A G) class B
15l2
12
Feb
80
34
Medusa Portland Cem
24
/66
Santa Fe scrip
Santander (Colom) 7s, 1948
Coupons
28
/14
Saxon State Mtge. 6s. 1947
12-1-34 Stamped
pref.*
*
National Tile
'..
9
/8I2
100
Jaeger Machine
2912
10
200
5
57
Greif Bros Cooperage A__*
Interlake Steamship
38
Sept
15%
55%
57%
107% 108
61%
61%
62%
59%
22%
21%
100
cum
35
80
5
*
Great Lake Towing
Hanna(M A) $5
(Braall)
8i4
Coupons
April 15 1935
Young
Catharlna
8%. 1947
f27
f 7*2
/25-35
10-16-34 Stamped
German
Santa
4% sorlp
100
*
Halle Bros pref
38
Salvador 7% otf of dep '57
/58
/41
July to Dec 1933
_.
14'4
42
-
f dep
Certificates
Cliffs Corp v t c
Faultless Rubber
68
f35
f35
Salvador
Dawes
29
f39
R C Church Welfare 7s, '46
*
100
35
35
15%
Electric Controller & Mfg *
Saarbrueoken M Bk 6s, '47
'
32
/30
German called bonds
27i2
28
Rom Cath Church 6%a, '46
German Building A Land
German
52
Salvador 7%. 1957
vestment 7%s, 1966
July '34 to Dec '35-
$4.50 preferred
Cleveland Ry
Prov Bk Westphalia 6s. '33
Prov Bk Westphalia 6s. '86
Rhine Westph Eleo 7%, '86
European Mortgage A In¬
German scrip
54
*
Jan
9
45
Apr
4
1,045
80
*
High
Low
39
756
13%
35
100
Cleve-Cliffs Iron pref
f27
many), 78, 1946
2812
Range for Year 1935
17%
3%
22%
12%
Cleveland Builders Realty*
(Ger¬
Church
Low
20
*
100
City Ice & Fuel
/27i2
/66
/1314
1945
to
18
Shares
High
Par Low
Stocks—
Apex Electric Mfg
Canfield Oil
6412
66
1935
Allen Industries Inc pref--*
Preferred
1948-1949 CC&D7..
6 Ha 1946-1947 (A & B).
Nat Central Savings Bk oi
Costa Rloa funding 6%. '61
6s
33
46
pest, 7s, 1968
Dec. 31
30
9l2
City Savings Bank. Buda¬
Issue of 1934
32l2
1933 to
for
Week
28*2
Sales
of Prices
Panama «%%
Bank
1
July
Week's Range
35
/4312
/63
f38h
(Colombia)
4 to Jan.
34
/30i2
/3H2
7a to '45
52
Corp
lnd.
Jan.
34
f27
Mannheim A Palat 7a, 1941
/38
f39
/93i2
/8i2
/8i2
Coal
87
----
/31
/32
f29
.1948
A. T. A T, CLEV. 595
Cleveland Stock Exchange
10, both inclusive, compiled from official sales lists
33
/36i2
/31
Munich 7s to 1945
Buenos Aires aorlp
Callao
Leipslg O'land Pr. 8%s, '46
Cleveland
Union Trust Building,
Telephone CHerry 5050
37
85
'41
Land M Bk, Warsaw 8a.
/62
7%s. 1963
43
/40
Hungarian defaulted ooups /30-55
/41
Hungarian Ital Bk 7 Ha. '32
36i2
Jugoslavia 5s, 1956
Coupons
/ /43-54
f30
Koholyt 6%s. 1948
14
6H2
6%s. 1968
Call
Hungarian Dlsoount A Ex¬
change Bank 7s, 1963—
25i2
/24
/13
/9
f27
Clt. 7% to 1946
Bogota (Colombia) 6%, '47
Bolivia 6%, 1940
Brandenburg Eleo. 6a. 1953
Braiil funding 6%. a81-'6)
Braall funding aorlp
Britten
Hungarian
Bank
Brown
Exchange
Members Cleveland Stock
Ask
Bid
AH
Bid
Bank of Colombia. 7%.
Ohio Listed and Unlisted Securities
Foreign Unlisted Dollar Bonds
Anhalt 7a to 1946........
Bank of Colombia, 7%,
291
Chronicle
Financial
Volume 142
Rhelnische Braunkohle
SaUdeturth (7%%>
Siemens A Haleke(7%)
17
175
177
178
178
180
183
210
......
(8%)
209
184
210
211
212
213
165
165
166
166
„180
181
168
292
Financial
General
Chronicle
Jan.
1936
11
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
A
Monthly Gross Earnings of Railroads—The following
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
is
are
257,719,855
248,104,297
292,775,785
265,022,239
281,627,332
282,406,507
275,583,676
282,277,699
275,129,512
292,488,478
256,629,163
257,199,427
.
March
April
May
June
July
August
September.
October
November.
December..
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
257,376,376
245,092,327
Length of Road
1935
January...
February..
October....
November.
July
August
September.
+ 17.10
+34.44
+18.02
+ 10.50
+ 1.61
—6.05
—4.82
—5.70
—0.62
—0.29
+4.94
+8,148,718
+6,444,483
—12,306,728
+9,147,757
+2.39
+2.60
—2,489,273
—1,431,003
—640,683
+11,281,900
+31,408,547
+48,095,489
—0.88
+ 11.41
+ 16.44
+44,278,559
+17.25
+4.20
+3.45
—0.51
—0.23
+4.00
Wilcox Oil & Gas Co. and the Denver Producing & Refining Co.
Drilling
and operation of oil and gas wells in Texas is being undertaken in conjunction
with the Phillips Petroleum Co.
241,337
241,263
241,194
241,113
240,906
240,932
240,882
240,658
240,563
240,428
240,836
239.833
239,506
239,433
239,246
239,129
238,980
239,020
239,000
238,955
238,819
238,791
238,668
inc. {+) or Dec. (—)
January.
February
March------
April
...
-
May
June..
July......
August
September.
October
...
........
....
November
December.....
1933
$62,262,409
59,923,775
83,939,285
65,253,473
72,084,732
74,529,250
67,569,491
71,019,068
71,781,074
80,423,303
59,107,473
62,187,903
$44,978,266
40,914,074
42,447,013
61,640,515
73,703,351
92,967,854
98,803,830
94,507,245
92,720.463
89,641,103
65,899,592
58,350,192
Amount
devel. charges, but
before deprec., depl.
and Federal taxes
156,000
172,200
x Includes
gold premium.—V. 142, p. 118.
Alliance Investment
May...
June
—
.....
...
Jnly^
August......
September.........
...
October.
November
_
Per Cent
+38.43
+46.46
+97.75
+26.36
$62,258,639
59,927,200
83,942,886
65,252,005
72,083,220
74,529,254
67,586,762
71,686,657
72,390,908
81,039,275
82,747,438
60,061,636
—2.20
—19.83
—24.85
—10.28
—10.22
capital surplus was due to improvement in the market value of securities
held and that resumption of regular dividends would depend on ordinary
income from dividends and interest.
With the current distribution arrears
amount to
$26.25 per share.—V. 140, p. 961.
Allied Chemical & Dye
*
At
a
The amount required to redeem the preferred stock in the hand-* of the
public, including the accrued dividend, is $41,760,000.
Dividend requirements on the preferred stock in the hands of the public
have amounted to $2,418,780 annually.
The company announced that the redemption will be made out of avail¬
able funds without recourse to borrowing or other refinancing.
Following the redemption of the preferred, the only securities of the
company outstanding will be 2,401,288 shares of common stock, of which
187,189 shares are held in the company's treasury.—V. 141, p. 2874.
Allied
Kid
—$10,907,615
—5,030,495
—10,283,505
+53,730
—1,660,850
—9,008,823
—10,108,077
+ 1,108,150
+ 16,564,585
+27,512 645
+22,685,802
Earnings per share
_
$457,630
176,965 shares
common
$2.18
stock
The Union Trust Oo. of Pittsburgh, trustee, is inviting tenders until noon
Jan. 22, on $1,000,151 5% sinking fund debenture gold bonds dated March 1
1927 for sinking fund purposes at prices of principal, accrued interest and a
—8.3
—
19.40
+0.08
—2.31
—12.89
—14.96
+ 1.55
+22.88
+33.95
+37.77
premium of 5%.—V. 142, p. 118.
American Chicle Co.—Extra Dividend—
The directors on Jan. 3 declared an extra dividend of 25 cents per share
in addition to the usual quarterly distribution of 75 cents per share on the
common stock, no par value, both payable April 1 to holders of record
March 12.
Similar payments were made on Jan. 2/last.
A special divi¬
dend of 50 cents per share was
paid on July 1 and Jan. 2 1935.
Each
quarter from Jan. 1 1930 to and including Jan. 2 1934, the company paid
extra dividends of 25 cents per
on
Deposit—
The company has notified the New York Stock Exchange that the follow¬
was on deposit as of Dec. 31 1935, under the deeds of trust
securing its collateral trust 4% bonds, due 1947 and 1948, respectively:
Collateral held by Guaranty Trust Co. of New York as trustee under
deed of trust dated June 17 1907, securing collateral trust 4% distribution
bonds of 1907, due June 1 1947:
Chicago & North Western By.; common stock, 7,075 shs.; Delaware,
Lackawanna & Western RR., capital stock, 14,700 shs.; New York Central
RR., capital stock, 6,150 shs.; Reading Co., common stock, 5,513 shs.;
Southern Pacific Co., common stock, 15,900 shs.
In addition, there were held by the trustee $16,568,500 Adams Express
Co.'s collateral trust 4% distribution bonds of 1907, due June 1 1947, which
have been deposited over a period of time with the trustee in accordance
with the terms of the indenture.
Collateral held by Bankers Trust Co. (New York) as trustee under deed
of trust, dated Feb. 9 1898, securing collateral trust 50-year 4% bonds, due
March 1 1948:
Delaware & Hudson Co., capital stock, 5,691 shs.; Pennsylvania RR.,
capital stock, 14,900 shs.; Southern Express Co., 4% demand notes,
(secured by 11,325 shs. of Chicago & North Western Ry. common stock),
$1,000,000; Adams Express Co., collateral trust 4% distribution bonds of
1907, due June 1947, $2,331,500.
In addition, there were held by the trustee $7,329,000 Adams
Express
Co.'s collateral trust 50-year 4,% bonds, due March 1 1948, which have
been deposited over a period of time with the trustee in accordance with the
terms of the indenture.—V. 141, p. 4008.
Affiliated Fund, Inc.—Annual Report—
The annual report of this company, (sponsored by Lord, Abbett & Co.,
Inc.), shows total assets increased from $342,139 to $1,630,585 and asset
value per share of common stock rose from $1,235 to $1,765, a gain of
approximately 42.1 %.
Number or shares of Affiliated Fund increased in 1935 from 175,434 to
641,856. The convertible debentures issued by the company to provide a
leverage feature in the fund were outstanding on Dec. 31 1935 in the
amount of $480,750 as compared to $122,800 a year previous.
Investments at cost at the year end totaled $1,378,316 and had a market
value of $1,554,312. Distributions in 1935 amounted to $.085 per share of
common stock and a regular quarterly distribution of $.02
per share has
been declared payable Jan. 15 1936 to stock of record Dec. 31 1935.—Y.
141, p. 2874.
Co.—Acquisition—
The company has acquired the remaining outstanding capital stock of
Pure Carbonic Corp., making this a 100% owned subsidiary. Previously
Air Reduction owned about 83% of the Pure Carbonic stock.—V. 141, p.
share.—V. 141, p. 2579.
American Gas & Electric Co.
(& Subs.)—Earnings—
(.Subsidiary Companies Consolidated-—Inter-Company Items Eliminated)
1935—Month—1934
1935—12 Mos.—1934
Operating revenue
$5,703,650
$5,294,801 $64,562,910 $61,136,425
Operating expenses
3,522,705
3,280,349
41,063,091
38,572,145
Period Ended Nov. 30—
Operating income
Other income
$2,180,945
60,224
$2,014,452 $23,499,819 $22,664,280
55,564
737.283
702,317
Total income
Deductions
$2,241,169
1,339,414
$2,070,017 $24,237,103 $23,266,597
1,349,074
16,155,210
16,201,069
Balance..
$901,755
ing collateral
on
—17.5
The company advised the New" York Stock Exchange that the following
wholly owned subsidiary companies are being dissolved as of Jan. 2 1936,
and from that date on the business being conducted by those subsidiary
companies will be transacted in the name of the Acme Steel Co., an Illinois
Corp.: Acme Steel Co. of New York, Inc.; Acme Steel Co. of Georgia, Inc.;
Acme Steel Co. of California, Ltd., and the Acme Steel Co of Washington.
—V. 141, p. 3850.
3526.
Co.—Earnings—
Earnings for 9 Months Ended Sept. 30 1935
Net profit after all charges
—V. 141, p. 4008.
Acme Steel Co.—Subsidiaries Dissolved—•:
Air Reduction
Corp.—Calls Preferred Stock—
on Jan. 7 the company called
redemption on Feb. 14 1936, at redemption price
per share plus accrued dividend.
The issued preferred stock con¬
392,849 shares of which 47,309 shares are held in the company's
meeting of the board of directors held
its preferred stock for
of $120
+0.58
Jan. 5.—V. 141, p. 3526.
r
Corp.—Accumulated Dividend—
The company paid a dividend of $3 per share on account of accumularon the 7% cum. preferred A stock, par $100, on Jan. 9 to holders of
record Jan. 8.
A similar payment was made on April 1 1931.
'
The company stated that the current dividend which was paid from
tions
—22.58
Abraham & Straus, Inc.—Obituary—
Simon Frank Rothschild, since 1930 Chairman of the board, died
on
2,246.550
—31.01
1934
$51,361,024
54,896,705
67,659,321
65,305,735
70,410,370
64,920,431
67,478,685
72,794,807
88,955.493
108,551,920
Adams Express Co.—Collateral
1,928,800
Aluminum Co. of America—Tenders—
1935
January
February
March..
April
+$17,284,203
+19,009,701
+41,492,272
+ 13.612,958
—1,618,619
—18,438,698
—31,234,339
—23,488,177
—20,938,789
—9,217,800
—6,732,119
+3,837,771
i
1935—12 Mos.—1934
$4,176,000
$4,477,950
treasury.
Month
1934
Co.—Earnings—
1935—Month—1934
$364,000
$368,800
&
1934
238,245
238,162
238,011
237,995
237,951
237,800
237,700
238,629
237,431
237,385
237,306
Alaska Juneau Gold Mining
Period End. Dec. 31—
Gross earnings
...
Net profit after oper. exp.
x
sists of
Net Earnings
Burt, Nelson & Ramser,
A portion of its operating properties in Oklahoma are
operated in conjunction with the Continental Oil Co., H. F.
owned and
Miles
239,444
239,389
239,228
239,109
238,983
239,107
239,160
239,114
238,977
238,937
238,826
238,570
1935
257,728,677
248,122,284
292,798,746
265,037,296
281,642,980
282,406,506
275,610,064
282,324,620
275,158,450
292,495,988
256,637,723
300,916,282
March
April......
May
June......
+13.90
1934
263,877,395
254,566,767
280,492,018
274,185,053
279,153,707
280,975,503
274.963.381
293,606,520
306,566,997
340,591,477
stock at $5 per share by
homa and Texas.
1933
1934
Cent
Miles
+31.443,332
+36,221,471
+ 75,002,520
+40,456,313
+26,769,505
+4,482,585
—17,757,929
—14,286,954
—16,643,258
—1,494,550
—747,213
+ 12,107,100
Offered—-Public offering
issue of 118,898 shares of class A
for working capital.
The company owns interests in 21 wells in Oklahoma, 17 of which are in
the Oklahoma City field, and interests in 48 undeveloped leases in Okla¬
Per
$
January
February.
Co.—Stock
a new
The stock is preferred as to dividends at the rate of 7%
per year and Is
cumulative, participating and convertible.
Entire proceeds will be used
Gross Earnings
1933
Petroleum
Inc., Chicago.
Month
1934
K
common
to the Interstate Commerce Commission:
Inc. (+) or
Dec. (—)
&
being made of
$720,942
$8,081,893
$7,065,528
American Qas & Electric Co.
Total income
Expense
Deductions-
—
Balance
—V. 141, p. 3850.
$1,355,377
42,613
391,378
$921,385
$1,164,905 $13,438,730 $12,502*172
31,227
458,309
' 496,214
391,378
4,696,539
4,696,539
$742,299
$8,283,881
American Hide & Leather Co.-—Plan
$7,309,418
Upheld by Court—
The application of three minority stockholders of the company for a pre¬
liminary injunction restraining the corporation from a continuance of the
conditions of the recapitalization plan already in effect, was denied by
Vice-Ohancellor James J. Fielder, in Chancery Court in Jersey City, Jan. 3.
On Oct. 2 the majority stockholders voted to adopt the plan, and since that
date the terms of the plan have been In the process of being carried out.
Edmund J. Fixman and Nellie Stern of New York and Herbert White
of South Bound Brook, N. J., joint owners of 225 shares of preferred stock,
sought the preliminary injunction, objecting to the plan as depriving them
of their rights as stockholders.
In his decision, Vice-Chancellor Fielder stated he did not desire to be
understood as having arrived at a definite conclusion "on any of the ques¬
tions which must be decided between the complainants and defendants."
He declared these were so important as to be determined only after final
hearing.
"It is a well settled fact that whenever a complainant's case is
doubtful on the law or the fact," he added, "a preliminary injunction should
not issue."—V. 141, p. 2876.
American States Public Service
Co.—May 1935 /ntf.—
Pursuant to order passed by the U. S. District Court for the District of
Maryland on Jan. 2 1*36, payment of interest to the holders of the 1st
lien 5 M % gold bonds series A due May 1 1948, in an amount equal to the
May 1 1935, coupons appurtenant thereto will be made on and after Jan.
15 1936, upon presentation of such coupons for cancellation at tue office of
City National Bank & Trust Co., Chicago.
Payment with respect to May 1 1935, coupons appurtenant to bonds
deposited with Baltimore National Bank, as depositary, will be made by
check payable to the order of the registered holders of trust receipts for
said bonds. Payment will be made from interest and dividends on collateral
held by the trustee under the indenture securing the first lien bonds, and does
not constitute a general resumption of interest payments.—V. 141, pi 3371.
American Telephone & Telegraph Co.—Disputes $14,000,000 Tax with City—
Whether or not New York City will attempt to collect
of utility taxes under the
about $14,000,000
Emergency Tax Act from the company and its
determined at hearings being held before the'Emergency
Department of Finance. The city maintains that the
Telephone company is a utility and subject to the utility taxes of
and later of 3% for a period from Sept. 1933 to June 30 1936.
The tax
division has placed the company's income for a period from Sept. 1 1933 to
associates will be
Tax Division of the
1H%
$76,405,634.
that as it does not come under the Public Service
Commission, it is not a utility and also does not admit that the city's income
figures are correct.
The company's payments under the 1-20 of 1% and
later 1-10 of 1% business taxes are estimated to be about $25,000 yearly.
If ruled against, the company will undoubtedly carry the matter to the
Court of Appeals.—Y. 142, p. 119.
Dec.
1933
31
at
The company says
& Electric Co.,
American Water Works
Inc.(& Subs.)—
1935*—12 Mos.—1934
1935*—Month—1934
Period End. Nov. 30—
$2,078,454
$1,841,971
discount, &c., of subssubsidiaries
Interest and amortization of discount, &c., of
American Water Works & Electric Co., Inc. Reserved for renewals, retirements and depletion Gross income
Interest & amortization of
Preferred dividends of
Net income
$22,998,112 $22,198,193
8,848,727
8.796,840
5,713,673
5,714,225
1,456,513
3,250,267
$3,320,352
$2,980,898
1,200,000
-
1,514,510
3,600,296
1,200,000
Preferred dividends.
stock
Available for common
Shares of common stock
♦All figures
23,558,745
24,533,363
2,021,292
2,057,812
Oper. exp. maint.& taxes
$45,756,939
$3,863,263 $47,531,475
$4,136,267
Gross earnings
subject to audit in so
far as
$2,120,352 $1,780,898
1,741,008
1,748,473
they contain earnings for the
1935.
follows:
1934
1933
44,254,000 36,799,000 33,240,000
45,349,000 38,198,000 33.687,000
39,207,000 32,741,000 28,997,000
1936
193&
1934
1931
31,289,000
27,438,000
28,322,000
43,260,000
29.802.000
1935
Week Ended
Dec. 14
Dec. 21
Dec. 28
Jan. 4
—V. 142, p.
1932
29,543,000
28,894,000
25,179.000
1933
36,191,000 30,818,000 28,479,000
1932
1935
31—
Not Available
■{ $2,133,298
1,879,186
I
Department oper. costs
$175,820
$254,112
82,743
165,642
53,806
$54,382
$62,469
$126,372
$7,801
36,237
$54,382
Depreciation
$62,469
$126,372
$44,038
fixed assets
Net loss
Preferred dividends
Deficit.
Balance
a
5541,414
Cash
Mdse. inventory..
Loans
33,895
299
131,493
41,180
3,972
—
Acc'ts receivable..
$580,043
25,638
501
62,460
42,925
Fur., fixt. &eq..
8,093
Prepaid expenses..
Leases, contracts &
Pats. & tr.-mks
35,674
locations
$1,167,610
Total
c
9,473
392,008
685,694
452,403
Common stock--
Notes payable
Accounts
Accr'd
payable.
sals.,
$25,000
468,215
11,503
397,484
750,539
397,835
21,974
8,825
com¬
missions & exps.
Deferred liabilities
$1,285,7041
$1,167,610 $1,285,704
Total
of $617,547 in 1935 and $569,651 in 1934.
36,357 no par shares,
c Represented by $1 par value
2876.
b Repre¬
shares.—
American Writing Paper Co., Inc.—Reorganization Plan
additional working capital, elimination of the cost of carrying
properties which are to be adandoned, and a substantial decrease in
fixed interest charges are the objectives of a plan of reorganization, which,
the company announced Jan. 5, has been filed in the U. S. District Court
for the District of Massachusetts in proceedings under Section 77-B of the
Bankruptcy Act, originally instituted in June 1934.
The plan provides for the formation of a new company in which will be
vested substantially all the existing properties of the paper company except
three mills in Holyoke and two mill sites in Connecticut.
This new company
will issue its securities in exchange for the securities of the old company
and in settlement of its indebtedness and to provide the new money required.
Money for carrying out the plan is assured by an agreement of the Federal
Reserve Bank of Boston to advance $500,000 to the new company, under
certain conditions, following completion of the reorganization; and by an
undertaking on the part or Thomas H. Blodgett to acquire for himself
and associates $100,000 principal amount of second mortgage bonds and
accompanying shares of stock to the extent that these may not be subscribed
by the creditors and stockholders of the company.
First right to subscribe to these second mortgage bonds, which may be
issued in the amount of $500,000 and accompanied by 25,000 shares of
common stock, is given to holders of existing first mortgage bonds; then
to other creditors, existing preferred stockholders and common stockholders.
The subscription price is fixed at $100 for each $100 principal amount of
bonds and 5 shares of new common stock.
Under certain conditions, and provided at least $100,000 is subscribed
under these provisions in addition to the $100,000 undertaken by Mr.
Blodgett, the Federal Reserve Bank of Boston may at a later date advance
an
additional $500,000 against a second series of secured notes of the
Provision of
company.
Capitalization of the new company will consist of $1,000,000 first mortgage
bonds, maturing 20 years after date of issue, and bearing interest not in
excess of 6%, the total authorization of these bonds being limited to $2,000,000; $1,000,000 secured notes, bearing interest at not exceeding 5%,
to be secured by pledge of $1,000,000 first mortgage bonds, and to be issued
in two series of $500,000 each; $500,000 5% second mortgage bonds, due
10 years after date; $2,840,OO0 general mortgage bonds, due Jan. 1 1961,
the interest rate on
and 450,000
secured notes, series A,
will be obligated to pay
equal installments of
"available income"
be established at 6%;
which will be determined by an
the first five years and will later
shares of no par value common stock.
formula for at least
pany
that in the
held "with the
its
It
has demon¬
that with improved business and financial
expect that future operations will produce
of that during the years of the depression.
income much in excess
an
could be
result in the
comparatively small
of either
"It is believed," the company declares, "that forced liquidation
accomplished only at a great sacrifice of values and would
ultimate payment to creditors of all classes of but a
fraction of their debt and would leave nothing to stockholders
•
will mature in five years
but the new com¬
thereof in eight
18 months after the
and retire the principal amount
which the first shall be payable
and the remaining installments at six months intervals
thereafter.
Series B notes will be issuable with a maturity not later than
the series A notes and will be retirable through similar installment payments.
Holders of existing securities and claims against the old company will
receive the following treatment under the plan:
Holders of existing first mortgage bonds will receive for each $1,000
principal amount $500 principal amount of new general mortgage bonds and
56 shares of new common stock.
Holders of unsecured debt not entitled to priority payment will receive
in cash 25% of the amount of their debt as at June 25 1934; general mortgage
bonds in principal amount equal to 20% of that amount; and new common
stock at the rate of 5 shares for every $100 of such debt as at Jan. 1 1936;
with the proviso that holders of debt less than $100 in amount as at June
25 1934, may take cash in such amount.
/
Holders or existing preferred stock wi
receive 1 share of new common
stock for each two shares of preferred held, while holders of common stock
will receive 1 share of new for each 20 shares of existing common.
Mr. Blodgett is to become chairman of the board and the principal officer
date of their issuance
of the new company.
has consented to
Sidney L. Willson, president
in a
continue with the new company
Months Ended Nov. 30
Earnings for 11
1935
$5,358,329
289,734
Gross sales
depreciation, interest, &c
Net loss after taxes,
—V. 141. p. 4158.
Anaconda Wire & Cable
Co.—To Reduce Capital—
reducing the capital from $20,$47.98 per share to $40 per shareAThe
difference of $3,371,917.75 will be transferred to paid-in surplus.
"^**1
Subject to the approval of the reduction of capital by the stockholders,
the directors have determined that with a write-down of normal inventory
in the amount of $1,500,300 and the amount of $1,016,296 to provide for
the proposed write-down of obsolesced and disused buildings, machinery
and equipment, a total of $2,516,596 shall be charged to such paid-in sur¬
plus. In order to make the proposed reduction in capital an even amount
for each share of outstanding stock, a further reduction of $855,321.75 is
proposed, or a total reduction of $3,371,917.75.
„
Net earnings of the company as of Nov. 30 1935 amounted to $728,127
The stockholders
will vote Jan. 27 on
270,717.75 to $16,898,800, or from
account the inventory
write-down of $1,500,300.
After
balance sheet amounts to
in inventory the resulting deficit as shown by the
$772,173. No dividends, the letter says, can be
paid so long as this deficit,
which was caused by such inventory
deducting said write-down
write-down,
exists.
Upon completion of this program, the company will
paid-in surplus of $853,940.44, and earned surplus
a
of
have 422,470 shares,
as of Nov. 30 1935
$728,126.71.—V. 141, p. 2876.
Argonaut Mining
charges
all
after
Co.—Earnings—
1935—Month—1934
Period End. Nov. 30—
Profit
exceptdepl.feinc. tax.
141, p. 3371.
$35,523
loss$ll,269
1935—11 Mos,—1934
$324,326
$146,926
—V.
Corp., Ltd.—Interest
The company
Payment—
has issued checks covering
half-yearly interest of 3% to
general mortgage cumulative income bonds.
bursement was for tne period ended Jan. 1 1936.
Gash arrears on
have accumulated from Jan. 1 1934 and arrears after the current
remain at 9%.—V. 141, p 3851,
holders of the 6%
Ashland Apartment
The dis¬
the issue
payment
Building—Payment on Bonds—
corporate trustee for the Ashland
certificates,
in
Manufacturers Trust Co., successor
Apartment Building 1st mortgage serial 6% coupon gold bond
will make a pro rata cash distribution of the net proceeds of the sale
foreclosure of the mortgaged premises and of other funds received, upon
presentation of the certificates with
7 1931 and all
department of the
141, p._1587_.
the coupons due Nov.
subsequent coupons attached, at the corporate trust
bank at 45 Beaver St., New York, on or after Jan. 10.—-V.
Armour & Co.
Cabell,
(111.)—Financial Report for 1935—R.
H.
[President, says in substance:
/teswftsf-During the fiscal year ended Nov. 2 1935 company and'sub¬
of sales amounting to $683,000,000 on which we
a net profit of $9,349,000 after depreciation, interest, taxes and other
charges.
This represented a profit of approximately 1% cents per dollar
of sales.
The sales in dollars showed a 21% increase over the previous
year due to higher prices.
The tonnage was 3% less than the previous
sidiaries handled a volume
had
year.
profit, $1,584,000 was earned by the company, ex¬
Co. of Del. an its subsidiaries and $7,765,000 was
of Del. and its subsidiaries consolidated, which in
packing business includes our South American,
leather and fertilizer operations.
Gf the $9,349,000
clusive of Armour &
35,674
idle
The
conferences had been
numerous
earning power and
conditions, it is reasonable to
strated
1934
$25,000
468,215
16,964
22,660
After depreciation
V. 141, p.
99,513
1935
Liabilities—
b Preferred stock,
450,061 Capital surplus
4,966 Deficit
450,061
4,966
Organiza'n exps
a
plan
the
representing the bondholders and unsecured creditors.
points out that over a series of past years the paper company
Sheet Aug. 31
1934
1935
Assets—
sented by
of
formulation
committees
162,401
142.219
6,568
$172,269
85,952
$171,017
93,419
131,980
Operating profit
Gen. & admin, expenses.
r
company;
Asbestos
Inc.—Earnings—
1934
1933
American Yvette Co.,
on
1932
119.
Years End. Aug.
Sales
Loss
Willson,
before taking into
Weekly Power Output Shows Increase—
Output of electric energy for the week ended Jan. 4 1936 totaled 43,260,000 kilowatt hours, an increase of 19.5% over the output of 36,191,000
kilowatt hours for the corresponding period of 1934-35.
Comparative table of weekly output of electric energy for the last five
years
Blodgett and
the new
S. Shaw,
by its board of directors.
In addition to Messrs.
the following have consented to serve as'directors of
D. Samuel Gottesman, Elbert A. Harvey, Frank
George E. Warren and Oliver Wolcott.
In presenting the plan to the Court, the company states
mined
class."
Earnings—
year
293
Financial Chronicle
Volume 142
of the old company,
capacity to be deter¬
earned by Armour & Co.
addition to its domestic
In the earnings
as
resulted
for the year are
from the usual
included such appreciation
practice of inventory
of inventories
valuations followed in
practice followed
increased earnings
compiling our annual reports, it being understood that such
by ourselves and others in the packing industry results in
in times of rising prices and reduced earnings in times of declining prices.
During the year the company realized a whole year's benefit from reduc¬
tion of depreciation and other charges resulting from the adjustment,
1934, of book values of properties and other assets.
However,
offsetting these reductions were increased interest expenses in
with the refunding of the Armour & Co. of Del. 5K% bonds due to the
that the new 4% bonds were outstanding and bearing interest 37 days
to the retirement of the 5K % bonds.
Net working capital declined during the year approximately
from $114,000,000 to $113,200,000.This decline is due entirely to
tures in connection with the acquisition during the year of additional pack¬
in
partially
connection
fact
prior
$800,000,
expendi¬
ing plants and
other properties.
Financial—Opportunity presented itself during the year to refund "at a
of interest the Armour & Co. of Del. 5H% guaranteed gold
bonds, series A, due Jan. 1 1943.
To this end the Delaware company sold
at 95H % $48,000,000, 4% sinking fund bonds, series B, due Aug. 1 1955.
The regular sinking fund retirement in principal amount of $345,000 of
Morris & Co. first mortgage sinking fund 4M% gold bonds, due July 1
1939 was made.
Armour & Co. of Del. also made the usual sinking fund
retirement of its 7% cumulative preferred stock in the amount of $648,700.
lower rate
The stock
cost of approximately
Armour & Co. of Delaware
retired was acquired at a
credit to the surplus account of
Dividends—During the year
$50 per share, a
resulting.
regular dividends on
the Armour & Co. or Del. 7% preferred stock and Armour & Co. $6 prior
preferred stock.
In addition, the company paid $3 per share on accrued
dividends on the Armour & Co. 7% cumulative preferred stock, of which
stock there were only 34,450 shares in the hands of the public at the end
the company paid the
of the year.
Operations—In our operations in 1935 we were confronted with a drastic
of livestock. Due primarily to the government's
control program there were only 29,266,000 hogs marketed in the
reduction in the supply
hog
during the year as contrasted with 44,398,000
of 46,232,000 for the five preceding years.
Pork
United States
average
in 1934 and an
normally con¬
about half of the total meat supply.
Cattle and sheep, whose
numbers were not controlled by the government, came to market in some¬
thing like normal numbers, although the cattle were somewhat lighter than
usual, largely attributable to the shortage of feed occasioned by the drought
and by the reduced planting of corn.
stitutes
supply in the United States was 18% under that of the
under the average for the years 1923 to 1933, inc.
particularly in the case of pork, substantially increased
(a) the price of livestock, (b) the unit cost of handling, and (c) the selling
price of meat.
A decrease in tonnage is a matter of great concern to our industry.
Successful packing house operations depend on large volume.
Unit costs
advance rapidly if output declines.
This situation as regards supply coupled with a decided trend toward
territorial decentralization of packing operations impelled us during the
year to acquire additional packing plants, in territories where heretofore
competitors held an advantage over us both in procuring livestock supplies
We bought packing plants at Mason
and in servicing the local retail trade.
w ^
City, South St. Paul, Memphis, Los Angeles, San Francisco, Brooklyn and
Peoria and we rehabilitated and reopened our plants at Tifton, Ga. and
Hamilton, Ont.
We also acquired additional oil mills, Jackson and
The total meat
previous year and 20%
This shortage,
~
_
Memphis, Tenn.
These various plants were
obtained at reasonable prices and while some
to enable them to operate effi¬
additions and alterations were necessary
ciently and to turn out product up to the high Armour standards we have
every reason to believe that these properties will prove to be good invest¬
ments
In the aggregate they are already giving good accounts of themselves
and because of them our tonnage volume for the year held up much better
.
than did the
available supply of raw material.
294
Financial
Chronicle
Consolidated Income and Surplus Statement
Consolidated Balance Sheet (Delaware Company)
Including Armour & Co. of Illinois
Armour & Co. of Delaware, North
American Provision Co. and their subsidiaries]
—53 Weeks—
Nov. 2 '35.
Period Ended—
Net sales
52
Oct. 27 '34.
$
(approx.)
Deprec. (bldgs.,mach'y,
equipment and cars)
Interest charges
Contributions to pens .fd.
Prov. for Fed. inc. taxes
[Including North American Provision Co. and their subsidiaries]
Nov. 2 '35.
Weeks
Oct. 28 '33.
$
Assess—
Oct. 29 '32.
$
$
683,000,000 564,000,000 452,000,000 468,000,000
22,421,702
24,615,651
20,376,363
9,255,103
Income
5,378,717
5,209,660
600,000
1,884,647
6,362,840
5,024,192
600,000
2,068,000
6,883,671
5,371,051
7,039,462
6,073,206
Oct.
$
27
Liabilities—
7%
4,617,779
91,981,084
4,208,276
6,140,189
U. S. Governm't
Treas. notes__
1,033,110
Amt. due fr. Fed.
9,348,678
3,751,055
3,299,672
3,824,698
793,391
3,857,637
2,297,951
5,942,530
4,264,004 def8,046,146
29,171
Balance, surplus
for
8,121,641 loss3857,565
.
35,777
losses
4,188,581
5,520,104
local
bonds
...
24,586,081
yCr2,359.737 yDr381,404
17,234,320
20,141,766
to
book value
46,438*805
13,787,022
Deferred charges
Goodwill
3,149,593
15,093,382
3,285,355
Accts.
current
payable
378,958
324,480
Total
24,586,081
17,234,320
80.14
com.
$5) in
stock issued
or
to be issued to holders of Illinois Co.
contingencies,
Condensed Balance Sheet (Illinois Company)
[Including Armour
& Co. of Illinois, Armour & Co. of Delaware, North
American Provision Co., and their
subsidiaries]
Nov. 2 '35.
Oct.
$
27
'34
$
Land, bldgs.,
machinery and
Suit
at
deliv.
equip.,
f tools,
&c
12,677,195
13,149,108
U. S. Governm't
Treas.
Tax
1,033,110
793,166
due
Fed.
lief
from
Sur.
Re¬
4,142,579
Bal. due fr. affil.
cos.
repre.
by
netcurr.assets
Accts.
Notes
1,972,313
receivable/39,109,941 (28,726,333
receivable]
] 4,069,885
Interco. accts.rec
a
Inventories
Invest.,
364,177
Co.) 53,270,900
52,981,600
Illinois
Co...
92,457,081
89,543,663
16,140,715
4,051,238
1,396,075
16,667,451
3,899,400
$5)
cNewcom.
(res'd)
Notes payable..
Accp'ts payable
payableProcessing taxes
payable
4,188,700
20,327,090
389,940
8,415,943
4,231,487
7,972,544
20,298,160
418,870
5.827,445
2,034,339
272,028
7,390,966
5,852,922
Acer, int., wages,
local & State
taxes
4,970,889
5,281,634
5,030,771
4,764,431
Res. for Fed. in¬
taxes...
Armour & Co. of
11.7% over the corresponding week of last year.
Every one of the operating
properties or groups in the System reported an increase for the week, most
of them above 10%.
It has not yet
ingly
serve
B,
Aug.
1
under
sinking
1936
over December a year ago.
These
reports from Penn Central Light & Power
Water Power Co., and Georgia Power &
4,000,000
1,312,570
49,005,268
1,304,268
49,554,148
Eroperties is included for both periods so that the figures are on a comparable
asis.
15
_
properties,
feet during December, an increase of
11.4%
Total
317,137,740 309,641,574
Packing house products, at market values, less allowance for
selling
expenses; other products and supplies at cost or
market, whichever is lower,
b After depreciation reserve of
$39,675,137 in 1935 (as adjusted to new
property values) and $37,236,544 in 1934.
c Common stock reserved for
issuance to holders of Illinois 7 % pref. stock
upon exchange for $6 prior
preferred stock and common stock.
Consolidated Income Statement
[Armour & Co. of Delaware, and incl. North American Provision Co.
and
their subsidiaries]
—53 Wks.52 Wks.—
_
,
Nov. 2 '35. Oct. 27 '34.
te
$15,880,577 $17,041,237
3,158,279
3,854,395
3,101,926
3,075,007
expenses
have continued
280,934
1,574,076
208,000
1,668,000
7% preferred stock
charged the payments to operating
rates.
Common stock
later.
2,110,695
$4,510,401
Surplus at end of
$8,235,835
36,211
80,063,760
324,480
3,826,186
3,899,830
2,000,000
25,980,748
...
2,370,000
4,000,000
year
$51,451,831 $50409,709
x
Comprising:
Capital and paid-in surplus, $42,716,713 ($42,366,455 in
1934); appropriated earned surplus, $5,231,226 ($4,911,261 in
1934);
unappropriated earned surplus, $3,503,891 ($3,131,992 in 1934).
expense
describes
as
"a
new
expenses,
important in determining
hearings will be held in Washington.
The dates will be announced
Pennsylvania Commission already has held three hearings.
The immediate objective is to
open the books of 32 service corporations
and the files of
tion.
individuals, beyond the Pennsylvania Commission's jurisdic¬
Federal Judge Julian W. Mack on Jan. 3
postponed until Feb. 3 hearings
in the reorganization of the
company under Section 77-B of the National
Bankruptcy Act.
It was agreed that on that date hearings would start
on the question of the
solvency or insolvency of the company.
The
on
to
hearing
insolvency, according to conservative estimate, will require over a year
complete, since it involves a revaluation of all of the units of the System.
—V. 142, p. 120.
Bangor Hydro-Electric Co.—EarningsPeriod End. Dec. 31Gross earnings
1935— Month—1934
expenses
Taxes accrued
Depreciation
on
pfd. stock..
on
common
stock.
i
$173,175
41,220
8,500
35,307
32,630
25,483
21,721
$2,092,871
739,144
281,450
150,515
366,785
305,794
181,013
$ 2,033,727
$8,312
$68,167
def$17,860
Baton Rouge Electric
Period End. Nov. 30—
Gross earnings
Operation.
Maintenance
Interest & amortization.
$25,047
Preferred dividend requirements
Balance for
141,
p.
common
dividends and surplus
3684.
Baltimore American
697,649
281,450
147,767
336,540
305,800
282,380
Co.—Earning
1935—Month—1934
$131,404
$119,012
74,899
63,016
4,992
8,200
12,646
8,963
13,860
13,784
Balance.
$25,004
Appropriations for retirement reserve
-V.
1935—12 Mos, —1934
$195,622
51,961
8,500
36,626
32,400
25,482
14,481
$26,170
Operating
Balance
—V. 141,p. 3852.
$55,278,017 $88,660,287
Portion of unamortized discount and other deferred
x
of this
The
Dividend
1,165,789
utility valuation
charges written-off
Transfer to reserve for contingencies
System properties.
r
Joint
Div.
Reduction in book value of properties in respect of
loss of
on
because
method of investigation of holding
company evils."
The P. S. Commission
charged 10 Pennsylvania operating affiliates of
the System paid
huge sums for services from which they did not benefit,
Taxes
Dividends paid:
mount
Pennsylvania in Investigation—
Fixed charges
21,523
company's bonds
29,171
Surplus at beginning of year
50,409,709
Credit arising from purchase and retirement of
company's preferred stock
328,735
Total
to
The Federal Power Commission joined the P. S. Commission of
Pennsyl¬
investigation of costs, practices and charges made by the Associated
Gas & Electric System,
opening what the State
l.
Net result
Credit arising from the purchase and retirement of
2,101,422,400 cubic
over
vania
a
Debits relative to redemption of 1st mtge. 20-year
5H % gold bonds series A, due Jan. 1 1943—
Si Premium of 5%
Unamortized discount
was
the same month of the
previous year. During 1935, sendout totaled 19,921,103,700 cubic feet, or
5.3% above 1934.
The improvement in electric and gas
outputs for 1935 has been general
throughout the territory served by the System. It has been the result of
larger consumption by domestic, commercial and industrial
consumers.
This has largely resulted from intensive new business
campaigns inaug¬
and
317,137,740 309,641,574
Provision for Federal income taxes
Credit arising from adjust, of pur. of subs, stock to
K book valuation
/
figures include for the first time
Co., Florida Power Corp., Tide
Light Co.
Output of the new
agency
equity in sub.
Provision for depreciation.
Interest charges
Contributions to pension fund
(Including
For the entire year 1935, units produced totaled 3,649,789,290 which
is 7.3% above 1934.
Gross output, including sales to other utilities was
4,155,922,404 units—an increase of 7.7% above the previous year.
«
Gas sendout, also including the new
FPC Joins
89,129,166
Min.stkholders.'
Result before deprec., interest charges, contribu¬
tions to pension fund and provision for Federal
income taxes
1935
sales of current is not translated into
higher net income
480,000
94,068,000
Res. for conting.
4,000,000
Period Ended--
During
For the month of December, Associated Gas & Electric System reports
electric output of 331,332,853 units (kwh.), which is an increase of
10.8%
fund provision
Surplus
7.3%
higher fuel costs.
Taxes continue to reach record figures, so that the
relatively moderate increase in gross revenues resulting from the increased
Funded debt...
Total
operating income to
and
due
companies—
been possible to translate these increases into correspond¬
Rate reductions, and higher expenses and taxes
a point below last year in some cases.
income.
System Output Increases
Properties)—•
Operating
20-yr.4% bond
series
higher
to reduce
urated to offset the rate cuts which became effective
Del. 1st mtge.
4,441,543
Output—
net
common—
come
stocks,
bonds & adv.
Deferred charges
Goodwill
Associated Gas & Electric Co.—Weekly
For the week ended Dec. 28, Associated Gas & Electric
System reports
electric output of 61,738,735 units (kwh.), which is an increase of
net
New
stock,
New
for re-election
_
58,377,300
pref.
Director's Re-election—
on
Suit to enjoin five officials of the
company from standing
the annual stockholders'
Weymouth Kirkland, Philip D. Armour and Lester Armour were dis¬
qualified to serve because they owned stock in stockyard companies and
stockyard terminal railroads.
His bill says the packers consent decree of
1920 forbids such stockholders from serving as directors.
In
substance, the bill is the same as the one filed in the District or
Columbia last week.
(See last week's "Chronicle" page 120.)
Mr. Leuckel, it was learned from Armour officials had seconded the
nominations for directors and officers, virtually the same as the present
set up in 1934.
His attorney, A. Paul Holleb, said Mr. Leuckel hoped to
be a director in the event his suit should stand.—V.
142, p. 120.
'34.
57,728,600
Accts.
Corp
27
prior
conv.
stock (111.
(par
notes.
warrants..
Amt.
6%
7%
12,922,260
14,437,077
Cash
Oct.
stock,
Delaware Co.
fixture equip. 136,259,177
132,425,226
Refrigerat'rcars,
,
Nov. 2 '35.
pref.
..193,268,197 187,884,637
Total
meeting to be held on Jan. 19 was filed in
Federal District Court, Chicago, Jan. 6
by Fred J. Leuckel of Trenton, N.J.
Mr. Leuckel alleged that Frederick H. Prince, James A. McDonough,
Liabilities—
7%
187,884,637
expenses; other products and supplies at cost or market,
y All owned by Armour & Co. (Illinois).
Nil
stock (par
193,268,197
1,304,268
50,409,709
1,312,570
51,451,831
Packing house products at market values, less allowance for selling
whichever is lower,
x
above, $18,665,280.
Assets—
stkhldrs.'
companies
Sin-plus
portion of unamortized discount and other deferred charges written
off,
$2,370,000; total, $22,665,279; less transfer to reserve for
b
480,000
equity in sub.
7% pref. stock upon exchange for $6 prior preferred stock and common
stock, $5,723,130; reduction in book value of properties in respect of write
off of appreciation, excess
cost, loss of utility values, &c., $54,241,590;
as
752,202
bonds
Co.
Min.
redemption of Armour & Co. (Del.) 7%
preferred stock; premium (5%) ,$2,110,695; unamortized discount, $1,165,789
x
Surplus consists of $35,277,211 ($35,254,481 in 1934) capital and paid
in, $5,663,093 in 1935 ($4,911,261 in 1934) appropriated
earned, and
$8,064,963 ($9,388,405 in 1934) unappropriated earned.
y After deducting in 1932 and adding in 1933, credits
arising from pur¬
chase and retirement of companies' preferred stock.
x Arrived at as
follows;
Credit arising from exchange of 2,000,000 shares
class A and 2,000,000 shares class B common stock of an
aggregate par value
of $100,000,000 for 3,000,000 shares common stock of an
aggregate par
value of $15,000,000, $85,000,000; reserve
provided for par value of 1,144,
$4,000,000; net
1,567,535
41,975
3,856,345
4,713,292
payable.
accts.
2,000,-
common
29,162
Illi¬
Interco.
1,396,075
zl8,665,280
000shs. cl. A (par 825)
a$0.57
a$0.81
a
Earnings per share on 4,065,418 shares of new
1935 and 4,059,632 shares in 1934.
b Consists of debits relative to
626 shares of
an
Accepts, payable
for sink fund.
x49,005,268 x49,554,148
on
2,923,563
Armour
to
& Co.
Del.
21,523
b3,276,484
Total surplus
m
Earns, per sh.
2,322,958
3,344,750
nois Corp
& adv.
Credit arising from ad¬
just. of pur. of subs.
Surplus charges
2,192,457
come taxes
Due
146,427
49,410,435
__
State
&
taxes
,
1934
(net)
Credits arising from pur¬
chase & redemption of
co's. pref. stock
347,445
1,417,438
629,391
Res. for Fed. in¬
Invests., stocks,
and
applic. to
year's oper. (net)
Previous surplus
49,554,148
Adjust, relative to recap,
plan adopted July 6
(21,674,651 f 3,883,934
receivable]
114,582,870
Inventories.
9,080,000
4,000,000
Acer, int., wages,
604,483
Interco. accts.rec
x
728,020
42,236,100
tax
payable
by
rep.
Notes receivable
Accts.
not
reserve
cos.,
Co. bonds.
_
633,149
net curr. assets
Profit arising on purch.
and retire, of co's bds.
Charge
10,560,619
(Del.)
preferred dividends..
Parent co. pref. divs
10,000,000
Common stock
Del.
Processing
Sur. Rel. Corp
'34.
58,377,300
57,728,600
10,000,000
47,520,000
Mor. &Co. 4^a
8,735,000
Res. for conting.
4,000,000
Notes payable.
378,943
y
27
$
pref. stock,
Delaware Co.
equipment.99,086,214
Refrig. cars, &c
Bal. due fr. affll.
Net profit
Armour &
Co.
Oct.
Nov. 2 '35.
'34.
$
Land, buildings,
machinery and
Cash.
_
1936
11
Jan.
Insurance
1935—12 Mos—1934
$1,544,371
$1,386,843
826,453
732,739
74,139
77,511
188,340
162,155
166,386
166,410
$289,051
137,916
37,254
$248,026
115,000
37,254
$113,881
$95,772
Co.—Extra Dividend—
The directors have declared an extra
dividend of 5 cents per share in
addition to the regular semi-annual
dividend of 10 cents per share on the
capital stock, par $5, both payable Feb. 20 to holders
of record Feb. 1.
Semi-annual payments
of 10 cents were made on Aug. 20 and Feb.
Participations, Inc.—Asset Value—
Beacon
asset
value
on
Dec. 31
1935, equaled $15.35 per class A share,
1934.—V. 141, p. 2877.
filed
sold.
George R. Beach, as Special Master, has recommended in a report
with Federal Judge Fake at Newark that the assets and business be
At the same time Mr. Beach filed this report he also filed another report
recommending to the Court that theproposed plan of
Bond Electric Corp. be rejected.—141, p. 4011.
compared with $5.36 on Dec. 31
Year End. Aug. 31—
Net profit afte-
- v.
bad debts
deprec.,
The directors
for
&
$168,485
donations
Previous surplus
1,683,024
Life insurance
Profit
—
class
on
A
—
$33,822 loss$158,303
1,753,009
2,011,166
Dr 581
Dr5,568
$13,316
2,091,415
Dr2,062
23,097
52,814
pref.
7,811
shares redeemed
3,998
$1,851,509
61,708
preferred dividends._
47,572
Total surplus
1st preferred dividends.
2d
Common
$2,155,483
71,610
46,872
19,500
6,335
$1,753,009
$2,011,166
$1,870,392
$1,794,061
63,815
47,222
66,513
46,872
dividends
Reserve for income tax.
$1,742,229
Surplus, Aug. 31
Sheet Aug.
Balance
•••.♦
Accts. receivable 3,982,448
Inventories
1,743,850
Bank
Cash suit, value of
257,897
763,188
612,813
288,033
759,907
667,494
62,800
44,818
190,542
life insurance-_.
Land & buildings.
Plant & machinery
Investments
Automobiles
Office furn., &c
54,599
46,971
177,309
and
Fire
patterns...
Ins.,
unexp'd
>
prem. deposit..
Deferred charges..
135
having been passed.
as of Jan. 1 after payment of the Jan.
share.—V. 141, p. 2879.
30 dividend will amount
British Columbia Packers,
Ltd.—New General Manager
John M. Buchanan, who has filled the
position of Secretary-Treasurer,
has been appointed to the position of General Manager.
Mortimer Ferguson will fill the position of
Secretary-Treasurer.—Y.
141, p. 2729.
$232,573
22,681
$262,552
3,552
1,223,900
loan
Res. for inc. tax..
26,000
Tooo
Sales tax
6,421
17,850
2b"400
payable.
Mtges. & accr. int.
Res've for deprec.
679,600
1,475,000
1,683,024
1935
$39,552
$0.40
Net income after depreciation, Federal income taxes, &c
Earns, per share on 99,064 no par shares class A pref. stock-—V. 141, p. 4161.
Bush Terminal Co.—Master Unable to
883,902
1,036,500
941,437
1,000,000
679,600
x Common shares.
1,475,000
Surplus
1,742,229
1st pref. shares...
30
Months Ended Sept.
3
Earnings for
31, Philip C. Sayres was
(& Subs.)—Earnings—
Brown Fence & Wire Co.
753,350
375,068
8,129
1,305
9,556
Accruals
to $4.75 per
Bristol-Myers Co.—Assistant Treasurer—
loan
Sterling
payments
on
At a special meeting of directors held on Dec.
elected Assistant Treasurer.—V. 141, p. 2729.
1934
1935
2d pref. shares
Good-will, patents
$100, payable Jan. 30 to
paid on Oct. 31, Aug. 30
July 30, May 31 and April 30 1935, $2 per share paid on March 25 and
Feb. 25 1935, and $1 per share distributed on Jan. 25 1935 and each month
from Jan. 2 1934 to Sept. 29 1934, incl.
In 1933 the company distributed
$1 per share on Oct. 10 and $1.75 on Jan. 1.
In 1932 the company only
paid two quarterly dividends on the above issue, the Oct. 1 and July 1
31
Liabilities—
$3,590 Accounts and bills
payable
3,491,803
1,376,424 Bank balances, net
$4,024
Cash
y
1934
1935
Assets—
$1,683,024
Dividend—
$1.50 per share on account
the 7% cum. pref. stock, par
holders of record Jan. 20.
This compares with $1
1932
1933
Jan. 3 declared a dividend of
on
of accumulations
1934
1935
reorganization of the
Bridgeport Machine Co.—Accumulation
,
Beatty Bros., Ltd.—Earnings-
Corp.—Sale Recommended—
Bond Electric
20 1935,
this latter payment being the first made since Jan. 25 1932 when a regular
semi-annual dividend of 40 cents per share was paid.—V. 140, p. 792.
Net
295
Financial Chronicle
Volume 142
Approve Plan—
hearings on
who has been nolding
Herman S. Bachrach, Special Master
the reorganization proposals, on Jan. 7 filed in Federal Court,
a report in which he declared he had been unable to approve any
Brooklyn,
suggested
plan.
The company filed a petition to
Federal Bankruptcy Act on Nov. 16
reorganize under Section 77-B of the
1934.
At that time assets were listed
$24,460,268 and liabilities at $12,526,125.
Mr. Bachrach explained that the difficulty in seeking a plan which he
could approve lay in the inability of the various creditor groups to come
to an agreement.
Of the plans submitted, all but two were eliminated,
and of those two Mr. Bachrach stated in his report, the "one company
at
$7,753,608
Total
$6,794,0301
Total
$7,753,608 $6,794,030
x
Represented by 139,000 no par common shares (39,000 class A and
100,000 class B).
y After reserve for bad debts of $891,516 in 1935 and
$886,918 in 1934.—V. 139, p. 3959.
Bell Telephone Co.
The
of Pa.—Gain in Stations—
plan," suggested by Irving T. Bush, President
preferable.—V. 141, p. 121.
reports a net gain of 3,446 telephones for December.
In December 1934 the company reported a gain of 1,288 telephones com¬
company
pared with a gain of 445 in December 1933.
The gain for the year 1935 was 26,942 compared with gain of 11,917
in 1934, and a loss or 61,237 in 1933.—V. 142, p. 120.
Butler
and
a
director, died
recently.—V. 141,
2879.
Canadian National Ry.—Earnings—
Berghoff Brewing Corp.—Earnings, &c.—
Starting with January 1935, the present management has succeeded in
showing earnings for each month in the current year.
All bank loans and
trade creditors have been paid off during the year, and the company has
been on a discount basis for some time past.
Earnings for the six months
ending June 30 were $60,587, or 22 cents per share.
For the five months
from July 1 to Nov. 30, the company's books show net earnings, after all
charges including reserve for Federal taxes, of $186,980, or 69 cents per
share.
Based on the company's showing to date earnings for the full year
of 1935 should approximate between 90 cents and one dollar per share.
seemed
Bros.—Obituary—
Edward Sheehy, Vice-President
p.
Earnings of System for Fourth Week of
An
analysis bv F. A. Brewer & Co., Inc. affords the following:
The company reported earnings of $1.54 per share for 1933.
Because of
the general unsettlement in the beer business, and adjustments which were
to be expected in a new industry, a loss of 33 cents per share was reported
for 1934, after reserves for depreciation of plant and equipment
and of
kegs, cases and bottles.
Such depreciation charges were equivalent to
approximately 50 cents per share.
of the company,
Earnings of System for First
Increase
$397,766
$3,824,618
Week of January
Increase
1935
1936
$147,731
$2,436,587
$2,584,318
Gross earnings
December
1934
1935
$4,222,384
Gross earnings
—V. 142, p. 121.
„
Canadian Pacific Rys.—Earnings—
Earnings of System for Fourth
mos.
directors
The
ended June 30
$60,587
52,623
51,334
30,515
28,092
24,414
July
August
September
October...
November
have declared
a
Increase
1934
Capital Management Corp.—Larger
Net Profits for 1935
6
Week of December
1935
$289,000
$3,163,000
$3,452J)00
Gross earnings
—V. 142, p. 122.
Dividend—
dividend of 20 cents per
share on the
capital stock, par $10, payable Feb. 1 to holders of record Jan. 20.
This
compares with 15 cents paid previously each three months.
In addition
an extra dividend of 5 cents per share was disbursed on Feb. 11935.—V. 140,
p.
313.
Case, Lockwood &
Brainerd—Extra Dividend—
dividend of $10 per share on the
payable Jan. 14 to holders of record Jan. 3. The usual
quarterly dividend of $2.50 per share was paid on Jan. 2 last.
An extra
dividend of $7 per share was distributed on Jan. 2 1932.—Y. 134, p. 139.
The directors have declared an extra
11 months
$247,567
Balance Sheet Nov. 30 1935
Liabilities—
Assets-
Cash
on
hand and in banks
$101,590
x55,622
Wages payable—accrued.....
10,345
87,760
50,811
3,281
Res. for real est. & pers. taxes.
yl,223,672
Liability for containers held by
Revenue stamps
Inventory—finished goods
Inventory—raw materials
-
Plan t& equipment.
$9,601
1,949
2,219
22,964
3,183
47,347
2,270
Accts. receivable—credit bals.
Accounts receivable
Investments
Accounts payable—trade
406
Notes receiv.—stock subscrips.
3,917
14,414
26,681
2,564
Outside real estate...
Prepaid insurance
Prepaid advertising
Prepaid licenses & bonds
Reserve for State excise tax...
Res. for Federal income taxesReserve for capital stock tax..
on
Common stock
79,082
93,673
puroh. commits
(par $1)
Surplus
stock
Celotex Corp.,
B.
G.
Chicago—Annual Report—
Dahlberg, President, says in part:
of Nov. 1 1935, gives
Total
270,000
1,048,777
30 1935, by the U. S. District
'
of Nov. 1 1935, no profit
submitted. There is sub¬
mitted, however, the combined statement of profit and loss of Colin C. Bell
and Wm. Tracy Alden, trustees of the Celotex Co. and the Celotex Co.
(in trusteeship) for the fiscal year ended Oct. 31 1935.
As the corporation only began operations as
statement covering its operations is
$375,368
46,832
49,421
$853,131
377.931
$422,200
407,769
$38,521
441,999
def$474,806
x
$193,697
164,223
89,920
165,333
56,491
171,006
89,639
201,319
23,117
x$491,824
$408,982
directors
have declared a'dividend
d$221.215 loss$192,689 loss$664,122
loss$1162 903
Interest charges,
of 25 cents per share
c
stock, par $5, payable Feb. 1 to holders of record Jan. 15.
This
compares with 75 cents paid on Nov. 1 last, and prior to then regular
quarterly dividends of 10 cents per share were distributed.
In addition
extra dividends were paid as follows: 10 cents on Aug. 1 last, 25 cents on
Feb. 15 1935 and 10 cents on Feb. 1 1935 —V. 141, p. 2270.
Bon Ami Co.—Extra Dividends on Class B Shares—
dividend of 50 cents per share
The directors have declared an extra
ofjeaeh year from 1927 to 1935, inclusive, in December 1934,1933 and 1932,
July 1931 and 1930, and in July and November 1929.
In addition a stock dividend of 1-200 of a share of class B stock was paid
in
(Dec. 16 1935.—V. 141, p. 3528.
Boston
30—
Operating income
Operating expenses, except taxes
Local taxes.
Federal income & sundry taxes
Other
1934
$11,100,564 $11,210,047
7,694,472
7,625,173
$100 par value common stock.
—Y. 142, p.120.
1,752,436
140,687
1,624,295
148,254
$1,876,452
569,447
$940,916
$2.97
$1,307,006
.
4.13
Corp.)
(After giving effect to acquisition of the assets of the Celotex Co. and
of securities in accodrance with the plan and agree¬
ment for the reorganization of the Cleotex Co.)
trustees and the issuance
Liabilities—
Cash in banks & on hand....
Accounts
receivable
Inventories
$1,597,531
xl,026,583
834,225
2,764
1,199
Branch-
1
South Coast Corp
9,509
Prepaid Insurance
Property, plant & equipment
y3,770,039
Patents & Patent rights
$1,812,324
64,128
$1,508,819
567.903
Interest.
a After
deducting freight allowances and discounts,
b Receivers and
corporation accounts consolidated,
c Under corporate account,
d No
provision has been made for Federal incom
taxes as there are statutory
deductions of the company in excess of the above profit.
Inv. in—Australian
$1,512,970
Dr4,150
income.
Earns, per share on
1935
463,661
Crl4,704
Cr 158
profit
Miscellaneous assets
Consolidated Gas Co.—Earnings—
12 Months Ended Nov.
Net
86,780
prior
taxes
&c
Consolidated Balance Sheet Nov. 1 1935 (Celotex
on
the no par class B stock, in addition to the regular quarterly payment of
like amount, both payable Jan. 31 to holders of record Jan. 18.
*-'■An extra of 50 cents per share was paid on the class B stock in January
on
Adjust,
years,
the
on
common
loss$10,899 loss$561,585
&c., on
funded debt
Other deductions
Birtman Electric Co.—Common Dividend Lowered—
The
.
1935—9 Mos.—1934
Federal
x$215,002
Estimated.—V. 141, p. 1762.
_
Depreciation
1935—3 Mos.—1934
Net
int.,
bl932
$.->,005,785
3,567,370
$816,072
37,059
Net sales
Net operating profit.
taxes, &c
31
$2,936,200
2,947,099
$3,914,390
3,539,022
Other earnings
Bing & Bing, Inc. (& Subs.)—Earnings—
amort.,
Celotex Co. for Year Ended Oct.
bl934
bl933
bl935
$5,660,749
Cost of sales & expenses
4,844,677
a
2270.
Period End. Sept. 30—
loss after deprec.,
of reorganiza¬
Court for the District
<
$1,581,067
After liability for containers of $57,966 and reserve for uncollectible
accounts of $14,050.
y After reserve for depreciation of $399,471.—V. 141,
x
p.
Co. pursuant to the plan
quisition of the assets of the Celotex
tion, confirmed on Sept.
of Delaware.
Income Account of Old
$1,581,067
It Total
effect to the ac¬
The consolidated balance sheet as
and loss
customers
Res. for loss
common
1
Accounts
wages,
51,173
commissions, royalties, &c_
bonds,
31 1935
Accr. int. on 1st mtge.
June 1 1935 to Oct.
22,248
35,900
Accr. general property taxes.
157,207
2,671,000
Accr. int. on Inc. debs
Funded debt
5%
cum.
pref. stock (par $100)
Common stock
Paid-in
surplus
...
2,907,250
z268,685
778,266
$7,241,856
xAfter reserve for doubtful accounts and freight allowances of $171,934.
After reserve for depreciation of $3,866,311.
z Represented by 268,685,
$7,241,8561
Total
y
$350,125
payable
Accr. traveling exps.,
no
par
shares.—V.
141,
p.
Total
3530.
Central Power & Light
Co.—Preferred Dividends—
The directors have declared a dividend of 43 % cents per share on the
7% cum. pref. stock, par $100, and 37H cents per share on the 6% cum.
Financial
296
pref. stock, par $100, both payable Feb.
to holders of record Jan. 15.
Similar distributions were made in each of the six preceding quarters.
No payments were made in May or February of 1934.
Tne company on Nov. 1 1933 paid a dividend of 43 % cents per share on
the 7% pref stock, as against 87
cents per share on May 1 and Aug. 1
1933 and $1.75 per share previously each quarter.
On the 6% pref. stock
a dividend of
37^ cents per share was paid on Nov. 1 1933, as compared
with 75 cents per share on May 1 and Aug. 1 1933 and $1.50 per share in
preceding quarters.—V. 141, p. 2731.
Central West Public Service
pany
Chronicle
Co.—Proposes New Com¬
Eliminating Subsidiaries—
If the plan of reorganization of the company becomes operative as con¬
templated by the reorganization committee, the company will then leave
the field of a holding company as defined by the Public Utility Holding
Company Act and become an operating company without the scope of the
Act.
With the exception of its investment in Iowa-Illinois
Telephone Co., the
but would directly
proposed new company would have no subsidiaries,
and operate its
properties located in Iowa, Minnesota, Nebraska,
North Carolina, North Dakota, South Dakota, Virginia, and West Virginia.
own
The new company also would own the combined office and warehouse at
Omaha, Neb., all of which would be subject to a new first mortgage under
which new first mortgage 5% bonds would be issued, pursuant to the plan
of reorganization.
It is contemplated that the new name of the company will be the Central
.
Earnings for Year Ended Aug. 31 1935
Profit before interest and depreciation
$179,331
65,197
87,298
Mortgage interest
Depreciation
Net profit.
$26,836
Liabilities—
Cash in bank and
on
hand
$5,937 Accounts payable
receivable
80
Accrued int.
Investment—certificate of in¬
Sinking
$3,904
bds. & mtges—
on
fund
15,505
due
payments
within one year
debtedness, Bait. Trust Co___
1,726
29,700
Land, bldg. & equipment
x2,001,096 Bonds & mortgages payable- 1.062,550
Sinking fund—6 % gold bonds4,895 Advances by:
Unexpired insurance
I-oew's Incorporated
2,266
85,442
-
United Artists Theatre Cir¬
cuit, Inc
Penn-Federal
85,442
Enterprises,
Inc.—
21,000
Capital and surplus:
Capital stock.—
Surplus-Total
x
$2,016,002
After
for
reserve
depreciation
-
y5,000
707,457
-
Total
of
$2,016,002
$717,737.
y
Represented
by
500
shares class A and 500 shares of class B stock, both of no par value.—V.
141,
742.
p.
some
other capacity than that of a holding company or of subsidiaries of a
company.
Thus, this order will not exempt the applicant from
of the Act wnich apply to 'any person,' or from any other
holding
those sections
provision of the Act which may be applicable to the applicant in some
capacity other than that of a holding company or to its subsidiaries in some
capacity other than as subsidiaries of the applicant.—V. 141, p. 3857.
Consolidated Gas Co. of N.
Century Shares Trust—Larger Semi-Annual Dividend—
The directors have declared a semi-annual dividend of 45 cents
per share
each participating share, payable Feb. 1 to holders of record Jan. 10.
This compares with 40 cents paid on Aug. 1 and Feb. 1 1935; 37 cents
p.
2431.Hits
on
companies in the Consolidated Gas Co. system have filed
new rates with the New York Public Service Commission for charitable
Institutions or voluntary hospitals in New York City supported wholly or
in part by public subscription, and not conducted for
profit, which are
expected to reduce the charges about $100,000 a year.
.v
New
Officer Appointed—
Harold
S.
Sutton, Assistant Secretary of the Niagara Hudson Power
Corp., has resigned to become Executive Assistant to the Chairman of the
Board of this company.—V. 141, p. 4013.
Consumers Power Co.
Continental Motors
Finance Corporation were approved and on Sept. 30 1935, we received the
We now have a five-year first mortgage loan from
the RFC for $999,950, requiring reasonable yearly amortization payments.
Also the capital structure of the corporation has been changed from
shares of no par value to shares of $1 par value and while this change re¬
duced
our legal capital to $2,448,000 (including 11,900 shares owned by the
Corporation). the reduction in capital was transferred to the capital surplus
This change in itself effects substantial savings in franchise
taxes and made possible other substantial savings in State privilege fees
and other items.
Stamp taxes necessary to be paid upon the transfer of
shares have been greatly reduced.
The item of good will which has appeared in our balance sheet for many
years has been eliminated, likewise the item of patents and development
expense of the single sleeve valve motor.
The directors have authorized a detailed study of the book values of our
property, plants and equipment to determine how much of the property
represents excess not needed in our present operations and to determine
the fair value in use of the remaining property which is being used.
This
study is proceeding but at the present time has not been completed.
In accordance with the authority given
by the stock holders, tne directors
provided a reserve for revaluation of property, plants and equipment of
$3,000,000 which amount will be allocated against the various classes of
property upon the completion of the study now in process.
This involves
no cash outlay and is merely a
bookkeeping entry for accounting purposes.
The intrinsic value of the properties will not be affected by these changes.
account.
Aug. l 1933.—v. 141,
Consolidated Income Account for Years Ended Oct
1935
Net sales
Chicago Corp.—Reports Net Asset Gain of $11,418,052—
corporation, in its annual statement for 1935, reports net assets
based on prevailing market value of securities held in its portfolio of
$43,150,239.
This figure represents a gain of $11,418,052 over net assets of
$31,732,187 as of Dec. 31 1934.
Net assets of $43,150,239 as of Dec. 31
1935 were equivalent to $68.48 a share for 630,091 shares of convertible
preference stock outstanding against $48.01 a share on 660,966 preference
shares outstanding at the end of last year.
Net income for 1935 after all charges and taxes amounted to
$1,120,084,
equal to $1.77 a share on 630,091 shares of preference stock compared with
$1,064,194, or $1.61 a share of preference stock, in 1934.
A total of 30,875 shares of preference stock was purchased and retired
during 1935 at an average cost of $38.68.
During the year corporation
combined its real estate interest
consisting of its holdings in Cortland
Properties Corp. and Van Buren Corp., with Fort Dearborn Mortgage
Co.
The latter company is now the only corporation controlled
by Chicago
Corp.—V. 142, p. 122.
RR.— Trustees'
Salaries—
The Interstate Commerce Commission on Jan. 4
approved as reasonable
a maximum
compensation at the rate of $30,000 per annum to be paid
Patrick H. Joyce, and of $15,000 per annum to be paid Luther M. Walte
as trustees of the property of the
company.—V. 142, p. 122.
Chicago Rys. Co.—Receiver's Report—
with
Chicago
1935
1934
1933
Surface
$545,125
$337,207
$266,356
The receivers' share of net receipts from operations for nine months to
Oct. 31 1935, amounted to $2,508,776 against $3,393,027 in
-
Total income.other miscell
of 1934—V.
141, p.
3855.<
.
_
Chicago Rock Island & Gulf RR.,
stock
ownership,
declares
the
will
result
elimination of duplication
now owned
by the Rock Island through
separate property.
The application
saving of $125,000 annually through
:naccounting.—V. 142. p. 122.
but operated
move
as
in
a
a
$79,372 loss$382,886 loss$137,222
551,175
749,091
1,382,310
993,688
504",047
.
551,296
636,821
460,500
667,646
144",697
231",650
283",245
102,999
114,096
600,000
211,975
$1,977,620
$3,497,763
materials in in¬
excess
ventory
Depreciation
Loss on properties dis¬
posed of
Net expend, in connec¬
tion with develop.
of
single
sleeve
valve
motor
Federal tax of sub
d Prior years taxes.
Property taxes
Other charges
Prov. for conting
Special prov. for inven¬
tory losses
Net loss
See
455.985
c
39,820
2,646
Crll3,997
99,267
121,578
150,000
$910,961
Including refunds of Federal income taxes for prior
through settlements and changes in assessments.
Consolidated Balance Sheet Oct. 31
1935
Assets
a
1934
§
"
Property acct
1935
§
Liabilities—
5,507,837
9,091,840
5,908,317
234,625
199.406
128,879
75,581
106,385
796,132
Good-will
Other assets——
—
Inventories
296,742
966,392
75,833
850,646
Accrued taxes, &c.
Est. Fed. inc. taxes
75,000
42,087
2,646
37,813
924,950
and
present their stock certificates to the trust department of the Commercial
National Bank & Trust Co. of New York. This is the second dividend paid
by.this corporation.—V. 138,
Connecticut
Power
p.
509.
i
Co.- -Exemption& Under^Holding
Company Act Granted by_SE(L
7,210,308
Exchange Commission announced Jan. 6 that it had
granted the exemption under the Public Utility Holding Company Act of
1935 applied for by the company.
The text of the Commission's opinion follows:
"The Commission finds that the applicant and its subsidiaries are all
organized under the laws of Connecticut and are engaged in manufacturing
and selling electric energy and gas exclusively within the State of Con¬
It is clear that the business of the applicant and its
subsidiary
companies is not merely 'predominantly' intrastate in character, as pre¬
scribed by the exemption provision already quoted, but that it is exclusive¬
necticut.
65,644
152,046
d3,073,012
386,882
17,160
112,931
7,869,483
17,028,307
7,210,308
Total
17,028,307
After deducting $9,579,844 for depreciation and $3,000,000 allowance
in 1935 and $10,327,915 in 1934.
b After deducting re¬
serve for bad and doubtful balances of
$17,701 in 1935 and $17,960 in 1934.
a
for revaluation
c
Represented by 2,436,752 shares of $1 par in 1935 and no par shares in
d After applying profit and loss deficit at Oct. 31 1935.—V.
141,
1934.
p.
3687.
Corn Products
The Securities and
85,005
personal
Deficit
Total
A liquidating dividend of $5 per share, payable in cash, was declared on
In order to secure payment stockholders should
in liquidation
107,287
195,196
prop., taxes pay
Notes payable
City—Liquidating
Jan. 7 by board of directors.
23,955,517
25,000
413,171
Loan payment due
June 21'36
Real
Dividend—
^
gencies
Accounts payable-
Capital surplus
Y.
S
Deferred liabilities
141. p. 2432.
N.
1934
$
Common stock-- 2,436,752
Reserve for contin¬
c
1st mtge. loan——
Cash
bAcctS.& notes rec
The directors have declared an extra dividend of $1
per share in addition
to the regular quarterly dividend of 50 cents per share on the common
stock, par $1, both payable Jan. 2o to holders of record Jan. 10.
A similar
extra was paid on Jan. 20 1935.
The regular quarterly dividend was
raised on Oct. 20, last from 40 cents to 50 cents.
See also V.
Corp.,
$2,754,278
and accrued
property disposed of during the year have been charged to profit and
loss deficit account in connection with the charges made for plant revalua¬
d Reduction of prior years' taxes and penalties effected,
primarily
Deferred charges..
National
years
tion.
Coca Cola Bottling Co., St. Louis—Extra Dividend—
Commercial
52,923
interest thereon aggregating $119,247.
b Includes $13,399 net loss of Con¬
tinental Gas & Oil Co., $324,967 net loss of Continental Aircraft Engine
Co. and $2,263 net loss of British Continental Motors, Ltd.
c Losses on
Chicago Rock Island & Pacific Ry.—Merger—
The trustees have filed a petition with the Interstate Commerce Commis¬
sion asking permission to absorb within the Rock Island's
system the
1932
$293,575
-
expenses
Provision for obsolete &
Mt
_
31
1933
Not available
$28,792 loss$445,405 loss$338,299
50,580
62,519
a201,077
.
corresponding
period
1934
$4,631,858
267,096
26,479
Selling, administrative &
a
adjustment
Lines, &c
Corp.—Annual Report—
W. R. Angel, President, reports in substance:
Pursuant to the authority granted at the stockholders' meetings, Aug. 23
and Sept. 12, the complete terms of the mortgage with the Reconstruction
The
9 Months Ended Oct. 31—
Net income after taxes, int., interest
(Me.)—Collateral Released—
The City Bank Farmers Trust Co. as trustee under the mortgage or deed
of trust dated Jan. 1 1920 as amended and supplemented, has notified the
New York Stock Exchange that it has released from pledged under that
Gross profit
Other income
Chicago Great Western
Char¬
The electric
paid
Aug. 1 and Feb. 1 1934, and 35 cents paid
Y.—Lower Rates for
itable Institutions—
on
on
Section 3(c)
granting exemption will be issued.
of the Act gives the Commission power to revoke this order if, at any time,
the circumstances which gave rise to its issuance no longer
The order, however, will exempt the applicant only as a holding
company and its subsidiaries only as such, so that the exemption will not
extend to any provisions of the Act applicable to persons or companies in
exist.
additional $350,000.
Balance Sheet Aug. 31 1935
Accounts
1936
mortgage and surrendered to the Harris Trust & Savings Bank, trustee,
for cancellation, $17,831,000 first lien and refunding 5% 25-year gold bonds
due Jan. 1 1936.—V. 141, p. 4163.
Century Parkway Corp.—Earnings—
Assets—
an order
it finds that
& Southeast Service Co.
The plan of reorganization comes up before Federal Judge John P.
Nields, of the U. S. District Court of Delaware for final hearing on Jan. 11.
—V. 141, p. 2731
'
•;
' - Y:"■
Jan. 11
"Accordingly,
1
Refining Co.—Prices Cut—
The company has reduced prices 10 to 13 cents
per 100 pounds on Its
major lines.
This reduction is equal to the price advances which the com¬
pany put into effect when the processing tax was applied to corn.—Y.
141, p. 2734.
Croft
Brewing Co.—Earnings—
9 Months Ended Sept. 30—
1935
Net loss after deprec., int., amortiz.. Fed.
taxes, &c.
Earns, per sh. on 1,656,647 shs. (par
$1) cap. stk—
—V. 142, p. 123.
$164,394
Nil
1934
pf$466,566
$0.28
ly so.
"The right of the applicant to exemption being made out in other
respects,
be considered whether there is a basis for finding that the
granting of the exemption would be detrimental to the public interest or
it remains to
the interest of investors
or consumers.
We find
no
such basis.
Crosley Radio Corp.—New Product—
The
company
has
production
underway on
a
popular priced line of
electric washing machines and ironers to be sold
through the company's
present dealer and distributor organization under the trade name "Sava-
297
Financial Chronicle
Volume 142
maid," Powel Crosley Jr., President, told distributors at the recent annual
sales
to the
and the proceeds applied
of $1,500,000 were to be sold at not less than par
meeting.
He also
announced company
engineers had perfected two devices, an
auto-expressionator" and a r'bass compensator" which he said vastly
improve the tone of radio reception. These would be included in a new line
of radio receiveing sets to be placed on the market Boon, he added.—V.
141. p. 2885.
Consolidated Publishers, Inc. (&
Subs.)—Earnings—
Years Ended June 30—
1934
1935
Operating income from advertising, circulation &
redemption on
to be held in the
was
Jan. 1 1936, of the 6% bonds, while the remainder
applicant's treasury subject to further order of the
ICO.
The applicant had offered the new bonds
for subscription at par, to the extent of one
to the holders of the 6% bonds
htdf their present holdings, and
bonds as were
arrangements had been made for sale at par of such of the
not so taken to Garrett-Bromfield & Co. of Denver, Colo.
By petition filed Dec. 28 the applicant requests a modification of the
order of Dec. 19 which will permit sale of such of the new bonds as are not
taken by the present bondholders to persons other than Garrett-Bromfield
& Co.
It states that when presenting its application, as amended, for
$5,031,609
4,259,455
142,007
Interest, discount & other deductions.
$732,647
101,301
$741,805
Net operating profit
Int. & discount earned & other miscell. income
$4,935,078
4,059,259
$630,146
111,659
advertising commissions
Operating expenses
Provision for depreciation
$833,948
343.961
87,234
authority to issue and sell the new series A bonds, it overlooked the pro¬
visions of Section 10 of the Clayton Anti-Trust Act.
The petition further
a member of the firm of Garrett-Bromfield & Co. is also a
member of the applicant's board of directors.
To avoid the necessity of
securing competitive bids for such of the new bonds as are not taken by its
present bondholders, the applicant requests that the order be modified so
as to permit it to sell such bonds, at not less than par and accrued interest,
to any purchaser or purchasers which it may obtain other than GarrettBromfield & Co.—V. 141, p. 124.
$402,753
2,443,852
The directors have declared an initial dividend of 5.5 cents per share on
the series B stock, payable Feb. 1 to holders of record Jan. 12.—V. 141,
289.468
Provision for estimated Federal income taxes
68.835
96,563
Special deductions (net)
Balance
as
143,172
Retirement of 7 % pref. stock of Toledo Blade Co.
Deposited Insurance Shares Series B—Initial Dividend
$286,939
2,835,313
300
at June 30
-
shows that
.
4164.
P.
156
>
Devonian Oil Co.—Dividend Increased—
$3,122,708
$2,846,605
Dividends declared on preferred stocks—
Toledo Blade Co. (pref. stk. owned by minority
The directors have declared a quarterly dividend of 25 cents per share
the commoil stock, par $10, payable Jan. 20 to holders of record Jan. 10.
This compares with regular quarterly dividends of 15 cents per share and
on
42
28
11,250
interests)
Consolidated Publishers, Inc
11,250
extra dividends of 10 cents per
share paid in each of the eight preceding
quarters.
On June 111934 a capital distribution of $5 per share was made.
141, p. 1931.
—V.
Balance at June 30
$3,111,430
Consolidated Balance
1934
1935
Asset?—
Liabilities—
372,195' Notes
200,790
Notes receivable..
555.829
rec.—misc.
968
1,649
Accts. & comm. reo
8,034
Accts.
Inventories
42,422
company...
1st
mortgage 6Hs
Toledo Blade Co
a
288.583
141,733
350,813
1,642,501
147,796
8,926,060
1,385,828
Plant & equip...
8,926,060
1.415,958
1,543,767
Deferred charges..
Circulation,
pay.,
Notes
and
$
to
212,500
277,571
277.984
239,468
226,637
trade
affil.
30,000
134,719
26,300
25,832
cos
81,013
2,138,069
Distillers Co.,
2,662,000
and
C15.002
Total
Distribution
b Capital stock...
6,927" 508
3,111,430
Total
6,927,508
2,835,313
13.532,449
13.094.697
Co.—Sales—
1935
$2,125,599
Sales
1934
$2,059,234
Note—These figures include the 86 stores operated in Missouri, Kansas,
and Oklahoma for both periods.—V. 142, p. 123.
Cudahy Packing Co.—Definitive Bonds Ready—
The Chase National
Bank, New York announces that it is prepared to
deliver at its corporate trust division, 11 Broad St., New York, definitive
first mortgage 3HVo sinking fund series A bonds due 1955, and 4% con¬
vertible sinking fund debentures due 1950, in exchange for temporaries.
—V. 141, p. 4163.
Manufacturers
Corp.—Registrar and Transfer Agent—
Trust
Co.
is
registrar for an authorized issue of
1,000,000 shares common stock $1 par value, of this company.
The Chase National Bank of the City of New York has been appointed
transfer agent for the common stock of the company.—V. 142, p. 124.
(Alfred) Decker & Cohn, Inc. (& Subs.)—Earnings—
Decker, President,
says
in part:
Sales for the year showed an increase of 35.64%, while expenses remained
about the same.
Nevertheless, the percentage of net profits in relation
to
volume of business is small, a condition which prevails at the present
this and other industries.
We aim to overcome this by further
time in
increased volume.
The outlook for 1936 is encouraging.
Consolidated Income Account
1935
Profit after exp.& deprec.
Preferred dividends
Balance, surplus
x
Loss,
y
approved, the company and H. E. Schuler, trustee, were directed
all of the property of the company and of the trustee
company as of the close of business on Dec. 31 1935, certain
expenses of reorganization were directed to be paid, and the Court reserved
for further hearing the approval of the trust indenture and voting trust
agreement filed by the bondholders' protective committee.
See V. 141,
p. 3533.
the
1932
x$107.158
x$877,182
23,406
$64,3*0 def$182,570 def$107,158 def$900,588
excess
Dome
a
1934
chinery & equip.
1935
b Common stock..
Preferred stock...
$85,678
$94,121
1
1
141,719
172,288
payable
Accounts payable.
9,009
Gen. taxes accrued
Inventories
2,353
657,077
Accts. & bills rec..
760,128
«fec
Invest'ts & adv...
Adv.
to
officers &
empl. &
accr.
int
Extend.trade accts.
& notes receiv..
Cash
Notes
Payrolls
29,352
164,273
503,227
586,114
Fed.
inc. &
1934
$889,600
442,500
450.000
219,914
28,072
10,916
$889,600
442.500
303,661
138,406
13,437
Cash value of Ins..
17,334
$1,874,229 $1,559,9441
$1,874,229 $1,559,944
1935 ($955,425 in
used
for business
b Represented by 88,960 shares common stock, par $10. c Rep¬
by 123 shares preferred stock at $12,300; 1,918 shares common not
under option at $19,180 and 24,000 shares common under option to
Mrs. Raye H. Decker (at cost) at $159,257.—V. 140, p. 315.
purposes
resented
Co., Ltd., England—10% Div.—
The directors have declared a dividend of 10% for the fiscal year ended
Sept. 30 1935. less British income tax of 22)4% and deduction for expenses
of depositary on the American depositary
receipts for ordinary registered
stock.
Dividend is payable in New York Jan. 31 to stock of record Jan 8.
p
I^5evlous fi8cal year a dividend of 7)4%, less tax, was paid.—V 137,
Delaware Power & Light Co.—Bonds Called—
A total of $800,000 first mortgage gold bonds 4K% series, due 1969 have
been called for redemption on Feb. 1, at par and interest.
Payment will
be^mde at the New York Trust Co., trustee, 100 Broadway, N. Y. City.
Denver & Salt Lake
Ry.—ICC Modified Order
The Interstate Commerce Commission
on
$7,147,635
....
570.158
October...
November.
570,585
December.
Total for 12 months......
—V.
141, p. 4164.
Dominion
4
Stores, Ltd.—Sales—
Weeks Ended—
26
1935
Feb.
23
Mar. 23
-
1934
1933
$1,226,610
1,352,552
1,417,909
-
$1,373,111
$1,398,267
1.481.037
1.501.638
1.528.273
1.505.736
1,543.288
1,557.863
1.488.014
1.372.530
1.349.203
1,475,326
1,429,818
1,350,423
1.383,769
1,555,614
1,505.417
1,544,037
1,584.054
1.512,522
1,441.312
1.470.398
1.569.470
1,500,287
1,499,914
1,665,435
Apr. 20
1.385.269
May 18
1.360.939
1,350.740
1.340,440
1,313.961
1,290,685
June
15
July 13
Aug. 10
Sept. 7—..
-
1,472.156
1,383,939
1,405,210
1,575,089
5
2
30-—
Dec. 28
Total 52 weeks
-$17,875,502 $18,838,394 $19,758,367
—V. 141, p. 3859.
Dufferin Paving &
Crushed Stone, Ltd.—Deb. Interest
if earned, and the present payment covers a period of nine months, April 1 to
Dec. 31.
It is understood the company has had a good year and that busi¬
compares favorably with that in 1931.
to be much better.—V. 140, p. 4397.
ness
The outlook for 1936 is stated
The directors have declared
on
a
quarterly dividend of 25 cents per share
15 to holders of record
the common stock, no par value, payable Jan.
7.
This compares with regular quarterly dividends of 15 cents per
share previously disbursed.
In addition extra dividends of 10 cents were
paid on Oct. 15 and July 15 1935 and on Oct. 10 1934.—V. 141, p. 2274.
Jan.
on Bonds—
Jan. 4 modified its order of
November—
Gross from railway—.
Net from railway
1935
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 141, p. 3688.
Ry.—Earnings.1934
1933
$85,000
$70,185
11,496
$104,228
21,571
8 922
6,696
9,375
15,242
966,091
13,474
defl36,613
823,261
def50,637
def53,998
753.234
def58,401
67,779
bonds, at not less than par and interest to persons other than those hereto¬
fore proposed.
The report of the Commission says in part:
The Commission by its order of Dec. 19 authorized the
company to
issue not exceeding $2,500,000 of series A 4% 1st mtge. bonds to refund
a like amount of first mtge 6 % gold bonds series A.
Bonds to the amount
1932
$63,229
defl9.702
def3.174
786,749
defl93,840
def43.707
Eastern Cuba Sugar Corp.—Time Extended—
The bondholders'
protective committee for the 15-year 7)4% mortgage
sinking fund gold bonds (Charles Hayden, Chairman) has announced that
the committee has extended the time for the assents to the plan of read¬
justment dated Nov. 13 1935, until March 1.
The plan provided that the period for assents thereto expired on Dec.
31 1935, unless extended by the committee.
Of the $7,500,000 of the
bonds outstanding, the committee now has on hand deposits of $2,480,100,
or 33.06%, with respect to which assents to the plan have been
received,
and $1,110,100, or 14.80%, with respect to which assents to the plan have
not as yet been received and which were on deposit prior to Nov. 13 1935.
The
committee also
advises
that
in
all instances
where
withdrawal
is
permitted under the plan to those who have assented thereto, the with¬
drawal charge of $4 per $1.000 bond will be waived
This waiver of the
withdrawal charge is made possible by an undertaking from Eastern Cuba
Sugar Corp. to provide funds for the payment of the charges which would
been provided for by »uch withdrawal charge moneys but only to the extent
that such charges are not assumed by the new company contemplated under
the plan.
,
holders of record
of interest on the
debentures which were issued to former preferred shareholders as a result
of the plan of reorganization effected last May.
Interest is payable annually",
Duluth Winnipeg & Pacific
Total
After deducting $965,649 reserve for depreciation in
1934) and including $57,394 for land and building not
a
De Havilland Aircraft
$6,939,977
May..
July
August
September.
Duff-Norton Mfg. Co.—Larger Regular Dividend—
29,027
Total
603.881
610.870
April
June
1934
$641,637
634.307
621.195
587,238
619,429
601,004
602,203
611.573
560.734
521,008
554.008
603.297
March
excess
4,296
26,313
«
494,553
545,771
558.129
574,176
623.375
636,451
606,239
18,018
profits taxes
14,300
Capital surplus.._
127,894
41,105 Earned surplus...
9,663 defl82,570
120,757 Treasury stock...cDrl90,737 Drl91,002
Deferred charges.
1935
$545,789
On Jan. 2 the company paid 5% Interest to debenture
at the close of Dec. 27.
This represents the first payment
Liabilities—
Land, bldgs., ma¬
Good will,
Mines, Ltd.—Value of Production—
January..
February.
profit taxes of $14,300.
Comparative Balance Sheet Oct. 31
1935
new
Oct.
Nov.
1933
x$182,570
After provision for income and
Assets—
'
to transfer and convey
Nov.
Years Ended Oct. 31
1934
y$64,340
■
tion were
Jan.
Alfred
_'>!■(' '
Month of—
Quarter Ended Dec. 31—
Davison Chemical
Co.—Plan
Storage
By order entered on Dec. 23 1935 the plan of reorganization filed by the
by 4,500 shares no par $5 dividend cumulative
preferred stock and 100,000 no par shares common stock, less 20,000 shares
of common stock in treasury.
c Associated companies only.—y.
139,
p. 4124.
The
Cold
&
bondholders' protective committee was confirmed, the articles of incorpora¬
tion of a new company to be organizedpursuant to the plan of reorganiza¬
b Represented
Grown Drug
Terminal
Confirmed—
122,812
company
for depreciation of $1,197,724 in 1935 and $1,198,502 in
reserve
dividend of 7 )4 % less tax,
paid last year.—V. 141, p. 746.
same as
600
assoc
13,094,697 13.532,449
After
a
Ltd. (England)—Interim Dividend—
The directors have decided to pay an interim
the
to
1934.
the com¬
value, payable March 2 to holders of record Feb. 14.
Sept. 1 and June 21 1934, and 25 cents per share paid on April 21
1934; Dec. 21 1933, and March 1 1932.—V. 141. p. 3072.
76,077
Earned surplus...
Due from affil.
stock, no par
This compares with $1,50 paid on Dec. 2 last; 75 cents on Sept. 3 last:
50 cents on June 1 last; 25 cents on March 1 1935; $1 on Dec. 1 1934; 50
30.000
128,803
Pref. stock of sub.
good¬
will, &c__
The directors have declared a dividend of 75 cents per share on
mon
cents on
Funded debt
Due
$
120,000
banks
609,2001
accept, payable.
3,468 Accounts payable.
45,112 Notes pay.non-cur.
Sundry liabil. and
accrued expense
1,714
Unearned subscrlp
16,667 Res. for Fed. taxes
Due from Assoc'ted
Other assets
Dictaphone Corp.—Smaller Dividend—
1934
1935
|
$
$
Cash
$2,835,313
Sheet June 30
Financial
298
Earnings for the Year Ended Sept. 30 1935
(incl. sales value of sugar sub¬
sequently sold and unsold sugar at estimated realizable value)
Cost of production
-
$1,566,723
1,371,789
$194,934
Net income from operations
26,001
Other income
9,589
on
27,776
expenses
632,110
bonds
2275.
Engineers Public Service Co. (&
Period End. Nov. 30—
52,446
Interest, exchange & discount
Interest
tion.—V. 141, p.
$220,935
-
*
Advances written off
Miscellaneous
consented to the rehabilitation orde
voluntarily.
Recently, George W. Loft, business man and banker, as¬
sumed the Presidency of the company, without salary, in any effort to re¬
organize its affairs with the co-operation of its creditors.
Because of tne
danger of preferential payments Superintendent Pink concluded it would
be for the best interests of all concerned to take the company into rehabilita¬
The company's board of director
Income from sugar & molasses
Total income
Gross earnings
Operation..:-
|'459.055
Maintenance
Taxes
$1,890,118
52,211
$1,514,025 $18,718,164
52,233
626,662
$17,955,978
715,002
$1,942,329
820,652
$1,566,259 $19,344,826
699,910
8,433,033
$18,670,980
8,442,144
Balance
$1,121,677
Appropriations for retirement reserve
$866,348 $10,911,792
5,051,474
$10,228,836
2,240,227
2,234,862
621,052
Balance
Balance Sheet Sept. 30 1935
Properties, plants & equipt_x$14.24 0,423
Cash in banks & on hand
16,564
25,335
276,715
hand
hand
on
7,641
-
18,090
93,205
Special deposits
Cash deposited in escrow
receivable
Accounts
8,255
$8,623,000
default)
Funded debt (in
Notes
271,639
13,754
Retained cane liquidations.—
payable
int. accrued
32,496
300,901
Prov. for bond coupon taxes.
29,500
Accounts
Prov. for exps. &
2,869,282
y2,662.931
4,800,000
4,814,746
Bond int. in default
Materials & supplies (at cost)
12,489
Other liabilities
Special deposit for bond int^il
Common stock (par $100)
Ad vances to ce ne growers
6,411
46,397
Mortgage receivable
Prepaid insurance, taxes, &c_
5,000
22,354
—
Deficit—
Total
$14,788,758
Dividends
Co., Inc.: Note payable $2,161,783; current account $501,148.—V.
p. 3377.
Life
Shares of
Insurance
Co.—Seeks
Register
to
141,
unearned cumul. pref. divs. of certain
subsidiary companies
pref. divs. of certain sub. cos., not earned—V. 141, p. 3689.
1935—Month—1934
8,122.040
12,362
569,134
7,940.468
def$83,637 def$115.477
$682,538
of 5% and accrued
Payment will be made
1.—V. 141, p. 4165.
Fajardo
52,899
income
...
19,994
687,132
Period End. Nov. 30—
1935—Month- -1934
Gross earnings
$745,052
334.597
Operation
Maintenance
30,217
60,416
Retirement res. accruals
.
a48,106
_
Balance
Pref.div
$719,519
331,958
26,920
60,416
88.526
b66,504
Taxes (incl. inc. taxes)
Interest & amortization.
_
(& Subs.)—Earnings—
46,464
$205,210
$165,232
1935—12 Mos.—1934
$8,472,108
$8,133,795
4,088,776
3,804,792
346,550
294,659
725.000
725,000
985.573
967,890
582.797
565,894
$1,761,093
Pref.div.P
G. Co
$1,757,875
77,652
77,652
43,730
30.454
B.V.G. &E.Co
of N. J_
Applicable to minority interest
49,500
56.091
$1,609,256
$1,574,631
a Includes credit
adjustment of $41,905 for income tax as a result of
refinancing by Blackstone Valley Gas & Electric Co.
b Includes interest
on bonds of Blackstone Valley Gas & Elec. Co. redeemed Nov. 30 1935, in
addition to $20,277 interest from Nov. 6 1935. on new bond issues.—V. 142,
p. 125.
Ebasco
Services, Inc.—Weekly Input—
For the week ended Jan. 2 1936, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp. and National Power & Light
Co., as compared with the corresponding week during 1935, was as follows:
client
Increase
Client
Operating Subsidiaries of— 1936
American Power & Light Co—.90,430,000
Electric Power & Light Corp—.39,995,000
National Power & Light Co
65,822,000
x Decrease.—V.
142, p. 125.
1935
81,975,000
35,027,000
70,065,000
Amount
8,455,000
4,968.000
x4,243,000
Edison Bros. Stores, Inc.—Sales—
Period End. Dec. 31—
Sales
On
Dec.
stores at
31, last, there
end of December
Edison
Electric
1935—12 Mos.—1934
$1,616,539 $16,296,324 $14,125,386
1935—Month—1934
$1,763,280
92 stores in operation, compared with 86
1934.—V. 141, p. 3688.
were
Illuminating
Co.
of
Boston—Rights
Exercised—
of
About 77,500 shares of capital stock were subscribed for under the offering
one new share at $150 for each 6}4 old shares held, under the rights which
on Jan. 2.
This leaves less than 5,000 shares of the total offering of 82,289 shares
remaining to be disposed of.—V. 141, p. 4165.
expired
El Paso Electric Co.
Period End. Nov. 30—
Gross earnings
(Del.) (& Subs.)—Earnings—
1935—Month—1934
$254,570
112,072
12,655
23,153
1935—12 Mos.—1934
$242,251
101,103
11,167
24,916
36,026
$2,789,414
1,227,220
433,381
$2,670,946
1,140,127
150,500
306,443
435,224
$69,038
$651,402
334,583
$638,650
246,666
Preferred dividend requirements of subsidiary coPref. div. requirements of El Paso Blec. Co. (Del.)
46,710
185,580
46,710
194,998
$84,528
$150,275
Operation
Maintenance
Taxes
Interest & amortization-
36,133
Balance
$70,554
Appropriations for retirement reserve
Balance for common dividends and surplus
164,410
313,000
—V. 141, p. 3689.
Ely & Walker Dry Goods Co.—New Director■—
F. C. Jobe has been elected
a
director succeeding W. J. Schminke, re¬
signed.—V. 141, p. 4165.
Equitable
Mortgage
&
Title
Guarantee
Co.—Re¬
habilitation—
Supreme Court Justice Alfred Frankenthaler on Jan. 8 signed a court
order directing Superintendent of Insurance Louis H. Pink to take over
for rehabilitation the Equitable Mortgage & Title Guarantee Co. of 21
East 40 St., New York City.
This is the 26th title and mortgage guaranty
company to be taken over by the Insurance Department.
Tne Equitable is one of the smaller units in the field, and has not engaged
any new mortgage or title guaranty business for nearly three years.
During this period the company has been engaged primarily in the servicing
of mortgages and real estate and has endeavored to wind up its guaranty
business.
Its outstanding guarantees, of which the bulk were in whole
mortgages, have been reduced from $23,000,000 to $4,000,000 in this time.
in
when issued dealing the
stock, $20 par, "when, as and if issued," in exchange for the
stock, $100 par, on the basis of 5 shares of new common stock'
for each share of old common stock.—V. 141, p. 3378.
Federal Insurance Co.—To Double
Capital—
The stockholders will vote Jan. 29 on increasing the
$4,000,000
3535.
to
—V. 141, p.
(par $10)
capital stock from
of the company.
out of the surplus
(Marshall) Field & Co.—Bonds Called—
debenture bonds have been called for re¬
Payment will be made at the
Trust Co. of Chicago, trustee, 231
South La Salle St., Chicago, 111.—V. 141, p. 3535.
*
All of the outstanding 4H%
demption
Feb. 1, at 100
on
Continental
Fifth
Illinois
Ave.
and interest.
National Bank &
Bus
Securities
Corp.—Dividend
Meeting
Adjourned—
See
Omnibus
Corp. below.—V. 141, p. 3073.
First Boston
Corp.—$1.50 Dividend—
The directors on Jan. 8 declared a dividend of $1.50 per share on the
capital stock, payable Jan. 21 to holders of record Jan. 10.
This compares
with $1.20
this latter
paid on July 25, last, and 50 cents per share paid on Jan. 21 1935,
being the initial distribution
The company stated that the current
the issue.
dividend has been declared in view
on
of current earnings from July 1 to Dec. 31 1935 and is not to
as
be considered
establishing any regular dividend rate.—V. 141, p. 1095.
(M. H.) Fishman Co., Inc.—Sales—
1935
$165,027
January
February
192.672
214,198
265,007
286,932
315,109
300,441
317.212
March.-..
April
May
June
1934
1933
$154,799
$101,306
123.869
126,196
197,556
161,205
226.586
229.742
298.662
323,390
275.332
294.952
228.879
239.800
347.893
249.870
247.639
278.313
284.169
November
281,772
339,150
326.323
December.
598,674
298,284
548,826
468.848
$3,602,431
$3,453,875
$2,794,655
July
August
September
October-..
Total for 12 months
%
10.3
14.2
x6.0
When-
common
Month of—
Applicable to E. U. A
of Porto Rico—Admitted to
The New York Curb Exchange has admitted to
old
-V. 141, p. 3688.
Eastern Utilities Associates
Sugar Co.
new common
$408,680
810
..
Pennsyl¬
the 50-year 4%
Issued Dealing—
1935—11 Mos.—1934
$9,361,359
$9,016,286
625,334
1,074
58,214
expense
Net
$566,997
$605,468
637,016
Other income
Other
(& Subs.)—Earnings—
1,567,415
$595,000 of the
together with a
interest, through operation of the, sinking
at the office of J. P. Morgan & Coi on and
$2,000,000
Eastern Steamship Lines, Inc.
nnn
2,531,099
after Feb.
Common Stock—
Period End. Nov. 30—
«
2,531.274
1,089,938
Erie RR.—Bonds Called—
J. P. Morgan & Co., sinking fund trustees for
premium
has filed a registration application with the Securities and
Exchange Commission covering 15,000 shares of common stock.
Accord¬
ing to the statement, the company plans to offer the stock to the public at
$12.50 per share.
The application discloses that $52,500 of the proceeds from the sale are
to be used to increase capital paid in to $210,000 in order to continue doing
business in Massachusetts.
Another $5,000 will be used to do business in
additional States, while $90,000 will provide for initial cost of obtaining
$6,000,000 new insurance business.
14'035
vania collateral gold bonds, due 1951 has announced that
bonds have been drawn for redemption on Feb. 1 at par,
fund.
15,000
The company
Operating revenue
Operating expense
1,083,531
5,285
for
x
Eastern
—
Bal. applic. to Engineers P. S. Co., before allowing
$14,788,758
Total
After reserve for depreciation of $2,031,770.
y Now held by Compnaia
Azucarea Atlantica del Golfo originally incurred to Cuban Cane Products
4,»z/,/oo
-
pref. stocks, declared
Cumul. pref. divs. earned but not declared
Amount applicable to minority interests
on
Cumul
9,877
Other deferred debits—..
Balance
Interest & amortization.
payable & accrued in¬
terest thereon—
Balance receiv. lor sugar sold
on
—
Inc. from other sources.-
Liabilities—
Assets—
Sugar
Subs.)—Earnings
1935—Month—1934
1935—12 Mos.—1934
$3,920,692
$3,715,200 $44,919,661 $43,529,618
1,580,034
1,517,292
18,557,376 17,850,295
211,194
213.731
2,614,072
239,345
470,150
5,030.048
5,264,288
$500,986
Loss for the year ended Sept. 30 1935
Molasses
1936
11
Jan.
Chronicle
-V.
141
p.
294,226
249,535
3690.
Food
Machinery Corp.—Stock Sold—Kidder, Peabody &
that the offering of 20,000 shares of 4%%
cumulative convertible preferred stock has been completed,
all of the shares having been sold.
An issue of 6,000 shares
(par $10) of common stock was offered at market (40-40%).
A prospectus dated Jan. 3 affords the following:
Co.
announce
Dividends payable quarterly Jan., April, July and Oct.
15, commencing
quarterly dividend payment on April 15 1936; red. all or part on at
30 days' notice at 105 during calendar years 1936, 1937 and 1938.
104 during calendar year 1939, 103 during calendar year 1940, and 102M
during each calendar year thereafter, plus divs.; convertible at the option
of the holder at any time prior to 5 days before date of redemption into
shares of common stock on the basis of 2 M shares of common stock ($10
par) for each share of convertible preferred stock, during calendar years
1936,1937 and 1938, and on basis of 2 shares of common stock for each share
of convertible preferred stock after calendar year 1938.
Underwriters—The amount underwritten by each are as follows:
Kidder, Peabody & Co., New York City, $1,333,300 convertible preferred
stock, and $60,000 par value common stock.
Mitchum, Tully & Co., San Francisco, $666,700 convertible preferred stock.
Purpose—The entire net proceeds of the sale of the securities will be used
by the company as follows:
The sum of $625,000 will be devoted to the
payment of the principal- due American Trust Co., San Francisco, Calif.,
on account of an existing bank loan to the company, which indebtedness
was incurred by the company for the purpose of redeeming its 6% 10-year
convertible debenture bonds on Sept. 26 1935.
The sum of $806,205 will
be devoted to the repayment of a bank loan or loans and to the reimburse¬
ment of the company's cash accounts for moneys borrowed to pay or
provide for the payment of the redemption price of the company's preferred
stock, series A, which was redeemed on Dec. 30 1935, and the balance
(estimated at not less than $710,972 or at not more than $740,972) will be
used to reimburse company's cash accounts for expenditures heretofore
made in the redemption of its 6% 10-year convertible debenture bonds, for
possible future expansion by the purchase of other businesses and for
ordinary corporate purposes.
History & Business—Company was incorp. in Delaware Aug. 10 1928
under corporate title of John Bean Mfg. Co., and on July 24 1929 changed
corporate title to Food Machinery Corp.
Company acquired the assets
of Bean Spray Pump Co., engaged in the manufacture of orchard spraying
devices, fruit washing equipment and automotive service station equip¬
ment, with plants located at Lansing, Mich., and San Jose, Calif.
Shortly
thereafter the company acquired the business and property of AndersonBarngrover Mfg. Co., engaged in the development and manufacture of
equipment for the fruit, meat, fish and milk canning and dried fruit packing
industries, with a plant located at San Jose, Calif.
Subsequently, the
company purchased the business and property of Sprague-Sells Corp.,- a
manufacturer of vegetable and specialty canning machinery, with plants
located at Hoopeston, 111., Buffalo, N. Y., and Hayward, Calif.
In 1929
company acquired the business and property of Stebler-Parker Co., a
manufacturer of citrus fruit packing house equipment in southern California,
with a plant located at Riverside, Calif.
Subsequently company acquired
with
east
In
the business and property of the Florida Citrus Machinery Co., engaged
manufacturing citrus fruit packing house equipment, with a plant located
Fla., and also, at the same time, the entire capital stock of
Brogdex Distributors, Inc.
In 1930 the company purchased the
business and property of Cutler Manufacturing Co., engaged in manufac¬
at
Dunedin,
Florida
turing grading, sorting and packing equipment for deciduous fruits, with a
plant at Portland, Ore.
In 1933 company purchased the business and
property of Peerless Pump Co., engaged in the manufacture of turbine
with a plant located at Los Angeles, Calif., and with an assembly
plant and sales office located at Massilon, Ohio.
The business of company and subsidiaries is the manufacture, lease and
sale, both at wholesale and retail, of spray pumps, fruit washers, vegetable
washers, fruit canning machinery, fish canning machinery, milk canning
machinery and meat canning machinery, special canning machinery, steril¬
izing equipment, citrus fruit packing house equipment, deciduous fruit
packing house equipment, dried fruit packing equipment, automotive service
station equipment and turbine pumps and the licensing of fruit preservative
and coloring processes.
pumps,
Capitalization—The outstanding capitalization after the redemption of
the preferred stock, series A, the reclassification of its common stock and
the issue of the convertible preferred stock, will be as follows:
Authorized
Outstanding
30,000 shs.
»20,000 shs.
500,000 shs. c384,444 shs.
Preferred stock
($100 par value)
b Common stock ($10 par value)
Convertible preferred stock, 4M% cumulative.
The convertible pre¬
ferred stock is a part of an authorized isstie of 30,000 shares of preferred
stock issuable from time to time in one or more series subject to the limita¬
a
tions contained in the certificate of incorporation, as amended.
b On Dec. 31 1935 the company's common stock without
par
value
(192,222 shares), was reclassified into 384,444 shares of the common stock,
par $10 per share.
The number of shares of common stock ($10 par value)
to be outstanding includes 6,048 shares in the company's treasury; and 6,000
of treasury common shares will be sold by the company to the underwriters.
c Also 45,000 shares during 1936, 1937 and 1938, to be reduced to 40,000
shares after 1938, reserved for conversion of convertible preferred stock.
At the time of the filing of the registration statement all the foregoing
stock of the company was authorized but not issued.
On Dec. 31 1935,
384,444 shares of common stock of the par value of $10 per share were
issued or became issuable, as set forth in the note below, and the 20,000
shares of convertible preferred stock will be issued following the offering
thereof by this prospectus.
Earnings for Years Ended Sept. 30
$5,087,297
$6,486,583
500.218
612,407
1,041,757
$3,175,026
$5,699,704
$7,528,340
2,750,680
5.847.493
275,945
93,333
2,989
4.699,516
300.472
88,701
93,482
$52,078
$517,532
of
sales
&
expenses,
less
mis-
Depreciation & amortization.
a Interest on long-term debt
Provision for income taxes
Net income
Long term debt paid in full Sept.
a
395,318
86,015
174,476
Ltd.—Annual Report—
Foreign Power Securities Corp.,
A. J. Nesbitt, President, says in part:
Economic
industrial
conditions in France are still of such nature that
activity and expansion of power resources are restricted.
In some cases the
fulfillment of operating programmes has had to be abandoned until such
time
tangible evidence is created that a more permanent basis of
some
as
monetary stability prevails.
This situation has had a marked reflection
in the security values of com¬
$275,163
Loss realized from invest.
602
$18,570
382,112
221,673
__
Surplus brought forward
Disc,
on cos.
bonds pur.
on
on
Loss
on
310",714
def$39,032
908,626
$13,688
238,778
138,942
def$31,265
1,108,575
$869,594
pref. stock
acct. on inc. tax
investments
*3*209
$1,077,310
150,000
14,696
Surp. carried forward
$619,146
$382,112
x
$61,629
Includes
10,500
15,000
Commercial Investment Trust
20,000
20,000
United Aircraft
20,000
General Motors
Lehman Corp
Interest
bonds
on
Interest
on
Syndicate
♦
1934).
y
on
Interest
francs
Taxes paid and
Liabilities—
Liabilities—
$
1st coll.
at
10,581,075 11,082,744
393,274
Cash & call loans.
23,546
32,186
Accrued interest..
27,242
Prepaid accounts.
667
829
1934
a>
trust con¬
3,526.000
Bond int. accrued.
Investment reserve
421,797
374,456
3,801
4,099
Accounts
payable.
88,150
Res. for Dom. and
inc.
taxes
Preferred stock
558
3,400
5,000,000
1,500,000
5,000,000
Distributable surp.
630,816
1,500,000
630,816
Earned
619,146
382,112
b
.10,632,530 11,509,034
Total
Common stock.
surplus
Total
10,632,530 11,509,034
market prices, and including $370,924 cost
securities, the value of the corporation's invest¬
ments at Oct. 31 1935 in Canadian currency, at exchange rates of that date,
was $3,833,273
($4,841,741 in 1934).
b Represented by 125,000 no-par
shares.—V. 140, p. 316.
a
the
On
basis
of quoted
value of unquoted foreign
Franklin Fire Insurance Co.—Extra
The
common
Similar
made
in
each
of the six preceding quarters.—
V. 141, p. 2434.
Genera! American Investors Co., Inc.—Annual Report
Frank Altschul, President, reports an increase
$6,990,854 for the year 1935 in net assets applicable to the debentures and
capital stock.
At the end of the year there was an unrealized appreciation of $6,230,745
in the value of securities owned as compared with cost.
On Dec. 31 1934
there was an unrealized depreciation of $2,209,785.
The improvement in
this respect during the year was thus $8,440,530 and in addition there was
a net profit (after taxes) of $434,946 on securities sold.
If the entire appreciation at the end of the year were realized, taxes
In the ninth annual report
of
payable thereon at 1936 rates would amount to approximately $1,730,000
and a deduction of this amount has been made in computing the net assets
and the increase for the year.
The net assets at the end of the year were $30,079,817 as compared with
$23,088,962 on Dec. 31 1934.
The net increase for the year was thus over
30% after allowing for taxes at 1936 rates on unrealized profits.
8,040
19,268
33,620
101,228
122*797
1*1*8",757
$309,628
$325,599
Includes $57,660 considered by paying co. as
x
&otes—(a) $43,440 which may be
Includes Net profits
332,141
$430,763
$360,496
non-taxable distribution.
nontaxable distributions,
of
sale
from
during
year,
charged against a spec,
surplus—
(b) Aggregate realized
deprec. in market val.
of secur. as compared
with cost as of Dec. 31
6,230,745
x2,209,785
x3,619,915 xll,050.457
Improvement in (b) item
during year
z6,710,531
yl, 410,160
y7.430,512
x
$24,127
$434,946
depreciation,
Unrealized
y
Decrease,
z
loss$447,1971oss$2011246
Improvement
y561,281
after
Statement
of Surplus Years Ended Dec. 31
1935
1934
1933
Capital surplus—previous
balance-.——
$14,654,247 $14,654,247
Credit from reduct.
of
1932
$14,689,517 $10 ,468,535
cap. in respect of com.
& preferred stock
1,125,000
repurch. of
Credit from
deduc-
$1,730,000 at 1936 rates.
tion for taxes of
95^82
securities
between
cost
pref.
Difference
Dr35,270
stock retired
Total capital
surplus„$14,654,247 $14,654,247 $14,65^,247
Realized net loss on se¬
curities
sold—pre-
$14,689,517
$1,333,616
$886,419
x!51,124,828
x434,946
x24,127
447,197
2,011,246
$890,247
$1,309,490
$1,333,616
$886,419
$1,309,490
Prov.
Fed.
addit.
for
15,704
transfer tax in dispute
ing year
Net realized losses on
sold--
securites
Undistributed inc.—bal.
$396,309
$343,472
$189,071
of Dec. 31—
Interest
$531,113
(net) applicable
23,533
to 1934
Net income for the year
ended
Dec.
31
(as
325,599
430,763
360,495
480,000
$669,071
480,000
$827,072
483,600
$891,609
495,300
$42,232
$189,071
$343,472
$396,309
309,628
above)
$522,232
Less—Divs. of pref. stk.
undistributed
Total
current income
Profit.
Comparative Balance Sheet Dec. 31
1935
1934
1935
1,434,274
958,941
2,098,412
1,529,455
_
21,525,906 21,732,404
716,016
1,237,779
Com. stocks
23,000
tax in dispute
receiv.
Divs.
and
interest accrued
.
Deferred charges..
Common stock
1,300,220
25-yr. 5% debs___
Int. accrd. on debs
6,600,000
123,964
127,380
126,669
135,300
4,000,000
1,300.220
6,600,000
137,500
29,000
120,000
120,000
Capital surplus
14,654,247 14,654,247
1,309,490
Loss on sees. sold.
890,247
payable
Undistributed
26,048,952 25,720,548
Total
137,500
85,000
Reserve for taxes.
Pref. divs.
Special deposit lor
$
4,000,000
6% pref. stock
a
1934
$
Liabilities—
$
stocks
Pref.
in¬
42,232
come
Total
189,071
26,048,952 25,720,548
Represented by 1,300,220 no par shares,
b The aggregate value as of
owned, at bid prices (except for $154,162, the fair
opinion of the directors of securities not currently quoted) was
$31,289,337.
If the appreciation of $6,230,745 over cost were realized,J;he
taxes thereon, at 1936 would amount to approciamtely $1,730,000.
Note—^Outstanding warrants entitle holders to subsceibe to 500,000 shares
of common stock, as follows: 100,000 shares at $10 per share, 100,000 shares
at $12.50 per share, 100,000 shares at $15 per
share, 100,000 shares at
$17.50 per share and 100,000 shares at $20 per share.
These warrants
expire Oct. 15 1953 —V. 141, p. 2276.
a
Dec. 31 1935 of securities
value in the
Dividend—
have declared an extra dividend of 5 cents per share in
the regular quarterly dividend of 25 cents per share on the
stock, par $5, both payable Feb. 1 to holders of record Jan. 20.
were
7,920
49,898
Net income for year._
Ford Motor Co. of Detroit—New Financing
A
to
payments
7,920
45,577
1
port expenses
Other expenses
directors
addition
7,920
57,906
.
Cash
2,396,500
59,913
Prov.
$941,377
330,000
$838,702
330,000
b Securities owned,
$
vertible 6s
cost
$843,944
accrued
Transfer
registration,
trustee,custody of sec.,
legal auditing and re¬
cost—bonds
Investments
$858,217
330,000
__
debentures
Assets—
1935
1934
$
165,336
_
Amortiz. of discount on
in
Includes executives salaries.
1935
a
loss2,855
37,827
114,935
debentures
on
126,482
43,710
63,429
14,186
--
$908,626
$869,594
exchange of French
Balance Sheet Oct. 31
Assrfs—
in
respect of loan
$668,510
x$617,617
70,760
24,235
21,410
1,256
deps., &c
compens.
1932
1933
1934
y$809,947
$832,721
25,495
Net profit on commodity
transactions
x
premium earned
for Calendar Years
1935
stocks
on
8,000
Westinghouse Electric
11,400
...
Income Account
Dividends
3^988
9*296
1935 ($58,245 in
Sohenley
~
adjustments.
Prior year
Radio
as
$391,408
$622,355
Total surplus
Divs.
Prov.
293",068
1,400
243,243
fees
Profit for year
$312,971
33,522
337
y5,100
183,972
Directors'
Interest
$343,360
loss 30,389
$275,163
21,127
$280,131
21,462
$221,561
13,317
Taxes
10,000
20,000
from securs. sold dur¬
1932
1933
1934
x$280,131
Gross earnings—
Expenses
5,000
Corp. B
Amerada
Chrysler
Deduct net loss realized
Income Account
1935
x$221,561
Years End. Oct. 31-
Owens-Illinois
4,000
& stated value of
pany's holdings which as at Oct. 31 1935, based on Canadian currency with
exchange rates of that date, was $3,833,273 against a book value.of
>
$10,581,075.
During the year company purchased in the open market $1,129,500 of its
bonds, which were cancelled, thus reducing the issue outstanding to
$2,396,500.
Prevailing conditions have necessitated the continued deferment of quar¬
terly dividends on the preferred stock, which dividends are cumulative.
Shares
Shares
Chemical..'.
Allied
(See also Y. 141, p. 3860.)
26 1935.
—V. 142. p. 126.
of outstanding pref.
share of common stock
acct. under
and processes
$1,000 of debentures, or,
(without giving effect to
the possible exercise of the outstanding warrants) was $11.90 as compared
with $6.53 on Dec. 31 1934 and $11.62 on Dec. 31 1929.
In order of market value the most important classes of securities held were
those of public utility, automobile (including accessory), merchandising
and oil companies.
The most important items in the portfolio include:
$1,025,037
Gross revenue from leased machinery
to $4,557,54 per
debentures, $293.49 per share
The net asset value per
securs.
$2,674,808
Gross sales, less discounts, &c
Net assets were equivalent
after providing for the
stocks^
realized
1935
1934
1933
Cost
299
Financial Chronicle
Volume 142
new
Plan—
"$25-a-month" plan for financing retail purchases of new
Ford
put into effect immediately throughout the United States,
announced on Jan. 3.
The plan, involving substantially reduced finance charges and broad insur¬
ance protection for the car purchaser, is to be offered through Ford dealers
by the Universal Credit Co., authorized Ford finance company.
Thespian
has three important features:
r.«x -4
1. Maximum monthly payments of $25, plus the usual low down-pay¬
V-8
cars
is to be
Edsel Ford, President of the company,
ment.
2.
one-half of 1% per month (6% for"the
total of the original unpaid balance plus
Finance charges at the rate of
12 months), computed upon the
insurance cost.
3.
including noUonly
but also $50 deductible collision insurance and pro¬
Insurance protection at regular conference rates,
fire and theft coverage,
tection against other accidental physical damage to the car.
The number of monthly payments may be reduced, or monthly pay¬
ments less than $25 may be arranged, if a larger down payment is made
if a late model car, valued at more than the usual down payment is
The account also may be discharged at any time
by full payment of the balance due, in which event a rebate of a portion
of the credit charge will be allowed.
or
turned in for exchange.
300
Financial
Production Up
gain
77% Over 1934—
77%.
World production of Ford cars and trucks in 1935 totaled 1,335,865
units, compared with 855,037 in 1934, an increase of 56%.—V. 142, p. 126.
a
or
Fourth National Investors Corp.— Earnings—
Calendar Years—
$653,253
115,083
$568,565
102,594
$711,216
92,176
27,661
39,612
22,720
23,475
28,785
26,100
32,985
October
November
December
Total
custodians'
fees, &c
Provision for taxes
of N.
Y.
$642,661
$498,394
550.000
profit
200,000
$411,083
425,000
$585,555
575,000
Security Profits Account Year Ended Dec. 31 1935
sale of securities, based on average cost
Provision for New York State franchise tax
Excess of cost
over
market value of
Dec. 31 1934
Excess of market value
common
stocks,
July
August
September
October
November
December
reported
as
at
of
over cost
common
stocks,
Total
4,689,252
834,000
3,855,252
for taxes—
Total
connection with plan
Per Share
of reorganization)
$15,997,675
$32.00
$642,661
99,131
$1.28
Increase for period—before dividends:
Loss per security profits account
Decrease in unrealized loss and increase in
un¬
Expenses after Dec. 31 1934 in connection
plan of reorganization
stock
.20
fed
realized profit on common stocks after reserve
for fcsbx6s
on common
5,920,064
11.84
with
35,377
-
.07
$6,428,217
550,000
Increase for period—after dividends
Net assets, as reported at Dec. 31 1935
$12.85
1.10
$5,878,217
$21,875,892
43.75
t11.75
Balance Sheet Dec. 31
1935
Assets—
'
$
'
1934
1935
Liabilities—
,$
672,599
620,453
a
Res.
Deferred charges—
61,427
a
117
500,000
500,000
d26444,757c26, 444,757
Total
1,218,130
1, 162,099
in 1935
$17,013,525 in 1934.
b Authorized, 2,000,000 shares; outstanding,
500,000 shares, at $1 par value.
1,000,000 shares of the authorized com¬
mon stock are reserved for exercise of outstanding purchase warrants at
$60 per share on or before Oct. 1 1939, of which 250,000 shares are reserved
for purchase warrants originally attached to the issued common stock ctfs.
c Representing the excess of paid-in capital over the par value of
capital
stock, after deducting organization expenses,
d Capital surplus reflects
the aggregate amount paid to the corporation against the issuance of com¬
mon stock and warrants, less the aggregate present par value of the issued
common stock and organization expenses (including commissions paid on
original sales of common stock),
e Including excess of cost over market
value of common stocks at Dec. 31 1934 of $2,064,812.
f After deducting
excess of market value over cost of common stocks, $4,689,252 (less reserve
for taxes on unrealized profit of $834,000), $3,855,252.—V. 142, p. 126.
Theatres
being put
Comptroller—
Equipment,
Inc.—Deposit
-Fourth
p.
1935
Gross earnings
Week of Dec.—
1934
$20,700
—Jan. 1 to Dec. 31
1935
1934
$19,083
$1,092,296
$1,029,239
Motors
The company on
Corp.—December and 1935 Car Sales—
Jan. 8 made the following announcement:
December sales of General Motors
cars
to dealers in the United
States
and
Canada, together with shipments overseas, totaled 185,698 compared
with 41,594 in December a year ago.
Sales in November were 182,754.
Sales for 1935 totaled 1,715,688 compared with
1,240,447 in 1934, an
increase of 38.3%.
Sales of General Motors
cars
to consumers in the United
States totaled
122,198 in December compared with 41,530 in December a year ago.
Sales
were 136,859.
Sales for 1935 totaled 1,278,996 compared with
927,493 in 1934, an increase of 37.9%.
in November
in
1934
Expenses
$3,133,199
1,103.959
806,935
327,378
Profit
Other income
$1,329,148
13,340
$894,926
13,890
$1,342,489
$908,816
28,762
123,982
Toyal income
Other expense
Provision for Fed. income and
6,378
excess
profits taxes
Net income
215,000
$1,121,110
210,099
1,315,860
$0.85
Dividends
Shares issued at end of period
Net income per share
$756,071
76,702
1,298,960
$0.5g
Comparative Balance Sheet
Assets—
Sept. 30 *35 Dec. 31
Cash in banks and
on
$603,683
22,718
Prepaid insurance,
taxes, &c
Capital stock sub¬
$313,997
17,822
accrued expenses
Prov.
tor Federal
$66,006
$72,205
269,249
rec.
Inventories
221,989
and State taxes.
279,173
133,999
Construction
58,894
plant
29,006
10,179
37,295
equip,
&
contracts
85,158
1,491,815
Compensation
on con¬
signment
surance
7,867
89,470
exp
104,379
68
in¬
948
reserve.
Cap'l stk. (par $1) 1,303,420
Subscribed for by
employees
12,440
Earned surplus.--
Total
4,747
153,654
Unclaimed dlvs...
Deposits
(net) 2,352,542
Cap. stk. sales
and
payable
scriptions
Equipment
Sept. 30 '35
Dec. 31 '34
Accts. payable and
hand
Accts.& notes
Property,
Liabilities—
'34
$3,317,267 $2,209,263
Total
1,416,447
1,250,400
48,560
594,905
-$3,317,267 $2,209,263
General
Motors
cars
to
dealers
in
the
United
States
totaled
December
compared with 28,344 in December a year ago.
Sales in November were 147,849.
Sales for 1935 totaled 1,370,934 compared
with 959,494 in 1934, an increase of 42.9%.
Total Sales to Dealers in U. S. and Canada Plus Overseas
Shipments
1935
1934
1933
1932
January
February
March
April
May
June
July
August
September
October
ecember
Sovember
1
98,268
121,146
169,302
184,059
134,597
181,188
167,790
124,680
39,152
127,054
62,506
100,848
153,250
153,954
132,837
146,881
134,324
109,278
71,888
72,050
Goodyear Tire & Rubber Co.—Einal Hearing Jan. 14—
Final argument in the Federal Trade Commission's
complaint against
the company, charging price discrimination against dealers in its contract
with Sears, Roebuck & Co., will occur before the Commission
3378.
—V. 142, p. 126.
of
Sept. 30 '35
$5,024,221
1,869,961
1,369,141
455,970
Date
Georgia & Florida RR.—Earnings—
Period-
Sales
Cal. Year
9 Mos. End.
i
-Y. 141, p. 3378.
including Feb. 1 1936.—V. 141
150,010
alcoholic content, the first beer
about April 1 1934.
Sales
The reorganization committee under the plan and agreement of
reorganiza¬
tion dated Aug. 31 1935, has extended the time for deposits thereunder to
General
on or
Comparative Income Account for Stated Periods
Extended—
and
than 3.2%
more
the market
on
equipment
Ira D. LeFevre, general auditor since 1920, has been elected Comptroller,
succeeding S. L. Whitestone, who retired Dec. 31.
Frank B. Cliffe, John
G. Farrar, Henry W. Leland and H. A. MacKinnon have been elected
assistant comptrollers.—V. 141, p. 3861.
General
manufacture of beer of
22,752,723 16,014,220
Common stocks at market value, the cost being $17,352,690
and
General Electric Co.—New
Thereafter and during the month of June 1933, the company commenced
the construction of its plant, and on or about Feb. 5 1934, commenced the
f6,286,995el2 ,107.928
28,899
22,752,723 16,014,2201
shares.
sur¬
Income surplus-..
poration to liqui¬
date closed bank
Total
834,000
Security profits
plus (def.)
62,756
cor¬
for
Federal and State excise taxes
Cost of sales.
franchise
Paid-in surplus
1,253
receivable..
in
13,475
&
b Common stock..
28,899
Co.—Listing of Stock—
Exchange has authorized the listing of 1,305,320
stock (par
1,700
Unearned interest-
banks
ctf.
Fed.
taxes.
22,041,943 14,948,713
Deposits in closed
Dlvs.
for
State
Com. stks. (mar¬
Part.
472,859
$
2,655
40,175
Prov. for taxes
300,000
ket value)
729,201
$1) on official notice of issuance in exchange
present outstanding certificates, with authority to add to the
list
94,680 shares on official notice of issuance to employees under employees*
stock purchase plan: making the total amount applied for, 1,400,000 shares.
Company was organized in Michigan Nov. 16 1932 with an authorized
capital stock of 50,000 shares (no par).
At a special meeting of the stock¬
holders held April 8 1933, the authorized capital stock was increased to
140,000 shares (par $10) each.
On the same date a resolution was passed
authorizing the sale of 89,500 shares of stock for $895,000. and on the same
date a resolution was passed setting aside 15,000 shares of stock for pur¬
chase by the employees, officers and directors at such prices and upon
such terms, conditions, &c., as might be prescribed by the board.
On May 12 1933 at a special meeting of the stockholders the articles of
association were further amended by changing the value of the capital stock
to $1 per share and increasing the authorized
capital to 1,400,000 shares.
Stock reserved for employees by reason of this change became 150,000
common
1934
$
Accrued expenses.
Notes of Universal
Corp
Goebel Brewing
The New York Stock
shares of
Net assets, as reported at Dec. 31 1934 (excl. de¬
ferred charges of $1,252 representing exps. in
Cash
959,494
3.483
p.126.
$5,920,064
Change in Net Assets Year Ended Dec. 31 1935
Dividends
11,191
Unit sales of Chevrolet, Pontiac, Oldsmobile, Buick, LaSalle and Cadillac
passenger and commercial cars are included in the above figures.—V. 142,
Decrease in unrealized loss and increase in unrealized profit
reserve
39,048
28,344
31,096
24,151
23,545
5,810
2,405
44,101
$2,064,812
as reported at Dec. 31 1935
Reserve for taxes on unrealized profit
after
53.738
50,514
1,370.934
$94,481
4,650
$99,131
on
1932
65.382
52.539
48,383
69,029
60.270
46,148
46,190
82,222
119,858
121,964
103,844
118,789
107,554
87.429
22,986
97,746
April
May
June
Loss realized
1933
1934
75.727
92,907
132,622
152,946
105,159
150,863
139,121
103,098
March
Net
Dividends paid
510,060
147.849
150,010
January
February
Cr6f"18
755,778
United States
72,274
50.212
45.098
74,242
85.980
99,956
92,546
84,504
67,733
41,982
1935
State
in prior years
47,942
46,855
48,717
81,573
63,500
56,987
32,849
37,230
34,694
26.941
12,780
19,992
927,493
1,278,996
Sales to Dealers in
500
accrued
tax
.....
July
August
September
regis¬
agents',
and
franchise
538,087
$94,876
616,340
$767,879
Management fee.
Adjust,
1932
$30,477
766,957
Total income
trars'
1933
$3,611
649,642
57,944
Cash dividends
March
April
May
1932
1933
50,653
42,280
47,436
71,599
85,969
101,827
87,298
86,372
71,458
63,518
35,417
11,951
1934
54,105
77,297
126,691
143,909
109,051
137,782
108,645
127,346
66,547
68,566
136,859
122,198
.....
1936
11
United States
23,438
58,911
98,174
106,349
95,253
112,847
101,243
86,258
71,648
69,090
62,752
41,530
1935
January
February...
June
1934
1935
$922
Interest
Transfer
Jan.
Sales to Consumers fn
Production of passenger cars and trucks by the Ford Motor companies
in this country and Canada totaled 1,272,885 in 1935, against 715,438 in
1934,
Chronicle
82,117
59,614
58,018
86,967
98,205
182,754
185,698
41,594
61,037
113,701
106,918
97,614
81,148
53,054
10,384
21,295
1,715.688
1,240,447
869,035
74,710
62,850
59,696
78,359
66,739
52,561
36,872
30,419
30,117
10,924
5,781
53,942
beginning
at
10 o'clock, Jan. 14.
The complaint against the company alleges violation of Section 2 of the
Clayton Act, the specific allegation being that the low prices fixed in a
so-called cost plus contract at which the Goodyear company sells tires to
Sears, Roebuck & Co. constitutes an illegal discrimination in favor of the
Sears company, in violation of Section 2 of the Clayton Anti-Trust Act.
It is alleged in the complaint that the low prices fixed in this contract have
discriminatory and injurious effect, not only upon retail tire dealers who
competitors.of Sears, Roebuck & Co., but upon tire manufacturers
are competitors of the Goodyear
company.
The Goodyear company defends and seeks to justify the low prices in its
contract with Sears, Roebuck & Co. by asserting that such
prices were
possible because of the large quantity of tires involved, that the contract
was made in good faith to meet
competition, and also that the competition
furnished by Sears to tire dealers was not wholly due to the low prices fixed
in its Goodyear contract.—V. 141, p. 2889.
a
are
who
Gotham Silk Hosiery Co., Inc.—Director
(W. T.) Grant Co. —Sales—
Month of—
February
March
April
May
June
July..
August
September
October
November
December.—
12 Months
Total
562,970
Resigns—
Clarke W. Tobin has resigned as a director of this company and as
President of Clarke W. Tobin, Inc., a subsidiary, to become Vice-President
of the Propper-McCallum Hosiery Co.—V. 141, p. 4016.
-V. 141, p. 3691
—
1935
$5,571,225
6,953,087
7,662,708
7,430,188
7,653,756
6,276,262
6,732,321
6,725,950
8,365,097
8,580,917
14,818,316
1934
$4,550,906
6,774,303
5,951,919
7,179,255
7,347,316
5,735,776
6,292,108
6,570,467
7,822,201
7,495,060
14,187,448
1933
$4,492,044
5,136,563
6,267,376
6.552,836
6,509,624
5,771,013
5,749,854
6,433,228
7,122.539
6,898,039
12,449,544
.$91,979,113 $84,736,507 $77,646,438
Financial
Volume 142
Great American Indemnity Co., N.
Y.—Pays Stock Div.
The company paid a stock dividend of 33 1-3% on
Proposal
to Enter Independent Field—Anti-Chain Legislation May Force
New Setup, President Hartford Declares—
The company is considering decentralization of its
operations as a cor¬
chain and wholesale grocery
legislation makes continued
corporate chain operation impossible, John A. Hartford, President, an¬
porate chain and entry into the voluntary
business in States where anti-chain store
nounced Jan. 2.
lr.-Replying to an inquiry with regard to A. & P. plans for combating antichain legislation, Mr. Hartford revealed that the company has considered
converting part of its system into voluntary chains, to be serviced by
existing branch warehouses, which would function as wholesale grocers.
we have made no definite decision about what we are going
to do if the present deluge of anti-chain store tax bills continues unabated
in certain States, we have naturally given this subject a great deal of thought
Ij"Although
and study," Mr. Hartford said.
iV'We have spent 76 years building an organization of 90,000 men and
women highly trained in the distribution of food.
I can say with a great
deal of pride that no organization has ever succeeded in doing the essential
work of getting food from producers more efficiently, more quickly, or
with less cost to the public.
"Whatever the policies of to-day or to-morrow, I know there is a need in
every State for such a group of skilled citizens.
And any plan that we
adopt to meet adverse legislation will give first consideration to the security
of our employees,
M|"In the event that we receive no relief from discriminatory legislation
in the courts, there are two courses open to us.
"We have, of course, made an exhaustive study of the so-called vol¬
untary and co-operative chains.
We have discussed the possibility of
turning over our stores to the managers in States where taxation is excessive,
on;a lease or agency basis.
However, there are objections to this plan,
and I am convinced that the voluntary groups will be the next class of retail
stores to be burdened with special taxes.
There have already been several
attempts by Legislatures to include the voluntary with the corporate chains.
^"Probably the simplest and most workable plan would be to sell our
stores to our present managers in States where discriminatory taxes are
passed, and enter the wholesale food business.
^-"Our warehouses, equipment, supervisory, and buying staffs would en¬
able us, I believe, to service manager-owned stores and other good in¬
dependent retailers much more efficiently and cheaply than most whole¬
salers.
I understand that one large chain is already experimenting with a
similar plan in a section where taxes have made the operation of stores
prohibitive.
"We at A. & P. believe that when the people who pay food bills realize
that special chain store taxes are in reality sales taxes on the prime essentials
of life, most of the extreme laws will be repealed on public demand.
"For the present I can only repeat that we intend to protect our employees
In those States swept by anti-chain store legislation, and the means of
doing that seems to be limited to the two plans I have described.—V.
141, p. 3378.
(H. L.) Green Co., Inc.—Sales—
Period Ended Dec. 31—
—V. 141, p.
4167.
Guantanamo
1932
1933
1934
1935
$1,337,744
$704,180
$564,107
$733,289
gen. expenses
1,101,230
719,753
535,781
822,790
operations.-
$236,514
Dr77,695
loss$15,573
Dr71,100
$28,325
Dr45,203
loss$89,502
I>r37,529
prof$158,819
216,101
$86,673
232,278
$16,878
258,578
$127,031
302,135
$57,282
1,418,756
$318,951
1,099,805
$340,981
758,824
$429,166
329,659
$1,476,038
$1,418,756
$1,099,805
$758,825
Cost of cane, mfg., ship¬
ping and
Profit
on
Other income (net)
Loss
Deprec. of mills, &c
Addit. prov. for losses on
advances to colonos._
65,524
Balance, deficit
Previous
deficit
Deficit
x
After
deducting sea
freight, commissions,
&c.
Balance Sheet Sept. 30
1935
Assets—
a
Pref.
anamo
stock.
c
e
Notes payable..
192,080
767,203
RR
investments
Accts.
124",698
Cane plant'g exp__
4,048,350
Old common..,
795,673
d Invest.ln Guant¬
Other
8% stock—$1,728,700 $1,728,700
b Common
$4 ,485,992 $4,905,872
1934
1935
Liabilities—
1934
Real est., build¬
ings, &c
132,639
446
1,650
1,396,000
payable—
Loans pay.
4,048,350
1,650
1,399,400
263,010
257,128
fl98,362
251,009
(sec.).
Other notes pay'le
Grow, crops, carr'd
84,215
65,819
740,277
36,504
523,189
Cash
Advs. to colonos..
305,470
25,910
$69,940
11,258
Loss
Other income.
$58,682
Loss
10,432
follow, season
Mlscells.
$59,113
Net loss
—V. 141, p. 599.
Homestake Mining
Livestock.
(unsecured)
Deficit...
49,295
49,295
1,476,038
Taxes & contlng's.
28,967
1,418,756
Hotel Waldorf-Astoria
$6,701,382 $6,839,896
Total
$6,701,382 $6,839,896
$1,859,212 in 1935 and $1,940,038 in
Gude Winmill Trading Corp.—Larger
no par
have declared
a
dividend of $2
Hutchins Investing
Corp.—Accumulated Dividend—
The directors have declared
accumulations
on
dividend of $1 per share on account of
pref. stock, no par value, payable Jan. 15
a
the $7 cumul.
Alike payment was made on Oct. 15. July 15,
April 15 and Jan. 15 1935 and compares with 75 cents per share paid each
quarter from July 15 1932 to Oct. 15 1934, incl., $1 per share on Jan. 15
to holders of record Jan. 10.
and April 15 1932, and regular quarterly dividends of $1.75 per share
previously.
.
Accruals on the preferred stock after the Jan. 15 payment will amount
to $15.25 per share.—V. 141, p. 2279.
Illinois Bell
Telephone Co.—Earnings—;
380,669
1935—11 Mos—1934
$6,088,385 $69,800,864 $51,170,195
7,571
246,021
Dr825,775
4,533,598
50,640,097
31,446,786
487.782
6,708,791
7,915,123
$1,202,658
$1,059,434 $12,205,955 $12,634,061
Period End. Nov. 30—
Operating
1935—Month—1934
$7,556,911
revenues
140,914
5,832,670
rev._
Operating expenses
Operating taxes
Incorporated Investors- -Adds Rail Stocks
Dividend—
per
share
on
Suarter: Columbia Gas, Corn Products, Curtiss Wright "A," Kennecott,
Iclntyre Porcupine and Reynolds Tobacco.
35th Cash Dividend Voted—On Jan. 2 the directors voted the regular
25-cent dividend plus an extra of 10 cents a share, payable Jan. 31 to
holders of record Jan. 7. This payment represents the 35th cash dividend
paid since 1925.
Over $875,000 will be distributed to more than 28,500
Including this dividend Incorporated Investors will have
distributed over $7,690,000 to its shareholders in the form of cash dividends
since 1925—V. 142, p. 129.
shareholders.
International Business Machines
York
Stock
Exchange has
O
Q£>f Q
Liabilities—
1,988,750
2,126,238
1,813,868
669,289
Notes & accts. rec.
Inventories
Deferred assets
General
welfare
Dec. 31 '34 Sept. '30 '35
Sept. 30 '35
<2
.
1,655,645
2,382,042
1,961,994
811,815
company
fund...
458,424
441,854
Investments (cost)ll,632,141 13,101,297
Plants and equlp't 21,908,048 23,955,643
Patents & g'd-wlU. 12,812,977
12,849,498
Accounts
accrued items.
Period End. Nov. 30—
Maintenance
Taxes
Interest & amortization.
Balance...
1935—Month—1934
$452,734
$449,107
190,824
190,652
15,370
42,520
89,852
18,726
39,985
91,260
$114,165
$108,483
Appropriations for retirement reserve
dividend requirements
Preferred
Balance for common dividends and
—Y.
surplus
1,047,945
Mortgages payable
270,000
Notes
pay.
(non-
1935—12 Mos.—1934
$5,654,352
$5,631,709
2,437,016
2,326,678
235,077
221,979
545,288
526,208
1,081,340
1,079,836
$1,357,133
740,458
567,183
$1,475,502
585,208
567,182
$49,491
$323,110
(R.) Hoe & Co.—Meeting Further Adjourned—
the
adjourned meeting of stockholders to vote on a proposed change
common stock has been further postponed until March 2.—V.
141, p. 4017.
Hollinger Consolidated Gold Mines,
Ltd.—Extra Div.—
an extra dividend of 5 cents per share in
regular monthly dividend of like amount on the capital
stock, both payable Jan. 28 to holders of record Jan. 13.
Similar payments were made on Dec. 2, Oct. 7 and July 151ast.
SeealsoV.140 p. 973,
for further dividend record.—V. 141, p. 3229.
The directors have deciared
addition to the
693,809
1,075,302
1,023,085
82,500
3,000,000
1,003,724
for
5,000,000
978,519
194,506
current)
Res. for contlng..
169,521
exchange
losses
441,854
458,424
Declared capital..22,659,573a23,112,766
Earned surplus
22,865,414 24,491,431
Total
53,393,169 57,176,360
welfare
Total....
53,393,169 57,176,360
Represented by 703,345 shares in 1934, and 717,412 shares in 1935.
—V. 142, p. 130.
141, p. 3691.
The
In
855,719
1,054,431
_
(est.)
Res. for gen. com¬
a
Co.—Earnings—
$
91,000
payable,
Dividend payable.
Res.
An initial
1935.—V. 141, p. 752.
$
Notes payable
Federal taxes
Corp.—Tenders—
Gulf States Utilities
Corp.—Listing—
authorized the listing of 21,522
official notice of issuance as a
applied for 738,934 shares.
Against the issue of the 21,522 shares $693,369 will be transferred on the
books of the corporation from earned surplus to declared capital which
transfer amounts to $32.2168 per share.
The New
additional shares of capital stock (no par) on
stock dividend, making the total amount
the capital
The Union Trust Co. of Pittsburgh will until noon, Jan. 31, receive bids
for the sale to it of sufficient 20-year sinking fund 5% debenture gold bonds
to exhaust the sum of $1,500,000.—V. 140, p. 3215.
Operation
Portfolio—
During the final quarter of 1935 Incorporated Investors, large Boston
fund, added a total of 54,000 shares to its holdings of railroad common
Such purchases were in line with the management's aggressive
policy of building up heavy industry investments in anticipation of con¬
tinued business expansion.
Initial purchases were made last quarter of shares of the following com¬
panies: Allied Chemical, Greyhound, Johns-Manville, New York Central,
United Aircraft and Youngstown Sheet & Tube.
'
Incorporated Investors also increased its holdings last quarter in AllisChalmers, Aluminum Co., Atchison, Bethlehem Steel, Commercial Credit,
General Electric, General Motors, Great Northern, International Har¬
vester, Pennsylvania RR., Pullman, Southern Pacific, Timken and Westinghouse.
Holdings in the following companies were eliminated entirely during the
pany
Gross earnings
to
stocks.
value payable Feb. 1 to holders of record Jan. 16.
dividend of $1 per share was paid on Aug. 15
Gulf Oil
District of
reorganization of the company.
Among the important provisions of the plan is the modification of the
lease from New York State Realty & Terminal Co., owner of the land.
Substantial reductions are made in the fixed rental charges.
Unpaid interest is canceled upon the $10,985,000 of bonds outstanding.
In exchange for the bonds, the bondholders will receive an equal principal
amount or 5% income sinking fund debentures, due Sept. 1 1954.
All of
the capital stock, except approximately 40% retained by the former stock¬
holders, will be allotted to the bondholders.
^
Claims of trade creditors accrued as of the date of the commencement of
the reorganization proceedings, payment of which was suspended pending
confirmation of the plan, are being paid in full.—Y. 141, p. 4017.
Consolidated Balance Sheet
b Represented by 404,835 no par shares,
c $50 par value,
d After
reserves
of $369,000 in 1935 and $302,000 in 1934.
e Partly seemed,
f Includes accrued liabilities.—V. 139, p. 3642.
stock,
Corp.—Reorganization Approved
Judge Bondy, of the U. S. District Court, for the Southern
Dec. 31 *34
After reserve for depreciation of
directors
$2 per share in addition
New York, on Jan. 31 confirmed the plan of
A
1934.
The
extra dividend of
100,412
Total
a
an
monthly dividend of $1 per share on the capital stock, par
$100, both payable Jan. 25 to holders of record Jan. 20.
Similar distribu¬
tions were made in each of the 18 preceding months.
The company paid
extra dividends of $1 per share and regular dividends of $1 per share each
month from Jan. 25 1934 to and including June 25 1934.
In addition a
special extra dividend of $20 per share was paid on Dec. 5 last.—V. 141;;
p.3692.
Cash
r
Co.—$2 Extra Dividend—•
The directors have declared
to the regular
accounts
receivable, &c_.
Unexpired Ins., &c.
431
Federal taxes (Service Trucking Co.).
17,756
30,701
511,119
504,054
300,109
to
Inventories
8,182
Maintenance of Ionica plant, &c
Votes 35th Cash Dividend—
Gross sugar & molasses
k sales
1,769,051
Interest
Net oper. income
—V. 141, p. 3862.
Sugar Co.—Earnings—
Years End. Sept. 30—
x
-
$1,840,378
-
Depreciation
Uncollectible oper.
1935—Month—1934
1935—11 Mos.—1934
$4,941,424
$4,446,492 $26,756,039 $25,267,079
1935
Earnings for the 9 Months Ended Sept. 30
Net sales
Cost of sales and expenses
Great Atlantic & Pacific Tea Co.—Considering
Sales
Hayes Body Corp.—Earnings—
the common stock on
Dec. 31 to holders of record Dec. 27.—V. 140, p. 2007.
301
Chronicle
International
Harvester
Company Approved—
Co.—Sale
of
Skyscraper
to
*
Judge Philip Sudivan of the U. S. District Court at Chicago on Dec. 30
a plan for reorganization of the 22-story Lake-Michigan Building
the International Harvester Co. will pay $2,400,000 for the
property.
As a result of this purchase, 1st mtge. bondholders will get
slightly more than 82 cents on the dollar, according to Willard L. King,
attorney for the bondholders' protective committee, of which Francis E.
Manierre is Chairman.
The building is located at the southwest corner of
Lake St. and Michigan Ave.
The original reorganization plan was amended last month so that second
mortgage dondholders will get $13.40 in cash per $100 bond, the class A
preferred stock $7.37 per share, the class B preferred $2.36 per share, and
the common stock 15 cents per share.
"This will leave the first mortgage bondholders in a position to accept
the $2,400,000 cash offer of International Harvester and permit distribu¬
tion to them of the entire proceeds, after payment of taxes," said King.
"It is estimated that such proceeds will pay slightly more than 82 cents
on the dollar on the first mortgage bonds."—V. 141, p. 3380.
confirmed
whereby
International
Paints
(Canada),
Ltd.—Accumulated
Dividend—
The directors have declared
a
dividend of $1.12H per share on account
Financial
302
of accumulations
the 7K% cum. partic. pref. stock, par $30, payable
Jan. 15 to holders of record Dec. 31.
The company states that the present
on
payment is applicable to the six months ended
Dec.
^3693.
1931.—V.
_
31
International Products Corp.—$3 Accumulated
\
141,
•
Div.—
F
The directors have declared a dividend of $3 per share on account of
accumulations on the 6% cumulative preferred stock, par $100, payable
Jan. 15 to holders of record Jan. 10.
A like payment was made on Oct. 24
last, this latter being the first payment to be made on the preferred stock
since July 15 1931 when a similar amount was distributed.—Y. 141, p. 3380.
International Rys. of Central America—Earnings—
It
r Period End. Dec. 31—
Gross revenues
Oper. exp. & taxes
Inc.
applic.
Mos —1934
$410,865
x438,959
*$4,717,930
*2,838,611
$4,722,778
x3,172,077
def$28,094
$1,879,319
$1,550,701
fixed
to
charges
$170,024
r * Revenues
1935^12
1935—Month—1934
*$458,840
*288,816
and
earned
incurred in Salvadorian colones
converted at rate of 2.5 colones for $1 approximately current rate instead
of at 2 colones for $1 parity as in 1934. x Includes $186,357 account flood
damage expense.—V. 142, p. 130.
expenses
or
It International Shoe Co.—Financial Statement—
Frank O. Rand, Chairman, and W. H. Moulton, President, state in part:
Net sales to customers were $83,073,459, compared with $77,168,682
last year.
Our factories produced 43,042,230 pairs of shoes, against
44,804,507 last year.
N Subsidiary plants (sole leather and upper leather tanneries, textile mill,
factories making all leather counters, heels and soles, rubber heels and
soles, welting, box toes, cartons, containers, chemicals, cements, &c.),
produced during 1935 shoe materials and shoe supplies amounting to
$35,084,035, which, combined with our sales, made an aggregate of $118,157,495 business transacted.
Net earnings, after taxes, for the year were $8,541,962, which represents
an
earning of $2.55 a share on the common stock.
This compares with
$8,967,024 or $2.67 a share last year.
The company's current assets of $57,450,185 are 13 times its current
liabilities of $4,336,925, which include a reserve for income taxes of $1,800,000.
While the production in pairs this year shows a decrease of approximately
4% from last year, company actually sold and shipped to customers 10%
more pairs of shoes this year than last.
This accounts for the decrease in
inventory of manufactured merchandise during 1935 as against a sub¬
stantial increase in the same item the previous year.
Under normal conditions increased volume of approximately $6,000,000
in sales would result in substantially increased earnings: but the desire to
keep prices within the reach of the average purse caused us to absorb the
major part of increasing costs and sell our product on a closer margin of
profit.
This was done advisedly in the belief that such a course makes for
goodwill and strengthens the foundation of permanent success.
1935
b Net
sales
of
shoes
1934
1933
1932
& |
other manuf. mdse
83,073,460
77,168,682
70,343,129
65,488,662
1,667,644
64,978,757
1,652,380
58,384,665
1,678,754
56,712,579
1,696,198
9,704,087
327,513
10,537,545
328,721
10,279,709
484,366
7,079,884
650,036
10,031,600
1,489,637
10,866,266
1,899,242
10,764,075
1,673,509
7,729,920
1,082,392
Cost of shoes & mdse.
sold
71,701,729
c
...
Deprec. of physical
prop.
Operating profit
Other income
Total income
Prov. for income taxes._
Interstate Department Stores,
Month of—
March.!
April
May
June
x
July
August
September
October
November
..
December
x
x
Inc.—Sales—
1935
$1,098,592
1,582,921
1,828,774
1,752,994
1,711,266
1,204,722
1,442,778
1,463,181
2,077,810
1,997,820
2,795,038
February
11 months
Net
income
8,541,962
8,967,024
9,090,567
6,647,527
7,510,611
6,671",742
$2.25
$2.00
425,810
6,666,264
$2.00
9,312,496
$2.75
Pref. dividends (6%)
Common dividends
Rate per share
...
Surplus for year
com. oust, (nopar).
Earnings per share
1,031,351
3,350,000
2,295,282
3,350,000
$2.55
Shs.
$2.67
include
_
1,998,493 def3,264,969
3,350,000
3,350,000
$2.58
$1.80
.
ig35
— |1934
Jamaica Public Service, Ltd.
Period End. Nov. 30—
Gross earnings
Operating
1Q32-
1933
plus beg'ing of year:
Total
6,457,875
12,516,100
Balance
$72,511
40,388
9,026
$856,132
507,976
102,955
$828,965
492,637
109,648
$23,096
$245,201
$226,679
—V. 141, p. 3693.
Jamestown Telephone Corp.—Pays Initial Pref.
w
k
stock
income
for
ended Nov.
above)
year
30
Keystone
Custodian
Common
on
8,541,962
_
stock
common
ih.
8,967,024
9,090,567
stock
Cr26,890
pref. stock
Cr28,258
Cr33,736
Cr312,504
I
Key West Electric Co.—Earnings—
Period End. Nov. 30—
Gross earnings
1935—Month—1934
$11,832
$13,526
Operation
5,928
905
1,541
1,964
Int. and amortization
Balance
Appropriations for retirement
$2,127
Balance for
common
surplus..
28,033,129
b Cost of 160,000 shares,
$50,250,000 $67,000,000
27,001,777 x24,706,495
6,457,876
x
Balance Sheet Nov.
1935
Assets—
bPhys.
property.22 ,166,271
stocks
in
bonds
of
own
Liabilities—
23,428,843
a
other
Officers'
274,481
18 808,159
secur.
com.stk
Accts. rec. & adv. 14
125,446
10,858,294
4,592,022
328,308
393,458
923,839 13,254,405
and
stk.
of
$
2, 238,497
1,928,147
em¬
ployees* balance
and
deposits
298,429
162,105
Reserve for taxes.. 1,800,000
Insurance reserve.
564,866
1,915,000
472,802
Surplus
Inv. in 5% debs. &
cap.
1934
$
Common stock..50, 250,000 50,250,000
Accounts payable.
companies
Cash
d Co's
1935
$
&
f
U. S. Govt,
30
1934
$
Inv.
c
$154,712
67,610
16,134
17,354
25,184
19,326
16,062
23,946
$21,445
20,000
24.500
$28,428
20,000
24,500
def$23,054
def$16,071
reserve
dividends and surplus
—V. 141, p. 3694.
Kingsbury Breweries Co.—Earnings—
11 Mos. Ended Nov. 30—
1935
Net sales
—V. 141, p.
1934
$883,161
8.788
charges
3383.
$928,621
262,230
(S. S.) Kresge Co.—SalesMonth of—
1935
January
February
$8,488,423
8,975,052
10,328,161
11,518,500
10,871,686
11,048,088
10,004,027
10,758.148
10,147,936
11,925.369
-
March
April
May
June
July
August
September
October
November
12,268.552
21,551,483
December
12 months
1934
1933
$8,824,821
8,797,055
12,320,725
10,146,128
11,680,348
11,522,566
9,471,998
10,252,468
10,413,911
11,498,690
11,285,287
21,212,908
$7,706,388
8,053,868
8,491,512
10,228.412
9,941,023
10,304.867
9,406,816
9,920,933
10,634,773
10,848,333
10.465,036
19,732,233
$137,885,426 $137,426906 $125,734197
The company had 697 American and 48 Canadian stores in
operation on
Dec. 31, against 685 American and 46 Canadian at the end of December
1934—V. 141, p. 3694.
(S. H.) Kress & Co.—Sales—
Month of—
January
February
1935
April
May
June
..
July
August
September
October
1934
1933
$4,761,726
4,968,306
5,472,265
6,441,416
5,934,386
5,700.379
5,883,589
5,946,257
6,137,927
6,585,666
6,857.960
13,789,253
-
Total for 12 months
$73,457,876
Includes $16,750,000 accumulated earnings
previously carried in capital account and transferred therefrom in accord¬
ance with action taken at stockholders' annual
meeting held Jan. 23 1933.
(.
$149,473
68,692
1,096
Preferred dividend requirements
December...
499,874
Earned
l
1935—12 Mos.—1934
1,713
2,003
$1,491
Taxes
6,585
$5,106,517
5,083,475
6,330,794
5,732,389
6,095.747
5,757,198
5,335,936
5,574,040
5,684,751
6.366,935
6.182,424
12,412,070
$3,912,983
3,895,802
4,086,768
4,766,042
4,978.301
4,830,253
4.928,805
5,416,829
5,405.554
5,770 539
5,585,555
11,440,679
4
tt'Common stock capital
surplus as at Nov.30$78,283,129 $77,251,777 $74,956,495
a Divided as follows:
Common stock capital$50,250,000 $50,250,000
*
'
The initial distribution of income amounting to $1.01 per share has been
declared on the Keystone Custodian Fund series B-l shares
payable Jan. 15
to holders of record Dec. 31.—V.
141, p. 3694.
November
re-
deemed
r
6,647,527
,793,739 $83,923,519 $82,548,442 $83,370,372
425,810
600,000
7,537,500
6,700,000
6,700,000
9,625,000
in treasury
on
Series B-l
Inc.—Initial
Funds,
Dividend—
March
(as
Divs. paid: Pref. stock.
Divs.
b5,993,256
$77,251,777 $74,956,495 $73,457,876 $76,722,845
Prem.
Div.—
The company paid an initial quarterly dividend of $1.50 per share on the
6% cumulative preferred stock, par $100, on Jan. 1 to holders of record
Dec. 27.—V. 129, p. 1737.
$77,251,777 $74,956,495 $73,457,876 $82,716,100
common
placed in treasury._
Net
1935—12 Mos.—1934
$74,346
42,176
8,627
$23,542
expenses
Interest & amortization.
Total
$67,000,000 $70,200,000
*
Cost of
exclude
(& Subs.)—Earnings—
1935—Month—1934
Com.stock capital & sur¬
Common stock capital$50,250,000 $50,250,000
Earned surplus
27,001,777
24,706,495
but
company's own departments,
groceries and leased departments.—V. 141, p. 4169.
600,000
a
Excluding dividends on common stock held in treasury amounting to
$26,890 in 1935, $28,258 in 1934, $33,737 in 1933 and $312,504 in 1932.
b After deduction of returns and allowances for
repayments,
c After
charging operating expenses, maintenance of physical properties/selling
administrative and warehouse expenses and credit loss (less discounts on
purchases).
Common Stock Capital and Surplus Account Nov. 30
....
l.§61,488
1.529,215
1.657,448
1.204,500
1.394,011
1.483,648
1-687,579
1.520,700
2,415,268
$18,917,667 $18,656,465 $16,486,078
sales
Net loss after all
a
1933
S902.342
1.127,467
1934
$1,113,812
1,832,987
1,742,597
1,805,752
1,768,679
1,115,507
1,396,492
1,544,329
1,934,907
1,760,838
2,631,085
Appropriated.
Maintenance
Years Ended Nov. 301
1936
Jan. 11
being payable Feb. 1 to holders of record Jan. 21.
These dividend® com¬
pare with payments of $1.25 per share on the $7 prior pref. and 62
cents
per share on the $3.50 prior pref. made on Nov. 1 1935.
Dividends of
87 H cents per share on
he $7 prior pref. and 43 % cents per share on the
$3.50 prior pref. were paid on Aug. 1 last, and in each of the six quarters
preceding Aug. 1.
Prior to then regular quarterly dividends were dis¬
tributed.—Y. 141, p. 2739.
Note—Above
m
Income Account
Chronicle
28,033,129 27,001,777
asso-
rec.
Total
4,085,000
522.001
yet any date for its distribution, ac¬
cording to Mr. Murphy, as the trustee has not fixed the date for its forth¬
coming payment.
The committee intends to take care of the presentation
of deposited debentures to the trustee
promptly and to mail checks to regis¬
tered holders of certificates of deposit, so that such certificate holders
will
be relieved on the necessity of any personal action to obtain the
distribution.
Plans for making distribution to the holders of bearer certificates of
deposit
will be announced in due course.
|
More than 60 % of the outstanding secured debentures are
represented by
certificates of deposit of the committee.
398,674
...83,184,921
363,388
81,729,8311
r
Total..
...83,184,921 81,729,831
Represented by 3,350,000 shares of no par value,
b Physical properties
shoe factories, supply departments and sales branches after
depreciation of $20,407,610 in 1935 and $19,180,129 in 1934.
c Secured
by
48,900 (52,020 in 1934) shares of common stock,
d Consists of 11 500
shares common stock in 1935 (12,929 in
1934) at cost.—V. .142, p. 130.
a
at tanneries,
International Utilities
Directors have declared
a
Corp.—Preferr edTDvvidends•—
dividend of $1.50 per share
on
the $7
cum.
prior pref. stock (no par value) and a dividend of 75 cents per share on
$3.50 cum. prior pref., series 1931 (no par value), both dividends
the
Deposits, Mr. Murphy stated,
being received.
Ecuador Settles
699,256
23 718,188 23,929,719
Def. charges, &c__
Kreuger & Toll Co .—To Make Payment Shortly—
The debenture holders' protective committee for the
5% secured deben¬
hopes in the early future to make a distribution to holders of its
certificates of deposit at the rate of $20 for each
$1,000 principal amount of
deposited debentures, according to an announcement by Grayson M.-P.
Murphy. Chairman of the committee.
This hope is based on the expecta¬
tion of receiving from the Marine Midland Trust Co. of New
York, trustee
of the secured debenture issue, a distribution of the same amount.
The committee cannot announce as
tures
still are
elated companies 2 045.000
Empl. notes
Inventories
$78,479,130 $75,662,276 $65,018,110
—V. 141, p.3863.
on
Debt to
Kreuger—
The Marine Midland Trust Co. of New York has announced that it
had
concluded agreements for the settlement of $1,879,290 of bonds of the
Republic of Ecuador and $907,791 bonds of the Mortgage Bank of Ecuador
which are held by the Marine Midland Trust Co. of New York as
part of
the collateral for the secured debentures of
Kreuger & Toll Co.
The agreements were announced by Baldwin Maull, Vice-President
in
charge of the trust department of the Marine Midland Trust Co., who said
that the trustee will receive in settlement 22% of the
principal amount of
the bonds of both issues and 22% of overdue interest accrued at
6%.
In¬
terest on the government bonds has been in default since
July 1932 and on
the Mortgage Bank bonds since Feb. 1933.
Mr. Maull explained that the agreements are subject to court
authori¬
zation.
The total amount which the Marine Midland Trust Co.
expects
to realize under both contracts, if authorized, is $750,313.—V.
141, p. 2119.
Financial
Volume 142
1935
Apr. 20_
May 18
June
15
July 13
Aug. 10
Sept. 7
Oct.
5
Nov.
2
-
Nov. 30
Dec.
28
Total (52 weeks)
1933
1934
$15,401,157
$14,628,143
16,692,181
14,844,670
17,389,973
15,231,342
17,354,758
15,314,935
17,135,060
15,952,289
17,483,570
16,026,489
16,792,328
17,000,963
16,083,491
16,167,308
16,894,082
15,159,341
17,208,841
16,049,144
17,100.42616,125,479
17,068,029
16,268,311
17,771,014
16,923,302
$17,202,964
17,537,536
17,995,839
18,481,940
18,690,642
17,839,080
17,014,381
16,444,889
16,379,890
17,421,760
17,511,633
17,349,491
17,866,711
Mar. 23
$227,739,064 $221,175,331 $205,691,715
4.254
4.356
4.407
Stores in operation
—V. 141, p. 3863.
the
the
a basis for determining management compensation, subject to
provisions of the management agreement, only at the termination of
agreement.—V. 141, p. 3694.
comes
Kroger Grocery & Baking Co.—Sales—
Four Weeks Ended—
Jan. 26
Feb. 23
303
Chronicle
Lerner Stores
Corp.—Stock to Be Split Up 2-for-l—
stock of the
The directors have recommended that the present common
corporation be split up on a basis of two shares for one.
A special meeting
of the holders of common stock will be held on Jan. 20 to act upon an
amendment of the certificate of incorporation authorizing the split-up.
Upon the amendment of its certificate of incorporation, the company will
have 600,000 shares of common stock authorized, of which 200,000 will be
unissued and 400,000 will be outstanding.
The preferred stock of the
corporation, of which 30,000 shares were originally issued, and which has
now been reduced to 14,500 shares outstanding, will not be changed.
The management has stated that, in the event that the split-up of the
common stock
becomes effective, it is expected that dividends will be
maintained at the present rate of $2 per share on the new stock as long
as such rate continues to be justified by the earnings of the corporation.
Sales for the ten months ended Dec. 1 1935, showed a 13.1% increase over
corresponding period of the previous year.
No change in the amount
by the outstanding shares of common stock and no
change in the corporation's surplus account will result from the split-up.
In the event that the amendment is approved and adopted by the stock¬
holders, the holders of common stock will not be required to surrender the
certificates they now hold.
The corporation will mail to stockholders of
record stock certificates representing one additional share of common stock
for each such share registered in the names of the respective stockholders.
the
of capital represented
Building, Chicago—Acquired by Inter¬
Lake-Michigan
national Harvester Co.—See latter
Lane
Month
company.—V. 105, p.1108.
Bryant, Inc.—Sales—
1934
$952,055
773,387
1,321,870
1,248,454
1,269,158
1,248,414
729,939
943,869
1,023,996
1,178,690
1,105,558
March
1,210,220
1,339,061
April
May
1,249,620
June
1,196,327
July
August
September
798,643
939,231
1,060,977
October.
1,217,287
1,083,496
1,101,010
November
December
1933
$804,217
670,308
836,810
1,105,926
1,091,076
1,171,096
712,608
920,244
945,679
1,080,422
976,705
1,044,584
1935
$906,500
727,597
of—
January
February
955,302
.$12,829,969 $12,839,914 $11,270,393
Total for 12 months.
-V. 141. P. 3863.
Leath &
Co.—Recapitalization Plan Approved —To Wipe
Out Dividend Arrears—
The stockholders
on
Dec. 30 approved
the plan of recapitalization sub¬
mitted Nov. 29 to wipe out dividend arrears on the $3.50 preference stock
which amounted to $16.62H a share as of Jan. 1 1936.
One new share of
Sales for
Month and 12 Months Ended Dec. 31
Month of—
1933
1935
$1,789,621
1,837,678
2,371,983
March
April
May
N
June
1934
$1,581,368
1,587,856
2,902,327
2,707,330
January
February
2,225,702
1,949,997
2,524,854
2,560,030
2,011,102
1,886,996
2,128,598
1,899,851
1,915,543
1,693,272
1,655,685
1,731,666
2,501.620
2,482,588
4,541,753
1,883.609
1,863,919
3,667,194
2,584,812
2,924,828
November
2,582,757
2,186,165
2,336,098
2,787,750
2,807,515
December
4,885,315
July
August
September
October
$1,174,761
1,240,948
1,391,889
$30,329,746 $27,035,911 $22,068,334
Total for 12 months
—V. 141, p. 3863.
Long Island Lighting Co.—Accounting Action Filed—
The company, Ellis L.
and present directors
Phillips, William C. Langley and 17 other former
of the company, are named defendants in an account¬
$2.50 preferred and two shares of common are to be issued for each present
preference share under the plan, which is to become effective early in
March.
ing action filed in the New York Supreme Court by Theodore Koch, in
behalf of himself and other stockholders of the company.
The management expects to begin dividends on the new preferred at the
end of the next quarter.
Present capitalization consists or 24,761 prefer¬
ence and 88,289 common shares.
Trading in these shares is to continue on
the Chicago Stock Exchange until issuance of the new stock, for which
of the defendants under Mr. Phillips leadership to manage and control
the affairs of the company in a reckless and improper manner with resultant
benefit only to themselves,
A specified charge is that they borrowed from
application is to be made for listing
on
the Chicago board.—Y. 141, p. 1599.
Lehigh Telephone Co.—Tenders—
The Markle Banking & Trust Co., trustee, will until Feb. 1 receive
bids for the sale to it of sufficient 1st & ref. mtge. bonds as will exhaust the
sum
of $37,500 at prices not exceeding
105 and interest.—V. 141. p. 280.
Included among the charges is one that the defendants
interests owned
by Phillips and George W. Olmsted, another defendant,
$7,545,000 in short-term notes at "unwarranted and illegal interest" which
allegedly cost the company an average of $125,000 a year.—V. 141, p. 4018.
Louisiana
Steam Generating
$199,557
131,978
is not in need of financial reorganization in
company
held that collateral
now
pledged would be adequate security.—V
141, p.
4170.
Lehman
Corp.—Semi-Annual Report—
Arthur Lehman,
President,
8,981
was
approximately $111.34 per share on the 682,700 shares outstanding
public on Dec. 31 1935.
in the hands of the
Income Account for 6
1933
1934
1932
$223,276
1,069,706
2,965
$300,647
976,630
9,786
$298,794
786.885
35,486
$390,774
603,442
3,020
$1,295,947
Exp.,
$1,287,063
$1,121,165
227,703
50,000
227,887
375,000
187,546
9,541
for
comp.
V
76,803
$1,009,360
793,056
$518,278
2,389,533
$800,148
*2,211,715
2,043
25,139
loss23,966
55,524
$1,827,554
815,940
$2,883,845 x$l,356,043
816,600
822,720
$2,373,959
Dividend payable
$1,011,614
$2,067,245 y$2,178,763
681.700
$4.82
681,700
$2.68
standing (no par)
Earns, per sh. on cap. st
Loss,
y
680,200
684,100
$4.24
Nil
Deficit.
appreciation (less provision for taxes thereon) of
the corporation's assets on Dec. 31 1935, based on market quotations
or
in the absence of market quotations on fair value, was $14,616,000
compared with an unrealized appreciation on June 30 1935 of $5,120,000.
Note—The unrealized
Balance Sheet Dec. 31
1935
Cash in banks
1935
1934
$
Assets—
$
1,130,402
Liabilities—
4,037,165
cost)
sees,
1,296,658
4,227,397
pin-chased
Dividend payable.
Res.
owned
Pref. stocks
Com. stocks
5,596,463
5,978,588
2,269,913
5,344,296
43,264,720 43,568,173
Half interest in real
1,884,036
$
accr.
107,875
512,025
409,020
692,186
449,312
550,711
ex¬
and taxes
650,000
650,000
1
1
104,974
managem't com¬
76,803
pensation
Capital stock— 3,434,500
3,434,500
Capital surplus—81,316,404 81,294,067
336,974
deficit
23,154,258 25,838,902
12,554
411,380
Equities in real est.
b Treasury stock--
Dr204,009 Dr252,581
Divs. rec. and int.
accrued
def$57,896
Co.—Bonds Called—
standing.—V. 141,
p.
bonds due Sept. 1 1947.
3865.
1 1936 at 105 all of its
There are $950,000 out¬
Extra Dividend—
The directors have declared an extra dividend of
1 cent per share in addi¬
quarterly dividend of 3 cents per share on the capital
stock, both payable Jan. 20 to holders of record Jan. 10.
Extras of 3 cents
per share were distributed on Oct. 19 and July 20 1935.—V. 141, p. 2741.
tion to the regular
The directors
common
be
Jan. 7 declared a dividend of 25 cents per share on
on
the
stock, par $1, payable Feb. 15 to holders of record Feb.^5.
This
distribution to be made on the $1 par common stock.
the first
distributed on the old no par common
Jan. 2 1924 to and including July 3 1930.—V. 141,
p.3865.
McLellan Stores
Period End. Dec. 31—
Sales
75,368
1935—Month—1934
1935—12 Mos.—1934
$3,470,366
$3,412,567 $49,907,113 $19,644,569
December 31, test, were 230 agairist
-
a year
previous.—V. 142, p. 131.
Maine Central RR.—Bonds
\
,
Deposits 94.38%—
Holders of 94.38% of the $20,000,000 1st
due Dec. 1 1935, have now assented to
came
& ref. mtge. bonds, which
the refunding plan.
The
deposits extended from Dec. 1 to Dec. 31 1935, has been
extended, with no date yet set for expiration.—Y. 142, p. 131.
time for
Manhattan
further
Ry.—Hearing Adjourned—
The hearing set for Jan. 9 on the
mission to tear down the 6th Ave.
application of New York City for per¬
elevated structure has been adjourned
by the Transit Commission until Jan. 27 at the request of counsel for the
receiver for the Interborough Rapid Transit Co.
Federal Judge Julian W. Mack signed on Jan. 3 a formal order granting
New York City's petition for permission to proceed toward condemnation
of the 6th Ave. elevated structure and instructing the Interborough Rapid
Transit Co. receiver not to oppose the city's action.
The next step on the city's program is to obtain passage by the Municipal
Assembly of a local law permitting deferment of taxes in a condemnation
proceeding.
This is planned to assure the legality of the agreement for
deferment of certain Manhattan Ry. taxes if the 6th Ave. line is demolished.
The city may desire^ passage of this law before going to the Transit Com¬
mission to seek that body's permission to proceed toward condemnation.
141,
131.
p.
Masonite
16
Corp.—Earnings—
1935
Weeks Ended Dec. 21—
Gross earnings
Net income after taxes, int., depreciation,
14i, p.
& Marine
$535,470
271.302
266,689 no par shs. common stock
4170.
Fire
1934
$773,157
&c
Earns, per sh. on
—V.
Massachusetts
153,061
$0.93
$0.48
Insurance
Co.—Extra'
paid an extra dividend of $2 per share in addition to the
regular semi-annual dividend of $5 per share on the capital stock on Dec. 16
to holders of record Dec. 9.—V. 140, p. 2011.
The company
129,552
62,781,526 60,046,127
Corp.—Sales—
Dividend—
Receivable for sec.
Total
Lowell Gas Light
—V.
Profit & loss acct.
1st mtge. on invest.
Loans and adv
1934
Reserve for accrued
a
1,859,036
estate..
in real estate
for
penses
(at cost):
Bonds
$
Payable for securs.
U. S. securities (at
sold
$179,529
dividends and surplus
The company has called for redemption on March
first mortgage 5H%
234
$3,295,604
921,645
Profit
i
common
$206,103
264,000
Number of stores in operation on
60,570
loans written off
►
264,000
—V. 141, P. 3695.
stock each quarter from
..........
$507,266
2,725,725
Balance of income..
Other
1,975
$443,529
$6,458
—
Dividends of 50 cents per share were
agreement
l
1,975
$49,147
Appropriations for retirement reserve
Balance
will
under
x
Note interest (Eng. Pub.
Serv. Co.)
Ludlum Steel Co.—Resumes Common Dividends—
stock taxes—
Prov.
16,486
$997,237
313,639
398,239
&
franchise
Cr9,011
Interest & amortization.
Lucky Tiger Combination Gold Mining Co.—One Cent
Months Ended Dec. 31
1935
5,863
9,533
17,722
Taxes
Balance for
in part:
says
The net asset value of the capital stock as of Dec. 311935, upon the above
basis of valuation, after deducting all liabilities as shown on the balance
sheet, and, in addition, after allowing for taxes and other expenses com¬
puted upon unrealized appreciation, in the amount of $6.15 per share,
1935—12 Mos.—1934 ^
$2,273,902
$1,812,752
1,454,941
1,248,953
86,028
67,372
87,379
74,508
200,049
215,813
$141,178
101,600
Maintenance
Lehigh Valley RR .—Loan Extension—
Holding that the
Corp.—Earnings—
1935—Month—1934
Period End. Nov. 30—
Gross earnings-
Operation
the public interest, the Interstate Commerce Commission has approved the
extension to Jan. 1 1938 of a $2,000 ,000 Reconstruction Finance Corpora¬
tion loan to the road which matures Jan. 7 1936. The Commission's decision
permitted certain
Total
62,781,526 60,040,127
r
a Capital
stock outstanding 686,900 (no par) shares,
b Represented
by 4,200 shares at cost in 1935 and 5,200 shares in 1934.
i
Notes—(1) The corporation has purchased commitments under which it
may make investments which will not exceed $865,000.
(2) The corpora¬
tion's securities at Dec. 31 1935 taken at market quotations were more than
cost by
and for manage¬
appreciation, in the amounts
Unrealized appreciation be¬
approximately $14,616,000 after allowing for taxes
compensation computed upon unrealized
$3,502,000 and $694,000 respectively.
ment
of
Maytag Co.—Clears Up Dividend Accruals—
The directors have declared a dividend of $3 per share on the $3
cum.
pref. stock, par $100, payable Feb. 1 to holders of record Jan. 15.
This
payment includes $2.25 per share on account of accruals, thus wiping out
all arrearages, and the regular quarterly dividend of 75 cents per share
which is ordinarily due at this time.
A record of previous dividend dis¬
bursements is given in V. 141, p. 2282.—V. 141, p. 2894.
304
Financial Chronicle
Mercantile
Acceptance Corp. of Calif.—Accumulated
The directors have declared a
dividend of 30 cents per share on account of
accumulations on the $1.60 cum. conv.
pref. stock, no par value, payable
Jan. 15 to holders of record Jan.
10.
The last previous payment was the
(J. K.) Mosser Leather Corp. (& Subs.)—Earnings—
1 1932.
company,
Oper. profit before de¬
ducting deprec. & int.x$3,002,381
Depreciation
286,866
Interest charges
101,769
succeeding
Federal income tax
Mill City Petroleum
Co., Ltd.—Initial Dividend—
The directors have declared
on the common
initial
an
I
The directors have declared
a
y
up to and
February
1934
$17,904,886 $15,421,893 $10,131,891
22,783,089
18,312,477
11,263,374
25,571,012
20,872,132
15,665,586
22,914,580
20.934,510
15,247,812
23,822,297
19,266,336
16,103,560
20,293,175
15,890,560
13,641,121
22,848,599
18,914,957
15,390,120
25,172,907
23,093,465
16,583,708
March
June
July
August
September
October
35,897,447
30,910,462
39,474,902
November
December
Total for 11 months.
-V. 141, p. 3868.
29,703,511
26,900,806
34,683,742
22.790.643
20,969.808
24,854,726
.$287,593,356 $243,994391 $182,632349
(Wm. R.) Moore Dry Goods Co.—Extra Dividend—
terly dividend of $1 50 per share was paid on Jan. 1 last.
An extra dividend
of $10 per share in addition to a stock dividend of
10%, was distributed on
Jan. 1 1935.—V. 139, p. 4132.
(John) Morrell & Co. (& Subs.)—Earnings—
Nov.
2
'35
Oct.
27
'34
Oct.
28
'33
Oct
29
d$72,526,144a$58,239,7l4a$46,033,473a$46
cl ,473,645
2,577,884
503,136
66,909
187,500
222,889
40,789
390,000
15,351
56.338
$1,409,095
775,360
295,789
Interest
Federal taxes
operations
L246',204
_
502,654
33,834
289,615
of
English subsidiaries..
Net profits...
Dividends..
Surplus
def$l,049,918
com.
Earnings
per
385,698
$0.88
share
Marketable sec...
Cash surr. val. life
390,960
$3.60
2 '35 Oct. 27 '34
Nov. 2 '35
386,150
$1.08
insurance
Notes & accts.
rec.
Claims
1,636,069
124,901
367,491
3,194,668
3,262,489
Invest. & advances
11,686
7,027,101
172,323
7,920,979
72,969
Capital assets.---10,881,847 10,741,728
Deferred charges..
156,933
152,364
$
Accounts payable.
$
487,936
555,983
Sundry deposit and
loan
314,485
6,980
Inventories
Oct. 27 *34
'
Liabilities—
2,675,760
396,719
accounts..
640,823
y
Tax reserves
Reserves
246,838
134,015
reserves
1,044,955
249,226
Accruals
Insurance
92,226
1,686,433
713,111
New
Manufacturing
Preferred Stock—
3,819,223
....
700,392
Capital stock
Initial surplus
15,062,787 15,062,787
1,858,018
1,858,018
Profit & loss surp. 1,927,402
2,977,319
Corp.—Initial
Dividend
on
$7
cum.
P Munson Steamship Line—Government Files Petition
Federal Court to End Trusteeship—
in
The Federal government has petitioned the Federal District
Court for
the Southern District of New York for immediate termination
of the
trusteeship for the company and permission to foreclose a preferred mort¬
gage of $2,537,000, secured by the four Munson passenger liners in the
New York-South American east coast service, it was learned Jan.
7.
The petition was filed by the Commerce Department on behalf
of its
Shipping Board Bureau with the New York Court on Jan. 4, and it is
expected that Judge Alfred Cox of that Court will set a date for an
early
I
hearing.
Delay
,
on
the part of the trustees to submit
e
an
acceptable reorganization
was understood to have prompted the government's
action.
Since
Munson Line entered receivership under the new Bankruptcy
Act, the
an
44,751
1,249,410
22,979,185 21,600,201
Represented by 592,857 shares of no par value,
y After deducting
for depreciation of $2,976,763 in 1935 and $2,722,997 in 1934.
141. P. 759.
(G. C.) Murphy Co.—Sales—
Month of—
1935
$1,803,350
1,890,864
2,266,253
2,575,705
2,420,153
2,583,924
2,354,196
2,512,814
2,350,545
2.864,891
2,970.410
5,004,774
March
April
May
June
July
August
September
October
November
December
Total for 12 months
Stores in operation
1934
1933
$1,554,267
1,584,436
2,246,132
2,060,363
$1,129,575
1,222,990
1,313,762
1,628,753
1,661,437
1,808,328
1,804,118
1,803,139
1,912,000
1.993,644
1,976,458
3,590,687
2,367.499
2,465,993
2,075,916
2,118,051
2,105,135
2,481,172
2,425,664
4,470,850
$31,597,890 $27,955,481 $21,844,896
189
186
179
Dealing—
The New York Curb Exchange has admitted to when Issued
dealing the
new common stock, no
par, "when, as and if issued" and distributed to
stockholders in accordance with prospectus
rcently published (see "Chron¬
icle" Dec. 28 1935, page 4171), wherein it is stated that the
company
proposes
to
increase its
presently authorized common stock, to 500,000
and to issue and distribute to the holders of common stock
of record on Feb. 19 1936 two shares of common stock in
addition to each
share of such stock outstanding on such date.—V.
142, p. 132.
shares,
no par,
Mutual
Industrial
Bankers,
Inc.—Registration
Sus¬
pended—
The
Securities and
Exchange Commission announced Jan. 7 that after
a hearing it had issued
a stop order suspending the effectiveness of the
registration statement filed on Feb. 12 1935, by Mutual Industrial Bankers,
Inc., 17 Academy St., Newark, N. J., to cover a proposed public offering
of 10,000 shares of preferred stock.
The controversy, the Commission said, revolved around the
question
who was the registrant's predecessor.
-Earnings—
Years End. Nov. 30—
1935
1934
$610,227
(no par)
The directors
1933
$1,625,078
1932
$1,188,863pr$l ,029,552
Nil
Nil
Nil
$0.39
meeting Jan. 8 voted a dividend of 25 cents
stock, payable Feb. 1 to stock of record Jan. 18.
Dividend disbursements in cash during the year totaled
$2,730,000.
The year's operations were closed with a balance of
$24,520,514 in cash and
a
share
on
the
at the annual
common
U. S. government securities.
Tn
a
report
of the
statement to the board, C. W. Nash, Chairman, characterized the
"extremely encouraging," reflecting "satisfactory development
expansion program instituted by the company two years ago.
as
"For the first 11 months of 1935, the company's registrations
increased
44%, while registrations for the industry in general increased but 38%,"
Mr. Nash's statement said.
"We have reason to enter
1936 with confidence and optimism.
The
upward trend of our sales curve gives every indication of
continuing un¬
abated.
I look for a substantial increase in our production in
1936."
The improvement in business during the last quarter of i.935 is
indicated
by the fact that the third quarter loss of $1,124,094 was reduced to $610,227
indicating profit of $513,866 for the last three months
of 1935—Y. 141, p. 3079.
at the end of the year,
National Bond & Share Corp.—Asset Value—•
The unaudited net asset value of the outstanding shares on Dec.
31 1935,
after reserve for taxes, was approximately $53.51 a share,
compared with
$40.98 a share on Dec. 31 1934.—V. 141, p. 4020.
National Cash Register Co.-
Domestic Gross Orders—
1935
January
February
March
an initial dividend of
$1.75 per share on
pref. stock, no par value, payable March 1 to holders of
record Feb. 10.
The last previous
payment made on the old $7 cum.
conv. pref. stock was the
regular quarterly payment of $1.75 per share
made on Aug. 1 1931.
The corporation issued the
following statement:
"After receving and
considering report of Treasurer from which it
appeared that net earnings of the company since Jan. 1 1935 were suf¬
ficient, therefore it was resolved that the board of directors do
hereby
declare a dividend of $1.75 on pref. stock for the
period from Jan. 1 1935
to March 1 1935, payable March 1 1936 to stock of
record Feb. 10 1936."
—V. 141, p. 3869.
new
2,846,266
Total
Month of—
The directors have declared
the
28,091
debt
1,437,500
2,000,000
Capital stock.__17,994,714 17,994,714
x
Total
24,879,822 24,237,670
Total
24,879,822 24,237,670
x Represented
by 385,698 no par shares, y Includes reserve for Federal
processing tax.—V. 141, p. 3386.
Mullins
274,035
Earns per sh. on 2,730,000 shares com. stock
Consolidated Balance Sheet
Cash..
inc
Net loss after all charges
385,698
$5.42
$
Fed.
—V.
Nash Motors Co.-
American companies only,
b Operating profit of all companies in
1935 and American companies in other
years (but including miscellaneous
income, which in 1935 amounted to $20,669 (1934, $27,120 and
$171,801
in 1933) after expenses, including
repairs and maintenance of properties,
c Includes restoration to
inventory reserve of $250,000 charged to earnings
in 1933.
d All companies.
Nov.
for
tax
reserve
$420,101
974,400
a
Assets—
122,800
taxes, &c
Res.
Surplus
$633,735 def$554,299
$1,020,409
stk. outst'd
(no par)
145,937
Accrued wages, lo¬
cal
and
State
22,979,185 21,600,2011
and taxes
Shs. of
28,521
Funded
*32
492 757
$
160,004
2,601
Armour & Co.accts
117,499
$2,091,003
1,070,594
584,852
and local taxes
"
226,050
33,578
288,525
$338,595
1,388,513
Depreciation
Federal capital stock tax
3,355,322
538.952
35 0t>. 27 '34
$
Acceptances pay'le
5,714,476
136,446
95,381
Admitted to When-Issued
The company paid an extra dividend of
$2 per share on the common stock,
par $100, on Dec. 21 to holders of record of same date.
The regular quar¬
on
.
January
February
1933
&
250,040
x
preceding quar¬
including Feb. 1 1933.—V. 141, p.1937.
1935
April
May
Loss
Fixed assets
Deferred charges.
x
dividend of 50 cents per share on the com¬
Month of—
securities sold.
.
Total
Montgomery Ward & Co., Inc.—Sales—
on
.
2
Nov.
3901.
stock, no par value, payable Feb. 1 to holders of record Jan. 20.
This compares with 25 cents
paid on Nov. 1, Aug. 1, May 1 and Feb. 1
1935 and 15 cents per share distributed in each of the four
Nil
Accounts payable.
1,129,704
857,080
7,189
9,305,254
4,450,052
2,112,127
4,487
9,761,847
4,740,428
5,561,675
.
Investments
Modine Mfg. Co,—Dividend Doubled—
mon
$5.20
Liabilities—
$
703,238
.
Inventories
Getty and Pacific Western interests believe that Mission should
consider any reasonable offer for either or both of these blocks of
stocks and,
if they are of the
opinion that it would be in the interest of the corporation
to dispose of them, then should refer
the matter to stockholders for final
Years Ended—
$0.05
Oct. 27 '34
$
Accts. receivable.
Notes receivable.
The
Loss
$3.94
Report for 10 months ended Oct. 29 1933.
Cash
quotations.
Net sales..
b Operating profit
$3,081,012df$l,345,568
on
Consolidated Balance Sheet
which constitute virtually all
The holdings of Skelly Oil are more than half
of the outstanding common stock of that
company, while those of that com¬
pany, while those of Tide Water Associated virtually
give working control.
Because of this, it is
argued, either block has a value beyond current market
May 11932
$3.081.012 df$l ,345,568
Nov. 2 '35
assets of the
corporation.
ters and from
y
Assets—
stockholders, should not have the authority to
p.
198,147
$1,746,856 def$561,076
share
per
Smith Co.
of these blocks of stocks,
determination.—V. 140,
286,968
After including equity of $615,324 in net result of Winslow Bros.
x
outstanding stock of the corporation, have notified the
management of the latter concern their stock will be voted at the
meeting on
Jan. 13 only for directors who will
agree not to dispose of Mission's holdings
of either Skelly Oil Co. or Tide Water
Associated Oil Co.
The Pacific Western and
Getty interests contend that the management,
without the approval of the
348.111
159,033
387,392
$31,781
592,857
592,857shs. cap. stk_.
The Pacific Western Oil Co. and
Getty interests, representing, it is said,
about 40% of the
$3,975,547xloss$860,454
327,023
122,979
592,857
Surplus
Earnings
$481,784
$2,339,713
Dividends paid
Mission
Corp.—Pacific Western Oil and Getty Interests
Oppose Sale of Petroleum Shares—
52 Wks.
Oct. 28 1933 yOrt.29 1932
274,035
Net profit
dividend of five cents per share
stock, payable Feb. 21 to holders of record Jan. 31.
dispose of either
—53 Wks.
Nov. 2 1935 Oct. 27 1934
Period Ended—
Merrimac Chemical Co.—New President—
William M. Rand has been elected President of the
Charles Belknap.—V. 133,
p. 813.
1936
11
shipping agency has been swamped with reorganization plans
seeking acquisition of the premier American flag passenger service to
South America.—V. 142, p. 132.
Dividend—
regular^quarterlydividend of 40 cents per share distributed on Nov.
Jan.
government
-
April
May
------
June
j—2,301,405
July
August
September
October
1,200,100
1,446,975
1,371,750
2,650,700
2,362.525
1,369,325
-
November
December
-
Total 12 months..
-Y.
$1,270,000
1,179,375
1,562,100
1,369,225
2,407.000
1934
$1,076,000
1,005,550
1,310,550
1,103,475
2,216.800
2,082,475
948.200
1,282,800
1,083,775
2,229,450
1,185,250
1,268,755
.$20,490,725 $16,793,100
141, p. 3698.
National
Electric
Power
Co.—Four
Banks Accused in
$10,000,000 Suit—Collateral Switch Bared—
Trial of
Trust
a $10,000,000 suit against the Chase National
Bank, Equitable
Co., which it absorbed; New York Trust Co., and Manufacturers
Trust Co. by a group of investors in the bonds of
one
of the Insull
holding
companies began Jan. 6 before Supreme Court Justice Rosenman.
The suit was brought by Ida C. Hazzard and 124 other
plaintiffs, holders
of 5% secured gold debentures of 1978 of the National Electric
Power Co.,
top Eastern holding company in tne Insull system.
The debentures to the
value of $10,000,000 were sold in January 1928.
The Equitable Trust Co.
was the trustee under the indenture, the Chase Bank
succeeding as trustee,
when it took over the Equitable.
Jack Lewis Kraus, counsel for the plaintiffs, brought out
through testl
mony by C. V. Bucklev. Vice-President and trust officer of the Chase, tha
Dec. 21 1931 the collateral securing the debentures was exchanged.
It
originally consisted of the common stock of three operating companies, the
Penn Central Light & Power Co., Ohio Electric Power Co., and Michigan
New
on
Electric
Co.
removed and for it was substituted the class B common
stock
of the National Public Service Corp., which Mr. Kraus asserted was another
holding company of the Insull system, only one step removed from the
This
was
National Electric Power Co. but 14 liens removed from the operating com¬
panies.
The National Electric Power Co. and the National Public
Service Corp.
both went into bankruptcy in July 1932, Mr. Kraus said, with the
result
He said that the
stock of the operating companies was applied by the defendent banks to
loans aggregating between $11,000,000 and $12,000,000 which they had
made to Martin Insull, the National Electric Power Co., and others.
Mr. Kraus said that he would show that at the time the substitution was
made, the Chase was "virtually running" the National Electric Power Co.,
all the officers, directors and stockholders of which were in debt to the Chase
and had been unable to supply additional collateral at its demand.
Donald MacKinnon of counsel for the Chase asserted that Mr. Kraus
had made "many misstatements and many overstatements."
He objected
to the admission of documentary evidence to show that the president of the
National Electric Power Co. was in debt to the bank at the time of the
substitution, but Justice Rosenman received it.
(New York "Times")
—V. 138. p. 3444.
that the debentures held by his clients became worthless.
National
Co.
Insurance
Liberty
America—Extra
of
Dividend—
in
dividend of like amount on the capital
stock, par $2, both payable Feb. 20 to holders of record Feb. 1.
Extra
dividends of 5 cents were paid on Aug. 15 and Feb. 20 1935 and on Aug. 13
1934.—V. 142, p. 133.
The directors have declared an extra dividend of 10 cents per share
addition to the regular semi-annual
Public
National
Service
Corp.—Associated
Believed
Negotiating for Control of Jersey
Light Co.—
The
Gas
Is
Central Power
&
It was indicated that the Associated Gas & Electric group is the
prinicpal
interest seeking control of the property, particularly since Associated Gas a
few weeks ago obtained one-third of the stock of Jersey Central Power from
the
Central
Hanover
Trust Co., which had
Bank &
obtained the stock
of the National Public Service deben¬
Ownership of this block of stock would place control of Jersey
Central Power effectively in the hands of the purchaser, regardless of the
ownership of the remainder of the stock.
In its letter, the committee said:
tures.
"These negotiations are still
pending, but
are
necessarily delayed because
of the Public Utility Act which became effective on Dec. 1 1935, and which
is being contested in the courts by several utility companies.
"Meanwhile, consummation of the committee's plan dated May 10 1933,
which will achieve for the depositors control of the Jersey Central Power &
Light Co., and which has already been approved by $13,757,000 of the
$20,000,000 of debentures outstanding, has been delayed because the com¬
mittee has not felt certain that it could carry it out unless a substantially
larger proportion of debentures be deposited to insure possession of the
collateral, namely 68% of the common stock of the Jersey Central Power &
Co.
Light
has been notified that exchanges of
1957, which bear the endorsement
Hartford RR. Co. for the New York New
Haven & Hartford RR. Co. debentures of 1957 have been discontinued.
Such exchanges had been effected in the past pursuant to a continuing offer
made in 1920 by the New York New Haven & Hartford RR.
Because of
the latter company's reorganization proceeding now pending, no authority
exists to continue such exchanges.
The
proceed in your behalf under the plan.
Accordingly, the committee has
extended from Jan 2 to May 1 the time within which it will accept additional
deposits of debentures."
Burton A. Howe is Chairman of the committee, which also comprises
J. H. Briggs, L. S. Gilmour, Stewart S. Hawes, P. A. Russell and P. Erskine
Wood.
Mr. Russell, 100 Broadway, is Secretary, and Wing, Lakin &
Whedon, counsel of the committee.
The Chemical Bank & Trust Co. is
depositary.—V. 139, p. 2055.
Neisner
Month
$993,998
1,054,094
1.335,033
$984,596
988,901
1,562,651
$793,048
831,704
924,976
April
1,565,107
1,300,759
1,278,039
November
1,611,722
1,659,049
1.436.046
1,467.551
1,403,390
1,647,775
1,841,874
December
3,381,009
May
June
-
July
August
September
October
petition with Federal Judge Hincks, in Federal
to pay interest on the majority
a
The request for authorization was made in two separate petitions, one
asking to pay bond interest, the other interest on short-term debt.
The list includes all the underlying bonds, with exception of New Haven &
Northampton Co. ref. 4s, 1956, with $2,400,000 outstanding, and Boston &
New York Air Line first 4s 1955, $3,777,000, and the 1st & ref. issues of
the New Haven.
1,363.374
1,311,135
1,153.910
1,148,592
1.249.223
1,296,191
1,295,611
1,707,159
1,579,183
1,157,525
1,202,960
1,298,180
1,411,793
1,374,908
2,852,478
2,533,006
_
,
permission to pay 4% interest to the Recon¬
certain banks, the Public Works Adminis¬
tration and the Railroad Credit Corporation under an agreement whereby
the trustees would be allowed to retain the income on the securities or
subsidiary companies pledged as collateral.
The hearing on both petitions
The second petition asks
struction Finance Corporation,
has been set for Jan. 13.
_
,
would receive int. payments for tne
include:
Housatonic RR.
consol. 5s, 1937, $2,819,000; Naugatuck RR. first 4s 1954, $2,500,000;
New York New Haven & Hartford Harlem River & Port Chestervfirst4s
1954, $15,000,000; Danbury & Norwalk RR. 1st ref. 4s 1955, $350,000;
Dutchess County RR. 1st 4Hs 1940, $287,000; New England RR. consol.
4s and 5s 1945, $10,000,000 and $7,500,000, respectively; Central New
England Ry. 1st 4s 1961, $12,054,000; Providence Terminal Co. 1st 4s
1956, $3,922,000; New York Providence & Boston RR. gen. 4si 1942,
$1,000,000; and New York & New England Boston Terminal 4s, $1,500,000.
The bonds
under the petition which
duration of the administration by the trustees
Time for Filing
of Claims Set—
Judge Hincks has issued an order fixing May 1 1936, as the
creditors of the road may be fuea
evidenced and after which no claim not so filed or evidenced^ may par¬
Federal
reasonable time within which claims of
or
rejection
notice of
ticipate, provided, however, that claims arising out of the debtor s
of a contract after April 1 1936, may be filed within 30 days after
such rejection is given.
Tax Claim
Against Road Filed—
.
Smith on Jan. 3 filed a claim
Internal Revenue Collector Thomas
against
with interest, amounting to
the road for deficit and income tax payments,
$2,565,690—V. 142, p. 133.
New York & Queens Electric Light &
Listing of Bonds—
The New York Stock Exchange
New York Rys.
of $25,000,000
of 1935, due Nov. 1 1965.
See offer¬
Corp.—Earnings—
bl935—Month—cl934 bl935—11 Mos.—cl934
$375,285
$438,590
$4,415,277 $4,846,717
6,248
20,973
151,151
226,831
Period End. Nov. 30—
Gross earnings
a
Power Co.
has authorized the listing
1st & consol. mtge. bonds, 3K % series
ing in V. 141, p. 3545.
Net income
excludes interest on income bonds which
b Bus operations not included,
c The net income
After taxes and charges and
has not been declared,
shown for 1934 includes interest on bonds
of certain controlled companies
it has no liability), which are
(for which New York Railways Corp. states
in default.
Madison Avenue Coach Co., Inc.
Effective Feb. 1 1935, electric car
operation on Fourth & Madison
Avenue
discontinued and bus operation was inaugurated by the Madison
Inc.
Statement of Madison Avenue Coach Co., Inc.,
for November and 10 months, follows:
Month
10 Mos.
line
was
Avenue Coach Co.,
$1,145,523
106,053
$122,856
14,909
-
1933
1934
March.
February
Interest on Underlying Bonds—
Seeks Right to Pay
The trustees have filed
Net income after taxes and charges
1935
January
Stock Exchange
York
Gross
Brothers, Inc.—Sales—
of—
New
District Court .New Haven, asking permission
of underlying issues and on short-term debt.
a
We therefore urge the deposit of additional debentures in the belief
with this co-operation the committee will be soon in a position to
that
Discon¬
Providence Securities Co. debentures of
through foreclosure on a defaulted note.
The remainder of the stock of Jersey Central Power constitutes virtually
the only asset remaining to holders
RR.—Exchange of
Providence Securities Co. Debentures
of the New York New Haven &
protective committee for holders of 5 % debentures has informed hold¬
SortantCentral Power &interests which have been seeking control of the
public utility Light Co.
ersey
& Hartford
New Haven
York
Debentures for
tinued—
of the debentures that it nas been negotiating for six months with im-
ers
305
Financial Chronicle
Volume 142
Eight Avenue Coach Corp.
Eighth Avenue Coach Corp. reports
operations Nov. 12 to Nov. 30 1935:
Net income after charges and taxes
for period from
commencement of
-_Q_
Wao
Preferred Stockholders' Committee to Fight Plan—
stockholders' committee have stated the com¬
the company's plan for reorganization to
of Appeals.
Plan has been approved by
District Court.—V. 141, p. 133.
Counsel for the preferred
mittee will take its fight against
the United States Circuit Court
the U. S.
Telephone Co.—Gain in Stations—
New York
in Decem¬
Totall2months
141,
—V.
p.
$19,396,395 $17,420,095 $15,178,809
Station gain in December was 5,603 compared with a loss of 34
ber 1934.
In December 1933, there was a loss of 16 stations,
December 1932, the station loss was
3699.
16,285.
,
Month of—
January
February.
1935
$2,344,989
2,528,508
3,021,008
March
1933
$1,883,121
1,976,225
2,117,309
1934
$2,360,766
2,294.272
3,329,179
April
3,521.565
2,876.783
2,710,174
May
October
3,365,749
3,520,525
3,428.637
3,579,469
3,322.838
3,747,269
November
3.804,995
December
7,199,249
3,408,136
3,608,094
3,122,802
3,241,494
3,270.977
3,448,201
3.301.290
6,795,799
2,740,152
2,900,065
2,934,565
2,847.365
3,042.629
2.990.569
2.935.998
6,066,110
June
July
August
September
630 in 1934, a
in 1932.
,
1935, station gain was 23,905, compared with a
loss of 119,342 stations in 1933, and a loss of 191,074
For the year
(J. J.) Newberry Co., Inc.—Sales—
while in
,
Earnings for November and
Period End. Nov. 30—
Year to Date
1935—11 Mos .—1934
$15,562.396$173,153,491$171,148.138
87,473
887.152
990,358
11,334,812 124,464,738 121.805,675
1,592,624 18,274,339 16,707,735
1935—Month—1934
Operating revenues
$16,071,746
Uncollectible oper. rev62,411
Operating expenses
Operating taxes
11,359,582
1,671,774
Net oper. income
$2,977,979
-
gain of
stations
_
n
$2,547,487 $29,527,262
$31,644,370
—V. 141, p. 3870.
New
York
Transportation
Co.—Dividend
Meeting
Adjourned—
Total for 12 months
$43,385,398 $41,057,794 $35,146,574
See Omnibus Corp.
below.—V. 140, p. 2547.
—V. 141, p. 3699.
New England Telephone &
Telegraph Co.—Earnings—
1935—Month—1934
1935—11 Mos.—1934
$5,706,417
$5,563,055 $62,180,881 $61,319,082
24,224
24,069
219,145
154,167
4,090,743
4,112,152
44,945,305
44,113,369
445,569
358,174
4,974,858
4,809,698
Period End. Nov. 30—
Operating
New York Westchester & Boston
revenues
Uncollectible oper. rev
Operating expenses
Operating taxes
Net operating in
ncome-. $1,145,881
-V. 141, p. 3869.
New York Hanseatic
130,000
$46,170
Surplus.
Balance Sheet
Due
to
& for
de¬
$148,742
.
Loans and advances
52,500
Reserves for deferred charges
77,474
Capital stock
and
Accrued interest receivable &
deferred items
contingencies
Surplus.
Total
-V. 141. P. 3699.
$22,863,683
Total
....
248,435
2,000,000
650,379
$22,863,683
1,356,427
308,000
1,370,442
293,000
def$18,275 def$117,186 def$104,063
1,946
20,048
20,119
def$16,328
248,309
def$97,138
2,769,786
def$83,9'3
2,721,666
$264,637
$2,866,925
$2,805,610
Niagara Hudson Power
Corp.—Official Resigns—
Gas Co. of New York above.—V. 141, p. 4173.
for $6,921,146—■
seeking to force the officers and directors of the company to
damages estimated at $6,921,146, alleged to have
been lost through the stock operations of the Edison Securities Corp., a
wholly ownea subsidiary, was filed Jan. 4 in New York Supreme Court.
Justice Philip J. McCook denied a motion by the defendants to dismiss
the complaint on the ground no cause of action was made out.
The plaintiff is Mrs
Rose Fischer of 910 Riverside Drive, who said
she was a stockholder in the North American Co. and was suing on behalf
of "other stockholders similarly situated."
She named as defendants both
companies and the directors of the parent company, who, she said, were
directors of the subsidiary.
The complaint charges the officers and directors of the North American
with forming and conducting Edison Securities without the approval^or
knowledge of North American stockholders.
suit
restore to the company
19,655,000
1
5,309,786 Loans payable
collateral.
Dividend payable Jan. 2 1936
50,000
U. S. govt, securities on hand
and pledged as collateral._ 14,833,062 Unearned discount, interest
& reserves for taxes, &c
111,125
1,041,054
Securities (below market) —
and pledged as
1935—11 Mos.—1934
$1,547,240 $1,559,379
4173.
See Consolidated
A
customers
layed deliveries
Bankers' acceptances on hand
$1,800
2,199
North American Co.—Sued
Dec. 31 1935
Liabilities—
$1,549,805
—V. 141, p.
123,686
32,000
105,285
28,000
$248,750
Net deficit
$176,170
Ry.—Earnings—
1935—Month—1934
$135,086
$137,411
$4,000
252,751
Gross income.
Earnings for Year Ended Dec. 31 1935
j
Operating income
Non-operating income—
Deductions
Corp.—Earnings—
jAssctS"^*
Taxes
$1,068,660 $12,041,573 $12,241,848
Net profit after all charges
Dividends.
Cash & bullion in banks
Period End. Nov. 30—
Railway oper. revenue..
Railway oper expenses.
306
Financial
The securities corporation was used for trading in securities and partici¬
pating in syndicates on capital advanced by North American, and advances
by North American to its subsidiary totaled $21,778,984 on Dec. 31 1934,
the complaint said.—V. 141, p. 3546.
North American Trust Shares—Distributions—
The City Bank Farmers Trust Co. as trustee will distribute on Jan. 15
1936 to the bearers of coupon No. 9 appertaining to North American Trust
sum of $0,056 per trust share and to the bearers of coupon
9, appertaining to North American Trust Shares, 1956, the
sum
Source—
Nats 1955
.004530
Nats 1956
$.050900
.004450
.000815
.000538
$.056975
ing distribution
Total
*
Deduct:
Legal fees paid by trus
Carryover (minor frac.
not
practicable
distribute
on
tribution
$ .000161
Under the plan, Mr. Nunn explained, the payroll for the year was
Earnings for the Year Ended Oct. 31 1935
Net income for the year.
Previous surplus...
-1934
12
$573,562
207,665
307,113
176,284
$552,827
181,512
274,370
152,370
'Mos
1935
$2,139,620
678,816
1,053.048
535,707
Northern New York Utilities, Inc.—Reorganization Plan
A special meeting of the stockholders will
be held
on
Jan. 21, for the
purpose of taking action upon a plan of reorganization and consolidation
of Northern New York Utilities, Inc., and Antwerp Light & Power Co.,
St. Lawrence County Utilities, Inc., St. Lawrence Valley Power Corp., and
Norwood Electric Light & Power Co. into a new corporation to be called
"Northern New York Utilities, Inc."
Niagara Hudson Power Corp. owns 199,975 shares of common stock of
Northern New York Utilities Inc. (constitutent) out of a total of 200,000
shares of such stock issued and outstanding.
The same corporation also
outstanding capital stock of Antwerp, Fulton
Fuel, Fulton Light, Malone, Peoples, St. Lawrence County, St. Lawrence
Valley, and the Norwood company.
Pursuant to the plan of reorganiza¬
tion and consolidation, the new corporation (Northern New York
Utilities,
Inc.) will also acquire all of the assets of Old Forge Electric Corp.
By the terms of the certificate of consolidation each holder of one share of
common stock of Northern New York Utilities,
Inc. (constituent) will
all of the issued and
Accts.
Northwestern National Life Insurance Co.—Financial
Statement—
f.
An increase during
and
of $378,538,605
$54,729,527
1935 of $18,269,710 in insurance in force, to
a
total
a gain of $4,680,207 in admitted assets,
to a total
of Dec. 31, are revealed in the year-end financial state¬
as
ment of the company.
Marked decrease in the lapse ratio, showing improved
persistency of
business, contributed to the gain in insurance in force, according to O.J.
Arnold, President of the company.
"A larger proportion of people were
able 10 meet their premiums and keep their.insurance in effect
during 1935,"
said Mr. Arnold.
"This is heartening evidence of real improvement in the
financial situation of the great moderate income group of Americans."
The company reports $70,752,340 in paid-for new business issued
during
1935, with total insurance in force of $378,538,605
Balance Sheet
1935
Resources—
Govt.
Canadian
ment
1,552,185
15,664,973
bonds
Reserve
12,538,198
Claims
sees.
but
Govern¬
468,719
371,715
15,037,142
1st mtge. bonds...
5,210,288
Policy loans
9,336,478
2,678,146
6,664,679
9,437,008
Real estate
14,698
Inv. in outside corps, at cost.
Rec. rec. from employees sale.
31,432
7% cumul. sink. fd. 1st pref.
stock (par $100)
7% cumul. sink. fd. pref., 2d
issue (par $100)..
97,677
122,627
97,673
deferred
1,769,879
2,611,281
& other assets
556,573
599,850
to
321,848
326,514
1,568,176
315,633
296,809
1,081,717
holders
Noxzema Chemical Co.—To
1,849,690
..
1934
to
Net earnings in 1935 amounted to $7.52 a share, compared with $6.29
in 1934.—V.
953,390
Uncoil, oper. revenue---
Operating expenses.....
Operating taxes
Net operating income-
Ohio Finance Co.—Removed
workers
an
annual income in
1,000,000
3,109,133
Total
2,979,677
54,729,527 50,049,320
p.
2716.
Employees Share in
under terms of a liberalized contract effective
pay-checks, each for 40 hours of work,
the
company, said he guaranteed his 850
belief that they were entitled to a fair
product's selling price.
suggested the general adoption of the plan as a possible solution
of the age old capital-labor problem.
"Industry of the future, if it is to overcome the criticism that big busi¬
ness has been subjected to in recent years, must realize," he said in an
He also
$8,120,726
$6,886,955
stock,
no par,
from Unlisted Trading—
privi¬
and the 8% pref. stock, $100 par.—V. 141,
Oilstocks, Ltd.—Extra Dividend—•
The directors have declared an extra dividend of 10 cents
per share in
addition to the regular semi-annual dividend of 20 cents per share on the
stock, par $5, both payable Jan. 20 to holders of record Jan. 13.
common
Similar payments were made on Jan. 19 1935.
The company announced that
ast was
Old
liquidating value of the stock on Dec. 31
$15.41, against $11.61 at the end of 1934.—V. 140, p. *410.
Colony RR.—Regidar Dividend—-
The directors
on
Jan. 2 declared the regular
quarterly dividend of $1.75
per share on the capital stock, par $100, payable Jan. 15 to holders of
record Jan. 6, contingent upon receipt of the rental from the New
Haven
Railroad.
Two previous meetings were held at which no action
was
taken.
—V. 142, p. 134.
Oliver Farm Equipment Co.—New
President, &c.—
C. R. Messinger, Chairman of the Board has been elected
President,
succeeding M. H. Pettit who has resigned as President and director.
Three
new directors were
elected, C. S. Lelong, M. J. Brown and Cal Sivright,
the last named also
having been elected Executive Vice-President.
The
board
thus increased from 7 to 9 members.
was
confirmed
appointment of A.
K.
Directors at their meeting
McCord, formerly Assistant Secretary,
Sales Manager and
Manager.—V. 141, p. 3870.
Assistant to the President; J. M. Tucker as General
M. S. Tucker as Assistant General Sales
as
Meetings Ajdourned—
Dividend meetings of directors of this company, Fifth Avenue Bus
Securities Corp. and New York Transportation
Co., scheduled for Jan. 15,
will be adjourned until a later date.—V.
140, p. 2549.
Period End. Nov. 30—
1935—Month—1934
$62,804
$63,000
34,477
32,544
6,853
6,907
Operating revenues
Operating expenses
Depreciation
1935—12 Mos.—1934
$720,663
416,307
81,072
$711,684
416,513
81,634
$21,474
8,075
$24,149
6,941
$223,284
39,449
$213,537
44,076
Gross income
Int. on funded debt
$29,549
3,950
$31,090
5,208
$262,733
58,375
7,619
8,573
1,118
5,720
101,390
$257,613
62,500
734
13,042
2,125
103,004
$17,305
$16,116
$95,245
$76,208
2,500
21,700
27,500
Other interest
885
Amortization deductions
Fed.
accr. on
""674
pref. stk-
"i'.iie
77
inc.
taxes included
/
operating^expenses.
O'Sullivan Rubber Co.—Common Dividend Passed—
333,332
1,000,000
in 1936.
share of their
common
The directors have decided not to
pay a dividend on the common stock,
par $1, at this time.
The last previous payment was the 2
Yi cent dis¬
tribution made on July 1 last, and
compares with 10 cents distributed each
quarter since June 30 1934, this latter being the initial
dividend.—V. 141
123.
Outlet Co.—25-Cent Extra Dividend—
The directors have declared
addition
to
common
stock,
21.
an
extra
dividend of 25 cents per share in
the.regular quarterly dividend of 50
A
of 50 cents
income of 52
President of the
$595,828
The New York Curb Exchange has removed from unlisted
trading
leges the
p. 3547.
Jan.
Henry Nunn,
$823,249
Balance
Surplus to policy¬
Co.—Guarantees
company
1935—Month—1934
1935—11 Mos.—1934
$3,078,509
$2,870,486 $32,676,951 $31,217,178
8,096
9,685
63,993
Dr6,623
1,845,964
1,930,194
20.289,796
20,528.968
400,200
334,779
4,202,436
3,807,878
—V. 141, p. 3870.
in
Profits—
an
revenues
1.721,158
1,713,439
contingency
Including $1,100,000 paid-in capital.—V. 140,
Employees of the
Telephone Co.—Earnings—
Period End. Nov. 30—
Operating
p.
Jan. 2 are assured
141, p. 4174.
Ohio Bell
Dec.
holders
Shoe
Recapitalize—
common and 400,000 class B
common.
For each present $10-par share
will be issued 10 shares of new common of $1 par.
Of the 400,000 class B
shares 100,000 will be sold at not less than $10.
market
reserve
Nunn-Bush
Repre¬
y
common
contingency
default
x
$2,914,328
The stockholders at their annual meeting on Jan. 15 will vote on re¬
capitalizing by reducing the par value of the capital stock from $10 to $1
and increasing the total shares to 500,000, of which
100,000 shall be voting
Other deductions
values
54,729,527 50,049,320
Total
319,400
y486,308
601,298
75,707
,
To adjust bonds in
Total
$2,914,3281
x After reserve for
depreciation and amortization of $698,495.
sented by 58,357 no par shares.—V. 1 1,
p. 1940-
Divs.
policy¬
reserves
x
...
81,655
733,900
Other income
Profits for distribu¬
Gen.
...
surplus
Capital surplus
Total
Operating income..
in advance
31
capital stock &
Common stock
Earned
....
claims
Res. for taxes pay.
Other reserves
Misc.
for
disability
oth.
tion
*409,120
Provision
2,482,715
of
ments
2,098,010
Int. due & accrued
47,599
Property, plant & equipment.
Lasts, dies & patterns, trade¬
mark & goodwill
77,167
75,000
un¬
Prems. & int. paid
&
25,985
Fed. & Wisconsin inc. taxes.
Prepaid expenses..
$350,000
177,704
62,369
Orange & Rockland Electric Co.—-Earnings—
payable in instal¬
contract
due
S
75,000
value
death,
&
2,626,532
Real est. sold under
1934
policies42,056,773 38,732,722
reported
Present
602,171
1,560,641
bank & broker
trade creditors,&c
Acer, wages, salaries & bonuses
Accrued local taxes, comm.,&c
Accts. pay.,
17,770
reported,
proofs not
Res. for claims
14,038,516
Premiums,
on
$
received
securities.
Otherbonds
receivable
Omnibus Corp.—Dividend
1935
Liabilities—
3,909,652
S.
and
notes
'
Notes payable,
65,016
Dec. 31
1934
$
Cash
U.
of Dec. 31.
as
&
17,921
Value of life insurance
share of the present preferred stock of Northern
will receive 1 l-10th shares of a first preferred
corporation.
The first > preferred stock of the
consolidated corporation will be of a par Value of $100 per share.
Preferred
dividends at the rate of 5% pre annum will be cumulative and payable out
of the earnings of the corporation before the payment of any dividend on
the common stock.
Dividends on the first preferred stock of the con¬
solidated corporation will be paid Q.-F.
The par value and the stated value of the capital stock of the consolidated
company to be presently outstanding will not exceed the aggregate of the
par and stated values of the outstanding capital stock of the constituent
companies at the time of consolidation.
The consolidated company will
assume the present funded debt of Northern New York
Utilities, Inc.
(constituent) and of Malone Light & Power Co. (constituent).
The corporations to be consolidated (except Old Forge Electric
Corp.)
are all subsidiaries of Niagara Hudson Power
Corp.
Upon the basis of the operations of the corporations to be consolidated
for the 12 months ended Oct. 31 1935, the income of the consolidated
corporation available for preferred and common dividends would have been
$1,659,708.
The income of Northern New York Utilities, Inc. available
for preferred and common dividends for the 12 months ended Oct. 31 1935
was $668,352.
As provided in the proposed certificate of consolidation
the consolidated corporation will have outstanding 66,000 shares
($100 par)
5% cumulative preferred stock.—V. 141, p. 4174.
$147,955
Inventories
one
consolidated
hand & in banks
Long term notes receivable.__
share of common stock of the consolidated corpora¬
Utilities, Inc.
on
1935
Liabilities—
Marketable securities
Fulton Fuel & Light Co., Fulton Light, Heat & Power Co., Malone Light &
Power Co., Old Forge Electric Corp., Peoples Gas & Electric Co. of Oswego,
of
$601,298
75,707
Consolidated Balance Sheet Oct. 31
Cash
-Earnings—•
1935—3 Mos.
—V. 141, p. 2123.
of the
182,712
»
$677,006
$.054000
Assets—
earns, after deprec. & taxes
Total income
Net income
York
....
.
-
Total surplus
Net
New
....
.001888
$.056000
Northeastern Water & Electric Corp.
stock
$784,011
Capital surplus
Period Ended Oct. 31—
Gross revenue. ...i.:
tion, and each holder of
497,894
Total surplus
$14,589)
.001729
.000975
Total to be distributed
—V. 141, p. 283.
one
$286,117
Total surplus Oct. 31 1935
.000814
estimat¬
Dividends paid (1st pref., $75,287; 2d
pref., $92,836; common,
$.000159
this dis¬
receive one-third of
moral responsibility not only to
holders, but also to the plant
ed on the company's anticipated
gross earnings and the employees were
guaranteed this amount.
Should the earnings exceed the estimate, em¬
ployees will be given a wage adjustment in a lump sum at the end of the
year.
This clause is mandatory under the contract.
to
date)
owns
a
bond
create these values.
The plan went into effect last
July and was liberalized to recognize that
since the workman's skill puts value into raw materials, he should receive
a fixed percentage of the
product's cash return.
$.055888
—
$.051630
it has
and
get not so much per piece or so much per
hour merely to meet competitive conditions, but an annual income sufficient
enable them to live as we want all American citizens to live."
of
$0,054 per trust share.
The amount so to be distributed is in each case
for the semi-annual period ended Dec. 31 1935, and is classified as follows:
Regular cash dividend..
Extra cash dividends
Carryover from preced¬
1936
Jan. 11
to
Shares, 1955, the
No.
Chronicle
interview for publication, "that
the consumer and to the stock
workers who make it possible to
"It must see that the workers
cents per share on the
par value, both payable Feb.
1 to holders of record
similar extra dividend was
paid on Aug. 1 1934.
An extra
was
no
paid
on
May 1 1934.—V. 141,
p.
4174.
Pacific Coast Co.—Stockholders* Committee Dissolved—
The stockholders'
committee for the first preferred stock, second
pre¬
common stock has been
dissolved, according to a letter
8 which says in part:
Committee was formed in June 1931 upon the
company's default in pay¬
ment of the interest due June 1 1931 on its first
mortgage 5% bonds
The
interest was paid and this default was remedied within
the 90-day grace
ferred stock and
dated Jan.
period allowed by the mortgage securing the bonds.
Since its
formation, committee has endeavored to keep
in close touch
policy
with the company's situation and to support the management in its
of drastic retrenchment in every possible direction and in the revamping
and consolidation of the
t
company's operations.
earnings, while still far from
The current rate of the company's
tory, seems to indicate to the committee a possible trend in
tion.
In common with other companies similarly engaged,
satisfac¬
the right direc¬
however, com¬
is still confronted with many problems, particularly those incident
mining and railroad departments or its business.
which does not now seem necessary, however,
and in view of the expiration of the period after which, under the terms of
pany
to the coal
In order to save expense
deposit agreement, deposited stock may be withdrawn, the committee
the stock to the holders of certifi¬
deposit, and to dissolve the committee. The committee has served
without compensation.
The stock deposited with the committee will be delivered to the holders
of certificates of deposit, upon surrender of such certificates properly en¬
dorsed (and with signatures guaranteed) to the corporate trust department
of New York Trust Co., depositary, at 100 Broadway, N. Y. City.
The members of the committee are: H. B. Clark, Henry M. Brooks,
A. C. Downing, William Carnegie Ewen, William Tudor Gardiner and
Reginald H. Johnson, with C. D. MacConnell, Sec., 100 Broadway, New
York.—V. 142, p. 134.
the
deems it advisable at this time to return
cates of
Pacific Gas & Electric
In
our
Co.—Correction—
earnings of S0.26
ended Sept. 30 1935.
states that earnings
amount to 26 cents per share.
1935, page 3700, we reported
issue of Dec. 7
per share on the common stock for the nine months
The company earned $1.45 for the period.
The report
and held in escrow
in dispute for the period
—V. 141, p. 3700.
Telephone & Telegraph Co.—Earnings—
1935—Month—1934
1935—11 Mos —1934
Pacific
Period End. Nov. 30—
Operating revenues
Uncollectible oper. rev..
Operating expenses
Rent from lease of
.
c$4,508,044b$52,060,979d$49,476,493
a$4,831,458
15,400
3,269,978
187,830
228,402
35,484,481
33,785,050
795
5,997,870
795
5,959,722
$866,205 810,391,593
$9,504,114
13,527
3,102,514
oper.
71
525,869
70
579,566
Operating taxes.
Net operating income.
8966,584
b $373,700, which may be refunded to subscribers in
in the event of an adverse court decision,
c and d include
$33,600 for Nov. 1 1934.—V. 141, p. 3870.
and
$35,300
State of Oregon,
Cent
Corp.—50
Tin
Pacific
Extra
Div.—On Quarterly
Basis—
The directors have declared an extra dividend of 50 cents per share in
quarterly dividend of like amount on the special stock, both
payable Feb. 1 to holders of record Jan. 20.
Previously the company
distributed semi-annual dividends of $1 per share on May 1 and Nov
1.
Yukon Gold Co., controlled by Pacific Tin Corp., has reduced its prin¬
cipal indebtedness to the latter to $275,000.
The unpaid interest amounts
to about $2,670,000, according to a letter by S. W. Howland, President
of Pacific Tin.
At the time Pacific Tin was organized, it acquired nearly
$7,000,000 indebtedness of Yukon Gold, of which approximately $4,800,000 represented principal and $2,200,000 accrued interest.
Yukon
Gold has been paying off this indebtedness over the past seven years.
Formerly, all payments by Yukon Gold to Pacific Tin had been applied
en the principal of the debt and the distributions to stockholders of Pacific
Tin have been made by paying the coupons attached to the special stock
stock certificates, with the result that until now the payments to Pacific
Tin and the distributions to its shareholders have been represented receipts
of capital.
This arrangement has been terminated.
Payments by Yukon Gold to Pacific Tin now will be on account of interest.
As a result, distributions to Pac.fic Tin shareholders will be income rather
than capital distributions.
Therefore, such disbursements will not con¬
stitute the "concluding distribution payment" but will be ordinary dividends.
Also, under this plan the exchange of special stock certificates for common
stock, contemplated by Pacific Tin. will be deferred.—V. 141, p. 2287.
addition to a
Packard Motor Car Co.—To Resume Common Dividends
dividend of 10 cents per share on the
common stock, no par value, payable Feb. 11 to holders of record Jan. 15.
This will be the first payment to be made on the common stock since Dec. 12
1931 when a regular quarterly dividend of 10 cents was distributed.
A complete record of dividend payments is given in the Dec. 12 issue of
The directors on Jan. 4 declared a
"inHnotrioi
Miimw
the "Industrial Number
o
Gf the "Railway
& Industrial
Compendium."—
Penn Mary
Steel Co.—Tenders—
will until Feb. 1 receive bids
5% 20-year sinking fund gold
The Girard Trust Co., trustee,
to it of sufficient first mortgage
1937 to exhaust the sum of $106,895 at prices
—V.
140,
p.
for the sale
bonds, due
not exceeding 105 and interest.
151.
new
company.
class B common stock of the new company.
To provide for the greater part of the secured
bank debt of Peoples Light
Power Corp. held by the Chase National Bank amounting to nearly
$2,000,000 and an account owing to National Tube Co in the amount of
approximately $553,000, the plan provides that Texas Public Service Cd.
will create an issue of divisional first mortgage 4 H % bonds in the estimated
amount of $2,200,000, secured by first lien on the San Angelo-Coleman
division of the Texas subsidiary and on the San Angelo-Girvin Pipe Line.
The bank debt is to be liquidated by the issue of $1,750,000 of the divisional
bonds, the payment in cash of $60,000 and the retention by the banking
creditor of certain of the securities which now constitute collateral for the
banking indebtedness.
The account owing to National Tube Co., pending consummation of the
plan, is to be reduced by the application of current earnings from the
San Angelo-Girvin Pipe Line and by an additional cash payment upon
consummation of the plan of $45,000, and for the balance of the account
National Tube Co. is to receive a portion, estimated at $450,000, of the
divsional first mortgage 43^ % bonds of Texas Public Service Co.
Holders
of divisional bonds are to be entitled to a 2 34-year option to purchase the
divisional properties and, under conditions stated in the plan, to exchange
the divisional bonds for first mortgage bonds of Texas Public Service Co.
The general reorganization committee, of which
Ralph T; Crane of
Brown Harriman & Co., Inc., is chairman, and Sullivan & Cromwell are
counsel, is composed of representatives of the first lien 534% bonds, the
debentures and notes and the preferred stock of the present company. The
members of the first lien bond group on the committee are: Lee Barroll,
formerly of Gillett & Co., Baltimore; H. A. Erhard of Pearson, Erhard &
Co., Boston; G. P. Kynett of Brooke, Stokes & Co., Philadelphia; Howard
Morris of Glidden, Morris & Co., New York, and E. G. Parsly of Parsly
Bros. & Co., Inc., Philadelphia.
The debentureholders' and noteholders' group on the committee are
Ralph T. Crane of Brown Harriman & Co., Inc.; H. B. Pennell Jr., of
Coffin & Burr, Inc., and G. N, White of Brown Harriman & Co., Inc.
Carroll E. Gray of Burr & Co., Inc., is the committee representative of the
preferred stock of the present company.—V. 139, p. 126, 288.
Peoples Drug Stores, Inc.—Sales—
Month
1935
$1,466,958
1,428.201
1,558,292
1,537,724
1,561,023
April
—
May
June
1,324,034
1,336,054
1933
$1,310,613
1.185,279
1,268,006
1.245,704
1,242 600
1,342,468
1,243,098
1,553,833
1,652,045
February
March...
1934
$1,322,136
1,250.116
1 535,034
of—
January
1,317,587
1,299,963
1,239,938
1.268.744
-
August
September
October
1.530.609
1,687,513
1,649.325
2,089,722
November
December
Henry H. Lee, President,
net income for the year 1935, after taxes, is $1,700,000.
The net
1934 was $1,121,000. These results enabled the corporation to
declare the dividend of 20 cents a share, aggregating $1,818,000, paid
income for
28 lsstst)
providing for the
dividend, together with governmental securities at par, amounted to
$1,626,000, as compared with $1,260,000 on Dec. 31 1934. There have
been no substantial changes in major investments during the year 1935.
cash on Dec. 31 1935, after
1,450,922
1,335,933
1.335.201
1.501.259
1,445,619
1,938,123
1.287,637
1,228,854
1,670,949
$19,235,757 $16,889,830 $15,498,387
—V. 141, p. 3871.
(The) Philippine Ry.—Earnings—
mated
Mr. Lee also stated that the
Mississippi, California, Iowa,
The holders of a $1,000 first lien bond of the present company, with
July 1 1934 (partly paid) and subsequent coupons attached, will thus re¬
ceive $500 principal amount of (new) first mortgage 5% bonds of Texas
Public Service Co., $500 principal amount of first collateral lien bonds of
the new company, $42.16 in cash, $55 in scrip of the new company and
eight shares of class A common stock of the new company.
The plan provides that holders of outstanding debentures and notes, in
the principal amount of approximately $7,100,000, and other unsecured
indebtedness of Peoples Light & Power Corp. are to receive in reorganiza¬
tion 10 shares of preferred stock and 10 shares of common stock of the new
company for each $1,000 principal amount of their claims.
The common stock of the new company issuable to holders of this unse¬
cured debt will be class B common stock, constituting approximately 57%
of the entire common stock. The stock issuable to holders of first lien 5H%
bonds of the present company will be common stock of class A which will
be entitled to elect a majority of the board of directors of the new company
until full 6% interest has been paid for three consecutive years on the first
collateral lien bonds to be issued by the new company.
Holders of preferred and class A common stock of the present company
will be entitled under the plan to 10-year warrants for the purchase of
Total for 12 months
Earnings Estimated—
stated on Jan. 9 that the corporation's esti¬
Pennroad Corp.—1935
Dec
utility subsidiaries in Texas,
Kansas, Oregon, Washington, Idaho and other Western States.
Under the amended plan of reorganization it is proposed that holders of
outstanding $7,815,000 of first lien 5HVo bonds will receive $3,907,500 of
(new) first mortgage 5% bonds dated Jan. 1 1936, to be issued by Texas
Public Service Co., and $3,907,500 of first collateral lien bonds dated
Jan. 1 1936 (entitled to 6% interest, of which up to 3% may be deferred)
of a new company to be organized as successor to Peoples Light & Power
Corp.
The first collateral lien bonds are to be secured by pledge of sub¬
sidiary stocks and indebtedness. In addition, interest arrears to Dec. 31
1934 are to be paid in cash on the first lien 5J^s of the present company,
and the holders of present first lien bonds are to receive 16-year scrip of the
new company in lieu of bond interest for the year 1935.
The present bond¬
holders are also to receive approximately 43% of common stock of the
July
3700.
V. 141, p.
of operating
&
_
prop
a
307
Financial Chronicle
Volume 142
1935—Month—1934
Period End. Oct. 31—
1935—12 Mos.—1934
$595,887
394.468
$44,256
33,056
$36,548
34,255
$470,890
408,997
30,378
28,456
360,559
341,960
$19,178
$26,203
for invest, in physical property
$298,665
2,579
$140,540
50,442
$301,244
$190,983
Gross oper. revenue
Oper. exps. and taxes
DeductionsNet deficit
Income approp.
—V. 141, p. 3236.
Pennsylvania Glass Sand
Deficit
Corp.—Bonds Called—
—V. 141, p.
($3,974,000) 1st mtge. 6% sinking fund gold bonds
due July 1 1952 have been called for redemption on Jan. 27 at 105 and
interest.
Payment will be made at the New York and Philadelphia offices
of Brown Brothers & Harriman Co.—V. 141, p. 4021.
All of the outstanding
Pennsylvania Illuminating Corp.—Extra
Dividend—
dividend of 6K cents per share on
payable Jan. 10 to holders of record Dec. 20.
The regular quarterly dividend of 6 M cents per share which had been
previously declared is likewise payable on Jan. 10 to holders of record Dec. 20
—V. 140, p. 483.
Pioneer Gold Mines of British
Dec. 1935
$270,000
Net profit after expenses
194,000
—V.141.P.3871.
Month of—
Gross earmngs
The directors have declared an extra
Ponce Electric
the class A stock, no par value,
Pennsylvania RR.—$30,800,000 4s
Awarded to Halsey,
Halsey,
Stuart & Co., Inc., were the highest bidder for
4% serial bonds, maturing $1,100,000 on Jan. 1
Works Administration.
To
dividend of $1 per share on the capital
Dividends of 50 cents per share were
15 1934 and March 15 1934.
Dividends of
and 1932.
See Nov. 22 1935 issue of the
"Railway Number" of the "Railway & Industrial Compendium" for com¬
plete record of dividend payments —Y. 142, p. 134.
to
be
about $1.75 per share.
paid on March 15 1935 Sept.
1% yearly were paid in 1933
Peoples Light & Power Corp.—Amendments to
ganization Plan—
Reor¬
of the corporation and the general reorganization
which has been engaged in formulating a reorganization plan,
The board of directors
reorganization dated
last spring in its pro¬
reorganization under Section 77B of the Bankruptcy Act in
District Court at Wilmington, Del.
It is expected that there
both approved amendments to the plan of
March 30 1935, which was filed by the corporation
have
ceedings for
the Federal
will be a court hearing on the plan in the near future.
The corporation, for which Hugh M. Morris and Harold S. Schutt were
appointed receivers in 1931 and for which they have been trustees since
June 1934 in the 77B reorganization proceedings, is the owner of a numbe
Mos—19341
$314,436
187,366
$329,868
199,605
1,238
2,268
2,484
1,405
134
23,465
28,333
1,321
16,320
32,093
1,419
def$l,425
$73,948
$80,430
Maintenance
Taxes
$6,144
Balance
Appropriation for retirement reserve
30,833
40,000
Preferred dividend requirements
25,312
25,571
$17,802
$14,858
Balance for common dividends and surplus
—Y. 141, p. 3701.
.
Company's
Plan—
management's plan of reorganization would mean turning over control
competitor for $1,500,300, it is charged by a bondholders protective
The
to
a
committee headed by Jacques
to bondholders
Cohen, of Baar, Cohen & Co., in a letter
issued Jan. 6.
that Kuhn, Loeb & Co., while named as
under the directors' plan, have admitted they
The Cohen committee alleges
reorganization
are
committee,
1935—12
$27,652
25.053
$29,226
Pressed Steel Car Co.—Cohen Committee Hits
a
stock, par $50 payable Feb. 29 to holders of record Jan. 22.
The company
stated that the dividend will be paid out of 1935 earnings, which are estimat¬
ed
Nov. 1933
$224,20 ">
155,700
19,574
1935—Month—1934
Operation
Pay $1 Dividend—•
declared
Dec. 1933
$235,200
167,200
Co.—Earnings—
Period End. Nov. SO—
Gross earnings
$30,800,000
of each year
Reconstruction Finance Corporation announced
Jan. 9.
Their offer was 1,035.47 for $1,000, compared with 1,033.078 by
Brown Harriman & Co., and 1,027.30 by the First Boston Corp., the
only other bidders.
The RFC had taken over the bonds from the Public
from 1937 to 1964 incl., the
The directors on Jan. 8
Columbia, Ltd.—Earns.
Dec. 1934
$264,000
201,500
Interest charges.
Stuart & Co.—
of secured
4022.
managers
acting as the representative of the General American Transportation
Corp., a competitor of Pressed Steel Car, and that previously one of the
partners of Kuhn, Loeb had admitted they were acting for the American
Car & Foundry Co. another competitor.
Pointing out that Pressed Steel Car Co. obtains most
its business from
competitive bids, the committee charges that the sale of control to
Transportation, as proposed by directors, would mean
dictation of Pressed Steel Car bids.
It also says that the directors have
held over since 1932, no stockholders' meeting have been held since then.
—V. 142, p. 135.
sealed
General American
Propper-McCallum Hosiery Co.—New Vice-President—
See Gotham Silk Hosiery Co., Inc.,
above.—V. 141, p. 3548.
308
Financial Chronicle
Punta Alegre Sugar Corp.—Annual Report¬
Jan.
er. O. Douglas, President, says in
part:
The 3-year 6% collateral trust notes,
amounting to $2,705,700 matured
Sept. 1 1935.
Of such notes, $1,205,000 were paid at maturity out of cash
by the corporation from its subsidiaries in whole or partial liquida¬
tion of their 3-year notes due Sept. 1 1935. and for the balance,
$1,500,000,
the corporation delivered to the holders thereof in
exchange therefor a like
principal amount of its one-year promissory notes due Sept. 1 1936, secured
by the collateral.
Railroads in the Hands of Receivers or Trustees on
Production of sugar in Cuba during the year was restricted by Presidential
decree to 2,315,000 long tons, of which there was allocated to
over
the
authorized
Akron, Canton & Youngstown
but none of this excess has as yet been
No part of the excess was made by company's
crop,
distributed
Total cost for the year amounted to
incrase of .182c. per pound over that of last year,
Operating cost,
per pound
1935
.754c.
-
Cost of cane, per pound
v
.659c.
.536c.
1935
$4,112,608
3,077,055
146,293
26,323
148.814
$2,870,010
2,276,088
100,582
22,411
165,510
123.246
029,780
Cr 12,834
Current i nterest paid or accrued
Interest
3-year 6% coll. trust notes.
Int. accrued on Baragua Sugar Estates
to particiapting income debentures
on
Interest received
_
15-year
_.
Provision for U. S. A. and Cuban profits taxes
f
28.573
Shares of
Earnings
loss$2,621
81,849
capital stock.
share
Nil
L
fr x Includes 12,686 bags of sugar (325 pounds each) unsold, inventoried
at_1.905c. per pound, f.o.b. Cuba, net.
1935
Assets-
1934
$
on
927,962
Adv. to planters__
Raw sugar and mo¬
lasses
790.144
449,833
326,905
Accts. receivable..
67,347
143,286
1,349,513
2,154,253
57,410
43,091
1,055,044
1,029,474
Supp. In commer.
stores
Working
Note
4
companies
2
Plants, railraods,
&c.
5,950,998 13,249.355
bldgs. & equip.. 12
1,243,682
Lands, &c
3
3,245,158
Def. charges, net.
28,516
31,927
39,742
76,586
224,217
84,212
matured
63,683
or
accrued
y
Int. accr. on Bar¬
Sugar Est.
agua
debentures
due Sept. 1 1935
2,704,100
Deferred claims
1,575
1,575
148,016
indebted. 5,129,256
149,235
Lands purch.,
bal.
in 1938
pay.
Funded
for add.
Prov.
year
ser.
on or
inc.
B,
5,117,256
10-
notes,
issuable
at
98,365
98,365
19,984,870 20,754,0391
Total
151,177
152,316
def65,388
191,805
Total.
19,984,870 20,754,039
Issued in exchange for an equal amount of 3-year 6 %
which matured and were retired on Sept. 1 1935.
collateral trust
The notes are
by pledge of $1,500,000 3-year 6% mortgage note issued jointly by
Companias Azucareras Punta Alegre and Florida, previously pledged
against the 3-year 6% collateral trust notes, and 1.000 shares of capital stock
of Baragua Sugar Estates,
y Can not be paid during year 1936 as the
agreement under which the income debentures were issued provides that
although interest may be earned it can not be paid if, after payment thereof,
the amount of net current assets as defined therein is less than $1,000,000.
z After reserve
for depreciation of $6,629,690 in 1935 and $6,364,320 in
1934.
a Represented by 81,849 no par shares in 1935 and 81,403 shares
in 1934.—V. 140, p. 984.
x
notes
secured
.
Quarterly Income Shares, Inc.—Assets Higher—
Net assets of Quarterly Income Shares, Inc., at closing quotations Dec. 31
1935, totaled $38,565,353, Ross Beason, President, stated in a review of
operations during the past year.
This compares with $29,134,377 on
Dec. 31, 1934, or an increase of $9,430,976.
The growth in Quarterly Income Shares, Inc., which Is a group invest¬
ment fund operating under the supervision of Administrative and Research
Corp., New York, since its establishment in 1932 is shown in the table
below:
$116,241
18,307.715
Dec. 31 1932
Dec. 31 1933
Dec. 31 1934
Dec. 31 1935
$29,134,377
——
38,565,353
Distributions of the fund to stockholders have also increased substantially
Mr. Beason pointed out.
Total distributions during 1935 were $3,004,968.
with $2,343,075
$661,893.—V. 141, p. 3236.
This
compares
R. C. A.
distributed in
1934,
or
an
increase
of
Communications, Inc.—Earnings—
Period End. Nov. 30—
Teleg. & cable oper. revs.
Tel eg. & cable oper. exps
Other operating revenues
Uncollect, oper. revenues
Taxes assignable to oper.
Operating income
Non-operating income.Gross income
Deductions
Net income
—V. 141, p. 3872.
1935—Month—1934
$353,446
$326,680
325,881
306,474
def5,896
def6.779
3,000
2,500
11,327
9,591
933
Oct.
Oct.
31
a
mmmsm
21
417
79
22
87
141
2,409
806
19.000
130,104
3,228.437
7,778
27,500
170,925
$7,343
44 518
$1,336
'$94,784
55 426
526.607
$51,861
35,893
$56,762
36,056
$621,391
400,727
$916,741
$15,968
$20,705
$220,664
$510,819
$413 062
503,679
933
933
Jan.24
930
1
931
Mar. 26
935
1
935
Sept. 1
Apr. 20
931
July
Nov.
933
62
197
72
Feb.
921
364
Oct.
929
931
June
Jan.
933
35
Jan.
933
42
Feb.
Jan.
930
Apr.
Aug.
935
59
51
5
51
1,526
6,332
mm
70
93
5
934
933
June 15
Feb.
International-Great Northern
St. Louis, Brownsville & Mexico.
San Antonio, Uvalde & Gulf
1,155
598
552
317
314
Mobile & Ohio.
Neveda Copper Belt
New York,.New Haven & Hartford._
Norfolk Southern
1,202
913
»
—
—
137
349
'
285
173
84
27
146
—
—
1,101
41
41
2,073
1,315
835
789
156
Pittsburg, Shawmut & Northern
Pittsburgh & Susquehanna
191
18
22
22
34
34
174
21
174
21
4,929
1,083
4,772
Reader
Richmond Cedar Works RR
Rio Grande Southern
...
St. Louis Southwestern
Central Arkansas & Eastern
m
St. Louis Southwestern of Texas__
Stephenville North & South Texas.
Santa Fe, San Juan & Northern
mm
—
18
754
43
667
mm
696
■>
mm
mrn
33
mm
145
32
142
4,308
Savannah & Atlanta
Seaboard Air Line
Chesterfield & Lancaster
b3.329
^
„
933
933
933
933
933
933
933
933
932
925
Apr.
Oct.
935
July
Aug.
Apr. 22
932
931
1935
Dec. 23
Dec. 16
931
Mar. 16
Nov.
1
931
932
Dec. 12
Dec. 17
Dec. 12
Dec. 17
Oct. 14
Mar.
4
Dec. 23
929
935
935
935
935
931
921
32
Apr.
14
930
931
2
931
233
Feb.
2
mmmmm.
192
Nov.
7
20
184
22
May
1
Feb.
2
22
905
Feb.
33
side track
Shelby Northwestern
Ry. Co. of California
Spokane International
Coeur D'Alene & Pend D'Oreille..
933
m m mm mm
20
933
935
923
June
208
••
931
931
931
931
932
June 24
923
93
July
932
d2,003
Dec.
1
931
294
115
294
Dec.
4
115
Feb.
8
1,213
Waco Beaumont Trinity & Sabine
57
2,447
Tonopah & Goldfield
21
Sept. 15
May
5
Aug. 28
Aug. 30
57
102
Sierra
1,158
931
930
935
119
164
59
139
20
Wichita Northwestern
99
99
Wilmington Brunswick & Southern..
35
35
1,119
1,014
Aug.
2
Nov. 10
Mar. 17
Dec.
2
8
8
Sept. 16
Yreka Western
932
933
933
922
933
932
935
Mileage owned consists of yard tracks and sidings
b Includes 8.50
c Operated for Georgia Florida & Alabama
by Seaboard Air Line receivers under court orders,
d Includes
6.83 miles owned but not operated.—V. 140, p. 984.
a
miles owned but not operated,
receivers
Republic Steel
000,000 Bonds—
Corp.—Seeks Permission
to
Issue $45,-
•
The
corporation has filed a registration application with the Securities
and Exchange Commission under the Securities Act of
1933 covering
$45,000,000 series B general mortgage bonds due 1961.
The interest rate
will be furnished by amendment.
Principal underwriters of the issue are expected to be Kuhn, Loeb & Co.
and Field, Glore & Co.
Net proceeds are to be applied to the
redemption of ten underlying bond
issues aggregating $37,929,000 and the balance will be used for
other cor¬
porate purposes.
For further details see under "Current Events and Dis¬
cussions on a preceding page.
Company Reported Seeking Southern Company—
It is reported that corporation is
negotiating for another steel company.
identity of the company has not been revealed.
Some reports men¬
tion Gulf States Steel Co.
The
Earnings for 11 Months Ended Nov. 30 1935
Gross sales to subsidiaries not consolidated
Gross sales to others
(Including Subsidiaries)
Total gross sales
Net sales.
Cost of goods sold
Operating profit.
deductions
taxes
Profit
Net loss applicable to min. int. of the Newton Steel Co
405.922
Net profit.
_
x
15,104,979
855,219
Total income
Provision for Federal
$2,405,575
122,083,647
$7,801,169
Other income
Income
__
$124 489,222
123,638,141
100,731 993
Selling and administrative expenses
$3,832,145
933
Aug. 31
59
Missouri-Illinois
Missouri Pacific RR. Corp in Nebr.
New Orleans, Texas & Mexico
1935—11 Mos.—1934
$3,771,902
3,473,650
def54,364
933
60
70
99
wm
Ann Arbor
11,601,300 11,604,492
407,015
409,242
Capital stock
Surplus..
933
31
31
Oct.
Oct.
409
36
Tallulah Falls
res.
(provld.
organization)
a
Aug. 31
a
Seaboard-All Florida
Punta
adjusted
376
74
East & West Coast
Jointly by
Comp.
Azuc-
Gen.
933
933
66
Florida, Western & Northern
c Georgia, Florida & Alabama
Raleigh & Charleston
Iss.
Alegre & Fla.
933
31
31
July
July
July
July
July
July
July
July
July
July
before Dec.
areras
7
31
Oct.
June
1,625
7,236
1936; subject
to adjust. In ac¬
Iss.by Baragua
Sugar Estates
935
Oct.
Middleburgh & Schoharie
31
cord. with agree,
date July 1 1982:
1
250
St. Louis-San Francisco
6% coll.trust notes
Mar.
933
943
14
Rutland, Toluca & Northern
123,246
931
733
Kirby Lumber Go's Tram Roads
Louisiana & Northwest
220,585
153,455
4
933
812
Houston North Shore
and equip.
purchased
Int., rents, taxes,
Aug.
935
Louisiana Southern
Meridian & Bigbee River
250,000
molasses.
935
935
June 29
Beaumont, Sour Lake & Western
Lands
932
1
Sept. 15
June 28
Dec. 30
Jacksonville &Havana
pay.
103,477
19
Dec.
Jan.
618
2,584
Georgia & Florida
Georgia, Southwestern & Gulf
Albany &Northern
1,500,000
n
(1935)
(Baragua Sugar
Estates)
Accounts payable.
Prov. for shipping
exp. of sugar &
&
assets
growing cane—
Stks. held in other
z
secured
Apr. 14
931
932
925
914
10,092
5,293
Fort Smith & Western...
Gainesville Midland
xNotes pay.(1936),
band.
934
Dec.
644
Copper Range
$
$
14
Sept. 29
May 28
Feb. 19
11,123
7,574
23
170
Denver & Rio Grande Western
Florida East Coast
1934
1935
Liabilities—
$
1,018
of
Receivership
Trusteeshii
933
Apr.
3
933
Apr.
3
or
722
Consolidated Balance Sheet Sept. 30
Cash in banks and
140
Color ado- Kansas
81,403
$3.14
no par
per
8,350
155
Rock Island, Omaha Terminal
Rock Island, Stuttgart & Southern.
St. Paul & Kansas City Short Line.
Chicago, Springfield & St. Louis
11,667
284,540
24,666
$257,194
Net income
822
Fonda, Johnstown & Gloversville
334,890
Depreciation of plant
Cyclone damage
939
Rock Island & Dardanehe
Rock Island, Arkansas & Louisiana
Rock Island, Memphis Terminal
1934
$2,639,452
230,558
f Total revenue
Operating expenses
Miscellaneous charges (net)
3
Chicago, Rock Island & Gulf
Choctaw, Oklahoma & Gulf
Consolidated Income Account Years Ended Sept. 30
$3,867,202
245,406
104
1,460
3
Chicago, Indianapolis & Louisville
Chicago, Milw., St. Paul & Pacific
1.231c.
xRevenue from sugar
Revenue from other sources
15
1,511
1934
.695c.
1.413c.
¥otal_cost
99
72
15
13
Chicago, Attica & Southern
follows:
as
99
152
Chesapeake Beach
Chicago & Eastern Illinois
operating costs.
an
19
215
8,428
for this year's sugar, which compares with 1.38c.
(net) per pound obtained last year, an increase of .39c. (net) per pound.
| Increase in sugar prices automatically increases the cost of cane and to
the
171
1,927
per pound was obtained
per pound,
Owned
218
72
Apache
Apalachiola Northern
California & Oregon Coast
Cape Girardeau Northern
The
extent
Mileage
Northern Ohio
Alabama, Tennessee & Northern
mills.
1.413c.
Mileage
Operated
Road—
entire production of company's sugar and molasses has been sold
with the exception of 12,686 bags of sugar, which has been inventoried at
1.905c. f.o.b. per pound.
An average price of approximately 1.77c. (net)
some
Dec. 31 1935
Date
company's
mills 97,178 tons or 669,781 bags, an increase of 100,700 bags over last
year.
Cuba actually produced during the year 2,537,385 tons, an excess of 222,385
tons
1935—
The outstanding development in railway finance during the year was the
huge mileage which went into bankruptcy.
Sixteen companies operating a
total of 29,018 miles were added to the already swollen list of those in
difficulties, making a total of 89 companies with 71,658 miles of line which
are now operated under the jurisdiction of the courts.
received
permitted to be exported.
1936
11
Railroad Receiverships & Foreclosure Sales in
The "Railway Age" Jan. 4 said in part:
$8,656,388
x3,859,867
681,023
$4,115,498
Cr26,004
$4,141,502
Including guaranteed preferred dividends of Trumbull-Cliffs Furnace
Co.—Y. 141, p. 4023
Revere
Copper & Brass Inc.—Bonds Sold—Public offer¬
issue of $9,200,000 1st mtge. 4^% sinking fund
bonds due Jan. 1 1956 was made Jan. 7 through an under¬
ing of
an
headed by Blyth & Co., Inc., and including
Edward B. Smith & Co.; Brown Harriman & Co., Inc., and
Hayden, Stone & Co.
The bonds, priced at 100 and int.,
have been sold.
A prospectus dated Jan. 6 affords the
following:
■
writing
group
Dated Jan. 1 1936; due Jan. 1 1956.
Interest payable Jan. 1 and July 1.
Coupon bonds In denom. $1,000, registerable as to principal only. Principal
and int. payable in N. Y. City at principal office of Commercial National
Bank & Trust Co. in any coin or currency of the United States of America
which at the time of payment is legal tender for public and private debts.
Commercial National Bank & Trust Co. New York and Foster W. Doty,
trustees.
The bonds are subject to redemption, at the option of the com¬
whole or from time to time in any part on any date prior to
maturity, on 30 days' notice, at following redemption prices (except as
hereinafter stated for redemption by application of the sinking fund),
together with accrued interest to the date of redemption: on or before Jan.
1 1937, 104%; after Jan. 1 1937, and on or before Jan. 1 1938, 103%%;
after Jan. 1 1938, and on or before Jan. 1 1939, 103%; after Jan. 1 1939,
and on or before Jan. 1 1946, 102%%; after Jan. 1 1946, and on or before
Jan. 1 1947, 102%; after Jan. 1 1947, and on or before Jan. 1 1948,101%%;
after Jan. 1 1948, and on or before Jna. 1 1952, 101%; after Jan. 1 1952
and on or before Jan. 1 1953, 100%%; after Jan. 1 1953, and on or before
Jan. 1 1954,100%%; after Jan. 11954,and on or before Jan. 1 1955,100%%;
after Jan. 1 1955, and prior to maturity, 100%.
The mortgage redemption
price by application of the sinking fund on or before Jan. 1 i946, is 102 % %,
and accrued interest, and thereafter is the same as in the case of redemption
at the option of the company.
Sinking Fund—Mortgage will provide that so long as any of the bonds
shall be outstanding the company shall pay to the corporate trustee, as
and for a sinking fund to be applied to the purchase and (or) redemption
of bonds, semi-annually, on or before April 15 and Oct. 15 in each year,
the first payment to be made on or before April 15 1936, the sum of (a)
$100,000, plus (b) 5%, but not in excess of $100,000, of net income, as to
be defined in the mortgage, for the period of the 12 calendar months ended
on the next preceding Dec. 31.
Bonds de'ivered to the corporate trustee
by the company in lieu of all or any part of such payment shall be deemed
the equivalent of such payment to the extent of an amount equal to the
principal amount of the bonds so delivered.
;
Listing—Company has made application for the listing of the bonds on
the New York Stock Exchange and for the registration of the bonds under
the Securities Exchange Act of 1934.
History & Business—Company was incorp. Dec. 1 1928, in Maryland as
General Brass Corp., name changed on Dec. 5 1928, to Republic Brass
Corp. and on Nov. 12 1929, to Revere Copper & Brass Inc.
Company, on Dec. 17 1928, acquired the entire business and assets,
subject to certain liabilities of Dallas Brass & Copper Co., Higgins Brass &
Mfg. Co., Michigan Copper & Brass Co., Rome Brass & Copper Co.,
Taunton-New Bedford Copper Co. and also acquired certain assets subject
to certain liabilities of the so-called Baltimore Sheet Mill of (being then part
of the business, assets and liabilities of) General Cable Corp.
The company after such acquisition continued the general business so
acquired and now manufactures a varied line of copper, brass, bronze and
alloy products, including sheets, rolls, rods, strips, plates, shafting, round
and flat w're, drawn and commutator copper, extruded and drawn shapes,
seamless and special tubes and pipe, soldering copper, welding rods, rivests
and burs, printing rollers, teakettles, wash boilers and other fabricated
articles and novelties.
The metals used in such manufacture are obtained
by the company principally from copper and zinc refiners and smelters
except metal scrap which it obtains from various sources.
Such manufactured products are sold by the company through its own
salesmen principally to independent distributors and to manufacturers,
the United States Government and others.
Such sales are made principally
for delivery throughout the United States and in comparatively small part
pany,
as a
for export.
The company has 10 wholly
owned subsidiaries, Rome Brass & Copper
Co., Rome Hollow Wire & Tube Co., Inc., Rome Manufacturing Co., Inc.,
Rome Radiation Co., Inc., Taunton-New Bedford Copper Co., Higgins
Brass & Mfg. Co., Michigan Copper & Brass Co., Dallas Brass & Copper
Co., Baltimore Tube Co., Inc. and Republic Securities Corp.
With the
exception of Republic Securities Corp., all are inactive and were incorporated
to obtain their respective
corporate names.
Republic Securities Corp.,
however, was incorp. for the purpose of holding and holds miscellaneous
securities.
It owns minority interests in various corporations none of which
amounts to 50% of the voting stock thereof.
It also owns 67.7% of the
voting stock of Copper City Development Co., Inc. (New York), which is
principally engaged in holding realty (intended as residential property) at
.Rome, N. Y.\ of a book value, as at Sept. 30 1935, of approximately $50,000
out of total book assets of approximately $62,000.
Purpose—'The entire net proceeds from the sale of the bonds (estimated
at approximately $8,753,062, after deducting estimated expenses of $170,938), together with other funds in an estimated amount of approximately
$275,863, will be used by the company for the redemption at 107%% in
lawful money of the United States on or about Feb. 11 1936, of $8,399,000
1st mortgage 6% sinking fund gold bonds, series A.
The total redemp¬
tion price of such series A bonds (exclusive of accrued interest) is $9,028,925.
Funded Debt and Capitalization
fund bonds (closed)..
7% cumulative preferred stock (par $100)
1st mtge. 4%% sinking
Class A stock (par $10)
$5 per share)
Common stock (par value
Outstanding
$9,200,000
$9,200,000
200,000 shs. a95,176 shs.
1,000,000 shs. b241,025 shs.
3,000,000 shs. c486,543 shs.
b Exclusive of 9,000
Exclusive of 24,750 shares held in the treasury.
Earnings—A brief summary of the consolidated income statements of
company and wholly-owned subsidiaries follows:
Exclusive of 4,824 shares held in the treasury,
shares held in the treasury,
9 Mos.End.
1933
1932
1934
Sept. 30 '35
$1,810,302
922,059
513,900
377,955
168,000
74,000
loss$l,194,541
$2,162,430
$2,881,192
1,196,432
1,194,415
1,188,190
542,949
526,914
35,000
Depreciation
Interest
funded debt.
on
Prov. for Federal inc. tax
loss$2,933,923
$406,100
$1,011,100
Maximum annual interest requirements on the $9,200,000 first
mortgage sinking fund 4% % bonds presently to be issued-.
$436,288
Net income
Underwriters—The
names
Blyth & Co., Inc., New York
Edward B. Smith & Co., New \ ork
Brown Harriman & Co., Inc., New York
$391,000
1,600,000
1,600,000
1,600,000
Kuhn, Loeb & Co., New A ork
1,600,000
Liabilities—
Assess—
on
hand & demand dep.-$l,968,888
Govt,
45,500
bonds
Accounts, & notes receivable..
Misc. notes & accounts rec...
2,225,639
Inventories
7,293,547
244,583
Non-current inves. & receiv
62,465
Properties, plants & equip.._al6,925,622
Deferred charges
225,346
Bonds of co. held for sinking
fund
2,055
Good-will
1
—
Accounts payable
$686,320
Accrued liabilities
561,011
1st mortgage 6% bonds
8,401,000
Reserves
312,520
10,000,000
2,500,250
2,556,465
Dr696,150
7% preferred stock
Class A stock
Common stock
b
Stocks held In
Surp.
applied
treasury
against
held in treasury
Capital surplus
Surplus earned
to
a
After
stock
696,150
3,071,434
904,646
Reserve Investing
to
$28,993,647
b $7% pref. $482,400; class A.
$123,750.—V. 141, p. 4175.
Corp.—$1.25 Dividend—•
dividend of $1.25 per share on account
accumulations on the $7 cum. pref. stock, no par value, payable Jan. 15
holders of record Jan. 10.
A like payment was made on Oct. 15 last.
The directors have declared a
of
Total
depreciation of $11,481,288.
90,000; common
of record
holders
a
dividend of $1 per share on account of
preferred stock, no par value, payable
10.
Similar payments were made in
Ritter Dental
Jan.
141, p. 2445.
quarters.—V.
preceding
Mfg. Co.:—Pays Up All
Accruals—
The company paid a dividend of $5.75 per share on the 7% cumulative
preferred stock, par $100 on Jan. 9 to holders of record of same date.
Of
this distribution $4 was on account of back dividends, thus wiping out all
accumulations, and $1.75 per share was for the regular quarterly dividend
ordinarily due on Jan. 1, last.—V. 142, p. 135.
Telephone Corp.- -Earnings—
Rochester
Period End. Nov. 30—
Operating revenues
_
Uncollectible oper.
rev__
Operating expenses
Operating taxes
1935—11 Mos.—1934
$4,134,448
L,174,045
17,488
12,519
3,120,454
3,153,392
317,537
332,735
1935—Month- -1934
$375,501
$385,895
2,952
874
279,041
258,567
29,284
29,138
$678,969
$675,399
,224
$97,316
Net operating income.
-V. 141, p. 3872.
Rose's
Month
5, 10 & 25 Cent Stores, Inc.—Sales—
1935
1934
of—
$186,008
199,429
237.261
206,861
235.262
233,004
209,640
249,359
304,304
341,271
353,993
773,908
$213,287
January
February.
241,914
290,727
315,913
310,873
307,797
275,933
345,376
350,232
415,037
437,486
868,616
March
April
May
June
July
August
September.
October—
November.
December.
The company
$3,539,309
December, compared
$4,373,296
Total 12 months
had 87 stores in operation at end of
141, p. 3872.
with 73 stores on Dec. 31 1934.—V.
Safeway Stores, Inc.—Sales—
1935
$18,842,638
20,281,505
20,770,761
Weeks Ended—
4
Jan.
26
-
Feb. 23
Mar. 23
—
1934
$16,486,586
17,508,289
17,810,088
1933
$14,995,855
15,375,857
15,885,573
16,256,401
17,203,321
^
21,321,010
21,477,565
17,630,191
17,981,737
15
21,911,168
19,000,462
16,943,735
July 13
Aug. 10
Sept. 7
23,038.026
23,434,823
23,960,355
19,080,864
18,535.453
19,661.478
17,825,083
17,287,318
17,128,165
Oct.
5
Nov.
2
25,139,634
24,303,058
24,379,375
24,724,486
19.896,052
19.236,498
19,382.248
19.627,807
18.415,028
17,455,840
17,210,537
17,746,262
$293 584.404 $241,837,753
3,405
3,201
$219,628,978
3,291
Apr. 20
May 18
June
-
Nov. 30
Dec. 28
-
Total
(52 weeks)
Stores in operation
—V. 141, p. 3873.
Corp.—Review Denied—
St. Louis Coke & Iron
The U.
6 denied to common stockholders a
upholding the sale of the corporation to
S. Supreme Court on Jan.
review of the lower court decision
Utility Power & Light Co.—V. 125, p. 257.
St. Louis-San Francisco
tions
Ry.—Suits Dismissed—Allega¬
by Trustees of the Road of Fraud in Buying Stocks Not
Sustained—
Two suits seeking the recovery for the company of more than $11,500,000,
alleged to have been lost by the road through the purchase of two blocks of
stock, one in 1926 and the other in 1930, were dismissed Jan. 9 by Justice
Samuel I. Rosenman of New York Supreme Court.
The facts needed, Justice Rosenman said, to sustain the allegations of
conspiracy, fraud, manipulation and domination, made against the de¬
fendants, had not been produced by the trustees for the railroad, John G.
Lonsdale and James M. Kurn.
The trustees, he said, had relied in their
complaint upon conclusions without giving the requisite substantiation.
The suits were brought by the trustees last June.
One action, for $10,506,090 paid by the company to Speyer & Co. for 183,333 shares of Chicago
Rock Island & Pacific Ry. in 1926, named as defendants six partners in the
Speyer firm, eight partners in J. & W. Seligman & Co. and Edward N.
Brown, Chairman of the Board of the company. The complaint declared
that the loss was sustained through the decline in the value of the Rock
•
Brown and six partners in
The other action named as defendants Mr.
Speyer & Co. It sought the return of $1,049,978, including interest, al¬
legedly lost by the Frisco line through the purchase of 25,000 shares of
Gulf Mobile & Northern RR. stock in 1930.
Dismissal of the suits was ordered by Justice Rosenman on the motion
of Henry W.
The Justice allowed the trustees
complaint.—V. 142, p. 136.
Taft in behalf of Speyer & Co.
20 days to file an amended
St. Louis Southwestern RR.—Trustee
Named—
Mo., lawyer and former Judge of
appointed sole trustee in bankruptcy for the
company by U. S. District Judge Charles B. Davis at St. Louis on Jan. 3.
The railroad filed a petition for reorganization under the amended bank¬
ruptcy law on Dec. 11, admitting inability to pay $24,958,992 in matured
Berryman Henwood, Jefferson City,
the State Supreme Court, was
and maturing obligations.
In announcing his selection
of Mr. Henwood, Judge Davis said it appeared
with the management of
financial interest in the property and no affiliation with any
"advisable" that the trustee "have no connection
the road, no
individual, corporation or group
that is interested in the debtor's estate."
—Fourth
Week of Dec.
1935
$386,600
Gross earnings-
1934
Jan. 1 to Dec. 31—
1934
1935
$271,867 $15,686,333 $1.4,125,660
—Y. 142, p. 136.
St.
Regis
Paper
Co.—Capital
Reduction
Approved—
Directorate Reduced—
held Jan. 8 acted favorably on
the common stock from $10 to $5
by $20,625,000.
The company now has authorized capital stock of $47,500,000, consisting
of 100,000 shares of preferred, par $100 each, of which 44,283 shares are
outstanding, and 7,500,000 shares of common stock, par $5 each, of which
4,125,000 shares are outstanding.
The plan provides also for reductions to nominal amounts of certain
intangible assets such as patents and good will, on the books of the com¬
pany and subsidiaries.
A proposal to reduce the number of directors from 18 to 10 was also
approved, this change conforming to the actual number of directors who
have been serving on the board.
The following were elected directors for the ensuing year: Jonathan
Bulkley, Floyd L. Carlisle, W. K. Dick, Roy K. Ferguson, H. Edmund
Machold, R. B. Maltby, Carl B. Martin, C. R. McMillen, Charles E. NorThe stockholders at the annual meeting
ris and B. B.
$28,993,6471
Total
Corp.—Accumulated Dividend—
the proposal to reduce the par value of
a share and thereby the common stock
Consolidated Balance Sheet as at Sept. 30 1935
S.
15
Jan.
$2,800,000
Hayden, Stone & Co., New York
Cash
Reserve Resources
The directors have declared
accumulations on the $6 cumulative
of the several principal underwriters, and the
respective principal amounts of bonds which they have severally agreed to
purchase, are as follows:
U.
to
$10.75 per share.—V. 141, p. 2290.
c
Calendar Years
Income
the current dividend will amount
Accumulations after the payment of
Island, stock
(Giving Effect to Financing)
Authorized
a
309
Financial Chronicle
Volume 142
Taggart.
Roy K. Ferguson, President, told stockholders that the company made
definite progress in 1935, but that the improvement was not sufficient to
enable the company to report a profit after deducting all charges, including
depreciation.
Mr. Ferguson said that while no dividends were received on the com¬
pany's holdings of United Corporation common stock, which remained un¬
changed during the year, their market value rose to $10,000,000 from
$4,000,000—V. 141, p. 4176.
310
Financial Chronicle
Savannah Electric & Power Co.Period End. Nov. 30—
Operation
Maintenance.
Taxes
Int. and amortization.
Earnings—
1935—Month—1934
$161,372
$156,431
57,831
55,062
11,413
7,938
16,486
19,963
31,436
33,126
Gross earnings
_
1935—12 Afos.—1934
$1,826,594
706,104
115,022
201,319
413,179
$1,771,386
656,258
106,437
$390,968
150,000
149,114
60,000
Balance.
$44,205
Appropriations for retirement reserve
Debenture dividend requirements
$406,634
150,000
149,114
60,000
$31,853
$47,519
$40,340
Preferred dividend requirements
Balance for common dividends and surplus
—V. 141, p. 3702.
204,532
397,522
Sears, Roebuck & Co.—Sales—
4 Weeks Ended—
1935
February 26
March 26
April 23
May 21
June 18
July 16.
August 13
Sept. 10
Oct.
8
Nov.
Dec.
3
.
5
Dec. 31
1934
$23,147,066
29,007,986
31.435,278
32,171,804
32,294,789
30,065,381
24,587,644
27,913,502
37,710,648
37,057,198
37,988,700
(48 weeks)
—V. 141, p. 3874.
Years End. Dec. 31—
Interest
34,482,615
Corp.—Earnings—
1932
$276
239,909
$10,404
220,182
$240,185
41,121
$230,587
38,818
$302,081
38,446
5,796
8,022
6,200
4,992
6,445
2,900
6,368
10,182
6,803
500
8,752
10,892
2.303
1,120
4,397
"5"306
$216,334
185,888
l$183,275
78,486
regis¬
custodian's
400
$243,592
240,000
loss$l,452
$30,446 1H$104,789
$3,592
Boss realized on sale of securities, based on
average cost
Provision for New York State franchise tax
$89,172
1,825
_
$90,997
Excess of cost
over
at Dec. 31
market value of common stocks, as reported
1934*
Excess of market value
5530 075
over cost of common
I"*as reported at Dec. 311935
Reserve for taxes on unrealized profit
stock,
$1,832,417
304,000
1,528,417
Decrease in unrealized loss & increase in unrealized
profit
after reserve for taxes
«2 060 692
Change in Net Assets Year Ended Dec. 31 1935 "
'
'
Per Sh.
T°taJ
Net assets,
as reported at Dec. 31 1934
(excl. def.
charges of $470 representing expenses in con¬
nection with plan of
reorganization)
$5,765,230
Pref.
Stk' 0utstd°'
$69.78
Increase for period—before dividends:
$216,333
$2.62
90,997
1.10
2,060,692
24.94
Loss per security profits account
Decrease in unrealized loss & increase in un¬
realized profit on common stocks after reserve
Expenses after Dec. 31 1934 in connection" with
plan of reorganization
12,586
.15
$2,173,441
A ► 185,888
Dividends on^preferred stock
Cash
1934
$355,367
Accrued expenses.
19,242
20,521
12,521
to
Prov.
470
for
10,925
N.
for
for
2,900
Y.
1,800
c
100,000
100,000
300,000
9,333,205
300,000
conv.
pf. stk.
.
.
g Capital surplus.
Total
$8,072,089 $5,770,489
Market value (cost'$5,852,540).
b At market value; cost, $6,018,487
Represented by 100,000 shares, par $1
(including 17,383 shares heid in
treasury at cost of $866,795) liquidation and
redemption value. $100 per
share,
d Represented by 300,000 ($1 par)
shares; 200,000 shares of common
stock are reserved for conversion of
pref. stock and 200,000 additional
a
are
reserved for exercise of purchase warrants
at $25 per share until
^luding
excess of
stocks at Dec. 31 1934 of $532,275. cost over market value of common
f After deducting excess of market
value over cost of common stocksfof
$1,832,417 (less reserve for taxes on
unreahzed profit of $304,000), $1,528,417.
After deducting pref. treasury
cost of $866,795.—V. 142,
p. 136.
uta8ur*
g
stock
Co., New York; Wayland M. Minto, Vice-President of Investment Indica¬
Inc., Boston; Simon Newman, Vice-President of Brown, Wheelock,
tors,
Harris & Co., Inc., New York; Sigmund Solomon, superintendent of the
U. S. Assay Office, New York, and Oscar Ware, cashier of Farmers &
Mechanics National Bank,
Woodbury, N. J.
The Secretary is Tracy A.
Williams, 150 Broadway, New York, and counsel are Rabenoid & Scribner,
20 Exchange Place, New York.
The committee reports that there are outstanding $8,510,500 of first mort¬
gage bonds, on which sinking fund payments of $200,000 are in default,
as well
as
the Oct. 1 1935 interest of $234,038.
Aiso outstanding are
$2,222,000 of general or second mortgage bonds, on which sinking fund
payments of $183,000 are in default, as well as the Oct. 1 1935 interest of
$77,770.
'
On Oct. 3 1935, corporation, the owner of 61 Broadway, filed in the
TJ. S. District Court at New York a petition for reorganization iinder
Section 77-B.
The premises are improved with a 33-story office building.
The land and building are assessed by the City of New York for tax purposes
at $9,450,000 for the years 1935 and 1936.
The committee reports that for the first nine months of 1935 total income
of the property was $781,262, and operating expenses and taxes were $455.088, leaving a net of $326,173 available for interest on the first mortgage
bonds, which is at the rate of approximately 5 % per annum, before deprecia¬
tion or interest on the second mortgage bonds.
The committee announces its aims as follows; (1) The first mortgage
bondholders should have their mortgage lien on the property and the prin¬
cipal amount of their bonds preserved intact; (2) the committee will urge
a fixed rate of interest, as warranted by past operations and future estimates
(3) the bondholders should have a substantial share of the equity, as con¬
sideration for cutting their interest, and (4) the committee will endeavor
to effect a speedy and economical reorganization.—V. 142, p. 137.
Skelly Oil Co .—Par Value Reduced-—
The stockholders
in the
(17,383 shares) at
Sentry Safety Control Corp.—Earnings—
-----
Registers Two Issues Totaling $12,000,000 with SEC—
81,35b
Co.—Explains Plans—
outstanding.
"Although there is no present program for plant expansion, the proposed
additional indebtedness and stock, beyond that required for retirement of
Accrued interest on the debentures to be
funds.—V. 141, p. 4025.
/
redeemed will be paid from treasury
Roberts
was
on
Dec. 31
elected Treasurer of the company,
succeeding F. S. Fales, who is a Vice-President, director and member of
the executive committee.—V. 141, p. 2446.
Sorg Paper Co.—Accumulated Dividends—
A dividend of $3 per share was paid on account of accumulations on tne
6%
cumulative preferred stock,
par
$100,
on
Dec. 21.
This compares
with $1.60 paid on Oct. 26, last, $1.50 paid on Dec. 20 1934, 50 cents per
share paid on Aug. 1, May 1 1934 and on Dec. 1 1933.
These were the only
payments
was
paid
made since the regular quarterly dividend of $1.50 per share
April 1 1932—V. 141, p. 3238.
on
Southern
Fire
Insurance
Co.,
New
York—Larger
Semi-Annual Dividend—
The directors have declared
a semi-annual dividend of 60 cents per share
$10, payable March 1 to holders of record Feb. 15.
each six months from March 1 1934 to and
An initial dividend of 25
including Sept. 1 1935, and on Aug. 15 1933.
cents per share was disbursed on March 1 1933.—V. 138, p. 340.
on
the
capital stock,
par
This compares with 50 cents paid
Ry.—Earnings—
—Fourth
qqc
$5,328,000
now are
of the
The company has submitted an application with
the Securities and
Exchange Commission covering $3,000,000 serial notes and $9,000,000 4%
debentures.
The notes will bear interest from 1 }4 % to 3 %, and are due
Southern
<ci
The directors, in a statement
clarifying the company's refunding opera¬
tions, said they will ask stockholders to approve the issuance of
$2 000 000
of 4>£% convertible debentures and 40,000 shares of
5% convertible
preferred stock in the new refinancing plan.
The statement declared that
proceeds from sales of these securities would be used primarily for
retiring
first mortgage
% series "A" bonds due in 1948.
A total of
of the latter
Jan. 3 approved the reduction in par value
surplus of approximately $8,283,486 as of Sept. 30 1935.
Stockholders
also authorized retirement of the 53,700 shares of 6% preferred and the
91,520 shares of common stock held in the treasury.
Earnings for 6 Months Ended June 30 1935
Net loss after taxes, deprec. and other
charges
—V. 142, p. 136.
Sharon Steel Hoop
on
$15 from $25, which will provide for elimination of deficit
consolidated earned surplus account and establishment of capital
9,333,205
c
shares
(Broadway-Exchange Corp.)
Announcement was made Jan. 7 of the formation of a first mortgage
bondholders' committee for the defaulted first mortgage bonds.
The committee consists of Lee S. Buckingham, President of Clinton Trust
Arthur G.
113,022
$5,770,4891
Building
Broadway
Socony Vacuum Oil Co., I,nc.—New Treasurer—
304,000
$5
Sec. prof,
deficit..f2,110,821 e4,080,526
Earned surplus
130,410
$8,072,089
Twenty Jones Corp.—Early Dividend—
sinking fund debentures.
2,600
Federal
chise taxes
12,522
„
12,042 in November
Committee Formed for 1st Mtge. Bonds—
Federal
d Common stock
Total
.
inc. & State fran¬
(net)
Mines, Ltd.—Production:—
Jan. 1 1937, to Jan. 1 1941.
The debentures are due 1951.
Part of the proceeds will be used to redeem on March 1, at 101, $9,150,000
650
capital stock tax
Res.
formed
liquid, closed
bank
Board.
Presidency by A. J. Williams, who resigned as
H. W. Riley was appointed Secretary.—
Tonnage for the latest month was 12,543 as against
and 11,653 in December 1934.—V. 141, p. 3393.
S 50
39
City excise tax..
banks
1934
$1,130
State tax
Prov.
closed
Deferred charges__
Part. efts, in cor¬
poration
1935
Unearned interest.
Prov. for
N.
Y.
stocks.__a7,684,957 b5,486,212
receivable
in
1
Liabilities—
100,000
Credit Corp
$24.06
$93.84
7.752.V83
$150,764
Notes of Universal
Dlvs.
Siscoe Gold
2.25
$1,987,553
Balance Sheet Dec. 31
1935
&c.—
the
common stock to
reported at Dec. 31 1935
Assets—
in
Production of gold by the company in December reached a new high
monthly total at $202,829, according to its regular report to the Montreal
Curb Market.
This compares with the previous high month of $195,213
recorded in November 1935 and with $190,253 in December 1934.
Millheads in December average $16.65 which compares with $16.62 in
November and $16.97 in December 1934.
$26.31
Increase for period—after'dividends
as
succeeded
.......
$167,912
169,364
M
Security Profits Account Year Ended Dec. 31 1935
Deposit
New President,
61
^Balance, surplus
Common
a liquidating dividend of $1
per share on
stock, par $10, payable Jan. 27 to holders of record Jan. 20.
A liquidating dividend of $1.25 was paid on Oct. 18, last, and one of $10
per share was distributed on July 5 last.
common
Six
Cr3,847
Net profit
Co.—Liquidating Dividend—
The directors have declared
The company paid an extra dividend of 25 cents per share in addition to
the regular quarterly dividend of $1.25 per share on the common stock on
Jan. 6 to holders of record Jan. 2.
Like payments were made on Oct. 2
last.—V. 141, p. 2446.
accrued
Preferred dividends
1
Simms Petroleum
1
the
$38,533
263,548
Federal excise taxes
Federal transfer taxes
New York City excise tax
:
Federal capital stk. taxAdjust. of N. Y. State
Net.assets,
by Grant Simmons, President of the company.
Within the past year and a half the company has opened plants in L9S
Trend of business in
home furnishings has been sharply upward for the past six months, and
Mr. Simmons attributes his company's increased sales to heavy newspaper
advertising by Simmons dealers which, in October, was more than 1,000,000
lines, almost double that of any other October.
Simmons plans call for production of the 2,500,000th beauty rest mat¬
tress this year and 3,000,000 units of bedding-mattresses, beds, studio
couches and allied products.—V. 141, p. 767.
Vice-President and Secretary.
V. 141,p. 3392.
»
1933
Miscellaneous expenses.
Prov. for N. Y. State tax
Expand Operations—
E. T. Moore resigned as President to become Chairman of the
1934
fees
franchise tax
in prior years
Simmons Co.:—To
Anticipating continuance of the sharp upturn in volume of home furnish¬
ings business experienced in 1935, the company will open its eighth plant
on Feb. 1 in Kansas City,
Mo., in addition to expanding advertising, sales
and merchandising activities for the new year, it was announced on Jan. 6
He is
$265,021
20,849
-
agents',
$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
$201
264,820
Total Income
Management fee
&
Sherwin-Williams Co.—Admitted to Unlisted Trading—
The New York Curb Exchange has admitted to unlisted trading privileges
the deposit receipts evidencing deposit of 6% cumulative preferred stock,
series AA, for exchange on a share for share basis, for 5% cumulative pre¬
ferred stock, series AAA.—V. 141, p. 4176.
Angeles, Seattle and Dallas, the latter two in 1935.
1935
Cash dividends-
trars'
future expansion or for other corporate purposes," the statement said.
The stockholders meet Feb. 27 to consider the plan, which proposes to
reduce stated capital and eliminate present deficit.
See also V. 142, p. 137.
$391,435,649 $316,510,142 $268,903,072
Second National Investors
Transfer
1933
$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
48,055,653
Total
1936
11
Jan.
the outstanding bonds, will be available for issue in connection with any
Period—
Grossearnings
—V. 141, p. 4176.
1935
Week of Dec.
1934
$2,768,313
Southern Transportation
Jan.
1935
1
to
Dec.
31—
1934
$2,381,229$108,307,955$101,656,886
Co.—Files Under 77-B—
The company, which operates a fleet of tugs and barges between Phila¬
delphia and Chesapeake City, Norfolk and other Southern ports, filed a
petition in Federal court at Philadelphia, Jan. 7 for re-organization under
Section 77-B of the National Bankruptcy Act.
Although the petition claimed assets of $1,321,832 and liabilities of
$1,033,764 for June 30, the company said it is in financial straits because
of lack of working capital or liquid assets to meet obligations,
particularly
$350,000 in first mortgage marine equipment 7% serial gold bonds which
Financial
Volume 142
have matured.
amounts to
Accumulated
.173,000.
interest on these bonds, the petition said,
The company also claimed it has been unable to pay
the principal on 1416,248 it owes to banks.
Kirkpatrick issued an order permitting the officials to
until a hearing on Jan. 24.
Meantime, he appointed
Amram, Federal bankruptcy referee, to act as special master
court.—V. 110, p. 1095.
in
David
W.
for
the
outstanding is because of the issuance since that date of (1) 375 sJ/a^es
(2) 800 shares for a patent and (3) 300,000 shares
a stock dividend to the holders of common stock, and the purchase by
the company, prior to the date of such stock dividend, from three large
stockholders of 35,046 shares at the price of $10 per share, payable partly
as
for cash at $10 per share,
as
Judge William
remain
311
Chronicle
control
in cash
and partly in notes.
Officers—The principal officers of the company are: W. B. Stokeley Jr.,
Treas., O. C. Gulp, Vice-Pres. in
charges of Sales; E. C. Eberts, Vice-Pres. in charge of Engineering; Lyle S.
Moore, Vice-Pres. in cnarge of Southern Operations; W. A. Miskimen,
Vice-Pres. in charge of Production; C. A. Nugent, Sec. & Asst.
Ires.
Directors are: William B. Stokely, William B. Stokely Jr., R. S. Reynolds,
C. K. Reynolds, John W. Hanes.
Office: Indianapolis, Ind.
President: John B. Stokely, Vice-Pres. &
Southwest Pennsylvania Gas
Corp.—To Reorganize—
A reorganization petition under Section 77-B of the Federal
Act
Bankruptcy
recently filed in the U. S. District Court at Philadelphia by the
company, which sells its gas products from leaseholds in Green County,
Pa., to the Peoples Natural Gas Co. of Pittsburgh.
The proceedings forestalls for the time being foreclosure action on the
outstanding $232,000 mortgage bonds, which was brought two weeks ago
by the trustee because of the inability of the company to meet this obliga¬
was
tion.
The assets of the company are valued at $634,480 or about
$400,000 over
which were on its pipe lines, machinery and equip-,
The company retains possession of its property until Jan. 29 when
the Court will decide whether to leave the company in control or appoint
trustees pending the submission of a plan of reorganizztion.
1934
$2,270,550
$1,638,284
from
prof,
disc.,
$359,658
$432,961
145,963
ventory sold.
Spec,
1932
1933
1935
the mortgage bonds,
ment.
31 1935
Consolidated Income Account Years Ended May
Net sales,less cost of sales
Realized
income on in¬
Listed—
279,174
48,001
130,361
$2,534,056
Southwestern Bell Telephone Co.—Bonds
263,505
$2,063,422
$480,962
$490,020
farm operations, &C--
Advertising,
&
selling
1,207,340
1,139,012
433,294
406,388
$1,326,716
Operating profit
Cash discounts, divs. &
miscell. income
62,387
$924,409
$47,667
$83,632
229,111
20.558
18,803
$1,389,103
$1,153,521
$68,226
$102,435
cellaneous deductions.
179,857
Int. paid, less int. rec —
Prov. for Fed. taxes, est.
126,985
100,463
131,858
63,146
128,294
67,094
131,142
165,591
The New York Stock
Exchange has authorized the listing of $44,000,000
1 1935 and due Dec. 1
1964, which are now outstanding and in the hands of the public, with
authority to add to the list $1,000,000 bonds upon official notice that they
have been sold to the trustee of pension funds established by this company
and by other companies of the Bell System, as is now contemplated, making
the total amount applied for $45,000,000 bonds, series B (see Offering in
V. 141, p. 3875).—V. 142, p. 137.
1st & ref. mtge. S}4% bonds, series B, dated Dec.
Spiegel, May, Stern Co.— Sales—
Month of—
January
February
$927,917
1,421,846
3,108.329
2,732.512
3,299,647
2,322,133
2,193,078
March
April
May.
October
3,350,817
2,356,850
1,714,051
2,124,644
3,318,165
4,418,880
November
3,642,294
.
_
June
July
August
September
_
December
Total
.
1932
1933
1934
1935
$1,260,469
1,617,261
_
1,437,008
1,111,870
1,577,692
2.339,911
3,572,421
3,328,163
3,833,668
$320,710
663,633
948.452
861,980
$359,582
551.532
720,035
757,373
901,041
782,803
545,145
671,895
1,374,288
2,305,958
2,144,048
3,278,010
672,331
329,770
188,609
239,190
712,975
865,201
922,089
2,020,839
Total income...
Discounts allowed & mis¬
24.467
.$34,045,075 $26,242,559
pref. stock
loss$95,S01
307,435
$877,094
122,500
$88,418
$211,633
$1,522,175
on
$788,675 loss$123,214
88 418
211,633
$1,767,175
245,000
Total
Divs.
$13,540,792
$754,594
$88,418
$211,633
Electric output for the week ended Jan. 4 1936, totaled 89,681,801 kwh.,
an increase of 9.5% compared with the corresponding week last year.
Ruling Upheld by Higher Court—
•
The Circuit Court held that the company's voluntary petition for reor¬
ganization superseded that of its creditors and it also threw out the creditors'
motion for the dismissal of the company's proceedings to reorganize.
It is
believed the decision has
no
material effect either way on
the company; R.
P. Resor, Treasurer, and F. W. Pierce, Executive Assist¬
the President.—V. 141, p. 4026.
Studebaker Corp.—December Sales Best in 11
of
Years—
Paul G. Hoffman, President of the company on Jan. 2 reported the sale
more than 7,700 cars in December—the best record in 11 years.
"Studebaker shipments of passenger cars and trucks last month exceeded
December since 1924 when 7,969 cars were shipped," said Mr. Hoffman.
"We carried over almost 3,000 December orders for immediate shipment.
If factory production had been sufficient to meet the demand of the dealer
organization, Studebaker sales would have been far larger/than in any other
December in our history."
Deliveries of Studebaker motor cars and trucks by dealers in the United
States at retail were greater in December than in any corresponding month
for the past 11 years, according to President Hoffman.
Retail deliveries
of Studebaker-built passenger cars and trucks for each December since
any
1924 were
as
1935
1934
1932
1.601
2,408 1931
2,561
1933
3,318 1930.....__2,724
Dealers purchased 7,752 cars and
are
still seasonably low.—V.
142,
p.
1929
3,331
4,656
1928
1927
trucks in
1926
4,294
5,195
1925
4.312
December and their stocks
137.
was
made in
our
—
Inv. in
Van Camp's, Inc.,
6% bonds, 1943
Minority stockholders' int. in
29,075
Prepaid insurance
186,483
50% of stock of affil.co
Miscell. investments, cost—
138,800
and earned surplus of
cap.
16,861
Van Camp's, Inc
250
Land, bldgs. & equipment—
2,367,330
Capital—
7% pref. stock.'
192,805
Prepaid expenses....
Good-will, formulae, &c
77,382
1st mtge.
13,324
24,645
Inventory of adv. supplies
3,500,000
183,871
180,964
1,522,176
—
Common stock (par $1).
1
Capital
surplus
Earned
surplus
...
Total
S6,677,308
Total
Note—There
were
outstanding unexercised stock subscription
$6,677,308
warrants
entitling holders to subscribe to 46,000 shares of common stock cn or before
May 31 1937, at $10 per share and interest at the rate of 5% per annum
from May 31 1934.
These warrants have been canceled by agreement ot
the holders thereof.—V. 142, p. 13 7.
Symington Co.—Hearing Postponed—
The hearing on reorganization of Symington Co. and Gould
has been adjourned until Feb. 17, when Federal Judge Knight
or
disapprove the plan of reorganization.—V. 141, p.
Tennessee Coal,
issue of Jan. 4 of the offering of
Coupler Co.
will approve
4027.
Iron & RR.— Tenders—
Trust Co., will until 12 noon, Jan. 14
of sufficient general mortgage gold bonds
Hanover Bank &
Central
The
bids for
receive
the sale to it
maturing in 1951 to exhaust the sum of $119,760 at prices not
and interest.—V. 140, p. 3566.
Third National Investors
exceeding 105
Corp.—Earnings—
1932
dividends
215,025
1934
$172
191,496
1933
$8,312
187.165
$31,116
234,448
Total income
$215,107
15,946
$191,668
31,926
$195,477
31,763
$265,564
32,759
3,305
7,287
5,100
6,697
2,142
2,200
11,637
6,908
9,535
3",724
4",550
Fed. transfer taxes
1,719
1935
$82
Years—
Calendar
Interest
Cash
Management fee.
Transfer
trars'
agents',
regis¬
custodian's
and
fees
Miscellaneous
expenses.
Prov. for N. Y. State tax
1,413
8,280
20,900 shares
(par $25) 7% cum. conv. pref. stock at. par by Paine Webber & Co.
A
circular shows:
Dividends
payable Q-J; entitled in toe event of liquidation, dissolution
or winding up of company to $25 per share plus divs. before any distribution
on common stock; callable on any quarterly
dividend date or 30 days'
notice at $2<> 50 per share: convertible on any quarterly dividend date into
common stock at the rate of 114
shares of common for each share: and
entitling holders to elect, together with holders of the non-convertible
preferred stock, a majority of the boaid of directors if and so long as divi¬
873
N. Y. City excise tax—
Adj. of N. Y. State fran¬
chise
accrued
tax
in
Cr2,837
prior years
Net
220
500
Federal excise tax
Stokeley Brothers & Co.—Offering of Stock—
Mention
Farm inventories
Federal capital stk. tax.
follows:
5,207
2,384,460
121,604
Plan Trustees—
The company announced on Jan. 5, that the directors of the company
as trustees of the new thrift plan A. C. Minton, Secretary of
have selected
ant to
Due to affiliated company...
Accrued liabilities
Adv. pay. on unfill. orders..
the company's
plan for reorganization, which has been in progress for several months.
Hearing of the petition of the company to reorganize under the National
Bankruptcy Act was postponed 30 days on Jan. 6, upon agreement between
the Federal District Court at Wilmington, Del., and counsel for the com¬
pany.—V. 142. p. 137.
Standard Oil Co. of N. J.— Thrift
Inventories
$770,997
42,522
243,733
Accounts payable—
S345.448
1,011,881
Value of lile insurance
The U. S. Circuit Court of Appeals, Philadelphia^ has upheld the dismissal
by the Federal Court at Wilmington of the creditors' petition for reorganiza¬
tion of the company, which was followed by the company's own petition
for a financial readjustment under Section 77-B of the National Bank¬
ruptcy Act.
1935
at May 31
as
Liabilities—
Assets—
Cash
Notes & accounts receivable.
Output—
------
$1,012,581
754,594
Net profit
Prev .earned surplus.
-V. 141. p.3876.
Standard Gas & Electric Co.— Weekly
1
5,538
6,605
Van Camp's, Inc
Consolidated Balance Sheet
12 months.
def$95,801
$794,214 def$123,214
$1,019,186
Balance surplus
Amt. applic. to min. int.
$177,153
158,912
Dividends..
$146,990
66,910
$141,883
142,184
$216,142
209,000
$18,241
income
$80,080
def$301
$7,142
/.
Surplus.
dends in the amount of $1.75 remain unpaid.
History—A Delaware corporation formed April 26 1929 through consoli¬
dation of Fame Canning Co. and Stokcly Brothers & Co.
The original
Stokelv Brothers & Co. was established in 1S98.
Tn the spring of 1933,
Stokely Brothers & Co. purchased, through a newly organized subsidiary
known as Van Camp's, Inc.. the vegetable canning plants of the Van Camp
Packing Co. and the inventories, brands, and trademarks of the Van Camp
Products Co. applicable to its vegetable canning business.
Company
recently acquired an interest in a California company which packs Cali¬
fornia-grown fruits and vegetables.
Company is one of the largest canners of vegetables in the United States.
The California interest represents a recent acquisition which provides ample
producing facilities on the Pacific Coast together with an established
merchandising organization &nd which adds a line of California canned
fruits and vegetables to the well-known Stokely and Van Camp vegetable
lines.
In addition to
packing and selling vegetables and fruits which are sold
quantities which are
under its own label, the company packs substantial
Security Profits Account Year Ended Dec. 31 1935
Provision for New York State franchise tax.
$83,011
Excess of cost over market value of common
stocks, as reported
$1,127,663
at Dec. 31 1934
Excess of market value over cost of common stocks,
as
$702,196
reported at Dec. 31 1935
117,000
Reserve for taxes on unrealized profit
585,196
Decrease
in
unrealized
loss
and
increase
in
present company operates 20 modern packing plants of which four
are located in Tennessee, nine in Indiana, six in Wisconsin and one in
Delaware and has an interest in a California company operating two plants.
Capitalization—
Authorized
7% conv. pref. stock
7% non-conv. pref. stock ($25 par)
Common stock ($1 par)
a
$3,500,0001
Holders
of
the
$3,500,000
a$3,500,000
3,500,000/
b700,000
c450,000
outstanding non-convertible
preferred
stock were given the privilege of exchanging their shares for an equal number
of convertible shares.
The $3,500,000 of preferred stock shown above as
outstanding represents the aggregate par amount of both classes of preferred
stock outstanding
The non-convertible preferred stock is callable at
$30 per share and has no conversion privilege but is otherwise identical
with the convertible preferred stock,
b Of the 250,000 authorized but
unissued shares of common stock, 175,000 have been reserved for conversion
of the convertible preferred stock,
c The difference between this amount
and the amount shown on the consolidated balance sheet as at May 31 1935,
$1,712,859
Per Share
Total
Outstand'g
Net assets, as reported at Dec. 31 1934 (exel. deferred
charges of $290 representing expenses in connection
with plan of reorganization)
$4,428,014
$26.47
Outstanding
The $3,500,000 convertible preferred stock was authorized in December
1935.
unrealized
profit after reserve for taxes..
Change in Net Assets Year Ended Dec. 31 1935
labeled with the private label of given wholesale and retail outlets.
At
$81,936
1:075
Loss realized on sale of securities, based on average cost
Increase for period—before dividends:
177,152
83,011
Decrease
in
unrealized loss
and
increase
in
1.06
1,712,859
Net income per income account
Loss per security profits account.
10.24
.50
un-
1 common stocks after reserve
realized profit on c
for
taxes
Expenses after Dec. 31
plan of reorganization
Dividends
on common
1934 in connection with
stock.
Increase for period—after dividends
Net assets, as reported at Dec. 31 1935
9,342
.05
$1,797,659
158,912
$10.75
$1,638,746
6,066,761
$9.80
.95
36.27
Financial
312
Balance Sheet
1935
Assets—
Cash
$145,069
__
1934
1934
1935
$1,130
$275
8,375
State
50,000
6,026,141
17,885
Dividends receiv..
4,326.864
19,526
tax
1,550
tax
6,872
Prov.for N.Y.City
excise tax
291
Res. for Fed. inc. &
Deposits in closed
bank..
Deferred charges..
Part. ctfs. in cor¬
State
poration formed
liquidate clos'd
117,000
19
b Common stock..
220,000
220,000
8,990,502
Capital surplus. 8,990,502
Security profs. def.e3,250,013 d4,879,862
Earned surplus
106,274
97,666
$6,195,967 $4,432,350
Total
—$6,195,967. $4,432,350
a Market value cost $5,323,945 in 1935 and $5,454,528 in 1934.
b Author¬
ized, 400,000 $1 par shares; issued 220,000 shares (incl. 52,724 shares in
treasury), 130,000 shares are reserved for exercise of purchase warrants
entitling the holders to purchase common stock at $64 per share until March
1 1936, and thereafter at $2 more per share per annum until March 11939,
when the warrants expire,
c Capital surplus reflects the aggregate amount
paid to the corporation against issuance of common stock and purchase
warrants, less the aggregate present par value of such issued common stock
and organization expenses (including commissions paid on original sales of
common stock), $10,148,502, less common stock held in treasury (52,724
d Includes excess of cost over market value
shares) at cost of $1,158,000.
of common stocks at Dec. 31 1934 of $1,127,663.
e After deducting excess
of market value over cost of common stocks of $702,196 (less reserve for
taxes oh unrealized profit of $117,000), $585,196.—V. 142, p. 138.
Texas
on Oct. 1 1944, it was announced on Jan. 3.
would be made out of surplus cash and bank borrowings, it was
Payment
stated, but
the amount of each had not been determined.
Because of the low money rates now prevailing, a substantial
in interest will be effected
by the operation. Last summer, it is
saving
under¬
stood, the management considered the retirement of the entire issue, of
which there was outstanding at the end of 1934 $89,933,000 out of an origi¬
nal issue of $100,000,000.
However, last year the company retired some
$10,500,000 of debentures of the California Petroleum Corp., a subsidiary.
—V. 141, p. 4177.
&
Trust
Co.,
Baltimore—Receiver
Seeks to Recover DividendWarren P. Sterling, State Bank Commissioner of Maryland and receiver
for the old Title & Guarantee & Trust Co., Baltimore, has instituted
proceedings before Judge J. Frank Supplee Jr., in the Baltimore Circuit
Court to compel stockholders of the institution to return $12,000 they
as
a
stock dividend in December 1932.
The Court also was
asked to force the directors of the bank, which went into receivership in
Feb. 1933, to pay double the amount of the stock dividened which, it was
received
alleged, was declared when the bank
more
was
insolvent and its liabilities
were
The company has been reopened for business since June 19 1935, following
consummation of a plan of reorganization.
The company, however,
solely to title and trust functions, and the manage¬
136, p. 1392.
ment of real estate.—V.
Transamerica
capital stock, no par value, both payable Jan. 31 to holders of record
Jan. 15.
(For complete dividend record see V. 141, p. 127.)
John M. Grant, President, announced that subject to audit, consolidated
net profit of Transamerica Corp. consolidated companies, and all con¬
trolled subsidiaries, after provision for taxes and minority interests, will
approximate $20,000,000 for 1935, or about 86 cents a share on 23,181,568
shares of capital stock outstanding.
This compares with $11,450,587
earned in the previous year, or 48 cents a share on the 23,621,897 shares
outstanding at Dec. 31 1934.
Mr. Grant stated that the operations of the corporation for the year
1935 resulted in an enhancement of some $40,000,000, before dividend
disbursements of $6,484,000.
In addition to the net profit of $20,000,000, the market value of securities
in portfolio shows an increase over carrying value of over $3,150,000 at
Dec. 31 1935, compared with a depreciation of $8,378,000 at Dec. 31 1934,
a betterment, of more than $11,500,000
in the corporation's portfolio at
the end of 1935
Due largely to
recoveries,
United Gas Improvement
Week Ended—
Jan. 4 '36
Dec. 28 '35
Jan. 5 '35
82,271,389
81,211,209
72,501,112
142, p. 139.
stock, no par value,
A like payment was made on
Nov. 1, and Sept. 10 last, this latter being the first dividend paid since
Nov. 1 1930 when a regular quarterly dividend of $1.25 per share was
distributed.
Accumulations after the payment of the Feb. 1 dividend will amount to
$24.75
share.'—V. 141, p. 2910.
per
United States Steel Corp.—Three New
Vice-Presidents—
The company on Jan. 7 announced the creation of three new Vice-Presi¬
dents, the following being named:
Harold L. Hughes, with special executive duties assigned by W. A. Irvin,
President of the corporation; W. A. Forbes, with supervision over by¬
product Coke and its disposition; Charles H. Rhodes, with general super¬
vision over purchases.
In the last two years the corporation has been making changes in the
executive personnel with the object of increasing efficiency.
The revisions
have been under the personal direction of Myron C. Taylor, Chairman of
the Board.
December
See
Shipments—
"Indications
under
of
Business
activity"
on
a
preceding page.—
V. 141, p. 4178.
United
Telephone & Electric Co. (Del.)—Reorganization
S. District Court at Wilmington,
Del., for reorganization under Section 77-B of the National Bankruptcy
Company states that among its assets are securities whose book
value is $11,380,503.
Its liabilities, as of last October, amounted to
Act.
$1,400,000.
Company points out it is not insolvent but unable to meet maturing
obligations and that it has outstanding demand notes amounting to $1.000,000.
Judge John P. Nields set Feb. 1 as the date for a hearing on the questions
of continued possession of assets and appointment of trustees.
Company controls through stock ownership certain companies owning
and operating telephone, electric and gas properties in States of Arkansas,
Colorado, Indiana, Hlinois, Kansas, Missouri, Nebraska, New Jersey,
Company controls United Telephone
Ohio, Oklahoma, and Pennsylvania.
Co. of Pa., Interstate Telephone & Telegraph Co., United Telephone &
Telegraph Co., and New Jersey Telephone Co.
Virginia Electric & Power Co.—Earnings—
Period End. Nov. 30—
1935—Month—1934
1935—12 Mos.—1934
$1,322,898
$1,289,978 $15,283,927 $15,095,461
486,503
5,950,416
5,962,118
481,493
82,806
75,761
1,003,572
988,518
28,397
168,265
1,679,722
1,766,074
b290,069
158,435
514
Gross earnings
Operation
Maintenance
a
Taxes
-
Balance
$440,131
$401,013
Interest & amortization
Appropriations for retirement reservePreferred dividend requirements
$6,650,216
1,990,697
1,800,000
1,171,632
$6,379,264
1,898,038
1,800,000
1,171,591
$1,687,886
$1,509,634
the year the company is reversing accruals of $200,000, of which $50,000
has been applied to October and $100,000 to November.
b Includes interest and amortization of $143,361 for the month of Novem¬
ber 1935 applicable to the series A 4s which bear interest from Nov. 1 1935,
as well as interest and amortization of $144,264 for the same month ap¬
plicable to the bonds retired on Dec. 2 1935 from the proceeds of the series
A 4s.—V. 141, p. 3877, 4029.
Virginian Ry.—Preferred Stock Listed—
The
New
York
Stock
Exchange has authorized the listing
of 279,550
shares of 6% cumulative preferred stock (par $100).
The City Bank Farmers Trust Co. has been appointed co-transfer agent
for the 6% cumulative preferred stock.—Y. 142, p. 139.
Month of—
January
February.
_
.'
March.
-.
April
May
June
x July
August
September
October.
November
December
x
Total 12 months.
x
1935
$4,698,604
4,637,407
5,032,076
4,621,245
4,641,147
4,667,260
4,732,966
4,846,794
4.704J591
4.906,431
4,903,823
6,117,510
1934
$4,306,109
4,102,705
4.625,177
4,211,153
4,321,497
4,457,291
4,440,282
4,485,908
4,467,185
4.682.548
4,527,253
6,154,934
1933
$3,664,964
3,248,372
3,412,705
3.452,181
3,633,192
3.982,685
4,179,750
4,216,887
4,262,172
4.159,933
3,871,256
5,318,061
Approximated.
.$58,519,610 $54,784,662 $47,412,445
Dividend Raised to 50 Cents—
The directors have declared a quarterly dividend of 50 cents per share
the common stock, no par value, payable Feb. 1 to holders of record
Jan. 15.
This compares with 40 cents paid on Nov. 1 last; 35 cents on
on
Aug. 1, last,; 30 cents on May 1 1935; and 25 cents
per
share paid each three
In addition a
Removed from Unlisted
Trading—
The New York Curb Exchange has removed the warrants from unlisted
trading privileges.—V.
United Light & Power Co.—Stock Control Sold—
York "Times," Jan. 9:
of public utility shares, constituting
working control of United Light & Power Co. of Chicago, is being sold for
an unstated amount by the Chase National Bank to a group of investment
trusts identified with the Harrison Williams, J. and W. Seligman & Co.
and Field, Glore & Co. interests.
The terms were not disclosed.
[The
"Times" on Jan. 10 stated that the transaction had not as yet been con¬
summated.]
The securities consist mainly of 448,667 class B voting shares of United
Light & Power, or 42.01% of the voting stock, owned by the Chase Bank
since June 1933; $1,045,000 of Continental Gas & Electric 5% bonds due
in 1958 and $658,000 of United Light & Rys. 5^s, due in 1952.
I
The United Light & Power stock is the block through which Cyrus S.
Eaton of Cleveland formerly controlled the utility,
it passed into the
bank's hands when the Continental Shares Corp. defaulted on bank loans
in the midst of the depression.
Companies participating in the purchase of the bank's holdings include
the American Cities Power & Light Corp. and the Electric Shareholdings
Corp., Harrison Williams affiliates; the Tri-Continental Corp. and Selected
Industries, Inc., sponsored by Seligman & Co.; the Chicago Corp., identified
with Field, Glore & Co., and the Blue Ridge Corp., control of which was
bought by the foregoing five investment trusts from the Atlas Corp. late
in 1935.
Each investment trust acted for itself,
Balance for common dividends and surplus
a The redemption of series A and series B bonds which have been called
for payment on Dec. 1 1935 will greatly reduoe, if not eliminate, Federal
income taxes for the taxable year 1935.
During the last three months of
.
The following is taken from the New
The last important "distress" block
and the securities
were
divided
approximately on an even basis, a spokesman for the group indicated last
night.
Despite the close relationship of the group to the North American
Co. which is controlled by Harrison Williams, it was asserted that there was
no program or understanding applying to any future disposition with respect
to the United Light & Power shares, which had been bought for their
investment merits.
None of the purchasing trusts has as much as 10% of the United Light
would bring it into the classification of a "holding
dividend of 50 cents per share on account
months from Feb. 1 1933 to and including Feb. 1 1935.
stock dividend of 5% was distributed on Nov. 1 1934.
Co.—Weekly Output—
Electric output of system (kwh.)
& Power votes, which
a
Walgreen Co. (& Subs.)—Sales—
the recapture of reserves no longer required,
as well as to
paid-in surplus and general reserves showed an
increase for the year, subject to any adjustments after audit, of $8,600,000
net after all charges, including the charge to surplus resulting from the
retirement of capital stock to treasury.
The corporation's notes and accounts payable have been reduced from
$21,154,000 on Dec. 31 1931, shortly before the Gianini management
returned to control, to less than $250,000 in miscellaneous accounts, accrued
taxes and expenses.
A year ago notes and accounts payable totaled $10,529,000.
During 1935 corporation acquired and retired to treasury 440,329 shares
of its capital stock, bringing the total in treasury to 1,665,916 shares. At a
special stockholders meeting to be held in Wilmington, Del., on March 26
next, legal steps will be taken to cancel all the above mentioned stock now
in treasury, reducing the amount of capital stock of the corporation to the
23,181,568 shares in the hands of the public.
During 1935, Transamerica's banks in California, Oregon and Nevada
established records in total deposits and total resources, while Occidental
Life Insurance Co. and Pacific National Fire Insurance Co. attained their
all-time highs in business written.
The earnings of Bank of Amerida
N. T. & S. A. for the year 1935 were approximately 32% on its capital stock
outstanding and 16% on its total capital invested.—V. 141, p. 1608.
—V.
Corp.—
Corp.—10 Cent Extra Dividend—
The directors on Jan. 3 declared an extra dividend of 10 cents per share
in addition to the regular semi-annual dividend of 15 cents per share on the
substantial
Securities
the $5 cumulative first preferred
Inc. from other sources.
than twice its assets.
confines its activities
on
The company has filed petition in U.
The company has called for payment on April 1 $30,000,000 of its 5%
Guarantee
International
Petition—
Corp.—To Call 5% Debentures—
debentures, due
Title
&
payable Feb. 1 to holders of record Jan. 23.
c
Total
States
Preferred Dividend—
of accumulations
Unearned interest.
6,872
...
First
The directors have declared
500
franchise
taxes
to
United
Prov. for Fed. cap.
stock
1936
11
Jan.
It was said that if the
act should be declared unconstitutional it would be difficult for any one
interest to obtain control of United Light & Power without getting virtually
all the scattered blocks of voting stock.—Y. 141, p. 3876.
2,200
2,200
expenses.
Provision for N. Y.
Credit Corp
aCommon stocks.
Chronicle
company" under the Public Utility Act of 1935.
31
Liabilities—
$28,797 Accrued
Notes of Universal
bk
Dec.
142,
p.
139.
(Hiram) Walker & Sons Distilleries, Inc.—Bonds Sold—
See
(Hiram)
(Hiram)
Walker-Gooderham & Worts, Ltd., above.
Walker-Gooderham
&
Worts, Ltd., and
Distilleries, Inc.—Bonds Sold—
Hornblower & Weeks, on behalf of the underwriting group,
have announced that the offering of $8,000,000 10-year
4^% convertible debentures due Dec. 1 1945 has been com¬
pleted, all of the debentures having been sold.
A prospectus
Hiram
Walker
&
Sons
dated Jan. 3 affords the following:
Dated Dec. 1 1935; due Dec. 1 1945.
These debentures are the joint and several obligations of Hiram Walker& Worts, Ltd., and one of its wholly owned subsidiaries,
Gooderham
Hiram Walker & Sons Distilleries, Inc.
To be issued in coupon form in
denoms. of $1,000, registerable as to principal only.
Principal and interest
payable in lawful money of U. S. of America at principal office of Guaranty
Trust Co., New York.
Interest payable J. & D.
Red. as a whole at
any time upon 90 days' notice or in part by lot on any int. date upon 60
days' notice, at par and int. together with premium of 4% if red. on or before
Dec. 1 1938; of 3H % if red. thereafter and on or before Dec. 1 1939; of 3%
if red. thereafter and on or before Dec. 1 1940; of 2}4% if red. thereafter
and on or before Dec. 1 1942; of 2% if red. thereafter and on or before Dec. 1
1942; of 1 ^ % if red. thereafter and on or before Dec. 1 1943; of 1 % if red.
thereafter and on or before Dec. 1 1944; and without premium if redeemed
thereafter prior to maturity.
Holders may convert the debentures at principal amount thereof at any
time into shares of the common stock of Hiram Walker-Gooderham & Worts,
Ltd., at the rate of: $40 per sh. so long as not less than $6,000,000 of deben¬
tures are outstanding; $45 per sh. so long as less than $6,000,000 and not
>
%
long as
outstand¬
less than $4,000,000 of debentures are outstanding; $55 per sh. so
less than $4,000,000 and not less than $2,000,000 of debentures are
ing; $60 per sh. so long as any of such remaining $2,000,000 of debentures
are outstanding.
Sufficient shares of the common stock of Hiram WalKerGooderham & Worst, Ltd., to meet the maximum requirements for conver¬
sion of the debentures have been authorized and reserved for such purpose.
History and Business—Hiram Walker-Gooderham & Worts, Ltd., is a
holding company owning and controlling either directly or through sub¬
sidiary holding companies including Hiram Walker & Sons Distillers, Inc.,
the co-issuer of these debentures, all or a majority of the voting stock of
various corporations engaged in the business of producing, warehousing,
buying, selling, importing, exporting or otherwise dealing in alcoholic
products for beverage and industrial purposes, by-products and articles
and materials used in the production thereof and incidental thereto. Among
the alcoholic beverage products are Canadian and American type rye whis¬
kies, Bourbon whiskies, gins, Scotch type whiskies, cocktails and cordials.
In addition certain of its Canadian subsidiaries act as agencies for the im¬
portation and sale in Canada of a number of well-known brands of wines,
brandies, gins and Scotch whiskies, including the products of the subsidiaries
of Hiram Walker-Gooderham & Worts, Ltd., operating in Scotland, also
certain of the subsidiaries in the United States act as agencies for the im¬
portation and sale of Scotch whiskies.
established in Canada in 1858.
A
and business became known as Hiram
was incorporated under the Ontario
laws as Hiram Walker & Sons, Ltd.
On Dec. 31 1926, Hiram Walker's,
Ltd., was incorp. in Canada and on Jan. 17 1927 acquired the shares of
Hiran Walker & Sons, Ltd.
Pursuant to an agreement dated Nov. 15
1927, Hiram Walker's Ltd., acquired all the outstanding shares of Gooder¬
ham & Worts, Ltd., Toronto, the oldest existing distillery in Canada which
was founded in 1832.
In connection with the acquisition of the shares of
Gooderham & Worts, Ltd., Hiram Walker's Ltd., changed its name on
Nov. 19 1927, to Hiram Walker-Gooderham & Worts, Ltd.
In 1932 Hiram Walker-Gooderham & Worts, Ltd., acquired the control
of two companies in Glasgow, Scotland; James & George Stodart, Ltd.,
and Stirling Bonding Co., Ltd.,whose principal brands of Scotch whisky
are "Stodart's Rare Old Highland" and Stirling's "Gaelic Old Smuggler."
On Jan. 15 1931 Jas. Barclay & Co., Ltd., was incorp. in Canada and
is a wholly-owned subsidiary of Hiram Walker-Gooderham & Worts., Ltd.
In 1932 a complete distillery unit, installed in a building owned by the City
of Niagara Falls, Ont., was purchased and is now operated chiefly as a
bottling plant and for the distillation of wine for the production of brandy.
From its origin in 1858, company has conducted an increasing trade
in aged whiskies and other alcoholic beverages throughout the world with
branch offices in Toronto and Montreal, Canada, and London, Eng.,
while export agents are located in practically every country or political
dependency in the West Indies, Central and South America and in the
The
Hiram
partnership
Walker
19320
Walker
Distillery
formed in 1873
was
Sons.
&
On
Oct.
1
excepting 250 shares of 6% cumulative preference stock of Gooderham &
Worts, Ltd. (Delaware corporation), which are owned by a minority stock¬
holder and the shares of Distillers & Bottlers Supplies, Inc., which are
held by a Canadian subsidiary of Hiram Walker-Gooderham & Worts, Ltd.
The Canadian subsidiaries of Hiram Walker-Gooderham & Worts, Ltd.,
have conducted during the past five years an extensive trade in
Canada
and foreign countries, branch offices being maintained in Toronto and
Montreal, Canada, and London, England.
There were organized in 1933 and 1934 a number of subsidiaries within
the United States and a site, consisting of 30 acres fronting on the Illinois
(liver at Peoria, 111., has beeen acquired by
Walker
one of the subsidiaries, Hiram
Sons, Inc.
On this site a distillery with a daily capacity in excess
proof gallons of spirits, buildings and warehouses for related
operations, a power plant, administration and other buildings were con¬
structed and placed in operation in June 1934.
This unit now is considered
to be the largest single whisky distillery in the world.
Premises were leased and rectifying and bottling plants were placed in
operation by Gooderham & Worts Limited (Delaware corporation) at
Detroit, by Hiram Walker & Sons (New Jersey) Inc. at Jersey City, and by
Hiram Walker & Sons (Western) Inc. at San Francisco.
Purpose of Issue—The net proceeds to the companies from the sale of the
debentures, after deducting the estimated expenses in connection with the
sale of the debentures, will be
approximately $7,706,700.
Hiram Walker-Gooderham & Worts Ltd. loaned to its wholly-owned
Hiram Walker &
Sons
Distilleries
Inc., sums aggregating
515,685,963.
In turn, Hiram Walker & Sons Distilleries Inc. loaned out
of the aforementioned sums and out of its
capital funds amounts aggre¬
gating $17,743,465 as at Aug. 31 1935 to its subsidiaries for the purpose of
acquiring properties, plants and manufacturing facilities and for working
capital necessary to build up inventories and carry accounts receivable.
Subsequent to Aug. 31 1935, Hiram Walker & Sons Distilleries Inc. and
Hiram Walker-Gooderham & Worts Ltd., executed
joint notes to the
Guaranty Trust Co., New York evidencing unsecured loans (except for
&
of 100,000 U.S.
giaranteessubsidiaries), amounting toLtd. and Gooderham & obtained by
by Hiram Walker & Sons $7,450,000 previously Worts Ltd.,
anadian
Miram
Walker-Gooderham & Worts Ltd. to meet such portion of its loans
to Hiram Walker & Sons Distilleries
Inc., as set forth above. $7,450,000 of
Proce®ds of this issue will be applied by the companies in payment
Guaranty Trust Co. of New York.
The
of the above indebtedness to the
balance oi such proceeds will be used for general corporate purposes.
,
_
10-year
Funded Debt and Capitalization as at Aug. 31 1935
to issuance and sale of the 4 X % convertible
debentures]
Outstanding
„,Authorized
4J£%
conv.
(this issue)
debs.,
due
Dec.
1
1945
$8,000,000
$8,000,000
.
Cap. stock & surplus of subs, owned by minority
interests
121,562
Capital stock of Hiram Walker-Gooderham &
Worts Limited (no par)—
Cum. div. red. pref. (red. at $20 per share)_
.875,000 shs.
Common stock.
b875,000 shs.
Earned surplus
.
a460,818 shs.
660,000 shs.
..8,244,484
Issued, 660,000 shares; redeemed & canceled, 199,182 shares,
served for conv. of 4H% conv. debs., 164,140 shares.
a
Years End.
a
Net
Other
Sales
b
Profit
$
Income
s
1928
7,603,876
3,748,286
110,940
1928
8,615,663
6,545,881
3,275,383
2,431,386
3,666,469
21,071,348
45,353,470
4,219,264
283,015
2,412,022
948,095
86,384
347,619
3,970,664
696,597
467,349
1934 d
1935 d
b Re¬
4,379,099
406,127
269,921
409,582
218,530
Income
ciation
Taxes
$
$
$
c
Net
Earnings
s
282,766 3,159,612
334,355 3,783,312
257,432 2,499,731
97,930
8,037
7,500
318,917
376,574
343,953
11,875
342,687
105,913
954,969
224,081
3,633
251,622
231,580
37,216
339,111
268,589 1,026,028 3,025,742
567,839
327,353 3,486,412
13,173
9,632
59,887
216,025
►
a Excluding sales to
consolidated subsidiaries,
b Alter deducting cost of goods
sold and all other expenses except interest and income taxes, but before depreciation,
c After Income taxes available for dividends,
d In the fiscal years 1934 and 1935 the
above figures reflect
commencement
of
the operations of subsidiaries in the United
business subsequent to
Dec. 5 1933.
Ltd.—Refunding Plan
Sales of spirits made in
are usually
paid before the goods are bottled and the tax is included in sales and cost of good3
old.
Upon the completion of the sale of these debentures, the maximum int.
requirements therefor will amount to $340,000 per year.
Underwriters—The several underwriters have agreed to purchase $8,000,000 debentures, at 97, plus int. to date of delivery.
1
The obligation of each underwriter to purchase debentures is limited to
the principal amount of debentures set opposite its name in the following list:
i
Hornblower
&
Weeks, New York, $1,900,000; Mara & McCarthy,
Toronto, $500,000; Osier & Hammond, Toronto, $500,000;
Chas. D.
Barney & Co., New York, $400,000; Cassatt & Co., Inc., New York, $400,000; Dominick & Dominick, New York, $400,000; Eastman, Dillon & Co.,
New York, $400,000; W. E. Hutton & Co., New York, $400,000; Kidder,
Peabody & Co., New York, $400,000; G. M.-P. Murphy & Co., New York,
$400,000; Paine, Webber & Co., New York, $400,000; White, Weld & Co.,
New York, $400,000; Bancamerica-Blair Corp., New York,
$200,000;
Bell & Beckwith, Toledo, $200,000; Wm. Cavalier & Co., San Francisco,
$200,000; Paul H. Davis & Co., Chicago, $200,000; Piper, Jaffray & Hopwood,
Minneapolis,
$200,000; Singer, Deane & Scribner, Pittsburgh,
$200,000; Barclay, Moore & Co., Philadelphia, $100,000; O'Brian, Potter
& Co., Buffalo, $100,000; Reed & Co., Inc., Worcester, Mass., $100,000.
—
its outstanding bonded
is planning to refund
indebtedness
,
issue of $3,000,000 first mortgage
3H%. 4% and 4>£% series A bonds, due 1937-48 and 1951.
At the
present time a special offering of the new bonds is being made by Wood,
Gundy & Co. to the holders of the presently outstanding Wabasso Cotton
Co. 6% bonds, due June 1 1947; Wabasso Cotton Co. 7% bonds, due May 1
1942; St. Maurice Valley Cotton Mills 6% bonds, due June 1 1952, and the
Shawinigan Cotton Co., Ltd., 6% bonds, due Dec. 1 1949, Hie latter two
issues being bonds of the two subsidiaries of Wabasso Cotton Co., Ltd.
The new bonds probably will not be offered for sale publicly until every
effort has been made to canvas present holders of the existing bonds.
to create a new
The company proposes
June 29 '35
Interest
$872,082
392,400
226,482
34,950
12.219
2,300
56,100
Bond interest
Sinking fund
Bond discount
Directors' fees
Res. for govt, taxes.
$238,464
231,500
250,594
27,355
12,719
$813,590
388,400
233,517
32,710
12,219
$147,630
Total income
Depreciation.
July 2 '32
$174,617
63,847
$590,127
285,400
$752,875
60,715
62,711
investments.
on
July 1 '33
$528,274
61,852
June 30 '34
$809,370
Years Ended—
Operating profits
x
$146,743
Minority int. in surplus
of subsidiary co
240,864
29,700
12,719
$21,443 loss$283,705
Dr266
386",862
103", 157
124",284
y246,022
Adjust, in respect to min.
Dr227
int. in sub. co
Taxes applicable to prior
Dr21,421
Loss
cos.'
sub.
on
shs.
#5
316
$371,739
$271,022
$124,284
69,903
69,903
69,903
purchased during year
Profit & loss surplus.
.
_
of capital stock
outstanding (no par) .
______
$103,157
Shares
Earns. per sh. on cap.
x After
deducting
y
69,903
$0.30
$2.10
J.ll
stk.
all manufacturing and other charges and
Excludes capital surplus of
Nil
expenses.
$25,000.
Consolidated Balance Sheet
June 27 '35
6,074,473
&c
chinery,
1,450,429
236,785
Cash
1st
9,838,344
1,423,858
40,913
450,642
1,271,068
Inventories
in
Cash
Shawini¬
gan Cotton Co.
Mtge. & coll. tr. 7s
509,903
1,422,006
Res. for sink, fund
of
hands
1,793,500
714,500
431,500
301,601.
734,000
474,000
266,651
Mills,
Ltd
1st mtge.
(less
reserve)
758,500
6s, St.
Valley
Cotton
Accounts and bills
receivable
mtge.
Maurice
4,192,240
1,726,100
1st mtge. 6s
ings, plant, ma¬
Investments
$
4,192,240
748,500
Capital stock
x
June 30 *34
$
Liabilities—
•" $
$
Assets—
June 29*35
June 30*34
Real estate, build¬
443
Min. int. in sub. co.
trustee for bond¬
4,868
204,432
holders
3,570", 159
Deprec'n reserve
14,602
221,242
Accts. & bills pay.
133",769
Raw cotton accepts
Deferred charges..
256,576
214,248
304,250
150,000
Bank loan(secur'd)
Def'd liab. for ma¬
chinery
78,133
59,727
192,421
20,175
500,000
160,822
purch
Oper. exp., wages,
&c
taxes,
Bond int. accrued-
General reserve
Capital surplus
Earned surplus—
Represented by 69,903 shares of no par
x
21,750
500,000
25,000
271*022
371,739
9,692,697 13,470,869
Total
9,692,697 13,470,869
Total
value.—V. 141, p. 4029.
Washington Oil Co.—-50 Cent Common
Dividend—
dividend of 50 cents per share on the
10 to holders of record Jan. 7.
A
like payment was made on Oct. 15, last, as against 75 cents paid each three
months from Jan. 10 1935 to and including July 10,1935; $1 paid on Oct. 10
1934; $2 on July 10 1934; $1.50 on April 10 1934 and $1.25 per share on
Jan. 10 1934.
Quarterly distributions of 25 cents per share were made on
Dec. 20 1932, March 20 and June 20 1933.—V. 141, p. 2449.
The directors
common
declared
have
a
stock, par $25, payable Jan.
Waukesha Motors
Co.—Obituary—
H. L. Horning, President of the company, died on Jan.
J. E. De Long, Vice-President and Genera] Manager,
6.
will continue in
position as chief executive.
A management committee will be in
charge of the plant until a successor is named for the late Mr. Horning.
The board members said that the successor to Mr. Horning will be named
at the stockholders' meeting next August.—V. 141, p. 3877.
this
Supply Co.—Sales—
Western Auto
Month
1935
$1,114,000
995,000
1,372,000
of—
January.__
February
1,114,000
1933
$666,862
651,000
670,000
1,137,000
873,000
1,476,000
'1,156,000
1,884,000
1,666,000
1,382,000
1,950,000
2,120.000
1,455,000
1,534,000
-
1,590,000
1,835,000
1,493,000
1,316,000
1,240,000
1,100,000
1,173,000
June
July
August
-
-
September
October
November
1,680,000
1,976,000
December
Total
1934
$870,000
882,000
1,460,000
1,636,000
-
May
1,574,000
1,637,000
1,986,000
1,319,000
1,324,000
$19,213,000 $17,267,000 $12,873,000
12 months.
—V. 141, p.3877.
Western
Maryland Ry.—Earnings—•
—Third
(est.)...
140.
Gross earnings
—V. 142, p.
Week of Dec.
1Q8 5
VorinJ
States from the
Canada do not include excise taxes whereas in the United States such taxes
Wabasso Cotton Co.,
The company
and that of its subsidiaries.
April.
JDepreInterest
and Common Stock—
Stock Exchange has authorized the listing of 460.818
dividend redeemable preference stock (no par) which
are issued and outstanding, and 660,000 shares of common stock (no par)
which are issued and outstanding, with authority to add 164,140 shares of
common stock on official notice of issuance from time to time upon con¬
version of the 10-year 4M% convertible debentures, due Dec. 1
1945.
—V. 142, p. 139.
New York
March.
Earnings—Years Ended Aug. 31
Aug. 31-
Listing of Preference Stock
The
shares of cumulative
was
1890 it
various countries in Europe, Asia, Africa and Australasia.
Hiram Walker & Sons Distillers, Inc., was incorp. in Delaware on Nov. 15
1933 and owns all of the capital stocks of the companies in the United States
[Giving effect
313
Financial Chronicle
Volume 142
Western Pacific
The trustees have
$384,128
19*34
Jan. 1 to Dec. 31
1Q85
10*34
$321,703 $14,786,287 $13,883,275
RR.—Improvement Program—
submitted to Federal District Judge A.
F. St.
Sure
application for permission to spend $3,700,000 on road and equipment.
Work is to be started as soon as approval is given and is to be completed by
fall is possible.—V. 142, p. 140.
Western Public Service Co.
Period End. Nov. 30—
Gross earnings
Operation
Maintenance
Taxes
Interest & amortization.
Balance
(& Subs.)—Earnings—
1935—Month—1934
$179,761
$162,083
96,619
86,303
10,379
10,388
15,330
28,758
14,142
29,899
$28,673
$21,350
Appropriations for retirement reserve
Preferred dividend requirements
Balance for common dividends and surplus
-V. 141, p. 3706.
1935—12 Mos.—1934
$2,041,149
1,062,520
116,038
186,782
349,293
$2,011,318
1,047,980
90,292
181,577
367,084
$326,513
209,000
119,451
$324,384
202,250
119,449
def$l,937
$2,684
*
314
Financial Chronicle
White
Sewing Machine Corp.—To Reduce Funded Debt—
The directors have decided to
reduce the funded debt by paying
15 the remaining 10-year
off on
sinking fund 6% debentures then due.
As
November, 1935, about $1,186,000 was still outstanding.
The bonds
will be retired from funds
principally obtained through collections on old
and Burr &
Jan.
of
instalment accounts.
After retirement
funded debt will consist only of an issue of participating
sinking fund 6% debentures due Nov. 1
1940, of which about $1,100,000
are still
outstanding.
The company has no bank loans.
As of November
last the company
had cash
on
hand and
Government
securities of
$1,608,199, against $1,643,839 at the end of November 1934.
The retirement will eliminate
$10,000 monthly sinking fund requirements.
11 Months Ended Nov. 30—
1935
1934
Sales.
$3,576,847
122,922
_____
Net loss after charges
:
As of Nov. 30 1935 current assets
$212,939.
Total assets
were
$3,228,806
175,284
were
$3,018,626. and current liabilities
$4,709,940 —V. 141, p. 3089.
Wickwire Spencer Steel Co.—Permitted to Advertise Plan
Judge Knight in Buffalo Federal District Court on Jan. 6 signed a decree
permitting the bondholders protective committee to present its reorganiza¬
tion plan to
security holders through advertisement in the newspapers.
The decree also permitted the
group which has submitted cash bids for the
company similarly to present their proposition to
security holders.
A period of 30 days after the
appearance of the advertisements is permitted
to security holders to
express assent or dissent to the bondholders' com¬
mittee's plan, which the court
already has declared fair and equitable.
A similar period is extended for
assents
or
dissents to the cash bid
proposition.
The
latter, which was presented first in New York with an offer of
$5,700,000 and later at Buffalo with one
reported at approximately $6,800,000, may involve the issuance of new bonds
together with certain cash
payments, it is understood.
Schatzkin, Loewi Corp. is reported to be the
bidders.—V. 142, p. 140.
Willys Overland Co.—Receiver Would Keep Plant Open
Pending Completion of Reorganization Plans—
David R. Wilson, receiver, has filed ah
application in U. S. District
Court at Toledo for permission to make
15,000 additional cars to keep the
plant open pending completion of reorganization
plans announced last
month.
Judge George Hahn set Jan. 20 as the hearing date.
At the last authorization for
10,000 cars he granted July 29. Judge Hahn
warned that it was the last
manufacturing order he would grant and that
the company must be
liquidated or reorganized.
The new application is
expected to be opposed by a group of creditors which contested the
previous
authorization.
—Formation
1,300 of its
equivalent of back
payments to the pension plan a cash sum of more than
$800,000.
The
program was effective Jan. 1.
The company and employees contribute on
a
50-50 basis.
The program provides for
employees to be retired at 65.
Pension will
depend upon the length of service and
average wage during that period.
When an employee retires he will receive
a monthly pension as
long as
he lives.
In the event an
employee dies or leaves the company's employ¬
ment before
reaching the pension age, he or his beneficiary will get the full
amount he has paid plus
3% compound interest.—V. 141, p. 3707.
was
announced, earlier in the week, of the Stock Exchange
with John E. Arrowsmith, F. Donald Arrow-
smith and
Harry Hurt, member New York Stock Exchange, as partners,
with headquarters at 120
Broadway, New York. David E. Fraser is in
charge of the trading department.
John E. Arrowsmith until
recently was Secretary and Treasurer of
Alstyne,
Noel
&
Co.
and
previously
sales manager
was
Van
Jersey correspondent of the
New
Bankers Trust Co. in the bank's office in Newark.
F. Donald Arrowsmith
of Wertheim & Co. and formerly assistant sales manager
in the bond department of the Bankers Trust Co.
Mr. Hurt
recently
was
partner in the firm of Sweetser & Hurt and previously conducted business
a
as
individual floor trader.
an
The
firm will conduct
new
deal in U.
—The
S.
general commission business in securities and
a
government and general market issues.
14th
of
edition
"Manual
of
published by Farr & Co., brokers in
N.
Y.
City.
This
booklet
of
128
Companies"
Sugar
raw
just been
has
and refined sugar, 90 Wall St.,
pages
statistical
contains
other
and
information of reference value for those interested in the sugar industry.
Numerous
statistical
edition, such
features
compared with two previous
for
previous
or
manuals
are
retained
this
in
the 11-year record of world sugar production by countries,
as
years;
world sugar consumption by countries
1933-34 with per capita statistics for three years, and other data on
production,
sugar
yields,
prices,
consumption,
distribution,
The
&c.
number of miscellaneous companies outlined has been increased, due to the
addition of certain Puerto Rican, Philippine and other sugar companies.
—Expanding its personnel and activities for the coming
Inc.,
announces the election of
of the
year,
Burr & Co.,
Douglas V. Macpherson, heretofore Manager
Municipal Department,
Vice-President.
as
The New
York sales
department has been increased with the association of P. J. Ryder, J. G.
Hodge and E. D. Blake.
Edward V. Stryker, who formerly had his own
firm, has joined the public utility trading department.
Jesse
Briegel and A. M. Towner
New Business
Two
the
new
Sales
—Two
Department.
suburban
New
York
Realty
apartment
Investors
Inc., 150 Broadway, New York.
over
year
Koehler
has been
properties
Service
the subjects of
are
of Amott,
Baker
Co.,
&
The Harding Court Apartments, Forest
95% of Its apartments occupied
on
Nov. 1 and earned at the
2.7% for the 10 months ended Oct. 31 1935.
For the entire
1934, the comparable percentage was 2.8%, while for 1933 there
slight loss after taxes.
a
while T.
department of the Chicago office.
compiled by
Hills had
D. Ledogar.
augment the
salesmen, A. N. Winslow Jr., and A. G. Marshall have joined
added to the trading
reports
E.
nave come with the firm to
Department of the Boston office,
annual rate of
(William) Wrigley Jr. Co. -—Pension Plan—
The company has announced a
pension plan for more than
employees and has paid the Aetna Life Insurance Co. the
with George H. Burr & Co.
years
Co., Inc., will be associated with King, Crandall & Latham as
firm of Arrowsmith & Co.,
About
1,700 workers are now
employed turning out 300 cars weekly
only 3,000 remain to be made of the last 10,000-car authorization
must be completed
by March 1, according to the court order.
A
new grant would extend
operations until about Dec. 1.
Empire Securities, Inc., a Delaware
corporation, recently made an
offer to bondholders to
pay 70 cents on the dollar for bonds and to creditors
to pay them about 25 cents on the
dollar in a reorganization plan.
Incor¬
porators of the concern have declined to make
any statement concerning
the plans or the
progress the company is making.—V.T41, p. 4029.
1936
Secretary.
and
which
Jan. 11
Joseph J. McNamara, for the past 10
was
The Eton Hall apartment located in Eastchester
fo£the first 10 months of 1935 earned at the annual rate of 4.7% compared
to
2.5% for the preceding 11-months.
The trustee is
in control
of
the
The building is about 90% rented.
property under
a
plan of
readjustment
declared operative in March 1935.
—E. Allan Wyman and Elvin K. Popper have been admitted as
general
partners in the firm of I. M. Simon & Co.
as
of Jan. 1 1936.
Mr. Wyman has been with the firm since 1928.
He is the grandson of
Edward Wyman for whom Wyman School, 1547 South Theresa is named,
CURRENT
and the
NOTICES
son
of the former Postmaster, Frank Wyman.
He graduated from
Smith Academy in 1903 and from Amherst College in 1907.
—Reginald C. Foster, of Boston, for the last
six years manager
London office of Spencer Trask &
Co., has become
.He will remain in London.
a
of the
heavy artillery in the
E.
F, and
was sent almost
immediately to the front.
Because of his
ability to speak both French and German, he was later
assigned as a liaison
officer with the French troops.
Following the Armistice, he served
Commission and
was
sent on a
He
is
6233
has been with the firm since 1927.
of the secretaries to the Peace
country.
member
member
of Westwood
Country Club, is married and resides
—Howard &
at
.
Robbins, Inc., 115 Broadway, New York, has prepared
a
brochure containing two lists of bond suggestions, one for investment and
included in the two lists.
—Bertram Blaw has joined the staff of
Newburger, Loeb & Co., members
He is assistant
manager
of the firm's
branch office at 500 Fifth Ave., New York.
new
special mission to investigate conditions in
Later he was appointed one of the four
members of the American
Commission to Germany where he remained until
diplomatic relations were
a
graduated from
High School in 1918, and from Washington University in 1921.
a
Northwood Ave.
of the New York Stock Exchange.
as one
He
the other for speculation, with a brief description of each of the 20 bonds
—Whitlock Smith & Co., members of the Detroit Stock
Exchange with
Poland.
resumed with that
Popper
Soldan
A
A.
Mr.
member of that firm.
graduate of Harvard University in the class of
1911, Mr. Foster has
had considerable European
experience.
In 1915 he went to Switzerland for
the Rockefeller Foundation's war relief
project and gave special attention
to the program for
feeding children in Poland.
When the United States
entered the war he was commissioned a
lieutenant of
He is
of the Noonday Club, is married and resides at 7160 Washington Ave.
offices in the Penobscot Building, Detroit, announce that Hal H. Smith Jr.
has been admitted to partnership in their firm.
Mr. Foster then retuAed to this
country and joined the staff of Spencer
Trask & Co., later going to London for
the Bankers Trust
Company of
New York. In October 1929, he
rejoined Spencer Trask & Co. and organized
a London office for that firm.
His work since then in London is
recognized
—John E. Sloane & Co., 41 Broad St., New York, have issued their
monthly summary o fearnings of 88 railroads for the first 11 months of 1935,
by his admission to the firm.
Co. and the National Radiator Corp. has been
prepared by C. E. Unter-
Mr. Foster becomes the 37th
partner since the firm
was
formed
May 2
1881, by the late Mr. Trask with George Foster
Peabody of New York,
on
W. A. Graves of Albany and Caleb F. Fox of
Philadelphia as his original
partners.
There now are 13 general and two limited
partners in Spencer
Trask & Co.
—Expansion of activities by Shaw, Glover & Co., dealers in
municipa
bonds, through the inauguration of a corporation bond
department has
been announced.
Coincidentally it was announced that Hamilton C. Keller and Francis B.
Bowen has become associated with the firm in
executive capacities.
Mr. Keller has been appointed a Vice-President of
the firm in charge of
retail sales. He Will head the activities and
development of the new corporate
bond department.
For the past several years Mr. Keller has been
engaged in the investment
business in Los Angeles and Chicago.
Until recently he was connected
with a well known Southern California bond firm.
Mr. Bowen has been active in the
municipal bond business for
and also
was
recently associated with
one
some
time
of the oldest
Spring St. firms.
The firm was founded in October 1933
by Henry P. Shaw who has been
prominently identified with the investment business in
Chicago and Los
Angeles. W. Wayne Glover became a member of the firm in 1935.
•—-A
firm, King, Crandall & Latham, Inc., has been formed to suc¬
the business of King & Crandall, and to underwrite
and distribute
new
ceed to
industrial securities, specializing in chain store issues.
at
70 Pine St., New York.
Their offices will be
Harry O. Latham, who joins the
formerly was with Burr &
Co., Inc.,
and is
a
director
of
a
new
firm,
number
of
companies.
Edward C, King and Noble Crandall for many years were
partners in the
firm of George H. Burr & Co., and organized
King & Crandall in 1931.
With the association of Mr, Latham, an expansion of activities is
con¬
templated.
fords,
Mr.
King is
a
director of New Haven Clock Co. and BiCK-
Inc.; Mr. Crandall is
Mr. Latham is
a
on
the
director of the G. C.
board of Neisner Bros.,
Inc., while
Murphy Co., New Haven Clock Co.,
Vogt Manufacturing and Roses 5, 10 & 25 Cent Store's, Inc.
which is available to brokers and dealers.
—An
analysis of the Sylvania Industrial Corp., Climax Molybdenum
berg & Co., 61 Broadway, New York.
—Harriman
a
as
&
Keech
announce
that
Francis A. Weismann has retired
general partner and Oliver Harriman, heretofore
has become
a
a
general partner,
special partner.
—Newburger,
Loeb
Co.
&
have
opened
a
branch office at
500
Fifth
Ave., New York, under the management of Bertram E. Goodman, resi¬
dent partner.
—R. W. Pressprich & Co., 68 William St., New York, have
prepared a
of railroad, industrial and public utility bonds,
list
to
yielding from 2.50
5.80%.
—Munds, Winslow & Potter, 40 Wsll St., New York, have prepared
special study of Allerton New York Corp.
due 1947.
first mortgage 5H %
a
bonds,
(
—J. Earl Finnigan, Spencer Gooding and N. E. Horner have been
elected
Vice-Presidents, and O. D. Griffin, Assistant
Co.
Secretary of Lord, Abbett &
Inc.
—Hulburd, Warren & Chandler, 208 S. La Salle St., Chicago,
announce
that Atkinson W. Withrow has been admitted to
partnership in their firm.
—William P. Lehrer has joined the staff of Brown,
was
Young & Co., Inc. He
formerly with Alpha Distributors, Inc. and Henry L. Doherty & Co.
—Bacon
Whipple & Co., 135 S.
La Salle St., Chicago,
that
announce
William F. Gleason Jr. has been admitted to
partnership in their firm.
—B. J. Van
Ingen & Co., Inc.,
announces
that Thomas Rutledge, for¬
merly of the Montclair Trust Co., has become associated with them.
—Earle A. Miller has become associated with Williams,
Bailey & Benja¬
min in charge of their public utility preferred stock
department.
—Jenks, Gwynne & Co., 65 Broadway, New York, have issued
containing
a
a
folder
brief analysis of the principal airplane companies.
—Alfred Q. Neil has oecome associated with the
trading department of
Robinson & Company, Inc., 120 South La Salle
St., Chicago.
—C. G. Novotny & Co., Inc., 80 Broad St., New
York, has issued
of State and municipal bonds yielding from
3.80% to 5.63%.
a
list
315
Financial Chronicle
Volume 142
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Jan. 10 1936.
Coffee—On the 4th inst. futures closed 10 to 17 points
higher for Santos contracts, with transactions of 30,000 bags.
Rio contracts were less active, with sales of 2,250 bags.
Rio
prices ended 9 to 10 points higher.
Rio de Janeiro
were 100 to 150 reis lower, while the open market
futures
exchange rate improved 200 reis to 17.85 milreis to the
dollar.
Saturday c. & f. offers from Brazil were 5 to 20
points lower, with the inside price on Santos Bourbon 4s
at 8.15c. against 8.05c.
Havre futures were 1^ to 1%
francs higher.
On the 6th inst. futures were active and closed with
Santos contracts unchanged to 5 points higher, with trans¬
actions of 33,000 bags.
Rio contracts closed 1 lower to
3 points higher, with sales of 9,250 bags.
Rio de Ja neiro
futures were 50 to 125 reis higher, while the open market
exchange rate was 70 reis improved at 17.78 milreis to the
dollar.
Cost and freight offers from Brazil were about 5
points higher with Santos 4s 8.00 to 8.25c.
On the 7th inst. futures closed 6 to 11 points lower for
with transactions of 9,250 bags.
Rio
points lower with transactions for the
day of 2,250 bags.
Rio de Janeiro futures were 50 higher to
25 reis lower, while the open market exchange rate was 150
reis weaker at 17.93 milreis to the dollar.
Cost and freight
offers from Brazil were unchanged to 10 off with Santos 4s
offered as low as 7.90c. and as high as 8.50c. depending on
description.
Havre futures were 1 to 2 francs lower.
On the 8th inst. futures closed unchanged to 7 lower for
Rio contracts, with transactions of 3,500 bags.
Santos
contracts closed 3 lower to 3 higher, with trades of 17,750
bags.
Rio de Janeiro futures were 75 to 125 reis lower,
while the open market exchange rate was 20 reis lower at
17.95 milreis to the dollar.
Havre futures were unchanged
Santos
contracts,
contracts closed 8 to 9
to
V franc lower.'
On the 9th inst. futures closed 4
points higher to 5 lower for
Santos contracts, with transactions of 29,000 bags.
Rio
contracts closed 1 higher to 4 lower, with transactions total
ing 9,000 bags.
Rio de Janero futures were unchanged at
the close after losses of 50 reis at the opening, while the open
market exchange rate was 50 reis lower at 17.9 milreis to the
dollar.
Santos
were
3-5s. at from 8.10 to 8.45c.
The local
steady. Havre futures showed gains
To-day futures closed 1 to 2 points down
spot market was fairly
of 3^ to iy
francs.
for Rio contracts and
unchanged to 5 points
contracts.
Sales of Rio
coffee
up on
Santos
Sales of Santos
108 contracts.
were
Rio coffee
were
44 contracts.
prices closed as follows:
5.05
4.751 September
4.88 December
4.98|
March..
May
July
Santos coffee
5.08
8.27 [September
8.26 December
__8.25|
May
July..
8.23
j
Cocoa—On the 4th inst. futures closed with gains
8.25
of 3 to 4
points.
Sales for the short session were 40 lots, or 536 tons.
During the past week there had been a quiet steady demand
from manufacturers, and this was responsible to a large extent
for the market's firmness and strength.
New York ware¬
house stocks declined 1,690 bags on Saturday.
Closing:
March, 5.00; May, 5.07; July, 5.15; Sept., 5.24.
On the 6th
inst. futures closed 1 to 2 points lower with sales of 99 lots, or
1,327 tons.
The Supreme Court decision had little or no
effect marketwise, the cocoa situation in no way being under
the influence of the Agricultural Adjustment Administration.
Closing:
Jan., 4.93; March, 4.98; May, 5.05; July, 5.14;
Sept., 5.22; Dec., 5.34.
On the 7th inst. futures closed 1 to 2
points higher.
Outside speculative activity was very light.
The bulk of the buying came from manufacturers, who in
turn report unprecedentedly good demand from the public
for chocolate products.
Transactions totaled 36 lots, or
482 tons.
Closing:
May, 5.07; July, 5.15; Sept., 5.23;
Dec., 5.35.
On the 8th inst. futures closed unchanged to 3
points higher.
There was heavy buying of actual cocoa by a
large manufacturer, which accounted for the firmness of the
spot market.
New York warehouse stocks showed a reduc¬
tion of 5,279 bags, bringing the total down to 771,362 bags,
or the
smallest figure since July 1933.
Volume of trans¬
actions for the day on the Cocoa Exchange was 115 lots, or
1,541
On
lower.
tons.
inst. futures closed unchanged to 2 points
Manufacturers were still reported as substantial
the
9th
buyers of actual cocoa and chocolate products. Transactions
in futures totaled 69 lots or 925 tons.
Closing: Jan., 4.96;
Mar., 5.01; May, 5.09; July, 5.16; Sept., 5.23.
To-day
this strength reflecting the
demand for spot cocoa on the part of manufacturers.
Wall
Street buying was in evidence for the first time in several
weeks.
Closing: Mar., 5.05; May, 5.13; July, 5.20; Sept.,
5.26; Dec., 5.35. Sales 86 contracts.
futures closed 2 to 4 points up,
was a rally from the maximum break in the earlier
trading of 23 to 24 points.
This heavy break wiped out
the opening gains of 5 points.
Trading for the day totaled
790 lots, or 39,500 tons.
This was the heaviest volume of
trading this market has experienced in some months.
The
Supreme Court decision, of course, played its part in the
decline, there being considerable uncertainty as to the final
effect of this document and just what the Government's
future policy will be.
On the 7th inst. futures closed 12 to 13 points higher,
which
after
one
of the wildest sessions
in
many years.
Trading,
which totaled 1,464 lots or 73,200 tons, was the heaviest in
several years.
This extraordinary activity was directly due
a statement made by Secretary of Agriculture Wallace,
declaring it to be his opinion that Monday's Supreme Court
decision on the AAA did not affect the validity of the sugar
to
quotas established by the Administration.
The Secretary's
statement added that the Cuban sugar duty would remain
unchanged at .90c. per pound.
As soon as this statement
issued, prices shortly afterward advanced 25 points
above the lows of the day, but subsequently eased on profittaking by the speculative element.
On the 8th inst. futures closed 2 to 6 lower.
Total sales
was
781 lots, or 39,050 tons.
In spite of the assurances of
Secretary of Agriculture Wallace concerning the immunity
of sugar quotas, the trade apparently wants something more
than a personal opinion; and in the absence of an official
declaration from Washington as to the definite position of
sugar following the Supreme Court decision, traders are in¬
clined to be cautious.
It is the belief of some that quotas
might not continue throughout the year.
On the 9th inst. futures closed 2 to 3 points lower. Trading
quieter with transactions totaling 14,150 tons.
Pressure
No sales were reported
in the raw market.
Offers on duty free sugars ranged from
3.25 to 3.30.
Refined remained unchanged with locals
was
the distant months continued.
on
taking business for prompt delivery at 4.75c.
The London
market was steady though futures showed declines of y to
To-day futures closed unchanged to 2 points up.
market a sale of 1,000 tons of Philippines from
store was reported made to Arbuckle at 3.15 c., unchanged.
To-day Cubas from store were offered at 3.15c., while duty
free sugars were held generally at 3.25c.
iyd.
In the
prices closed as follows:
March
Sugar—On the 4th inst. futures closed 1 point lower to
higher.
Trading ljght, totaling 16 lots or 800 tons.
Sugar interests naturally were deeply interested in the forth¬
coming Supreme Court decision in view of its possible bear¬
ing on the Jones-Costigan Act and the sugar processing tax.
Therefore, trading was greatly curtailed on the eve of this
important decision.
In the raw market no* sales were
reported.
Offers of duty-free sugars at 3.30c. were said to
total from 30 to 40,000 tons.
Refined prices were un¬
changed with the market quiet.
In London the market
was quiet and steady at yd. higher to yd. lower.
On the 6th inst. futures closed 16 to 18 points lower,
1 point
raw
Prices
were as
follows:
2.14
--2.08
--2.10 January
July
March
-
2.07 May
2.13
September
2.15
November
5 points lower.
Trading was very
Lard—On the 4th inst. futures closed 2 to
Loose and cash lard stood
unchanged.
Hogs were easier.
Like in most commodity markets,
traders generally were vitally concerned in the forthcoming
Supreme Court decision and its effects.
On the 6th inst.
futures closed 12 to 23 points lower.
Cash lard dropped 10
points, but loose remained unchanged.
While the Supreme
Court decision on the Agricultural Adjustment Administra¬
tion had its effect, the real bearish factor in this sharp decline
was the heavy run of hogs.
Western hog run rose to 100,000,
which was over 20,000 in excess of last year's receipts for some
period.
Hog prices naturally were easier and lower.
Cash
lard closed at 11.47; and loose at 11.00.
On the 7th inst.
futures closed 2 to 7 points up.
Cash lard showed a gain of
3 points, while loose was down 13 points.
The advance in
hogs had a stimulating effect on lard prices.
Hogs advanced
60 to 85 points, reaching a level of $9.65 to $10.35.
The
Western hog run was 71,600 head against 101,763 on Monday
and 71,900 a year ago.
Chicago receipts were 23,000 and
to-morrow's estimate is 25,000.
On the 8th inst. futures
closed weak with declines of 22 to 33 points, the lows of the
light.
day.
This weakness was ascribed to the sharp drop in the
price of hogs, which fell 15 to 35 points.
At the close the
hog price range was $9.40 to $10.35.
Cash and other lard
weakened, and a number of hog products followed suit.
The
selling pressure came largely from the short interest.
The
new situation as a result of the Supreme Court decision, was
also a factor in the day's developments.
The Western hog
run was
117,300 against 66,776 the day before.
Chicago
received 28,000 against an official 26,129 the day before.
On the 9th inst. futures closed 15 to 27 points lower due
to
liquidation
and
speculative
selling
prompted by the
316
Financial
elimination of the processing tax and the general confusion
and
uncertainty as to what the Government will do to cope
with the situation
resulting from the AAA decision.
Closing
hog prices were unchanged to 10c. lower, the top price at
Chicago was $10.05 and the bulk of sales ranged from $9.65
to $9.95.
Total receipts at the principal Western markets
were 99,000
against 60,000 for the same day a year ago.
Liverpool large futures closed easy at 6d to 9d lower.
To-day
futures closed 5 to 10 points up in sympathy with the firmness
of wheat.
DAILY CLOSING PRICES OP LARD FUTURES IN CHICAGO
January
11.52
Mon.
11.40
Tues.
11.47
Wed.
11.22
Thurs.
10.95
Fri.
11.10
May
July
11.75
n.62
11.75
11.52
11.70
11.55
11.42
11.22
11.25
11.05
11.35
11.15
Sat.
Pork—Firmer;
$36.37 per barrel; family, $36.37,
nominal per barrel; fat backs, $29.37 to $37.37 per barrel.
Beef firm.
Mess, nominal; packer, nominal; family, $22 to
$23 per barrel, nominal; extra India mess, nominal.
Cut
Meats quiet; pickled hams, picnics, loose, c.a.f., 8 to 10 lbs.
1534c.; 6 to 8 lbs., 1534c.; 4 to 6 lbs., 1534c.; skinned, loose,
c.a.f., 14 to 16 lbs., 22%c«; 18 to 20 lbs., 20c.; 22 to 24 lbs.,
17%c.; pickled bellies, clear, (Dry Cured) f.o.b. New York,
6 to 8 lbs., 24c., 8 to 10
lbs., 2334c., 10 to 12 lbs., 22 %c.;
bellies, clear, dry salted, boxed, N. Y.. 14 to 16 lbs., 19c.;
18 to 20 lbs., 1834c.; 20 to 25 lbs.,
1834c.; 25 to 30 lbs., 1834c.
Butter, creamery, first to higher than extra and premiums,
33 to 3434 lbs.
Cheese, state, whole milk, held, 1934 specials,
22 to 23c.;
held, 1935, fancy, 20 to 2034c.
Eggs, mixed
colors, checks to special packs, 20 to 28c.
Oils—Linseed
mess,
in small demand with tank
was
$4.95 to $7.15.
Cottonseed
Oil sales,
January
February
including switches, 161 contracts.
Prices closed as follows:
10.00@ 10.14 May
June
10.00@
10.16@
July
.10.15®
August
March
April.
10.15@10.18
10.15@
10.15®
10.15@10.30
Rubber—On the 4th inst. futures closed 1 to 3
points up,
transactions totaling 400 tons.
Spot ribbed smoked
sheets in New York remained unchanged at 13.56.
London
with
closed
steady, with prices unchanged to l-16d. decline.
Singapore closed steady, with advances of 1-32 to 3-32d.
Closing: Jan., 13.58; Mar., 13.78; May, 13.93; July, 14.07;
Sept., 14.22.
On the 6th inst. futures closed 8 to 14 points
higher, with transactions of 3,290 tons.
Spot ribbed smoked
sheets in New York advanced 14 points to 13.70.
During
day 70 tons were tendered for delivery against January
contracts.
London and Singapore closed steady, with prices
the
on the former
l-16d. higher and those on the latter un¬
changed.
Closing: Jan., 13.68; Mar., 13.89; May, 14.01;
July, 14.16; Sept., 14.34.
On the 7th inst. futures closed
3 to 8 points higher.
Sales totaled 2,310 tons.
Spot
ribbed
as
smoked
sheets
against 13.70c.
in
New
York
advanced
to
13.75c.
Monday.
During the day 100 tons
were tendered for
delivery against January contracts. Lon¬
don and Singapore closed quiet and
steady respectively,
with prices showing slight advances.
Closing: Jan., 13.76;
Mar., 13.95; May, 14.09; July, 14.25; Sept., 14.40; Oct.,
14.47.
On the 8th inst. futures closed 10 to 13
points above
Tuesday's final levels.
Transactions totaled 4,101 tons.
Spot ribbed smoked sheets in New York advanced to 13.93
as
on
compared with 13.75
on Tuesday.
The London rubber
steady, with prices unchanged to l-16d.
higher.
The Singapore rubber market was quiet with prices
closing unchanged to l-32d. lower.
Closing: Jan., 13.88;
Mar., 14.05; May, 14.21; July, 14.35; Sept., 14.50; Dec.,
market
closed
14.73.
On
the
9th
Transactions
inst.
futures
totalled
closed
7
to
10
points
lower.
2,590
tons.
Spot ribbed smoked
sheets in New York declined to 13.81 as against 13.93 on
Wednesday.
Some 190 tons were tendered for delivery
against January contracts.
London closed barely steady
prices unchanged.
Singapore closed steady with
advances of 1-32 to l-16d.
Closing: Jan. 13.80; Mar. 13.96;
May 14.11; July 14.27; Sept. 14.42; Oct. 14.50; Dec. 14.64.
To-day futures closed 12 to 25 points higher, with sales of
223 contracts.
Closing: Jan. 13.94; Mar. 14.11; May 14.36;
July 14.39; Sept. 14.55; Dec. 14.79.
with
Hides—On the 4th inst. futures closed 12 to 13
points up,
pounds.
The market for spot hides
more activity, with total sales of about 105,000 hides.
Light
native cows were selling at 11% cents and heavy native
steers at 15 cents, these prices showing no change from last
sales.
In the Argentine spot market, 4,000 frigorifico steers
sold at 14% cents, up %c.
Closing: March, 12.15; June,
12.48; Sept., 12.80; Dec., 13.10.
On the 6th inst. futures
closed 17 to 19 points lower after one of the liveliest sessions
the market has experienced in some little time.
Like most
all commodity markets it felt the reaction to the Supreme
Court decision.
Transactions for th^ day totaled 3,160,000
pounds. No business was reported in spot hides.
The stocks
Sales totaled 640,000
Jan.
11
1936
of certificated hides in warehouses licensed
by the Exchange
Closing:
March, 11.96; June, 12.31; Sept., 12.63; Dec., 12.93.
On the 7th inst. futures closed
unchanged to 2 points net
higher.
Transactions totaled 920,000 pounds.
At the open¬
ing, prices dropped 6 to 13 points, but subsequently rallied
and closed with losses virtually wiped out.
Stocks of cer¬
tificated hides in licensed warehouses remained unchanged at
936,456 hides.
Closing:
March,
11.97; June, 12*36;
Sept., 12.63; Dec.,
12.93.
On the 8th inst. futures
closed 5 to 10 points lower, with sales totaling 1,520,000
pounds.
Stocks of certificated hides in warehouses licensed
by the Exchange, decreased by 7,994 hides to a total of 928,decreased by 11,119 to a total of 936,456 hides.
462hides.
Closing: March, 11.87;June, 12.23;Sept., 12.58;
Dec., 12.88.
•'
On the 9th inst. futures closed 2 to 6 points lower.
Trad¬
ing was comparatively small with transactions totaling
1,200,000 pounds.
No sales in Chicago or New York packer
hide markets during the day.
Stocks of certificated hides
in the warehouses licensed by the Exchange, decreased by
3,772 hides to a total of 924,690 hides yesterday.
Closing:
March, 11.85; June, 12.17; Sept., 12.52; Dec., 12.82.
To¬
day futures closed 3 to 5 points higher with transactions
■
totaling 50 contracts.
Ocean
Freights
were
inactive.
Charters included:
Grain—Boston, Jan.-Feb., to Greece, 2s. 7XA&.\
booked a few loads New York to Mediterranean at 14c.
Scrap iron—
Prompt, Florida port to Genoa, $5.
Trips—West Indies round, $1.10.
Tankers—Gulf, January, to north of Hatteras, light crude, 33c.
Coal—Consumer
quoted
Quotations: China wood, tanks, January 14c.;
February 1334c.; March forward 12.8c.; drums, spot 14 to
1434c. Cocoanut, Manila tanks, January-June 4%c.; coast
December 434c.
Corn, crude, tanks, western mills 9J4 to
10c.
Olive, denatured, spot, Spanish 76 to 77c.; shipment
76c.
Soya bean, tanks, western 734°.; C. L. drums 9.6c.;
L.C.L. 10c.
Edible, 76 degrees 1034°. Lard, prime 1434°.;
extra strained winter
1334°. Cod, Newfoundland nominal;
Norwegian yellow 3834°. Turpentine 5134 to 5534c. Bosin
cars
at 9.4 to 9.6c.
Crude, S. E.; 8%c.
Chronicle
demand
in
the
domestic
market
was
reported steady.
Anthracite consumption lessened this
week, and Western retailers were taking less bituminous
domestic in the larger markets.
The rural trade generally
was active, broad and satisfactory in almost all directions.
Bituminous dumpings at New York on Monday totaled
about 450
cars.
Copper—The
copper
interests seemed rather glad that
the AAA has passed out of existence, it being the consensus
of
opinion that business will be stimulated and that
copper
will share in the improvement that is expected to follow.
It was pointed out that when the NRA was declared un¬
constitutional last spring there followed a marked improve¬
in copper sales, and this improvement continued
ment
throughout the
The continued rise in steel operations
development from the
standpoint of the copper industry.
One of the outstanding
items of the week in copper was the surprisingly large sales
in the domestic market on Monday, which amounted to
1,028 tons.
Domestic sales on Tuesday were reported at
442 tons, which brought the total for the month to 2,769
tons.
The European markets were much steadier this week
with prices ranging about 8.60c. to 8.65c. per pound c.i.f.
European ports are virtually unchanged from the close of
year.
is looked upon as another favorable
last week.
Tin—During the week trading was comparatively quiet,
price fluctuations moderate. Spot straits sold in small
lots at around 47%c. per pound. Early January went at 47c.
Very little interest in distant deliveries. Tin arrivals so far
this month have been: Atlantic ports 1,037 tons, Pacific
ports 10 tons. Tin afloat to the United States is 7,023 tons.
Stocks of tin in Commodity Exchange warehouses were the
with
same,
or
145 tons.
Lead—During the past week lead was reported as com¬
paratively quiet, with prices ruling about 4.50c. to 4.55c.
per pound, New York, and 4.35c., East St. Louis.
The
weakening of lead prices on the London Metal Exchange was
attributed largely to a falling off in the demand from Ger¬
many and to a disappointing demand from the British build¬
ing industry. However, the feeling in domestic circles is very
hopeful.
Should the T.V.A. be declared unconstitutional,
it is expected that substantial purchases of lead-covered
cable by the public utilities would follow.
Zinc—Price
continues
firm
at
4.85c.
per
pound,
East
St.
Louis, despite reports of resale zinc under that figure
earlier in the week.
Trading while very quiet is not stagnant.
The American Zinc Institute reported sales of prime western
for December delivery totaled 4,307 tons at the average
price of 4.851c. per pound, East St. Louis; for later delivery,
8,701 tons at 4.85c.
Steel—The
steel
output is reported as showing a sub¬
from the holiday slow-down.
Present
production is now placed at 51 % of capacity, which is a gain
of 3 points over last week.
Other important items of news
include the allocation of Atchisons' recent orders, opening
up of new furnaces by Inland Steel, and the placing of new
business by General Motors Corp. and other companies.
Another item of importance is the forthcoming purchase of
over 100,000 tons of steel by the
Pennsylvania Railroad for
the construction of 6,000 freight cars.
The demand from the
farm implement industry continues to increase, even though
the year just closed was the best since 1930.
stantial
recovery
Pig Iron—Demand was
light and confined to odd lots.
interests, especially
operations, which it
is felt will soon be reflected in the pig iron
industry.
Total
pig iron production in 1935 was 21,007,802 tons, compared
with 15,911,188 tons in 1934.
Pig iron interests are antici¬
pating considerable business in cast iron pipe because of the
as
Optimism still prevails among pig iron
in view of the continued rise in the steel
Volume 142
Financial
strong indications of extensive building revival.
Con¬
siderable pig iron will also be used for railroad equipment.
Wool—The wool situation at the present time makes for
considerable cheerfulness on the part of the trade.
Present
unfilled orders assure continuous operations for at least
thirteen weeks, according to trade estimates.
According to
authoritative reports, the industry is employing 167,000
workers, and pay rolls are at the highest point since 1929.
Wool tops are now following the lead of wool, and the finer
grades are touching new high prices. The wool top exchange
has strengthened considerably.
Still higher prices are looked
for by many dealers.
Silk—On the 6th inst.
prices closed 2 to 4)^ cents above
Friday's final quotations.
Transactions totaled 1,460 bales.
Crack double extra in the spot market remained unchanged
at $2.04^.
The Japanese markets reopened after a week's
holiday, but there was nothing stimulating in the movement
of prices or the news.
Yokohama Bourse prices were 7 to
13 yen higher than previous close.
Grade D unchanged at
905.
Closing: Jan., $1.95^; Feb., $1.95H; Mar., $1.95)^;
Apr., $1.95; May, $1.95)^; June, $1.94)/£; July, $1.94)^;
Aug., $1,943^.
On the 7th inst. futures closed 1 to 23^c. higher.
Sales
were 400 bales for the day.
Crack double extra in the spot
market remained unchanged at $2,043^.
Trading in futures
was quiet.
There was nothing of interest in the news from
abroad.
Closing: Jan., $1.96)^; Feb., $1.9634; Mar., $1.97;
Apr., $1.96K; May, $1.9634; June, $1.96; July, $1.96)4;
Aug., $1.9534.
On the 8th inst. futures closed 34 to lc. up, with total
transactions of 510 bales.
The price of crack double extra
in the New York spot market advanced 134c. to $2.06.
The Yokohama Bourse closed 4 to 10 points advance, while
the price of Grade D in the outside market advanced 10 yen
to 910 yen a bale.
Yen exchange remained unchanged at
28)4.
Closing: Jan., $1.9734; Feb., $1.97)4; Mar., $1.97)4;
Apr., $1.97)4; May, $1.97)4; June, $1.97)4; July, $1.97;
Aug., $1.96.
On
the 9th inst.
future? clpsed 3 to 434c. down.
Sales
1,160 bales.
The price of crack double extra in New
totaled
York spot
market remained unchanged at $2.06.
Deliveries
against January contracts totaled 340 bales. The Yokohama
Bourse declined 4 to 12 points, while the price of Grade D ad¬
vanced 5 yen to 915 yen a bale.
Yen exchange advanced 34
to 29.
Closing: Jan., 1.93; Feb., 1.9434; Mar., 1.94; April,
1.94; May, 1.94)4; June, 1.94)4; July, 1.93; Aug., 1.93.
To-day futures closed unchanged to 134®. up, with sales of
51 contracts.
Crack double extra spot New York declined
3c. to $2.02.
Closing: Feb., 1.94)4; April, 1.94)4; May,
1.94)4; June, 1.94)4; July, 1.94)4; Aug., 1.93)4.
Chronicle
317
1,244
572
""774
"2",938
1,572
99
138
263
1,661
1,298
530
1,599
618
656
646
All others
"2",289
"2",055
"5",378
10.755
16,132
"5",591
Total this wk_
98,804
55,462
105,070
168,774
274,657
106,805
New
3,114
Orleans.
970
Mobile
Savannah.
Brunswick.
Charleston
_
Wilmington
the
__
Norfolk
Since Aug. 1__
Galveston
3,726
Tues.
Wed.
Fri.
Total
3,863
1,377
8,607
2,843
2,199
ending this evening reach a total
228,369 bales, of which 28,078 were to Great Britain,
40,175 to France, 32,223 to Germany, 6,946 to Italy,
89,853 to Japan, 2,966 to China, and 28,128 to other desti¬
nations.
In the corresponding week last year total exports
were 82,492 bales.
For the season to date aggregate exports
have been 3,712,954 bales, against 2,588,907 bales in the
same period of the previous season.
Below are the exports
for the week.
Week Ended
Jan.
10
Exports to—
1936
Great
Exports from—
Ger¬
Texas
City
—
Houston.
14,515
6,802
630
17~978
1,458
Charleston
250
Corpus Christi
5,937
"350
33,233
127
50
189
2,269
167
7,962
33
55
621
10.737
5.937
11,476
1,806
1,266
507
268
244
3
12
48
195
20
243
53
149
156
326
1,036
203
129
442
35,060
3,114
1,244
280
774
124
982
Savannah
Charleston
124
94
Lake Charles
Wilmington
Norfolk
Baltimore
48
23
28
62
99
154
14.963
27.441
16,462
19,665
6,680
530
935
359
Totals this week.
The
56
•
1,294
Total
Total
40,175
32,223
6,946
8,311
7,263
3,483
32,303
11,490
8,436
98,804
following table shows the week's total receipts, the
Aug. 1 1935 and stocks to-night, compared with
total since
last year:
1935-36
Stock
1934-35
Receipts to
Jan.
10
This
Texas
City
Houston.
_
„
_
L
Corpus Christi
Beaumont....
New Orleans
Gulfport
This
Week
Galveston
Since Aug
1 1935
Week
22,461 1,301,001
250
43,589
33,233 1,404,818
621
256,525
31,162
35',060 1,358,273
Since Aug
1 1934
1935
Exported to—
Great
Britain
Exports from—
GerFrance
101,442105,595
152,633109,149
Houston
Corpus ChristiTexas City
52,385
52,495
Lake Charles
_
I
150,066198,459
3,600
8,098
78,457 18,944
1,400
1~753
68,099
84,704
134,165
_
_
Mobile
Jacksonville
Pensacola
Savannah
Charleston
Japan
44,418
64,524
16,315
270,139
745
102~988
59,208
2,782
14,963
157~351
2~023
16~024
1,701
8,800
"783
773
731
732
55
16~,l89
13,841
591
_
554
80
Total
Total
1933-34.
229,652244,4431000,633 55,993404,4972588,907
841,931400,0691108,554156,983590,1704426,837
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
'
'
\
1
'
Galveston
Houston
New
Orleans.
_
7,600
6,462
27,953
4,900
1,335
4,583
3",273
"300
45,288
9,532
21,065
11,118
6,048
9,693
13,602
70,081
61,671
7,406
14,697 117,569
Total 1934
_
Speculation
active,
in
cotton
for
to-day
under
good
quite
foreign
buying
and
short
On the 4th inst. prices
scattered liquidation
closed 2 to 8 points lower.
There
during the short session, but these
appeared to be fairly well taken by the trade.
On the
whole, the market was a comparatively narrow and quiet
affair.
All
attention
centered
on
the
Supreme Court
decision to be handed down Monday.
There were not a
sales
"4",645
35",910
133
~77l
20,383
5,312
2,585
was
was
13,602
we
delivery
sharply under the Influence of
the Supreme Court decision which ruled the Agricultural
Adjustment Act unconstitutional.
Yet the market rose
1,294
55,462 3,305,654 2.594,636 2,904,891
future
2,900 142,989 2,451,647
1,850 86,507 2,818,384
4,500 167,524 3,693,480
but prices declined
1,599
comparison may be made with other years,
give below the totals at leading ports for six seasons:
"200
4,532
704,960
598,074
553,156
196,365
45,967
154,130
34,762
164,233
1
Total 1936-
530
N'port News, &c.
98,804 5,451,281
45,900
44,045
48,312
Other ports
how far
In order that
600
"200
...
67,829
32,826
26,263
3 0,525
Philadelphia
2,100
Norfolk
24,630
22,858
34,762
459
1,475
Stock
Savannah
Charleston
Mobile
46", 167
Baltimore
.
Total
"959
25,300
31,340
12,482
6,000
4,308
3,294
119,211
53,744
14,131
40,778
Boston
v
Leaving
wise
2",938
New York
>
Coast¬
193,195
55,291
17,639
28,667
Norfolk...
'
Other
few in the trade who felt that
99
"
Foreign
15,346
4,216
121,217
Wilmington
,'
Ger¬
9 9", 161
108
138
'
many
Britain France
20,167
4,299
196,365
124
'
Shipboard Not Cleared for—
158", 662
"774
165
In addition to above exports, our
63,942
6,488
101,447
Charles
66,096
417,867235,822
785,137543,993
1934-35.
Total
111",547
Lake
149,800
2,328
506,844210,4761045,772: 21,580581,112 3712,954
"970
Charleston
123,372
63,134
846,567,500,603
"209
Brunswick
2,826
2,324
2,797
*229
772,540
965,287
259,358
3,932
8,094
815,277
32,563
197,351
1,758
121,966
133,183
163,168
2,102
6,214
1,161
5,548
4,712
2,679
165
3,531
281,333
572
"562
l",656
_
327,797
134,858
1,244
2,030
6,318
6,694
688
77
Jacksonville
Savannah
3", 114
30~963
2" 730
10,353
Pensacola
Mobile
474
720
4~406
49
-
Francisco.
Seattle-
1
50
320
8,872
_
608
|
6,175141,030
12,339
18,064
430
"llO
1,111
Philadelphia
Los Angeles
309,750
64,130
2,109,
308
32,037,
31,660
22,309
2,102
3,408
Wilmington
Norfolk
6,021145,579
8,984190,464
400 44,804
150
5,744
35,960
Total
I China \ Other
Italy
99,346
129,783
28,829
"686
6~784'
Beaumont
_
many
470
Galveston
New Orleans
i
\
covering.
750,860
617,293
14,680
27,735
642,119 1,023,108
47,510
77,908
2,183
23,836
601,468
715,474
376
17,838 82,492
24,589 208,904
,
760,403
59,696
926,020
266,304
4,538
756,563
17,160
20" 166
78,646
1935 to
10 1936
sharply
1936
28,128 228,369
22,831
From
21,770
7,921
2,966
89,853
18,539
37,501
1934
894
165
28,078
1935
Total 1935
13.593
425
43
4,050
396
250
3,838
_.
New Orleans
Mobile
"442
941
165
Tota
San
50,091
11,410
3,162
3*671
5~,775
4,751
Norfolk.
Los Angeles
San Francisco-.
1
1,120
2,025
.
8,031
3,898
3,119
Mobile-
Jan.
8",507
29,439
25,029
5,045
894
New Orleans
Aug.
6*129
15~470
178
Beaumont
74,324
51,636
6,996
China'
Japan
3,275
9,678
7,583
"l02
Corpus Christi.
Total
5,212
11,281
1,141
1,641
Italy
many
10,180
Houston
22,461
—
5,615
France
Other
7,100
Britain
Galveston
Jan. 10 at—
1,882
457
1,433
of
Great
9,414
'
"2,972
5,451,281 2,305,654 5,592,961 6,113,990 6,809,369 7,031,658
On
Thurs.
"
The exports for the week
-
Mon.
•
Newport News
•
Sat.
Receipts at—
43,821
70,160
32,768
4,879
2,776
275
_
Boston
Friday Night, Jan. 10 1936.
Crop, as indicated by our tele¬
grams from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
98,804 bales, against 99,705 bales last week and 158,812
bales the previous week, making the total receipts since
Aug. 1 1935 5,451,281 bales, against 3,305,654 bales for the
same period of
1934-35, showing an increase since Aug. 1
1935 of 2,145,627 bales.
Movement of
19,813
36,936
19,992
8,220
11,391
71,680
60,744
104,999
12,471
4,103
1,535
1,222
1,125
17,160
13,841
16,189
Guflport
The
1930-31
1931-32
1932-33
30,576
27,588
36,145
1,187
1,468
22,461
33,233
35,060
New York
COTTON
1933-34
1934-35
1935-36
Receipts at—
Galveston
Houston
an
adverse decision had been
pretty well discounted.
However, the prospective decision
has been an overshadowing influence for a long time, and
reaching its effect will be, no one knows.
6th inst. prices closed 6 down to 11 points up
after a highly erratic session following the announcement of
the Supreme Court decision invalidating the Agricultural
Adjustment Act.
At first futures bounded sharply to gains
of $1.50 a bale, but subsequently lost these substantial gains,
some options showing net losses of $1
per bale.
Towards
the close the market rallied on shorts covering.
The great
question in the minds of the trade now, and the real over¬
shadowing influence, is just what will be done w.th both
On
the
Financial Chronicle
318
the holdings of spot cotton under the three
Producers' pool holdings of both spot and
loans and the
futures. The
grand total holdings of Government financed cotton are
figured at 5,090,095 bales of spots.
This in addition to
the 900,100 bales of futures held by the pool, makes a total
of
5,990,195 bales in all.
Another unsettling influence
appears to be the future policies for crop control.
New
York spot cotton closed steady, 3 points higher, with
middling uplands 11.82.
On the 7th inst. prices closed 25 to 36 points lower.
The
maximum decline for the day was 33 to 40 points.
The
aftermath resulting from the Supreme Court decision in¬
validating the AAA, reflects the far from hopeful feeling
concerning the stabilization of cotton prices.
This was
clearly evidenced by the heavy selling in the Liverpool
markets, where prices dropped sharply 18 to 22 points.
Liverpool and other foreign interests took a prominent part
in the selling here shortly after the opening.
There was also
considerable liquidation and selling by New Orleans and the
South.
The uncertainties now bothering the trade are the
action that will be taken by the Government to relieve the
highly unsettled state of cotton trade, and what the Govern¬
ment's future policy will be concerning its large holdings of
cotton, both spots and futures.
The spot markets held up
well in face of the pronounced weakness in futures.
A
noticeable feature in the market for futures was the widening
differences between the old crop months and the new, the
October discount under January registering 136 points,
while March at the close was 103 points over October.
On the 8th inst. prices closed 4 points down to 12 points
up.
At one time futures showed a maximum gain of 20
points.
The sharp break in the later trading was due largely
to reports from Texas that farmers generally were planning
to
increase their acreage.
Nothing official came from
Washington that could give the trade an idea just how the
Government intended to cope with the new situation, and
until it is definitely known just what can or cannot be done
under the new set-up, a feeling of great uncertainty is bound
to prevail throughout the trade.
There was quite a contrast
in the news from Liverpool as compared with the previous
day's developments in that market. Early cables showed
prices there 7 to 12 points higher.
Liverpool and other
foreign interests were reported substantial buyers in the
early session here, but this was met by selling from local and
Southern interests.
Later, selling became quite general, the
only support apparently coming from shorts covering.
On the 9th inst. prices closed 8 to 35 points lower.
At
one time futures registered a maximum decline of $1.75 a
bale, with pressure largely on the new crop months.
The
heavy liquidation was ascribed largely to the failure of any¬
thing definite in the way of a concrete plan to come from
official
result
more
Washington.
of
and
well
as
The confusion is widespread as a
collapse, and uncertainty is becoming
Futures—The
This uncertainty is reflected in foreign quarters
locally.
There was heavy liquidation throughout
Liverpool, prices there closing 14 to 15 points
houses were heavy
sellers in the domestic market.
An outstanding feature in
the local situation was the firmness of the January option,
The South, local operators and spot
which stood like
dation
that
a
rock of
struck
the
Gibraltar against the heavy liqui¬
As
market.
a
result
the
spot
The January-
month's firmness, wide differences developed.
October
of
time reached 183 points.
At the
close January was 170 points above October as against
a difference of 138
points on Wednesday.
One redeeming
feature
spread
of
Current
the
at
situation
is
the
continued
rise
in
exports.
3,797,700
total
bales, an increase of
1,122,697 bales over the corresponding period of last year.
To-day prices closed 7 to 25 points higher.
The sharp
rebound in cotton sent prices at one time to gains of 30
Jan.
points on some options.
A substantial portion of the
buying was for short account. There were several January
notices, but the position held firm.
Foreign interests were
also good buyers.
There is still much uncertainty concern^
ing the future action of the government, and until this is
removed
no
sustained
upward movement in
cotton
is
.
quotation for middling upland cotton in the
day for the past week has been:
New York market each
Sat.
Mon.
Tues.
12.10
12.15
11.80
Jan. 4 to Jan. 10—
Middling upland
New York
1936
11.90c.
12.80c.
1935
1934
1933
1932
1931
1930
1929
11.05c.
.....
6.40c.
6.55c.
10.15c.
17.35c.
20.20c.
1928
19.55c.
192713.30c.
1926
20.65c.
1925
24.10c.
1924
35.00c.
1923
26.75c.
1920
39.25c.
30.90c.
33.25c.
18.40c.
12.60c.
1919
1918
1917
1916
1922
18.35c.
18.25c.
Closed
Steady, unchanged.
Steady, 5 pts. adv..
Quiet, 35 pts. dec—
Steady, 10 pts. adv.
Quiet, 5 pts. dec - -
Steady, 5pts. adv..
Total week.
Since Aug. 1
1911
1910
1909
8.00c.
1913
at
1912
1908
1907
12.60c.
13.10c.
1915
1914
1921
Spot Market
—
Wed.THurs.
11.90
11.85
Tuesday
6
Jan.
Wednesday
Jan.
7
Friday
Thursday
Jan. 10
9
Jan.
8
Range.. 11.68-11.74 11.67-11.95 11.45-11.65 11.55-11.67 11.50-11.68 11.50-11.82
11.79
11.46 —
11.58-11.60 11.50-11.54 11.67ft
Closing. 11.68 —
Feb.—
Range..
Closing
.
11.50 n
11.59ft
1L32»
11.20ft
11.36ft
11.30ft
March—
Range.. 11.32-11.40 11.23-11.58 11.05-11.22 11.10-11.25 10.90-11.09 10.91-11.09
11.32-11.33 11.38-11.39 11.13-11.16 11.13-11.14 10.90-10.93 10.97-10.98
Closing
.
April—
Range..
Closing
.
11.21n
11.26ft
10.84ft
10.70ft
10.97ft
10.99»
May—
Range
Closing
__
.
11.10-11.16 10.98-11.37 10.76-10.93 10.78-10.95 10.5ltl0.76 10.50-10.84
11.10
—
10.71
11.13-11.15 10.85-10.86 10.81-10.82 10.51
June—
Range..
Closing
_
10.98w
10.55ft
10.38ft
10.71»
10.73ft
11.01ft
July—
Range.. 10.85-10.94 10.76-11.15 10.50-10.70 10.57-10.68 10.21-10.52 10.22-10.54
10.41
10.25
10.60
10.61
Closing. 10.85-10.86 10.98
Aug.—
10.39-10.39
Range..
Closing. 10.74n
10.7 5»
10.44ft
10.61»
10.27 ft
10.10ft
10.28ft
10.28ft
9.95ft
10.44ft
10.15ft
Sept.—
Range
__
Closing. 10.63ft
Oct.—
9.81-10.13
Range.. 10.52-10.61 10.31-10.82 10.06-10.22 10.10-10.24
9.80-10.05
Closing. 10.52-10.54 10.46-10.47 10.10
9.80- 9.83 10.01-10.02
10.12
Nov.—
10.19-10.19
Range..
Closing. 10.52ft
10.01ft
9.78ft
10.12ft
10.10ft
10.46ft
Dec.—
Range.. 10.51-10.61 10.30-10.63 10.06-10.21 10.08-10.24
9.76-10.03
Closing. 10.51-10.55 10.45
9.76
ft
10.10
10.10
9.83-10.11
10.01
Nominal.
Range of
future prices at New York for week ending
trading began on each option:
Jan. 10 1936 and since
Option for—
Range Since Beginning of Option
Range for Week
Jan.
1936— 11.45 Jan.
Feb.
1936—
9 1935
6 10.16
Mar. 18 1935 12.70 Feb.
18 1935
Sept. 30 1935 11.34 Oct.
8 1935
Jan.
10.51
May 1936— 10.50 Jan.
10 11.37 Jan.,
6 10.33
June 1936
10.58
1936— 10.21 Jan.
Aug. 1936— 10.39 Jan.
July
Jan.
9 10.39
Jan.
9 1936 11.55 Nov. 25 1935
Sept.
3 1935 11.40 July
Jan.
Jan.
6
Jan.
8 10.19
Jan.
8 1936 10.19 Jan.
8 1936
9.76
Jan.
9 1936 10.69 Jan.
2 1936
Jan.
8 10.19
Dec.
Jan.
9 10.63 Jan.
9.76
6
9.80 Jan.
26 1935
3 1935
9 10.82
Nov. 1936— 10.19
1936—
9 1936 11.97 May 25 1935
6 10.21
9 10.39
10.42
9.80 Jan.
Aug. 24 1935 12.07 May 17 1935
8 1935
Sept. 30 1935 11.38 Oct.
9 11.15 Jan.
Sept. 1936
1936—
1935
Mar. 18 1935 12.70 Jan.
9 11.58
Jan.
6 10.35
April 1936—
Oct.
Mar. 19 1935 11.97 Nov. 21
7 11.95 Jan.
10.10
Mar. 1936— 10.90
9 1936 11.45 Deo.
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.
Jan. 10—
1936
Stock at Liverpool
Stock at Manchester
1934
1935
1933
94,000
Total Great Britain
Stock at Bremen
—_
Stock at Rotterdam...
Stock at Barcelona
Stock at Genoa..
Stock at Venice and Mestre.^
Stock at Trieste
Total Continental stocks
848,000
82,000
879,000
106,000
735,000
113,000
726,000
264,000
198,000
20,000
63,000
78,000
9,000
4,000
bales.
Stock at Havre.
930,000
326,000
173,000
27,000
79,000
64,000
15,000
7,000
985,000
608,000
304,000
26,000
91,000
143,000
9,000
8,000
848,000
502,000
277,000
21,000
73,000
80,000
691,000 1,189,000
953,000
632,000
636,000
Total European stocks
1,362,000
India cotton afloat for Europe
117,000
American cotton afloat for Europe 384,000
Egypt,Brazil,&c., afl'tfor Europe 135,000
Stock in Alexandria, Egypt
334,000
Stock in Bombay, India
509,000
Stock in U. S. ports
2,594,636
Stock in U. S. interior towns
2,337,209
U. S. exports to-day
31,910
Total visible supply....
1905
1906
......
...
—
...
—
9.45c.
14.95c.
15.45c.
...
...11.45c.
...
10.80c.
—11.75c.
—
...—
American—
Liverpool stock-
Barely steady—
Steady.
Steady
Steady
Easy
Steady
-
Other Continental stock
American afloat for Europe.
U. S. ports stock
Total American..
200
5,600
_
6,250,755 5,815,021 7,971,608 8,738,104
East Indian, Brazil, &c.—
Liverpbol stock
Manchester stock
Bremen stock
Havre stock.
....
Other Continental stock
Indian afloat for Europe
Egypt, Brazil,
afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c_.
200
331,000
252,000
404,000
464,000
53,000
67,000
62,000
72,000
267.000
201,000
183,000
146,000
116,000 1,103,000
121,000
896",600
209,000
384,000
321,000
415,000
2,594,636 2,904,891 3.861,004 4,737,460
2,337,209 1,851,022 2,152,"86 2,167,243
31,910
16,108
8,518
46,401
.
U. S. interior stock
U. S. exports to-day
301,000
27,000
63,000
15,000
53,000
117,000
135,000
334,000
509,000
596,000
29,000
59,000
27,000
76,000
102,000
157,000
325.000
602,000
tivisible supply
dd^ing uplands, Liverpool
"255
200
43,580
331,000
41,000
86,000
89,000
57,000
50,000
65,000
568,000
574,000
83,000
457,000
738,000
7,804,755 7,788,021 9,883,608 10424,104
M
Total
415,000
44,000
1,554.000 1,973,000 1,912,000 1,686,000
6,250,755 5,815,021 7,971,608 8,738,104
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
TinneveUy, good, Liverpool
6.07d.
7.18d.
5.88d.
5.30d.
11.90c.
9.78d.
5.49d.
5.96d.
12.70c.
11.05c.
9.01d.
9.18d.
5.91d.
4.65d.
6.78d.
5.50d.
6.25c.
8.63d.
5.03d.
5.16d
'
Continental imports for past week have been 136,000 bales.
The
37",985
...
Total American
Contr'ct
-
bales.
7.15c.
SALES
Spot
7,804,755 7,788,021 9.883,608 10424U04
Manchester stock
Bremen stock
Havre stock
New York
Futures
Market
Closed
1,621,000 2,174,000 1,801,000
102,000
89,000
50,000
209,000
321,000
415,000
157.000
83,000
65,000
325,000
457,000
568,000
602,000
738,000
574,000
2,904,891 3,861,004 4,737,460
1,851,022 2,152.086 2.167,243
16,108
8,518
46^401
Of the above, totals of American and other descriptions are as follows:
Fri.
11.90
Quotations for 32 Years
Market and Sales
Saturday
Monday
Tuesday
WednesdayThursday
Friday
Jan.
4
Jaw.(1936)
to 35
The official
closing prices ^at
follows:
and
lowest
one
shipments
looked for.
Monday
Saturday
the session in
off.
highest,
New York for the past week have been as
pronounced as the government delays with
more
its plans.
as
AAA
the
1936
11
Jan.
above
figures for
week of 37,145 bales,
decrease of 2,078,853
1936 show
an
increase
gain of 16,734 bales
bales from 1934, and
a
2,619,349 bales from 1933.
over
a
last
1935, a
decrease of
over
319
Financial Chronicle
Volume 142
At the
Interior Towns .the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
detail below:
Saturday
Movement
to
1936
10
Jan.
Movement
1935
11
Jan.
to
Ship-
Receipts
.
10
Week
i
Season
Jan.
Week
Receipts
Jan.
Week
Season
Stocks
ments
Stocks
merits
Week
Ship¬
11
Jan.
6
15
57,355
11
14,753
9
Eufaula
77,523
1,284' 68,827
3,884100,717
1,527 23,707
1,062 21,186
65
83,537
Ark., Blythville
1,062
Forest City__
230
105,186
26,204
Helena
286
35,314
Hope
183
Newport
320
Pine Bluff
712
29,472
9,123
141,501
27,720
101,170
Walnut Ridge
532
Jonesboro-..
88
Little Rock__
4,429
555
1,306
24,376
352
18
1,576
7i
3,552 113,647
2,181 21,569
790
68,764
21,714
32,276
2,187
2,334
24,075
6,777
*65,512
214,117
Augusta
1,418
153,222
Columbus—
2,000
26,039
47,301
14,511
Macon
105
Rome
115
La., Shreveport
168
Miss.Clarksdale
939
90
1,052
191
121
27,967
70,688
49,
20
Atlanta
391
1,628
1,398
"36:
4,484
12,785
1,043
58,194
782
18,297
865
69,359
5,670 175,893
3,229 147,603
1,000 23,250
81,250
14,349
8,342
948 47,010
3,871 120,060
2,051 137,845
450, 14,361
600
44,883
418!
50
26,299
345'
718
32,425
191!
2,206
36,282
1,105
100
26,773
200
5,898
1,960
58,555
9lH
28,345
323
4,487
70
...
11,982
17,273
56,277
110,669
20,368
121,810
23,439
12
59
18,100
57
103
27,431
175! 21,108
784
30,384
58.910
20,237
2,762! 70,194
780 22,520
11
5,165
2,161
9,676
2
71,003
106,804
38,748
160,639
51,993
8,675
251
28,345
380
12,610
788;
18,836
Yazoo City__
46
37,500
23,852
30
28,114
759
24,538
Mo., St. Louis.
N.C.,Gr'nsboro
6,279
104,842
1,560
6,208
230
4,304
101,529
4,566
580
3,884
54
3,661
93
1,600
35
1,613
17,984
13,188
326,407
96,771
12,713 192,115
3,879 61,428
4,795
3.220
221,109
74,249
56,640 1,393,400 61,260 697,207
584
49,186i
4,102
1,673
20,605'
Columbus
25
Greenwood..
1,724
Jackson
199
Natchez
Vicksburg
3,246
300
3,513
Oklahoma—
15 towns *
111
21
3,178
190
4,439
23
43,101
801
13,629
674
42,441
32,372
994
14,854
155
3
10,504
3
1,704
2
4,663
23,020!
3
759
959
274
465
13,926
163
506
Austin
11,174
277
Texas. Abilene.
978,399
21,905
20,000
14,221
1,121
Tenn..Memphis
17,530
20
S.C., Greenville
76,734,
574
11,588
277
33,305
6,676
15,509
25,831
53,153
3,784130,327
4,430' 74,214
33,453514,694
553
7,426
1,481
4,346
165
4,903
1,051 13,116
378
15,342
40
1,606
25
4,169
1,424 19,152
1,413 13,530
46,675 2,707,906
78,682 1851022
Brenham
Dallas
Paris
Robstown
42
San Antonio.
Texarkana
..
Waco
3,842
515
193
Total, 56 towns 105,848 3,983,206130,1442337209
*
Includes the combined totals of 15 towns in Oklahoma.
The
totals
above
that
show
interior
the
stocks
have
decreased
during the week 24,296 bales and are to-night
486,187 bal s more than at the same period last year. The
receipts at all the towns have been 59,173 bales more than
the
same
Movement
and
Since
Aug.
1
——1934-35
-1935-36-
Since
Since
Jan. 10—
Aug. 1
Shipped—
Week
Via St. Louis
6,208
2,420
104,845
43,899
190
7,895
97,180
355,596
Aug. 1
385
77
Week
4,566
2,340
111,864
56,597
131
3,971
7,000
8,806
93,787
319,092
609.800
18,008
590,146
13,660
4,849
125,634
771
12,565
20,383
7,318
147,483
5,923
144,143
13,718
175,184
Leaving total net overland *—43,857
465,657
4,290
414,962
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
5,194
35,691
Total gross
overland
49,780
Deduct Shipments—
Overland to N. Y., Boston, &c— 1,294
11.35
11.11-11.12
10.86-10.87 10.94
11.08
10.84
10.84-10.86 10.60
Inland, &c., from South
4,434
Total to be deducted
382
October
overland movement
43,857 bales, against 4,290 bales for
and that for tiie season to date the
aggregate net overland exhibits an increase over a year ago
bales.
1935-36
1934-35
Since
In Sight and Spinners'
Week
Takings
Aug. 1
Since
Week
Aug. 1
10--100.000
5,451,281
465,657
2,305,000
55,462
4,290
90,000
3,305,654
414,962
2,060,000
242,661
*24,296
8,221,938
1,212,871
149,752
*32,007
5,780,616
698,285
98,804
Receipts at ports to Jan. 10
43,857
Net overland to Jan. 10
South'n consumption to Jan.
over
9,983",702
Total in sight Jan. 10.
42,401
634,244
6,602,158
Movement into
sight in previous
Bales
Week—•
12
1933—Jan.
13
1932—Jan.
15
10.12
9.76- 9.77 10.02
10.41
10.10
9.73
181,064
276,087
371,301
10.00
Tone—
Steady.
Quiet.
Options... Barley stdy
World
of
Steady.
Steady.
All-Cotton
Current
Steady.
Barely stdy
Steady.
Season
Steady.
Steady.
Consumption During First Third
Practically Record High Level,
at
According to New York Cotton Exchange—World con¬
sumption of all growths of cotton during the four months
1 to Nov. 30, constituting the first third of the
current season, was at practically the highest rate on record
for that portion of the season, according to the New York
Cotton Exchange Service.
It totaled approximately 8,678,000 bales, compared with 8,488,000 bales in the same period
last season, 7,235,000 in the low depression season of 1930-31,
and a maximum of 8,680,000 in 1929-30.
In an announce¬
ment issued Jan. 6 the Exchange Service stated:
from Aug.
World consumption of American cotton from Aug. 1 to Nov. 30 totaled
approximately 3,967,000 bales, as against 3,774,000 Dales in the same period
last season, 3,519,000 in 1930-3i and 4,819,000 in 1929-30.
Consumption
of foreign growths in the August-November period this year aggregated
approximately 4,711,000 baJes, as against 4,714,000 bales last season,
3,716,000 in 1930-31 and 3,861,000 in 1929-30.
American cotton consti¬
tuted 45.7% of the all-cotton total this season, compared with 44.5% last
season, 48.6 in 1930-31 and 55.5 in 1929-30.
In pre-depression seasons
American cotton constituted about 60% of the aU-cotton total on an average.
The world all-cotton consumption figures for the month of November
alone makes as favorable comparisons with figures for the same months in
past seasons as does the total for the four months ended with November,
in November this year the world used approximately 2,261,000 bales of all
growths, tne largest on record for that month, and comparing with 2,256,000
bales in November last year, 1,938,000 in the low-depression year of 1930
and 2,230,000 at the end of the pre-depression period in 1929.
The trend of all-cotton consumption during the four months from August
to November this year was upward, but most of the increase is to be ac¬
counted as seasonal.
Consumption in November was 13.1 % larger than in
August.
Ho»»ever, in the past eight years November consumption has
averaged 11.1% larger than August consumption.
The ratio of American
cotton to all cottons in the world consumption total showed a somewhat
upward trend fro a August to November, but the rise was only moderate.
A lerican cotton was 46.9% of the total for all cottons in November as
against 45.0% in August.
at
move
to mills of the world
higher rate than last season or two seasons ago, accord¬
ing to statistics compiled by the Cotton Exchange Service,
the announcement of Jan. 6 said, adding:
a
Forwardings to domestic mills during the past four weeks have aggr
gated 563,000 bales, compared with 362,000 in the same period last season
and 358,000 two seasons ago.
Forwardings to foreign mills have totaled
640,000 in the four week period, compared with 371,000 last season and
800,000 two seasons ago. Forwardings to all mills of the world have totaled
1,203,000 bales in this period as against 733,000 last season and 1,158,000
two seasons ago.
Exports last week were smaller than in the same week last season or two
ago, but in the past four weeks they have greatly exceeded either
season or the season previous,
in the four-week period exports to
Great Britain have totaled 145,000 bales, as against 98,000 last season and
110,000 two seasons ago; to the Continent 309,000 as against 151,000 and
313,000, respectively; to the Orient 264,000 as against 189,000 and 188,000,
respectively; and to minor countries 37,000 as against 25.00J and 28,000,
respectively.
Total exports in.the four weeks have aggregated 755,000 bales
compared with 463,000 in the same period last season and 639,000 two sea¬
seasons
sons
ago.
of
World
of
Agricultural Economics Revises Estimate
Production in 1935-36—Crop Now
Cotton
Placed at
25,600,000 Bales—Estimates of world cotton pro¬
been reduced by the Bureau of Agricultural
Economics to 25,600,000 bales—700,000 bales less than in
early November but about 2,000,000 more than "the un¬
usually small crop of 1934-35."
Decrease in the estimated
1935-36 world production is attributed entirely to the de¬
duction have
cline in crop prospects
in the United States.
In noting the
foregoing, an announcement Issued Jan. 7 by the United
States Department of Agriculture said:
The domestic crop is now estimated at 10,734,000 bales and the crop in
foreign countries at 14,866,000 bales.
The estimate for foreign production
has oeen raised 30,000 bales since November and "is 880,000 bales larger
than the 1934-35 foreign crop, which up to the current season was the largest
record."
principal cotton consuming countries con¬
a comparatively high level during November and eany December,
the report.
Total consumption of ail cotton in the United States and
a number of European countries in November was in excess of a year earlier,
and in most cases "larger proportions of American cotton are being used."
Exports of American cotton in November were 98% more than in Novem¬
ber a year ago, and slightly larger than the 10-year November average.
Trade reports indicate domestic exports in December at 90 to 95% more
than in December a year ago.
"On this basis, total domestic exports for
the first five months of the season may exceed those of a year earlier by
1,000,000 bales," says the report.
Cotton textile mill activity in
tinued at
7,971
517,468
Decrease.
1934—Jan.
10.53-10.54 10.39
Spot
on
117,745
.218,365
*
123.257
548,893
consumption to Dec. 1
North. spinn's' takings to Jan. 10-
10.406-.41a
10.17
November
December. 10.51
Bureau
The foregoing shows the week's net
this year has been
the week last year,
of 50,695
DAY.
September
♦Including movement by rail to Canada.
/
10.47-10.48 10.68-10.69
HOLI¬
last
195
Between interior towns
Bid. 11.56 bid
113561139a
11.32
11.29
American cotton continues to
Week
the
for
Friday
Jan. 10
August...
week last year.
Overland
9
11.09
July
41,680
145
38l!
21,133
80
Athens
294
18
158
Jan.
10.84
May
7,721
16,767
70,025
82
958
82
,
409
34
18,574
7,244
22,368
42,618
112,521
27,144
42,563
28,030
Thursday
April
6,058
24,298
47,436
100,310
25,817
27,768
23,131
25,929
51,076
15,246
18l
397
38
Ga., Albany
15
165' 71,966
Montgomery.
Selma
183
38,691
I 11,979
8
_
March
June
100
■
Ala., Birming'm
Jan.
7
11.62
Jam. (1936) 11.59
February
Towns
Jan.
Wednesday
Tuesday
Monday
4
Jan.
years:
Since Aug. 1-
Bales
1933
9,479,725
9,727,304
11,261,277
1932
1931
Quotations for Middling Cotton at Other Markets
says
Dallas
11.30
11.36
11.10
11.09
10.81
10.87
Cotton Exports Reported Largest
1930—Exports of Indian cotton by India
during November were larger than in any corresponding
month since 1930, according to cabled advices from Calcutta
received by the New York Cotton Exchange Service.
They
totaled 181,000 Indian running bales, as compared with
175,000 in October and 166,000 in November of the pre¬
vious year, the Exchange announced Jan. 6.
In November
1930 they totaled 227,000 bales.
Exports during the first
four months of this season, from Aug. 1 through Nov. 30,
aggregated 606,000 bales, the Exchange said, as against the
same amount, 606,000, in the corresponding portion of last
Fort Worth
11.30
11.36
11.10
11.09
10.81
10.87
season.
November Indian
for Month Since
Closing Quotations for Middling Cotton on
Week Ended
Jan. 10
Saturday Monday
Tuesday
Wed'day Thursday
Friday
11.73
11.45
11.41
11.21
11.31
New Orleans
11.70
11.79
11.82
11.56
liOL.
11.31
11.40
Mobile
11.57
11.63
11.38
11.83
11.15
11.22
Savannah
11.83
11.88
11.65
11.63
11.38
Norfolk
11.90
11.95
11.75
11.75
11.55
11.60
Montgomery
Augusta
Memphis
11.47
11.53
11.30
11.30
11.06
11.12
11.92
11.98
11.75
11.73
11.51
11.57
11.65
11.75
11.50
11.50
Galveston
11.42
11.25
11.30
Houston
11.75
11.80
11.55
11.55
11.35
11.40
Little Rock
11.57
11.63
11.40
11.39
11.18
11.22
Financial Chronicle
320
Weather Reports by Telegraph—Reports to us by
telegraph this evening denote that in the interior of the
cotton belt winter plowing is backward on the whole,
mainly because of rough weather of late, but to some extent
this is compensated for by the good season which has been
put in the soil.
Unless the weather is too cold some cotton
will be planted in the lower Rio Grande before January is over.
Rain
4 days
3 days
1 day
Brownsville
3 days
dry
0.04 in.
Corpus Christi
1 day
1 day
Texas—Galveston
Amarillo
Austin
Abilene
Dallas
Del Rio
high 67
high 48
high 72
high 66
high 74
high 78
high 70
high 76
high 62
high 70
high 70
high 74
high 56
high 60
high 58
high 78
high 67
high 74
high 68
high 77
high 72
high 80
high 80
high 72
high 84
high 75
high 62
high 60
high 66
high 67
high 54
high 52
high 58
high 68
high 52
high 56
high 54
0.01 in.
0.18 in.
dry
dry
.3 days
0.19 in.
dry
....
El Paso
Houston
Palestine
San Antonio
dry
Oklahoma—Oklahoma City—1 day
Arkansas—Fort Smith
3 days
0.01 in.
0.04 in.
Louisiana—New Orleans
2 days
4 days
0.44 in.
1.50 in.
Shreveport
Mississippi—Meridian
Vicksburg
3 days
4 days
2 days
0.64 in.
1.56 in.
2.06 in.
2.52 in.
4.35 in.
0.07 in.
Little Rock
_
Alabama—Mobile
6 days
Birmingham
5 days
Florida—Jacksonville
Madison.
3 days
dry
5.70 in.
Pensacola
4 days
Tampa
2 days
0.05 in.
6 days
Atlanta
1.17 in.
3 days
Georgia—Savannah
2.38 in.
1.72 in.
1.58 in.
0.07 in.
1.95 in.
2.88 in.
1.83 in.
1.59 in.
1.82 in.
3.49 in.
1.29 in.
Augusta
5 days
Macon
5 days
South Carolina—Charleston.2 days
North Carolina—Asheville___5 days
Charlotte.
5 days
Raleigh
6 days
Wilmington—
6 days
Tennessee—Memphis
3 days
Chattanooga
5 days
Nashville.-.
5 days
ports for the week and for the season from
for three years,
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
47
20
38
26
46
44
34
34
30
46
38
38
26
28
34
48
36
32
30
40
36
44
66
48
42
38
30
32
34
39
28
30
36
38
34
36
36
mean
New Orleans
Above
zero
of gauge-
2.2
2.8
Memphis
Above
zero
of gauge-
Above
zero
of gauge-
10.2
33.0
12.5
Nashville
6.5
5.6
14.4
Above zero of gauge.
Above zero of gauge.
Shreveport
Receipts
The
Receipts
Stocks
at Ports
at
Towns
Interior
Aug. 1
65,000
663,000
89,000
759,000
566,000
Receipts from Plantations
1
Since Aug.
For the Week
Great
Conti¬
Britain
nent
China
21,000
118,000
15,000
121,000
105,000
339,000
466,000
109,000
Jap'n&
ment
China
14,000
2,000
17,000
37,000
55,000
39,000
41,000
5,000
25,000
25,000
67,000
27,000
27,000
7,000
112,000
59,000
67,000
Britain
<&
Great
Conti-
34,000
i
Total
Japan
Total
1
Bombay—
1935-36—
4,000
|
1934-35—
1933-34—
3,000
478,000
602,000
299,000
Oth. India—
33,000
1935-36—
I
1934-35—
1933-34—
1,000
6,000
216,000
288,000
275,000
178,000
245,000
170,000
»
Total
1
all—
1935-36
37,000
—
1934-35—
—
4,000
1933-34..
48,000
29,000
23,000
Alexandria
133,000
37,000 122,000
39,000 68,000
5,000 32,000
and
Receipts
766,000
877,000
544,000
339,000
466,000
109,000
294,000
74,000
337,000
92,000
343,000
Shipments—We
re¬
now
of the movements of cotton at Alexan¬
dria, Egypt." The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
'
ceive weekly a cable
1933-34
1934-35
1935-36
Alexandria, Egypt,
Jan. 8
Receipts (cantars)—
6,247,323
Since Aug. 1_
Aug.
Since
This
Since
This
Week
Exports (Bales)—
260,000
5,527,871
85,000
4,888,370
280.000
This week
Week
1
|
Since
This
Week
li
Aug.
Aug.
1
163,193
9",006 84,057
19,000 367,108
19,310
74,063
8",660 70,524
11,000 344/36
1,000 17,012
8, odd 96,854
14,000 285,656
28,000 592,937
To Liverpool
To Manchester, &c
To Continent and India.
Total exports
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
Week
Aug. 1
Exports
From—
11.6
indicates the actual movement each week from the planta¬
tions.
Week
Aug. 1
119,000
Bombay
To America
Plantations—The following table
the
from
Since
Since
Since
Receipts-
8.2
Vicksburg
1933-34
1934-35
1935-36
Jan. 9
mean
Jan. 11 1935
Feet
Feet
cabled,
as
mean
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a.m. on the dates given:
Jan. 10 1936
Aug. 1
have been as follows:
Week
57
34
55
mean 46
mean 60
mean 61
mean 52
mean 55
mean 46
mean 58
mean 54
mean 56
mean 41
mean 44
mean 46
mean 63
mean 52
mean 53
mean 49
mean 59
mean 54
mean 62
mean 73
mean 60
mean 63
mean 56
mean 46
mean 46
mean 50
mean 53
mean 41
mean 41
mean 47
mean 53
mean 42
mean 46
mean 45
receipts
and the shipments from all India
of India cotton at Bombay
Thermometer
—
Rainfall
1.05 in.
0.44 in.
0.16 in.
1936
11
Jan.
Movement from All Ports—The
India Cotton
20,000 505.63 5
24,000 579,834
122,462
2,000
34,131
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Jan. 8 were
280,000 cantars and the foreign shipments 28,000 bales.
Manchester
Market—Our report received by cable
to¬
night from Manchester states that the market in yarns is
flat and the market in cloths is strong.
Orders for next
season
are
likely to be
We give prices to-day
on average.
below and leave those for
previous weeks of this and last
for comparison.
year
Ended1935
| 1934
1933
1933
1934
1935
1934
1935
|
1933
1934
1935
Oct.—
8x Lbs. Shirt¬
814 Lbs. Shirt¬
1,502,765500,519 345.826 538,013
1,644,128 593.294 337,159 531,016
372,945 208,903 370,859 2,132,345 1,735,609 1,785.278 514,566 300,444 504,550
405,104 232,059 348,404 2,220,751 1,829,198 1,881,910 493,570 325,048 445,090
I
I
372,149 201,932 313.111 2,253,100 1,882,2231,986,737,404,498 254,957417,938
303,680 148,501275,658 2,287,554 1,922.254 2.081.239398.140 188,532 370,160
330.485134,427257,126 2,316,783 1,963,2932,151,371 359,714 175,466 327.258
271,993133,525285,757 2,321,538 1,983.174 2,186.556 270,748 153.406 250,572
222,432149,765 266,062 2.350.425 1,973,9682,198.290251.319
I
I
32s Cop
ings, Common
Middl'g
32s Cop
Twist
4_. 320,252 244,448 401,8371,784.489 1,547,572
Cotton
to Finest
Upl'ds
Twist
d.
d.
il¬ 387.000 240,003 370,794 1,990.723 1,640,092
ls..
25..
Nov.-
18..
15..
22..
29Dec.-
1.960,556'2.207,139 206,804
110,549^277.796
13..
90,602 227.181
83,604174.177
27-
85,980 158,286
80.522 143,715
0- 258,950 104,014 218,332 2,358.279
177.455 109,945177,899 2,369,180 1.934.2152,203.417:188.356
20- 188,143 105.029 165,800 2,371.801 1.915.1662,195.903190.764
158,112
84,550150,873 2,382,257
1,911,138:2.188,745169,268
d.
d.
s.
d.
s.
ings,
Common
to Finest
s.
d.
s.
Cotton
Middl'g
Upl'ds
d.
d.
Oct.—
4
9 5
9K@l 1H
@97
10H@11H
6.59
9 0
@92
0.88
10
(g-llH
9 5
@97
6 50
10K@11H
90
@
92
0 88
18
10
@11M
9 5
@97
0.40
10J*@11H
9
1
@93
0.97
25—
10
@11H
9
6
@10 0
0.47
ioh@hh
9
1
@93
0.92
io
@ 11 h
9
6
@10 0
6.45
10
9
1
@93
0 79
10
@11H 10 0
11
Nov.—
I-
—
@im
@10 2
6 47
@94
6 81
10H@11J4
10
0
@10 2
6.77
10
@11 h
10J4@ll^
9 2
15
9
2
@94
6.88
22
10 Hi@ 12
10
1
@10 2
6.77
10!4@11 H
9
4
@96
6.91
10J*@12
10
3
@10 5
6.59
10J*@llfc
9
4
@96
6.96
10V*@12
10
3
@10 5
6.67
10^@11H
9
4
@96
7.02
8
29
Dec.—
1936
1935
Jan.—
3—
10..
99,705
98, 04
|
1934 |
1934
1935
1936
1935
1936
1934
6
78.953
74,50 i
34,262
23,455
93,539
75,888
10 2
@ 10 4
6.50
10X@UH
94
@
96
7.08
10 0
@10 2
6.38
lOtf @111*
94
@
96
7.15
@10 2
6.41
10tf@ll>$
9
4
@96
7.20
10J* @11H
9 6
@10 0
6.44
ioys@im
9
4
@96
7.23
10
13
62,371101,016 2,361,505 1,883,029 2,181,268
55,462105,0702,337,209 1,851,0222,152,086
9
@97
6.07
ian@im
9
4
@96
7.18
lOtf @11*4
20
10*@11H
10X@11H 10 0
27
The above statement shows:
(1) That the total receipts
plantations since Aug. 1 1935 are 6,636,972 bales;
in 193^35 were 3,997,326 bales and in 1933-34 were 6,474,194
bales.
(2) That, although the receipts at the outports the
past week were 98,804 bales, the actual movement from
at
interior towns
plantations was 74,508 bales, stock
having decreased 24,296 bales during the week.
from the
World's Supply and Takings of Cotton—The follow¬
ing 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
obtainable; also the takings
sight for the like period:
are
Cotton
or
from which statistics
amounts gone out
•
1934-35
1935-36
Takings,
of
Week and Season
Week
Visible supply Jan. 3
Visible supply Aug. 1
American in sight to Jan. 10—
Bombay receipts to Jan. 9
Other India ship'ts to Jan. 9
—
Alexandria receipts to Jan. 8_
Other supply to Jan. 8
* b
Total supply
_
Season
Week
6,879",719
4,295",259
218,365
119,000
,
67,000
56,000
14,000
Season
7,850,162
7,767,610
9,983,702
117",745
759,000
288,000
89,00
27,000
17,000
15,000
1,241,600
221,000
8,241,975 16,788,561
6,602,158
663,000
275,000
977,200
268,000
8,115,907 15,665,077
Deduct—•
Visible supply Jan. 10-Total takings to Jan. 1"* a
Of which American
Of which
*
a
other
7,804,755
7,804,755
7,788,021
7,788,021
437,220
330,220
8,983,806
6,520,206
2,463,600
327,886
204,886
123,000
7,877,056
107,000
5,481,856
2,395,200
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
3
10
Bales-
Liverpool—Jan. 2—West
Quechee. 1,993- —
5,360
7,353
2—West Quechee, 459—Jan. 4—Har¬
Jan. 4—Harbury,
To Manchester—Jan.
bury, 2,368
2,827
1.43L
-
—
—
To Antwerp—Jan. 2—San Pedro, 110—Jan. 7—Floride, 1,321
To Ghent—Jan. 2—San Pedro, 164—Jan. 7—Floride, 150
To Havre—Jan.
...Jan.
314.
1,742—Jan. 4—Topti, 4,425
2—San Pedro,
7—Floride,
To Dunkirk—Jan.
9,083
2,916--.
2—San
Pedro,
2,548—Jan. 7—Floride, 1,089---
1,795—Jan.
4—Topti,
5,432.
9,678
118
-
To Bremen—Jan. 4—Endicott, 4,845—Jan
To Gdynia—Jan. 4—Endicott, 118
To Genoa—Jan. 2—Monfiore, 2,325
7—Isis, 4,833—
2,325
To Japan—Jan. 6—Kano Maru, 6,422; Montreal,
5,819- —
Jan. 8—Yuri Maru, 5,363; Rheim, 11,835—
To China—Jan. 6—Kano Maru, 1,571; Montreal Maru, 454-_
To Venice—Jan. 7—Teresa, 400
To Trieste—Jan. 7—Teresa, 550
29,439
2,025
400550
3,349
To Barcelona—Jan. 7—Mar Cantabrico, 3,349
HOUSTON—To
To
Japan—Jan. 3—Torvanger, 6,246; Kano Maru,
3,896; Yuri Maru, 4,472; Rhiem, 6,288; Montreal Maru,
3,618
Jan. 6—Montevide Maru. 509—
25.029"
China—Jan. 3—Kano Maru, 45; Montreal Maru, 396.—
Jan. 6—Yuri Maru, 500
941
Bremen—Jan. 6—Endicott, 1,727
1,727
Gdynia—Jan. 6—Endicott, 1,094
1,094
Antwerp—Jan. 3—Floride, 339
Jan. 7—Oakwood,. 267-606
Ghent—Jan. 3—Floride, 1,079
Jan. 7—Oakwood, 1,892
2,971
Barcelona—Jan. 8—Mar Cantabrico, 1,867
1,867
Havre—Jan. 3—Floride, 2,318
Jan. 7—Oakwood, 2,523
4,841
Dunkirk—Jan.
3—Floride,
879—Jan. 8—Braheholm,
1,082
1,961
Bremen—Jan. 4•—Isis, 5,335
Dec. 2j—Luebeck addvj
tional, 5
5,340"
Hamburg—Jan. 4—Isis, 516
516
Rotterdam—Jan. 7'—Oakwood, 1,227
1,227
Copenhagen—.Jan. 8—Braheholm, 213
213
Oslo—Jan. 8—Braheholm, 76
76
Gdynia—Jan. 8—Braheholm, 2,347
2,347"
Gothenburg—Jan. 8—Braheholm,. 880;
880»
-
To
To
To
To
To
To
To
—
To
To
To
To
5
Shipping News—Shipments in detail:
2,060,000 bales in 1934-35—
b Estimated.
@1114
GALVESTON—To
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 6,678,806 bales in 1935-36 and 5,817,056 bales in
1934-35, of which 4,215,206 bales and 3,421,856 bales American.
Southern mills, 2,305,000 bales in 1935-36 and
19 35
19 36
Jan.—
To
To
To
.
To
To
To
700
5,623
Jan. 4—West Har-
274
shaw, 2,134
To Ghent—Jan. 2—Youngs town, 850
To Havre—Jan.
2—Youngstown, 5,424
850
6—Indiana,
rnr: 12,120
Jan. 6—Indiana,
2—Youngstown, 2,553
3,305
2,408
-
Jan.
6,696.
To Dunkirk—Jan.
5,858
...
625
2—Youngstown, 625
To Bremen—Jan. 3—West Chattala, 2,899
Wald, 1,968
To Hamburg—Jan. 3—West Chattala, 100
Wald, 808
To Havana—Dec.
28—Santa Marta, 100
To Rotterdam—Jan.
Jan. 2—Ida L.
4,867
Jan. 2—Ida L.
4—Sixola
Jan.
100---
908
200
646
248
1,458
15,470
:
350
442
7,100
Japan— (?)—6,300; 800
To India—(?)—317; 108.
To Great Britain—(?)—46; 350
CORPUS CHRIST1—To Japan—Jan. 6—Aurora, 5,045To Manchester—Jan. 9—American Press, 102
To Ghent—Jan. 7—Chester Valley, 251
To Bremen—Jan. 9—American Press, 178
SAN FRANCISCO—To
425
—
396
5,045
102
178
441
Valley, 441
Gdynia—Jan. 9—American Press, 374
To Dunkirk—Jan. 7—Chester Valley, 89i-"
To Barcelona—Jan. 9—American Press, 516
CHARLESTON—To Liverpool—Dec. 31—Shickshinny, 2,267—
To Manchester—Dec. 31—Shickshinny, 852
To Hamburg—Dec. 31—Shickshinny, 43
NORFOLK—To Bremen—Jan. 6—City of Havre, 100
Jan. 10
374
To
65
89
516
2,267
852
43
165
1
14—Antonius, 81
14—Antonius, 2,029
To Antwerp—Dec.
To Bremen—Dec.
1,079---Dec. 14
2,445
81
16—Hagen,
Dec.
4,701
1,150
Dec. 19—San Shamn, 1,522
To Rotterdam—Dec. 14—Antonius, 306
306
Gdynia—Dec. 14—Antonius, 100
Hamburg—Dec. 14—Antonius, 50
Manchester—Dec. 14—West Kyska, 1,453
To
To
To
100
-
50
1,453
1,641
-
Japan—Dec. 18—Hindenburg, 1,641
Barcelona—Dec. 14—Mar Blanco, 633
To
To
>
251
To Havre—Jan. 7—Chester
Hamburg,
633
228,369
Total-.-
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Dec. 20
Total
Jan. 3
Jan. 10
32,000
583,000
304,000
54,000
616,000
317,000
632,000
331,000
84,000
48,000
42,000
49,000
3,000
373.000
155,000
Of which American
Dec. 27
52,000
553,000
290,000
Forwarded
Total stocks
1,000
237,000
126,000
3,000
174,000
112,000
1,000
194,000
95,000
imports
Of which American
Amount afloat
Of which American
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
Tuesday
Monday
Saturday
Wednesday
Friday
Thursday
A fair
business
business
Moderate
doing.
Moderate
Quiet.
12:15
Quiet.
demand.
P. M.
doing.
demand.
Quiet but
Quiet, un¬
Futures.
Steady,
pts. 3 to 6 pts. 5 to 8 pts. 7 to 12 pts.
Barely stdy
changed to steady, un¬ 2 to 6
decline.
4 pts. dec. changed to
Market
opened
6.07d.
6.18d.
6.23d.
6.27d.
6.33d.
6.35d.
Mld.Upl'ds
Steady,
Barely stdy
advance.
decline.
decline.
2 pts.
adv.
Barely stdy Irregular,
Steady,
Easy,
Quiet but
2 to 5 pts. stdy., 1 to 14 to 22 pts 4 to 11 pts. 10 to 15 pts 11 to 14 pts
decline.
decline.
advance.
decline.
4 pts. dec.
decline.
Quiet,
Market,
4
P. M.
Prices of futures at
Liverpool for each day are given below:
Fri.
Thurs,
Wed.
Tues.
Mon.
Sat.
Jan. 4
to
Close
Ciose Noon Close Noon Close Noon Close Noon Close Noon
Jan.10
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
January (1936)__
6.15
6.13
6.14
6.07
5.96
6.03
6.06
5.98
5.92
5.87
5.81
March
6.15
6.14
6.13
6.07
5.95
6.03
6.06
5.97
5.91
5.86
5.80
New Contract
d.
May
6.11
6.10
6.08
6.01
5.90
5.97
6.00
5.92
5.86
5.81
5.74
July
6.06
6.05
6.02
5.95
5.84
5.91
5.93
5.85
5.79
5.73
5.67
October
5.87
5.86
5.84
5.74
5.62
5.68
5.69
5.61
5.55
5.46
5.42
December
5.83
January (1937)..
5.82
March
5.81
May
5.79
—
-
mm
July
5.77
October
5.70
...
—
-
-
-
--
'
5.79
-
mm
-
-
5.78
5.76
~-
5.74
—
-
~
-
-
5.58
_
—
M
-
5.57
-
-
-
-
5.67
-
—
—
-
—
-
5.65
-
—
-
m
mm.
m
mm
5.63
5.61
...
5.39
5.38
5.50
5.37
5.50
5.36
5.47
■mm
5.57
5.53
mm
5.39
5.52
5.51
-
5.64
5.56
5.55
5.52
5.66
5.59
5.80
„
—
DAILY
CLOSING PRICES OF
Sat.
CLOSING
DAILY
5.34
ized.
buying that was expected
There is only scattered buying for
However, it is thought to be only a
when
not yet material¬
immediate needs.
question of time now
aggressive buying on the part of baking interests will
develop, as flour holdings in consumer hands are
said to be
comparatively light.
the 4th inst. closed y to Ys higher. This
demand from milling interests
in the spot wheat market.
This demand is expected to
broaden very materially when the Supreme Court decision
is out of the way.
It was reported that Canada and Australia
Wheat
was on
prices
on
the strength of a better
together with Russia and Argentina have
PRICES
Wed.
Tues.
OF WHEAT FUTURES
Thurs.
Sat.
Mon.
IN CHICAGO
Wed.
Tues.
moved considerable
Fri.
119)4
Thurs.
Fri.
102% 102)4 102)4 102)4 101)4 101)4
3..
91Ji 90)4 90)4
89)4 88)4 89)4
90)4
89)4 88)4 87)4 87)4 87)4
Season's High and When Made
I
Season's Low and When Made
September
102)4
Apr. 16 19341 September
78)4 July 6 1935
December
97)4
July 31 1935'December
81
July 6 1935
May
98)4
Aug. 1 19351 May
88)4 Aug. 19 1935
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat.
88)4
89)4
May.
July
Mon.
89
89)4
Wed.
Tues.
88)4
89
89
89)4
Thurs.
88
88)4
87
Fri.
88)4
88)4
87)4
the 4th inst. closed y up.
The light
supplies of corn from the interior are not stimulating any
Corn
prices
on
Nothing of real interest in the
It was an extremely quiet and
On the 6th inst. prices closed
unchanged to yc. lower.
Strange to say, the violent fluc¬
tuations in wheat following the announcement of the Supreme
Court decision, had relatively small effect on corn futures.
At the day's best price corn showed a gain of 1 cent, but this
was
subsequently lost.
The spot corn market showed
strength.
On the 7th inst. prices closed 3^c. to yc. lower.
Trading comparatively quiet. On the 8th inst. prices closed
Ysc. to %c. lower.
This decline took place in the face of
bullish news on the spot situation and increasing complaints
from the country on the poor quality and condition of the corn
crop just harvested.
On the 9th inst. prices closed % to %c. lower.
This
sagging of prices naturally was influenced by the action
of wheat and the general feeling of uncertainty concerning
the government's plans.
Receipts from the country were
slightly larger.
To-day prices closed %c. off to lc. up.
There was vei;y little of interest in the news, and trading
fresh demand for spot corn.
concerning this grain.
narrow market for futures.
news
quiet.
CLOSING PRICES OF CORN IN
Sat. Mon.
Tues.
83)4
No. 2 yellow
Friday Night, Jan. 10 1936
the Supreme Court decision has
Man.
May
July
September
DAILY
BREADSTUFFS
Flour—The anticipated rush of
WHEAT IN NEW YORK
118)4 118X 120)4 119)4 118)4
No. 2 red
was
to follow
uncertainty prevailing as a
Agricultural Adjustment Act decision,
aloof
from
the market,
and those
October
A fair
Market,
result of the
traders are holding
with commitments,
especially in a speculative way, are as a rule releasing their
holdings.
It is figured now that the domestic wheat supply
is not likely to be reduced as heavily as the trade was led
to believe, and predictions now are that there will be a
carryover of about 115,000,000 bushels.
This figure, though,
is the lowest in 10 years.
To-day prices closed % to %c. up.
This improvement was due largely to the strength of Liver¬
pool.
Cables emphasize smallness of European stocks and
absence of any increase in world shipments so far this year.
Open interest in Chicago was 107,119,000 bushels.
the confusion and
70.000
each
Spot
Weakness at Liverpool also had a depressing
the domestic trade was
the continued aloofness of mill buyers.
Prices on the 8th
inst. closed with net losses of Ys to Ipse.
In the early session
the market showed considerable firmness, but later turned
weak.
The uncertainty as to how the Administration would
meet the new situation created by the sweeping Supreme
Court decision is the chief factor influencing the trade now,
and the disposition generally is to await further developments.
The constantly improving outlook for the new crop is also
having its influence on sentiment, with the result that there
is very little inclination to make heavy commitments.
A fair
to good mill demand for spot wheat was reported.
On the 9th inst. prices closed Vs to lVsC. lower.
With
Another disappointment to
effect.
350
India—Dec. 30—President Van Buren, 442
government
now
opportunity.
4,050
To Havre—Jan. 3—San Diego,
MOBILE—To Liverpool—Dec. 13—Lock Ronza,
—West Kyska, 1,366
planters
2,138
2,686
Antwerp—Jan. 6—Indiana, 2,138.
To Gdynia—Jan. 3—West Chattala, 2,686
BEAUMONT—To Liverpool—Jan. 7—West Quechee, 646
To Manchester—Jan. 7—West Quechee, 248
1
LOS ANGELES—To Liverpool—Jan. 6—Narenta, 404—Dec. 30
—Pacific President, 1,054
To Bremen—Jan. 4—Este, 650
Dec. 30—Tacoma, 3,400
To Japan—Jan. 4—Muncaster Castle, 11,500
Jan. 6—Tatsuta Maru, 2,070; President Taft, 700
Dec. 28—Rio de
Janeiro Maru, 300; Hokkai Maru, 500
Dec. 30—Presi¬
dent Van Buren, 400
restrictions no longer effective,
will be free to increase their acreage, and this of
course, means to the trade future large surpluses of wheat,
which again would put the United States on an export basis.
These considerations caused speculators to sell at every
With
off.
,
-
—
To
To
tic wheat crop
2,008
4 757.
shaw
To Manchester—Dec. 23—Division,
importers.
wheat to
6,129
2,971
—Silgestad, 3,016
To
Reports on the condition of the domes¬
continue favorable.
On the 6th inst. prices
closed y to- ^8C* down after wide and erratic fluctuations.
Immediately following the publication of the Supreme Court
decision prices rose to their highest level, due largely to short
covering, some deliveries showing gains of 2 cents per bushel.
At this point a heavy wave of liquidation set in and all gains
were wiped out.
There are many uncertainties besetting the
trade now, especially that concerning what will happen with
crop restrictions removed.
Does it mean that larger acreages
will be sown in the spring?
However, it is felt by not a few,
that the government will do something highly effective to
stabilize matters.
On the 7th inst. prices closed y to yc.
Bales
2—Yuri Maru, 1,653---Jan. 3
__Jan. 4—Chinese Prince, 1,460
Venice—Jan. 2—Teresa, 2,971
Trieste—Jan. 2—Teresa, 700
Rotterdam—Jan. 4—Burgerdijk, 2,008
Liverpool—Dec. 23—Division, 866
Jan. 4—West Har-
NEW ORLEANS—To Japan—Jan.
321
Chronicle
Financial
Volume 142
DAILY CLOSING PRICES OF
84)4
NEW YORK
84)4
Wed.
84)4
Thurs.
83)4
Fri.
83)4
CORN FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs.
Fri.
Sat.
62
62)4
May
July
September
Season's High
September
and
84 %
December
65
May
68)4
62
62)4
62
62)4
62 %
62>4
62)4
61
61)4
61)4
60)4
61)4
61)4
Season's Low and When Made
Made
67)4
Mar. 25 1935
5 1935 September
60)4
June
1 1935
6 1935 December
56
Aug. 13 1935
July 29 1935 May
When
Jan.
June
prices on the 4th inst. closed unchanged to ye. up,
with very little of interest in the news or trading.
On the
6th inst. prices closed yc. to y,c. lower.
As with corn,
prices were little affected by the Supreme Court announce¬
ment and the wide fluctuations jn wheat.
Trading was light.
On the 7th inst. prices closed unchanged to ye. higher.
Trading quiet.
On the 8th inst. prices closed yc. to yc.
lower, in sympathy with the declines in wheat and corn.
Trading quiet.
Oat
322
On
Financial Chronicle
the
sagged
quiet.
9th
inst.
prices closed % to %c. lower.
Oats
sympathy with wheat and corn.
Trading
To-day prices closed unchanged to %c. higher, with
off
in
trading quiet.
DAILY
CLOSING PRICES
OF
Sat.
No. 2 white
DAILY
OATS
Mon.
42%
CLOSING PRICES
OF
IN
NEW
Tues.
42 %
Wed.
4334
May
July...
September
42%
Fri.
43
FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs. Fri.
28%
28%
28%
28
28%
2834
28%
27%
26%
—
Season's
High and
When
September
44%
35:
37
Jan.
71935
September
June
41935
December
Aug.
1 1935
May
May
Thurs.
4334
OATS
Sat.
December
YORK
Made
Season's Low and
28%
27%
26%
2834
27%
27
When Made
31%
33%
2934
June 13 1935
June 13 1935
Aug
17 1935
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
July
32%
32%
32%
32%
32%
32%
32%
32%
31%
32%
32%
32
Rye—On the 4th inst. prices closed unchanged to % higher.
Trading light and without special feature.
On the 6th inst.
prices closed 3^c. to lc. off, this grain being more responsive
to the action of wheat.
However, trading was light and of
little significance.
On the 7th inst. prices closed unchanged
to
off.
Trading quiet.
On the 8th inst. prices closed
y8c. down to y8c. up, with nothing of interest in the trading
Jan. 11
1936
lake and river ports and at seaboard ports purporting to
be for the week ended Dec. 28 were actually a reprint of the
figures for the week ended Dec. 21, which appeared cor¬
rectly in the preceding week's "Chronicle," through an
error
in make-up.
We therefore give below the correct
figures for the week ended Dec. 28:
The receipts at western lake and river ports for the week
ending Dec. 28 1935 and since Aug. 1 for each of the last
three years have been:
Flour
Receipts at-
Wheat
Oats
Corn
Barley
Rye
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushA8lbs.
Chicago
128 000
127 000
Minneapolis.
745 000
216,000
9,000
228,000
545,000
|
176,000
218,000
94,000
334,000
123,000
117,000
32,000
283,000
Duluth
58,000
9,000
20,000
74,000
60,000
7,000
5,000
14,000
Detroit
25,000
17,000
Louis
82,000
4~4~6~666
38,000
5,000
313,000
60,000
38,000
18" 000
16,000
26,000
127,000
Indianapolls.
St.
95~666
98,000
Milwaukee..
Toledo
Peoria
30,000
9,000
138,000
Kansas City.
10,000
394,000
616,000
665,000
58,000
48,000
111,000
"eo'.ooo
18,000
147,000
40,665
Omaha
St.
Joseph
__
Wichita
67,000
25,000
78,000
.
3,000
15,000
73,000
"6",600
1,000
8,000
135,000
Sioux City
491,000
80,000
31,000
45,000
1,841,000
.
Buffalo
Total wk. '35.
264,000
On the 9th inst. prices closed virtually unchanged.
ing very quiet.
ing quiet.
DAILY
To-day prices closed %c. higher, with trad¬
1,055,000
PRICES
OF
345,000
1,152,000
1,592,000
499,000
135,000
301,000
2,126,000
2,395,000
530,000
58,000
8,131,000 237,806,000 68,094,000
7,892,000 138,453,000 115,268,000
7,382,000 136,431,000 106,717,000
29,842,000
8,711,000 39,923,000
42,262.000
May
July
September
-
7,399.000 27,301,000
55%
54%
56
High and
76
Jan.
December
53%
June
May
52%
Aug,
CLOSING
54%
54%
54%
55
5 1935
September
3 1935 December
1 1935 May
PRICES
OF
RYE
Sat.
May
July
54%
54%
54%
Season's Low and
When Made
September
47
54%
54%
54%
54%
54%
54%
June
June 13 1935
Aug 19 1935
IN
13 1935
WINNIPEG,
Wed.
4634
47%
43%
43%
43%
44%
45%
38%
38%
Closing quotations
38%
39
43%
38%
39%
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Dec. 28 1935, follow:
43%
38
38%
New York
Corn, New York—
No. 2 yellow, all rail...
Oats
lbs.lbush.
Barley
Rye
32 lbs. bush.56lbs. bushA8lbs.
674,000
6,000
19,000
9,000
4,000
56,000
2,000
19,000
3,000
New Orleans *
22,000
33,000
18,000
2,000
15,000
37%
38%
_
4,000
28,000
136:660
St. John
25:666
476,000
Boston
17,000
69,000
Halifax
20,000
40.000
St. John,West
Total wk. '35.
234,000
1,401,000
Since Jan. 1'3513,152,000
71,450,000
Week
1934.1
205,000
477,0001
Since Jan. L3413,457,000
87,591,000
16,000
5,000
116,000
15,602,000
45,000
28,000
16,000
17,303,000
4,797,000
4,874,000
157,000
9,362,000
467,000
4,000
11,379,000
3,065,000
.
3,205,000
*
Oats, New York—
on
No. 2 white
83%
Corn
bush. 56
122,000
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic... 119%
Manitoba No. 1, f.o.b. N.Y. 96%
Wheat
bbls.mibs. bush. 60 lbs
Baltimore
43%
37%
38%
Flour
Receipts at-
Philadelphia
follows:
were as
903,000
86,241,000 13,456,000 51,183,000
Fri.
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
May
July
1933
45%
45%
Thurs.
45%
45%
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
May
504,000
When Made
45
Tues.
46%
47%
-
48%
46%
FUTURES
Mon.
46%
.
1934
FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
55%
55%
0
Slnce Aug. 1—
RYE
Sat.
DAILY
977,000
267,000
Same wk. '33.
1935
CLOSING
Season's
Trad¬
3,946,000
Same wk. '34.
or news.
43
Rye, No. 2, f.o.b. bond N. Y_. 63%
Barley, New York4734 lbs. malting
54%
Chicago, cash
54-83
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, Jan. 4 1936,
shown
are
in
annexed
the
statement:
FLOUR
Spring pats..high protein $7.10( 7.40 Rye flour patents
$4 20@4.50
Spring patents
6.75( 7.05 Seminola, bbl„ Nos. 1-3. 8.00®
Clears, first spring
6.10( 6.40 Oats, good
2.60
Soft wi iter straignts
5.00( 5 30 Corn flour
2.05
Hard wi iter straights
6.30@6.60 Barley goods—
Hard winter patents
Coarse
6.50@6.80
2.85
Hard winter clears
5.60@5 90
Fancy pearl,Nos.2,4&7 4.00®4.
Wheat
New York
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
..
Bushels
Barrels
Bushels
Bushels
Bushels
279,000
8,980
40,000
...
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Receipts at—
Flour
Baltimore
80,000
1,000
New Orleans
3,000
Galveston
1,000
264:666
St. John, West
Corn
Oats
Rye
------
~18",666
15,000
Halifax
33,000
62,980
66,000
176,000
Same week 1935
8,000
623,000
Total week 1936..
47,510
21,000
The destination of these exports for the week and since
July 1 1935 is
Wheat
1,000
Newport News
as
below:
Flour
Barley
Wheat
Corn
Exports for Week
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushA8lbs.
Chicago
127,000
82,000
492,000
469,000
109,000
88,000
Minneapolis.
_
13,000
2,000
10,000
Duluth
Milwaukee
236,000
204,000
94,000
51,000
84,000
Toledo
90,000
40,000
77,000
Detroit-...t..
28,000
11,000
Indianapolis..
13,000
180,000
23,000
46,000
78,000
St. Louis
93,000
Peoria
37,000
Kansas City..
12,000
122,000
9,000
3,000
17,000
28,000
Total wk. 1936
282,000
Samewk. 1935
309,000
316,000
Since
Week
Since
July 1
Jan. 4
July 1
Jan. 4
July 1
1935
1935
1935
1935
1935
1935
Barrels
2,000
United
Kingdom.
Continent
Barrels
Bushels
Bushels
Bushels
Bushels
44,480
1,413,213
264,000
4,290
276,018
347,000
28,542,000
18,738,000
44,000
12,000
340,000
1.
26,000
So. & Cent. Amer.
1,000
61,000
51,000
West Indies
66,000
Brit. No. Am. Col.
164,000
139,000
30,000
447,000
124,000
419,000
309,000
14,000
42,000
66,000
37,000
40,000
353,000
196,000,
20,000
38,000
1,831,000
1,338,000
1,277,000
2,381,000
1,311,000
2,335,000
1,164,000
480,000
689,000
353,000
1,237,000
565,000
937,000
86,000
7:210
100,765
62,980
1,926,996
623,000
47,681,000
45,000
47,510
Total 1935
Total 1934
1,000
81,000
63,000
7,000
The
2,029,258
176,000
46,881,000
6,000
1934
1933
7,698,000137,708,000109,052,000
Total receipts
the week ended
87,405,000 13,809,000 52,420,000
30,322,000 8,792,00040,488.000
42,951,000 7,462,00028,238,000
—
of flour and grain at the seaboard ports for
Saturday, Jan. 4 1935, follow:
"2:666
7,000
61,000
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Jan. 4, were as follows:
GRAIN STOCKS
Wheat
8,413,000 239,637,000 70,475,000
8,101,000 139,791,000 116,579,000
G
Rye
Barley
Bushels
Bushels
Bushels
110,000
20,000
116,000
New York
Oats
Bushels
5,000
Boston
Corn
Bushels
United States—
175,000
406,000
afloat
bbls.l96lbs. bush. 60 lbs
New York
120,000
Philadelphia-
23,000
485,000
Orleans*
Barley
95,000
88,000
28,000
195:666
5,000
37,000
81,000
57,000
94,000
1,000
1,000
31,000
Baltimore
New Orleans
436:666
6,000
13,000
15,000
184,000
104,000
18,000
152,000
92,000
193,000
1,044,000
36,000
145,000
St. John, West
lY.ooo
"
Boston
2,497,000
562,000
59,000
1,748,000
550,000
2,093,000
1,128,000
2,271,000
110,000
57,000
Hutchinson
31,000
Kansas
T9~666
"2",000
City
St. Louis
33,000
Peoria
755,000
49,000
Since Jan. 1'36
262,000
755,000
49,000
1935.
210,000
202,000
SinceJan. 1'35
210,000
202,000
146,000
146,000
1,000
Chicago
8,000
"
262,000
2,081,000
1,762,000
Indianapolis
2,000
33,000
Total wk. 1936
1,205,000
12,152,000
4,452,000
390,000
City
Omaha
Sioux
1~8~666
264,000
8,429,000
188,000
1,069,000
afloat
Milwaukee
*
686,000
573,000
81,000
5,713,000
232,000
621,000
220,000
162", 000 12,933,000
65,000
7,715,000
19,000
2,000
25.000
Duluth
5,021,000
177,000
196,000
25,000
Detroit
145,000
5,000
7,000
6,675,000
4,628,000
641,000
1,604,000
1,206,000
Receipts do not include grain passing through New Orleans for foreign ports
printed in last week's "Chron¬
icle" (Jan. 4 1936) of receipts of flour and grain at western
2,133,000
520,000
196,000
afloat
13,752,000
"
afloat
—
through bills of lading.
Correction—The statements
9l"l",000
2,272,000
4,818,000
177,000
* *
Buffalo
on
260",000
441,000
807,000
397,000
510,000
847,000
37,000
19,000
Minneapolis
Week
14,000
85,000
85,000
2,000
25,000
54,000
Fort Worth
St. Joseph
9,000
5,000
5~66o
Galveston..
Halifax
Rye
12,000
2,000
24,000
1,000
5,000
18,000
10,000
New
Oats
bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush. 4816s.
28,000
Baltimore
Corn
2"o",666
158,000
819,000
1,344,000
Wichita
Receipts at—
Wheat
"15", 000
48,000
Philadelphia...:""——
Galveston
Flour
43:666
7:606
Other countries...
6,000
~3"666
Week
52,000
70,000
19,000
198,000
Sioux City
Buffalo
Since
Jan. 4
July 1 to—
312,000
160,000
13,000
St. Joseph
Wichita
Since Aug. 1—
1935
164,000
Week
517,000
20,000
Omaha
Same wk. 1934
7,000
86,000
and Since
Total Jan.
Total Dec.
Total Jan.
4 1936
28 1935
5 1935
50,000
2,653,000
1,130,000
12,000
1,127,000
90,000
462,000
47,000
6,653,000
1,778,000
78,000
1,582,000
1,543,000
70,307,000
7,173.000 41,271,000
8,914,000 15,465,000
72,003,000
7,701,000 41,936,000
8,915,000 15,559,000
81,329,000 39,875,000 21,351,000 12,219,000 14,558,000
Financial
Volume 142
Note—Bonded grain not included above:
Oats—New York, 126,000 bushels;
73,000; total, 199,000 bushels, against none in 1935.
Barley—Duluth,
34,000 bushels; total, 34,000 bushels, against 1,680,000 bushels in 1935.
Wheat—
New York, 3,119,000 bushels; N. Y. afloat, 869,000; Philadelphia, 768,000; Balti¬
more, 572,000; Buffalo, 8,912,000; Buffalo afloat, 10,968,000; Duluth, 961,000;
Erie, 2,069,000; Boston, 1,063,000; Chicago afloat, 115,000; Chicago, 165,000;
Albany, 5,087,000; total, 34,668,000 bushels, against 22,998,000 bushels in 1935.
323
Chronicle
THE DRY GOODS TRADE
Buffalo,
Wheat
Bushels
Canadian—
Corn
Bushels
Rye
Oats
Bushels
Bushels
Barley
Bushels
8,850,000
620,000
112,000
676,000
Ft. William & Port Arthur38,213,000
Other Canadian and other
2,175,000
3,058,000
2,403,000
Montreal
..78,568,000
3,252,000
288,000
901,000
125,631,000
126,271,000
121,523,000
water points
6,047,000
5,898,000
7,400,000
3,458,000
3,454,000
3,239,000
3,980,000
3,917,000
6,085,000
Total Jan. 4 1936
Total Dec. 28 1935
Total Jan.
51935
i
70,307,000
125,631,000.
Canadian
Total Jan. 4 1936
Total Dec. 28 1935
51935
7,173,000 41,271,000
6,047,000
8,914,000 15,465,000
3,458,000 3,980,000
195,938,000
7,173,000 47,318,000
198,274,000
7,701,000 47,834,000
202,852,000 39,875,000 28,751,000
American
12,372,000 19,445,000
12,369,000 19,476,000
15,458,000 20,643,000
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Jan. 3, and since July 1 1935 and July 2 1934, are
shown in the following:
The world's
1936.
Friday Night, Jan. 10
post-holiday week made a fairly
good showing although during the latter part of the week
adverse weather conditions and initial uncertainties over the
momentous
a
prevailed, trading
was
outlook for retail business has been
How far the
altered by the
In other parts of the country
area.
seasonal cold weather
Washington verdict, it is, of course, too early
judge, but the hope is expressed that some of the
to
losses in sales, due to actual or
the
de¬
Court appeared to have a retarding
where
brisk and there
disposition to minimize the results of the AAA de¬
effect in the local
was
Administration
Adjustment
Agricultural
cision of the Supreme
cision.
Summary—
Total Jan.
New York,
Retail trade in the first
expected
anticipated curtailment in
of the farm population, may be miti¬
stimulus to
resulting from the expected enactment of the
purchasing
power
gated by reductions in prices and a possible
business
bonus payment.
Trading in the wholesale dry goods markets was greatly
Corn
Wheat
Since
Since
Week
Since
July 1
July 2
Jan. 3
July 1
Week
Exports
Jan.
3
Since.
July 2
1936
1935
1934
1936
1935
1934
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
North Amer.
1,549,000
Black Sea
560,000
803,000
1,620,000
Argentina
Australia
79,492,000
30,906,000
51,456,000
45,830,000
256,000
India
1,096*555
Oth. countr's
18,056,000
15,000
1,000
94,085,000
281~,666 5,260,000 11,014,000
4,288,000
91,820,000 4,995,000 161,829,000 117,377,000
52,879,000
328,000
21,696,000
1.351*665 28,73l"666
22,861,000
Weather Report for the Week Ended Jan. 8—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Jan. 8, follows:
At the beginning of the week/ an extensive "high" was central over the
Atlantic States, attended by abnormally low temperatures, but there was
a
rapid warming up and seasonable warmth prevailed
thereafter; subzero
temperatures were frequent in the Northwestern States.
On the morning
of Jan. 1 a moderate depression was central over the west Gulf and another
over southern Rocky Mountain districts.
These moved, in conjunction,
northeastward during the following two days, attended by widespread
precipitation east of the Great Plains, with heavy to excessive falls in the
Southeastern States; on the morning of Jan. 2, 6.46 inches of rain was
reported from Pensacola, Fla., and a number of other stations had amounts
in excess of 2 inches.
During the latter part of the week precipitation was
widespread in the far Northwest and, attending a depression that moved
from the southern Plains northeastward, rains or snows were again general
over
the eastern half of the country.
In the East the line of freezing
Ga., and
Miss.,
Meridian,
but
weather extended as far south as Macon,
in the Mississippi Valley temperatures
lower than 32 degrees were not reported south of Cairo, 111.
At the close of
the week subzero temperatures were general over the Northwest, extending
as
far south
as
Brownsville, Tex.
Data in the table on page
4 show that the temperature for the week, as
whole, averaged near normal in the Middle Atlantic area, the Southern
States, and from the central and southern Great Plains westward.
In
a
these sections the
to
about
that
weekly mean ranged mostly from 2 to 3 degrees subnormal
above normal.
In the more Northern States con¬
From the upper Mississippi Valley eastward
much
ditions varied considerably.
the weekly averages were
Northwest.
However,
in
considerably above normal and also in the far
the northern Great Plains the persistent low
temperatures brought the averages for the week to considerably below
normal, the largest minus departure being 8 degrees at Devils Lake, N. Dak.
The table shows also that precipitation was heavy in the Atlantic area and
Throughout the Atlantic States from Maine to Georgia
the weekly totals exceeded an inch and in most sections ranged from 2 to
3 inches or more.
The heaviest reported from a first-order station was
11.2 inches at Pensacola, Fla.
The precipitation was generous to heavy
also over a large northwestern area and was moderate to fairly heavy
in the Lake region and upper Mississippi Valley.
There was very little
over a large southwestern area extending from Texas and Oklahoma west¬
east Gulf States.
ward to the Pacific Ocean.
On
the
interests.
whole, the week brought favorable weather for agricultural
The outstanding feature was the widespread and generous pre¬
cipitation that occurred over the northwestern Plains district, the central
and northern Rocky Mountain sections and the north Pacific area.
This
very helpful in replenishing soil moisture, especially in Washington
Oregon, and also in many places providing range water that will
permit an extension of the grazing area.
In Washington copious pre¬
cipitation was Statewide which, falling largely on unfrozen soil which
permitted penetration, was highly beneficial.
In Montana there was a
good and very helpful snowfall over practically the entire State, but at
the same time decidedly more precipitation is needed to relieve the exces¬
sive soil dryness.
In Oregon, Idaho, northern Nevada, Utah, Wyoming,
and much of Colorado the moisture situation has been materially im¬
was
and
proved.
However, over a large area of the Northern Plains precipitation
was
again negligible and a considerable southwestern area, principally
from eastern Colorado southward, remains much too dry.
Conditions were also favorable in southern trucking sections, especially
in Florida where the warm weather and rainfall were helpful for the re¬
covery of truck crops recently set back by cold weather.
Strawberries in
this State have not been materially injured and shipments are increasing,
good.
In other Gulf sections the first part of the
for growth, but the latter part was more favorable;
while citrus remains
week
was
too
cool
truck continues good in west
Gulf areas.
Frequent precipitation in the eastern half of the country prevented out¬
operations.
Very little corn husking was possible and but little
cotton was picked in the central-northern portion of the belt, where con¬
siderable remains in the field in snow lowlands, especially in eastern
side
Arkansas.
Rather
cold
and
stormy
weather was hard on livestock in northern
the range was benefited by additional
mountain sections of the West, but
precipitation.
In Central and Eastern States stock continued in good
shape, but heavy feeding was necessary in much of the Northwest, be¬
cause of snow-covered range and cold weather.
Small Grains—In much of the East the snow cover disappeared dur¬
ing the week, due to milder temperatures and rainfall, though in the Ohio
Valley sections wheat fields were fairly well protected during the recent
cold weather.
Wheat continues in satisfactory condition rather generally
in central and eastern portions of the belt and the Atlantic area, while
the milder weather was favorable for small-grain crops in the Southeast.
In the Plains States wheat is dormant and little or no change is indicated
Moisture is needed in most of Nebraska and also
in the southwestern Plains, including the Panhandle of Oklahoma.
In
Montana and the north Pacific area precipitation during the week was
decidedly beneficial in supplying soil moisture, especially in Oregon and
in the
were
seasonal expansion
tories
reflecting the depletion of store inven¬
caused by the spurt in
holiday sales and the good
to post-holiday clearance
response
decision, trading
came
promotions.
Following
to a virtual standstill, pending a
The first price
of 13^e., from
153^c. to 14c. a yard. With the large number of buyers in
the market, resumption of buying on a seasonably important
scale is expected as soon as the necessary changes in quota¬
readjustment of prices in the affected lines.
change was announced on denims, with a cut
tions have been
made.
Business in silks expanded moder¬
ately, with chief attention centering in
on
spring fabrics
were
printed
crepes.
Prices
advanced from 10 to 30c. a yard,
partly due to the higher dyeing and finishing charges, mainly,
increased quotations for
quiet, reflecting in
part the uncertainty over the labor situation in the New
York dress industry.
Developments in the cotton goods
market following the decision on the AAA also tended to
however, as a result of the sharply
raw
silk.
Trading in
yarns was
rayon
Prices, however, held steady, and in view
statistical position, further upward adjust¬
ments for certain counts are anticipated.
retard business.
of
the
sound
northwestern Iowa and central Nebraska, the lowest re¬
ported being 22 degrees below zero at Devils Lake and Bismarck, N. Dak.,
and Huron, S. Dak., on the .morning of Jan. 7.
In some southern Cana¬
dian Provinces the temperature dropped to 40 degrees below zero.
In Gulf
districts freezing weather did not occur at any time during the week, the
lowest reported ranging from 40 degrees at Pensacola, Fla., to more than
60 degrees in the southern portion of the Florida Peninsula and 48 degrees
at
Prior to the decision, some further price
the AAA.
the
5,628,000225,996,000 265,096,000 6,627,000 195,821,000 151,267,000
Total
Court invalidating
advances
announced and business by retailers showed a moderate
affected by the decision of the Supreme
general condition.
Washington.
Domestic Cotton
Goods—Following the decision of the
Supreme Court declaring the AAA unconstitutional, trading
in gray cloths came to a complete standstill, with buyers
and sellers withdrawing from the market, pending the ad¬
justment of prices to the elimination of the processing tax.
Efforts on the part of the mills to establish quotations at a
level absorbing approximately only one-half of the amount
of the tax, met with scant success, inasmuch as the sharp
reaction in the raw cotton market served to intensify the
cautious attitude of buyers. While the admitted large sea¬
sonal needs of users should hasten an early termination of
the present price deadlock, some buyers are placing their
hopes on expected second-hand offerings by traders who are
now receiving deliveries of goods bought prior to the de¬
cision, and subject to the refund of the full amount of the
downward revisions in prices of sheet¬
reported, to levels reflecting the full
amount of the processing tax off the previous quotations.
Business in fine goods also came to a halt following the AAA
decision, as mills refused to make any price concessions, on
account of the elimination of the processing levies, basing
their attitude on the assertion that prices for their products
have long been below cost. Nominal closing prices in print
cloths were as follows: 39-inch 80's, 8pgc.; 39-inch 72-76's,
7%c.; 39-inch 68-72's, 73^c.; 38^-inch 64-60's, 6c.;383^-inch
tax.
On Thursday,
ings and drills were
60-48's, 5Mc.
•
Good*®—Trading
Woolen
in
men's
wear
fabrics
was
moderately active, with iobbers receiving numerous sizable
orders for spot
full rate.
merchandise.
Mill operations continued at
Considerable interest is shown in the new Fall lines
although formal openings are still
impending. Reports from
good showing, reflecting sharp
increases in sales due to the prevalence of real winter weather
in many sections of the country. Business in women's wear
goods continued brisk with more activity shown in the cover¬
ing of Spring merchandise needs, and with a sustained
demand for cruise and resort wear lines making itself felt.
Prospects of a strike in the local dress industry had little
retail clothing centers
effect
on
made
a
trading.
Dry Goods—Trading in linens was seasonally
quiet although there was a steady call for dress goods and
suitings for use in the resort trade. Largely depleted inven¬
tories in retailers' and wholesalers' hands are believed to fore¬
Foreign
shadow an active Spring season.
After an early further
recession, builap prices ruled somewhat steadier, under the
influence of the mild improvement displayed by the Calcutta
market. Trading continued very light.. Domestically light¬
weights were quoted at 4.15c., heavies at 5.50c.
324
Financial Chronicle
Paoe
Name
Specialists in
Rate
4042
3892
Coudersport S. D., Pa
Covington 8. D., Ky
Craighead County, Ark
4
Maturity
1940-1965
3
1937-1965
Crossville 8. D., Ill
3902
4193
5
4
1-10 years
3905
Im nois & M issouri
Bonds
Cuero, Tex. (2 issues)---
44
4193
Cumberland, Md
Cumberland County, N. J
Custer 8. D., 8. Dak
4
3897
4054
3730
4055
4056
Cuyahoga County, Ohio
Dallas, Tex. (4 issues)
Danville, Va
DIRECT
CHICAGO
WIRE
ST.
2)4
Deshler, Neb
3892 Dixon, 111
4191 Douglas County 8.
D., Colo
4046 Dresco 8. D., Iowa
3892 Dublin, Ind.
We
present
herewith
detailed list of the municipal
our
bond issues put out during the month of December, which the
crowded condition of our columns prevented our publishing
at the usual time.
4050
was
given
on
page
150
of
the "Chronicle" of Jan 4.
Since then several belated
December returns have been received, changing the total of
month
to $128,511,998.
This total does not include
Emergency Relief Administration or Public Works
Administration funds actually made or promised to States
and municipalities during the month. ■ The number of
municipalities issuing bonds in December was 483 and the
Federal
number of separate issues 645.
3902
3903
3731
3
4
1937-1955
2%
1936-1955
4
2
1938-1944
1940-1943
;
Ind
Dutchess
2)4
1936-1955
2.90
1937-1950
East Donegal Twp. 8.
D., Pa
East Hempfield Twp. 8.
2)4
Eastern, Pa. (2 issues)
2)4
1936-1955
1937-1951
1937-1966
D., Pa__24
East
3893
Pittsburgh, Pa
4
East Waterloo 8. D., Iowa
S. D. No. 1, N. Y
4196
4045
3
Eden
Effingham, 111
Eldora S. D., Iowa
Elizabeth, N. J
Elizabeth, N. J
4193
3897
3897
3898
4198
3902
-3.20
-2%
Aberdeen, S. Dak
3)4
1937-1950
r$70,000
4048
Ada,
3
1940-1955
42,000
100
3.00
2)4
3)4
1937-1949
61,000
100.51
2.43
3721
35,000
101.47
Albany, N. Y. (3 issues)
2
Albany, N. Y
2)4
4053 Allegheny County, Pa. (4 issues).
-2%
4196 Alden S. D. No. 10, N. Y
34
3900 Alliance, Ohio
4
3731 Altoona, Pa
4
1936-1955
792,000
100.10
1936-1961
_
4043
4190
Minn
Alameda County, Calif
Alameda County, Calif
3897
3897
""
.
_.
1936-1945
300,000
1936-1965
4%
100"25~
jfib
100.51
3.07
100.85
1940 1961
3
1937-1940
1937-1948
2
3
3893
Audubon S. D., Iowa
160 Bay City, Mich
4191 Ball Ground, Ga
110,000
44,000
1938-1950
2%
34
3)4.-3
Athens County, Ohio
4056 Ashland
County, Wis
___.24
3
4
7,000
21,000
27,000
1937-1954
1936-1944
60,000
86,000
25,000
30,000
1937-1938
1936-1940
1936-1937
1941-1955
15,000
19,250
22,000
120,000
100,000
r55,000
65,000
4198
Baltic S. D., Ohio
4053 Barrett Twp. S.
D., Pa
24
2%
1936-1959
2
1937-1945
6
1946-1955
3)4
..34
1937-1958
4050
Bath, N. Y
3898 Beacon, N. Y
3893 Bell County, Ky
164 Berwick,
Pa..
4052 Bethel S. D., Ohio
4053 Billings, Okla
4191
3894
4049
4199
4054
3731
4046
4052
4043
158
3902
4049
3898
3731
4195
4047
4052
Okla
City, Idaho
1936-1963
10,000
48,000
1938-1949
4
1937-1944
...6
1939-1970
3)4
Boone S. D., Colo
3)4
Boston Metropolitan Dist.,
Mass_2>$
Bozeman, Mont
6
Boyerstown S. D., Pa
2%
Brookings 8. D., S. C
3)4
_
10-20 yrs.
1937-1955
90,000
22,000
11,600
180,000
88,000
48,000
Buffalo Twp. 8. D.,Pa
Bussey, Iowa
County, Ohio
Butte County 8. D., Calif. (2 iss.)
3%
2)4.
1938-1953
Butler
Calmar S. D., Iowa
Cambria County, Pa._
Campbell, Neb
3
1937-1943
Canandalgua, N. Y
Canonsburg, Pa
Carbon County, Mont
Canton, Mass..
Canton, Ohio
4
175,000
7,500
1940
100.45
2.46
100.05
2.95
103.33
3.65
lOllo"
100.23
2.73
100.05
1.99
100.69"
"3:19
3733
100.20
3.23
4193
3892
3895 Chatfield S. D., Minn.
Charleston Co. 8. D. No. 4, 8.
4054
1938-1953
Greenville Co.
8.
D.
No.
1936-1955
2.96
5.00
100.02"
3.74
100.15'
100.57
4053
Guymon, Okla.
4053 Halsey 8. D., Ore
4053 Halsey 8. D., Ore
4052 Hamilton Co., Ohio
100.61
2.88
3905 Harris
2.73
3-34 1937-1946
3-3)4 1944-1951
2
Harris Co., Tex_
3901 Hardin Co., Ohio
Co., Tex
10b:i2"
"1.20
100.08
1.97
100.17
3.48
3897 Hasbrouck Heights, N. J
4)4
3727 Hasbrouck Heights, N. J
44
3731 Hazle Twp. 8. D., Pa
4
3728 Hempstead
&
No.
Hempstead
S. D. No. 2, N. Y_
__._3.20
3728
l"0l".65"
lobes'
Hempstead
&
No.
S. D. No. 5, N. Y
2.82
Hoisington, Kan.
Huron 8. D., 8. Dak
j
4046
4.17
4054
Indian Point Twp., Ill
Irwin 8. D., Pa
Ispheming, Mich
100.26
3.46
3895
100.40
3.44
3.17
1938-1965
90.000
100.33
3.37
4
1937-1955
lbl""""
3:89
lbb""""
Y.bo
4
1.10
3722
100.09
3722
100.52
2:92
4199
Jackson
100.40
2.17
4193
Jackson
3892
Jackson School Twp., Ind
1938-1957
110,000
106.87
3.37
1940-1965
36,000
7*8,260
102,000
100.04
2.49
Co., Ohio
Co., Iowa.
4045 Jacksonville, Ill__
4050 Jamestown 8. D., N. Y
4049
10b:06"
4054 Jeannette, Pa
4193 Jefferson Co., Kan
1936-1952
1936-19611
1936-1944
1936-1955
1955
66,000
100.06
1942-1958
101.18
3.70
1936-1965
2)4
40,000
21,000
100
100.35
2.96
3906 Kenwaunee 8. D. No. 1, Wis
Kane Co. 8. D. No.
2.20
3893
3
3)4
..2)4
2)4
3)4
4
2)4
6.00
3896
Kansas City, Kan
Kansas City, Mo. (7 issues)
4.00
3906
Kenosha, Wis
100.16
100.60
2.11
lbb""""
Yob
100.29
3.68
60,000
4045 Jefferson School Twp., Ind
4054 Jenkintown 8. D., Pa
3892
20,000
80,850
,61,000
4
...3)4
2)4
3)4
2)4
131, III......24
2)4
1936-1944
3)4
34
60,000
37,000
545,000
23,000
275,000
1962-1975/
1937-1954
51,000
40,000
40,000
100,000
1936-1955
1952
112,000
7*110,000
1942-1950
100.88
2.90
100.17
2.48
100.38
2.21
100
3.50
1952
7*90,000
100
3.25
7*500,000
55,000
38,000
7*20,000
27,309
100
3.00
10019"
Yii
2-27 yrs.
1936-1944
1937-1950
1940
1936-1948
1937-1960
1936-1945
1937-1949
1938-1965
1944-1955
1937-1956
3
3)4
100.19
1956.
1937-1946
4
100.31
1,000
D.
Jasper Co., Mo
3899
3.17
3
3
22,000
4
_33^
2)4
3)4
3
Jacksonville, Fla
Jacksonville, Fla
Jacksonville, Fla
3904 Jackson, Tenn
3.42
2.91
100
3.74
100.36
2)4
3)4
.3)4
3722
104.06
101.03
lbb". 17"
103.53
207,000
1-10 yrs.
4197 Ithaca, N. Y
100.92
2.45
1937-1960
Hutchinson, Kan
3722
100.27
2.88
100.37
1937-1960
3
3733
2.97
100.57
0.93
4
Humboldt, Iowa
100.33
101.23
3.40
Hennepin Co. 8. D. No. 17, Minn
3900 Hillsboro 8. D., N. Dak
3727 Hillside Township, N. J
4046
100.81
100.21
4201
2.99
30,000
350,000
100.10
102,000
48,000
4049
100.24
104.66*
1937-1941
1937
1937-1944
3895
100.13
100.10
1
10,000
27,750
14,750
1,199,000
425,000
1,000,000
33,000
Hempstead
3900
1936-1944
1937-1951
100.15
100,000
115,000
24
3)4
2.83
1936-1944
1933-1955
1936-1961
1937-1956
3403 Harmony Twp. 8. D„ Pa
157 Hartford, Conn
100.58
1936-1944
3
3
3905
1937-1947
1937-1954
3.75
100.10
1938-1950
6
4.00
100.38
1936-1950
3
4.50
100
100
3)4
4
99.03
100
100
20,000
35,000
4045 Clay School Twp., Ind
3)4
4053 Clackamas Co. 8. D. No. 28. Pre._4
3902 Clearfield, Pa
3
4195 Clay County, Kan
2
3727 Cornwall, N. Y
3.73
20,000
1936-1948
1937-1941
4.00
100.28
1936-1945
1946-1960
5
2)4
lbb""""
5 years
4
Conneaut, Ohio
4202 Connell, Wash
4199 Conway, Pa
3.00
100.12
1937-1954
Chateau Co. S. D. No. 1, Mo
4198
3.43
3
ClarksviUe Civil Twp., Ind
Clay School Twp., Ind
1937-1952
100.67
4)4
3)4
Greenville, Ohio
3896
Colfax Co. 8. D. No. 3. N. Mex__4
102
9-B,
N.C
4045
4050
105.62
100
3)4
3.98
406,000
7*79,000
771,500
10,000
3,600
25,000
150,000
Greensboro, N. C
100.16
1945-1955
"___
4052
1940-1949
3)4
1938-1955
d50,000
45,000
7*474,000
7*104,000
34
3)4
2%
County, N. C
Columbus County, N.C
Columbus, Ohio..
4048 Columbus, Miss
1937 1961
1936-1950
1937-1956
4
2)4
3.10
2)4
Chambersburg, Pa
Chattanooga, Tenn
Clarksdale, Miss
4048 Clarksdale, Miss
4192 Clay County, Ind.
Columbus
3.25
112.30
4
4200
Collegeville, Pa
Columbus, Kan
100.59
4)4
4048
3902
100.04
82,500
100,000
1936-1965
Greeley, Colo
3727 Holt County, Neb.
4050 Horicon, Chester & Hague S.
No. 1, N. Y
3899
3.88
100.63
1936-1965
Greene Co., Ind. (2 issues)
Greensboro, N. C
4193
4046
102.64
6,000
2.18
S. D. No. 1, N. Y
1.89
2.87
1940-1948
3.46
3)4
1.80
3.48
1937-1942
2.89
Clear Lake 8. D., Iowa
104.81
101.13
3)4
100.37
3893
4.71
3.92
109.13
4
101.17
4052 Cleveland, Ohio
3
3900 Clinton County, Ohio
2)4
161 Clymer, Harmony & French Creek
100.25
101.15
101.17
4
100.43
,
3:28
66,000
Grant Twp. 8. D., Iowa
Gray Twp., Ill
16,000
1937-1949
100.26
3-15 yrs.
250,000
1936-1940
2*.73
103.66
179,699
34-3444
1937-1944
1936-1955
100.12"
100.31
1-20 yrs.
Grand Forks, N. Dak
Grand Prairie 8. D., Tex
1937-1961
4045
3". 19
100.04
13,000
138,000
650,000
25,000
7,500
1937-1959
150,000
677,000
7-44,000
25,000
7-119,000.
52,000
25,000
22,000
33,000
20,000
55,000
57,000
82,500
1943-1947
3
2)4
4199
100.05
19,300
47,000
16,000
80,000
4
3
1937-1955
3.98
100.11
3)4
3)4
3900 Chillicothe 8. D., Ohio
.3
100.13
5
45,000
3
2.45
Gustine 8. D., Calif
4043 Gustine 8. D., Calif
7-32,000
30,000
C—3)4
2)4
100.38
101.18
100.97
3
17,000
25,300
Champaign County, 111
3900 Chester Twp. 8. D., Ohio..
4052 Chesterfield Twp. 8. D., Ohio
3900 Ohillicothe, Ohio
2.89
1937-1955
1936-1944
Hill Co. S.D. No. 20, Mont
Highland Park S. D., Tex
4201 Highland Park 8. D., Tex
3901 Hocking County, Ohio
4192
2.40
100.07
3892 Grover Twp., Ill
1936-1939
mYioss
1.95
100.79
4043
1937-1955
3)4
100.29
242,000
4198
100.21
17,000
70,000
70,000
16,500
d44,000
50,000
40,000
2.59
3.75
3.22
100,000
1937-1951
3.99
101.06
"2:66
7-116,000
15,000
1940-1954
100.03
101.02
100.33
1936-1940
4
100.27
101
1936-1939
3
4:06
30,000
60,000
9,393
66,000
75,000
1936-1964
2.63
101
2
Castana Con. 8. D., Iowa
2.41
ibo"""
28,000
59,500
4)4
1)4
Centralia, 111.
1937-1941
1942-1951
4052
97.58"
100.86
106.63
4192
3.11
2.73
100.30
101.23
4052
102.86"
1.83
100.13
45,000
Greater Greenville Sewer
D., S. C.4
165
104.31
100.90
65,000
55,000
4044
100.84
Castle Shannon, Pa
3904 Centervllle 8. D., 8. Dak...
3732 Charleston, 8. C
3730 Glanga Co., Ohio
3901 Georgetown, Ohio
4048 Gladstone 8. D., Mich
4198
50,000
3902
3)4
4049
1936-1947
_
4)4
3
Fremont, Ohio.
Glendale, Mo
4191 Glynn Co., Ga
4193 Graettinger 8. D., Iowa
4194 Grand Haven, Mich
3.28
50,000
9,000
32,000
1938-1960
Foster 8. D., Pa
2:i7
2.14
5
Fermanagh Twp. 8. D., Pa
3727 Friendship, Cuba, &c., S. D. No. 1,
N. Y
3.30
4045 Gainesville, Ga_
4
1936-1945
6,000
3)4
3)4
3)4
4045 Frankfort School City, Ind
3727 Fremont, Neb.
100.42
2.41
2.94
108.28
99
4052
101.76
100.42
100.58
102
2.80
100.48
4.00
200,000
10,000
3.75
100.20
2.24
100
6,480,000
4)4
3895 Fenton 8. D., Mich
3895 Fenton 8. D., Mich.
3.34
100.06
yrs.
101.36
2%
Center Magisterial Dist., Va
Chase County, Neb
2:97
113.10
1936-1950
4
Fayette Road Dist., Mo
4200
4.00
75,000
4
3903
2.88
100
1937-1941
iob~~~"
3
4045
4049
1936-1960
27,500
15,000
40,000
12,000
21,000
38,000
rdl15,000
r34,000
7,711,000
.1
4046
3905
1943-1951
1-5 yrs.
Blanchard, Okla
Blissfield, Mich
Blytheville, Ark
4045 Boise
3723 Fall Creek T>vp. 8. D., Ind
4046 Fayette Co., Ky
165,000
4052
4190
2.74
225,000
70,000
1,270,000
45,000
7*150,000
25,000
40,000
50,000
488,000
75,000
78,000
42,000
50,000
231,000
40,000
1939-1947
2.08
4049
185,000
33,000
1955
_______
Fairland, Okla
Fairmont, Va
3.47
1-10 yrs.
1941-1945
5,000
50,000
17,000
65,000
67,000
Basis
101.17
3
100.12
100,10
Price
37,000
380,000
7*23,000
6,000
21,000
50,000
65,000
46,000
2,725,000
515,000
7*120,000
120,000
300,000
33,000
115,000
750,000
22,000
7*37,600
145,000
35,000
69,000
414
14
Fairfield Co., Conn.
Fairfield Twp. 8. D., Ohio
100.41
1936-1950
1937-1963
4
4202
3
3892 Armstrong School Twp., Ind
3902 Ashland, Ore
4048
3900
4053
1936-1950
Amount
1936-1950
4046
"2:68
1937-1942
4045 Anderson School Twp., Ind
4046 Argyle S. D., Iowa
Black well,
3.48
3,900,000
75,000
234,000
300,000
.
4199 Altoona S. D., Pa
3902
100.14
Basis
3M
2%
.
3902 Ambler, Pa
3731 Ambridge, Pa
3730
Price
_____
1939-1950
4049
Amount
Maturity
1936-1947
1936-1965
1936-1947
3.30
Ellicott 8. D. No. 6, N. Y
Elyria 8. D., Ohio
El Reno, Okla.
3904
Rate
1937-1951
4
Englewood Cliffs, N. J
Erie, Pa
Erlanger, Ky
3722 Evanston, 111
3892 Fair bury, 111
Name
1937-1945
1936-1955
3)4
3903
Page
1938-1947
1936-1965
1937-1956
1946-1955
-
County, N. Y
159 East Bridgewater, Mass
3898 Eastchester, N. Y
3731
The review of the month's sales
the
4192
Durham 8. D., N. H
Dunkirk School City,
1936-1945
4
_
4195
1936-1965
2)4
3)4
2)4
2)4
-...4)4
4195
MUNICIPAL BOND SALES IN DECEMBER
1936-1944
1936-1965
2
Dauphin County, Pa
Dayton, Ohio
Dayton 8. D. No. 9, N. Y
3725 Deerfield, Mass
4044 Denver, Colo
3733 Deport 8. D., Tex__
3900
LOUIS
1937-1955
4
4050
314 N. Broadway
1936-1947
3
-
105 W. Adams St.
1956
2)4
4
4199
STIFEL, NICOLAUS & CO., Inc.
1936
11
Jan.
1951
15 years
7*6,500
135,000
187,000
115,000
8,000
33,0 *2
100,000
120,000
12,984
400,000
7*38,500
60,000
100.28
100.36
100.76
3.83
100.53
2.41
lbb".65"
Y74
100.11
2.23
105.02
2.46
100.27
2.23
101.35
lb"ll7"
100.07
2.90
Financial
Volume 142
Page
Maturity
Rate
Name
4046 Keystone, Iowa
—
4043 Kern Co., Calif—
4190 Kern Co. S. D., Calif
„■
5
1)4
4190 Kern Co. S. C., Calif
1%
2)4
3840 Kings Co., Calif
4191 Kit Carson S. D. No. 1, Colo
4053 Klamath Falls, Ore
3733 Knox
1941-1950
Krum S. D., Tex
3727
20 years
4
Co., Tenn
4201
Laconla, N. H
3
3H
.3%
2)4
4%
5
2.80
Lafayette, Ind
3903 Lake Twp. S. D., Pa
4200 Lansdale 8. D., Pa
3722 Lansing, 111
4201
La Poynor S. D., Tex
4197
Larchmont, N. Y
-
3892 La Salle, 111
4192 La Salle & Peru Twp. S. D. 120,
111
2%
4193 Lawrence, Mass. (3 Issues)
—2%
—
4049 Lp Flore County, Miss
4194 Leland S. D., Miss
Manhelm Seh. Dist., Pa
4200
4200
3730
3731
3731
4056
4055
4043
4043
4049
4193
3724
4055
4054
4056
4202
3896
4045
4192
3896
389P
3899
4054
4192
3896
3904
4202
4)95
3901
4053
.
2H
Marion Co. S. D. No. 24. Ore..3K-3H
4045 Marlon County, Ind
3728
3901
3901
3893
4193
4055
3722
4053
4054
3905
4055
159
159
4047
4049
4049
3891
4052
162
3903
1937-1951
1%
N. YA%
Marion, Ohio
—3%
Marion County, Ohio..;
...3
Marion County, Ind
2)4
Marshall County, Iowa
2 Hi
Marysvllle, Tenn
4
Mattoon, 111
4)4
Marlon Co. S. D. No. 34, Or,
3
MariettaSch. Dist.. Pa......
3%
Mason Ind. S. D.f Tex
4
Mailln, Tex
Massachusetts (State of)
-AH
Massachusetts (State of)
.2)4
Med ford, Mass.
3
Meridian, Miss
4
Mercer County, N. J
3
Mesa County S. D. No. 43, Colo..4
Miami County, Ohio
..2H
Mlddletown S. D. No. 21, N. Y..3H
Marine Parkway Authority,
..
30 years
1936-1940
Milton, Vt
4049
Mississippi (State of)
Monterey County, Calif
5
Montezuma, Iowa
Montgomery, Minn
2.60
Montgomery County, Kan
Montgomery Co., N. Y. (2 issues). 1.80
Montgomery County, Ohio..
2)4
Montlvideo, Minn
3 J*
Mora Sch. Dist., Minn
Morgan Twp. 8. D., Ohio...
4
Mount Carmel, 111
5
4197
3901
3S95
4048
4053
4192
No.
1938-1959
1937-1946
20,000
100*"""
100.07
2.79
1937-1955
(225,000
3.75
100
3.19"
WIRE
Page
Name
Rate
3732 Penbrook, Pa
——4
4197 Perry & Castile S. D. No. 6, N. Y.2)4
3893 Pendletown 8. Twp., Ind
4)4
4054 Penn Twp. S. D., Pa
—.4
3906 Pend Oreille Co.S.D.No.50, Wash.4
4046 Perry School Twp., Ind———3)4
3~.99
4044 Pensacola, Fla
5
3899 Perinton & Pittsford S. D. No. 13,
N. Y
3.40
3~ 50
3893 Petrolia S. D., Kan
3894 Pittsfleld, Mass. (2 issues)
101.02
100.19
loo"""
20,000
-
4192 Pioneer Iirig.
—2)4
2)4
Dist., Ida
1937-1950
r270,000
ibb~58~
2~. 19
30,000
100.01
3.16
1941-1955
100.01
3.16
100.74
3.92
3725 Portland, Me
4053 Portsmouth, Ohio.-*
ioT.Ii"
3*12
100.09
2.37
4199 Portsmouth, Ohio—
3899 Port of New York Authority, N. Y
4054 Pottstown S. D., Pa
lb7~.II"
3.86
1-15 yrs.
60,000
25,000
80,000
163,350
7,000
dlO.OOO
1,500,000
7,000,000
25,000
45,000
16,500
15,000
1938-1954
25,000
101.20
3.86
4191
1939-1953
24,000
87,750
dr45,000
117.84
2.20
3891
l"o"o"22~
2~70
1941-1953
1947-1952
1937-1956
1937-1941
5-20 yrs.
1939-1960
1936-1957
1937-1951
1938-1959
1937-1951
1937-1946
1942-1945
1936-1940
1941-1947
25,000
225,000
1936-1949
16,000
1937-1950
16,258
45,000
173,000
6,000
100,000
489,000
1936-1960
1936-1955
1936-1955
1936-1944
1940-1944
1937-1956
1938 1950
1937-1941
109
3891
ibo"§4"
107.15
3727
J 04.08
4054
4199
162
100.42
3904
100.42
100
5.00
3899
100.12
3.23
3904
3726
4055
102.86"
4.00
3894
4041 Reconstruction
101.38
2.87
2.38
100
4.00
101.63
2.61
650,000
100.07
.
-
Finance
2%
3904 Rhode Island (State of)
3904 Rhode Island (State of)
100.07
4
3
-1
3
3732 Ridley Twp. S.D., Pa
4193 Rockwell City S.D., Iowa
3)4
3.64
1936-1944
100.27
2.94
3899 Rochester, N. Y
4051 RockviUe Centre, N. Y
4046 Rodman S.D., Iowa
100.10
3.98
4053 Roscoe S. D., Ohio.
3900 Rowan Co., N.C
100
3.00
100.39
3.22
3900 Rowan Co., N. C
3894 Rumford, Me
1937-1946
1942-1944
1936-1945
1936-1965
1937-1946
1937-1966
1-20 yrs.
1940-1955
1936-1945
101.12
4192 Rushville School
17,000
2.19
4195
2.93
1945-1954
20,000
100.75
100
4.00
1936-1954
364,000
950,000
1937-195S
30.000
1936-1955
100.64
1937-1953
1945-1948
84,000
Calif-
100.57
3.46
1938-1965
<230,000
r30,000
1,000,000
12,000
4193
lbo.io"
100.62
2.16
100.52
3.19
101
4.88
ibb~b3~
1937-1946
1936-1944
1936-1948
1937-1945
1936-1944
1936-1939
1937-1947
100
3.00
100.30
2.67
100.46
3.17
9,000
60,000
100
5.00
16,000
1937-1956
1937-1943
100.46"
180,000
552,000
4043 Sacramento Co., Calif
4043 Sacramento Co., Calif
Sallna, Kan
3721 Santa Clara Co., Calif
3721 Santa Clara Co., Calif
1.70
4195 Savannah,
100.31
2.44
3729
12,000
100
3.50
3899
100
3901
4" 00
100
3896
3723
105" 16"
3.49
101.56
3.77
Mo
Saratoga Springs, N. Y. (2 issues)-2.10
Scio, N. Y
Scioto Co., Ohio
2)4
Scotts Bluff Co. S.D.No. 67, Neb.4#
Scott Twp. Sch. Twp., Ind
4%
2)4
3)4
Sedgwick Co. S. D. No, 1, Kan.-2H
Sedgwick Co. S. D. No. 1, Kan—2Ji
3734 Seattle, Wash...
3893 Sedgwick Co., Kan
20 years
4046
7,700
14,000
39,000
1936-1965
1936-1944
1937-1964
1946-1956
30,200
50,000
90,000
2,000,000
200,000
10,000
3.73
100.11
100.13
~3".l5
100.33*
3.28
101.55
1.60
4046
-
3724 Shawnee Co., Kan
159 Shawnee County, Kan
3893 Sha wnee-M iss ion S. D., Kan
4193 Sedgwick Co., Kan
100.03
4053 Sherwood, Ore
100.03
4199 Sidney, Ohio
i
-
2)4
2
5
3
3721 Siskiyou Co. S.D., Calif. (2 lssues)4
10,000
100.61
2.91
1937-1960
668,000
100.20
2.29
3893
1936-1960
60,000
20,000
752,500
100.28
2.46
4054
4048
Springfield, Mass
1936-1950
1,800,000
102.50
1936-1952
34,000
30,000
15,000
55,000
r182,000
161
New Milford, N. J
.4)4
4055 Newport, Tenn. (2 issues)
3901 North Baltimore, Ohio
3900 North Carolina (State of)
North Hempstead. N. Y
4051
3903 North Franklin Twp., Pa
3728 North
Dansville
&
West
1936-1945
1937-1956
1939
1937-1944
1939-1960
-
...
4-4)4 1944-1947
1938-1959
1936-1945
3896
4199
4202
3899
3899
4046
162
4051
4200
-2.20 1936-1942
1938-1965
2%
1937-1951
Norwalk First Taxing Dist., Conn3)4
1938-1954
Nuckolls Co. S. D. No. 1, Neb
3)4
1937-1966
Oakwood, Ohio
4)4
10-20 years
Ohanogan Co. S. D., Wash. (2 iss.)4
1936-1955
Onondaga Co., N. Y
2)4
1939-1950
OrangetownS D.No. 8, N.Y
3
1937-1939
Oskaloosa, Iowa
AH
1936-1945
Osslning, N. Y
2)4
1939-1960
Oyster Bay, N. Y
—3%
1937-1951
Palmer Twp. S. D., Pa__
4
-
3724 Paola, Kan
3904 Paris, Tenn
4193
Pellalnd. S.D., Iowa
4048 South Essex Sew. Dist., Mass.—2
3)4
3721
11,000
85,000
528,000
216,000
14,000
3.65
4049 Stella,
105.51
3.29
1937-1955
1936-1949
—...2)4
3.83
3906
101
2.55
—.5
4
3725 Stoneham, Mass
100.42
Neb
Stoughton, Wis
3904 Strasburg 8. D., Pa
3891 Stratford, Conn..
2)4
-
1~10~.32"
100.57
3.50
100
100.03
2.19
129,000
100.34
2.72
125,000
11,000
101
3.17
58,000
8,500
452,000
36,000
6,100
101.66"
4.00
100
100.30
100.20
.
2.18
2.97
105.05
100.10
100.43
101.53
100.40
100.59
100.29
—
3.75
2.75
3.53
——
2.73
2.18
3.94
1939-1953
1956-1963
1938
1938-1941
1937-1945
1-30 yrs.
1956
1938-1965
1937-1945
1946-1966
12,614,300
dl5,000
872,000
500,000
400,000
60,000
75,000
1,000,000
122,000
30,500
24,000
80,000
70,000
10,000
29,175
20,000
54,700
r95,000
1,000,000
117,000
348,000
—-
...—
100
109.33
100.26
107.05
101.12
101.32
100.27
100.05
100.01
4.00
,
—
3.05
1.22
3.24
2.24
—
100.08
100.08
——
105.19
100
101.05
100.52
100.59
100.007
100.007
3.58
3.50
2.97
2.69
—
100.21
100
11,000
103
15,000
50,000
"lbb""*
60,000
32,000
2~46
3.75
3.61
3891 Trumbull, Conn
4191 Tulare Co., Calif
165 Union City S. D., Pa......
4053 Union Co., Ohio
3~50
1936-1945
1936-1940
—
1936-1955
1937-1956
1941-1946
1947-1955
271,000
32,000
16,000
r39,000
10,000
r50,000
105,000
25,000
350,000
400,000
.15,000
45,000
100.10
100.10
100.10
2.83
100.05
2.69
.
100.97
—-
100.15
100.01
100.01
3.23
—
1936-1947
1937-1955
1936-1944
20 years
1937-1949
2-30 yrs.
1936-1945
1938-1962
1940-1050
1940-1950
1937-1945
1941-1949
1937-1941
1936-1958
1936-1947
1936-1952
1938-1955
1937-1946
1938-1949
1936-1965
1935-1955
5-20 yrs.
1938-1947
1937-1944
1937-1955
1-15 yrs.
1955
33,000
<f43,500
62,000
159,000
27,329
117,000
100.05
100.25
3.29
3.22
100.28
100
100.37
2.05
rl6,000
31,000
200,000
100,000
50,000
* 34,000
76,000
99,500
24,500
62,500
40,000
7<27,000
4,000
46,000
4,000
33,000
68,000
65,000
30,000
70,000
43,000
280,000
78,000
16,900
20,000
27,000
21,000
150,000
35,000
100
100.01 1
100.20
4.75
2.49
3.24
2.45
—
——
100.55
101.13
100.22
100.35
100.25
100.10
2.01
4.94
2.97
.
—_
100.55
100.17
100.57
101.55
101.27
105.33
101.29
100
2.23
3.23
2.84
2.41
4.00
—.
103.52
100
100.08
2.39
3.00
2.49
——
3905 Tarrant
N.Y
100.16
3
3
2)4
4
Stuart, Neb..
—
Co. Water Control &
Impt. Dist. No. 1, Tex
3899. Tarry town, N. Y.
—2.60
4045 TaylorvilleTwp.S.D.No. 301,111.4
3733 Temple S. D., Tex
3)4
3733 Temple S. D., Tex
3)4
4045 Terre Haute Twp., Ill
3)4
4056 Tigerton, Wis
4
4200 Tionesta, Pa
—4)4
3722 Torrington, Conn
1)4
3904 Trappe, Pa
—3)4
4050 Trenton, N. J
—
2)4
4195 Trenton, N. J. (3 issues)
3)4
3729 Trenton, Remsen, &c., S. D. No. 1,
3896
5.00
100
69,000
47,000
4045
4050 Spring Lake Heights, N. J
Sparta
S.D.No. 1, N. Y
3894 North Reading, Mass
3891
90,000
14,000
188,000
150,000
117,000
194,000
18 000
———
5)4
4195 Shepherd S. D., Mont
4201
5
3)4
3)4
1944-1954
1938-1964
1938-1965
1937-1956
1937-1946
1939-1955
1-9 years
1937-1951
1936-1945
1937-1951
2)4
1938-1947
2%
4)4,
1.98
3.25
3.50
2.10
1936-1955
1941-1960
3.30 1938-1952
3)4
1945-1955
No. 4, N.Y
100.50
South Windsor, Conn......——.2)4
Sparta, Tenn
4
Sparta Twp. S. D. No. Ill, 111
3)4
Spencer Ind. S. D., Iowa
3
Spring Garden Twp. S. D., Pa
3)4
..4
4
1937-1951
1936-1944
100.19
100
100
100.63
1936-1965
4.00
3.50
101.01
4197 Selplo & Venice & Ledyard S. D.
4046 SchallerS.D., Iowa
38,000
11,000
7-22,000
18,000
30,000
1936-1949
3-3)4
3)4
5
2)4
4055 San Antonio, Tex. (6 issues)
4201 San Antonio S.D., Tex—.
2.50
New Kensington S. D., Pa
3.19
2.63
2.46
3.46
3.72
3.90
2.46
2)4
——
3729 Salamanca, N. Y. (2 issues)
2.70
3733 Salt Lake City, Utah
2
3891 San Diego Co. S.D., Calif. (3 iss.)
3901 Sandusky Co., Ohio
2)4
3.04
3903
100.16
103.12
100.54
100.32
100.32
97.11
100.69
101.14
100
100.32
100
1939-1960
1936-1955
1936-1955
1942-1947
1944-1950
1936-1965
1936-1956
2.43
3.95
4191 Sacramento City Junior Col. S.D.,
ibo~6i"
11,287
<214,335
255,000
17,000
10,000
-
3721 Sacramento. Calif
101.90
64,000
1939-1966
St. Joseph S. D., Mo-
fob""""
3724
2.75
2.47
5.62
1936-1960
1936-1960
1936-1945
3895 St. Paul, Minn
3721 Sacramento, Calif-.
100.70
100.60
4054 New Kensington, Pa
3893 New Providence S. D., Iowa
4199 New Lexington, Ohio..
100
100.27
101.74
2%-4
1.62
2,000,000
1,650,000
48,000
65,000
43,230
3903
100.57
12,500
336,000
34,700
22,000
63,000
20,000
160,000
74,300
82,250
16,500,000
100,000
50,000
53,000
46,800
25,000
r55,000
1,500,000
r21,500
r34,000
30,000
1937-1945
1937-1951
3901
275,000
-
1936-1955
1943-1946
—
1936-1940
3725
1938-1965
4)4
3)4
3)4
3
2%
4
2%
City, Ind
St. Albans, Vt
4048 St. James, Minn. (2 issues)
4046
3899
1938-1939
1936-1953
1936-1940
3.25 1941-1962
2)4
1937-1940
3)4
1937-1951
3)4
1944-1951
3)4
1952-1955
-
4201
drl02,500
Basis
Price
105.31
100.39
105.76
102.90
100
100
1)4
68,000
500,000
r45,000
10,000
450,000
25,000
30,000
4054 New Cumberland, Pa
4048 New Bedford, Mass. (2 issues)
3894 New Bedford, Mass
4051
NEW YORK
Amount
70,000
27,500
21,300
56,000
10,000
8,000
100,000
Maturity
1937-1960
1937-1945
1938-1959
1939-1957
—
-
3732 Sellnsgrove S. D., Pa
3)4
2)4
2
Newbury School Township, Ind—3H
New Berlin, Norwich, &c. S. D.
No. 5, N. Y_.
....3
Newburgh, N. Y
2.30
Newbury port, Mass
2)4
Newcomerstown, Ohio
4
New Holland, Pa
3
New Orleans, La
4
One Wall Street
(
Corpora¬
tion (58 Issues)
4048 Red Lake Falls, Minn
3904 Rhode Island (State of)
ibb"8o"
1939-1956
Nassau County, N. Y.
2)4
...3)4
3%
3%
2)4
3)4
3%
Powhatan Point S. D., Ohio
4)4
Prospect, Conn
2%
Prospect Park, N. J
3%
Providence, R. I. (2 Issues)
2
Prowers Co. S. D. No. 14, Colo—3)4
Pueblo Co. S. D. No. 29, Colo
3)4
Putnam Co., Ohio
—2)4
Putnam Valley, Philippe town and
Fishkill S. D. No. 1, N. Y
4
Quarryville S. D., Pa
—3
Queensbury S.D.No. 1, N.Y
2%
Radnor Twp. S.D., Pa2)4
Ramsey Co., Minn
2)4
Rapid City S. D., S. Dak
-4
Randolph, Mass
2
100
100.53
Y...3.20
3
—-
4054 Pottsville, Pa
166 Poultney S. D., Vt
4053
5,000
77.000
7-67,700
3733 Pleasanton S. D., Tex
3899 Philadelphia 8. D. No. 3, N.
4056 Plymouth, Wis
-
1936-1960 <26,000,000
1937-1945
125,500
1937-1951
4
4
4197 New Albion S. D. No. 1, N. Y—3.30
4191 New Britain, Conn. (2 issues)
2
3728 Nassau County, N. Y. (4 issues)..3
6
-
1941-1955
64,
3)4,
Napa County, Calif
)
CLEVELAND
5.66
20,000
1940-1956
4199 Nelsonvllle, Ohio (2 issues)
4049 Naponee School Dist., Neb
3728
2.18
109.35
4
Mom
3721
100.60
100.53
4
D.
50 000
30,000
10,000
60.000
38,000
4
4200 Mount Pleasant, Pa
4049 Musselshell Co. S.
50,000
3.50
75,000
1950
__
4197 Mount Morris. N. Y
DIRECT
Union Trait Bld«,
100.82
100
10,671
4201
3724
140,000
101.07
1936-1950
4194
INCORPORATED
60,000
100.85
1936-1941
2^-4
—3
2H
3H
MERICKA & CO.
WM, J.
125,000
60.000
2H
3)4
5
4193
100.45
250.000
3
3891
Dealer Markets
100.58
1936-1955
4044
3726 Milford, Mich
3903 Milford Twp. S. D., Pa..
4190 Mill Valley, Calif
MUNICIPAL BONDS
3.27
100.58
1936-1955
4054 Mlfflintown S. D., Pa
4052 Milford. Ohio
107~.97"
48,000
Mifflin S. D., Pa
Milford, Conn
4,000
8,800
90,000
60,000
24,000
r45,000
r50,109
75,000
r75,000
~
3903
4045
1937-1955
3%
4053
4045
3904
20 years
1938-1957
Lee Co. S. D. No. 170, 111
4
Lemhi Co., Idaho
—4%
Lewis burg, lenn_
4
Lexington, III
J3%
Lehighton, Pa
3)4
Llgonler S. D., Pa
4
Lima, Ohio
—.2 %
Linn Co. S. D. No. 5, Ore
3)4
Linn Co. S. D. No. 5, Ore
3
Little Chute, Wis
4
Logan City S. D., Utah...
3)4
Los Angeles Co. S. D., Calif-—3%
Los Angeles Co. S. D., Calif
2%
Loomis, Neb
4
Louisiana (State of)—.
-A)4
Louisiana (State of)
5
Loving Co., Tex
5
Lower Paxton S. D., Pa
3 )4
Luxemburg S. D., Wis
4
Lyndon S. D. No. 309, Wash—4
Lyon Co., Nev
.4
Macon, Ga
.4%
Macoupin County, 111
3 )4
McCook, Neb
2%
McDowell County, N. C —
314
McDowell County, N. C
.3%
McLaughlin, S. Dak
...5
Madison Twp. S. D., Ind
.3%
Madison Co. 8. D. No. 5, Neb—3J$
Madison County, Tenn
4
Mason Co. S. D. No. 45, Wash—4
Manchester, N. H
3
Mahoning County, Ohio
2)4
Manchester, Okla
4
Amount
325
Chronicle
Basis
36,300
—
4192
3892
—
1936-1944
1936-1938
1939-1940
Price
4053 Union Co. S. D. No. 1, Ore
4053 Union Co. S. D. No. 5, Ore
—
1936-1955
1-5 yrs.
1940-1965
1937
1936-1975
3.30
1937-1965
2)4
4
4
1936-1940
1937-1953
2)4
1.3%
1936-1944
1941-1953
1936-1947
4
76,000
35,000
165,000
7,500
37,500
26,000
18,000
2,500
<155,000
19,000
1,000,000
903,000
112.52
100.11
107.32
265,000
24,000
17,000
39,000
19,600
40,000
12,000
100
101.53
107.12
3.75
3.83
100.33
100.03
100.05
3.22
2.49
3.49
100.29
3.28
1.32
3.95
102.73
100.40
107.01
100.28
100.33
103.33
2.19
3.72
3.41
Financial Chronicle
326
Page
Rate
Maturity
4*4
Name
4046
1937-1949
Union School Twp., Ind
29,000
Upper Darby Twp., Pa
Upper Sandusky, Ohio
4200 Upper Darby Twp., Pa
4048 Uxbridge, Mass
3723 Vermilion Co., Ind
4046 Vigo Co., Ind. (2 issues)
3729 Wake Co., N. C
3904 Walker Twp. S. D., Pa
3%
2*4
3*4
1937-1946
3725
3734
3891
Water town Fire Dist., Conn
3723
Wayne Co., Ind
Ind
4194
Watertown, Mass. (2 issues)
Watsonville, Calif
4202 Waukesha, Wis
4049 Wauneta, Neb
4051 Webster, N. Y
5054 Wellsboro, Pa
4044
3890
4198
3726
4193
3.90
3.48
1936-1940
100.42"
1.36
Offering of $5,867,171 Municipal Securities Scheduled for
Jan. 16—Sealed bids will be received until 12 o'clock noon
72,000
100.72
2.15
1936-1950
20,000
100.38
2.45
47,000
1936-1957
66,000
75,000
75,000
l~0b~75"
3" 42
100.05
1.99
101.009
2.32
1936-1950
1937-1946
1937-1946
50,000
1939-1947
85,000
36,000
IK
2
4
Worcester, Mass. (4issues)
3724 Wyandotte Co., Kan
4046
Wyandotte Co., Kan
3891
Yolo Co.. Calif
4044
2.75
100.56
2.74
122,000
100.13
49,500
101.62
110,000
25,000
60,000
20,000
r40,000
11,000
100.31
101.09
lOO""""
2.97
100
4.00
60,000
100.33
2.94
40,000
100.35
200,000
100
4.00
33,000
100
20,000
100.17
44,000
1942-1949
100.17
25,000
100.96
3.89
570,000
40,500
,
100.88
1.58
100.07
111,000
1938-1955
18,000
10~2~79"
1936-1950
19,000
105.05
1943-1945
Yukon, Okla. (4 issues)
7330,000
295,000
225,000
100.03
1939-1954
3.72
100.03
1937-1955
1943-1945
3K
3*4
3K
4
Yonkers, N. Y
Yonkers, N. Y. (2 issues)
3899 Yonkers, N. Y
5"00
100.18
4
Yolo Co. S. D. No. 44, Calif
2.57
40,000
1936-1941
3.25 years
1936-1945
3"08
100.001
4
3899
2.41
100
r84,000
--
3899
4053
101.07
r9,500
4
3K
3*4
3894
101.43
165,700
1936-1950
—
Wibaux Co., Mont
Wilmington, N. C
3900 Wilmington, N. C
3905 Winchester, Tenn
*
1938-1959
1936-1945
4049
24,800
100.03
Total bond sales for December (483 municipalities,
covering 645 separate issues)
1:128,511,998
Subject to call in and during the earlier years and to mature in the later year.
including $80,440,500 temporary loans or funds obtained by States and
municipalities from agencies of the Federal government,
r Refunding bonds.
d
k Not
The following items included in our totals of
sales for previous months should be eliminated
long-term
from the
We give the page number of the issue of our paper
reasons for these eliminations may be found.
same.
in which
4049
3733
BIgHornCo., Mont. (Sept.)..-.Longview, Tex. (November)
7100,000
..
250,000
We have also learned of the following additional sales for
previous months:
Page
I
Rate
3892
Barrington, 111
3733
Maturity
434
Name
5
Me.3
4
316, Wash.4
3731
Chalfont S. D.t Pa
Clallam Co. S. D. No.
3723
Clarion S. D., Iowa
3
Columbia Co. S. D. No. 47, Ore— —
3731
Conway S. D., Pa
3731 Corry S. D., Pa
3723
Des
3733
1936-1945
1937-1955
4
Fort Worth, Tex
Fort Worth, Tex
3733
21,000
20,000
100,000
27,000
25,000
80,000
10,000
30,000
35,000
,
3734
3902
Amount
1941-1949
1936-1975
1956
1937-1963
1-22 yrs.
Bronte S. D., Tex
Brunswick & Topsham W. D„
3724
17,300
200,000
120,000
250,000
150,000
25,500
60,000
82,500
3*4
Moines, Iowa
334
334
1938-1965
1940-1965
-2i
1936-1975
3730
Grand Forks S. D. No. 1, N. Dak.
1937-1955
3723
Jeffersonville Sch. Twp., Ind
3734
1936-1960
3893
Johnson Co. S. D., Wyo
Johnson Co. S. D. No. 6, Kan
4*4
3*4
1937-1945
2
1937-1946
3731
Keating Twp. S. D., Pa
3725
Frederick,
Md.
3723
Lester S. D., Iowa
3900
Lisbon, N. Dak
3721
Little Rock S. D., Ark
3899
Long Beach, N. Y
Longview, Tex. (2 issues)
Longview, Tex
McMinnville, Ore
McMinnville, Ore
Mitchell 8. D., S. Dak
3733
3733
3731
3731
3733
3733
3723
3724
-
Mitchell S. D., S. Dak
Mooresville Sch. Twp., Ind
Mount Ayr S. D., Iowa
4
4
434
4*4
3
3*4
4
4
4
3
Nevada, Ohio
—534
Oakland, Calif.
2%
Oakland Port Commission, Calif—234
Orange Co., Calif
3%
Oswego-West Lnn S. D., Ore
234
Paterson, N. J
334
Portage School Twp., Ind
3K
Princevllle Twp., Ill
4*4
Primghar S. D., Iowa
3
Sayville Fire Dist., N. Y. (Oct.)—4
Spokane, Wash. (2 issues)
Tallapoosa, Ga
4
Sheridan, Wyo
334
Saline Co., 111. (Oct.)
3K
Terre Haute, Ind.
334
Trumbull, Conn
4*4
Tyler, Tex
3%
Upper Merion Twp. S. D., Pa
2*4
Washington Twp. S. D., Pa
4
West York S. D., Pa
334
Whitehall, Mich
3%
3j4
Wrightsville S. D., Pa
334
York School Twp., Ind
4*4
3721
3902
3727
3723
3892
3724
3729
3734
3722
3734
4045
3723
3722
3733
3732
3732
3732
3726
3732
3723
All
of
the
above
sales
5~ob
100
100.13
3~99
100
4.00
106.37
100
3.50
100.63
3.37
100.63
3.37
100.33
2.74
3.64
101.01
3.40
32.000
100
3~.50
1938-1953
16,000
102.06
3.02
1938-1952
1937-1955
1936-1940
1937-1950
1940-1948
1936-1947
1948-1950
20 years
20,000
55,000
278,000
80,000
170,000
27,000
9,000
73,000
100.18
3.98
100.11
3.08
100.11
3.08
26,000
15,400
53,000
57,000
18,000
200,000
200,000
1938-1955
1940-1966
18,000
20,000
336,000
22,000
30,000
1937-1954
1-5 yrs.
10 years
1937-1947
1936-1945
1937-1953
1936-1938
r45,000
100.68
100
100
5~50
100.01
2.74
100.015
2.74
100.50
3.69
100.13
10L02"
100
4.25
100.22
'
105.26
4.66
100.25
20,000
440,000
lbb"""*
3~60
3~75
13O"66O
100.69
3.21
24,000
1938-1945
1937-1960
1939-1953
1938-1947
1938-1966
1937-1951
unless
2.94
101.49
56~666
102.73
3.29
170,000
20,000
47,000
75,000
20,000
34,000
34;000
8,168
otherwise
100.77"
~2~.i3
105.83
3.45
108.34
2.55
103.02
3.26
or
RFC loans)
noted
are
for
for that month
CANADIAN MUNICIPAL FINANCING IN DECEMBER
Page
Name
Rate
3906
Canada (Dominion of)
4202
Canada (Dominic
2
3906
Halton Co., Ont.
..3
3906
Kings Co., N. S.
..4
3
4056
Montreal, Que
3906
New Brunswick (Province of).
Maturity
Amount
*20,000,000
40,000,000
1-5 yra.
28,000
10 years
15,000
1940
3,045,000
1942
2,459,000
1947
2,381,000
1939
..3*4
10 years
10 years
3*4
1937-1960
..3*4
2*4
4*4
4
Price
Basis
99.75
100.22
2.92
101.62
4.30
rl,750,000
1,000,000
184,000
99.10
mm
1,182,000
99.53
--------
638,000
99.53
46,000
79,000
221,100
99.42
-
3
2 years
1950
1936-1965
on
$180,000 City of Phoenix, Maricopa County, Ariz., 4% water system
extension bonds, maturing $17,000, Ju*y 2 1939-40, inci.; $18,000,
Juiy 2 1941; $19,000, July 2 1942-43, inci.; $20,000, July 2 1944;
$21,000, July 2 1945; $22,000, July 2 1946; $23,000, July 2 1947;
$4,000, July 2 1948. Legal opinion: Elliott and Lewis. Phoenix,
>
Aiz.
($100,000 par value of issue).
Hess Seaman, Asst. City
Attorney, Phoenix, Ariz.
($100,000 par value of issue).
Place
of delivery: Los Angeles Branch, Federal Reserve Bank of San
Francisco, Los Angeles, Calif.
227,000 City of Phoenix, Maricopa County/Ariz., 4% storm sewer bonds,
maturing $6,000, July 2 1939-42, inci.; $7,000, July 2 1943-44,
inci.; $8,000, July 2 1945-46, inci.; $9,000, Jmy 2 1947-48, inci.;
10,000, July 2 1949-50, inci.; $11,000, July 2 1951-54, inci.; $12,000, July
2 1955-57, inci.: $13,000, July 2 1958-59, inci.; $14,000, July 2
1960; $15,000, July 2 1961.
Legal opinion: James E. Nelson.
Asst. City Attorney of the City of Phoenix.
Place of delivery:
Los Angeles Branch, Federal Reserve Bank of San Francisco,
Los Angeles, Calif.
51,000 City of Oxnard, Ventura County, Calif., 4% sewer bonds, ma¬
turing $2,000, Dec. 1 1936-37, inci.; $3,000, Dec. 1 1938-52, inci.;
$2,000, Dec. 1 1953.
Legal opinion: Charles F. Blackstock,
Oxnard, Calif.
Place of delivery: Los Angeles Branch, Federal
Reserve Bank of San Francisco, Los Angeles, Calif.
91,000 County Sanitation District No. 1 of Los Angeles County, Calif.,
4% bonds, series No. 1, maturing $4,000, June 1 1936-52, inci.;
$5,000, June 1 1953-56, inch; $3,000, June 1 1957. Legal opinion:
O'Melveny, Tuller & Myers, Los Angeles, Calif. Place of delivery:
Los Angeles Branch, Federal Reserve Bank of San Francisco, Los
Angeles, Calif.
192,000 City of Aurora, 111., 4% water revenue bonds, maturing $8,000,
Aug. 1 1936; $9,000, Aug. 1 1937-38, inci.; $10,000, Aug. 1 193940, inci.; $11,000, Aug. 1 1941-42, inci.; $12,000, Aug. 1 1943-44,
inci.; $13,000, Aug. 1 1945-47, inci.; $14,000, Aug. 11948-49, inci.;
$15,000, Aug. 11950-51, inci.; $3,000, Aug. 11952. Legal opinion:
Merritt J. Little, Aurora, 111.
Place of delivery: Federal Reserve
Bank of Chicago, Chicago, 111.
18,000 City of Pinckneyville, Perry County, 111., 4% water revenue
bonds, maturing $1,000, July 1 1936-53, inci.
Legal opinion:
William
O.
Edwards, Pinckneyville, 111.
Place of delivery:
Federal Reserve Bank of St. Louis, St. Louis, Mo.
51,000 City of Savanna, 111., 4% water revenue bonds, maturing $1,000,
Mar. 1 1937-40, inci.; $2,000, Mar. 1 1941-49, inci.; $3,000,
$3,000, Mar. 1 1950-56, inci.; $4,000, Mar. 1 1957-58, inci. Legal
opinion: James R. Kelly, Savanna, 111. Place of delivery: Federal
Reserve Bank of Chicago, Chicago, 111.
State Board of Education Acting as the Board of
for Kentucky State Industrial College, 4% dormitory
bonds, maturing $3,000, Sept. 1 1937-56, inci.; $4,000,
Sept. 1 1957-63, inci.; $1,000, Sept. 1 1964. Legal opinion: B. P.
Wootton, Attorney General, Commonwealth of Kentucky. Place
of delivery: Louisville Branch, Federal Reserve Bank of St. Louis,
Louisville, Ky.
Control
revenue
149,000 Parish of Caddo, La., 4% serial excess revenue highway improve¬
ment bonds of 1934, maturing $33,000, July 16 1936; $34,000,
July 16 1937; $35,000, July 16 1938; $37,000, July 16 1939;
$10,000, July 16 1940.
Legal opinion: James U. Galloway.
Shreveport, La. Place of delivery: New Orleans Branch, Federal
Reserve Bank of Atlanta, New Orleans, La.
460,000 City of Shreveport, La., 4% general improvement bonds of 1934,
maturing $46,000, May 1 1936; $51,000, May 1 1937; $53,000,
May 1 1938; $56,000, May 1 1939; $58,000, May 1 1940; $60,000,
May 1 1941; $63,000, May 1 1942; $65,000, May 1 1943; $8,000,
May 1 1944.
Legal opinion: A. M. Pyburn, City Attorney,
Shreveport, La. Place of delivery: New Orleans Branch, Federal
Reserve Bank of Atlanta, New Orleans, La.
24,800 Town Commissioners of Centreville, Centreville, Queen Anne's
County, Md., 4% sewer bonds, 1934, maturing $1,000, Feb.
1 1939-55, inci.; $2,000, Feb. 1 1956-58, inci.; $1,800, Feb. 1 1959.
Legal opinion: Niles, Barton, Morrow and Yost, Baltimore, Md.
Place of delivery: Federal Reserve Bank of Richmond, Richmond,
57,000 Mayor and Councilmen of Frostburg, Allegany County, Md.,
4% water improvement bonds, maturing $2,000, July 1 1039-53,
inci.; $3,000, July 1 1954-62, inci.
Legal opinion: Edward J.
Ryan, Frostburg, Md.
Place of delivery: Feaeial Reserve Bank
of Richmond, Richmond, Va.
92,000 City of Jackson, Mich., 4% sewerage system bonds, maturing
$4,000, Sept. 1 1936-43, inci.; $5,000, Sept. 1 1944-55, inci. Legal
opinion: Burney E. Brower, Jackson, Mich.
Place of delivery:
Federal Reserve Bank of Chicago, Chicago, 111.
104,000 City of Monroe, Mich., 4% serial sewage disposal bonds, maturing
$2,000, Aug. 1 1938; $3,000, Aug. 1 1939-41, inci.; $4,000, Aug.
1 1942-48, inci.: $5,000, Aug. 1 1949-54, inci.; $6,000, Aug. 1
1955-58, inci.; $11,000, Aug. 1 1959.
Legal opinion: Wm. F.
Haas, City Attorney, Monroe, Mich. Place of delivery: Federal
Reserve Bank of Chicago, Chicago, 111.
25,000 Village of Appleton, Swift County, Minn., 4% sewage treatment
and disposal plant bonds, maturing $1,000, Mar. 1 1936-60, inci.
Legal opinion: F. E. Wright, Appleton, Minn.
Place of delivery:
Federal Reserve Bank of Minneapolis, Minneapolis, Minn.
15,000 Village of Ashby, Grant County, Minn., 4% waterworks bonds,
maturing $1,000, Jan. 1 1940-54, inci.
Legal opinion: Junell,
Driscoll, Fletcher, Dorsey & Barker, Minneapolis, Minn.
Place
of delivery: Federal Reserve Bank of Minneapolis, Minneapolis,
Minn.
107.65
These additional issues will make the total sales
(not including temporary
$112,523,762.
Jan. 16, at the office of H. A. Mulligan,
Corporation, for the purchase of all (but
not less than all), of 54 bonds issues of municipalities,
counties and school districts in 19 States, having an aggregate
principal amount of $5,867,171.
The issues to be sold are
described as follows in the official offering notice:
(E. S. T.),
Treasurer of the
Ya.
104.18
100.53
100
1945-1964
1-30 yrs.
1937-1951
1937-1963
1936-1940
RECONSTRUCTION FINANCE CORPORATION
89,000 Kentucky
4.26
—
November.
104.61
100.28
101.10
New London S. D., Iowa
4053
3721
Basis
101.08
1937-1957
1936-1954
3724
3721
Price
20 years
334
3)4
Total of Canadian bonds sold during December. $53,095,600
Temporary loan, not included in total sales for month.
100.20
--
3900
4.12
101.10
,
3726
Basis
98.03
100.02
11,917
25,000
Wichita Falls S. D., Tex
4193
3*4
41,500
26,000
50,000
4201
4044
Truro, N. S
Maturity
40 years
1965
1936-1955
4193
4044
4
3.16
West Allls, Wis. (2 issues)
4193
§ Rate
Slilery, Que
102
2*4
1937-1955
2%
1938-1947
3K
1936-1960
Wells, Me
3*4
West Haven, Conn
3
1937-1961
West Shore Fire Dist., Conn
3 *4
1936-1947
Westbrook, Me
2%
West Walnut Manor S. D., Mo—3% 2.20 years
1937-1956
Wetumpka, Ala
5
1937-1947
Whitesboro, N. Y
3
Whitefish H. S. D., Mont
4
1937-1946
Whitely Co.. Ind
3
Wichita, Kan
2*4
3906
Name
3906
4202
1937-1955
1 *4
2*4
2*4
4
3*4
2
...2*4
—2)4
4
2*4
Wareham Fire Dist.. Mass
Warren Twp. S. D., Pa
Warsaw School City,
Warrick Co., Ind
Page
1936
Price
285,000
12,700
65,000
235,500
20 years
4
3*4
Waltham, Mass
4193
110.80
Jan. 11
Amount
10,000
1937-1956
4199
3732
Basis
rl25,0QP
4200
4194
Price
Amount
99.64
2.75
20,000 School District of Pattonville, St. Louis County, Mo., 4% bonds,
maturing $1,000, Aug. 1 1936-51, inci.; $2,000, Aug. 1 1952-53,
inci.
Legal opinion: B. H. Charles, St. Louis, Mo.
Place of
delivery: Federal Reserve Bank of St. Louis, St. Louis, Mo.
22,500 School District of St. Mary, Ste. Genevieve County, Mo., 4%
School District of St. Mary Bonds, maturing $500, May 1 193740, inci.; $1,000 May 1 1941-44, inci.; $1,500, May 1 1945-51,
inci.; $2,000, May 1 1952-54, inci.
Legal opinion: Benjamin H.
Charles, St. Louis, Mo.
Place of delivery: Federal Reserve Bank
of St. Louis, St. Louis, Mo.
26,500 Stanberry School District No. 53, Gentry County, Mo., 4%
School District Bonds, maturing $1,000, Aug. 1 1936-44, inci.;
$1,500, Aug. 1 1945-49, inci.; $2,000,
Aug. 1 1950-54,
inci.
Legal opinion: F. P. Stapleton, Albany, Mo.
Place of delivery:
Federal Reserve Bank of Kansas City, Kansas City, Mo.
222,000 Town of Kearney, County of Hudson, N. J., 4% School Bonds of
1935, maturing $11,000, Jan. 1 1937-56, inci.; $2,000, Jan. 1 1957.
Legal opinion: Hawkins, Delafield & Longfellow, New York,
N. Y.
Place of delivery: Federal Reserve Bank of New York,
New York, N. Y.
151,000 The Board of Education of the Township of Teaneck, Bergen
County, N. J., 4% School District Bonds, maturing $4,000,
1 1936-39, inci.: $5,000, Mar. 1 1940-42, inci.; $6,000, Mar. 1
1943-62, inci.
Legal opinion: Hawkins, Delafield & Longfellow,
New York, N. Y.
Place of delivery: Federal Reserve Bank.of
New York, New York, N. Y.
Financial
Volume 142
327
Chronicle
16,000 (issued to Dawson County), maturing $/,,000, Mar.
25
1936-41, inci.: $2,000, Mar. 25 1943-44, incl.
Legal opinion: B. R. Taylor, Dawsonville, Ga.
20.000 (issued to Effingham County), maturing $5,000. Mar.
25 1936; $5,000, Mar. 25 1938-40, incl.
Legal opinion:
Travis & Travis, Savannah, Ga.
75,000 (issued to Floyd County), maturing $35,000, Mar.
25
1940, $40,000, Mar. 25 1941.
Legal opinion:
46,000 The Board of Education of the Township of Teaneck, Bergen
County, N. J., 4% School District Bonds, maturing $18,000,
Nov. 1 1939-40, incl.; $10,000, Nov. 1 1941.
Legal opinion:
Hawkins, Delafield & Longfellow, New York, N. Y.
Place of
delivery: Federal Reserve Bank of New York, New York, N. Y.
90,000 Central School District No. 9 of the Towns of Chester and Horicon, Warren County and Minerva and Schroon, Essex County,
N. Y., 4% School District Bonds, maturing $2,000, Sept. 1
1936-42, incl.; $3,000, Sept. 1 1943-50, incl.; $4,000, Sept. 1
1951-63, incl,
Legal opinion: Clay, Dillon & Vandewater, New
York, N. Y.
Place of delivery: Federal Reserve Bank of New
York, New York, N. Y.
Graham Wright,
57,000 Village of East Rochester, Monroe County, New York, 4% water
bonds, maturing $3,000, April 15 1936-50, incl.; $4,000, April 15
1951-53, incl.
Legal opinion: Clay, Dillon & Vandewater, New
York, N. Y.
Place of delivery: Federal Reserve Bank of New
York, New York, N. Y.
34,000 Town of Greenburgh, New York, 4% Road Bonds of 1934,
maturing $11,000, Feb. 15 1950; $16,000 Feb. 15 1951; $7,000,
Feb. 15 1952.
Legal opinion: Clay, Dillon & Vandewater, New
York, N. Y.
Place of delivery: Federal Reserve Bank of New
York, New York, N. Y.
90,000 Central School District No. 1 of the Towns of Hunter, Jewett and
Lexington, County of Greene, N. Y., 4% school building bonds,
maturing $10,000, Sept. 1 1936-44, incl.
Legal opinion: Clay,
Dillon & Vandewater, New York, N. Y.
Place of delivery:
Federal Reserve Bank of New York, New York, N. Y.
25 1938; $2,000, Mar. 25 1939-40. incl.; $3,000, Mar.
25 1941; $2,000, Mar. 25 1942, $1,000, Mar. 25 194345, incl.
Legal opinion: Dekle & Dekle, Millen, Ga.
32,371.92 (issued to Walton County), maturing $16,185.95,
Mar.
25
1944; $16,185.97, Mar. 25 1945.
Legal
opinion: H. C. Co., Monroe, Ga.
Place of delivery:
Federal Reserve Bank of Atlanta, Atlanta, Ga.
^
122,000 Central School District No. 1 of the Towns of Keene and Jay,
County of Essex, N. Y., 4% School Building Bonds, maturing,
$2,000, Sept. 1 1936-39, incl.; $3,000, Sept. 11940-44, incl.; $4,000,
Sept. 11945-49, incl.; $5,000, Sept. 11950-55, incl.; $6,000, Sept. 1
1956-59, incl.; $7,000, Sept. 1 1960-62, incl.; $4,000, Sept. 1 1963.
Legal opinion: Clay, Dillon & Vandewater, New York, N. Y.
Place of delivery: Federal Reserve Bank of New York, New York,
News Items
N. Y.
210,000 Central School District No. 2 of the Town of North Elba, Essex
County, N. Y., 4% School Bonds, maturing $4,000, April 1
1936-40, incl.; $6,000, April 1 1941-46, incl.; $8,000, April 1 194752, incl.; $10,000, April 1 1953-58, incl.; $12,000, April 1 1959-61,
incl.; $10,000, April 1 1962. Legal opinion: Clay, Dillon & Vande¬
water, New York, N. Y. Place of delivery: Federal Reserve Bank
of New York, New York, N. Y.
200,000 Central School District No. 1 of the Town of Schroon, Essex
County, N. Y., 4% School Building Bonds, maturing $8,000,
Sept. 1 1936-51, incl.; $9,000, Sept. 1 1952-59, incl. Legal opinion:
Clay, Dillon & Vandewater, New York, N. Y. Place of delivery:
Federal Reserve Bank of New York, New York, N. Y.
400,000 The City of Yonkers, N. Y., 4% assessment bonds, maturing
$29,000, Nov. 1 1936-48, incl.; $23,000, Nov. 1 1949.
Legal
opinion: Hawkins, Delafield & Longfellow, New York, N. Y.
Place of delivery: Federal Reserve Bank of New York, New York,
Alabama—Maturity Calendar Compiled—We have received
Equitable Securities Corp. of Nashville a copy of
Maturity Calendar which they have
prepared for the use of dealers and institutional investors.
This maturity calendar gives a complete schedule of the yearly
maturities of all the various bond issues of the State, to¬
from the
their State of Alabama
gether with the annual interest charges by individual groups
of issues and the specific revenues available to service those
issues secured by special revenues.
The calendar is dated
as
of Dec. 31 1935.
Again Holds Futch Act Invalid—Federal
Judge Halsted L. Ritter on Jan. 3 held the Futch Act, which
permits redemption of tax certificates with county and
district bonds, invalid on the ground that it impairs the
obligation of contracts.
An Associated Press dispatch from
Miami on Jan. 3 reported in part as follows on the decision:
Florida—Court
N. Y.
40,000 Village of Peebles, Ohio, 4% First Mortgage Waterworks Revenue
Bonds, maturing $1,000, Jan. 11938-41, incl.; $2,000, Jan. 11942-59,
incl.;
Legal opinion: Peck, Shaffer & Williams, Cincinnati, Ohio.
Place of delivery: Cincinnati Branch, Federal Reserve Bank of
Cleveland, Cincinnati, Ohio.
57,500 Village of Richwood, Union County, Ohio, 4% First Mortgage
Waterworks Revenue Bonds, maturing $2,500, Jan. 1 1938-58,
incl.; $3,000, Jan. 1 1959; $2,000, Jan. 1 1960.
Legal opinion:
Robert F. Allen, Richwood, Ohio.
Place of delivery: Federal
Reserve Bank of Cleveland, Cleveland, Ohio.
29,000 Village of Tippecanoe, Miami County, Ohio, 4% First Mortgage
Waterworks Revenue Bonds, maturing $1,000, Jan. 1 1937-46,
incl.; $1,500, Jan. 1 1947; $500, Jan. 1 1948-49, incl.; $1,500,
Jan. 1 1950-60, incl.
Legal opinion: Paul T. Klapp, Troy, Ohio.
Place of delivery: Cincinnati Branch, Federal Reserve Bank of
Cleveland, Cincinnati, Ohio.
10,000 Village 0f Walbridge, Wood County, Ohio, 4% First Mortgage
Waterworks Revenue Bonds, maturing $500, Jan. 1 1938-55,
incl.; $1,000, Jan. 1 1956. Legal opinion: W. B. James, Bowling
Green, Ohio.
Place of delivery: Federal Reserve Bank of Cleve¬
land, Cleveland, Ohio.
105,000 The City of Cushing, Payne County, Okla., 4% Electric Power
and Transmission Equipment Bonds of 1934, maturing $13,000,
Mar. 1 1937-44, incl.; $1,000, Mar. 1 1945.
Legal opinion: S. J.
Berton.City Attorney, Cushing, Okla. Place of delivery: Federal
Reserve Bank of Kansas City, Kansas City, Mo.
202,000 Consolidated School District No. 9, Benton County, Ore., (Joint
School District No. 9-A, Benton and Linn Counties), 4% School
building bonds, maturing $15,000, April 1 1936-48, incl.; $7,000,
April 1 1949.
Legal opinion: Teal, Winfree, McCulloch and
Shuler, Portland, Ore.
Place of delivery: Portland Branch,
Federal Reserve Bank of San Francisco, Portland, Ore.
26,500 City of Yankton, South Dakota, 4% waterworks and sewerage
improvement bonds, maturing $1,700, April 1 1936-50, incl.;
$1,000, April 1
1951.
Legal opinion:
Chapman & Cutler,
Chicago, 111. Place of delivery: Federal Reserve Bank of Minne¬
apolis, Minneapolis, Minn.
6,500 City of Yankton, S. Dak., 4% street improvement bonds, maturing
$300, April 1 1937-38, incl.; $400, April 1 1939-52, incl.; $300,
April 1 1953.
Legal opinion: Chapman & Cutler, Chicago, 111.
Place of delivery: Federal Reserve Bank of Minneapolis, Minne¬
apolis, Minn.
8,000 City of Yankton, S. Dak., 4% Third Street Improvement bonds,
maturing $500, April 1 1938-53, incl.
Legal opinion: Chapman
& Cutler, Chicago, 111.
Place of delivery: Federal Reserve Bank
of Minneapolis, Minneapolis,
Minn.
68,000 City of Yankton, S. Dak., 4% City Hall bonds, maturing $4,000,
April 11936-50, incl.; $5,000, April 11951; $3,000, April 11952. Legal
opinion: Chapman & Cutler, Chicago, 111.
Place of delivery:
Federal Reserve Bank of Minneapolis, Minneapolis, Minn.
470,000 Texas Technological College, Lubbock, Tex., 4% dormitory
revenue bonds, maturing $9,000, Mar. 1
1937; $10,000, Mar. 1
1938; $11,000, Mar. 1 1939; $12,000, Mar. 1 1940-41, incl.;
$13,000, Mar. 1 1942-43, incl.; $14,000, Mar. 1 1944-45, incl.;
$15,000, Mar. 1 1946-47, incl.; $16,000, Mar. 1 1948-49, incl.;
$17,000. Mar. 1 1950-51, incl.; $18,000, Mar. 1 1952; $19,000,
Mar. 1 1953; $20,000, Mar. 1 1954-55, incl.; $21,000, Mar. 1
1956-64, incl.
Legal opinion: Chapman & Cutler, Chicago, 111.
Place of delivery: Federal Reserve Bank of Dallas, Dallas, Tex.
9,000 Hardwick Town School District, Vt., 4% general obligation
bonds, maturing $1,000, Mar. 1 1939-47, incl.
Legal opinion:
Storey, Thorndike, Palmer & Dodge, Boston, Mass.
Place of
delivery: Federal Reserve Bank of Boston, Boston, Mass.
45,000 Village of Hardwick, Vt., 4% sewer and water bonds, maturing
Water Bonds, $1,000, Feb. 1 1936-47, incl.; $12,000 total.
Sewer
Bonds, $3,000. Feb. 1 1936-46, incl.; $33,000 total. Legal opinion:
Storey, Thorndike, Palmer & Dodge, Boston, Mass.
Place of
delivery: Federal Reserve Bank of Boston, Boston, Mass.
700,000 Arlington County, Va., 4% sewer bonds, maturing $65,000, Dec.
1 1953; $80,000, Dec. 1 1954; $85,000, Dec. 1 1955; $79,000, Dec.
1 1956; $86,000, Dec. 1 1957; $85,Q00, Dec. 1 1958; $88,000, Dec.
1 1959-60, ind.; $44,000, Dec. 1 1961.
Legal opinion: Thomson,
Wood & Hoffman, New YorrC, N. Y.
Place of delivery: Federal
Reserve Bank of Richmond, Richmond, Va.
573,871.92 State of Georgia, by the Highway Department of the State
of Georgia non-interest bearing State of Georgia Highway
Department Refunding Certificates.
.
(Bids to be submitted for all or none.)
Since the bid
these non-interest bearing
certificates is to be
successful bidder will
be expected to make payment for and take delivery of the
made
Rome, Ga.
142,400 (issued to Fulton County), maturing $26,200, Mar.
25 1937; $20,000, Mar. 25 1938; $26,200, M!ar. 25
1939; $20,000, Mar. 25 1940; $15,000, Mar. 25 1941;
$20,000, Mar. 25 1942; $15,000, Mar. 25 1943. Legal
opinion: Ralph H. Pharr, Atlanta, Ga.
149,000 (issued to Hall County), maturing $15,000, Mar. 25
1938; $20,000, Mar. 25 1939-40, incl.; $19,000, Mar.
25 1941; $28,000, Mar. 25
1942; $30,000, Mar. 25
1943; $17,000, Mar. 25 1944.
Legal opinion: W. N.
Oliver, Gainesville, Ga.
56,500 (issued to Hancock County), maturing $2,500, Mar.
25 1936; $2,000, Mar. 25 1937; $7,000, Mar. 25 193844, incl.; $3,000, Mar. 25 1945.
Legal opinion: G. L.
Dickens, Sparta, Ga.
13,600 (issued to Jenkins County), maturing $1,600, Mar.
on a
on
dollar per thousand basis, the
certificates not later than Jan. 20 1936.
Interest on the total
amount of the bid
will be
(without deduction for the good faith check)
charged from Jan. 20 1936, if payment is made after
that date.
$57,000 (issued to Carroll County) maturing $20,000 March
25 1936; $22,000, Mar. 25 1937; $15,000, Mar. 25
1938.
Legal opinion: Smith & Millican, Carrollton.Ga.
12,000 (issued to Columbia County) maturing $2,000, Mar.
25 1936-41, incl.
Legal opinion: John F. Hardin,
Augusta, Ga,
The
1933
Legislature's
Futch Act,
center of numerous
court
battles,
another unconstitutional tag to-day.
Federal Judge Halsted L. Ritter held the law, which permitted redemp¬
tion of tax certificates with county and district bonds, invalid on the ground
had
impaired contract obligations.
granted a moratorium on delinquent taxes prior to 1931
long as current levies were met.
Finally reaching the United States Supreme Court recently, the Futch
Act was upheld by that tribunal on a technicality.
The Supreme Court,
however, left the way clear for the constitutional question to be decided
it
The law also
as
The case had reached the highest bench on an appeal from a three-judge
Federal Court ruling that the act was unconstitutional.
Deciding the threejudge court had no jurisdiction, the Supreme Court reversed the opinion.
Janet McNee of Cottonwood Falls, Kan., had successfully sought in
the three-judge court an interlocutory injunction restraining the St. Lucie
Inlet District and Port Authority from accepting bonds in payment of
taxes.
She claimed the acceptance of bonds would not provide money
for paying bonds she held.
When the case was reversed, it was brought in District Court here,
where the Supreme Court said the proper jurisdiction lay.
Illinois—Old-Age Pension Bill Signed—Governor Henry
on Jan. 3 signed the State's new old-age assistance
bill, providing $30 a month maximum pension to persons
65 years old or more, according to Springfield advices.
Although the new statute is effective on Jan. 1, it cannot
become operative until administrative machinery is set up
in companion bills by the Legislature, which reconvened on
Jan.
7.
A
bill
appropriating $18,000,000 for old-age
pensions, half to be paid by the State and half by the Federal
Government, is said to be pending.
Horner
Illinois—Governor
Signs Debt Measure—Governor Henry
signed a bill which amends the debt
to apply to counties of less than 500,000
population, and municipal corporations of less than 300,000
population, and authorizes townships to incur an additional
indebtedness of 23^ % on the value of taxable property for the
construction and maintenance of gravel roads, according to
Springfield advices.
V
Horner
on
Jan.
Limitation Act
8
so as
Iowa—Municipal Bond Interest Ruled Subject to Income
State, county and municipal bonds in
Iowa will be subject to the State income tax, according to
a recent ruling of Attorney-General E.
L. O'Connor.
The
ruling changes the previous attitude of the State Board of
Assessment and Review, according to report.
The 1933
returns of the State Tax Board did not require accounting
of interest from such securities, it is said.
The tax will be
applicable only to individuals residents of the State, with
banks and insurance companies exempted.
It is reported that the State and its subdivisions have an
outstanding indebtedness of approximately $230,000,000,
and the amount of interest on this is approximately $10,000,000.
1
Tax—Interest from
Kentucky—County
Statistics
Compiled—The Bankers
Louisville, has prepared a detailed tabular
analysis of statistical information on Kentucky county
Bund Co., Inc.,of
indebtedness.
The report presents
assessed valuations for
county purposes for the last four years in order to give a
representative picture of the trend in this direction.
The
various county tax rates are also shown, as is the bonded
indebtedness, divided according to the purpose for which
issued.
The population as of 1930 is also given in this
report, together with figures on the anticipated income for
Financial
328
1935-June 30 1936.
It is set forth that
leaflet is to acquaint investors with
information pertaining to the present financial
the fiscal year July 1
the purpose of this
accurate
Chronicle
Jan. 11
unanimous opinion at the beginning of 1935 favored
bonds in the belief that prices of long term
term
according to the firm.
showed a substantial
short term bonds.
1936
the purchase of short-
bonds would decline,
Prices of average grade long term bonds, however,
rise during the year along with improvement in
condition of these counties.
New
Maryland—Special Legislative Session Contemplated on
Relief-—It was announced by Governor Nice that the State
Legislature will be called into special session in the first
week of February.
It was indicated that the session would
begin either Feb. 4 or 5, although the actual date was not set.
The special session will be held to enact a revenue program
for financing old-age pensions and relief activities of the State
after March 31, when the present 1% gross receipts and
automobile
registration levies expire.
These measures,
enacted by the 1935 Legislature, were estimated to yield
$5,000,000 annually, of which amount $3,500,000 was
pledged by the State for direct relief and about $1,500,000 for
old-age pensions.
^
Municipal Bonds—Study Traces Trend of Prices—The
of municipal credit during the past two years is
graphically portrayed in a special study of State and munici¬
pal bonds issued by the Chemical Bank & Trust Co. of
New York City.
The study, one of the most comprehensive
of its type, lists year-end prices and yields of selected medium
and long-term bonds in each of the 48 States having direct
debt outstanding, and in at least one city in each State.
course
The respective price
changes reveal not only the heights to which
municipal bond prices as a whole have advanced during the two-year
period, but also the extent to which individual credits have shared in the
advance.
While participating in the general movement, many issues have
also
reflected the improvement coincidentally occurring in their own
affairs, with advances, in some cases, ranging as high as 55 points.
Aside
from its interest as an historical price record, the study affords a com¬
standings of leading States and cities, as
of determining which obligations, for market or
with the movement as a whole.
In a supplemental study, the bank has compiled an average from the
long-term bonds of 20 cities, located in various sections of the country.
In December 1933 the 20 bonds sold at an average price of 923*. to yield
5.18%; in December 1934 at 1085*, to yield 3.84%, and in December
1935 at 117%, to yield 3.15%.
The extremes in this group were Hartford,
Conn., 4s of 1950, which ranged between 103 and 119)4, and Phoenix,
Ariz., 43*s of 1950, which to December 1935 had risen to 110 from a
price of 64 in 1933.
The table is given below:
mentary on the relative credit
weU
as
a
ready means
other reasons, have failed to keep pace
December
;
Rate
Birmingham, Ala._.4^%
Phoenix, Ariz
_4 )*%
Due
Price
1957
70
1950
64
San Francisco, Calif.4)*%
1963
96
4%
5%
4)*%
4)*%
4)*%
1950
103
Hartford, Conn
Jacksonville, Fla
Atlanta, Ga
Louisville, Ky__
New Orleans, La
Minneapolis, Minn..4%
4%
New York City
43* %
Rochester, N. Y
43*%
Raleigh, N. C
43*%
Cincinnati, Ohio.___4J*%
Tulsa, Okla
4>*%
Pittsburgh, Pa
43*%
Dallas, Tex
,-43*%
Richmond, Va
4J*%
Spokane, Wash
4%
Wheeling, W. Va...5%
Omaha, Neb
1950
96
1956
1073*
1968
101
1950
84
1933
96
96
84
1950
111
122
3.10%
129
1203*
3.25%
4.95%
110
108J*
1143*
95
107
1103*
1950
65
1955
104
4.20%
5.15%
4.60%
8.50%
4.20%
94
5.00%
1023*
4.15%
5.00%
4.10%
107
122 3*
1956
1952
95
1953
1043*
1950
9434
1063*
Price
1093*
4.80%
4.45%
4.00%
2.85%
4.05%
1003*
4.35%
97 X
1981
Yield
Yield
Price
4.75%
3.75%
5.35%
4.00%
4.20%
6.05%
1950
December 1935
December 1934
Yield
7.15%
8.65%
1023*
113
85
123
118
110
1173*
1193*
1183*
1283*
Yield
3.85%
3.60%
3.50%
2.40%
3.40%
2.65%
2.90%
3.60%
1183*
2.50%
118
2.50%
109
3.40%
3.15%
4.15%
3.40%
6.00%
3.00%
4.30%
3.20%
3.90%
3.83%
2.75%
4.35%
2.75%
123 3*
1013*
1263*
1123*
1263*
115
3.50%
2.60%
3.20%
129
2.85%
1950
84
5.50%
1033*
3.00%
9934
5.05%
1123*
3.20%
3.70%
3.90%
1113*
1950
120
3.25%
923*
5.18%
1083*
3.84%
1173*
3.15%
1960
Averages.
Jersey—Table Prepared on Comparative Costs of
County Governments—Ocean County, N. J., has the highest
cost of county government per capita and Bergen County the
lowest, according to a table of comparative costs prepared
by J. Parker Hickman Jr., municipal consultant with
B. J. Van Ingen & Co., Inc. The county costs which follow
are based on the totals of county appropriations for 1935 and
New
Cost per Capita
$31.34
County—
Ocean
29.94
May
Cape
$13.70
Camden
13.23
Somerset
13.04
Gloucester
Atlantic
Burlington
14.42
Bergen
Cumberland
14.21
Hudson
—
Salem.
Hunterdon
Morris
Union
12.56
Middlesex
12.41
Essex
12.22
Mercer
12.19
Warren
11.89
Passaic
10.77
10.60
—
The study shows
Bergan County requiring 53.1% of its
appropriation for interest and amortization of its debt,
of any New Jersey county.
Salem County had
the smallest requirement for debt service, with 1.1% of its
appropriation, and Cumberland ranked second with 2.4%.
1935
the largest
To illustrate the recovery which has taken place in certain New Jersey
municipal credits during the past two years, the investment house offers
the following table of the most active county and municipal bonds, with
prices as of Jan. 1 1934 and Jan. 1 1936.
For the sake of uniformity the
quotations in each case are based on the bid price of a 4% bond of 15 year
maturity:
1
Jan. 1* 34 Jan. 1 '36
Name—
.
-
Camden.
.
.
71
76 3*
60
100)4
105^*
.
.
.
Jan. 1 '34 Jan. 1 '36
Montclair.
84
Morristown
80
95
Newark
95
New Brunswick.
101
Pater son
66
70
109
Paterson
1083*
1023*
1023*
1013*
76
53
70
85
67
97
70
63
101
97
68
Hoboken.
Name—
99
99
80 3*
108
Plainfield
85
109
Teaneck
65
Trenton
80
1023*
823*
109
Union
(water)
County..
collections for
,
Collections on account of the 1935 levy totaled $391,657,981, as com¬
pared with $369,980,567 levied and collected in 1934.
During the year
1935 levies of 1934 and prior years were $93,373,526.
Similar collectionsof arrears in 1934 had totaled $114,981,255.
"The city's experience with respect to the 1935 tax levy," says Comp¬
troller Taylor, "was within 11-5% of the experience with respect to theyears 1929 and 1930, and 1935 was by far the best year in so far as current
tax collections were concerned of any year since 1930.
This means, ineffect, that we are practically back to our old stride.
Arrears Reduced
"The uncollected taxes, on account of the first half of the 1935 levy,,
represent 11.84% of the levy and there is uncollected on account of the
second half of 1935 19.70% of the levy.
The total uncollected taxes on
account of the 1935 levy, therefore, represent an average of 15.77% of
the total levy, which brings it about on a par with the years 1929 and 1930.
"At the end of the year 1934 there was 15.74% uncollected of the firsthalf of that year's levy and 26.70% uncollected on account of the second
half.
'
The percentage for
the whole year in 1934 was 21.22% uncollected."
New York
State—Legislature Passes New York City Tunnel
Authority Bill—The 1936 Legislature passed its first bill on
Jan. 7, a measure enabling the New York City Tunnel
Authority to receive $59,000,000 in Federal funds for the
construction of the Thirty-eighth Street vehicular tunnel, ac¬
cording to an Albany dispatch on that date.
The Senate
vote on the measure was 41 to 1, while it was passed by the
Assembly with a unanimous vote.
It was forwarded to<
Governor Lehman, who was expected to sign it immediately.
Senator Wagner brought the bill to Albany after Federal
authorities informed him that changes would have to be made'
in the set-up of the Tunnel Authority before Federal funds
could be allocated to the project.
The authority will receive <
$11,000,000 as an outright grant, and a $48,000,000 loan
which will be repaid through toll charges.
It is understood
that Senator Wagner's negotiations brought forth the said
allotment.
Bill Signed by Governor—On Jan. 9, Governor Lehman
signed the above Tunnel Authority Bill, the first one passed,
in 1936. It will permit the New York City Tunnel Authority
to receive Federal funds to construct an
East River vehicular
tunnel, known as the Queens-Midtown tunnel. The Gover¬
nor's action permits Mayor La Guardia to name the three
members of the Authority immediately and that body in.
turn to obtain the Federal allotment.
New York
State—Mayors' Conference Offers Pay-As-You~
Program—An Associated Press dispatch from Albany
on Jan. 5 had the following to say regarding a proposal of
the State Conference of Mayors to request legislation broad¬
ening the tax base and lifting the present burden on realty:
Go Tax
The New York State Mayors' Conference to-night called upon the 1936-
Legislature to clear the
way to municipal financial stability with enactment
a far-reaching program designed to broaden the tax base and put munic¬
ipalities on a modified pay-as-you-go policy.
Declaring that no reductions which will materially affect the tax levy
may be expected for the next nine years, due to existing funded debts of
municipalities, the conference proposed:
(1) Broadening of the tax base by permitting municipalities to levy new
locally collected taxes, authorizing the State to collect but municipalities to
determine supplementary tax levies, extending the system of local sharing
in State-collected taxes and increasing existing State grants in aid, or creating
of
grants.
Asks Curbs on New Bonds
CostperCapita
County—
24.96
17.87
16.98
16.94
16.10
15.31
14.89
Sussex
Monmouth
City—Gain Reported in Tax Collections—The
the year 1935, including the col¬
lection of arrears for prior years, totaled $629,155,396, as
compared with total collections of $579,827,927 in 1934,
according to figures made public on Jan. 5 by Comptroller
Frank J. Taylor.
^
new
populations shown by the 1930 census.
York
total tax
99
(2) Restriction'of municipal borrowing by reducing the present legal
period for which bonds may be issiied, requiring the first serial installment
to be paid a year from the date of sale of the bond, requiring an appropria¬
tion the first year from current revenues toward the capital improvement
cost, and prohibiting issuance of bonds for improvements whose estimated
life is shorter than five years.
(3)
To prohibit the State enacting laws which increase local government •
provided to pay the additional,
costs, unless means other than realty tax are
expense.
(4) Continuation of existing laws prescribing the share which cities and
villages now receive from State-collected taxes.
(5) A fair share of gasoline and motor vehicle taxes for cities and villages..
(6) Continuation of adequate State aid for unemployment relief so long
as the Temporary Emergency Relief Administration remains in operation,
and thereafter an equal share between State and cities of the cost of home *
relief.
(7)
That any tax limitation on real estate for municipal purposes should
municipal debt.
exclude
New
Ruling Given
Returns—The
Albany
on
on
following
Withholding Agents for Income Tax
press
release
was
sent
out
from
Jan. 6 by the State Department of Taxation and
Finance:
Employers who act as withholding agents for the New York State Income
Tax Bureau will escape considerable clerical work as the result of a ruling
by the State Tax Commission to-day.
Explaining that Form 105 for return of information at the source has
been revised this year, the Commission declares that withholding agents
who have already prepared the old style may file them without change.
> Supplementing this decision,
Deputy Commissioner Cortland A. vVilber,
Director of the Bureau, said:
"The new form was designed to conform
with Federal Form 1099 so that employers might prepare both at the
same time through the use of a carbon sheet and thus prevent duplication
of work.
The change was made for the convenience of this group and we
consequently feel that it is immaterial whether the old or new forms are
»
-
,
«
used."
Massachusetts—62 Bond Issues Reported
Underwritten—
in tax exempt
Tyler, Buttrick & Co., Inc., specialists
municipals, announced recently that it had underwritten 62
new serial issues of Massachusetts county, city, town and
district tax exempt bonds with a total value of $3,717,500
during the year 1935.
Coupon rates of the loans negotiated
ranged from 3>^% to 1%, depending on the credits involved
and the term of the financing.
An
interesting feature of the Massachusetts tax exempt bond market
1935 as shown by Tyler, Buttrick's daily survey of comparative
was the fa lure of experts to
diagnose future trends.
Almost
during
prices
i
I
L
Both State and Federal information return forms
are
due
on
Feb.
15.
Pennsylvania—Court
Ruling Voids Public Job Plan—
The State Authority Act, which would enable the Com¬
monwealth to sponsor public works
projects, was held
unconstitutional on Jan. 6 by the Supreme Court because
it would create a debt exceeding constitutional limitations,
according to an Associated Press dispatch from Philadelphia.
The opinion, by a four to-three majority, granted an in¬
junction against the operation of the Act in a test case in¬
volving a proposed water works near Selinsgrove.
The
>
*
Financial
Volume 142
the
Constitution limits
borrowing power of the State to
deposit your bonds with the Commercial National Bank, depository.
Little Rock, Ark., for refunding, subject to the approval of the refunding
The Act creates
board, headed by the Governor,
a
with
partly with Federal
grants and partly with the income from bonds, which would
be liquidated by income from the projects.
to carry out public works projects,
Arkansas—Illinois—Missouri—Oklahoma
ESTABLISHED
Fourth and Oliro
basis sub¬
90c.
the dollar.
on
BONDS
CALIFORNIA
Francis, Bro. & Co.
Investment
of Educa¬
that the district apply to the Reconstruction
Finance Corporation for a loan to take up the outstanding bonds.
In accordance with this suggestion, the district is applying to the RFC
for a loan in an amount sufficient to take up all of its outstanding bonds
mitted; and recommended
We recommend, therefore, that no further action be taken as to the
refunding until this application has been acted upon.
We will keep you
informed as to any developments, either as to the loan or the refunding.
WANTED
MUNICIPAL
District sub¬
of Directors of the
The Board
mitted their proposed refunding plan to the State Department
tion and the State Board declined to approve the plan on the
at
OFFERINGS
Oakland). Calif.—MATURITY—It is
(P. O.
stated by the Deputy Clerk of the Board of Supervisors that the $35,000
school bonds purchased by the Bankamerica Co. of San Francisco as 3Hs,
Securities
ST. LOUIS
Streets
COUNTY
ALAMEDA
1877
price of 101.47, as reported here recently—V. 141, p. 4190—are due
as follows: $1,000, 1938 to 1948, and $2,000, 1949 to 1960, giving
at a
Dec. 1
on
basis of about 3.38%.
a
(These' bonds
School
Bond
Department of Education.
North Little Rock Schoo
plan by the Arkansas State
$1,000,000.
power
329
Chronicle
Proposals and Negotiations
obligations of the Amador Valley Joint Union High
are
District.)
ARCADIA, Calif.—BONDS DEFEATED—A proposed $150,000 sewer
was rejected by the voters at a recent election.
bond issue
DISTRICT,
SCHOOL
HIGH
UNION
BARSTOW
Calif.—BOND
of
ELECTION—An election will be held on Jan. 24 to vote on the question
school building bonds.
issuing $85,000 4%
alabama
CALIFORNIA, State of—BOND ISSUANCE CONTEMPLATED—Tt
reported that the State has under consideration the offering of $5,000,000
definite date for the sale has not yet been deter¬
mined.
It was said that the sale probably would not be held before the
end of January, with the livelihood that the offering may not develop until
the end of February.
The "Wall Street Journal" of Jan. 9 carried the following San Francisco
Municipal Bonds
is
in veterans' bonds, but a
equitable
Corporation
Securities
New York
Chattanooga
Birmingham
Nashville
Rnoxvllle
news
report:
Board will meet within the
forthcoming offering of $5,000,000
that the sale will be early in
"Finance Committee of the Veterans Welfare
Memphis
next two weeks
The
March.
ALABAMA
to set the date on the
bonds.
veterans'
1939-54.
indications
Present
will
bonds
a 3% coupon and will probably mature
administered under the Veterans' Welfare
carry
be
will
Proceeds
are
making of farm and home
Board, whose powers are limited solely to the
ALABAMA, State of—CORRECTION—We wish to call attention to a
regrettable error in our Dec. 31 1935 edition of the "State and Munici¬
pal Compendium," part 2, under the description of the outstanding bonds
of the State of Alabama, on page 267, we list $16,920,000 of refunding bonds
that were sold on April 22 1935 to a syndicate headed by the First National
Bank of New York, divided as 3s, 3 lis and 4s.
Alongside the caption
"Refunding Bonds," we carry a notation that these bonds are optional in
five years.
This is definitely not so, as the successful bid specified that the
bonds were not to be optional before maturity.
There were two bases for
bidding on these bonds; the first, to have the bonds become eligible for re¬
tirement after five years; the second, to have the bonds issued without an
optional clause contained therein.
As stated, the second proposition was
the one named by the successful bidders and the bonds mature from 1936
to 1965, inclusive.
very
ANNISTON, Ala.—BOND OFFERING—W. S. Coleman, Mayor, an¬
that at a regular meeting of the City Council to be held on Jan. 23
issue of $35,000 5% coupon public school refunding bonds
will be sold at public auction.
Denom. $1,000. Dated Feb. 1 1936. Prin¬
cipal and semi-annual interest (Feb. 1 and Aug. 1) payable at the Chase
National Bank in New York.
Due yearly on Feb. 1 as follows: $1,000,
1937 to 1941, and $2,000, 1942 to 1956.
Certified check for $700, payable
to the City Treasurer, required.
Bonds will be sold subject to legal opinion
of Storey, Thorndike, Palmer & Dodge of Boston.
nounces
at 7:30 p. m. an
loans to
war
veterans.
bonds sold by this Board were marketed June 6 1935
at a price of 101.14 and are currently quoted at an average yield of about
2.75%."
"The
previous
CALIFORNIA,
State
of—BANKS REFUSE TO TAKE AID WAR¬
Associated Press dispatch
RANTS—We quote in part as follows from an
of some length out of Sacramento on Jan. 3:
"California's
unemployment
relief warrants went begging for buyers
to-day.
An offer of $1,902,624 in warrants brought no bidders from
or brokers,
and the office of Controller Riley said the State will
banks
begin
direct registration of warrants next Tuesday.
"The State Emergency Relief Administration
has sufficient funds on
hand because of a loan of $1,750,000 from the Federal Government to
operate until Tuesday morning.
"After those funds are exhausted, the State will start paying direct relief
through warrants given to the unemployed.
About 400,000 warrants a
month must be issued.
"It will be up to the unemployed to present them to banks for cash.
Whether banks will accept them in light of the fact that no bids for the 4%
paper were
offered to-day remained to be seen."
CHI NO, Calif.—BOND
Jan. 21 to vote on a
ELECTION—A special electiomwill be held on
proposal to issue $40,000 city hall bonds.
Ala.—BOND SALE—Marx & Co. of Birmingham
were the only bidders for the $1,296,000 5% coupon funding bonds offered
on Jan. 7—V. 141, p. 4190.
The offer, which was to take the issue at par
and accrued interest, was accepted.
Dated Jan. 1 1936.
Due on Jan. 1
as follows:
$30,000, 1939; $31,000, 1940; $35,000, 1941; $36,000, 1942;
$37,000, 1943; $38,000, 1944; $39,000, 1945; $40,000, 1946; $41,000, 1947;
$42,000, 1948; $43,000, 1949; $44,000, 1950; $45,000, 1951; $46,000, 1952;
$47,000, 1953; $48,000, 1954; $49,000, 1955; $50,000, 1956; $51,000, 1957;
$52,000, 1958; $53,000, 1959; $54,000, 1960; $55,000, 1961; $56,000, 1962;
$57,000, 1963; $58,000, 1964; $59,000, 1965, and $60,000 in 1966.
Prin.
and int. J. & J. payable in lawful money at the Central Hanover Bank &
DOS PALOS, Calif.—BONDS VOTED—At an election held on Dec. 27
the voters favored the issuance of $38,000 municipal waterworks bonds.
Trust Co. in N. Y. City.
Jan. 14 for the purchase
MONTGOMERY,
(P. O. Fresno), Calif.—
Clerk, will receive bids until
COUNTY SCHOOL DISTRICT
FRESNO
BOND OFFERING—E. Dusenberry, County
2 p. m. Jan. 14 for the purchase of $65,000 5% bonds of
Union High School District.
Denom. $1,000.
Dated Jan.
tified check for $1,000 required.
FRESNO COUNTY
Reedley Joint
1 1936.
Cer¬
*
SCHOOL DISTRICT (P. O. Fret no), Calif.—
Supervisors will receive bids until 2 p. m.
of $3,500 school improvement bonds of Grant School
BOND OFFERING—The County
District.
SCHOOL DISTRICT, Calif.—BOND
of voting
$28,000 school building improvement bonds.
LATON JOINT UNION HIGH
ELECTION—An election is to be held on Jan. 31 for the purpose
ARKANSAS BONDS
Markets in all State, County
the question of issuing
on
ANGELES
LOS
& Town Issues
COUNTY
SCHOOL
DISTRICTS
(P.
O.
Los
Angeles), Calif.—BOND OFFERING—Sealed bids will be received until
2 p. m. on Jan. 13, by L. E. Lampton, County Clerk, for the purchase of
two issues of school bonds, aggregating $105,000, divided as follows:
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST. LOUIS, MO.
$80,000 Santa Monica City School District bonds.
Due $8,000 from Jan. 1
1942 to 1951, incl.
Bids will be received for all or any portion of
said bonds.
In the event that the bidder submits a bid to purchase
portion of said bonds, the bid shall designate specifically the bonds
All bonds sold to a bidder bidding for a portion shall bear
same rate of interest, and bids for varying rates of interest for
the same block or portion of said bonds will be rejected.
a
bid for.
the
25,000 Santa Monica City High School District bonds.
Due on Jan. 1
as follows:, $3,000, 1942 to 1946, and $2,000, 1947 to 1951, all incl.
All of said bonds are to bear the same rate of interest and bids for
ARKANSAS
varying rates of interest
State & Municipal Bonds
Interest rate is not to
1936.
Jan. 1
sury.
for portions of such bonds will be rejected.
exceed 5%, payable J. & J. Denom. $1,000. Dated
lawful money at the County Trea¬
Prin. and int. payable in
A certified check for not less than 3 % of the amount of bonds
Supervisors, must accompany each bid.
bid for,
payable to the Board of
WALTON, SULLIVAN & CO.
LOS
ST. LOUIS, MO.
LITTLE ROCK, ARK.
ARKANSAS
ARKANSAS, (State of)—BOND EXCHANGE PROGRESS—It is reported
by J. O. Goff, Supervisor of the State Refunding Board, that the following
percentage of eligible Arkansas bonds had been exchanged for the new
refunding bonds as of Dec. 27 1935: road district, 93.5%; highway, 98.8%
and
toll bridge,
ANGELES
99.3%.
1970.
An¬
The second highest bid is
said to have been a premium offer of $21,836
34£s, tendered by a syndicate headed by the California Bank, of Los
Angeles.
I
It is stated that the successful bid offered premiums of $23,010 on each
on
issue.
~
BONDS
SCHOOL DISTRICT
(P. O. Conway), Ark.—BOND
SALE—The $54,000 issue of 4% semi-ann. school bonds offered for sale
on Jan. 4—V. 141, p.
4042—was purchased at par by the Public Works
Administration.
Dated Dec. 1 1935.
Due from Dec. 1 1941 to 1956, incl.
CONWAY
O. Fort Smith), Ark.—BOND OFFER¬
10 a. m. on Jan. 25 by
Jerry Bell, Clerk of Sebastian County, for the purchase of a $269,000 issue
of 4% semi-annual court house and jail bonds.
Denom. $1,000.
Dated
Dec. 1 1935.
Due from 1937 to 1965.
These bonds were approved by the
FORT SMITH DISTRICT (P.
ING—It is stated that bids will
voters at an election
held
on
be received until
Sept. 17.
LITTLE ROCK SPECIAL SCHOOL DISTRICT
Little
Rock),
Ark.—PROPOSED BOND REFUNDING
NORTH
DECLINED BY STATE BOARD—The following
out to
SCHOOL DISTRICTS (P. O. Los
1961.
BLYTHEVILLE, Ark .—PRICE PAID—It is stated by the City Clerk
that the $38,000 6% semi-annual park improvement bonds purchased by
M. W. Elkins & Co. of Little Rock, as reported in these columns recently
—V. 141, p. 4190—were purchased at par.
Due from March 1 1939 to
North
COUNTY
geles), Calif.—BOND SALE—The two issues of school bonds aggregating
$4,000,000, offered for sale on Jan. 8—V. 141. p. 4190—were awarded to a
syndicate composed of the Anglo-California National Bank of San Fran¬
cisco, Edward B. Smith & Co. of New York, the Bancamerica Co., and
Heller, Bruce & Co., both of San Francisco, the Northern Trust Co. of
Chicago, Burr & Co., Inc., of New York, and the First National Bank of
St. Paul, as 3Ms. paying a premium of $46,020, equal to 101.1505, a basis
of about 3.38%
The issues are divided as follows:
$2,000,000 Los Angeles City School District bonds.
Due on Jan. 1 1961.
2,000,000 Los Angeles City High School District bonds.
Due on Jan. 1
bondholders by Wayne
(P. O.
PLAN
form letter is being sent
J. Estes, of the National Securities Co. of
Little Rock:
of the North
North Little Rock, Ark., together with
statistical information and letters of transmittal, recommending that you
Under date of Dec. 9 1935,
sent you the refunding plan
Little Rock Special School District.
offered
an
OFFERED
FOR INVESTMENT—The successful bidders refor general subscription at prices to yield from
the above bonds
0.50% basis to par value, according to
the maturity desired.
MONTEREY COUNTY (P. O. Salinas), Calif.—BOND OFFERING—
It is stated by C. F. Joy, County
10 a. m. on Jan. 13, for the
Clerk, that he will receive sealed bids
purchase of a $248,000 issue of court
A. Bidders
permitted to bid different rates of interest for different maturities of
said bonds.
Denom. $1,000.
Dated Feb. 1 1936.
Due on Feb. 1 as
follows:
$8,000, 1937, and $10,000, 1938 to 1961.
Prin. and int. payable
in lawful money at the County Treasurer's office.. The approving opinion
of Orrick, Palmer & Dahlquist, of San Francisco, will be furnished.
These
bonds were approved by the voters at an election held on Aug. 5.
A
certified check for 10% of the par value of the bonds bid for, payable to the
Clerk of the Board of Supervisors, is required.
until
house bonds.
Interest rate is not to exceed 4%, payable F. &
will be
ROSED ALE UNION SCHOOL DISTRICT, Calif.—BOND ELECTION
—On Jan.
17 the district will vote on a proposition to issue $30,000 school
building bonds.
330
Financial Chronicle
SANTA ANA SCHOOL DISTRICT, Calif.—BONDS VOTED—The
Board of Education on Dec. 23 authorized the issuance of $223,000 high
school building bonds.
SAN FRANCISCO
—J. S.
(City and County of), Calif.—BIDS REJECTED
Dunnigan, Clerk or the Board of Supervisors, advises us that the
bids received for the $391,000 4 H% sewer ponds offered on Jan, 6—V.
142, p. 157—were rejected, as Thomson, Wood & Hoffman, attorneys, will
not approve the legality or the issue without a Supreme Court Decision.
SAN LUIS OBISPO COUNTY SCHOOL DISTRICTS (P. O. San
.
Luis Obispo), Calif.—BOND OFFERING—Gwen Marshall, Clerk of the
Jan. 13 for the
Board of County Supervisors, will receive bids until 3 p. m.
purchase of the following school district bonds:
TORRANCE, Calif .—BOND SALE—The $85,000
coupon, registerable
principal and interest, bonds offered on Nov. 12—V. 141, p. 3099—
awarded to Boothe, Gillette & Co. of Los Angeles and the Southern
Counties
Bank
of
Anaheim.
The purchasers paid
a
premium
of
were
$96.55, equal to 100.113.
The first five maturities will bear 4% interest
and the balance 3M%, making the net interest cost about 3 45%.
The
bonds are divided as follows:
$35,000 public hall bonds.
Due yearly on Oct. 1 as follows: $3,000,1936 to
1940, and $2,000, 1941 to 1950, incl.
50,000 library building bonds.
Due yearly on Oct. 1 as follows: $4,000,
1936 to 1940, incl.; and $3,000, 1941 to 1950. incl.
Denom. $1,000.
Dated Oct. 1 1935.
Principal and semi-annual interest
(April 1 and Oct. 1) payable at the City Treasurer's office.
YOLO COUNTY SCHOOL DISTRICT (P. O. Woodland), Calif.—
MATURITY—It is stated by the Clerk of the Board of Supervisors that
the $19,000 4% semi-ann. Davis Joint School District bonds purchased
by
Donnellan & Co. of San Francisco, on Dec. 12, at a price of 105.058, as
reported in these columns—V. 141, p. 4044—are due on Dec. 1 as follows:
$1,000, 1936 to 1946, and $2,000, 1947 to 1950, giving a basis of about
3.34%.
COLORADO
COLORADO, State of—RFC LOAN FOR HIGHWAY PURPOSES
ASSURED—The following report is taken from a Denver dispatch to the
"Wall Street Journal" of Jan. 6:
"Chairman Jones of the Reconstruction Finance Corporation has assured
Gov. Ed. O. Johnson that the RFC will advance Colorado $25,000,000 for
highway construction purposes as soon as the details can
of 1%
be arranged.
The loan will be secured by State of Colorado anticipatory warrants which
in turn are to be seemed
by gasoline taxes and motor vehicle fees.
"The loan was authorized
by the last Legislature and the State Supreme
Court in answer to a question by the Governor, declared the proposed issue
to be legal.
The warrants will bear 4% interest and will run serially for
about 30 years.
The RFC expects to market the warrants for less than
4% and the rate will be benefited by any such saving effected.
'It was originally intended that the issue would be taken by the Works
Progress Administration with a bonus from the government, but the funds
from the department are not available and on a visit to Washington the
Governor arranged for the loan from the RFC.
The funds will be used to
bUild arterial highways east and west and north and south through the
State."
Bonds will be delivered to the
purchaser
on or
about Monday, Jan. 27 1936,
Boston, 17 Court St. office, Boston, Mass.
Assessed valuation (last completed grand list)
Net bonded debt limit (5%)
Total bonded debt outstanding- — -
$118,949,329.00
5,947,466.45
6,234,000.00
"Water bonds, included in total debt
1,225,000.00
Subway bonds
435,000.00
Sinking fund, not including water or subway sinking funds.
215,454.43
Tax levy 1935, $2,644,595; uncollected Jan. 1 1936, $440,580.; 1934,
$2,655,370, uncollected Jan. 11936, $282,636; 1933, $2,687,355, uncollected
Jan. 1 1936, $178,170.
Note—The above described notes are issued pursuant to No. 405 of the
Special Act of 1907 and No. 44 of the Special Acts of 1933, and all taxable
property in the city is subject to the levy of unlimited ad valorem taxes to
pay the same,
-
_
NEW HAVEN, Conn.—DEBT DATA—The city is scheduled to meet
$1,071,000 in bond maturities this year. In addition the city has $4,000,000
outstanding in tax anticipation notes.
Interest requirements for bonds
this year total $633,538.
The city's present bonded debt is $15,135,000
and the sinking fund is $1,017,897, leaving net indebtedness $14,117,103.
With a grand list of $372,063,753, the city's bonding capacity is $18,603,188.
WATERBUkY,
Conn.—BOND SALE—The $900,000 coupon or regis¬
tered bonds offered on Jan. 3—V. 141, p. 4191—were awarded to a group
comprising Halsey, Stuart & Co. the R. F. Griggs Co : Goldman, Sachs &
Co., and Darby & Co., for a premium of $150, equal to 100.016, $310,000
bonds maturing from 1937 to 1948 to bear 2}4 % interest and $590,000 bonds
coming due from 1949 to 1966 to bear 2%%A syndicate composed of
Brown Harriman & Co.; The First Boston Corp., and Chas. W. Scranton
& Co. bid $902,789.10 for 2%s.
The bonds are described as follows:
$500,000 series of 1936 funding bonds.
Due Jan. 15 as follows: $10,000
from 1937 to 1946 incl. and $40,000 from 1947 to 1956 incl.
400,000 series of 1936 street and general improvement bonds.
Due
Jan. 15 as follows:
$10,000 from 1937 to 1946 incl. and $15,000
from 1947 to 1966 incl.
Each issue is dated Jan. 15 1936.
First National Bank of Boston.
Principal and interest payable at the
Financial Statement Dec. 24 1935
Grand list 1935
Tax rate on list 1935, payable May 1 and Oct. 1 1936
-
$194,356,123
31H mills
-
Estimated Revenue for Year 1936
Taxes
$5,118,750
Miscellaneous items incl. State school grants, licenses, assess¬
ments, water rents, grants and gifts
—
CREEDE, Colo.—BOND SALE—An issue of $10,000 5% light revenue
bonds has been sold to Brown, Schlessman, Owen & Co. of Denver. Dated
Nov. 1 1935.
Due $1,000 each six months beginning May 1 1936; redeem¬
1,233,356
$6,352,106
Bonded Indebtedness
Water bonds
Fire and police
$6,824,000
141,000
School
1,609,000
Other public buildings.
715,000
Highways.
Parks
Sewers
Funding
$1,899,000
296,500
1,780,000
3,070,000
v.
Total bonded indebtedness
$16,334,500
6,824,000
Less—Water bonds
$9,510,500
150,000
Less—Sinking fund.
able any time at 103.
ELBERT COUNTY (P. O. Kiowa), Colo.—WARRANTS CALLED—
It is reported that various road, county and school warrants were called
for payment on Jan. 2, on which date interest ceased.
FOUNTAIN. Colo.—BOND EXCHANGE CONTEMPLATED—It is
stated by the Town Treasurer that a total of $93,500 3% refunding bonds
will be exchanged with the holders of the old bonds.
The new bonds are
described
Net bonded indebtedness
$60,000 series A bonds.
Due on Jan. 1 as follows: $1,500, 1937 to 1956,
and $2,000, 1957 to 1971.
22,500 series B bonds.
Due on Jan. 1 as follows: $500, 1942 to 1956, and
$1,000, 1957 to 1971.
11,000 series C bonds.
Due $500 from Jan. 1 1950 to 1971, incl.
1880
1910.
ment and
on
Dated Jan. 1 1936.
was
DELAWARE
Del.—BOND OFFERING— Sealed bids addressed to the
City Clerk will be received until Feb. 1 for the purchase of $135,000 coupon
bonds.
the authorization of the above bonds, detailing the old bonds
FLORIDA
revenue
BONDS
recently disposed of to Brown, Schlessman, Owen & Co. of
1936 to 1945, incl.; redeemable at any time
Due serially from
at 103.
WAVERLY
DRAINAGE
DISTRICT
(P.
O.
Alamosa),
PIERCE-BIESE CORPORATION
Colo.—
BONDS REFINANCED—The District has complete plans for refinancing
old outstanding indebtedness through a bond issue of $56,000, to be placed
with the Reconstruction Finance Corporation.
The old bonds were bought
up at
-.101,025
Prin. and int. (J. & J.) payable in
LYONS, Colo.—BOND SALE—A block of $20,000 4%% light
Denver.
1930
Department is owned and operated by the municipal govern
has a total storage capacity in excess of 3,000,000,000 gallons
MILFORD,
to be retired, appeared in these columns recently—V. 141, p. 4191.)
bonds
1890.
—33,202
1920--——91,715
—20,270
.73,141
Different Periods
1900
*
51,139
The Water
sewer
Denom. $500.
Fountain.
(A report
$9,360,500
Statistics of the City of Waterbury—Population at
follows:
as
25 cents
on
JACKSONVILLE
Miami
Orlando
Tampa
the dollar.
FLORIDA
CONNECTICUT
CONNECTICUT
(State
of)—FUNDS
AVAILABLE
TO
MEET
$13,336,000 MATURITY—State Treasurer John S. Addis has advised
Governor Cross that the sinking fund has enough cash on hand at thepresent
time to meet the $13,336,000 bonds which mature on July 1 1936.
The cash
value of the fund on the due date will be far in excess of requirements.
DERBY, Conn.—BONDS AUTHORIZED—The Boards of Aldermen
Apportionment on Dec. 30 voted to issue $50,000 road improvement
BALDWIN SCHOOL DISTRICT (P. O. Jacksonville), Fla.—
OFFERING—It is reported that the Secretary of the Board of Public
Instruction will receive sealed bids until Feb. 5, for the purchase of a
$22,000 issue of 4% semi-ann. school bonds.
(A $25,000 issue of school bonds was approved by the voters at an election
held on Dec. 18, to be used in Duval County School District No. 2, located
at Baldwin—V. 142, p. 157.)
and
bonds.
GUILFORD, Conn.—BOND OFFERING—Irving W.
Dudley,
Town
Treasurer, will receive sealed bids until 11 a. m. on Jan. 15 for the purchase
of $110,000 not to exceed 2% % interest coupon high school bonds.
Dated
Jan. 1 1936.
Denom. $1,000.
Due $5,000 on Jan. 1 from 1937 to 1958,
incl.
Principal and interest (J. & J.) payable at the Guilford Trust Co.,
Guilford, or at the First National Bank of Boston, at holder's option.
These bonds will be engraved under the
supervision of and authenticated
as to genuineness by the First National Bank of Boston; their legality will
be approved by Messrs. Storey, Thoradike, Palmer & Dodge of Boston,
whose opinion will be furnished the purchaser.
The orginal opinion and
complete transcript of proceedings covering all details required in the proper
issuance of the bonds will be filed with the First National Bank of Boston,
where they may be inspected.
Bonds will be delivered to the purchaser on
or about Friday, Jan. 24 1936, at the First National Bank of
Boston, 17
Court St. Office, Boston, Mass.
Financial Statement Jan.
1 1936
Assessed valuation Oct. 1 1934 (incl. $332,656 tax exempt prop.)
Debt limit
.$7,228,716
Floating debt, demand notes
Taxing subdivisions: Borough of Guilford—total debt
Sachem's Head Association—total debt (all water bonds)
Population 3,117.
—
Year—
1934
1933
1932
1931
NEW
-
Tax Levy
Due
$93,098.53 Apr. 1 1935-July 1 1935
100,291.59 Apr. 1 1934-July 1 1934
99,303.57
Apr. 1 1933
102.364.17
Apr. 1 1932
GEORGIA
BUTTS
COUNTY
(P.
O.
Jackson),
Ga.—CERTIFICATE SALE—
An $82,818 issue of highway refunding certificates is reported to have been
purchased by Bounds, Pool & Co. or Atlanta.
COLUMBUS, Ga.—BONDS AUTHORIZED—The City Commissioners
$65,000 sewer bonds.
have passed an ordinance authorizing the issuance of
LUMPKIN, Ga .—BOND SALE—The $20,000 Issue of 4^% semi-ann.
bonds offered for sale on Jan. 7—V. 142, p. 157—was
purchased by W. R. Luttrell, of Columbus, Ga., for a premium of $922,
equal to 104.61, according to the City Clerk.
sewerage system
LUMPKIN SCHOOL DISTRICT (P. O. Lumpkin), Ga .—BOND SALE
are now informed that the $25,000 4H % coupon semi-ann.
Rate
13 H
mills
14 H mills
14 ^ mills
15
mills
361,435
DETAILS—We
school bonds purchased on Dec. 30 jointly by the Farmers State Bank and
the Singer Co., both of Lumpkin, as previously reported in V. 142, p. 157,
were sold for a premium of $760, equal to 103.04.
Due annually begin¬
60,200
13,400
12,000
Uncollected
Dec. 31 *35
$10,459
4,576
2,800
1.225
BRITAIN, Conn.—NOTE OFFERING—W. H. Judd, President
of the Board of Finance and Taxation, will receive sealed bids, care of New
Britain National Bank, New Britain, until 11:30 a. m. on Jan. 17 for the
FLORIDA, State of—LIST OF BOND QUOTATIONS ISSUED—The
Plerce-Biese Corp. of Jacksonville have prepared a representative list of
quotations on bonds of Florida counties and municipalities, showing the
bid and asked prices on the various obligations, both long and short term,
as of January 1934, 1935 and 1936.
144,000
Total bonded debt (incl. this issue).
.
by the First National Bank of Boston; their legality will be approved by
Storey, Thorndike, Palmer & Dodge, whose opinion will be furnished the
purchaser.
The original opinion and complete transcript of proceedings
covering all details required in the proper issuance of these notes will be
filed with the First National Bank of Boston where they may be inspected.
—
MATEO,
STOCKTON,
Calif.—BOND ELECTION—The
City
Council
has
decided to call a special election for Feb. 18 at which a proposal to issue
$110,000 trunk line sewer construction bonds will be submitted to the voters.
to
of interest, expressed in a multiple of
name one rate
int.(J. & J.) payable at the First National Bank or Boston or at the
New Britain National Bank, New Britain, at holders' option.
Notes will
be engraved under the supervision of and authenticated as to genuineness
Debt Statement Jan. 2 1936
Calif.—BOND ELECTION CONTEMPLATED—It is
reported that an election may be held shortly in order to vote on the pro¬
posed issuance of $275,000 in general obligation bonds to be used for re¬
funding improvement bonds of 1915.
as
Bidder to
Prin. and
at the First National Bank or
$34,000 Morro Union School District 4% school building bonds.
W 18,000 Cayucos School District 4% school bonds.
it Denomination $1,000.
Certified check for 10 % required.
SAN
Jan. 11 1936
purchase of $100,000 coupon tax anticipation notes. Dated Jan. 1 1936
Denoms. to suit purchaser.
Due $20,000 on July 1 from 1936 to 1940 incl.
ning on Jan. 1 1937.
THUNDERBOLT, Ga.—BIDS REJECTED—All bids received
on
Dec.
30 for the purchase of an issue of $25,000 4% bonds offered on that date
were
rejected.
IDAHO
BOISE INDEPENDENT SCHOOL DISTRICT, Ida.—LIST OF BIDS
—C. F. Potter, Clerk of the Board of Education supplies the following list
of the bids received on Dec. 30 for the $250,000 building and improvement
bonds awarded on that date to Edward L. Burton & Co., R. W. Pressprich
Financial
Volume 142
& Co.
and the First Security
Trust Co. of Salt Lake City, as
157:
reported in
detail at that time—V. 142, p.
Rate of Int. Total Premium
Bidder—
Favre
Murphey,
Wegener
&
Brown, Schlessman,
Dickey Co. (jointly)
First Boston Corp.;
Co.;
&
Owen & Co.; Wells,
Sudler
(jointly)
* Edward L. Burton &
Co.; R. W. Pressprich &
& Co.; First Security Trust Co. (jointly)
Halsey, Stuart & Co., Inc.; Childs & Montandon
(jointly)
Harris
Trust
&
Savings
Bank;
Bosworth,
Chanute, Loughridge & Co.; J. A. Hogle &
Co. (jointly).......
1
Wheelock & Cummins
*
$7,250.00
3M%
Co.;
500.00
3.15%
coupon
_
1,892.50
and Dec. 30 from 1937 to
1946.
price of par and accrued interest, plus a premium
103.80.
Other bids were as follows:
Dec. 30 1935.
Due $1,000 June 30
1945, incl.; $1,000 June 30 and $2,000 Dec. 30
Dated
INDEPENDENT
SCHOOL
optional after 10 years.
SCHOOL
GOODING
DISTRICT,
Board of Education will hold a
Ida.—BOND
ELECTION—The
the purpose of
special election on Jan. 21 for
voting on the question of issuing
$50,000 school building bonds.
(P. O. Salmon), Ida.—BOND SALE—An issue
$10,000 county road bonds was recently sold to Childs & Montandon
COUNTY
of
of
LITTLE WEISER IRRIGATION DISTRICT (P. O. Council), Ida.
—BOND ELECTION—It is said that an election is scheduled for Jan. 11
in order to vote on the Issuance of
The issue was sold at a
of $800, equal to
Premium
Bidder—
$412.50
296.00
18.90
605.00
City Securities Corp
Robinson & Co., Inc
A. S. Huyck & Co., Inc
LaPorte Savings Bank
First National Bank & Trust Co. of
LaPorte
420.00
831.00
Stokes, Woolf & Co., Inc
102.44.
Boise at
school improvement bonds offered on Jan. 4—V. 141, p. 4045—
of A. P. Andrew, Jr., & Son of La Porte.
awarded to the State Bank
were
DISTRICT
(P. O.
Castleford), Ida.—BOND SALE CONTEMPLATED—It is stated by the
District Clerk that $12,000 4% semi-ann. school bonds approved by the
voters on Dec. 14, will be purchased by the State of Idaho.
Due in 20
LEMHI
CITY, Ind.—BOND SALE—The $21,000 3%%
LA PORTE SCHOOL
_
3M%
Ind.—
will be
BOND
Purchaser.
CASTLEFORD
years,
hospital oonds offered on Jan. 4—V. 141, p. 3723.
The bonds will bear
4% interest and are bringing a premium of $585,1 equal to 100.688, a basis
or about 3.93%.
A. S. Huyck & Co. of Chicago offered a premium of
$450 for 5% bonds.
Dated Jan. 4 1936.
Due each six months as follows:
$2,000, July 1 1937 to Jan. 1 1950; $5,000, July 1 1950, and $3,000. Jan. 1
1951 to July 1 1955.
offered for sale on Jan. 25 at 1:30 p. m.
2,219.50
3H%
KNOX COUNTY (P. O. Vincennes). Ind.—BOND SALE—The Cities
Securities Corp. of Indianapolis was awarded the issue of $85,000 tuberculosis
LANCASTER SCHOOL TOWNSHIP
(P. O. Lancaster),
OFFERING—An issue of $27,000 school building bonds
3,150.00
3M%
331
Chronicle
$60,000 in reservoir bonds.
TOWNSHIP (P. O. Clayton), Ind.—BOND
SALE—The $30,000 school building bonds offered on Jan. 3—V. 141, p.
3892—were awarded to the Danville State Bank of Danville as 3 Ms at par
plus a premium of $350, equal to 101.16.
Dated Dec. 2 1935 and due
as follows:
$2,000, Jan. 1 and $1,000, July 1 1938; $1,000, Jan. 1 and
July 1 from 1939 to 1947 incl., and $1,500, Jan. 1 and July 1 from 1948
to 1950 incl.
Other bids were as follows:
LIBERTY
SCHOOL
Int. Rate
Bidder—
SHOSHONE HIGHWAY DISTRICT (P. O. Shoshone), Ida.—BOND
OFFERING—Charles U. Alig, District Secretary, will receive bids until
purchase at not less than par of $48,000 coupon
refunding bonds. Dated July 1 1935. Denominations in any multiple of
$100, but not to exceed $1,000. Cert, for 5%, required.
BOND CALL—The district has called for payment as of Feb. 1 1936,
$48,000 bonds, dated July 1 1919, part of an original issue of $120,000.
Payment will be made at the Atlantic National Bank, in New York.
7:30 p. m. Jan. 18 for the
Ida .—BOND SALE—The $10,000 issue of water bonds
3722—was purchased by the Farmers
4MS. at a price of 104.50, according to the
WORLEY,
Premium
City Securities Corp
3M %
$202.00
Marcus R. Warrender
3% %
3% %
4M %
326.00
256.00
Robinson & Co., Inc
.
A. S. Huyck & Co
492.00
Ind.—REDEEMS LAST OF $150,000 DEBT—The
city recently paid off the final maturity of $5,000 bonds on an original
issue of $150,000 sold in August 1920 for electric utility improvements.
LOGANSPORT,
Indianapolis), Ind.—WARRANT OFFER'
MARION COUNTY (P. O.
offered for sale on Dec. 14—V. 141, p.
ING—Charles A. Grossart, County Auditor, will receive sealed bids until
Merchants Bank of Rockford, as
10 a. m.
Village
Clerk.
on
Jan. 20 for the purchase of $400,000 not to exceed 5% interest
feneral fund tax anticipation Bidder to name one rate of interest,
warrants. Dated Feb. 1 1936. Denom.
5,000.
Due June 1 1936.
ex¬
ILLINOIS
BUREAU COUNTY (P. O. Princeton),
A resolution authorizing
bonds was approved at a
III.—BONDS AUTHORIZED—
the issuance of $100,000 court house remodeling
recent meeting of the Board of County Supervisors.
CHAMPAIGN, III.—BOND OFFERING—B. J. Marshall, City Clerk,
will receive bids until 10 a. m. Jan. 15 for the purchase of $91,000 4%
city building bonds.
Dated Dec. 1 1935.
Interest payable semi-annually.
Due $1,000 yearly from 1937 to 1943, and $7,000 yearly from 1944 to 1955.
Certified check for 2%, payable to the city, required.
Approving opinion
of Chapman & Cutler of Chicago will be furnished to the purchaser.
(P. O. Chicago), 111.—UNPAID TAXES TOTAL
$448,296,529—Delinquent taxes for seven years, 1928 to 1934, inclusive,
aggregated $448,296,529, although the percentage indicated a better record
for the latter year. County Treasurer Joseph L. Gill disclosed Jan. 3.
He
pointed out that $337,940,098 represented delinquency for the six years,
1928 to 1933, inclusive, and that while $110,356,431 still was unpaid on
1934 taxes, the second instalment would not become delinquent until next
March 1, and up to date the collection percentage for the year was 40.98.
He said he would propose to Clayton F. Smith, President of the County
COOK COUNTY
Board, a newspaper advertising campaign for delinquent
which he said had excellent results in Michigan.
tax collections,
pressed in a multiple of M of 1%.
Interest payable at maturity of loan.
Principal and interest payable at the County Treasurer's office.
The
warrants will be redeemed from taxes now in the course of collection.
A
certified check for 3 % of the warrants bid for payable to the order of the
Board
of
County Commissioners, must accompany each proposal.
No
conditional bid will be accepted and the validity as to the validity of the
warrants must be furnished by the bidder.
MUNCIE,
SALE—The
Ind.—BOND
following issues of refunding
4045—were awarded to the Merchants
bonds offered on Jan. 3—V. 141, p.
National Bank of Muncie:
$17,266.68 series B bonds, dated Feb. 1 1936, sold as 2Ms for a premium
of $62.50, equal to 100.36, a basis of about 2.17%.
2,500.00 series A bonds, dated Jan. 1 1936, sold as 2s for a premium
of $2.75, equal to 100.11, a basis of about 1.97%.
1,500.00 series O bonds sold as 2Ms for a premium of $1.75, equal to
100.11, a basis of about 2.47%.
Tnese bonds are dated April 1
1936.
All three series mature July 1 1940.
NEWTON
COUNTY (P.
Kentland),
O.
Ind.—WARRANT SALE—
6—V. 142, p. 158
The $25,000 tax anticipation warrants offered on Jan.
sold to local banks.
Dated Jan. 6 1936 and due
were
July 6 1936.
The warrants were soid as 5s at par.
PIERCE SCHOOL TOWNSHIP (P. O.
EAST MOLINE SCHOOL
DISTRICT NO. 37, 111.—BOND SALE—
The $90,000 4% coupon school bonds offered on Jan. 3—V. 141, p. 4192—
were awarded to the White-Phillips Co. of Davenport at par plus a premium
$6,363, equal to 107.07.
of
Dated Jan. 1 1936.
111.—BONDS AUTHORIZED—'The City Council has
ordinance authorizing the issuance of $115,000 refunding
FAIRFIELD,
adopted
revenue
an
bonds.
Pekin), Ind.:—BOND SALE—
$4,260 4M% judgment funding bonds offered on Jan. 7—V. 141
3893—were awarded to O. L. Nale of Salem at par plus a premium of
$266.50, equal to 106.25, a basis of about 3.38%.
Dated Jan. 1 1936
Denom. $213.
Due $213 July 1 1937; $213 Jan. 1 and July 1 from 1938 to
1946 incl. and $213 Jan. 1 1947.
The
p.
(P. O. Turner), Ind.—BOND SALE
$27,000 school building bonds issue offered on Dec. 21—V. 141,
3723—was awarded to the City Securities Corp. of Indianapolis at a
5% interest rate.
Dated Jan. 1 1936.
Due $1,000 eacn six months from
July 1 1937 to July 1 1950 inclusive.
POSEY SCHOOL TOWNSHIP
—The
p.
HARRISBURG, 111.—BOND SALE—The $15,000 5% public park and
swimming pool bonds offered on Jan. 4—V. 142, p. 15$—-were awarded to
the Channer Securities Co. of Chicago.
Dated Dec. 30 1935 and due
$5,000 on Dec. 30 from 1936 to
The issue was sold at par
1938, inclusive.
plus
a
premium of $622.75, equal to 104.15.
HENDERSON COUNTY (P. O. Oquawka), III.—BOND ELECTION
County Supervisors have adopted a resolution calling an election
for Feb. 11 to vote on the question or issuing $164,000 road bonds.
—The
HIGHLAND, 111.—BOND SALE—An issue of $127,000 4% water
revenue refunding bonds has been sold to Stifel, Nicolaus & Co. of St.
Louis.
Due Jan. 1 as follows:
$8,000, 1937; $9,000, 1938 and 1939;
$10,000. 1940 to 1942, incl.; $11,000, 1943 and 1944; $12,000 from 1945
to 1947, incl., and $13,000 in 1948.
PECATONCIA, 111.—BOND ELECTION—A special election will be held
Feb. 29 for the purpose of voting on the question of issuing $18,000
system construction bonds.
VINCENNES,
Ind.—NOTE
OFFERING—Joseph
I.
Muentzer,
City
Clerk, will receive sealed bids until noon on Jan. 20, for the purchase of
$50,000 not to exceed 6% interest temporary loan notes.
Dated Jan. 20
1936.
Denom. $1,000.
Due $25,000 on July 1 and Dec. 1 1936. Payable
the
at
City
Treasurer's
office.
Approving
opinion
of Matson,
Ross,
McCord & Clifford of Indianapolis will be furnished the successful bidder.
WAYNE SCHOOL TOWNSHIP (P. O.
Indianapolis), Ind.—BOND
SALE—The $125,000 school building bonds offered on Jan. 3—V.
141,
p.
3893—were awarded to the City Securities Corp. of Indianapolis as 3Ms,
plus a premium of $712, equal to 100.56, a basis of about 3.42%.
Dated Jan. 3 1936 and due as follows;
$4,000, July 1 1937; $5,000, Jan. 1
and $4,000, July 1 from 1938 to 1950 incl., and $4,000, Jan. 1 1951.
at par
IOWA
on
sewer
PEORIA, 111.—BOND ELECTION AUTHORIZED—On Dec. 30 the
City Council gave its approval to an ordinance which provides that a
proposal to issue $70,000 funding bonds be submitted to the voters at a
special election to be held soon.
WILLIAMSON COUNTY (P. O. Marion), 111.—BONDS AUTHOR
IZED—Tne Board of County Commissioners has voted to authorize the
issuance of $170,000 bonds.
INDIANA
ALLAMAKEE COUNTY (P. O. Waukon), Iowa—BONDS VOTED—
The proposal to issue $44,000 county home bonds was approved by the
voters at the election held on Dec. 27.
ATLANTIC
works bonds.
DISTRICT
(P.
O.
Atlantic), Iowa—BOND
$160,000 school bonds.
Dated Feb. 1 1936.
Due as follows: $4,000.
May and Nov. 1 from 1938 to 1942; $5,000, May and Nov. 1 1943 to 1948.
and $6,000, May and Nov. 1 1949 to 1953.
The district will furnish the
bonds and the legal opinion of Chapman & Cutler of Chicago.
ARCADIA,
BATESVILLE, Ind.—BOND OFFERING—Bids will be received by the
Clerk-Treasurer until 7:30 p. m. Jan. 20 for the purchase of $6,000 water
SCHOOL
OFFERING—It Is stated by Elsie Wendling. District Secretary, that she
Jan. 14, for the purchase of an issue of
will receive bids until 7:30 p.m. on
Iowa—BOND
will receive bids until
7:30
OFFERING—A.
p. m.
H.
Mohr,
Town
Clerk,
Jan. 13 for tne purcnase at not less tftan
of $5,000 3M% refunding bonds.
Denom. $500.
Dated Jan. 1 1936.
Interest payable annually.
Due $500 yearly on May 1 from 1938 to 1947
par
inclusive.
BUTLER, Ind.—BOND SALE—The $15,000 4% water works revenue
awarded to A. S. Huyck
& Co. of Chicago for a premium of $15, equal to 100.10, a basis of about
3.99%.
Due $500 on Jan. 1 and July 1 in each of the years from 1937 to
1951, inclusive.
bonds offered on Jan. 7—V. 141, p. 4192—were
BRADGATE CONSOLIDATED SCHOOL DISTRICT
(P. O.
Brad-
gate), Iowa—BOND SALE—The $27,000 issue of refunding bonds offered
for
sale
on
Jan. 6—V. 142, p. 158—was awarded to the White-Phillips Co.
of Davenport,
as
2Mb, paying a premium of $10.00, equal to 100.037,
according to the District Secretary.
EVANSVILLE, Ind.—BONDS AUTHORIZED—An ordinance author¬
izing the issuance of $425,000 bonds, $325,000 for the city's share of the
cost of the river front project and $100,000 for a new city garage, was
recently passed by the City Council.
INDIANA,
State
of—PROPERTY
TAXES
INCREASE—Property
in the State will be $4,764,575 higher this year than during 1935.
Indiana Taxpayers Association asserts.
It is said that 75 counties
taxes
the
only 17 counties effecting reductions.
The
total property tax for 1935 was $91,515,099 and for this year the total .is
$96,279,674.
will increase their rates with
BURT INDEPENDENTrSCHOOL
DISTRICT, Iowa—BOND OFFER¬
ING—J. P. Stow, District Secretary, will receive bids until 2 p. m. Jan. 13
purchase of $24,000 schooUbuilding bonds.
furnished by the district.
for the
CASCADE,
Iowa-—BOND
OFFERING—It
is
Legal opinion will be
stated
by
Jan. 25 for the purchase at not less than par of $22,500 4M % coupon
bonds.
Denom. $500.
Dated Jan. 25 1936.
Interest payable
1.
Due $500 July 1 1937, and $1,000 each six months from
Jan. 1 1938 to July 1 1948, incl.
Certified check for 1% of amount of
bonds, required.
p. m.
school
Jan. 1 and July
P.
purchase of a $13,000 issue of 3M% coupon semi-ann. Memorial
Building bonds.
Denom. $500.
Dated Jan. 1 1936.
These bonds^were
approved by the voters on Dec. 5.
the
CENTERVILLE INDEPENDENT SCHOOL DISTRICT.
KEENER SCHOOL TOWNSHIP (P. O. De Motte), Ind.—BOND
OFFERING—Simon Groet, Township Trustee, will receive bids until 2
Eldred
Moran, Town Clerk, that he will receive bids until 8 p. m. on Jan. 20 for
Ia.—BOND
OFFERING—G. A. Milani, Secretary of the Board of School Directors, will
receive bids until 10 a. m.,
Jan. 17 for the purchase of $50,000 school build¬
ing bonds, which will bear interest at no more than 4%.
DES MOINES COUNTY (P. O. Burlington), Iowa—BOND SALE—
of $75,000 2% % funding bonds to the WhitePhillips Co. of Davenport at par plus a premium of $1,055, equal to 101.406
The county has soid an issue
332
DES
Financial Chronicle
MOINES, Iowa—BOND OFFERING— Sealed bids will be received
Jan. 11
until 10
missioners.
It is said that auction bids were then called for
We have not been advised as to the final
of
Feb.
a. m. on Jan. 16 by John T. Stark, City Treasurer, for the purchase
a $15,000 issue of fire equipment bonds.
Interest rate is not to exceed
5%, payable semi-annually. Denom. $1,000. Dated Jan. 1 1936. Due on
June 1 1937.
Principal and interest payable in lawful money at the City
Treasurer. The city will furnish the bonds and the approving opinion of a
Des Moines attorney, and all bids must be so conditioned. It is said that a
levy for the collection of taxes for the payment of principal and interest on
said bonds will be made in 1936, for collection in 1937.
A certified check
for $500 must accompany the bid.
FAIRFIELD, Iowa—BOND SALE—The $6,500 park bonds offered
INDEPENDENT
SCHOOL
DISTRICT,
LOUISIANA
158—are dated Jan. 1 1936.
Coupon bonds
Due $500 from Jan. 1 1^38 to 1949 incl.
p.
HUMBOLDT, Iowa—DESCRIPTION OF BONDS—The $21,000
We Are Specialists in
coupon
bonds sold to the Polk-Peterson Corp. of Des Moines, as 2%s—V.
141, p. 4046—are issued in the denomination of $1,000 each, are dated
Jan. 1 1936, and will mature yearly on Dec. 1 as follows: $1,000 from 1938
sewer
MAINE—NEW HAMPSHIRE—VERMONT
Municipal Issues
to
1940: $2,000, 1941; $1,000, 1942 and 1943; and $2,000, 1944 to 1951.
Principal and semi-annual interest (June 1 and Dec. 1) payable at the City
Treasurer's office.
At the price of 100.19, the money costs the city about
E. H.i Rollins & Sons
2.73%.
of—SUIT
FILED
Incorporated
TEST VALIDITY OF APPRO¬
PRIATIONS AGAINST ANTICIPATED RECEIPTS—1The following brief
report appeared as an explanatory introduction to a lengthy item in the
TO
200
Devonshire
Des Moines "Register" of Jan. 2:
"Whether Iowa cities, towns, counties and school districts have the right,
under the local budget law, to base appropriations for expenditures on
"It is expected to go to the Supreme Court and will establish
for taxing bodies throughout the State."
KEYSTONE, Iowa—BOND SALE—The $8,000 issue of
on
Savings Bank,
Jan. 3—V.
3s, paying
as
a
a
bonds
sewer
141, p. 4193—was awarded to the Keystone
premium of $88, equal to 101.10, according
MAQUOKETA, Iowa—BOND SALE—The $3,800 issue of funding bonds
offered for sale on Jan. 6—V. 142, p. 158—was purchased by the Carleton
D. Beh Co. of Des Moines,
NASHUA,
as
2^s at
par, reports
BANGOR, Me.—NOTE SALE—On Jan. 9 $700,000 tax anticipation
notes, dated Jan. 9 1936 and maturing Oct. 6 1936, were awarded to the
Eastern Trust & Banking Co. of Bangor, on a
.174% discount basis.
The
Merchants National Bank of Bangor, second high
bidder, offered to take the
notes on
KENT
OSKALOOSA
INDEPENDENT
SCHOOL
loosa), Iowa—BOND OFFERING—It
DISTRICT
(P. O. Oska-
is stated that bids will be received
Jan. 15, by Elizabeth C. Hawkins, City Secretary, for the
$21,000 issue of school bonds.
Bidders to name the rate of
p. m. on
purchase of
interest.
a
$1,000.
Dated March 1 1936.
Due on March 1 as
$10,000, 1944, and $11,000, 1945.
Prin. and int. payable at the
office of the District Treasurer.
The bonds and attorney's opinion to be
furnished by the purchaser.
the bid.
A certified check for $1,000 must accompany
PAGE COUNTY (P. O.
Clarlnda), la.—BOND ELECTION—The
County Supervisors have called an election to be held on Jan. 27 for the
voting on the question of issuing $30,000 jail construction bonds.
purpose of
PERRY
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Perry),
Iowa—MATURITY—It is reported by the Superintendent of Schools
that the $65,000 school bonds purchased by the Iowa-Des Moines National
Bank of Des Moines as 2%s at a price of 100.23, as noted here
recently
—Y. 142, p. 158—are due on Dec. 1 as follows:
$2,000,
Chestertown), Md.—BOND
OFFERING—
to
the
order
of
the
Board
of
County Commissioners,
accompany
each
proposal.
WASHINGTON
SUBURBAN SANITARY DISTRICT, Md.—BOND
water, series II, bonds, offered on Jan. 10—V.
159—were awarded to R. W. Pressprich & Co. of New York at
a basis of abQut 3.92%.
Dated Dec. 1.1935.
Due Dec. 1 1985;
SALE—The $250,000 4%
452, p.
104.15,
redeemable after
Dec.
1
1965.
WICOMICO COUNTY (P. O.
Salisbury), Md.—BOND OFFERING—
County Commissioners (James S. Adkins, President), will
14 for the purchase at not less than par of
$100,000 coupon, registerable as to principal, courthouse bonds.
Bidders
are to name rate of interest, in a
multiple of M %, but not to exceed 4%.
The
Board
of
receive bids until 2 p. m., Jan.
Denom. $1,000.
Dated Jan. 1 1936.
Due $25,000 on Jan. 1 in
1947, 1948, 1949 and 1950.
Certified check for 5% of
amount bid, payable to Charles E. Bennett,
County Treasurer, required.
Approving opinion of Carroll E. Bounds, of Salisbury, and of Niles, Barton,
Morrow & Yost, of Baltimore, will be available to
purchaser without charge.
each
or
the years
MASSACHUSETTS
CAMBRIDGE, Mass.— VOTES FOR MUNICIPAL UTILITY OWNER¬
SHIP—'City Council at a special meeting Jan. 2 voted under authority of
Chapter 164 of the General Laws that the City of Cambridge acquire an
for the manufacture and distribution of electricity
for municipal use and for the use of its inhabitants.
It was also voted that
the city acquire the Cambridge Gas Light Co.
plant for manufacture and
distribution of gas for municipal use.
electric lighting plant
ESSEX COUNTY (P. O.
SHEFFIELD
INDEPENDENT SCHOOL DISTRICT (P. O. Shef¬
Iowa—BOND SALE DETAILS—It is reported by the Secretary
Prin. and semi-ann. int. Jan. 1 and
July 1 payable at the County Treasurer's office.
2.71%.
ROCKWELL CITY INDEPENDENT SCHOOL DISTRICT
(P. O.
Rockwell City), Iowa—MATURITY—It is reported by the District
Secretary that the $75,000 school bonds purchased by the Polk-Peterson
Corp. of Des Moines, as 3s, at a price of 101.32, as reported recently—V.
142, p. 158—are due as follows:
$3,000, 1939 and 1940; $4,000, 1941 to
1947; $5,000, 1948 to 1953; $6,000, 1954, and $5,000 in 1955, giving a
basis of about 2.86%.
field),
O.
43-4%
funding bonds.
Dated Jan. 1 1936.
Due $10,000 on Jan. 1 from 1942 to
1947, incl.
Principal and interest (J. & J.) payable at the First National
Bank, Chestertown.
A certified check for 2% of the amount bid, payable
1937; $3,000,
1943; $8,000, 1944 to 1948, and $5,000 in 1949, giving a basis of
1938 to
(P.
Denom.
follows:
about
COUNTY
Sealed bids addressed to the Clerk of the Board of
County Commissioners
will be received until noon on Jan. 14, for the pin-chase of
$60,000
,
8
.2375% discount basis.
MARYLAND
F. Nafus, Town Treasurer,
Jan. 13, for the purchase of the following
Ut % bonds:
$11,500 sewer outlet and purifying plant bonds.
11,500 sewer bonds.
Denoms. $100 and $500.
Dated Feb. 1 1936.
Interest payable May 1
and Nov. 1.
Each issue will mature annually on Nov. 1 as follows:
$500,
1937 to 1943; $600, 1944 to 1947; and $700. 1948 to 1955.
Approving
opinion of Stipp, Perry, Bannister & Starzinger of Des Moines will be
furnished by the town.
t
3
until
a
the City Manager.
Iowa—BOND OFFERING—J.
will receive bids until 1:30 p. m.
Mass.
AUBURN, Me.—NOTE OFFERING— Sealed bids addressed to the City
Treasurer will be received until 7 p.m. on Jan. 14 for the
purchase of $375,000 tax anticipation notes, dated Jan. 15 1936 and due Nov. 4 1936.
precedent
to the Town Clerk.
St., Boston,
MAINE
anticipated office receipts in excess of their budgets certified at the time of
levying taxes, is soon to be decided in a Polk County District Court suit.
offered for sale
now
La.—BOND OFFERING—Sealed bids will be received
until 10:30 a. m. on Feb. 1 by Mayor Charles Lauve for the purchase of
a
$30,000 issue of revenue bonds.
Interest rate is not to exceed 5%,
payable J. & J.
Denom. $500 and $1,000.
Dated Jan. 4 1936.
Due
from Jan. 4 1937 to 1946.
Prin. and int. to be payable at a place to be
designated by the purchaser.
A certified check for $1,000 must accom¬
pany the bid.
denomination of $500.
Interest payable J. & J.
State
are
FRANKLIN,
of issuing $30,000 school building bonds.
in the
IOWA,
1969.
trust funds.
Iowa—BOND
HOSPERS INDEPENDENT SCHOOL DISTRICT (P. O. Hospers),
Iowa —BOND SALE DETAILS—The $6,000 school building bonds that
were awarded on Jan. 2 to the Farmers
Savings Bank of Boyden as 2^s at
142,
1
The successful bidders re-offered the above bonds on Jan. 10 for public
subscription priced as follows:
$505,000 2J^% bonds at 100, to yield
2.50%, and $245,000 2%% bonds at 103.50, to yield about 2.59%.
The
bonds are said to be legal investments in New York for savings banks and
on
HARDY CONSOLIDATED INDEPENDENT SCHOOL DISTRICT,
Iowa—BOND ELECTION—A special election will be held on Jan. 24 to
par, as reported—V.
Feb.
the sealed bid.
ELECTION—A special election will be held on Jan. 17, for the purpose of
voting on the question of issuing $17,000 school building bonds.
vote on the question
on
a syndicate
composed of the First Boston Corp., Edward B. Smith &
Co., both of New York, and Stein Bros. & Boyce, of Baltimore, on their
bid of par for $505,000 of the bonds, as 2J^s, the remaining $245,000,
as 2%s,
giving a net interest cost of about 2.59%.
Dated Feb. 1 1929.
Due on Feb. 1 1969.
This is stated to have been the only open bid received
and the price offered was the same as that submitted by this syndicate in
Dec. 30—V. 141, p. 4193—were awarded to the Carleton D. Beh Co. of
Des Moines as 3s, for par plus a $50 premium, equal to 100.769.
Due
serially from 1941 to 1953; optional at par after five years.
GARRISON
Due
to
Iowa—BOND SALE—It is reported that $26,000
were purchased recently by the Carleton D. Beh Co. of Des
3^s, paying a premium of $50, equal to 100.19.
as
1929.
informed by the Sewerage Com¬
missioners that the $750,000 sewer bonds were sold at auction on Jan. 8
bonds
Moines,
Dated
disposition of this issue.
1
AUCTION BOND SALE—We
DONNELLSON,
sewer
1936
the bonds.
on
E. Thurston, County
Salem), Mass.—NOTE OFFERING— Harold
Treasurer, will receive bids until 11 a. m. Jan. 14, for
of the Board of Directors that the $4,500 school bonds sold to the White-
the purchase at discount of the
Phillips Co„of Davenport as 2%s at a price of 101.22, as noted here—
142, p. 158—are dated Dec. 1 1935 and mature on Dec. 1 as follows:
$500, 1937 to 1943, and $1,000 in 1944, giving a basis of about 2.53%
$700,000 tax anticipation notes, dated Jan. 14 1936 and maturing Nov. 10
1936.
Denom. $10,000.
200,000 tuberculosis hospital maintenance loan notes, dated Jan. 14 1936
and maturing Jan. 14 1937.
Denom. $5,000.
Payable at ma¬
Y.
.
SPIRIT LAKE CONSOLIDATED INDEPENDENT SCHOOL DIS¬
TRICT (P. O. Spirit Lake), Iowa—BOND SALE■—The
$22,000 issue of
school building bonds offered for sale on Jan. 2■—V.
141, p. 4193—was
purchased by tne First National Bank of Spirit Lake as 2)^s plus a premium
of $70, equal to 100.318, a basis of about
2.45%.
Denom. $1,000.
Coupon
bonds, dated Dec. 1 1935.
Due as follows:
$1,000, Dec. 1 1937 and June 1
1938; $2,000, Dec. 1 1938: $1,000 each six months thereafter with an extra
$1,000 each 18 months thereafter.
Interest payable J. & D.
SALE
SCHOOL
DISTRICT
(P.
O.
Chanute),
Kan
First National Bank and the Bank of
Commerce, both of Chanute, at par
plus all expenses, as reported at that time—V. 142, p. 159'—are in the
denominations of $1,000 and $750.
Coupon bonds, dated Jan. 1 1936.
They mature from 1937 to 1956, with the first five years bearing interest
at 1 Yx %,, the second five at 2 H%, and the last 10
years at 2 y2 %
Interest
payable J. & J.
•
GREENSBURG, Kan.—BOND ELECTION—An election will be held
on Jan. 14 for the purpose of
voting on the question of issuing $58,000 sewer
system and disposal plant construction bonds.
special election
on
bonds to finance
KINCAID
SOLD—The
a
Kan.—BOND ELECTION—The
Jan. 28 to vote
gas
the question of
DISTRICT
School
Fund
(P.
to
genuineness and validity by the National
Ropes, Gray, Boyden & Perkins,
any
time.
Mass.—BOND
will
hold
a
issuing $564,138.54
on
a
SALE—The issue of $59,085
coupon
on Jan. 10 was awarded to
Newton, Abbe & Co. of
bid of 100.956 for 2s, a basis of about
1.87%. Tyler, Buttrick
&
Co., of Boston, second high bidders, offered 100.79 for 2s. Dated Jan. 1
Denom. $1,000, except one for $85.
Principal and semi-annual
(Jan. 1 and July 1) payable at the Merchants National Bank of
Boston.
Due yearly on Jan. 1 as follows:
$4,085, 1937; $4,000, 1938 to
1950, and $3,000, 1951.
1935.
interest
GLOUCESTER, Mass —TEMPORARY LOAN— The $600,000 revenue
anticipation notes, due $300,000 on Nov. 16 and Dec. 15 1936,
respectively
were awarded on Jan.
10 to the Gloucester National Bank at
.184% dis¬
count.
Other
bids
were
as
follows:
Bidder—
Discount
^
Newton, Abbe & Co
Cape Ann National Bank.
~
Merchants National Bank of Boston
Whiting, Weeks & Knowles
_
Commission
Kincaid),
is
an
said
to
election
Kan.—BONDS
have
on
purchased
Dec. 20.
Gloucester Safe
25%
.28%
.285%
.318%
.32%
.325%
Deposit & Trust Co.
Leavitt & Co
Faxon, Gade & Co
Jackson &
Curtis
Kan.—BOND
SALE DETAILS—It is stated by the City
Clerk that the $39,000 2M% se
i-ann. refunding bonds purchased by the
Brown-Crummer Co. of Wichita, as reported here
recently—V. 141, p.
4193—were sold at par, and mature on July 1 as follows:
$3,000, 1937.
and $4,000, 1938 to 1946, inclusive.
IPSWICH, Mass.—BOND SALE—The $120,000 issue of
high
& Co.
Dated
coupon
school bonds offered for sale
on Jan. 10 was awarded to R. L.
Day
of New York, as 2s, at a price of 100.09, a basis of about
1.99%.
Dec. 1 1935.
Due $6,000 annually from Dec. 1 1936 to
1955 incl.
The
second highest bid was an offer of 101.179 on
23^s, tendered by Burr &
Co. of New York.
Next highest tender was 101.06 on 2
Ms, submitted
KENTUCKY
by Whiting, Weeks & Knowles, Inc., of Boston.
LOUISVILLE, Ky.—BIDS REJECTED—We are informed that all
sealed bids received for the purchase of the $750,000 2%, 3
or.3M% bonds
offered on Jan. 8—V. 142, p. 159—were rejected by the
.21%
.23%
.24%
_
E. II. Rollins & Sons
O.
$27,000 school bonds approved by the voters at
SALINA,
city
distribution system.
SCHOOL
State
on
as
they may be inspected at
Boston
is stated by the Clerk of the Board of Education
$55,000 school building bonds awarded on Jan. 2 jointly to the
HUTCHINSON,
Notes will be certified
Shawmut Bank of Boston, under advice of
and all legal papers incident to this issue will be filed with said
bank, where
fire station bonds offered
DETAILS—It
that the
turity at the Merchants National Bank in Salem, or at holders' option at
the National Shawmut Bank of Boston, in Boston.
Will be ready for
delivery on or about Jan. 15.
GREENFIELD,
KANSAS
CHANUTE
following temporary loan notes:
Sewerage Com¬
NATICK, Mass.—NOTE SALE—The $200,000 issue of revenue anti¬
cipation notes, dated Jan. 6 1936 and maturing Nov. 5 1936, which were
offered on Jan. 6 were awarded to R. L. Day & Co. of Boston on a
.44%
Leavitt & Co. of New York, second
.49% discount basis, plus a $4
discount basis,
to take the notes on a
Other bids
333
Financial Chronicle
Volume 142
were as
best bidders, offered
premium.
follows:
^scounf
/
Jackson & Curtis
0.52%
Whiting, Weeks & Knowles
Faxon, Gade & Co
0.52%
First National Bank of Boston
HOLLAND, Mich.—BOND TENDERS ASKED—Holders
0.49%
Merchants National Bank of Boston
0.68%
0.70%
(plus $1)
1964, inclusive.
incl. and $3,000 from 1960 to
_.
Bidder—
3726—was awarded to local investors as 4s, at par plus a premium of
Dated Nov. 1 1935 and
$2,571, equal to 104.674, a basis of about 3.62%.
5,000, 1944 to 1959,
due Nov. 1 as follows:
$1,000, 1936 to 1943, incl.;
p.
to Oscar Peterson, City
NEWTON, Mass.—BIDDERS—The following is a complete list of the
on Jan. 3, for the $285,000 bonds awarded on that date to
No bids will be considered at prices
Clerk.
at the next interest
bids received
date, which is Aug. 1 1936.
MERRILL SCHOOL DISTRICT,
Rate Bid
Int. Rate
First Boston Corporation
H. C. Wainwright & Co., and
100.449
100.413
100.387
100.29
101.57
Spencer, Trask & Co_
Graham, Parsons & Co
Tyler, Buttrick & Co., Inc., and Blyth & Co., Inc—
Corp
Jackson & Curtis, and Lee, Higginson
Edward B. Smith & Co., and Newton,
101.467
101.439
101.097
100.949
100.689
Abbe & Co..
Weeks & Knowles, Inc
R. L Day & Co., and Whiting,
Weeks
Hornblower &
Brown Harriman & Co.,
Inc
Halsey, Stuart & Co., Inc
,v
-
2)4.%
•
Mass.—BONDS APPROVED—The State Emergency
Finance Board has given its approval to a proposal that the city issue $100,PITTSFIELD,
500 bonds to finance construction of
bridges.
PLYMOUTH, Mass.—BOND SALE—The $189,850 coupon high school
on Jan. 6—V. 142, p. 160—were awarded to Tyler, Buttrick &
Co. of Boston as 2s, at a price of 100.93, a basis of about 1.87%.
The First
Boston Corp. was second with a bid of 100.860. for 2s.
Dated Jan. 1 1936.
Due yearly on Jan. 1 as follows:
$13,850, 1937; $13,000, 1938 to 1945, and
1946 to
1951.
Whitcomb, Town
Treasurer, will receive sealed bids care of Second National Bank, Boston,
until noon (Eastern Standard Time) on Jan. 13 for the purchase of $110,000
coupon David Prouty High School addition bonds.
Dated Jan. 15 1936.
Denom. $1,000.
Due Jan. 15 as follows: $6,000 from 1937 to 1946 incl.
and $5,000 from 1947 to 1956 incl.
Rate of interest to be named by the
bidder, expressed in a multiple of )4 of 1%.
Prin. and int. (J. & J. 15.)
payable at the Second National Bank of Boston.
These bonds are exempt
from taxation in Massachusetts and will be engraved under the supervision
of and certified as to genuineness by the Second Nat. Bank of Boston; their
legality will be approved by Messrs. Ropes, Gray, Boyden & Perkins, whose
opinion will be furnished the purchaser.
All legal papers incident to this
issue will be filed with said bank where they may be inspected.
These
bonds will be delivered to the purchaser at the Second National Bank of
Boston, 111 Franklin St., Boston, Mass., on or about Jan. 22 1936.
SPENCER.
Mass.—BOND
OFFERING— Henry
-.-$4,508,584
1934
4.400,304
1933
Tax rate:
$5,505;
1935,
no tax
Total
$35.00;
4,365.009
1934, $33.50:
$161,943
151.622
165,136
1933, $36.40.
WOODSTOCK, ROLLIN, WHEATLAND AND SOMERSET TOWN
NO. 7 (P. O. Addison),
TENDERS SOUGHT—Grace Crofoot,
Secretary , will
receive tenders until 5 p. m. on Feb. 15 for payment of $3,000 oi the district's
SHIPS FRACTIONAL SCHOOL DISTRICT
Mich.—BOND
bonds.
MINNESOTA
FALLS, Minn.—BOND SALE—The $25,000 issue of water
utility bonds offered for sale on Jan. 6—V. 141, p. 4194—was purshased
by the First National Bank of St. Paul, as 2%s, paying a premium of $300,
equal to 101.20, a basis of about 2.55%.
Dated Jan. 2 1936. Due $2,500
LITTLE
from Jan. 2 1938 to 1947, incl.
MINNEAPOLIS,
Minn.—BOND
Link, Sec¬
until Jan. 30
according to
OFFERING—George M.
retary of the Board of Estimate and Taxation, will receive bias
for the purchase of an issue of $500,000 public relief bonds,
report.
on
ROCHESTER, Minn.—BOND ELECTION—An election is to
March 25 for the purpose of voting on the question of issuing
be held
$75,009
library building bonds.
-
DISTRICT No. 141 (P. O. Belgrade!',
held on Jan. 20 a proposi¬
$17,000 school building bonds will be voted upon.
STEARNS COUNTY SCHOOL
Minn.—BOND ELECTION—At an election to be
tion to issue
WABASHA, Minn.—BOND SALE—The $3,000 issue of fire fighting
equipment bonds offered for sale on Jan. 2—V. 141, p. 4194—was purchased
by the First National Bank of Wabasha, at par.
No other bid was re¬
ceived, according to the City Clerk.
mississippi
TJncoll. Taxes
$47,951
15,925
581
Municipal Bonds
equitable
Tax titles held,
title loans.
Corporation
Securities
debt, $104,000; present issue, $110,000; total, $214,000;
debt, $22,000; net debt, $192,000.
Population 1935, 6.487.
bonded
less water
$22,000 school build¬
ing bonds by a vote of 164 to 3.
L.
Financial Information Jan. 1 1936
Assessed Val.
Tax Levy
Year—
1935
Mich.—BONDS VOTED—On Dec. 19-
the voters of Merrill approved a proposition to issue
bonds offered
$12,000,
above
and accrued interest to date of payment.
It no tenners are received,
Common Council will call the refunding bonds by lot for redemption
par
the
the First Boston Corp.:
Bidder—
of refunding
bonds of 1933 are advised that the city will receive tenders of such deben¬
tures to the amount of $12,000 up to Feb. 1.
Offers should be addressed
New York
Birmingham
Mass .—LOAN
OFFERING—Lewis
A.
Hodges,
City
Treasurer, will receive sealed bids until 3:30 p. m. on Jan. 14 for the pur¬
chase at discount of $200,000 revenue anticipation notes.
Dated Jan. 14
1936.
Denoms. $25,000, $10,000 and $5,000.
Due Nov. 5 1936.
These
notes will be engraved under the supervision of the First National Bank of
Boston.
The First National Bank of Boston will guarantee the signatures
and will certify that the notes are issued by virtue and in pursuance of an
order of the Municipal Council, the validity of which order has been ap-
TAUNTON,
Chattanooga
Nashville
Knoxvllle
Memphis
MISSISSIPPI MUNICIPALS
Bought—Sold—Quoted
{>roved by Messrs. Storey, issue will be Palmer & the First National Bank
The
egal papers incident to this Thorndike, filed with Dodge of Boston.
Scharff L- Jones
where they may be inspected.
Notes will be delivered on or
Wednesday, Jan. 15 1936, at the First National Bank of Boston,
of Boston,
about
payable
accepted.
17 Court Street office, Boston, Mass., for Boston funds, and are
in Boston at maturity.
Bids by telephone or telegraph will be
Tax
incorporated
1935 tax
RAYMOND 1189
New Orleans
Dec. 20 1935, $499,784.60
levy— 1,532,452.22—Uncollected Dec. 20 1935,
193,482.20
levy— 1,371,305.69—Uncollected Dec. 20 1935,
15,087.99
1935 tax levy—$1,539,313.31—Uncollected
1934 tax
TELEPHON
TELEPHONE
180
A. T. T. TEL. N. 0. 180
Collections
WINCHESTER, Mass.—NOTB SALE—The Second National Bank of
$300,000 revenue anticipation
0.225% discount.
Dated Nov. 25 1935 and due Aug. 1 1936.
MISSISSIPPI
Boston purchased at private sale an issue of
notes at
COPIAH COUNTY (P. O.
Hazlehurst), Miss.—BONDS VALIDATED
Court recently adjudged valid a
reported that the Chancellor's
$68,000 issue of refunding bonds.
—It
We
is
GULFPORT, Miss.—BOND OFFERING—Sealed bids will be received
16 by Ivan Ballcnger, City Clerk, for the purchase
of refunding bonds.
Interest rate is not to exceed 6%,
pavable F. & A.
Denom. $1,000.
Dated Feb. 1 1936.
Due as follows:
$2^00, 1939 to 1942; $3,000, 1943 to 1946, and $4,000, 1917 to 1961, all
incl.
Prin. and int. payable in lawful money at the Gauranty Trust Co ,
New York City.
Rate of interest to be stated in multiples of H of 1%.
Tne approving opinion of Benj. H. Charles of St. Louis will be furnished
by the city, and the bond issue will be validated under the laws of the
State of Mississippi, all without cost to the purchaser.
A certified check
for $1,000 must accompany tne bid.
Buy for Our Own Account
until 10 a. m. on Jan.
of an $80,000 issue
MICHIGAN MUNICIPALS
Gray, McFawn & Company
DETROIT
A. T. T. Tel. DET347
Telephone CHerry 6828
JACKSON, Miss.—BOND SALE—The $553,000 municipal school bond*
awarded to a group composed of
State National Bank, Deposit Guaranty Bank & Trust Co.,
Capitol National Bank, Lewis & Thomas, and Leland Speed & Co., all of
Jackson, Mississippi-First National Bank, Union & Planters National Bank
& Trust Co., Saunders & Anderson, all of Memphis; Whitney National
Bank of New Orleans, and J. G. Hickman, Inc. of Vicksburg, as 4s, for a
offered on Jan. 7—V. 141, p. 4048—were
the Jackson
MICHIGAN
^DETROIT, Mich.'—BOND CALL—The city has called for redemption
12 issues of refunding bonds aggregating^ $5,108,000, which were issued in
1932 and 1933 for various purposes.
Bonds called for redemption on March 15 include $46,000 Hamtranck
School District No. 9, 5H% refunding bonds and $150,000 special assess¬
ment 5)4% refunding bonds.
Bonds called for redemption on April
1 include $75,000 Greenfield
School District No. 4, 5)4% refunding bonds; $8,000 Redford Fractional
School District No. 8, 5 )4 % refunding bonds; $1,230,000 public school 5)4%
refunding bonds; $300,000 Belle Isle bridge 5)4% refunding bonds; $911,000
public sewer 6% refunding bonds; $1,079,000 park and playground 5)4%
refunding bonds; $495,000 park and playground 5^% refunding bonds;
$364,000 hospital 5)4% refunding bonds; $350,000 house of correction 6%
refunding bonds; and $100,000 special assessment 5)4 % refunding bonds.
DETROIT, Mich.—BOND SALE—'The $5,108,000 series F coupon or
registered refunding bonds offered on Jan. 7—V. 141, p. 4194—were
awarded to a syndicate composed of the First National Bank of New York;
Halsey, Stuart & Co., Inc.; Stone & Webster and Blodget, Inc., Kidder,
Peabody & Co.; Shields & Co.; Hemphill, Noyos & Co.; Burr & Co., Inc.;
Bosworth & Co., Toledo; Robinson, Miller & Co., Inc.; Piper,
Jaffray & Hopwood of Minneapolis; Otis & Co. of Cleveland, and Darby
& Co
at par plus a premium of $125 for the 1937 to 1950 bonds as 4s and
the 1951 to 1963 bonds as 3^s, the net interest cost of the financing to
the city being 3.803%.
There are:
Braun,
,
$3,120,000 bonds,
bearing
3^%
interest,
mature
$240,000
on
Feb.
1
from 1951 to 1963 incl.
1,988,000 bonds, bearing 4% interest, mature Feb. 1 as follows:
$80,000,
1937 to 1941 incl.: $125,000, 1942 to 1945 incl.; $128,000 in
1946, and $240,000 from 1947 to 1950 incl.
All bonds
are
dated Feb. 1
10
The
amounts
1949.
1934, 4)4 %, dated Sept. 15 1934 and due Sept. 15
available in
the
sinking funds for redemption of bonds
tendered are $70,750 and $25,000, respectively.
(CITY OF AND TOWNSHIPS OF FAYETTE AND
FRACTIONAL SCHOOL DISTRICT
NO. 1
(P. O.
Mich.—BOND SALE—The issue of $55,000 coupon (regis-
HILLSDALE
HILLSDALE
Hillsdale),
terable as
tp principal) general obligation bonds
MISSOURI
favorable.
NEWTON
COUNTY
(P.
O.
Neosho),
Mo.—BOND
SALE—The
$110,000 issue of 3% coupon court house and jail bonds offered for sale on
Jan. 6—V. 141, p. 4049—was awarded to the Mississippi Valley Trust Co.
of St. Louis, at a price of 100.65, a basis of about 2.933%, to the optional'
date.
Denom. $1,000.
Dated Jan. 1 1936.
Due on Jan. 1 as follows:
$5,000,
on
Jan.
1937 to 1946, and $6,000 from 1947 to 1956, all incl.
Optional
1 1947.
The second highest bid was an offer of 100.53, tendered
by the City National Bank & Trust
Co. of Kansas City, Mo.
Mo.-COURT DISMISSES BOND SUIT—A suit to enjoin
the city from issuing $2,250,000 in bonds of the $7,500,000 issue voted for
the proposed Jefferson Memorial on the river front was dismissed on
Dec. 30 by Circuit Judge O'Malley, who sustained the city's demurrer
to the effect the petition did not state a cause of action, according to the
St. Louis
'Globe-Democrat" of Dec. 31.
The petition was filed recently
by a local taxpayer, it is said.
ST. LOUIS,
MONTANA
city at a price of not more than par and accrued interest:
Water works supply refunding bonds of 1934, 4)4%, dated March 10 1934
and due March
102.125.
FERGUSON, Mo.—BONDS DEFEATED—For the second time in
two months, the voters on Dec. 30 defeated a proposition to issue $30,000
in bonds for the construction of a new city hall.
A favorable majority of
two-thirds was necessary, and the count was 463 against and only 376
1936.
HIGHLAND, PARK, Mich.—SEEKS BOND TENDERS—Thomas E.
Shawcross, City Clerk, will receive bids until 8 p. m. on Jan. 26 from
holders of bonds of the issues shown below desirous of selling them to the
Sewer refunding bonds of
1949.
premium of $11,750, equal to
offered on Dec. 9—Y. 141
CUT BANK SCHOOL DISTRICT (P. O. Cut Bank),
Mont.—BOND-
$80,000 issue of school bonds offered for sale on Dec. 19—
Y. 141, p. 3263—-was purchased by the First National Bank of St. Paul,
as 4Ms, paying a premium of $25.00,
equal to 100.03, a basis of about
4.24%.
Dated Feb, 1 1936. Due on Feb. 1 1947, optional on Feb. 1 1942.
SALE—The
RED
LODGE, Mont.—BOND OFFERING—F. H. Alden, City Clerk,
the purchase at not less than
of $37,000 refunding bonds, which will bear interest at no more than
4)4%.
Dated March 1 1936. Interest payable March 1 and Sept. 1.
Amortization bonds will be the first choice and serial bonds will be the
second choice of the city Council.
If amortization bonds are issued, the entire issue may be put into one
single bond or divided into several bonds, as the Council may determine
will receive bids until 8:30 p. m. Feb. 15, for
par
Financial
334
upon at the time of
sale, both principal and interest to be
Chronicle
Jan.
1936
11
payable in semi¬
annual instalments during a period of 20 years
If serial bonds are issued and sold they will
from the date issued.
be in the amount of SI,000
each; the sum of $2,000 will become due and payable on March 1 19.37, and
a like amount on the same
day each year thereafter for a total period or
17 years and $1,000 on the same day for the next succeeding year, or until
all bonds
are
H. L. AllS Company
New Jersey
paid.
A. T. & T.
CRETE, Neb.—BOND SALE—The $33,137 issue of 3% semi-ann.
refunding bonds offered for sale on Jan. 6—V. 141, p. 4195—was pur¬
chased by Wachob, Bender & Co. of Omaha, the only bidder, paying a
premium of $210, equal to 100.63, a basis of about 2.86% to optional date.
Due on Jan. 2
1946, optional at
DECATUR
SCHOOL
any time
DISTRICT,
»Pe
N. Y. 1-528
^
100 Broadway
New York
after five years.
Neb.—BONDS VOTED—-At
a
their approval to the issuance
NEW JERSEY MUNICIPALS
recent election the voters of the district gave
of
Bonds
TelephonfaliSifor 2-7333
NEBRASKA
$42,000 school building bonds.
Bought
NEVADA
ELKO,
offered
-
Sold
-
Quoted
LOBDELL & CO.
Nev.—BOND SALE—The issue of $27,000 waterworks bonds
48 Wall
Jan. 3—V. 141, p. 4195—was awarded to Edward L. Burton &
Co. of Salt Lake City at a 3y&% interest rate.
Due $3,000 yearly on Jan. 1
from 1937 to 1945, inclusive.
on
128 S. Broad
St., New York*
HAnover 2-1720
NY 1-735
A. T. & T.
ELY, Nev.—BOND ELECTION— The City Council has decided to call
special election for Feb. 17, for the purpose of voting on the question of
issuing $36,000 sidewalk bonds.
St., Phila.
Kingsley 1030
a
NEW
MUNICIPAL BONDS
HAMPSHIRE
New
MERRIMACK COUNTY (P. O. Concord), N. H.—NOTE OFFERING
L. T. Shaw, County Treasurer, will receive bids until 2 p. m.
Jan. 14 for the purchase at discount of $200,000 tax anticipation temporary
loan notes.
Dated Jan. 15 1936 and payable Dec. 20 1936 at the National
Shawmut Bank of Boston.
Delivery to be made on or about Jan. 15 at
—John
Jersey and General Market Issues
B. J. Van
57
the National Shawmut Bank of Boston.
Said notes will be certified as to genuineness and validity by the National
Shawmut Bank of Boston, under advice of Storey, Thorndike, Palmer &
Ingen & Co. Inc.
WILLIAM STREET, N. Y.
A. T.
& T.: N. Y.
Telephone: John 4-6864
Newark Tel.: Market 3-3124
1-730
Dodge, and all legal papers incident to this issue will be filed with said
bank, where they may be inspected at any time.
Assessed valuation 1933
Assessed valuation 1934
Assessed valuation 1935
Net bonded debt
-—
Refunding notes outstanding,.
1933
Tax
levy—
Uncollected Jan. 4 1936-
$64,268,586
64,545,068
64,617,085
108,000
30,000
1935
1934
NEW
on
MUNICIPALS
Colyer, Robinson $ Company
1936
INCORPORATED
$153,229.00 $149,364.00 $273,834.95 $243,100.50
None
None
«
f,
None
243,100-50
1180
NASHUA, N. H.—BOND SALE—The issue
bonds offered
JERSEY
Raymond Blvd., Newark
New York Wire:
of $330,000 3% high school
Jan. 8—V. 142, p. 161—was awarded to the First of Boston
MArket 3-1718
A. T. & T. Teletype
NWRK 24
REctor 2-2055
Corp. at 104.50, a basis of about 2.73%.
Whiting, Weeks & Knowles,
jointly, with the Harris Trust & Savings Bank, second high bidders, offered
a
bid of 104.167.
Other bids
Dated Jan. 11936.
were
as
Dueserially from 1937 to 1956, incl.
Rate Bid
Estabrook & Co., Boston
E. H. Rollins & Co., Boston
-104.08
103.542
Ballou, Adams & Whittemore
Halsey, Stuart & Co., New York
103.098
101.60
PENACOOK UNION SCHOOL
DISTRICT (P. O. Penacook), N. Hi
—BOND OFFERING—'Sealed bids addressed to Wynne H.
Fowler, Treas¬
urer, will be received until 11 a. m. on Jan. 11 for the purchase of
$44,000
not to exceed
4% interest bonds, issued pursuant to Chapter 113 of Laws of
1935.
Dated Dec. 15 1935.
Denom. $1,000.
Due $2,000 on Dec. 15
from 1936 to 1957, incl.
Prin. and int. (J. & D. 15) payable at the Na(
tional Shawmut Bank, Boston.
Coupon bonds may at any time there¬
after be converted into registered
multiples of $1,000 at the option of the
holder according to the date of maturity, in which case
principal and interest
shall be payable at the office of the Treasurer of Penacook
JJnionlSchool
District.
Payments with accrued interest will be required upon delivery.
Bonds will be delivered at the National Shawmut
Bank, Boston, Mass.,
as soon after Jan. 11 as
they can be prepared.
The opinion of the legality
of said bonds will be furnished by
Storey, Thorndike, Palmer &JDodge of
Boston.
Penacook Union School District has
this issue.
Its assessed valuation
as
no bonded indebtedness other than
of April 1 1935 was $1,982,025.
PORTSMOUTH, N. H —TEMPORARY LOAN— The $250,000 revenue
anticipation notes offered on Jan. 10 were awarded to the Second National
Bank of Boston as follows;
$150,000, due Aug. 17 1936. sold at 0.235%
discount and $106,000, due Dec. 15 1936, at
0.32%.
Newton, Abbe & Co.
bid rates of .25% and .33%,
respectively, while Ballou, Adams & Whitte¬
more, Inc. and the First of Boston Corp. submitted identical bids of
.325%
for the entire $250,000 notes.
Leavitt & Co. named a rate of .39%, plus
$2.75%, and Faxon, Gade & Co. bid .48%.
E. H. Rollins & Sons bid
both maturities at .49%.
ROLLINSFORD SCHOOL DISTRICT (P. O. Salmon
Falls), N. H.—
BONDS RE-OFFERED—The issue of
$40,000
coupon school bonds
originally offered on Dec. 27, at which time the bids were returned un¬
opened, is again being advertised for sale. Sealed bids in to is instance will
be received by Everett F. Tozier, Chairman of School
Board, until 4:30
p. m. on Jan. 17.
The bonds are dated Nov. 1 1935. Denom. $1,000. Due
$2,000 on Nov. 1 from 1936 to 1955 incl. Principal and interest
These bonds will be engraved
under the supervision of and authenticated as to their
genuineness by The
First National Bank of Boston; their
legality will be approved
by Messrs.
Ely, Bradford, Thompson & Brown of Boston, Mass., a
copy of whose
opinion wili accompany the bonds when delivered. The original
opinion and
complete transcript of proceedings covering all details
required in the proper
of
these
bonds
Boston, where they
may
will
be filed
with
The
First
National
Bank
of
$1,213,178.00
None
Roilinsford, N. H„
Total debt of the town
1,246,878.00
7 326 61
1934 taxes uncollected, $86.00; 1935 taxes
uncollected, $1,800.00.
NEW JERSEY
CAMDEN, N. J.—NOTE SALE—Harold W. Bennett, Director of Fi¬
West Jersey Trust Co. of Camden
purchased on
issue of $100,000 1% notes due in 30
days.
LONG
BEACH
TOWNSHIP,
Ocean
County,
AUTHORIZED—On Dec. 28 the Township Committee
N.
J.'—BONDS
gave final
ordinance providing the township with
authority to issue
general
refunding
NEWARK,
N.
reading
$171,000
bonds.
J.—RELIEF
BONDS
A UTHORI ZED—An ^ordinance
passed on first reading Dec. 30 by the City Commission provided for sale
of $510,803 in bonds for the
city's share of relief costs this year.
The bonds
would
run
NEW
for nine years.
BRUNSWICK, N. J.—BOND OFFERING—John
F. Boyce, City
Clerk, will receive sealed bids until 10 a. m. on Jan. 14 for the purchase of
$276,000 not to exceed 4% interest coupon or registered general
obligation
sewage disposal plant construction and sanitary sewer system addition
bonds.
Dated Aug. 1 1935.
Denom. $1,000.
Due Aug. 1 as follows:
$10,000, 1936; $11,000, 1937 to 1940, incl.; $12,000, 1941 to 1946, incl.;
$13,000, 1947 to 1951, incl.; $14,000, 1952 to 1956, incl., and $15,000 in
1957.
Rate of interest to be expressed in a multiple of U. of
1%.
FWn.
and int. (F. & A.) payable at the
City Treasurer's office or at the Conti¬
nental Bank*& Trust Co., New York City.
This latter institution will
supervise the preparation of the bonds and certify as to the genuineness of
the signatures of the officials^andithe seal impressed thereon.
The bonds
will be delivered to the purchaser at the office of the trust
company on or
about Feb. 1 1936.
Proposals must be accompanied by a certified check
for
2% of the bonds bid for, payable to the order, of the City Treasurer.
The approving opinion of Caldwell & Raymond of New York will be fur¬
nished the successful bidder.
NEW
JERSEY
(State
of)—FINANCING OF RELIEF COSTS PRE¬
SENTS SERIOUS PROBLEM—A real financial crisis faces the State of
New Jersey as the new year begins, declared State Treasurer William H.
Albright in a statement reviewing the accomplishments of the past 12
months.
The full responsibility for emergency relief must be met and he
predicted that not only economies but new revenues must be provided to
care for the unemployed.
\
"On the threshhold of
a New Year the State of New Jersey, while fac¬
problems not easy of solution from a financial standpoint
upon a record of acnievement during tne past
12 months," declared Mr. Albright.
"The State has not faltered in any
of its obligations.
It has granted millions to the administration of emer¬
gency relief.
It is ready to take up the Jirst maturities of the $10,000,000
relief bond issue, amounting to $1,260,000 with interest due Jan. 1 1936.
"It has maintained its vast penal, correctional and charitable institu¬
tions, with approximately 50,000 inmates, without recourse to special ap¬
propriation despite the increase in food costs.
It has tendered aid to scores
of distressed municipalities by active participation in refinancing and re¬
funding programs in order to strengthen the financial structure of municipal
government.
It has placed on the statute book several Acts to avert
municipal bankruptcy by establishing a pay-as-you-go policy.
"With the dawn of 1936, however, we face a real crisis.
The State must
assume full financial responsibility for the administration
of emergency
relief.
Along with the economies to be found, new sources of revenue
must be tapped if we are to continue to care for the thousands of unfortu¬
ing
numerous
look with satisfaction
can
nates in our State."
NEW JERSEY, State of (P. O. Trenton)—TO REDEEM $5,000,000
BONDS—William H. Albright, State Treasurer, informs us that the State
Sinking Fund Commission intends to call for redemption $5,000,000 high¬
At the present time nothing
way extension bonds on or about Aug. 1 1936.
is contemplated in the way of new financing.
OCEAN
TOWNSHIP, Monmouth County, N. J.—BONDS AUTHOR¬
IZED—Issuance of $200,000 refunding bonds was recently authorized
by
the
Township Committee.
OCEAN
TOWNSHIP
>
SCHOOL
DISTRICT,
Monmouth
County,
N. J.—BOND ELECTION—A special election has been called for Jan. 14
at which time a proposal to issue $98,500 school
building bonds will be
submitted
to
the
voters.
special meeting on Dec. 28 renewed three bonds totaling $416,549 and
authorized transfer of $2,954.66 between departments.
A bond for $244,000
was authorized in anticipation of
unpaid 1935 taxes and one for
a
$135,000
approved in anticipation of unpaid 1934 taxes.
approved to cover renewal of a sewer note.
was
PLEASANTVILLE,
N.
3.—BOND
A $37,549 bond
was
OFFERING—Nehemiah
Andrews,
City Clerk, will receive sealed bids until 8 p. m. on Jan. 20 for the pur¬
$50,000 5% coupon or registered sewage disposal plant bonds.
Dated Feb. 1 1936.
Denom. $1,000.
Due $5,000 on Feb. 1 from 1937
to 1946 incl.
Prin. and int. (F. & A.) payable in lawful
money of the
United States at the Mainland National Bank, Pleasantville.
The bonds,
in addition to being general obligations of the city, payable from unlimited
taxes, are also secured by a pledge of the revenues of the sewer system for
payment of prin. and int.
A certified check for 2% of the bonds bid for,
payable to the order of the City, is required.
Legal opinion of Clay,
Dillon & Vandewater of New York will be furnished the successful bidder.
chase of
nance, reports that the
to an
tax collections.
ORANGE, N. J.—$416,549 DEBT RENEWED—'The City Commission
Total bonded debt of the school district not incl. this issue
Last assessed valuation of the Town of
an
statistics on the counties and municipalities in the State are
presented by J. B. Hanauer & Co. of Newark, N. J.
Included in the
data are figures on assessed valuations, gross and net debt,
population and
at
1936
Last assessed valuation of Roilinsford School District
Dec. 31
—In
JERSEY, State of—MUNICIPAL FINANCIAL STATISTICS
their January issue of the "New Jersey Municipal Bond Market,"
financial
be inspected
Financial Statement, Jan. 8
JERSEY
NEW
(M. & N.)
payable at the First National Bank of Boston.
issuance
NEW
follows;
Bidder—
RIVER
EDGE, N. J.—BOND SALE—The $243,000 coupon or regis¬
general refunding bonds unsuccessfully offered last November—
141, p. 3570—have since been sold to Burley & Co. of New York as
4Hs.
Dated Oct. 15 1935 and due Dec. 15 as follows: $11,000, 1936 to
1939. incl.; $12,000, 1940; $14,000, 1941 to 1945, incl.; $16,000,
1946;
$17,000, 1947 to 1949, incl.; $8.000,1950 to 1954, incl. and $10,000 in 1955.
tered
Y.
TEANECK
TOWNSHIP
(P.
O.
Teaneck),
N.
3.—BOND ISSUE
DETAILS—The $204,000 4% general funding bonds being
publicly offered
by Graham, Parsons & Co., J. S. Rippel & Co. and Ewing & Co. at prices
to yield from 2.25% to 3.50%. as previously noted in these columns, bear
date of Aug. 1 1934, are in denoms. of $1,000 and mature as follows:
$41,000, 1938; $56,000. 1939; $57,000, 1940; $20,000 in 1941 and $15,000
1942 and 1943.
Principal and interest (F. & A.) payable at the West
Englewood National Bank or at the Township Treasurer s office.
Legality
approved by Hawkins, Delafield & Longfellow of New York.
in
TRENTON, N. J.—PUBLIC OFFERING OF $903,000 BONDS—Formal
offering of an issue of $903,000 3H% bonds is being made by a banking
group composed of Blyth & Co., Inc.; H. L. Allen & Co.; Minsch, Monell
& Co., Inc., and Yarnall & Co., Philadelphia.
The bonds, which are
issued for water, street improvement and public works purposes, are priced
to yield from 1 to 3.45% for maturities from 1936 to 1950; at 100 for
maturities from 1951
to
1959; at 99H for maturities from
and at 99 for maturities from 1966 to
1960 to 1965,
1975.
WESTVILLE, N. J.—BONDS AUTHORIZED—On Dec. 24 the Borough
Council gave final reading to two ordinances which authorize the issuance of
$365,000 general refunding bonds and $89,000 water refunding bonds.
WOOD-RIDGE, N. J.—BONDS AUTHORIZED—'The Borough
Dec. 23 passed on final reading an
of $67,000 serial funding bonds.
on
NEW
Council
ordinance authorizing the issuance
MEXICO
SAN MIGUEL COUNTY SCHOOL DISTRICT NO. 2 (P. O. Las
Vegas), N. Mex.—BONDS TO BE SOLD TO PWA—It is stated by the
County Treasurer that the $65,000 4% semi-ann. school bonds approved by
the voters at an election held on Oct. 26, will be purchased by the Public
Works Administration.
STOCK
Hamburg),
Co.
Whitehall 4-5770
YORK
161—were awarded to E. H. Rollins & Sons of New York as
price of 100.43, a basis of about 3.35%.
Dated Jan. 1 1936
$3,000 on Jan. 1 from 1937 to 1956 inclusive.
Other bids were as follows:
p.
a
Int. Rate
3.40%
Bidder—
Trust
Leach Bros.,
Co
3.40s at
and due
Premium
$66 00
96.00
3.60%
& Co
3.50%
239.82
3.70%
Inc
Bancamerica-Blair Corp
79.36
90.00
144.00
3.70%
.*
3.60%
George B. Gibbons & Co., Inc
Co., Inc.
Bacon, Stevenson & Co
A. C. Allyn &
4.10%
3.60%
-
COLUMBIA COUNTY (P. O. Hudson), N.
228 00
378.00
Y.—BOND OFFERING—
Potter, County Treasurer, will receive sealed bids until 2 p. m. on
Jan. 28 for the purchase of $57,000 not to exceed 6% int. coupon or regis¬
McC.
tered bonds,
as follows:
of 1936 general bonds.
Due Jan.
$1,000 in 1946.
divided
$37,000 series A
.
or
at
EAST
Fiscal Year
Not Finished
$110,442.82
100,526.50
106,609.54
Uncollected
Dec. 31 1935
$176,214.60
51,818.02
31,518.96
26,663.87
TUNNEL AUTHORITY (P. O. New York City ),
ON PWA ALLOTMENT FOR TUNNEL PROJECTthe text of a press release (No. 1780) made public recently
RIVER
by the Public Works Administration:
Plans for completing New York City's new traffic tunnel under the Bast
River, financed by a PWA loan and grant of $58,365,000, in time for the
proposed World's Fair in 1939 will move forward this week with introduction
in the New York legislature of a bill creating tne East River Tunnel Author¬
ity, which will build and operate this latest addition to New York City's
rapid transit facilities. The PWA loan and grant was announced Jan. 2 1936.
Public Works Administrator Harold L. Ickes has been advised that the
enabling legislation setting up the Authority and empowering it. to build
and operate the new tunnel probably will be introduced in Albany on
Monday, Jan. 6.
Tne bill to be introduced was drafted by the PWA legal division and
the
Corporation Counsel of New York City, working in co-operation to make
that the legislation when enacted will meet both PWA and municipal
requirements and thus obviate any delay.
The $58,365,000 PWA allotment for the project is comprised of a loan
of $47,130,000 at 4% interest, which is to oe repaid from tolls collected
by"the Authority, and a grant of $11,235,000 to cover 30% of the cost of
labor and materials used.
Construction of the new tunnel will create an immense amount of em¬
sure
ployment on the building sites in Manhattan and Queens boroughs and
a much greater amount of indirect and industrial employment spread over
many States where construction materials will be manufactured.
Plans for the new tunnel are well advanced and work can start soon after
enabling statute.
Including the new tunnel, PWA has financed $169,915,000 worth of
employment-creating additions to the rapid transit facilities of New York
City. Projects in addition to the East River Tunnel are:
1. The Mid-Town Tunnel, a $42,000,000 project under the Hudson River
connecting Manhattan with New Jersey.
The city plans eventually to
the legislature passes the
connect this tunnel with the
East River Tunnel by means of a third tunnel
Manhattan Island.
2. The $44,200,000 Tri-Borough Bridge, a three-way bridge connecting
Manhattan, Bronx and Queens boroughs.
3. Completion of the municipally owned subway system, for which
PWA made a loan and grant of $25,350,000.
The East River Tunnel will have two traffic tubes, each carrying two
across
It will extend from 38th St. in Man¬
hattan to a point near Borden and Jackson Aves. in Queens Borough.
The tunnel proper will be approximately 3,800 feet long, while the
approaches on Manhattan Island will be about 1,600 feet long and the
Queens approaches about 2,400 feet long.
lanes of traffic in the same direction.
EVANS UNION FREE SCHOOL DISTRICT NO. 13 (P. O.
Angola),
Y.—BOND SALE—The $110,000 school bonds offered on Jan. 6—
162—were awarded to George B. Gibbons & Co. of New York
as 3^8 for a premium of $561, equal to 100.51, a basis of about 3.46%.
The Manufacturers & Traders Trust Co. of Buffalo, second high bidder,
N.
V. 142, p.
a premium of $384.89 for 3^s.
Dated Jan. 1 1936.
Due yearly
May 1 as follows:
$4,000 1937 to 1959, and $3,000 1960 to 1965.
offered
The bankers are re-offering the
issue for-investment as follows:
maturing from 1937 to 1959 are priced to yield from
Bonds
1.50% to 3.40% accord¬
ing to maturity, and bonds maturing thereafter are priced at 100.
These
bonds, together with a government grant of $81,000, provide funds for
altering, improving and erecting an addition to the present high school
building, to take care of the needs of the district for a number of years.
They are direct general obligations of Union Free School District No. 13,
Town of Evans, and are payable from unlimited ad valorem taxes upon all
the taxable property in tne district. They are legal investment for savings
banks and trust funds in New York State, according to the bankers.
FULTON, N. Y.—OTHER BIDS—The following is a complete list of
submitted for the $60,000 refunding bonds purchased last
Kennedy & Co. of New York as 2Kb, for a premium of
$179.40, equal to 100.299, a basis of about 2.19%—V. 142, p. 162:
the other bids
week by Webster,
successful
the
bidder.
Financial Statement
Assessed valuations, real property,
including special franchises__$9,918,885
Total bonded debt, including this issue
362,000
The above statement of bonded debt does not include the debt of any
other sub-division having power to levy taxes upon any or
all of the prop¬
erty subject to the taxing power of the District.
Population (estimated), 4,000.
1935-1936
Year—
1934-1935
1933-1934
1932-1933
Amount of such taxes uncol¬
Y.—REPORT
The following is
on
furnished
Amount of such taxes uncol¬
Levy
$541,605.65
524,937.44
468,902.89
547,398.69
1933-1934
1932-1933
N.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 25 (P. O.
Merrick), N. Y.—BOND OFFERING—Asa B. Elliott, District Clerk, will
Standard Time) on Jan. 15 for
int. coupon or registered school
building bonds.
Dated Sept. 1 1934.
Denom. $1,000.
Due Sept. 1
as follows: $5,000, 1953; $7,000,
1954 and 1955; $8,000, 1956 and 1957 and
$1,000 in 1958.
Bidder to name a single int. rate on all of the bonds, ex¬
pressed in a multiple of M or l-10th of 1%.
Prin. and int. (M. & S.)
payable in lawful money of the United States at the Central Hanover Bank
& Trust Co., New York City.
A certified check for $720, payable to the
order of the Board of Education, must accompany each proposal.
The
bonds are general obligations of the District, payable from unlimited taxes.
Legal opinion of Hawkins, Delafield & Longfellow of New York will be
Due $5,000 on Jan. 1 from 1937
Tax Collection Report
Uncollected End
Fiscal Year—
O.
bends
(J. & J.) payable at the West Hempstead National Bank or at the
Rate of int. to be expressed in a mul¬
the Bankers Trust Co.,
1935-1936
1934-1935
(P.
1
receive sealed bids until 2 p. m. (Eastern
the purchase of $36,000 not to exceed 4%
.$88,417.50 $75,038.00 $90,481.00 $72,943.00
tax levies..,.
21,868.04
lected at end of fiscal year.
lected
l-10th of 1 %.
Treasurer's office or
NO.
$39,000 school
Amount of last four preceding
Prin. and int. (J. & J.) payable at the County
New York.
A certified
chectc for $1,140 must accompany each proposal.
Legal opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the successful bidder.
tiple of
of
HEMPSTEAD, N. Y.—BOND OFFERING—Eugene P. Parson, Village
1940 incl.
1936.
DISTRICT
issue
Clerk, will receive sealed bids until 2 p, m. on Jan. 22 for the purchase of
$120,000 not to exceed 6% int. sewer impt. bonds.
Dated Jan. 1 1936.
Denom. $1,000.
Due $5,000 on Jan. 1 from 1937 to 1960 incl.
Prin. and
1 as follows: $4,000
20,000 series A of 1936 highway bonds.
to
SCHOOL
high bidder, offered a premium of $140.01 for 3.20s.
from 1937 to 1945 incl. and
Each issue is dated Jan. 1
FREE
Y.—BOND SALE—The
Jan. 7—V.
on
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 14 (P. O.
Woodmere), N. Y.—BOND SALE—The $184,000 coupon or registered
bonds offered on Jan. 6—V. 141, p. 4197—were awarded to the
Manufacturers & Traders Trust Co. of Buffalo and Adams, McEntee &
Co., Inc. of New York, jointly, as 3.40s., at a price of 100.299.
Dated
Jan. 1 1936 and due Jan. 1 as follows:
$5,000, 1938 to 1945, incl.; $6,000,
1946 to 1948, incl. and $7,000 from 1949 to 1966, inclusive.
CLARENCE,
NEWSTEAD
AND
LANCASTER UNION FREE
SCHOOL DISTRICT NO. 1 (P. O. Clarence), N. Y.—BOND SALE—
registered school bonds offered on Jan. 6—V. 142,
J. & W. Seligman
Bank of Clarence
UNION
N.
141, p. 162—was awarded to the Manufacturers &
Traders Trust Co. of Buffalo as 3.20s., for a premium of $155.88, equal to
100.384.
Dated Jan. 1 1936 and due Jan. 1 as follows:
$2,000 from 1937
to 1955, incl. and $1,000 in 1956.
The Peoples Bank of Hamburg, second
offered
school
The $60,000 coupon or
Marine
81.00
58.20
66.00
22.79
72.00
168.00
each proposal.
Legal opinion of Hawkins, Delafield & Longfellow of
New York will be furnished the successful bidder.
EXCHANGE
ST., N. Y.
NEW
120.00
2.80%
2.90%
3.00%
3.10%
3.20%
Halsey Stuart & Co
Oswego Co. Trust Co., Fulton.
J. & W. Seligman & Co
Citizens Bank & Trust Co., Fulton
Fulton Savings Bank, Fulton
198.00
pany
1 1936 at 100K
Gordon Graves
WALL
2.70%
Roosevelt & Weigold
G. B. Gibbons & Co
Corn Exchange Bank & Trust Co., New York.
Bidder to name one rate
on the Issue, expressed in a multiple of H or l-10th of 1%.
A certi¬
ficate check for $2,400, payable to the order of the Village, must accom¬
$50,000
YORK
$138.00
113.82
of int.
TOWN OF EASTCHESTER, N. Y.
MEMBERS NEW
Premium
2.40%
2.50%
2.70%
2.70%
Corp
Lincoln National Bank, Syracuse
Bacon Stevenson & Co
int.
T. A. N. 1M % duo Aug.
Int. Rate
Bidder—•
Bancamerica-Blair
HAMBURG
NO. 3 (P. O. Raton),
of Education is said to
have called for payment at the First National Bank of Raton on Dec. 15
a total of $75,000 in 6% school bonds.
Dated July 1 1922.
Due on July 1
1952; optional on July 1 1932.
COLFAX COUNTY SCHOOL DISTRICT
N. M.—BONDS CALLED—The District Board
40
335
Financial Chronicle
Volume 142
as
of Dec. 20 1935--
None
None
None
None
None
55,135.50
HEMPSTEAD CENTRAL HIGH SCHOOL DISTRICT NO. 3 (P. O.
Bell more), N. Y.—BOND SALE—The issue of $860,000 coupon or regis¬
tered
school
awarded to
a
building bonds offered on Jan. 8—V. 141, p. 4197—was
syndicate headed by A. C. Allyn & Co. of New York and in¬
cluding E. H. Rollins & Sons and B. J. Van Ingen & Co. of New York,
on a bid of 100.66 for 3)^s, a basis of about 3.45%.
Dated Dec. 1 1935.
Dec. 1 as follows: $20,000, 1938 to 1945; $25,000, 1946 to
1951 to 1955; $40,000, 1956 to 1960. and $45,000, 1961
Due yearly on
1950; $30,000,
to 1965.
ISLIP
(P.
O.
Islip),
N.
Y.—CERTIFICATE SALE—Certificates of
indebtedness, bearing 2}4% interest and totaling $25,000, have been sold
equal amounts to the First National Bank of Bay Shore and the South
Side Bank, Bay Shore.
in
UNION FREE SCHOOL DISTRICT NO. 9 (P. O. Lima),
OFFERING—-John McKay, District Clerk, announces that
Education will receive bids until 1 p. m. Jan. 25 at the Law
Offices of J. Bernard Regan, Lockington Building, Lima, for the purchase
at not less than par of $60,000 coupon, registerable as to principal and
interest, school building bonds.
Bidderp are to name rate of interest bonds
will bear, in a multiple of M or 1-10%, but not to exceed 6%.
Denom.
$1,000.
Dated Dec. 1 1935.
Principal and semi-annual interest (June 1
and Dec. 1) payable at the Marine Midland Trust Co., in New York.
Due
LIMA
N. Y.—BOND
the Board of
yearly on Dec. 1 as follows: $3,000, 1938 to 1949; and $4,000, 1950 to 1955.
Certified check for $1,000, payable to Harriet Parmelee, District Treasurer,
required.
Approving opinion of Clay, Dillon & Vandewater of New York
will be furnished to the purchaser.
MONROE COUNTY (P. O. Rochester),
OFFERED—Offering
N. Y.—BONDS PUBLICLY
1 1949 and 1950. at
of $126,000 3.90%,, due Feb.
prices to yield 2.80%, is being made
by Stranahan, Harris & Co. of New
York.
MONTGOMERY UNION FREE SCHOOL DISTRICT NO.
Walden),
N.
5 (P. O.
Y.—BONDS OFFERED FOR INVESTMENT—George B.
Gibbons & Co., Inc., of New York are offering for investment $25,000 4H %
or registered bonds priced to yield 3.60%.
Dated Nov. 1 1926
$5,000 each May 1 from 1971 to 1975 incl.
Prin. and int. (M. & N.)
payable at the Chase National Bank, New York City.
Purchasers will be
furnished with a copy of the legal opinion of Clay & Dillon.
coupon
and due
MONTGOMERY UNION FREE SCHOOL DISTRICT NO. 7
(P. O.
Montgomery), N. Y.—BOND SALE—The $88,000 coupon or registered
on Jan. 8—V. 142, p. 162—were awarded to A. C.
Allyn & Co. of New York on a bid of 100.66 for 3J^s, a basis of about 3.45%.
Dated Jan. 1 1936.
Due yearly on Jan. 1 as follows: $2,000, 1937 to
1946; $3,000, 1947 to 1958, and $4,000, 1959 to 1966.
school bonds offered
MOREAU UNION FREE SCHOOL DISTRICT NO. 1 (P. O. South
N. Y.—BOND SALE—The $25,000 coupon or registered
6—V. 141, p. 4197—were awarded to
& Traders Trust Co. of Buffalo as 3.10s. for a premium
of $22.30, equal to 100.0892, a basis of about 3.09%.
George B. Gibbons &
Co. of New York were second with an offer of a premium of $67.50 for 3.20s.
Dated Nov. 1 1935.
Due yearly on Nov. 1 as follows: $3,000, 1936; and
$2,000, 1937 to 1947, inclusive.
Glens
Falls),
school building bonds offered on Jan.
the Manufacturers
MOUNT VERNON, N. Y.—BOND SALE—The $303,000 coupon or
registered school bonds offered on Jan. 7—V. 142, p. 162—were awarded
to Geo. B.
Gibbons & Co. and the Bancamerica-Blair Corp., both of
New York, as follows:
$273,000 school bonds as 3.30s, at 100.20, a basis of about 3.28%.
Dated
Aug. 1 1935.
Due Aug. 1 as follows: $1,000 from 1936 to 1940,
incl.; $14,000 from 1941 to 1948, incl. and $13,000 from 1949
to 1960,incl.
30,000 school bonds as 3Hs, at 100.30, a basis of about 3.47%.
Dated
Oct. 1 1935.
Due Oct. 1 as follows: $1,000 from 1936 to 1940,
incl.; $2,000 from 1941 to 1945, incl. and $1,000 from 1946 to
160, incl.
The
bankers
re-offered
the
bonds
for
public investment
at
prices to
yield 1.50 to 3.25%.
In the opinion of the bankers the bonds are legal
investment for savings banks and trust funds in New York State and, in
the opinion of counsel, are general obligations, payable from unlimited ad
valorem taxation.
The above bonds were awarded to the bankers on Jan. 8.
They paid a
price of 100.20 for the issue of $273,000, 3.30s, and 100.30 for the
3Ks.
$30,000
336
Financial Chronicle
Other bids
follows:
were as
$273,000 Issue-
-$30,000 Issue—
Int.
Name—
-
Rate
Par
$819.00
665.30
601.00
3.25%
3.50%
3.70%
3.90%
3.60%
Estabrook & Co
232.00
709.80
3.90%
18.00
3.90%
78.00
3.70%
27.2.70
Salomon Bros. & Hutzler
3.70%
Salomon Bros. & Hutzler (combined bid)
—
NEW
Par
$90.00
186.00
45.00
YORK, N. Y.—OFFERING OF CORPORATE STOCK—Frank J.
Taylor, City Comptroller, will receive sealed bids until noon on Jan. 16,
for the purchase or $25,000,000 corporate stock, the proceeds of which will
be used to redeem an equal amount of special corporate stock, issued for
water purposes, and maturing on Jan. 25 1936.
Official announcement of
the
offering appears on page 340. The obligations now scheduled for sale
will be dated Jan. 15 1936 and mature on Jan. 15 1976.
Interest payable
J. & J. 15.
Bidder will be required to name one rate of interest on the
entire issue, expressed in a multiple of M of 1
%.
Issuance of the
corporate
nothing to the city debt and the financing will constitute
another of the refunding processes successfully
employed by Mr. Taylor
during the past year for the purpose of lowering the interest charges on
the city's debt.
Tenders for the long-term loan scheduled for sale must be
accompanied by a certified check for 2% of the proposal.
In connection
with the offering the Comptroller stated as follows:
"The steadily climbing value of New York
City's
bonds, and the
splendid condition of the city's finances, as evidenced by the annual report
of the Finance Department, made public a few
days ago, leads me to
stock will
$80,000,000 ahead
as far as revenue bonds and bills are concerned, when
taken in connection with the amount of
anticipated tax collections to meet
them, as well as the increase in collections, has inspired would-be, buyers
with renewed confidence."
MAYOR SEEKS TERMINATION OF FINANCING AGREEMENT—
Mayor LaGuardia's previously announced intention to introduce a resolution
in the Board of Estimate on Jan. 10
calling for abrogation of the agreement
with the bankers under which the latter have been
financing the city's tax
anticipation loan requirements since October 1933 failed to materialize.
Instead, he referred the entire matter to a future meeting of the Committee
of the Whole.
No date was set for the meeting.
The Mayor's action fol¬
lowed receipt of a letter from J. P. Morgan &
Co., committee agent for the
banking group, requesting that the reserve against delinquent taxes in the
1936 budget be restored to a sum of $17,000,000, as called for in the
pact beween the city and the bankers.
The Mayor had arbitrarily reduced the
requirement to $10,500,000 in order to balance the executive budget for 1936.
Mr. LaGuardia has repeatedly held that the interest rates
charged by the
bankers on loans to the city, as provided for in the
agreement, were not
justified in the light of the marked improvement that has occurred in the
credit rating of the city since the
financing program became effective.
The credit arrangement was made in October 1933 and
a
Other bidders
Bankers
were:
period of four years.
reductions in the interest rates
city's finances have improved.
was
to be in opera¬
The bankers have already made several
originally agreed upon as conditions in the
In fact, Comptroller Frank J. Taylor, in a
statement issued prior to an announcement
by the Mayor of the latter's
intention to seek termination of the credit
agreement, declared that, as a
result of conferences with representatives or the
banking group, he was
hopeful that
revenue
bill borrowings
Co
;
Manufacturers & Traders Trust Co
J. & W. Seligman & Co
100.3697
100.09
Bancamerica-Blair Corp
Roosevelt & Wei gold
Salomon, Bros. & Hutzler..
Halsey, Stuart & Co
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—BOND
SALE—The $75,000 coupon fully registerable. Works Progress Administra¬
tion projects bonds offered on Jan. 9 were awarded to R. W. Pressprich
& Co. of New York on a bid of 100.054 for
lMs, a basis of about 1.74%.
Dated Jan. 15 1936.
Due $15,000 yearly on Jan. 15 from 1937 to 1941,
incl.
Principal and interest (J. & J. 15) payable at the County Treasurer's
Legality approved by Hawkins, Delafield & Longfellow of New York:
office.
Financial Statement
Assessed valuations, real prop., incl. special franchises
Bonded debt (general)
Sewers.
..$1,701,173,225.00
79,387,356.86
24,075,876.40
1,725,000.00
_
Work relief.
(There
.
no outstanding certificates of indebted
floating indebtedness.)
are
ness
or
Bonds about to be issued
75,000.00
Total indebtedness
$105,263,233.26
The above statement of bonded debt does not include the debt of any
other subdivision having power to levy taxes
upon any or all of the property
subject to the taxing power of the county.
Population 1930 Federal census, 520,947.
Amount
.
Amt. of Taxes Amt. of Taxes
of
Last Four
Uncollected
Uncollected
Preceding
Year—
at End of
Fiscal Year
Jan. 1*1936
Tax Levies
1935
as
....$10,214,739.27
None
10,150,481.91
None
9,434,569.60 $4,399,258.90
9,534.270.81
16.838.71
1934.
1933
1932
NORTH
of
None
None
None
None
CAROLINA
BEAUFORT COUNTY (P. O.
Washington), N. C.—BONDS AUTH-
ORIZED—-The County Board of Commissioners recently passed two orders
authorizing the issuance of $467,185 refunding bonds.
GUILFORD
COUNTY
(P.
O.
Greensboro),
C.—NOTES AU
N.
THORIZED—On Jan. 6 the County Board of Commissioners is said to have
the issuance of $100,000 of short-term revenue anticipation
authorized
in order to meet debt service obligations
coming due on Feb. 1.
Dated Jan. 15 1936.
Due on July 1 1936.
It is said that these notes will
be offered for sale by the Local Government Commission after they receive
ormal approval.
notes
LEXINGTON, N.
C.—BONDS AUTHORIZED—An ordinance auth¬
was recently passed by the
orizing the issuance of $82,000 refunding bonds
Board of City Commissioners.
MAYODAN, N. C.—BONDS SOLD—A $50,000 issue of
sewer revenue
bonds is reported to have been purchased by the
Washington Mills Co. of
Winston-Salem,
ONONDAGA COUNTY (P. O.
Syracuse), N.Y.—BONDS OFFERED
INVESTMENT—Stranahan, Harris & Co., Inc., are offering $203,000
2H % bonds, due Dec. 30 1945-55 inclusive, at prices to yield 2% to 2.25%,
according to maturity.
2.20r
2.25"
2.25'
2.30 <
2.30'
2.50'
2.50*
2.70%
100.16
100.209
100.20
100.22
100.0599
100.685
Stranahan, Harris & Co.
by the city during the first half of
1936 would be made at 2% interest, as against 2M
% paid in the last half
of 1935.
Int. Rate
Bid
Trust
1936
follows: $10,000, 1945 and 1946; and $20,000, 1947 to
add
believe there will be a brisk market for this corporate
stock, to be offered
for sale, at noon, Jan. 16 next.
Since the beginning of last year there has
been a noticeable upward movement of city securities, and the trend has
been sustained right down to the present moment.
The fact that we are
tion for
as
Name—
Prem.
Prem.
3.50%
3.50%
3.60%
3.60%
Lehman Brothers
Butter & Co
1950.
Int.
Rate
Graham, Parsons & Co
Halsey, Stuart & Co
Jan. 11
yearly on Jan. 1
ROWAN
FOR
3Ms, at par.
COUNTY
ORIZED—At
missioners
as
the
(P.
O.
Salisbury).
request of the
N. C.—BONDS AUTH¬
County Com¬
authorizing the issuance of $150,000
Board of Education the
have passed a resolution
school building bonds.
PORT
CHESTER, N. Y.—OTHER BIDS—The following other bids
submitted for the $45,000 public works bonds
recently awarded to
Faxon, Gade & Co. of New York as lMs, at a price of 100.32, a basis of
ROCKY
were
about 1.34%:
>
Bidder—•
Int. Rate
First National Bank & Trust Co., Port Chester
Reynolds & Co..
Rate Bid
1M%
2.20%
2.20%
2.30%
George B. Gibbons & Co., Inc
Bacon, Stevenson & Co
100.10
100.02
100.14
100.02
QUEENSBURY COMMON SCHOOL DISTRICT NO. 18 (P. O.
Falls), N. Y.—BOND OFFERING—Elizabeth Sullivan, District
Clerk, will receive sealed bids until 2 p. m. on Jan. 23 for the purchase of
$74,000 not to exceed 6% int. coupon or registered school building bonds.
Dated Dec. 1 1935.
Denom. $1,000.
Due Dec. 1 as follows: $3,000 in
1937 and 1938 and $4,000 from 1939 to 1955 incl.
Rate of int. to be
expressed in a multiple of
or 1-10th of 1%.
Prin. and semi-ann. int.
(J. & D.) payable at the First National Bank of Glens Falls or at the Chase
Glens
National
Bank. New York City.
A certified check for $1,480, payable
the order of the Board of
Trustees, must accompany each proposal.
Legal opinion of Hawkins, Delafield & Longfellow of New York will be
to
furnished the successful bidder.
or
MOUNT,
N.
C.—BOND
registered bonds listed below, which
163—were
awarded
to
Kirchofer
&
SALE—The
were
Arnold
offered
and
two
on
issues
of coupon
Jan. 7—V. 142, p.
associates:
$130,000 public improvement bonds.
Dated Dec. 1 1935.
Due on Dec. 1
as
follows: $5,000.
1936 to 1941; $7,000, 1942 to 1945, and
$8,000, 1946 to 1954.
100,000 electric light system bonds.
Dated Dec. 1 1935.
Due on Dec. 1
as follows:
$4,000, 1936 to 1941; $5,000, 1942 to 1944; $6,000,
1945 and 1946, and $7,000, 1947 to 1953.
The successful bidders are paying a premium of $100, equal to 100.10
for the $100,000 issue, of which the $58,000 first maturing bonds will bear
3M% interest and the remainder 3%.
Of the $130,000 issue the $82,000
first maturing bonds will carry a 3 M % rate and the remainder 3
%, at a
premium of $35, equal to 100.027.
R. S. Dickson & Co. were second in the bidding,
offering a $26 premium
for the $100,000 issue, with $39,000 at 3M% and $61,000 at
3H%, and a
$33 premium for the $130,000 issue, of which $90,000 would bear 3M%
and the remainder 3 M %.
SHELBY, N. C.—BOND SALE—The
issue of $40,000 coupon public
on Jan. 7—V.
142, p. 163—was awarded to
Arnold of Raleigh, at 3H% interest, for a premium of $36,
equal to 100.09, a basis of about 3.24%.
R. S. Dickson & Co. were second
with an offer to pay a premium of $21 provided the first $26,000 were 4s
improvement bonds offered
Kirchofer &
RIVERHEAD
UNION FREE SCHOOL DISTRICT NO. 5
(P. O.
Y.—BOND SALE—-The $430 000 coupon or registered
bonds offered on Jan. 9—V. 141, p. 162—were awarded
to Blyth & Co. and Kean, Taylor &
Co., both of New York, on a bid of
100.61 for 3.20s, a basis of about 3.15%.
George B. Gibbons & Co.,
second high bidders, offered 100.23 for 3.20s.
Dated Jan. 1 1936.
Due
yearly on Jan. 1 as follows: $10,000, 1937 to 1944: $12,000, 1945 and
1946;
$15,000, 1947 to 1959; $17,000, 1980 to 1962, and $20,000, 1963 to
1966,
Riverhead),
N.
school building
and the remaining $14,000 3Ha.
on Dec. 1 from 1937 to 1946.
SILER
CITY,
Dated Dec. 1 1935
Due $4,000 yearly
N.
C —BONDS AUTHORIZED—The Board of Com¬
missioners of the Town recently adopted an ordinance
authorizing the
issuance of $93,000 refunding bonds.
incl.
SPENCER,
BARTON AND VAN ETTEN CENTRAL SCHOOL
DISTRICT NO. 1 (P. O. Spencer), N. Y.—BOND OFFERING—Sealed
bids will be received by L. S. Tillman, District
Clerk, at the Farmers &
Merchants Bank, Spencer, until 3 p. m.
(Eastern Standard Time) on
Jan. 17, for the purchase of $92,000 not to exceed
6% interest coupon or
registered school building bonds.
The bonds are dated Jan. 1
1936.
Denom. $1,000.
Due $4,000 on Jan. 1 from 1938 to 1960, incl.
Bidder to
name a single interest rate on the issue,
expressed in a multiple of K or
l-10th of 1%.
Principal and interest (J. & J.) payable in lawful money of
the United States at the Chase National Bank, New York
City.
check for $2,000, payable to the order of M. D.
A certified
Thornton, District Trea¬
The approving opinion of Clay,
must accompany each proposal.
Dillon & Vandewater of New York will be furnished the successful
bidder.
surer,
TOMPKINS COMMON SCHOOL DISTRICT NO. 1
(P. O. Deposit),
N. Y.—BOND OFFERING—Jeannette C.
Adams, District Clerk announces
NORTH
GOSHEN
SCHOOL
DAKOTA
DISTRICT
NO. 20, N. Dak.—BOND OFFER¬
ING—Harry J. Schimming, Clerk of the School Board, will receive bids
at the office of the County Auditor of Cass County, in
Fargo, until 2 p. m.
Jan. 21, for the purchase of $8,000 school building bonds.
Denom. $100.
Due yearly on Nov. 1 as follows:
$400, 1937 to 1951; and $500, 1952 to
1955.
Certified check for 2% of amount of bid required.
NORTH
DAKOTA, State of—BOND RE TIREMEN T—It was an¬
on Dec. 28 through State Treasurer John
Gray that $5,000,000 in
outstanding real estate bonds were being retired.
Held by the Bank of
North Dakota, the bonds included issues maturing from 1936 to 1948.
This is the first time, reports Treasurer
Gray, that so large a block of the
nounced
State's bonds has been retired at
one
time.
tnat bids will be received
by the Board of Trustees at the Farmers National
Bank, in Deposit, until 2 p. m. Jan. 20, for the purchase at not less than
par of $12,000 coupon, registerable as to principal and
interest, school
building bonds.
Denom. $500.
Dated Dec. 1 1935.
Principal and semi¬
annual interest (June 1 and Dec. 1) payable at the Farmers National
Bank,
in Deposit.
Due $500 yearly on Dec. 1 from 1937 to 1960, incl.
Bidders
are to name rate of interest bonds will
bear, in a multiple of M % or 1-10%,
but not to exceed 6%.
Certified check for $250, payable to Paul Collier,
District Treasurer, required.
Approving opinion of Clay, Dillon & Vande¬
water, of New York will be furnished to the purchaser.
OHIO
MITCHELL, HERRICK & CO.
700 CUYAHOGA
CANTON
TONAWANDA, N. Y.—BOND SALE—The $99,000
coupon
MUNICIPALS
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
elementary
school
bonds offered on Jan. 6—V. 141, p. 4197—were awarded to the
Bancamerica-Blair Corp. of New York as 3Ms, at par plus a premium of
$118.80, equal to 100.12, a basis of about 3.74%.
Dated Jan. 1 1936 and
1 as follows:
$3,000, 1940; $5,000, 1941 and 1942; $7,000, 1943
1944; $9,000, 1945 and 1946; $10,000, 1947 to 1949, incl.; $12,000 in
OHIO
due Jan.
and
1950
and
1951.
The
First Trust Co. of Tonawanda offered
a
price of
100.897 for 4s.
UTICA, N. Y.—CERTIFICATE SALE—The $1,000,000 tax anticipa¬
tion certificates, dated Jan. 10 1936 and maturing July 10 1936, which were
on Jan. 9, have been awarded to the Chemical Bank & Trust Co. of
New York, on a bid of par for .25% int.
The National City Bank of New
offered
York, second high, bid .27%, plus $11 premium.
WARREN
COUNTY
(P.
O.
Glens
Falls),
Ohio—PAYMENT
OF
1935
Y.—BOND SALE—
BOND
MATURITIES—At
a
regular meeting of the Board of Education of the Akron City School District
held Dec. 23 1935, Hazel Fleek, Clerk of the
Board, was directed to pay the
bonds of the Akron City School District, Kenmore School District and
Portage Township School District maturing in 1935, in full, as of Jan. 1
1936.
Bonds
Trust &
should
be
transmitted
for
payment to
the Firestone Park
Savings Bank, Akron, Ohio.
ALLEN TOWNSHIP RURAL SCHOOL
N.
The issue of $100,000 coupon or registered highway bonds offered on Jan. 10
—V. 141, p. 162—was awarded to Eldredge & Co. of New York on a bid
of 100.339 for 2.20s, a basis of about 2.16%.
Dated Jan. 1 1936
Due
AKRON,
DISTRICT, Ottawa County,
Ohio—BONDS DEFEATED—The residents of the township at a recent
election rejected a proposal to issue $55,000 school
building bonds.
BALTIC VILLAGE SCHOOL
DISTRICT, Ohio—BOND OFFERING
—A. C. Hoffman, Clerk of the Board of Education, will receive bids until
Feb. 1, for the purchase at not less than par of $19,250 4%' school
building bonds.
Denom. $770.
Dated Oct. 1 1935.
Interest payable
semi-annually. Due $770 yearly on Oct. 1 from 1936 to 1960, incl. Certified
check for $1,925, payable to the Board of Education, required.
noon
DISTRICT, Ohio—'BOND SALE—The issue
CANFIELD SCHOOL
of
$4,000 4% school bonds offered on Jan. 4—V. 141, p. 4052—was awarded
the Farmers National Bank of Canfield at par.
Dated Jan. 1 1936.
Due $400 each six months from April 1 1937 to Oct. 1 1941.
to
Ohio—TAX LEVY HIGHER—The real estate tax
levy for 1936 has been set at 8.94 mills, of which 5.71 mills is for operating
purposes and 3.23 mills for debt service.
Last year the total was 8.15 mills,
including 4.80 for operating needs and 3.38 for debt charges.
CINCINNATI,
Commission
of $208,950
Ohio—BONDS AUTHORIZED—The City
adopted an ordinance authorizing the issuance
DAYTON,
recently
refunding bonds.
municipa1
DEER PARK^ Ohio—BOND ISSUE DETAILS—The $11,000
building bonds sold to the State Teachers' Retirement System—-V. 142.
163—bear 4% interest and were sold at par plus a premium of $133.22,
equal to 101.21, a basis of about 3.88%.
Due $500 on Sept. 1 from 1937
to 1958, incl.
p.
DISTRICT,
SCHOOL
ELYRIA
Ohio—BOND ISSUE DETAILS—
school building bonds purchased
The issue of $41,600 (not $42,000) coupon
by the State Teachers Retirement System, Columbus, as previously noted
n these columns, bear 4%
interest, is dated Dec. 14 1935 and matures
Dec. 10 1946, although callable on any interest date.
Interest payable
J. & D.
One bond for $600, others $1,000. S. S. Rockwood is ClerkTreasurer of the Board of Education.
♦
Lancaster), Ohio—BOND SALE—The
141, p. 4052—were
Cleveland, as 2 Ms, for a premium
of $77, equal to 100.22, a basis of about 2.24%.
Dated Nov. 1 1935.
Due yearly on March 1 as follows: $4,000, 1936, 1937 and 1938; $3,600,
1939; $3,900, 1940; $4,100, 1941; $4,300, 1942; $4,600, 1943, and $4,800,
FAIRFIELD COUNTY (P. O.
$35,000 6%
poor
relief bonds offered on Jan. 2—V.
awarded to the First Cleveland Corp. of
1944.
SCHOOL DISTRICT (P. O. Forest), Ohio—
E. Freed, Clerk of the Board of Education, will
receive bids until Feb. 4 for the purchase of $55,000 school house addition
construction bonds, to bear 5% interest. Denom. $2,750.
Dated Sept. 1
1935.
Interest payable April 1 and Oct. 1.
Due $2,750 yearly on Oct. 1
from 1935 to 1955, incl. Certified check for $5,500, payable to the district,
required.
Offering of these bonds was originally scheduled for Jan. 9—V. 141, p.
RURAL
FOREST
BOND OFFERING—F.
4198.
DISTRICT (P. O.
$45,000 school building bonds
awarded to the First Cleveland
Corp. of Cleveland as 3Ms, at par plus a premium of $526.50, equal to
101.17.
Dated Jan. 1 1936.
Due $500 April 1 and $1,000 Oct. 1 1937 and
1938; $1,000 April 1 and Oct. 1 from 1939 to 1951, incl.
Other bids for the
TOWNSHIP
KINSMAN
on
SCHOOL
RURAL
Ohio—BOND SALE—The
Kinsman),
Jan. 4—V. 141, p. 4052—were
were
follows:
as
Int. Rate
-
--
_
_
_
_
Premium
3M%
4%
4%
4%
4)4. %
$121.50
529.99
517.50
288.00
573.00
4)4%
Bidder—,
Hayden, Miller & Co
Cool, Stiver & Co
First National Bank, Kinsman
Ryan, Sutherland & Co
Johnson, Kase & Co..
Charles A. Hinsch & Co., Inc-_
175.00
541.85
MARYSVILLE, Ohio—BOND OFFERING—H. C. Doolinger, Village
Clerk, will receive bids until noon Jan. 23, for the purchase of $15,000 4M %
4M %
Seasongood & Mayer
swimming pool bonds.
Denom. $1,000.
Dated Oct. 1 1935.
payable semi-annually.
Due $1,000 yearly on Oct. 1 from 1937
incl.
Certified check for $150, payable to the village, required.
Denom. $1,000.
Okla.—BONDS SOLD TO PWA—It is now stated by the
City Clerk that the $192,500 4% semi-ann. water system bonds auth¬
orized by the City Commissioners in September—V. 141, p. 2316—have
been purchased by the Public Works Administration.
ELK CITY,
FREDERICK, Okla.—BONDS NOT ISSUED—It
is stated by Roy L.
bonds
Moss, City Treasurer, that the $100,000 electric light power plant
approved by the voters at the election held on May 15, were never issued.
(We later carried a report to the effect that C. Edgar Honnold of Oklahoma
City, had been awarded a contract for the disposal of these bonds.)
Okla.—BONDS DEFEATED—It is reported by the City
Oct. 2&—V. 141, p. 2622—the voters
LAWTON,
Clerk
that at the election held on
rejected the proposal to issue
$110,000 in public building bonds.
CITY,
Okla.—BONDED
DEBT REDUCED—The
will show a decrease of $738,300 in the city's bonded
indebtedness, despite an addition of $1,128,000 for the construction of a
civic center, it is shown in a report by City Auditor F. G. Baker.
It is
said that payments of $1,571,300 during the next three months include
$161,000 in January, $823,300 in February, and $587,000 in March. Dur¬
ing the last six months, the city has paid $395,000 on its bonds.
OKLAHOMA
current fiscal
year
State of—SUPREME COURT TEMPORARILY EN¬
Court has issued a temporary
the State Tax Commission from collecting the $1 annual
license fee and the pension taxes levied on gross earnings of Oklahoma
business enterprises under terms of the constitutional amendment and
statute adopted by the people in a special election Sept. 24.
The court gave opponents and supporters of the law a total of 43 days
for the filing of various answers and briefs.
The action by the court will
delay collections of the taxes which under the law were to become delinquent
OKLAHOMA,
JOINS NEW TAXES—The State Supreme
order restraining
\
Dec. 15.
In addition to one suit filed to test
the law several days ago, a new
and
comprehensive suit was filed by attorneys for Associated Industries
of Oklahoma, this suit assailing the law as invalid on the grounds it was
not submitted in accordance with the laws and constitution of the State.
more
In its new ruling, the Supreme Court
legality or invalidity of the law.
accepted jurisdiction to decide the
PAWHUSKA, Okla.—BOND SALE—The $37,000 issue of electric
sale on Jan. 7—V. 142, p. 164—was awarded to the
bonds offered for
Sinking Fund, as 3s, according to the City Clerk.
after 1939, with the last installment being $7,000.
light
City
Due $5,000 yearly
SENTINEL, Okla.—BONDS SOLD—It is reported by the Town Clerk
sold recently to the Treasurer of Washita
Due serially in 10 years.
that $3,500 3% sewer bonds were
Interest
DISTRICT,
-
Ryan Sutherland Co., Toledo
523.00
3%%
3M%
4%
3%,%
4%
Field, Richards. Shepard, Cleveland
Johnson, Kase Co., Cleveland
Cool Steiner & Co., Cleveland
SCHOOL
DISTRICT,
2O5.0O
147.00
395.95
VOTED—A
bonds was ap¬
STRYKER, Ohio—BONDS SOLD TO PWA—An issue of $10,000 4%
registered water works bonds has been sold to the Public Works Adminis¬
tration.
Dated Dec. 1 1934.
Due serially up to 1961.
Interest payable
Denom. $400.
TAYLORSVILLE (P. O. Philo), Ohio—BOND SALE—The Public
Works Administration has purchased at par $31,500 4% coupon water
works system bonds as follows:
$19,000 mortgage revenue bonds.
Due serially from 1935 to 1961, incl.
&
M.
Interest
N.
12,500 general obligation bonds.
Denomination $500.
Due serially from 1935 to 1958, incl.
Ohio—ADDITIONAL MILL TAX
TOLEDO,
URGED—In Its first
report on the financial condition of the city, made public on Dec. 21, the
Toledo Citizens Survey group recommended an additional tax levy of two
mills in order to cover a prospective deficit of $760,000 in operating revenues
in 1936.
This amount takes into account the successful completion of a
bond refunding program in the current year.
RURAL SCHOOL DISTRICT, Ohio—BOND OF¬
Winget, Clerk of the Board of Education, will receive
UNION-SCIOTO
FERING—L.
E.
bids at the office of the Ross County
Superintendent of Schools, in Chilliat not less than par of $57,000
cothe, until 11 a.m. Jan. 25 for the purchase
coupon
school
Dec. 15 1935.
building bonds.
Denom.
$1,000 and $500.
Interest payable April 1 and Oct. 1.
Dated
Due $1,000 on April
1 and $1,500 on Oct. 1 in each of the years from 1937 to 1960, incl., except
that in the years 1940, 1944, 1946, 1952, 1956 and 1960, only $1,000 will
come
due
on
Oct. 1.
Education, required.
of Cleveland, will be
UPPER
Certified check for $600, payable to the Board of
Approving opinion of Squire, Sanders & Dempsey,
furnished to the purchaser.'
SANDUSKY,
Ohio—BOND OFFERING—James R.
Snyder,
Village Clerk, will receive bids until noon Jan. 23 for the purchase at not
of $165,000 4% coupon water works bonds.
Dated Dec. 20
1935.
Interest payable June 20 and Dec. 20.
Due yearly on Dec. 20 as
follows: $6,000, 1937 to 1946; and $7,000, 1947 to 1961.
Certified check
less than par
for 1 %
Okla.—BONDS
issue of funding
YUKON, Okla.—PRICE PAID—It is now reported by the Town
works, town hall, storm sewer, and
of amount of bonds bid for, payable to
the village, required.
WADSWORTH,
Ohio—BOND OFFERING—Wade M. Hart, City
Auditor, will receive bids until noon Jan. 24 for the purchase at not less
than par of $30,000 4% coupon municipal building, fire house, police
station and jail construction bonds.
Denom. $1,000. Dated Dec. 1 1935.
Interest payable June I and Dec. 1.
Due $10,00 yearly on Dec. 1 from 1936
to 1955 and $2,000 yearly on Dec. 1 from 1956 to 1960.
Certified check
for 1 % of amount of bonds bid for, payable to the city, required.
City will
furnish legal opinion of Squires Sanders & Dempsey, of Cleveland.
This
offering was originally scheduled for Jan. 10.—V. 141, p. 4199.
OKLAHOMA
Anadarko), Okla.—BOND
SALE DETAILS—It is stated by the District Cerk that the $28,000 school
building bonds purchased by the Brown-Crummer Co. of Wichita, as
reported recently—V. 142, p. 164—-were sold for a premium of $7.75, equal
to 100.0276, for the first $26,000 at 3M%, the remaining $2,000 as 3Ms.
ANADARKO SCHOOL DISTRICT (P. O.
CLACKAMAS COUNTY SCHOOL
Clerk
street
Yukon, as
DISTRICT NO. 62 (P. O. Oregon
City), Ore.—BOND OFFERING—Sealed bids will be received until 9 a. m.
Jan. 13, by A. C. Howland, District Clerk, for the purchase of an issue
of $170,000 school bonds.
Interest rate is not to exceed 6%, payable J. & J.
Dated Jan. 15 1936.
Due $17,000 from Jan. 15 1941 to 1950, incl.
Prin.
and int. payable at the fiscal agency of the State in New York City, or at
the County Treasurer's office.
The approving opinion of Teal, Winfree,
McCulloch, Shuler & Kelley, of Portland, will be furnished.
A certified
check for $2,500 must accompany the bid.
on
469.00
Ohio—BONDS
proposition to issue $88,000 school building improvement
proved by the voters at a recent election.
J. & D.
A certified check
bonds, aggregating $24,800, sold to the First National Bank of
noted here recently—V. 141, p. 4053—were purchased at par.
Ohio —BOND SALE—The
C. A. Hinsch Co., Inc., Cincinnati
HARBOR
election neld on Dec. 10.
SCHOOL DISTRICT (P. P. Wewoka),
SOLD—It is stated by the District Clerk that a $95,264
bonds was sold recently.
WE WOK A
OREGON
SCHOOL
school bonds offered on Jan. 4—V. 141, p. 4199—were
awarded to Braun. Bosworth & Co. of Toledo as 3 M8, at par plus a premium
of $444, equal to 100.67, a basis of about 3.40%.
Dated Jan. 1 1936 and
due $4,400 on Sept. 1 from 1937 to 1951 incl.
Other bids were as follows:
Bidder—
Int. Rate
Premium
The First Cleveland Corp.
3M%
$422.40
Citizens Saving Bank, Pemberville
3M%
276.00
Stranahan Harris Co.. Toledo
3M%
113.04
coupon
OAK
approved by the voters at an
2% of the bid is required.
for
city hall.
a
PEMBERVILLE
$66,000
$27,500 sewer bonds.
Due on Jan. 1 as follows:
$3,000, 1940 to 1947,
and $3,500, 1948.
18,000 water works bonds.
Due $2,000 from Jan. 1 1939 to 1947 incl.
5,500 park bonds.
Due on Jan. 1 as follows:
$1,000, 1938 to 1942,
and $500 in 1943.
6,000 city hall and jail bonds.
Due $1,000 from Jan. 1 1941 to 1946 incl.
1,000 convention hall bonds.
Due on Jan. 1 1941.
2,000 cemetery bonds.
Due $1,000 on Jan. 1 1940 and 1941.
Interest rate is not to exceed 5%, payable J. & J.
These bonds were
that the various issues of water
Ohio—NOTE SALE—The City Council recently sold
$27,500 4% short-term notes to the Portsmouth Banking Co., of Ports¬
mouth.
The notes are issued in anticipation of the sale of bonds for con¬
struction of
Okla.—BOND OFFERING— Sealed bids will be received
A. L. Price, City Clerk, for the purchase of six
$60,000, divided as follows:
SULPHUR,
until 2 p. m. on Jan. 10 by
issues of bonds aggregating
to 1951,
NEW BOSTON,
4%
Due in 20 years.
1 1936.
Coupon bonds, dated Jan.
Interest payable Jan. 1.
County at par.
offered
issue
337
Financial Chronicle
Volume 142
COLUMBIA COUNTY SCHOOL
DISTRICT NO. 47 (P. O. Vernonia).
held on Jan. 13 for the pur¬
$37,000 warrant funding bonds. ^
^
Ore.—BOND ELECTION— An election will be
pose
of voting on a proposal to issue
DAYTON
SCHOOL
DISTRICT,
Ore.—BOND SALE—An issue of
$32,000 high school building bonds was recently sold to E.
Co. of Portland at a price of 100.141.
Of the issue $14,000
interest and $18,000 3 M % •
M. Adams &
will bear 3%
EASTSIDE, Ore.—BONDS NOT SOLD—'The $15,500 issue of refunding
bonds offered on Dec. 14—V. 141, p. 3902—was not sold, according to the
City Recorder.
Dated Dec. 14 1935.
Due from Dec. 11938 to 1953 incl.
LINN
COUNTY
DISTRICTS (P. O. na,«v,V 0--5.—
bonds aggregating $43,500, offered for
164—the $28,750 issue of Union High School
awarded to Ferris & Hardgrove of Spokane at a
SCHOOL
BOND SALE—Of the two issues of
sale
on
Jan.
6—V.
142,
District No. 6 bonds was
p.
price of 100.05, a net interest cost
of about 3.12%, on the bonds
divided
as 3s, maturing on Dec. 1 as follows: $1,750 in 1937,
1938 to 1947; the remaining $7,000 as 3Ms, maturing $2,000
on Dec. 1 1948 and $2,500 in 1949 and 1950.
We have not been advised as to the disposal of the $14,750 School Dis¬
trict No. 41 bonds that were offered at the same time.
as
follows:
$21,750
and $2,000,
ONTARIO, ORE.—BOND SALE—The $30,000 issue of 4M% semi¬
annual refunding bonds offered for sale on Jan. 6—Y. 141, p. 4199—was
purchased by E. M. Adams & Co. of Portland.
Dated Jan. 1 1936. Due
$3,000 from Jan. 1 1937 to 1946 incl. No other bid was received, according
to the City Recorder.
PORTLAND, Ore.—BONDS SOLD—Bonds of the city brought as high
109.08 when bids were opened on Dec. 18 by City Treasurer Adams,
issue sold to raise cash for redeeming bonds coming due.
Premiums
offered by buyers provided the city a profit of $4,143.90 on the block.
Successful bidders were Jaxtheimer & Co., $30,000; Farris & Hargrove,
$31,000; Blyth & Co., $28,000.
as
on an
SANDY, Ore—BOND OFFERING—H. A. Schneider, City Recorder,
Jan. 14 for the purchase of $10,000 water
bonds, to bear no more than 5% interest.
Denom.
$500.
Certified check for 2% required.
will receive bids until 7:30 p.m.
works improvement
UNION COUNTY SCHOOL DISTRICT NO. 1 (P. O.
SALE—The $40,000 school bonds offered
Ore.—BOND
La Grande),
on Jan. 4—
164—were awarded to the First National Bank of Portland,
the only bidder.
The bonds are bringing a price of 100.005 for 3 Ms, a
basis of about 3.74%.
Dated Nov. 1 1935.
Due on Nov. 1 as follows:
$2,000, 1940 to 1942; $3,000, 1943 to 1952, and $4,000, 1953.
V.
141,
p.
PENNSYLVANIA
BRIDGEPORT SCHOOL DISTRICT, Pa .—BOND SALE—The issue
of $45,000 school building addition bonds offered on Jan. 3—V. 141, p.
4053—was awarded to the Bridgeport National Bank of Bridgeport as 3s,
at a price of 100.77625, a basis of about 2.96%.
Halsey, Stuart & Co. of
New York were second high with an offer to take the issue as 3 Ms at a price
of 100.513.
Dated Jan. 15 1936.
Due $5,000 on Jan. 15 in each of the
years
1941, 1946, 1953, 1956, 1958, 1960
1962, 1964 and 1966.
SCHOOL DISTRICT, Pa.—BONDS NOT SOLD—C. L.
Mullen, District Secretary, states tnat because of the rejection of all
general contract bids, the issue of $25,000 4% coupon school bonds offered
on Dec. 30 was not sold.
Dated Oct. 1 1935 and due $1,000 on Oct. 1
from 1937 to 1961, inclusive.
CRESSON
338
Financial
Chronicle
Jan.
1936
11
WILLIAMSPORT,
Pa.—BOND OFFERING—'The City Council will
bids until Jan. 28 for the
purchase of $48,000 bonds, to bear interest
receive
Commonwealth of
at2%,2M%,2M%, 2M%,3%,3M%or3M%.
PENNSYLVANIA
Southern Municipal Bonds
Moncure Biddle & Co.
1520 Locust
McALISTER, SMITH & PATE, Inc.
St., Philadelphia
67 BROAD
DAISYTOWN
SCHOOL
DISTRICT,
NOT
LEHIGH COUNTY (P. O.
Allentown), Pa .—TEMPORARY LOAN—
The County Commissioner on Dec. 26 arranged with the Merchants Na¬
MILTON
SCHOOL
temporary loan of $210,000 to meet sinking
DISTRICT, Pa.—BOND OFFERING— Russell E,
Hawk, President of the Board of School Directors, will receive bids until
7:30 p. m. on Jan. 20 for the purchase at not less than par of $44,000 3M %
coupon refunding bonds.
Denom. $500.
Dated Feb. 1 1936.
Principal
and interest payable at the First Milton National Bank in Milton.
Due
Feb. 1 1956: redeemable on and after Feb. 1 1946.
Cert, check for $1,000
required.
District will furnish printed bonds.
NETHER
PROVIDENCE TOWNSHIP (P. O. Wallingford), Pa.—
BOND SALE—The $85,000 coupon sewer
refunding bonds offered on
Jan. 6—V. 142, p. 164—-were awarded to Yarnall & Co. of
Philadelphia as
2Hs, at par plus a premium of $560, equal to 100.65.
Dated Feb. 1 1936
and due Feb. 1 as follows: $6,000, 1937 tol941 incl.;
$3,000, 1942 to 1946
incl. and $4,000 from 1947 to 1956 incl.
The bankers
issue for general investment at a price of 101.50.
NEW CASTLE SCHOOL DISTRICT, Pa.—BOND SALE—The
$30,000
refunding bonds offered on Jan. 2—V. 141, p. 3903—were awarded to the
First National Bank of Lawrence County of New Castle as 3s for a
premium,
of $101, equal to 100.336, a basis of about
2.97%.
Due $5,000 on Jan. 1
from 1948 to 1953, incl.
Other bids were as follows:
Bidder—
E.
H.
Int. Rate
Rollins
&
Sons
Parsons &
Co
Glover & MacGregor, Inc
Singer, Deane & Scribner
8. K. Cunningham & Co
Halsey, Stuart & Co
Bancamerica-Blair Corp
Leach Bros.,
Inc
$99.00
81.00
456.00
333.33
330.00
285.00
180.00
195.00
PHILADELPHIA,
Pa .—STATE
SUPREME
COURT
SL STAINS
CITY SINKING FUND—The State Supreme Court on Jan. 6 sustained
the contention of the Sinking Fund Commission that the
arbitrary action
of City Council, acting on the
advice of the City Controller, in refusing to
appropriate any money to the funds in 1935 was illegal and ordered that the
$7,667,015.04 requested by the fund be paid into its account.
The opinion
of the court, written by Justice William B.
Linn, was given on an appeal
by the city officials from a ruling last July by President Judge Thomas D.
Finletter of Common Pleas Court No. 4
ordering that the appropriation
to the sinking fund be made.
In directing the Council that no payments
in the fund for 1935 was necessary,
Mayor-elect S. Davis Wilson, at that
time City Comptroller, justified his action on the
ground that the sinking
fund was already earning enough to
forego any payments for that year.
As a result of the decision, it is expected that the
city will have to increase
the sinking fund item of $3,049,779 for 1936 to a sum of about
$7,500,000.
Revenue to meet the obligation imposed on the
city by the Supreme Court
ruling may be obtained by removing the exemption now enjoyed by mutual
insurance companies and mutual savings societies from the four-mill
personal
property tax.
PORTER
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
New
Bethle¬
hem, R. D. 1), Pa.—PRICE PAID—The First National Bank of New
Bethlehem paid par plus a premium of $225,
equal to 102.50, a basis of
about 3.70%, for the $9,000 4% school bonds
purchased on Dec. 27—V.
142, p. 164.
Due Jan. 1 1956 and redeemable on Jan. 1 and July 1 on or
after Jan. 1 1937.
RENOVO SCHOOL DISTRICT,
Pa.—BOND SALE—An issue of
$24,000 gymnasium construction bonds has been sold to the Lock Haven
Trust Co. of Lock Haven.
(P. O. Pottsville), Pa.—BOND CALL—It
is announced that the 4M% bridge and
highway bonds of 1925, numbered
from 1 to 400, incl., $1,000 each, and due Feb. 1
1955, will be redeemed on
1936 at par and accrued interest at the office of Frank W.
Leib,
Feb. 1 1936 and subsequent interest coupons must be
attached to the bonds.
In case registered bonds are
presented and payment
to any other than the registered holder is
desired, such bonds must be ac¬
companied by proper instruments of assignment.
1
County Treasurer.
SOUTH
LONDONDERRY
TOWNSHIP
SCHOOL
DISTRICT
(P. O. Campbelltown), Pa.—BOND SALE—The issue of $37,000
school
coupon
bonds offered on Jan. 2—V. 141, p. 3904—was awarded
to E. H.
Rollins & Sons of Philadelphia as
3Ms for a premium of $296, equal to
100.80, a basis of about 3.12%.
Dated Jan. 1 1936 and due Jan. 1 as fol¬
lows: $5,000 in 1941,1946 and 1951; $10,000 in 1956 and
$12,000 in 1961.
Other bids were as follows:
Bidder—
Leach Bros. & Co., Inc.
Premium
3M%
3M%
3M %
$236.80
201.00
Par
SOUTH UNION TOWNSHIP (P. O.
Hopwood), Pa.—BOND OFFER¬
ING—William Seiler, Secretary or tne Township Board, will
until 8 p. m. Jan. 21 for the purchase of $35,000
receive bids
142,
ec.
as
payable J. & D.
The bonds
are not
callable prior to maturity.
WAYNESBORO SCHOOL DISTRICT, Pa.—BOND OFFERING— The
Board
of
Education
will receive
bids until
Jan.
21
for
the
purchase of
$150,000 bonds.
WESTMORELAND
COUNTY
(P. O. Greensburg), Pa.—BONDS
OFFERED FOR INVESTMENT—A syndicate
composed of E. H. Rollins &
Sons, Inc., Dougherty, Corkran & Co., Graham, Parsons & Co.,
Singer,
Deane & Scribner and Yarnall & Co. are offering a new issue of
$300,000
2M% funding bonds dated Jan. 1 1936 and due serially Jan. 1 1938 to
1953, incl., at prices to yield from 1.50% to 2.45%. The bonds are
exempt
from Federal income and Pennsylvania taxes and are
legal investment for
savings banks and trust funds in Pennsylvania and New York.
WILKES-BARRE
TOWNSHIP
(P.
O.
Luzerne
Wilkes-Barre),
County, Pa.—BOND OFFERING—Mary Kimsel, Secretary of the Board
Commissioners, will receive bids until 7 p. m., Jan. 25, for
of $8,000 5% coupon registerabie as to principal, revenue
of Township
the purchase
bonds.
Denom. $1,000.
Dated Feb. 1 1936.
Interest payable semi¬
annually.
Due $2,000 yearly on Feb. 1 from 1938 to 1941.
Certified check
for 2%, required.
O.
Greenville),
S.
C.—
highest
SCHOOL DISTRICT NO. 16 (P. O. Mullins), S. C.—
BONDS SOLD-—It is stated by the
Superintendent of Schools that $31,000
school bonds approved by the voters at an election held on
Aug. 13, have
been purchased by the Public Works Administration.
SANTEE-COOPER POWER AUTHORITY, S. C.—PWA POWER
PROJECT ASSAILED—The Carolina Power &
Light Co. of Raleigh, N. C.'
Jan.
9 asked the District Supreme Court to prevent the Public Works
Administration from allocating $35,571,910 to the South Carolina Service
Authority for the construction of a hydro-electric plant on the Santee and
Cooper rivers.
The petition stated that the company has been earning
on
gross revenues of more than $9,000,000 a
year, and that since 1926 it has
reduced electric rates about 50% for its
consumers, besides investing a large
amount in its generating system.
SUMMERVILLE, S. C.—BOND SALE DETAILS—We are now in¬
formed by the Clerk and Treasurer that the
$12,000 water filtration plant
bonds purchased on Dec. 27 by a local
investor, as reported in these columns
—V. 142, p. 165—bear interest at
4% and are dated Jan. 11936.
Coupon
bonds, payable J. & J.
Due from Jan. 1 1938 to 1956.
The bonds were
sold at a price of 101.00, a basis of about
3.885%.
SOUTH
DAKOTA
DEADWOOD, S. D.—BOND OFFERING—Bids
will be received until
Jan. 13 by Frances B. Palmer,
City Treasurer, for the purchase of
$8,500 4% general obligation bonds.
Dated Jan. 15 1936.
Interest pay¬
able June 1 and Dec. 1.
Due $500 Dec. 1 1937, and $1,000 yearly on Dec. 1
from 1938 to 1945, inclusive.
10
a. m.
SOUTH
DAKOTA, State of—BOND
received until 9 a. m.
F. G. Siewert, State
rural credit refunding
OFFERING—Sealed bids will be
on Jan. 11, by the Rural Credit
Board, according to
Treasurer, for the purchase of a $5,696,000 issue of
series A of 1936 bonds.
Interest rate is not to exceed
3H%. payable F. & A.
Dated Feb. 1 1936.
Due on Feb. 1 as follows:
$1,000,000 in 1943; $500,000, 1944; $1,000,000, 1945 and 1946. and
$2,196,000 in 1947.
Bonds to be delivered, as soon after Feb. 1 as
possible.
The tentative date of
delivery is put at Feb. 10.
The bonds are subject to
the approving opinion of Chapman & Cutler of
Chicago.
Bonds will be
sold at par or better plus accrued interest and
cipal amount of the bonds to be sold is
a
deposit of 1 % of the prin¬
required to be submitted in the form
certified check accompanying all bids.
The Rural Credit Board reserves
the right to reject any and all bids and to
postpone or continue the sale from
of
a
time to time
as
STURGIS
it may deem expedient.
SCHOOL
DISTRICT, S. Dak.—BOND ELECTION—A
special election has been called for Jan. 21 at which time a
proposal to issue
$57,000 school building bonds will be voted upon.
TENNESSEE
BRISTOL, Tenn.—BOND OFFERING—Sealed
until 8'30 p. m. on Jan. 28, by W. K.
Carson,
chase of two issues of 5% coupon semi-ann.
divided
follows:
as
bids
will
be received
City Recorder, for the pur¬
bonds, aggregating $25,000,
$17,000 stadium bonds.
Due $500 from Oct. 1 1940 to 1973, incl.
8,000 airport bonds.
Due $500 from Oct. 1 1940 to 1955, incl.
Denom. $500.
Dated Oct. 1 1935.
A certified check for $500 is required
with bid on the entire amount, or if bid is
submitted for only one of the
issues a check for $250 is required.
COLUMBIA, Tenn .—BOND OFFERING CONTEMPLATED—It is
by F. E. Kannon, City Recorder, that the $20,000 school bonds
stated
offered for sale without
success
on
June 7,
next two months.
may
be re-offered within the
DICKSON, Tenn .—BOND ISSUANCE NOT CONTEMPLATED—It
is stated by the Town Recorder that no
effort has been made to sell the
$50,000 factory building bonds approved by the voters on
July 25, as there
as
to their
legality.
DYER COUNTY (P. O.
NEARLY
Dyersburg), Tenn.—DEBT REFINANCING
COMPLETED—County Chairman L. C. Fumbanks is said to
have reported that the county has almost
completed its
refinancing plan
$4,556,000 of outstanding debts.
Plans were presented at the Julv
Dyer County Court and details since then have been handled
by Chairman Fumbanks, who stated that little or no
change in the county
tax rate will be necessary.
Dyer County bonds will be refunded over a
period of years at a graduated interest rate.
for
term of the
McMINN COUNTY (P. O.
Athens), Tenn.—BOND SALE DETAILS—
It is now reported by the
County Clerk that the $55,000 school bonds
purchased by W. N. Estes & Co. of Nashville, as 4s, at a
price of 100.40—
V. 142, p. 165—are due $5,000 from
July 1 1937 to 1947, incl., giving a
basis of about 3.93 %.
MEMPHIS, Tenn.—NOTE OFFERING—Sealed
two
issues
follows:
$500,000
500,000
of notes,
bids will be received
by D. C. MUler, City Clerk, for the purchase of
of 1936, aggregating $1,000,000, divided as
Series
Due on June 16 1936.
The interest will be evi¬
denced by one coupon for 5-months and
15-days interest, due on.
June 16 1936.
revenue notes.
notes.
Due on Sept. 16 1936.
The interest will be
evidenced by coupon thereto
attached, maturing on the first day
revenue
of March and the 16th day of
Sept., for 2-months and for 6-months
and 15-days interest respectively.
DISTRICT, Pa.—BOND ISSUE DETAILS—
6165—bear date$1,000 in 1 1935, are in denoms. of $1,000 and mature
of Dec. 1937 and $2,000 from 1938 to 1956 incl. Int.
1
follows:
(P.
submitted by R. S. Dickson & Co. of Charlotte.
was
funding bonds.
The $39,000 4% school bonds purchased
by the National Bank of Union
City at a price of 107.013, as previously noted in these columns—V.
CAROLINA
DISTRICT
MULLINS
until 2:30 p. m. on Jan. 28,
Int. Rate
Palmyra Bank & Trust Co
Campbelltown Bank
UNION CITY SCHOOL
bid
appears to be some doubt
SCHUYLKILL COUNTY
Feb.
SCHOOL
BOND SALE—We are informed
by the Chairman of the School Board that
the $75,000 issue of coupon school bonds offered for
sale on Jan. 4—V. 141,
p. 4200—was awarded to the
Robinson-Humphrey Co. of Atlanta, paying
a premium of
$275 on 3.40% bonds, equal to 100.366.
The second
Premium
3%
3%
3M %
3M%
3M%
3M%
3M %
3M %
Graham,
SOUTH
GREENVILLE
reoffering the
are
CHARLESTON, S. C.
SOLD—
EASTON, Pa.—NOTE SALE—The city has borrowed $250,000. with
delinquent taxes and liens as security, at the lowest rate of interest ever
paid for money from C. C. Collings & Co. of Philadelphia, at a rate of
1.25% plus a premium of $42.08.
There was one other bidder, Edward B.
Smith & Co., who bid 1.24% but offered no premium.
One of the notes is for $75,000, payable on July 1 1936, and the other is
for $175,000, payable on Dec. 30 1936.
The money will be used to pay
off loanR of $107,000 in the East-on banks, on which the city has been
paying
6%, and also pay off another note on which the city has been paying 1.35%.
a
NEW YORK
GREENVILLE, S. C.
Pa.—BONDS
The issue of $7,500 not to exceed 5% interest school bonds offered on Dec.
18—V. 141, p. 3731—was not sold.
Dated Dec. 1 1935 and due Dec. 1
as follows: $1,000, 1945: $2,000 in 1955 and $4,500 in 1960.
tional Bank of Allentown for
fund obligations.
STREET
Telephone WHltehall 4-6765
PENNSYLVANIA
Interest rate is not to exceed
6%. Denom. $10,000. Dated Jan. 1 1936.
are a part of an authorized issue of
$1,200,000.
These notes
be issued under and in pursuance to the charter
amendment known
as Chapter
487, Private Acts of Tenn., 1917, and further, in
pursuance to a
city ordinance finally passed on Jan. 21 1935.
Rate of interest to be in
multiples of M or l-10th of 1 %. Prin. and int.
payable in lawful money of
the United States, at the city's fiscal
agent in New York, or at the
These notes
are to
City
Hall in Memphis, at the option of the
holder.
The approving opinion of
Thomson, Wood & Hoffman of New York, will be furnished to
purchaser.
A certified check for 1
%, payable to the order of the city, must
accompany
the bid.
SAVANNAH,
Tenn.—BONDS AUTHORIZED—A resolution
was
re¬
cently passed authorizing the issuance of $38,000
sewerage revenue bonds.
SPARTA, Tenn.—BOND SALE—The
issue of $54,000 4% sewer bonds
offered on Jan. 8—V. 141, p. 4055—was
awarded to W. N. Estes & Co. and
the Thomas H. Temple Co. of Nashville for a
$10 premium, equal to 100.018,
a basis of about
3.99%.
Gray, Shillinglaw & Co. and J. W. Jakes & Co.,
both of Nashville, offered the next
best bid.
Dated Jan. 1 1936.
Due
from Jan. 1 1938 to 1965, inclusive.
SPARTA, Tenn.—MATURITY—It
that
the $65,000 4%
is now stated by the City Recorder
semi-ann. water works bonds purchased
by W. N.
Estes & Co. of Nashville at
recently—V.
141,
p.
a price of
100.576, as reported in these columns
4201—are due on Dec. 15 as follows:
$2,000, 193S
Financial
Volume 142
1940; S3,000, 1941 to 1944; $4,000, 1945 to 1951; $5,000, 1952 to
andj&4,000 in 1955, giving a basis of about 3.94%.
to
1954,
339
Chronicle
LEWIS COUNTY
—The
(P. O. Chehalis),
Wash.—WARRANTS CALLED
County Treasurer is said to have called
for payment on Dec. 30,
Union High
which date interest ceased, various general school district,
School District, current expense, and soldiers' and sailors' relief
on
warrants.
LYNDON SCHOOL DISTRICT NO. 309 (P. O. Bellingham),
—MATURITY—It is reported by the County Treasurer that the
TEXAS BONDS
Bought
—
Sold
—
Wash.
$15,000
school bonds purchased by the Bellingham National Bank of Bellingham,
4s, at a price of 104.08, as reported recently—V. 141, p. 4202—are due
follows:
$1,000, 1937 to 1949, and $2,000 in 1950, giving a basis
Quoted
as
as
of
about 3.48 %.
SEATTLE,
H. C. BURT & COMPANY
chase of
Incorporated
Houston, Texas
Sterling Building
Wash.—BOND OFFERING—Sealed bids will be "received
on Jan. 31, by H. W. Carroll, City Comptroller, for the pur¬
$200,000 issue of coupon or registered sewer, Series,No. 3 bonds.
Interest rate is not to exceed 6%, payable semi-annually.
Denom. $1,000.
Dated Jan. 1 1936.
Due annually commencing with the second year and
until noon
TEXAS
AUSTIN, Tex.,—BOND OFFERING—Sealed bids will be received until
10 a. m. on Jan. 23, by Guiton Morgan, City Manager, for the purchase
of a $350,000 issue of 3% coupon school, series of 1936 bonds.
Denom.
$1,000.
Dated Jan. 1 1936.
Due from Jan. 1 1937 to 1956.
Prin. and
int. (J. & J.) payable at the City Treasurer's office, or at the Chase National
Bank in New York City.
Bids must be submitted on the form provided
by the city, wherein the numbers and maturities of the issue are shown.
Only bids for the entire issue will be considered.
The approving opinion
of Thomson, Wood & Hoffman of New York, w*ll be furnished the pur¬
chaser.
A certified check for $17,500, payable to the city, must accompany
a
ending with the 30th year after said date in such amounts (as nearly as
practicable), to be specified by the City Council, by resolution, as will,
together with interest on all outstanding bonds of the same series, be met
by an equal tax levy for the payment of said bonds and interest.
Prm.
and int. payable at the fiscal agency of the State in New York, or at the
City Treasurer's office.
Legality will be approved by Thomson, Wood &
Hoffman of New York, whose opinion will be furnished the purchaser.
A
certified check for 5% must accompany the bid.
(A like amount of bonds was offered for sale on Dec. 6: for which a bid
of par for 4%s was submitted by the City Employees' Retirement System.
STEVENS
COUNTY
(P. O. Colville), Wash.—WARRANT
CALL—
20, all
district
for payment on Dec.
Drainage District No. 3, and various school
general fund warrants.
1
The County Treasurer is said to have called
warrants
drawn
on
the bid.
BURNET COUNTY (P.
O. Burnet), Tex.—BONDS VOTED—Bonds
in the amount of $74,000 for construction of a
$60,000.00
courthouse have been voted
STATE OF WEST VIRGINIA 3V2%
by the electors.
DECATUR, Tex.—BONDS VOTED—By a vote of 213 to 9 the residents
of the city at a recent election
Due June 1949-56 at
approved a proposal to issue $41,000 water
and sewer systems extension and improvement
bonds.
F. W. CRAIGIE & COMPANY
POSTPONED—The offering
$687,500 pleasure grounds, parks and playgrounds bonds which was to
have taken place on Jan. 8—V. 142, p. 165-—has been postponed to Jan. 22.
FORT WORTH, Tex.—BOND OFFERINO
of
Richmond, Va.
A. T. T. Tel. Rich, V». 83
Phone 3-9187
Seminole), Texas—BOND SALE—R. A.
Underwood & Co. of Fort Worth have purchased and are now offering to
investors at par an issue of $55,000 4% coupon court house and jail bonds.
Denom. $1,000.
Dated Feb. 1 1936.
Prin. and semi-ann. int. (April 1
and Oct. 1) payable at the Central Hanover National Bank in New York.
Due yearly on Oct. 1 as follows: $2,000, 1937; $1,000, 1938; $2,000,1939 to
GAINS
COUNTY
(P.
O.
1952, and $3,000, 1953 to 1960.
GOLIAD, Tex.—BOND ELECTION—It is reported that an election
on Jan. 28 to vote on the proposed issuance of $58,000 in 4HJ
4%% funding bonds. Due from 1937 to 1955.
will be held
or
HILL COUNTY (P. O. Hillsboro), Tex.—BONDS DEFEATED—'The
voters of the county recently voted against a proposition to issue $55,000
WEST
ROAD
MONTGOMERY COUNTY
Tex.—BONDS CALLED—The
tion.
McMECHEN, W. Va.—BOND ELECTION—The City Council has called
electionifor Feb. 1 for the purpose of voting on the question of issuing
$97,000 electric light and power plant bonds.
an
No.
3
5H%
WEST VIRGINIA, State of—BOND DEBT REDUCED $19,542,000—
DISTRICTS (P. O. Conroe),
bonds are said to have been
following
called for payment on Jan. 1:
Road District No. 1 5% bonds.
Fox, State Tax Commissioner, has issued a report showing the
State as of July 2
together with a comparison of the debt for previous years.
It is
shown in the report that local government issues in the State were $58,730,000 on last July 1, against $78,273,000 in 1930, or a reduction of
$19,542,000 during that period.
Fred
L.
bonded indebtedness of all local taxing districts of the
1935,
Dated Oct. 1 1915, due in 1955, optional
bonds.
Dated Aug. 20 1915, due in 1945,
optional in 1935.
Financial Statement
NUECES COUNTY ROAD DISTRICT NO. 1 (P. O. Corpus Christi),
Tex.—BOJSiD CAI^L—It is reported that Nos. 1 to 100 of the road bonds
dated April 10 1913. are being called for payment at the State Treasurer's
office on Jan. 10, on which date interest shall cease.
Due on April 10 1953,
optional
on
April 10 1933.
OLDHAM COUNTY (P. O.
Vega), Texas—BOND CALL—Iva House¬
County Treasurer, is said to be calling for payment on Jan. 17, on
which date interest shall cease, at par and accrued interest, at the State
Treasurer's office, a total of $47,000 5% special road bonds, of March 27
1917, made up of numbers 1 to 15, 19 to 25 and 36 to 60.
Denom. $1,000.
Due on March 27 1957, optional on March 27 1922.
These bonds are part
of a total issue of $60,000.
SHERMAN, Tex.—BONDS VOTED—It is reported that at an election
on Feb. 27 the voters approved the issuance of $225,000 in bonds,
as follows;
$115,000 auditorium; $100,000 swimming pool, and
$10,000 school bonds.
held
divided
It is stated by the City Manager
bonds have not been decided
are
as
that the maturity dates on the above
yet and it may be some weeks before the
ready for offering.
UVALDE
INDEPENDENT
SCHOOL
DISTRICT,
Tex.—BONDS
VOTED—The District has recently approved a bond issue of $50,000 for the
construction of new school buildings.
WHARTON COUNTY (P. O.
It is reported that an election
Wharton), Tex.—BOND ELECTION—
will be held
on
Jan. 11, in order to vote on
the issuance of $100,000 in road and drainage bonds.
WICHITA FALLS, Tex.—BOND ELECTION—An election will be held
Feb. 8 in order to have the voters pass on the proposed issuance of
$1,260,000 in municipal electric light and power plant bonds.
This pro¬
posal was defeated by the voters at an election held in December, although
the Public Works Administration had approved an allotment of $1,750,000
for the project—V. 141, p. 4055.
on
VERMONT
Bonded Indebtedness
x
z
for the purchase of $45,000
% interest coupon refunding bonds.
Dated Jan. 15 1936.
$1,000 and $500.
Due Jan. 1 as follows: $1,500 from 1937 to
1955, incl., and $16,500 in 1956.
Rate of interest to be expressed in a
multiple of
of 1%.
Counsel to the town is Peter Guiliani, 52 State St.,
Montpelier.
not to exceed
Denoms.
VIRGINIA
COVINGTON, Va.—BOND SALE—The Citizens National Bank of
Covington was the successful bidder for the $69,000 4% street improve¬
ment bonds offered on Jan. 4—V. 141, p. 4201.
The bank is paying a
premium of $3,731.40, equal to 105.408, a basis of about 3.55%.
Scott,
Horner & Mason, of Lynchburg submitted an offer to take the issue at a
price of $72,640.01.
Dated Oct. 1 1935. Due $3,000 yearly.
State refunding bonds
debt refunding bonds
1935 Virginia
Total bonded indebtedness—not including this offer
Outstanding notes
MIDDLEBURG, Va .—BOND OFFERING—Sealed bids will be received
8 p. m. on Jan. 15, by Norris Royston, Town Tresaurer, for the
purchase of a $15,000 issue of coupon sewer bonds.
Int. rate is not to ex¬
ceed 4%, payable J. & D.
Denom. $500.
Dated June 1 1935.
Due on
June 1 as follows: $500, 1937 to 1946, and $1,000, 1947 to 1956.
Bonds
may be sold subject to redemption at par and accrued int. on any int.
payment date prior to maturity.
Prin. and int. payable at the Town
Treasurer's office.
Legality approved by Kenneth Cromer of Leesburg.
Authority for issuance:
Section 3081a, Chapter 122, Laws of Virginia.
A certified check for 1% must accompany the bid.
NORFOLK, Va .—BRIDGE BOND ORDINANCE RESCINDED—The
City Council is said to have rescinded recently an ordinance passed some
time ago providing for the issuance of $200,000 in 4)4 % bridge completion
bonds.
The Council is said to have approved a substitute ordinance
$100,000
from surplus.
WASHINGTON
DIKING DISTRICT NO. 1 (P. O. K.I.o),
is reported that Nos. 1,851 to 2,225 of
5Yi % diking bonds, dated in 1925, were called for payment at the Chemical
Bank & Trust Co. in New York City, on Jan. 1.
Due on June 1 1943.
COWLITZ
COUNTY
Wa sh.—BONDS CALLED—It
4,500,000.00
2,240,000.00
$85,680,000.00
None
the Good Roads Amendments to the Constitution
and payable serially, last maturity Sept. 1 1960.
y Payable serially $250,000 each year, last maturity June 1 1953.
z $560,000 to be retired annually,
July 1 1936,1937,1938,1939.
All of the original issue (1919 Virginia debt $13,500,000) retired except as
hereinafter stated.
$861,225 of the 1919 Virginia debt bonds (3H%) were
held in escrow by the State of West Virginia to be exchanged for Virginia
Deferred Certificates, which had not been deposited with the Commonwealth
of Virginia prior to April 1919.
$450,800 remain in escrow, having not been called for, although eligible
for exchange since 1919.
The law provides any part of the bonds remaining
in escrow and uncalled for on Jan. 1 1939 shall be conclusively presumed to
have been lost or destroyed and shall be immediately canceled by the
State of West Virginia.
Hence the State will be liable for payment for
whatever part of the $450,800 presented for payment prior to Jan. 1 1939.
Population: 1920 census, 1,463,701; 1930 census, 1,728,510.
These bonds are issued under authority of amendment to the Constitution
known as $50,000,000 State Road Bond Amendment, and under authority
of an act of the Legislature of the State of West Virginia known as Chap¬
ter 19, Acts of 1935, Regular Session.
To secure the payment of this bond, principal sum and interest, when other
funds and revenues sufficient are not available for that purpose, it is agreed
that, within the limits prescribed by the Constitution, the Board of Public
Works of the State of West Virginia shall annually cause to be levied and
collected an annual State tax on all property in the State, until said bond
is fully paid, sufficient to pay the annual interest on said bond and the
principal sum thereof within the time this bond becomes due and payable
x
Issued pursuant to
of
registered road bonds offered for sale on Jan. 9—V. 142, p. 166—
a syndicate composed of Lehman Bros., Stone & Webster
and Blodget, Inc.; Estabrook & Co.; Bacon, Stevenson & Co., all of New
Yorx, and Field, Ricnards & Shepard, of Cleveland, as 2Hs, paying a price
of 100.18, a net interest cost of about 2.486%.
Dated Sept. 1 1935.
Due
$40,000 from Sept. 1 1936 to 1960 incl.
The second highest bid was an offer of 2.487% not interest cost, on the
issue divided as follows:
$130,000 as 2s, the remaining $870,000 as 2Ks.
This tender was submitted by a syndicate composed of Phelps, Fenn & Co.;
F. S. Moseley & Co.; Kean, Taylor & Co., all of New York, and the Mer-
coupon or
was
awarded to
cantiJe-Commerce Bank & Trust Co. of St. Louis.
BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds for general public subscription at prices to yield
from 0.25% to 2.60% and accrued interest, according to maturity.
The
bonds are exempt from present Federal income tax and are tax-exempt in
the State of West Virginia. They are legal investments in New York State.
WISCONSIN
until
of the cost from current revenue and
78,940,000.00
State road bonds
WEST VIRGINIA, State of—BOND SALE—The $1,000,000 issue
CONCORD, Vt.—BOND OFFERING—F. A. Brewer, Town Treasurer,
will receive sealed bids until 2 p. m. on Jan. 15
appropriating $100,000
$1,729,495,451.00
Assessed valuation 1935
y
man,
bonds
VIRGINIA
BLUEFIELD, W. Va .—BONDS TO BE PURCHASED BY PWA—It is
stated by the Mayor that the $244,000 sewer revenue bonds authorized by
the Board .of City Directors on Nov. 19, as reported in these columns re¬
cently-—V. 141, p. 4056—will be taken by the Public Works Administra¬
courthouse and jail improvement bonds.
in 1935.
Road District
bonds
2.70% basis
KAUKAUNA, Wis .—BOND SALE—The issue of $170,000 3% sewage
disposal plant bonds offered on Jan. 6—V. 141, p. 4056—was awarded to
the Wells-Dickey Co. of Minneapolis and the Milwaukee Co. of Milwaukee
for par plus a premium of $6,018, equal to 103.54, a basis of about 2.60/6.
The Securities Co. of Milwaukee was second high with an offer to pay a
premium of $3,507.
Dated Aug. 1 1935.
Due Feb. 1 as follows: $5,000,
1938 to 1941; $10,000, 1942 and 1943; $15,000, 1944 to 1951, and $10,000,
1952.
COUNTY (P. O. La Crosse), Wis.—NOTE OFFERING—
Davis, Chairman of the County Board, that he will
17, a $350,000 issue of 2% general corporate purpose
notes.
Dated Jan. 1 1936.
These notes will mature on July 1 1936, and
are payable at the option of the county on May 1
1936.
They will be
issued in denominations of $50,000 or $100,0Q0, as required.
The pro¬
ceedings and legal opinion have been prepared and approved by Chapman &
LA CROSSE
It is stated by R. W.
offer for sale on Jan.
Cutler of Chicago.
WYOMING
CASPER, Wyo.—BOND CALL—It is reported that various 6% water
bonds, dated Feb. 1 1921, are being called for payment at par on Feb. 1
at the Stock Growers National Bank of Cheyenne.
Due on Feb. 1 1951.
Financial Chronicle
340
SCHOOL DISTRICT NO.
RIVERTON
CANADA
Wyo.—
SALE—
bonds has been sold
25,
Jan. n
19S6
(Dominion of)—$48,000,000 BONDS FILED WITH SEC
and Exchange Commission at Washington on Jan. 7
covering an
A $35,000 issue ot3H% school building improvement
—The
to the First National Bank of Riverton at 100.573.
announced that the Dominion had filed a registration statement
issue of $48,000,000
Securities
3% % bonds, dated Jan. 15 1936 and due Jan. 15 1961,
Canadian
although callable, in whole or in part, on 30-days 'notice, on any int. date
on and after Jan. 15 1956 at a price of par and accrued int.
The proceeds
of the financing will be applied by the government to the redemption of
an equal amount of
outstanding debt maturing in the United States in the
near future.
The loan will be underwritten by an account headed by the
First Boston Corp., Edward B. Smith & Co. arid Brown Harriman & Co.,
Inc., all of New York.
According to the registration statement, the net proceeds from the sale
of the bonds, together with funds from the Dominion Treasury, are to be
applied to the payment or redemption of Bonds and Treasury bills now
outstanding as follows:
Municipals
Information and Markets
BKAW1.EY, CATHERS & CO.
85 KING ST. WEST, TORONTO
$40,000,000.00 principal amount of the government of the Dominion of
Canada 10-year 4H% gold bonds, expressed to be payable
in gold coin of the United States of America of the standard
of weight and fineness existing on Feb. 1 1926, dated Feb. 1
1926, and maturing Feb. 1 1936.
2,737,986.67 principal amount, of 2% Treasury bills, payable in lawful
money of the United States of America, dated April 30 1935,
and maturing Jan. 30 1936.
5,418,000.00 principal amount, 2% Temporary Guaranteed Bond of the
Canadian National Ry. Co. payable in lawful money of the
United States of America, dated Feb. 151935, and maturing
ELGIN 6438
CANADA
BROCKVILLE,
Ont.—NEW CITY CLERK APPOINTED—AS, a
Special meeting of the Council, Harold W. Carswell, acting Treasurer, was
.appointed clerk, replacing George K. Dewey, who resigned. George Turner,
who retired as treasurer several months ago through illness, returns to his
post.
Jan.
I
^ CANADA
of)—FEDERAL
(Dominion
AND
MUNICIPAL
IN
Int.
except when the bonds
his office
in
Room
or
form, without coupons, in the denom. of $1,000.
Temporary bonds will
be exchangeable for definite bonds, with
coupons, in the denom. of $1,000,
registerable as to prin. only, or for definite bonds, without coupons, regis¬
tered as to prin. and int., in the denoms. of $1,000, $5,000, $10,000 and
$100,000.
Coupon and temporary bonds will be dated as of Jan. 15 1936,
and fully registered bonds will be dated as of the date of issue thereof, unless
issued on an int. payment date, in which event they will be dated as of the
next succeeding day.
FERNIE, B. C.—BONDS HELD IN SINKING FUND CANCELED—
In the process of straightening out the affairs of the city, now under
commissionership, the British Columbia Government on Jan. 2 authorized
cancellation of $341,000 in outstanding bonds held in the municipal sink¬
ing funds. The issues canceled had maturity dates running from 1935 to
1943.
Since
no interest was being
paid on these and there was little prospect
leaving only the net debt to be handled,
explained.
The gross debt of Fernie was $538,000.
By canceling the city bonds
that were held in the sinking funds this was reduced to $197,000. There is
another $82,459 in the sinking fund in other securities to be applied against
this, leaving the net debt at, roughly, $117,000.
of paying any, they were written off,
it
was
HULL, Que.—BOND OFFERING—Bids will be received by the City
Clerk until 4 p. m. Jan. 28 for the purchase of $130,500 4H% coupon
-registerable as to principal unemployment relief
""bonds. Denom. to suit purchaser.
Dated Nov. 1
1935.
Principal and semi-annual interest (May
1 and Nov. 1) payable at the Provincial Bank of
Canada, in Hull, Montreal or Quebec.
Due
serially on Nov. 1 from 1936 to 1955.
Certified
check for 1% required.
,
KAMLOOPS,
C.—BOND SALE—Wood,
Gundy & Co. of Toronto have purchased an issue
of $26,500 4% bonds due in 20 years.
530, in the
Municipal Building, Borough of Manhattan,
12
o'CIock
SASKATCHEWAN
Noon
$25,000,000
Issued in
PAYABLE
of
WINDSOR,
JANUARY
any
Ont .—REFINANCING
PLAN
BONDHOLDERS CUT IN PRIN¬
CIPAL OF DEBTS SOUGHT—Reductions ranging
from 10% to 65% in the principal of the debt of
each of the former municipalities that at present
15, 1976
$1,000 for Coupon Bonds,
Registered Form in
RE¬
to
READY FOR
Coupon Form and Interchangeable;
denominations
in
ON
of)—TO
have made inquiry to New York
banking interests as to the prospects of making
arrangements in this market for the refunding of
$3,000,000 bonds maturing Feb. 1 1936.
Corporate Stock to Provide for the Supply of Water
PRINCIPAL
(Province
FUND $3,000,000 MATURITY—The Province is
reported
of
B.
PORT ARTHUR, Ont .—LOCAL BOND OF¬
FERING—Offering is being made locally of an
issue of $16,000 4% % bonds priced to yiela4.60%.
on
Thursday, January 16, 1936
at
the case may be, are beneficially
coupons, as
owned by any
person residing in or ordinarily a resident of the Dominion
of Canada.
The bonds are to be issued in the first Instance in temporary
THE CITY OF NEW YORK
at
1936.
on
THE COMPTROLLER OF
will sell
30
the bonds will be payable semi-annually on J. & J. 15.
The prin.
of and int. on these bonds will be free from deduction for all present and
future taxes imposed by the government of the Dominion of Canada,
DEBTEDNESS—A. E. Ames & Co., Ltd. of Toronto have just issued a
comprehensive statement indicating in tabular form the aggregate amount of
Federal, Provincial and municipal bonds outstanding as or Jan. 1 1936.
This information is broken down for the purpose of showing that portion of
the borrower's debts payable in Canada only; United States only; Canada
and the United States; Canada, United States and London; Canada and
London and in London only.
The investment house offers the following
current comment as a preface to its tabulations.
According to the estimates, the amount of Canadian public bonds out¬
standing as at Jan. 1 1936 is $6,954,239,007.
The amount of these bonds
maturing in 1936, exclusive of treasury bills, will be $327,666,863, or
approximately $65,000,000 less than in 1935. In 1935 the total financing
for tne Dominion, Provinces and municipalities, exclusive of treasury bills,
is estimated at $508,654,690, of which $393,729,384 was for refunding and
$114,925,306 for new capital requirements.
Additionally, $81,000,000 of
new capital was raised by the sale of treasury bills.
In 1936 tne amount of bonds maturing is estimated at $327,666,863 and
of publicly held treasury bills, $186,000,000, and the requirements for new
capital will depend upon the success of governments in balancing their
current
accounts
and
controlling
capital
and unemployment relief
expenditures.
In the past three years Candian puolic bonds substantially in excess of
one billion dollars have been met at maturity and bond flotations have not
only provided for their refunding but in addition over $650,000,000 has
been raised to meet the fiscal needs of governments.
Because of lower
loney rates, however, the total interest required in 1936 will be only 6%
more than in 1933, exclusive of foreign exchange premiums, the amounts of
interest payable being estimated at $305,614,724 in 1936 and $289,007,116
in 1933 respectively.
In the same period the national income of Canada
has increased by more than 25%.
comprise "Windsor, are provided for in the re¬
financing plan announced Dec. 30 by Harry J.
Mero, Chairman of the Finance Commission.
Interest rates are reduced on the remainder of
or
multiple of $10.
the debts.
Under the plan, which will be submitted to
the
approval, the principal debt of the
City of Windsor is reduced 25%; that of the
town or Walkerville, 10%; East Windsor, 50%,
creditors for
Exempt from Federal Income Tax, from the
Income
Tax
the
of
State
New
of
old
York, and from
and Sandwich,
Any New York City Tax.
In the
All of the foregoing corporate stock will be dated
15,
and interest payable
1936,
semi-annually
on
January
July 15
and
January 15.
Bidders
for
the
offered for sale
are
foregoing
to bear.
ples of one-quarter of
$25,000,000
of
corporate
stock
Bids stating
Such interest
rate must
net yield but not stating
a
be in multi¬
one per cent.
will not be considered.
a
rate of interest
.
The sale of these bonds will not add to the debt of the City.
The sale
is for the
6% special
purpose
of taking
up
corporate stock notes
1936, the proceeds of which
(redeeming) $25,000,-
maturing January 25,
were
expended to provide for the
Bids must be delivered to the
Comptroller in sealed envel¬
Supply of Water.
addressed to the Comptroller of The City of New York.
opes
A
deposit of two
posal must
or
accompany
(2)
per
cent,
each bid.
or
a
of the amount of the
bank
pro¬
or
Trust Com¬
National Bank.
For further information
any
three municipalities the rate will be 3 %.
One consolidated debenture of the new City of
Windsor will replace the old ones, and the holders
ones will be issued new 45-year amor¬
tizing debentures.
To offset any possibility of the plan failing
through overspending, each annual budget must
be approved by the Ontario Municipal Board.
The budget for 1936 is fixed at $3,150,000 and
the tax rate at 40 mills.
It is proprosed that
these figures be adhered to for some years to come.
The total debt of the four municipalities as of
June 30 last was $40,197,237, of which $26,774,294
is being refunded, or an average of 66.6%.
loss to the creditors is $13,422,943.
City of Windsor the total debt is
$22,233,530.
Of this, $16,675,147, or 75%, is
to be refunded and the loss to the creditors will
be
$5,558,383.
The former town of Walkerville had a total debt
of $4,778,769, of which 90% is to be refunded with
loss to the creditors pf $477,877.
East Windsor's total debt was $7,890,180, of
which 50% will be refunded, leaving the loss
bondholders $3,945,090.
to
Sandwich, where the total debt stands at $5,294,758, of which only 35% will be refunded.
The loss to creditors will be $3,441,593.
Each of the former municipalities shall, in
respect to its own debt, stand on its own feet and
none shall be in any way responsible for the debts
of the others.
see
The "City Record" or consult
To
the
average
financing for the
or
The
In the old
The most drastic cut is made in the town of
Such deposit must be in cash
certified check upon a New York State Bank
pany
65%.
of Walkerville the interest rate on
of the old
will be required to name one rate of interest which the bonds
000 of
case
the remainder of the debts will be 3% for the first
five years and thereafter 3H % •
In the other
trust company, or send for descriptive circular to
FRANK J. TAYLOR
Comptroller of the City of New York.
A person
bondholder, the plan of re¬
City of Windsor means this:
new
holding an old $1,000 bond of the town
of Walkerville will find its face value has been
reduced to $900 when he turns it in on the new
City of Windsor debentures.
A bond for a like
City of Windsor will be
amount held on the old
worth only $750, while East Windsor and Sand¬
wich bonds will be valued at only $500 and $350,
respectively.
@FedFRASER