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The Financial Situation
NCERTAINTIES of the gold clause situation wrongly, however, there is now more disposition here
have held the financial community for the most than formerly to question whether the so-called gold
part in a state verging upon suspended animation countries will, for an indefinite time, stand steadduring the larger part of the past week. No prospect lastly upon gold at present mint parities, although it
of important clarification of existing obscurities on is generally recognized that there always exists the
this account is in view for something over a week, possibility of action on the part of our Government
since on Monday last the Supreme Court recessed which would further injure the dollar and• by the
until Feb. 4. It is not at all improbable that the same token strengthen other currencies in terms of
anxiously awaited decision in the matter of the gold our own.
So far as current indexes are concerned thereis no
clause will not be forthcoming for a week, or possibly
more, after the Court is again in session. Meanwhile clear indication as yet that all this has substantially
the nonchalance with which the Administration interfered with the course of industry and trade,
proceeds to push legislative proposals that are open though of course the threat to a number of interto the same objections as the oil clause in the National national commodities is obvious and certainly not
helpful. There can. howIndustrial Recovery Act
ever, be no question that
(recently declared unconWhy?
it has done serious injury
stitutional) is doing nothfind millions of our citizens stranded
"We
to what is known as
ing to allay uneasiness conin villages and on farms—stranded there bebusiness sentiment, and
cerning what the legislative
nature cannot support them in the
cause
livelihood they had sought to gain through
little doubt that, unless
and executive branches of
her. We find other millions gravitated to
the matter is brought to
the Government may do
population so vast that the laws of
centers of
natural economics have broken down"—the
some sort of half-way satisin the event of an adverse
President of the United States in his message
factory conclusion before
decision by the Supreme
National Reaccompanying the Report of the
sources Board.
a great while, the course
Court in the gold clause
There can of course be no doubt of the fact
of current business will be
issues now before it.
that there are a great many unfortunate
very appreciably affected.
The most striking expeople who are "stranded" on farms in this
country. It is equally clear that there are
There is ample evidence
ception to the general rule
seriously congested areas of population in
that business managers are
of watchful waiting in the
some of our large cities.
disturbed and distinctly
however, respectfully differ with
financial markets is found
We must,
the President as to the underlying cause of
hesitant about going forin the foreign exchanges.
these conditions.
ward with new plans, conHere transactions have on
We do not think that our farm population
tenting themselves for the
is in difficulty because of any niggardliness
several occasions been relof nature. We are quite sure that it is pretime with operating in a
atively large, and price
cisely because what the President terms "the
routine way until further
changes marked. Most of
laws of natural economics" have not broken
down that both the farm population and that
clarification of several
the larger banks, still feelcongested in our cities are in difficulties.
pending issues, the most
ing considerable uncerwanton heedlessness, often encourWith
aged by Government, we despised these same
pressing of which is for
tainty as to whether the
"laws of natural economics," and are now
the moment the whole
Treasury will continue to
paying the penalty. That is the real heart of
group of currency problems
the matter.
take imported gold freely
To make the situation much worse, we are
that may be brought
at $35 an ounce, remain
to-day trying to cure our difficulties by consharply to the fore by the
hesitant about taking the
tinuing and sharpening our defiance of the
"laws of natural economics." • In this sin of
forthcoming decision of the
metal for import. From
the day—with all due respect be it said—it
Supreme Court in the gold
this time forward until the
seems to us that the Administration at Washington is the leading figure.
clause cases. Vague and
gold clause situation is clarWe earnestly wish that what seems to be a
unverifiable reports that
ified by a ruling on the part
growing understanding of the true inwardhave been in circulation for
of the Supreme Court, and
ness of this situation among business men
would presently be more clearly reflected in
some time past of plans
until some indication is
the attitude of Congress.
for a world economic conforthcoming as to the attierence that would contude of Congress in the
event of a decision favoring the validity of the gold sider international monetary problems among many
clause, this hesitation will probably not diminish, others, have not served to allay the general feeling
since gold taken in most parts of the world for of uncertainty and uneasiness, either domestically
import into this country cannot reach here until after or in the foreign exchange markets.
Feb. 4, at which time the Supreme Court may hand
Out-Heroding Herod
down its decision.
O FAR as the business community has had any
The Gold Currencies
attention to devote to anything other than the
The so-called gold currencies have suffered of late gold clause, it has had its eyes mainly perhaps upon
not only by reason of possibilities growing out of the work relief resolution introduced in both Houses
the gold clause issue in this country, but also appar- of Congress on Monday, with the support of the
ently because of growing doubts about the status of Administration. The measure has now been passed
these currencies themselves. Popular manifestations by the House without substantial change. Seldom
of dissatisfaction with present gold policies in Switzer- has the Administration made greater demands upon
land, and the apparently inflationary plans of the Congress and seldom has it been so insistent that
French Government have been sources of extended Congress act in accordance with the wishes of the
and uneasy discussion in the financial community President, and do so without delay. So irresponsibly
of this country for some days past. Rightly or does this measure grant perfectly stupendous sums
U
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510
Financial Chronicle
of.money,Land so amazing is its delegation of authorityato the President, in the very teeth of the recent
oil decision of the Supreme Court, that we feel
constrained to present a rather lengthy quotation
from it at this time despite the fact that the greater
portion of the text of the measure is presented elsewhere. Section 1 of the Resolution states:
Resolved by the Senate and House of Representatives of
the United States of America, in Congress assembled, that
In order to protect and to promote the general welfare, by
(1) providing relief from the hardships attributable to
wide-spread unemployment and conditions resulting therefrom, (2) relieving economic maladjustments, (3) alleviating distress, and/or (4) improving living and working conditions, there is hereby appropriated out of any money in the
Treasury not otherwise appropriated, to be used in the
discretion and under the direction of the President, in such
manner, and for such purposes and/or such projects (including, but not limited to, slum clearance, rural housing, rural
electrification, reforestation, soil erosion, blighted area and
submarginal land reclamation, improvement of existing
road systems and construction of national highways, grade
crossing elimination, Civilian Conservation Corps work and
other useful Federal or non-Federal work) as shall be
adapted to the accomplishment of any one or more of the
objectives specified in clause (1), (2), (3), or (4), to be
immediately available and to remain available until June 30
1937, the sum of $4,000,000,000 together with the separate
funds established for particular areas by proclamation of
the President pursuant to Section 15 (f) of the Agricultural
Adjustment Act (but any amounts thereof shall be available for use only for the area for which the fund was established); not exceeding $500,000,000 in the aggregate of any
savings or unexpended balances in funds of the Reconstruction Finance Corporation; and not exceeding a total of
$380,000,000 of such unexpended balances as the President
may determine are not required for the purposes for which
authorized, of the following appropriations, namely: the
appropriation of $3,300,000,000 for national industrial recovery contained in the Fourth Deficiency Act, fiscal year
1933, approved June 16, 1933 (48 Stat. 274); the appropriation of $950,000,000 for emergency relief and civil works
. contained in the act approved Feb. 15 1934 (48 Stat. 351);
the appropriation of $899,675,000 for emergency relief and
public works, and the appropriation of $525,000,000 to meet
the emergency and necessity for relief in stricken agricultural areas, contained in the Emergency Appropriation Act,
fiscal year 1935, approved June 19 1934 (48 Stat. 1055); and
any remainder of the unobligated moneys referred to in Section 4 of the act approved March 31 1933 (48 Stat. 22). The
specific powers hereinafter vested in the President shall
not be construed as limiting the general powers and discretion vested in him by this section.
To this need only be added Section 6, which follows:
Section 6. The President is authorized to prescribe such
rules and regulations as may be necessary to carry out this
joint resolution, and any violation of any such rule or regulation shall be punishable by fine of not to exceed $5,000 or
imprisonment for not to exceed two years, or both.
The other provisions of the measure certainly do
not limit the discretion of the President. No explanation is offered for Section 4 (d) which authorizes
the President to "postpone, but not beyond June 30,
1937, the termination of the existence of any existing
governmental agency (including a corporation)
designated and utilized under this section," but it is
evident that if the continued existence of any such
agency or corporation implies the continued existence of the powers that have been granted it by law
for a definite period, the section, should it remain in
the measure, may be very conveniently utilized by
the President in case he finds it difficult or impossible to obtain what he wants from Congress concerning the continuation of such organizations as the
Reconstruction Finance Corporation and the National Recovery Administration.
Jan. 26 1935
National Resources
Related at important points to this remarkable
measure and the purposes behind it is the account
of the report of the National Resources Board transmitted by the President to Congress on Thursday.
Accompanying the report of this Board, which was
appointed by the President last year to make a survey of the country and the possibilities of "national
planning," was a special message from the President
in which are embodied many fine phrases. In the
latter the Chief Executive has much to say, often
with truth, about the reckless and improvident
manner in which we have wasted and uselessly destroyed valuable resources. The average man of a
thoughtful turn of mind is also likely to be strongly
in sympathy with any intelligent plan for a drastic
change in our attitude toward such matters, and
even with well-matured programs for the reasonable
expenditure of funds, where they are needed to eliminate the evil effects of past wantonness.
However, the specific ideas plainly entertained by
the President as to the nature of many of these problems and the proper method of solving them must
deeply trouble men of common sense everywhere.
Nothing can be said in defense of the way in which
we have dealt with public lands in this country, the
extravagant and thoughtless way in which we have
permitted our timber resources to be depleted, or for
the similar recklessness we have often displayed in
respect to some of our mineral resources. Yet it
seems to us that the use of tax-payers' money to
build utility plants to duplicate facilities already in
existence, or to bring into being water power developments that have little or no chance of being economically utilized is fully as wasteful of national
resources as the denudation of our forest areas. The
expenditure of vast resources upon ill-advised
schemes to transplant large groups in the population
to areas where they do not wish to go, where they
may not consent to go, but where they could become
self-supporting if they did go, is fully as uneconomical and generally unwarranted as leaving important agricultural lands to become worthless, or
nearly so, by soil erosion.
The President lets it be known that he intends to
spend a "substantial portion" of the $4,000,000,000
he has asked for work relief on such projects as these.
He also expresses the opinion that for an indefinite
period in the future we should regularly spend some
$500,000,000 per year upon them. It is difficult to
escape the conclusion that in this case, as in so
many others, the remedy is likely to prove as bad as
the disease, if not worse.
Proposed "Hot Oil" Legislation
This same disposition to ignore the warning embodied in the oil decision is evident in several other
projected measures, most notably perhaps in the proposed amendment to the National Industrial Recovery Act designed to offset the effect of the decision
in question itself. This measure, which has been
passed by the Senate, although under the attack of
some of the ablest of the older generation of its
members,seems to us merely to transfer to the States
the power delegated to the President in the existing
statute, inasmuch as it seeks to make it illegal to
ship in inter-State commerce oil that has been produced in excess of State production quotas. To the
average man of common sense it is difficult to understand how the Supreme Court could uphold such a
Volume 140
Financial Chronicle
provision after having ruled that Congress had no
authority to delegate substantially similar power,
equally but no more definitely, without specific restrictions or limitations, to the President.
Proposed RFC Legislation
HE tendency apparent all along to concentrate
more and more power in the hands of the executive is manifest again in the proposal for a revision of the Reconstruction Finance Corporation
and a prolongation of the active life of the Corporation. One of the leading provisions of this proposed
legislation (for the time being at least eliminated
in the Senate), would place in the hands of the
Budget Director and the Secretary of the Treasury
absolute veto power over the expenditures of the
Corporation. It is true, of course, that the Corporation has heretofore had an independent existence
only in name, but the change now proposed would
make the domination of the Administration as such
more complete and assured. But there are some other
important changes proposed. One of them grants
power to the Corporation to buy railroad obligations.
Another enables it to buy stock or capital obligations
of mortgage companies, while still another enlarges
the amount it may invest in insurance company securities. A good many unofficial reports have been
in circulation recently as to what the Corporation
may do in connection with the railroad companies.
These are rather too vague and sometimes conflicting to be fully credited at this time, but as far as
may be judged on such evidence they seem to fail
by a wide margin to go to the root of the railroad
difficulties.
T
Additional Authority to Borrow
N MONDAY last there appeared in the House
an Administration-sponsored bill authorizing
the Treasury to issue and have outstanding at any
one time as much as $45,000,000,000 in Government
obligations. The provisions of the measure, which
the Secretary of the Treasury described as adding
"one more string to our bow," permits the issuance
of $25,000,000,000 in long term bonds and $20,000,000,000 shorter term obligations. It also authorizes
the issuance of obligations in small denominations
through the post-offices on a discount basis. The
apparent intention of the Administration, is to
undertake to duplicate the "baby bond" campaigns
of the war days, inducing the rank and file of small
investors to take up some substantial part of the
huge offerings of the Treasury. It remains to be seen
what success any such effort will have at this time,
and also to what extent the sales actually made will
be offset by loss of deposits by savings banks and
the consequent decline in the purchases of Government obligations by such institutions.
As has occurred 60 frequently within the past few
months, the plan is heralded in the press as further
evidence that the Administration has determined to
adhere to "orthodox" methods of financing itself,
and has given up all ideas of issuing fiat money. This
to some minds appears to be highly encouraging. The
fact is that the Government, by placing its obligations in the commercial banks of the country and taking payment in the form of deposits specially created
for that purpose, has for a long while past been guilty
of the modern counterpart of printing fiat money.
If the Administration really intended to put an end
to this obnoxious practice, and henceforth obtain
O
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511
its funds from bona fide savers,the plan now brought
forward would be encouraging indeed. We can see
no evidence of any such intention, or if such intention actually exists it will amount to but little in
our judgment, for the success of any such policy
would require many changes in the budgetary and
other programs of the Government and in all probability a more liberal rate of interest or discount than
is apparently planned. As matters actually stand,
we can see in the plan little but an effort on the part
of the Government to place itself in a position to be
better assured of being able to raise the astronomical sums it will need during the next year or two,
and which ought to be neither raised nor expended.
Federal Reserve Bank Statement
—:—
N ENORMOUS increase in available credit
resources, for which there is no demand, again
is reflected in the banking statistics this week. Deaosits of member banks on reserve account with the
Federal Reserve institutions increased no less than
$113,359,0001in the week from Jan. 16 to Jan. 23
and are now nearly double the required reserves,
which means that excess reserves are at an altogether
unprecedented figure well in excess of $2,000,000,000.
The significance of this performance is difficult to
gauge, as the figure must be considered in relation to
current conditions. But it is indisputably true that
the swollen volume of credit resources invites a
credit debauch of unparalleled dimensions, and one
that already is apparent in the borrowing of the
United States Treasury and State and local government units at egregiously low rates. Large deposits
of gold certificates by the Treasury with the Federal
Reserve banks again contributed to the expansion in
the week covered by the latest report, no less than
$43,795,000 of such certificates being placed with the
banks, although the increase in the monetary gold
stocks of the nation was only $35,000,000 in the same
period. The excess certificates, however, merely
represent gold for which the Treasury paid late last
year without making use of the metal. Expansion
of credit resources also was facilitated materially by
a further decline of approximately $35,000,000 of
money in circulation; this tendency represented the
normal return of currency to the banks in the post
holiday season.
The increase in gold certificates raised the total
holdings of these instruments to $5,281,298,000 on
Jan. 23, against $5,237,503,000 on Jan. 16. Other
reserve items showing little change, total reserves
were increased correspondingly to $5,585,096,000
from $5,542,345,000. Federal Reserve notes in
actual circulation declined to $3,066,915,000 from
$3,099,050,000, while Federal Reserve bank notes
continued their slow decline with a drop to $25,683,000 from $25,869,000. The increase in member bank
deposits on reserve account raised the total to $4,500,919,000 on Jan. 23 from $4,387,560,000 on Jan. 16.
Treasury deposits on general account fell $18,072,000,
while other deposits declined $27,604,000, but total
deposits nevertheless increased to
,738,230,000
from $4,669,803,000. The advance in reserves,
coupled with the drop in circulation, far more than
offset the increase of deposit liabilities, and the ratio
of total reserves to deposit and note liabilities combined increased to 71.6% on Jan. 23 from 71.3% on
Jan. 16. Borrowings of member banks, which last
week almost doubled, again dropped to alAnost
purely nominal figures, the discounts being no more
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512
Financial Chronicle
than $8,688,000. Industrial advances by the Reserve
Banks continued their slow gain with an increase to
$15,636,000 from $14,826,000. Open market bankers'
bill holdings receded slightly to $5,539,000, while
United States Government security holdings reflected
a nominal increase to $2,430,263,000 from $2,430,219,000 a week ago.
Corporate Dividend Declarations
IVIDENDS declared the current week were
largely favorable but included several of an adverse nature. Norfolk Sr Western Ry., one of those
taking favorable action, declared an extra dividend of
2% in addition to the regular quarterly of 2% on the
$100 par common shares payable March 19. Liggett dr
Myers Tobacco Co. declared an extra of 4% in addition to the regular dividend of like amount on the
common and common B stock, par $25, all payable
March 1; extras of 4% have been paid in March on
these stocks, yearly since 1925. Harbison Walker
Refractories Co. declared a dividend of 25c per share
on the common stock payable March 1; on Dec. 1
last, paid only 12Y
2c., while on June 1 and Sept. 1
1934 dividends of 25c. per share were paid. Burroughs
Adding Machine Co. declared a quarterly dividend of
15c. a share, payable March 5, against 10c. in previous quarters. On the other hand, Freeport Texas
Co. reduced its quarterly dividend to 25c. a share,
payable March 1, which compares with 50c. a share
in previous quarters. United Gas Improvement Co.
declared a dividend of only 25c. a share on the common payable March 30,as compared with 30c. a share
quarterly previously.
D
The New York Stock Market
TRADING in stocks was a dull affair in the New
1 York market this week, the weather combining with other factors to reduce transactions on the
New York Stock Exchange to lowest levels since last
October. The country-wide cold spell and severe
snow storms throughout the East hampered communications on Wednesday and Thursday, and some
brokers preferred to remain at home. Uncertainty
regarding the gold clause decisions of the Supreme
Court, which are expected to be handed down Feb. 4,
also tended to lighten transactions. These incidents
outweighed continued advances in some of the leading industrial indices, and in the small irregular
price movements the downward tendency was more
pronounced. Fractional gains in share quotations
were general last Saturday, but the decline in activity already was in evidence in that session, when
less than 400,000 shares were traded. On Monday
some interest was taken in steel shares, while farm
equipment stocks likewise improved, but other sections were dull and mostly lower. Trading
amounted only to 689,160 shares. The tendency
Tuesday was uncertain, with small fractional losses
predominating in all common stock groups, but preferred shares were in fair demand. Transactions
continued to decline, the total being only 592,990
shares. There was a little more activity Wednesday,
largely because of buying of a few issues such as
General Electric, Westinghouse and American Can,
all of which showed modest gains. The market on
the whole continued to drift lower, with the changes
of no particular consequence. Trading on Thursday
fell below the 500,000 share mark, as the effects of
the.cold and Wednesday's snowstorm were in evidence. Small declines were the rule, but utility and
Jan. 26 1935
tobacco stocks followed a contrary tendency. Sentiment was somewhat better yesterday, and most
issues showed small gains, but there was no great
increase in the volume of transactions.
In the listed bond market activity was continued
at a much better pace than in stocks, with United
States Government securities especially in demand.
Banks and other fiduciary institutions with large
amounts of idle funds on hand came into the market
and a majority of Treasury obligations moved up to
highest figures of recent years, while in many instances best figures on record were attained. Other
high-grade bonds reflected these conditions as well,
but the more speculative sections of the bond market
followed the uncertain tendency of equities. The
foreign exchanges were observed carefully and with
some anxiety, as demand for dollars pushed the
levels of all European currencies lower. Large gold
shipments from Europe to the United States were
arranged until yesterday, but the movement now is
expected to diminish, as the anticipated gold clause
decision of the Supreme Court on Feb. 4 introduces
some uncertainty. The plunge of the gold currencies
in terms of the dollar already has reached disconcerting proportions, but it is quite possible that further extremes will be attained next week, and this
prospect is not a cheerful one. Commodity markets this week followed closely the irregularly lower
tendency of stocks, influences being similar. The
favorable trend of industrial indices, however, was
reflected in steel-making activities, which were estimated by the American Iron and Steel Institute at
49.5% of capacity for the week beginning Jan. 21
against 47.5% last week. Country-wide production
of electric energy for the week ended Jan. 19 was
reported by the Edison Electric Institute at 1,778,273,000 kilowatt hours against 1,772,609,000 kilowatt hours in the preceding week. Car loadings of
revenue freight totaled 562,955 cars in the week to
Jan. 19, an increase of 9,280 cars over the preceding
weekly period, the American Railway Association
reports.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 971 2c. as against 97%c. the close on
/
Friday of last week. May corn at Chicago closed
yesterday at 85c. as against 86%c. on Friday of last
week. May oats at Chicago closed yesterday at
/
51Y as against 521 8c. the close on Friday of last
2c.
week. The spot price for cotton here in New York
closed yesterday at 12.65c. as against 12.60c. the
close on Friday of last week. The spot price for
rubber yesterday was 12.75c. as against 13.00c. the
close on Friday of last week. Domestic copper
closed yesterday at 9c., the same as on Friday of
last week.
In London the price of bar silver was 2458 pence
/
per ounce as against 24 9/16 pence per ounce on Friday of last week, and spot silver in New York at
/
54%c. as against 541 4c. on Friday of last week. In
the matter of the foreign exchanges, cable transfers
on London closed yesterday at $4.875 as against
/s
$4.88 the close on Friday of last week, while cable
transfers on Paris closed yesterday at 6.531s as
/
against 6.58%c. on Friday of last week. On the New
York Stock Exchange 191 stocks reached new high
levels for the year, while 129 stocks touched new low
levels. On the New York Curb Exchange 446 stocks
touched new high levels for the year, while 145
stocks touched new low levels. Call loans on the
Volume 140
Financial Chronicle
New York Stock Exchange remained unchanged
at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 393,800
shares; on Monday they were 689,160 shares; on
Tuesday, 592,990 shares; on Wednesday, 619,850
shares; on Thursday, 437,206 shares, and on Friday,
517,290 shares. On the New York Curb Exchange
the sales last Saturday were 82,960 shares; on Monday, 127,500 shares; on Tuesday, 155,825 shares; on
Wednesday, 126,400 shares; on Thursday, 95,240
shares, and on Friday, 110,650 shares.
The pending action by the Supreme Court with
regard to the gold clause suits exerted a restraining
influence upon trading, and as a consequence the
market moved in rather aimless fashion. At yesterday's close, prices were firm, and in many instances
higher than for the same day one week ago. General
Electric closed yesterday at 2378 against 23 on
/
Friday of last week; Consolidated Gas of N. Y. at
2078 against 20%; Columbia Gas & Elec. at 7%
/
against 6%;Public Service of N. J. at 27 against
/
1
4
26%; J. I. Case Threshing Machine at 5578 against
/
55; International Harvester at 41% against 40%;
Sears, Roebuck & Co. at 34% against 3614; Mont/
gomery Ward & Co. at 26% against 2778; Wool/
worth at 53 against 523 American Tel. & Tel. at
%;
104 against 10478 and American Can at 114%
/,
/
1
4
against 113%.
Allied Chemical & Dye closed yesterday at 136
against 134 on Friday of last week; E. I. du Pont
fie Nemours at 94% against 941 8; National Cash
/
Register A at 16% against 16%; International
Nickel at 23 against 23; National Dairy Products
/
1
4
at 16 against 16%;Texas Gulf Sulphur at 34 against
34%; National Biscuit at 29 against 28%; Con/
1
4
tinental Can at .65 against 64%; Eastman Kodak at
114 against 114; Standard Brands at 17% against
18%; Westinghouse Elec. & Mfg. at 38% against
38%; Columbian Carbon at 70% against 69%; Lorillard at 20% against 201s; United States Industrial
/
Alcohol at 39 against 39%; Canada Dry at 15
against 1518; Schenley Distillers at 26 against 25%,.
/
and National Distillers at 26% against 261 8
/.
The steel stocks show irregular changes as compared with Friday of the previous week. United
States Steel closed yesterday at 37% against 3734
/
on Friday of last week; Bethlehem Steel at 31y,
against 3118; Republic Steel at 14% against 14%,
/
and Youngstown Sheet & Tube at 19% against 19%.
In the motor group, Auburn Auto closed yesterday
/
at 2378 against 25% on Friday of last week; General Motors at 31% against 31%; Chrysler at 38
against 38%, and Hupp Motors at 27 against 3/.
8
18
In the rubber group, Goodyear Tire & Rubber closed
yesterday at 23 against 2318 on Friday of last week;
/
B. F. Goodrich at 10 against 10%, and U. S. Rub/
1
4
/
ber at 1434 against 15%.
The railroad shares at the close yesterday were
fractionally changed as compared with Friday of
last week. Pennsylvania RR. closed yesterday at
/
2214 against 22 on Friday of last week; Atchison
Topeka & Santa Fe at 48% against 49%; New York
/
1
4
Central at 18 against 18%; Union Pacific at 10578
/
against 104%; Southern Pacific at 15% against 16;
Southern Railway at 13% against 1312 and North/,
/
4. Among the oil
ern Pacific at 1778 against 173
stocks, Standard Oil of N. J. closed yesterday at
/
4218 against 41% on Friday of last week; Shell
/
1
4
Union Oil at 7 against 634 and Atlantic Refining
/,
513
at 24% against 24%. In the copper group, Anaconda Copper closed yesterday at 1034 against 1078
/
/
on Friday of last week; Kennecott Copper at 16%
against 16%; American Smelting & Refining at 35%
against 35%,and Phelps Dodge at 14% against 14%.
European Stock Markets
RICE trends on stock markets in the principal
European financial centers were irregular this
week, as a number of disconcerting incidents developed and dampened the enthusiasm of investors.
The London Stock Exchange was quiet all week, but
fairly firm. Continental European exchanges, on the
other hand, were soft in nearly all sessions and closings yesterday were much under the figures prevalent
a week ago. Political developments in Great Britain,
such as the vigorous start of a"New Deal" campaign
by David Lloyd George, caused a little concern at
London and trading dwindled for this reason. There
was general concern regarding the foreign exchanges
of the gold standard countries in all European
markets. Such units fell far under nominal parity
with the United States dollar and huge further shipments of gold to this side were engaged, until Thursday, when the last vessel sailed in time to reach New
York before Feb. 4. Further shipments on a similarly large scale are held unlikely for the time being,
as the Supreme Court decision on the gold clause is
expected Feb. 4, and the gold standard currency
units may easily be subjected to unusual pressure in
the meantime. Indications that Switzerland soon
will hold a referendum on the "national crisis policy"
caused misgivings, as a vote adverse to the Government there may force abandonment of the gold standard. Panicky conditions on the Copenhagen Stock
Exchange on Wednesday followed the failure of a
Danish Government conversion loan scheme, and
this incident did not help European sentiment.
Official foreign trade reports in Germany and
France for 1934 were made available this week, and
in both cases large declines from 1933 were registered.
Despite all adverse circumstances, the London
Stock Exchange opened on Monday with a cheerful
tone in evidence. Business was on a modest sack
and British funds did not vary much. There were
some good features in the industrial list, however,
and international securities generally were better
on week-end reports of improvement at New York.
Only a few groups in the industrial section were in
demand on Tuesday, with most other departments
reflecting lower quotations, while trading again
diminished. British funds were marked slightly
lower, and large recessions appeared among the gold
mining securities. Most international issues likewise drifted lower. Better sentiment was reported
on the London Stock Exchange Wednesday, notwithstanding uncertain movements in the foreign
eichange market. British funds were off at first,
but closed above their lows of the day. Oil stocks
were in excellent demand and firm conditions were
noted also in other groups of the industrial section.
International stocks were uncertain, but gold mining issues moved higher. In a more active session
on Thursday, improvement again was the rule in
all departments with the exception of British funds.
Oil stocks again were the leaders in the advance of
industrial issues, while gold mining stocks and international decurities improved as well. British
funds were marked upward yesterday in a fairly
514
Financial Chronicle
active session, and international issues also improved, but industrial stocks receded.
On the Paris Bourse prices started to decline last
Monday, owing to general uneasiness regarding the
French Government's policy of short-terra financing
and ready discounting of the Treasury obligations at
the Bank of France. The question was raised as to
whether the franc can be maintained indefinitely,
and liquidation resulted. Rentes dropped rather
sharply, while French bank and industrial issues
also receded. The international situation discouraged holders of foreign securities, which also receded.
In a very quiet market Tuesday, some gains were
made on the Bourse, chiefly in fixed-interest issues.
Rentes improved more than others, while equities
were irregular. The downward movement again was
resumed on Wednesday, and all departments of the
market suffered. Rentes lost ground as heavy shipments of gold to the United States were arranged,
and French equities joined in the movement. International securities held better than French issues.
The market on Thursday was nervous, owing partly
to further large gold engagements, and partly to an
impending debate on the financial policies of the
Government in the Chamber of Deputies. Rentes
again receded, as did most French equities, but there
was better inquiry for gold mining stocks and international issues. The tone was more cheerful in
yesterday's session, and small gains were recorded.
Tendencies on the Berlin Boerse were irregular on
Monday, bonds being in good demand while equities
proved uncertain. Utility stocks generally improved,
but other groups of shares tended to decline in a
small volume of trading. Liquidation on a substantial scale appeared on Tuesday, and prices sagged
in all departments with the exception of fixed.
interest issues. Losses in equities were as much as
3 points in some instances. The downward movement in German shares was continued during most
of the session on Wednesday, but a rally at the end
diminished the losses. The sharp downward movement of securities at Copenhagen affected the German market to some degree. Bonds, however, held
their ground rather well. Exceptionally quiet conditipns prevailed Thursday on the Boerse and most
movements were unimportant. Bonds remained in
request and potash stocks also improved, but variations otherwise were only in small fractions and in
both directions. Movements on the Boerse yesterday were mostly toward higher levels, but trading
was dull.
German ScriplRegistration
NNOUNCEMENT was made by the Securities
and Exchange Commission in Washington,
last Saturday, that the Bonversionskasse fuer
Deutsche Auslandsschulden had filed a registration statement covering scrip to be issued in
part payment of coupons due the first six months
of 1934 on non-governmental German dollar bonds
outstanding in this country, as well as against
various other payments. The action indicates
that recent protests by the American State Department against the discriminatory treatment
meted out to American investors by the German
authorities were effective in this respect at least.
Payments due on external debts by German states,
municipalities and corporations for the first half
of last year long since have been made to investors
in all countries save the United States. The ar-
A
Jan. 26 1935
rangements for such payments were made almost
exactly one year ago in a Berlin conference in which
representatives from all creditor countries participated. It is known that a registration statement
covering the scrip to be issued to American investors
was sent to this side last summer, but it required
emendations and the German authorities apparently
took no further action on the matter until the State
Department protested vigorously. The debt service
agreement for the first six months of 1934 provides
that payment on external long-term loans, with the
exception of the German Government loans, is to
be made to the extent of 30% in cash of the coupons
due, while the remaining 70% is to be issued in the
form of scrip, redeemable in dollars at 67% of face
value. The 30% cash payment was held up pending
completion of the scrip registration. For the delay
which American holders of German •bonds have
suffered, the Securities Act requirement of registration of scrip must be held largely responsible, as no
other countries placed such obstacles in the way of
payments to their nationals and no other countries
experienced such delays.
Swiss Referendum
NDER the Swiss system of government a petition on any national question signed by a
sufficient number of citizens makes a national referendum necessary. Such a petition, which calls upon
the Government to reverse its "crisis policy," has
gained no less than 335,000 signatures and a vote
is anticipated within a few months. The incident is
highly significant, as reversal of Swiss policies may
easily involve the question of the continued maintenance of the gold standard by that country. The
petition, according to a United Press dispatch of
Monday from Zurich, makes no mention of the gold
standard,inflation or devaluation of the Swiss franc.
But it instructs the Government to prevent any further lowering of wages or prices, to come to the aid
of the debtor classes and to guarantee a subsistence
minimum to all citizens, whether employed or not.
.The Government, it appears, has no alternative to
compliance if these suggestions are approved in the
national plebiscite which must follow. Socialists are
said to be largely responsible for the circulation of
the petition and the large number of signatures.
Edmund Schultheiss, the Minister of Economy, has
pointed out that the petition really implies the devaluation of the Swiss franc, with resultant losses
to every bank depositor and wage earner, but such
statements failed to halt the steady attachment of
names. Swiss plebiscites on national questions usually attract between 800,000 and 900,000 votes, it is
said, so that the 335,000 signatures on the current
petition may be an indication of a rather impressive sentiment for a change in policy.
U
Saar Plebiscite Aftermath
ARIOUS delicate international problems are
arising in Europe as a result of the Saar
plebiscite two weeks ago, when the inhabitants of
that area voted overwhelmingly for allegiance to the
Reich. Some aspects of the transfer of the Saar
from League of Nations control to Germany remain
to be adjusted, and these are causing anxiety. The
German success, moreover, has occasioned a resurgance of nationalistic feeling among inhabitants of
Memel, the Free City of Danzig and the Belgian
cantons of Eupen and Malmedy, all of which were
V
Financial Chronicle
Volume 140
German territory before the Versailles treaty was
signed. Especially disconcerting for the moment in
the problem of Memel, which is a small nominally
autonomous area usually considered a part of Lithu.
ania. The controlled press in Berlin suddenly began,
last Saturday, a vigorous campaign for restoration
of Memel to Germany,and the impression was gained
by foreign press correspondents that the Nazi leaders hoped to make the area a second Saar. Lithuania was charged by the German press with numerous alleged breaches of trust in connection with
Memel, and it was also asserted that Lithuanian
troops were being massed along the Memel border.
The Lithuanian Minister in Berlin admitted the
charge of troop concentration last Sunday, and
pointed out that German troops likewise are peculiarly numerous on the German side of the border.
The status of the Free City of Danzig was discussed
by the League Council in Geneva,late last week, and
efforts were made to prevent a Nazi capture of that
town by a plebiscite. In Eupen and Malmedy, a
number of Nazi sympathizers were arrested over the
last week-end for agitating for a return of those
cantons to Germany. Throughout Europe, Germany's eastern borders now are regarded as danger
points, as Chancellor Hitler recently remarked in
an interview granted a French journalist that "Germany's future lies in the East."
The problem of transferring Saar sovereignty
from the League of Nations to Germany again was
considered by the League Council before its adjournment on Tuesday, but no additional arrangements
were made. The Franco-German treaty signed at
Rome several months ago will govern most problems,
while others will be decided by the Council after
Feb. 15. Although transfer is to take place formally
on March 1, Nazi officials in the Saar already have
taken virtual control, according to a Saarbruecken
dispatch of last Saturday to the Associated Press.
So completely are Adolf Hitler's adherents in the
saddle, the report said, that Socialists were frankly
advising anti-Nazis to get out of the territory. The
exodus of Jews and of political opponents of the
Nazis from the Saar, which started immediately
after the plebiscite, increased this week, and it is
estimated that close to 3,000 persons already have
crossed the border into France. The number likely
to flee before Germany assumes full control is estimated at anywhere from 5,000 to 20,000. France
is giving asylum to these emigres, but the cost entailed is considerable and the French Government
addressed a note to the League of Nations, last
Saturday, suggesting that the League assume the
charges. The request, however, was not viewed with
favor by the League authorities, who have their own
financial troubles.
European Diplomacy
CTIVE and direct negotiations for the settlement of various outstanding diplomatic problems in Europe will be resumed next Thursday, when
Premier Pierre-Etienne Flandin of France, and his
Foreign Minister, Pierre Laval, are due to arrive in
London for conversations with British officials.
Some attention is to be given in these talks to monetary problems, but the British Government already
has indicated that new developments toward stabilization are unlikely and the discussions thus will
center chiefly around the old question of political
A
515
alignments. The Saar plebiscite having been decided
in favor of Germany, the general question on European lips is now "What next?" It is suggested in
many European dispatches that a means now will
be sought to bring Germany back into the League of
Nations and the General Disarmament Conference.
The British Government is said to hold the view that
nothing is to be gained by simply ignoring the German rearmament already effected in violation of the
Versailles treaty. Suggestions are in circulation,
some reports state, for a general declaration annulling the related clauses of the treaty, provided requests are made and the action effected "within the
framework of the League." This could only mean,
of course, that Germany would have to re-enter the
League in order to achieve this legalization of rearming. There is also much conjecture regarding the
proposed Eastern Locarno pact of mutual security
and guaranties, and the more recent Italo-French
suggestion for an Austrian security pact by all the
nations contiguous to that country. The attitude
of the German Government on these matters remains
uncertain, but complications seem inevitable even
if it is assumed that Germany now is willing to
rejoin the League and sign security pacts. The
French,in return for legalization of German rearmament, are anxious to obtain pledges of British support, but sentiment in England is decidedly adverse
to further commitments.
Bulgarian Cabinet
ALACE intrigues have caused many a political
overturn in the Balkan nations, and something
closely akin to such machinations is reflected in the
sudden resignation of the Gueorgieff Cabinet in
Bulgaria, Tuesday, and its replacement by a Cabinet
headed by General Petko Zlateff. The change was
occasioned by King Boris, who was regarded for
some months as a King in name only, as a Fascist
overturn last May stripped him of most of his power.
King Boris is now revealed, however, as having
taken a firm stand against constitutional changes
which would have curtailed his prerogatives and
eventually abolished the monarchy in its present
form. A group of politicians headed by Colonel
Veltcheff is said to have planned such changes, but
Colonel Veltcheff was arrested by loyalists and the
change in the Cabinet followed immediately. The
army, as usual, was an important factor in the situation. General Zlateff demanded the dismissal of
certain officers a few weeks ago, but King Boris
refused to comply and the General finally came over
in the King's camp, carrying the weight of the military machine with him. This seems to have made
possible the proceedings against Colonel Veltcheff.
Internal changes in administration are certain to be
made, possibly away from the Fascist ideals which
dominated the Gueorgieff regime. Some Sofia dispatches suggest that the Bulgarian policy of cordiality toward Yugoslavia may now undergo modification. In general, however, the foreign policy
of the country is not likely to change, as M. Bataloff
was reappointed Foreign Minister. The new Cabinet list follows:
p
PREMIER AND WAR—General Petko Zlateff.
FOREIGN AFFAIRS—Konstantin Battaloff.
INTERIOR—Colonel Bolen.
EDUCATION—General Radeff.
AGRICULTURE—Professor Yanki Molloff.
RAILWAYS—Nicholas Zaharieff.
JUSTICE—Michael Kalendaroff.
FINANCE—M. Obrejkoff.
516
Financial Chronicle
Italo-Abyssinian Rift
TING on the request of the Abyssinian Government, the League of Nations Council late last
week considered the evidence presented by the
Italian and Abyssinian Governments regarding the
series of border incidents between Abyssinia and
Italian Somaliland, which have strained the relations between the two countries. Although the
Abyssinians presented what seems to be a rather
strong case against Italy, the Council decided privately last Saturday to postpone any measures pending direct negotiations between Rome and Addis
Ababa. Both disputants agreed to take necessary
steps to prevent further incidents, and Italy pointed
out, in addition, that direct conversations had been
started and postponement was asked on this ground.
The Council noted the mutual agreement, but withheld all information regarding its own consideration
of the problem and the resolution that was adopted.
It is uncertain, in these circumstances, whether the
conflict is about to be settled, but the impression
prevailed in Geneva that such is not the case. Italy,
however, is believed to have retreated from her
position of demanding apologies and reparations
from Abyssinia for the incident at Ualual, early in
December, which involved more than a hundred
casualties, mainly on the Abyssinian side. A new
factor entered the situation on Monday, when a
raiding party of native Abyssinians killed a French
colonial officer and 106 native soldiers and civilians
in French Somaliland. The French did not consider
the incident a serious one, however, as the perpetrators of the massacre were said to be nomad tribesmen who live variously in British, French, Italian
and Abyssinian territory, while giving allegiance
to no country.
The Abyssinian Government called upon the
League of Nations early this month to take measures
under Article XI of the League Covenant, to safeguard peace. The Article makes a Council meeting
imperative on the plea of any member that war
threatens. The Council was scheduled to meet in
any event to observe the course of events in the Saar
plebiscite, and the Abyssinian Government was informed that its representations would be received
promptly. A memorandum from the Addis Ababa
regime finally was placed before the Council on
Jan. 18. It presented, a Geneva dispatch to the New
York "Times" said, an even stronger case against
Italy than had been anticipated. Almost every important charge made by the Abyssinian Government
against Italy was supported by written documents
signed by Colonel Clifford, British member of the
Anglo-Abyssinian boundary commission. A surveying party of that commission was involved in the
struggle at Ualual. Colonel Clifford charged the
Italians with "provocation," and testified that two
Italian airplanes trained their machine guns on
members of the commission who ran up the British
flag during pourparlers which preceded the battle.
The British officer agreed with the Abyssinian
claims that Ualual is 60 miles within the Abyssinian
border. The Italian case, presented at the same time
before the Council, was said to rest almost entirely
on claims that Ualual is Italian territory.
N
Argentine Banking Proposals
ORMATION of a central bank is among the extensive changes in the Argentine banking system proposed by the Government of that country in
F
Jan. 26 1935
five bills which were sent to the national Congress
on Jan.17. Some advantages doubtless would result
from adoption of the proposals, which follow in some
respects suggestions made by the British authority,
Sir Otto Niemeyer, but there are distinctly inflationary implications in other aspects of the measures. A central bank long has been needed in Argentina; and the Government now proposes to set
one up with a capital of 30,000,000 pesos (about
$7,500,000), of which 20,000,000 pesos would be paid
in immediately. The Federal regime would subscribe half the capital and the private banks of the
country the other half. The private institutions
would be required to keep half their cash reserves
on deposit in the central bank, which would maintain a minimum reserve of 25% in gold and Government bonds against outstanding currency of denominations higher than 5 pesos. Smaller currency
units would have no backing. The Caja de Conversion, which is now the note-issuing agency, eventually would be absorbed by the new central bank, and
its gold holdings transferred to the new institution.
But the Government's debt to the conversion office
likewise would be transferred to the central bank in
the form of non-interest-bearing bonds. The Government's issues of small notes and coins would be delivered to the central bank to the extent of 50% for
reduction and eventual liquidation of this indebtedness. The national floating debt, moreover, is to be
consolidated up to a total of 400,000,000 pesos by an
issue of 3% Treasury bonds, to be taken over at par
by the central bank and used as backing for currency. In a Buenos Aires dispatch to the New York
"Times" it is noted that the entire project was
attacked violently by some Argentine newspapers
on the ground that it is inflationary.
Japanese Policy
EVERAL recent developments reflect the apparent Japanese desire to avoid conflicts with
Western nations while extending her territorial and
commercial influence in eastern Asia. Acting on
the old pretext of a drive against "bandits," Japanese and Manchukuoan troops last Saturday started
a drive in the Chinese Province of Chahar, which is
contiguous on the West to the puppet-State of Manchukuo which Japan set up several years ago and
dominates completely. There is a general expectation throughout the world that the Japanese will
not halt such activities until all of Chahar and possibly Sinkiang as well are brought under direct Japanese dominance. Only an open conflict with Japan
by Western nations appears likely to stop this
process of penetration, but such a conflict would
be a world disaster and the statesmen in Great
Britain and the United States, upon whom the decision rests, obviously have concluded that peace is
more desirable. Soviet Russia, likewise, seems more
anxious to preserve peace than Chinese territorial
integrity, and there is now some reason to believe
the Japanese will halt their activities whenever
they approach the Siberian border. Instructive, in
this connection, are Tokio reports of Tuesday that
the outlines of a sale agreement involving the Russian interest in the Chinese Eastern Railway finally
have been reached in the long negotiations between
Russian and Japanese officials. Outstanding details of the sale agreement have been fixed and
placed in the hands of a drafting committee, and
there is assurance that the terms are acceptable to
S
Financial Chronicle
Volume 140
Moscow and Tokio. They call for transfer of the
Russian interests for a consideration of 140,000,000
Japanese yen, plus a further 30,000,000 yen in retirement allowances to the Russian employees of the
1,075-mile road. One-third of the sum is to be paid
in cash and merchandise when the agreement is
signed, while the balance will be paid in merchandise over a period of three years. This agreement
eliminates one of the chief sources of conflict between Japan and Russia.
Japanese foreign policy was discussed broadly by
Foreign Minister Boki Hirota in an address before
the Diet in Tokio, Tuesday, and his comments fit
in neatly with the general trend of affairs in the
Far East, as reflected in the Japanese military activities. Mr. Hirota referred to his own country as
the "stabilizing force in East Asia," and in his
address he ranged over the whole field of developments throughout that vast area. The political situation in China received much attention, and it was
remarked specifically that Japan will continue to
observe with concern the activities of Communists
in China. Every effort will be made to continue the
development of peaceful relations with Russia
through settlement of pending problems, it was said.
Relations with other Powers are becoming increasingly cordial, and this tendency will be fostered, Mr.
Hirota said. No mention was made in the speech
of the new aggression in Chahar, but any comments
by the Japanese Foreign Minister naturally would
have been quite superfluous. There has long been
some dispute as to the actual borders of Manchukuo
desired by Japan on the West, and the proximity of
Chinese troops was an irritation. The Chinese announced on Monday that their troops had been withdrawn from this area of dispute, but it is unlikely
that the Japanese will halt their advance for that
reason. A force of 4,000 Japanese and Manchukuoan troops moved swiftly forward after the start
of the movement last:Saturday, and by Thursday
they were reported as attacking towns which are
acknowledged even by the Japanese to be within the
Chahar borders. The advance was aided by heavy
field artillery and by airplanes, and heavy fighting
developed in the Chahar towns, where the Chinese
began a stubborn resistance. In Washington these
incidents were viewed with calmness, and it was
indicated that no new questions are likely to be
raised by the Japanese move.
Discount Rates of Foreign Central Banks
HE National Bank of Jugoslavia on Jan. 17
reduced its discount rate to 5% from 63/2%,
the 63/2% rate has been in effect since July 16 1934,
at which time it was reduced from 7%. Present
rates at the leading centers are shown in the table
which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Austria—.
Belgium..
Bulgaria__
Chile
Colombia__
Csechosioyetis--__
Danzig_ __
.
Denmark__
England—
Fatonia_-__
Finland__
France-...
Germany __
Greece ---uniland ___
Rate in
Effect
Date
Jan.25 Established
PreMous
Rats
434
234
7
434
4
June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
3
8
534
5
334
4
234
2
5
4
234
4
7
234
Jan. 25 1933
Sept. 21 1934
Nov. 29 1933
June 30 1932
Sept. 25 1934
Dec. 4 1934
May 31 1934
Sept. 30 1932
Oct. 13 1933
Sent. 18 1933
434
3
3
234
534
434
3
5
734
3
Country
Rate in
Effect
Dale
Jan.25 Established
Hungary -. 454 Oct. 17 1932
India
334 Feb. 16 1934
Ireland
3
June 30 1932
Italy
Nov. 26 1934
4
Japan
3.65 July 3 1933
Java
334 Oct. 31 1934
Jugoslavia. 6
Jan. 18 1935
Lithuania-- 6
Jan. 2 1934
Norway
EH May 23 1933
Poland ____ 5
Oct. 25 1933
Portugal
5
Dec. 13 1934
Rumania
434 Dec. 7 1934
SouthAtrica 4
Feb. 21 1933
Spain
6
Oct. 22 1932
Sweden
234 Dec. 1 1933
Switzerland 2
Jan. 22 1931
Pro
Haus
Rate
517
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 5-16@%%, as against %% on
Friday of last week, and 5-16@/% for three-months'
bills as against /@7-16% on Friday of last week.
Money on call in London yesterday was 4%. At
1
Paris the open market rate remains at 13/8%, and in
Switzerland at 11 %.
A
Bank of England Statement
HE Bank of England statement for the week
ended Jan. 23 shows a further gain of £51,415
in bullion bringing the total again to a new high, viz.:
£192,995,456; a year ago gold holdings totaled
£191,722,019. Circulation contracted £4,283,000 and
together with the gain in gold, brought about an increase of £4,335,000 in reserves. Public deposits rose
£2,806,000 and other deposits decreased £266,275.
The latter consists of bankers' accounts which fell off
£500,040 and other accounts which increased
£233,765. The reserve ratio rose to 49.00% from
47.06% a week ago; last year it was 52.15%. Loans
on Government securities declined £2,235,000 while
loans on other securities increased £449,896. Of the
latter amount, £68,781 was an addition to discounts
and advances and £381,115 to securities. The rate
of discount remains 2%. Below are compadons of
the different items for five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Jan. 23
1935
Jan. 24
1934
Jan. 25
1933
Jan. 27
1932
Jan. 28
1931
£
£
£
t
Z
Circulation
373.824.000 364.212.787 353.237.928 345.868.570 346.824.258
Public deposits
16.969.000 12.815.455 11.652.619 15.321.152 19,359.578
Other deposits
144.588.316 154.966.242 135.848.706 112.512.117 88.530.858
Bankers accounts_ 108,238.376 118.060.089 103.372.480 74.304.019 55.162.758
Other accounts
36.349.940 38.906.153 32.476.226 38.208.098 33.368.102
Government Recurs
81.122.413 78.792.869 90.602.390 45.310.908 41.086.247
Other securities
19,388.905 19.598,285 28.858,005 50.142.935 31.570.504
Diset. & advances_ 9.121.511 8,097.940 11,562.413 12,946.728 9.747.914
Securities
10.267,394 11.500.345 17.295.592 37.198.207 21.822,592
Reserve notes & coin 79,171,000 87.509,230 46,152,379 50.481.263 53.316.981
Coin and bullion_ _ _ _ 192,995.456 191,722,019 124,390,307 121,349,833 140.141.236
Proportion of reserve
to liabilities
49.00%
52.15%
31.28%
39.48%
49.41%
Bank rate
2%
2%
2%
6%
8%
Bank of France Statement
HE Bank of France statement for the week ended
Jan. 18 shows another decline in gold holdings,
the loss this time being 78,718,390 francs. The total
of gold is now 81,937,428,389 francs, in comparison
with 77,160,582,755 francs a year ago and 82,305,917,155 francs the year before. French commercial
bills discounted and creditor current accounts record
increases of 181,000,000 francs and 664,000,000
francs, while advances against securities show a
decrease of 23,000,000 francs. Notes in circulation
reveal a loss of 622,000,000 francs, bringing the total
of notes outstanding down to 82,058,898,675 francs.
Circulation last year .aggregated 79,693,709,500
francs and the previous year 83,025,891,490 francs.
The proportion of gold on hand to sight liabilities
stands now at 80.67%, compared with 79.36% the
same period a year ago. Below we furnish a comparison of the different items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
6
4
Iiii
$
Changes
for Week
4
Francs
Francs
Francs
Francs
—78,718.390 81,987,428,389 77,160,582,755 82,305,917,155
No change
10,318,294
16,771.494 2.935.476.777
3
634
7
4
6
534
6
5
634
3
254
Gold holdings
Credit bats, abroadaFrench commercial
bills discounted
bBilis bought abroad
Adv. against seems.
Note circulation....
Credit current accts.
Proporrn of gold on
hand to sight liab_
Jan. 18 1935
Jan. 19 1934
Jan. 20 1933
+181.000.000 3,427,748,120 3,924,415.466 2.606,660.256
No change
952.960.280 1,127,354,868 1,494,097.243
—23.000,000 3.201.339,978 2,913,619,779 2,556,837,782
—622,000,000 82.058.898.675 79.693.709.500 83,025,891,490
+664,000.000 19.507,440,162 17,530,191,327 22,515.215.141
—0.11%
80.67%
79.36%
77.98%
a Includes bills purchased In France. b Includes bills discounted abroad.
518
Financial Chronicle
Bank of Germany Statement
HE Bank of Germany statement for the third
quarter of January reveals a slight increase in
gold and bullion of 30,000 marks. The total of gold
is now at 79,186,000 marks, which compares with
380,329,000 marks a year ago and 806,551,000 marks
two years ago. An increase is shown in reserve in
foreign currency of 99,000 marks, in silver and other
coin of 66,070,000 marks, in notes on other German
banks of 3,588,000 marks, in other daily maturing
obligations of 5,197,000 marks and in other liabilities
of 17,205,000 marks. The proportion of gold and
foreign currency to note circulation now stands at
2.44%,in comparison with 12.2% a year ago. Notes
in circulation record a contraction of 134,273,000
marks, bringing the total of the item down to 3,428,919,000 marks. Circulation last year stood at
:
3,229,581,000 marks and the previous year at 3,143,
757,000 marks. Bills of exchange and checks,
advances, investments and other assets register
decreases of 154,843,000 marks, 75,000 marks,
704,227,000 marks and 22,513,000 marks, respectively. Below we furnish a comparison of the different items for three years:
T
000,000 notes due in five months, with 3
A% interest,
and $40,000,000 notes due in eight months with 58%
/
interest. The Treasury financing merely replaced
a similar discount bill issue, while the State of New
York paid off a $50,000,000 short-loan two days
after the borrowing was done. Call loans on the
New York Stock Exchange remained at 1%, while
some transactions were reported every day in the
counter or street market at 34%. Time loans held
/
to 34@1%. Bankers' bill and commercial paper
/
rates showed no alteration.
Bankers' Acceptances
Retchsmarks Retchsmarks Retchsmarks
Reichsmarks
79.186.000 380.329,000 806.551.000
+30.000
21.204.000
30.633.000
38.116.000
No change
+99.000
4.580.000
13.121.000 114.556.000
—154.843.000 3,345,740,000 2.636.052.000 2.295.940.000
+66,070,000 345.229.000 347.240.000 351.324.000
17.181,000
15.483,000
+3,588.000
15.983,000
67,891,000
—75,000
56,169.000
62.412.000
—704,227,000
58,411,000 609,083.000 398.830.000
—22,513,000 669,027,000 563,387.000 814,936.000
HE market for prime bankers' acceptances has
been easier this week as both the supply and
demand have lightened up to a very considerable
extent. Rates are unchanged. Quotations of the
American Acceptance Council for bills up to and
including 90 days are 3-16% bid and X% asked;
for.four months, 5-16% bid and Yi.% asked; for five
and six months, Y% bid and M% asked. The bill
2
buying rate of the New York Reserve Bank is /%
1
for bills running from 1 to 90 days and proportionately higher for longer maturities. The Federal
Reserve Bank's holdings of acceptances decreased
from $5,562,000 to $5,539,000. Their holdings of
acceptances for foreign correspondents also decreased
from $567,000 to $317,000. Open market rates for
acceptances are nominal in so far as the dealers are
concerned, as they continue to fix their own rates.
The nominal rates for open market acceptances are
as follows:
—134,273.000 3.428,919,000 3,229.581,000 3.143.757.000
+5.197.000 938.8C7.000 537.050.000 387.184.000
+17.205.000 285,000,000 237,355.000 767,634,000
Primo eligible bills
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for iVeek
Assets—
Gold and bullion
Of which depos. abed
Res've in torn curr
Bills of each, and checks
Silver and other coin_
Notes on other Ger.bks.
Advances
Investments
Other assets
Liabilities—
Notes in circulation__,._
Other daily matur.oblIg.
Other liabilities
Propor.of gold and for'n
curr. to note circurn_
Jan. 26 1935
+0.10W,
Jan. 23 1935 Jan. 23 1934 Jan. 23 1933
2.44%
12.20 '
4
T
SPOT DELIVERY
—180 Days— —150 Days—
BM
Asked
Bid
Asked
29.30
/.
Prime eligible bills
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% remained
the ruling quotation all through the week for both
new loans and renewals. The market for time money
has shown no change this week. Rates are nominal
at Vi@1% for two to five months and 1@134% for
six months. Trading in prime commercial paper
has been moderately active this week. The supply
of paper has been good and the demand has shown
slight improvement.
Rates are / for extra
34%
choice names running from four to six months and
1% for names less known.
D
New York Money Market
O CHANGES of any kind were effected in the
New York money market this week. Undue
ease has been the rule in the market for years, and
it is steadily becoming more accentuated. Heavy
gold imports and the return of currency to the banks
during the post-holiday season are occasioning everlarger totals of reserves, and holders of the funds
are turning now to the long-term bond market in
larger numbers in their search for a reasonable return. The rates in the ordinary money market remain unchanged at the low levels current during the
latter phases of the easy money policy of official
Washington. Not only are these rates hardly more
than nominal, but the supply of prime paper shows
no tendency to expand. The United States Treasury
sold, on Monday, a further issue of $75,000,000 discount bills, due in 182 days, and awards were made
at 0.15% average, on an annual bank discount basis.
The State of New York sold, on Wednesday, $20,
N
Si
A
—90 Days—
Bid
Asked
hi
X
34
Si
—60 Days-Bid
Asked
%
'III
—120 Days—
Bid
Asked
34
III
—30 Days
Bid
Asked
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
lie
%
4% bld
4% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Roston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dwihus
San Francisco
Rate in
Rifest on
Jan. 25
2
1%
2
2
2%
2
2
2
244
234
2%
2
Dale
Established
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Feb.
8 1934
2 1934
17 1935
8 1934
11 1935
14 1935
19 1935
3 1935
8 1935
21 1934
8 1935
16 1934
Prettous
Rate
2%
2
24
2%
3
2%
24
3
3
3
2%
Course of Sterling Exchange
TERLING exchange is steady and extremely dull.
Fluctuations have been within a much narrower
range than last week, neither as high nor as low as
then recorded. It may be recalled that the market
was extremely nervous and erratic on Tuesday and
Wednesday, Jan. 15 and 16, as a result of widespread
apprehension over the possibilities in the gold clause
litigation before the Supreme Court. This almost
panic stage which swept across the market ceased on
Thursday of last week, since when a degree of equanimity prevailed. This accounts for the greater
steadiness in day-to-day quotations. The dollar is
firm against all foreign currencies. The range for
sterling this week has been between $4.87
and
S
Volume 140
Financial Chronicle
$4.893/ for bankers' sight bills, compared with a
range of between $4.83 and 84.90% last week.
The range for cable transfers has been between
$4.87% and $4.89% compared with a range of between $4.83% and $4.907 a week ago. On balance,
/
sterling exchange shows little change in terms of
French francs from last week. On the whole there
appeared to be a note of gradual firmness in the
London check rate on Paris. There were frequent
rumors throughout the week that both the British
Exchange Equalization Fund and the American exchange control authorities had intervened in the
market for the purpose of steadying the currencies,
but reports of such operations must at all times be
discounted as they can never be verified.
The following tables give the mean London check
rate on Paris from day to day, the London open market gold price and the price paid for gold by the
United States:
MEAN LONDON CHECK RATE ON PARIS
Saturday, Jan. 19
74.125 I Wednesday, Jan. 23
Monday, Jan. 21
74.290 I Thursday, Jan. 24
Jan. 25
Tuesday, Jan. 22
74.218 I Friday,
74.35
74.594
74.659
OPEN MARKET GOLD PRICE
142s.
I Wednesday, Jan. 23 __142s. 14d.
142s. Md. I Thursday, Jan. 24 __141s. 4d.
Jan. 25 __141s. 4Md.
142s. id.
I Friday,
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
35.00
Saturday, Jan. 19
35.00 I Wednesday,Jan. 23
Monday, Jan. 21
35.00
35.00 I Thursday, Jan. 24
Jan. 25
35.00
Tuesday, Jan. 22
35.00 I Friday,
LONDON
Saturday, Jan. 19
Monday, Jan. 21
Tuesday, Jan. 22
While extreme nervousness is no longer prevalent
in the foreign exchange market, it is only too apparent
that there is great hesitancy in making commitments
because of the widespread belief that changes of outstanding importance may take place in monetary
policies here. The gold bloc units are all exceptionally
weak in terms of the dollar despite heavy purchases of
gold abroad for shipment to the United States during
the past few weeks. The general opinion in the
foreign exchange market seems to be that the dollar
is undervalued. Last week, it may be recalled, more
than $40,000,000 gold was engaged for shipment to
New York from various countries. The reserve bank
reports the receipt this week of approximately
$31,000,000, and according to the best market
opinion a similar amount has been contracted for
chiefly from European centers in the past week. In
all it is thought that approximately $115,000,000 of
gold has accumulated in foreign countries for shipment to. New York in the past few weeks. Some
ships which have sailed lately and are now en route
have been prevented from taking on larger cargoes
because of limitations imposed by the insurers of
gold shipments.
Most of the gold now coming seems to have been
taken from London, but represents for the most
part gold owned by Continental interests and may
have been taken from Continental hoard'ngs which
have been accumulating in London during the past
few years. The heavy shipments arriving lately and
those expected within the next week have been
hastily arranged with a view to landing them in
New York before the United States Supreme Court
hands down its gold clause decision, which is expected
to occur on Feb. 4. Since Nov. 5 approximately
$340,000,000 of gold has been engaged abroad for
shipment to New York. So far as can be discovered
by far the major part of these shipments have
reflected private gold operations. There seems to
be what might be termed a flight from gold on the
part of many Continental horders. It is understood
519
that not only British and American gold coin is
being sold by Paris hoarders at a discount, but gold
bars are also offered under market price. This
phenomenon is attributed in Paris to a sudden loss of
faith in gold as a protection against currency depreciation. It is only a passing phase, however, and once
the Supreme Court decision has been rendered, more
sober judgments are expected to prevail abroad.
If equanimity prevails anywhere in regard to
currency and monetary policies, it centers on London
and sterling. Capital is undoubtedly seeking London for security, although the prospects for a return
to gold and stabilization of the pound with respect
to dollars or any other currency seem to be more
remote than ever.
London opinion may be considered as authoritatively expressed by Mr. William Favill Tuke, Chairman of Barclay's Bank, Ltd., in his address at the
fortieth annual general meeting of the bank held in
London on Jan. 23. Mr. Tuke said in part: "We
must have a stable basis for international trade before
its volume can be substantially increased, and gold is,
in my view, the only practicable basis, because,
apart from other reasons, it is the only one in which
the people of the world appear to have confidence.
I feel, however, that it would be a mistake of the first
magnitude for this country to return to gold until
some, at least, of the difficulties I have mentioned
have been adjusted, and until there is a reasonable
probability that the system will be allowed to function normally, so that it can fulfill its essential purpose of maintaining equilibrium between the price
levels of the various countries of the world."
In commenting on the demoralized conditions in
the London discount market, Mr. Tuke said: "It is
hoped that the Government when considering further
funding operations will bear in mind the type of security which bankers and the discount market require. Bankers must maintain their liquidity both
in their own interests and in those of the community,
while the discount market is an essential part of the
machinery of the London money market. The
result of the decline in the volume of Treasury bills
offered at the weekly tenders and of the shortage of
commercial bills, has been to force the discount market to diverge increasingly from its proper function
of discounting bills and to carry larger holdings of
gilt-edge securities, a course which from several
points of view can scarcely be regarded with complacency. The twin factors of an abundant supply
of credit and a reduced volume of bills have led inevitably to increased competition for invesments,
with the consequence that the security prices have
been raised to record high levels, but, while this movement has doubtless been profitable to the discount
market and has provided a set-off to the unremunerative business of discounting bills at present prices,
its reversal, should it occur, might easily be attended
with less fortunate results. All parties concerned
would greatly benefit by a revival of the custom
whereby purchasers accept bills drawn on them by
their supp'iers. The resulting increase in the volume
of self-liquidating commercial bills would be beneficial
to the discount market, while the mobilization of
'accounts receivable' would enable the trader to
obtain cheaper and more ample finance."
Discount rates continue extremely low in Lombard
Street. Call money against bills is in supply at
IA% to 3..7. Two- and three-months' bills at 5-16%
0
520
Financial Chronicle
to 4%,four-months' bills 4% to 7-16%, and sixmonths' bills 7-16% to %. All the gold available
inithe London open market this week was taken for
unknown destination, believed to be largely for
private owners, and much of it is thought to have
been consigned by them for shipment to the United
States. On Saturday last there was available
£219,000, on Monday £330,000, on Tuesday L602,000, on Wednesday 056,000, on Thursday £466,000,
and on Friday £168,000. On Friday the Bank of
England bought £30,433 gold bars.
The Bank of England statement for the week ended
Jan. 23 shows an increase of £51,415, the total gold
holdings standing on Jan. 23 at £192,995,456, which
compares with £191,722,019 a year ago and with the
minimum of £150,000,000 recommended by the
Cunliffe Committee. At the Port of New York the
gold movement for the week ended Jan. 23, as reported by the Federal Reserve Bank of New York,
consisted of imports of $30,926,000, of which $21,585,000 came from England, $7,663,000 from India,
and $1,678,000 from Canada. There were no gold
exports. The Reserve Bank reported a decrease of
$624,000 in gold earmarked for foreign account. In
tabular form the gold movement at the Port of New
York as reported by the Federal Reserve Bank of
New York was as follows:
GOLD MOVEMENT AT NEW YORK,JAN. 17
-JAN. 23,INCLUSIVE
Imports
Exports
$21,585,000 from England
7,663,000 from India
1,878,000 from Canada
None
830,926,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease: 8624,000
Note—We have been notified that approximately 8729,000 In gold was
received from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports or
exports of the metal, or change in gold held earmarked for foreign account. On Friday $14,951,600
of gold was received of which $10,569,600 came from
England, $2,764,800 from Holland and $1,617,200
from France. There were no exports of the metal
or change in gold held earmarked for foreign account. On Friday $166,000 of gold was received at
San Francisco from China.
Canadian exchange is relatively unchanged from
last week and has ruled in terms of the United States
dollar at from par to a slight premium. On Saturday
last Monetreal funds were at a premium of 1-16%;
on Monday and Tuesday at a discount of 1-16% to
a premium of 1-16%; on Wednesday at par; on Thursday at a discount of 1-16% to par; and on Friday at
a discount of 1-16% to a premium of 1-16%.
Referring to day-to-day rates, sterling exchange on
Saturday last was steady. Bankers' sight was $4.88
@$4.883'i; cable transfers $4.883/@$4.8834. On
8
Monday exchange was relatively steady. The range
was $4.874@$4.883j for bankers' sight and
$4.879@$4.8834 for cable transfers. On Tuesday
the pound was steady. Bankers' sight was $4.877 3@
/
$4.88;cable transfers $4.88@$4.883/. On Wednes2
day sterling displayed a slightly firmer tone. The
range was $4.883/2@$4.893/ for bankers' sight and
$4.883@$4.8934 for cable transfers. On Thursday
sterling was steady. The range was $4.88@$4.893/s
for bankers' sight and $4.88%@$4.8931 for cable
transfers. On Friday sterling was steady the range
was $4.873/2@$4.88 for bankers' sight and $4.87%©
$4.88% for cable transfers. Closing quotations on
Jan. 26 1935
Friday were 84.86% for demand and $4.8734 for
cable transfers. Commercial sight bills finished at
%
$4.873 ; 60-day bills at $4.86%; 90-day bills at
$4.864;documents for payment(60 days) at $4.86N,
and seven-day grain bills at $4.87. Cotton and grain
for payment closed at $4.873 .
%
Continental and Other Foreign Exchange
NOTED above
the
AexceptionallyFrenchinfrancscomments on sterling
exchange,
and the gold currencies
are
weak in terms of the dollar, all
ruling below the gold point for shipment of gold from
Europe to this side. The main features affecting the
trend of the Continental exchanges are touched upon
in the resume of sterling. The heavy shipments of
gold which have taken place in the past few weeks
have failed to sustain strength in the franc or the
other European units for the reason that private
hoarders of gold seem to have suddenly lost confidence
in the metal as a protection against currency depreciation, so that Paris hoarders have been selling British
sovereigns, American gold eagles, and even gold bars
in the open market at a discount. Nevertheless,
while this is only a temporary phase, most of the gold
which has been shipped to this side in the past few
weeks and gathered by arbitrageurs from private
hoardings has not been sent for the purpose of
supporting currencies, whether the franc or any other
unit, but to obtain profit from the transactions while
the American gold price continues high. It would
seem that for the most part this gold was not taken
currently from the Bank of France or from other
central banks, but was removed from strictly private
hoards, especially those which private investors had
accumulated in London during the past few years.
The Flandin Government in a preamble to a bill
introduced by the Government before the Chamber of
Deputies on Tuesday gave a renewed pledge to maintain the value of the franc. The bill proposes to free
the Paris money market of successive medium and
long-term offerings of the French Government in
order to meet current needs. The ability of the
Government to borrow to meet current expenses by
orthodox short-term Treasury offerings has been
handicapped in the past by the limit of 10,000,000,000
francs which had been placed upon the total amount
of Treasury bills which could be outstanding. The
bill proposes to raise this limit to 15,000,000,000
francs in order to give the Treasury room in which to
operate in the coming months, when the normal deficiency in Treasury revenue probably will be extremely great this year because of the depression.
It is proposed to lower the limit again when conditions
return to normal. The terms of this bill had much
to do with the slump in the franc rate on Wednesday
and Thursday.
The Bank of France weekly statement for the week
ended Jan. 18 shows a decrease in gold holdings of
78,718,390 francs. Total gold holdings now stand
at 81,937,428,389 francs, which compares with
77,160,582,755 francs a year ago and with 28,935,000,000 francs when the unit was stabilized in June
1928. The Bank's ratio stands at the high figure of
80.67%, which compares with 79.36% a year ago
and with legal requirement of 35%.
There is no news of importance relating to the
other Continental exchanges this week. These units
are all easier in terms of the dollar, moving in sympathy with the French franc.
Financial Chronicle
Volume 140
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity
3.92
6.63
23.54
13.90
5.26
8.91
32.67
19.30
40.20
68.06
Range
This Week
8
6.53% to 6.58%
23.138% to 23.34
8.46 to 8.523
32.07 to 32.34
66.96 to 67.46
The London check rate on Paris closed on Friday
at 74.54, against 74.14 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.5331, against 6.583' on Friday of last
week; cable transfers at 6.533/2, against 6.58%, and
commercial sight bills at 6.513., against 6.56%.
Antwerp belgas finished at 23.13 for bankers' sight
bills and at 23.14 for cable transfers, against 23.33
and 23.34. Final quotations for Berlin marksiwere
39.81 for bankers' sight bills and 39.82 for cable
transfers, in comparison with 40.04 and 40.05.
Italian lire closed at 8.45 for bankers' sight bills and
at 8.46 for cable transfers, against 8.50 and 8.51.
Austrian schillings closed at 18.70, against 18.85;
exchange on Czechoslovakia at 4.149,against 4.174;
3
on Bucharest at 1.00, against 1.01; on Poland at
18.723/2, against 18.873/2, and on Finland at 2.16,
against 2.173. Greek exchange closed at 0.92% for
bankers' sight bills and at 0.93 for cable transfers,
against 0.93% and 0.93/.
521
XCHANGE on the South American countries
presents no new developments from recent
weeks. The official quotations for the South American currencies are at all times strongly inclined to
follow sterling. The suspension of official exchange
operations for imports into Brazil appears not to
have disorganized the unofficial or free market for
milreis. The free market is inclined both to expand
and become firmer. According to recent dispatches
from Rio de Janeiro some foreign exporters of goods
to Brazil are demanding cash while exchange conditions remain abnormal. Brazilian opinion seems to
be that if, because of the suspension, imports should
diminish greatly and exports remain stationary, there
should be an increase in foreign exchange to meet old
bills for imports. The Brazilian financial mission arrived in New York on Thursday. According to
Washington dispatches, Mr. Sumner Welles, Assistant Secretary of State, in charge of Latin-American affairs, is reported to have asserted, a few hours
before the mission landed, that a long-pending reciprocal trade treaty between the United States and
Brazil could be concluded within a week. The
Brazilian representatives hope to proceed to London
before the middle of February.
Argentine paper pesos closed on Friday, official
quotations, at 325 for bankers' sight bills, against
%
4
325 on Friday of last week; cable transfers at 323 ,
4
against 323 . The unofficial or free market close
4
was 25.20@25.50, against 25@25.05. Brazilian
milreis, official rates, are 8.13 for bankers' sight bills
and 83.1 for cable transfers, against 8.14 and 83j.
The unofficial or free market close was 63 , against
4
6%. Chilean exchange is nominally quoted on the
new basis at 5.20, against 5.20. Peru is nominal at
23.55, against 23.55.
E
Exchange on the countries neutral during the war
is manifestly easy as a consequence of the interrelation of sterling, French francs and the dollar.
The Scandinavian units,of course, move in sympathy
with sterling. Holland guilders and Swiss francs are
affected by the constant devaluation agitation in the
gold bloc countries, and by the pressure against the
French franc. The exchange market seems to feel
that a flight from the gold currencies to sterling is
XCHANGE on the Far Eastern countries is not
getting under way. It is believed that much of the
greatly affected by the nervousness and uncergold recently arrived in New York from England
tainties so manifest in the past few weeks in the
represents holdings of Amsterdam interests, as
RESERVE
arbitrageurs find it cheaper and more expeditious to FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL1922
BANKS TO TREASURY UNDER TARIFF ACT OF
JAN. 19 1935 TO JAN. 25 1935, INCLUSIVE
transfer metal from London rather than from Paris
or Amsterdam. The last statement of the Bank of
Noon Buying Rate for Cable Transfers in New York
Value in United Stales Money
the Netherlands shows a decrease in gold holdings for Country and Monetary
Jan. 19 Jan. 21 Jan. 22 Jan. 23 Jan. 24 Jan. 25
the week of 20,300,000 guilders, to 821,700,000
EUROPEI
$
8
2
s
$
guilders. Despite the reduction in gold the ratio of AustriaAchilling
.187710* .187090* .187690* .187550* .187091* .186741*
Belgium. belga
233053 .232225 .232676 .232626 .231653 .231315
note cover increased to 85.3% from 84.7%.
Bulgaria. ley
.012375* .011500 .012000* .012000* .011375* .011625*
Csechoelovakla. krone .041760 .041653 .041712 .041669 .041532 .041446
The Swiss will take a nation-wide referendum in a Denmark, krone
.217850 .217733 .217915 .218158 .218141 .217750
England, pound
sterling
few weeks on the question of remaining on the gold
4.880583 4.875178 4.882250 4.887232 4.884583 4.875982
Finland, markka
021816 021558 .021590 .021608 .021591 .021550
065848 .065641 .065759 .065738 .065480 .065394
standard. This step becomes mandatory following France, franc
Germany, reichamark .400446 .399533 .400257 .400169 .398964 .398292
Greece. drachma
.009347 .009330 .009320 .009325 .009305 .009275
the presentation of petition signed by 335,000 citizens Holland, guilder
.674400 .672064 .673557 .673200 .671250 .670423
Hungary.
.296000 .296125 .296250* .296250* .295500* .293375*
calling for a national vote on the nation's "crisis Italy. lire pengo
.085163 .084953 .085083 .085018 .084776 .084673
Norway, krone
245125 .245008 .245230 .245475 .245433 .245000
policy." The petition was signed chiefly by socialists Poland, zloty
188360 .187860 .188340 .188400 .187440 .187240
044333 .044312 .044279 .044341 .044397 .044304
and other radicals but since a Swiss plebiscite draws Portugal, escudo
Rumania.leu
010054 .010015 .010025 .010010 .009985 .009980
Spain. peseta
136425 .135984 .136307 .136228 .135675 .135514
out around 900,000 voters conservative elements will Sweden, krona
.251600 .251425 .251676 .251950 .251891 .251433
Switzerland. franc... .323064 .322161 .322676 .322564 .321378 .320950
be severely tested by the proposal.
Yugoslavia, dinar
.022737 .022635 .022662 .022706 .022612 .022633
ASIABankers' sight on Amsterdam finished on Friday at ChinaChefoo (Yuan) doi'r .349166 .350625 .352083 .354166 .354583 .354553
67.02, against 67.45 on Friday of last week; cable
Hankow(yuan) dorr .349583 .351041 .352500 .354583 .355000 .355000
Shanghai(y tuna)dol'r .348125 .349843 .351562 .353750 .354062 .354062
transfers at 67.03, against 67.46 and commercial sight
Tientsin (yuan)dol'r .349583 .351041 .352500 .354583 .355000 .355000
Hongkong. dollar
.432083 .433125 .435000 .436250 .436562 .436250
bills at 67.00, against 67.43. Swiss francs closed at India. rupee
367570 .367220 .367590 .368395 .368250 .367815
Japan, yen
283900 .283815 .284165 .284385 .284430 .283710
32.08 for checks and at 32.09 for cable transfers, Singapore (8. 8.) dol'r .570312 .571875 .570937 .571875 .571250 .570937
AUSTRALASIA
Australia, pound
against 32.31 and 32.32. Copenhagen checks finished New Zealand. pound_ 3.870937.3.865416*3.869687* 3.875625* 3.877812* .866562*
3.894062•3.885625*3.892812•3.898750•3.901250* .890625*
AFRICA
at 21.77 and cable transfers at 21.78, against 21.80 South Myles, pound 4.808000'4.824250* 4.829000*4.836000*4.834000*
.825250*
NORTH AMER.and 21.81. Checks on Sweden closed at 25.13 and Canada. dollar
1.000104 .999289 .999947 .999687 .999346 .999468
.999200 .999200
.999200 .999200 .999250
cable transfers at 25.14, against 25.18 and 25.19, Cuba. peso (silver). .277566 .277500 .999200 .277500 .277500 .277500
Mexico. peso
.277500
while checks on Norway finished at 24.49 and cable Newfoundland. dollar .997625 .996687 .997312 .997187 .998812 .996812
SOUTH AMER.Argentina. peso
.325250* .325075* .325350* .325650* .325700* .325133*
transfers at 24.50, against 24.53 and 24.54. Spanish Brazil. milrels
081275* .081325* .081325* .081325* .081325* .081275*
Chile, peso
.050625* .050625* .050625* .050625* .050625* .050625*
pesetas closed at 13.51 for bankers' sight bills and at Uruguay, peso
.798750* .797250* .799500* .799250* .796500* .795900
Colombia. oeso
.645200* .645200* .645200* .645200* .645200* .632900*
13.55 for cable transfers, against 13.64 and 13.65.
•Nominal rates: firm rates not available.
E
Financial Chronicle
522
movements of the European currencies. By far the
greater part of the Far Eastern units move in strict
sympathy with sterling. The Japanese exchange
control follows sterling as a fixed policy, while, of
course, the Indian rupee is legally affixed to sterling
at the rate of is. 6d. per rupee. The Chinese silver
units are steady and firm as they follow the course of
the world silver market, which at present is dominated by the silver-purchasing policies of the United
States.
Closing quotations for yen checks yesterday were
28.40, against 28.42 on Friday of last week. Hong
Kong closed at 44@44 3-16, against 43@43 11-16;
Shanghai at 35%@35%,against 35@35 3-16; Manila
at 49.95, against 49.95; Singapore at 57%, against
57%; Bombay at 36.85, against 36.87, and Calcutta
at 36.85, against 36.87.
Gold Bullion in European Banks •
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
Jan. 24 1935, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of—
1935
1934
1933
1932
1931
£
E
£
191,722.019 124.390.307 121.349.833
617.284.562 658.447.337 565.513.561
42.475.350
38.673.000
17,039,150
89.911.000
90.345.000
90.458.000
60.854.000
63,095,000
76.666.000
73.256.000
76,621.000 86.050.000
74.381,000 72.868,000
78,444,000
61,042,000
67,518.000 88,964.000
11,435,000
14.515.000 11,443,000
8.015.000
7,397.000
7,398,000
6.559.000
8,015.000
6,574,000
£
140.141.236
440.350.732
101.106,400
97,599.000
57.297,000
35,508,000
39,241.000
25,752,000
13.376.000
9,558.000
8.134,000
Total week. 1.247.141,983 1,244.239,831 1,251,200,644 1.113,278,744
Arai, amalr 1 9/7 220 212 1 942 214 101 1 247 212 722 I Ina 772 002
724 147 242
E
192.995.456
England
France a. 655.499.427
2,899.100
Germany to_
Spain
90,709,000
62,731.000
Italy
70,170,000
Netherlands
72,897,000
Nat. Belg'm
69,392,000
Switzerland
Sweden,,
15,872.000
7,395.000
Denmark._
6,582,000
Norway ___
968.063,368
a These a e the gold holdings of the Bank of France as reported in the new form
of statemen . b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1.060,200.
The Menace of the Social Security
Program
We commented briefly in last week's issue of the
"Chronicle" upon the program of social security
which President Roosevelt outlined to Congress on
Jan. 17, and upon some of the provisions of the
Wagner-Lewis bill which was at once introduced to
give effect to the President's proposal. Further study
of the scheme, together with consideration of the
criticisms which have multiplied as its proposals
have been more carefully examined, only confirms
the impression that the plan, in some of its most important features, is open to serious objection on
general as well as particular grounds, and that the
security which it aims to provide will be attained,
if it is attained at all, at the cost of financial, social
and political risks which a nation desirous of sound
and speedy recovery and a reasonable measure of
economic stability should on no account be asked
to incur.
To begin with, the Wagner-Lewis bill is an omnibus measure dealing with not less than five different
subjects, namely, old age pensions, unemployment
insurance, aid to dependent children, maternal and
child health and public health. Whatever opinion
may be held regarding the propriety of Federal legislation on any or all of these subjects, they are not
so related as to justify their inclusion in a single
bill. The arguments that may be adduced in support
of either of these subjects are not the same as those
which may be advanced to support the others, the
principles involved in the five classes of cases' are
not identical nor even essentially similar, and the
Jan. 26 1935
financial provisions called for, assuming that such
provisions should in any case be made by the Federal Government, are not necessarily the same in
kind, amount or operation. The introduction of an
omnibus bill, especially when the matters which it
embraces are themselves highly debatable or have
been made the subject of organized propaganda, always carries with it the implication that some of
the legislation which it sought is hard to defend, and
can be assured of support only by linking it with
other less objectionable or more popular provisions.
The Wagner-Lewis bill should certainly be replaced
by separate bills, each of which should stand or fall
by its own merits.
The specific objections to the security program are
many. It is difficult, for example, to see why any
person who attains the age of 65 years should by
that fact become entitled as of right to a Government pension. The proper ground of public relief
is not age, but disability or lack of proper means of
support, and relief on either of those grounds should
be granted at any age and continued as long as the
need exists. Moreover, while the States have undoubtedly the right to establish old age pension
systems if they choose to do so, there is serious doubt
of the constitutional right of the United States to
do anything of the kind. The Wagner-Lewis bill,
however, not only provides for Federal taxes upon employers and employees in aid of the pension systems
maintained by the States, but subjects every State
system to control by the Federal Government
through the authority given to a Federal agency to
prescribe in detail the conditions to be met before
Federal aid will be extended. Professedly, at least,
it is not contemplated that the State systems shall
be so changed as to be in all respects identical, but
the long list of detailed conditions which the bill
prescribes leaves little room for variations of much
importance when the State systems have been made
over. The bill thus becomes another instrument for
transforming the States from political bodies, possessed under the Constitution of independent residuary governing powers, into administrative subdivisions of the Federal Government, and the instrument is made the more effective by reason of the
Federal taxation which it imposes and the money
grants which may, solely at Federal discretion, be
given or withheld.
The objections to unemployment insurance have
been often stated, and need not here be repeated.
It should be pointed out, however, that while the
old age pension plan provides for contributions,
collected through Federal taxes, by both employers
and employees, the question of employee contributions to the unemployment insurance fund is left
to the States. The pronounced opposition of organized labor makes it very uncertain how far the State
systems would provide for employee contributions
for this purpose. Under the plan, moreover, an interval of four weeks of unemployment is to elapse
before the worker becomes entitled to compensation,
and the compensation then, if the pay roll contribution reaches 3%,will be limited to one-half the wages
and not more than $15 per week for 15 weeks. It
seems obvious that this plan, even if it were not
open to criticism on other grounds, offers no satisfactory insurance against unemployment and certainly affords no guarantee that unemployment will
not occur on a considerable scale or continue for a
long time.
Volume 140
Financial Chronicle
One must also ask what effect compulsory old age
pensions and unemployment insurance are likely to
have upon business and industry and upon the prices
which consumers must pay for goods. It has been
urged, as an argument against compulsory employee
contributions to an unemployment insurance fund,
that the employer who is mulcted in a contribution
will be able to recoup himself by including his contribution in his production or distribution costs,
while the employee has no such recourse. Any material aadition to costs, however, is pretty certain
to be reflected in a decline of consumer demand and
a consequent curtailment of output and reduction
of profits. The community, in other words, cannot
have its cake and eat it, too. If, moreover, as economists have held, the underlying cause of unemployment is to be found in the maintenance of a fixed
rate of wages in the face of declining demand, the
payment of unemployment benefits at the cost of
the employer or the State, or both, will operate to
increase and continue unemployment by reinforcing its primary cause.
The national security scheme is not, of course, a
recovery measure, but a measure of change or "reform." It may well be doubted whether the "reform"
which is proposed will not have the effect of retarding recovery and preparing the way for another depression. The profits which are being earned by the
great majority of businesses and industries, especially those of the smaller class, are not now sufficient
in amount to carry the burden of contributions which
the Wagner-Lewis bill imposes without danger of
reducing the profits to a vanishing point. Any decline in profits means not only a reduction in ordinary purchases of consumer goods, but a reduction
also in funds available for savings, capital investments, and income which can properly be levied
upon for relief purposes. Nobody knows as yet how
much the pay roll taxes carried by the WagnerLewis bill will amount to, but it is only human nature to expect that the employer who is faced with
a rising scale of taxes which he cannot shift to the
consumer without endangering his volume of business and his profits will lighten his pay roll as far
as possible by laying off employees or reducing
wages. The only way to meet an unemployment crisis
or to keep normal unemployment within bounds is
to free industry and trade from restrictions and permit them to expand. To the attainment of this end
the security plan of the Administration does not
appear to make any contribution whatever.
Another point at which the Wagner-Lewis bill invites questioning has to do with the custody and investment of the funds out of which the various payments called for by the bill are to be made. The bill
provides, for example, for the creation in the
Treasury of an unemployment trust fund, to be composed of funds turned over by the States for unemployment insurance, such funds, with the income
thereof, together with the Federal contributions, to
be allotted to the States from time to time for unemployment insurance purposes in accordance with
conditions laid down in the bill. Elaborate provisions are made for the investment of this trust
fund "in any primary obligations of the United
States or in any obligations guaranteed as to both
principal and interest by the United States." Aside
from any difficulties that may have to be solved
regarding the right of any State, under its Constitution, to treat its funds in the way contemplated, the
523
bill provides no guarantee that the trust fund will be
of such a liquid character as will enable it to meet
demands upon it on any considerable scale. However sound in general the investment of the fund
may be, the whole scheme breaks down if the fund
is not available to meet demand of any size at any
time. As President Roosevelt has himself said in
his recent message to Congress, "no one can guarantee this country against the dangers of future depressions," but it is exactly in a time of depression
that the demand for insurance payments will
be most urgent and the market for large quantities
of Government securities least sure. It is hard to
resist the conclusion that the Treasury, with from
$10,000,000,000 to $15,000,000,000 of trust funds invested in Government securities, would be likely to
find itself unable to cope with any extraordinary
demand for payments to the States save by resort
to currency inflation.
There are other objections, some general and some
detailed, which Congress should by all means carefully consider. Only a small army of officials, apparently, would be able to cope with the record
(Continued on page 537)
The Course of the Bond'Market
Strength in nearly all classes of bonds has been pronounced this week. High grades rose fractionally, breaking
their recent tops in the averages, while low grades also
forged ahead. Outstanding advances were made by the
medium- and lower-grade utility issues, chiefly those of
operating companies, which sold at new high levels since
the low point of the depression. Lower-grade industrials
maintained their recent highs, while the same class of railroad issues displayed a somewhat mixed trend, being now
at a level not far from the middle of the 1934-1935 range.
United States Governments, another group which made new
high records for recent years, attained an average price
of 107.42 for eight long-term issues, yielding an average of
2.66%. Another large advance brought the reserves of banks
in the Federal Reserve System to $4,501,000,000. Due to the
rise of the dollar, which was quoted at 59.83% of former
parity based on the gold franc, gold came into the country,
our monetary gold stock increasing $35,000,000 for the week
ended Wednesday.
High-grade railroad bonds showed small price fluctuations. Chesapeake & Ohio gen. 41
/2s, 1992, closed at 116%,
unchanged since last Friday; Union Pacific 1st 4s, 1947, at
109, compared with 108% last week. Inactivity and small
price changes were general throughout the medium-grade
issues. Cleveland Union Terminal 1st 4%s, 1977, closed at
89%, down % since a week ago. Lower-grade rail issues
were generally higher. Chicago & Northwestern cony. 4%s,
1949, closed at 19%,compared with 20 a week ago; Missouri
Pacific ref. 5s, 1977, at 27% were up 2% points. The Denver
& Rio Grande Western issues were off two to three points,
possibly reflecting doubts concerning correction of default
of interest payments on the 1st mortgage 4s and 4%s, 1936.
Utility bonds, particularly second-grade operating company issues, were noticeably active, and made larger advances than during any similar period for a long time.
The movement covered the whole list, but outstanding performers included Milwaukee Electric Railway & Light 5s,
1961, which advanced 21 2 to 88; Alabama Power 5s, 1956,
/
which gained 6% points, closing at 9114: Interstate Public
Service 4%s, 1958, which were up 7% points at 611 and
/2,
Minnesota Power & Light 55, 1955, which advanced 6%
to 98. While medium-grade issues attracted the greatest
attention, higher-grade bonds also moved upward, and even
in the topmost group certain issues entered new high ground.
Holding company bonds constituted one group in which no
particular changes were evident.
Small fluctuations on the average were seen in the great
majority of standard, active industrial issues. Features on
the strong side continued to be confined largely to secondgrade heavy industry issues, such as Otis Steel 6s, 1941,
which advanced 8 to 89; Colorado Fuel & Iron 58, 1943,
which gained 2% to close at 77%, and General Steel Castings 5%s, 1949, where there was an advance to 93% from
Financial Chronicle
524
jan. 26 1935
91%. Such groups as rubbers and oils were quiet and
changes were small. Setbacks from previous advances were
seen in Penn Dixie Cement 6s, 1941, which declined 1 to 83,
and in Container Corp. 5s, 1943, down 1% to 87. Warner
h,
Bros. Pictures 6s, 1939, receded to 55% from 561 while
United Drug 5s, 1953, moved into new 1934-1935 high ground,
closing at 92%, up 2%.
Continued strength in German bonds on one side and
weakness of Argentine and Chile bonds on the other were
seen this week. Only minor changes were seen in most other
foreign groups, with the exception of Danish issues, which
declined moderately.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICES t
(Based on Average Yields)
MOODY'S BOND YIELD AVERAGES t
(Based on Individual Closing Prices)
ll. S.
120
1935
Govt. DomesDaily
Bonds
tic
v*
Averages
Corp.*
120 Domestic Corporate*
Si, Ratings
Aaa
Aa
A
Baa
120 Domestic
Corporate* by Groups
RR.
P. U. Indus.
120 Domestic Corporate
by Ratings
Aaa
Aa
A
Baa
120 Domestic
Corporate by Groups
RR.
tt
30
ForP. U. Indus. elms
4.62
4.17
4.70
5.85
3.76
4.72
4.83
4.31
6.15
4.17
4.71
5.86
4.63
3.78
4.73
4.84
4.32
6.17
4.73
5.89
4.64
3.77
4.18
4.73
4.88
4.33
6.15
5.95
4.67
4.18
4.75
3.78
4.73
4.93
4.34
6.14
4.20
4.76
5.96
4.74
4.68
3.78
4.94
4.34
6.12
4.20
4.77
5.98
4.68
3.78
4.75
4.96
4.34
6.14
4.70
4.21
4.78
6.02
3.79
4.77
4.99
4.35
6.15
4.72
4.23
4.79
6.05
4.79
3.80
5.01
4.35
6.17
4.22
4.80
6.05
4.79
4.72
3.79
5.02
4.35
6.20
4.80
6.07
4.79
4.72
3.79
4.22
5.02
4.35
8.22
4.79
6.04
4.71, 3.77
4.22
4.77
5.03
4.33
6.22
4.79
6.03
4.71
3.78
4.22
476
5.02
4.34
6.21
4.78
6.00
4.74
4.70
3.78
4.22
5.01
4.34
6.22
5.96
4.89
3.79
4.22
4.79
4.72
5.01
4.35
6.23
3.79
4.24
4.80
5.98
4.72
4.70
6.04
4.35
8.26
3.79
4.22
4.80
5.99
4.72
4.70
5.05
4.34
6.27
3.79
4.22
4.81
6.01
4.72
4.71
5.07
4.34
6.28
4.23
4.81
6.07
4.74
4.73
3.79
5.10
4.34
6.29
4.82
6.08
4.73
4.23
4.75
5.10
4.34
3.79
6.30
4.82
4.74
4.24
6.11
4.76
3.79
5.12
4.35
6.32
4.83
8.12
3.80
4.25
4.77
5.13
4.75
4.35
6.33
Stock Exchao on d106 edLow 1935 4.62
4.70
5.85
4.72
4.17
4.83
3.76
4.31
6.12
100.81 84.35 100.49 98.73 07.49
6.12
High 1935 4.75
4.83
4.79
4.25
5.13
3.80
4.35
6.33
98.73 81.07 99.36 94.14 106.78
4.81
5.90
Low 1934 4.75
4.24
4.72
3.80
5.10
4.35
6.35
99.04 83.72 100.49 94.58 06.78
7.58
High 1935 5.81
5.75
4.43
5.20
6.06
8.74
4.97
8.65
81.78 66.38 85.61 742.5 96.54
Yr. Ago
Jan. 25'34 5.32
5.48
8.65
5.22
5.92
4.29
4.86
92.82 83.48 98.88
4.82
91.39 107.85 98.25 89.17 75.19
7.96
2 Yrs.4go
6.13
8.01
6.60
Jan. 25'33 5.96
4.42
5.26
5.58
5.69
9.77
82.99 105.54 92.25 80.95 62.87 75.71 87.83 86.38
•These prices are computed from average yields on the basis of one "ideal" bond (454% ooupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual pr oe quotations. They merely serve to illu Irate in a more comprehens vs way the relative leve a and the relative movement ot
yield averages, the latter being the truer picture of the bond market. For Moody's index of bond prices by months bask to 1928, see the issue of Feb. 6 1932. page 907.
•• Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used in computing these indexes was published in the issue of Oct. 13 1934,
Page 2264. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Jan. 25__ 107.33
24._ 107.34
23._ 107.42
22__ 107.16
21._ 106.96
19._ 106.99
18.. 106.79
17._ 106.75
16._ 06.59
15.- 106.85
14._ 106.50
12._ 106.72
11._ 06.81
10._ 06.48
06.19
05.94
05.77
05.66
05.76
05.75
105.75
Stock
High 1935 107.42
Low 1935 105.66
High 1934 106.81
Low 1934 99.08
Yr. Ago
Jan.2534 100.41
2 Yrs.A go
Jan. 25'33 103.67
a__
a._
102.14
101.97
101.81
101.31
101.14
101.14
100.81
100.49
100.49
100.49
100.65
100 65
100.81
100.98
100.81
100.81
100.65
100.33
00.33
00.17
100.00
Exchan
102.14
00.00
00.00
84.85
118.04
117.63
117.84
117.63
117.63
117.63
117.43
117.22
117.43
117.43
117.89
117.63
117.63
117.43
117.43
117.43
117.43
117.43
117.43
117.43
117.22
ge cios
118.04
117.22
117.22
105.37
110.05
110.05
109.86
109.86
109.49
109.49
109.31
108.94
109.12
109.12
109.12
109.12
109.12
109.12
108.75
109.12
109.12
108.94
08.94
08.75
08.57
d10.05
08.57
08.75
93.11
100.81 84.35
100.65 84.22
100.33 83.85
100.00 83.11
99.84 82.99
99.68 82.74
99.52 82.26
99.36 81.90
99.20 81.90
99.20 81.66
99.36 82.02
99.36 82.14
99.52 82.50
99.36 82.99
99.20 82.74
99.20 82.62
99.04 82.38
99.04 81.66
98.88 81.54
98.88 81.18
98.73 81.07
100.49
100.33
100.33
100.33
100.17
100.00
99.68
99.38
99.36
99.36
99.68
99.89
100.17
100.49
100.49
100.49
100.49
100.17
00.00
99.84
99.88
98.73
98.57
97.94
97.16
97.00
96.70
96.23
95.93
95.78
95.78
95.63
95.78
95.93
95.93
95.48
95.33
95.03
94.58
94.58
94.29
94.14
107.49
107.31
107.14
106.96
106.96
106.96
106.78
106.78
106.78
106.78
107.14
06.96
106.96
106.78
106.78
06.96
106.96
106.96
06.96
06.78
06.78
All
1935
120
Daffy
Domestic
Averages
Jan. 25._
24__
23._
22__
21..
19._
18._
17..
16..
15._
14..
12._
11._
10._
Building Construction Shows Very Modest Upturn in 1934
Although the course of business recovery was
rather well defined in 1934, if somewhat irregular,
it failed to affect the highly important building construction activities to any noteworthy degree. There
was, indeed, a quite modest improvement last year
in comparison with 1933, but the gain was not of
proportions that can be considered encouraging,
especially when note is taken of the prodigious
efforts made to stimulate a revival of building construction. New building work was almost at a
standstill in 1934, and the significance of this fact
can hardly be over-emphasized, since buildings, perhaps more than anything else, represent those capital or durable goods activities which so badly need
improvement. It is a characteristic of depressions
that the consumption of so-called consumers' goods
shows a relatively small decline, while the consumption of capital goods, such as buildings, locomotives,
machinery and the like decreases sharply. The
building industry usually contracts more than most
others of the durable or capital goods classifications,
and the tabulations we now present afford striking
confirmation of this finding.
Our compilations cover building permits in the
leading cities of the United States, and they show
that the situation in 1934 was little better than in
1933, when the depression attained its lowest point
in this line. The decline in new building work,
which was in progress for many years, furnishes
one of the best available indications of the degree
of business paralysis suffered during this depression. The significance of the contraction in these
activities is plain when it is considered that iron,
steel, lumber, cement, paint and numberless other
things enter into new building work, while the employment afforded by these projects also is of immense importance, both directly and indirectly.
Falling off of demand for building materials affects
the entire structure of industry.
The decline in new building work, as we have
pointed out in the past, affects the country to a
degree that no Government activities are likely to
make up, no matter how extensive they may be.
Great building activity generally is concurrent with
and contributes to periods of high prosperity. Unrestrained freedom of building construction doubtless may occasion excesses, and it is possible that
the national planning which is now so much talked
about will improve matters, but convincing evidence
on that score is lacking and for the time being a
healthy skepticism seems.to be the best attitude.
When the country was in its last period of rapidly
increasing general prosperity, the prevailing optimism unquestionably led to a vast overdoing of
building. This was true not alone in the large cities,
such as New York and Chicago, where office buildings, apartment houses and other structures were
put up greatly in advance of normal requirements,
but also in many other parts of the country.
In the later years of the depression new building
work was checked additionally and reduced to still
lower levels than might otherwise have been anticipated by artificial checks, such as the difficulty experienced in floating new securities and thus providing the capital for enterprises. The Securities
Act of 1933 made it exceedingly difficult to enlist
new capital for enterprises of any kind, but the
amendments to that measure promulgated in the
middle of 1934 lightened such aspects of the problem
to a small degree. The current readiness of the
Securities and Exchange Commission to co-operate
with the issuers of capital flotations to the greatest
degree possible under the Act and its amendments
affords some evidence that a period of financing lies
ahead which will at least mean improvement over
the first year of the measure. It is well to note,
moreover, that real estate securities as a whole have
shown some improvement in recent months, although
Financial Chronicle
Volume 140
they still are at levels which signify enormous depreciation in market values.
The statistics which we have now brought together
testify anew to the part played by the building industry in intensifying the general depression, for
they show that the collapse of that industry remains
almost as complete as it was in 1933. Our tabulations cover the building permits issued in 354 cities,
and these show a contemplated expenditure for the
calendar year 1934 of $363,942,515 as against $355,324,978 for the calendar year 1933. The improvement of 2.43% now disclosed is almost insignificant
when note is taken of the large recessions common
in the years up to 1933, but it remains true that the
tendency at last is again setting in the right direction. It is important to remember that 1933 was one
of the very worst years in the building industry, a sizable decline having taken place then even from 1932,
when the general paralysis already was in evidence
and building fell to $420,526,396. But the enormous
decreases of recent years are best realized when comparison is made with earlier periods. In 1931 the
amount involved in the building permits for the 354
cities was $1,220,779,503; in 1930 it was $1,776,623,053; in 1929 the total was $3,096,839,460; in
1928 it was $3,500,730,450; in 1927, $3,651,036,270,
and in 1926 no less than $4,121,964,853. The highest
point was attained in 1925, when the permits aggregated $4,393,364,166.
The decrease from $4,393,364,166 in 1925 to the
low figure of $355,324,978 in 1933 reflects the extent
of the collapse of the building industry, and it shows
that the small start toward improvement shown in
1934, with its figure of $363,942,515, is hardly a
matter of much immediate importance. The decline
from 1925 to 1933 was uninterrupted, and it shows
how far it will be necessary to go in order to achieve
again the degree of activity, with its incidental general benefits, which was common a decade ago. The
improvement will have to be far faster than was
recorded in 1934 if the country is soon to receive
the stimulation of a really active building period.
Not until vastly greater improvement is in evidence
will it be possible to say that normal industrial conditions are restored. Only in that case, moreover,
will it be possible to expect retirement of Government relief agencies from the field and resumption
of the full sway of private enterprise. The following table covers the record of building permits back
to 1906. The table shows New York City separate
from the rest of the country, and it should not escape
notice that the building permits issued here in New
COMPARISONS OF YEARLY BUILDING PERMITS FOR NEW YORE
DISTINCT FROM REST OF COUNTRY'
1934
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
11011A
No. of
Cities.
New York.
VVOWIseAlst.MVVM.4.40/0QM
V.VV7.1
1olftlul!*.O.0000qglshaDWt•MMM 0.417
mca.,
MmCOMMOOMmOOMOONCOMCIcmMONOMMNM
Calendar
Year.
$80.576,378
74,210,983
77,902.719
349,282.609
407,067.669
960,091,743
937.647.139
880.746,413
1,060,051.394
1.008.571,342
846,505,817
785,557,945
638,569.809
476,827,194
290.828.942
261.500.189
56.500,495
103,068,798
221.293.974
172.945.720
138.115,266
162,942,285
228,601,308
200.325,288
213,848,617
273.108,030
174,757,619
197,618,715
2411184.458
Per Centof
Whole. Outside Cities.
21.97
20.89
18.53
28.62
22.91
81.01
26.78
24.14
25.73
22.97
22.88
22.77
22.74
25.50
17.79
17.26
11.14
12.54
19.56
18.56
15.49
16.61
22.25
20.81
21.88
26.94
23.94
24.63
29.93
8283,366.137
281,113,995
342,623.677
871.496.894
1,389.555,384
2,136,747.717
2,563.093.311
2,770,280,853
3,061,913,459
3,384.792.814
2,85.5,629.518
2,663.907.795
2,169,314.914
1,393.407.781
1,343,549.455
1,253,554.036
450,859.008
718,970,094
910,278.381
758.991.580
753,730.258
818,029,278
798,913,875
762,174.380
763.368,183
740,677,942
555,824.252
604,671,736
564.486.823
Total All.
3363.942.515
355.324.978
420,526.396
1.220,779.503
1.776.623.053
3.096.839.460
3,500,730,450
3.651.036.270
4,121,964,853
4.393,364.166
3,702.135.33.5
3,449.445.740
2.807,884,753
1,869,694,978
1,634.378.397
1,515,054,225
507,359.503
822,038,892
1,131,572.355
931,937,306
891.845,524
980.971,561
1.027.515,183
962,409,660
977,216,800
1,013,785,971
730.081,871
802.290.451
805.551.281
525
York City, covering all the different boroughs, involved a contemplated outlay of only $80,576,378 in
1934 against $74,210,983 in 1933 and $77,902,719 in
1932. In the five-year period from 1925 to 1929, New
York City totals consistently ran close to a billion
dollars, and at times exceeded that figure.
It is well to note, as we have done on previous
occasions, that there are two sets of records which
are commonly used to measure the course of building work, namely, (1) the statistics regarding engineering and construction work, and (2) the statistics which deal with the plans filed with the local
building departments. Our compilations relate entirely to the latter, that is, to the plans filed with
the local building authorities. The record of the
building permits, which forms the basis of our tabulations, has been one of continuous decline from 1925
to 1933, while 1934, as noted, brought a modest gain.
The amount involved in engineering and construction contracts continued to expand until 1929, but
prodigious declines followed until 1933. In 1934
there was a modest improvement in such compilations, as there was in the plans filed with local building departments. The long-continued decline of
building permits, as reflected in our own tabulation,
appears to have much significance, even though the
decreases in the four years to 1929, when the depression started, occurred without interrupting general
trade activity.
Our figures of new building permits, as stated,
relate entirely to the plans filed with the local
authorities, on which permits are issued in accordance with the varying requirements of local laws
and State laws for the prosecution of the work.
They do not include engineering projects, nor do
they, as a rule, include public works construction
such as sewers, subways and highway work in the
nature of bridges, grade crossing elemination and
the like, and often do not include educational buildings, social and recreational structures, and public
hospitals. This will readily explain why records of
contracts awarded, such as compiled by the F. W.
Dodge Corp., invariably arrive at much larger totals
than those represented by the building plans and
permits which form the basis of our compilations.
It will also explain why the yearly comparisons, in
the case of these other records, did not until 1929
reveal the downward trend disclosed by our own
tabulations. Engineering projects involving, say,
public utilities like light, power and similar enterprises, are dependent upon financial conditions and
financial developments, and these were all in the
direction of continued expansion until the period of
the great breakdown in the autumn of 1929.
On this point the extended tabulations regarding
new capital flotations which we presented in our
issue of Jan. 5 furnish incontestable proof. Taking
simply the new capital issues by domestic corporate
undertakings and confining ourselves to those representing strictly new capital, by omitting the portions
intended for refunding, we find that the amount provided increased from $3,604,503,667 in the calendar
year 1925 to $8,002,063,991 in the calendar year 1929,
while precipitate declines occurred thereafter until
1933, when the total was the diminutive one of
$160,583,846. In 1934 a small improvement occurred, the aggregate of such new capital, as distinct from refunding requirements, being $178,257,949 in that year. Thus it remains true that our
compilations, although they do not include certain
526
Financial Chronicle
items covered by the engineering and construction
awards, as compiled by the F. W. Dodge Corp., disclose a record of shrinkage in building work more
pronounced than in the other case, and they are
illuminating as revealing a downward trend at a
much earlier period.
The decline in our tabulations from $4,393,364,166
in 1925 to $355,324,978 in 1933 affords the sharpest
possible contrast, since the drop was no less than
$4,038,039,188. And the contrast loses none of its
significance when the comparison is made with last
year, since the total then increased only to $363,942,515. On the other band,in the case of the figures
prepared by the F. W. Dodge Corp., the engineering
and construction awards for the 37 States east of
the Rocky Mountains total $1,543,062,500 for the
calendar year 1934, and $1,255,708,400 for 1933. In
1932 this tabulation reflected an aggregate of
$1,351,158,700; in 1931, $3,092,849,500; in 1930,
$4,523,114,600; in 1929, $5,754,290,500, and in 1928,
$6,628,286,100.
There is room for a difference of opinion as to
which set of figures may be taken as best representing the course of building work. As we have explained on previous occasions, we are inclined to
believe that the building figures which we and a few
others undertake to collect furnish a better indication of the course of new building work than the
records of contracts awarded, though it is not to be
denied that these latter have a peculiar value of
their own. In the first place, building permits deal
with distinctively building work, and, in the second
place, since they represent projected work more
largely than work actually begun, they are a much
more valuable indication of intentions with respect
to the immediate future. When award of an engineering contract has been made,it almost invariably
means that work will commence on the heels of the
award. Not so when a plan is filed for a new building or for building work. Numerous considerations
may, and often do, intervene to postpone the actual
carrying out of the work, and in many cases the contract for the work still remains to be awarded at
some near or remote date. Thus it appears that
intentions with respect to new building work are
more clearly and more definitely reflected by the
building permit figures than by other compilations.
Apart from such considerations, however, it is
apparent that new building work in 1934, as in 1933,
was on an enormously reduced scale as compared
to most earlier years. Our total for 1933, at $355,324,978 was the smallest of all the years since we
have been keeping these records, and the 1934 aggregate of $363,942,515 also was smaller than that of
any preceding year, save only 1933. The Dodge
figures of $1,255,708,400 for 1933 were the lowest
since those records were started in 1919, but the
1934 figure is somewhat higher, at $1,543,062,500,
than the total for 1932 of $1,351,158,700.
MONTHLY RECORD OF CONSTRUCTION CONTRACTS AWARDED.
_
a
AS COMPILED BY THE F. W_. DODGE CORPORATION.
1934.
January
February
March
April
May
June
July
August
September
October
November
December
FrnIni
1933.
$
186.463.700
96,718,300
178,345,800
131,157,000
134.363.700
127.009,500
119,662,800
119,591,800
110.151,200
135,224,800
111.691,500
92,684.900
5
83.356.000
52,712,300
59.958,500
56,573,000
77,171,700
102,341,900
82,693,100
106,131.100
122.615,700
145,367,200
162.330.600
207.209.500
on ra0
1.255.708.400
1 Ma
1932.
8
84.798,400
89.045,800
112,234,500
121,704,800
146,221,200
113,075,000
128,768,700
133,988,100
127,526.700
107,273,900
105,302,300
81.219,300
1931.
$
227.956,400
235,405,100
369,981.300
336,925,200
306.079.100
316,147,600
285,997,30
233,106,100
251,109,700
242,094.200
151,195,900
136,851,600
1.351.158.700 3.092.849.500
Jan. 26 1935
1930.
January
February
March
Aprll
May
JuneJuly
August
September
October
November
December
Total
1929.
1928.
$
323,975,200
817,053,000
456,119,000
482,876,700
457,416,000
600,573.400
366,878,400
346.643,800
331.863,500
336,706,400
253.573,700
249,435,500
$
406,467,900
361.273.900
484.587,500
642,060,500
587.765.900
529.891,100
652.436.100
488,882,400
444.402.300
445,642,300
391,012,500
316,368,100
$
427,168.700
465.331,300
592,567,000
642,237,100
667,097,200
650,468,200
583,432,400
516,970.200
581,674.000
597,103,500
471,482,200
432,756,300
5
384,455.400
393.582,500
620,738.200
604,390,730
552,348,500
632,478,000
534.389.900
552,487.900
521,611,000
562,815,800
486,393.400
477,363,800
4.523.114,600
5,750.790.500
6.628,286.100
6.303.055.100
1927.
There is at least a small measure of satisfaction
in contemplating the change recorded in 1934 from
the steady dwindling of new building work in the
earlier years of this depression. In presenting our
figures for 1933, we noted the recessions in these
activities as a whole and called attention to the vast
decreases in New York City, where building had
been maintained at large volume even in 1929, and
where the set-back to 1933 was especially pronounced. From the level of $1,000,000,000 annually
in New York City, building fell to $74,210,983 in
1933, but in 1934 the amount increased again to
$80,576,378. This covers all the different boroughs,
and it is interesting that Manhattan, where the previous decline was heaviest, now shows a fair increase
from $21,024,804 in 1933 to $32,684,551 in 1934.
Although seemingly large in itself, this increase
must be viewed in the light of the decline from 1929,
when the aggregate was no less than $622,434,715.
In the Bronx and Queens, decreases were recorded
in 1934 from the diminutive figures for 1933, but
Brooklyn and Richmond showed better results last
year than in the preceding year.
Some factors in the situation, as it now is taking
shape, may induce optimism regarding continuance
of the improvement generally recorded in 1934 over
1933, but it remains true that others furnish ground
for dubiety. Deflation in real estate values seems
now to have run its *course, and it is also to be noted
that in contrast with the oversupply of almost all
types of buildings in relation to demand during the
earlier years of the depression there is now some
deficiency, here and there. A survey recently made
by the National Association of Real Estate Boards
revealed a shortage of one-family residences in 49%
of cities that furnished reports, while an oversupply
was found in only 4%. The same survey a year
earlier showed shortages of that type of building in
only 12% of the reporting cities, while 16% indicated an oversupply. Shortages of apartment space
likewise now are more numerous, and rents in general show an upturn. So far as residential buildings are concerned, however, rapidly increasing
taxes seem to make ownership far less attractive
than it was in the past. This factor was emphasized
recently by Dwight L. Hoopingarner, Associate
Director of Housing in the Federal Public Works Administration, who urged reduction of taxes and other
charges. Building costs likewise have become
steadily higher as industries were organized under
the codes of the National Recovery Administration,
and it is hardly to be disputed that the higher current costs are militating against building construction of all kinds.
Before proceeding further with the details of our
own figures relating to building permits,some points
of interest are found in the F. W. Dodge Corp. figures dealing with engineering and construction
awards when the figures are brought together for a
period of years.. The Dodge Corp. classifies the construction contracts according to types of buildings
and construction, and in the following table we
carry the figures thus classified back for a series
of years:
F. W. DODGE CORPORATION FIGURES OF CONSTRUCTION
CONTRACTS AWARDED.*
Calendar Years,
1934.
1933.
1932.
1981.
$
Commercial buildings_
- 150.595.800
Factory buildings
116.078.600
Educational buildings
117,503,200
Hospitals and institutions
37,308.800
Public buildings
55,626,100
Religious, AC., buildings_
18,298,900
Social, Ac., buildings
47,574,500
$
99,371,200
127.517.100
39.950.400
37,252.100
50.908.300
17.668.600
31,056,000
$
122.718,200
43.490.900
82.307.500
48.353.000
117.982.500
27,255,000
38.682,500
Non-residential bldgs_ • Residential buildings_
542,985,900
248.840,100
403,723,700
249,262,100
480,789,600 1,110,345.800
280,067,900 811,388.700
Total buildings
Public works
Public utilities
791,826,000
625,044,500
126,192,000
852,985.800 780.857.500 1,921,734.500
499,517,800 514.699.700 875.448.000
103,204,800 75.601.500 295,667.000
Total construction
527
Financial Chronicle
Volume 140
$
311,105.800
116,157,000
228,777.000
121,193.300
181.266.600
53.099.600
98,748,500
The Pacific group thus burdened the comparison of
1934 with 1933, although it improved that of 1933
with 1932. When the comparisons are carried back
to the years when the building boom was at its
height, the current figures are tremendously reduced, and they show enormous reductions even
when the figures are compared with those current
in 1927 and 1928. It has already been indicated that
for the entire body of 354 cities contributing returns,
the grand total for 1934 is only $363,942,515 against
$3,096,839,460 in 1929 and $4,393,364,166 in 1925.
The following table furnishes a comparison for the
different geographical divisions of the country for
the last eight years:
1.543_002 FM 1 255 708 400 1.151 1f41.700 3 092 840.500
Note.-Tbe former classification "Industrial Buildings" has been changed to
"Factory Buildings," and "Public Utilities" are now shown separately.
•Includes projects without general contractors, sub-contracts being let directly
by owners or architects.
1930.
Commercial buildings
Industrial buildings
Educational buildings
Hospitals and institutions
Public buildings
Religious, Ac
Social, Ac
628.809,500
256,632,500
376,051,200
162,120.600
139,814,600
92.837,100
113.298,400
1929.
932,688,400
756,512,400
381,908,000
152.203,700
120.777.900
108,111,200
140,019,400
1928.
884.609,600
635.390.300
398,997.300
164,728.200
76.244.800
127,947.400
214,120,800
Non-residential buildings
•Residential buildings
1,770,563,900 2,590,221.000 2,502,038,200
1.101.312,500 1.915.727,5002,788.317,400
Total buildings
Public works, Ac
AGGREGATES OF BUILDING PERMITS BY GEOGRAPHICAL DIVISIONS.
Calendar Years,
1934.
New England-(60)
Middle Atlantic_(72)
Middle Western_(66)
Other Western__(45)
50)
Pacific
Southern
(60)
$
38 453,830
66 245,494
48 730.142
27 513,908
55 527,287
46,895,476
1981.
5
40,556.836
92,050.259
59,390,236
36.740,298
68,475,061
45,410.987
5
112,378,600
234.100,823
183,777.508
93,656,351
136,850,981
110,732,571
(353) 283,366,137 281,113,995
Total
1932.
+0.80 342,623,677
871.496,894
74,210,983
+8.58 77.902,719
349,282,609
New York City
Total construction
4,523,114.600 5,754,290,500 6.628.286.100
Noe.
-Military and Naval buildings are now included under the general class
'Public Buildings."
• Includes projects without general contractors, sub-contracts being let directly
by owners or architects.
These Dodge figures show that residential buildings for which contracts were awarded in 1934 involved an outlay in that year of only $248,840,100,
or slightly less than the total of $249,262,100 for
1933 and very sharply under the figures for 1929 of
$1,915,727,500, or 1928 of $2,788,317,400. Non-residential buildings represented a cost of only $542,985,900 in 1934, but it is noteworthy that this aggregate exceeds the 1933 figure of $403,723,700, although it is far under the 1929 or 1928 aggregates
of approximately $2,500,000,000. Public works and
utilities projects reflected the greatest improvement in these compilations with a total of $751,236,500 in 1934 against $602,722,600 in 1933. The
monthly figures furnish some occasion for uneasiness as to the course of building during the final
period of 1934, since the December aggregate of contracts awarded in the 37 States east of the Rocky
Mountains is only $92,684,900 against $207,209,500
in the same month of 1933.
Returning to our tabulations of building permits,
it is interesting to note that when the cities are
classified according to geographical divisions, increases were shown last year as against 1933 in all
areas with the single exception of the Pacific Coast
group. This is a complete reversal of the situation
as it existed a year ago, when we noted that all
groups were off in comparison with 1932, with the
exception of the Pacific Coast cities. Greater New
York, taken separately from the group in which it
belongs, reveals an increase in 1934 to $80,576,378
from the 1933 aggregate of $74,210,983. The New
England group has a total of $38,453,830 against
$31,989,491; the Middle Atlantic area, $66,245,494
against $54,995,427; the Middle Western group,
$48,730,142 against $31,969,471; the other Western
group, $27,513,908 against $26,318,791, and the
Southern area, $46,895,476 against $34,903,798.
The Pacific area furnishes the sole exception to this
general tendency, the 1934 total there of $55,527,287
comparing with the 1933 aggregate of $100,937,017.
$
%
31,989,491 +20.21
54,995,427 +20.46
31,969,471 +52.43
26,318.791 +4.54
100,937,017 -44.99
34,903,798 +34.36
80,576,378
2,871,876,400 4.505,948.500 5,290,355,600
1651 238,200 1.248,342.000 1,337,930,500
T01411411_
__01541 2R3 042 515 355.324 07R
1930.
New England
Middle Atlantis
Middle Western
Other Western
Pacific
Southern
Total
New York City
Total all
Inc. or
Dec.
1933.
(60)
(72)
(66)
(45)
(50)
(60)
$
154,011,851
325.491,320
350,826,501
125,723.919
231,878,275
181,623.518
4-2.43 420.526.396 1.220.779.503
1929.
$
221,048,860
525.326.750
667,961,412
164,763.886
298.445.124
259.201,885
1928.
$
234,656,096
619.562.863
865,597,452
186.147.062
315.638,136
341,491,702
1927.
6
258,140,426
671,922,911
944,020,904
174,055,788
376,710,783
345,439,047
(353) 1,369,555,384 2,136,747,717 2,563,093,311 2,770,289.857
407.067,669
960.091.743
937.637.139 880.746,413
(354) 1.776.623,053 3,096,839.460 3,500,730,450 3,651,036,270
Among the larger cities of the country, the experience of New York in increasing the 1934 totals somewhat over those for 1933 was duplicated quite generally, although not universally. At Boston the
total for 1934 was $8,403,438 against $7,038,080 for
1933. Philadelphia increased its total to $8,055,240
from $6,616,530, but Pittsburgh showed a decline to
$2,266,952 from $2,520,251. In Chicago an increase
took place to $7,898,435 from $3,683,960, and
Detroit also reflected improvement with a 1934
aggregate of $8,836,558 against the 1933 total of
$3,945,165. Among Ohio cities the aggregate for
Cleveland improved to $3,078,500 from $2,748,000,
while Cincinnati showed a gain to $6,151,670 from
$5,301,921. Milwaukee moved in line with the general tendency, an improvement being shown there
to $2,678,285 from $2,012,362. St. Louis reflected a
further heavy decline in planned building to
$4,920,791 in 1934 from $10,106,632 in 1933. On the
Pacific Coast, San Francisco reports the huge decline to $7,309,635 from $56,448,751, but Los Angeles
dropped only to $14,591,595 from $15,283,216.
We have also again compiled the building statistics for the Dominion of Canada. The Dominion has
followed the trend already noted in the United
States, and for 1934 the aggregate increased to
$26,634,628 against $21,738,873 in 1933. The upward tendency was general, Eastern and Western
Canada alike showing betterment, but it is to be
noted here, as in the case of the statistics for the
United States, that totals for the last year or two
are immensely reduced from figures current before
the depression, the 1929 total for the Dominion having been no less than $226,211,128.
We now add our very elaborate and very comprehensive detailed compilation, covering the whole of
the past 15 years, and embracing all the leading
cities in the United States, as also those in Canada:
UNITED STATES BUILDING OPERATIONS.
1934.
1933.
Inc. or
Dec.
1932.
1931.
$
$
%
$
$
1930.
$
1929.
$
1928.
$
1928.
1925.
1924.
1923.
$
1927.
$
$
$
$
1922.
1921.
$
$
1920.
New York City
Manhattan
Bronx
Brooklyn
Queens
Richmond
32.684,551
11.375,406
17,336,280
14.911,806
4.268,335
21,024,804
20,752,305
15,637,920
15,089,212
1.706,742
+55.46
-45.18
+10.86
-6.17
+150.09
28,123.471
8.670.146
21.578.439
18.058,706
3.473.989
130.631.045
65.399.250
75.954.449
68.535.620
8.762.245
198.862.088
56.115.642
73.903.136
70.044.381
8.342.422
622,434,715
89,416.707
149.343.306
87.478.012
11.419.002
381,377.243
189.824.853
202.223,346
146.509,564
17.702.133
290,320.56:
172,588,68
225.43.22
179,624,011
12,769.93-
398.931.401
157.601,001
258.914,58:
179,409.53'
13,714.75(
288.653.202
133.515.973
242.918.892
165.400.100
18,017.850
204.032.274
128,427,577
284.215.48(
156.317.301
12.565,309
165.195,601
113.181.890
211,627,417
136,721.778
11.843,123
144,605.451
75.667,896
162.132,747
83.133,933
10,747,167
139.199,563
22.324,741
80.931,166
42.850.472
5,723.000
Total N. Y. 0_
80,576.378
7st.210,983
+8.58
77.902,719
349.282,609
407.087,669
960,091.743
937,637,139
880,746,41: 1,060.051,391 1.008,571,34:
848.505.817
785,557.945
638,569,809
476,287,194
290.828,942
'292,664 +35.31
657.618
870,759
1.568,831
2.133,188
2,738,886
2,328,79::
4.245,238
2,012,948
3.112.183
4.528.938
3.079.749
1.538.243
1.392.121
+3.64
464.826
709,306
774.302
1.241.253
1.375,983
1,908,598
1.389.930
2.361.126
2,849.093
2,083,308
2.085.000
1.184.866
2,812,795
*287,585
150,000 +91.72
202,200
458,000
1,555.7(0
842,675
749.800
903,32(
1.148.400
1,094.800
409,200
482.400
394,450
206.900
237.450
Mass.
-Attleboro
Beverly
Boston
Brockton
Brookline
Cambridge
Chelsea
Chicopee
Everett
Fall River
Fitchburg
Haverhill
ilolyoke
Lawrence
Long Meadow
Lowell
Lynn
alden
Medford
New Bedford
Newton
North Adams
Northampton
Pittsfield
Quincy
Revere
Salem
Somerville
Springfield
Waltham
Westfield
Worcester
*95,000
277,917
8,403.438
190.973
979,215
531.696
254,994
139,675
196,543
282,364
455.671
*120.000
347,435
581,998
74,500
237,945
444,054
270,930
274.037
836.309
2.229.686
261,983
574.484
325,895
422,701
347.460
710.466
253.939
976.028
196,484
134.000
1,275,169
97,450 -2.51
319,749 -13.08
7,038,080 +19.40
325,506 -41.33
962,231
+1.77
833,822 -36.23
184,831 +37.96
179.735 -22.29
212,178 -7.37
190.538 +48.19
86.617 +426.08
102.298 +17.30
167,525 +107.39
235,608 +147.02
164,380 -54.68
250,655 -5.07
418,820
+6.03
148.644 +82.27
326,615 -16.10
232,660 +259.46
1.685.353 +32.30
119,755 +118.77
161.526 +255.66
421,495 -22.68
364,417 +15.99
152,295 +128.15
539.327 +31.73
239.003
+6.25
747,361 +30.60
365,975 -46.31
213,396 -37.20
1.140,760 +11.78
*200.000
270.870
9,453.614
315.889
1,359.870
1.977.158
284.935
110.010
121.255
445.283
188.648
129,092
240.875
234.738
265.670
159.645
419.980
253.201
456.115
194.205
1,343.208
52.140
220.625
420.062
574.032
188.910
646.144
555.754
1,019,015
223.834
347.802
1.589.992
*300.000
*500.000
641.5.12
681.653
24.679.886
24,882.551
885.220
1.113.417
2,015,316
3,688.061
4,716,235
11.063.211
248.676
202.435
582.329
354.935
1,445.251
1.523.580
697.105
777.636
259.586
879,320
360.862
340.860
834.950 •
1.703.095
763.091
591.372
566.550
597.950
633.480
1.144.424
1,520,7
64
3,115.586
975.484
1.133.678
2,238.682
1.658.466
383.230
982,463
4.887.579
5.884.777
126.695
426,950
598.475
893.156
1.618.230
1,732.290
1,839.062
2.758.729
279.675
694.901
872.073
1.161.595
980.665
1.380.406
3,693,443
5.668.263
856.913
1.730.946
113,083
434,894
5,594.581
8.328.166
875.521
1,253.848
51.223,171
1,468.834
5.037.713
12.166.140
748.521
1.458,255
1,125.782
792.256
540,954
390,640
1.256.295
857.696
711.450
696.330
3,941.999
1,878,948
3.943,495
788.555
6.865,796
375.075
1.651.789
3,371.784
4.565.448
730.375
1,792.339
3.086,153
5,095.049
2.446.265
650,000
7.411.888
735,945
1.382.885
55,445,025
1.725.858
6.291422
7,289,432
1,147.515
1,294,190
1.780,759
2,835,644
822.350
554.065
1.260.200
613.345
713.100
941.750
3,788.804
2.892.942
4,514,923
1,068,852
10.807,643
886.520
1,242.893
1.900,140
6,052.953
1.227.142
1.727,325
3,513,417
5.976.799
*2.500.000
*700.300
7,705,012
678.126
1,082.796
56,809,204
1.374.35%
5.902,446
9,2:34,767
855,060
1,175.460
2.044,330
1.845,893
637.975
209.625
2,044.200
1.261.094
650,750
963.790
3.857,775
3.800,093
4.370,512
1.412.952
10.138.606
578.685
908.652
1.653,240
5.832,906
1.789.220
2.723,745
3,385.850
8,855.819
2,344.685
706.764
8.812.324
1,100.000
907,684
51,484.404
1.879.405
4,951,49%.
8.280.842
1.090,249
1.544.560
3.485.255
2.173.581
1.563.888
844.715
2.607.175
1.745.552
822.400
1.574.635
4.612.145
3,800.093
5,743.860
2.309.955
8,393.954
388.889
1.125.735
1.919.850
8.205.278
1,694.387
2.106.125
5.085.991
8,733,708
2.797.920
914,713
12,980,557
1.176.424
812.432
70,718.365
1.811.112
9.805.841
12.070.709
981.979
3,675,785
2.183.747
3,772,090
2,127,714
667,050
3.348.150
3.072.2:30
614,500
2,597,419
4.874.993
3,005,811
5,612,172
8.339.300
12,297.313
419.372
1.503.475
2.777.859
8.288.031
1,614.045
2,188,900
5,653,030
15,002.140
2,678,226
1,063.089
18,089.639
493.082
1.239.375
53.031,931
2.441,2)s
9,339.97.
8.369.912
2.161,209
3.540.445
3.760,150
4,449,894
1,641,882
713.605
3.575.918
3.762.884
525.850
2.820.687
3,852.550
3,372.580
4,326420
8.837,400
8.646.331
340.290
725,800
2,722.545
5,693.819
2.083,571
3.098.445
3.604.730
13.100,219
1,501,550
800,000
14,789,133
528.459
1,471.675
40.675,558
2,205,068
8,638,275
5.341.128
1,120,125
2,578,690
1.468,770
5,467.027
1.113,088
1.025.910
3,322.175
7.798.821
708.905
4.026.391
3,019,272
2.357,618
3,481,678
9,062,700
8,821.418
314.965
1.687,850
1.402.105
4.868.812
1.318.785
1.229.975
3.185.356
10,997,661
1,667.321
599.552
11.136,653
400.000
499,240
57,498,972
1,206,252
8,485.850
4.695,879
742,284
1.813.941
2.011,737
5,027,737
1,057.140
1.286.050
2.588.465
5.828.179
600.000
2.901.174
1,560.673
1.901.432
3,210,330
7.057.240
6,747.432
337.280
112.050
1.628.115
3,970.851
1.168.635
988,333
3.136,602
9.077,645
1.561.863
163.525
8,227.786
300.000
434.223
24.048,803
1,833,699
3.455.249
1.868.180
820.520
995.255
694.905
1.704.213
1,138.874
773.180
1,034.697
3,037.495
600,000
1.579.784
1.358.101
1,248,250
1.348.191
3.847.006
3.496,518
238,985
809,000
794.758
1.902.593
847,753
684.514
1.838455
5,689,834
754,402
500,000
6,706.371
500,000
424.340
28.167.253
1,564.289
2,572,963
5,277.611
572.258
843.000
740.985
3.078.255
1,722.395
1.121.050
3,352,595
2.544.191
600.000
4,981,378
1,033.175
1.149.475
1.333.189
5.943.414
2,926.721
335.780
750.920
428.875
2,022.748
521,645
539.701
1.384.456
8.675.054
539.050
500,000
6.748.088
Conn.-Ansonla
Bridgeport
Bristol
Danbury
Hamden
Hartford
Manchester_
Meriden
Middletown
New Britain
New Ilaven
New London
Norwalk
Norwich
Shelton
Stamford
Stratford
Torrington
Waterbury
West Hartford
West Haven
Willimantic
*62.000
775.427
266.420
171,905
978,924
1.688,033
104,750
317.904
366,946
864.601
2.287,796
340,720
410.065
156,389
31,595
509,561
179,685
213.137
531,600
1,274,335
189,753
51,821
52.000
611,527
127,812
169,600
337,839
891,921
122.645
322,443
193.080
322.829
2.204,475
880.690
578.834
175,282
25.000
509,693
183,315
177,638
286.735
1.135,084
300,364
57,665
+19.23
+26.80
+108.45
+1.36
+189.76
+89.03
-14.59
-1.41
+90.05
+167.82
+3.78
-61.31
-28.91
-10.78
+26.38
-0.03
-1.98
+19.98
+85.40
+12.27
-36.82
-10.13
*250.000
801.294
115.337
257.932
620.588
2,183.567
215.645
339.530
219,024
417.456
2,645.778
433.740
651.736
279.942
52.200
472.489
418.429
165.652
310.143
1.019.193
450.917
45.765
*600.000
3.036.634
t_ 657.697
r 522.240
1.615.960
5,732,875
428.447
1.142498
737.864
891.321
10.011.976
2,294,810
1,862,663
155.846
79.725
1.074,485
1.100.779
236.891
830.137
2,494.086
856.980
541,120
*800.000
3.235.022
902.279
1.223.391
1,554.811
8.458.883
372.245
950.524
1.073.418
926.164
18.906.195
1.273.120
2.365.724
392.930
180.145
2.640.490
1.341.410
1.113.772
2.138.224
4.563.664
1.156.592
289.530
*1,500000
5,584.499
2.306.789
1,35/.707
2.030,898
16,922.868
833,905
1.278.280
1.148,005
1.863,299
13,284.494
1.613,393
3.518,745
392.845
175.160
4.744,754
1,660.274
1,450.820
3,000.950
6,315.939
2.000.000
412.225
*2,000010
6.129.918
1.982.727
1,185.952
2.481.151
12,938,234
1.297.681
1.277.721
1,138.909
3,482,974
8.054.927
2,193.342
4.781.698
774.236
215,865
5,179.238
*900.000
1.075.520
3.488,300
6,445,061
2.432,252
50.450
*2.400.000
5.429.445
2.008.471
2.730.920
2.254,514
17,798,928
792,575
1.569.416
1.780.393
4.454,458
12,487.432
1.801,240
3,592,009
806.243
255.800
6.341.717
968.886
1.220.333
4.916,611
6,317.738
2.013.069
300.655
2,000.000
3.861,218
1.487.971
1.136.710
1.880.630
18,829.158
975.120
1,231.687
1.373.387
8.982,728
13.182.78.5
1.276.815
3.054.352
417.936
128,525
4.436.758
751,718
1.090.658
5.261,715
5.478.209
1,692.795
212.455
2.000,000
4.308.312
1.045.835
1.707,461
2,348.263
22,130,193
2.360.820
1,261.320
941.140
7.903.466
8.345,366
1,556,630
3.513.204
1,372.875
211,888
5.143.229
543,330
600.000
5.993.095
4.423.014
2,658.601
633.998
1,600,000
3,202.407
1,663,854
1.157.752
3.082,257
18.824.463
2,754.031
2.368.348
680,605
5,981,775
8.372,250
1.608,387
2,777.251
602,063
450.000
3.846.970
558.681
500.000
4.029.190
4,624.354
2,365.247
355,875
1,500.000
4,207,527
1,600,000
575.703
1,500.000
9,281.352
2.082,003
909.442
500,000
3.297,397
8,934,663
479,625
2,878,063
689.197
324,955
3,724,251
225,495
400,000
2,776.757
3.279,989
1,477.082
500.000
1,400,000
2.259.998
1,500,000
535.870
1.379.005
8.693.130
1.164.866
1,171.299
400.000
3.763.112
9,625,918
827.175
1400.000
3.095.170
1,500.000
468.803
796.947
7.827.218
899.780
981.050
348.896
1.602,169
8,487,808
329.175
1.304.570
5.295.255
1.522.775
625.715
635.285
20.958.768
1.058.410
1.328.075
371.188
2.578.339
5.134.343
528.840
800,000
183.355
2,665,019
700,000
345,000
2.457.075
4,025,465
1.110,348
225,000
800,000
154.250
1.800.000
700.000
500,000
3,179.325
2.292.935
1.339,460
300,000
782.925
148.250
1,793.414
695.730
428.280
3.969.090
3.034.729
1.215,853
325.000
-Central Falls
R. I.
Pawtucket
Providence
42.710
929.763
1,930,950
68,660 -37.79
285.479 +225.69
2,520.950 -15.17
48.895
*300.000
2.224.589
98.375
748.500
6.382.150
154.780
1.694.125
10.879.814
821.856
1.994.925
14.943.495
349.338
2.827.964
16.015,119
752.130
3.502.683
23.113.069
1.165.780
3.838.228
23.780.900
1.074.681
.5.199 895
22,748.500
606.680
3.440.448
25.381,700
716.925
4.838.114
22.472.400
655.622
2.520.835
17,462,100
324.398
2.115.287
13.947,100
359,770
1,736.600
10,084,200
Total New England:
59 cities
60 cities
38,043.765
38,453,830
39.905.100
40.556.836
110.515.997
112.378.660
151.846.127
154,011.851
219.521,751
221.048.860
229,874,398
234.858.096
258.140.426
254.548.417
281.884,415
284.938.767
324.613.298
328.128.502
288.770.998
289.548.249
231,963.109
234.641.172
219,395.890
132.059.384
---- --
161.024.600
N. H.
-Manchester
392,448
Vt.-Burlington
664
378.
31.412,657
31.989.491
+21.11
+20.21
apEC10.17.9 lEplIelIM
396,018
$
ST6T 9Z 'Ere!.
New England States
Me.
-Portland
341.255.890
214.855.056
288.868,987
192,803.601
15.440.560
1934.
1933.
Inc. or
Dec.
1932.
1931.
$
$
%
$
$
2.106.676
848,745
890.777
145.435
343.783
940.755
300,697
146,035
469,126
*250.000
394,062
1,017.144
228,309
3.714.596
578,011
1,169,305
673,093
1,299.240
189,088
361.055
909,462
+9.70
1,920.371
210.810 +302.61
856,662 +3.98
125.551 +15.84
269,143 +27.73
212,166 +343.41
*57,000 +427.54
181.650 -19.61
607.521 -22.78
277,900 -10.04
539.355 -26.94
453,995 +124.04
251,422 -9.19
1,300,328 +185.67
458,387 +26.10
639,215 +82.93
499.989 +34.62
618,920 +109.92
123.126 +53.57
399,669 -9.66
1,867,674 -51.31
N.J.
-Atlantic City
Bayonne
Bloomfield
Caldwell
Camden
Clifton
East Orange
Elizabeth
Hackensack
Hoboken
Irvington
Jersey City
Kearney
Montclair
Newark
New Brunswick
Orange
Passaic
Paterson
Plainfield
South Orange
Trenton
West Orange
-----------
473.657
*300.000
341.049
46.826
496.765
338,692
512,407
276,681
131,564
153.790
149,455
908.586
88,570
399,898
2,877.418
107,317
307,650
486,184
752,351
309,741
185,691
358.643
380,595
Pa.
-Allentown
Altoona
Bethlehem
Bradford
Chester
Easton
Erie
Harrisburg
Hazleton
Lancaster
Philadelphia
Pittsburgh
Pottsville
Reading
Scranton
Wilkes-Barre
Wilkensburg
Williamsport
York
436,025
174,355
141,125
751.100
259.900
377,862
272,454
247,358
350,342
263,813
8.055,240
--2,266,952
88,625
1,321,689
507,598
437,960
41,806
407,306
419,205
------------
Del.
-Wilmington
Yld.-Baltimore
Cumberland
Frederick
$
1929.
1928.
1927
1926.
1925.
1924.
1923.
1922,
1921.
$
$
$
$
$
$
$
$
$
1920.
$
10.596.246
1.142.503
2,405.7/3
17.303.110
1.846.553
782,854
1.036.632
251.615
4,197.164
1.198.647
3.616.387
3.787.546
744,467
8.008.274
5,564.205
5.418.484
3.026,943
1.527.746
434.813
6.001.825
9.893.303
9.836.808
1.490.881
4.220.843
24.181.500
1.552.816
1.927,303
1.135,464
627.945
6.179.243
1.079.546
7.664.597
5.151.564
1.616.048
13,303,261
3.672.695
11.269.695
2.041.942
2.345.835
1.101.400
7.194.967
21.489.219
16,042.689
512.066
3.926.054
24.516.063
1.976,377
1.846.870
1.736.789
724.965
14.280.949
2,136,742
11.357.809
4.963.056
1.724,820
17.620.798
3.199.405
13.226.579
1,342.859
3.931.495
1.158,447
12.633.281
37.692.877
17.452.579
858.354
4.298.151
33.076.303
1.341.391
2.723.980
2.143,693
1.261,875
16,776.052
1,511.656
9.828.581
4.810.203
1.137.667
22.589,418
4.311.475
21.827.851
3.218.557
3,359.500
1.059.788
10,147,692
34.770.482
26,746.016
501.522
3.959.372
27,406.896
2,750.842
2,164.941
1.696.503
433.062
24.766.256
3.495.915
8.218.168
4.268.846
2.196.032
21,637,641
3.777.620
14.356.426
3.279,714
5.479.855
622.014
14,152,143
25.829.843
15.654.917
625.776
4.616.431
26.773.944
2,262.967
3.198.242
1,599.009
815.068
11.371.198
1.728.205
9.498,267
6.727,778
2,147,646
28.102,462
7.933.088
11.919.570
3.219.025
5.182.340
1.028.069
8,337.775
20.909,473
12,849.700
777.240
4,855.215
28.499.393
1.960.440
3.031,755
1,288.162
640,527
10.164.657
400,000
8,307.523
5,299,523
1.781.335
29.588,762
8.229.833
9.479.161
4,303.666
8.565.526
1.265.465
7.994.275
13.820,075
10,594.138
807.822
5.536.372
27,907.000
1,500.000
3,500,897
8,805.8)
72.5.2 i
4.9h9.601
23.891.000
1,400,000
4.211.497
426.896
2.278.529
18,642,000
1,400,000
3,576.299
483,649
1.515.211
13,121.000
1,300,000
1.082.075
6,259,515
379,601
6.377.255
5.762.778
2.330.965
22,938.764
4.951.604
10,228,350
2,325,949
6.204,592
2,007,195
5.273,109
10.543.700
858,594
7,990,483
809,000
3,500,000
4,251.607
2.343.985
17,347,873
3,554.119
9,909,524
1,376.313
6.922.783
1,684,750
3,900.174
8,550,750
532,409
3,596,284
800,000
3,209,743
3.179,550
1,144,050
15,940.815
2,513.231
5,838,598
1,756.777
3.102.860
1,076,920
309,925
2,526,002
750.000
2,981.119
3,670.050
782.050
9.951.813
2,601.108
6.893,180
676.561
2.220.079
4.601,500
4.720,700
802.640
447.000
1.621.648
243.205
546.984
1.296.519
1.433.122
2.567.606
2.266 257
339 937
1.740.092
4.362.435
770.173
1.463.156
6.305.045
404.578
464.691
1.249.158
1.164.715
1.356 897
*700.000
1.572.237
1.744.885
1,402.607
786.650
2.583.156
1.136.541
2.581.097
1.492.465
2.678.736
2.1h6.365
1.776.984
827.843
1.600.480
12.231.639
884.751
1.939.867
10,199.323
983.420
1.202.222
2.157.602
3.947,134
1.700.152
1.148.612
2.448.909
2.022.639
6.494.065
1.143.730
4.308.889
741.503
6.163.791
2.471.815
6.011.178
4.626.348
1.948.999
747.877
2.124.243
15.396.866
5.877.428
3.668.361
30.538.825
1.554.615
2.378,863
4.927.219
4.917,273
2.155.828
2,117.008
3.508.888
3.264.454
8.288.607
1.994.520
4.630.335
504,960
7.427,650
3.542.05"
7.696.066
5.334.906
4.491.511
564.263
5.639.280
12.895.094
6.308.20"
4,708.962
36.246.382
2.177.979
3.168,204
3.201.003
7.060.569
3.420,50"
2.034.215
4.296.287
4.418.348
5.731.639
1.979.600
6.070,867
623,270
5.330.327
3.389,065
12.319.119
10.641.384
3.672.349
1.535.424
12,960.227
13.924.080
5.772.698
5,460,079
52,632.698
3,711.186
5.585.883
4.708,851
6,296.363
5.704.445
2.497.355
4,529,273
3.407.332
9.942.168
3.128.877
4,912.918
711,815
6,457.628
3,809.315
9,144.024
4,953,866
1,126.481
1.230.921
9,090.751
21,006.103
4,250.213
7,329.752
45.059.718
2,482.566
3,235.881
3.374,188
7.623;640
4.889.781
3.104,120
5,019.118
3.602.124
12.477.769
3.686.091
5.766.251
1.343.852
7.912.711
5.221.477
7.484.219
7.862.506
2.656.394
1.757.097
9,724.191
21.284.814
6.485.351
6.741.508
40.996.478
3.606.630
3,851,753
6.659.357
8,462.553
3.669.357
2.576.775
7.092.009
2.982.174
13.541.939
3,592,267
3.964,448
600.000
6,337,940
3,423.644
6,819.810
6.279.352
1.996,118
773.701
10,073,652
19,612.367
6,504.132
7,551.820
42.483.876
2.640,205
2.142.050
3,966,745
7,511,728
3.817,444
2,398,628
5,496,765
2.084,883
10,147.518
5,535,685
3,551.098
528.903
8,121.243
4,764.748
4.473.609
6.545.960
2.038,936
567.821
7,902,614
21,653.720
3,046.920
6.870,748
35,507.219
1,834.687
1,821.916
3.712.750
7,746.157
2.562.023
2.176.507
6,642,985
2.283,509
8.508.253
3,537,500
3.521,691
652,551
4.343,192
2,957.970
4,701,984
6,315,839
1,682,866
488.162
4.250,012
14.265,710
6.464,519
3,039.183
1,852.634
239.182
1.908.327
2,389.925
3,955.879
3,547,449
1.797.644
656.421
2,418,389
12,702,972
8.942,789
2,317.199
1.000.000
4,897,333
28.585.166
1,425,262
863,479
4.586.115
5.696,013
3,021.772
2,189.393
4,301.143
1.812,526
3,493,545
20,771.205
478.750
1,395.665
3,493,545
4,405.809
1,552.398
800.000
3.306,131
920,178
1,100,000
20,576.695
706.521
1,156.208
1,649.405
3,686.185
1,370.838
800.000
6,419,957
479,656
822.405
408.019
456.700
714.150
772.495
184.857
2.678.901
1,552.390
539.702
538.423
35.126.060
13.061.730
727.963
2,891.906
1.402 164
1,198.061
326.267
595.521
796.068
2.270.422
1,373.467
1.082.865
*4011.000
1,190.261
568.863
4.082.265
1.997.311
2,933.237
694.231
1.500.000
2,004.774
6.430,471
8.059,780
580.811
1,776.166
106.228.915
36.174.512
736.652
6.181.833
2.956.814
3.457,073
1.403.245
1.288,775
1.458.719
5.935.040
3.375.818
3,858.717
1.015.213
1.794.797
732.538
4,763.718
5.606.175
1.187.764
2.829,938
111,804.660
40,254.060
1.536,375
3.826,259
5.877.149
3.921.934
1.915.561
2.080.740
1,726.546
6.688,169
3.059,877
2,447,507
547.335
2.414.715
1.299.670
5.393.086
3.569.365
1.915,488
2.908,425
117,221.245
37.139.462
1.892,300
4,601,326
6,340.773
5.212,852
1.932,390
2.780,958
1,711,772
9,167.690
3.059.818
2,127.821
700.000
3.671.500
2,224,893
6,092.221
4.333.265
2.341,284
2.328,107
140,267.200
43.790.103
3.405.473
5,317.675
5,566.677
4,102.924
3.100.326
2.229.805
1.359.487
8.659.765
3.015.438
6.156.600
798.290
3.363.592
2.514.615
8.685.683
4.336.581
2.952.307
3.985,021
170.913.530
41.512.222
2.021,585
7.273.569
6.921,323
4.286,752
2.379.110
1.915.063
3.566.777
5,344.362
3.355.194
2,447,482
611,608
2.082,760
2.032,318
7.036.299
5,315,340
2.561,930
4.756.705
141.737,460
34.156.550
1.193.910
6.125.827
6.001.496
4,554.338
2.166.885
2.124,663
2.897.005
5.113.670
3,052.373
1,944.962
237.315
2,304.380
1,367,756
4,262.524
7,389.345
4,025,300
3.730.730
122,650.935
32,928.962
3,344,458
3,313.242
1,564,622
733,555
1,634,096
1.780,820
4,860.924
3.873.640
1.605.150
2.640,665
114,881.010
35,255,375
1,814,268
1,771,818
1,624,516
507.575
2.000,000
1.453.346
3,348,360
2,712,598
475.616
1.323,456
42,790,780
23,429,744
2,630.730
1,634.598
740.922
275.890
1,701.679
1,105,864
3.737.279
1,190.690
258.150
1.286.638
55.305,390
16,048.052
4.382.480
3,780.831
3.302.343
1,701,665
1,279.744
2,153.414
1.049.366
4.982,351
3.485.854
1.440.400
1.430.240
1,887.205
1.070.385
2.219.665
1.837.886
543.450
900,000
1.003,191
2. - - .- 5 -576
40
3.021.855
1,360.216
411.150
833.405
695.596
2.852.569
229.840
810.828
3,119.447
260.667
399.349
306.819
317.556
677.317
*450.000
747.959
919.739
437.741
2.436.270
565.314
1.330.848
719.510
461.475
245.221
636.238
2.633.078
6.670.846
1.299./36
990 535
9.240.971
846.436
739 509
740.371
275.300
3.815.453
1.062.341
4.221.923
1.267.398
1.298.148
6.282.367
1.857.948
6.269.945
2,219.008
994.523
213.335
6.334.160
10.657.588
404,176
328,256
367,700
52.458
224.674
322.522
218.897
582.881
143,087
157,786
199.226
855,907
83,090
460,661
4,754,184
123.702
289,008
381,684
764,228
450.260
274.162
390,888
282,501
544.601
+17.19
173.926
-8.61
597.335
-72.47
76.753
-10.74
479.607
+121.10
+5.01547.579
508.691
+134.09
461.258
-52.53
1.062.799
-8.05
450.427
-2.53
365.075
-24.98
1.511.931
+6.15
394.335
+6.60
914.418
-13.19
2.417.706
----39.48
102.489
-13.24
351.118
+6.45
480.328
+27.37
850.982
-1.55
336.154
-31.21
*300.000
-32.27
719.447
-8.25
925.296
+34.72
642,435
151,931
102,614
575.989
73.473
192.192
483,258
941.305
345,409
141.165
6,616,530
2.520,251
180.685
326.391
458,032
789,369
65,916
412,716
388,168
-32.13
+14.76
+37.53
+30.40
+252.21
+96.61
-43.63
+2.51
+2.32
+86.88
+21.74
-10.05
-50.95
+304.94
+10.82
-44.52
-36.58
-1.31
+8.00
717.315
116.710
239.249
164.282
240.986
506.203
660.453
493.990
437.036
362.135
13.118.835
8.983.157
136.834
494.354
2,121,440
567.033
77,576
510.514
237.978
3.315.378
1,987.134
512,125
1.144.308
55.267.390
20.759.002
1.007,555
2.573.356
3.067.695
1.603.194
852.965
1.287.589
1.696.197
2,781.430
2,181.325
3,052.926
2,835,058
774.943
1.974.919
1.277.265
7,393,049
1,183,684
2,135,484 -44.57
1.407.923
3.351.286
4,993.738
6.314,843
5.676.274
6.927.279
4.967.770
4,040.640
3,868.934
3,776.942
2.827.044
2.236.710
3.840.531
10,096,776
139.302
*50,000
6,629,106 +52.31
171,784 -18.91
*60,000 -16.67
12.752,300
99.165
*90.000
29,571.120
292.989
181,007
32,628.952
251.053
212.631
39,809.880
535.525
491.204
34.638.350
1,008.544
315,500
34,125,348
944.545
111.000
42,438,705
772.510
651.298
45.364.270
2,417.147
561,662
45.771.050
1,428.711
425.893
39.156,623
1,471.024
403.439
43.263,210
1,027.999
316.971
33,247,726
1,102.674
750.545
aplizartio lepueuu
Middle Atlantic States:
New York-Albany ______ -Auburn
Binghamton
Buffalo
Elmira
Jamestown
Kingston
Middletown
Mount Vernon
Newburgh
New Rochelle
Niagara Falls
Poughkeepsie
Rochester
s
Schenectady
-Syracuse
Troy
Utica
Watertown
White Plains
Yonkers
1930.
01'I 9runio4
UNITED STATES BUILDING OPERATIONS-(Continued).
24,535,692
2,500.000
117.410
19,706.293
9,669,905
6,509,440 +48.57
11,298.985
30.821.649
28.578.772
36,129,785
51.255.080
36.328.830
63,499.330
64.711.013
46.173.128
49.744.923
36.197,059
18,999.926
W. Va.-Charleston ______
Clarksburg
Huntington
Wheeling
259.141
44,075
199.315
423.657
266.581 -2.79
98,793 -55.39
112.751 +76.77
320,867 +32.04
524.149
123.125
113.216
325.276
878,982
1.021.207
314.390
642.690
6.213.990
239.659
597.575
1.110.922
2.096.252
503,273
1.538.271
1,790.495
2.136.924
1.189,391
748.815
1.937,827
1,503.308
1.013,265
2.505,968
2,397.891
3,090.885
559.412
1.859,721
1.811.237
2.544.625
555.960
5.479.744
3.294.232
5.326.809
1.872.611
8.525.780
5.157.876
3.824,989
1.168.542
5.379.257
3.986.341
3.157.996
2,000.000
1.920.414
3.588.322
3.342.020
2.436.102
1.251.377
2,401.709
1,160.068
Total Middle Atlantic:
66 cities
72 titles
64.421.717
66,245,494
53.964.024 +19.38
54,995,427 +20.46
90.053.559
92,050.259
223.787.440
234.100,823
315,538,044
325,491.320
507,951.663
525.326.750
594.311.952
619.562,863
645.524.495
671.922.911
708,501.218
736.063.732
744.953.702
768.179.693
658.618.361
681.768.671
586.343.103
504.785.342
307.616.203
281.425.985
-Washington ______ -D. 0.
Cry
t\D
csD
UNITED STATES BUILDING OPERATIONS-(Continued)
Inc. or
Dec.
1932.
$
$
%
$
1931.
$
1930.
$
1929.
.
1927.
1928.
1925.
1924.
1923.
1922.
1921.
1920.
$
$
1928.
$
$
$
$
$
$
$
$
Middle Western States
Ohio-Akron
Alliance
Ashtabula
Barberton
Canton
Cincinnati..
Cleveland
Columbus
Dayton
East Cleveland
Hamilton
Lakewood
Mansfield
Newark
Norwood
Sandusky
Springfield
Toledo
Youngstown
Zanesville
959,673
23,415
75,000
35,011
376.207
6.151.670
3,078.500
847.600
765.128
46,845
368,827
307,640
256,917
73,750
218,118
69,510
76,582
2,426,015
439,033
63,848
754,935
19.350
26,000
83,865
101.635
5,301,921
2,748,000
824,200
487.481
34,061
64,759
189,820
146,923
68,699
117.225
30,023
57,480
397,155
531,237
22,225
+27.12
+21.01
+188.46
-58.25
+270.15
+16.02
+12.03
+2.84
+56.96
+37.53
+469.54
+62.07
+74.87
+7.35
+86.07
+131.52
-33.23
+510.85
-17.36
+187.28
921,694
22.310
61,791
86.215
385.037
9.249.715
8,928,250
1,753.250
840.381
55.390
348.008
405,052
344,051
95.135
124.458
60.050
85,699
982,732
227.793
*40,000
2.076,667
76,235
221,157
178.015
650,046
21.733,465
11.688.650
3,369,450
2,855,432
1.047,755
792.372
804.389
737.957
172,450
127,500
106,850
1.193.852
2,272.258
1.474,072
*100,000
9,298.891
280.650
394.021
367.833
1.609,771
40.068.782
32,440.000
5,585.500
5.958.214
848.559
1.621,634
1,492.607
717.563
234.310
695.887
305.397
773,510
9.691.460
2.821,414
206.673
21.886.309
377.267
628,194
1,092,272
3,482.919
35.677.417
37.782,500
11.244.500
6,342,675
2.021,625
2,078,555
1.866.320
999,905
691.340
928.444
351,950
1,707,631
13.511,740
6,008,084
632.995
19,652.285
443,295
458,492
961.483
3,599,275
35,759,430
54.592,425
15,239,250
10,358,378
757.457
2,067,079
5,112,497
1,802,040
1.355,860
1,575,101
1,027.600
1,667.598
17,146,961
8.628,040
383,710
20,967.461
541.279
514,537
1,208,794
4,105,598
31,842.334
45.480,550
22.282.600
10,432,026
1,358.018
1,888,306
3,518,525
1.790.855
649,622
2.578.721
587,092
1.744.823
16,587,388
9.300,315
*1.000.000
16,068.106
1,470.045
941.626
986.299
5,343.765
32,928.809
61.776,575
25.250.700
11.076.109
1.607.486
2,550,712
4,473,645
2.929.674
377.125
1.973,208
503.530
1.446.818
13.046.365
9,468.282
1,019.945
Ind.
-Elkhart
Fort Wayne
, Gary
Hammond
Indianapolis
Kokomo
Michigan City
Richmond
South Bend
Terre Haute
111.
-Aurora
Bloomington_
Chicago
Cicero
Decatur
East St. Louis
Elgin
Evanston
Freeport
Moline_
Oak Park
Peoria
Quincy
Rockford..
Rock Island
Springfield
-Ann Arbor
Mich. City
Bay
Detroit
Flint
Grand Rapids
Highland Park
Jackson
Kalamazoo
Lansing
Muskegon
Pontiac
Saginaw
Wis.-Kenosha
Madison
Manitowoc
Milwaukee
Oshkosh
Sheboygan
Shorewood
Superior
97,724
370,122
31.760
261,368
111,511
47,847
383.080
139.500
242,820
691,628
279.532
238.046
7.898.435
152.985
577,840
*320.000
175,595
741.700
99,887
101,141
181,850
910,987
58.314
227,300
113,766
325.184
425,31
263,084
8.836,558
701,614
472,905
160.427
73.153
516,794
312,980
197,550
183,722
348.772
184.314
552.404
313.119
2.678.285
191.404
190,589
381.375
306.571
56.117 +74.14
175,819 +110.51
118,685 -73.24
190,580 +37.14
150,014 -25.66
85.755 -44.21
142.770 +168.31
85,400 +63.35
294,675 -17.60
194,124 +256.28
104,966 +166.31
192.570 +23.62
3,683,960 +114.40
56,165 +172.38
157,605 +266.61
212,742 +50.42
105,953 +65.73
402,600 +84.23
102.782 -2.82
102,685 -1.50
122.940 +47.92
1,891.320 -51.83
73,954 -21.14
117,720 +93.09
186.426 -38.98
535,929 -39.32
256,078 +66.09
162,755 +61.64
3.945,765 -123.95
417,985 +67.86
434.545
+8.83
57,341 +179.78
84,788 -13.72
237.979 +17.16
107.558 +190.99
361,646 -45.37
70.893 +159.15
221,272 +57.62
150,455 +22.50
303.258 +82.16
520.199 -39.81
2.012.362 +33.09
261.876 -26.91
650,962 -70.72
64,577 +490.57
95,927 +219.58
94.573
1,581,507
135,425
151.788
3.180.060
56,524
153.165
71.700
524,135
605.521
133.434
207.500
3,824.500
64.677
186.626
302.076
153.142
789.450
295.500
161.251
245.270
662.835
62.487
776.205
177,700
567.642
537,560
693.236
8.682.949
260.953
1.526,560
81,783
367.667
200.377
494.237
72.323
72.018
281,004
141.218
586,420
294.988
4.066.208
260.469
323.075
115,775
249.712
299,735
2,445.712
1.048.255
3.303,684
9,032,678
173.113
249.970
211,605
655.255
918,700
1.239,257
611,700
44.030.944
1,070.703
781.040
1,077.178
607.136
3,251,25
287.273
596.606
1.262.780
2.302.112
1.362.678
614.797
586,728
1,710,351
2,313.859
1.287,425
23.068.068
1.765,328
1.212.630
117,290
418.830
1.073.228
1,017.577
485.872
339.519
500.321
706.881
1.249,225
1.184.020
12.173,501
932.526
1.205,878
1,025.134
290,584
527.207
3.054,906
1,190.810
1,822.527
8,135.387
262.960
393,950
403.854
3.959.530
738.479
1.415.125
443,700
79.613.400
1.098.173
2.005,440
1.423.498
745.456
3.152.450
604.786
1.349.647
1.861.455
3.546.830
776.374
2,863.445
759.874
3.267,264
1.349,506
1.274,224
48.369.293
3.989.968
3,073.680
713.015
698.792
1.067.579
2,064.747
1,236.030
1,290,706
2.689.650
2.215.078
2.081.064
771,825
32,334.512
1.143.614
1,589.314
1,023.131
1.021.570
1.060.727
7,023.858
3.219.075
4.144,300
15,608.002
1.347.891
5.075.176
1.062,472
6,889,105
863.081
2.281,460
1,217,300
202.286.800
3.531,638
3,890,490
2.471,731
1.383.474
8.196.300
1.123.183
2.195.290
5,720.965
3.579,455
834.315
5.085.592
2.251.454
3.163,586
7.242.183
1.166.627
100.542.497
14.571.741
6.230.215
2.327.370
3.492.043
2.409.585
9.360.084
2.250,975
6.124.130
3.208.872
4,836.027
4.962.923
1,780.576
46,656.912
1,473,660
1.651,228
1.770,738
1.183,664
1,053,899
5,967,770
o,082,915
8,509,630
23,669,315
622.317
547.700
940,723
6,639.397
989.397
3.362.592
1.335.800
315,800,000
3,665,046
4.169.345
2,733,266
2,291.046
13,178.225
1,988.650
1,710.027
9,290,495
3.951.126
2.276,957
5,714,017
1,124.099
3.787.348
4,463,105
1.813,221
129.260.285
14,412.630
8.230.285
2,603,477
2.097.086
2,034,864
4.762.147
1,928.134
13,238,283
4,369,585
3,987.618
5.579.832
1,324.432
45.588,857
1,354.362
2,313,449
2,383.607
1.852.835
2.660,566
5,965.735
15,016,529
6.141,100
22,775,414
477,533
800.278
1,828,839
5,325,166
1.998.601
2,838,801
924,200
352.936.400
4,605,481
5.786.465
5,600,364
1,839,343
16.017,225
1,606,750
1,082,101
9.080,676
3.409,575
1.105.021
6.563.723
2,269,402
3.841,173
4,208,403
611,624
145,555,647
22,087,451
8.222,090
2.654.960
2.576.645
2.223.046
7.222.070
1.229.128
17.463.676
3.600.920
4.468.809
4.461.813
1.020.259
46,361,461
2,486,862
2.357,495
3.020.448
1.312,792
1.435,245
7.733,558
20,690.162
6,776.977
21,505.000
477.429
735.616
1,352.793
9.752.029
2.061.370
5.011,001
1.193,050
364.584.400
5.319.927
5.266.352
4.449.576
2.700.000
15.825.670
1,012.200
1.358,966
6.469.614
5.685.410
1.327,518
5.537.603
1,221,082
4.271,526
3,442.187
921,059
183,721,438
13,028.751
11,336,035
4.819,035
4.180.018
1.983.590
4.336,861
1,310.187
5,518,682
3.074.213
5,127,352
5.357,584
1.626.690
41,210.250
2.747.920
2.970.592
4,000,000
2,173.755
46.087.759
48,730,142
30.097.336 +53.14
31,969,471 +52.43
56.263,705
59,390,236
174,433,689
183,777,508
337,802.517
350.826.501
625,125.978
667.961.412
826,371.468
865.597.452
896,968,585 966,827.788 1.070.479.767
944,020,904 1.001.879,097 1.101.831.475
-27.67
+46.19
+71.44
-51.31
+20.00
-39.86
+26.76
+22.69
-40.99
+29.99
+30.74
+77.89
97.396
2,241.100
147.185
4.331.904
20,585
1,366.970
398.973
6.426,805
3.064.037
260.255
296,156
2.196.174
523.175
5.720.950
454.406
16,619.836
82.500
991,637
238.481
12,371,660
13.994.545
107.080
1,585,864
3.914,556
858.665
15,942.375
1,628.830
17,347.865
153.000
2.212.396
623.216
13,449,340
11,084,281
478.576
1,492.634
5.035,825
599.429
15,468,750
1.464.391
27,330,623
100.000
3.727.371
290,601
20,960.135
9,205,574
337.868
2,560,098
5.554.497
1.453.711
15.826.900
2,004,618
42,813.495
132.330
3,311,265
594.027
23,257,725
8.737,665
550,306
3.221.608
9.050.410
Total Middle West:
53 cities
66 cities
Other Western States:Mo.-Joplin.
Kansas City
St. Joseph
St. Louis
Sedalia
-Duluth
Minn.
Mankato
Minneapolis
St. Paul
Winona
Neb.-Lincoln
Omaha
•
87,585
1,823.000
426.250
4,920.791
36,000
610,862
132.419
3,113.065
87,516
104,434
428.736
1,952.432
121,087
1,247,400
248,632
10,106,632
30,000
1.015,846
104,468
2.537.360
148.316
80.342
327.932
1.097.556
1.262.083
15,209,076
774,694
42,074,682
257.660
4.494,388
822,108
22,429.620
10.128.589
684.245
4.398.540
4.522.218
1.864.968
23.116.740
1.302.270
39.841.564
517.530
6.060.437
650.186
20.609.340
15.710.425
386.867
5.951,465
10.052.338
14.504.742
1,366.510
912,699
873.029
8,033.923
30,939,285
69,254,400
29,353.300
12,483.526
3.962.913
2.207,516
6.211,541
3,120.025
641.570
2,902,295
712.354
969.507
17,734.587
12.324.895
689.058
8.837.420
1.481.195
1,156.364
1,414.576
8,561.803
24,423.470
63,015.300
21.625,900
9.748,369
3.595.675
2.198,966
8.612.960
2,394,463
938.410
1,704.525
750.867
1.923.876
16,924,690
11.831.990
1.047,596
7.495.066
1.079.755
990.694
4,550.538
3,782.548
473,203
895,298
7,398.567
26,656.515
69,390.540
22,296,800
10.275.069
4.093.574
1,478.311
12,108.682
1,634,367
848.768
2,221.056
633,831
1,532.805
15,536,846
5.676.970
2.027.098
6,015.248
28,729.795
55.147,565
18.190,500
11,540,709
2,750,000
1,024,924
9,503,285
966.476
470.232
2,892.395
747.870
1,292,595
9,038,891
5.339.545
837.286
3,935,144
12,542,000
46,531.323
9.265,110
6.127,461
2,614.515
1,069.180
5,188.093
494,409
351,310
5.600,000
297,426
1.352,329
7,805,673
5.653.685
537,735
4,520,095
11,684.837
65,625,830
10,257.170
5,881,367
2.494.885
1,431.292
3,880.676
1.706,635
539.650
1.961,000
521.600
790.375
6.795,440
3.424,950
526,080
1,171,355
1.360.000
920.950
10.876,513
11.488.092
11,853.643
13,057.987
4.370.822
9.059.128
5.931.150
6,110.858
4,007,780
26,452.812
26.225.155
27,144.484
671.510
1,051.5991,437.463
935.512
1,324.635
659.156
862.966
1,102.655
798.912
8.770.255
5,468,101
13,462.707
1.480,683
2,645.230
2.726.691
4.445335
2.849.631
3.205.479
674,725
1.245.400
693,889
360.804,250 298,893.985 329.604.312
7,595,470
6.930,029
7.946.621
5.500.640
4.366.100
2,014.070
5,234.863
3.293.348
2,811.799
2,729.080
1.600.000
1,512.000
14,007,420
10,219.604
11.610.066
860.750
900.000
1.011.420
970.476
1.131.981
1.102.265
9.754,942
8,070.447
10.091,738
5.565.553
4,797.843
3.512.874
1,215,785
1.503.692
1,222.909
4.102,985
6.475.700
3,750.695
1,311,765
1.036,046
998,516
5,626.011
5,466,438
3.921,012
3.130.881
1.968.142
1,763,500
964.475
1.660.948
811,479
180.132.528 160,064,794 129.719,731
7.277.891
9.171.457
8.172,548
12,473.770
9,536.200
10.204,795
4,239.785
5,676,490
4.109.025
2,598.709
1,602,009
2.268.951
2,063,620
1.611,955
1.953.303
5.295,942
4.810.325
6,304,489
2,090.140
1,143,514
1,431,478
2.143.025
1.915,343
1,280,189
2,937.032
2,747,471
1,802,673
4,950,584
4,698,386
4.823.951
6,346,171
5.360.307
5,637.163
1,706,920
1.205.638
1,310,247
39.583.736
45.633.569
41,440.720
2,053,624
1,178,608
912,275
2,498.869
2,692,183
2,469.066
4,000,000
3.344,482
2,449,934
3.279.924
1,459,838
872,173
593,621
9,642,689
3.011,433
2,710.525
26.110.457
1,540.494
1.210.450
4,803,156
3,181,852
1,857,285
16,872,240
782.043
177.700
2.929.942
3.279.524
2,287,424
15,284.119
2,241.202
995.436
10,098.035
2,221.679
2,564.960
405.000
227.742,010
476.058
4.098.997
2,214.016
984.448
1,207.000
125,004,510
503.411
4,600.101
756.499
900,000
1,644,000
76 173.150
C)1
C4.7
C:)
1,072,127
38,382.965
1.894.842
54.877,013
266.720
7,093.075
640,000
29,446.310
24.045,858
836.555
7,006,077
14.624.520
2.818,660
2,647.665
2,033.790
1,445.825
19.707,605
1,800.000
1.893.673
7,546.133
4.014.613
1.310.814
2,500.000
8,378.238
3.824.739
731.530
3.528.095
2,047.005
6,538.860
2,497.817
289.150
1.998,645
1.564,271
2,063.260
3.677.542
284,200
2.431.555
4.179.575
2.338.805
2,194.685
94,615,093
6.714.910
11.165,077
3.298,015
1,285.089
1,176.260
55,634,988
3,205.110
5.634,182
77,737,165
9,633,932
4,441.711
1,456,393
1.327,712
a13fLI01t1,9 ppLIVIIU
1933.
1,968,201
1,383,620
625,895
929.163
1,929,174
2.679,977
1,295.206
4,619.285
3.045,369
1,514,596
3,066,595
2.673.858
2,677,054
2,000,000
25,250.312
1,164.199
1.810.500
2,791.172
3.034.033
19.416,692
771,343
1.614,675
1.805,942
885.007
14,912,950
584,400
1,590,057
1,890,000
1,345,680
848.616,574
880.722,496
847.158.645
641.045.736
399,342.273
394.524,361
1,325.108
21.8.59,892
1,262.940
39,831,639
335,700
7,218,731
663,708
23.246.910
20,905,997
1.253.661
3,149,802
12.268.858
462.259
24,843.700
1,821,130
41,443,755
1,032,685
6,710.665
722,536
32,315,545
36.028,196
534,945
3,195,611
13.008,899
23.146.190
1.237,419
25,210,503
335,495
7.843.956
755.040
29.470,450
22.388,862
341.120
2,940,687
11.242,915
16,025,225
1.095.044
16,631.305
382,212
3.518,464
819,693
23,391,630
14.362.181
109.677
1.715.932
11.385.200
13,760.295
942.619
17.694,078
258.550
6,989.673
800.000
13,469,564
12,276.466
100.645
2,110.545
11.435.970
S161 9Z *uef
1934.
UNITED STATES BUILDING OPERATIONS-(Continued)
1933.
Inc. or
Dec.
1932.
1931.
1930
1929.
1928.
1927
1926.
1924.
1925.
,
1923.
1922.
1921.
1920.
8
200.054
4.193,987
182,555
2,571,173
4.293.153
$
348,063
5,235.140
250,000
4.810.407
6,511.949
9
1.456,861
3,056.563
250,000
2,441,128
5.937.514
8
1.201.568
1.932,490
348,700
1,355,131
7.432.687
8
535,412
1,280,285
186.000
1.658,094
3,807.281
$
23.350
186.442
99.495
259,970
350.902
%
+165.97
+43.07
-42.76
+16.66
+95.75
:
24.734
297.799
247.100
20.195
1.180.008
$
100,610
647.147
116.340
2,126,088
2,340,208
$
251,025
1,353.858
320,850
2.386,881
6,276,230
$
317.495
1,768.453
100.000
1.718,492
8.651.582
$
462,299
1.634.322
*100.000
1,912,616
7.794,221
$
315.886
1.296,059
125.600
2,033,405
5,848.942
$
276.848
2.638.674
247.950
3,603,705
5.184.105
$
641,080
3.659,450
382,110
3,176,362
4.694,485
Iowa
-Cedar Rapids
Council Bluffs
Davenport
Des Moines
Dubuque
Ottumwa
Sioux City
Waterloo
1,512.986
188,968
350.820
1,137.414
158.059
405.525
1,142.319
440,155
416.047
193,642
427.878
745.284
281,467
276,750
373.139
265,117
+263.66
-5.00
-18.01
+52.61
-43.84
+46.53
+206.14
+66.02
436.358
382.153
716,954
1,890.001
533.761
788.950
1,167.665
291.985
1,610,691
437,800
1.201,345
2.985.872
504,251
606,980
1,571,425
793.593
2,032.388
776.450
2.451,802
4,078.984
1,546.355
545.325
3.411.875
1.191.575
2,905,969
676,950
2.357.166
4,084,303
1,049.731
776,825
3.130.368
1,989,049
2,438.280
810,250
1.390.709
4,519,984
1,046,585
393.775
2,170,440
2,722.194
2,602.622
930,250
2,299.450
2,837.037
1,288.207
579,900
1,867,575
1,088,981
6,219.713
2.002,250
1,463,764
5.918.385
914,980
665,690
4.265,356
1,536,400
3,624.186
1.782,425
2,056.038
6,183,730
1.196,564
783,415
3,611,830
879,945
2,986,857
1,421.400
1,909.847
9,219.980
1.610.758
1.096.461
4.596.058
1.138,739
3,846,808
2,711.189
3.571.476
8,330.496
1.807,908
629.208
3,328,045
2,103.483
3,358,727
1.637,714
3,287,219
12,467.820
2.926,057
720.818
3,303,883
2,744,505
2.310.335
1.697,675
3.430.990
1,326.057
634,602
3,480.805
2.203,892
750,000
1,997,327
4.091,229
750,750
723,920
4,896,510
Oolo.-Boulder
Colorado Springs
Denver
Pueblo
73,419
559.468
2.663.411
165,617
205,760 -64.32
132,505 +322.22
2.166.491 +128.64
73,319 -125.89
129.350
256.373
3,214.363
129,243
136.135
387,963
7.127.490
453,425
271.684
926.322
8,007.100
537,206
216,510
1.030.026
16,633.600
1,572,521
326,475
812,495
15,958,400
1,468,012
416,930
577.398
15,902.650
1,625.382
346,710
777.361
14,591,000
1,246.041
552,635
1,072,688
25.333.310
2.342,800
544,885
1,297.290
26,310,250
1,685,654
931.565
1.912.323
20,642,250
898,188
868.972
1.199.677
18.016,095
1.215.661
542,090
594,810
10,137,225
1,165,656
300,883
823,866
7.547.020
739,269
So. Dak.-Aberdeen
Sioux Falls
37,275
386,458
49,099 -24.08
256,949 +50.40
170.466
561,512
395.415
2,151,930
284.255
2.034.768
348.532
1.470,840
505,751
2,009,125
1.186.944
2,042,505
1.241,163
1.931,614
293,925
2.048,181
176,965
1.392,038
182,435
1.768,328
1,727.789
1,236,211
'
2,034,211
No. Dak.-Fargo
Grand Forks
Minot
184,170
73.000
74.415
81,142 +126.97
42,402 +72.16
149,830 -50.33
216.111
102.304
58,400
569.848
476.931
302,170
1.625.866
262.829
915.435
1,927.475
754,812
1.791,720
1,310.372
1,186.825
2,413.000
1,656.353
736.519
778,765
2.161,113
1,048,395
810,265
1,314,009
522.303
285,000
530,257
305.516
300,000
1.647,693
384.679
250,000
1.574,954
503,585
250.000
1.830,330
133.189
400.000
2.124.765
300,000
188,275
Utah-Logan
Ogden
Salt Lake City
65.574
271.593
624,792
42,821 +53.13
348.451 -22.05
+9.91
568,434
54,150
119.005
527,826
96.890
250,890
3,396.785
282.985
579,760
4.275,493
355.000
700,695
5,670.891
372.502
1,348.225
5.361.376
589.400
1,005.260
4.975.690
350,600
1,438.050
5,601.794
233,100
2,397,985
6,603,235
193.800
1.823.750
5.433,375
229,700
1.551,920
6.886.494
338.400
1.019.223
4,351,133
473.600
1,177.102
3.438.985
299,900
1,081,935
3,939,353
Montana-Billings
Butte
Great Falls
261.363
37.449
144,437
89.405 +192.34
96.080 -61.02
+9.68
131.685
256.728
*30.000
982.130
565,810
79.933
992,820
482,075
412,584
1,286,152
563,700
539,177
3,483.538
285,600
365.419
2.865,593
304.400
492.000
1.188,310
284,500
349.631
615,811
157.993
168.317
546.270
250,000
379,250
283,592
237.850
670.887
381,486
459,000
314.091
251,500
794,000
102.342
200,975
532,600
227,437
578.047
Idaho-Boise
339,641
219,526 +54.63
262.867
757,478
782,915
971.180
693,408
1.263,592
648,429
890,000
717,007
734.131
615,799
550,000
860,495
172,850
59.301
310.959
573,391
86.311 +100.26
23.400 +153.42
330.319 -5.86
259,808 +120.70
70.950
*30.000
392.411
351.106
447,516
65.969
2,125,343
1.228,570
635.966
122.512
3,001.066
2.066,345
805.428
104,205
5,248.674
3,449.442
1,246,649
359,425
5,999,465
2,909,210
726.659
500,000
5,652.115
2.263.057
644,765
400,000
2,637,125
1,796.604
504.597
371,281
3.106.122
1,345,858
479,964
396.862
1.903,649
1.425,984
1.032.228
584,871
1.841.244
1,432,096
1,287,256
227,867
1,815.341
1,073,276
684,581
416,727
1.803.171
1.097,704
1,169,177
219,387
4,514,501
1.192,155
123.389,424
125,723,919
161,826,676
164,763,686
181,465,406
186.147.062
169,493,936
174.055,786
195,995,885
199,922.916
261.123.821
262.297.691
213,060.415
214.574.119
247,518.548
249.804.466
202,866,560
144,108,806
131,292,381
979.284
1,115.855
1.487.310
2.986.989
5,865.990
746.122
118,250
979.550
283,850
660.116
1,339,321
382.846
3.409.701
1.588.528
13,480,380
74.088.825
107.769
9,284,758
671.920
203,927
6,040.751
696.838
1,254,840
889.727
525.782
1,665.878
3,062,373
1,852,646
5,393,252
22,726.994
412.336
3,417,200
1.475.545
592.178
2.400,541
1.334.158
1,315,643
420.387
885.551
1,404,416
2,513.501
1,580.216
4,732.846
8,116.042
1.505,973
142,300
1,167.371
521.170
765,773
1,698,846
850,518
5,456,149
2.370,950
18,149,585
93,016.160
251,248
14.317.428
481,360
324,775
6,991,199
1,231.143
1,063,140
722,879
628,300
1,484.423
4,409.244
2.386,901
12,149,167
33,682,025
495,790
2,468,155
1,807,396
396,995
2,987,104
2,663.380
1,444.054
606.418
1.421.016
2.131,396
2.078,295
1.471,239
6.076.626
6.060,442
1,476.032
191,425
1,341,671
710.792
495,480
1.771,219
780.870
7,465,265
2,708.502
16,366,835
101.678,768
187.805
1.136,091
715,796
629,300
5,949,553
1,134.489
1,912.105
1.082.139
933,145
2.008,150
5,559,417
2,822,745
12.372,600
37.766.363
540,732
2,541,110
1,584,402
424,324
3,934,692
2,638,831
1.798,838
1,668.979
1.504.592
1.537.424
2.422.862
1.994.491
6,687.233
7,212.766
1,732.437
307,750
814,918
298,104
364,926
2,690,978
832.593
8.246.150
1.584,134
13.706,145
123,027,239
392.990
20.794,66f674.581
202,220
9.019.866
1.330,620
1.481,899
715.636
1.203.320
3.141,555
7.968,182
3.452.706
14.251,966
47.032,848
505,524
3.564,480
1.154,035
365.112
4,392.459
1,904,154
2.824,193
2.119,923
1.122,412
2,238,799
3,119,574
2,095,215
7,337,076
11,001,877
1,912,647
303,685
1,503.188
577.163
444,663
1.819.985
496.961
10,027,798
1.429,713
8,615,720
123,006,215
386,965
28,0 r 5,295
1,057.890
296,000
9,667.900
1.430,638
980,380
1,061.907
2,276,552
2,309,842
7.732.573
3.530.193
20,001.729
57,953.948
1,098,420
4,378.940
2,028.019
512.124
7.517,422
1.583.650
2,749,564
457,788
923.571
4,127.301
3,395,922
2.117.938
10.058,730
10,566,818
2,109,141
250.640
1,566,271
589,018
1.133,355
3.093,062
592.986
10,224.020
1,263,410
19,046,766
152.636,436
379.805
39.185.863
877.718
507,525
9.633.746
1,918.009
1,116,348
921,467
1.312,822
2,262.537
11.351,277
3.255,214
18.198,200
50.392.793
632.512
4,846,775
1,359.479
727,095
5.138,292
844,196
3,728.712
357.643
2157.329
2,562,008
5,398,490
1,096.452
9,369,027
5,053,644
2.592,314
326.875
1.164,862
1,146,095
820,363
1.645,488
1.079.240
10.175,311
2.184 441
20,601.267
150,147.516
420,420
31,223,433
797,604
550,650
12.040,719
1.517.079
1,586.098
1,103.441
970.211
2.041.229
7,666,669
3,762.123
13,561,106
57,852,973
621,145
3,959.075
1,595,688
555,835
8.415,136
1,135.122
4,163.012
1.092.280
8.108.632
1,676,088
7,231,330
1.169,573
7,959.140
3,891,136
1,969,682
366.368
1.081,492
875,453
866,030
5,890,104
2,087,186
10,047,694
2.701,727
23,697,830
200,133.181
379.825
27,628.175
1,193.512
868,350
11.534,186
1,877.321
1,693.821
1,196.086
1.147.664
2.511.712
9,699.638
2.343,617
12,102,426
46,676,079
654,300
2.731.630
1.411.218
490,300
8,045,254
792,770
3.897.130
1.873.295
Wyo.-Cheyenne
Sheridan
Ariz.-Phoenlx
Tucson
Total other Western:
42 cities
45 cities
Pacific States
Calif.
-Alameda
Alhambra
Bakersfield
Berkeley
Beverly Hills
Burlingame
Colton
Compton
Emeryville
Eureka
Fresno
Fullerton
Glendale
Huntington Park
Long Beach
Los Angeles
National City
Oakland
Ontario
Orange
Pasadena
Piedmont
Pomona
Redwood City
Richmond
Riverside
Sacramento
3an Bernardino
San Diego
San Francisco
San Gabriel
San Jose
San Mateo
San Rafael
Santa Monica
South Gate
Stockton
Torrance
Venice
..
26.948,893
27,513,908
25,883,488
26.318,791
+4.12
+4.54
35,789.405
36,740.298
91,944.168
93,656.351
848,394
334.134
605,997
659,650
1,886.528
66,061
105.234
195.552
81.218
156,222
801,398
123,442
933.524
572.521
2.629,670
14,591,595
50,000
2,802.210
274,302
130.546
1.663,232
142.513
316.802
83.159
102.433
575.657
1,444.484
622,011
2,575,714
7,309.635
117,147
1,323.005
531,368
52.351
644,236
259.025
1.593.541
138.807
493,660
246.955-243.54
281.676 +18.62
408,833 +48.23
760,173 -13.22
1,797.892
+4.93
143,703 -54.03
16,575 +534.89
416.459 -53.04
42.088 +92.97
117,854 +32.56
518.511 +54.56
57.305 +115.42
740.435 +26.08
476.656 +20.11
6.452,960 -59.25
15,283.216 -4.53
50,938 -1.84
2,050.116 +36.69
42.088 +551.73
29,700 +339.55
993,671 +67.38
184,727 -22.85
159,506 +98.61
186.545 -55.42
103,948 -1.46
383.453 +50.12
+5.75
1,365,988
143,521 +333.39
1,819,154 +41.54
56,448.751 -87.05
74,010 +58.28
1,061,8711 +24.59
386.369 +37.53
172.275 -69.61
486,529 +32.41
214,518 +20.75
313,171 +408.84
637.710 -78.23
125,247 +294.15
780.595
375.475
289.291
940.029
1.135.669
159.146
23,400
192.313
55,803
89.603
791.617
84.540
1,247.595
239,920
2,716.760
17.506.606
36.838
2.388.773
59.280
47,284
1,219,653
121.115
469,553
154.165
150.494
294.576
2,375.253
199.449
2,137.011
16.427,915
109.525
1,033,810
354,958
188.141
541.144
169.960
1,394.132
787,898
242.278
674,547
1.171.450
685.944
1.598.416
3,275.899
684.470
64.200
379,248
278.270
208.618
1,028.899
129.716
2,901.545
553.730
4,590.795
41.210.860
89.484
7,415.159
418,590
233,384
4,053,183
360.138
1,169,644
714.934
515,435
672.319
3.687.076
643,502
5.259,224
21,372.550
334,013
1.776.090
1.266.045
206.535
1,637,042
476.620
1,295.371
102,690
430.447;
971.170
759,931
802,482
1,898.686
5,622,963
1,838.994
2.198,869
1,483,794
3.376,409
787,729
796,492
1,314,979
3,113.364
513,441
422.672
280,307
100,870
522.000
7,495.840
2,034.526
6.305.971
3.860.967
951.941
5,099.201
6,775.587
759,348
3,137.264
14,044,518
121,206,787
284,190
24.468.223
13,159,243
82,761.386
262.585
15,791.616
11,001,662
60.023.600
111.628
9,489,906
924,412
9.420.481
1,430,415
1,114,447
382,398
6,493.674
867.715
904.026
3,7534.255
794,510
801,437
897.072
1.458.429
9.351.052
2.209.663
12.004,036
45,327,206
354.846
1.960,548
414,237
879.480
3,853,084
1,019,560
10,547,853
22,244.672
357,495
1,235.349
763,390
779.360
3.449,388
596.650
5.671.798
26,729,992
112.514
1.750,046
219,800
3.878.365
257,400
2,504.100
117,500
1,219,359
3.141.900
333.680
1.712.738
2.617.527
___
apyroito lepirewg
Other Western States - (Con.) $
62,104
Kan.
-Atchison
266.740
Kansas City
56,950
Leavenworth
303.290
Topeka
686,905
Wichita
00j ealtlIOA
•
1934.
ITNITED STATES BUILDING OPERATIONS-(Continued).
Inc. or
Dec.
_
Pacific States (Con)Ore.
-Astoria
Klamath
Portland
Salem
1934.
1933.
1932.
1931.
$
90.333
193.376
2.301.431
286,899
$
%
55.702 +62.17
104.238 +85.51
2.380.440 -3.32
184.607 +55.33
$
81.600
139.400
4.827.230
204.384
$
549.143
447,943
5.977.625
325.765
$
95.001
1.206.727
12.063.580
529.406
$
93.153
1.759.810
15.493.310
1.359.175
$
162.900
951.896
21.275.970
1.605,643
3
157.414
1.920.334
28.973.455
2,626,427
$
278.150
2.437 58.3
32.588.975
2.904,104
903.000
1.639.147
38.476.335
1,794.935
1,357.440
1.682.779
29.219,425
1,731.210
379.333
25.247.135
1,287,282
800.000
20.939.650
693.678
------800,000
17,225.576
343.570
Wash.
-Aberdeen
Hoquiam
Seattle
Spokane
Tacoma
Vancouver
Walla Walla
Yakima
45.187
45,220
2.187.525
753,917
30.590
1,273.182
109,482
373,167
38,976
9,517
1,934.150
622.180
135.055
131.259
57.357
88.440
+15.93
+375.15
+13.10
+21.17
-77.35
+870.04
+90.88
+321.94
34.694
18.980
4.022.084
572.801
740.990
83.176
76.056
142.099
67.213
136.684
9.415.600
2.088.970
2.154.323
179.636
135.910
1.806.085
393.470
128.052
30.843.465
3.640.843
4.571.470
230.643
403.542
1.648.185
838,479
477.793
29.104.775
4.149.210
4,751.231
487.196
282.741
1,242.895
706.651
753.257
34.813.200
5.736.778
4.622,765
1.56.3.583
683.943
1.118,645
992.202
1.420.538
29.070.080
3,656.499
5,391,113
1,342.122
364.480
862.165
1.451,233
530.358
34.207.700
4,191.223
7,121.632
865.012
479.631
1.190.696
1.279.021
457.255
30.626.995
4.366,856
9.926,134
401.708
309.098
821.037
869.334
374.341
27.279.500
3.296.388
8,539.035
443.606
160.558
730.401
1,144.348
608.457
22.974.720
2,486.563
5,500.926
628.425
419,834
729.733
437.111
230.864
19.783.835
3,177.234
4.239.028
221,414
515.500
245.445
189.292
12,862,425
2,124.037
3,669.082
297.846
311.834
13.760,090
3,031.704
4,749,673
412,709
797,730
Total Pacific:
36 cities
51 cities
51,874.583
55,527.287
97.881,661 --47.00
100,937,017 -44.99
65,543.132
68.475.061
128,572.497
136.850.981
219.887.450
231.878.275
281.968.939
298,445,124
297.593.222
315.638.136
363,003.009
376,710,783
403.667 192
419.876.044
455,799,907
472,616.154
427.005.231
448,745,841
448,366.999
,.....
330,768,325
219,483.882
182.358.123
Southern StatesVa.-Lynchburg
Newport News
Norfolk
Petersburg
Richmond
Roanoke
428,626
269.388
676.798
87.466
1.236,262
166.363
567.549
223.142
822,151
22,170
1,024,615
404.766
-24.47
+20.72
-17.68
+294.52
+20.66
-58.90
936.288
277.788
1,219.384
38.848
1,095.951
387.768
880.112
772.785
1.589.299
137.818
3.046.948
1.284.436
1.697.231
1.317.915
2.641.117
212.807
5.896.468
2.768.955
1.032.192
814.627
2,792.217
437.723
9.154.225
2.406.923
1.113.956
829.705
3.891.511
539.211
8.844.881
3,353.198
1,561.143
791.279
3,411,815
270.169
9.780.943
2,598.545
1.046.557
380.925
2.811.070
315.877
10.024.874
4.568.594
1.291.924
261,396
2.966.747
594.256
13,398.246
3,425.275
1.612.519
174.847
6.938.422
258.816
13.613.019
4,167.068
859.885
244.095
5,365.021
413.233
15,642.229
4.073.597
948.065
642,467
5,169.533
499.000
559.038
5,030.168
9,632.053
15,116.912
3.259,524
9,292.879
2.285,899
4,778,756
1,221.285
N.C.-Asheville
Charlotte
Durham
Greensboro
Raleigh
Wilmington
Winston-Salem
331.162
788.834
39.300
618.702
290,670
*75,000
352.127
165.242
721.988
27.950
267.918
144.248
*50.000
245.964
+100.41
+9.26
+40.61
+130.93
+101.57
+50.00
+43.16
101.468
602.567
385.985
205.247
132.330
136.000
403.021
240.083
1.275.290
714.880
1.111.126
575.752
475.350
853,987
466.089
2.607.313
1,013.155
766.985
671.462
828.650
1.602.428
2.260,712
3.867.705
1.924.437
3.133.865
1,472.166
568.900
5.000.165
3.110.001
7.294.038
9.905.838
5.048.295
3.864.573
624.150
8.531.028
6.002,647
4.861.761
2,586.754
4.837.830
3.706,969
461.700
6,539,187
9.299.545
7.336.980
3.371.004
6,362.118
3,252.564
1088.550
5,581.331
6.010.919
7,244.193
5.174.525
6.192.150
2,904.452
572.475
5.004.382
4.289,291
6.827.433
3,097.955
4,342.242
4.653,124
1.605,600
4.524.124
4,565.489
5.265,340
1,395.600
3.522.715
3,776,421
1.967,700
4,260.285
3.190.777
5,032,455
1,207.387
4,223.179
3.038.572
918.000
3,286.864
1980,120
2,353.808
1,413,706
1.944.083
2,284.835
892.700
2,426,467
1.411.156
2.589.110
1,438.422
1.090.397
822.012
1.388.900
3.259.495
-Charleston
8. 0,
Columbia
Greenville
518.600
919.182
351.360
142,464 +264.02
143.403 +540.98
146.320'+140.13
238.112
582.209
174.275
407.718
1,095.859
492.348
0.36.647
1.872.395
1.025.934
685.620
1.283.835
1.182.278
565.609
1.626.576
1.442.928
584.169
1.561.400
1,119,995
508.205
1.490.484
912.735
235.432
1.286.316
2.560.803
1,547.238
1,330.561
1.277.541
2.507.847
1.583,993
1242.277
1,368,294
1.570.870
1.326.610
3.290.023
1.151.937
2,105.410
Ga.-Atlanta
Augusta
Macon
Savannah
2,514.488
757.756
330,184
572,545
854,535 +194.25
361.539-109.59
414.502 -20.34
251.171 +129.14
1.896.465
394.255
647.712
134.405
3.402.110
350.928
893.384
412.631
8.924.099
764.542
1.210.683
540.185
13.212.611
1.192.345
1.020.066
2.170.229
27.580.541
1.487.312
2.371.852
1.122.012
12.081.122
1.470.847
2.895.871
2.180.050
17.789.363
1.135.609
1.757.649
3.143.462
633.155
1,554.690
1.495.320,
I
10.403.558
1,5.35.949
1,745.026
1.595.830
18,196.091
1.175.353
1.762,647
2.264.349
27.094.912
1234.780
1.502,882
1.509.534
20.584,754
2.398,126
1.579.313
1.306.740
11.236.776
76.993
930.136
2.055.059
13.372.666
1.873.582
1,430.798
4.025.000
1'1a.-Jacksonvil1e
Miami
Orlando
Pensacola
St. Petersburg
Tampa
2,284,622
2.810.092
367.930
385.375
501.000
468,510
1,658,661 +37.74
1.806.379 +55.57
181.501 +102.72
370,029, +4.15
391.650 +27.92
415.524 +12.75
2.871.689
1.067.427
159.126
367.186
273.700
438.992
1.728.200
2.079.347
20.3.835
1.014.914
672.650
741.933
1.594.351
2,159.496
343.8.35
641.483
797.525
1.293.961
4.824.332
3.911.750
597.985
500.000
1.445.900
1.917.807
7.905.762
2.171.847
1.239.576
1.025.260
1.846.100
3.643.259
13.051,074
9,964.877
1,973.587
1.486,692
2,907.400
5.732,606
21.393.945
35.845.109
8.288.359
1.691.352
15.580,200
15.872.772
14,760.711
60.026.260
7.993.658
754.415
24.081.700
23.418.836
7,311.497
17.038.144
3.036.006
1.300.446
9.557.500
6.577.055
7,5.36.557
7.228.569
3.271,749
643.468
7,124.560
3.516.773
5.831.078
4.647.744
5,087.337
5,415.800
3.466.405
4.476.760
364.379
4.167.6.35
3.091.780
1.116.100
4,608.820
4.057.028
437,313
2.801.120
2,664.392
-Birmingham
Ala.
Mobile
Montgomery
1.034,796
26.462
414.952
594,993 +73.92
86.060 -69.25
347.838 +19.29
70.3.940
107.479
1.128.459
2.314.302
17.122
819.750
3.185.698
1.084.670
1.274.082
10.401.370
1.643.939
2,756.481
18,641.006
3.200.788
3.331.900
22.862.303
2,240.814
2.525.947
22.263.116
1.777.899
1,575.529
21.464.878
1.964.264
1.011.576
20.247.707
1,299.780
704.100
12.166.996
1.149,430
883.457
7.491.020
1,169,679
513.644
8.556.101
600.000
513.644
4.384.229
603.473
600.000
623.987
102,201
478.920 +30.29
58.320 +75.24
138.416
61.073
478.586
72.976
2,985.334
191.675
3,970.489
622.445
2.603.097
1.049.287
2,805.818
486.886
3.045.285
392.421
2.171.271
546.000
1.850.573
700.436
2,700.000
626.518
1.182.550
479,852
329.556
78.377
455.395
183.608
-Jackson
Miss.
Vicksburg
1928.
1927.
1926.
1925.
1924.
1923.
$
$
$
1922.
$
1921.
$
1920.
--
$
cgt
ts.D
-------756.150
12,088.506
425,990
822.610
166.655
155.243
1,414,324
1.321.804
226,652
111,500
1,185.297
441.201
-26.47
+39.23
+19.32
+199.59
428.212
•150.000
3.197.238
458.034
354.785
244.000
5,529.626
937.141
560.731
401.434
6.183.082
1.559.716
756.071
423.344
11.974.629
3,457.915
628.892
1.307.377
11.899,011
4.916.680
1,140.782
719,657
16,117,c55
3.977.680
999.570
1.170.424
18.789.444
5.421.768
1.926.155
647.422
16.345.140
5.491)818
1.159.663
231.754
16.991,150
8.069.000
1.028.133
187.783
13.089.015
9,467.382
886.892
326.333
10.495.460
6,070.084
860.575
284.277
8,043.159
3.871.485
905,922
.452.730
12.598.468
5.717.419
Texas-Amarillo
Beaumont
Dallas
El Paso
Ft. Worth
Galveston
Houston
San Antonio
Wichita Falls
482,927
327,757
2.790,391
260.107
1,825,167
529,180
4,738,260
1,302,152
384.660
208,999 +131 07
276.616 +18.49
1.959.465 -42.41
248.666
+4.60
2,814,163 -35.14
470,069 +12.57
3.334.800 +42.09
1,007.217 +29.28
87.435 +339.94
*1,500.000
298.000
2,352.162
364.712
1,434.299
1.019.876
2,874.040
1.535.807
719.113
2.737.571
1115.552
7,190.944
961.756
6,316.346
2,542.275
11.900.170
3.281.864
150.568
1.843.145
2.666.354
11.135.911
2.953.770
10.096.821
1.796.85)0
17.264.993
8.511.555
1.104.822
1,845.021
2.659.321
9.548.889
4.378.799
11.324.845
3.658.967
29.526.810
3,111.385
1.337,338
2.906.174
4.355.392
8,232.384
2.050.183
13.222.147
2.731.310
35.319.503
16.408.0.35
1,911.612
10,491,884
4.946.486
9.874,846
1.308.991
17,111,480
2,977,728
27,326.475
13,987,847
4.050,687
16.476.528
2.451.961
16.133.426
1,163.657
17.022.468
3.213.095
28.512.805
14.462.932
10.022.263
3,436.953
1.638.870
28.379.558
2.184.332
8.872.323
1.707.439
35.040,010
9.428.043
5,098.866
1.550.582
2.540.373
26.402,814
1.605.257
11.408.208
2.605.205
17.222.059
6.603.860
2.343.713
1,309.615
2.689.371
20.988.469
2.101.980
8,395.264
1.889.851
19.117.106
8.053.266
1.747.767
1.530,748
18,646.988
3 070.266
12,128.722
2.121.168
12.489.469
7.234,303
1,296.788
2,374,260
15,000.205
4.279.932
4.602.962
1.963.919
10,398.795
7.515.045
330.000
1.634.885
13.595.157
3,296.579
10.373,229
672.783
8.529.247
4.711.212
2.332.000
Ark.
-El Dorado
Fort Smith
Little Rock
65.525
215.324
470.551
95.012 -31.04
118.930 +81.05
145,027 +224.46
27.077
170.600
229.746
21.980
231.749
1,666.107
102.000
426.805
2.125.705
*700.000
1,199.946
3.267,187
2.201.184
1,618.704
4.261.359
734,691
1.088.517
2.993.636
1.925.763
1.310.921
5.968.226
2.024.415
1.075.595
5.107.847
850.757
1,067.246
4.331.398
2.387.519
1.506.884
3.843.204
1,349.758
3.908.781
993.396
3.620.638
1.071.178
3.727.732
Okla.
-Guthrie
Muskogee
Okmulgee
Oklahoma City
Tulsa
Tenn.
-Chattanooga
Knoxville
Memphis_
Nashville
FRASER
Digitized for
28.879
40.690
18.555
1,757.106
820.393
42.256
*60.000
11.875
1.441.894
515,059
-31.66
-32.18
+56.25
+21.86
+59.28
25.628
*40.000
*7.000
1.596.418
510.802
41.297
80.495
9.941
13.355.821
4.605.930
169.618
578.554
39.540
20.604.772
8,166,839
204,178
463.099
200.000
24.374.100
17,481.592
239.457
565.565
252.965
18.128.653
13.553.351
436,047
835.817
262.350
16.238.714
14.840.251
900.000
390.427
560.881
10.028.228
7.615.428
931.005
701.217
321.470
6.751.775
10,075.971
3,000.000
401.444
326.355
8.052.935
8,048.283
3.000.000
1.303.316
1.027.050
7.948.577
7.780.252
3.000.000
2,830.148
1,215.775
7.698.106
13.636.489
3.000.000
1,119.475
1.662,825
7.794.797
7,330.340
2,678.729
1.193.714
2.452.900
6.007.798
9.648.547
641.027
1,251,044
1,732,250
252.352
641,724 -0.11
489,769 +155.44
1,615.482 +6.67
1.804.299 -86.01
1369.685
1.373.370
1.975.090
1.147.845
1.258.357
1.052.664
3.479.635
4.846.035
3.021.336
2.683.118
9.921.132
5,443.874
2.520.970
5.554.230
8,216,277
5.669.001
4.919.768
7.122.657
15,451.573
*5.500.000
4.975.169
5,708.582
15.094,642
5.529.435
6.016.569
10.730.451
18.579.260
3.823.829
5.154.558
6.329.396
18.667.605
7.012.768
2.915.924
6.512.411
23.757.040
5.148.098
2.943.697
6,587.810
20,998.380
9.670.453
2,552,698
5.042.172
20,883.008
5.259.908
2,476.129
2,665.411
9,377.025
3.342.359
2.98.3.320
2.429,041
6.715.183
2.182.383
S£61 9z •uef
La.
-Alexandria
Lake Charles
New Orleans
Shreveport
lepueuu
1929.
a13y10.111,9
1930.
UNITED STATES BUILDING OPERATIONS-(Concluded).
45,854,653
46.895,476
$
755.251
342.342
5.465.910
*100.000
$
652.850
1.295.361
6,845.650
'150.000
34.374,266 +33.40
34.903,798 +34.36
43.635.936
45.410.987
105.936.340
110.732.571
178.971.731
181.623.518
255.371,156
259.201,885
273.613.432
281.113.995
-0.14
+0.80
THE DOMINION OF CAN ADAEastern Canada
4,098.025
-Montreal
Quebec
354,825
Outremont
415.308
Quebec
125.025
Sherbrooke
465,765
Three Rivers
700.983
West Mount
5.648,862
182,850
724.548
186.400
228,588
359,116
-27.45
+94.05
-42.68
-32.92
+103.76
+95.20
-Moncton
Z. B.
St. John
Total East (38 cities)--Western Canadalan.-Brandon
East Kildonan
St. Boniface
Winnipeg
lta.-Calgary
Edmonton
Lethbridge
Red Deer
-Moose Jaw
ask.
Prince Albert
Regina
Saskatoon
Swift Current
Weyburn
Yorkton
ritish Columbia
New Westminster
Vancouver
Victoria
Total West(18 diles)
Total all 56 cities)
•Estimated.
1929.
$
197.139
898.141
2.093.388
*50.000
273.231.370
283.366.137
-Halifax
4.S.
Sidney
1930.
%
-21.91
+194.84
+47.51
+69.22
$
166.500
330,364
1,640.165
21.850
+1.72
+2.43
Kingston
Kitchener
London
Midland
Niagara Falls
North Bay
Oshawa
Ottawa
Owen Sound
Peterborough
Port Arthur
St. Catharines
Sault Ste. Marie
St. Thomas
Sarnia
Sudbury
Toronto
Welland
Windsor
York
1931.
$
1.447.125
2.117.697
13,427.910
250.000
,
353.807.79) 347.824.415
363.942.515 355.324.978
NIL-Belleville
Brantford
Brockville
Chatham
Fort William
Galt
Guelph
H
1932.
1928.
1927.
1926.
1924.
1923.
1922.
1921.
1920.
$
1.581.750
1,961.994
18.081.575
357.350
$
1.650.400
2.353.635
23.243.210
379.250
$
2,145.300
2,110.131
20.919.545
464.100
$
2.254.100
1.892.630
29,910.246
275.745
3
1.613.550
1.744,326
22,682.959
314.090
$
1,709.375
1.955.432
17.024.651
$
2,135.000
2.231.141
16.738.750
$
1,297.000
1,274.723
7.428.300
$
533.000
2,082.390
8.622.152
334.249.207
341.491.702
331.103.187
345.439.047
411.381.352
439.232.903
437.154.896
451.741.309
334.085.044
340.270.14.
302.557.391
270.953.131
190.797.233
192.924.005
1925.
4.302.696,723 3.614.662.440 3,449.465,740 2.807.884.753 1.869.694,975 1.634,378.397
409.093.556 1,184.452.740 1.734,302.962 3.018.857,906 3.901.501.792 3.541.388.042 1.008.309.244 4,393.364,166 3,702,135,335
420.526.396 1.220.779.503 1.776.623.053 3.096.839.460 3.500.730.450 3 651.036.270 4,121,964,853
I
2.663,907.795 2.169,314.914 1.393.407.781 1.343.549.455
331.190.8.37 835.170.131 1.327.235,292 2.056.766.163 2.463.864.653 2.660.641.629 2.948.257.8.50 3.294.125.381 2.768,156.623
342.623.677 R71.496 991 1.369,555.384 2.1:36.747.717 2.563.093.311 2.770.289.853 3.061.913 459 1.:384.792.91412.8.55.629.519
1.101.233
1,681.450
3.616,132
45,183,317
3.408.500
6.360.165
689.930
2,332,500
3.560.797
31.700.549
2,543.575
3,939.281
714,250
1.445,575
2.904.529
25,520,523
2.772.200
3.274.371
1 038 060
2.064.814
2,931.524
31,013.419
3.375.950
7.332,846
524.925
1.046.200
2,381.608
27,092.468
2,203.250
4,786,933
722,100
730.745
1 933 232
22.335.796
2.718,930
3.236.291
732.000
1.200,000
1 592 000
21,310.472
1,297.115
3,693.397
335.000
1.292.800
1 609 413
14.067.609
838.225
2,301,480
3,265.538
857.700
1.179.800
533,730
473.387
452.200
81;4.550
1.759,000
527.315
537.313
7.008.320
908.900
1,645.700
2.408,900
50.000
905.510
400.000
1.478.090
3.403.323
200.000
622,403
560.945
1.427.432
782.059
172.090
1.019.759
2.311.120
47.646.314
301.500
5,571.849
7.714.900
248,323
802.528
372.000
707.266
2.062.000
378.581
462.815
6,342.100
678.203
1.524.522
2.561.705
58.608
2,056.415
452.000
2,515.070
5,420.900
262.375
565,577
5.292,545
1.249,141
401.020
362,732
814,586
958.475
51.607.188
309,866
4.518.723
5.660.700
670.010
571.599
188.900
595.087
1.209.450
197.513
493.167
3.837.150
420.467
1.272.631
2.814.956
57.658
1.517.510
548.174
5.255.188
6,446.045
330.3.50
630,595
3.473.736
1.147,286
329.461
92.682
1.064.265
391.360
31.274.876
40.4,679
4.930,832
4.526,600
306.610
232.754
150.000
591.750
1.291.250
108.723
326 192
3,130.950
608.532
1.100.111
3,621,200
105.000
1,504.000
341.9.57
1.052.100
3.101,748
141.900
342.757
961,580
940.642
235.831
138.597
601.646
547.360
26,029.584
904.049
7,319.454
4,093.200
194 725
159.537
140.600
193.858
730.340
108 723
2,673.9.30
493.758
1,546.182
2.389.800
100,551
1.114.290
515.090
576.205
4.911.685
533.560
272.637
402.488
666.962
352.090
350.181
725.698
306.285
25.249,628
124.320
4,333,945
4.380.500
195 000
189.980
350.000
355.329
1.272.570
124.742
904.304
3.309.800
1,035,620
1.221,122
2,113.500
125,000
802 622
400.000
786.985
2.540.670
166,210
437.510
1.187,307
713.638
559,245
164.026
840.803
362.585
23.926,628
178.880
4.429,308
4.145.750
286 825
615,686
400.000
265,867
1.425,130
135,631
571.484
5.452.930
649.233
1,893,992
3,261.065
100.000
758.513
493.158
1.923.110
3.521.817
310.565
295.448
2.640.321
806,310
401.032
334,239
781.970
306.700
30,609,227
206.150
4.725.034
8,921.650
255 400
465.421
375,050
366,317
1.466.685
731,706
964.808
4.928.465
46.070
2.461.721
2,605,630
75.000
800.74:3
271,325
1.155.130
5.159.687
205.000
939.154
1,167.529
1.293.576
588.613
210.714
880.260
228,190
35.237.921
362,371
4.194.035
11.167.750
115 524
388,450
28,500
800.000
913 050
450.000
933.257
4.639.450
668.334
932,050
2,527.510
38.457
1,145.599
926.088
1.329.405
3.232.322
1:35.355
541.754
113,509
776,360
924,:388
115.755
1.331.337
4:37.450
23.878.240
435,735
5.123 150
8.101.100
177,250
798.223
2,100
709,437
1.045.160
291.760
486.958
4.321.420
494.736
1,277.595
2,146.305
209,000
493.965
129.925
849.496
3,367.557
120.325
839.700
216,350
830,652
400.000
258.821
742.265
725.575
25.748,732
299.420
4,846,338
4.313.260
31,873.676
790.750
4,049.875
676.350
242.030
705.188
37,504,590
1,481,600
4.912.257
812.150
851.703
2,207,501
46.086.383
2.163.150
5,684.183
757.640
1.488.065
3,220.145
36.304.181
4.887.100
221.900
100.705
170,844
506.677
76.060
87.545
150.865
54.480
451.000
294.100
239.021
88.768
221.072
106.443
5.029.050
1.424.300
548.199
349.039
627.853
363.047
1.456.900
567.690
71.805
*40.000
220.448
167,299
155.508
117.280
146,375
41.314
3,055.200
1.649.515
99.700
23.055
278.526
192,919
339.005
282,438
563.626
221.566
436.147
142.679
139.640
44.955
171.818
61.518
600.205
91.240
19,009.985
6.919.550
67.650 , 209.726
1.367.525
848.377
1,742.065
4.412.400
187.360
1,034.957
327.635
821.258
1,227.300
264.899
346.448
6.291.100
1.056.986
1.344,232
2,744.735
42.000
483.678
1.024,710
195.470
6,295,075'
131.800
797.895
995.487
610.067
589.803
180.327
643.898
1,914.600
30.095.589
196.125
1,9941.335
4.623.050
10.428.631
272.950
1.179,465
305.900
107,575
286.370
76.455
283,586
32,430
53,850
621.700
135,006
110.078110.078
772.535
141.398
234,449
671,840
60.000
73,540
18.500
50,970
1,271.680
18.000
149,238
101.807
151,648
257.340
42.261
127.202
133,670
7,378,772
108.326
170,102
642,650
29,700 +157.42
171,783 +65.08
32.820 -1.19
89.113 -39.57
213,400 +191.33
101,256 +33.33
180.665 -39.07
510,200 +51.42
179.667 -21.30
140,233 +67.30
551.485 +21.68
*20,000 +200.00
42.882 +71.49
23.150 -20.00
+3.95
49.035
916,065 +38.82
31.000 -41.94
133.900 +11.45
114,815 -11.33
115.356 +31.46
93,397 +175.53
64,863 -34.84
63,846 +99.23
66,235 +101.81
4,291.667 +73.63
46.286 +134.03
70.485 +141.33
944,130 -31.93
749.428
74.992
597.909 +25.34
33.325 +125.03
942.719
114.344
2,964.985
102.830
3,118.395
235.107
5.209.245
233.667
2,808,357
205,304
1,510,499
291.898
764,996
136.577
1.035.645
43.907
731,309
151.907
378,709
319.162
1.752.632
604,847
2.179.809
556.813
3.411.341
911.882
974.146
*140,000
143,093 +580.78
+6.82
131.066
155.611
440.306
385,850
1.256.927
456.692
2,063.454
300.000
1.245.608
337.073
636.277
736.110
613.916
272.701
404,208
204.620
683.530
101.774
1.122.265
385.461
358.500
1,037.942
707.100
649,520
574.100
1.201.673
574.500
+25.48
30,394.252
83.854.697
120,100.268
152,339.512
150.223.071
139.383.853
104.155.215
93,407.603
100.122.735
111.003.547
113.972.009
93.480.558
84.752,073
44,758
17,300
80.640
707,650
46,821 -4.41
19,200 -9.90
53,390 +51.04
742,200 -4.66
155,104
77.870
218.945
2,219.400
286.611
144,600
270.695
4.396.600
557.178
260.450
811.570
6.653.650
403.667
300,000
553.103
11.057.250
418.130
336.589
871,105
10.547.400
230.252
246.628
761.470
7.569.300
100.000
200.500
501.256
10.362.600
76.573
168.385
969.259
4.156.690
270.285
158.558
418.545
3.177,900
183.634
222.300
510.353
4.484.100
225.029
382.828
552,663
6.875.750
741.190
577.884
380.143
5.580.400
411.127
380.823
465.992
8.367.250
687,094
479.108
70.110
3.780
100.687
118,481
291,696
79.725
13.080
760
23.600
449,917
428.565
54,283
7,990
44.845
40.789
133.392
107.910
35.750
1,153
30,000
t52.71
11.79
29.16
-52.69
+124.52
+190.47
+118.68
-26.12
-63.41
-34.08
-21.33
917.868
1.093.045
192.150
48.106
85,598
97,606,
277.069
531.855
10.230
8.690
32.4651
1,944.039
1.377.175
1.294.056
11.180
87.630
269.805
1.598.440
1,718.515
25.285
24.544
32.613
4,054.364
4,300.935
984.830
125.025
1.059.303
524.692
2.971.543
5,518.040
199.730
230.803
221.825
11,417.144
5,669.685
559,392
130.920
847,974
1.485.530
10.016,631
4.103,983
200.0(30
300.000
500.000
6,302,142
2,379.971
498.590
133.080
1.073.078
1.33:3.180
6.619,206
5,756.542
100.000
357.525
137.716
2.330.131
2,568,565
438.684
21.955
1,54:3.389
218.985
3.492.090
3,215.995
150.000
240.610
100.175
1.989.048
1.853.735
236.360
26.740
268.326
75.000
4.242.502
2,018.204
100.000
38.176
14.311
1.197.475
1.481.890
161.190
28.685
243,535
52.740
1.208.403
1,079.442
95.020
45,140
38.387
1.030.790
2.305.005
175.086
26.200
501,126
151.465
839.325
1.282.276
95,020
2.205
45.140
821.840
1,488.875
259,685
23.000
289498
254.255
1.264.0:30
852.548
14,500
19,055
47.995
4.000.000
2,338.109
213.695
18.540
279,180
119.598
1.784.124
1,818.909
12,430
48.985
136.575
3.500.000
1.563.966
217.760
11.96.5
480,000
576,598
1.699.020
774.660
16.000
102,530
191,075
2.906.100
3.231.955
230,000
66.050
1.533.095
469.975
2,603.320
1.900.000
26.721
2 376.341
423.196
114.800 -32.32
1.564,541 -9.31
340,136 +27.04
135.062,
2.130.466
389.673
580.321
10,066.425
737.160
553.990
14.645.206
1.898.262
1,011.629
21.572,727
3.742.481
1,928,324
12,777,293
1.827.937
1.083.146
10,687.167
2,524,791
751.189
15,501.262
698.237
704.263
7.963,575
546.517
321.432
6.230,774
838.201
350.848
6.277.574
1.050,161
332.680
8.661.095
1.033.004
264.890
3.000.000
977.167
319.109
3.709,873
1 207.573
20.217.171
17.799.533
18.414.151
28.833.794
20.655.248
30.628.099
113.624 77,
117.922.268
129.417.698
142.808 903
114.135.30r
115 330372
21.987.530
77,695
1,418.822
432,112
17,523,191
4,647,098
4.215,682 +10.23
8.621.202
24.865.694
45.571,396
73.871.616
53.392.808
37.413.283
38.977 446
26.634,628
21,738.873 +22.52
39,015.454
108.720.391
166.671.664
226.211.128
203.615./379
176.797.126
4
143 132 4 1
feprIeLlki
Total Southern:
55 cities
60 cities
Total:
310 dties
354 cities
Outside New York:
309 cities
353 cities
$
130,019
974.060
2.419.359
36,975
Inc. or
Dec.
aio!uoitid
Southern States (Cona)
Ki:a.ThCovington
ngton
Louisville
Newport
1933.
OH arrinloA
1934.
01
C.47
C,02
534
Jan. 26 1935
Financial Chronicle
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1934.
Continuing the practice begun by us twenty-nine years ago, we furnish below a record of the highest
and lowest prices for each month of 1934 for all the leading stocks and bonds dealt in on the Chicago Stock
Exchange. In the compilation of the figures, which are based entirely on sale transactions, we have used
the reports of the dealings as given in the Chicago Stock Exchange official list each day, and in our range
we make no distinction between sales in small lots and sales in large lots.
For record of previous years, see "Chronicle" as follows:
Jan. 27 1934
Jan. 28 1933
Jan. 30 1932
Jan. 31 1931
Jan. 25 1930
Jan. 26 1929
Jan. 28 1928
Jan. 29 1927
page 566
page 562
page 739
page 732
page 523
page 468
page 484
page 565
Jan. 30 1926
Jan. 31 1925
Jan. 26 1924
Jan. 27 1923
Jan. 28 1922
Jan. 29 1921
Jan. 31 1920
Feb. 1 1919
page 533
page 505
page 366
page 349
page 353
page 415
page 409
page 416
Jan. 26 1918
Feb. 3 1917
Jan. 29 1916
Jan. 30 1915
Jan. 31 1914
Jan. 25 1913
Jan. 27 1912
page 333
page 399
page 380
page 349
page 347
page 244
page 256
page 234
page 276
page 348
page 205
page 138
page 135
page 198
Jan. 28 1911
Jan. 29 1910
Feb. 6 1909
Jan. 25 1908
Jan. 19 1907
Jan. 20 1906
Jan. 21 1905
March
Apra
May
October
November December
January February
June
July
August September
Low HUM Low High Low High Low HUM Low High Low IRO Low High Low MO Low High Low Mph Low High Low littlh
BONDS
1927
Calumet & So Chic 5s
Certificates of deposit
iiii
Chicago City Ry 5s
1927
Certificates of deposit
1927
Chicago Railways 5s
1st Mtge 5s ctfs of dep
1927
1927
5s series A
1927
5s series B
Purchase money 5s
1936
Holland Furnace 6s
1939
Magnet Mills 6s
Metrop West Side El 1st 4s I938
208 So La Salle St Bldg 5545_1958
4
_ _
_ 493
_
_ _
-- 5012
-37 8 "Ei iiE2 - 1 4 i5 "49
0
49
4
48
52 463 51
44 54
-------- 53
49 8 4958
,
3
4
47 5312 513 5212 507 5112 52
19 --------13
1512 1914 19
85
17
26
85
1714 1.5
2934 30
17
12 ii
3434 32
11
38
_
_ _
_ _ _
4914 _ i If :058 1/58 Eir 1414
5012 ,
4
57 57
527 ---- ---- 4718 55
3
-----------------------5313
52 5614 55 5734
5213 53 54
13
13
13
_
iiira
56
57
5534
_ ___. ---- Ri-Li --------5912
58
50 53
56
5712 --------61
553 -------- 58
4
_ ---- ____
is --------13
6113 58 58
61
8 60
583 593 4
_
_
61
60
"1
663
63 4 17
8
13
113 -- ----------------1053 -- 12 --------------------------------9
4 1212
I
16
36
2814 2713 30
19 3113 25
30 3812 2812 3014 2813 3014 25 2914 24 31
38
STOCKS
Par $ per share $ per share $ Per share 5 per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ Per sham
5213 6013 58 60
50 53
47 51
45 48
487 5112 493 5114 48 50
8
• 40 4312 44 50
Abbott Laboratories corn
49 5112 49 50
4
3812 4212 37 41
25 2758 4012 40 4712 3812 4014 39 44
37 4213 40 44
4
Acme Steel Co cap stk
35 4012 34 3714 3612 3712 363 38
1014 16
14
1112 1312 103 1113 11
11
1114 11
812 812 11
7
612 6
Adams(3 D) Mfg common
• 6
87
8 8 3 10
85 10
8
11
4
1413
3
• 158 258 134 134 112 218 112 3
314 214 3
8 314 3
3
4
Adams Royalty Co corn
354 3
318 25
312 112 312 3
8
8 112 178 13
5 218 433 333 438 3
112 13
4 118 15
37
3 3
Advanced Alum Castings
4 24
8 2
33
8 213 314 2
4 23
8 15
2 4 13
3
-_ ---4 912 ---Ainsworth Mfg Corp corn
10 83
-- ---_ ---__ ____
__ ____
---_
__ ____
- ---- 1912 1913
- ---11
18
1034 --1114 11 --93
4
85
17 -2012 1612 1-8 17 1-- 13 -1314 1213 Ws
11
13 15
17
Allied Products Corp class A ..' 10
10 -1214 912 --- 10 -4
2112 24
12 25
13
• 10
1753 133 1514 15
2012 22
Altorfer Bros Co conv pref
1612 16
16
20 2012 1614 20
18
17
20
17 21
4 214 ---- ----2
7
8
7
3 13
Amer Furn Mart Bldg pref_.100
2 ---------------- 2
2 ____ _ __ ---- - - ---- - -- ---- - - ---- - American Pub Serv pref
612 912 614 83
912 714 13
100 5
55
8 9
4 814 03 913 11
712 614 - 14 612 I
522 14 6
61a 712 5
1
14
12
12
14
12
12
12
18
18
18
is
14
14
18
18
Amer-Yvette Co,Inc,corn1
58
Preferred
r15
*r's
Armour & Co common
5
614 612 Lis 14 i
8 614 83 1
5
4
8 47
314 Ertl 14 512 18 55
338 57
s
58 6018 58 60
$6 prior preferred
•
60 61 ---- - _ ---- — 2 --,- ,
---- - -312 3
373 31g 378 3
Asbestos mfg. Co.. common__ _1 3
37
8 212 314 212 3
113 2 4 114 1 •
3
Vs Ile
8 23
112 I5-8 15 - 3
l'z 13
4
Associated Tel & Tel Co—
Class A
7% preferred
100
$6 preferred
Trg
r
-18
Associated Tel Util common
•
18
53
14
3
8
1
8
14
1
4
3
8
12
1
8
1
8
f8
1
8
f8
1
8
8
14
E4
3
8
f8
1
f4
14
-14
1
$6 cumulative prior pref
•1
33
14
$6 cony. preferred A
14
1
2
12 --------33
12
3
4
3
8
7
8
14
12
•
1
4
1
2 12 -------12
3
8
12
14
18
14
13
12
$7 Cumulative preferred
•
1
1 -------1
3
4 133 112 112 1
3
4
7
8
114
3
4 1
13
12
5
8
14
3
8
5812 5813 5912 5912 61 61
56 56
6112 6112 6112 6112 ----------------6553 6512 6712 75
Investment Co
• 55 15
78
Associates
78
•
253 2912 ---- _ - -_-- - 4
Auburn Auto common
2414 26
Automatic Products common 5 214 512 53
8
s 97
3 614 77
4
1 8 53 V
57
53 6
3 63 712 412 684 6
4 83
8 814 77
8 612 712 618 7 4 63
3
2
3
2
114
4 112 112 1
113 13 ____ ____ ____ ____ -_ - - . 112 13
4
2
Automatic Wool Co cony pref • 112 112 212 3
1
114
Backstay Welt Co corn
i1
66
2 6C
6
0
Balabon & Katz preferred___I00 ------------------------5013 --- ----------------60 ' 54 60 ----------------126312 --------70 8212
63
2 74 68
10
3 8 414 3 8 4
5
4
5
8 712 514 614 412 6
Bastian-Blessing Co corn
,
33
4 514 4
4 812 6
* 53
5
4
413
15
Beatrice Creamery common___50 --------15
8
3
4
14
233 183 237 1753 /054 1712 118 1358 1714 14 8
5 16
155 1 ;
8 77
1114 13 3 1158 13l8 118 17
74
8
Bendix Aviation Corp corn
1633 9 4 1514 11322 8
912 612 83
117
8 912 1133 93 1014 8
1 8
4 63
4 314 2
4 838 418 638 414 514 23
Berghoff Brewing Co corn
2 4 312 23
3
4 .5
318
112 134 15
184 212 112 113 113 158 112 2
112 113 113 13
8 2 8 253 3
7
2
8 13
4 2
4 218 218
Binks Aug CO cl A cony pref__• 17
Blum's Inc—
•
Common
• 312 312
318 318
_
313 312 ---------------- 4
i
Convertible preferred
4 2412 2314 2212 203 434 1612 2258 1812 2314 1914 -1 2038 2438
10 2012 2712 2 8 --- 237 263 H3- 26
8
s
4
-31 2812
2
2913 2712 1
Borg-Warner Corp corn
1-14
98 10013 99 106 10314 10618 10014 106 100 105 102 108 10414 107 1063 10713 10612 10558 1073 10933
98 101
100 93 97
4
8
7% preferred
117 12
11
11
113 1014 12
10
1012 10
Ills 1134 1113 1258
3
3
1112 1012 11
8
812 83 1013 1012 1113 11
• 8
Brach & Sons (El) corn
. ----------------8
5
Bright Star Elec Co class B
95 --- ii --- i2i4 8 11
11
12 9i8 --818 1013 ii 1134 5E2 - 1 5E2 -12 • 53 714 12
7
* 6
13
5E2 11
8 11i
9
114
Brown Fence & Wire el A
11
213 13
2
214 2
3
8
8 413 314 314 2 4 312 2
4 35
8 23
4 213 43
• 15
4 212 212 412 418 43
13
4 2
3
Class B
8
612 714 614 714 5
8
514 8
14 6
10
1258 8
1012 6
117 177 1311 163 1314 1512 11
8
3
4
* 93 13
Bruce Co(EL)corn
612
13
14 --------14
1414 1413 -------- 15
4
14
1218 14
13 8 14 --------1414 1412 138 14
7
Bucyrus-Monighan class A_-- • 1018 14
15
314 214
412 3
412 412 7
4
i0 3
3
313
7 --------453 412 412 412 ---------------- 4
Bunte Bros common
100 _
Preferred
9
11
8
3 818 1113 5E3 - - 552 -12 51 I
8
87
8 712 1112 63 1112 1018 123
10 4
4
Butler Bros common
7E4 18 7T2 - -18 75 - 8 i
5-8
18
8 859
f
Canal Construe Co cony pre-_ * 2
i0 14
Castle & Co(AM)common
20 614
Cent Cold Storage Co com
Cent III Public: Serv $6 pref.._* 1212
Central Illinois Secur Corp—
ly
1
Common
5
• 58
Convertible preferred
4
Central Indiana Power pref__100 63
18
Central Public Service Corp A I
18
•
Central Public Util A corn
Voting trust ctf
18
1
Cent So West UM prior lien pf..• 5
* 4
Preferred
•
3
4
Common
Central States Pow & Lt pref * ____
• 1653
Chain Belt Co common
• 10
Cherry Burrell Corp corn
100 7312
Preferred
Chic City & Con Ry partic pf_• 1
•
Certificates of deposit
2,
•
Common
8
I 17
Chicago Corp common
• 2214
Convertible preferred
*
Chicago Electric Mfg A
Chicago Flexible Shaft com
5
5
Chicago Mail Order common
100
Chicago N S & Milw pref
100
Prior lien preferred
Chicago &Northwest Ry com 100
100
Preferred
8
15
1
14 2
184 1; i613
1
13- i
4
- -12 31. - -12 2
3
3
i
4 3
2 4 214 314 5
17 2914 --------13
18
1512 1312 14
4
12
1313 1313 1312 113
14 14
3
4 8
712 712 8
63
4 714 712 712 7 4 73
784 78
4 712 8
712 8
1912 1512 24
2212 17
1814 2214 1414 183 10 4 1412 1012 1213 1053
18
19
3
4
114
1
718 714
713 612
14
14
14
14
3
8
14
12
17
1312 614
2
118
614
_
_-- 1678
17
10 ____
3
8
12
12
113
8 8
83
4 814 83
12
14
1012 8
18
18
3
3
325
14
14
3
8
3
8
13
14
14
3
3
912
9 12
15
83
4 5
5
9
112 1
173 1
512
8 ___ ____
__ 17
1678 ____
5
93
95 -8 10
__-_
14
12
8
73
4
11
75
8
14 ---18
14
13
--- 1412
1612
914 512
118
3
4
538
7
178 17
3
1013 ____
14
12
7 4 712
3
1518 7
la
---18
14
13
18
912
17
614 ____
1
12
512 313
167
3
17
____ 7
i
i
I
____ ____ ____ ____ ____ ____ __-- --__
1
1 ____
18
14
12
13
la ____ . _
14
14
la
13 .___
2
238 338 212 3
2 8 17
258 2
8
3
28 4
7
4
2512 273 253 2671 253 27
4
2413
8
4
/
4
2914 273 3114 2618 29
1
_
_
Pe 113 11
4
8
1514 1218 143 12
14
18
12
818 12
58
3
8
873 1012
_
z Ex-dividend.
3
8
3
8
12
14
14
3
8
14
38
14
3
8
714 7
7 8 63
3
73
4 714 712 7
4 73 64
3
,
4
412 413 6
4
5
9
4
412 35
8
18
la
la
13
_
14 _.__
13
13
13
13
18
13
18 ._14
14
Is
13
18
13
18
13
Is ---_
- ---18 ---97 11:98 1012 -8
12 612 Ii
13 4 813 11
,
12
107
3
3
35
8 2
314 213 3
__
313 312 314
3
8
52
Ai
52
'2
52
-4
333
14
12
18
4
318 3
214 214
-- 214 214
4
1654 17
1653 17 -----17
1714 17
17
1814 ---13
1212 1212 12
10
1112 12
10
1853 15
s 100
i
I ____ __ill,. 112 152 jig
I
4
8
1
____ ---- ---- --- -- 15
3 114 133
i8
14
18
-8
1
18
la
- -- -.-- .--8 2
112 212 i
g 213 134 218 15
212 17
2412 263 253 30
8
2413 2612 25 26
28
4
2812
7
75
3 7 3 75
15
__
__ 8
,
3
8
5
,
7 7— 7 8 7 8 75 ---- -- 7
7
97 1018 0 4 1053 10
8
10
1112 7 8 1013 10 10
11
3
10
914 912 1012 9 -1412 1714 1534 1714 1212 215
9 8 12
,
1513 19
17
8
1254 14
83 1284 87 10
4
14
I00 ____ ____ ____ ____ ____ ____
Partic certificates ser 2
Chicago Rivet & Machine cap__' ------------------------8
70
66 66
Chicago Towel Co cony pref_• 65 67 65 65
8
8 38 3
5
• 17
413 2 4 314 211
Cities Service Co common
•
Club Aluminum Utensil Co
3
4
53
7
3
5
8
7
3
14
7
3
• 20 25 _ ___
.. 1512 1512 15
Coleman Lamp & Stove com
55
6
i 53 56
Commonwealth Edison cap_100 34 5712 5212 -2—
Community Pow & Lt Co 86 pf • 412 41 ---- -- ---- ---- 813
40 44 ____ __ 37
Congress Hotel Co common__100 40 42
58 158
Construction Mat Corp $3J. pL
12
5
Consumers Co common
f2
6
8
3
8
i2
..
-34
4
4
6
6
413 4
100 2
6% prior preferred A
2
4
4
4
4
3
100 1
' 7% cumulative pref
•No uar value.
84
3
8
812 8
1438 10
3
3
18
13
3
8
13 ---1538 14
63
4 512
114 1
712 614
17
17
93
7
10
i
/14
I% --------1
f
15
18
13
17
1712 17 19
10
85 1012 1053 1314 1314 14
8
8
123 105 123 1054 1338 11
8
4
1618
r Cash sale.
14
1784 i2E2
71
76
8
314 23
5
8
7
8
20
15
49
58
813 ---37 ____
3
3
4
2 13
1
2
4
1452
--- 11
1714
80
74 74
28 2
7
212
1
8
5
8
3
4
16
16
19 4
3
57
47 56
---20 20
____ ------12
4
33
458
-
---__
912 -10
10
12
12
12
97 10
8
1112 15
__
- -- m- - r- --58 ---3 Ws 513 --1 — - -512 ---3 53 73
0
6 s 56
-__ ___
__ _
713 - 1318 i
79
80 80
153 213 18
4
12
12
6
11
133 1712 15
4
45
46
57
--- ---- ---___ ____ 10
a
I
71
79
1313
2
3
8
12
14
15
4
498 3914
-- --,-1812 17
f8
f8
1
8
f4
-14
1
4
12
3
3
2
2 ____ ____
3
2
2 ----------------2
ii iii
1052 iti
79 --------80
112
2
7
8 112
3
8
3
8
3
8
12
16
1414 1414 15
4512 4018 4512 4014
,- ---- ---- 7
-- --------1213
17
-18
3
2
f8
3
112
18
4
112
f8
4
2
_
14
714
5
18
14
Is
16
512
12
13
4
--18
114
D4
/12
3013
yi,
,
-
1014
147 1714
8
14
14
4
54
3
107 107
3
8
iir, yil,
1114
80
114 Tit
184
12
3
8
5
8
15
198 2014
4
48
4414 4712
15
-14
4
2
1212 1213
f4
2
13
4
14
312
13
4
535
Financial Chronicle
Volume 140
Chicago Stock Exchange—Continued.
STOCKS
November December
October
March
April
August September
May
July
June
January February
Low Htgh Low High Low High Low High Low High Low Iltgl Low High Low High Low High Low High Low High Low High
Par $ per share $ per share $ per share $ per share $ per share $ per than $ per share $ per share $ per share $ per share $ per share $ per share
54 7
512 7
12
512 512 514 6
7
6
10 --------7
618 7
1114 8
9
7
10
718 7
Continental Steel Corp com____* 5
---- - ,57
55
63 63
56
50 60
56
65 65 6512 --------5512 60 ---- 61
100 4014 48
Preferred
14
7
414 312 418 312 3 2 313 - 3- 313 -5
3
7
23 4
8 5
8 5 4 712 43
37 5 614 812 5 3 8% 614 73
4 6
7
3
Cord Corp capital stock
8
958 9 103
3
78 7
814 948 84 1018 814 97g 814 93
814 7
8
4 812 7
4
613 918 53
25 713 1138 83 11
Crane Co common
73 9013
52 75
54
50
53 58
5713 63 55 5914 54
3
100 44 6513 55 644 58 64
5213 617 53 59
57
Preferred
100 100
93 94 100 100 --------98 98
100 90 94
Cudahy Packing Co pref
Curtis Lighting Inc corn-------*
5
2
53 V
1
68 5
5
-7
1
5 5
Curtis Mfg Co common
318 ------8
Dayton Rubber mfg pref____100 ____ _.... 267
Prior common
*4l
Class A common
10 14 212 2
Decker (Alf)& Cohn Inc
4 713 ____
* 53
Deep Rock Oil cony pref
8
1814 145
• 17
De Mets Inc pref w w
8
634 35
5 4
Dexter Co (The) common
6
6
* 5
Eddy Paper Corp (The)
4
8
5 834 127 113
Elec Household Util Corp
Fair (The) preferred
3018 3018 32
3113 3313 3118 3118 30
32
453
112 214
214
lit -- ---2 13 iel -112
__
712 6
4 7
6
8 73
7
65
15 --------1213 13
12 12
124
4
5
614 4
6
553 4
8
43
4 7
43
6
814 734 814 8
5
13
1312 12
1134 1313 12
1434 144
- - -_-_-_-_
73
6
121 1212
4
43
81
8
3 13
15
1-_--_-_ --112 -12 --138
4
4 33
4 63
613
- 6 3
_ 1318
1212-412 33 --4
4 414 34
712 8 8
8
14
1512 1312 16
1012
-14 ---i,
418 31.
13% 1412
4
4
814 9
4
8
155 133
1214 1112
16
18
-- 1- -------312 314 314
1512
1412 15
412 4
414
1212 19
10
1312 14
15
1418
1212 10
16
Li li
11
12
16
14
8 518
55
518
9
8
63
4
113
- -- 10
1514
16
14
12
1513 1412
_
12 ____
8
17 117
614 63
4
53
8 53
83
8
74
3
7 4 612 7
4
153
10
10
4
163 1312 18
8
3
14
12
4
183
16
18
100 _
7
3
1612
413
13
1314
1338
11;
-4
171/
12
5
15
154
1$11
_--- ---.
2
*
$6 cumulative prior pref
*
$7 cumulative preferred
Fitz Simon & Connell Dock &
Dredge Co common
8
• 133
Gardner-Denver Co common—* 18
5 4
General Candy Corp class A
* 814
General Household Util com
4
Godchaux Sugar Inc class B__.• 33
•
Class A
Goldblatt Bros Inc common...* 20
4
3
Great Lakes Aircraft A ser 1—*
• 2012
Great Lakes D & D corn
Greif Bros Cooperage A com_* ____
5 512
Greyhound Corp common
Grigsby-Grunow Co corn
10
Hall Printing Co common
10
Hammermill Paper common
•
Harmischfeger Corp corn
*
Hart Carter Co cony pref
100
Hart Schaffner & Marx
Hibb Spencer Bartlett com..—25
•
Hormel & Co (Geo) corn
•
Houdaille-Hershey class A
•
Class B
25
Illinois Brick Co
Illinois Northern Util pref___100
Independent Pneu Tool vtc com•
*
Interstate Power $7 pref
•
$6 preferred
*
Iron Fireman mfg co•t c
Jefferson Electric Co common *
1
1
1
1
1214 12
12
14
13
15 --------1214
15
514 558 513
458 6
8 7
3
1218 7 4 105
7
7 ---4 6
513 83
10
1512 1612 15
17
171 4 15
2
3
12
12
8
5
4
2
3
1
181 133 1714 14 4 167 147
8
8
3
4
_
25 26
1812 5
197 1614 s
16
8
181
4
1414 143 1448 1612 15 15
157
14
1413 17
15
18
19
19
19 20
17
18
20
19
16
20
41
4
744 612 718 534 67
4
4
4 51
8 43
1013 9
4
143 1034 1412 13
4
163 1113 1413 1158 14
93
81g 81
1018 8
4 814 9
734 934 8
8
4
4
4
8
3011 51534 323 1512 173 163 193
8 112
7
153
8 14
7
4 1
3
1913 184 218
19
2114 17
22
__
____
__ ____
_ ____
7
4 1514
638 514 __-6
1 -4
753 -- 4 97 _-
184 17
17
8
5
12
8
7
1638 1914 1714
__ ____
____
1914 1612
1313 --
8 7
714 914 63
9
353 718 64 93
4 814 613
512 512
_
___ _
_
1314 1314 __
i _-- --------5
5Ty 1
7
E5
713 74 55
8 68 5
6
5
512 812 712 9
10i2 20
19
18
1934 14 14 ____
15
1018 15
29 ----------------30 30
28
19
19
1818 1814 16 16
16% 19
4
16
173 19
19 2214 19 21
20 21
23
11
1713 22
20
g $14 63
4 gi
33
8 538 6% 514 614 34
4 $14 4
4
6
412
6
4 714 5
53
6
,
5 3 74 5
49 65
8
4214 48
60 6112 615 65
66 70
65
21
32
22
8
2234 255 23 26
17 2312 21
23
151? 1514 1513 15 15
1412 1712 1753 1712 15
10
11
11
11
1018 1314 107 12
11
8
8
153 123 1512 1413
4
8
4
1212 1312 115 13
163 1413 1614 1212 13
13
11
8
22
• 20 22
Kalamazoo Stove common
•
Common new
I 21
27
2712
Katz Drug Co common
10 212 3
25
8
Kellogg Switchboard corn
100
Preferred
8 512 4 4
Ken-Rad Tube & Lamp corn A--• 23
3
1713
23
...50 11
Kentucky Util Jr cum pref.
1614
• 1114 17
Keystone Steel & Wire COM
50
Preferred
75
3
914 7 4
Kingsbury Brewing Co cap--.1 7
•
Kirsch Co cony pref
5 --------9
Kuppenheimer class B com
8
5 --------7
La Salle Extension Univ com
8
Lawbeck Corp 6% CUM pref_100 22 2212 225
14
14
Leath & Co common
38
Cumulative preferred ______ _*
5
- 53 414
Libby McNeill & Libby com___10 3
8
5
%
12
•
Lincoln Printing Co corn
50 --------414
7% preferred
8 212
10 212 37
Lindsay Light common
213
Lindsay Nunn Pub Co $2 pref....* 114 2
• 412 512 412
Lion Oil Refining Co corn
1712 17
• 17
Loudon Packing Co corn
5 30 363 3413
4
Lynch Corp common
Manhattan-Dearborn Corp corn • 112
* 32
Mapes Cons mfg Co common
8
* 125
Marshall Field & Co corn
Material Service Corp corn_ __10 3 4
3
McCord Radiator & Mfg coA_ _• 213
3
5 34
McGraw Electric common
McQuay-Norris mfg common
* 4012
• 1434
McWilliams Dredging Co
Meadows Mfg co common
58
Merchants & Mfrs Sec cl A com_I
Metrop Ind Co allotment ctfs___ ____
1 212
Mickelberry's Food Prod corn
Middle Western Tel class A_......• 1
•
Middle West Utilities corn
13
a
12
$6 cony preferred A
4
*
Midland United Co common
h
•
Convertible preferred A
..100 114
Midland Util 6% prior lion.
100 1
7% prior lien
6% preferred A
7% preferred A
100
13
2714 213 2413 2113 2612 2114 24
4
lco, 1214 10,
2214 23
20
22
3012
4
1812
112
514
1713
3
803
4
3513
4
1812
2
818
1934
81
44
18
33
8
43
____
2
5
8
164
80
8
17
8
203 20
21
33
35
4 412
43
__ ---8
15
2
_513 513
2014 17
80
80
212 112
3312
412
- 5
18
7
1712
80
4
13
638
13
412
6
1212
26
204
2014
412
44
62
2618
11
612 8
-_
___413
414 -6
4
13 1313
2518
25
20 21
1914 2014
4
7
3 8 43
4 14
4
6012 64
26 27
812 10
2 5
4
-1113
- 1512 - 8 -1514 1 4 12718 1611 1112 11
144 1212 13
1112 12
32 38
3114 34
3214 35
32
4
323 36
518 312 3
34 314 512 412 5 4 5
3
20
34
412
18
____
5
19
7712
8
14
733
13
412
3
74
1213
26
2013
28
7%
5
62
29
1138
4
63
1312
412
6
1214
27
4
173
31
7
68
514
55
2814
12
8;
16
5
n
13
30
,
20
331
84
63
551
35
12
WI
-1714 WI; -154
18
17
1314 17
3012 a29
_ a1712
3514
34 36
----- 37
8
19
17 19
2 12 218
2
3
5
5 8 9 4 514
20 2012 2012
78
4
7912 783
112 214 114
2218 23
3514
412
18
__
914
_2014
80
214
35
18
371
31
191
21
6
261
821
12
64 --------3
1
12
1 ---5
18 2014 10
18
17
21
0
7 88 1
17
2312 18 219
1912 1613 1712 1713 1913 18
7912 88
70 7212 7412 75
75
84 412 614 418 6
8 814 64 7
65
9
712 718 74
6
i12
--L- -- :::: ::--: :::: ::--: :::: ::--: :::: :::
9 ----------------11
_
8
8
7 • 7
12
8
3
12
1 ____
2
12
12
13
3
3
8
8
12
12
8
8
12
-83
8
8
2713 2712 25 28
21
21
23
112 21
2
2812 21 -a
7 I
53
8
-L
if
i
5
112 L
5
6
5
6
538 5
4
718 5% - ,
8 67
85
8 6
73
8 6
2 83
6
4 18 514 714 47 43 - 5
8 614 47 8 6
3
14
14
14
4
14
8
14
14
12 2
12
4
4 1
3
3
4
3
,
18
4 1
3
41
61 2
2 2 18 214 3
2 ____ _ __ 2
2
414 2
2
1
5
411 --------3
3
1
218 24 214 2
3
3
8 3 4 338 3
214 3
3
314 213 253 2
312 314 312 33
4 34 33
_
8 218 214 __
3
2 4 212 212 233 25
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --4 41g
334 3
8
334
312 353 5 _--- —
5
414 4
4 4
453 43
53
4 5-12 - 1- 312 312 33
4
1934 21
29
1712 1613 20
1912 164 1913 1712 18
18 2014 2012 2518 2212 2513 22 23
4
173 20
2613 3112 27 3014 2812 2812 28 3212 3212 37
2714 3512 3312 37
26 35
4012 3012 3512 314 34
114 134 113
113 113 2
33 3412 --------35
33
1714 16
4
183 1613 813 17
4
33
5
334 -------- 5
9
7 10
8
212 95 10
613 512 93
3
4 5
53
8 87
4413
43 46
4412 47
45
3
2612 20 4 2412 20 2212 20
158
35
1913
41
20
934
441.
22
113
34
1314
314
11
3
84
44
1814
113
34
17
314
15
3
10 4
44
2012
1
3213
15
34
8
93
94
44
1814
1
32
16
3
10
9
44
20
112
1
----8 1514
95 4
313 31
1512
10
812 912
40 45
1913 22
4 11
3
114
1
1% 118
1
113 112 1
8
313 3138 3114 32 3214 331
30 3012 32 33
4
812 1214 934 1212 1078 1274 103 1278 934 121
ii II
813 9
4212 43
2012 25
17
15
18
12
ii - - __ r _ _ ___ i5 -- 3
14 9 4 16
6 12 93
3
43 8 4 - ,
9 2 913 10
52
51
50
4518 4613 45
44 44
2312 24
2418 26
2214 2413 2112 26
—if.' —III
412 512 -2
2
--138 --- --Iill -i
4 1- -_-_-_-_ -_-_-_-_ --jig -. -314
14
2
1.i2 - 1 --13 -3
1
% 158 3
-5
1012 10
__ 104 104 10
10
10
1012 -----1
i
218 14 112 114
Ili --i- -14 --i- -ti3
3 8 2 4 314 214 3
_- 3
23
-1--153 -/ 2 --i- -- 1. --if. -- --114 -118 -------------------------------------14
8
3
13
13
8
3
14
18
4
14
14
14
2
3
1,
3,
is
8
5
12
3,
12
8
3
12
114
1
[
213 114 2
34 118
12
1
13
18
18
12
12
18
18
12
18
8
5
12
8
5
12
4
3
12
2
3
2
18
3,
14
18
lg
1
12
18
18
lg
14
18
8
3 ..._. _.__
8
3
8
5
8
5
1
113 114 114
113 1
1
1
38 1
1
8 114 1 •
3
2
1
114
58
114 114 ---- 158 1 4 114 113 1
1 --------113 2
-34
1
14
1 9
14
12
8
1
8
3
i4
h
12
2 12
1
I
1
1
8
i
...
8
7.
i
1013 8
8
9
8
Miller & Hart Inc cony pref____• 9
713
• 918 13
13
3
14 4 14
13
14
Modine Mfg common
3
212 213 214
Mohawk Rubber Co common_• --------3
4 4
8 23
814 6
Monroe Chemical Co common • 25
812 6
3314 3314 3312 35
• 2014 22
Preferred
34
5 94 1158 13
15
15
13
15
Mosser Leather Corp corn
Mountain States Power pref_100 ------------------------10
13
1012 0 4 1013
Muskegon Mot Spec class A___.• 912 1413 11
3
4 5
53
• 5
434 5
Nachman Springfilled corn
5
4
43
22 23
22 22
21
• 1913 20
National Bottling Co prof
14
National Elec Power A com_ •
14
3
3
14
2
100 2
7% preferred
11 113
com____5
National Gypsum A• •
National Leather common___10 1
214
*
4 2
8 2 8 13 13 - 3
11
114 13
4 13 -------- ---4
National Rep Inv Tr cony pref__* 114
14 14
112 112 14 134 14
National Secur Inv Co com_ _I
i00 6% cum preferred
National Standard common____' 21
58
National Union Radio Corp____I
Noblitt-Sparks Ind Inc com___* f12
20 413
North American Car corn
18
North Amer Gas & Mee class A.•
North Amer Light & Pow com--I 13
4
•
Northern Paper Mills corn
Northwest Bancorp common...* 414
* 44
Northwest Eng Co common
No West Util 7% prior lien pf_100 34
100 1
7% preferred
100 6014
Okla Gas & Elec 7% pref
812
Ontario mfg Co common
• 33
Oshkosh Overall Co corn
4
• 15
Convertible preferred
8
10 45
Parker Pen (The) Co corn
4 611
8 57
57
5
10
10
5
5- 1- 5
- -i --5- -1
5
5 12 412 412 412 413
5
12
12
___
___
2512 _ __
25
26 29
201
2
50 19 21
1713 18
17
1812 2018
19
8
187 18
16
22
4 418
3
234 418 3 4 414 33
4
4
4
434 312 4
4
5
4
4
663 663 65 66'2 65 66
68
__ 25 25
24 26 ____
25
712 712 712 _8
8
8
11
11
14
91l
18
6
,
81
8;
17
WI
_.
181;
3612 iOry ii
iii, 1614 1118 1513 -
612
4
71 2
812
18
3
54
8
54
4
63
1418
17
____
,
17 4
I- --i
10
7
78
12
16
213 ---614 4
40
36
15
1213
1013 913
1012 91
4
43 ---22
19
1
--7---8
7-
1
- -14
2
8
7
78 54
3
14
15
-- ---5
-5
398 ____
1212 1213
913 711
11
12
---- 47
3
23
20
3 c58
i3 218 2%
4 13
13
4
iia
153
4
13
1
14
2
-
14 3
4
4
Ili- —614 - 612 1712 1752 1: 17
-i'i -
i-T3 d- --i- ---4 -8
3713 3612 397 3612 40
. 364 14
-15 1512 1512 16
1313 15
1
11 -- - __
11
1i - -12 ii
I:
47
7
48 - 8
A 8
5
548 5
5
2212
21
21 2 15
8
193 2012 23
1t
1:
1:12 1g
9
4 . 71112 11 --4 -- 2 --i- -- 7.
42 42
37 3712 40 40
10;
16
16
16
16
16
10
ili3 8
1112 1(15 12
ii 0
4 7
63
8 5
7
4 8 47
20 22
2012 2112 2112 22
13 18
6
1 3
ii7
14:--5- -- --a- 16- --- 12 -- --ifs -- --5- -- 1%
1
138
118 1% 1
178
8 1
78 12
2
113 134
4 134
112 112 13
1
112 1
8 1
114 138
114 114 ____ ____
4 114 114
4 13
4 13
6060
818
78
114
1%
9114
1
8
I7
2
2612 25 2714 24 2614 223 263 233 2514 2412 22 8 21
4
4
254 2614 27 21
4
4
253 2413 25
2412 2512 24 26
12
1
4
3
8
7
4
3
3
7
8
3
4
3
8 114
5
4
8
7
8
7
4
3
114
1 114
3
-8
7 -,,%
8
7
1434 14
144 1514 14
16
1513 1278 14
11
4
133 1434 14
15
1314 1012 123 125 1433 14
3
1
1212 it 4 10
4
512 5
8 5
612 47
5
514 414 5
3 1.
17
2
.
3
3
1% 218 2
31? 4 8 34 412 212 4
8
7
72
%
44
8 1
3
78
12
12
3 hIi
7
114
312 24 453 214 314 213 33
74 4 .3 /
78
8
7
8 1
7
2
1
28
. 2 ---- ---4
3- i
413 5
64 518 614 33
4 5
3
8 4 8 314 . 4
33
4 612 513 7 4 6
612 53
1
3
63
4 4
512 414 . 4
314 54 714 64 64 64 618 44 414 4
4 '8
4 3
4 13
4 13
13
2
34 4
5
2
53
4
13
71
694 74
76 79
75
68
80 81, 7
9 8
14
4
103 11
11
12 1313 --------10
13
11
_
3
413 814 434 5 8 434 514 413 5
8
43 . 12
5
15 20 -------18 20
15
19
1913 --- _
1
512 bis 6sa 0
1
12 7 8 8
814 8
8
9
314
____
24
4
13
83
1213
4
19
8
3 4 iii
-3
_ __ 3 8
7
24 234
4
4 13
13
80
84
1212 1013
412 4
1912 18
8 ----
5
i
412 3
4 3
23
4
13
2
83 ---1184 1114
418 ____
1912 1912
---- ----
138
3%
3
134
114
__
1912
----
278 314
314 312
3
3
4
13
I
4
783 834
1312 1312
452
4
20 20
8
7
iiii 114
5
4
___ - -118
1- 3
79 4 8312
1312 1312
412 5
2212 23
8 12 12
5
5
312
118
76
12%
5
23
10
9
2
313
12
114
71
14
;12
23
12
1212
•No par value. z EX-61•Mend. d Goldblatt Bros.. Inc.. 100% stook dividend paid on Feb. 20 1934. a It alsanazoo Stove co 100% stook dividend paid on Dec.29 1934.
•
100% stook dividen d.
536
Financial Chronicle
Jan. 26 1935
Chicago Stock Exchange-Concluded.
STOCKS
September
May
February
June
January
diarch
November December
October
August
July
Low High Low High Low High Low High Loto High Low High Low High Low High Low High Low High Low High Low High
Par $ per share $ Per Mare $ per share I Per share $ Per share $ per *Aar. per share $ per share $ Per share $ per share $ per Mare $ per share
14 1 ---18
18
Peabody Coal common B
18
is
•
-1
8
3
8
1
8
14
24
6% preferred
100
6
6
5
5
512 524 .524 5
512 6
Penn Gas & Elec A common___* 6
1012
10
11 -16-7 12
4
133 12
4
8
1624 1412 1512 1414 197 113 17
s
113 103 143 12
4
4
8
4
93 1212 103 1212 11
8
Preferred
100 5
5
Peoples Gas Light & Coke
100 2718 2718 41
r
-Zo" 16" -2584 ;231
43
;
Perfect Circle (Ilse) Co
32 -32 32 "iirs 304 -Zo" 151- "2712 2922 -i62- Ifs "5" "H - 5" 11
3218 30
* 23 323 31
- 31 31 3134 33
.
4
2
4
5
8
3
4
Pines %interfront common
8
5 1
1
112
114 138 114 124 7 1
218
13
4 1
, 34 12 58 38 '2
4
4 1
53 1
Potter Co(The)common
218 212 218 218 2
618 2314 3 4 223 314
• 212 33
212 218 212
3
714 4
8 6
4 53
4 524 67
4 33
Prima Co common
• 73 1214 9
112 2
8 88 4
,
8 912 95
1114 87
s
212 17
814 234 423 --5Ts -134 213 34 2
8 2,
4
8 93
4 73
Process Corp common
138 13 _--- -134 218 1 4 13
• 2
8
238 3
,
312 214
112 158
4
1
8
1
8
3'8 18
1014 19
Public Service of No III com_60 1312 1914 18
1424 "ii
14
107 1212 II
13
163 17,2 17
20
1712
14
8
8
22
1714 12
1612 13
Common
* 13 20
11
16
2012 1712 20
4
127 1012 14, 133 1712
8
14
1422 13
3
18 8 167 18
,
18
18 22
1212 1714 13
2
6% preferred
100 34 56
55 63
62 63
56 63
56 6024 57 62
544 65
60 65
63 6512 56 62
5812 65
60 66
7% preferred
64 6712 6212 71
100 3812 62 60 68
654 7518
65 66
6314 7014 65 67
73
66
72
70
72 75
Quaker Oats Co common
• 11712 12314 115 120 II 1 1167 106 z1141, 10814 1123 11 116 116 120 115 125 120 125 12012 129 127 129 1273 13014
4
8
4
Preferred
100 115 120 117 120 12018 123 121 12312 12212 12514 23 126 128 13222 125 128 125 127 127% 130 12718 13012 13012 133
Rath Packing Co common...-_10 2412
Raytheon Mfg Co coin v t c50c 15
8
6% preferred v t c
5 114
Reliance International Corp A*
Reliance Mfg Co common
10 "1412
Preferred
100 90
Richards Co (Elmer) pref
Rollins Hosiery Mills cony pref_* 15
Ryerson & Sons Inc corn
* 1212
St Louis Nat Stock Yards cap * 50
Sangamo Electric Co
• 512
Preferred
100 40
Sears Roebuck & Co common_.* 4112
Shaler Co(rhe) class A
*
Signotle Steel Strap cum pref..30 7
* 13
Common
8
Sivyer Steel Casting Co com
* 612
So Colo Power Co A corn
25
Southern Union Gas corn
Southwest Gas & El Co 7% pf 100
Southwest Light & Pow pref *
Standard Dredge common
Convertible preferred
25
Storkline F urn cony pref
Sutherland Paper Co com
10
Stutz Motor Car common
•
25
Swift & Co capital stock
15
Swift Internacional cap
Telephone Bond & Share A____•
1st preferred 7%
100
Texas-La Power Co pref
100
Thompson (J R) common
23
Transformer Corp of Amer com_Y
12th Street Store (The) pref A.*
Stock purchase warrants
20 Wacker Drive Bldg $6 pref_*
3014 3112
3012 31
2912 31
247 25 2512 £243 2514 2612 2612 2512 2612
8
4
263 30
4
184 23
3 1344 214
2
4
23
8 312 3
4
214 4
2 8 118 23
,
318 2
8
---12
12
114 124 1
138
118 2
1
118
2
112 2
3
4 1 ----238 212
27
8 27
8 234 3
1713 1514 1813 "1523 113- 16 1114 1434 1634 -ii" "fir 9 13
938 1012 9
?
.
4
94
00 loo 100 100
99
90
97 97
99 9912 100 100,4 100 100 100 100
14
-1012 10 2
1412 1514 1013 -- 11518 1514
-2162
16
17
1612 18
18 20
18
4
1334 "IT -1324
1324 1322 1424 153
173 1512 1734 1522 16
4
61 12 6524
70
70
55 60,2 60 61
61 61
59 60
6112 68
60 60
54
7
712
7
7
7
72
8 714 724 7
6
6
612 524 64 524 712 7
77 77
55
4912 49 50
75 75
_
60 65 -_-- -- 68 70
50 50 50
38 413
8
45 49
48 503 41
51
8 3/4
45
48
4
46, 3812 44
2
3822 4412 327 -( 3614 40
11
1112
10
814 814 10
--- 1012 1012
13
10
ior2 12
13
13
1214 1314 -IF 114 1134 12
____
- 12
1
128 1 4
15
8 13 "iEs -11;
8
17
3 27
8
17
,2
114 2
2
2
,
_
4
4
7
612 612 612 7
313 3
612 -Bt..;
4
1
1
40
163
4
112
34
43
8
612
438
14
24
2
712
50
21
23
8
412
5
712
912
1818
30%
2
712
63 10
4
13
18
114
18
18
is
3
78
483
4
26
13
4
4
514
734
78
3
1614
25
2
10
3
13
8
483
4
3012
23
8
514
51
4
8
103
4
187
8
297
s
3
10
9
10 4
,
14
3
3
Ward (Montgomery)& Co Cl A*
Waukesha Motor Co corn
Wayne Pump Co common
Convertible preferred
Western Pow Lt & Tel class A*
Wieboldt Stores Inc common_ -*
•
Williams 011-0-51atic corn
*
Wisconsin Bankshares com
Yates Amer Mach partic pref •
Yellow Cab Co Inc (Chicago) •
3
Zenith Radio Corp corn
88 10413 98 108
2312 30
29 35
3
4 112 114 112
3
43
8
13
4 4
3
8 1
1
1
1012 13
13
1838
3
4
212 33
4 23
4 4
12 118
13 118
1118 1212 1158 1212
312 5
3
4
z Et-dividend.
8
112
7
8
52
28
7g
3
6
712
4
147
g
283
4
112
118
58
313
4
118
312
6
8
434
1712
3212
1524
1514
912
3
8
473 493 50
4
5024
23
8 2% 23
4 32
,
14
14
is
is
12
12
47 50
47 4914
138 212 17
8 212
414 534
112 112
3
4 118
11g 2
58 112
15
8 33
8 6
8 33
17
8 4 4 312 434
3
2414 2.5
23 26
8
,2 93
84 912 8
254 2612 253 2622
4
1
214
13
4 278
173 22% 2218 26
8
112 212 212 5
• No par value.
24
,
60
32
15
8
33
4
6
8
714
17%
29
312
12
57
27
23
4
6
73
4
5
1612
283
4
3
15
60
303
4
314
64
73
4
5
18%
323
4
3
1612
74
3
3
Ts
Union Carbide & Carbon
•
United Gas Corp common
1
United Printers & Pubs corn
*
Preferred
S Gypsum
20
Utah Radio Products corn
Util Pow & Light Corp A
1
Common non-voting
1
Utility & Ind Corp common
*
Convertible preferred
•
Viking Pump Co corn
Preferred
Vortex Cup common
Class A
Wahl Co common
Waigreen common
Purchase warrants
100
655% preferred
•
7
8
5112
31
15
8
312
53
4
73
4
5
1514
2512
3
10
18
14
41
3
4238 -5$-8
11l
12
1114 12
112 112
6
6
5912
31
1
3
6
8
4
184
3218
-",f7;
4112 ---- -23
4 23
4 2
58
5
8
1
1
1
1
113 14
4314 4314 -301,
40 40
4412 44 2 4312 4412 "4123
,
158
112 13
4 1
1
13
8
112 2
7
11
1
4 118
---- ---7
8 I
124 - 3114 113
12 1
5
8
14
312 438 3% 4
4
458 33
23
4 3 4 212
4 5
1
412 478 5
414
4
414 4
5
5
5
5
29
2918 281g 2918 31
2514 26
3112 30
1034 1218 .12
1014 12
87g 11
1234
1412 1212 15
2912 32
8
25 2752 263 28,2 27 29
2812 32
,2 30
113 1/4
2 13
8 13
134 2
4
17
8 23
13
8
112 13
4
23 2712 2312
2618 29
2212 253 2512 253 24 27
4
s
113
10014 102
824 10
10
10
16
4
1824 183 21,
4
5812 6012 83 73
712 712 7 4 73
3
4
1
1
14
34
14
12
4
3
3
38
%
58 -72
5712 4912 52
56 5614
57 61
5414 58
50 52
54
,
22 3114 24 2814 29 2914 25 30 4 23 4 26,
4
,
3012 33
14
1,
34 112
88
-412
,
8 /53 -14 218 212 2
4 2 8 27
2212 138 23
3
312
428 3
3
512 512 43
4 414 412 412 3
8
814 1014 97 10
77
8 712 8
74 724 7
73
4 8
112 212
-;11
8
119-3iTs .
8
15 -- 1q "ii 165 1734 - 4 1753 I63- -I818 -1 - 4 167s 19
11;
4
273 3414 3012 3924 354 404 3624 394 33 373 3214 35
8
---15
15
---434
g 612 524 624
538 48 524 47 -614 712 514 6:
8 8
8
/ 5 253
1
4
_
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4012 4012 41
10514 111 109 11524
29 31
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1714
1612 15
.27
3 324 3
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,
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4 34 44
,
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13
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9
912 9
46,1 463
/
4
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---2
18
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101 111 110 123 112 122 11413 1183 116 118 117 122 12213 130
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214 2 4
,
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1014
153 253
r Cash sale.
VOLUME OF BONDS (PAR VALUE) BY MONTHS
Stock Sales on Chicago Stock Exchange During 1934
1934
1933
1932
Totaled 10,178,000 Shares-Compares with 18,288,- January
000 in 1933
-Par Value of Bond Sales $847,000
$96,000
1165.000
$1,744,000
72,000
99,000
2.049,000
Year-End Statement of President O'Brien-Com- February
March
46,000
97,000
2,260.000
ments on SEC
April
40,000
123,000
1,096,000
May
122,000
156.000
346,000
The volume of stocks sold on the Chicago Stock Exchange June
105,000
160,000
265,000
July
81,000
120,000
249,000
during 1934 was reported at 10,178,000 shares, wich com- August
56,000
73,000
965,000
30,000
93,000
426,000
in 1932 and September
pares with 18,288,000 shares in 1933, 15,642,000
October
99,000
123,000
297,000
November
31,000
113,000
348,000
with the all time record established in 1929 of 82,216,000 December
69,000
111,000
552,000
shares. Bond sales on the Exchange during 1934 totaled
1847,000
11.433,000
810.597,000
Michael J. O'Brien, President of the Exchange, issued the
$847,000, par value, against $1,433,000 the year before and
$10,597,000 in 1932. The record of bond sales is $27,462,000 following year-end statement on Dec. 31:
1934,from the point of view of volume and prices of securities, has been
shares reached in 1930.
discouraging year for the stock exchange business throughout the country.
issued by the Chicago Stock Ex- Volume on the Chicago Stock Exchange is the lowest in a decade. Prices
The following tables,
have been declining throughout the year.
change,show the volume of stock and bond sales, by months,
The public's indifference to the prices of the securities of American
corporations presents a serious problem. There are many factors conduring the years 1932-1934, inclusive:
VOLUME OF SHARES OF STOCKS BY MONTHS
1934
January
February
March
April
May
June
July
August
September
October
November
December
1933
1932
1,685,000
1,848,000
811,000
1,116,000
934,000
567,000
552,000
642.000
394,000
418,000
510,000
701,000
416.000
393,000
476,000
1,537,000
3,547,000
3,932,000
3,207,000
1,087,000
898.000
836,000
709,000
1,256,000
1,766,000
1,341,000
2,295,000
1,588,000
1,216,000
615,000
492.000
2,288,000
1,773.000
752,000
551,000
552,000
10,178,000
18,288,000
15,642.000
tributing to this apathy, one of which, without question, is Federal regulation of security markets. Since the introduction of the so-called FletcherRayburn bills in the Congress last February, fear of the results of such
legislation has been reflected in the markets. Contrary to the expectations
of some the passage of the48ecurities Exchange Act has failed to restore the
confidence of the public 8
in security markets. .
From our brief experience operating under the Act and the rules and
regulations of the Securities and Exchange Commission and the Federal
Reserve Board, however. I am inclined to believe that exchanges will
continue to provide the machinery for the free flow of capital to industry
although some of the provisions of the Act now appear to be hampering this
function.
The present Commission and the Federal Reserve Board seem to realize
that the free operation of exchanges is essential to recovery. The rules and
regulations issued to date seem to be drafted to Carry out the dictates of
the Act, that is, the prevention of fraudulent practices and the use of
Volume 140
Financial Chronicle
excessive credit for speculative purposes, with a minimum of burden to
legitimate activity. Of importance in this connection is the apparent desire
of the administering agencies to utilize the facilities and experience of the
exchanges in fulfilling the purposes of the Act.
One encouraging phase of our picture in Chicago is the improved dividend
record of our corporations. The amount of cash dividends paid this year
increased 23.6% over last year. 37% of our corporations are now on a
dividend basis as compared to 28% In 1933. This represents an improvement
in general business conditions and corporate earning power not only locally
but throughout the country.
We look to 1935 with confidence because we believe the Securities Ex•
change Act can be workable and becuase general business Is showing substantial improvement.
A record of the yearly transactions back to 1915 follows:
VOLUME OF SALES BY YEARS
Stocks
Bonds
Stocks
Year—
in Shares Par Amount
Year—
in Shares
As of Dec. 18'34_ 9,843,000
8843,000 1924
10,849,173
1933
18,288,000 1,433,000 1923
13,337,361
1932
15,642,000 10,597,000 1922
9,145,205
1931
34,404,200 12,480,500 1921
5,165,972
1930
69,747,500 27,462,000 1920
7,367,441
1929
82,216,000 4,975,500 1919
7,308,855
1928
38,941,589 7,534,600 1918
2,032,392
1927
10,712,850 14,827,950 1917
1,701,245
1926
10,253,664 7,941,300 1916
1,610,417
1925
14,102,892 8,748,3001915
715,557
Bonds
Par Amount
322,604,900
19,954,850
10,028,200
4,170,450
4,652,400
5,672,600
5,305.000
8,368,950
11,932,300
9,316,100
537
to the Presidency each year. William C. Cummings, President of the Drovers National Bank, and of the Drovers
Trust & Savings Bank, both in the stockyard district of
Chicago, was elected Vice-President of the Association and
H. M. Simms was re-elected Manager. The following were
named members of the Clearing House committee:
Edward E. Brown, President of First National Bank, as Chairman;
Walter J. Cummings, Chairman of the Board of the Continental Illinois
National Bank & Trust Co.; Solomon A. Smith, President of the Northern
Trust Co.; Howard W. Fenton, President of the Harris Trust & Savings
Bank, and Philip R. Clarke, President of the City National Bank &
Trust Co.
The Menace of the Social Security
Program
(Concluded from page 523)
keeping and bookkeeping which the security plan
involves, and what was done once would have to be
done over and over again as employers, employees or
In addressing the La Salle Street cashiers at their 14th pensioners removed from one
State to another. As
annual dinner on Jan. 15, Mr. O'Brien observed that "peran opening for political patronage the bill offers
haps market periods like those between 1927 and 1930 may
never come again","we all believe," Mr. O'Brien went on the greatest on record. Every State plan will have
to say, "that no matter how great the volume or how wide to be readjusted to meet the prescriptions of the bill,
the fluctuations, we would be able to handle our business with a Federal Administrator as the sole judge of
in a saner, better way than was the average way of doing it whether the adjustment
is satisfactory, and the
during the last bull period." In part he added:
I think that we all believe that while our business has been on the down- many corporations which now have pension or emgrade for the last two and one-half years. we are in for gradually improving
ployment systems,some of them more favorable than
times, with increasing volume and a return of confidence on the part o
that offered by the Government, will have to face the
the Investor in the securities listed on our various exchanges. . . .
Underlying conditions are better, in my judgment. Listed securities
question of continuing them. The bill assumes that
on the Chicago Stock Exchange in 1934 increased dividend disbursements
23% over 1933. The real trends in the market come from trends in corwithout Federal aid adequate provision for pensions
porate earnings and not from what a pool operating in the market may do.
and unemployment insurance, as well as for maChicago Curb Exchange Elects T. E. Murchison as ternity and child care, cannot be made, but there is
no assurance that the States, already heavily burPresident
T. E. Murchison, a partner of Paul H. Davis & Co., dened with taxes and debts, will be able to do much
Chicago, was elected President of the Chicago Curb Exchange more than they are
now doing or that Federal grants
at the annual meeting held Jan. 14. George Barnes was
chosen as Vice-President, the post previously held by Mr. will not have to be greatly increased. The bill, in
Murchison. Charles B. Essroger and Moritz Loeb were short, would commit the United States for many
renamed Treasurer and Secretary, respectively, and George years to come to a vast undertaking whose cost,
T. Williams was elected to fill a one-year vacancy on the either immediate or prospective, is beyond
accurate
Board of Governors. At the meeting, the following were calculation, and
whose effects as a remedy for
re-elected for three-year terms on the Board: Emmett G.
Barker, Kenneth L. Cooper, Leo J. Doyle and William D. present or future ills are in the highest degree dubious. Neither loyalty to the President nor fear of the
Kerr.
fantastic proposals of Dr. Townsend and Huey Long
Chicago Stock Exchange Appoints Committee to can justify Congressional
support of such a measure.
Arrange for Visits of Partners, Solicitors, and
Order Clerks of Registered Firms During Trading
Hours
The Program for Social Security
Michael J. O'Brien, President of the Chicago Stock
(Editorial in New York "Herald Tribune]
Exchange, announced on Jan. 16 that the Governing ComIn reprinting a week ago (page 365) an editorial under the
mittee had approved a plan whereby partners, solicitors, and above head,
from the New York "Herald Tribune," we
order clerks of registered firms are to be given an opportunity inadvertently
gave the date of the editorial as Nov. 18 1935.
to visit the Exchange during the trading session. The visits The
date should have been given as Jan. 18 1935.
to the Exchange will be arranged by a special committee of
the following floor members:
Government Spending Decried*
Joseph P. Brown, Chairman; Joseph G. Bleach, Walter J. Buhler,
Editor,
Norman Freehling, David D. Guild. William W. Haerther, Francis 0.
The Commercial dc Financial Chronicle:
McDermott, Irving E. Meyerhoff, A. D.Plamondon Jr., Sampson Rogers,
.. . .It is our sincere belief that the credit of a nation
Jr., Charles A. Strick. Alfred E. Turner, Donald Wachenheim and John
E. Wheeler.
is being taken for a ride, not at all unlike that employed
by modern gangsters. The orgy of spending we are going
Robert P. Boylan Elected President of Chicago through makes a piker out of the proverbial drunken sailor
Board of Trade
and a saint out of Samuel Insull. If this fellow, Roosevelt,
Robert P. Boylan, First Vice-President, was elected and his appointees are allowed to
carry on with their illusions,
President of the Chicago Board of Trade at the annual you will see the day when not only the Government
bond but
election Jan. 7, succeeding Peter P. Carey. At the same the currency will be on a par
with a Chinese laundry check.
time Kenneth S. Templeton was elected Second Vice- Fundamentally, the world has not changed
one iota since
President. Thomas Y. Wickham, who served as Second those fellows came into it. The principle
of thrift is just as
Vice-President during 1934, automatically became First essential to-day as it was a thousand years ago.
Mr. RooseVice-President. The following were elected directors for velt is not the first man to snap his
fingers in the face of
three-year terms:
experience and belittle the traditions of the past, nor will
John G. McCarthy, Richard V. McNeil's, Louis T. Sayre, Simon Mayer
this be the first Nation to pay the inevitable price of a New
Archer E. Hayes, James 0. White, Alex A. Kay and Arthur 0. Sullivan
Deal.
Fred A. Cuscaden Elected President of Chicago Clearing The Editor,
House Association—W. C. Cummings Chosen Vice- The Commercial& Financial Chronicle:
President
Is there to be no end to Federal borrowing? Is our spendAt the annual election of the Chicago Clearing House thrift policy to continue until the
public debt reaches
Association, held Jan. 15, Fred A. Cuseaden was elected $45,000,000,000?
President for 1935, succeeding F. R.Eliott. Mr. Cuseaden,
I have never seen it alleged that the present depression
who is Vice-President of the Northern Trust Co., Chicago, owed its inception to post-war governmental
economies.
served as Vice-President of the Association during 1934. I have heard no one complain that if Mr. Mellon
had
Itis the custom of the Association to elevate the Vice-President only been an apostle of extravagance during the 'twenties,
Financial Chronicle
538
the slump could have been avoided. Therefore, if debt
reduction did not bring on hard times, what sense is there
in the assumption that debt creation will get 1113 out? If
our national economic wagon was not halted while we were
lightening the load, why does the Administration believe
that the draft horses of business will start pulling while we
are piling on more and more?
Wouldn't you expect a Farmer-Labor Government to
use more discretion with its "power plant" than that?
''Editors Note—We are not printing the names of the writers of these
letters since time would not permit of our writing to obtain their consent to
do so. One letter. however, comes from Ohio and one from Illino
BOOK REVIEWS
xperiments in Credit Control: The Federa
Reserve System
Jan. 26 1935
cities, is related to monetary gold stocks and not to Federal
Reserve policy, and alterations in the liquidity of member
banks by member bank policy in the past eight years "is
not directly traceable to the influence of the Federal Reserve
System."
While the System is clearly able to "use its elasticity to
deaden the shock of a crisis which has already arrived,"
Dr. Whitney points out that "to prevent a crisis it must
eradicate the causes of the crisis, particularly the remote
ones." A step in the right direction would be taken if the
System "guided its policies with a view to maintaining the
liquidity of the member banks." The Federal Reserve
banks, however, "did not remain liquid and so had to resort
to inflation when the final breakdown came." It is desirable,
the author thinks, that the Federal Reserve banks "should
eatly curtail security purchases in the future," and "should
tr to expel the Government bonds held by them even at
the cost of increasing the yields on them so that investors
would be willing to take them over." They should then,
if possible, make stricter regulations regarding the eligibility
of paper and seek legislation eliminating "dealings in or loans
on Government bonds from the System's activities." If
political conditions made this impossible, as the author
thinks they might at the present time, the System would
have to depend upon "the supervision of the internal loan
policies of member banks to pursue an effective credit
policy."
By Caroline Whitney. New York. Columbia
University Press. $3.75
This volume, No. 400 in the series of Studies in History,
Economics and Public Law edited by the Faculty of Political
Science of Columbia University, is an acute and drastic
criticism of the credit control policy of the Federal Reserve
System, and a careful study of the reasons for the failure of
the System to prevent a speculative boom and the attendant
collapse of 1929. The successive chapters, illustrated by
24 charts, deal with the function of the Federal Reserve
System, the mechanism of credit control, the history of
Money and Credit
Federal Reserve policies, Reserve policy and the commercial
acceptance market, brokers' By Ray V. Leffler. New York. Harper & Brothers. $4.50
credit system, the bankers'
loans, rates of interest, flow of credit and the problem of
Professor Leffler's book, intended primarily for students
liquidity. Appendices show seasonal variations of various in American colleges, is a comprehensive discussion of all
money market statistics and the reserve position of reporting phases of money and credit, including such topics as the
member banks. Chapter III is an abridgment of a chapter functions and qualities of money, monetary standards and
by the author in "The Banking Outlook," by H. Parker elasticity, the relations of government to money and of
Willis and John M. Chapman.
the Federal Reserve System to currency and credit, the
Reviewing the experience of the Federal Reserve System international value of money, and the questions of gold
during the past twenty years, Dr. Whitney concludes that and of "planning in a monetary world." There are brief
the policies of the System "have been rendered ineffective excursions into the history of some of the topics, critical
by a growing dependence upon the Government debt as a examinations of such current theories as those of Professor
source of Reserve bank credit," and that this close relation- Warren and Irving Fisher, and a good summary account
ship with the Treasury "results in an equally close relation- of the financial operations of the New Deal. Professor
ship between member banks and the speculative markets." Leffler points out that while the new monetary policies of
Instead of encouraging the tendency to "conform to the the Administration "have been guided by a belief that a
methods of the open market" in the matter of one-name scarcity of gold has existed and that this caused a decline in
notes "used for direct bank borrowing," the Reserve banks the price level and produced depression," changes in the
"embarked upon a futile campaign to change business business cycle are "only partially monetary" and that "a
methods by forcing the use of the trade acceptance upon complication of disorders cannot be corrected by the applithe business community," thereby encouraging "a weak cation of simple remedies." He sees clearly the possibility
type of borrowing." An examination of the interest situation of "uncontrolled and disastrous inflation" if the United
shows that while changes in such rates in capital markets States reaches a point where it is "unable to borrow more
cause changes in borrowing, the System "has no control funds to finance its emergency activities, if it cannot bear
over rates ruling in these markets at a time when investors the heavy fixed charges on its outstanding obligations, and
are possessed of funds obtained from other sources than mem- if its credit is jeopardized."
ber banks," and hence its policy,"while it may cause changes
The book has obvious usefulness as a textbook, and it
in short term rates of interest, cannot influence the amount may also be commended to readers who want an all-round
of credit used in business." The solvency of banks, again, and not unduly technical exposition of monetary and credit
at least in the case of the larger member banks in leading matters.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME
Friday Night, Jan. 25 1935.
The cold and stormy weather of late helped some lines
of business but adversely affected trade in others. Retail
sales were somewhat smaller, but wholesale business, on the
other hand, showed further expansion. The quickened pace
of industrial operations has not been paralleled in any
January in four years. Steel output was up to 49.5% of
capacity, showing an advance for the fourteenth successive
week. Electric output was larger than in the previous
week, and showed a gain over last year of 9.4%. Car Wadtrigs, too, were larger. Bituminous coal production was
slightly under the previous week, but was larger than in the
same week last year. There was a reduction in the production of crude oil, but it continued above the Federal allowable. Lumber orders were the largest since May 1934.
Production exceeded that of last year, and shipments
Showed a sharp increase. The automobile industry continued quite active. The electrical equipment, glass, rubber,
furniture and shoe industries all made good showings. Operations in some of these industries reached the highest level
seen in five years. Business failures were fewer last week,
although this is the first decline recorded in three weeks.
There were also less retail failures. Commodity markets
were generally unsettled, and trading was generally quiet
owing to uncertainties over Washington developments. The
failure of the Supreme Court to give a decision on the gold
clause cases caused'general liquidation and easier markets.
Cotton was less active and prices showed a downward tendency, with traders showing much nervousness and caution
over the gold clause question. Grain markets were also
quiet and easier. Reports that Canada would subsidize
wheat exports to the amount of $30,000,000 were officially
denied. The worst storm since 1920 struck New York on
the 23rd inst. Huge drifts piled up by a wind of 30 to 40
miles on hour disrupted railroad service and obstructed the
rails of trolley companies. It completely tied up the service
of some lines for the first time in ;history. Thousands were
affected by the tie-up. Most of the transportation lines
which serve New York worked under much difficulty to
re-establish normal schedules. When the storm ended 17.5
inches of snow had fallen. Some 23,000 were employed to
Volume 140
Financial Chronicle
remove the snow. The temperature went down to 6 degrees
above zero on the 23rd. Winter struck with renewed fury
ir the western and northwestern parts of this country and
Canada. A score of persons were dead or missing in the
West and North, with rail, auto and plane traffic paralyzed.
Avalanches and spreading flood waters added their menace
to the storm-ridden Pacific Northwest. The Coldwater
River rushed across Mississippi farm lands, marooning
18,000 persons and causing many deaths. Philadelphia, Pa.,
slid, skidded and slushed through the season's heaviest snowstorm on the 22nd inst. New Jersey on the 23rd inst. had
high winds and a storm of blizzard proportions which tied
up traffic. It was bitter cold in Portland, Ore., during the
week. The most devastating storm in the history of the
Pacific Coast tied up traffic in British Columbia and
brought business to a standstill.
Temperatures in the
prairie sections dropped from 20 to 45 below zero, and it was
60 below at McMurray, in Northern Alberta. All wire communications with Vancouver, B. C., were cut off. To
-day
it was fair and cold here, with temperatures ranging from
5 to 18 degrees. The forecast was for partly cloudy and
warmer to-night and Saturday. Overnight at Boston it was
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-
4 below to 14 degrees; Baltimore, 6 to 18; Pittsburgh, 8 to
14; Portland, Me., 8 below to 10 above; Chicago, 8 to 18;
Cincinnati, 12 to 18; Cleveland, 12 to 14; Detroit, 12 to 14;
Charleston, 28 to 38; Milwaukee, 4 to 14; Dallas, 32 to 88;
Savannah, 30 to 44; Kansas City, 20 to 28; Springfield, Mo.,
18 to 22; St. Louis, 16 to 20; Oklahoma City, 28 to 38;
Denver, 36 to 62; Salt Lake City, 28 to 44; Los Angeles, 60
to 84; San Francisco, 50 to 02; Seattle, 56 to 62; Montreal,
12 below to 2 above, and Winnipeg, 2 below to 16 above.
Fewer Surplus Freight Cars in Good Repair at Close
of Year
Class I railroads on Dec. 31 had 392,017 surplus freight
ears in good repair and immediately available for service,
the Association of American Railroads announced. This
was a decrease of 5,646 cars compared with Dec. 14, at which
time there were 397,663 surplus freight cars.
Surplus coal cars on Dec. 31 totaled 111,458, a decrease of
11,075 below the previous period, while surplus box cars
totaled 228,404, an increase of 1,464 compared with Dec. 14.
Reports also showed 26,474 surplus stock cars, an increase of 2,739 compared with Dec. 14, while surplus refrigerator cars totaled 9,912, an increase of 803 for the same
period.
Liquidating Distribution of $726,166 to Be Made
Jan. 31 by Railroad Credit Corp.
E. G. Buckland, President of the Railroad Credit Corp.,
issued the following statement on Jan. 21:
The Railroad Credit Corp. announced to-day that it will make a liquidating distribution on Jan. 31 1935 of 5726,166, or 1%, to participating
carriers. Of this amount, $344,834 will be In cash and $381,332
will
be in credits.
This will be the 14th liquidating distribution that has been made to
participating carriers since liquidation began on June 1 1933, and will
'
bring the total amount distributed to $21.353,344. of which 59,442.565
is cash and 511.910.779 credits. The authorized distributions aggregate
29% of the 575,422.410 fund after deduction of the $1,790,190 direct
refunds in reimbursement of taxes paid on the revenues turned over
to
the P001.
Moody's Daily Index of Staple Commodity Prices Closes
Week Unchanged After Early Improvement
Prices of primary commodities yesterday (Jan. 25) were,
on the average, at the same levels as those of a week ago,
after displaying some rallying tendencies earlier in the week.
Moody's Daily Index of Staple Commodity Prices was
unchanged at 155.5, after reaching 156.6 on Tuesday.
Of the 15 staples comprising the Index, seven were higher
for the week,four were lower and four were unchanged. The
advances were all moderate; those in hogs, sugar and cotton
being the most important, while silk, cocoa, wheat and
silver showed only fractiGnal gains. The individual declines
were relatively more important, those in wool tops, rubber
and hides contributing about equally and that in corn somewhat less to negative changes. Steel scrap, copper, lead and
coffee were unchanged.
The movement of the Index number during the week,
with comparisons, is as follows:
Fri
Jan. 18
Sat., Jan. 19
Mon.. Jan. 21
Tues., Jan. 22
Wed.. Jan. 23
Thurs., Jan. 24
Fri.,
Jan. 25
155.5
2 Weeks Ago, Jan. 11
158.2
155.9
Month Ago. Dec.24
152.0
156.6
Year Ago,
Jan. 25
132.4
155.9 I 1933 High,
July 18
148.9
155.1 I
Low,
Feb. 4
78.7
155.3 I 1934-36 High, Jan. 9'35-160.0
155.5
Low, Jan. 2'34----126.0
539
Revenue Freight Car Loadings Gain 9,280 Cars During
Week
Loadings of revenue freight for the week ended Jan. 19
1935 totaled 562,955 cars. This is an increase of 9,280
cars, or 1.7% over the preceding week, and a gain of 1,053
cars, or 0.2% from the total for the like week of 1934. The
comparison with the corresponding week of 1933 was more
favorable, the present week's loadings being 64,401 cars, or
12.9% higher. For the week ended Jan. 12 loadings were
0.6% below the corresponding week of 1934, but 8.6% above
those for the like week of 1933. Loadings for the week ended
Jan. 5 showed a loss of 0.5% when compared with 1933 and
an increase of 13.3% when the comparison is with the same
week of 1933.
The first 17 major railroads to report for the week ended
Jan. 19 1935 loaded a total of 268,588 cars of revenue freight
on their own lines, compared with 266,251 cars in the
preceding week and 268,625 cars in the seven days ended
Jan. 20 1934. A comparative table follows:
Reed from Connections
Weeks Ended
-
Jan. 19 Jan. 12 Jan. 20 Jan. 19 Jan. 12 Jan. 20
1935
1934
1935
1935
1935
1934
Atch. Top. &Santa Fe HY
Baltimore di Ohio RR
Chesapeake & Ohio Ry
Chicago Burl. dr QuineY Rli
,
Chic. Mllw. St. Paul & Pac. Ry
y Chicago & North western Hy_
Gulf Coast Lines
International Gt. Northern RR
MissouitHansas-Texas RR
Missouri Pacific RR
New York Central Lines
N.Y. Chicago & St. Louis Ry_
Norfolk & Western Hy
Pennsylvania RR
Pere Marouette Ry
Southern Pacific Lines
Wabash FLY
17,028
25,075
19,667
13.098
15,889
11,925
3,088
2.137
4,146
13.259
41,322
4.105
16,663
53.178
5,217
18,018
4,781
17.244 17.527 4.492 4,451 3,902
25,179 25,588 13,115 13,066 11,924
20,033 19,709 6,291 6,416 5,921
13,063 14.665 5.912 5,966 5.358
16,891 17.013 6.495 6,394 5,644
12.897 13,880 8,308 8.418 8.298
2,919 . 2,186 1,239 1.242 1.216
1,751 2,285 2,248 1,952 1,530
4.170 4,403 2,529 2,413 2,499
12,474 12,923 7,510 7,099 6,795
89,665 38,952 56,233 56,271 53.538
3,814 8.696 8,299 8,473 8.038
15,828 15.905 3.704 3,521 3,275
51,897 53,054 31.455 31.834 29,816
5,405 4.527 4,585 4,825 4.3713
18,304 17,554
a
x
x
4.717 4,758 7,894 7,654 8,793
Total
268,588 266,251 268,625 170.309 169,995 158,823
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Jan. 19 1935
Illinois Central System
St. Louis-San Francisco Ry
Total
Jan. 12 1935
Jan. 20 1934
26.285
11,490
25,827
11.158
25,154
12,195
37.775
37.349
36.985
The Association of American Railroads, in reviewing the
week ended Jan. 12 stated:
Loading of revenue freight for the week ended Jan. 12, totaled 553.675
ears. This was an increase of 55,602 cars above the preceding week when
loading was reduced by New Year's holiday. It was, however, a decrease
of 3.591 cars below the corresponding week In 1934 but an increase of
43.782 cars above the corresponding week in 1933.
Miscellaneous freight loading for teh week ended Jan. 12 totaled 199,958
cars, an increase of 17,968 cars above the preceding week, 15,554 cars above
the corresponding week In 1934, and 38,705 cars above the corresponding
week in 1933.
Loading of merchandise less than carload lot freight totaled 150.468
cars, an increase of 23.517 cars above the preceding week but decreases of
8,072 cars below the corresponding week in 1934 and 8,537 cars below the
same week in 1933.
Coal loading amounted to 131,930 cars,an increase of 4.385 cars above the
preceding week, but a decrease of 6.367 cars below the corresponding week
in 1934. It was, however, an increase of 13,121 cars above the same week
in 1933.
Grain and grain products loading totaled 26,276 cars, an increase of 4.267
cars above the preceding week, but decreases of 3,278 cars below the corresponding week in 1934 and 4,282 cars below the same week in 1933.
In the Western Districts alone, grain and grain products loading for the
week ended Jan. 12 totaled 16.588 cars, a decrease of 2,598 cars below the
same week in 1934.
Live stock loading amounted to 15,347 cars, an increase of 1,527 cars
above the preceding week, but decreases of 2,424 cars below the same
week in 1934 and 2,814 cars below the same week in 1933. In the Western
Districts alone, loading of live stock for the week ended Jan. 12 totaled
11,436 cars,a decrease of 2,378 cars below the same week in 1934.
Forest products loading totaled 19,920 cars, an increase of 3,767 cars
above the preceding week, 1,745 cars above the same week in 1934, and
5,826 cars above the same week in 1933.
Ore loading amounted to 2,901 cars, an increase of 453 cars above the
preceding week, but a decrease of 317 cars below the corresponding week in
1934. It was, however,an increase of 477 cars above the corresponding week
in 1933.
Coke loading amounted to 6.875 cars, a decrease of 282 cars below
the
preceding week, and 425 cars below the same week in 1934, but an increase
of 1,286 cars above the same week in 1933.
Five districts-Eastern. Allegheny, Pocahontas, Southern and
Central
western-reported decreases for the week of Jan. 12 compared
with the
corresponding week in 1934, in the number of cars loaded
with revenue
freight, while two districts-Northwestern, and Southwestern-rep
orted
increases. All districts, however, reported increases compared
with the
corresponding week in 1933.
Loading of revenue freight in 1935 compared with the two previous
years
follows.
1935
Week of Jan. 5
Week of Jan. 12
Total
1934
1933
498,073
553,675
500,813
557,266
439,469
509.893
1.051.748
1.058.079
949 SAL
Financial Chronicle
540
In the following table we undertake to show also the loa( ings for the separate roads and systems for the week ended
Jan. 12 1935. During this period a total of 72 roads showed
increases when compared with the corresponding week 1 St
Ian. 26 1935
year. The most important of these roads which showed
increases were the Atchison Topeka & Santa Fe System,
the Norfolk & Western RR.,the Illinois Central System,the
Louisville & Nashville RIt., and the Southern Pacific RR.
-WEEK ENDED JAN. 12
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Total Loads Received
from Connections
Total Revenue
F tight Loaded
Railroads
1935
Eastern District
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. H. h Hartford
Rutland
Total
Group 13
Delaware & Hudson
Delaware Lackawanna & West _
Erie
Lehigh & Hudson River
Lehigh dr New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh A: Shawmut
Pittsburgh Shawmut & North_
Total
Group C-.
Ann Arbor
Chicago Indianapolis & Loulsv
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N.Y.Chicago & St. Louis
Pere Marouette
Pittsburgh & Lake Erie
Pittsburgh et West Virginia_ _
Wabash
Wheeling & Lake Erie
Total
1934
1933
1935
1,872
3,383
7,094
943
2,748
10,082
548
1.717
2,894
6,628
504
2,333
9.181
502
227
4,166
9.824
1,488
2,514
10,859
1,013
229
4,483
10.314
2,149
2,636
12,597
1,029
25,809
26,670
23.759
30,091
33,437
4,824
8,238
11,172
138
1,553
7.255
1,487
17.926
2,267
431
339
6,270
9,935
12,413
137
1,658
8,699
1,081
18,553
2,115
423
404
4,503
7,616
10,393
146
1.231
7,164
1,498
17,407
2,034
382
291
6,329
5,433
13.460
2,272
1,075
6,062
31
26,775
2,085
23
224
6,806
5,386
12,334
1,892
1,095
6,265
17
26,999
2,369
28
224
55.630
61,688
52,665
63,769
63,415
549
1,267
7,007
16
181
287
2,505
3,355
7.758
3,626
3,814
5,405
4,204
947
4,717
3,138
497
1,211
6,972
25
216
156
1.910
2.919
5,565
4,171
3,517
4,520
3,319
926
4,601
2,819
376
1,327
7,567
16
176
200
1,001
2.877
5,266
3,173
3.369
4,003
2,393
944
4,835
2,677
1,079
1,781
11.555
53
73
3.467
1,979
6,831
9,409
149
8,473
4,825
4,174
1,030
7,654
2,854
930
1,382
10,303
58
69
2,990
1.441
6.515
8,842
171
7,928
4,527
4,085
630
6,883
2,204
48.776
43,344
65,386
58,958
155.810
361
174
765
1,021
51.986
13,844
4,113
101
3,004
268
22,747
627
240
a
4,815
1
306
198
935
893
47,727
9.926
2,564
95
2,735
803
13,066
1,400
9
10
10,036
57
25
12
2.461
1,247
31,834
13,744
922
517
12,005
709
7
17
10,895
38
15
23
2,937
1,501
29,941
14,267
755
5:61e
5:51
109,773
94,077
81,242
78,922
130,215
Allegheny District
Akron Canton & Youngstown._
Baltimore & Ohio
Beesemer & Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania__ _
Ligonier Valley
Long Island
b Penn-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
489
25,179
1,075
291
1,162
5.140
10
391
168
781
1,028
51,897
11,364
4,949
94
3,177
374
25,353
1,048
283
1.227
6,113
107.195
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk &Portsmouth Belt Line
Virginian
Total
Southern District
Group .1
Atlantic Coast Line
Cline/1681d
Charleston & Western Carolina.
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern•
Richmond Fred. & Potomac__
Southern Air Line
Southern System
Winston-Salem Southbound
40,200
159,246
Grand total Eastern District__
Total
1935
1934
2,135
2,668
7.258
877
2,691
9,666
514
131,702 116.621
ti
20,033
15,828
869
3,546
20,860
15,616
777
3.326
19,265
13,926
649
3.638
6,416
3,521
1,155
769
6,114
3,172
851
552
40,276
40,579
37.478
11.861
10,689
7,751
935
314
112
35
964
440
314
6,439
17,495
127
8,476
1.053
335
131
46
1,047
457
312
7.174
17,759
128
7.772
887
302
136
43
1,234
455
279
8,333
17,421
160
4.324
1,423
827
256
75
1,000
743
2,479
3,219
11.344
572
4,460
1,298
976
347
56
1,028
850
3,038
3,514
10,535
523
Total Loads Recsired
from Connections
Total Revenue
Freight Loaded
Railroads
Group B
Alabama Tennessee & Northern
Atlanta Birmingham & Coast__
All. & W. P.
-W.RR.of Ala__
Central of Georgia
Columbus dr Oreenvii.le
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile de Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah...._
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central
1934
1933
163
592
557
3,123
234
654
623
257
1.181
17,736
17,773
100
122
1.594
2,540
370
202
656
640
3,090
202
987
713
290
1,142
17,254
16,276
76
119
1,611
2,407
342
190
612
540
2,784
178
971
734
221
1,132
17.630
15,828
114
120
1,705
2,490
352
1935
137
577
959
2,049
247
643
1,238
320
735
8,585
3,541
355
202
1.214
1,982
592
1934
218
693
971
2.199
254
607
1,296
400
639
7.800
3,666
418
159
1.367
2,063
629
47,619
46.007
45,601
23,376
23.385
Grand total Southern District..
82,545
82,925
80,623
49,638
50,010
NorthwesternDistrictBelt Ry. of Chicago
Chicago A North Western
Chicago Great Western
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe & Northern...
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming...Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland & Seattle.--
709
12,897
1,994
16.891
3,303
396
567
4,218
218
9,068
677
252
1.501
4,412
7,644
81
1,007
654
13.553
2,346
17,290
3,605
468
446
2,809
247
7.547
498
272
1,585
4,303
7,395
76
804
503
11,833
2.083
15,100
2,891
360
301
2,546
240
7,297
433
241
1.586
3,855
7,368
61
643
1,409
8,418
2,459
6,394
2,390
97
310
5,156
127
2,528
352
141
1,508
1.832
2,365
166
829
1,279
8,490
2,195
5,977
2,318
168
321
3,802
126
1,882
304
100
1,280
1,841
1,752
179
750
65,835
63,898
57,394
36,481
32,764
17,244
2,477
227
13,063
1,547
10,526
2.730
864
2,819
387
1,092
1,850
487
56
12.781
149
268
11,184
573
1,201
16,880
2,450
208
13,931
1.627
10,462
2,696
860
2,580
3101
1,072
1,815
446
105'
12,569
274
379
12,344
356
1,313
18,389
2.640
175
12,875
1,255
10,336
2,471
1,134
2,063
251
1,249
1,578
354
112
11.028
217
296
10,281
582
960
4,451
1,779
33
5,966
609
6,272
1.751
782
1,908
4
891
963
197
58
3,099
231
868
6,180
10
1,353
4,153
1,503
33
5.352
687
5,555
1,668
788
1,630
7
879
920
231
51
3,012
259
730
5,885
8
1.127
81,525
82,677
78.253
37.408
34.478
141
154
200
2,919
1.751
125
1.497
956
147
461
884
84
4,170
12,474
39
73
6,670
1,887
5,523
4,120
1,793
24
192
108
121
219
2,315
2,256
148
1,529
1.168
161
87
578
89
4.411
12,705
43
146
7.188
2,058
5,173
3.712
1,251
23
223
93
165
193
2,810
2,084
134
1,253
1,004
318
275
608
42
4,373
12,562
44
132
7,477
2,117
5,071
3,401
1,467
21
a
3,458
318
205
1,242
1,952
990
1.449
669
255
628
187
172
2,413
7,099
16
96
3,240
1,734
2,117
3,187
14,556
29
64
2,957
234
120
1,213
1,729
797
1,217
692
229
725
158
251
2,508
7,020
11
94
3,146
1,511
1.788
2,820
15,125
31
81
Total
Total
Central Western DistrictAtch. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington St Quincy
Chicago & Illinois Midland_ _
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois__
Colorado At Southern
Denver & Rio Grande Western.
Denser & Salt Lake
Fort Worth & Denver City____
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island_ _ _
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton &Peahens
Burlington-Rock Island
Fort Smith dr Western
Gulf Coast Lines
International-Great Northern..
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas .4 Texas_ _ _
Litchfield & Madison
Midland Valley
Missouri & North Arkansas....
Missouri-Kansas
-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Aome & Pacific;
St. Louis-San Francisco
St. Louis Southwestern
Texas is New Orleans
Texas & Pacific
Terminal RR.of At. Louis
Weatherford M. W. & N. W.
Wichita Falls & Southern
44,457
46,076
45,712
46,084
45,444
Total_
26,625
26,262
35,022
36,918
34.926
•Previous figures. a Not available. b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR., formerly
can of Pennsylvania RR.. and Atlantic City I111., formerly part of Reading Co.
Total
Increase of 1.5% in Retail Prices During Two Weeks
Ended Jan. 2 Reported by United States Department of Labor
Retail prices of food advanced 1.5% during the two weeks'
period ended Jan. 2 1935, Commissioner Lubin of the Bureau
of Labor Statistics of the United States Department of
Labor announced Jan. 16. "This is the first advance registered by retail food prices since Sept. 11 1934, when these
prices reached the high point for 1934," Mr. Lubin stated,
adding:
The current index, 115.9 (1913 equals 100.0), is 0.8 of 1% below the
September high of 116.8. It is 10.9% above the index of 104.5 for
Jan. 2 1934.
Of the 42 articles of food included in the index, 22 advanced in price,
16 showed no change, and four showed declining prices.
All of the six groups of food items registered increases. Meats, which
have declined steadily since September, increased 3%. Each of the
individual items rose in price.
Fruits and vegetables increased 3.5%, due primarily to an increase of
5.9% in the price of potatoes, which score than offset a sharp decline in
canned vegetables.
Egg prices advanced 1.9% during this period, reversing the price
tendency of the previous reporting period.
Cereals, dairy products and miscellaneous foods registered increases of
0.1, 0.8 and 0.7 of 1%, respectively.
Price increases occurred in each of the geographical divisions, and in
all but seven of the 51 reporting cities. Detroit, of the North Central
group, showed the greatest advance, 4.5%.
In both Butte and Dallas a decrease of 0.7 of 1% was recorded. Other
city decreases were negligible.
The following table is from Mr. Lubin's announcement of
Jan. 16:
INDEX NUMBERS OF RETAIL PRICES OF FOOD
(1913=100.0)
1933
1934
1935
1930
Jan. 2 Dee. 18 Oct. 9 July 3 Apr. 10 Jan. 2 Jan. 15 Jan. 15
2 Irks. 3 mos. 6 mos. 9 MOT. 1 yr. 2 yrs. 5 yrs.
ago
ago
ago
ago
ago
ago
ago
All foods
Cereals
Meats
Dairy prod'ts_
Eggs
Fruits & veg.
Mlscell. foods_
115.9
151.1
123.7
109.7
110.1
107.2
97.6
114.3
150.9
120.1
108.8
108.1
103.6
96.9
115.6
152.0
128.4
105.4
103.5
110.8
96.1
109.6
146.6
120.0
101.1
73.6
121.7
89.8
107.4
144.7
110.5
99.7
69.5
130.3
89.1
104.5
142.4
100.8
95.7
89.3
124.4
86.5
94.8
112.3
99.9
93.3
93.9
89.9
88.3
155.4
162.9
183.6
133.9
160.5
187.2
129.4
541
Financial Chronicle
Volume 140
From Mr. Lubin's announcement we also take the following:
Prices used in constructing the weighted index are based upon reports
from all types of retail food dealer& in 51 cities and cover quotations on 42
Important food items. The index is based on the average of 1913 as 100.0.
The weights given to the various food items used in constructing the index
are based on the expenditures of wage earners and lower-salaried workers.
The following tables show the percentages of price changes for individual
commodities, and for the various cities covered by the Bureau Jan. 2 1935
compared with Dec. 18 1934, Dec. 4 1934, Jan. 2 1934, Jan. 15 1933, and
Jan. 15 1930:
CHANGES IN RETAIL FOOD PRICES, JAN. 2 1935,BY COMMODITIES
The advance reflected primarily the further sharp advances in livestock,
supplemented by higher prices for meats and lard, the grains and flour.
butter and eggs, cocoa, oranges, cotton and cottonseed oil, leather and tin.
Losses were few, including a reaction in beef, lower rubber and zinc, and a
reduction in the refinery price for gasoline. Aside from the short livestock
situation, the advance reflected to some extent a reaction from the previous
week's drop on account of the Gold Clause case. The latter, decision on
which has apparently been postponed at least until Feb. 4, continues to
retard activity, as merchants and others hardly care to make extensive
commitments, especially in the export commodities, until they know what
values will be after the decision.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (1913=100)
Jan. 22 1935 Jan. 15 1935 Jan. 23 1934
Per Cent Change, Jan. 2 1935 Compared with
All foods
Dec. 18
1934
(2 Weeks
Ago)
+1.5
+0.1
Cereals
Bread, white
0.0
Cornflakes
0.0
Cornmeal
+2.1
Flour, wheat
0.0
Macaroni
0.0
Rice
+1.2
Roiled oats
0.0
Wheat cereal
0.0
Dairy products
+0.8
Butter
+2.5
Cheese
0.0
Milk, evaporated
0.0
Milk, fresh
0.0
+1.9
Eggs
Fruits and vegetables
+3.5
Bananas
+1.3
Oranges
+0.3
Prunes
+0.9
Raisins
+1.0
Beans, navy
0.0
Beans with pork
0.0
Cabbage
+10.7
Corn, canned
-17.7
Onions
0.0
Peas, canned
-19.7
Potatoes, white
+5.9
Tomatoes. canned.... -21.2
Meats
+3.0
+1.8
Beef-Chuck roast...
Plate beef
0.0
Rib roast
+2.6
Round steak
t2.6
Sirloin steak
2.9
Hens
+2.0
Lamb,legof4.2
Pork-Bacon,sliced
t0.9
Ham,sliced
0.5
Pork chops
+9.9
Miscellaneous foods
+0.7
Coffee
0.0
Lard, pure
+3.8
Oleomargarine
+1.3
Salmon, red
0.0
Sugar
0.0
Tea
0.0
1 eir.lard subWitute___
+1.0
Jan. 2
1934
(1 Year
Ago)
Jan. 15
1933
(2 Years
Ago)
Jan. 15
1930
(5 Years
Ago)
+1.1
+10.9
+22.2
-25.4
+0.2
-2.4
+1.2
+2.1
0.0
0.0
0.0
+1.4
0.0
+1.1
+3.4
+0.4
0.0
0.0
-4.1
+3.6
+0.4
-4.6
+0.9
+1.0
-1.6
0.0
+19.2
-17.7
+2.5
-19.7
+5.9
-21.2
+3.2
+1.8
+0.9
+2.2
+2.2
+2.2
+2.5
+5.1
+1.2
+0.8
+11.7
+0.9
-0.4
+6.6
+3.8
-0.5
-1.8
+0.4
+2.0
+6.1
+2.5
-5.6
+16.7
+8.5
+0.6
+12.3
+12.1
+0.4
+14.7
+44.0
+10.0
-1.5
+4.5
+23.4
-13.9
-10.0
+7.0
+16.2
+5.4
+5.2
+6.2
-32.6
-7.3
-2.4
-2.8
-25.0
-17.2
+22.7
+17.0
+19.8
+18.8
+17.1
+17.1
+16.3
+18.3
+43.4
+26.1
+34.2
+12.7
+5.7
+70.5
+30.6
+1.4
0.0
+7.2
+4.7
+34.6
+26.6
0.0
+40.0
+75.9
+7.5
+36.7
+29.8
+8.5
+17.5
+35.4
+8.1
+1.5
+12.5
+17.3
+19.3
-1.7
+6.6
+29.2
+3.2
+41.9
+4.5
+6.9
+0.2
+51.9
+10.3
+20.0
-4.7
+23.9
+12.4
+9.5
+10.4
+12.9
+11.4
+16.8
+13.4
+57.5
+37.0
+61.8
+13.0
-2.8
+100.0
+20.9
+9.3
+7.8
+8.5
+7.0
Dec. 4
1934
(4 Weeks
Ago)
L111111111111111111111111111111 1 L11111 1 111
Commodities
Compilation of Failures in Retail Trade by National
Industrial Conference Board-Finds 14 of Every
1,000 Establishments Fail Each Year
About 14 out of every 1,000 retail establishments fail
each year; this conclusion is based on an analysis by the National Industrial Conference Board of the latest available
data regarding failures of various types of retail concerns
and the approximate number of such concerns in existence.
The Board on Jan. 21, said:
Restaurants, in this study,show the highest immunity to failure. Other
Concerns displaying marked resistance to business stress are dairies, food
stores, optical and scientific instrument stores, cigar stores, automobile
concerns, and garages.
The following table prepared by the Conference Board
presents the most recent statistics concerning rates of failure
of retail establishments:
Fallures 1931
Type Of Establishment
Dry goods stores, merchandise
Gifts, novelties, toys
Clothing and apparel
Jewelry
Drug stores, incl. soft drink stands
Coal, wood yards, ice and supplies
Furniture
Paints and glass
General stores
Florists
Machinery, hardware, equipment
Garage, accessories, and repairs
Cigars
Automobile
Optical and scientific instruments
Foods, except dairy products
D1111109
Restaurants and eating places
Total
Establishtunas
1929
Number
Per 1,000
Establishmen!, In
1929
25.450
6,516
116.902
19,998
68,651
23,211
69.442
8.870
78,639
9,328
55,542
91,928
33,248
45,301
3,575
470,155
11,736
123.900
1,105
258
3,769
528
1,544
513
1,429
179
1.441
164
836
1,161
367
479
36
3.410
78
789
43
40
32
26
22
22
21
20
18
18
15
13
11
11
10
7
7
6
1,262,390
18,086
14
"Annalist" Weekly Index of Wholesale Commodity
Prices for Week of Jan. 22 at Highest Level Since
September 1930
-Index of Domestic and Foreign
Prices Lower for December
A new high since September 1930 was reached Jan. 22 by
the "Annalist" Weekly Index of Wholesale Commodity
Prices when it advanced to 123.3, from 121.9 on Jan. 15.
As to the increase the "Annalist" said:
89.6
116.3
119.3
Farm products
102.9
126.5
125.0
Food products
120.2
*108.1
108.0
Textile products
160.9 154.2
160.4
Fuels
105.3
109.7
109.7
Metals
112.1
112.4
112.1
Building materials
99.0
98.6
98.6
Chemicals
87.9
79.5
80.3
Miscellaneous
105.9
121.9
123.3
All commodities
72.7
66.1
x All commodities on old dollar basis_
73.6
*Preliminary. z Based on exchange quotations for France. Switzerland, Holland
and Belgium.
As to foreign and domestic prices during December the
"Annalist" reported:
The "Annalist" International Composite of wholesale prices in nine leading countries declined slightly to 72.6 in Decemer from 73.0 in November.
The decline was without particular significance, however, as the index has
been ranging between 72.1 and 73.4 for the past six months.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES
(Measured in currency of country; index on gold basis shown for countries whose
currency has depreciated; 1913=100.0)
.Dec.
1934
x Nov.
1934
Oa.
1934
Dec.
1933
P.C.Clege
from
Nov. 1934
+1.4
103.3
116.3
+1.2
65.8
68.7
o
107.8
111.5
-1.3
69.4
67.3
+0.3
102.8
104.1
-0.9
69.2
62.5
-3.4
407
357
o
101.0
96.2
-0.2
96.0
101.4
+0.7
278.5
276.4
+0.7
276.5
267.3
o
132.6
137.4
-0.6
52.3
46.9
-0.5
74.5
72 41
*Preliminary. z Revised. y Includes also Belgium and Netherlands
Indices used: U. S. A., Annalist; Canada, Domin on Bureau of Statist es; United
Kingdom, Board of Trade: France, Statistique Generale; Germany, Statistische
Reichsamt; Italy, Milan Chamber of Commerce; Japan, Bank of Japan.
United States of America.,..__
Gold
Canada
Gold
United Kingdom
Gold
France
Germany
Gold
Italy
Gold
Japan
Gold
Vrannnp.1.0 in ortlA y
118.0
70.1
111.2
66.9
104.4
63.0
344
101.2
101.4
279.2
269.4
136.8
47.1
705
116.4
69.3
111.2
67.8
104.1
63.6
356
101.2
101.6
277.2
267.4
136.8
47.4
710
United States Department of Labor Reports Decrease
of 0.1 of 1% in Wholesale Commodity Prices During Week of Jan. 19
Wholesale commodity prices receded 0.1 of 1% during the
week ending Jan. 19, the Bureau of Labor Statistics of the
United States Department of Labor announced Jan. 24.
Prices during the previous week ended Jan. 12 had advanced
0.9 of 1% to the highest level reached since January, 1931.
In its announcement of January 24, the Bureau said:
The Bureau's index for the week of January 19 decreased by 0.1 of a point
to 78.5% of the 1926 average. Compared with a month ago, however,
current prices show an increase of 2 1-3%. As compared with the week
ending Jan. 20 1934, when the index was 72.3, the index is up by 8%%.
It is 28% above two years ago, when the index was 61.2. This week's
index is 1% above the high for the year 1934, the week of Sept. 8, when
/ above the low of 1934, the week of Jan. 6,
2
%
the index was 77.8, and 101
when the index was 71.0. As compared with the high point of 1933, 71.7
/
2
on Nov. 18, the index is up by 91%. When compared with the low
point of 1933, 59.6 on Mar. 4, the index is higher by approximately
32%.
The decrease in commodity prices during the week was well scattered
as shown by the fact that of the 10 major groups of items covered by the
Bureau, six-farm products, hides and leather products, fuel and lighting
materials, metals and metal products, housefurnishing goods and miscellaneous commodities-registered decreases from the previous week. Two
groups-textile products and building materials-showed no change in
the general average, while foods and chemicals and drugs recorded fractional increases.
Six of the 10 major groups of commodities included in the index showed
higher average prices than for the corresponding week of a year ago. Farm
products registered the greatest rise with an increase of 30%; foods ad/
2
/
2
vanced 231%, chemicals and drugs, 61TO, and miscellaneous commodities 4%%. Metals and metal products and housefurnishing goods showed
smaller increases.
During the year average prices of textile products have decreased 8½%;
hides and leather products, 4%; building materials, 2%, and fuel and
lighting materials 0.3 of 1%. All commodities other than farm products
and foods are approximately I% below a year ago.
It was further announced:
Farm products with a decline of 0.6 of I% during the week showed
the greatest drop for any of the major groups. The decrease was due
mainly to a 6% decline in the price of grains and an 0.8 of I% drop in
other farm products, including cotton, eggs, lemons, oranges, seeds and
white potatoes. The sub-group of livestock and poultry, on the other hand,
Increased by 3%, although hogs were slightly lower. The present farm
products index, 76.7, is 80% higher than a year ago and 78% higher
than two years ago, when the indexes were 59.0 and 43.0 respectively.
Wholesale food prices for the week are up by 0.1 of 1%, due to an
advance of nearly 1%% in meats and a slight advance in fruits and
vegetables. The sub-groups of other foods and butter, cheese and milk decreased while cereal products were unchanged. Price increases were reported for dried beans, cured beef, lamb, mutton, mess pork, dressed poultry at New York, oleomargarine, oleo oil and peanut butter. Price decreases
542
Financial Chronicle
were shown for butter, corn meal, hominy grits, bacon, fresh pork, coffee,
lard, raw sugar and cottonseed oil. Since Dec. 8, 1934, wholesale food prices
have shown a steady upward tendency with an accumulated advance of
approximately 61%. The index for the group, 79.8, is 231
/
2
/
2
% above a
year ago, when the index was 64.6, and 421
/ above two years ago, when
2
%
the index was 56.0.
Lower prices for scrap steel, pig tin, and motor vehicles forced the index
of metals and metal products down 0.4 of 1 per cent to 85.3% of the
1926 average. The sub-groups of agricultural implements and plumbing
and heating fixtures remained unchanged.
Miscellaneous commodities with an index of 70.7 also decreased 0.4 of
1%, due to a decline of 61
/
2
% in crude rubber and 21
/
2
% in cattle feed.
Average prices of automobile tires, paper and pulp and other miscellaneous commodities were unchanged.
Falling prices of gasoline resulted in the group of fuel and lighting material dropping 0.3 of 1%. No change was recorded for coal and coke.
Hides and leather products, with an index of 86.8, declined 0.1 of 1%
The sub-groups of hides and skins and other leather products were slightly
lower. Shoes and leather were unchanged.
The index of housefurnishing goods, 82.1, also declined 0.1 of
because of lower prices of furnishings. Average prices of furniture were
stationary.
In the group of building materials a slight decline in lumber was
counterbalanced by higher prices for paint materials, resulting in the
Index remaining at 84.8. Brick and tile, cement, structural steel, and
the sub-group of other building materials including sand, gravel and
lime showed no change.
Continued advances for chemicals caused the group of chemicals and
drugs to increase by 0.3 of 1% to a new peak. Drugs and pharmaceuticals,
fertilizer materials and mixed fertilizers remain unchanged from the previous week. The present index, 79.8, is the highest since May, 1931.
Textile products with an index of 70.0 remained unchanged. Slight increases in average prices of clothing and other textile products were offset by a decrease in cotton goods. The sub-groups of knit goods, silk and
rayon, and woolen and worsted goods showed no change.
The general level for the group of "All commodities other than farm
The present index,
products and foods" showed a decline of 0.3 of 1%.
77.9, compared with 78.6 for a year ago and 67.6 for two years ago.
two years ago.
The index of the Bureau of Labor Statistics is composed of 784 price
series, weighted according to their relative importance in the country's
markets and based on average prices of the year 1926 as 100.0.
The following table shows index numbers of the main groups of
commodities for the past five weeks and for the week of Jan. 20 1934,
and Jan. 21 1933:
INDEX NUMBERS OF'WHOLESALE PRICES FOR WEEKS OF JAN.19 1935,
JAN.12 1935,JAN.5 1935,DEC.29 AND DEC.22 AND JAN.201934, AND
JAN. 21 1933 (1926=100.0)
Jan.
19
1935
All commodities
Jan.
12
1935
Jan.
5
1935
Dec.
29
1934
Dec.
22
1934
78.5
Commodity Groups
78.6
77.9
77.1
76.7
72.3
61.2
72.6 71.2
76.3 75.4
86.6 88.4
69.7 69.7
74.7 75.0
85.5 85.5
84.9 84.7
78.3 78.1
82.5 82.5
71.1 71.1
59.0
64.6
90.3
76.4
74.2
85.1
86.5
75.0
81.7
67.5
43.0
56.0
69.0
51.9
67.6
78.2
70.3
71.9
72.8
80.8
Farm products
76.7 77.2 75.6
Foods
79.8 79.7 78.5
Hides and leather products
86.8 86.9 88.8
Textile products
70.0 70.0 70.0
Fuel and lighting materials
74.0 74.2 74.1
Metals and metal products
85.3 85.6 85.6
Building materials
84.8 84.8 84.8
ChemicaLs and drugs
79.8 79.6 79.1
HousefurnIshing goods
82.1 82.2 82.3
Miscellaneous
70.7 71.0 70.9
All commodities other than farm
Products and foods
77.9 78.1 78.0
Index numbers for the high and low weeks of each
are shown in the following table:
1934
Commodity
Groups
Jan.
20
1934
Jan.
21
1933
78.1 78.2 78.6 67.6
year, 1934, 1933 and 1932;
1933
1932
Date and Date and Date and Date and Date and Date and
Low
Low
High
High
Low
High
All commodities_ 9-8 77.8 1-8 71.011-18 71.7 3-4 59.
1-2 68.2 12.31 62.2
Farm products_ 9-8
Foods
9-8
Hides and leather 2-10
Textile products_ 2-24
Fuel and lighting_ 11-17
Metals. &c
5-12
Buildingmaterials 6-30
Chemicals& drugs 12-29
Housefurnishings. 5-26
Miscellaneous
12-15
All commodities
other than, dro-1 4-28
1-9
1-2
1-23
1-2
7-9
1-2
1-2
1-2
2-20
1-9
74.3, 1-6 57.4 7-22
77.2 1-6 62.7 7-22
90.5 8-18 84.2 9-2
76.7 12-8 89.3 9-23
76.1 3-31 72.4 11-11
88.8 1-6 83.3 11-25
87.8 12-22 84.7 12-30
78.3 1-6 73.311-25
83.9 1-27 81.7 11-11
71.21 1-6 85.9 12-30
62.7
86.5
92.9
76.4
74.7
83.5
85.4
73.8
82.2
65.6
2-4
3-4
3-11
3-4
6.10
4-8
2-18
4-15
5-6
4-8
40.2
53.4
87.5
50.6
60.8
76.7
69.6
71.2
71.7
57.6
55.8 12-31
68.7 12-31
79.7 7-23
60.5 7-23
73.3 1-9
82.3 7-23
78.0 8-13
76.412-31
78.7 12-3
86.612-31
43.7
57.9
88.5
51.3
67.7
79.0
89.4
72.2
72.5
63.1
79.21 1-6 77.612-30 77.6 4-22 65.5 1-2 72.112-31 68.8
In issuing the index for the week of Jan. 12, Commissioner
Lubin of the Bureau of Labor Statistics said on Jan. 17:
The Bureau's index for the week ending Jan. 12 increased to 78.6% of
the 1926 average.
When compared with the week ending Jan. 13 1934, when the index was
71.7, the index is up by 91%. It is nearly 27% above two years ago, when
/
2
the index was 62.0. This week's index is 1% above the high for the
year 1934, the week of Sept. 8, when the index was 77.8, and nearly 11%
above the low of 1934, the week of Jan. 6, when the index was 71.0. As
compared with the high point of 1933, 71.7 on Nov. 18, the index is up
by 91%. When compared with the low point of 1933, 59.6 on March 4,
/
2
the index is higher by approximately 32%.
The increase in commodity prices was well scattered, is shown by the
tact that of the 10 major groups of items covered by the Bureau, seven
farm products, foods, hides and leather products, fuel and lighting, building
materials, chemicals and drugs, and miscellaneous items-registered increases from the previous week. Two groups-textile products and metals
and metal products
-showed no change in the general average with the
housefurnishing goods group recording a fractional decrease.
With the exception of hides and leather products, textile products, building materials, and fuel and lighting materials, all of the 10 major groups
ahow higher average prices than for the corresponding week of a year ago.
Farm products registered the greatest rise, with an increase of approximately
/
2
%; miscellaneous
31%; foods advanced 24%; chemicals and drugs 81
commodities 72
/
1
%; metals and metal products and housefurnishing goods
showed smaller increases.
During the year average prices of textiles have decreased 8.0%; hides
and leather products, 8.7%; building materials, 0.9 of 1%, and fuel and
lighting materials, 0.3 of 1%. All commodities other than farm products
and foods are 0.1 of 1% above a year ago.
Jan. 26 1935
Farm products, with an advance of 2% during the week, showed the
greatest rise for any of the major groups. The increase was due mainly
to an approximate 4% rise in the price of grains and a 61
/
2
% advance in
livestock prices. On the other hand, the sub-group of other farm products,
including cotton, eggs, fresh fruits and vegetables, decreased by nearly
1%. The accumulated rise for farm products over the past three weeks
has been 8%. The present farm products index, 77.2, is 71% higher than
two years ago, when the index was 45.2.
Wholesale food prices for the week are up by 11
/
2
% due to advances of
5% in meats and 11
/
2
% for butter, cheese and milk. The sub-groups of
cereal products and other foods showed smaller advances. Fruit and
vegetable prices decreased 2% during the week. Price increases were
recorded for rye and wheat flour, hominy grits, corn meal, dried fruits,
fresh meats, dressed poultry, coffee, lard, oleomargarine and raw sugar.
Price decreases were shown for canned fruits, fresh fruits and potatoes.
Since Dec. 8 1934 wholesale food prices have shown a steady upward tendency
with an accumulated advance of approximately 61%. The index for the
/
2
group, 79.7, is 37% above two years ago with an index of 58.2.
Chain Store Sales During December Continue Upward
Trend
Chain store trade in December enjoyed the usual seasonal
expansion, total volume swelling to a point which made it
not only the greatest month for the year, but also the largest
since 1930, according to the current review by "Chain
Store Age."
"Preliminary figures indicate that total average daily sales in December
of 18 leading chains rose to a level of approximately $7,435,000," that
publication reports. "This was an increase of nearly 6.5% over the total
of $6,985,000 in December 1933. In the similar month of 1932 sales
amounted to $6,059,000.
"As reflected by the 'Chain Store Age' index, the state of trade in the field
in December improved to a level of approximately 93.5 of the 1929-1931
average taken as 100, from 92.9 in November, and 92.0 in October. The
figure for December 1933 was 87.5.
"Drug and shoe store sales showed the greatest sales gains in December
over the previous year. The index of sales for two drug chains jumped to
120.0, a new high, from 108.4 in November. The index for two shoe chains
rose in December to 108.0 from 101.5 in the previous month. The December
1933 figure was 97.2.
"The sales index for the group of five leading grocery chains rose In
December to 85.0 from 84.8 in November. The index for the five-and-ten
department store group was 98.1 in December against 99.0 in November.
Total sales of these chains in December were 5.0% ahead of the same
month in 1933.
"In the case of the apparel group, the index of sales of three chains
declined to a level of 98.7 in December from 102.4 in November. In
December 1933 the figure stood at 87.6. The gain in December sales over
the similar month of 1933 was thus nearly 13%.
"Chain store executives view the prospects for spring business in 1936
in an optimistic frame of mind. The favorable progress made all during
last year combined with the well-liquidated condition of inventories at the
end of the year, and the strong financial standings of companies in general,
impart genuine encouragement to chain store managements in tackling sales
programs for the current year."
Weekly Electric Output Advances 9.4% Over
Corresponding Week of 1934
The Edison Electric Institute in its weekly statement
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended Jan. 19 1935 totaled 1,778,273,000 kwh. Total output
for the latest week indicated a gain of 9.4% over the corresponding week of 1934, when output totaled 1,624,846,000
kwh.
Electric output during the week ended Jan. 12 1935 totaled
1,772,609,000 kwh. This was a gain of 7.7% over the
1,646,271,000 kwh. produced during the week ended Jan. 13
1934. The Institute's statement follows:
PERCENTAGE OF INCREASE
Major Geographic
Divisions
New England
Middle Atipntio
Central Industrial _ .
West Central
Southe n States
,
Rocky Mountain
Pacific Coast
Total United Stateg.
Week Ended
Week Ended
Jan. 19 1935 Jan. 12 1935
Week Ended
Jan. 5 1935
Week Ended
Dec. 29 1934
6.4
7.1
11.9
6.8
11.0
11.7
5.8
7.7
5.4
8.7
4.1
9.4
12.0
8.0
5.9
2.9
6.9
1.0
15.9
10.6
5.8
6.4
4.7
7.5
5.3
13.8
9.6
2.9
9.4
7.7
6.7
7.2
Arranged in tabular form the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
ELECTRIC PRODUCTION FOR RECENT WEEKS
-howl
-000 Omitted)
On Kilowatt
1934
1933
Week ofWeek ofOct. 13 1,656,884 Oct. 14 1,618,948
Oct. 20 1,667,505 Oct. 21 1,618,795
Oct. 27 1,677,229 Oct. 28 1,621,702
Nov. 3 1,669.217 Nov. 4 1,583,412
Nov. 10 1,675,750 Nov. 11 1,616,875
Nov. 17 1,691.046 Nov. 18 1,817,249
Nov.24 1,705,418 Nov. 25 1,607,546
Dec. 1 1,683,590 Dec. 2 1.553,744
Dec. 8 1,743,427 Dec. 9 1,819,157
Dec. 15 1.767.418 Dec. 16 1,844,018
Dec. 22 1,787.936 Dec. 23 1,656,616
Dec. 29 1,650,467 Dec. 30 1,539,002
1935
Jan. 5 1,688,731 Jan.
Jan. 12 1,772,600 Jan.
Jan. 19 1,778,273 Jan,
Jan.
1934
6 1,563,678
13 1,648,271
20 1,824,848
27 1.610,542
%
Change
1932
1981
Week ofWeek of
-+2.3 Oct. 15 1,507,503 Oct. 17 1,658,051
+3.0 Oct. 22 1,528,145 Oct. 24 1,848,531
+3.4 Oct. 29 1.533,028 Oct. 31 1,651,792
+5.4 Nov. 5 1,525,410 Nov. 7 1,828,147
+3.6 Nov. 12 1,520,730 Nov. 14 1,623,151
+4.6 Nov. 19 1,531,584 Noy. 21 1,655,051
+6.1 Nov. 26 1,475,288 Nov. 28 1,599,900
+8.4 Dec. 8 1,510,337 Dec. 5 1.871.466
+7.7 Dec. 10 1,518,922 Dee. 12 1,671,717
+7.6 Dec. 17 1,563,384 Dec. 19 1,875,653
+7.9 Dec. 24 1,554,473 Dec. 26 1,564.652
+7.2 Dec. 31 1,414,710
1932
1933
Jan. 2 1,523,652
+6.7 Jan. 7 1,425,639 Jan. 9 1,619,265
+7.7 Jan. 14 1,495.116 Jan. 16 1,602,482
+9.4 Jan. 21 1,484,089 Jan. 23 1,598.201
Jan. 28 1,469.638 Jan. 30 1.5/01.9(17
Financial Chronicle
Volume 140
DATA FOR RECENT MONTHS
Month ofJanuary____
February ___
March
April
May
June
July
August
September_.
October -- ....
November _
December__
1934
1933
%
Change
1932
1931
7,131,158,000
6,608,356,000
7,198.232,000
6,978,419,000
7,249,732,000
7,056,116,000
7,116,261,000
7,309,575,000
6,832,260.000
7,384,922,000
7,160,756,000
6,480,897,000
5,835,263,000
6,182,281,000
6,024,855,000
6,532.686,000
6,809,440,000
7,058,600,000
7.218,678,000
6,931,652,000
7,094,412.000
6,831,573,000
7,009,164,000
+10.0
+13.2
+16.4
+15.8
+11.0
+3.6
+0.8
+1.3
-1.4
+4.1
+4.8
____
7,011,736,000
6,494,091,000
6,771,684,000
6,294,302.000
6,219.554,000
6,130,077,000
6,112,175.000
6,310,667,000
6,317,733,000
6,633,865,000
6,507,804,000
6,638,424,000
7,435,782,000
6,678.915,000
7,370,687.000
7,184,514,000
7,180,210.000
7,070,729,000
7,286,576,000
7,186,086.000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
Total
80.009.501.000
____ 77.442.112.000 86.063.969.000
Nose-The monthly figures shown above are based on reports covering approximately 92% at the electric ight and power industry and the weekly figures are
based on about 70%.
National Fertilizer Association Reports Decline in
Wholesale Commodity Prices During Week of
Jan. 19
-Drop Follows Four Consecutive Advances
Wholesale commodity prices moved downward in the week
ended Jan. 19 1935, the index of the National Fertilizer
Association declining to 77.0, based on the 1926-1928
average as 100, from 77.5 in the preceding week. The
decline last week followed advances in each of the four
preceding weeks. The index a month ago was 75.4 and a
year ago 69.5. Under date of Jan. 21 the Association further
announced:
The price decline last week was general, as nine of the 14 individual
groups moved downward,three remained unchanged and only two advanced.
There was a slight advance in the fats and oils group which has been moving steadily upward during the last several months, and the agricultural
implements group also advanced. The principal decline was in the grains,
feeds and livestock group, which had been advancing sharply during the
past month. Fifteen items in this group declined last week,including corn,
wheat, cattle, hogs, and feedstuffs, while the only commodity to advance
was sheep. There was a general downward movement In the mixed fertilizer group with six prices declining and only one advancing. The trend
of foodstuff prices was mixed last week, the prices of eight commodities
declining and six advancing. Meats, milk, and bread moved upward while
flour and most vegetables declined. Cotton prices were lower but these
declines were partly offset in the textile group by advancing prices of burlap
and silk.
The prices of 44 individual commodities declined last week and 19
advanced. In the preceding week there were only 14 declines as against
40 advances; in the second preceding week there were 13 declines and 29
advances.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group
Latest
Week
Jan. 19
1935
Foods
76.8
Fuel
69.6
Grains, feeds and livestock
83.4
Textiles
69.7
Miscellaneous commodities
70.1
Automobiles
88.3
Building materials
78.8
Metals
81.9
House furnishings
85.4
Fats and oils
78.0
Chemicals and drugs
94.0
Fertilizer materials
65.7
Mixed fertilizer
76.5
Agricultural implements_ - _. 100.6
All groups combined
77.0
Preceding
Week
Month
Ago
Year
Ago
77.1
69.7
86.2
69.9
70.6
88.4
78.8
81.9
85.5
75.9
94.0
66.1
76.9
99.7
74.6
69.7
77.0
69.5
69.0
88.4
78.8
81.9
85.5
69.7
93.8
65.6
76.9
99.7
70.8
67.7
51.8
69.4
68.2
84.9
78.9
79.0
85.2
45.7
93.0
67.0
74.0
92.3
77.5
75.4
69.5
Sales of Life Insurance in Canada Totaled $379,714,000
in 1934
-Represents Drop of 1% from 1933
In a summary of life insurance sales in Canada by 19
companies, the Life Insurance Research Bureau, Hartford,
Conn., said:
The 19 companies whose experience is included in this survey sold $373,714,000 of new ordinary life insurance in the Dominion of Canada during
1934. This was a decrease of 1% when compared with the volume of sales
in 1933. Gains were experienced during the year in the Provinces of
British Columbia, New Brunswick, Nova Scotia and Prince Edward Island,
and in the Colony of Newfoundland.
Although December sales in the Dominion as a whole were 3% below
those for the same month a year ago, 63% of the reporting companies
experienced gains when compared with December 1933.
Higher Rents or Lower Building Costs Needed Before
Private Capital Will Invest in New Buildings,
According to National Industrial Conference Board
Until rents rise or building costs decline, private capital
will continue to show a reluctance to invest in new building,
according to an article, "New Residence Building As an
Investment," in the monthly "Bulletin" published by the
National Industrial Conference Board. The article, it was
announced by the Conference Board on Jan. 23, says:
From 1923 to 1933 net rental income declined 48%, against a decline
of only 21% in building coats. The difference in net rental income between
1926 and 1934 is over three times as great as the difference in the cost of
building. The sharp rise in the cost of building in 1934, with no appreciable
recovery in rental rates, resulted in the lowest rate of return on new
building since 1923.
A practical example will show what this means from the investment
angle. Assume the purchase in 1923 of a new building costing $5,000 on a
lot coating $1,000, or a total investment of $6,000, producing a net return
of 6%, or $360.
543
In 1934 a new building of the same description would cost 16% less,
or $4,200, and the lot probably 25% less, or $750, making a total investment of $4,950, but the net rental income on this sum would be $188
and the rate of return on the investment 3.8%. To secure a 6% return,
the property would have to be purchased for around $3,100, or about 38%
below the cost at 1934 prices.
These facts explain the reluctance of private capital to invest in new
building. They also explain why recovery in the building industry is so
glow. No amount of stimulation of the construction industry by Government spending can alter the fundamental fact that new residence properties
at the present rent and building cost levels offer no inducement to private
capital to enter this field.
Increase of About
of 1% Noted in New York State
Factory Employment from Mid-November to MidDecember-Payrolls also Higher-Employment in
New York City Down
Factory employment in New York State increased approximately
of 1% between the middle of November
and the middle of December, according to a statement
issued Jan. 11 by Industrial Commissioner Elmer F. Andrews. The rise, the statement said, was contrary to the
usual seasonal movement, which is downward at this period
of the year. Accompanying the rise in employment was a
gain of 4.1% in total factory payrolls. These increases advanced the State Labor Department's index number of factory employment to 71.2 (preliminary), and the Index number of factory payrolls to 58.4 (preliminary). Both indexes
are computed with the average for the three years 1925-1927
taken as 100. Compared with the corresponding period of
the previous year, employment in December was 7.6%
greater, and the total amount of wage payments was 13.8%
larger. The following is also from Commissioner Andrews's
statement:
This analysis is based on returns from 1,639 representative factories
located in various parts of the State, employing during the middle week
of December 339,000 workers on a total payroll of $8,041,000. These
establishments report each month to the New York State Department of
Labor's Division of Statistics and Information, which is under the direction
of Dr. E. B. Patton.
Since index numbers of employment and payrolls for each month of 1934
are now available, it is possible to compute the average index numbers
for the entire year. For employment, the average index number for 1934
is 70.8 (preliminary), 15.3% above the average for 1933, and 19.6% higher
than in 1932, when employment was at the low point of the depression.
For wage payments, the average index number for 1934 is 56.7 (preliminary), or 22.2% above 1933, when the low point for payrolls was
registered.
A preliminary computation of the average weekly earnings of employed
factory workers in New York State during December places the figure at
$23.72, a gain of 5.8% over December 1933. The cost of living in the
United States, as recently released by the United States Bureau of Labor
Statistics, shows a rise of approximately 3% from December 1983 to December 1934. Cost of living figures for New York State are not yet available.
The rise in employment in December was not general, for most of the
industry groups reported fewer employees than in November. The increases
were confined mainly to the metals and machinery, furs, leather and rubber
goods, textiles, and printing and paper goods groups, but were sufficient
to offset the losses registered by the industries which were seasonally depressed. The percentage changes in employment from November to December in the last 21 years are shown in the following table:
Increases
November to December
Decreases
November to December
-0.6%
-1.3% 1928
+1.6% 1914
-4.0%
+1.0% 1918
-0.8% 1929
-3.9%
+0.3% 1920
-7.4% 1930
-1.6%
+3.5% 1923
-1.2% 1931
-3.1%
+1.6% 1926
-1.0% 1932
-1.8%
+0.8% 1927
-1.8% 1933
+0.8%
No change
. . 1921
Good-Sized Gain in Metal Employment
A net increase of 2.6% in numbers employed at factories producing metal
products and machinery occurred from November to December. This rise
was due chiefly to large gains at individual plants, for most of the concern'
classified in this group did not show any great changes. In the automobile
and automobile parts division greatly increased activity at a few plants
caused employment to rise more than 40% above November. Net increases
were noted also at brass, copper and aluminum, iron and steel, structural
and architectural iron, firearms, and ship building and repairing concerns.
In the machinery and electrical apparatus classification losses at foundries
and machine shops were more than offset by gains in the electrical apparatus
Industry. Heating apparatus and railroad equipment and repair shops
showed reductions in working forces.
Seasonal Reductions Continue in Clothing Group
Most of the industries comprising the clothing and millinery group continued to show seasonal curtailment, with employment in the group as a
whole decreasing 1.3% from November. Fewer operatives were employed
by manufacturers of women's clothing, women's undergarments, millinery
and men's furnishings. The men's clothing industry, which usually shows
some expansion of working forces in December, conformed to its seasonal
trend and added a number of workers. Insignificant changes occurred at
laundries and dry cleaning plants, and in the miscellaneous sewing division.
Sharp Rise in Textiles
A net rise of 5.1% in the number of operatives employed at textile mills
occurred between November and December. Reductions were reported by
manufacturers of cotton and knit goods, but these were counteracted by
Increases in the silk and silk goods, woolens, carpets and felts, and miscellaneous textile divisions. The most prominent gain was noted in the
carpet and rug industry, following large decreases which occurred during
the previous two months.
Other Groups Curtail Employment
Seasonal decreases were registered in the food and tobacco group, with
the group as a whole showing a loss of 5.6% in employment. The largest
1915
1916
1917
1919
1922
1924
1925
1934 (prelim.)__
544
Financial Chronicle
number of persons let go were from canneries, where employment was
reduced by more than one-third from November. Net reductions in working
forces were shown by the stone, clay and glass, wood manufactures, chemicals, oils and paints, and pulp and paper groups. Increases occurred in the
furs, leather and rubber goods, and printing and paper goods groups.
Water, light and power plants had about the same number of employees as
in November.
Employment Lower in New York City
Employment in New York City factories registered a net decrease of
0.8% in December as compared with November. Total wage payments,
though, showed a gain of 1.8%. A large part of the decrease in employment was due to continued seasonal curtailment in the clothing and millinery group. Net reductions occurred also in the wood manufactures, chemicals, oils and paints, printing and poper goods, and food and tobacco groups.
The metals and machinery group registered a net gain in employment, due
almost entirely to greatly expanded working forces at shipbuilding and
repairing plants. Employees were also added by manufacturers of furs,
leather and rubber goods. Stone, clay and glass, textile and water, light
and power plants reported little change in employment.
Employment Rises in tip-State Cities
Most of the major up-State industrial centers reported gains in both
employment and payrolls in December. In Syracuse, a net rise occurred in
total payrolls, but employment showed a slight reduction. The rise in
employment in Buffalo was due largely to increased activity in some of
the metal industries, particularly at automobile and automobile parts plants.
Rochester reported seasonal increases at factories producing shoes and men's
clothing. The principal changes which occurred in the Albany-SchenectadyTroy area were large increases in the number of persons employed by some
of the metal industries. Reports from the Utica district show, for the
most part, small fluctuations, but with increases predominating. In Bing.
hamton, employment gains at shoe plants were offset by decreases at
factories producing metal products, but payrolls registered a sharp net rise.
The percentage changes from November to December in employment and
payrolls in each of the major industrial centers of the State are given below:
City
Noretnber to December
Ian. 26 1935
Jan. 23 that the companies contracted during the year with
residents of the United States a total of $7,725,000,00 of
Insurance. This figure for total sales, the Bureau said, is
based upon its report of 1934 sales by companies which have
in force 90% of the ordinary insurance in force in the
United States. To residents of Canada, the Bureau's fIgnres
show, life insurance companies assumed liabilities during
1934 for a total of $425,000,000 of ordinary life insurance.
Lumber Orders Drop from Previous High Week-Still
Above Those of Other Recent Weeks
Following a week at the lumber mills whose new business
exceeded that of any similar period since last May, the week
ended Jan. 19 1935, showed declines in production, shipments and orders. Revised figures, however, will probably
bring shipments to the level of the preceding week. Orders
though less than the previous high total, were still above
those of other recent weeks, whereas production was lower
except during the holiday period. These comparisons are
based upon telegraphic reports to the National Lumber
Manufacturers Association from regional associations covering the operations of leading hardwood and softwood mills.
Reports for the week ended Jan. 19 were from 1,047 mills
whose production was 125,043,000 feet, shipments, 151,906,000 feet, orders received, 174,735,000 feet. Revised
figures for the preceding week were mills, 1,101, production,
137,978,000 feet, shipments 157,278,000 feet, orders, 215,2C)1,000 feet. The Association further reported:
For the week ended Jan. 19, all regions except Northeastern Softwoods
and Northeastern Hardwoods reported orders above production. Total
orders were 40% above output. Shipments were 21% above production.
All regions except Northern Hemlock reported orders above those of
corresponding week of a year ago, total orders being 17% In excess of the
1934 week. Production was 1% below and shipments 32% above those of
similar week of 1934.
Unfilled orders on Jan. 19, as reported by 980 identical mills were the
equivalent of 29 days' average production, compared with 22 days' a year
FACTORY EMPLOYMENT IN NEW YORK STATE
ago. Identical mill stocks on Jan. 19 were the equivalent of 172 days'
(Preliminary)
output, compared with 167 days' on Jan. 20 1934.
Forest products carloadings totalled 19.920 cars during the week ended
Percentage Change
Jan. 12 1935. This was 3,767 cars above the preceding week, 1,745 cars
November to December 1934
Industry
above corresponding week of 1934 and 5,826 cars above similar week of
Total &ate
N. Y. City
1933.
Lumber orders reported for the week ended Jan. 19 1935, by 875 softwood
Stone. clay and glass products
-2.4
-0.5
mills totalled 164,041,000 feet; or 41% above the production of the same
Miscellaneous stone and minerals
-0.6
+5.3
Lime, cement and plaster
mills. Shipments as reported for the same week were 143.931.000 feet, or
-14.4
-19.2
Brick, tile and pottery
-1.5
+11.1
23% above production. Production was 116,689,000 feet.
Glass
-0.2
-0.6
Reports from 209 hardwood mills give new business as 10,694,000 feet,
Metals and machinery
+2.6
+2.0
or 28% above production. Shipments as reported for the same week were
Silverware and Jewelry
2.8
-4.8
Brass, copper and aluminum
-2.2
7,975,000 feet, or 5% below production. Production was 8,354,000 feet.
Iron and steel
2.8
Structural and architectural iron
Unfilled Orders and Stocks
5.6
•
Sheet metal and hardware
-0.9
Reports from 1,564 mills on Jan. 19 1935. give unfilled orders of 857.Firearms, tools and cutlery
+1.8
232,000 feet and gross stocks of 5,107,086,000 feet. The 980 identical mills
Cooking, heating, ventilating apparatus
7.8
L.11
Machinery and electrical apparatus
+0.6
report unfilled orders as 781,305,000 feet on Jan. 19 1935, or the equivalent
-1.8
Automobiles, airplanes, &c
+40.1
-2.1
of 29 days' average production, compared with 595.108,000 feet, or the
Railroad equipment and repair shops
-1.2
+2.0
equivalent of 22 d:ys' average production on similar date a year ago.
Boat and ship building
+30.1
+38.0
Instruments and appliances
+0.2
+0.1
Identical Mill Reports
Wood manufactures
-1.7
-2.9
Saw and planing mills
Last week's Production of 711 identical softwood mills was 115,006,000
+3.5
Furniture and cabinet work
+2.3
-7.9 • feet, and a year ago it was 117.537,000 feet; shipments were respectively
Pianos and other musical instruments
+2.0
+5.3
142,712,000 feet and 108,271,000; and orders received 162,730,000 feet,
Miscellaneous wood, &c
-5.7
-5.7
and 141,415,000 feet. In the case of hardwoods, 114 identical mills reported
Furs, leather and rubber goods
+1.1
+113
Leather
+6.4
production last week and a year ago 7,513,000 feet and 6.452,000 feet;
Furs and fur goods
-13.4
-111
shipments 6.859.000 feet and 5,315,000 feet and orders 9,799,000 feet and
Shoes
+3.2
t9.3
5,914,000 feet.
Gloves, bags, canvas goods
-8.7
0.7
Rubber and gutta percha
+0.8
2.6
Pearl, horn, bone, acc
-4.7
Business Conditions in Canada According to Bank
Chemicals, oils, paints, At,
-0.7
-1.8
Drugs and industrial chetah:ski
-1.6
-0.7
of Montreal-Industrial Production Continuing
Paints and colors
+0.8
+0.8
Active
Oil products
-2.9
-4.8
Photographic and miscellaneous chemicals
+0.9
+1.7
"A review in detail of current business conditions," states
Pulp and paper
-1.2
+4.1
Printing and paper goods
+0.5
-0.4
the "Business Summary" of the Bank of Montreal, dated
Paper boxes and tubes
No change
-0.5
Miscellaneous paper goods
Jan. 23,"shows that in the past month industrial production
-1.7
+0.9
Printing and bookmaking
+0.4
has continued active, wholesale trade has felt the benefits of
+5.1
Textiles
-0.3
Silk and silk goods
+5.5
+0.2
improved retail trade which for the late autumn and Christ+22.9
Woolens, carpets, felts
-3.9
Cotton goods
mas season was probably the best since the full force of the
Knit goods, except silk
-2.2
depression set in, and external trade shows steady expansion,
+4.0
Other textiles
-0.6
Clothing and millinery
-1.3
-2.6
while the basic industry of agriculture has begun the year
Men's clothing
+3.4
-3.1
Men's furnishings
-5.6
-5.6
under distinctly improved conditions." The summary also
Women's clothing
-3.4
-3.2
Women's underwear
-0.4
-1.1
reported in part:
Women's head wear
-4.1
-4.1
During the month wholesale prices have been remarkably steady. CanaMiscellaneous sewing
+0.7
+0.3
Laundering and cleaning
+0.2
dian farm products weer fractionally higher,as were producers'goods In gen+0.7
Food and tobacco
-1.4
eral. Taking raw materials as a whole, there was no change and approxiFlour, feed and cereals
-1.2
No change.
mately the same was true of the group of manufactured products. Retail
Canning and preserving
-7.0
-36.2
prices were downward in tendency.
Sugar and other groceries
+1.5
-0.1
Meat and dairy products
-2.0
-3.4
The year ended with employment much more buoyant relatively than is
-1.9
-0.4
Bakery products
usual at this season. Comparing the end of the year with the beginning, the
-0.4
Candy
-2.7
numbers employed showed a gain of 11.6%. Particularly important has
Beverages
-7.7
-5.1
been the wide diffusion of the improvement; in general manufactures there
+3.0
-11.4
Tobacco
+0.2
-0.2
Water light and power
has been no such increase in the course of a single year since 1920.
Total
-0.8
+0.5
Employment
Albany-t3chneetady-Troy
Binghamton
Buffalo
Rochester
BYrscuse
Utica
New York City
Payrolls
+1.3
+0.1
+4.2
+3.6
-0.4
+0.5
-0.8
+6.8
+9.8
+8.2
+5.4
+1.4
+1.6
+1.8
$7,725,000,000 of Life Insurance Contracted in United
States During 1934 by United States and Canadian
Companies
In reporting on sales activities among United States and
Canadian life insurance companies in 1934, the Life Insurance Sales Research Bureau, Hartford, Conn., stated on
Automobile Production in December
December factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as complete units or
vehicles), based on data reported to the Bureau of the
Census, consisted of 183,187 vehicles, of which 127,944 were
passenger cars, 55,128 trucks, and 115 taxicabs, as corn-
Financial Chronicle
Volume 140
pared with 78,465 vehicles in November 1934, 80,565
vehicles in December 1933, and 107,353 vehicles in December
1932.
The table below is based on data received from 112 manufacturers in the United States, 29 making passenger cars and
83 making trucks (10 of the 29 passenger car manufacturers
also making trucks). Of the 119 manufacturers reporting
prior to June 1934, seven have gone out of business. Figures
for taxicabs include only those built specifically for that
purpose,figures for trucks include ambulances, funeral cars,
fire apparatus, street sweepers, and buses. Canadian figures
are supplied by the Dominion Bureau of Statistics.
Canada
Untied Stoms
Year and
Month
Total
1934fanuary
February
klatch
kpril
Via)
,
fune
fuly
kugust
3eptember
Dctober
November
December
Passenger
Cars
156,907
231,707
331,263
354,745
331,652
308,065
266,576
234,809
168.872
132,488
*78,415
183,187
Trucks
113,331
187,639
274,722
289,030
273,765
261,852
223,868
183,500
123,909
84,503
43,255
44,041
56,525
65,714
57.887
46,213
42,708
51,309
44.963
47,985
*45,489 *32,920
127,944 55,128
Total (year). 2,778,739 2,189,613 588,640
1933fanuary
February
Starch
Sprit
Stay
rune
full
Sugunt
3eptember
Dotober
November
December
Tartcabs a
321
27
16
1
____
____
____
____
____
____
6
115
Total
6,904
8,571
14,180
18.363
20.161
13.905
11,114
9,904
5,579
3,780
1,697
2,732
486 116,890
18,992
15,319
17,803
26,677
33,760
42,130
38,092
41.441
34,424
29.813
18,318
29,776
5
152
660
411
54
35
4
68
9
63
1,611
1,299
3,358
3,298
8.632
8,255
9,396
7,323
6,540
6,079
5,808
3,682
2.291
3,262
Total (year). 1,920,057 1,569,141 346,545
4,371
65,924
20,541
23,308
19,560
27.389
26,539
22,768
14,438
14,418
19,402
13,595
12,025
21,204
97
25
74
31
73
235
27
9
13
5
239
291
3,731
5,477
8,318
6,810
8,221
7.112
7.472
4,067
2,342
2,923
2,204
2,139
Total (year). 1,370,678 1,134,372 235,187
1,119
60,816
128.825
105,447
115,272
176,432
214.411
249,727
229,357
232,855
191,800
134,683
60,683
80,565
1932fanuary
February
Starch
Apr11
/day
runeFull
kugust
3eptember
Dctober
November
December
119.344
117,418
118,959
148,326
184,295
183,106
109,143
90,325
84,150
48,702
59.557
107,353
109,828
89,976
96,809
149,344
180,597
207,562
191,261
191,346
157,367
104,807
40,754
49,490
98,706
94.085
99,325
120,906
157,683
160,103
94,678
75,898
64,735
35,102
47,293
85,858
Passimger Cars Trucks
4,946
7.101
12,272
15,451
16,504
10,810
8,407
7,325
4.211
2,125
1,052
2,334
1.958
1,470
1,908
2,912
3.657
3,095
2.707
2,579
1,368
1,655
645
398
92,538 24,352
2,921
3,025
5,927
6,957
8,024
6,005
5,322
4,919
4,358
2.723
1,503
2.171
437
273
705
1.298
1,372
1.318
1,218
1,160
1,450
959
788
1,091
53,855 12.069
3,112
4,494
6,604
5,660
7,269
6,308
6,773
3,166
1,741
2,361
1,669
1,561
619
983
1,714
1,150
952
804
699
901
801
562
535
578
50,718 10,098
a Includes on y factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire. • Revised.
United States Rayon Production Highest in 1934Imports and Exports During Year Reached New
Low and High Records, Respectively
Production of rayon yarn in the United States in 1934
established a new high record for all time, according to figures
compiled by the "Textile Organon," published by the
Tubize Chatillon Corp. Consumption in 1934 showed a
drop of only 1% compared with the 1933 total, but exports
increased while imports declined, thus resulting in only a
small increase in stocks on hand at the close of the year.
An announcement issued in the matter Jan. 21 also said:
Rayon production in 1934 aggregated 210,331,000 pounds, an increase
of about 1% compared with the 1933 output of 208.530.000 pounds (as
revised). Of the total, viscose production increased from 76.4% to 77.5%
of all output; acetate production from 17.3% to 19.0%; while production
of yarn by other processes decreased from 8.3% to 3.5%•
Domestic consumption during 1934 aggregated 199,468.000 pounds, a
reduction of 4% compared with 1933 consumption of 207,409,000 Pounds.
Imports of rayon reached a new all-time low in 1934, while exports established a new record high of 2.500.000 pounds, equal to slightly more than
1% of total domestic consumption.
As of the close of 1934 stocks of rayon yarn on hand increased 8.425,000
pounds compared with the close of 1933. "This increase in stocks," states
the "Organon," "represents not only an increase from an unduly small
stock position in December 1933, but also reflects the larger actual stocks
which necessarily must be kept on hand to supply a larger demand. Thus,
one month's stock supply at the end of 1934 would amount to 16,500.000
pounds. whereas a similar one-month's stock based on 1932 shipments
would amount to only 12,500,000 pounds."
All of the above totals are based upon actual figures received from
approximately 90% of the Industry. Operations of the remaining 10%
of the industry have been estimated.
The following table shows production, consumption, production plus
the import balance, and the estimated change in domestic stocks at the
close of the year, compared with the previous year.
...... 1101
P.4111.1.
,
el• CON.00,COI OK
torltot*COCIICANC4
000000,03002
Production
Consumption
Production Plus
Net Imports
210,331,000
208,530,000
134,814,000
150,879,000
126.805,000
121,283,000
97,232,000
75,555,000
62,692,000
81902000
199,466,000
207,409,000
152,178,000
157,359,000
117,196,000
131,329,000
100,133,000
100,022,000
60,627,000
MI 125 ono
207,891,000
208,354,000
134,358,000
152,369,000
132,801,000
136,099,000
109,163,000
90,182,000
71,637,000
57 195 000
Change in
Stocks
Inc. 8,425,000
Inc.
945,000
Dec. 17,725,000
Dec. 4,990,000
Inc. 15,605,000
Inc. 4,770,000
Inc. 9,020,000
Dec. 9,840,000
Inc. 11,010,000
Dec 1 020 one
545
New York Coffee & Sugar Exchange Takes Action as
Result of December Sugar Situation-B. W. Dyer &
Co. Suspended for 18 Months, 1 Firm Cleared,
7 Admonished and 7 Censured-B. W. Dyer's
-Member of Board of Managers of
Statement
Exchange Resigns
As the result of an investigation by the A ljudication Committee into the December 1934 sugar position, the Board of
Managers of the New York Coffee & Sugar Exchange on
Jan. 23 suspended B. W. Dyer and B. W. Dyer & Co. for a
period of 18 months,admonished seven firms on their actions,
and censured seven other firms. The charges against one
-were dismissed and the firm
firm-Slaughter, Horne & Co.
commended by the Exchange. Announcement of the action
of the Board of Managers was made by Wm.H. English Jr.,
President, from the rostrum of the Exchange just prior to
the opening of trading on Jan.23. Mr.English said that the
Adjudication Committee had been instructed by the
Managers to investigate "whether, in connection with contracts in sugar for December 1934 delivery, any member
has been guilty of proceedings inconsistent with just and
equitable principles of trade, or any conduct detrimental to
the best interests of the Exchange or of the State or other
misconduct, and, if so, their findings in respect to such matters." He pointed out that "for some months prior to the
first notice day for December, the Board was aware that a
tense situation was likely to arise"; that "thorough consideration and study was given for proper action based on the bylaws, having due regard for the just rights of buyer and
seller under the contract, just and equitable principles of
trade and the responsibility of the Board to protect the best
interests of the Exchange and the State." He then reviewed
the various steps taken, the suspension of new trades, the
suspension of open trading, the reporting of trades and the
summoning of interested parties. He spoke of the request
of the Board for co-operation in effecting the liquidation of
open contracts in order that the situation might be alleviated.
Mr. English added that the Board of Managers devoted
over 75 hours to the various reports of the Adjudication Committee rendered between Jan. 7 and Jan. 10. As to the decisions on the various firms it was stated:
The charges ajgainst Slaughter, Horne & Co. were dismissed because "they
have shown a commendable effort to effect the liquidation of the contracts
of their clients in December 1934 sugar and by so doing co-operated with the
Board to the fullest extent reasonably to be expected."
The firms of Abbott,Proctor & Paine;Eastman,Dillon & Co.;Farr & Co.;
Lehman Bros.; Frank C. Lowry & Co.: E. M.Richards & Co., and Shields
& Co., were admonished by the Exchange. The Exchange said that as
members, these firms "were ob,igated.and expected to make unusual and
extraordinary efforts to effect the purpose of theiBoard and bring about the
liquidation of their clients December.,1934 sugar contracts and although the
Board considers the circumstances in their cases mitigating and understandable, it wishes to admonish them that in the future the Board will
expect their every action to be taken with full realization of their responsibility to further the best intersts of this Exchange and to co-operate with
the Board of Managers.
As to J. Aron & Co.; Lamborn; Hutchings & Co.; Little & Christman;
Lobo & Co.; Thompson & McKinnon, and Hayden, Stone & Co., which
firms were censured, the Exchange stated that these firms "have not only
failed to co-operate with the Board in the best interest of the Exchange
but, on the contrary, have by their actions or lack of action, furthered the
serious aspects of the situation and they are hereby censured."
The conclusions as to B. W.Dyer & Co.said that"the Board of Managers
sustains the complaint contained in the report of the Adjudication Committee, dated Jan. 10 1935, relating to B. W. Dyer & Co. and hereby suspends B. W. Dyer and B. W. Dyer & Co. from the privileges of this Exchange for a period of 18 months from Jan. 23 1935 at 10 a. m."
In a statement issued Jan. 23 respecting the action of the
Coffee and Sugar Exchange, B. W. Dyer said that "my
conscience is absolutely clear of any wrong doing and it is
plainly a case of where I have been made the goat to cover
up errors of omission and commission of the Board of Governors of the New York Coffee and Sugar Exchange." He
added:
Practically without exception, my firm and clients were not net short of
sugar, but were short of December against other sugar that could not be
delivered. My firm and clients were not raiding the market; in fact, they
would have been glad to have had general sugar prices on a higher level be-the cause of complaint
cause of the sugars they were long in equal amount
was this technical corner which existed in the midst of plenty. Thus while
Louisiana, Florida and beet producers were selling their production in December based on a raw price of about 2.60 (1.70 Cuban basis) the December
shorts were made to pay 2.33 or 60 points higher.
Now as to the big "raid" culminating about Oct. 23 when the price
broke to 1.66, the record will show that on balance my firm were buyers,
not sellers. The fact is that when this decline in December contracts took
place, it was merely part of a decline in the general market and the differences between December and other months remained practically unchanged.
This general decline in turn took place due to belated recognition by the
Cubans of the plainly written phraseology of the Costigan-Jones bill, which
required Cuba either to ship her full quota to the United States in the
calendar year 1934 or lose it. When they finally became aware of this fact.
they issued requests to brokers to seek bids-apparently at any price-from
refiners, for the balance of their quota, and it was on this that the market
broke, not on any bear raid. The charge that I was attempting to break
down the quota system of the Costigan-Jones bill is equally absurd and is
answered by the above.
In a subsequent announcement Mr. Dyer held the Board
of Managers of the Coffee and Sugar Exchange responsible
546
Financial Chronicle
for the corner in December sugar. He stated that the
minutes of the Board meeting on Nov. 7 read in part as
follows:
The Chairman read to the Board draft of an announcement to the members regarding the December sugar position which the Committee on
Washington affairs recommended be made following the meeting.
After a lengthy discussion it was moved and carried that the Board,
although aware that a serious situation threatens does not feel that any action should be taken at this time and that the proposed notice to the members under discussion be left in the hands of the President to be presented
at a special meeting of the Board to be called by him whenever in his Judgment the situation impends which Justifies such meeting (Mr. Blonde dissenting).
The statement by Mr. Dyer continued:
Why did the Board delay action for five weeks after they were aware
that a serious situation threatened in the December sugar position? . . .
Action taken on Nov. 7 would definitely have prevented a corner, and
would have saved the Exchange and its members all the unfavorable publicity and would have prevented the Washington investigation which
threatens serious repercussions against the Exchange.
Carlos G. Garcia, Chairman of the Protection Committee
for December 1934 sugar contracts and President of the
Garcia Sugar Corp., in commenting on the Sugar Exchange's
decision said:
This ruling is extremely unfair. It shows the rankest kind of favoritism
on the part of the Exchange officials. It shows extreme partiality toward a
group of professional traders and convinces us that the public has no
chance on the New York Coffee and Sugar Exchange.
A further statement by Mr. Garcia had the following to
say:
The longs expect further action from the Exchange. Through timidity
or domination of short interests the retiring board of managers of the
EXchange had not ruled on several matters important to those interested
in December contracts, both longs and shorts.
We expect the new board of managers to fix a money penalty in favor
of the longs. We expect the new board to decide who shall pay the cost
of handling on the sugar tendered in December, which was ruled not a
good delivery. We expect the Exchange to clarify the position of the
actual contract holders, who are not members of the Exchange and whose
rights have not yet been considered.
Following Mr. English's announcement of Jan. 23, C. C.
Riggs, a member of Lamborn & Co., resigned as a member
of the Board of Managers of the Exchange as a result of the
Board's action. The Exchange was also advised by Kuno
D.Bormann of his resignation as a partner of B. W. Dyer &
Co. Mr. Bormann, who is a floor broker on the Exchange,
had been with the firm about a week.
The United States Senate recently adopted a resolution
calling upon the Secretary of Agriculture to inquire into
December sugar futures on the New York Coffee and Sugar
Exchange; reference to the resolution was made in our
issue of Jan. 19, page 371.
Sugar
Shipments from Puerto Rico to United States
Resumed-31,058 Short Tons of Raw and 1,875
Short Tons of Refined Shipped This Year to Jan. 20
Shipments of sugar from Puerto Rico to the United States
have been resumed again after a lapse of four months,during
which time a negligible amount was shipped, it was revealed
Jan.21 in cables to the New York Coffee and Sugar Exchange
from the Puerto Rican Sugar Producers. Association. Shipments of raw sugar from Jan.1 to 19 totaled 31,058 short tons
which compares with 12,485 tons from Jan. 1 to 20 last year.
Shipments of refined this year total 1,875 short tons compared with 8,998 tons during the 1934 period. The following
is also from an announcement issued by the Coffee and Sugar
Exchange:
It is of interest that the first sale of Puerto Rican sugar this year was
made on Jan. 4 at 2.80a. per pound c. i. f. New York, while the first sale
made in 1934 was on Jan. 8 at 3.20c. per pound.
The Puerto Rican quota for U. S. consumption during 1934, 802,842
short tons raw value, was announced filled on Nov. 21. However, most of
the sugar had reached this country by July 25 and after Sept. 8 shipments
were practically nil. Only about 5,000 tons in excess of the quota arrived
and stayed in bond, according to estimates. The excess 1934 production,
of over 200,000 tons, remained on the Island.
Shipments of raws, so far, were divided as follows: 16,568 tons to New
York; 5,278 to Philadelphia; 4,606 to Galveston, and 4,606 to Baltimore.
Refined shipments showed 625 to Philadelphia; 250 to Tampa; 500 to Norfolk and 500 to Wilmington.
Automobile Financing During November 1934
A total of 162,834 automobiles were financed in November
on which $58,093,809 was advanced, compared with 196,440
on which $71,501,317 was advanced, in October, the Department of Commerce reported on Jan. 14.
Volume of wholesale financing on November was $30,588,692 as compared with $46,495,841 in October.
Monthly statistics on automobile financing, based on
data reported to the Bureau of the Census by 456 identical
organizations, are presented in the table below for January
to November 1934, and for October and November 1933;
and for 282 identical organizations for January to November
1934, and for October and November 1933. The increase in
the number of reporting organizations for October and
Jan. 26 1935
November 1933, and for January to November 1934,
resulted from the inclusion of additional organizations. The
changes in the number of organizations included have not
greatly affected the totals, as is indicated by comparisons
for the same months appearing in the two summaries.
AUTOMOBILE FINANCING
Retail Financing
Year
and
Month
Wholesale
Financing
Volume
in Dollars
Total
Number
of Cars
New Cars Financed
Volume
in Dollars
Number
of Cars
Summary for 456 Identical Orga nizations
.a
1934
January
838,577,358 109,997 $36,533,359
February
62,551,490 132,485
47,623,890
Match
104,597,190 195,196
72,520,725
April
122.967,488 244,537
91,849,963
May
125,529,739 273,320 103,794,935
June
104,422,741 269,656 103350,110
July
92,069,965 265,147
99,630,687
August
86,746,755 245,799
91.618.666
56,848,511 190,236
September
70,303,368
46,495,841 196,440
October
71,501,317
30,588.692 b162,834
November
58,093,809
35,691
54.455
86,880
110,988
125,354
128,794
123,552
109,302
80,653
80,003
63,778
Volume
in Dollars
$19,841,711
30,223.621
47,838,975
61,458,602
69,801,775
70.900.335
67,034,990
59,822,255
44,599.299
44,130,425
34,875,619
Total (11 months $869.395,770 2,285,647 $846,920,629
1933
October
39,776,604 172,432
60.316,106
November
14,384.889 135,584
46.063,578
Summary for 282 Identical Orga nfrations.
1934
January
335 879,084 101,700 $04,437,380
61 513,896 124,349
February
45,377,552
March
69,202,632
102 775,967 183,724
121 060,528 231,735
April
87,998,227
123 691,003 259,120
May
99,591,058
June
99,113,597
102 706,220 255,449
July
90 294,039 251,611
95,484,543
85 107,739 233,154
August
87,700,286
September
67.209,428
55 586,456 179,886
October
68,224,126
45 363.396 185,414
29 762,081 d153,312
November
55,311,834
999.450 8550,527.607
Total (11 months) $853,740,387 2,159,454 $809,650,663
1933
October
57,502,969
38 962,531 162,140
17.703,226 126,855
November
43,889,055
970,188 $534,420,260
Total(11 months) $463,411,378 1,610.673 $563,329,689
696,104 $357,918,683
73,002
51,356
37,940.369
27,077,214
34,426
52,772
84,300
107,925
122,155
125,073
120,017
106,041
78,179
77,502
61,798
$19,189,736
29,290.038
46,427,926
59,772,079
67,991,000
68,842,069
65,092,674
58,028.789
43,249,804
42,737.846
33,798,299
70,669
49,719
36,790,012
26,278,194
Retail Financing
Year
and
Month
Used Cars Financed
Number
of Cars
Volume
in Dollars
Summary for 456 Identic at Organizat ions.
•
1934
January
71,607
815,864,436
75,283
16,510,453
February
104,369
23,274,757
March
28.859,676
April
129,281
32,156,212
143,073
May
135,875
30,679,003
June
136,726
30,805,120
July
30,153,258
August
131,905
24,452,047
106,057
September
112,425
26,011,360
October
22,097,827
95,788
November
8280,864,149
1,242,389
Total (11 months)
1933
21,323,104
95,947
October
18,116,265
November
81,550
Summary for 282 Idenlic al organism tons.c
1934
814,420,432
64,575
January
68.830
15,197,698
February
21,387,713
March
95,477
26,694,463
April
119,542
29,763,110
132,072
May
125,389
28,400,756
June
126.725
28,601,292
July
122,521
28,028,344
August
98,181
22.707,602
September
103,900
24.126.748
October
88,246
20,393,172
November
Unclassified
Number
of Cars
Volume
in Dollars
2,699
2,747
3,947
4,268
4,893
4,987
4,869
4.592
3,526
4,012
3,268
8927,212
889,816
1,408,993
1,531.685
1,838,948
1,870,772
1,790,577
1,643,153
1,252,022
1,359.532
1,120,363
43,808
$15,529,073
3,483
2,678
1,052,633
870,099
2,699
2,747
3,947
4,268
4,893
4,987
4,869
4,592
3,526
4,012
3,268
8827,212
889,818
1,406,993
1,531,685
1,836,948
1,870,772
1.790,577
1,643,153
1,252,022
1,359,532
1,120,363
Total (11 months)
1933
October
November
1,145.458
3259,701,330
43,808
$15,529,073
87,998
74.458
19,665,186
16.740,762
3.473
2,678
1,047,771
870,099
Total (11 months)
878.081
$193,827,005
36,488
311,584.001
a Of these organizations, three discontinued automobile financing in March,
two in April, one in May, three in June. and four in July 1934. b Of this number
39.2% were new cars, 68.8% used care, and 2% unclassified. c Of these organizations, eight discontinued automobile financing in January, two in February, two in
March, five in June, one in July, two In August, one in September, and one in
October 1934. d Of these number 40.3% were new care, 57.6% used cars, and
4.1% unclassified.
Petroleum and Its Products-Senate Passes Connally
Oil Measure-House Creates Permanent Oil Committee-Prosecution of 106 Code Violaters Ordered
-Texas May Cut Allowable in February-Code
Charges Against Three Companies Dismissed
Crude Oil Output Dips-Oil Futures Trading
March 5
The Senate on Jan. 22 passed the Connally measure prohibiting transportation of "hot" oil-petroleum produced in
violation of State orders-in inter-State commerce after much
debate. Several Senators challenged the bill on the grounds
that it was too much like the unconstitutional Section 9-C
to withstand court attack. The bill then went to the House
which up to a late hour last night (Friday) had not acted.
The measure, introduced by Senator Connally (Dem.,
Tex.), who also was the sponsor of Section 9-C, is designed
to meet the objections voiced by the United States Supreme
Court in ruling the latter measure unconstitutional because
it granted undue regulatory powers to the President.
Volume 140
Financial Chronicle
The law, said by Senator Connally who drafted it in
co-operation with attorneys of the Federal Oil Administration, makes unlawful by statute the shipment of oil or its
products across State lines which has been produced in excess
of State regulations, a power that Section 9-C relegated to
President Roosevelt at the last session of Congress, and declares it to be the expressed policy of Congress to protect
inter-State and foreign commerce from "contrabrand" oil.
It also would authorize the President to set up rules and
regulations to effectuate the purposes of the act. A fine of
$5,000 and imprisonment of six months for violations were
prescribed. Further reference to the bill appears elsewhere
in this issue of our paper.
The same day the House Inter-State and Foreign Commerce Committee named a permanent sub-committee to
handle all proposals for oil legislation which will be headed
by Representative Cole (Dem., Md.). Mr. Cole was the
head of the sub-committee which recently investigated the
petroleum industry.
Representative Cole refused to state whether the Connally
measure would be acted upon at an early date by his committee but said that it would probably delay recommends,
tions for oil legislation until the States have had ample,
opportunity to develop a control system. Final decision on
how fast the Connally measure will be heard by the House
rests with Administration leaders, it was said, who will be
prepared to rush the measure through if Administration demand is made.
Suits against 106 concerns and individuals charging viola,
tion of the petroleum code have been instituted by the
Department of Justice, Attorney-General Cummings announced in Washington Thursday. He disclosed that the
Federal Petroleum Administration had sent 547 cases to the
Department for prosecution.
"We have submitted 465 of these to United States District
Attorneys in various sections of the country." Mr. Cummings said. "They have filed actual suit in 106 of the cases,
have held that evidence in 7 is insufficient and are holding
65 cases in suspence pending production of evidence that the
questioned transactions were inter-State in character."
Mr. Cummings added that "any cases that come over here
from any department are promptly considered and if there
is merit in them suits are promptly brought." This was
interpreted as an answer to rumored complaints that the
Department of Justice was not pressing oil suits sufficiently.
Administrator Ickes Monday, announced his disapproval
of a recommendation of the Planning and Co-ordination
Committee that oil marketing operations in towns of less
than 2,500 population be exempted from labor provisions of
the petroleum code. Mr. Ickes cited the fact that through
their "through traffic" business in addition to local business,
service stations in small towns are sometimes actually more
profitable than those in larger cities and that the minimum
wage fixed by the code in towns of under 2,500 population is
lower than the $12 a week paid in larger places.
A out of approximately 33,000 barrels in the daily average
allowable production of crude oil in Texas in February may
be ordered by the Railroad Commission to offset the effects
of the approximately 1,000,000 barrels of "hot crude"
released by a District Court ruling Jan. 19 holding that the
Commission could not make its Dec. 10 order requiring
tenders for movements of crude or refined products retroactive.
The 1,000,000 barrels of crude had been held in storage
pending the results of the Court attack upon the Commission's orders by several independent producers in the East
Texas field. A further bar to movement of the products was
seen in the announcement that State authorities plan an
appeal in which the Court would grant a stay of judgment.
While the Court ruled that the Commission could not
prevent movement of these products produced or refined
prior to Dec. 10, it stated that similar injunctions against
the Commission would not be granted unless it is shown that
the Commission was furnished with inventories showing
products on hand Dec. 10 and that a tender for their movement had been refused.
Holders of the 1,000,000 barrels of crude thus freed have
been unsuccessful to date in moving their stocks out of the
State due to the fact that the railroads refuse to handle the
case, since they are under injunction not to move products
without a State Railroad Commission tender. The owners
are reported to be bending every effort to get a counteraction forcing the roads to move the stocks before Congressional action re-establishes the Federal Tender Board.
547
Federal Judge William P. James in Los`Angeles, Monday,
dismissed charges of oil code violations against three major
oil companies, their subsidiaries and company officials, at
the request of Assistant United States Attorney Howell
Purdue, who said that Joseph Keenan, Assistant to the
Attorney-General recommended that the charges be dropped.
He added that the cases were dismissed because the
companies—Standard Oil Co. of California, Associated Oil
Co. and the Signal Oil & Gas Co., a Delaware corporation—
were now operating in full accord with the code's provisions.
Axtell J. Byles, President of the American Petroleum
Institute, Monday extended an invitation to the Governors
of the 22 oil-producing States to become honorary members
of the Institute. At the present time there is but one
honorary member, Mark L. Requa, Federal Oil Administrator during the World War.
Mr. Byles' invitation stated that the Board of Governors
had decided that the Governors should have an opportunity to participate in its discussions and "thus learn of
the many factors influencing trends in the petroleum industry." The position of honorary member permits attendance at Board meetings and participation in discussions,
but grants no voting power.
Despite a reduction of 7,200 barrels in daily average crude
oil production in the United States in the week ended
Jan. 19, output of 2,531,300 barrels was far in excess of
the Federal allowable of 2,460,300 barrels, reports to the
American Petroleum Institute disclosed. The American
Petroleum Institute report does not include possible "hot
oil" production.
All three of the major oil-producing States exceeded their
Federal quota. Texas output was up 4,300 barrels to
1,007,100, against a quota of 1,006,800 barrels. A cut
of 14,900 barrels lowered Oklahoma production to 498,300
barrels, against a quota of 489,300. California output
was up 1,4()0 barrels to 509,600 barrels, against an allowable
of 473,900.
Trading in crude oil futures on the Commodity Exchange,
Inc., will be started March 5, it was disclosed Thursday
when Jerome Lewine, President, announced that a onemonth postponement to that date had been set for trading
in gasoline futures, originally set for Feb. 5.
Petroleum stocks held in the United States recorded a
503,000-barrel decline during the week ended Jan. 19 to
321,121,000 barrels, the Bureau of Mines announced Friday.
Domestic stocks were off 454,000 and foreign stock 49,000
barrels. Crude oil imports, which had shown a marked drop
in the previous week,rose to a daily average of 75,000 barrels.
There were no price changes posted during the week.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are now shown)
Bradford. Pa
32.20 Eldorado, Ark 40
81.00
Corning.Pa
1.32 Rusk. ex., 40 and over
1.00
Hibtois
1.13 Darst Creek
.87
Western Kentucky
1.08 Midland District. Mich
1.02
1.35
Mid-Cont.. Okla.. 40 and above__ 1.08 Sunburst. Mont
Hutchinson,Tex.. 40 and over
81 Santa Fe Springs. Calif.,40and over 1.34
Spindictop. Tex., 40 and over
1.01
1.03 Huntington, Cat.. 28
Winkler. Tex
.75 Petrone. Canada
2.10
Smackover. Ark.. 24 and over
.70
REFINED PRODUCTS—EAST COAST MARKETING AGREEMENT
BEFORE DEPARTMENT OF JUSTICE—BUFFALO GASOLINE
PRICES BREAK—ROCHESTER PRICES ALSO LOWER—
MOTOR FUEL STOCKS RISE
The Department of Justice is currently studying details
of the proposed east coast oil marketing agreement submitted
to the Department early this month by Petroleum Administrative Board, Attorney-General Cummings disclosed
in Washington Thursday.
The Department in co-operation with counsel for the
Petroleum Administrative Board is paying particular consideration to the plan to learn if it violates the Clayton antitrust law, he said. While Attorney-General Cummings
would not say how many companies were involved in the
plan, it is understood that the pact would apply to 14 major
companies operating along the Atlantic Seaboard.
Retail gasoline prices continued weak in Buffalo, where
the renewed "war" has sent prices down at at least one outlet
to 7.1 cents a gallon, including all State and Federal taxes.
Other distributors are posting at 10.5 to 11.5 cents, taxes
included, the latter figure being the city-wide level for major
company outlets.
Prices also eased off in neighboring c•mmunities. Tona,
wanda and Lockport were paying 12.5 cents a gallon, and
Batavia 15.5 cents a gallon, all taxes included. These levels
compared with 17 cents a gallon posted before the "war"
broke 434 again. Rochester service station prices have been
sharply reduced and are now posted at 12 cents a gallon,
taxes included, against 17 cents recently.
548
Financial Chronicle
Ian. 26 1935
-Service station prices of gasoline at Buffalo were slashed to
Jan.'19
7.1 cents a gallon by one large distributor with other independents posting
at 10.5 cents and major companies at 16.5 cents a gallon, all taxes included.
Prices in surrounding communities also moved lower.
Jan. 22
-Service station prices of gasoline at Rochester were reduced
to 12 cents a gallon, all taxes included.
-Tank car gasoline prices at New Orleans were marked up
Jan. 22
s-centa a gallon by the Texas Co.
-Aviation gasoline was cut 1 cent a gallon by the Gulf Refining
Jan. 22
Co. at Bayonne, Baltimore and Jacksonville.
Jan. 24
-All major distributors operating in the Louisville area lifted
service station prices of gasoline n-cent a gallon to 17 cents, 18 and 20 cents
a gallon. respectively, for third, regular and premium grades of gasoline.
all taxes included.
Gasoline, Service Station, Tax Included
New Orleans
!Denver
$.21
8.165
$.18
Philadelphia
17
16
16
I Detroit
Pittsburgh
145
20
115
Jacksonville
San Frandsto
16
.185
Houston
18.6
St. Louis
Los Angeles
18
.158
.175
149
Minneapolis
.175
Kerosene, 41-43 Water V1 hite, Tank Car, F.O.B. Refinery
14
New York:
J North Texas.$.03 -.0311 I New Orleans-3.05'
.0311-.033d
(Bayonne).-..S.06-.06 if I Los Angeles__ .045-.0511 I Tulsa
Fuel Oil, F.O.B. Refinery or Terminal
Gulf Coast C
$1.00
California 27 plus D
N. Y.(Bayonne):
81.05-1.201Phila., bunker C._ _ _ 1.15
$1.15
Bunker C
Diesel 28-30 D
1.891 New Orleans C. .9p-I.10
New York
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Gas 011, F.O.B. Refinery or Terminal
I Tulsa
N. Y.(Bayonne):
I Chicago:
$ 02.-023i
27 plus
$.0434-.051 32-38 GO--3.02-.02% I
Lots, F.O.B. Refinery
U. S. Gasoline, Motor(Above 65 Octane), Tank Car
Chicago .._ -- 8.04%-.05
New York*
Standard Oil N. J.:
Colonial-Beacon-8.0614 New Orleans__ _.-- .04.4
Motor. LT S
8.0614
Socony-Vacuum:
a Texas
.0614 Los Angeles,ex..0414.-0454
06 Gulf ports-- .04%-.04%
y Gulf
4 Tide Water 011 Co. .0611
Republic Oil
064 Tulsa
.0414-.04)i
x Richfield 011 (Cal.) .0612
Shen East'n Pet--5.0614
Warner-Quinlan Co_ .0814
•Tydol. $.0612 a "Fire Chief." $03612.07. y "Good Gulf." $0.0612. z "Mobilgas."
"Nathan R. Margold, Interior Department Solicitor,
to-day said suits demanding payment for approximately
$6,000,000 of oil taken from the Elk Hills naval reserve in
Wis., Ill., Ind. & Ky
Va., Tenn., Ala., Ga., Fla. & La_
East. Mo., Ia., Minn. ac S. Dak..
W. Mo., Neb., Kan., Okla.dcArk.
Texas
Colo.. Mont., Utah, Wyo.& Ida.
California
Oregon and Washington
510
462
467
529
264
100
591
185
471
514
291
204
222
84
678
52
3.526
Total
518
464
507
345
151
40
699
115
4.447
3.738
00,..WW=b4WCON0W.
0N0001—,04.000....2
The bulk gasoline market eased off in Chicago as small California would be delayed to permit companies now operrefiners offered concessions on low octane material, available ating there to seek a rehearing," an Associated Press dispatch
at 3% to 33/i cents a gallon, against 33, to 4 cents a gallon from Washington in the New York "World-Telegram" of
at the close of last week. The easiness was held due to the Jan. 25 said. Continuing:
fear of the possible market effects of the "hot" oil freed in
Secretary Ickes ruled yesterday the Government never had
East Texas by a Court decision on Jan. 19.
given up title to the field and that it was entitled to the
Despite the fact that jobber demand has slowed down remaining oil, estimated at 22,000,000 barrels.
considerably due to normal seasonal lecline in retail demand,
Mr. Margold said if the companies made no move within
accentuated by bad motoring weather, trade factors held a month to reopen the case or pay for 5,500,000 barrels of oil
that there was little to be alarmed at in the present situation. and 57,000,000 cubic feet of natural gas they had taken out
It was felt that should distress material appear in sufficient suits would be filed to obtain payment and dispossess them.
quantity to upset the market structure, the major companies
The Government also will demand interest on the $6,000,could quickly restore stability by purchasing the excess 000, but the question of allowing for cost of the companies'
stocks.
equipment still is under study.
Retail gasoline markets in Dallas and Fort Worth, howThe ruling, an aftermath of the Teapot Dome investigation
ever, are at extremely low levels. Dallas quotations are reversed an opinion by Albert B. Fall, former Secretary of
reported as low as 33/i cents a gallon, less taxes, with Fort the Interior, and C. C. Moore, Land Office Commissioner,
Worth said to be 4 cents a gallon, less taxes. In neither of who subsequently was dismissed by Mr. Ickes.
these cities is the retail price much, if any, above the cost
It turned on the question whether the land was known to
be "mineral bearing" under terms of the Act reserving such
of raw material at "legal" prices.
Louisville represented a bright spot in the generally soft public domain to the Government, Mr. Ickes held it was not
retail gasoline market structure. All major operators in necessary for wells to have been drilled to establish this.
that area Thursday posted an increase of M cent a gallon in
service station prices of gasoline. Under the new schedule Preliminary Estimates of Portland Cement Production
for 1934 Indicate Gain of 22.4%
-Shipments Up
third-grade is posted at 17 cents, regular at 18 and premium
18.1%
grade at 20 cents a gallon, all taxes included.
The United States Bureau of Mines, Department of ComThe local market showed little change during the current
week following last week's increases in bulk and retail prices merce, in its monthly cement report stated that the Portof gasoline, which became effective Monday morning. All land cement industry in December 1934, produced 4,447,000
barrels from the mills, and had
major companies had swung in line with the new price barrels, shipped 3,104,000
month 21,421,000 barrels. Pr=structure in the bulk gasoline market posted along the in stock at the end of the
tion of Portland cement in December 1934, showed an inAtlantic Seaboard and the M cent a gallon increase in
crease of 26.1% and shipments a decrease of 17.0%, as
retail prices.
compared with December 1933. Portland cement stocks
Fuel oils were in demand as colder weather stimulated
at mills were 9.6% higher than a year ago. The preliminary
buying. The heavy snowfall during the week was reported
into retail gasoline demand and totals for 1934 show increases of 22.4% in production and
to have cut even deeper
18.1% in shipments from the final totals for 1933.
jobbers are consequently showing little interest in replaceIn the following statement of relation of production to
ment orders at the present time. Tuesday the Texas Co.
capacity the total output of finished cement is compared with
announced an increase of % cents a gallon in its tank car
estimated capacity of 162 plants at the close of December
price of gasoline at New Orleans with Gulf Refining Co. the
1934, and of 163 plants at the close of December 1933:
posting a cut of 1 cent a gallon in aviation gasoline quotations
RATIO OF PRODUCTION TO CAPACITY
at Bayonne, Baltimore and Jacksonville.
Stocks of gasoline continued their normal seasonal exDec. 1933 I Dec. 1934 Nov. 1934 I Oct. 1934 Sept. 1934
pansion, rising 1,362,000 barrels during the week ended The month
15.5%
19.5%
26.2% ,
29.3%
34.8%
29.0%
23.6%
28.7%
28.3%
27.6%
Jan. 19 to 46,995,000 barrels, the American Petroleum The 12 months ended
Institute reported. In the preceding week, a gain of 1,457,- PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT BY DISTRICTS. IN DEC. 1933 AND 1934
000 barrels was shown.
(In thousands of barrels)
Refinery runs showed a fractional gain, reporting units
Stocks at End
operating at 68.8% of capacity, against 68.4% in the preProduction
Dislrld
Shipments
of Month
ceding week. Runs of crude oil to stills rose 14,000 barrels
1933
1934
1933
1934
1933
1934
to 2,347,000 daily. Gas and fuel oil stocks were off 780,000
383
912
Eastern Pa., N. J. & Md
568
3,600 3.577
barrels to 106,034,000 barrels.
79
New York & Maine
56
137
1,683 1,678
97
235
281
Ohio, Western Pa. & W. Va
2,674 3,055
Representative price changes follow:
151
123
148
1,644 1.807
Michigan
1,867
1,433
2,494
1,691
553
357
1.012
533
2,053
1,735
2,440
1,973
672
429
1,413
591
3.104 19 541 21.421
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT BY MONTHS IN 1933 AND 1934
(In thousands of barrels)
Production
Shipments
Month
1933
1934
1933
1934
January
February
March
AprIl
May
June
July
August
September
October
November
December
2,958
2,777
3,684
4,183
6,282
7,804
8.609
8,223
5,638
5,037
4,672
3,528
3,779
4,168
5,257
6,544
8,554
8,813
8.144
7,842
7,680
6,675
5,779
4,447
2,502
2,278
3,510
4,949
6,709
7.979
8,697
5,994
8.517
6,750
4,463
3,738
3,778
2,952
4,618
6,492
8,784
8,541
7.898
8,249
7,388
8,439
5,674
3,104
Total
63.373
77.682
64,088
Stocky at End of
Month
75.917
1933
1934
20,624
21,125
21,298
20,542
20,117
19,936
19,848
22,078
21,216
19,502
19,709
19,541
19,547
20,762
21,422
21,557
21,301
21,600
21.852
21,424
21,734
19.972
020.078
21,421
Note
-The statistics given above are compiled from reports for December. received
by the Bureau of Mines, from all manufacturing plants except one, for which an
estimate has been included in lieu of actual returns.
Crude Oil Output Declines 7,200 Barrels in Week
-Exceeds Federal Quota by 71,000
Ended Jan. 19
Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Jan. 19 1935 was 2,531,300 barrels. This was a decrease of
7,200 barrels from the output of the previous week but
exceeded the Federal allowable figure which became effective
Dec. 17 by 71030 barrels. Daily average production for
the four weeks ended Jan. 19 1935 is estimated at 2,474,800
barrels. The daily average output for the week ended
Jan. 20 1934 totaled 2,294,600 barrels. Further details as
reported by the Institute follow:
i• Imports of crude and refined oil at principal United States ports totaled
658,000 barrels for the week, a daily average of 94,000 barrels, compared
with 117.600 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 388,000
barrels for the week, a daily average of 55.429against 35,036 over the last
four weeks.
Reports received for the week ended Jan. 19 1935from refining companies
owning 89.8% of the 3,795,000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,347,000 barrels of crude oil
daily were run to the stills operated by those companies and that they had
in storage at refineries at the end of the week, 28,688,000 barrels of finished
gasoline; 5.096,000 barrels of unfinished gasoline and 106,034,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 18.307,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 473,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Federal
Actual Production
Average
Agency
4 lVeeks
Allowable Week End. Week End. Ended
Effective
Jan. 19
Jan. 19
Jan. 12
1935
Dec. 17
1935
1935
Oklahoma
Kansas
Week
Ended
Jan. 20
1934
498,300
143,200
513.200
137,750
471.950
140,300
534.750
114.650
60,900
56,900
26,100
154,700
51,600
425,950
46.800
57,250
489.300
137,100
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
57,350
57.150
26,200
155,700
51,950
423,900
46,700
56,950
58,800
57.300
26,250
155 500
50,400
422,500
46.550
56,050
43,350
58,200
24.550
121,850
43.200
383,450
53,100
45,200
126,900
1,006,800
North Louisiana
Coastal Louisiana
Total Louisiana
126,900
127,650
108,350
1,007.100
1.602,800
1,001,000
881,250
23.500
86.600
Total Texas
23,850
84,100
23,800
85,150
27,000
44,400
99.700
110,100
107,950
108,950
71,400
Arkansas
Eastern (not incl. Mich.)
Michigan
31,000
96,100
28,100
31,950
102,250
31,100
30,950
106,300
31,150
32,700
103,300
29,650
32,150
97.200
24.350
Wyoming
Montana
Colorado
35,700
9.300
3,500
33,400
12,200
3,700
35.600
12,250
4,100
34,750
12,100
3,500
Year Ended Nov.
1934
Total Rocky Mt. States_
48.500
49,300
51,950
50.350
38,700
49,800
473,900
New Mexico
California
48,400
509,600
48,250
508,200
46,550
490,050
41,550
458.600
Total United States_
2.460.300 2.631.300 2.636 500 2 474 R00 2 294(100
-The figures indica ed stove do not include any estimate of any oil which
Note
might have been surreptitiously produced.
CRUDE RUNS TO STILLS. FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS. WEEK ENDED JAN. 19 1935
(Figures In Thousands of Barrels of 42 Gallons Each)
Daily Refining
CapacUy of Plants
East CoastAppalachian
Potentint
Rate
Crude Runs
to Stills
Stocks a Stocks
Stocks
of
of
b Stocks
of
FinUnof
Gas
Repor ing
Daily P. C. Lobed finished Other
and
Ater- Oper- Gaso- Gems- Motor
Fuel
Total P. C. age
aged
line
line
Fuel
Oil
Ind., Ill.,Ky.
582
150
446
682 100.0
140 93.3
422 94.6
Okla.. /fans.,
Mo
Inland Texas
Texas Guif _ _
La. Gulf
-Ark.
No. La.
Rocky Mtn_
California
433 74.4 13,240
96 66.6
1.958
313 74.2 7,639
734
291
652
230 12.203
45 1,247
70 4,871
461
351
601
168
92
96
848
386
167
587
162
77
64
822
254
98
539
109
44
36
425
65.8 4 558
58.7 1.274
91.8 6,009
67.3 1,082
57.1
240
56.3
676
51.7 10,319
614
203
1,386
238
40
91
847
480 4,022
485 1,812
145 10,248
____
4,166
35
471
50
745
2,670 68.249
83.7
47.6
97.7
96.4
83.7
66.7
96.9
Totals week:
Jan. 10 1935.
Jan. 12 1935_
3,795 3,409 89.8 2,347 68.8 c46,995 5,096 4,190 106.034
3.795 3.409 89.8 2.333 68.4 d45.633 4.862 4.350 106.814
a Amount of unfinished gasoline contained In naphtha distillates b Estimated.
Includes unblended natural gasoline at refineries and plants; also blended motor
fuel at plants c Includes 28,688,000 barrels at iefineries and 18,307,000 barrels at
bulk terminals, in transit and pipe lines. Ici Includes 27,062,000 barrels at refineries
and 18,571,000 barrels at bulk terminals, In transit and pipe lines.
130,000 Tons of Tin Estimated Consumed in Manufacture by World During 1934-Compares with
134,000 Tons in 1933-International Tin Council
Reports Production at 107,700 Tons Against
84,963 a Year Ago
The January "Bulletin" of the Hague Statistical Office of
the International Tin Research and Development Council
gives preliminary statistics of tin for the year 1934. World
production is estimated at 107,700 tons, against 84,963 tons
in 1933, and 92,908 in 1932. World consumption in manufacture in 1934 was approximately 130,000 tons, it is stated,
compared with 134,000 tons in 1933 and 106,000 in 1932.
There was a decrease in the amount of tin used in tinplate, according to the "Bulletin," attributable to a decline
in tin-plate output in the United States, but in other industries an increase in consumption occurred. In noting the
foregoing, an announcement issued Jan. 22 by the New
York Office of the Council also said:
The following tabulation shows apparent consumption in various countries
for the 12 months ended November 1934, compared to figures for the
previous year:
P. C. Increase
or Decrease
57,872
19,685
10,232
9,876
4,005
24,679
-23.3
+6.5
-5.8
-5.5
+30.9
+10.0
116,700
World total apparent consumption
1933
44,375
20,971
9,641
9,334
5,242
27,137
United States
Upited Kingdom
Germany
France
U. S. S. R
Other countries
126,349
-7.6
Under the heading "other countries" the following showed substantial
advances: Canada, 47%; Netherlands, 31%; Poland, 25.2%; Denmark,
23.4%; Japan, 19.2%; Sweden, 18.5%; Norway, 11.7%. Decreases are
shown for Belgoluxembourg, 12.7%; Czechoslovakia. 3.8%.
World consumption in manufacture for the year ended.Novernber 1934.
was approximately 131.500 tons, compared to 130,900 tons for the preceding year, an increase of about 0.5%. The approximate depletion of
consumer stocks was 14,800 tons in the 1934 period compared to 4,600 tons
in the previous comparative period.
. -Trend of Consumption
The trend of world consumption which has been downward since the
middle of 1934, has probably now reached its lowest level. Some countries,
especially Russia, Canada and Japan, show marked upward tendencies.
World apparent consumption for the month of November 1934, was
11.225 tons compared with 8,067 tons in October, and with 9,564 tons In
November 1933. In the United States apparent consumption in November
1934. was 4,722 against 3,116 tons in November 1933; in the United Kingdom 2,144 tons against 1,963; in other countries 4,359 tons against 4,485.
World Stocks
At the end of 1934 the world's visible stocks of tin amounted to 17,107
tons, or 15% of the current annual rate of consumption. During the seven
years, 1923 to 1929, the proportion of stocks to consumption varied between
11 and 15%.
A comparison of the statistics of actual and apparent consumption Indicates that invsible stocks increased by some 1,000 tons during November
1934, the majority of this increase being taken by consumers in the United
States.
Production of Gold and Silver in United States
During 1934
Preliminary statistics on refinery production of gold and
silver in the United States during 1934, compiled by the
Bureau of the Mint, with the co-operation of the Bureau of
Mines, are as follows:
29.250
6,700
2,750
District
549
Financial Chronicle
Volume 140
Gold
Silver
Slates
Ounces
Alaska
Alabama
Arizona
California
Colorado
Georgia
Idaho
Michigan
Missouri
Montana
Nevada
New Mexico
North Carolina
Oklahoma
Oregon
Pennsylvania
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Washington
Wyoming
Philippine Islands
Puerto Rico
Totals
Production in 1933
Yr.of largest nrod'n.1915
Value
541.283
2.951
145,234
709,963
321,740
900
88,729
49
518,944,900
103,300
5,083,200
24,848,700
11,260,900
31,500
3,105,500
1,700
95,577
142,494
26.270
666
3,345,200
4,987,300
935,200
23,300
32,580
557
223
481,749
531
303
137.943
529
6,714
4,726
332,974
57
3.075,192
2,556,246
4.887.604
Ounces
Value
1,140,300
19,500
7,800
16,861,200
18,600
10,600
4,828,000
18,500
235,000
165,400
11,654.100
2,000
160,033
364
4,067.305
799.644
3,309,062
46
7,536,867
529
5,000
3,354,021
2,699,480
1,120,624
9,837
52
57,833
4,004
68
106,022
61.450
737,908
7,091,440
78
35,181
835
226,524
11
$103,381
235
2,267,479
516,570
2,137,654
30
4,868,816
342
3,230
2.166,698
1,743,864
723,923
6.355
34
37,360
2,587
44
68,490
39,697
476,689
4,581,070
50
22,727
539
146,334
7
8107.631,700
52,842,300
101.035.700
31,348,218
23.002,629
74,961,075
$20,274,205
8,050,920
37,397,300
Note
-Gold valued in 1934 at $35 per fine ounce; silver at 64.6c.. the purchase
rate for the United States product.
Copper Producers Again Waive Sales Quotas-Zinc
Offered at Lower Prices
"Metal and Mineral Markets" in its issue of Jan. 24
stated that activity in major non-ferrous metals last week
was not up to the mark established in the preceding 7
-day
period, but prices showed little change. Price irregularity
developed in zinc toward the close, sellers apparently being
a little more anxious for business. Copper and lead ruled
steady. Primary producers again waived their Blue Eagle
sales quotas, which surprised those who felt that the demand
for the metal pointed to a more normal market in the near
future. Silver has met with better support on indications
that the Government has been purchasing the metal in larger
quantities in London. The publication further added:
Copper Sales Fair
Sales of copper in the domestic market last week totaled abopt 6,500 tons,
against 7,500 tons in the week previous. The price held at 9c., Valley.
Fabricators who have been profiting by the increased activity in the automobile industry have been the most active buyers. Primary producers of
copper agreed on Jan. 22 to waive their sales quotas for the fourth consecutive time since the middle of last September. extending the period to
March 31. Uncertainty surrounding the lasting-qualities of the current
improvement in copper business, together with the importance of having
nothing occur to disturb the market while some delicate points have to be
settled in connection with the foreign "rationalization" scheme, prompted
producers to step aside for the next two months.
Ferdinand Pisan, Katanga official, was due to arrive in New York
OD Jan. 24, and it is generally expected that he will be extremely busy
during his stay hero in obtaining a satisfactory statement from United
550
Financial Chronicle
States producers in reference to exports. Canadian producers will also be
asked to make a more definite declaration, it is understood.
The foreign market for copper was moderately active last week, with
prices about steady. Yesterday, sales were reported abroad at prices
ranging from 6.75c. to 6.85c., C. I. f. usual ports.
Senator McCarron. Nevada, is reported to have announced that the
Reconstruction Finance Corporation has granted a $3,000,000 loan to
Consolidated Copper Mines Co. of Ely, Nev. The money will be used for
development purposes, according to the statement.
Lead Holds Firm
Demand for lead, although a little less active than in the week prveious,
held fairly well. Generalsentiment in the market was of thesame optimistic
-day
character as has prevahed during recent weeks. Business of the 7
period was wea distributed among the various sellers, and this feature of
the market was said by some to be largely responsible for its healthy tone.
Perhaps the most important factor in this direction, however, is that substantial buying for near-by positions is expected to develop soon. The
only adverse factor existing in the situation is held to be the statistical
position of the metal, but the importance of this factor is generally minimized in the trade. Price of the metal continued unchanged at 3.70c.,
New York, the contract settling basis ot the American Smelting & Refining
Co.. and 3.55c.. St. Louis. Much of the buying of the week was for the
account of corroders.
Zinc Closes Lower
Buying of zinc was inactive, and rumors that the metal might be had at
concessions made sellers extremely nervous. A few inquiries appeared in
the market in the second half of the week, and the business that followed
was booked at slight concessions in prices. On Tuesday, Jan. 22,sales were
reported at prices ranging from 3.70 to 3.75c., St. Louis. but the bulk of the
day's transactions went over at 3.70 to 3.725c. Yesterday the price settled
at the lower level.
World production of zinc during December totaled 119,548 tons, against
116,358 tons in November, the American Bureau of Statistics reports.
World output for 1934 is placed at 1.285,838 tons by the Bureau, which
compares ith 1.109.288 tons in 1933. Cartel stocks at the end of December
amounted to 121.630 tons, against 122,744 tons a month previous. United
Statesstocks, as previously noted, totaled 119,830 tons at the end of December, against 115,852 tons Nov. 30.
Spot Tin Firm
Trading in the domestic tin market fell off slightly last week, as compared with the preceding 7-day period. During the last few days, however,
spot metal developed a tight position, availalbe supplies being closely held
and commanding a stiff premium over futures. Prices showed little change
for the week, the relatively small range that did develop being principally
the result of a similar fluctuation in exchange rates.
World tin production in 1934 totaled 107.700 tons, as compared with
84,963 tons in the preceding year. World consumption in manufactures
declined slightly, however, standing at about 130,000 tons for 1934, compared with 134,000 tons in 1933.
Chinese tin, 99%, was quoted nominally as follows: Jan. 17, 49.800c.;
Jan. 18, 49.950c.: Jan. 19, 50.050c.; Jan. 21, 50.100c.; Jan. 22, 49.9500.1
Jan. 23, 50.050e.
Ian, 26
1935
metropolitan water district, Los Angeles, has awarded 5,830 tons of reinforcing bars and 1,130 tons of structural steel.
Leaders of the American Federation of Labor will convene in Washington
next week to discuss the feasibility of united action against the automobile.
steel and textile industries. Meanwhile, notwithstanding the poor showing
It made in employee elections at various automobile plants, the Federation
will hold a series of mass meetings in southern Michigan to be climaxed by
a meeting in Detroit on Feb. 23 which will be broadcast over a nation-wide
hook-up.
Steel output output is up four points to 36% at Pittsburgh, two points
to 59% at Chicago, six points to 35% in the Philadelphia district, three
Points to 63% in the Valleys and five points to 95% In the Wheeling area.
Operations are off two points to 67% at Cleveland and four points to 25%
In the South.
The "Iron Age" composite prices for pig iron and finished steel are unchanged at $17.90 a ton and 2.124c. a lb. respectively.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Jan. 22 1935, 2.124c. a lb.
Based on steel bare, beams, tank plates,
One week ago
2.124e. wire, rails, black pipe, sheets and hot
One month ago
2.1240. rolled strips. These products make
One year ago
2 0080. 85% of the United States output.
High
Lose
1934
2 1990. Apr. 24
2.008c, Jan. 2
1933
2 015e. Oct. 3
1.867e. Apr. 18
1932
1.977e. Oct. 4
1.926e. Feb. 2
1931
2.0370. Jan. 13
1.945e. Dec. 29
1930
2.273o, Jan, 7
2.018c, Dec. 9
1929
2.3170. Apr, 2
2.273c, Oct. 29
1928
2.286e. Dec. 11
2.217c, July 17
1927
2402o. Jan. 4
2.212e, Nov. 1
Pig Iron
Based on average of basic iron at Valley
Jan. 22 1935, $17.90 a dross Ton
One week ago
$17.90 furnace and foundry Irons at Chicago.
One month ago
17.90 Philadelphia, Buffalo, Valley and
One year ago
18.90 Birmingham.
IfIgh
Low
$17.90 May 1
1984
$16.90 Jan. 27
1933
16.90 Dec. 5
13.16 Jan. 3
1932
14.81 Jan. 5
13.56 Deo, 6
1931
15.90 Jan. 6
14.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1029
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
Jan. 22 1935. 513.33 a Or
Ton
IBased on No. 1 heavy melting steel
One week ago
512.331 quotations at Pittsburgh, Philadelphia
One month ago
11 581 and Chicago.
One year ago
12.001
High
Low
1934
313.00 Mar. 13
$9.50 Sept.25
1933
12.25 Aug. 8
6.78 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
11.33 Jan. 6
1931
8.50 Dec. 29
1030
15.00 Feb. 18
11.28 Dec. 9
17.68 Jan. 29
14.08 Dec. 3
16.50 Dec. 81
11992289
18.08 July 2
15.26 Jan. 11
1927
13.08 Nov.22
The American Iron and Steel Institute on Jan. 21 announced that telegraphic reports which it had received indiSteel Production in Further Rise to 5I3.% Capacity
cated that the operating rate of steel companies having
Scrap Loses Buoyancy
With automobile production rapidly approaching 1930 98.7% of the steel capacity of the industry will be 49.5% of
levels and with miscellaneous demands for iron and steel the capacity for the current week,compared with 47.5% last
multiplying, ingot output has been given another boost, week,35.2% one month ago, and 32.5% one year ago. This
according to the "Iron Age" of Jan. 24. Rising to 5134% represents an increase of 2 points, or 4.2%, from the estifrom 49% last week, raw steel production has attained a mate for the week of Jan. 14. Weekly indicated rates of
rate that was not reached a year ago until the middle of steel operations since Oct. 23 1933 follow:
1934193319341934April, stated the same publication, which further went on Oct. 23
39.9% June 18
31.6% Feb. 12
56.1% Oct. 22
23.9%
43.6% June 25
26.1% Feb. 19
Oct. 30
44.7% Oct. 29
25.0%
to say:
45.7% July 2
Nov. 6
25.2% Feb. 26
23.0% Nov. 5
Further gains In operations are apparently assured, though a setback in
scrap has introduced a note of caution. Following the declines at Chicago
last week, scrap prices in most market centers have lost much of their
buoyancy, and the "Iron Age" composite for heavy melting steel remains
unchanged at $12.33 for the third consecutive week. The current hesitancy
of old material prices, though possibly attributable in part to uncertainty
as to the outcome ofthe gold clause case,is generally regarded as a temporary
reaction from excessive bullishness on the part of the scrap trade. It is
too early,it is believed,for scrap to portend a leveling off ofsteel production.
Certainly there are no en idences of a relaxation in the demand for steel
from the automotive industry. Mill deliveries on cold-finished sheets, used
for motor car bodies, have extended to five or six weeks. Leading automobile makers are virtually sold out until April 1, passenger car sales this
month being double those of last January. Production in the first quarter
is now estimated at more than one million cars as compared with 749,532
In the same quarter last year and 1,046,689 in 1930. the last year in which
output in the first three months passed toe million mark.
Heavy rejections of wide cold-rolled sheets by the automobile industry
are causing widespread complaints among mills, and there is talk of advancing the price of this product for the second quarter.
With some full finishing units running at capacity, sheet mill operations
are now averaging 60% of capacity. Strip mills are operatinkat a similar
rate, while tin plate output is holding at 60 to 65%•
The growing diversification of steel demand, which is particularly marked
in the Chicago district, is ascribed not only to increased production of miscellaneous finished products but to a resumption of delayed plant maintenance work. The appearance of numerous small buildinglproJects also
indicates a more confident attitude on the part of private enterprise, at
any rate so far as moderate expenditures are concerned. Public utility
companies, however, are covering their requirements with extreme caution.
Railroad buying likewise remains conservative, although certain lines are
becoming apprehensive lest a further rise in carloadings will find tnem with a
shortage of serviceable equipment. At least one large road is seriously
considering undertaking a large freight car repair program or purchasing
new equipment. The Baltimore & Ohio is now in the market for 50 to
150 hopper cars. Another Eastern road has bought five light-weight, hightensile steel hopper cars. The Chilean State Railways are asking for
figures on 21 passenger cars.
The Louisville & Nashville has awarded 15,000 tons of rails to the Alabama
mill. The New York Central has secured a Public Works Administration
loan to finance the purchase of 20,000 tons of rails and 9,000 tons of track
fastenings. The Norfolk & Western has distributed orders for 24,000 tons
of rails and 12,000 tons or track accessories.
Structural steel awards of 12,660 tons compare with 9,750 tons last week.
New projects total 16,650 tons as against 19,700 tons in the previous week.
Plate awards call for 1,800 tons. A seawall at Alameda, Calif., for tne
Coast Guard service station will require 3,000 tons ofsheet steel piling. The
Nov. 13
Nev.20
Nov.27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
‘,34Jan. 1
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
27.1%
28.9%
26.8%
28.3%
31.5%
34.2%
31.6%
Mar. 5
Mar. 12
Mar. 19
Mar.26
Apr. 2
Apr. 9
Apr. 18
Apr. 23
Apr. 30
29.3% May 7
30.7% May 14
34.2% May 21
32.5% May 28
34.4% June 4
37.8% June 11
47.7% July 9
46.2% July 16
46.8% July 23
45.7% July 30
43.3% Aug. 6
47.4% Aug. 13
50.3% Aug. 20
54.0% Aug. 27
55.7% Sept. 4
66.9% Sept. 10
58.6% Sept.17
64.2% Sept. 24
56.1% Oct. 1
57.4% Oct. 8
58.9% Oct. 15
27.5% Nov. 12
28.8% Nov. 19
27.7% Nov.26
26.1% Dec 3
25.8% Dec. 17
Dec. 1 0
22.3%
21.8% Dee, 24
19.1% Dec. 81
18.4%
20.9% 1935
22.3% Jan. 7
24.2% Jan. 14
23.2% Jan. 21
23.6%
22.8%
26.3%
27.3%
27.8%
28.1%
28.8%
8. a
3 6
47
2
85.2%
39.2%
43.4%
47.5%
49.5%
"Steel," of Cleveland, in its summary of the iron and steel
markets on Jan. 21 stated:
A 5;i-point rise to 51% in steelworks operations last week was accompanied by a broadening in the base for iron and steel demand.
Most significant was the advance of 6 points to 33% in the Pittsburgh
district rate, responsive to greater diversity in requirements; two more
blast furnances in that district being lighted, and six additional scheduled
within the next 10 days.
Chicago, which also reflected the general expansion, was up 7 points to
56%. Detroit, representing further gains in automobile specifications,
advanced 12 points to 71%. The Wheeling district was up 6 to 90%;
Youngstown, 4 to 60; Buffalo, 3 to 42; eastern Pennsylvania, 13i to 274.
Cleveland held at 82; New England 68. while Birmingham, lacking heavy
finished steel tonnage was down 4 to 29.
The volume of sheet, strip and wire business is comparable to that early
in 1929, sheet mills being unable to make deliveries of full finished automobile material for four to six weeks. Pittsburgh producers are booking
5,000 to 6.000 tons of steel bars daily. Tractor and implement production
Is making fully as good a recovery as automobiles. The tin plate industry
is operating at 65%, with orders from caninakers outrunning production.
Some improvement is apparent in practically all important groups except
structurals and railroads. Since the first of the year ingots have been
produced at a rate 25% higher than the average for 1934, indicating that
unless reinforced soon with tonnage from these two major consumers,
steelworks operations are nearing a peak.
Retail automobile sales now are limited only by manufacturers' ability
to produce. The Industry's schedules are being geared up for an output of
at least 275.000 units this month, and 1,000,000 in the first quarter. Last
week 67,000 cars were made, compared with 59.700 in the preceding week.
The late start with new models is making it difficult for manufacturers to
accumulate material beyond immediate requirements.
Rail tonnage is coming out slowly. Norfolk & Western has distributed
32.000 tons of rails and 12,000 tons of fastenings, while Louisville & Nashville has awarded 15,000 tons of rails. The Carnegie Steel Co.'s rail mills
Financial Chronicle
Volume 140
at Braddock, Pa., will resume operations this week. Southern Pacific is
asking bids on 26,740 tons of rails and fastenings; St. Louis
-San Francisco
Is expected to buy 13.000 tons of rails. and New York Central 20,000 tons.
The latter is to air condition 182 cars, the Northern Pacific, 60.
Shape awards for the week,amounting to 14,200 tons and comparing with
9.246 tons in the preceding week, include 5.100 tons for the Guttenberg,
Iowa. dam. United States engineers are seeking an appropriation of $35.000,000 for additional dams in the Mississippi river. Inquiries are out for
44 barges at Pittsburgh, which may develop demand for 10,000 tons of
plates, and 4,000 tons of plates are about to be awarded for the Grand
Coulee, Washington, dam.
Heavier scrap purchases are being made. Pittsburgh and eastern prices
are up 50 cents, while at Chicago the market has reacted, with a loss of
50 cents per ton. National Tube Co. has bought 40.000 tons for its Lorain.
Ohio, plant. The market for pig iron continues strong.
"Steel's" London cablegram reports December pig iron production in
Great Britain as 513,500 tons, daily average 1.2% higher than in November.
Steel ingot output was 654,000 tons; daily, 14% below November. British
Iron and steel imports last month increased 10%; exports declined 15%•
While Russia continues to hold off large purchases of equipment and
materials in the United States, awaiting favorable credit terms, it has distributed some small to moderate size orders for equipment, paying cash.
Washington looks for some important developments in Russian buying
soon.
"Steel's" iron and steel price composite is up 5 cents to $32.62. due to
the rise in scrap; the finished steel index remains $54, while the scrap composite has advanced 17 cents to $12.25.
Steel ingot production for the week ended Jan. 21 is placed
at about 50% of capacity according to the "Wall Street
Journal" of Jan. 23. This compares with 46% in the
previous week and with 413'% two weeks ago. The
"Journal" further added:
The following table gives the percentage of production last week, together with comparisons with the nearest corresponding week of previous
years, and the changes, in points, from the week immediately preceding:
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1927
50
34
1754
26
4454
69
8354
77
7654
+4
+154
+1
+154
+434
+4
+I
+3
U. S. Steel
44
30
1634
26
48
72
85
83
86
+5
+1
+134
+2
+4
+5
+5
Independents
54 +3
37
+2
18
+1
+1
26
42
+5
67
+3
82
+2
72
+2
6854
Production of Bituminous Coal Higher Than a Year
Ago—Anthracite Output Off
The total production of bituminous coal during the week
ended Jan. 12 is estimated at 7,652,000 net tons, according
to the United States Bureau of Mines, Department of the
Interior. This is an increase of 437,000 tons over the holiday week preceding—the average daily rate of output, however, declined about 11%. Production during the week
ended Jan. 13 1934, amounted to 7,380,000 tons.
Anthracite production in Pennsylvania during the week
ended Jan. 12 is estimated at 1,201,000 net tons, as against
551
1,108,000 tons in the five-day week preceding. The average
daily rate of output was 200,200 tons as against 221,600 tons.
Production during the week of Jan. 13 1934, amounted
1,683,000 tons.
During the coal year to Jan. 12 1935 267,633,000 net tons
of bituminous coal and 40,973,000 net tons of anthracite
were produced. This compares with 267,633,000 tons of
bituminous and 39,776,000 tons of anthracite produced in
the corresponding period of 1933-34. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Week Ended
Jan. 12
1935 c
Jan. 5
1935 d
Ural Year ta Late
Jan. 13
1934
1934-1935
1932-1933
Week Ended
State
Jan. 5
1935
Dec. 29
1934
Jan. 6
1934
Jan. 7
1933
Jan. 1929
Average a
181.000 296,000
170,000
135.000 168.000
Alabama
47.000
105,000
77.000
66,000
72.000
Arkansas and Oklahoma—
199,000
136.000
120,000
125.000 132,000
Colorado
807,000 1.088,000
1,016,000
985,000
895.000
Illinois
300,000
374,000
348.000
350.000
275.000
Indiana
79,000
65,000
80,000
72.000
Iowa
93,000
136,000
136,000
129.000
Kansas and Missouri
153,000
145.000
676.000
553,000
430.000
525.000
494.000
Kentucky—Eastern
Western
172,000
173,000 205,000
316,000
184.000
46.000
Maryland
35,000
30.000
33.000
29.00i
Montana
58,000
55,000
46.000
59.000
63.000
New Mexico
26.000
31.000
41,000
23,000
23,000
North Dakota
45.000
43.000
63.000
46,00(
44.000
Ohio
427,000
362.000
430,000
329,000
294,000
Pennsylvania
1,625,000 1,457.000 1,695,000 1.356.000 2,056.000
Tennessee
81,000
62,000
61,000
73.000
83.000
Texas
13.000
13.000
13,000
15.000
19,000
Utah
70.000
60.000
53,000
68.000
110,000
Virginia
189,000
136,000
162,000
150,000 177.000
Washington
41,000
37,000
32,000
29.000
41.000
West Virginia—Northern b 1.333.000 1,013.000 1,310.000 1,270.000 1.471.000
Northern c
324.000
393,000
462.000
379.000
549.000
Wyoming
107,000
102.000
80.000
74.000
116.000
Other States
14.000
10.000
21,000
20.000
19.000
Total bituminous coal_. 7,215,000 6,210,000 7,005,000 d6,272,000 8,305.000
Pennsylvania anthracite_ 1.108.000
908,000 1,393.000
649.000 1,138.000
Total coal
8,323,000 7,118.000 8,398,000 6.921,000 9,443,000
a Average weekly rate for entire month. b Includes operxtions on the N. & W.,
C. & 0., Virginian, K. & M.. and B. C. & G. c Rest of State. Including the Panhandle and Grant, Mineral and Tucker counties. d Revised figures, based on result
of final annual canvass of mines.
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Jan. 23, as reported
by the Federal Reserve banks, was $2,468,000,000, an
increase of $4,000,000compared with the preceding week,and
a decrease of $180,000,000 compared with the corresponding
-week in 1934. After noting these facts, the Federal Reserve
Board proceeds as follows:
1933-1934
Bltum. coal—a
Total period_ 7.652,000 7,215.000 7.380.000 267,633.000 267,180.000 232.046.000
Daily avge_ _ 1,275.000 e1429000 1,230,000
1,118,000 1,113.000
968.000
Pa. anthra.—b
Total period_ 1.201,000 1,108.000 1,683,000 40.973.000 39.776.000 38,346,000
Daily avge__ 200.200 221,600 280,500
172,900
167,800
161.100
Beehive coke—
633.300
22,300
14,800
21,400
666.000
469.100
Total period_
3.717
2,467
3.567
2,595
2.730
1,923
Daily avge__
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
sales, and colliery fuel. c bubject
Sullivan County, washery and dredge coal, local
to revision. d Revised. e Average based on 5.05 working days.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (NET TONS)
I
/
11
4
The statement in full for the week ended Jan. 23, in coma
parison with the preceding week and with the corresponding
date last year, will be found on pages 596 and 597.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Jan. 23 1935, were as follows:
Increase ( ) or Decrease (--)
-ISince
Jan. 23 1935 Jan. 16 1935
Jan. 24 1934
On Jan. 23 total Reserve bank credit amounted to $2,463,000,000, a
decrease of $5,000,000 for the week. This decrease corresponds with
decreases of $35,000,000 in money in circulation, $25,000,000 in Treasury
cash and deposits with Federal Reserve banks and 828.000.000 in nonmember deposits and other Federal Reserve accounts, and an increase of
$35,000,000 in monetary gold stock, offset in part by an increase of $113,1300,000 in member bank reserve balances, and a decrease of $4,000,000 in
Treasury and National bank currency.
Holdings of bills discounted declined $9,000.000 at the Federal Reserve
Bank of Chicago and $8,000,000 at all Federal Reserve banks. There was
practically no change in holdings of bills bought in open market and of
United States Government bonds, while holders of industrial advances
increased $1.000,000. An increase of $2,000,000 in Treasury bills was offset
by a decrease of $2,000,000 in United States Treasury notes.
Bills discounted
9,000.000
Bills bought
6,000.000
U. S. Government securities
2 430,000.000
Industrial advances (not including
11,000,000 comff itments—Jan. 23) 16,000.000
Other Reserve bank credit
3,000,000
Beginning with the week ended Oct. 31 1934, the Secretary
of the Treasury made payments to three Federal Reserve
banks, in accordance with the provisions of Treasury regulation issued pursuant to subsection (3) of Section 13-B of
the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)" to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)".
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned
for "account of out-of-town banks," as well as the amount
loaned "for the account of others." On Oct. 24 1934 the
Total Reserve bank credit
2,463.000,000
Monetary gold stock
8,308,000.000
Treasury and National bank currency.2.500,000,000
—8,000,000
—8.000,0000
—98,000,000
—2,000,000
+1,000.000
+3,000,000
+16,000.000
+5,000,000
—5,000.000 —168.000,000
+35.000.000 +4,273,000.000
—4,000.000 +199,000.000
Money in circulation
5.347,000.000 —35.000.000
+53.000,000
Member bank reserve balances
4,501,000,000 +113,000.000 +1.650,000,000
Treasury cash and deposits with Federal Reserve banks
2 994,000,000 —25,000,000 +2,596,000,000
Non-member deposits and other Federal Reserve accounts
429,000,000 —28,000,000
+5,000,000
Financial Chronicle
552
statement was revised to show separately loans to brokers
and dealers in New York and outside New York, loans on
securities to others, acceptances and commercial paper,
loans on real estate, and obligations fully guaranteed both
as to principal and interest by the United States Government. This new style, however, now shows only the loans
to brokers and dealers for their own account in New York
and outside of New York, it no longer being possible to get
the amount loaned to brokers and dealers "for account of
out-of-town banks" or "for the account of others," these
last two items now being included in the loans on securities
to others. The total of these brokers' loans made by the
reporting member banks in New York City "for own account"
including the amount loaned outside of New York City,
stood at $634,000,000 on Jan. 23 1935, a decrease of $24,000,000 over the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
Loans and investments—total
New York
Jan.23 1935 Jan. 161935 Jan. 241934
$
7,465,000,000 7.487,000.000 6,569,000,000
Loans on securities—total
To brokers and dealers:
In New York
Outside New York
To others
Jan. 26 1935
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,219.000,000 and net demand, time and Government deposits of $1,400,000,000, compared with
$1,231.000,000 and $1,399.000,000, respectively, on Jan. 9.
On Oct. 17 1934 the statement was revised to show
separately, and by Federal Reserve districts, loans to brokers
and dealers in New York and outside New York, loans on
securities to others, acceptances and oommercial paper,loans
on real estate, and obligations fully guaranteed both as to
principal and interest by the United States Government.
In view of the new classification of loans the memorandum
items heretofore appearing at the bottom of the statement of
condition of reporting member banks in New York City,
relating to loans on securities to brokers and dealers, have
been eliminated from that statement. The figures as published in this statement do not include loans to brokers
and dealers by New York banks for account of non-reporting
banks and for account of others. Figures for such loans will
be published monthly in the "Federal Reserve Bulletin."
1,454,000,000 1,465,000,000 1,646,000,000
A summary of the principal assets and liabilities of the reporting member
banks,in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended Jan. 16 1935,follows.
603,000,000 587.000,000
43,000,000
55.000,000
807,000.000 1,016,000,000
Increase (-I-) or Decrease (—)
Since
Jan. 9 1935
Jan. 17 1934
$
Loans and investments—total-- __18.264,000,000 +106,000,000 +1.817,000.000
579,000,000
55.000,000
820,000,000
240,000,000 227.000,000)
Accept's and commercial paper bought
131,000,000 131,000,0001.666.000,000
Loans on real estate
1,186,000,000 1,181,000,000
Other loans
U.S. Government direct obllgations--3,179,000.000 3,209,000,000 2.201,000,000
Obligations fully guaranteed by United
272,000,000 268,000,00011.056,000,000
States Government
1,003,000,000 l.006,000,000 J'
Other securities
902,000,000
38,000,000
Jan. 16 1935
Loans on securities—totaL
To brokers and dealers:
In New York
Outside New York
To others
3,070,000,000
+45,000,000
—416,000,000
753,000,000
168,000,000
2,149,000,000
+38,000,000
+7.000,000
+90.000,000
+29.000.000
—535,000.000
Acceps. and cora, paper bought__ 436,000,000
976,000,000
Loans on real estate
3,125,000,000
Other securities
Reserve with Federal Reserve banks
Cash in vault
1,646,000,000 1,505,000,000
40,000,000
42,000,000
Net demand deposits
Time deposits
Government deposits
6,775,000.000 6,684,000,000 5,384,000,000
619,000,000 609.000,000 708.000,000
713,000,000 731,000,000 184,000,000
U. S. Govt. direct obligations
7,231,000.000
Obligations fully guaranteed by the
602,000,000
United States Government
2,824,000,000
Other securities
Due from banks
Due to banks
73,000,000
74,000,000
74.000,000
1,867,000,000 1,870,000.000 1,276,000,000
Reserve with Fed. Res. banks
Cash in vault
Borrowings from Federal Reserve Bank_
Chicago
1,568.000,000 1,553,000,000 1,300,000.000
Loans on Investments total
Loans on securities—total.
230,000,000
234,000,000
278,000,000
To brokers and dealers:
In New York
Outside New York
To others
26,000,000
26,000,000
178,000,000
26,000,000
29,000,000
179,000,000
17,000,000
29.000,000
232,000,000
Accept's and commercial paper bought. 57,000,000
19,000.000
Loans on real estate
212,000.000
Other loans
61.000,0001
19,000,000 298,000,000
212,000,000
U.S. Government direct obligations_ __ _ 759,000,000
Obligations fully guaranteed by United
78,000,000
States Government
213,000,000
Other securities
732,000,000
484,000.000
36,000.000
476,000,000
36,000,000
Reserves with Federal Reserve Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
437,000,000
78,000.0001 287.000,000
217,000.000f
322.000,000
42,000,000
1,507,000.000 1,489,000,000 1,112,000,000
386,000,000 382,000,000 338,000,000
46.000,000
27,000,000
45,000.000
172,000.000
465.000,000
179,000,000
459.000,000
194,000,000
307,000,000
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member
banks in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Jan. 16.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Jan. 16 shows increases for the week of
$106,000,000 in total loans and investments. 5197,000,000 in net demand
deposits and $66,000,000 in reserve balances with Federal Reserve banks.
Loans on securities to brokers and dealers in New York City increased
$36,000,000 at reporting member banks in the New York district and $38,000.000 at all reporting member banks; loans on securities to brokers and
dealers outside New York City increased $5,000,000 in the Chicago district
and $7.000,000 at all reporting banks; and loans on securities to others
Increased $10,000,000 in the'New York district and declined a like amount
In the the other districts. Holdings of acceptances and commercial paper
declined $4,000,000 In the New York district and at all reporting member
banks; real estate loans showed little change for the week; and "other
loans" declined $13,000,000.
Holdings of 'United States Government direct obligations increased $75,000.000 in the New York district and $39.000,000 at all reporting member
banks, and declined 512,000.000 in the Kansas City district. 510.000.000
in the St. Louis district and 516,000,000 in the other districts; holdings of
obligations fully guaranteed by the United States Government increased
$5,000,000 in the Chicago district and 514,000.000 at all reporting member
banks; and holdings of other securities increased 529,000,000 In the New
York district and 824,000,000 at all reporting banks.
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
3,274,000,000
265.000,000
—4,000,000}
+1,000,000 —195,000,000
4-13,000,000
+39.000,000 +2.008.000,000
+14,000,0001 +420,000.000
+24,000,0001
+66,000.000 +1,800,000,000
—19,000.000
+36,000.000
13,862,000,000
4,397,000,000
1,332,000,000
+197,000,000 +2,768,000,000
+45.000,000
—4,000.000 +869,000,000
1,799,000,000
4,270,000,000
+93,000,000 +525.000,000
+141,000.000 +1,362,000.000
9,000,000
+9,000.000
—12.000,000
President McLeod of Bank of Nova Scotia at Annual
Meeting of Stockholders Says All Nations Must
Co-operate in Removing Obstacles to Trade
Remarks of General Manager Patterson
J. A. McLeod, President of the Bank of Nova Scotia, at
the 103rd annual meeting of the bank, held at Halifax, on
Jan. 23, after pointing out that while business in 1934 was
substantially better than in 1933, there had not been further gains in recovery since last March, made the following
comment:
"We suffer still in company with most other countries from a handicap
which, if it be not removed, is fatal to prosperity. The trade of the
world, and that includes our own external trade, so vital to the welfare
of this Dominion, is still bound fast in restrictive shackles. I will not attempt to describe here the mesh of tariffs, quota regulations, manipulations of currencies, exchange controls, and exchange clearing arrangements,
by means of which all international trade is being hampered today. No
language at my command could exaggerate the destructive influence of
these restrictions, or the need for removing them as soon as possible.
"All countries, including our own, have played a part in weaving this
mesh of repressive measures. All are more or less responsible for the
present obstacles to trade. All must co-operate in the removal of them,
if the commerce of nations is to start moving freely."
While about 200,000 workers, exclusive of agriculture
and public services, were re-employed in Canada during
1934, an increase during the year of 13%, and farmers have
benefited from welcome increases in the price of farm produce, Mr. McLeod observed that, the Dominion still faces
domestic problems as serious as those that confronted it
two years ago, when the depression was at its worst.
Mr. McLeod cited particularly the continued lack of balance of governmental and municipal budgets, despite heavy
taxation, and the $1,000,000 a week required to meet the
continuing deficit of the railroads, a burden which he said,
could not be supported indefinitely. He ascribed the lack
of greater concern over the railway deficits to the fact that
"It has been possible to cover the railway deficit and other
deficits by borrowing and so to meet our public obligations
without undue difficulty." He continued:
"Two quite important features connected with this situation should,
however, be realized. Firstly, the current situation in the money markets
of the world is, to some extent, an artificial one. In a number of countries, simultaneously, governments have used every means in their power
to make funds as cheap as possible. Secondly, their efforts to make money
cheap have coincided with an absence of demand for new capital on the
part of Industry—a reflection in the money market of depressed industrial conditions and lack of confidence as to the future."
Volume 140
Financial Chronicle
553
Following Mr. McLeod's address, H. F. Patterson, general manager of the bank, reviewed the bank's business during 1934 and the provisions of the new Canadian Banking
Act. He then made a plea for publicity of details of bank
earnings and expenses as a means of gaining a better understanding of the position of the banker. In part, he said:
stability of exchanges as well as of prices," according to
Sir Henry Strakosch, whose article,"The Road to Recovery"
was recently presented in the "Economic Forum." In
his discussion of this problem Sir Henry recommends devaluation as the only cure by the gold bloc countries. He
also states that one of the great barriers to recovery has
"If it were well understood, by those who concern themselves in public
been the failure of central banks to co-operate to maintain
affairs, that the banks as a group have continued to give the same full
equilibrium in the international exchanges.
service to their clients as before, irrespective of the remuneration that they
themselves receive; and that their earning power has fluctuated within
"Social justice," says Sir Henry, "is largely on the side
wide limits, as a result of the same influences that cause the business man's
of devaluation," and he also emphasizes that devaluation
earnings, and the farmer's earnings to fluctuate widely; there would be
is a safeguard against uncontrolled inflation. Deflation
far less thoughtless criticism of the banking system now, far less distraction and confusion of public opinion."
cannot cure present difficulties because "the cost structure
in our economic and social organization of to-day contains
Election of Directors of Bank of Canada
so many rigid items that it is simply impossible to restore
Seven directors for the Bank of Canada, Canada's central equilibrium between costs and prices by a reduction of
bank, were elected at a general meeting of the shareholders costs." Sir Henry sees closer co-operation between the
on Jan. 23. They are:
central banks of the world as another vital necessity if an
Category "A," (Primary Industry) William K. McKean, Halifax, and
international monetary standard is to function successfully.
Robert A. Wright, Drinkwater, Sask.
He quotes the resolution of the 1922 Genoa Conference,
Category "B," (Commerce)—William D. Black, Hamilton, and Robert
J. Magor, Montreal.
which enjoined central banks to co-ordinate the demand for
Category "0,"(Other Occupations) Joseph Beaubien, Montreal;Thomas
gold to avoid wide fluctuations in its purchasing power,
Bradshaw, Toronto, and W. C. Woodward, Vancouver.
and to co-operate in the regulation of credit both to mainAssociated Press advices from Ottawa Jan. 23:
tain currencies at par with each other and to prevent flucIn accordance with the Bank of Canada Act, Mr. Wright and Mr. Bradshaw, having received the two largest number of votes, will hold office until
tuations in gold purchasing power. There is nothing to
the sixth annual meeting of the bank; Mr. Black and Mr. McKean, who
support the belief that such co-operation is being actively
received the next largest votes, will serve 5 years; Mr. Beaubien and Mr.
pursued, he declares: "Indeed, the developments ever
Magor will hold office for 4 years and Mr. Woodward for 3 years.
Just after the result of the election was announced by the Governor,
since the general return to the gold standard in 1925-26
Graham F. Towers, the question of the rights of the French language was
flatly contradict it." The reason for this he sees as due
raised by J. G. Benoit, a shareholder from Quebec. If this was a Canadian
"to a wide gulf between the conceptions of the gold and of
national bank, he said, the proceedings should be understandable to one
using the French language. He demanded to know the result of the election
the sterling countries as to what the purpose and the goal
in French and a translator was called to make the announcement.
of monetary policy should be," the sterling countries atAnswering a question, Mr. Towers said the first annual meeting would
not be held until February 1936. The bank would not function until
tempting to avoid violent fluctuations in the purchasing
licensed by the Minister of Finance and this would not occur until March
power of money, while the gold countries are more interested
of this year. Consequently,the provision in the act for the annual meeting
in the value of their money in terms of gold than in terms of
In February would not apply this year.
An item bearing on the Bank appeared in our issue of commodities.
Once an internal equilibrium has been set up in each
Nov. 19, page 3070.
country, in Sir Henry's view, the nations, aided by close
United States Tenders Apology to Canada for Sinking co-operation between their central banks, can attempt to
of Schooner "I'm Alone"—Secretary Hull in Note to re-establish an international monetary standard, for which
Canadian Minister Indicates That $50,666 Awarded purpose he would use gold.
by Commission Will Be Paid by United States
The initiative should be taken, he thinks, by the United
Formal apology has been made by the United States, States and the sterling group of countries
which have althrough Secretary of State Hull, to Canada in a note ad- ready,
by abandoning gold, established a certain degree
dressed to William Duncan Herridge, Canadian Minister, of internal equilibrium,
and which between them command
in which regret is expressed for the sinking of the liquor- more than one-half
of the world's total production, as well
running schooner "I'm Alone," a vessel of Canadian registry.
as including the world's two greatest creditor countries—
A reference was made in our issue of Jan. 12, page 248, to
the United States and Great Britain.
the award handed down the present month by the American
Judicial Commission as a result of the sinking of the
schooner on March 22 1929 by the Coast Guard cutter "Dexter" in the Gulf of Mexico. Secretary Hull, in his note to
the Canadian Minister, said that while the Joint AmericanCanadian Commission had found "that the mission and use
of the vessel at the time of its sinking were unlawful, nevertheless they also find that its sinking by the United States
officers was unlawful." We quote, as follows, from the
note:
I have the honor to refer to the joint final report, dated Jan. 5 1935, of
the Commissioners appointed by the United States and Canada to consider
the claim of Canada in respect to the sinking of the schooner "I'm Alone"
on March 22 1929, which was filed with our respective Governments on
Jan. 9 1935.
I note that the Commissioners found as a fact that from September 1928
down to the date of the sinking, the vessel was owned, controlled, and at
the critical time managed, her movements directed and her cargo dealt
with and disposed of, by a group of persons acting in concert who "were
entirely, or nearly so, citizens of the United States, and who employed
her
for the purposes mentioned, namely, rum-running, the cargo being destined
for illegal introduction into, and sale in, the United States," and that they
concluded that no damages should be awarded for the vessel or cargo, but,
nevertheless, recommended that certain other payments should be
made by
the United States.
In accordance with the recommendations of the Commissioners and
the
provision of Article 4 of the convention of Jan. 23 1924, that effect shall
be given to the recommendations contained in the joint report of
the
Commissioners, I am taking steps to obtain an appropriation for
$50,666.50
which the Commissioners recommended should be paid by the United States
to his Majesty's Canadian Government.
Although the Commissioners find that the missions and use of the vessel
at the time of its sinking were unlawful, nevertheless they also find that
its sinking by the United States officers was unlawful. The Government
of the United States, therefore, tenders to his Majesty's Canadian Government an apology for the sinking of the vessel.
Accept, Sir, the renewed assurances of my highest consideration.
CORDELL HULL.
Sir Henry Strakosch Declares World Monetary Standard
Must Be Re-established—Also Regards Devaluation
by Gold Bloc as Necessary to Recovery—Holds
Co-operation of Central Banks Likewise Essential
The central problem of recovery is the re-establishment
of "an international monetary standard which assures
British Government Adopts Program to Insure Maintenance of 17,000,000 Wage Earners—Permanent
Fund Will Care for All Earning Less Than $25
Weekly, If They Lose Jobs
Legislation adopted in the British Parliament, Jan. 8,
transferred 17,000,000 wage earners to the supervision of
the new Unemployment Assistance Board, guaranteeing this
number Government aid for an indefinite period when they
are out of work. Assistance would be given in such cases
in cash. The only restrictions are that those receiving such
aid must be between 16 and 65 years old, must make earnest
efforts to find work, and must normally earn less than $25
per week. The new Board begins operations with a fund of
$25,000,000. Most of the money expended will represent a
bookkeeping transfer of funds which have previously been
handled by the local authorities, although it was officially
estimated that the National Government will be required
to spend not less than $40,000,000 annually.
United Press advices, Jan. 8, from London described other
features of the plan as follows:
Of the 17,000,000 wage earners, about 13,000,000 are under the unemployment insurance scheme and, when out of a job, will draw their usual
contractual benefits. The remaining 4,000,000 include those not eligible
for unemployment insurance—farm laborers, domestic servants and those
who employ themselves, such as newsboys, street venders and "jobbing
gardeners."
But the scheme covers the insured workers as well. It provides that
when they have exhausted their right to the dole they will not be thrown
upon the poor law for relief. They will turn instead to the local office of
the Unemployment Assistance Board and will draw every Thursday or
Friday a definite sum of money, based not on what a local committee
thinks is good for them but on a definite scale drafted by the Board and
approved by Parliament.
About 800,000 insured workers probably will turn to the Board in 1935.
In all, the Board probably will maintain 4,000,000 men, women and children the first year.
Non-partisan commentators say the official scale is lower than the scale
prevailing in South Wales, where the local authorities are dominated by
the Labor party, but higher than the present average for the country.
However, the scale has been severely criticized by a committee of the
British Medical Association, while the Labor party has blasted it from
the house tops.
554
Financial Chronicle
The "basic allowance" is 24 shillings ($5.92 currently) a week for a
man and his wife, plus 75c. for each child under three years of age, 87c.
for those between five and eight, $1 weekly for those between eight and 11,
$1.12 for those between 11 and 14, and $1.50 for those between 14 and 18.
This rate assumes that the wage earner's weekly rent is not more than
$1.87. If he is paying more than that, the scale is adjusted upward. If
he has been fortunate enough to save any money, he is not expected to
consume his savings unless they are, indeed, well above the average working class scale.
If grown children or other relatives contribute to the family support,
there are liberal allowances as to the amount of their own earnings which
they are entitled to retain.
If it seems strange that Government dominated by the Conservative party
should place so heavy a burden upon the stooping shoulders of John Bull,
Part 1 of the Unemployment Assistance Act of 1934 makes the reason plain.
The new Act definitely puts a stop to further borrowing by the unemployment insurance fund and compels the Board to work steadily toward
making that fund solvent and "actuarially sound." Second, it attempts
to take the whole question out of politics by giving the Board complete
power to determine the scale of assistance without any detailed interference from Parliament. Third, since the present swing to the Left is
resulting in the Labor party's election of numerous local authorities, it
removes any temptation to appeal to the electors by promising increased
unemployment assistance.
Sir Henry Betterton, who was made a baron in the New Year honors list,
is Chairman of the new Board. When he gets going he will have a staff
of about 5,000.
"New Deal" for Great Britain Advocated by Lloyd
George—Former Prime Minister Urges Huge Public
Works Program
A "New Deal" program for Great Britain, based on huge
public works expenditures, was advocated Jan. 17 by Mr.
Lloyd George,former Prime Minister, in a speech in which he
voiced his opposition to the policies of the Bank of England
and the MacDonald Government. His references to international affairs were devoted almost entirely to AngloAmerican relations, and he said that Great Britain should
take steps for common action with the United States in the
Pacific situation in order to assure world peace. He praised
President Roosevelt as "a man of courage."
England should finance a public works program, Mr. Lloyd
George said, through a huge "prosperity loan," and the funds
should be administered by a group of not more than five
men. The former head of the British Cabinet did not make
any new monetary proposals, and his recommendations as to
changes in the banking system were minor in nature. We
quote below, in part, from his speech as given in a cable
from London, Jan. 17, to the New York "Times":
Mr. Lloyd George did not attack the members of the present British
Government as individuals, but accused them as a group of nerveless complacency. He cited the appropriation of £2,000,000 for the relief of
and
distressed areas as one illustration of the Cabinet's "incompetence,"
called it "piffling with misery."
Attacks Bank of England
and
His chief attack was against the Bank of England, to whose advice
guidance of successive Governments he attributed moat of the country's
Government
economic ills. He was careful to say that he did not want the
and comto assume its ownership, but declared it should be reorganized,
of finance.
pelled to consider the needs of industry rather than those
Neither would he nationalize the joint stock banks.
certainly no
There was no suggestion of socialism in his proposals, and
Intact, but
hint of fascism. He would retain the Parliamentary system
of his own
would speed up legislation and reform the Cabinet on the lines
relieved of
war-time Ministry by having a group of five able Ministers
departmental duties to handle larger matters of policy.
expenditures on vast
To carry out his schemes of recovery by State
council with
public works of all sorts he would set up a devolopment
powers to act, but with Parliamentary control over its finances.
that In a
He suggested floating a large "prosperity loan," and predicted
employyear's time the country would begin to see the effects in increased
ment and advancing prosperity.
We also take the following from London, Jan. 18, to the
New York "Post":
emphasizing
Lloyd George devoted a considerable part of his speech to
Great Britain
the importance he attributes to close co-operation between
a "brain
and the United States. For domestic reconstruction he proposed
trust" drawn from industry, finance and the ranks of economists.
increased aid for
He demanded substitution of work relief for the dole,
for the
the British farmer and reorganization of Government departments
sake of efficiency.
said; "they have so
"Banks don't know what to do with money," he
are starving.
much of it. There is too much corn in Egypt and Egyptians
Because there is a flood, they are suffering from drought.
department.
"I do not suggest that a bank should become a Government
must also be
It must be in a position to give independent advice. But it
nation's
indipendent of the stock market and have closer contact with the
Industries and commerce."
he-land moveHe indorsed the protective tariff and advocated a back-to-t
workers.
ment which would double the present number of agricultural
declared, can
Only through understanding with the United States, he
permanent peace in the Pacific be attained.
Mussolini's December Monetary Decrees Fixed Lira
Firmly to Gold Standard, According to Dr. Bruno
Rovere—Head of Bank of Sicily Trust Co. Says
Italian Financial Course is Definitely Charted
The monetary decrees issued Dec. 8 by Premier Mussolini
of Italy have freed the lira "definitely from the possibility
and repreof further eventual manoeuvres by speculators,"
important financial measures taken in the
sent the most
Jan. 26 1935
general interests of Italy since the decrees of May, 1934,
according to a recent article by Dr. Bruno Rovere, President
of the Bank of Sicily Trust Company of New York. The
December decrees, Dr. Rovere concluded after a detailed
analysis, represent the continuation of a firm, well-defined
Fascist monetary policy "which considers as its fundamental principle the inderogable and unchangeable decision
of Ii Duce to maintain always and against all adverse forces
the Italian lira solidly anchored to the gold standard."
Weakness in the lira which prompted the December decrees, Dr. Rovers contends, resulted from speculative manipulation, engineered principally from abroad, which was
directly contrary to the principles enunciated by the Fascist
Government. Dr. Rovere praised Premier Mussolini highly
for his "boldness and firmness" in defending the Italian
currency, and "giving constantly to the world the exact
impression of his power and unchallenged superiority."
With regard to the recent monetary regulations, Dr.
Rovere said in part:
With the present regulations both the institutions and the citizens of
Italian nationality, residing in the Kingdom of Italy and its possessions
are compelled to transfer to the "Institute Nazionale per I Cambi" all
their credits abroad and the foreign currencies resulting from the export
of merchandise from Italy. They are further obligated to declare their
credits abroad and the ownership of securities issued in other countries. It
Is also provided that for the surrender of liquid credits, the payment will
be effected at the current market rate of exchange and for those not liquid
at conditions to be fixed.
As everyone can readily see this timely and strict discipline in the
trading of Italian currency, which does not at aU affect the holdings of
Italians habitually residing abroad, by taking definitely away from the
world of shady finance its essential technical means, cuts at the very roots
of every possibility of speculation on the Italian lira, even though in a
more or less distant future such an ambition should again be rekindled in
the heart of any of the strongholds of the most tenacious international
speculation.
The operations resulting from the above described measures, which may
be considered also as a sort of census of the capital held abroad by
Italians residing in the Kingdom, are effected by the Bank of Italy and
naturally concern also values in foreign exchange deposited with banking institutions aboard in general.
The Defense of Patrimony.
This is undoubtedly a resolute act of defense of the patrimony of
Italy undertaken bravely and firmly by the Fascist Government which,
by eliminating the fragile, transitory interest of the individual, favors a
stable and enduring interest, namely that of the general well being of
the entire Nation.
The above described providential measures, I do not deem it idle to recall,
adopted long since by other nations even though not in an exactly analogous manner, will readily prove themselves to he wholesome and necessary in the extreme.
'They will undoubtedly provoke in Italy a remarkable and constant flow
of gold, of currencies and values, which may well be considered as equalized, in the Treasury of the Bank of Italy, thus increasing in proportion
the coverage of the Italian lira, which, shortly before the issuance of the
decrees in question, might have been considered, in relation to its percentage of coverage, at about the same level as the pound sterling, now,
by reason of the further strengthening of such coverage, will be rendered
absolutely invulnerable.
Strengthened further in this manner at its foundation, the Italian lira
becomes, without any doubt, one of the most solid currencies of the world.
It represents, moreover, the medhan of circulation of a country that
is morally sound, highly orderly, perfectly balanced and organized in
every detail, which, while in the interior it enjoys a safe tranquility
envied by all the nations of the world, is, at the same time, perfectly,
solidly and superbly prepared to defend with the greatest success this
exceptional position against any possible perturbation of an international
character provoked from abroad.
Arrival of Brazilian FinanciaryMission In United
States.—Proceeds to Washington after Reaching
New York
The Brazilian financial mission arrived in New York on
Jan. 24 from Rio de Janeiro on the S.S. Western Prince.
Representatives of the State Department from the New York
office met the steamer at Quarantine and escorted the Brazilian visitors to the pier at West 34th Street, on a Government cutter. At the pier a reception committee composed
of representatives of the Pan American Society, AmericanBrazilian Association, Associated Coffee Industries of America and Merchants' Association of New York, welcomed the
mission. The party left almost immediately for Washington
where it was welcomed at the Union Station by represent°,
tives of the United States Government and the personnel
of the Brazilian Embassy. The members of the Brazilian
Mission are expected to remain in Washington for about a
fortnight. Upon their return to New York (according to
an announcement by the Council on Inter-American Rela,
tions) the Pan American Society will tender the Brazilian
mission a dinner at the Hotel Plaza and the Merchants'
Association is arranging for a complimentary luncheon at the
Bankers' Club.
The members of the group arriving from Brazil to confer
with financial and official executives relating to Brazil's
foreign debt and matters affecting exchange and trade are:
Arthur de Souza Costa, Minister of Finance; Marcos de
Volume 140
Financial Chronicle
Souza Dantas, formerly Secretary of the Treasury of the
State of Sao Paulo and former Exchange Controller of the
Banco do Brasil; Sebastiao Sampaio, Chief of the Commercial Services of the Ministry cf Foreign Affairs and
Executive Director of the Federal Council of Foreign Commerce and Paulo Prederico de Magalhaes', member of the
Technical Council of the Ministry of Finance. A representative of the press of Rio de Janeiro accompanies the mission.
References to the Brazilian Mission appeared in our issues
of Jan. 12, page 233 and Jan. 19, page 380.
United States to Negotiate Reciprocal Trade Agreements with Canada and Italy—Hearing on Former
Pact March 18—Summary of Trade Relations
with Two Foreign Countries
Secretary of State Cordell Hull on Jan. 21 announced
that he intends to negotiate a reciprocal trade agreement
with Canada, the first country in the British Empire with
which such discussions will be carried on. The Committee for Reciprocity Information will hold a hearing
March 18, when American concerns which might be affected
by such a treaty may present their views. Request to
appear must be submitted by noon March 11. This is
the second agreement to be planned by the State Department
in recent weeks, since on Jan. 16 Mr. Hull gave notice
of intention to negotiate a trade pact with Italy and set
March 11 as the date for American interests to present
their views before the Committee for Reciprocity Information, with applications to be submitted by noon of March 4.
A dispatch from Washington Jan. 21 to the New York
"Times" outlined the status of Canadian-American trade
as follows:
ji"This proposed trade agreement with Canada," the State Department
said, "is toe latest of a series of attempts, extending over a long Period,
to bring toe United States and Canada Into closer commercial relations
by the removal or reduction of trade barriers.
"In 1854 a reciprocity treaty, which greatly facilitated trade between
the two countries, was negotiated. This treaty came into force in 1855
and remained in force for 11 years, during wnicn time Canadian-American
trade tripled in value, reaching heights that might not otherwise have
been reached for decades.
"In 1911 an unsuccessful attempt was made to conclude a reciprocity
treaty more or less similar to the treaty of 1854."
Dominion First in Our Trade
The United Kingdom usually takes first place as a market for American
exports, with Canada a close second, but in 1928 and 1929 the Dominion
occupied first place. Our purchases from Canada. which for years have
been our leading source of imports, are almost as great as those from all
of South America. In recent years Canada has been a much more important market than the whole of South America.
Canadian-American trade dropped in value by 1933 to lees than onefourth of its value in 1929. American exports to Canada decreased from
$948,000,000 to $211,000,000 and imports from Canada dropped from
$503,000,000 to $185,000,000.
Leading American exports to Canada are machinery, coal, crude petroleum and gasoline, chemicals and allied products,iron and steel products,
automobile parts, fresh fruits, raw cotton, books and printed matter.
Our chief imports from Canada consist of newsprint, wood and wood
pulp, fish, precious metals, chemicals and allied products, nickel, copper,
furs and asbestos.
Similar information regarding trade with Italy was given
Jan. 16 in Washington advices to the "Times":
Trade between Italy and the United States is only about a third in
value of what it was five years ago. Department of Commerce figures
show that in 1929 United States exports to Italy were valued at $153,968.819, but that in 1933 they had fallen to $61,239,586.
Similarly. imports into the United States from Italy, which were worth
$117,066,598 in 1929 had dropped to $38,570,622 in 1933.
American shipments of cotton held up well in volume, but decreased
more than half in value. Exports of refined copper to Italy shrank heavily
in both quantity and value,from 84,491.310 pounds, valued at $15,145,361
In 1929, to 30,037,514 pounds, valued at $2,026.793 in 1933. The United
States exported 1,304 passenger automobiles to Italy in 1929. but in 1933
the number had fallen to 86.
Principal decreases in Italy's exports to this country have been in preserved tomatoes, cheese, lemons, olive oil, wool felt hat bodies and straw
hats.
Deposit of Defaulted Foreign Bonds with United
Holders' Committees Urged as Best Method of Collection—F. Lavis Declares Agent Must Actually
Negotiate with Debtor Government
The only practicable solution of the problem:of collecting on
defaulted foreign bonds is the appointmentof one organization
which is "competently authorized" to negotiate with each
of the countries in default, F. Lavis, President of the LatinAmerican Bondholders Association, Inc., said in a statement
issued Jan. 21. It is pointed out by Douglas Bradford,
Secretary of the Association, that Mr. Lavis's remarks are
designed to correct a "false impression regarding the rank
of foreign bonds," which might have been created by the
recent speech of J. Reuben Clark, President of the Foreign
Bondholders Protective Council, Inc. Mr. Clark's address
is reported elsewhere in this issue. In his statement, Mr.
Lavis says:
555
Is the case of the foreign bondholder so hopeless as it has been painted?
Are foreign bonds the "Lowest Possible order of Foreign Claims"? Is it
impossible or very difficult to get the co-operation ofthe State Department
at Washington or our Ministers abroad? Is war the only alternative for
the collection of claims in default? Are there only six ways of collecting
on foreign bonds? Have we seen the end of our foreign loans, and with
these our foreign trade?
To all of these the answer is most empahatically NO.
Mr. Lavis goes on to say that despite defaults on $1,500,000,000 of Latin-American bonds marketed in the United
States, payments have been and can be obtained if the
right methods of collection are used. Bondholders' committees, he added, must hold a mandate through the actual
deposits of bonds. In this connection he said:
It then seems pertinent to ask why, except in one instance, have we in
the United States so signally failed in making any impression on the defaulted indebtedness of Latin America?
In the first place, except in the case of one country, there is no organization in the United States with any real authority to act for the bondholders.
There can be no such authorization except that conferred by the actual
deposit of bonds. The one organization which has been successful in obtaining payments of substantial amounts has been so authorized by the bondholders, definitely to negotiate, by the deposit with it of over 90% of the
outstanding bonds.
There must be unity among tne holders of all the bonds of each country
and only one organization authorized, and competently authorized, to
negotiate with each of the particular countries in default. Less than completely united action in any specific country as a whole is fatal. There
must be actual contact on toe ground between toe bondnolders tnrougn tneir
representatives and toe debtors, if reasonable solutions are to be reached.
The bondholders' representatives should have a keen, intelligent and
comprehensive knowledge of the country and people with whom they have
to deal, and of the methods of such negotiation.
And,lastly, going back to the principles of Horatio Alger, Work at the Job.
It is useless to talk about International law, of warstdps and marines,
or the backing of the State Department at Washington. It is of very little
use sitting down in New York, or in Wall Street. and working out a pretty
plan. There must be some one person, alone or with assistants, definitely
backed by the actual owners of the bonds who gets down to brass tacks on
the ground with the debtor government; one who is intelligent, who knows
something of finance, but not necessarily and perhaps not advisedly a
financial expert, statistician or economist, but who has some knowledge of
all of these and a general grasp of the picture as a whole. who knows generally, and above all sympathetically and intimately, the country and the
PeoPle'with whom ne has to deal, who has toe proper proportions of flexibility and stiffness and knows when each should be brought to the front,
but above all a person who not only starts the job but camps on it, carefully,
Persistently and continuously working toward a solution whicn he has
faith can be reached.
J. Reuben Clark Jr. Lists Methods of Attempting to
Collect Defaulted Bond Payments
J. Reuben Clark Jr., former Under-Secretary of State
and Ambassador to Mexico, and at present President of the
Foreign Bondholders Protective Council, Inc., in a speech
on Jan. 16, before the Bond Club of New York, listed the
various remedies which might be applied by a government
in seeking to collect payment on a foreign bond owned by
one of its citizens. Among these, in the order of their
respective importance, he mentioned:
I Exertion of diplomatic pressure, Including either "unofficial good
offices" or "formal representation."
2 The threat of severance of diplomatic relations.
3 Arbitration.
4 A resort to measures of force.
5 Retortion.
6 Reprisal. This, he said, is one of the best methods of obtaining payment for bonds due.
7 Institution of "a pacific blockade."
8 A declaration of war. "In the last analysis," Mr. Clark said, "this is
the only sanction which can really be applied for the collection of bond
debts." He added, however, that ordinarily nations do not go to war for
the collection of debts.
Mr. Clark then concluded:
I have already told you that you have no domestic remedy that is really
effective. If you go to an international arbitration and secure a judgment
against the government, all you have is not a new promise exactly (but
still that is all it is) after you go to arbitration and get an award all you
have is another promise to pay. Promises to pay that are not enforceable.
and I have said to you that in the last analysis war is the only sanction to
enforce an obligation, promises to pay depend upon toe good-will of the
promIssor, and that, in the last analysis, is all there is to tnis international
bond situation. You must find in the foreign government in default a
willingness to meet its obligations. Until you do find that willingness you
are relatively helpless unless you are prepared to undertake this doctrine of
reprisals.
The Foreign Bondholders' Protective Council acts with the pu:pose
and intent of trying to do all that it can to induce foreign governments to
meet their obligations and to take such measures as may be legitimately
used in order to bring foreign governments to feel that tney should pay
their obligations—and to this end to use in its work our own government,
to secure tneir assistance, to nelp us along these lines, and up to the present
time the Department of State has gone as far in each case as I am sure they
felt they could and as far as I think an interpretation of international law
would permit them to go.
We have every reason to believe that they will continue to co-operate
with us as tney nave done in the past.
H. M. Addinsell, Chairman of the meeting, in introducing
Mr. Clark said:
Practically everybody in the United States, whether tney realize it or
not, has an interest in the foreign credits that have been extended by this
country. Uncle Sam, at the high point, had some $13,000.000.000 coming
to him, and in spite of radical adjustments, inasmuch as nobody at the
Present time seems to think it is fashionable to pay, except Finland, it is
still $11,000,000,000.
Some of our banks have foreign credits that have presented difficulties
in collection. Some of our investors hold foreign bonds that are in default,
Financial Chronicle
556
but the picture really isn't as bad as it is sometimes painted. In the years
from 1920 to 1930. apparently $9,000,000,000 were floated in this country,
of wnicn approximately one-tnird nes been paid off. Of the balance, 60%
are meeting the service in full, and the remainder, comprising about 27%
of the amount originally issued, are in either partial or complete default.
Some of these bonds of course have been repatriated, and even those
.
in complete default, it is hardly fair to assume, are a complete loss.
Dresden (Germany) to Continue During 1935 Suspension of Sinking Fund on External Debt
The City of Dresden (Germany)has advised Speyer & Co.,
-year 7% sinking fund gold
as fiscal agents for the city's 20
bonds external loan of 1925, that, as the city's financial
position Continues to be decisively affected by the expenditure for public relief and by the service of loans, it will be
compelled to continue to suspend the sinking fund on its
external debt for the year 1935. In an announcement issued
Jan. 21 by the Speyer firm it was also stated:
Speyer & Co., as fiscal agents for the dollar loan, and Lazard Brothers &
5
,
Co., Ltd. of London,as fiscal agents for the 53 % sterling loan of 1927, are
recommending to bondholders the acceptance of this suspension of sinking
fund.
Of the $5,000,000 bonds originally issued by Speyer & Co., $1,990,600
par value of bonds have been redeemed through the operation of the sinking
fund,so that only $3,009,500 of the original issue now remain outstanding.
--0--
50% of Interest Due Feb. 1 to Be Paid By Hungary on
State Loan of 1924
Speyer & Co., as American fiscal agents, have been informed by the trustees of the State Loan of the Kingdom
of Hungary 1924 that the Hungarian Government has provided foreign currencies to meet 50% of the interest due
Feb. 1 1935. For the balance Pengo Treasury bills of the
Government have been deposited to the credit of the Trustees with the National Bank of Hungary. An announcement issued Jan. 25 by Speyer & Co. also said:
As directed by the trustees, Speyer & Co. are prepared to pay to the holders of the Feb. 1 1935, coupons of the dollar bonds, on or after that date,
$18.75 in lawful currency of the United States of America per $37.50
coupon, $9.375 per $18.75 coupon and $1.875 per $3.75 coupon: Such
coupons will be stamped "paid 50%" and returned to the bondholders to
be re-attached to their bonds, in order that their claim for the balance may
be preserved.
Resignation of President of Hungarian National Bank
From the London "Financial News," we take the following
(Reuter advices) from Budapest, Jan. 7:
M.Popovics,President of the Hungarian National Bank,resigned to-day.
He will be succeeded by M. Imredy, Minister of Finance. The portfolio
of finance will be temporarily held by M. Fabinyi, Minister of Commerce.
Uruguay to Pay Feb. 1 Coupon on 8% Bonds of 1921
at Rate of 33/2% Per Annum
In an announcement made Jan. 23 concerning the external
debt of the Republic of Uruguay, J. Richling, Minister of
the Republic, notified holders of the 8% Uruguay bonds of
1921 that the coupon due Feb. 1 1935, will be paid at the
National City Bank, New York, fiscal agents, at the rate
of 3%% per annum.
New York Stock Exchange Rules on Greek Government
-Year 6% Secured Sinking Fund Gold Bonds
40
Incident to the announcement that the Greek Government
had remitted 35% of the interest due Feb. 1 1935, on the
-year 6% secured sinking fund gold bonds, Stabilization
40
and Refugee Loan of 1928,(referred to in our issue of Jan. 19,
page 381), the New York Stock Exchange adopted rulings
affecting the bonds. The rulings were announced as follows
on Jan. 24 by Ashbel Green, Secretary of the Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
Jan. 24 1935.
Notice having been received that payment of $10.50 per $1,000 bond
will be made on Feb. 1 1935,on account of the interest then due, on presen-year 6% secured
tation for stamping of coupons from Greek Government 40
sinking fund gold bonds, stabilization and refugee loan of 1928, due 1968.
The Committee on Securities rules that the bonds be quoted ex-interest
$10.50 Per 81,000 bond on Feb. 1 1935;
That the bonds shall continue to be dealt in "Flat" and to be a delivery
in settlement of transactions made beginning Feb. 1 1935. must carry the
Aug. I 1933, coupon stamped to indicate payment of $8.25 per $1,000
bond, the Feb. 1 1934, coupon stamped to indicate payment of $8.25 Per
$1,000 bond, the Aug. I 1934. coupon stamped to indicate payment of
$10.50 Per $1,000 bond, the Feb. 1 1935, coupon stamped to indicate payment of $10.50 per $1,000 bond, and subsequent coupons. Such coupons
must be securely attached and bear the same serial number as the bond.
ASHBEL GREEN,Secretary.
of
Association of Stock Exchange Firms Seeks to Provide
Direct Local Contacts for Investing Public—Letter
Sent to Members of National Advisory Council
Urging Them to Invite Co-operation of Other
Brokers
The National Advisory Council recently named by President Hope of the Association of Stock Exchange Firms has
asked its members to invite the co-operation of other stock
exchange brokers in their city in providing direct local con-
Jan. 26 1935
tacts for the investing public. The purpose of this is to
make it convenient for anyone interested to obtain information regarding the functions of the New York Stock Exchange and the service it renders, or to offer any suggestions
regarding the securities business or to offer criticism.
With 135 members representing as many cities throughout
the country, the Council believes that those who buy and sell
securities will more readily take advantage of the opportunity
to obtain information than has been the case. Heretofore,
those who had questions to ask or ctiticism to offer knew of
no convenient means to express themselves except by long
range, impersonal correspondence.
In a letter enclosed with the general letter to the Council.
President Hope said:
We can make no more valuable contribution at this time toward a better
understanding of tne importance of tne securities business than to bring our
service to toe investing public up to tne nignest standard.
In accord with tile letter and spirit of tne Securities Excnange Act, which
would extend to investors the benefit of adequate information, the Association of Stock Exchange Firms, through the National Advisory Council
aims to translate this purpose into performance by a willingness on our
part to give consideration to the questions and comments which are in the
minds of the investors.
Though the plan is designed primarily in the interest of
the security buying public, it is expected that the results
obtained will be of value to the Association of Stock Exchange
Firms in giving its members the broadest possible first-hand
point of view on current conditions.
The letter to the Council members said in part:
As the first step in carrying out the object of the National Advisory
Council, it seems to us important that a meeting of all the stock exchange
brokers in your city be held to explain the purpose and scope of our activities. We are writing you our suggestions as to how you might proceed.
One of our primary aims is to make tne Advisory Council an effective
factor in raising toe standard of our service to tile security buying and
selling public. A way to do tills lies in giving prompt and intelligent consideration to any questions and criticisms, and requests for information,
that come to us. . . .
You will realize. I am sure, tile advantage of having the co-operation of
other member firms in your city and section. As a suggestion, so that all
of us may be thinking in the same terms, we take the liberty of enclosing a
few notes. You need not of course adopt these literally, but they will give
you our ideas for discussing the plan, and indicate the policy of conservatism
which should be observed. . . .
You are aware tnat a large part of the criticism that has been made of the
brokerage business nas resulted from widespread lack of information as to
the functions, methods and service of the stock exchange. We can help to
correct this by giving evidence of our willingness to discuss and clarify any
questions of interest to investors and others.
Will you please make a brief report as to the handling and outcome of
your meeting, with any comments that might be helpful to us? Address
tnis to the Committee on Correspondence, Association of Stock Exchange
Firms,42 Broadway. . . .
You will be interested to know that the Association's proposal has aroused
great entnusiasm among otner members of tne Council everYwnere.
The formation of the National Advisory Council was
referred to in our issue of Dec. 15, page 3728.
SEC Compiles Alphabetical List of All Stocks and
Bonds Brought Under Its Authority Through
Operation of Securities Exchange Act
Thr Securities and Exchange Commission has compiled
alphabetically a list of all stocks and a list of all bonds
which have come under its authority through the operation
of the Securities Exchange Act of 1934. The announcement of the Commission, on Jan. 21, added:
These include stocks and bonds registered on National securities exchanges, and stocks and bonds admitted to unlisted trading privileges
on National securities exchanges. A total of 7,144 security issues have
come under the jurisdiction of the Commission in this manner.
On the stock list are 4,300 issues of 3,111 issuers. Of these 4,300 stocks,
2.929 stocks are registered on National securities exchanges and 1,371
are traded only on an unlisted basis on National securities exchanges.
A total of 2,106 of the stocks on the list are both registered on some National
securities exchanges and admitted to unlisted trading on others.
The bond list totals 2,844 issues. The names of 1,208 issuers (other
than stock issuers) appear on the bond list. These issuers include foreign
Governments as well as corporations, and no attempt has been made
to exclude subsidiary companies as issuers. Of the 2.844 bonds on the
list, 1,938 bonds are registered on National securities exchanges and 906
bonds are dealt in on an unlisted basis on National securities exchanges.
There are 1,041 bonds both registered on some National securities exchanges and admitted to unlisted trading on others.
Because of the size of the compilation the Commission is unable to
make it generally available to the public. A limited number of copies
of both the stock list and the bond list will be available, upon request
and without cost, to persons who can show a reasonable need for the lists
in the conduct of their business.
Counsel for SEC In Citing Factors Which Should
Govern "Private Financing" of Securities Warns
of Difficulty In Redistribution of Issues Without
Registration
The Securities and Exchange Commission, feeling that
the present tendency of large issuers to resort to so-called
"private financing" may in many instances be at variance
with the law, and that such a tendency is undesirable from
the standpoint of thousands of prospective investors who
are likely to be deprived of opportunities to participate in
sound issues through this device, made public on Jan. 24 an
Volume 140
Financial Chronicle
opinion of its General Counsel, John J. Burns. This
opinion concerns the exemption created by the second clause
of Section 4 (1) of the Securities Act, which exempts "transactions by the issuer not involving any public offering,"
says the Commission which further states:
Some misunderstanding has arisen as to the meaning of this provision
because correspondents have failed to confine previous opinions of the
•General Counsel to the exact facts on which the opinions were based. The
present opinion indicates the many factors which must be considered in
determining the availability of this exemption, and points out that a
definite opinion in advance is impossible except in a few clear cases.
The principal factors to be considered are:
1. The number of offerees and their relationship to each other and to
the issuer;
2. The number of units offered;
3. The size of the offering; and
4. The manner of offering.
Issuers are also warned of the practical difficulty which purchasers would
nave in redistributing securities originally issued without registration in
reliance on this exemption.
The full text of the opinion, which was given in the case
of a proposed offering of $1,766,000 of Preferred Stock to
25 offerees, follows:
The opinion has been previously expressed by this office that an offering
of securities to an insubstantial number of persons is a transaction by the
Issuer not involving any public offering, and hence an exempted transaction under the provisions of Section 4 (1) of the Securities Act. Furthermore, the opinion has been expressed that under ordinary circumstances
an offering to not more than approximately 25 persons is not an offering
to a substantial number and presumably does not involve a public offering.
wiAs a result of such opinions there appears to be developing a general
practice on the part of issuers desiring to avoid registration of their securities to seek to dispose of the same to insurance companies or other institutions, which, at the time of purchase, state that they are acquiring such
securities for investment and not with a view to distribution.
I would call your attention to the fact that in previous opinions it has
been expressly recognized that the determination of what constitutes a
public offering Is essentially a question of fact, in which all surrounding
circumstances are of moment. In no sense is the question to be determined
exclusively by the number of prospective offerees. I conceive that the
following factors in particular should be considered in determining whether
a public offering is involved in a given transaction:
1. The number of offerees and their relationship to each other and to
the issuer.
You will note that this does not mean the number of actual purchasers,
but the number of persons to whom the security in question is offered for
sale. The word "offering" in this sense should not be limited to those
cases wherein a formal proposal for a firm commitment is submitted. Any
attempt to dispose of a security should be regarded as an offer. I have
very serious doubt as to whether in many of those cases where it is stated
that an offering is to be made only to an insubstantial number of persons,
there may not be preliminary conversations for the purpose of ascertaining
which of various possible purchasers would be willing to accept an offer
of the security in question if it were made to them. Any such preliminary
negotiations or conversations with a substantial number of prospective
purchasers would, in my opinion, cause the offering in question to be a
public offering, thereby necessitating prior registration of the security
In question.
Again, in determining what constitutes a substantial number of offerees,
the basis on which the offerees are selected is of the greatest importance.
Thus, an offering to a given number of persons chosen from the general
public on the ground that they are possible purchasers may be a public
•offering even though an offering to a large number of persons who are all
the members of a particular class, membership in which may be determined
by the application of some pre-existing standard, would be a non-public
offering. However, I have no doubt but that an offering restricted to a
particular group or class may nevertheless be a public offering if it is open
to a sufficient number of persons.
I also regard as significant the relationship between the issuer and the
offerees. Thus, an offering to the members of a class who should have
special knowledge of the issuer is less likely to be a public offering than is
an offering to the members of a class of the same size who do not have this
advantage. This factor would be particularly important in offerings to
employees, where a class of high executive officers would have a special
relationship to the issuer which subordinate employees would not enjoy.
2. The number of units offered.
If the denominations of the units are such that only an uinsbstantial
number of units are offered, presumably no public offering would be involved. But where many units are offered in small denominations, or
are convertible into small denominations, there is some indication that
the issuer recognizes the possibility, if not the probability, of a distribution
of the security to the public generally. The purpose of the exemption of
non-public offerings would appear to have been to make registration
unnecessary in these relatively few cases where an issuer desires to consummate a transaction or a few transactions and where the transaction or
transactions are of such a nature that the securities in question are not
Likely to come into the hands of the general public.
In connection with a consideration of the number of units offered, I would
also consider whether the same or other securities of the same issuer are
being offered at the same time. I feel that this circumstance has a bearing
on the character of the offering.
3. The size of the offering.
It should be noted that the exemption of Section 4 (1) is of transactions
by an issuer not involving any public offering. In view of this language.
It would appear to be proper to consider not merely the specific transaction
or transactions between the issuer and the initial purchasers, but also the
extent to which a later public offering of all or part of the securities sold by
the issuer is likely. Hence I feel that this exemption was intended to be
applied chiefly to small offerings, which in their nature are less likely to
be publicly offered even if redistributed.
For the same reason I feel that a material consideration is whether the
security in question is part of an issue already dealt in by the public, either
on a national securities exchange or on the over-the-counter market, or,
within the reasonable contemplation of the parties, is likely thus to be dealt
in shortly after its issuance. This factor again may indicate whether
public distribution of the security in question is likely within a reasonable
time.
4. The manner of offering.
I have already indicated my opinion that the purpose of the exemption
of non-public offerings is largely limited to those cases wherein the issuer
desires to consummate a few transactions with particular persons. Cense-
557
questly, I feel that transactions which are effected by direct negotiation
by the issuer are much more likely to be non-public than those effected
through the use of the machinery of public distribution.
I have gone into this matter at length in order that you may be apprised
of the many elements which in my opinion go into the determination of
what constitutes a transaction not involving any public offering. There
may be some situations where all the factors are so clear that it would be
possible to express a definite opinion. In a situation such as you present,
however. I feel that the offering would be carefully scrutinized by any
court before which it may come and that any letter which purported to
describe the situation, and on which my opinion would necessarily be based,
could not, adequately advise as to the various factors which are involved.
I call your attention to the fact that any dealer who might subsequently
purchase from an initial purchaser the securities which you propose to
offer, would be required to satisfy himself that the initial purchaser had not
purchased with a view to distribution. If the initial purchaser had purchased with this intent, he would be an underwriter, and sales by a dealer
ofsecurities bought by him from such an initial purchaser would,as a general
rule, not be exempt until at least a year after the purchase of the securities
by the dealer. The sale of unregistered securities to a limited number of
initial purchasers, therefore, leads to a practical situation in which such
Initial purchasers may have difficulty in disposing of the securities purchased by them. Any opinion which I might render in connection with
the proposed offering might, I fear, be availed of by the issuer or by an
initial purchaser as a means of satisfying a dealer, at a later date, that he
might purchase the securities in question and market them without risk
of violating the Act. You will appreciate that my opinion would not
actually have this effect, since in the case of each transaction there would
be involved various matters of fact on which I am not in a position to
express an opinion.
Accordingly, it seems a much wiser policy for me not to express an
opinion in the situation which you present as to whether a public offering
is involved."
SEC Recommends Changes to Bring About Greater
Control of Stock Exchanges by All Members—
Report to Congress States that Legislation at This
Time Is Unnecessary, in Belief that Voluntary
Action Will Be Taken
The Federal Securities and Exchange Commission, in a
report to Congress yesterday (Jan. 25) urged that stock
exchanges throughout the country voluntarily revise their
rules to permit election of officers and members of Governing
Committees by the direct expression of all members, rather
than by restricted committees which might seek to perpetuate exchange control by a small group. This was only
one of a series of suggestions made by the SEC, which said
that it did not now advocate that legislation be enacted to
make them effective. Instead, the SEC said, "its recommendations can be put into effect by the voluntary action of
the exchanges themselves without resort to legislation."
This statement was nevertheless construed as an implied
threat to push such legislation unless the SEC recommendations are complied with.
A Washington dispatch of Jan. 25 to the Brooklyn "Daily
Eagle" listed the SEC proposals as follows:
1. Better numerical representation of the commission broker who possesses direct contacts with the public should be had on the governing committee.
2. Office partners of registered firms should be eligible for membership
on the governing committee.
3. Nomination to the governing committee should be by petition and
not by the device of a nominating committee.
4. One-third of the membership of the governing committee should be
elected annually.
5. Nomination of the president should be by petition and he should be
elected for the full membership.
6. Non-members of the exchange should be allowed to be candidates for
the office of president and other executive offices.
7. Membership on the standing committee should not be restricted to
members of the governing committee.
8. The expenses of arbitration should be reduced.
9. The arbitral tribunal in cases to which a non-member is a party should
not be a mere committee of the Exchange but either should be composed of
non-members,or if members serve upon it, representation between members
and non-members should be equalized.
10. Adequate and effective appeals should lie from the business conduct
committee to the governing committee.
11. Customers prefening complaints against members should be furnished
with the answer made by the member to the customer's complaint and
should be entitled to appear before the committee. Both parties in these
cases should have the right of appeal to the governing committee.
Filing of Registration Statements Under Securities
Act of 1933
The Securities and Exchange Commission announced on
Jan. 21, the filing of 9 registration statements under the
Securities Act of 1933. The total involved is $11,123,762,
of which $6,781,429 represents new issues. The securities
involved are grouped as follows:
36.781,429
Commercial and insutrial issues
*2,858,000
Certificates of deposit
1,484,333
Securities in reorganization
• Represents aggregate face amount. The market value of securities to
be called for deposit is given as $855,180.
The list of securities for which registration is pending
as announced Jan. 21 (Nos. 1251-1259) follow:
Avocalon Mining Syndicate, Ltd. (2-1251, Form A-1) of Toronto, registering 2,590 shares of $100 par value common stock, of which 1003 shares
are to be offered at $125 a share and 600 are to be offered at $175 a share.
The remaining shares have previously been sold for cash or exchanged for
property. The Columbia Co., Washington, D. C., is the principal underwriter.
558
Financial Chronicle
Seneca Plumas Gold Mining Co. (2-1252. Form A-1) of Reno, Nev., seeking to issue 250.000 shares of $1 par value common stock, to be offered
at par. Lasweil dz Co.. Los Angeles, Calif., is the principal underwriter.
Protective Committee for Lord's Court-Exchange Place Corp. (Lords Court
Building) First Mortgage 5).5% Sinking Fund Gold Loan Certificates, Due
Dec. 1 1942 (2-1253, Form D-1) of New York City, seeking to issue certificates of deposit for $2,343,000 of these certificates, having a market value
on Dec. 29 of $726,430. Robert T. Crouch, 60 Wan St., New York City.
is Secretary.
Whippoorwill Realty Co., Inc. (2-1254, Form E-1) of New York City,
seeking to issue 1,000 shares of $8 cumulative preferred stock and 20,000
shares of $1 par common stock to be issued in units of 1 share of preferred
and 20 shares ofcommon at $100 a unit, and to issue 4,030 shares of common
stock in exchange for 10
-year 6% mortgage bonds of the Whippoorwill
Corp.
Bondholders' Protective Committee for Eleventh ea Baltimore Corp. First
Mortgage Leasehold Convertible 6% Gold Bonds (2-1255. Form D-1) of Kansas
City. Mo.. seeking to issue certificates of deposit for $515,000 of these
bonds having a market value of approximately $128,750 as of Dec. 4.
R. H. Tinsman of Kansas City, Mo., is Secretary.
Viking Oil Co.. (2-1256, Form A-1) of Los Angeles, Calif., seeking to
Issue 49.329 shares of $1 par value common stock to be offered to the
public at par.
Pinellas Water Co. (2-1257), Form A-1). of St. Petersburg. Fla., seeking
to issue $1.000,000 of first mortgage 5Y.4% sinking fund bonds. dated
Sept. 1 1934, and maturing Sept. 1 1959. The price at which these bonds
are to be offered to the public is at not less than 87 % nor more than 95%
of the principal amount and accrued interest.
Riverside Drive-82d Street Corp. (2-1259. Form E-1) of New York City,
seeking to issue 12.500 shares of $1 par common stock and $1,250.000 of
2% and participating mortgage bonds to be issued in exchange for certificates of deposit for first mortgage 6% sinking fund gold bond certificates
dated Jan. 1 1929. of the 98 Riverside Drive Corp.—or directly for such
gold bond certificates.
Incident tothe issuance of the above, the Commission said:
Description of the securities registered by the Como Mines Co., Docket
2-1258, Form A-1 (total offering $5,225,000),is included in Release No.278.
The filing of the registration statement by the Como
Mines Co. was noted in our issue of Jan. 19, page 389. In
making public the above list the Commission said:
These statements are now being examined by the Commission. In no
case does the act of filing with the Commission give to any security its
approval or indicate that the Commission has passed on the merits of the
issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in these columns Jan. 12, page 234.
24 Registration Statements Effective Under Securities
Act of 1933 During December—Valued at Approximately $48,000,000
During the month of December 1934,24 registration statements became effective, the Securities and Exchange Commission announced Jan. 21. The issues involved amounted
to slightly less than $48,000,000. Of these 24 registration
statements, the Commission said, 12 were for industrial or
commercial issues and the amounts totaled approximately
$20,600,000, 4 were for financial issues with amounts of
about $15,300,000, and 8 were for reorganizations with a
total amount of slightly less than $12,000,000. It was
further announced:
The amount of the fees paid by these registrants was nearly $5.000.
There were 12 suspensions during December, seven by withdrawal and
five by consent refusal order entered under Section 843 of the Securities
Act.
In addition to these 12 suspensions in December, there are included in
this report two registration statements which became effective and were
withdrawn during October. hence, were not included in the figures as of
Oct. 31 1934.
SUMMARY OF DATA TO DEC. 31 1934
No. of
Statements
Amount of
Fees
Industrials-To Nov. 30
Suspensions
373
2
136.468.57
60.00
1343,386,594.38
550,000.00
Net to Nov. 30
Effective In December
371
12
$36,408.57
2,123.13
1342,836,594.38
20,633,749.00
Total as of Dec. 31
Financials—
To Nov. 30
Suspensions
383
$38,531.70
$363,470,343.38
221
1
173,362.36
305.10
1730,917,979.24
3,051,000.00
Net to Nov. 30
Effective In December
220
4
173,057.26
1,525.90
2727.866,979.24
15,258,950.00
Type of Issuers
Total as of Dec. 31
Reorganizattons—
To Nov. 30
Suspensions
Amount of
Offering
224
$74,583.16
$743,125,929.24
280
$24,409.72
$225,433,672.06
Net to Nov. 30
Effective In December
280
8
824,409.72
1,196.48
$225,433.672.06
11,748,164.21
Total as of Dec. 31
Foreign fionernments—
To Nov. 30
Suspensions
288
$25,606.20
$237,181,836.27
1
$988.00
$9,880,000.00
1
1988.00
89,880,000.00
Net to Nov. 30
Effective In December
Total as of Dec. 31
Totals-To Nov. 30
Suspensions
1
$988.00
$9,880,000.00
875
3
$135,228.65
365.10
$1,309,618,245.68
3,601,000.00
Net to Nov. 30
Effective in December
872
24
$134,863.55
4,845.51
$1,306,017,245.68
47,640,863.21
896
1139.70005
21_353 25$1.108 RA
Total as of Dec.31
Jan. 26 1935
SEC Orders Effective Application for Registration of
400,000 Shar a of Capital of Standard Oil Co. of
New Jersey—Application of Electric Shovel Coal
Co. Also Ordered Effective
The Securities and Exchange Commission made known on
Mi. 21 that it has ordered effective the application of the
Sta=ard Oil Co. of New Jersey to list 400,000 shares of
unissued $25 par capital stock on&the New York Stock
Exchange. The Commission added:
The order stated that this registration is to become effective "upon the
effectiveness of registration statement to be filed with respect to the same
shaT m
w
zid= the Securities Act of 1933.and upon official notice of issuance.
j
The. proposed issuance of the,l stock was noted in these
columns Jan. 19, page 388. The Commission, in its announcement issued Jan. 21, also said:
'the application on Form 2 of the Electric Shovel Coal Co. for the temporary registration on the New York Curb Exchange of 59,310 shares of
$4 cumulative participation preferred capital stock was also ordered effective. These shares had previously been registered on a Form 3 application
by the Exchange.
Berling Conversion Office for Foreign Debts Registers
"Scrip" With SEC—Files Notice of Issue of 46,000,000 Reichsmarks
It was made known on Jan. 19 by the Securities and Exchange Commission that a registration statement under the
Securities Act of 1933 covering certificates of indebtedness, or
"scrip," totaling 46,000,000 reichsmarks has been filed by
the Conversion Office for Foreign German Debts (Konversionskasse fur Deutsche Auslandsschulden) of Berlin.
Regarding the statement we quote the following from
Washington Jan. 19 to the New York "Times":
The registration statement says that up to this amount of scrip is to be
offered in exchange for approximately $16,000,000 face amount of interest
payments maturing between Jan. 1 and June 30 1934. on instruments of
indebtedness of German debtors sold in the United States, plus 6,000,000
reichsmarks of other payments required by the law of June 9 1933, by which
the Konversionskasse was created.
Filing of the registration statement was necessary to put into effect in
this country the plan announced in February. 1934, under which the Konversionskasse proposed to give foreign holders of the obligations the opportunity to accept 70% in ''scrip" and 30% in cash for the amounts of interest
due them. The delay in making provision for the payments to Americans
has been the basis of complaints by this Government.
The registrant estimates that 135,835,000 reichsmarks of "scrip," including the amount now outstanding. "scrip" still to be issued and "scrip"
already repurchased will be distributed in all countries to foreign creditors
to cover payments due over the period from Jan. 1 to June 30 1934. In a
previous statement filed in Nov. 1933, to cover requirements from July 1 to
Dec. 31 1933, the amount necessary for that period was placed at 80.000,000
reichsmarks. The plan then, however, called for payment of 50% in
cash and 50% in "scrip."
The statement filed covering the new issue says that the date at which the
"scrip" will be redeemed has not been determined, that it has no maturity
and bears no interest. Interest payments on the so-called Dawes and
Young loans are not included in this operation, provision for their payment
for the period from Jan. 1 to June 30 1934, having been made.
Conversion Loan Involving 8,000,000,000 Marks Decreed
by German Cabinet—Savings Banks to Take Up
Loan of 500,000,000 Marks
On Jan. 24 the German Cabinet decreed a major conversion operation in which some 8,000,000,000 marks is involved
and which is calculated to reduce the total of interest payments in the Reich by 120,000,000 marks annually. In
stating this a wireless message from Berlin to the New York
"Times" likewise said that simultaneously it was announced
that the German savings banks had agreed to take up a4%
Reich loan of 500,000,000 marks underwritten at 983(. The
loan, it is said, is expected to enable the Finance Ministry
to retire an equal sum in short-term labor creation bills guaranteed by the Reich, which the banks have been holding.
In part the message also said:
As this is the first loan the Nazi Government has asked for, considerable
comment has been aroused here by the fact that it was not offered to the
public, but was arranged with the banks.
It is pointed out that the banks are heavily loaded with Government
offerings or bills guaranteed by the Government, the total amount of the
short-term labor creation bills being estimated at more than 4,000,000,000
marks.
The conversion law enables credit institutions to offer their long-term
creditors 44 instead of 6%. A 2% cash indemnity will be paid April 1,
when the conversion takes effect. Holders will receive an opportunity to
reject the offer within ten days. after which ills to be legally assumed that it
has been automatically accepted.
Primarily, as the new loan demonstrates, the conversion operation is
calculated to reduce the Government's interest burden at tho expense of the
holders of the credit institutions' obligations. The banks have agreed to pass
on their interest savings to certain of their own debtors, notably public
institutions. Provision is also made for the reduction of mortgage interest.
Annual Statement of Federal Reserve Bank of New
York—Gross Earnings at $16,081,935 in 1934
Compared with $17,523,930 in 1933—Net Income
in Latest Year $8,307,133 Contrasts with $6,197,726
a Year Ago
For 1934 the Federal Reserve Bank of New York reports
gross earnings of $16,081,935, compared with $17,523,930
in 1933. So far as the net earnings are concerned the
r-
Financial Chronicle
Volume 140
bank is able to shw an increase over the 1933 figures. the
amount in 1934 at $8,307,133 contrasting with $6,197,726 in
the previous year. Out of 1934 earnings the bank transferred
$4,747,137 to surplus after the payment of dividends of
$3,567,690. The Bank reports a profit of $2,481,437 on
United States Government securities sold in 1934, compared
with $426,822 in 1933. The bank's profit and loss account,
contained in the annual statement issued Jan. 23 by Gearge
L. Harrison, Governor of the bank, is given herewith:
559
bank participation is substantially greater in the more recently received
applications than in the earlier ones.
'Vile members of the Industrial Advisory Committee for
this district are:
William H. Pouch, Chairman, President Concrete Steel Co., New York.
John A. Hartford, Vice-Chairman, President Great Atlantic & Pacific Tea
Co., New York.
John B. Clark, President Clark Thread Co., Newark, N. J.
Albert A. Hopeman, President A. W. Hopeman & Sons Co., Rochester, N. Y.
Arthur G. Nelson, Treasurer A. G. Nelson Paper Co., New York.
PROFIT AND LOSS ACCOUNT FOR THE CALENDAR YEARS 1934 AND 1933
1934
Earnings
Current expenses
1933
$16,081,934.73 $17,523,930.26
7,335,989.80 7,052,351.44
58,745,944.93 $10,471,578.82
• Current net earnings
Additions to Current Net Earnings
$426,822.07
Profit on United States Government Securities sold.. 52.481.437.11
319,794.71
239,947.40
All other
Total additions
Deductions from Current Net Earnings
Bank premises—Depreciation
Furniture and equipment
Reserve for passible losses
Reserve for self-insurance
All other
$2,721,384.51
$746,616.78
Total deductions
Net deductions from current net earnings
Net earnings
Withdrawn from surplus (Section 13-B)
$3,160,196.05 55,020,469.25
438,811.54 4,273,852.47
8,307,133.39 6,197,726.35
7,693.79
Dividends paid
Transferred to surplus (Section 7)
$8,314.827.18 $6,197,726.35
3,567,689.66 3.509.872.84
4.747,137.52 2,687,853.51
$186,426.99 $1,751,494.95
41,319.38
75,848.76
2,836,227.96 3,011.181.28
66,398.20
57,105.41
4,586.93
150.075.44
Federal Reserve Bank of New York Approved 188 Applications for Industrial Loans Totaling $18,762,440
The Federal Reserve Bank of New York approved 188
applications for loans aggregating $18,762,440 in the period
of more than six months since the passage of the law adding
Section 13b to the Federal Reserve Act, authorizing Federal
Reserve banks to make industrial loans in certain cases
where companies are unable to obtain financial assistance
on a reasonable basis from the usual sources, according to
an announcement dated Jan. 17 by Governor Harrison of
the New York Federal Reserve Bank. The total amount
represented by approved loan applications was substantially
19rger than the aggregate of loans refused, and the bank
said that the general effect upon business and employment
of operations under Section 13b has been somewhat greater
than the figures alone would indicate. The bank also states
that there is a continued demand for this type of credit
and that recent applications show that a considerable number of banks have found the procedure under Section 13b
a desirable method of extending credit to certain of their
customers.
We quote, in part, from the bank's circular describing
results attained under the industrial loan program:
The following table shows the number and amounts of applications for
loans and commitments under Section 13b of the Federal Reserve Act
received at the Federal Reserve Bank of New York to and including
Jan 17 1935, and the action taken on such applications:
Number
Amount
Applications received
573
541.867.585
Applications withdrawn
13
1,144.450
Net applications received
560
$40,723,135
Applications approved
188
18.762.440
Applications declined
313
14,637.335
Applications still under Investigation
59
7,323,360
The approved loans and commitments are being extended to a wide
variety of businesses and include many for relatively small amounts.
Each application filed with this bank is carefully investigated and, in
the majority of cases, a representative of this bank or of the Industrial
Advisory Committee talks with the applicant personally. In the case of
manufacturing enterprises a survey of the plant of the applicant often
must be undertaken. These investigations and discussions have, we believe,
been of value to the applicants, and we have been so advised by a number
of them, including some whose appluications for loans were declined.
Moreover, in a number of instances the investigations have resulted in
the applicants obtaining the needed funds from other sources. The general
effect upon business and employment of operations under Section 13b
therefore has been somewhat greater than the figures above would indicate.
Progress in making loans of the character contemplated under Section 13b
necessarily is slow. The facilities of the Federal Reserve Bank in this
field of credit only gradually are becoming known and understood. Each
case offers unusual problems, since by the terms of the law loans can only
be made to businesses which cannot obtain requisite financial assistance
on a reasonable basis from the usual sources. In many cases some reorganization or readjustment is required before a reasonably sound loan can be made.
The strengthening of a weak situation in this way in many cases is more
important than the loan itself. The necessity of dealing with these problems
accounts in large part for the length of time which elapses In many cases
between the approval of a loan and its consummation by the actual advancement of funds or the execution of a commitment. (Only the latter figures,
of course, appear in the weekly statements of this bank.)
Since the first rush of applications for credit under Section 13b, there has
been a fairly constant number of such applications submitted each week,
Indicating a continuing demand for this type of credit. Furthermore, the
number and character of the applications coming to us through banks,
that is to say with offers on the part of such banks to participate in the
loans, indicate that a considerable number of banks have found the procedure under Section 13b a desirable method of extending credit to certain
of their customers. The proportion of applications received with offers of
Letter of Federal Reserve Board to Reserve Banks
Enunciating Policy as to Limitation of Directors'
Terms—Senator Glass Opposes Move of Governor
Eccles
The action of the Federal Reserve Board in deciding that
"six years of service represents the maximum period during
which a director should remain continuously in office" is
criticized by Senator Glass of Virginia, who is said to have
declared that this limitation upon the length of service of
Reserve bank directors is an "unjustifiable penalty upon
experience."
The notice as to the Board's conclusions in the matter
sent to the Chairman of the Federal Reserve banks by
Marriner S. Eccles, Governor the Reserve Board, was
referred to in our issue of Jan. 19, page 416. The opposition
of Senator Glass was voiced on Jan. 22, incident to the
passing upon the nomination of Mr. Eccles as Governor
by the Senate Banking and Currency Committee. Associated Press advices Jan. 22 from Washington said:
Mr. Glees was outspoken in his criticism of the latest Eccles move,
which was explained as intended to rotate the directorates of the Reserve
banks and permit representation from time to time of all business interebts
in the region served.
It was generally interpreted, however, as part of a plan to make the
Reserve System more amenable to control from Washington by permitting
the replacement of "recalcitrant" directors with men more in sympathy
with the program and objectives of the New Deal.
To such an extension of authority, Mr. Glass is opposed. In fact,
he favors separation of the Treasury and the Reserve System.
"It would be better," he said of the new Eccles proposal, "to put a
limit on the service of tne members of the Reserve Board here, and keep
it from getting static."
It is pointed out in a Washington dispatch Jan. 18 to the
New York "Times" that under the law the Board appoints
three of the nine directors of each of the 12 Federal Reserve
banks and either two or three of the directors of each branch,
depending on whether the branch has five or seven directors.
The advices continued:
For Federal Reserve banks, six of the directors known as A and B
directors are selected by the banks. The Reserve Board has no power
at present to dictate that none of these shall be kept continuously in
office for more than six years, but such authority may be sought from
Congress. On this point, however, officials would not comment.
"Monopolies" Had Been Charged
In general the Board's policy also will be to selected directors who are
representative of commerce and industry rather than of the banking
interests, and, in connection with appointments by the banks to membership on the directorates of branch banks, it announced a change of
regulations that would permit the banks also to follow this policy.
The Board's announcement attracted considerable attention, as there
have been criticisms from time to time that some individuals or groups
have sought to maintain what amounted to a monopoly of control of
Reserve banks or their branches, with some of the directors being continued in office over many years. . . .
In connection with the selection of directors for the Reserve banks themselves, the three appointed by the Reserve Board are known as Class 0
directors, one of whom is Chairman of the Board and Federal Reserve
Agent for the district. No Class C director, under the law, may be a
director, officer or employee of a bank, but the one serving as Chairman
must have banking experience.
Three Class A directors are selected by the banks as representatives
of the stockholders and three Class B directors, also selected by the banks,
must be engaged in some commercial, agricultural or other industrial
pursuit. . . .
To what extent the new policies enunciated by the Board might result
In shifting control of the Reserve banks and particularly the branch banks,
from the bankers to other interests, was a matter ofconsiderable speculation.
The new regulations covering appointment by the banks to branch
directorates do not make mandatory the selection of others than bankers,
but merely gives the authority to the banks If they desire to follow such
a course.
The new policy was determined upon at a meeting of the Reserve Board
held on Jan. 9. At that time a letter was prepared outlining the view of the
Board.
Governor Eccles' letter addressed to the Chairmen of the
Reserve banks was made public as follows on Jan. 19:
FEDERAL RESERVE BOARD
Washington, Jan.9 1935.
Dear 50—The Board has been reviewing the questions of general policy
Involved in the selection of directors of Federal Reserve banks and of tnedr
branches. In view of tne special cnaracter of tne functions of tnese Institutions and tne public interest in them the Board believes that the composition of the boards and the tenure ofservice of their members are matters
of great importance.
The Board recognizes that experience gained from participation in the
direction of the management of tne Federal Reserve banks and their
branches has its distinct value, but it believes that this can be overstressed
and that there are special advantages that would come to these institutions
from bringing to bear on their management from time to time new points
of view and differing backgrounds or experience,
560
•
Financial Chronicle
In consequence, the Board believes that neither great length of service
nor too frequent changes are desirable and has endeavored to find a solution
wnicn on tne whole and in the long run will be conducive to the best development ofthe policies ofthe banks and at thesame time protect them against
criticisms based either upon the fact or the possibility of crystallization
of control of their managements by particular individuals or groups through
long continuance in power.
Tnerefore, the Board has reached toe conclusion tnat six years of service
represents the maximum period during which a director should remain
continuously in office. It will be guided by tnis view in future and will
not continue in office as directors men appointed by it woo nave served
six or more consecutive years (except in toe cases of Chairmen of toe Federal Reserve banks).
It is also the view of the Board that the welfare of tne Federal Reserve
banks will be served best by directors wnose business and financial interests
are primarily within and representative of the bank or branch territory
for which they are selected rather than of interests controlled or owned
outside of such territory. The Board also feels that it is essential that the
directors be men of established reputation and ability to meet their financial
obligations.
While the Board is aware of the fact that its present regulations provide
that directors of branches appointed by the Federal Reserve banks shall
belmen well qualified and experienced in banking, toe Board believes that
thearederal Reserve banks should be at liberty to select other men of nigh
character and standing who are engaged in agriculture, industry or commerce, and It is the intention of the Board to follow uniformly in all districts the policy ofselecting as its appointees individuals who are not officers
of banks or primarily engaged in banking, although they may be stockholders or directors of banks.
The Board expects to apply these principles in the selection of directors
appointed by it in the future, and is also amending its rules and regulations
regarding the appointment of directors of branches of Federal Reserve
banks which were set forth in its letter of Jan. 29 1926, X-4516, so as to
conform to these principles. A copy of the regulations as revised is attached hereto.
It may be added in this connection that the reappointments made by the
Board to take effect Jan. 1 1935 of branch directors who have already
served six or more consecutive years were for the year 1935 only.
It will be appreicated if you bring this letter to toe attention of all toe
directors of your bank and Its brancnes, if any.
Very truly yours,
M. S. ECCLES, Governor.
To all Chairmen of Federal Reserve banks.
With the issuance of the above the Board also made public
the following, dated Jan. 18:
The Federal Reserve Board recently reviewed the general policy to be
pursued in the selection of directors of Federal Reserve banks and their
branches, and determined certain principles that should be observed in
making these appointments.
Under the law the Board appoints three of the nine directors of each
Federal Reserve bank and either two or three of the directors of each branch,
depending on whether the branch has five or seven directors. While the
majority of branch directors are in all cases appointed by the Federal
Reserve banks, the method of their selection is subject to rules and regulations prescribed by the Board.
In view of the fact that operations of the Federal Reserve banks are
vested with a public interest, the Board deemed it desirable that tnere
should be a certain degree of rotation in the membership of the directorates
of these banks and their branches. Gradual changes in the personnel of
these directorates would insure against possible crystallization at the
banks of the influence of individuals or groups, which might not be in the
public interest, as the Reserve banks must render uniform service to all
the elements in their communities.
Continuity of policy and the benefits of acquired experience will be
retained by permitting directors to serve as long as six years, and at the
same time rigidity will be avoided by not reappointing persons who have
completed six years of service. The Board proposes to follow this practice in the selection of directors that are subject to appointment by the
Board. This rule will not apply, however, to Chairmen of the board of
directors who are full time officials of the Reserve banks.
The Board also believes tnat toe Reserve banks and branches will be
best adapted to serving tneir local communities if tneir directors are selected
from persons wnose business and financial interests are primarily within the
bank or branch territory, and not representatives of interests owned or
controlled outside the territory.
The value of the regional organization of the Federal Reserve System
rests on the closeness of its managements to the local problems of their
communities, and the selection as directors of persons connected with local
enterprises will contribute to the maintenance of this relationship.
In making its own appointments of branch directors the Federal Reserve
Board will henceforth select persons who are engaged in agriculture, industry, or commerce, rather than persons who are officers of banks, and
in its revised regulation the Board provides that Federal Reserve banks need
not confine their own appointments to branch directorates to bankers, but
may also in their discretion appoint persons engaged in other business in
the community.
The Board's views on this matter are based on recognition of the
fact that sympathetic understanding of local trade and industrial conditions is as important as banking experience for the most effective management of a Federal Reserve branch.
Revised Rulings of Federal Reserve Board Incident to
New Policy Bearing on Directors of Reserve
Banks
The Federal Reserve Board made public as follows on
Jan. 18 revised regulations in furtherance of its new policy
with respect to the selection and term of office of directors of
the Federal Reserve banks and their branches:
1. The board of directors of each branch of a Federal Reserve bank
shall consist either of seven members or of five members, as may be determined by the Federal Reserve bank,subject to the approval of the Federal
Reserve Board. Where the board of directors of the branch consists of
seven members, four shall be appointed by the Federal Reserve bank and
three by the Federal Reserve Board, and where the board consists of five
members, three shall be appointed by the Federal Reserve bank and two
by the Federal Reserve Board.
2. All directors shall be persons of high character and standing who have
established reputations and ability to meet their financial obligations. They
shall be persons whose business and financial interests are primarily within
and representative of the branch territory rather than of interests con-
Jan. 26 1935
trolled or owned outside the territory. Directors appointed by Federal
Reserve banks shall be persons who are either well qualified and experienced
in banking or actively engaged in agriculture, industry or commerce. The
directors appointed by the Federal Reserve Board shall be persons who are
rectors appointed by the Federal Reserve Board shall be persons who are
actively engaged in agriculture, industry or commerce and who are not
primarily engaged in banking (although they may be stockholders or directors of banks).
3. All directors shall be citizens of the district and shall reside within the
territory served by the branch, but at least one of the directors appointed by
the bank and one appointed by the Board shall reside outside of the city
in which the branch is located.
4. One of the directors appointed by the Reserve bank shall be the active
manager of the branch and shall have the title "Managing Director."
5. The term of office for the director chosen by the Reserve bank to act
as Managing Director of the branch shall be one year, subject to reappointment from year to year, if such action be desirable.
ic 1:8. The full term for other directors shall be three years where the branch
4
.
board consists of seven members and two years where the branch board
consists of five members. In order to make practicable an orderly rotation
of branch directorships, the terms of directors, other than the Managing
Director, shall be so arranged that the term of a director appointed by the
Federal Reserve Board and the term of a director appointed by the Federal
Reserve bank shall expire at the end of each year.
No director, other than the Managing Director,shall be reappointed for a
term immediately following six or more years of continuous service as a
director.
7. The board of directors of each branch shall annually elect as Chairman
of the Board the member appointed by the Federal Reserve Board whose
term of office expires with the current year.
8. In the event of a vacancy occurring in the board of directors of a
branch of a Federal Reserve bank, the appointment to fill such vacancy
shall be made by the body making the original appointment, and such
appointment shall be for the unexpired term.
9. As provided in Section 3 of the Federal Reserve Act, directors of
branches of Federal Reserve banks hold office at the pleasure of the Federal Reserve Board.
$232,573,000 Received to Offering of $75,000,000 or
Thereabouts of 182
-Day Treasury Bills Dated
Jan. 23 1935—$75,129,000 Accepted—Average Rate
0.15%
Secretary of the Treasury Henry Morgenthau, Jr., announced Jan. 21 that tenders of $232,573,000 were received
to the offering of $75,000,000 or thereabouts of 182-day
Treasury bills, dated Jan. 23 1935, and maturing July 24
1935. Of the tenders received, Secretary Morgenthau said,
$75,129,000 were accepted. The tenders to the offering
were received at the Federal Reserve banks and the branches
thereof up to 2p. m.Eastern Standard Time Jan. 21. Reference to the offering was made in our issue of Jan. 19, page 394.
In his announcement Secretary Morgenthau stated:
The accepted bids ranged in price from 99.950, equivalent to a rate of
about 0.10% per annum, to 99.921, equivalent to a rate of about 0.16%
per annum, on a bank discount basis. Only part of the amount bid for at
the latter price was accepted. The average price of Treasury bills to be
issued is 99.927 and the average rate is about 0.15% per annum on a bank
discount basis.
The rate of 0.15% is the same at which the last previous
offering of bills, dated Jan. 16, sold. Other recent issues
brought rates of 0.12% (bills dated Jan. 9), 0.10% (bills
dated Jan. 2), 0.12% (bills dated Dec. 26), 0.16% ',bills
dated Dec. 19), and 0.20% (bills dated Dec. 12).
New Offering of $75,000,000 or Thereabouts of 182
-Day
Treasury Bills—To Be Dated Jan. 30 1935
A new offering of 182-day Treasury bills in amount of
875,000,000 or thereabouts was announced on Jan. 24 by
Henry Morgenthau Jr., Secretary of the Treasury. The
bills will be dated Jan. 30 1935, and will mature on July
31 1935, and on the maturity date the face amount will be
payable without interest. Tenders to the bills, which will
be sold on a discount basis to the highest bidders, will be
received at the Federal Reserve banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Monday,
Jan. 28. Bids will not be received at the Treasury Department, Washington. An issue of similar securities, in
amount of $75,025,000, will mature on Jan. 30, and the
tenders accepted to the new offering will be used to retire
the same. From Secretary Morgenthau's announcement
of Jan. 24 we also take the following:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100.000, $500,000, and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Jan. 28 1935,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must
be made at the Federal Reserve banks in cash or other immediately available
funds on Jan. 30 1935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Hoarded Gold Amounting to $813,990 Received During
Week of Jan. 16-$34,650 Coin and $779,340 Certificates
Receipts of gold coin and certificates during the week of
Jan. 16 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Jan. 21, amounted to 13,990.44. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury, and up to
Jan. 16, amount to $114,006,345.13. Of the total received
during the week of Jan. 16, the figures show, $34,650.44 was
gold coin and $779,340 gold certificates. The total receipts
are shown as follows:
Received by Federal Reserve banks:
Week ended Jan. 16 1935
Received previously
Gold Coin
834.150.44
29,733,808.69
Gold
Certificates
$764,840.00
81.233.940.00
829.767.969.13 $81,998,780.00
Total to Jan. 16 1935
Received by Treaste er's office:
Week ended Jan. 16 1935
Received previously
$500.00
258,806.00
$14,500.00
1,965,800.00
Total to Jan. 16 1935
$259,306.00 51.980.300.00
Note
-Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 pleviously reported.
732,209.64 Fine Ounces of Silver Received by Mints
During Week of Jan. 18
In accordance with the President's proclamation of Dec.
21 1933, which authorized the Treasury Department to
absorb at least 24,421,410 fine ounces of newly mined silver
annually, the Department during the week of Jan. 18 turned
over 732,209.64 fine ounces of the metal to the various mints.
A statement issued by the Treasury on Jan. 21 showed
that of this amount, 201,036.46 fine ounces were received
at the Philadelphia Mint; 264,370.18 fine ounces at the San
Francisco Mint, and 266,803 fine ounces at the Denver Mint.
During the previous week, ended Jan. 11, the receipb by
the mints amountea to 503,363.12 fine ounces.
The statement issued by the Treasury on Jan. 21 indicated
that the total receipts from the time of the issuance of the
proclamation and up to Jan. 18 were 22,947,000 fine ounces.
Reference to the President's proclamation was made in our
issue of Dec. 311933, page 4441. The weekly purchases are
as follows (we omit the fractional part of the ounce):
Week Ended1934
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 18
Mar. 23
Mar.30
Apr. 8
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
Ounces
1,157
547
477
94,921
117,554
375,995
232,630
322,627
271,800
126.604
832,808
389,844
354,711
569,274
10,032
753,938
436,043
647.224
600,631
503,309
885,056
295,511
200.897
206,790
380.532
64,047
*1,218.247
Week EndedJuly 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
1935
Jan. 4
Jan. 11
Jan. 18
Ounces
230.491
115.217
292.719
118,307
254.458
649.757
378.504
11.574
264,307
353,004
103.041
1,054,287
620,638
609.475
712,208
268.900
826,342
359,428
1.025,955
443,531
359,296
487,693
648.729
797,206
484,278
467.385
504,363
732,210
•Corrected figure.
Silver Transferred to United States Under Nationalization Order-Totaled 75,797 Fine Ounces During
Week of Jan. 18
Announcement was made by the Treasury Department on
Jan. 21 that 75,797 fine ounces of silver were transferred to
the United States during the week of Jan. 18 under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Total receipts since the order of Aug.9 (given in our columns
of Aug. 11, page 858) was issued, amount to 111,983,225
fine ounces, the Treasury announced. During the week
of Jan. 18, the silver, according to the Treasury's statement,
was received as follows by the various mints and assay
offices:
Philadelphia
New York
San Filtnelse0
Denver
561
Financial Chronicle
Volume 140
Fine Ounces
Fine Ounces
3,529 New Orleans
427
38,335 Seattle
486
30,386
2,634
Total for week ended Jan. 18_ 75,797
Following are the weekly receipts since the order of Aug.
9 was made public:
Week EndedAug. 17 1934
Aug. 24 1934
Aug. 31 1934
Sept. 7 1934
Sept. 14 1934
Sept. 21 1934
Sept.28 1934
Oct. 5 1934
Oct. 12 1934
Oct. 19 1934
Oct. 26 1934
Nov. 2 1934
Fine Ounces
33,465,091
26,088.019
12,301,731
4,144,157
3,984,363
8,435,920
2,550,303
2,474,809
2,883,948
1,044,127
746,469
7.157,273
Week EndedNov. 9 1934
Nov. 16 1934
Nov. 23 1934
Nov. 30 1934
Dec. 7 1934
Dec. 14 1934
Dec. 21 1934
Dec. 28 1934
Jan. 4 1935
Jan. 11 1935
Jan. 18 1935
Fine Ounces
3.665,239
336,191
261.870
86,862
292.358
444,308
692,795
63,105
309.117
535.734
75.797
Internal Revenue Collections Gained $1,062,399,970
in 1934 Fiscal Year-Annual Report of Commissioner of Internal Revenue Shows Total of
$2,672,239,194
Total internal revenue collections for the fiscal year ended
June 30 1934 amounted to $2,672,239,194, as compared
with $1,619,839,224 in the preceding 12 months, a gain of
$1,052,399,970 according to the annual report of the Commissioner of Internal Revenue made public Jan.8. This gain
was attributed to higher business activity, new and increased
taxes, especially on beer and liquor, and an intensive campaign for the collection of back taxes. Agricultural adjustment taxes of $371,422,885 were included in the 1934 figure.
The report of Guy T. Helvering, the Commissioner, was
summarized as follows in a Washington dispatch of Jan. 9
to the New York "Journal of Commerce":
The State of New York led all others in total collections, returning
$568,002,279, or 21.26% of the total.
Internal revenue taxes showed an increase of $680,977,084. or 42% over
1933. Continued small gains in the current year are noted, but collections
still are falling far short of Government expenditures.
President Roosevelt's $8,520,000,000 budget for the fiscal year 1936
estimated collections for the current fiscal year ending June 30 1935, at
$3.197,466,507 and in the fiscal year ending June 30 1936. at $3,443,900,000.
The bureau's report showed that income tax collections amounted to
$817,025,339, compared with $746,791,404, a gain of 9%. Collections of
miscellaneous internal taxes amounted to $1,483,790.969, as compared with
$873.047,820, a gain of 70%.
Increase is Outlined
This increase was accounted for in round numbers by $175,000,000 from
the new taxes imposed by the NIRA on capital stock, dividends,
excess profits, and additional taxes on gasoline; $215.000,000 liquor taxes
as a result of prohibition repeal, liquor taxing Act of 1934, and a full year
of returns from beer taxes; $79,000.000 from estate and gift taxes under the
provisions of the revenue Act of 1932: $110,000,000 from manufactures'
excise taxes, and taxes on communications, pipe line transportation and
checks; 822,000,000 from tobacco levies and $9,000,000 from stamp taxes.
The amount expended and obligated in administering the internal
revenue laws for the fiscal year 1934 was $28,826,225, compared with
$30,031.722 during the fiscal year 1933. The cost of collecting each $100
of internal revenue was $1.25, compared with $1.85 for the fiscal year 1933.
The Commissioner's report showed various tax collections
in the fiscal year ended June 30 1934 as follows:
Sources
Income taxes:
Corporation
Individual
FISCAL YEAR
1933
$394,217,783.93
352,573,620.18
Total income taxes_ ___ $746,791,404.11
Dividends and excess profits
1934
$397,515,851.94
419,509,487.78
$817,025,339.72
52,859,738.53
Increase
83.298,068.01
68.935,867.60
$70,233,935.61
52,859,738.53
Total
$746,791,404.11
Alcoholic liquor taxes:
Received by collecto.s of
internal revenue
43,174.316.92
Deposited by collectors of
customs
5,505.52
$869,885,078.25
$123,093,674.14
252,333,373.97
209,159.057.05
6,577,958.65
6,572.453.13
Total
$43,179,822.44
Miscell. Internal revenue:
34,309,723.85
Estates and gifts
402,739,059.25
Tobacco manufactures
Sales(capltal stock,stamp,
az excise taxes, admissions, communications,
checks, oleomargarine,
392,238,008.12
dm.)
$258,911,332.62
$215,731,510.18
113,138,364.10
425,168,897.04
78,828,640.25
22,429.837.79
633,282,270.62
241,044,262.50
Total miscellaneous
internal revenue_ _ 8829,286,791.22 $1,171,589,531.76
Agricultural adjustment
371,422,885.64
taxes
Total
$829,286,791.22 $1,543,012,417.40
Miscellaneous receipts (prohibition, delinquent,
under repealed laws, dm.)
430,366.25
581,206.53
Total collections
• Decrease.
$342,302,740.54
371,422,855.64
8713.725.626.18
•150.840.28
$1,619,839,224.30 $2,672,239,194.52 $1,052,399,970.22
President Roosevelt to Address Nation by Radio
in Connection with His Birthday Celebration
Jan. 30
President Roosevelt will deliver a nationwide radio
address on the night of Jan. 30 to express his appreciation
to those participating in his birthday benefit celebrations
throughout the country on that occasion, according to a
White House announcement Jan. 21. The President will
speak at 11.35 p. m. Eastern Standard Time. Those in
charge of the celebrations have stated that 1,200 more
communities than participated last year will take part
in the birthday benefits, with the funds raised to be devoted to the treatment of infantile paralysis patients.
Jan. 30 is the President's 53rd birthday anniversary.
562
Financial Chronicle
President Roosevelt Outlines Program of National
Resource Conservation and Development—Message
to Congress Foresees Expenditures of Billions of
Dollars Before 1956—Will Use Part of Work Relief
Fund for Purpose
President Roosevelt, in a special message transmitted to
Congress Jan. 24, said that, after the unemployment crisis is
past, the Government can afford to spend $500,000,000
annually for the conservation of National resources. Forwarding a copy of a report of the National Resources Board,
appointed by him on June 30 1934, the President told Congress that the protection and orderly development of national resources must be a distinct goal. "Only through the
growth of thought and action in terms of national economics,"
he said, "can we best serve individual lives in individual
localities." The President said that over the coming 18
months a substantial part of the $4,000,000 asked for public
projects will be used for the objectives suggested in the
report, which outlined a broad,long-range program and cited
the need for the expenditure of billions of dollars in development projects in the next two decades.
The President recommended the eventual establishment
of a permanent National Resources Board which would
recommend each year the projects considered most immediately necessary. Our national resources, he said, should be
used, "not as a thing apart, but as something that is interwoven with industry, labor, finance, taxation, agriculture,
homes,recreation,good citizenship." The results of this interweaving, he added, will have a greater influence on the future
American standard of living "than all the rest of our economics put together."
The following is the text of President Roosevelt's message
to Congress:
To the Congress of the United States.
During the three or four centuries of white men on the American continent we find a continuous striving of civilization against nature. It is
only in recent years that we have learned how greatly by these processes
we have harmed nature and nature in turn has harmed us.
We should not too largely blame our ancestors, for they found such
teeming riches in woods and soil and water—such abundance above the
earth and beneath it—such freedom in the taking, that they gave small
heed to the results that would follow the filling of their own immediate needs.
Most of them, it is true, had come from many peopled lands where necessity had invoked the preserving of the bounties of nature. But they had
come here for the obtaining of a greater freedom, and it was natural that
freedom of conscience and freedom of government should extend itself in
their minds to the unrestricted enjoyment of the free use of land and water.
Furthermore, it is only within our own generation that the development
of science, leaping forward, has taught us where and how we violated
nature's immutable laws and where and how we can commence to repair
such havoc as man has wrought.
Evils Caused By Thoughtlessness
In recent years little groups of earnest men and women have told us of
this havoc;of the cutting of our last stands of virgin timber; of the increasing
floods, of the washing away of millions of acres of our top soils; of the
lowering of our water tables; of the dangers of one-crop farming; of the
depletion of our minerals—in short the evils that we have brought upon
ourselves to-day and the even greater evils that will attend our children
unless we act.
Such is the condition that attends the exploitation of our natural resources
if we continue our planless course.
But another element enters in. Men and nature must work hand-inhand. The throwing out of balance of the resources of nature throws out
of balance also the lives of men. We find millions of our citizens stranded
in villages and on farm—stranded there because nature cannot support
them in the livelihood they had sought to gain through her. We find
other millions gravitated to centers of population so vast that the laws of
natural economics have broken down.
If the misuse of natural resources alone were concerned, we should
consider our problem only in terms of land and water. It is because misuse
extends to what men and women are doing with their occupations and to
their many mistakes in herding themselves together that I have chosen,
in addressing the Congress, to use the broader term, "national resources."
For the first time in our national history we have made an inventory
of our national assets and the problems relating to them. For the first
time we have drawn together the foresight of the various planning agencies
of the Federal Government and suggested a method and a policy for the
future.
I am sending you herewith the report of the National Resources Board,
appointed by me on June 30 1934, to prepare the comprehensive survey
which so many of us have sought so long. I transmit also the report made
by the Mississippi Valley Committee of the Public Works Administration,
which Committee has also acted as the water planning committee in the
larger report.
These documents constitute a remarkable foundation for what we hope
will be a permanent policy of orderly development in every part of the
United States. It is a large subject but it is a great and inspiring subject.
May I commend to each and every one of you who constitute the Congress
of the United States a careful reading of these reports.
Resources Interwoven in American Life
In this inventory of our national wealth we follow the custom of prudent
people toward their own private property. We. as a nation, take stock
of what we, as a nation, own. We consider the uses to which it can be put,
We plan these uses in the light of what we want to be, of what we want to
accomplish, as a people.
We think of our land and water and human resources not as static and
sterile possessions, but as life-giving assets to be directed by wise provision
for future days. We seek to use our natural resources not as a thing apart,
but as something that is interwoven with industry, labor,finance, taxation,
agriculture, homes, recreation, good citizenship. The results of this interweaving will have a greater influence on the future American standard of
living than all the rest of our economics put together.
Jan. 26 1935
For the coming 18 months I have asked the Congress for $4,000,000,000
for public projects. A substantial portion of this sum will be used for
objectives suggested in this report. As years pass the Government should
Plan to spend each year a reasonable and continuing sum in the development of this program. It is my hope,for example, that after the immediate
crisis of unemployment begins to mend, we can afford to appropriate
approximately $500,000,000 each year for this purpose. Eventually this
appropriation should replace all such appropriations given in the past
without planning.
A permanent national resources board toward the establishment of which
we should be looking forward, would recommend yearly to the President
and the Congress priority of projects in the national plan. This will give
to the Congress, as is entirely proper, the final determination in relation
to the projects and the appropriations involved.
As I have already stated, it is only because of the current emergency
of unemployment and because of the physical impossibility of surveying,
weighing and testing each and every project that a segregation of items
is clearly impossible at the moment.
For the same reason the constituting of fixed and permanent administrative machinery would retard the immediate employment objective.
Our goal must be a national one. Achievements in the arts of communication, of transportation, of mechanized production, of agriculture, of mining and of power, do not minimize the rights of State governemtns but they
go far beyond the economics of State boundaries.
Only through the growth of thought and action in terms of national
economics, can we best serve individual lives in individual localities.
It is, as these reports point out, an error to say that we have "conquered
nature." We must, rather, start to shape our lives in more harmonious
relationship with nature. This is a milestone in our progress toward that
end. The future of every American family everywhere will be affected
by the action we take.
FRANKLIN D. ROOSEVELT.
The White House, Jan. 24 1935.
President Roosevelt Orders NLRB to Withdraw from
Disputes in Industries Having Own Labor-Adjustment Machinery—Decision Affects Controversy
with Newspaper Publishers—Editorial Strike on
Newark "Ledger" Unsettled—Walkout on Jewish
Paper in New York Ended
President Roosevelt on Jan. 22 transmitted a letter to the
National Labor Relations Board ordering that body to refrain from injecting itself into labor disputes in industries
which have codes providing specifically for their own labor
boards of jurisdiction. The President's letter did not specifically mention the newspaper publishing controversy, but
it was the one affected directly by the White House decision, which automatically placed the case under the Labor
Relations Board established by the newspaper code, thus
supporting Donald R. Richberg, Executive Director of the
National Emergency Council. The case in question involved
the claim of Dean Jennings, reporter for the San Francisco
"Call-Bulletin," who charged that he had been discharged
because of his union activities. Francis Biddle, Chairman
of the NLRB, had asserted that that organization had jurisdiction over the case, while the newspaper publishers declared that it properly belonged within the province of the
Code Authority for the industry. Howard Davis, Chairman
of the Code Authority for the industry, announced Jan. 22
that in view of the President's ruling a convention of publishers, called for Jan. 28 in New York City, woald be
canceled. The American Newspaper Guild on Jan. 1: proposed at an National Recovery Administration hearing that
the daily newspaper publishing code be amended to provide
a minimum wage of $45 and a maximum five-day, 40
-hour
work week for editorial employees. The Code Authority
has suggested minimum wages ranging from $12 to $25.
No settlement has yet been announced of the strike of
employees of the Newark, N. J., "Ledger," which began
almost two months ago. A strike of editorial employees of
the "Jewish Daily Bulletin" and Jewish Telegraphic Agency,
both of New York City, which began Jan. 10, was terminated
Jan. 14 through an agreement between the New York Newspaper Guild and the publisher of the paper and managing
director of the agency, under which the publisher agreed to
pay the employees $1,363 in back wages and promised regular weekly payment of salaries. All striking employees
were reinstated.
Mr. Roosevelt's letter to the Chairman of the NLRB read
as follows:
The White House, lVashing ton, Jan. 22 1935.
My dear Mr. Chairman: It has come to my attention that out of a
total number of approximately 550 different codes, which have been approved
and are now in effect, a very small number—probably less than five—
contain a provision for the consideration and final adjudication of cornplaints of violation of labor provisions. Existence of this provision in this
handful of codes was due to the evolutionary process of code making during
the first year of NRA. I understand that since those days no provision for
final adjudication has entered into any of the later codes.
It is, of course, clear to me that it is reasonable that some provision for
appeal should be a part of Government policy. Nevertheless, the fact that
Government has approved this provision in those very few codes, makes ft
Imperative that Government should live up to the letter of the agreement
as long as these codes remain in effect.
I, therefore, request that the NLRB conform to the following principles
In cases arising under these few codes until such time as the codes themselves may be altered, either by Executive action or by the passage of
new laws.
Volume 140
Financial Chronicle
I. Whenever, in an approved code of fair competition, provision is made
for the consideration and adjudication of complaints of violation of labor
provisions of the code, and where a committee, board or other tribunal has
been established under the code to which an appeal can be taken and which
is empowered to make a final and enforceable decision of such complaint,
the NLRB will refuse to entertain any such complaint, or to review the
record of a hearing thereon, or to take any other action thereon.
2. Whenever a complaint shall be made to the NLRB that the tribunal
of appeal established under an approved code of fair competition for the
final adjudication of labor controversies has not been constituted or is not
qualified in accordance with the requirements of such code, the NLRB may
Investigate the merits of such a complaint and submit its recommendations
thereon to the President.
3. Whenever, in the case of the type of code referred to in No. 1, a complaint shall be made to the NLRB by either party to a case before the
tribunal of appeal that the decision of the tribunal of appeal is contrary
to existing interpretations of the law and specifically of Section 7-A of
the NIRA, the NLRB may, in its discretion, report to the President as to
whether in its judgment interpretations referred to are contrary to law.
I am inclined to think that as a matter of practice these three rules
cover the situation affecting these few special codes, and I call your special
attention to Rule No. 3, which should serve to avoid conflicting interpretation of Section 7-A.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Hon. Francis Biddle,
National Labor Relations Board, Washington, D. C.
Mr. Davis issued the following notice to publishers,
Jan. 22:
To All Publishers:
The call for a convention of all daily newspaper publishers who assented
to the code for the daily newspaper publishing business to convene in
New York, Jan. 28, is hereby canceled.
A satisfactory adjustment of the differences which necessitated the call
has been made.
The methods of procedure set up in the code for the determination of all
labor controversies have been sustained.
Heywood Broun, President of the American Newspaper
Guild, also issued a statement, Jan. 22, in which he charged
that President Roosevelt has "surrendered" to the publishers. It read as follows:
The American Newspaper Guild learns with deep and bitter regret that
the NLRB is to have no further function in the hearings of Guild cases,
either as of original jurisdiction or on appeal. Cutting through legal
technicalities, the letter of the President to Chairman Biddle means that
the Jennings case becomes no more than a pressed flower for our memory
book. And we will remember. We feel that it is impossible to dodge the
fact that the newspaper publishers have cracked down on the President of
the United States, and that Franklin D. Roosevelt has cracked up.
In his letter of Feb. 17 1934 to the publishers, the President said: "Of
course, a man does not consent to what he does not consent to. But if the
President should find it necessary to modify this code, the circumstance
that the modification was not consented to would not affect whatever
obligations the non-consentor would have under Section 3(d) of the NIRA."
His present letter is a complete reversal of this position.
Under the advice of Elisha Hanson, the publishers have trotted out once
again that old bogey, freedom of the press. They are arguing now that
the right to organize is an infringement of the freedom of the press. The
publishers announce that "a satisfactory adjustment" has been reached.
They mean satisfactory to the publishers. Neither the Guild nor any other
interested group was consulted. The President made no attempt to learn
from the Guild its bill of complaints against the stupidities and the
inequities on the Newspaper Industrial Board. We contend that the Government of the United States has been held up by the threat and the bluff
e the publishers of the United States. That is tragic enough. It is even
more so when we consider the fact that the President surrendered at the
point of a wooden gun.
We also quote, in part, from a Washington dispatch of
Jan. 22 to the New York "Times" outlining the background
of the controversy:
Important repercussions are expected in labor and industrial circles as a
result of the President's action. Mr. Roosevelt informed Mr. Biddle that
henceforth the NLRB would have no jurisdiction to entertain complaints
or to review hearings or to take any action whatever on cases sent to it
from industries that had code provisions empowering labor boards to make
"final and enforceable decisions."
There are said to be five such codes, daily newspaper, bituminous coal,
electrotyping, petroleum and photo-engraving.
Since the President ruled that the NLRB had no jurisdiction in the
Jennings case, the Blue Eagle of the "Call-Bulletin" will not be removed
by the NRA, as has been threatened, it was said to-day.
The President's mandate was regarded as pointing possibly to a method
under which industries might free themselvese from Jurisdiction of the
Labor Board. To do so they would have to arrange for machinery for
settling labor disputes, with final jurisdiction vested in that machinery.
Such a procedure, it is believed, will be opposed by labor.
The President's letter to Mr. Biddle was called to the attention of
Secretary Perkins this morning, and it was understood that she communicated with the White House.
President Roosevelt was reported as stating on Jan. 23
that his action of Jan. 22 in removing from the NLRB's
Jurisdiction a case involving the newspaper code was designed to place on the Code Authority of that industry
responsibility for setting up a Judicial organization to handle
disputes. A Washington dispatch, Jan. 23, to the "Times"
added:
The President made this explanation after he had been asked to amplify
the views he made public yesterday. . . .
Mr. Roosevelt told newspaper men that he had taken the position stated
In his letter on the basis of reasoning that the Government should live up
to the letter of written agreements. He emphasized that the newspaper
code, written after repeated conferences among publishers, other interested
parties, and the NRA, provided specifically for machinery to settle disputes.
His position is that honor requires that the Newspaper Code Authority
shall have another opportunity to organize publishers under their code and
563
that the Authority shall have an opportunity to put to work the tribunal
authorized under the code.
The President did not speculate on action that could be taken should
the Newspaper Code Authority fail to move promptly in setting up
machinery in the code. The NLRB would have authority to report a failure
to the President.
A previous reference to the controversy appeared in our
issue of Dec. 29, page 4067.
President Roosevelt's Estimate of $3,900,000,000 for
Work Relief Would Care for 9,000,000 Cases for
12 Months at Recent Average Cost, According to
National Industrial Conference Board
President Roosevelt's estimate of $3,900,000,000 as necessary for work relief financing in the next fiscal year indicates
that the President's plan, outlined in his budget message,
contemplates an increase in the total number of persons on
unemployment relief or a substantial rise in the average cost
per case, or both, according to a statement by the National
Industrial Conference Board, made public on Jan. 8. The
Board said that the average cost per work relief case in August
of last year was $36.80, amounting on the basis of an annual
figure to about $440 per year. If this average rate were to
continue effective for the next twelve months, an appropriation of $3,900,000,000 would provide continuous work relief
for approximately 9,000,000 cases, the survey stated. The
estimated 3,500,000 cases, mentioned by the President in
his message, could be cared for over 12 months at the recent
average cost with an appropriation not exceeding $1,500,000,000, the Board said. The statement then added:
"It may be that the heavy increase per case implied in the appropriation
of so large a sum for the year is due in some degree to the inclusion In the
work program of large projects Involving heavy construction where the
expense for materials, supplies and equipment is relatively much greater
than is the case in work projects now underway." it stated. "It is also
likely that the plan contemplates a considerable increase in the average
monthly earnings of relief workers. If the proportions for the three types
of expense in work reliefremain the same as at present about $3,000,000,000
of the $3.900.000,000 appropriation would go to relief workers in the form
of earnings, giving them an average of around $860 per year. This average, reduced to a weekly basis, is less than 22% below the average weekly
earnings in manufacturing industries at the present time."
Federal and State Contributions to Unemployment
Relief-Analysis of National Industrial Conference
Board Showing Sta e's Percentage
A substantial majority of the States have relegated the
major part of the burden of unemployment relief to the
Federal Government, according to an analysis presented in
the current monthly Bulletin of the National Industrial Conference Board. The Bulletin outlines the extent to which
unemployment relief has been financed from State and local
and Federal sources. The comparison includes the total
obligations incurred for unemployment relief from January
1933 to June 1934, the Conference Board announced yesterday (Jan. 25), adding:
Of the 48 States, the two bearing the smallest portion of the relief burden
were South Carolina and Mississippi, each with a percentage of 0.6%.
-month period January 1933 to June 1934, 8 States met
During the 18
less than 5% of their relief obligations; 13 States less than 10%, and 16
States less than 15%•
State contributions, arranged from the highest percentages
to the lowest, are presented in the following table prepared
by the Conference Board:
Massachusetts
Maine
Rhode Island
New York
Iowa
Kansas
Maryland
Ohio
Nebraska
Utah
Missouri
Michigan
Wyoming
Idaho
Washington
Arizona
North Dakota
Montana
81418$ Contributing 60% or More
89.5% i Vermont
74.1% 1Connecticut
70.1% I Delaware_
67.4%
States Contributing Between 50 and 80%
54.9% iNew Jersey
54.5% I California
54.6%
States Contributing Between 40 and 50%
44.6% New Hampshire_ _ _42.3% I Pennsylvania
41.4%1
42.5%[Indiana
States Contributing Between 30 and 40%
32.9% Texas
38.2% Illinois
'
37.0% Minnesota
32.3% Wisconsin
38.8%
States Contributing Under 30%
28.3% Colorado
17.1% Georgia
15.8% Tennessee
25.7% Virginia
13.8% Florida
25.8% Nevada
24.7% South Dakota
12.4% Alabama
11.8% New Mexico
23.7% Oklahoma
19.8% Oregon
9.9% Louisiana
19.2% Kentucky
8.3% Arkansas
18.4% North Carolina.... 7.4% Mississippi
18.8% West Virginia
5.9% South Carolina
82.6%
50.1%
41.2%
32.1%
31.4%
5.3%
8.8%
3.8%
3.7%
3.4%
1.5%
1.4%
0.6%
0.8%
United States Supreme Court Fails to Rule on Gold
Clause Cases-Earliest Decision Date is Feb. 4
A decision by the United States Supreme Court on the
constitutionality of Congressional abrogation of the gold
clause in public and private contracts cannot be expected
before Feb. 4, at the earliest, since the Court adjourned
Jan. 21 without handing down an opinion in any of the five
cases involving this question which are under its consideration. The most recent reference to the arguments before
the Court were contained in our issue of Jan. 19, pages 401
and 402. The next scheduled meeting of the Court is Feb. 4.
564
Financial Chronicle
Pending Gold Cases Before United States Supreme
Court—Interest Revived in Legal Tender and
Other Decisions
It seems not amiss to take cognizance here of comment
in various news and editorial accounts this week anent the
gold clause cases pending before the U. S. Supreme Court,
which has occasioned reference to earlier views enunciated
editorially in the "Chronicle" bearing on other potent decisions of the high Court. What was said in these columns
in the case of one of these decisions, in which the views of
Chief Justice Hughes are of particular moment,has prompted
the following, by Charles F. Speare, in the Newark "News"
of Jan. 19:
The gold clause cases now before the U. S. Supreme Court have already
had a visible effect in the markets for securities and for commodities and
have had a certain influence in toe field of commerce. . . .
Gold Clause Views
What disposition the Supreme Court may make of the gold clause cases,
no one knows. .
.
Previous Opinion
It is futile to speculate on the possible legal philosophy of the Supreme
Court in the cases now before it. On tne other hand, it may be wortnwnile
to point out what this group of Judges said just a year ago when it sustained
the Minnesota laws establishing a moratorium on foreclosures of mortgages.
At that time the "Financial Chronicle," which is critical of the Administration, said of the decision: "It furnishes. in our estimation,full warrant
for the conclusion that the Supreme Court is likely to uphold most of the
legislation passed by Congress as part of the program for carrying out the
New Deal on the theory tnat,like the Minnesota law, it is emergency legislation and must be liberally construed." In this decree Chief Justice
Hustles voted with the majority, whicn included the acknowledged liberals,
Justices Brandies, Stone, Roberts and Cardoza. Justice Sutherland wrote
a vigorous minority opinion.
Justice Hughes' Opinion
Chief Justice Hughes certainly recognized the unusual conditions, in an
economic sense,in his opinion. He wrote: "It is manifest from this review
of our decisions that there has been a growing appreciation of public needs
and of the necessity of finding ground for a rational compromise between
individual rights and public welfare. . . . If by the statement that
what the Constitution meant at the time of its adoption it means to-day,it
Is intended to say that the great clauses of the Constitution must be confined
to the interpretation which the framers, with the conditions andloutlook of
their time, would have placed upon them, the statement carries its own
refutation. . . .
Witn a growing recognition of public needs and
the relation of individual right to public security, the Court has sougnt to
prevent the perversion of the clause through its use as an instrument to
throttle the capacity of the States to protect their fundamental interests."
Worth Pondering
As the "Financial Chronicle" well says, "These words deserve to be
pondered over and over. They are from beginning to end a complete
enunciation of the Roosevelt doctrines. Mr. Roosevelt himself could not
have made the argument on that side any stronger."
The extracts quoted above by Mr. Speaxe, it may be said
in passing, were from the views expressed a year ago,(in our
issue of Jan. 13 1934, page 187) by Jacob Seibert,for so many
years Editor of this paper.
Similarly another case to which attention has been directed
this week concerns "the legal tender decisions" which were
the subject of this week of an editorial in the New York
"Times" of Jan. 20; we make room here for a portion of this
editorial:
The past week's speculation about the Supreme Court's attitude in the
"gold contract" cases has directed reminscent interest to the Court's
famous "Legal tender decisions," 64 years ago. Every one knows that, in
those two celebrated pronouncements, the Court reversed itself within 16
months. Some of the circumstances—especially the fact that the individual
opinions, rendered in the second case by two newly appointed members of
the Court, turned a majority judgment against the constitutionality of the
Legal Tender Acts into a majority judgment in their favor—caused, at the
time and afterward, common assertion that reversal was obtained by a
"packed Court." That impression is entirely contrary to the facts. . . .
The Legal Tender decision of 1870 had pronounced the acts unconstitutional only as applied to contracts made before their passage. In March
1870—exactly four days after the new justices had been confirmed—the
Attorney-General moved that the Court consider other pending cases,
which involved contracts made not before, but after,the passage of the Legal
Tender Acts. For the purpose of clearing up the implications of the
Court's decision, this was a perfectly regular and proper move. A year
later, on April 18 1871, the Court ruled on these cases and sustained the
constitutionality of the Legal Tenders Acts. In its alignment on this
reversal of its previous opinion, the justices who had participated in the
decision of 1870 divided precisely as they had done on the earlier occasion:
four against and three in favor of the Act's constitutionality. But the two
new Justices, Strong and Bradley, upheld the Legal Tender Acts, making
the Court's majority in their favor five to four.
This was the curious concatenation of events which created the legend of
a "packed Court" for the Legal Tender cases. The majority opinion in the
1871 decision was frankly based on the presumption that, if the Court were
to "hold the Acts invalid as applicable to debts incurred or transactions
which have taken place since their enactment," great confusion and difficulty would be created. The reasoning may or may not have been sound.
Even before its first decision against the Legal Tender Acts, the Court had
nued that this legislation could not apply to obligations calling specifically
for payment in gold or silver coin—a not uninteresting precedent for these
later days—but no disturbance on the markets, traceable to that judgment,
had been detected.
When in its decision of February 1870, the Court's opinion took ground
positively against the constitutionality of the Legal Tender legislation as
applied to all prior contracts, the premium on gold was 21%. The "Financial Chronicle" remarked, in its contemporary comment on that decision,
that "probably not less than $350,000.000 of State, city and railroad bonds
Will thus become specie paying." Yet the stock and bond markets were
unruffled. Subsequent published comments on the financial and business
situation did not mention the Supreme Court decision as an influence and,
two or three months afterward,the "Chronicle's"review described May 1870
as "a satisfactory month in general business."
Jan. 26 1935
United States Supreme Court Refers Mooney Case
Back to California Tribunals—Denies "Without
Prejudice" Petition for Review—Appeal Permissible
if State Fails to Act
A plea of Thomas J. Mooney to file a petition for a writ
of original habeas corpus was denied "without prejudice"
by the United States Supreme Court on Jan. 21,in a written
opinion which contended that Mooney should first have
recourse to the courts of California in seeking a writ. The
decision was interpreted as meaning that if the California
Supreme Court fails to grant Mooney relief, the United
States Supreme Court will consider his application for a
review. Mooney is serving a life sentence for murder in
connection with bombings during the San Francisco Preparedness Day parade in 1916. He has refused to accept a pardon,
which would release him from prison, contending that he
was convicted through perjured evidence and that he is
innocent of the crime. In the case before the Supreme Court
he was suing Warden Holohan of San Quentin Prison for the
writ of habeas corpus.
A Washington dispatch of Jan.21 to the New York"Herald
Tribune" summarized the Supreme Court opinion in part
as follows:
Mooney, who is serving a life term for murder in connection with the
bombing of a Preparedness Day parade in San Francisco in 1916, declared
in his petition to the Court that the State was holding him in confinement
without due process of law, in violation of the Fourteenth Amendment.
He alleged that perjured testimony had been the sole basis of his conviction,
and declared that he could not by reasonable diligence have discovered,
prior to the denial of his motion for a new trial and his appeal to the Supreme
Court of the State, evidence later developediwhich proved the perjury.
Mooney contended that the "knowing use" by the State of perjured testimony to obtain the conviction and the deliberate suppression of evidence
to impeach that testimony constituted a denial of due process of law.
The Supreme Court criticized the position taken by the Attorney-General
or California, who, in demurring to the demand of Mooney for leave to
file petition for writ of habeas corpus in the highest Court, contended that
the acts or omissions of a prosecuting attorney in and of themselves never
amounted either to due process or denial of it. The California official
contended that "It is only where an act or omission operates so as to deprive
a defendant of notice or so as to deprive him of an opportunity to present
such evidence as he has that it can be said that due process of law has
been denied."
In support of its finding that Mooney has not exhausted the possibilities
of relief in the California courts, the Supreme Court says:
"We are not satisfied, however, that the State of California has failed to
provide such corrective judicial process. The prerogative write of habeas
corpus is available in that State. . . . No decision of the Supreme
Court of California has been brought to our attention holding that the State
Court is without power to issue this historic remedial process when it appears
that one is deprived of his liberty without due process of law in violation of
the Constitution of the United States. Upon the State courts, equally with
the courts of the Union, rests the obligation to guard and enforce every
right secured by that Constitution. . . . In view of the dominant
requirement of the Fourteenth Amendment, we are not at liberty to assume
that the State has denied to its Court jurisdiction to redress the prohibited
wrong upon a proper showing and in an appropriate proceeding for that
purpose,"
After a review of the proceedings in Mooney's behalf before the California
Supreme Court, the opinion virtually advises him to turn there for relief.
"Orderly procedure, governed by principles we have repeatedly announced, requires that before this Court is asked to issue a writ of habeas
corpus, in the case of a person held under a State commitment, recourse
should be had to whatever judicial remedy afforded by the State may still
remain open," the Court stated.
A previous reference to the Mooney case appeared in our
issue of Dec. 22, page 3896.
District of Columbia Court Upholds President Roose-Hour Week
velt in Order Providing Maximum 36
with 10% Pay Increase in Cotton Garment Industry
—Manufacturers' Plea for Injunction Denied
President Roosevelt's order fixing a 36-hour maximum
week in the cotton garment industry was upheld on Jan. 22
by Justice Jesse C. Adkins of the District of Columbia
Supreme Court, who ruled that the Executive had ample
power under the National Industrial Recovery Act to fix
hours under a code below 40 weekly and to increase the
hourly rate of pay 10%. The President had established
the 36-hour week under an amendment to the cotton garment code, which was to have become effective Dec. 1, but
which was stayed pending the appeal by a group of manufacturers for a temporary injunction. Judge Adkins gated
that if the President found that a 40-hour week did not
relieve unemployment he was authorized "and perhaps
required" to change the basic rates of pay, as the maximum
week and minimum wages were inextricably connected.
A Washington dispatch of Jan. 22 to the New York
"Times" summarized this decision as follows:
The decision affects 180,000 workers in the cotton garment industry.
If in its final form the decision is made retroactive, it is estimated that
It will restore $3,000,000 to $4,000,000 in back pay.
Prison Products Upheld
On several occasions threats of a strike in the cotton garment industry
were made by the Amalgamated Clothing Workers of America, whose members were irritated by the industry's attempts to obtain further delay before
the 36-hour week could be put into effect.
Volume 140
Ninety-two manufacturers had sought to restrain operation of the code
and the use of the Blue Eagle on prison-made garments. Justice Adkins
held on the latter point that necessity demanded that prison-made garments
be allowed on the market in competition with those made by free labor.
The code for the industry, as approved Nov. 17 1933, provided for a
40-hour week and prescribing minimum wages for the Northern and
Southern areas. On May 31 1934 the Code Administration gave notice of
hearings to be held June 15 on further reduction of the work week and
Increase in wages. At these hearings evidence showed that a 2% decrease
In employment had occurred.
It was decided to amend the code, the changes being made over the
objections of most members of the Code Authority, the Court found. The
President, by Executive Order, amended the code, however, although in
view of the opposition manifested he postponed the effective date until
Dec. 1. Meanwhile, the suit for injunction was brought.
Amendment Under Attack
The plaintiffs alleged that they had been misled into subscribing to
the code through representations that prison-made garments would not be
placed in competition with their free labor goods.
Constitutionality of the code was not involved in the litigation, the
attack being mainly on the constitutionality of the amendment. In this
connection the Court said:
"Counsel for the plaintiffs contend that the amendment to the cotton
garment code was adopted in violation of the provisions of the NIRA and
regulations made thereunder and of the code itself. If this contention is
decided adversely, they then contend that the amendment to the code is
unconstitutional.
"But plaintiffs' counsel have conceded the constitutionality of the
statute and the code so far as the present motion is concerned.
"The plaintiffs' position is this: They like the code but not the emendment; for .present purposes they concede the constitutionality of the code
but deny that of the amendment. It is unreasonable, in my judgment, to
hold the code constitutional and the amendment unconstitutional."
United States Supreme Court Agrees to Review Case
Involving Constitutionality of NIRA—Government
Co-operated in Pressing Suit to Test Authority
Under Timber Products Code
A final decision on the constitutionality of the National
Industrial Recovery Act was insured Jan. 21 when the
United States Supreme Court agreed to review a decision
by Federal Judge W. I. Grubb of the Northern Alabama
Federal Court, holding invalid both the NIRA and the
code of fair competition for the timber products industry.
Judge Grubb's decision was described in our issue of Jan. 19,
pages 412 and 413. The case to be decided by the Supreme
Court is the Government's suit against William E. Belcher
of Alabama, a timber producer. The Government joined
in pressing this case so that the highest tribunal might
pass upon its authority over labor's hours and wages.
Mr. Belcher was indicted for violating the timber code,
under charges that he had permitted employees to work
more hours per week or at less than the minimum wage
provided in the code. The case was further noted as follows
in a Washington dispatch of Jan. 21 to the New York
"Herald Tribune":
Under Section 3-F of the Act any violation of a code which affected
Inter-State transactions was made punishable as a mi.demeanor, it pointed
out. The offender would be fined not more than $500 for each offen.4
and each day's violation would be deemed a separate offense.
Mr. Belcher contended the Recovery Act and the code were invalid
because they are not within tne power conferred on Congress to regulate
Inter-State and foreign commerce. In addition, he insisted the Act was
an illegal delegation by Congress of legislative Powers to the President
and encroached on the reserved powers of the State.
United States Supreme Court Upholds West Virginia
Law Placing Chain Store Tax on Gasoline Filling
Stations and Plants—Five-to-Four Decision Sustains State in Suit Pressed by Standard Oil Co.
of N. J.
The United States Supreme Court on Jan. 14, by a five-tofour decision, ruled that the West Virginia chain store tax
applied to gasoline filling stations and plants where gasoline
is sold in bulk is constitutional. Justice Cardozo wrote the
majority opinion, which was concurred in by Chief Justice
Hughes and Justices Brandeis, Stone and Roberts. The dissenters comprised Justices Van de Vanter, McReynolds,
Sutherland and Butler, who disagreed with the decision of
the majority to reverse a three-Judge Federal District Court.
The principal issues in the case involved the classification
of filling stations and distribution plants as stores under
West Virginia law; the question of whether the law denied
equal protection to the Standard Oil Co. of New Jersey;
whether the law violated the West Virginia Constitution,
and whether property was taken without due process of law.
A dispatch from Washington, Jan. 14, to the New York
"Times" summarized the law, and the Court's decision, as
follows:
West Virginia's graduated tax, running from $2 on one store to $250
on each store above 76 in a chain, brought in $569,693 in 1933, and
of this the gasoline interests paid $481,168, or 84.46% of all. Five oil
companies paid $476,171. The Standard Oil Company alone paid $240,173.
Concedes Bunion is Harsher
"There can be no denial that service filling stations, when organized
In chains, bear a heavier and harsher burden than chains whose units
are fewer and yet universally larger," Justice Cardoso said.
565
Financial Chronicle
Fighting the tax, the Standard Oil Company, under protest, paid the
levy of $240,173 on 1,003 stores but obtained an injunction from the
three-judge court, which held that the tax was disproportionately harsh
and that gasoline stations were not stores under the law. Fred L. Fox,
West Virginia Tax Commissioner, immediately appealed to the Supreme
Court.
Holding that the filling stations were stores under the West Virginia
law's meaning, Justice Cardozo commented:
"We are told that the average man, if requested to point out to a
stranger the store nearest by or even the nearest mercantile establishment, would not be likely to think of a filling station as within the
range of the inquiry. There might be force in this suggestion if the
statute had left the meaning of its terms to the test of popular understanding."
Asserting that the law did not deny equal protection to the gasoline
taxpayer, Justice Cardozo said:
"We think a series of gasoline stations maintained in a single ownership
has the benefit of chain organization in such a sense and measure as to fall
within the scope of the decisions of this court."
He referred, he explained, to the decisions in the Indiana and Liggett
chain store cases. . . .
"Lawmakers'" Right Upheld
Chains of gasoline stations, being subject like other chains to a graduated tax, the question then remained, said Justice Cardozo, "whether the
rates are so oppressive as to amount to arbitrary discrimination or to
unlawful confiscation." On this point he said:
"When the power to tax exists, the extent of the burden is a matter
for the discretion of the lawmakers.
"A chain is a distinctive business species, with its own capacities and
functions. Broadly speaking, its opportunities and powers become greater
with the number of the component links, and the greater they become the
more far-reaching are the consequences, both social and economic. For
that reason the State may tax the large chains more heavily than the
small ones, and upon a graduated basis.
"Not only may it do this, but it may make the tax so heavy as to discourage multiplication of the units to an extent believed to be inordinate,
and by the incidence of the burden develop other forms of industry."
and
Senate and House
ure Provides
Pass Crop Loan Bills—Senate Meas$100,000,000 and That of House
$40,000,000
Both the Senate and House of Representatives passed
measures on Jan. 21 providing for crop loans to farmers.
The Senate bill appropriates $100,000,000 "for crop production and harvesting during the year 1935, and for other
purposes," while the House bill allots $40,000,000 "to meet
the conditions created by the 1934 drought, and to provide
for loans to farmers in drought- and storm-stricken areas
and for other purposes."
In Associated Press accounts from Washington, Jan. 21,
it was stated that the final amount available for seed and
feed loans will not be known until an accord on the two bills
is reached. There was no indication, the accounts said, as
to which figure would be selected, or whether a compromise
would result.
House Passes $4,880,000,000 Work Relief Bill—Appointment of Secretary of Interior Ickes to Administer
Fund Blocked by Amendment
By a vote of 329 to 78 the House on Jan. 24 passed President Roosevelt's $4,880,000,000 work and relief bill after
the Democratic majority had voted down various attempts
to amend the measure. From the Washington account
Jan. 24 to the New York "Herald Tribune" we quote:
The peak mark for the critics of the Administration plan was reached
yesterday rather than to-day. Just one amendment from the floor was
adopted by viva-voce vote, the Democratic leadership letting it pass on
the theory that it was innocuous. This was a proposal by Representative
Alfred L. Bulwinkle, Democrat of North Carolina, a steady critic of the
relief measure, to require classification of expenditures in the reports of
the President to Congress on his disposal of the funds.
One Republican-sponsored amendment, offered by Representative
Robert Low Bacon of New York slipped through while the House was in
committee of the whole, but it was ejected later on a roll call, 277 to 126.
as Democratic leaders cracked the whip. It provided that Presidential
rules and regulations under the Relief and Works Act should be published
in newspapers, filed with the clerks of the Federal courts and left lying
30 days before becoming effective.
The two major insurgent attempts of the day centered around amendments to prevent the works fund from being used by the Government
competitively with private business and to require the Government to pay
Prevailing wage rates in the new program instead of a projected average
of $50 a month. Both efforts failed. A teller's vote on the wage scale
dispute brought the high mark of the day for the Administration's opposition, but it was turned back, 159 to 131. . . .
Bill as It Passed
r Asfinnaly approved by the House,the measure authorizes:
1. President Roosevelt to spend $4,000,000,000 as he sees fit to provide
jobs for 3,500,000 employables now on relief rolls.
2. Expenditures of $880,000,000 of unexpended funds for direct relief
until the new works program is in full swing.
3. Presidential consolidation abolishment or transfer of functions and
duties of any emergency agency.
4. Acquisition by purchase or by power of eminent domain any real
Property to effectuate the new program.
5. Mr. Roosevelt to prescribe rules and regulations necessary to carry
out the new Act.
6. Fixation of penalties for willful violations at a fine not to exceed $5,000.
Of the 329 votes for the passage of the bill, 292 were cast
by Democrats, 27 by Republicans, 7 by Progressives and
3 by Farmer-Laborites. The 78 votes in opposition were
those of 68 Republicans and 10 Democrats, the latter being
566
Financial Chronicle
fan. 26 1935
Representatives Castellow, Cox, Peterson, Ramspeck and
Tarver of Georgia; Darden, Robertson and Smith of Virginia and Gray and Griswold of Indiana. In recording the
adoption of the bill by the House the advices from Washington Jan. 24 to the New York "Times" said in part:
The President's work and relief bill won right of way
over other legislation in the Democratic counsels of the
House on Jan. 19, said the account that day from Washington to the "Herald Tribune," which added in part:
The measure adopted provides a lump-sum appropriation to the President with a broad grant of powers which, according to his message to
Congress, he proposes to use to transfer 3,500,000 able-bodied men and
women from relief rolls to payrolls and return 1,500,000 unemployables
to local care.
As an indication ofsome of the steps that he might undertake, the President sent to Congress to-day reports of the National Resources Board of
the Mississippi Valley Committee setting forth an inventory of works
which might be undertaken soon.
The reports were sent to both branches, but the President's message
of transmittal was road in the House immediately before the relief bill
reached the amending stage. The purpose was to reassure members choked
off by a drastic "gag" rule from attempting to allocate any part of the vast
relief fund.
The resolution was put through without major changes, except as permitted by the leadership. In one, however, the House was allowed to take
action which many believed was a direct censure of Secretary Ickes and his
management of the Public Works Administration.
Upon motion of the Appropriations Committee, the House voted to
delete a provision empowering the President to extend the life of existing
agencies. This makes it certain that the PWA must pass out of existence
on June 30 when the Act expires, but in the same section of the measure as
passed, the President is empowered to establish any new agency for exactly
the same purposes.
The slap at Mr. Ickes was the price the leaders had to pay for the strength
they needed to pass the resolution without possible restriction of the lumpsum appropriation, or of the President's powers. After that contract was
settled with the recalcitrants the leaders were able to stand against every
amendmeat of importance offered from the floor. Only one was adopted,
besides the committee amendments, and that was to change the details of
reports to be submitted to Congress.
The final vote was the crest to the tide of Administration strength which
started rolling up early in the day. Just before the final vote, the House
defeated, 303 to 100. a Republican motion to send the bill back to the
Appropriations Committee with instructions to insert a long list of restrictions on the President's powers in using the fund. . ..
The amendments by the Appropriations Committee were put through
In short order under the direction of Chairman Buchanan. Only the first,
which struck out the specifications of public works to which the President
might devote the funds, although even the original language did not make
these classifications mandatory, called for a counted vote. The result was
171 to 58 in favor of the Committee's wishes, and the Republicans gave up
opposition to the rest.
Another Committee amendment provided that only "emergency agencies"
could be consolidated, abolished or redistributed by the President. Power
to postpone the termination of existing agencies was stricken out on the
Committee's proposal, as was the right to acquire "personal" property by
eminent domain.
Punishment Powers Restricted
Another criticism was met by a committee amendment limiting the
punishment for transgressing Presidential regulations to a fine of $5,000.
Imprisonment of two years was provided in the original draft.
Representative Snell, the Republican leader, said his party was ready
"to appropriate any amount of money the President says is necessary to
meet emergency unemployment," but he protested the haste with which
the measure was considered in the House.
He added that Mr. Roosevelt's message transmitting the report of the
National Resources Board was the first intimation that Congress had had
of any real plan behind work relief.
The first test on the lump-sum resolution came on Section 4, granting
the President powers to set up the machinery for spending the $4,880,000,000. This was the first section open to general amendment. Representative Taber, Republican, of New York, proposed to prohibit the
President from placing the Government, through the new relief project,
in competition with private business.
The Democrats would accept no such proposal. Mr. Taber accepted
a substitute, offered by Representative Pettengill of Indiana, seeking to
prohibit the Government from going into the "manufacturing busines,"
in competition with private industry. Mr. Pettingell was striking at
such establishments as the Reedville, W. Va., experiment, sponsored
largely by Mrs. Roosevelt.
Debate on the amendment continued for more than an hour, after which
the House demonstrated its Administration leanings by voting it down
172 to 91.
Prevailing Wage Voted Down
The most serious threat to Administration plans came when Chairman
Connery of the Labor Committee offered an amendment to provide that
workmen on relief projects should receive the wage rate prevailing in the
local community. The amendment was voted down by 159 to 131, the
Republicans solidly supporting it. . . .
An amendment by Representative Kahn of New York to insert a "Buy
American" requirement in the bill went out on a point of order sustained
by Mr. O'Connor. The same fate met a proposal of Representative
Johnson of Oklahoma to prevent the issuance of tax-exempt securities in
financing public works.
An amendment by Representative Dirksen of Illinois to compel the
allotment offunds to States according to population, and another by Representative Wood of Missouri to require the thirty-hour week in the workrelief projects, also were ruled out as not germane.
Several unsuccessful assaults were made on the penalties section. . . .
Viva voca votes killed amendments by Representative Thomason of
Texas to confine the benefits in the bill to citizens of the United States, and
by Representative Walcott, of Michigan to strike out the provision granting
the President power to invoke the right of eminent domain when necessary
for the procurement of properties for the new works projects.
The leadership, yielding to the President in his insistence on a lump-sum,
agreed on an airtight rule to drive it through by Thursday (Jan. 24) the
latest with four hours' debate and no opportunity for the House to write in
restrictions on the President's use of the largest single appropriation ever
to be put into an individual's hands by a legislative body.
.
Under the rigid "closed rule," shutting off all amendments from the
floor, there will be only two chances to kill the bill on the floor, the first
on a motion to recommit and the second on the final passage of the measure.
The outcome was conceded to-day by Representative Bertrand H. Snell,
Republican leader, who nevertheless unburdened himself of more than
usually strong feelings on the question. Admitting that there is no longer any
way of blocking or even tying any strings to the bill, he said.
"The request of the Administration for a lump-sum appropriation of
practically five billion dollars to be rushed through Congress with practically
no hearings, under special rule and limited debate, is the most outrageous
proposition that was ever perpetrated on the American people."
Method of Reporting Specified
In the midst of the shower of amendments, Representative Church of
Illinois offered one to strike out the resolving clause and thus kill the measure
before a vote on its merits. The lustiest yells the Republicans could muster
for this motion were a murmur beside the unanimous Democratic roar.
The only general amendment adopted was offered by Representative
Bulwinkle of North Carolina, providing that the President should render
to the next three sessions of Congress, by Jan. 10. of each year, a statement
of the expenditures made from the $4,880,000,000 Lund,listed as to classifications and amounts, as well as the obligations incurred.
Representative McFarlane of Texas offered as an amendment the Patman
bill to pay immediately the bonus to World War veterans, but was ruled
out of order.
The bill had been taken on the floor under a "gag" rule
adopted Jan. 23 by a vote of 246 to 147, under which the
House agreed to adhere to the "lump-sum" principle of the
appropriation measure. This procedure was only approved,
however, after Administration leaders had promised that
the House would have an opportunity to amend other parts
of the measure, including the elimination of the section giving the President power to extend the life of existing agencies,
including the Public Works Administration. The desire
of the President to obtain a "lump-sum" appropriation was
regarded as of highest importance in Administration circles,
since it would enable him to distribute funds where he believed they would be most effective in dealing with the Nation's relief problem as a whole, rather than allocating definite amounts in advance to the several States.
A dispatch from Washington Jan. 23 to the New York
"Times" discussed the House action on the work relief
measure in part as follows:
The debate indicated that the Republicans would like to Include Harry
L. Hopkins, the Relief Administrator, in any Act of censure, but this did
not find the Democrats so responsive. In fact, the Democrats had little
to say on the floor about Mr. Ickes. They had done their talking in secret
caucus yesterday.
The assurances that Mr. Ickes would have a minimum Dart, if any,
in
the new relief administration, were first given in the caucus as having
come from the President himself. They were repeated privately to-day
by Speaker Byrns, who brought the message from the White House yesterday.
"It is my understanding that Mr. Ickes is out of it," Mr. Byrns told
newspaper men just before the House session began. The Speaker expressed
his own high regard for Mr. Ickes and his work as PWA Administrator.
. . With foes of the PWA assured the right to talk, and act if they
have the strength. Administration leaders had every expectation that they
would enact the remainder of the relief measure as ordered by the President.
They were especially confident of maintaining the lump-sum idea, upon
which the President insisted, and of giving him a free hand in the manner
of spending it. Their expectations were predicated upon the showing of
strength in the vote on the rule, which showed only 40 Democrats breaking
away to vote with 97 Republicans, Progressives and Farmer-Laborites. . . .
$.50 a Month Wage Was Forecast
Rear Admiral Christian J. Peoples, Chief of the Procurement Division in
the Treasury Department and mentioned prominently as a likely executive
administrator of the new plan, told the House Appropriations Committee
during hearings on the measure that the wage level contemplated would be
about $50 a month.
This, he intimated, would be in line with the principle enunciated by the
President in his message to Congress to the effect that wages on the new
relief projects should be adequate for relief, but enough lower than prevailing
scales to cause people to search for private employment.
Senate and House Committees Hold Hearings on Administration's Social Security Program—Indorsed
by Secretary of Labor Perkins, H. L. Hopkins and
Senator Wagner — Townsend Old-Age Pension
Scheme Called "Fantastic"
President Roosevelt's program of social and economic
security was the subject this week of hearings before the
House Ways and Means Committee, which is considering
an Administration measure for unemployment insurance,
old-age insurance and benefits, and other social aims. Secretary of Labor Perkins, testifying before the Committee on
Jan. 22, said that the plan provides "a reasonable start"
toward safeguarding "the major hazards of life." On the
same day, Senator Wagner, one of the leading sponsors of
the legislation, reviewed the program before the Senate
Finance Committee. On the following day (Jan. 23) Administration spokesmen also discussed other proposals for
social insurance, and in the course of the testimony termed
the Townsend $200-a-month old-age pension plan "fantastic" and "cockeyed."
Associated Press Washington advices of Jan. 22 summarized the hearings on that date in part as follows:
"We realize that this does not provide a 100% panacea," Miss Perkins
said,"but it seemed better to recommend a reasonable start rather than to
take too big a plunge."
The Secretary appeared after an Administration expert had said the
unemployment insurance plan would put a fund of probably $2,000,000.000.
Volume 140
Financial Chronicle
in the hands of the Secretary of the Treasury with which to stabilize business
credit.
Edwin E. Witte, Executive Director of the Economic Security Committee
set up by President Roosevelt,said such use of the reserve fund built up by
a pay-roll tax was contemplated by the bill. The Committee helped draft
the proposals contained in the bill.
Secretary Perkins said health insurance was still a matter of study and a
committee would be ready to report in a month or so.
"We have recommended that the age be fixed at 65 for old-age pensions
because we realize that it has become very difficult for a man who is more
than 65 to obtain a job," she said, adding this was true regardless of qualifications.
Both Witte and Senator Wagner said that if the unemployment insurance
plan proposed had been in operation during the 1920s it would have greatly
reduced the effects of the depression. They explained that the bill called
for a 3% payroll tax upon employers, eventually, but the levy until 1940,
if business did not improve before that time, would be either 1% or 2%.
Wagner Cites Family Earnings
Senator Wagner said a study of family earnings in the United States, just
completed, showed that in 1929 6,000,000 families received less than $1,000
a year; that 16,000,000 families averaged less than $2,000 a year, and that
20,000,000 families received less than $2,500 a year.
"At the same time," he said, "the 36,000 families at the top of the economic ladder received as much as the 11,653,000 families at the bottom.
"These citations throw into bold relief the reasons why fully half of the
7,000.000 Americans who are now over 65 years of age have been reduced
to a state of bitter dependency."
Senator Wagner said it was impossible to calculate the precise sums
needed to maintain the old persons on standards of health and decency.
"But if we accept $40 a month a person as an immediate minimum goal
our 3,500,000 dependent old people need assistance to the extent of $1,680,000,000 a year. And this need will mount with alarming rapidity."
The measure provides that State and Federal Governments would contribute jointly to the upkeep of the aged, the maximum to be given by the
Federal Government to be $15 a month, which must at least be matched
by the States.
We also quote, in part, from a Washington dispatch of
Jan. 23 to the New York "Times" regarding the hearing
on that date:
Testifying before the Ways and Means Committee on the Wagner-LewisDoughton bill, Harry L. Hopkins, the Relief Administrator, described the
Townsend proposal as "cockeyed" and one calling for continuing annual
expenditures of $20,000,000,000. The Committee should not take too
seriously the petitions reaching the desk of its members, he said, holding
that many of these were inspired by relatives of potential beneficiaries of
the plan.
The President's committee had no intention of making its old-age in.trance plan "niggardly," Mr. Hopkins continued, but if the premise that
g;.wts-in-aid should be made to the States were accepted, then it must be
left to the States to determine the size of the pension.
"In some sections, the adequate pension would be half of what it is in
other sections because of varying conditions of climate and economy, so
the Government should go along with the States in the amount of the
pension," he added.
Declaring that the measure permitted a dictatorship, Senator Byrd in
hearings before the Senate Finance Committee objected to a provision in
the old-age security title of the bill which would give to the Federal Relief
Administrator authority to withhold a Government contribution from any
State if the amount of the State's contribution was deemed inadequate to
maintain a decent subsistence standard. . . .
The pending bill would authorize the appropriation of $50.000.000 for
the coming fiscal year and $125,000,000 for each fiscal year thereafter to
enable the Government to match State expenditures for relief of persons
already at the retirement age. There would be no limitation on the amount
the State could spend but the Federal contribution would be limited to $15.
Senator Hastings declared that there were about 7,500,000 persons over
60 now dependent on others for their support and eligible for a pension,
and that if only half that number received Federal aid the proposed appropriation of $125,000,000 would allow only $2.78 a month to each of them.
567
A Washington dispatch of Jan. 22 to the New York "Journal of Commerce" described the Senate debate preceding
the adoption of the Connally bill as follows:
The point had been raised that the Connally bill would receive as much
criticism from the United States Supreme Court as did the repudiated
Section 9(c) of the NIRA and would be equally as unconstitutional. Senator
Borah pointed out that it presumes to give to the President the right to
prescribe rules and regulations, the violation of which would be a crime,
holding that this transcends the power of Congress under the Constitution
to delegate authority to the Chief Executive.
Senator Glass Enters Debate
Senator Carter Glass, who seldom engages in debate on general suojects,
such as this, entered the discussion to-day to express the belief that the
bill would encounter renewed opposition from the courts.
"On questions of law I do not presume to speak," he told the Senate,
"but on questions of common sense and the text of the Constituari I do
presume to speak."
The Virginia Senator indicated his belief that the Connally bill did not
overcome the objections raised by the Supreme Court decision.
Senator Borah averred that Congress could not prohibit the inter-State
shipment of any commodity unless harmful or deleterious. Senator Black
(Dem., Ala.) declared that the Supreme Court on several occasions had
upheld the right of Congress to exercise control over inter-State shipments
of commodities "harmful or otherwise."
"Is there any limit to that power?" inquired Senator Borah.
"It is supreme," Senator Black replied.
Senator Connally was supplied with a number of cases wherein the court
had ruled favorable to his contentions, including prosecution covering
stolen automobiles—and Senator Connally had averred that passage of the
bill was desirable as a means of halting "thievery" in our oil production.
Senator King Opposes Bill
Senator Ring (Dem., Utah) asserted he not only believed the measure
unconstitutional but that it reflected a growing tendency to lodge in the
central Government "bureaucratic control over our whole social and economic life."
. According to Senator Connally, instead of delegating power to the Prtsident, as did the repudiated Section 9(c), the bill simply prohibits outright
the inter-State movement of "hot" oil and its products. This is dehred as
any commodity produced or refined or otherwise handled in contraven'ion of
the law of any State.
It further provides that the designated agency of the President can
make rules and regulations requiring reports, the keeping of books and
ecords, and other matters, to enable the authorities to determine whether
there is illegal production. It also authorizes the establishment of clearance, or tender boards, which may require the presentation of certificates
to show that the oil has been legally produced before permitting it to enter
inter-State and foreign commerce. The debate was largely over the question
whether Congress had the right to prohibit, rather than regulate, "hot" oil.
"My contention is that Congress is not prohibiting the inter-State shipment of oil under my bill, but only the movement of that oil that is
illegally produced according to State law."
Treasury Acts to Increase Borrowing Power—Would
Raise Debt Limit to $45,000,000,000—Bill Providing
for Issuance of $9,000,000,000 Long-Term Bonds
and "Baby Bonds" Approved by House Committee
An Administration bill, which would extend the Treasury's
bond issuing authority by approximately $9,000,000,000,
through the issuance of new long-term bonds and so-called
"baby bonds" was approved unanimously on Jan. 22 by the
House Ways and Means Committee. The measure was
introduced on Jan. 21 by Representative Robert L. Doughton, Chairman of the Committee. It was noted in Associated
The text of President Roosevelt's message to Congress, Press advices from Washington on Jan. 22 that the comasking adoption of the social security program, was given mittee's action in approving the bill was taken quickly, after
in our issue of Jan. 19. pages 394 and 395.
Secretary of the Treasury Morgenthau had testified for
nearly an hour that the Treasury needed more leeway in the
Sp/late Approves Connally Bill, Designed to Curb
"Hot Oil" Shipments —Formulated to Meet Objec- flotation of securities. As to the proposals embodied in the
tions Raised by Supreme Court in Voiding Section Doughton bill the Washington correspondent of the New
9 (C) of NIRA—Government Drops Prosecution York "Journal of Commerce" had the following to say on
Against Four Major Oil Companies
Jan. 21:
The Senate on .lan. 22 approved the Connally bill prohiuiting the transportation in inter-State commerce of "hot oil,"
or oil produced in excess of quota regulations. This measure was designed to meet the objections advanced by the
Supreme Court when it held unconstitutional Section 9(c)
of the National Industrial Recovery Act because it granted
unlimited regulatory powers to the President. The in2'.sure
was favorably reported by the Senate Committee on Mines
and Mining, Jan. 18. It was approved by the Senate without a record vote and sent to the House, where it way referred to the Interstate and Foreign Commerce Committee.
That group on Jan. 22 had appointed a permanent sutcommittee to handle all proposals for oil legislation, headed by
Representative Cole of Maryland.
The Government on Jan. 21 dismissed indictments against
four major oil companies on charges of violation of th oil
code. The defendants were the Standard Oil Co., Shell 011
Co., Associated Oil Co. and the receiver of the Richfield Oil
Co: They were charged with having caused certain petroleum products to be sold through subsidiaries at a lower
posted price than that of parent companies. Joseph 13.
ICeenen. Assistant United States Attorney-General at Los
Angeles, said, Jan. 21, that these practices had been abandoned.
The Doughton measure would authorize the Issuance at a discount of
United States 10
-20-year savings bonds in denominations of from $25 up
holders being restricted to $10.000 a year.
to $10,000, with
Explains Baby Bonds
Secretary of the Treasury Morgentnau explained toe so-called "baby
bonds" could not be dealt in or sold and would be neld by the Government.
The bonds would be issued on the first of every month following passage of
the Act and would bear interest at 2% or 3%. possibly
%, the Secretary said. . . .
The Doughton proposal for a revolving authorization of $25,000,000,000
would amend the provisions of the Second Liberty Bond Act, which permitted aggregate issues of not more than $28,000,000,000. Of this amount,
$25,450,487,115 already has been issued, leaving a balance of only $2,549,512,885 to be issued under present authority.
$11,525,052,350 Balance Issuable
Under the revolving authorization proposed,which means $25,000,000,000
could be outstanding at one time, a balance of $11,525,052,350 would
constitute the balance issuable.
The plan also proposes to consolidate the existing revolving fund relating
to short-term obligations. Under the same Second Liberty Bond Act authorization was given to have outstanding at one time $10,000.000,000 each
In notes, and certificates and bills. Notes have been issued in the interim
to the extent of $9,586,000,000, while certificates and bill issues amount
to only $2.112,000,000.
The Treasury, by consolidating the two authorizations, would be permitted to issue either of the three classes of short-term paper, dependent
on market conditions.
A statement by Representative Doughton in explanation
of the bill was given in part as follows in a Washington account to the New York "Journal of Commerce":
Financial Chronicle
568
The present authority of the Government to issue bonds is limited to
$2.549,512,885. The Second Liberty Bond Act in its present form carries
authorization for tne issuance of $28,000,000,000 of bonds, but since $25,450,487,115 have already been issued, the right to issue new long-term
securities is very much restricted. Of the more than $25,000,000,000 which
have been issued, there are now outstanding $13,474,947,650. But the
nearly $12,000,000,000 whicn nave been retired may not be reissued without
specific authority, since the authorization In the Second Liberty Bond Act
was not in the nature of a revolving fund.
May Issue Up to $11,000,000,000
It is now proposed to substitute a $25,000,000,000 revolving authorization for the previous $28,000,000,000 fixed authority. This will give to
the Treasury authority to issue between $11,000,000,000 and $12,000,000,000 in bonds, wnich is approximately equivalent to the amount of those
which have been retired out of those issued under the $28,000,000,000
authorization.
"The bill also proposes to consolidate the two existing revolving funds
relating to short-term obligations. At present notes may be issued to the
amount of $10,000,000,000 outstanding at any one time, and certificates of
Indebtedness and Treasury bills may be outstanding in like amount.
1. It is proposed to substitute one $20,000,000,000 limitation applicable to
the aggregate outstanding notes. certificates and bills, thus affording
greater flexibility in financing the requirements of the Treasury. There
were on Dec.31,$9,586,000,000 of notes outstanding, while certificates and
bills aggregated $2,112,000,000. The amendment proposed in this regard
would not increase the total authorization for the issuance of short-term
obligations.
The bill would also permit the use of Government guaranteed bonds as
security in lieu of surety bonds."
The House yesterday (Jan. 25) rejected an amendment to
the bond bill which would have limited the amount of securities issuable by the Treasury to three times the amount
of currency in circulation. This amendment was proposed
by Representative Dies, an advocate of inflation, who said
that his suggested change in the measure would make effective the gold devaluation act and assure the issuance of an
additional $2,500,000,000 in currency.
Regarding the Treasury proposals the advices,Jan.21,from
Washington had the following to say in part:
"Baby Bonds"for Small Holders
Issuance of United States savings bonds of from 10 to 20 years maturity
be
on a discount basis marks a new departure in their financing. They will
issued in denominations as low as $25 and no person will be permitted to
hold more than $10,000 of such an issue.
They will not be available to corporations or banks and the fundamental
purpose is to provide a distribution to the "small holder." Because of this
they were immediately tagged with the label "Baby Bonds."
Issuance on a discount basis means that the bonds will not pay interest
which will
at stated times but will be sold at a price below their face value
give to the holder the same yield he would obtain at a stated interest rate
when the bond is redeemed
The bill provides that "the issue price of savings bonds and the terms
shall be such as to
upon which they may be redeemed prior to maturity
per annum, compounded
afford an investment yield not in excess of 3%
be in
semi-annually" and that the denominations of savings bonds shall
terms of their maturity value and not be less than $25.
month, and it was
of each
6 The program is to sell the bonds on the firstof bonds which would give a
indicated to-day that the first offering would be
% issue of the usual type.
Yield comparable to a 234
Sale Depends on Demand
be issued
Secretary Morgenthau said that as many of the bonds would
would buy. In case the
within the limitations fixed by law, as the people
date the Purchaser
the maturity
bond is redeemed by the Treasury before
to the interest he would
will get back his purchase price and an amount equal
interest-bearing bond.
have received on an
"another string to our
Mr. Morgenthau described the new venture as
of such bonds was to
bow," and explained that one purpose of the issuance
by persons living in sections
-offices
encourage buying of bonds from post
difficult to obtain such
where the absence of proper facilities made it
securities.
the board of trustees of
To encourage investment, the bill authorizes
such regulations as it may
the Postal Savings System to permit, subject to
less than 60 days' notice from postal
prescribe, withdrawal of deposits on
bonds, and in such cases
savings accounts for the purpose of acquiring the
withdrawal, whether or not a
to make payment of interest to the date of
regular interest date.
bill to hold the bonds in
The Government will make provision under the
safety deposit boxes
safe keeping for purchasers so that persons without
will have this protection.
issue bonds,notes, cerThis statement showing present authority to
under the Second Liberty
tificates of indebtedness and Treasury bills
amendments, was made public
Bond Act, as amended, and under proposed
by the Treasury, the figures being of Dec. 31:
BONDS
Under Preseag AuthorUy
Total issuable
Total issued:
Liberty bonds
Treasury bonds
Balance now tenable
Total authorized
Total issued
Total retired
Total outstanding
228,000,000.000
$14,948,098,150
10,502,390,985 25,450,487,115
$2,549.512,885
$28,000,000,000
25,450,487,115
11.975.539.485
13,474,947.850
Under Proposed Amendment
$25,000,000,000
Total which may be outstanding at any one time
outstanding.
Now
23,194,088,850
Liberty bonds
10,280,881,000 13,474,947,850
Treasury bonds
$11,525.052.350
Balance issuable
AND TREASURY BILLS
CERTIFICATES OF INDEBTEDNESS
$10,000,000,000
Total which may be outstanding at any one time
Now outstanding:
$158,300,000
indebtedness
Certitioates of
1,954,168,000
Treasury bills
2,112,488,000
Balance enable
$7,887,532,000
NOTES
Under Present Authortle
Total which may be outstanding at any one time
Now outstanding—Treasury notes
Jan. 26 1935
$10,000.000.000
9.588,377,400
$413,622,800
UNDER RPOPOSED AMENDMENTS
Notes, Certificates of Indebtedness and Treasury sills
$20,000,000,000
Total which may be outstanding at any one time
Now outstanding:
$9,588,377,400
Notes
158.300,000
Certificates of indebtedness
1,954,188,000
Treasury bills
11,898,845.400
Balance issuable
Balance issuable
$8,301,154,800
During his appearance before the House Appropriations
Committee on the annual supply bill for Treasury Department, hearings on which were made public on Jan. 22, Secretary Morgenthau in response to a question, agreed that it
would be better if more individuals bought Government
bonds, but added that he belonged to a school that thinks
the banks, being privately owned, owe a duty to their investors. This was made known in a Washington dispatch
to the "Journal of Commerce"from which we also take the
following:
"I do not think that anybody nere in Washington can tell them what to
do, because, after all, all of their responsibility is to their depositors," he
declared. "I do not think that all the pounding of desks in the world will
compel a bank to make a loan unless the management wants to do it."
Discussing this same proposition, Comptroller of the Currency J. F. T.
O'Connor told the Committee that there are two important matters to be
considered in connection with the extent to which banks invest in Government securities.
Sees Banks Overloaded
First and most important is that the banks freeze up with Government
securities, he said, and, of course, the capital Is not available for private
enterprise. The second consideration is banks the people become dissatisfied with,the low low rate of interest paid and a fertile field is again open for
the unscrupulous stock salesman.
"It is my very definite opinion that if in some way we could make the
people of this country more Government minded we would not have such
disasters as we have experienced in the past in a great many cases," Mr.
O'Connor said.
"In the older countries,and I speak especially of France and Great Britain
pretty nearly every individual has some Government securities; but we
have so educated the American people in speculation and great returns
they have been losing sight of the absolute security In their investments."
According to Mr. O'Connor, the banks on June 30 last year, held $11.016,541,000 out of a total of $26,480,488,000 of Government securities outstanding on that date. The remainder was held by the public. The
amount held by the banks, he said, was: National banks. $5.645.741.000;
State member banks, $3,499,162,000, and non-member banks, $1,871.838,000.
U. S. "Baby Bond" Scheme Would Raise Debt Limit
From New York "Journal" of Jan. 24:
By LEWIS HANEY (Professor of Economics, New York University)
The Treasury is again toying with the old "baby bond" scheme.
The idea is to issue "bills" or "notes" in small denominations—as low
as $25—to be sold to individual citizens. These are to be called "baby
bonds," although they are not bonds in the usual sense.
Why does the Treasury want to do this? You would think tnat the/
nad been borrowing fast enough. The reasons are these:
(1) They want to borrow more money than they can get by present
means. A part of the scheme is to increase our National debt. They therefore turn to the small savings of the little man, and devise a sort of issue
which they figure will induce more of us to lend them money.
(2) They want to become less dependent upon the banks, which are now
loaded with over 40% of the Government's paper. In fact, these "baby
bond" issues may put the Government even further into the banking
business.
(3) They want to get more of their debt into some long-term form. They
can't sell long-term bonds to the banks, or to large individual investors. So
they say,"maybe the little fellows will kick in."
A part of the scheme is to increase the Federal debt limit to $45,000,000000. This means an increase of $9,000,000,000 over the present limit.
Bigger and better debts are in accord with the times. It is a sure indication of an inflationary trend to find our Government spenders talking
so lightly of "billions" that a billion means no more to us than a million
used to.
The new kind of Government paper proposed is to be such that banks
will not want it. It will be in small amounts, and will run for 10-20 Years.
It will be non-interest bearing, but will be sold at a "discount." This
means that it will not pay interest to the one wno buys it—say 25.5%
each year. Instead, you are supposed to buy it at a price under the face
value, so that when it is finally paid off you will get enough to be the
equivalent of interest.
That is, If you buy a $100 "baby bond" you may pay $78. Then at
the end of 10 years (if you hold it and live that long) you will be paid
$100 in some kind of currency. They say that this is equivalent to 23i%
a year.
Personally, I would rather got my interest regularly as it accrues.
Above all, I am not going to gamble on the kind of dollars which will
be in style 10 years from now. For example, suppose I pay $78 now
for the Government's promise to pay $100 in 10 years. By waiting 10
YearslIrget $22 more than I paid. But, meanwhile, prices are likely to
rise, say 50%. Then my $100 bill will not buy nearly as much as my $78
will buy now.
It is vain to compare us with the people of France or England. They
real
Invest widely in Government bonds. But the bonds they buy are
bonds (not discounted notes), and their Governments are financially
gold. England's budget is balanced.
asunder. France pays in
Our Government is like a big corporation which has over-extended
itself in acquiring'a lot of unproductive properties. It can't float much
from
more securities 1140e:regular way, so it seeks to peddle its paper
by
door to door, meanwhile rigging the market for its other securities
and
the operations of controlled banks and Government "agencies,"
manipulating the money market.
of inIt has "cleared thelway" for its campaign by forcing bank rates
many
terest on deposits.down, and by making It impossible to invest in
private securities.
But has it been strengthening its own credit?
Volume 140
Financial Chronicle
Treasury-Post Office Appropriation Bill Favorably
Reported to House—Carries Total Allotments to
$900,025,598—Ocean Mail and Foreign Air Mail
Subsidies Approved
The Treasury-Post Office Departmental Supply Bill, carrying appropriations of $900,025,598, and providing for an
increase in internal revenue personnel to check tax evasion,
was favorably reported to the House of Representatives,
Jan. 22, by the Appropriations Committee. The combined
amount asked by the two departments for the next fiscal
year is $1,394,455 below budget estimates and $227,511,830
below allotments for the current fiscal year. The reduction
Is chiefly due to the elimination of special items and public
building funds, which will be obtained from the works relief
fund provided in the relief measure now pending in Congress. The disputed ocean mail and foreign air mail subsidies were not altered by the House Appropriations Committee. United Press advices from Washington, Jan. 22,
analyzed principal provisions of the bill as follows:
The measure provides a $3,000,000 appropriation for employment of 750
additional revenue agents and 265 stenographers to check individual tax
returns of more than $25,000 and corporation returns of more than $75,000.
Auditing of these returns is expected to bring additional annual revenues
of from $50,000,000 to $75,000,000.
The Coast Guard appropriation was increased $2,300,000 to $22,761,315
to enable it to combat smuggling. The increase was voted by the Committee after testimony that 12 to 15 liquor runners were active off the
coast.
The Treasury appropriation totaled $175,761,149, a net reduction of
$376,335 froni budget estimates. The Post Office Department appropriation
was $724,264,449, a cut of $1,018,120.
Secretary of the Treasury Henry Morgenthau Jr., who had asked $50,000
for hiring of fiscal experts, had his requested amount cut in half. Other
reductions included a provision that no automobiles could be bought which
cost more than $750.
For the Post Office it was revealed that all appropriations were based on
continuance of the 3c. postage rate after June 30. A return to the 2c. rate,
the Committee said, would reduce revenue by $100,000,000.
The bill carries $10,700,000 for domestic air mail contracts, which is
$1,300,000 less than for the present year. Foreign mail service costs
were estimated at $28,850,000, the same as at present.
Administration Officials Discuss Plans for Control of
Holding Companies at White House Conference—
Questionnaire of New York Legislative Committee
to State Officials and Legislators Inquiring as to
Relations with Utility Companies
Proposals for legislation designed to use the taxing powers
of the Government to control public utility holding companies
569
corporations. The Constitutional limits in this respect, it was explained,
are very broad.
Test of Validity
The only test of the validity of the proposal would be through the bringing of specific litigation and, the legal authorities say, if there is shown any
reason to the distinction undoubtedly it would be held a valid act. They
are very sure of their ground in this instance, it is indicated, for they assert there is a vast difference between the public utilities holding companies
and other corporate instrumentalities of commerce.
The activities of these companies are wrapped up in "public interest." it
Is averred. If Congress should undertake to withdraw from these corporations the right to make deduction from gross income of dividends received
from their subsidiaries, it would mean that the former would have to pay
the current rate of 13% %,which wouldbe a pretty heavy burden upon them,
It is suggested.
Post Office Issues New Regulations Enabling Bulk
Mailing of Advertising Matter in Urban Areas with
Carrier Service—Will Be Distributed to Particular
Blocks or Streets
The New York branch of the Post Office announced on
Jan. 22 that recent amendments of the postal laws and
regulations provide for the distribution of ordinary mail,
particularly of circulars, price lists, catalogs, samples of
merchandise, as well as other forms of advertising, by a
simplified method aof addressing which will enable advertisers and others interested to distribute and deliver such
matter by direct mail to patrons of post offices having city
letter carrier service. Under the new arrangement it is
unnecessary to address each separate piece specifically, and
the sender may cover suok routes or portions thereof as he
desires. Mailers are requested to indicate on the packages
In which the pieces are wrapped the particular blocks or
streets in which distribution is desired. The Post Office
added, however, that it will be necessary that a sufficient
number of pieces be mailed to serve every stop in the particular area and not merely a limited number with the
request of the sender that the carrier skip stops in such area
or deliver matter to a particular class of patrons only. The
announcement read, in part, as follows:
The simplified form of address may be printed on the envelopes, folders
or other articles at the time of preparation, and thus save the expense of
having to completely address them as is required with ordinary mail.
The mail is to be prepared in packages of 50 pieces, with each package
bearing a label indicating the particular letter carrier route. The following is the form of address to appear on the pieces as shown by illustration
No. 1, while the manner of preparing the label attached to the package
is shown by illustration No. 2:
(1) Patron (or Householder), Letter Carrier Route,
New York, N. Y. (or Local).
(2) Letter Carrier Route No.
, Station
New York, N. Y.
This arrangement may also be used in covering the boxholders on rural
or star routes emanating from each post office as well as post office boxholders at post offices not having city delivery service which is shown
in the County List of the United States Official Postal Guide. Such matter
should also be made up in packages of 50 pieces, and each package is to be
labeled as required.
Such advertising matter when distributed in quantities of 200 or more
identical pieces may be mailed for lc. each if the article does not exceed
1 1/3 ounces in weight, according to the provisions of Section 562, P. L.
and R. Books, catalogs, or pamphlets consisting of 24 or more printed
pages will be subject to the special third class rate of le. for each 2 ounces
or fraction thereof. If you do not have authority to mail under Section 562,
P. L. and R., it may be readily obtained by calling at the Classification
Section, Room 224, General Past Office, 33rd Street and Eighth Avenue,
to file the required applications for this purpose.
and possibly eliminate these organizations were considered
.Tan. 21 at a White House conference between President
Roosevelt and members of the National Power Committee,
including Attorney-General Cummings and Secretary of the
Treasury Morgenthau. The Federal Trade Commission
and Federal Power Commission were also represented at
the meeting.
Meanwhile a joint legislative committee created in New
York State to investigate public utility activities, and particularly their relations with State officials and legislators,
on Jan. 16 decided to send a questionnaire to present and
former State officials and members of the legislature, asking
them details of their relations with such companies in the
last five years. In New York City Mayor LaGuardia recently
reiterated his intention to press for the construction of a
municipal power plant, and in addition he has carried on Report to President Roosevelt by Water Planning
Committee of National Resources Board—Urges
correspondence with officials of the Consolidated Gas Corp.,
Water Power Development
stressing his determination to seek lower electricity rates
Immediate development of plans for the utilization of
for domestic consumers.
A Washington dispatch of Jan. 21 to the New York certain of the nation's water resources (similar, it is reported,
"Journal of Commerce" discussed proposals for Federal to the Tennessee Valley Authority), is recommended by the
Water Planning Committee in its report to the National
control of holding companies in part as follows:
Resources Board, made public on Jan. 18. Federal parIt was readily admitted by some of the participants that the ultimate
objective is to remove the public utilities holding company from the economic
ticipation with States in carrying out a unified policy with
structure of the country. However, it was agreed, those who are working
regard to the waters'of the nation, is urged by the Comon the general plans would be satisfied if they could remove what might
mittee which also proposes creation of an organizztion for
be termed the intermediate companies that exist between the operating
and the management corporations.
advisory planning of the use and control of water resources.
The idea is to got rid of what they termed the pyramids and to do this it
The Committee sets forth these four major objectives for
is possible that Congress will be asked to enact new tax legislation denying
corporations exemption of dividends paid by subsidiaries from gross income.
the nation:
On this score, Mr. Roosevelt, in dismissing the conference, told the tax
experts to "go back and do your homework."
Present Law Cited
Under the present law, in computing gross income, a corporation which
receives dividends from another corporation is entitled to exclude such sums
from that category. The idea was that the dividend-issuing corporation
already had paid the corporation income tax on its earnings and to refuse
to allow the deduction in the hands of the receiving corporation in effect
would be double taxation. Furthermore, additional taxation comes when
these dividends reach the shareholders, which, in this particular case,
would be the shareholders in the holding companies.
Congress, it is argued, well could take away this privilege from public
utility holding companies, although, it was admitted, there is no precedent
upon which to rely for the drafting of the legislative prop3sal.
Legal authorities hold that under the Constitution it I possible for the
Government to make distinctions as between classes of ta :payers. It can
.
select public utilities holding companies and tax them differ( ntly from other
I To develop more productive uses of water, water supply, navigation,
power, irrigation, recreation.
2 To eliminate, modify, or neutralize harmful influences of water, such
as floods and erosion.
3 To eliminate, modify, or neutralize harmful handling of waters—
pollution, waste through run-off and drainage.
4 To accomplish the above purposes effectively from the point of view
of technology, geographical conditions, existing public agencies and the
Intelligent understanding of good-willed citizens.
"It is no longer possible to regard either water or land as
purely private property, unaffected with a public interest,"
the Water Committee declares in a prologue to its report,
which adds:
Whatever the legal rights, no owner has the moral right to waste a natural
resource or to put it to uses which are generally harmful. Be is not entitled
to burn his own forests, allow his own land to be forever impoverished
.570
Financial Chronicle
through the washing away of the fertile topsoil, or permit his streams to
contribute an unnecessary drop to a major flood.
Similarly, no neighborhood has a moral right to follow water policies
which will injure other neighborhoods, nor Nis any State or region a right
to impair the general good. The Golden Rule is no fantastic dream in the
use and control of water. It is the only rule that makes good law and good
policy.
In the interests of the national welfare there must be national control
of all the running waters of the United States, from the desert trickle that
may make an acre or two productive to the rushing flood waters of the
Mississippi. . . .
The task of making and carrying out a national water policy will involve
many agencies, some existing, some of which must be created. It will
take a long time. It will demand the highest order of statesmanship and
patriotism. We believe that America cannot and must not shrink from the
challenge. Here, as in other things that we do and plan, our children's
children should have cause to thank us—not to reproach us."
The report was described in part as follows in Associated
Press Washington advices of Jan. 17:
"The combining of power generating facilities, where technically practicable with any type of dam (whether built for flood control, low power
control, navigation or recreational purposes)," the report said."may make
economically feasible many a project which otherwise might not be so."
of
The Committee estimated the total installed hydro-electric capacity
undeveloped sites at 55,000,000 kilowatts, almost equal to the present deprofitable
veloped capacity from all sources. Only locations promising
developments were considered, it added.
and,control of undoubtedly
"Certain very large projects of water use
St. Lawnational import," the report said, "such as those relating to the
rence waterway, the Tennessee Valley. the Colorado River. the Central
Valley of California and the Columbia River have been studied intensively
under
over a period of years and some are now definitely planned or are
actual construction as part of a definite national program.
and detailed
"The Committee recommends that similar comprehensive
undertaken."
studies of other promising representative projects be
that proposed deWith regard to the St. Lawrence, the report said,
velopment embraced the largest remaining single block of undeveloped
of the
Power. The Committee advised a study looking to co-ordination
United States' prospective share of St. Lawrence power with current which
might be generated at Pennsylvania coal mines.
development of
For the country as a whole, the Committee advocated
power
the "grid" system of connecting up electric transmission lines for
must be
savings, adding that "in the interests of the national welfare there
national control of all the running water in the United States."
not
The report looked to extension of rural electrification "to an extent
as yet generally believed possible" as one outlet for new power.
Morris L. Cooke of Philadelphia, is Chairman of the
Water Planning Committee. The other members are
Harlan H. Barrows, Herbert S. Crooker, Col. Glen E.
Edgerton, Henry S. Graves, Maj. Gen. E. M. Markham,
Charles H. Paul, Harlow S. Person and Sherman M. Woodward, The National Resources Board, which received this
report, is headed by Secretary of the Interior Ickes, and an
advisory board consisting of Frederic A. Delano, ViceChairman, Dr, Charles E. Merriam and Dr. Wesley C.
Mitchell.
•
FCC Recommends Legislation to Enable Consolidation
of Communications Systems—Includes Safeguards
for Labor and Public—Would Permit Western
Union and International Telephone & Telegraph
Merger
The Federal Communications Commission on Jan. 21
transmitted to Congress recommendations for legislations
designed to enable the consolidation of domestic and international telegraph, cable, radio and other communication
services. These proposals were said to have the endorsement of President Roosevelt, and would remove the obstacles
presented by the anti-trust laws. The recommendations
were sent to the Interstate Commerce Committees of the
Senate and House. Included were provisions to safeguard
labor and the public interest, following in large respect
the railroad pension bill and the principles announced by
the Federal Co-ordinator of Transportation to prevent
an increase in unemployment. Companies eligible for
merger under the FCC plan include the International
Telephone & Telegraph Co., R.C.A. Communications,
Inc., and Western Union.
Some of the recommendations of the Commission were
described as follows in a Washington dispatch of Jan. 21
to the New York "Herald Tribune":
The Commission also submitted proposals to outlaw exclusive contracts,
such as those obtained by telegraph companies from railroads, and to
restrict rigidly the employment of the franking practice.
The Commission pointed out that telegraphy has never been a really
national service in the United States. At present, it said, fewer than
20,000 places in the United States have telegraph service, as compared
with 47,640 post offices and 75,000 places served by toll telephones. A
consolidated telegraph system, the Commission said, would have the
obligation to provide a national service, and under the legislation proposed the Commission would be able to compel extensions and to prevent
abandonments of service.
Under the Commission's plan, safeguards for employees in the event
of consolidations are set forth as follows:
1. Employees may be retired or dismissed as a direct or indirect result
anof the consolidation only upon the payment to them of retirement
nuities or dismissal compensation based upon age, service and earnings,
the amount and form of compensation to be determined by the FCC or
such other administrative agency as may be designated by the President,
which body shall also decide in disputed cases whether the retirement
Where
or dismissal was the direct or indirect result of the consolidation.
the employee would be eligible to retirement under the Plan in effect in
Jan. 26 1935
the company in whose employment he was at the time of the consolidation,
the retirement annuity shall not be less than that to which he is entitled
under the plan in effect at the time of his retirement or that to which he
would have been entitled on the basis of his age, service and earnings
under the plan in effect on Jan. 1 1935, whichever is more favorable to
the employee.
Provides Appealfor Employees
2. Except as provided in Paragraph 1, there shall be no dismissal of
employees because of consolidation. Any person dismissed after Jan. 1
1935 who believes his dismissal was in anticipation of consolidation shall
have the right to appeal to the FCC or such other administrative agency
as may be designated by the President, which agency shall have the power
to compel his reinstatement with payment for lost time if It finds his complaint justified. Any employee who believes he Is being dismissed or
forced to retire or to resign as a direct or indirect result of the consolidation shall have the right to appeal to the FCC or such other administrative
agency as may be designated by the President, which agency shall have
the power to compel the retention or reinstatement of such employee
with payment for lost time if it finds his complaint justified.
3. No employee shall be put in a worse position with respect to hourly
wage or average monthly wage, on account of the consolidation, than tie
was on Jan. 1 1935, or when the consolidation is consented to by the Commission, whichever is better from the standpoint of the employee. In
any dispute as to the application of this paragraph, the decision of the
FCC or such other agency as may be designated by the President shall
be final.
Gives Rules for Transfers
4. Seniority of employees shall be merged in accordance with regulations to be prescribed by the FCC or such other administrative agency
as may be designated by the President.
5. Subject to the limitations in the preceding paragraphs, the company
shall have the right to transfer employees from one place to another and
from one type of work to another; but any employee shall nave the right
to appeal to the FCC or such other administrative agency as may be
designated by the President, wnicn agency snail nave toe power to veto
any proposed transfer if it finds that undue hardship will be worked on
the persons Involved should the shift be carried out. The transfer expense and property loss caused employees by reason of transfers shall
be borne by the company within reasonable maximum limits.
W. L. Willkie Defends Utility Holding Companies
Before New York Economic Club—Holds Government Operation Generally Wastes Taxpayers'
Money—David E. Lilienthal, TVA Counsel, Critizies Holding Groups
Government operation of electric light and power plants
almost always proves unsuccessful and throws a heavy
s
burden upon all taxpayers, Wende11 L. Willkie, President
of the Commonwealth & Southern Corp., said on Jan. 21 in
an address before the Economic Club of New York. Mr.
Willkie was speaking on the same program with David E.
Lilienthal, Director and General Counsel of the Tennessee
Valley Authority, who declared that electricity is a business
directly "affected with a public use," and that the utility
holding company is a "financial tapeworm" afflicting the
electric utility operating companies.
Mr. Willkie compared the rates of the operating companies
of the Commonwealth & Southern Corp. with those charged
by the Ontario Hydro Commission, which he said serves 85%
of the customers in its area. If adjustments were made for
differences in interest, taxes and depreciation, he contended,
the American rates would be found to be substantially below
the Ontario rate. He said the propaganda activities which
preceded the development of the Ontario Hydro Commission
as a "yardstick" were similar to those now associated with
the TVA and other Government projects of like character.
Mr. Willkie also argued that municipal ownership of utilities usually ends in failure. In part, he said:
First, let us examine municipal ownership—it is as old as the business
itself. In the 50 odd years of the existence of the electric light and
power industry in the United States there have been established altogether
some 3,900 municipal plants. More than half of these have been abandoned,
and only about 1,800 remain. The percentage of mortality in the last 15
to 20 years has been higher. Of the 437 municipal generating plants established between 1920 and 1930, 323, or 74%, had been sold or abandoned
by 1932. These municipal plants throughout their history have been free
from taxation, yet to•day the average rate for all classes of service by
municipal plants is 15% higher than the rate for electric energy from
electric utilities privately owned. It is true that they have favored the
domestic at the expense of the industrial consumer, and in the isolated
Instances which are widely advertised of the low municipal domestic rates
in practically all instances are made possible by a subsidy upon the
Industrial user.
Interruptions of service in municipal plants are frequent and inevitable
except where such municipal plants are connected with the co-ordinated
transmission systems of privately owned utility companies.
The use of electric energy, with few exceptions, by customers of municipal
plants is substantially less than that of customers of private plants. Few
municipalities have done any promotional work in the sale of appliance,,,
and the extension of unprofitable rural lines by such plants is almost un•
known. They pay no Federal, State, county or municipal taxes, which
equal 15% of the income of the privately owned utility companies. By
reason of such exemption from taxes every citizen of the United States,
whether or not a resident of the particular cities in which such municipal
plants are located, is required to pay higher taxes. In municipalities
where municipal plants are operated the tax rate is materially higher than
in municipalities where privately owned utilities operate.
Mr. Lilienthal criticized utility holding groups, which, lw
said, are "under pressure to extract as much money out of
the operating companies as possible." The New York "Journal of Commerce" of Jan. 22 described his speech, in part,
as follows:
Volume 140
Financial Chronicle
Mr. Lilienthal said an "investment" in 1929 in a public utility holding
company debenture with a margin of safety then of 33 1/3% above interest
charges "can be neither protected nor attacked. It has long since disappeared by reason of processes over which the TVA or any other agency,
public or private, has little control."
The TVA official emphasized that he was expressing his personal views
and not the views of either the TVA or of the Federal Government.
Upholds Industry
He said the electric utility industry, from the business man's point of
view, "is one of the most fortunate of all of our industries. There is no
other major industry in the country so favorably situated. Because so great
a portion of the costs are attributable to fixed charges," Mr. Lilienthal
stated, "100% increase in output may increase expenses relatively little."
"There is not a major operating utility in the country that is in financial
difficulties," he said.
Holding that bonds of operating electric utilities are "among the most
stable investments," Mr. Lilienthal said, "whether this favorable condition
will continue depends in large part upon whether the senior security holders
of the operating companies . . . take appropriate steps to protect
their interests." He said "common stock management groups have, in
effect, been steadily confiscating senior security values," because "the holders of the common stock have erected upon that stock second, third and
even fourth capital structures, all of which they are struggling to keep
afloat. All the earnings, the only earnings available, must come out of
the operating properties at the bottom of the heap." This, he said, "saps
the strength of the senior securities of the operating utility and constitutes
a deprivation of the bondholders' property, without representation."
Mr. Lilienthal said the public has been demanding now for years without
avail "a thoroughgoing clean-up of a situation long since demonstrated by
experience to be unsound and intolerable." He said he did not recall any
holding company which has put such a program into effect.
Questions Stock Equity
He referred to the Federal Trade Commission report, issued a few days
ago, showing a write-up of 34.2% in capital assets of 91 operating utility
companies with combined assets of nearly $3,307,000,000. "Roughly, this
represents more than one-fourth of the reported capital assets of the entire
industry," he said. "The customary public utility capital structure is 50%
of bonds, 25% of preferred stock, and 25% of common stock. If the
books of the utility operating companies have been written up in excess of
25%, the question immediately arises: What equity is there for the corn.
mon stockholders? . . . The Federal Trade Commission's inquiry, substantiated by the experience of State commissions and private investigations,
casts a serious doubt on the existence of any substantial equity for common
stock in a very large part of the operating utilities of the country."
North Dakota House Votes Impeachment Against
Governor Moodie—State Supreme Court Will Hear
Charges—Executive's Opponents Contend He Is
Not An American Citizen
The North Dakota Supreme Court announced on Jan. 22
that it would hear charges in a disqualification suit against
Governor Thomas H.Moodie, Democrat. This action came
after the State House of Representatives on Jan. 18, by a
vote of 60 to 52, had approved an impeachment resolution.
Transmission of the impeachment articles to the Senate was
delayed, however, after the announcement of the Supreme
Court ruling. The House has challenged the citizenship of
the Governor, who was born in Canada, and as a result has
charged him with crime, corrupt practice and malfeasance in
office. In the event that the House completed its impeachment action the Governor would be automatically suspended
from office until tried by the State Senate.
Governor Moodie, who has been in office less than three
weeks, said on Jan. 19 that he would refuse to give up his
office until the situation was clarified. He added that he
contemplated legal action.
A dispatch from Bismark, N. D., Jan. 19, to the New
York "Times" referred to the charges against the Governor
as follows:
The impeachment resolution, without specifying violations, chariot'
"crimes, corrupt conduct, malfeasance and misdemeanors in office."
Leaders indicated a charge that Mr. Moodie "usurped" the office, knowing
he was not a citizen of the United States, would be the basis of efforts to
convict him. Mr. Moodie, born in Canada, has reiterated that he is a
United States citizen.
Governor Lehman of New York Sends Legislature
Recommendations of Commission on Unemployment Relief—Advises Minor Changes in State
TERA—Advocates Combination of Unemployment
Welfare Activities Under One Agency
Governor Lehman of New York on Jan. 21 submitted
to the State Legislature a preliminary report of his Commission on Unemployment Relief, recommending many administrative changes concerning the Temporary Emergency Relief
Administration. The Commission said that closer integration of the work of the Administration and the State Department of Social Welfare should be achieved as the first step
toward the ultimate combination of all State welfare functions
under one agency. The Commission reached its principal
conclusions regarding the life and functions of the TERA
in December, but publication of its report was delayed
awaiting the announcement of Federal relief plans for 1935.
The Legislature had originally set Feb. 15 1935 as the date
for the expiration of the TERA,but the Commission recommended that pending the development of the Federal work
571
relief program the life of the TERA be extended for one
year. Governor Lehman, in transmitting the report to
the Legislature, urged that the suggested changes be adopted,
and termed them "sound and constructive."
Other recommendations of the Commission were summarized in part as follows by the New York "Times" on
Jan. 22:
With respect to the proposed Federal public works program for the relief
of unemployment, the commission expressed the view that continued
Federal participation in direct relief would be necessary because of the
probable inability of the Federal program to absorb all employable persons
now on the relief rolls.
As a means of integrating the work of the State Department of Social
Welfare and the TERA, the commission in its preliminary report recommended that the present State Emergency Relief Act be amended to provide
that the TERA shall consist of six members appointed by the Governor.
one of whom shall be a member of the State Board of Social Welfare.
It is also recommended that the Commissioner of Social Welfare be
authorized to attend meetings of the TERA and to participate in its deliberations without the right to vote.
Expressing the conviction that "the need for a large volume of public
assistance, in one form or another, will continue as a major governmental
problem for several years," the commission declared it favored in principle
the ultimate unification of all State welfare functions in one permanent
agency, but did not consider the present time opportune for any such change
in the relief structure.
$455,000,000 Spent on Relief
As an indication of the size and importance of the problem involved.
as to both administration and financial responsibility, the commission,
which consists of thirty prominent citizens from the fields of business,
government, social work and other professions, recalled that in the aggregage unemployment relief in New York State had cost about $455,000,000
from Nov. 1 1931, to Dec. 1 1934.
This includes the cost of materials for work relief projects and supervisory and administrative expense, but does not include $88.700,000 spent
in the State by the Federal Government during the period of the CWA.
The Commission pointed out that the present monthly rate of relief
expenditures is greater than at any previous time in the history of the
State.
Although recognizing that emergency relief organization and emer,
gent" Practices inherently hamper the type of planning and financing
needed to meet a problem that, in large part, will be permanent, the Commission found that the flexible nature of the TERA was necessary for
the present.
New York Court of Appeals Defines Mortgagee Rights—
Decides Holders of Second Loan Not Entitled to
Unpaid Rents, Despite Agreement
Some important legal difficulties relating to the right of
mortgagees were clarified in a recent decision by the New
York Court of Appeals, it is pointed out by Samuel R.
Schneider, member of the New York bar in citing a ease
from which an appeal was taken from the verdict of the
Appellate Division, First Department. The New York
"Times" of Jan. 20, in directing attention to this, added:
The appeal was taken on behalf of the holder of a second mortgage on
property in the Bronx. The first mortgage,upon which there was an unpaid
balance of $951.500, contained the usual clause assigning the rents to the
first mortgagee as further security in the event of default.
Prior to Jan. 13 1932, the second mortgagee instituted an action to foreclose its mortgage and obtained the appointment of a receiver of the rents.
The/defendant-owner and the second mortgagee then made an agreement
whereby the second mortgagee agreed to dismiss the foreclosure action,
ask for the discnarge of the receiver, waive all rights to the receivership
fund and disburse it as rents collected under the agreement, and take
Possession and manage the property.
Mortgage Agreement
When this agreement was made the defendant was in default to the
plaintiff in tne case under its first mortgage, of which the second mortgagee had knowledge. On July 27 1934, foreclosure action was started
appointing a receiver of the rents for the benefit of the first mortgagee.
The arrears of rent aggregated $4,915.
In the appeal the second mortgagee requested a modification of the
order appointing tne receiver in tne foreclosure action to the extent of
vacating tne direction to collect tne rents due and also asked that the
receiver turn over to the second mortgagee all moneys representing rents
which had accrued but were uncollected on Jan. 27 1933.
"The Court of Appeals, in the opinion written by Justice Crane," said
Mr. Schneider,"held that the second mortgagee, although in actual possession of the mortgaged premises under his junior mortgage and under the
Possession agreement, was not entitled to the accrued rents, which had not
been collected during his actual possession. The Court held that if the
second mortgagee had collected the unpaid rents, he would have been
obliged to pay them over in accordance with the agreement with the owner.
which required that the second mortgagee, after deducting expenses and
taxes, give tne balance to the first mortgagee on account of instalments
due under the prior mortgage.
important Features Defined
"The important feature in this decision is that the Court emphasized
certain fundamental rights of mortgagees in foreclosure proceedings. They
involved tne principles tnat the owner is entitled to the rents until tnere
is a default and then tne mortgagee nas an equitable claim to the rents
unpaid and also that when a receiver of the rents has been appointed in a
foreclosure proceeding he has a right not only to the rents that become due
after his appointment, but also to those which had hitherto been unpaid.
"In addition, it was also declared that the lien of the mortgagee dates
from the appointment of the receiver, and the rights of the receiver to
collect rents extends only to such as are unpaid at the time of his appointment and that a receiver appointed in an action to foreclose a junior mortgage may keep and apply to that mortgage debt the rent which he has
collected as against a receiver subsequently appointed in an action to foreclose a senior mortgage.
"The opinion also defined the principle that when a senior mortgagee
has a receiver appointed, his lien immediately attaches not only to future
rents but also to past rents. As between the equitable liens of the senior
and the junior mortgagees, that of the senior is superior,"
572
Financial Chronicle
RFC Has Directly or Indirectly Benefited All in Nation,
Chairman Jones Tells President Roosevelt and Congress—Reports Disbursements During 1934 of
$3,384,396,476—Increase of $26,002,917 Noted in
Earnings in Year—RFC Assistance Still Needed,
He Says, for Commodity Loans, Railroads, Real
Estate Mortgages, 8ce.
In a report to President Roosevelt and Congress, dated
Jan. 17, Jesse H. Jones, Chairman of the Reconstruction
Finance Corporation, said that "it is probably a safe assertion that everyone in the United States has been directly
or indirectly benefited by the operations of the RFC." Mr.
Jones said that the Board (of the Corporation), in expectation that the lending operations of the Corporation 'will be
extended beyond Jan. 31 1935, recommends that the RFC be
authorized to make or extend loans to mature on or before
Jan. 31 1945. He stated that "the collection of a very large
amount of our remaining loans, and future loans for relief
of the mortgage situation, will depend to a large extent
upon the liquidation of real estate and mortgages in closed
banks and mortgage institutions," and added that "we think
extensions in some cases for as long as 10 years, with
periodical payments, will allow a much more orderly liquidation, and enable those affected to protect their equities and
be more helpful in recovery." Mr. Jones cites as "the
objects which we believe still need especial assistance by
the RFO:
(1) A continuation of commodity loans through the Commodity Credit
Corporation;
•
(2) Nation-wide assistance to real estate mortgages;
(3) Assistance to railroads on a secured basis; and
(4) Industrial loans for current needs and for modernization and replacement of plant and equipment.
According to tabulations included in Mr. Jones's report,
earnings of the Corporation during 1934 increased $26,002,917 above interest and expenses. Earnings of the Corporation during the period from Feb. 2 1932, when it began
operations, to Dec. 31 1934 are reported as having increased
$65,175,963. Disbursements of the Corporation during 1934
totaled $3,384,396,476, it is noted, while total receipts are
shown as $3,383,607,918. During the period from Feb. 2
1932 through March 3 1933, disbursements amounted to
$2,027,064,236, and from March 4 1933 to Dec. 31 1934,
$4,821,008,987. In our issue of Jan. 19, page 405, we gave
a report of the Corporation showing disbursements during
the entire period from Feb. 2 1932 to Dec. 31 1934.
Mr. Jones's report of Jan. 17 follows:
Jan. 26 1935
the bondholder to surrender them and at the same time meet the requirements of
the landowner.
(3) We are authorized to lend up to $75,000,000 to school districts for the purpose
of paying back salaries due teachers prior to June 1 1934, upon full and adequate
security. The only district that has offered security other than school buildings is
the Chicago Board of Education, to which body we loaned 222,300,000 in August
1934. This loan was secured by valuable Chicago City property, mostly revenuebearing, and not used for school purposes. The appraised value of the security
was more than 160% of the amount of the loan.
We sold the loan in December
1934 at a premium of 2223,000 above interest.
(4) We are authorized to purchase securities from the Federal Emergency Administration of Publio Works, but to have invested in these securities not more than
2250,000,000 at any one time. We have bought 243,586,050 par value of these
securities, of which 22,094,750 were purchased to be held for retirement by the
issuers or for collection at maturity, and $41,491,300 of which we have sold in the
open market. 513,680,750 of these were cleared on Jan. 2 1935. We have endeavored to market these securities so as to get the best possible price, and have gotten
a premium of $674,531.56 for the securities sold at public sale. This premium we
have added to the price paid PWA for the bonds, handling the bonds without profit
or loss to the Corporation.
(5) Loans to industry have been difficult to make in any great amount, largely
for the reason that those industries most in need of funds cannot easily comply with
the law under which these loans are made. Some progress has been made, however
and the fact that the Federal Reserve banks and the RFC have been able to make
direct loans has stimulated loans to industry by banks.
(6) The large difference between authorizations for loans on cotton, corn, tobacco
and other commodities and the amount actually disbursed occurs from several reasons. 230,000,000 of the loan to China for cotton and wheat was canceled. 8448,000,000 in the aggregate was authorized for loans on the 1933 cotton and corn crops,
but only 2262,391,405.59 actually used. The fact that these loans were available
from the RFC made it possible for the farmers to get loans from banks and not call
upon the Government. Commitments for 1934 corn loans may be disbursed any
time prior to July 1 1935, and for 1934 cotton, prior to July 311935. Consequently
these are still outstanding. Loans upon these and other commodities, permitting
marketing in an orderly manner rather than necessarily at harvest titre, undoubtedly
helped to Increase and maintain commodity prices. Our loans on the 1933 cotton
and corn crops have practically all been repaid.
(7) Loans outstanding to 58 railroads, Including receivers, total $376.555,435.44.
The aggregate market, or appraised value of the collateral pledged to secure these
loans is in excess of $600,000,000. Included in these loans are loans aggregating
$51,760,227.05 to seven railroads which, after the laons were made, were placed
in receivership or flied petitions under the Bankruptcy Act. Our Railroad Division
estimates that on the basis of present market values, there is a deficiency in the
collateral of 11 roads aggregating approximately $17,000,000. The security that
we hold for these loans and that we will receive from such roads as are reorganized
will probably be worth at least the amount of the loans.
(8) The Corporation has authorized 20.316 loans to 10,589 separate borrowers,
aggregating $5,554,874,815.93.
(9) Our total loans actually disbursed for all purposes except on preferred stock
of banks and insurance companies, which loans are expected to run for a long time,
have been $3,860,871,978.30. Repayments on these loans have been $2,363,830,011.94, or 61%. Repayments on all loans and investments, including investments
in preferred stock and capital notes of banks and loans on preferred stock in insurance companies, but excluding the amounts allocated by direction of Congress and
Executive Order of the President, have been $2,465,074.717.71,or 51% of the total.
While our repayments are gratifying. Indicating the great strength of our country,
and in large measure the degree of recovery already attained, they evidence continued
liquidation not necessarily helpful in recovery.
(10) 7,213 authorizations have been made for the purchase of preferred stock,
capital notes and debentures in 6,694 banks and trust companies, aggregating
$1.202,489,040.
(11) The smallest loan authorized by the Corporation is 8500. The largest
amount authorized to one Institution, the conservator and receiver of the First
National Bank of Detroit, is 2174,609,000. We have endeavored to give the same
careful consideration to all applications, regardless of size, location or purpose.
(12) Loans made to 914 banks that closed after the loans were made have been
entirely repaid.
(13) Interest and dividends, collected and accrued, have exceeded our expenses,
Including interest paid and accrued, by 265,175,963.18, not including 315,712,775.75
Interest accrued on 2280,025,518 advanced to States for direct relief under the 1932
Relief Act, which advances were to have been repaid by the States, with interest at
3%, by deductions from the States' Federal Highway allotments a provision which
the Congress later repealed.
(14) Total operating expenses of the Corporation, both at Washington and our
32 agencies, including custodian expenses at the agencies, have been less than
1-3 of 1% on loans and investments authorized, not including allocations to other
governmental agencies and the Federal Emergency Relief Administrator and
43-100 of 1% on moneys actually disbursed for all purposes except allocations to
other governmental agencies and the Federal Emergency Relief Administrator.
The above does not include interest paid on money borrowed.
RECONSTRUCTION FINANCE CORPORATION—WASHINGTON
Jan. 17 1935.
To the President and the Senators and Representatives of the Congress of the
United States:
Inasmuch as the lending life of the RFC expires on the 31st of this
month, and a further extension seems advisable, it appears appropriate to
give you an account of its operations, with certain comment.
The operations of the Corporation have been greatly enlarged under the
present Administration, and the directors have endeavored to administer
Its affairs ,with a view to being of the greatest possible assistance within
the limitations of the law, and at the same time without being an ultimate
burden to the taxpayer.
It is probably a safe assertion that everyone in the *United States has
been directly or indirectly benefited by the operations of the RFO. Some
who have been especially benefited are:
(1) The 20,000,000 depositors in closed banks.
(2) The depositors in all banks, and the country as a whole, through the strengthening of the capital of approximately one-half of all banks in the country.
(3) Those engaged in agricultural pursuits, through the many activities in their
Interest, including especially those small farmers whose taxes and water charges
have been greatly reduced through loans to irrigation and drainage districts.
(4) The institutions to which more than 20,000 loans were made, and their
creditors.
(5) Trade and business generally through releasing for circulation all of these
funds.
With bank repair approximately completed, the objects which we believe
still need especial assistance by the RFC are:
(1) A continuation of commodity loans through the Commodity Credit Corporation.
(2) Nation-wide assistance to real estate mortgages.
(3) Assistance to railroads on a secured basis.
(4) Industrial loans for current needs and for modernization and replacement of
Want and equipment. Including in some instances composition of debts on a basis
that will enable the borrower to continue operations.
Some of the Corporation's operations that might be of especial interest
follow:
(1) we have endeavored to lend the probable liquidating value of assets in closed
banks, making allowance for expense of liquidation and other contingencies. With
continued Improvement in general conditions, there will be some further equities
for depositors in some of these banks. Our law, as amended by the 73rd Congress,
gave us authority to buy assets in closed banks as well as to lend upon them,so that
receiverships could be wound up. As a practical matter It has seemed more in the
Interest of the depositors to lend upon these assets, than to buy them. We should
not buy at less than fair value if we are to be of the most help to the depositors,
and the law does not'permit us to buy at more than fair value. Our directors have
thought it better to lend for the reason that with further recovery, the depositors
will get the full value of the assets, whereas if we buy and the estates are wound up,
the depositors can get no more. In any event, the estates must be administered
and it is not certain that the RFC could, under all circumstances, administer them
more cheaply than the Comptroller of the Currency and the Several State banking
authorities.
(2) We are authorized to lend up to 2125,000,000 to drainage, levee and irrigation
districts to enable composition of their bond indebtedness and a reduction in taxes
and water charges. $81,785,000 of this sum has already been authorized and it
appears that the amount provided will be sufficient to meet the most pressing cases.
The procedure is somewhat slow because of the great number of people the various
districts have to deal with in arriving at a fair value for the bonds, which will induce
If the activities of the Corporation are to be extended, our Board recommends that we be authorized to make or extend loans to mature on or
before Jan. 31 1945. The collection of a very large amount of our remaining loans, and future loans for relief of the mortgage situation, will depend
to a large extent upon the liquidation of real estate and mortgages in
closed banks and mortgage institutions.
We think extensions in some
cases for as long as 10 years, with periodical payments, will allow a much
more orderly liquidation, and enable those affected to protect their equities
and be more helpful in recovery. We think we can be of very real nationwide assistance by helping to promote and revive a market for real estate
mortgages not necessarily eligible through the Farm Credit or Home Owners'
lending agencies, and by co-operating with these agencies and with the
Federal Housing Administration, as well as Public Works in construction
projects—all on a sound basis. A very large part of our entire Population
has some direct or indirect interest in real estate, and anything that can
be done toward restoring a sound loan value, or market value, for real
estate mortgages, will be helpful to a vast number of people. We are
convinced that this can be done without cost to the taxpayer and with
very little use of Government credit. We do not want to encourage speculative lending, but would like to help people save their properties where
It can be done without loss to the Government.
We have given a great deal of study to the railroad situation and feel
that there is considerable that this Corporation can safely do in aid of
railroads generally, without ultimate loss to the Government. It is not
our thought even to approach railroad ownership, but with same further
loans and probably some limited guarantees, we can help very materially
In reorganizations and consolidations.
We have approximately $800,000,000 of available borrowing capacity for
general purposes above commitments, $470,000,000 of our funds having
been transferred by Executive Order of the President to the Federal
Emergency Relief Administrator under authorization of the Emergency
Appropriation Act—fiscal year 1985. It is entirely possible that we will
not need any additional borrowing capacity, but in view of recent discussions to the effect that another $500,000,000 of our unexpended funds
might be used for direct relief, you may wish to consider the advisability
of adding something to our borrowing power.
Our borrowing is at all times subject to control of the Treasury, and our
activities subject to termination by Presidential proclamation.
JESSE H. JONES, Chairman.
Some of the tabulations contained in Mr. Jones's report
we give below, including the statement of the condition of
the RFC as of Dec. 31 1934. In addition to the tables which
follow, several others were also presented by Mr. Jones covering the complete operations of the Corporation from Feb. 2
1932 to Dec. 31 1934, and which were similar to those in the
report given in our issue of Jan. 19:
Volume 140
Financial Chronicle
LOANS. INVESTMENTS AND ALLOCATIONS AUTHORIZED AND DISBURSED PRIOR TO MAR. 4 1933 AND AFTER MAR.4 1933
Authorizations a
--Disbursements
Feb. 2 1932 Mar. 4 1933 Feb. 2 1932 Mar. 4 1933
Through
Through
Through
Through
Mar. 3 1933 Dec. 31 1934 Mar. 3 1933 Dec. 31 1934
Loans on cotton, corn, to$
$
$
$
bacco and other commodities
55,495,722 938,112,708
1,547,572 321,108,572
Loans for distribution to
depositors in closed bks. 96,738,510 948,491,732
79,572,017 882,132,092
Loans to receivers of building and loan associations
1,043,859
22,187,069
Loans to railroads (including receivers)
359,885,015 105,221,065 325,417,074 121,866,197
Loans to drainage, levee,
and irrigation districts_
81,785,918
12,298.223
Loan to Chicago Board of
Education to pay teachers' salaries
22,500,000
22,300,000
Loans to industrial and
commercial businesses_
34,522,035
6.767,780
Loans to banks and trust
companies
1,101,633,338 241,783,743 951,440,497 181,622,415
Loans to Fed. Land banks 29,000,000 370.636,000
18,800,000 368,436,000
Loans to mortgage loan
companies
101,065.313 259,095,665
90,702,926 115,164,866
Loans to aid in financing
self - liquidating construction projects (f)
180,041,006
78,206.048
18,674,000 113,041,622
Loans to regional agricultural credit corporations 46,400,398 132,440,056
41,435,449 131,808,191
Loans to building and loan
associations
107,953,328
13,265.790 101.523,591
12,404,641
Loans to insurance cos
93,674,931
80,523,480
9,208.626
8,994,383
Loans to Joint Stock Land
banks
8,056,822
13,046,350
4,897,209
10.762.162
Loans to livestock credit
corporations
13,313,302
1,161.659
11,928,530
889,202
Loans to Federal Intermediate Credit banks_
9,250,000
9,250,000
Loans to State funds created to insure deposits
of public moneys
8,387.715
8.387,715
Loansto agriculturalcredit
corporations
3,981,404
2,031,975
3,615.227
1,920,902
Loans to credit unions_
482,001
140,966
449,653
131,201
Loans to processors or distributors for payment of
processing taxes
26,089
14,718
Loans on preferred stock
in banks
29,877,505
20,656.705
Loans on preferred stock
In insurance companies_
35,775,000
30,125,000
Purchase of pref. stock in
one insurance company
100,000
100.000
Purchases of pref. stock
11776,469,240
c592,000,545
Purchases of capital notes
and debentures
d426,019,800
e325,346,800
Purchases of securities
from PWA
44,260,581
29,760,750
2,197,721,094 4,604,003,343 1,730,527,229 3,128,334,549
Allocations to other governmental agencies and
for direct relief
589.715,474 1,573,273.017 296,537,006 1.692.674,437
Total
2.787,436.569 6,177.276,360 2.027.064,238 4,821,008,987
a Of the authorisations $784,266,138 has been canceled or withdrawn.
b In 3,913 banks. c In 3,207 banks. d In 2,781 banks. e In 2,490 banks.
f Including loans for the repair and reconstruction of property damaged by earthquake, fire, tornado and cyclone.
RECEIPTS AND DISBURSEMENTS DURING THE YEAR 1934
Receipts—
$
From repayments on loans (including $1,379,962.22 on loans
secured by preferred stock of banks)
1,286,268,548.12
From retirement of preferred stock, capital notes and debentures
70,141,303.93
From sale of PWA securities
28,232,140.76
From sale of Chicago Board of Education bonds (teachers' loan)
(sold at premium of $223,000)
22,300,000.00
From relief advances, 1932 Act
1,241,324.00
From advances and other reimbursable Items
3,621,694.88
interest
From
64,500,608.04
From dividends on preferred stock
8,871,653.69
From sale of gold to Secretary of the Treasury (at book)
From regional agricultural credit corporations (transfer of capital 131,977,955.52
from one regional to another)
4,625,000.00
From miscellaneous sources, including suspended credits (principal
and interest approximately $34,000,000)
48,690,688.95
Total receipts in ordinary activities of corporation
1,670,470,917.89
From sale of notes:
To Secretary of the Treasury
1,560,000,000.00
To banks whose preferred stock, capital notes or debentures were
purchased by she Corporation
153,137,000.00
Total receipts
3,383,607,917.89
Disbursenteuts—
Loans on cotton, cora, tobacco and other commodities
240,770,505.62
Loans for distribution to depositors in closed banks
372.382.927.67
Loans to receivers of building and loan associations
1,043,859.02
Loans to railroads (Including receivers)
53,189,013.62
Loans to drainage, levee and irrigation districts
9,884,268.86
Loan to Chicago Board of Education to pay teachers' salaries
22.300.000.00
Loans to industrial and commercial businesses
6,767,780.11
Loans on preferred stock in banks
10,298,605.00
LORTIS on preferred stock in insurance companies
25,750,000.00
Loans for all other purposes
421,701.245.97
Purchase of preferred stock in one insurance company
100,000.00
Purchases of preferred stock in banks
455,002,429.23
Purchases of capital notes and debentures in banks
208-356,800.00
Purchases of securities from PWA
29.760,750.46
Advances and other reimbursable items
3,265,500.23
Redemption of notes issued for gold
131.575,460.82
Regional agricultural credit corpoartions (transfer of capital from
one regional to another)
4,625,000.00
Interest paid on notes sold to Secretary of the Treasury
42,523.686.05
Interest paid on notes sold to banks
4,293.262.02
Operating expenses
10,518,631.98
Miscellaneous disbursements
9,693,220.08
Total disbursed in ordinary activities of Corporation
2 063,802,946.74
Disbursed to other governmental agencies and for direct relief
990,493,529.42
Disbursed for payment of notes Issued:
To Secretary of the Treasury
325,000,000.00
To banks
5,100 000 00
Total disbursements
3 384,396,476.16
The purpose of this tabulation is to show actual receipts and disbursements during the year 1934.
EARNINGS AND EXPENSES FEB. 2 1932 THROUGH DEC. 31 1934
Income—
Interest earned (collected and accrued)
$179,117,736.41
Dividends earned on preferred stock (collected and
accrued)
19,413,775.29
Other income
366,720.72
$198,898,232.42
Expense—
Interest paid and accrued on notes issued:
To Secretary of the Treasury
$106,369,781.71
5,007,259./39
To banks
Other interest
23,829.61
22,321,398.03
Operating expenses
133,722,269.24
Earnings above interest and expenses
805,175.963.18
573
EARNINGS AND EXPENSES FOR THE YEAR 1934
Income—
Interest earned (collected and accrued)
$74,568,775.93
Dividends earned on preferred stock (collected and
accrued)
17,842,157.08
Other income
364,201.14
892,775,134.15
Expense—
Interest paid and accrued on notes issued:
To Secretary of the TreasurY
To banks
Other interest
Operating expenses
$47,583,411.83
4,937,633.35
8,340.37
10,485.701.03
63,015,086.58
Earnings above interest and expenses
Less: Adjustment of prior years' earnings
$29,760,047.67
3,757,130.51
Net increase in earnings above interest and expenses
$26,002,917.06
STATEMENT OF CONDITION AS AT CLOSE OF BUSINESS DEC. 31 1934
Assets—
$
Cash on deposit with Treasurer of United States
5.868,698.17
Cash held by Federal Reserve banks as collateral
44,523.27
Loans outstanding
1 546,198,710.28
Preferred stock, capital notes and debentures of banks and one
Insurance company
846,059,741.97
Advances for direct relief (under 1932 Relief Act)
297,773,590.00
Allocated to other governmental agencies (including advances for
direct relief under Relief Act of 1933 and Emergency Appropriation Act, 1935)
1,689.226,444.64
Advances for care and preservation of collateral and other reimbursable expense
674,925.70
Accrued interest and dividends
42,760.913.10
Other assets
4,019,583.85
Total
Liabilities and Capital—
Notes
Accrued interest
Liability for funds held as cash collateral
Remittances not credited on borrowers' indebtedness
Unearned interest and discount
Other liabilities
Capital stock
Earnings above interest and expenses (available to cover losses)
Total
4,432,627,130.98
3,834,336,666.67
10,961,142.45
341.699.80
21,105,920.79
13,287.56
692,450.53
500,000.000.00
65,175.963.18
4,432,627,130.98
Memorandum—
Undisbursed authorizations and commitments to make loans: to
Purchase preferred stock, capital notes and debentures; to make
advances for care and preservation of collateral: to purchase
securities from Federal Emergency Administration of Public
works and for direct relief under 1932 Act
1 158.813,982.50
Undisbursed allocations to other governmental agencies (including
advances for direct relief under Relief Act of 1933 and Emergency
Appropriation Act, 1935)
173,762,047.61
Total
1,332,576,030.11
Bills to Extend Life of RFC for Two Years Introduced
in Congress—Senate Committee Drops From Bill
Provision Proposing Treasury Control of Funds—
Hearing Before House Committee—Aid in Behalf
of Railroads, Real Estate and Insurance Companies
The Administration's bills to extend the life of the Reconstruction Finance Corporation for two years to Feb. 1 1937,
were introduced in the Senate and House on Jan. 18 by
respectively Senator Fletcher (Democrat) of Florida, and
Representative Steagall (Democrat) of Alabama, head of
the Senate and House Banking committees. It was noted
in Associated Press advices from Washington Jan. 18 that
among the features of the new legislation are:
Permission to make loans running until Jan. 31 1945, and to Purchase or
guarantee railroad obligations, including equipment trust certificates.
Authority to purchase "any portion of, as well as all, of the assets of
closed banks."
Extension of the Commodity Credit Corporation's life to April 1 1937.
Increase in the AFC'sfunds for aiding insurance companiesfrom $50,000,000 to $75,000,000.
Continuance of the export-import banks to June 16 1937.
The same advices said:
A provision would "place under the Director of the Budget determination
of the expenditures which shall be made by the corporation, notwithstanding the availability of funds authorized by Congress."
Jesse Jones, Chairman of the RFC,In forwarding the bill,said the railroad
section was designed to "clarify and broaden somewhat the power of the
Corporation to be of assistance to the railroads of the country."
On Jan. 23 the Senate Committee, in declining to give the
Director of the Budget and the Secretary of the Treasury
authority over RFC expenditures struck the provision from
the bill, according to advices from Washington to the New
York "Times."
Pointing out that the authority of the RFC would be
broadened under the legislation introduced Jan. 18 the correspondent of the New York "Journal of Commerce" on that
date said:
Under its terms, if enacted into law, the Corporation would be permitted to make loans for sufficiently long periods to enable borrowers to
make repayment without the drag on business activities which might be
attendant upon the rapid utilization of capital for that purpose. Loans,
advances, renewals or extensions would be allowed to run to maturity dates
not later than Jan. 31 1945, instead of Feb. 1 1940, as now provided under
existing law.
A significant feature of the proposed legislation is that which coincides
with the expressed views of the President favoring the scaling down of the
debt structure of the railroads, providing that as a condition of making loans
to railroads, or purchasing the obligations thereof, for a period longer than
five years the Corporation may require:
Jones Explains Motive
"That such arrangements be made for the reduction or amortization of
the indebtedness of the railroad, either in whole or in part, as may be approved by the Corporation after the prior approval of the Interstate Commerce Commission." "This provision," explained Chairman Jesse H.Jones
of the Corporation, "is considered to adequately protect the Corporation's
Interest In connection with these long term loans, and is in accordance with
574
Financial Chronicle
the plan for the scaling down of the debt structure of railroads and railways
approved by the President."
The bill further undertakes to clarify and broaden somewhat the power of
the Corporation to be of assistance to the railroads. The Corporation
would be permitted, with the approval of the ICC to purchase for itself, or
for account of a railroad obligated thereon, obligations, including equipment
trustcertificates, of railroads engaged in interstate commerce in addition to
the making of loans to such railroads which the Corporation is at present
authorized to make.
The corporation would have the power also to guarantee the payment of
the principal or interest, or both, ofsuch obligations. To clarify the position
of the corporation In regard to the assistance which it may give the roads and
somewhat to enlarge the scope of such assistance, the following is proposed
to be adopted:"To aid in the financing,reorganization, consolidation, maintenance or construction."
Believing that re-establishment of a nation-wide market for sound real
estate mortgages is an important element in recovery, the corporation proposes action by Congress that would enable it to be of assistance in this field.
Aid to Real Estate
Under a suggested amendment it would be empowered to assist in the
movement by subscribing, upon the request of the Secretary of Treasury
with the approval of the President, to the non-assessable stock of mortgage
loan companies, trust companies, savings and loan associations, and other
similar financial institutions whose principal business is that of making real
estate mortgage loans. The corporation also could sell, under certain conditions, the stock, capital notes, or debentures acquired by it.
Ambiguity in the language of the present law relating to the right of the
corporation to make loans upon or purchase the assets of closed banks which
have been trusteed for the benefit of depositors is to be cleared up. Some
doubt has arisen in interpreting the language of this section as to whether
the term "assets" means necessarily "all" the assets of a closed bank or
whether it would permit the purchase merely of a portion thereof.
Aid to Insurance Companies
An additional $25,000,000 to take care of the pending and future legitimate requirements of insurance companies is sought. The corporation, as
of Jan. 15 1935. has authorized the investment of $2.100,000 in purchase of
Preferred stock of insurance companies and the investment of $33,775,000
In loans on preferred stock and capital notes of such companies, making a
total of$35,875,000. Under the existing act there is a limitation of$50,000,000 on the amount of funds of the corporation which may be invested in
such purchases or loans. Applications now pending before the corporation
and others in immediate prospect indicate that the entire balance of the
fund will be more than absorbed and additional money is desired.
In a Washington dispatch to the "Times' it was stated
that plans of the RFC to aid the financing and reorganization
of railroads were outlined on Jan. 22 by Stanley Reed, the
Corporation's general counsel, who said that, in seeking the
power to buy new obligations Or to guarantee payment of
them, the RFC intended to compel railroads seeking help to
scale down or amortize their indebtedness, under ICC
approval. From the dispatch we also quote:
Appearing before the House Banking and Currency Committee to explain
provisions of the Steagall bill, which would extend the RFC's life for two
years from Jan.31, Mr. Reed said that twelve railroads were in bankruptcy
or receivership and that the RFC's ability under the present law was restricted to helping railroads to maintain operations through purchase of
outstanding obligations.
Representative Dirksen of Illinois held that the bill would enable the
RFC, through its power to withhold loans or purchase of obligations, to
"dismember roads."
The bill was reported to the Senate on Jan. 23. It is
stated that in reporting the bill, the Committee decided to
restrict loans to mortgage loan and similar companies to
$100,000,000.
United States Chamber of Commerce Issues Report on
Budget Preparation—Urges State and Local Governments to Adopt Financial Reforms to Eliminate
Deficits
Recommendations covering the preparation of State and
local budgets were made public Jan. 20 by the Chamber of
Commerce of the United States. The suggestions were contained in a report by a special committee which had been
appointed to survey State and municipal costs. The report
said that many current deficits have been due to faulty
planning, particularly as regards revenue estimates, while
some governmental units were able to avoid deficits during
the depression "as a result of good budgetary procedure."
The report said that the budget should be prepared in a
finance department directly responsible to the chief
executive.
•
The major recommendations by the Chamber's committee are given below:
A budget embraces a complete fiscal program for a definite period of
time, in which are set forth all proposed expenditures and all estimated
receipts. The budgetary process should be continuous and consist of the
steps whereby the estimates are prepared and the program devised, adopted
and carried into effect.
Preparation and form of the budget: The budget should be prepared
by or under the direction of the chief executive. It should consist of
three major divisions—a summary, the detailed budget plan and estimates
and drafts of the necessary appropriation acts or ordinances. It should be
comprehensive and embrace all proposed expenditures and all anticipated
receipts, including operations of income-producing public service enterprises, such as water works, and all proposals for capital outlay, whether
to be paid for from bond issues, special assessments, tax receipts or other
revenues. Revenue and expenditure estimates should be made with care;
large deficits or surpluses should be avoided. Balanced budgets are
essential to good budgetary practice.
Jan. 26 1935
Adoption of the budget: The chief executive should present the budget
to the Legislature for adoption. The Legislature, before considering the
budget in detail, should determine upon maximum limits of expenditures
and receipts. Permission should be given the Legislature to decrease but
not increase the expenditure proposals made by the executive. There
should be limitations upon adoption of supplementary and deficiency
appropriations. The executive should have the power to veto individual
items in appropriation bills.
Carrying out the budget: Budgetary administration should be centralized in a finance department under the control of the chief executive.
Budgets should be carried out by the chief executive through an allotment
system, devised with attention to a carefully devised work program which
is closely related to revenues actually received. Accounting systems
should be set up on an accrual rather than a cash basis, and cost accounting
should be adopted wherever possible and practicable. The executive should
have power to reduce expenditures below appropriations when expected
ir.come is not being realized.
Overlapping governmental units: Budgetary difficulties caused by overlapping local governments should be eliminated by consolidation of such
units, or through the establishment of authorities with power to review and
co-ordinate the fiscal programs of such agencies.
State relations to local budget making: Each State should consider the
establishment of an agency to advise, assist and, in the event of the development of fiscal difficulties, supervise local governments in their fiscal
administration.
Direct Government Subsidy for Commercial Shipping
Proposed by Committee of United States Chamber
of Commerce—Adherence to Rate Schedules Urged
A separate Government subsidy to American shipping
lines operating on essential trade routes between the United
States and foreign ports was recommended Jan. 19 in a
report by the Merchant Marine Committee of the Chamber
of Commerce of the United States. The Committee, headed
by James A. Farrell, said that an Assistant Secretary of
Commerce should administer contracts under which shipping
companies would receive subsidies for operating regular
services on prescribed routes. Any new vessels to* operate
on these routes, the report said, should "be built to the
highest standard of safety, suitability and efficiency, and
subject to approval by the Navy Department."
We quote below, in part, from the Committee's report:
The necessity for the subsidy arises from both construction and operating
differentials.
Due to the fact that the capital differential is the main consideration
In the determination of an ocean shipping subsidy, and the further fact
that this charge remains the same throughout the life of the ship, subsidy
contracts should be for the vessel's life, usually considered 20 years.
The operating differential, on the other hand, is likely to vary from time
to time. To permit adjustment to any changed conditions, there should
be provision for review of the contract terms not more often than once
every two years.
It must be recognized that it would be to the benefit neither of the
American shipping industry nor of the American producer and shipper if
the cost of ocean transportation was lower from foreign ports than obtainable from here.
Almost all American lines are members of rate conferences, which provide
the accepted method of stabilizing ocean freight rates and which tend to
equalize rates in world trade.
All lines operating from United States ports in foreign trade should be
required to adhere to the conference rates in their particular trades, otherwise there will be no stability in world ocean freight rates, and through
conference connections between operators from United States ports and operators from foreign ports, an equitable relationship between rates to competitive markets should be established.
In this manner, the vicious circle of rate-cutting could be eliminated,
bringing more healthy conditions of competition in foreign trade.
For these reasons adequate powers should be given to a governmental
regulatory agency to require all lines, foreign as well as American, operating
from United States ports to foreign ports to adhere to conference rates,
otherwise our merchant marine will be at a disadvantage in competition.
George N. Peek Outjines Five-Point Foreign Trade
Policy—President's Adviser Advocates Course Opposed by Secretary of State Hull—Barter Agreements with Other Nations Advocated
The United States should adopt a five-point program in
an effort to revive foreign trade, George N. Peek, special
adviser to the President, said on Jan. 19 in an address
before the Women's Political Club in Washington. Mr.
Peek urged an abandonment of the most-favored-nation
policy, which has been advocated by Secretary of State Hull
In negotiating reciprocal agreements with other nations.
Included in Mr. Peek's program was the utilization of barter
arrangements with other countries. Mr. Hull has opposed
barter transactions, contending that they retard the normal
flow of international trade. Mr. Peek's suggestions are
given below, as contained in Washington advices, Jan. 19, to
the New York "Herald Tribune":
The first step in Mr. Peek's program calls for the United States to recognize that foreign trade has become a definite and direct concern of governments and that unless the country's foreign trade interest, receive backing
and assistance similar to that given by other governments to their traders
the United States will not be able to compete on equal terms. He expressed
the belief that the export-import banks can play a fundamental part in
foreign trade and should be organized and continued on a permanent basis.
Mr. Peek advocated the consolidation of the 50 or more organizations
In the governmental set-up dealing with foreign trade activities functioning
under unified direction. He favored the establishment of a permanent
Board of Foreign Trade composed of men experienced in the various fields
of agriculture, finance and government, with powers adequate to deal
comprehensively with foreign measures.
Volume 140
Financial Chronicle
The keeping of accurate and up-to-date records of commercial and financial transactions of the United States with each individual country, in order
to determine at all times the status of trade and international balances so
as to steer an intelligent course, was another point advocated by Mr. Peek.
Other points in the program included a policy of selective exports and
imports to maintain a balanced economy, and a solution by the Government
of the exchange restrictions imposed by about 35 nations.
Mr. Peek stated that the adoption of the five-point program would go
far to revive foreign trade. Ile said that the United States has lagged
and fallen behind in the field of effective organization of foreign trade and
of making foreign trade agreements to correspond with present needs. He
pointed out that other nations have been prompt to protect their national
economy and to make foreign trade serve their general national purposes
by various commercial and financial transactions
Plans for Expansion of Foreign Markets to Be Discussed
at Meeting of Motor Industry's Export Managers
in Detroit Jan. 30
Recent overseas developments and their possible effect
upon the foreign trade operations of the automobile industry will be discussed at a meeting of the Export Managers
of automobile manufacturing companies in Detroit, Jan. 30.
The meeting will be sponsored by the Export Committee of
the Automobile Manufacturers Association. Topics scheduled for discussion at the meeting, according to Robert C.
Graham, Chairman of the Export Committee, are:
Progress of the Government's Reciprocal Trade Agreement Program.
Export Trade Practices.
Inter-American Highway.
Organization of Export Subcommittees for Greater Specialization in Distinct Fields such as Governmental Relations, Commercial Vehicles, Educational Campaigns, Shipping and Trade Practices.
A special meeting for the Export Managers of motor truck
companies will be held on Jan. 29, the day preceding the
general session of the industry's Export Managers.
Returning Tide of Prosperity Seen by H. I. Harriman—
Head of United States Chamber Points to Business
Gains Last Year and Says Depression Is Ended
The depression has definitely ended and the United States
is "entering upon an era of better times," Henry I. Harriman,
President of the Chamber of Commerce of the United States,
said Jan. 22 in a speech before the Pittsburgh Chamber of
Commerce. Among the evidences of returning prosperity,
Mr. Harriman cited a 15% increase in retail sales in 1934, a
$1,500,000,000 rise in farm income,the doubling of shipments
from Pennsylvania to Southern consumers, and substantial
gains in dividend payments. The United States Steel Corp.,
he said, plans to spend $45,000,000 on plant improvements,
while the automobile industry expects the best year since
1930. We quote in part from his speech, as given in a Pittsburgh dispatch of Jan.22 to the New York "Herald Tribune":
I am basing my belief for better business not primarily on what the
Administration has done or has not done, but upon immutable economic
laws which indicate that great depressions follow rather definite phases of
fall, readjustment and recovery,
Legislation to curb utility holding companies is inevitable, M.. Ha..iman
said and advised the companies themselves to recognize the fact and
set their own houses in order and recast their financial structures in line
with real values.
Even the failure of President Roosevelt to balance the budget, as demanded by the United States Chamber of Commerce, was treated in a
friendly manner.
Mr. Harriman said the failure was "disturbing" but that he was forced
to tee belief that the President is "playing safe" and mat the actual deficit
wL1 be less than the estimated $4,000,000,000.
Tne charges of "regimentation," "dictatorship" and other labels attached
to Government activities were dealt with without sympathy by Mr. Harriman.
"The rank and file of American citizens are still rugged individualists
but they have their fill of ruthless individualism," Mr. Harriman told his
audience. "Some measure of social control Is imperative to maintain and
insure orderly development, and it follows that tnis control can best be
exercised by tne Government."
George A. Sloan Commends Wage Finding in Cotton
Textile Industry—Code Authority Reorganized—
"Greatest Strike in History" Predicted by Union
Leader
George A. Sloan, Chairman of the Cotton Textile Code
Authority,in a statement issued Jan.21 referred to the recent
report of the Bureau of Labor Statistics on wages and employment in the industry, and said that this report "effectively disposed" of "typical charges" of conditions in the
textile industry. Mr. Sloan said that the Bureau had found
"overwhelming compliance" with the wage provisions of
the textile code, while employment during the first year of
code operation was greater than in 1929 and "average hourly
earnings have been raised more under the cotton textile code
than in any other major industry." The industry's total
wage bill during the first year of the code increased by
$105,000,000, he added.
Stanley A.Sweet was elected Chairman of the Cotton Garment Code Authority and all but three members of the former
Code Authority were reinstated at a meeting Jan. 21 in New
575
York City. Mr. Sweet succeeds Ralph Hinter as Chairman.
Reorganization of the Code Authority by the National Recovery Administration was noted in our issue of Jan. 19,
page 411. Changes were described as follows in the New
York "Herald Tribune" Jan.22:
The move to reorganize the Code Authority for the Industry brought
NRA men into its fold, the four new members elected yesterday being
Burton Oppenheim, acting deputy administrator of the NRA; R. V. Rickcord, of the planning and research division of the NRA;J. M.Gallagher, of
the NRA legal division, and L. I. Prey, Administration member, who also
Is acting as temporary Chairman of the Industrial Committee.
The Code Authority also elected A. S.Phillips of New York, as Treasurer
and W. C. Morgan as Acting General Manager. An Advisory Council of
seven was named to work with the Chairman in directing the reorganization of the Code Authority.
Immediately after yesterday's meeting was called to order by Mr.Hunter,
he announced his resignation, which was accepted with regret, the Code
Authority adopting a resolution paying tribute to Mr. Hunter for his
"unselfish and diligent service" in his capacity of Chairman since the
Authority's inception. The resolution added that the industry was "greatly
appreciative" of his work and extended the best wishes of the members of
the Code Authority.
In tendering his resignation. Mr. Hunter asked the members to "please
co-operate with your Code Authority and with the NRA,for I feel that the
new set-up is off to a fresh start and great accomplishments."
"The greatest strike in history" before next June was
predicted Jan. 20 by Joseph A. Sylvia, General Organizer
of the United Textile Workers of America, at a meeting in
Providence, R. I. We quote in part from his speech, as
reported in a Providence dispatch of Jan. 21 to the New York
"Journal of Commerce":
"Unless Congress at its present session passes laws which will eliminate
unfair conditions, you will be called upon to sacrifice again," Mr. Sylvia
said. "The strike last September was an experiment. Now we know our
strength. The sacrifice you will make will be forced, not by Us, but by the
manufacturers."
Harold Alderson of Warren was elected President of the Rhode Island
Textile Council. He succeeds Joseph Gray, President for 10 years.
Mr. Sylvia censured the mill survey published yesterday as "ridiculous"
as far as wages of textile operators is concerned, and added that a general
survey of this section would show a contrary condition.
Lending by Farmers' Production Credit Associations
During December at Highest Level Since Last
May, According to FCA
Continuing a five-months' upward trend, the financing of
farmers' production credit associations reached a higher
figure during December than in any month since May, as
shown by figures released at Washington, D. C., Jan. 18, by
the Farm Credit Administration. According to reports from
over 600 associations, it was stated, loans for production,
marketing and improvements were made to 8,683 farmers
for $12,043,640 during December compared to 7,069 loans
for $9,875,960 in November and 6,841 loans for $6,907,960
in July. The FCA further announced:
The upward trend in short-term loans, so noticeable during the fall
months in the North Central, Northwestern and Northern Pacific States,
shifted southward during December to the Louisville-St. Louis-WichitaBerkeley, Calif., line, reflecting the southward movement in livestock
financing and indicating an optimistic outlook on the part of farmers who
are making credit preparations for spring crop production. Over $1,000,000
was loaned to farmers and stockmen in the Wichita district during the
last two weeks of December, representing an increase of almost 90% over
the amount loaned during the preceding half-month. . . .
To handle the heavy demand for loans for spring crop production—already
forecast by the sharp advance in applications received in the Columbia,
New Orleans and Houston districts—most of the associations have been
provided with cash revolving funds. In most instances these funds will
enable the association to make cash advances on approved notes of farmers
immediately, without awaiting notice of rediscount of the notes by the
Federal Intermediate Credit Bank.
As the result of efforts of the FCA and local and regional production
credit officials, the cost of chattel mortgages and liens has been lowered
in a majority of the States during the past year, either through remedial
State legislation or as a result of voluntary action on the part of State
and local officials, and loan procedure has been boiled down to a minimum
by shortening loan applications and chattel mortgage forms.
C. G. Randell of FCA Expects Next Two Years to Be
Critical Period for Livestock Co-operatives
Livestock co-operatives are facing in the next two years
the most critical period of their history, according to C. G.
Randell, of the Co-operative Division, Farm Credit Administration. This situation, he said, is due to the prospective
high prices for livestock brought about by the drought and
other factors that have reduced supplies and breeding stock.
He stated:
With the rise in price levels country buyers will become more active,
and it is hoped farmers will not make the mistake they often do—sell to
local buyers in times of rising prices and give a speculative profit to buyers
rather than consign and get the advantages of higher prices for themselves.
All this means that this is no time to rest on the oars and the co-operatives
will have to redouble their efforts if they expect to maintain their competitive position in livestock marketing.
At the same time, Mr. Randell believes the co-operatives
have a favorable opportunity for strengthening their organizations. Never before have we had the opportunity that
we have to-day to work with other groups of farmers and
ranchmen, in his opinion.
576
Financial Chronicle
Farm Bankruptcies Down 20% During Fiscal Year
Ended June 30, According to Bureau of Agricultural Economics
A reduction of 20% in the number of farm bankruptcies
during the fiscal year ended June 30 1934 is reported by
the Bureau of Agricultural Economics, United States
Department of Agriculture. The total number in the
year was 4,716, compared with 5,917 in 1933 and with
4,849 in 1932, according to the Bureau, which on Jan. 17
said:
Largest relative declines were in East Nortn Central and Pacific areas
where the 1934 totals were 32 and 35% less than in 1933. Twelve States,
mainly in the South Atlantic division, showed increases in number of
farmer bankruptcies since 1933. Illinois led all other States with 527
cases; Ohio was next with 443 cases, and Iowa had 395 cases.
$75,000,000 of Farmers' Debts Adjusted by Creditors
Prior to Advances by Federal Land Banks, According to Governor Myers of FCA
Debt adjustments have been made amounting to approximately $75,000,000 by farmers' creditors before farm
mortgage loans were made by the Land banks or the Land
Bank Commissioner during the last 18 months, according
to a statement made Jan. 14 by W. I. Myers, Governor
of the Farm Credit Administration. Many of these adjustments have been brought about as a result of the activities of approximately 2,600 county farm debt adjustment
committees, according to Mr. Myers, who said that these
committees serve without compensation and have been
appointed by the Governors of 44 States.
Loans Under Better Housing Campaign of FHA Being
Made at Rate of $1,500,000 a Week
Loans for modernization and repair of homes, advanced
under the Better Housing Program of the Federal Housing
Administration, are being made at the rate of $1,500,000
a week, it was announced by the Administration Jan. 19.
This work, the Administration said, is being done at a time
of the year when the building trade is generally dull. It
is estimated that the modernization drive has already
created more than $200,000,000 worth of work, much of
which represents cash expenditures. It was further announced:
The dollar value of repairs and modernization created directly by the
Better Housing Program was estimated Jan. 19 at $213,834,751. The
total amount of loans under the Modernization Credit Plan reported
up to Jan. 19 was $34,647,310, or an increase of $1,464,583 for the week.
Up to Jan. 19, 82,316 loans had been reported, making the week's increase
3.330. The amount of uninsured loans and of cash work created by the
program is, of course, far in excess of the insured loans. Ninety-nine
new contracts were Issued during the week to financial institutions entitling them to lend under the Modernization Credit Plan, bringing the
total number of approved institutions to 12,172. There were, as of Jan.
19, 5,201 community Better Housing Campaigns organized or in the
process of organization. This represented an increase of 123 communities
over the previous week's total.
Insurance of Mortgages by FHA Has No Effect on
Foreclosure or Debt Relations Between Mortgagor
and Mortgagee
In an announcement issued recently the Federal Housing
Administration explained that the insurance of mortgages
by the FHA under Title II of the National Housing Act
is designed simply as a protection of the lender against
default by the borrower and does not affect foreclosure
or debt relations between the mortgagor and mortgagee.
Protection for the mortgagor is also provided by the National
Housing Act during those periods when he may be unable
to keep up payments due to illness or temporarily lowered
income, by preserving his interest indefinitely in his property.
The announcement by the FHA said:
It is contemplated that if the mortgagee, having foreclosed, turns over
the property to the Administrator, as he must do in order to obtain the
benefits of insurance, the Administrator will hold the property indefinitely
until a market for real estate again develops. If at that time the property
sells for an amount more than sufficient to pay off tne indebtedness plus
the costs of foreclosure and any expense incurred by the Administrator
in nandling the property, the remaining sum will be paid to the mortgagor.
$307,605,301 Disbursed by HOLC of New York State
During 1934—Compares with $1,441,775 in 1933
During 1934 the Home Owners Loan Corporation in
New York State closed 58,641 loans, aggregating $307,605,301, it was stated by Vincent Daily, State Manager, in a
report for the year 1934 submitted recently to John H.
Fahey, Chairman of the Corporation at Washington.
In 1933, Mr. Daily reported, the State office closed 269
loans totaling $1,441,775, making a total as of Dec. 31 1934
of 58,910 loans closed, aggregating $309,047,076. In his
report Mr. Daily said in part:
The Corporation was engaged in an entirely new enterprise, and one
which had to be undertaken without delay and without the benefit of
experience or precedent. Moreover, organization had to take
previous
Jan. 26 1935
place while being deluged with applications and inquiries. Not the least
of the problems, and worse in this State, perhaps, than in any other.
was tne legal inability of banks, insurance companies and other financial
mortgage institutions to exchange their mortgages for the Corporation's
bonds, and the unwillingness of many mortgagees, institutional as well
as individual, to make such exchange. The first difficulty was overcome by getting the Legislature to adopt four qualification bills; the second
obstacle was surmounted by a persistent and continued campaign of
education. . . .
As of Dec. 31 1933 applications were received to the number of 45,835.
aggregating $252,092,500. During 1934, and although the peak of distress had been passed, this number was almost doubled, 88,794 applications
having been made in the aggregate sum of $438,277,059. Thus, a total
of 134,629 home owners had made applications as of Dec. 31 1934. representing over 600,000 inhabitants of New York State, and over $690,369,559
In liens on their homes.
It is significant to note, however, that as these applications progressed
through the subsequent stages, the 1934 figures mounted to increasingly
higher proportions over 1933, evidencing the smoother functioning of
the organization as a result of its practice and experience. . . .
Judge Davis in St. Louis Federal District Court Overrules Demurrer Attacking Constitutionality of
Home Owners' Loan Act.
Federal District Judge Charles B. Davis overruled on
Jan.9 a demurrer which attacked the constitutionality of the
Home Owners' Loan Act of 1933, but said a subsequent
amendment last spring to the Act has apparently rendered
the law too vague to constitute the basis of a criminal
charge. The St. Louis "Globe-Democrat" of Jan. 10 from
which we quote, further said:
It was believed the opinion was the first favorable construction the
Government has obtained of the Act, several previous District Court decisions being adverse.
The demurrer was overruled in the case of Earl F. Monaghan, Theodore J. Watley and George W.Chester, the latter a Negro, who are charged
with charging illegal fees in connection with securing loans from the Corporation.
Judge Davis's opinion said, "the purport of the statute is that no charge
shall be made by any person in connection with making of a home loan
except such charges as are authorized by the Home Loan Corporation."
The opinion continued that as an instrumentality of the Government the
Corporation is authorized to make regulations relating to its operation and
that such regulations pertaining to charges would supplement the statute
sufficiently to inform the public what acts constitute offenses.
Oversight
He added the statute was effective from June 13 1933, until April 27
1934, when it was amended. The amendment omitted the words "in
connection with a loan by the Corporation or an exchange of bonds or cash
a vance under this Act." Judge Davis ruled, "this apparent oversight
has rendered the statute entirely too vague, so it has been declared by some
of the courts, but at the time of the offense charged the statute then in
effect was sufficiently definite and certain."
Demurrer Arguments
In arguments on the demurrer, Harry C.Blanton, United States Attorney,
and his assistant, Herbert H. Freer. said.
"Our country was confronted with a situation where multitudes of its
people were becoming homeless who had heretofore been home owners.
The efficiency of the Act is now a matter of common knowledge.
"The measure, being a direct aid from the Government, clearly gave
that same Government not only the right and power, but the duty of
safeguarding those in distress against unwarranted charges at the hands
of the unscrupulous. To the same extent pensions and war risk insurance
have been safeguarded."
Land Planning Committee in Report to President
Roosevelt Urges Purchase of 450,000 Farms by
Government—Recommends Expenditure of $675-,
000,000 to Retire Poor Land from Production
A program for the purchase by the Federal Government
of poor land at an estimated cost of $675,000,000 and its subsequent retirement from farm production was recommended
to President Roosevelt, Jan. 11, by the Land Planning Committee of the National Resources Board. Purchasing would
continue over a period of 15 years, with 5,000,000 acres
bought each year at a cost of $45,000,000. The Committee
said that this land, comprising 450,000 farms, should be
withdrawn from agriculture "in order that both the natural
and human resources of the nation may be conserved." The
report was the first of a series of four prepared by the
Board, headed by Secretary of the Interior Ickes, which has
already advocated the intelligent use of land, water and
mineral assets of the country. Associated Press advices
from Washington, Jan. 11, summarized its chief provisions
as follows:
The report was supplementary to the Board's earlier study, which President Roosevelt told Congress would guide the expenditure of $4,000,000,000
in his new work-making program.
It urged that the Federal Government and the States take steps to prevent
further settlement of lands so poor that occupancy is "clearly contrary to
the public interest." It turned thumbs down on any "substantial movement of unemployed people from urban areas into commercial agriculture."
"It is imperative," it said, "that the problem of industrial employment
be solved in other ways than by trying to make farmers out of urban unemployed. It urged care in irrigation and other reclamation plane to make
sure they are economically feasible.
Land to be retired, the committee suggests, may be added to the national
forests, or leased to States for wild life refuges, parks and the like.
For the Indians, it is suggested that provision be made for "additions to
now available Indian lands sufficient to provide for those willing to assume
the necessary responsibilities of land use; and adequate system of credit,
and an educational system designed to fit them for operating land.
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Financial Chronicle
"The responsibility of the United States should not be to continue to
support the Indians, but to give them an opportunity to work out a more
satisfying life."
The Taylor Grazing Act, permitting withdrawal from settlement of
80,000,000 acres of vacant public lands and authorizing grazing on
30,000,000 acres in addition, was approved, but the Board said the withdrawal should be extended to all public range lands.
The Board, outlining an extensive program of land rehabilitation, with
emphasis on erosion control, proposed acquisition of the following acreage
for public purposes:
State
Federal
22,691,391
7,000,000
Parks
Specialized wild llte refuges
38,000,000
2,000,000
52,800,000
Forests
131,200,000
Indian land
24,963,080
Some of this, it said, would be included in the 75,000,000 acres it advised
should be withdrawn from use.
Asserting that the Wheeler-Howard Act had made a start toward rendering justice to the Indians, the Board said the $2,000,000 a year authorized
for land purchase would take too long, and suggested expenditure of $129,000,000 within the next few years.
Government's Forest Seivice to Plant 4,000,000 Trees
Next Spring as Start of Proposed Shelter Belt—
Selects 30 Locations in Six States to Inaugurate
Program
The first step in the Government's development of a
shelter belt from Canada to the Gulf of Mexico will be taken
in the spring, when 4,000,000 trees will be planted in six
States in the Middle West and Southwest, according to
an announcement by the Forest Service Jan. 12. These
trees will be planted in strips five miles long in 30 locations
in North and South Dakota, Nebraska, Kansas, Oklahoma
and Texas. Officials estimated that an ideal plan would
involve the reforestation of a belt 100 miles wide, running
across the United States from north to south in a region
located as far west as tree planting could be undertaken
with reasonable success. Since this plan is impracticable,
however, the Forest Service has decided to plant smaller
strips of trees scattered throughout the shelter belt area.
A dispatch from Washington Jan. 12 to the New York
"Times" described the plan, in part, as follows:
Only $1.000,000 Allocated
The work will be limited to the planting of the preliminary strips for
two reasons, according to the Forest Service. One is that only $1,000,000
has been allocated for the initial work and the other is that the work was
authorized so recently that nurseries probably can supply only the number
of young trees now included in the plan.
In succeeding years the preliminary work, it is expected, can be stepped
up to meet the requirements of future plans for planting of shelter belts.
Work has been started looking toward the production for planting of
100,000,000 seedlings in 1936.
Selection of the varieties to be used in the shelter belts was made, it
was stated, only after a careful study had shown which varieties of trees
had best survived the ravages of the drought.
The shelter belt idea was hit upon by the Administration as a means
of providing wind breaks in deforested land, of conserving moisture and
eventually raising the water table of the agricultural regions most subject
to drought.
Acquisition of 6,000,000 Acres of Land Recommended
by New York State Planning Board—Governor
Lehman Urges Legislature Adopt Proposals
The New York State Planning Board, in a report to Governor Lehman, made public Jan. 14, recommended that the
State acquire, over a 20-year period, approximately 6,000,000
acres of abandoned or submarginal farm `land. Governor
Lehman transmitted the report to the Legislature, together
with a special message in which he urged that its suggestions be adopted as an economic and social measure.
The Board, headed by Dr. A. R. Mann, Provost of Cornell
University, was appointed by the Governor in March of last
year. It is expected to make a final report about April 1.
If the State acquired the 6,000,000 acres of land mentioned
in the Board's report, its "public domain" would approximate 9,000,000 acres, or more than 25% of the total State
area. The Board proposed that this land be used for "reforestation, for game and wild life protection, and for public
recreation."
Other proposals of the Board are noted below, as given
In a dispatch from Albany to the New York "Times," Jan. 14:
The Board also recommends the regulation of service stations, billboards
and other structures along the highways, and says that such control might
be vested in the State Division of Highways. It also urges the creation of a
permanent State Planning Council, with "planning a continuous process."
In his special message, the Governor commended the report to careful
study by the Legislature and the people of the State. While making no
plea for immediate legislation based on its recommendations, he declared
that they bear out the need of many measures urged in his annual message,
such as those for farm-to-market highways, county and town governmental
reforms and electricity for rural sections. . . .
Among other recommendations by the Board are:
The rounding out and completion of the State forestry program by the
purchase and management of a fair proportion of existing forest areas
outside of the forest preserves.
Planning for the establishment of a complete system of reservoirs in the
upland headwater areas.
The strengthening of legislation for the control of pollution. It is asserted
that untreated sewage from population centers having 8,393,000 people
Is discharged into the waters of the State.
577
A study of the possibilities of the construction of a considerable number
of small artificial lakes.
Continued development of the State's water power by correlating "power
from the steady flow of the Niagara and St. Lawrence Rivers, where
storage is impractical, with power from the less constant flowing interior
streams where storage reservoirs are feasible" to provide for peak loads
at minimum cost. The St. Lawrence is described as "one of the greatest
power possibilities in the United States."
-Hour Week
National Coal Association Opposed to 30
—Says Adoption Would Increase Country's Coal
Bill $100,000,000 Annually—Points to Decrease in
Hours Since Adoption of Code
Establishment of a 30
-hour work week in the bituminous
coal industry would mean an increase of $100,000,000 in
the nation's annual coal bill and would aggravate unemployment problems existent at this time, according to a
statement made public Jan. 18 by the National Coal Association. The bituminous coal code, which was approved in
September 1933, reduced the 68
-hour week to one of 40
hours, and an amendment approved last April further lowered the maximum work week to 35 hours. The Association said that a 30-hour week would represent a reduction
of more than 37% in the work week generally prevailing in
the industry before the adoption of a code.
We quote below, in part, from the Association's statement:
"In many industries a 30-hour week may mean a 30-hour week. In the
bituminous coal industry, because of its seasonal character, a nominal 30hour week means an actual average, for the hundreds of thousands of men
in the industry, of about 24 hours throughout the year, an average for the
country as a whole in the months of minimum production of less than 20
hours per week, and in individual States of less than 10 hours per week,"
the Association said.
"This extremely short working week would be enjoyed not only by the
400,000 men needed in the industry while operating under a 40-hour week,
but by an additional 100,000 men needed to get out the production of maximum months under a 30-hour week; consumers of soft coal would be
expected to foot the bill, and nine-tenths of the additional cost would come,
not out of the much maligned employers, but out of the great body of
laborer consumers.
"This is on the assumption that consumption of bituminous coal would
not fall off as a result of the substantial increase in costs and prices that
the introduction of the 30-hour week would entail. As a matter of fact,
the demand for bituminous coal would be seriously curtailed through increased economies in consumption and through resort to rival sources of
heat and power, with resulting decline in production and in volume of
employment.
"In an industry with as high a degree of irregularity of employment as
exists in the bituminous mining industry and with as insecure a hold on
its market as bituminous coal possesses, to attempt to regularize employment conditions by reducing the allowable maximum hours of work per
week is to enter upon a vicious circle leading to ever greater and greater
demoralization."
NIRB Amends Bituminous Coal Code to Prevent Price
Cutting on Future Sales—Delivery After NIRA
Expiration in June Must Not Be Below Minimum
Prices Fixed in Code
The National Industrial Recovery Board on Jan. 8 announced that it had approved an amendment to the soft coal
code providing that contracts, offers or sales made for future
delivery may not be made at less than code prices. This
action was based on protests by John L. Lewis, President of
the United Mine Workers of America, and a group of operators, and followed a public hearing before Wayne Ellis,
Acting National Recovery Administration Division Administrator, at which Mr. Lewis and several operators said that
some operators had made a number of contracts for delivery
of coal after June 16, when the National Industrial Recovery
Act will expire, at prices lower than the minimum fixed by
the code. The testimony at this hearing was summarized as
follows in a Washington dispatch of Jan. 9 to the New York
"Times":
The witnesses regarded the situation as ominous, pointing to the eventual
assertion by operators that they would be unable to pay code wages because
of lowered sales realization.
W. A. Harriman, administrative officer of the NRA, was advised by Mr.
Ellis that the new amendment was not retroactive. Efforts will be made,
however, to obtain cancellation of contracts already made. Mr. Ellis was
of the opinion that no large quantity of coal was affected, but Mr. Lewis
and officers of the National Coal Association were of the opinion that the
contracts covered considerable tonnage.
The miners' union is seeking to win the operators over to a legislative
program for the soft coal industry which can be sponsored by labor and
employers. If the operators refuse to join the labor group the latter will
sponsor the program independently.
In announcing its action approving an amendment to the soft coal code,
the MB stated that further steps may be taken along this line to stabilize
the industry. The amendment was approved by the Labor, Industry and
Consumers' Advisory Boards.
Miners' Strike in Pennsylvania Ends When Officials
Agree to Consider Demands
A strike of insurgent coal miners, called by the Glen
Alden Coal Co. Union, affiliated with the United Anthracite
Miners of Pennsylvania, was terminated on Jan. 1 under an
agreement which was considered a partial victory for the
.
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Financial Chronicle
union. The walkout had been ordered as a protest against
alleged discrimination and wage reductions. The strike had
no official standing because of the agreement between the
• operators and the United Mine Workers of America, but the
outcome was nevertheless hailed by the new union as indicating its ability to cripple operations in the Wilkes-Barre
area. A dispatch from Wilkes-Barre, Pa., to the New York
"Times," Jan. 1, listed the terms of settlement as follows:
The truce was arranged by the Industrial Relations Board of the Chamber
of Commerce on the following terms:
Immediate termination of the strike by the insurgents.
Return of all workeis to the posts they held at the time of the walkout.
Resumption of operations at the Auchincloss. Miss and %Venerate collieries.
ordered closed yesterday by the company because of the strike.
Hearings for dismissed workers at Loomis Colliery and for patchers at Wanamie
to adjust grievancei.
Hearings on the grievances over the alleged use of sideboards at Avondale Colliery.
Quit notices, served yesterday on tenants of coal company houses, will be recalled
Edward Griffiths, Vice-President and General Manager, agreed to reopen
the closed collieries and also to hear the grievances.
Hotel and Restaurant Codes Are "Dead," According
to President of American Hotel Association—
Thomas D. Green Charges Lack of NRA Enforcement and Communistic Tendencies Among Subordinate Officials
The restaurant and hotel codes are "dead" because the
National Recovery Administration has failed to enforce
them, Thomas D. Green, President of the American Hotel
Association, said in a statement on Jan. 20. Mr. Green
charged that "minor bureaucrats" of the NRA are attempting "In defense of their jobs" to bring hotel restaurants
under the jurisdiction of the Restaurant Code Authority in
order to aid it through enlarged financial assessments. Certain NRA subordinates, he said, have "communistic tendencies" and "do not hesitate in presuming to dictate the business policy of men whose lives and fortunes are bound up
in the enterprises."
Further details of the statement were given as follows
In a Washington dispatch of Jan. 20 to the New York
"Herald Tribune":
Ninety-nine per cent, of outside restaurants are refusing to contribute to
the support of the Restaurant Code Authority, it was declared. As a
result, NRA subordinates with "communistic" cunning are trying to make
hotel restaurants subject to levy because they think the larger hotels will
be afraid to follow the general practice of non-co-operation, it was added.
These complaints were voiced in a public statement by Thomas D. Green,
President of the American Hotel Association, and General J. Leslie Kincaid,
Chairman of the Special Code Committee of the Association. They asserted
they could not submit to "machinations" designed to remove hotel restaurants from their natural moorings within hotel service.
Referring to a letter written by them to W. A. Harriman, administrative
official, National Industrial Recovery Board, in which they declined to
attend a hearing on this "incidental issue," Mr. Green said:
"Executives of the NRA find it physically impossible to assimilate the
detailed ramifications of their problems. They must necessarily depend
upon the judgment of subordinates who, dressed in a little brief authority
and inspired by the magic and power of Government backing, do not hesitate
in presuming to dictate the business policy of men whose whole lives and
fortunes are bound up in the enterprises which they so lightly and irresponsibly assault.
"Frankly speaking, there are no such things as a restaurant or hotel
code. They are dead. A vast number of hotels and restaurants pay not
the slightest attention to the code, and never have. No effort has been
made by NRA to enforce general compliance. No effort has ever been made.
"In a desperate effort to restore the breath of life to the hotel and
restaurant codes, these subordinate executives, with a cunning worthy of
a Communist, center their fire only upon the large property interests, the
larger hotels, the larger restaurants.
"The prime purpose of trying to subject hotel restaurants to the Restaurant Code Authority is to secure the necessary finances to maintain the
Authority, in the hopes that this dead code may be revived."
NRA Lumber Code Held Unconstitutional as to IntraState Activities—Federal Judge in Florida Rules
Against Government in Suit to Enforce Code
A ruling that the National Industrial Recovery Act is
unconstitutional in so far as it seeks to regulate wages,
hours and prices in a manufacturing plant engaged in purely
intra-State activities was handed down Jan. 19 by Federal
Judge Alexander A. Akerman of Tampa, Fla. This ruling
was issued in a case brought by the Government against
Logan A. George in an effort to obtain a permanent injunction against alleged violations of the lumber code. It had
been testified that Mr. George was engaged in lumber manufacture in Florida, and that although his plant and the
material he used were situated within the State, his production was sold chiefly to railroad companies and was
transported in Intra-State commerce.
Judge Akerman, in his decision, said, in part:
From the bill, answer, stipulated facts, and the evidence, I find that the
defendant, in regard to the acts complained of, was engaged in a purely
intra-State manufacturing enterprise and not in inter-State commerce.
I reach the following conclusions of law: that if the NIRA is to be
construed as giving Congress power to regulate hours of service and wages
of employees and prices to be received from the products of a purely
Intra-State manufacturing plant, then such act is without constitutional
authority and null and void.
Jan. 26 1935
-Hour-Week Law, According
Steel Workers Oppose 30
to Iron and Steel Institute—Would Increase Cost
of Steel Products
Most employees in the steel industry oppose proposals for
-hour industrial week, the Amerlegislation to establish a 30
ican Iron and Steel Institute said in a statement made
public Jan. 21. Opposition has also been expressed by consumers of steel and by management, with the latter fearing
that the difficulties attendant upon a six-hour day operation
would be insurmountable, and would cause a contraction
of markets. Steel consumers, the statement said, believe
that the measure would increase the prices of steel products.
The Institute estimated that if a 30-hour law had been
effective in 1934 the added direct labor cost of steel production would have been more than $100,000,000, and this
added wage cost would necessarily have been added to
prices. In addition to the direct cost, the Institute continued, there would have been an increase in the cost of all
materials and commodities used in steel production. We
quote from the Institute's statement:
The increase in costs would result not only from higher wage rates but
also from reduced efficiency in mill production; the necessity for four
shifts in continuous operations; the impracticability of applying the sixhour day in single shift operations; increased costs in overhead, supervisory
forces, and by reason of enhanced prices of raw materials and every commodity the manufacturer has to buy.
Increased steel-making costs would be reflected in higher prices of automobiles, refrigerators, kitchen stoves, and all of the wide range of consumer
products as well as all other types of goods made front steel.
The volume of steel orders in 1934 was only sufficient to provide threequarters of full time employment under the existing 40-hour maximum
week allowed under the code, so that the average man put in only 29.7
hours per week. Had this volume of work been shared by the greatly
increased number of workers necessary to operate the mills at capacity on a
30-hour week basis, the individual employee would have averaged no more
than 20 hours.
Steel mill employees also fear it will have the effect of further spreading
or sharing of work. The steel mill worker realizes that the establishment
ol a six-hour day and five-day week, universally applied in all mills,
factories and manufacturing establishments of every nature throughout the
country would adversely affect his interests, in common with all other
classes, because it would materially increase the prices of everything he has
to buy and use. The effect on him would be a substantial cut in his real
wages, below levels which the steel industry holds necessary for decent
American living standards.
The steel industry took the lead early in the depression in the "sharethe-work" movement. Subsequently, during the first year's operation of
the steel code, the industry added 73,000 employees to its payrolls and
Increased its outlay for wages by $95,000,000. Three wage advances were
put into effect during the 12 months' period.
In June 1934, when operations were at 53% of capacity, the total number
of employees was 99% of the 1929 average.
Any further artificial addition in steel producing costs would serve to
increase the disadvantage under which the industry is now operating in
comparison with foreign steel producers. Recent data show that hourly
wage rates in the steel industry in the United States are from 120% to
850% above the average hourly rate for similar labor in foreign countries.
As a result of this, a great deal of foreign steel products is being imported
into this country and sold at prices which American producers cannot
meet. Imposition of the 30-hour week on the industry would increase This
competitive disadvantage and act as a boomerang upon American workmen,
through the loss of markets for American steel and consequent loss of jobs
for steel workers.
No foreign country has reduced hours to anything like those now prevailing in the United States, and any further reduction here would still
further handicap this country in world markets. In the fall of 1932 employees of blast furnaces in Great Britain, for example, were working
eight hours a day seven days a week.
Since the first of the current year mill operations have advanced sharply,
which means more work and higher earnings each week for each employee.
Any legislation which will halt this trend toward fuller pay envelopes is
not expected to find favor among steel mill employees.
Self-Government of Industry Should Be Goal in Any
Plan for Promoting Recovery, Declares American
Liberty League—Any Legislation Extending Life
of NIRA Should Contain Time Limitation—Report
of Collections and Expenditures Filed by League
Six "guiding principles" which "should be adhered to in
the determination of a future policy" if the National Recovery Administration is to be continued were advocated
on Jan. 20 by the American Liberty League. The League,
In a review of the NRA (according to Washington advices
to the New York "Times", asserts that "the American people
are willing to confer emergency powers upon the Executive,
but they hesitate to write them into permanent law." The
following is the six-point program advocated by the League:
1. Continuance of any unusual Executive authority should be for a
limited period. Until the emergency passes there should be no attempt to
enact permanent legislation for the control of American industry. The
National Industrial Recovery Act is a temporary measure designed to deal
with the emergency. Any legislation by the Congress extending its life
should contain a definite time limitation.
2. The Congress should guard zealously its prerogatives under our plan
of government in which there are three co-ordinated branches, the legislative, the executive and the judicial. Law-making by Executive Order
is a step toward dictatorship.
8. Undue encroachment upon the sovereignty of the States should be
avoided. It should be kept in mind that our Constitution set up a dual
form of government in which the States were intended to be supreme over
such commerce as was not of an inter-State character and over matters
affecting the private lives of the people.
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Financial Chronicle
4. Self-government of industry should be the goal in any plan for concerted action in promoting recovery. There should be a minimum of
bureaucratic regulation. Production control, price-fixing and other devices
which tend to interfere with the normal play of economic forces and to
restrict individual initiative should 'be be eliminated so far as posabile.
Interference with the liberties assured by the Constitution should be
guarded against.
5. Provisions of law respecting the relations of employers and employees
should be fair to both parties. While the workers are entitled to every
consideration, the rights of the employers also must be preserved. Requirements as to hours and wages should not be carried to such an extreme
as to impose excessive burdens upon industry.
6. Emergency recovery legislation should not be susceptible to use as a
vehicle for experimentation with untried theories.
New legislation should provide for Government supervision rather than
control of industry, the League said. The Government agency should have
only the power of approval or veto of rules of fair competition, the power
of the Executive to impose codes on industry should be withdrawn and
industries which adopt codes must have provision for "compelling compliance" by minorities.
The American Liberty League on Jan. 10 filed with the
clerk of the House of Representatives its first report under
the provisions of the Federal Corrupt Practices Act, disclosing total collections in 1934 of $104,830. Expenditures
last year, according to the report, amounted to $95,062,
while the aggregate receipts, $26,680, represented contributions in amounts less than $100.
S. Clay"Williams Urges Extension of NIRA Substantially
in Present Form—Head of NIRB Opposes Permanent Legislation Without More Experience
Congress should extend the National Industrial Recovery
Act substantially in its present form for another year or
two, although there has not yet been enough experience
to formulate permanent legislation of this kind, S. Clay
Williams, Chairman of the National Industrial Recovery
Board, told the convention of the National Retail Dry Goods
Association, in New York City, on Jan. 17. Mr. Williams
said that business men need have no fear of radicalism on
the part of either the Administration or Congress, and urged
that "destructive threats" voiced by the "more ardent and
less responsible reformers" be ignored. Government and
business, he said, should establish a genuine partnership.
The New Deal, Mr. Williams said, is "a bona fide attempt
to adjust the various forces of American life through cooperative action toward a common end." The Government,
he added, is not attempting "to substitute something for
those institutions which have proved so valuable in the
past."
The New York "Herald Tribune" of Jan. 18 described Mr.
Williams's speech, in part, as follows:
Mr. Williams admitted the need for "laying the ghosts that have been
made to dance around so many proposals of the New Deal." In a speech
largely devoted to an attempt to create a new measure of confidence and
to allay what he called "unfounded fears," Mr. Williams made the following
points:
With recovery well on the way, the chances for radical or subversive legislation are very much reduced.
It is reasonable to assume that as far as business is concerned, it will
be permitted to follow its course largely along its recent lines without
radical change therein.
The Government has no intention of going bodily into the business of
the country through a great bureaucracy which would take complete control, tell the business men what to make or buy, and when, what profit
they could make and what not.
There will not be a too rigid control of working hours and a too short
work Period.
There can be no such thing as a complete redistribution of wealth. The
large property owners and the rich should be encouraged in their work for
having created the high standards of living attained for the citizens of this
country.
Defends "Old System"
Concerning the American method of business, Mr. Williams said that the
question was not whether we shall have a new system but only whether
under the old system we will accept some new measures of responsibility
and apply some safeguards that will work both in our own interest and
In the interest of the general public.
Another ghost, more disturbing than that of bureaucratic government
control is found, he said, in the possibility of a "too rigid method of control
of working hours and a too short work period."
"It is easy enough to say," he continued, "that in the interest of fuller
employment the work period should be shortened until all are employed at
wages representing a living wage. And that would be delightful if it would
work. But if in doing that we put the price of goods out of reach, for
Instance, of the 40% of the population that is on farms, it may be easily
possible to reserve the forces of recovery and launch another depression."
Stresses Varying Factors
Explaining that the situation was not the same in all industries, Mr.
Williams said that some industries could accept without such adverse
results a work week that would prove destructive in others. "Hence, the
importance," he said, "of leaving an administrative discretion with some
one who, after full and fair hearing, can study the question on the facts of,
and in the light of, probable results in each industry, and then make and
apply the rule that promises the maximum of good result with the minimum
of harm."
Mr. Williams emphasized that he believed that the prompt solving of this
question in the right way would greatly increase the assurance of the
"soundness of New Deal methods and will help to develop that further
confidence which is so much needed.
Mr. Williams said that those citizens who have considerable holdings
of property "can do a great deal for recovery if they can put into it the
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intensity of activity for themselves and their property that characterized
another period. . . .
Would Encourage Rich
"It is the rich man," he said, "who can do for the rest of us many, many
things that we can't do for ourselves. And he should have the encouragement, selfishly given, if you please, if for no other reason than because
of those important services that he alone is in position to render."
NRA to Conduct Hearings on Labor Policies Jan. 30
—Announcement Believed to Indicate Possible
Revision of, Employment Provisions in Codes
The National Recovery Administration announced on
Jan. 17 that public hearings will be held Jan. 30 on the
employment provisions in existing codes of fair competition.
S. Clay Williams, Chairman of the Recovery Board, said
that other hearings will be held on monopolies, small enterprises and minorities, and production control. The hearings
on the labor question will seek to obtain a cross-section
opinion of present Administration policies, and the NRA
hopes that testimony will furnish answers to 18 specific
questions. A Washington dispatch of Jan. 17 to the New
York "Journal of Commerce" outlined the scope of the
inquiry as follows:
Briefly summarized, the Board's present position in labor provisions of
codes is as follows:
1. Minimum Wage Structure.—"Socially beneficial, not only as a safeguard to the workers, but as a wage floor for the operation of the competitive system . . . greater simplicity and uniformity could be brought
about."
2. Wages Above Minimum Levels.—"It is important to determine the
effect which inequities in wages above the minimum have upon competitive
and other conditions . . ." and to move in the direction of solutions.
3. Wage Differentials.—"Geographic, population and other wage differentials, being concomitants of our industrial development, are to be treated
as significant realities . . . factual evidence will be of great service."
4. Maximura Hours Limitations.—"Maximum hours provisions of codes
have been a definite contribution to re-employment . . . the principle
should be upheld."
5. Changes Sought.—"Greater simplicity, flexibility and uniformity are
possible and desirable."
6. General Labor Provisions.—"Provisions dealing with safety and
health, apprenticeship, handicapped persons, stabilization of employment
home work and the like contribute to the welfare of the worker and to fair
competition among industries so as to justify their continuance in one form
or another."
7. Further Re-employment.—"An increased volume of production Is now
the moat important means of securing re-employment."
Section 7-A Not At Issue
In its notice of hearings, NRA said that the hearing will consider general aspects of employment problems, but there will be no consideration of
the advisability of amending or modifying any particular code. Section 7-A
of the NIRA will not be discussed, it was declared.
Upon final determination of policy following the hearings the NIRA will
promptly take proper action looking toward having administration and
code provisions made to conform to such policy, it was added.
The 18 questions on which the Board will particularly desire information
are the following:
1. Hours.—How has limitation of hours affected the volume of employment?
2. How has limitation of hours affected the regularization of employment?
3. How has limitation of hours affected unit cost of production?
4. Should the maximum working week in the codes be reduced, maintained, or increased generally, by groups of industries, or separately, by
individual industries?
5. Is the degree of flexibility in hours provided by such provisions as
overtime, peak periods, averaging, &c., inadequate, adequate, or excessive?
6. Do the present provisions work as well as any other method or methods
that can be devised?
7. What effect has the limitation of hours had on hourly, weekly and
annual earnings?
Standard of Wages
Wages.
1. What standards should be followed in establishing minimum wages?
wages?
2. Are present minimum wages satisfactory from the point of view of
such standards?
B. What has been the relation of changes in hourly, weekly and annual
earnings to changes in the cost of living?
4. What has been the effect of differentials such as those based on sex,
location or population?
5. Are provisions such as several basic minimum wages, classified wage
scales, equitable adjustment provisions or other methods of maintaining
wages above the minimum desirable?
6. What is the effect of wage provisions on costs and on volume of
consumption?
7. How should piece work rates be adjusted to code rates?
General problems:
1. Are wage and hour provisions desirable as temporary or as permanent
measures?
2. What effect do standard wage and hour provisions have on establishments varying in size and in degree of mechanization?
3. What should be done to meet the problem of (a) overlapping definitions? (b) Multiple code coverage? (c) Competing industries?
4. How effective are wage and hour provisions as measures for eliminating
unfair competition?
Relief Administrator Hopkins Estimates More Than
19,500,000 as Dependent on Federal Relief
Harry L. Hopkins, Relief Administrator, estimated on
Jan. 17 the number dependent upon Federal relief as "more
than 19,500,000," an increase of more than one-half million
over his estimate a month ago. Associated Press advices
from Washington, Jan. 17, reporting this, added:
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Financial Chronicle
At a press conference Mr. Hopkins said preliminary reports from 141
cities indicated an increase in those on relief of 4% in December over
November, with an increase in expenditures of 6%. More than 2,250,000
people were said by Mr. Hopkins to be engaged on work relief projects now.
This he termed "the peak," saying the number would decrease as President
Rcosevelt's $4,000,000,000 work-creating program got under way.
Iron and Steel Institute Contradicts General Charles
G. Dawes on Country's Steel Capacity—Denies
Charge that Estimates Are Too High
A recent statement by Gen. Charles G. Dawes that the
estimate of the country's steel capacity by the American
Iron and Steel Institute was 15% too high prompted the issuance of a statement on Jan. 21 by the Institute, which said
that General Dawes "is entirely wrong in his opinion that
the Institute's estimate if ingot-making capacity includes
plants now obsolete." General Dawes on Jan. 17, after
conferring with leaders in the steel industry, said that the
present system of computation of steel plant activity by the
Institute failed to reflect the actual rate of operations. He
added:
It would seem that actual steel production cannot be expected to equal
the present rated capacity for the following reasons:
1 Specifications from the trade are now more difficult and exacting than
heretofore.
2 Orders received by producers seldom or never can be distributed in a
manner which will occupy 100% of producing capacity.
Obsolescence in the producing plants of the country, due to five years of
lessened activity, is large. Changes in the character of steel required by
the trade tends to increase the rate of obsolescence of manufacturing
equipment.
4 Recordsshow that during times of great demand,when steel producers
were behind in deliveries the industry as a whole has not produced more than
85 to 90% of capacity.
In view of the above facts my judgment is that the industry this year will
be operating at full capacity when the figures based on present rated
Capacity, as given by the Steel Institute, reach 85%.
On this basis the 47.5% rate of operations reported this week by the Steel
Institute is in fact 55.9% of actual capacity.
The Institute, in its reply, said:
The records of each steel plant have been examined by an Institute
committee composed of operating officials from large steel companies.
This committee has carefully excluded from the total, as used by the Institute, all capacity that is obsolete and no longer capable of producing
steel ingots. In addition, to estimate a capacity total at which plants
actually could operate if business were available, an arbitrary allowance of
1234% is made for idle time due to repairs and other emergencies which
experience shows make it impossible to operate all available furnaces at
full capacity at all times. Accordingly, the Institute's figure of total ingot
Capacity in the country of approximately 67.290,000 gross tons a year
really is 1234% lower than it would be if no such allowance were made.
Upon the erroneous assumption that the Institute capacity estimate is
wrong, General Dawes concludes that the weekly reports on rate of operations are too low. These weekly operating rates are reported each Monday
in telegraphic reports from companies representing more than 98% of the
ingot capacity in the industry, and on those reports the percentage of operation of total capacity is figured.
In support of his contention that the Institute figures are not accurate,
General Dawes says that during times of great demand, when steel producers were behind in deliveries, the industry as a whole has not produced
at a rate of more than 85 to 90% of capacity. He has misread the record,
because in 1929 there were seven months during which output of ingots
ranged from 92% to 100% of capacity. In March 1926, also, operations
reached 100% of capacity.
Even at the present time, two important companies are operating at
100% of their rated capacity, although the average for the industry as a
whole for the week beginning Jan. 21 is 49.5%.
Apparently, General Dawes has fallen into the error of confusing ingot
capacity in the steel industry with finishing capacity. The term "ingot"
is used for raw steel and is to the steel industry what a bolt of cloth is to the
garment trade. The steel ingot or "raw steel" is roiled into a vast variety
of "finished" materials, including bars, shapes, rails, sheets, strips, plates
and innumerable other products.
A dispatch from Chicago to the "Wall Street Journal" of
Jan. 23, had the following to say as to Mr. Dawes's reply to
the above:
The country's accepted steel ingot capacity figures are really 15% higher
than actual finished steel production capacity, Gen. Charles G. Dawes
stated Tuesday, because the trade's specifications in recent years have
become more exacting, character of steel in demand has changed, and orders
are usually distributed in such a way that individual plants cannot operate
at 100%. He was answering the American Iron and Steel Institute's
challenge of his recent statement on this subject, in which he argued that
the Institute's weekly figures giving activity of the industry in percentage
of capacity are too tow.
In that statement, General Dawes said, he was discussing actual capacity
as bearing upon the time when, he believes, the aggregate demands upon
the indsutry vrili approach the practical limit on the ability to produce.
He added that changes in charater of steel demand have speeded up obsolescence of manufacturing equipment.
Price Fixing in NRA Code Termed "Monopolistic" By
St. Louis Federal Judge—Holds State Laws Apply—
Denies Injunction Sought By Government To
Prevent Company From Selling Below Prices
Fixed By Coal Code Authority
In what is said to be the first National Recovery Act code
decision given in St. Louis, Federal Judge C. B. Davis
ruled on Jan. 24 that price-fixing was a "monopolistic
practice" and denied an injunction sought by the Government to prevent the Coal Service Company from selling
below the minimum retail price schedules fixed by the Coal
Code Authority.
Jan. 26 1935
The foregoing advices from St. Louis Jan. 24, are from
the New York "Times," the dispatch further reporting:
The company,although operating under the National Recovery Administration admitted that it had been selling coal about $1 a ton less than the
Code prices, contending that coal prices were too high and that it could
comply with wage and hour requirements of the Code and still make a
Profit.
In his opinion, Judge Davis said that although the Coal Code fixed
prices under the National Industrial Recovery Act, the NRA expressly
prohibited codes which permitted a monopoly. He added that not only
was price-fixing a monopolistic practice, but that underselling was not
unfair competition as it had been understood.
He held, further, that the Coal Service Company was not engaged in
interstate commerce, and even if the Code Authority was warranted in
establishing minimum prices it could not force the company to adopt them.
He said coal transported from Illinois to dealers in Missouri lost its character
as a commodity in interstate commerce when it reached its destination
and thereafter was subject to Missouri and not Federal law.
Following the ruling, the Regional Coal Code Authority announced that
it would continue to function and to insist on rigid adherence to posted
price schedules, unless otherwise instructed by NRA officials in Washington.
The Authority's statement was made by Ge rge W. Curran, its legal
adviser. He said the Code prices would continue in effect until the litigation was finally disposed of, and that the Government would seek a hearing
on a permanent injunction later.
Louis H. Horen, sales manager of the Coal Service Company, estimated
that Judge Davis's opinion would result in a saving of approximately
$1.750.000 to small coal consumers in St. Louis.
"Approximately 3,500,000 tons of bituminous coal are consumed annually during the winter season in St. Louis," said Mr. Horen. "The
season is about half gone so about 1.750,000 tons remains to be consumed.
At the rate of $1 saving a ton, the difference between Code and independent
prices, the savings affected by the opinion are tremendous."
Mr. Horen said he based his estimate on the belief that all retail coal
dealers would meet the approximate $1 per ton reduced price now being
granted by the independents.
Bill to Create National Bituminous Coal Commission
Introduced By Senator Guffey—Would Provide
Bonds of $300,000,000 For Purchase of Unworked
Mines
Following the submission to Congress on Jan. 24 of President Roosevelt's message on national resources, Senator
Guffey introduced a bill to create a National Bituminous
Coal Commission, to be named by the President, and to set
up a bituminous coal reserve, which would let the Government conserve coal resources in peace and in war, and, at
the same time, retire some of the surplus mining operations.
Advices from Washington to the New York "Times" added:
The bill was drawn, Senator Guffey said, in accordance with regulations
advised as essential in the mineral section of the report by the National
Resources Board.
Bituminous coal mines are now under the control of the National Recovery
Administration but the Guffey bill would set up an independent code and
permit the Secretary of the interior to buy coal lands and unworked mines
in order to establish the national reserve. The purchases would be paid
for with a 3300.000,000 bond issue, liquidated by a tonnage tax on coal.
The code would deal with control of production, control of prices, and
labor relations.
All the public lands of the United States containing bituminous coal deposits would be included in the reserve.
A special commission would handle labor questions and Section 7-a of
the NRA would apply.
Commenting on the bill. John L. Lewis, president of the United Mine
Workers of America, said:
"The measure is constructive and is the first intelligent effort to rationalize
the processes of the bituminous coal industry."
Southern States Industrial Council Favors Continued
Wage Differentials Between Different Sections of
Country—Other Resolutions Adopted—Majority of
Southern Manufacturers Found Against NIRA in
Present Form
Preservation of wage differentials as between the South
and other sections of the country, as well as between smaller competitive units in the same section, was one of the
principal planks in a program unanimously approved at
the annual meeting of the Southern States Industrial Council on Dec. 28 at Chattanooga, Tenn. The Council also went
on record as opposed to "the manipulation and exploitation
of any organized labor autocracy," and in favor of preserving "the harmonious and mutually profitable relations between employers and employees." Some of the other conclusions approved by the Council were:
"Insisting always that private business show proper regard for its
duty to the public, the Council will resolutely resist every unjust encroachment by Government upon the established rights of private capital
and individual initiative and will co-operate with all other agencies thus
seeking to protect the liberties of citizens against unwarranted political
Invasions."
"Unjust and burldensorne" freight-rate discriminations against th,:
Southern shipper should be removed.
Activity in expanding industry in Southern States should be intensified.
Kentucky and Virginia should be classified as Southern States in the
consideration of codes of fair competition.
The concluding paragraph of the program read as follows:
Previous to the formation of the Southern States Industrial Council,
there had never been, as in other sections, a Southwide, fact-finding agency
to gather and disseminate the real facts about the South, its industry, its
history, and the peculiar features of its moral, social, and economic life;
nor any medium through which this section as a whole could express its
collective opinion, desires, and aspirations. We will urobably continue
Volume 140
The Council on Jan. 4 made public the results of a survey,
based on a questionnaire sent to 6,000 Southern manufacturers, which revealed that 34.2% of this group advocate
modification of the National Industrial Recovery Act, 43.4%
• wish the NIRA abandoned entirely, and only 22.4% desire
the continuance of the measure in its present form.
Bureau of Agricultural Economics to Study Fundamental Problems of Marketing Agricultural Products—Division of Marketing Research Organized
A new program of research on the fundamental problems
of marketing agricultural products, of interest to farmers,
distributors and consumers, and the organization of a
division of marketing research in the Bureau of Agricultural
Economics, United States Department of Agriculture, were
announced Jan. 18 by Nils A. Olsen, Chief of the Bureau.
The new division will be headed by Dr. Frederick V. Waugh,
who has been a member of the Bureau of Agricultural Economics for eight years as Executive Secretary of the New
England Research Council, which conducts marketing research in co-operation with the Bureau. For the last two
years he has been a research economist in the Bureau at
Washington. He has also done research and extension
work in marketing with State divisions of markets in
Massachusetts and New Jersey and with Connecticut Extension Service.
Most of the personnel of the new division has already been
chosen. It will be small at the outset, and will co-operate
with other divisions of the Bureau in marketing studies.
In his announcement of Jan. 18 Mr. Olsen said:
High marketing costs and low prices which have obtained for many years
emphasize need for a vigorous program of marketing research to help
reduce the spread between producer and consumer. These wide margins
Indicate, in many cases, inefficiencies in the marketing system rather than
excessive profits in distribution.
Price spreads in foreign countries are frequently narrower than in the
United States; the reason for these differences should be ascertained.
Accurate and detailed facts about price spreads are necessary as a basis
for measuring changes in marketing efficiency and for determining the
extent to which costs such as wages, materials and processing taxes and
similar costs are passed on to consumers or passed back to farmers.
Many present marketing facilities and methods are uneconomic and
inadequate. Rapid development of motor truck distribution, large-scale
retailing and direct marketing, as well as the recovery measures, have
brought about great changes in distribution, without corresponding changes
In many marketing facilities and methods. Investigations looking toward
reorganization of physical facilities of marketing are being projected as
part of the general program of readjustment.
Consumer aspects in marketing as well as consumers' interest in prices
will play an important part in the Bureau's new research program. Studies
will be made to disclose variations in consumption of agricultural products,
the reasons for these variations, and ways to expand consumption of farm
products by such means as improved distribution, better packaging and
the use of consumer grades.
Several of the recovery measures, including the Agricultural Adjustment
Act and the National Industrial Recovery Act, have produced important
changes in marketing methods and practices, and these changes have had a
decided influence on methods and costs of processing, transporting and
marketing farm products. Farmers and consumers are vitally interested
in these developments. If agricultural recovery is to be complete and
lasting, these and other measures must be used to bring about better
service to the consumer, to reduce waste and promote efficiency in the
marketing process, to accomplish better distribution and greater consumption, as well as to raise incomes of growers.
Marketing agreements, codes, licenses and other provisions of the recovery
legislation can be used for these purposes, but a broad research program
is needed to lay the basis for policies which will promote the best interests
of farmers and which will not be a burden to the consuming public.
Death of John Barton Payne, Chairman of American
Red Cross—Former Cabinet Member Was 80—
Tribute by President Roosevelt
John Barton Payne, Chairman of the American Red Cross
since 1921, and Secretary of the Interior in the Cabinet of
President Wilson, died Jan. 24 in a Washington hospital as
a result of pneumonia. He would have been 80 years old
to-day (Jan. 26). President Wilson originally appointed
Judge Payne head of the Red Cross, and he was reappointed
by Presidents Harding, Coolidge and Roosevelt. President
Roosevelt yesterday (Jan. 25) issued a statement in which he
extolled the "unselfish service" which characterized Judge
Payne's life. The President's statement follows:
"Again the nation mourns the loss of a great man. And those of us who
were privileged to know John Barton Payne as a co-worker and friend know
how unfortunate and untimely is his passing.
"His was an unselfish service. To the lasting memory of this man it
should and will be said that he never knew a boundary line either within or
without the United States when flood, fire, earthquake or other great
adversity called the 'Greatest Mother' to help the needy."
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Financial Chronicle
to be the victim of all sorts of discriminations and bungling experimentations until we fully awake to the facts of our peculiar situation, and let
the world know who we are, what we are, and what we stand for. It is
the aim of the Southern States Industrial Council to meet the requirements
of a vigorous leadership in ascertaining what the South needs and thinks,
and in presenting courageously its just claims to all who are not impervious to the light of understanding. We pledge ourselves to a program of
constructive service along the lines indicated and in the cautious light
of accumulating information and the necessities which it reveals. We invite the cooperation and support of all who approve such a program.
After describing Judge Payne's early career, the New York
"Sun" of Jan.24 outlined his later achievements as follows:
Mr. Payne remained in Chicago, actively engaged in the practice of the
law until 1917 when he went to Washington at the solicitation of President
Wilson. He had declined the position of Solicitor-General of the United
States in 1913, but after this country had entered the war he devoted himself
to Government service as a patriotic duty.
The President first sent him to the Pacific Coast to settle a series of
shipyard strikes. He was successful in his task, and on his return to
Washington, was made general counsel to the United States Shipping Board
Emergency Fleet Corporation. He was soon named Chairman of the
Shipping Board and served in that capacity until March, 1920. Under his
direction the great war fleet was constructed. Speed was the first essential
in building the ships and Mr.Payne was tireless.
Enters Cabinet
President Wilson invited Mr. Payne into the Cabinet at the conclusion
of his term as Chairman of the Shipping Board. As Secretary of the Interior he paid particular attention to the conservation of the oil supply for
the use of the navy. He successfully opposed the building of a commercial
dam in the Yellowstone National Park, and was the head of the railroad
administration when President Wilson went out of office.
President Harding appointed him Chairman of the Red Cross in Hal.
soon after taking office.
Departure of F. Abbot Goodhue and Harvey D. Gibson
to Attend Meeting in Berlin on German Credits
F. Abbot Goodhue, President of the Bank of the Man-
hattan Company and Chairman of the American Committee
of Short-term Creditors of Germany, sailed on Jan. 19 on the
Be de France to attend the meeting in Berlin to consider
revision and renewal of the German "Standstill" agreement.
He was accompanied by Joseph C. Rovensky, Vice-President
of the Chase National Bank, and E. C. MacVeagh, counsel
for the committee.
Harvey D. Gibson, President of the Manufacturers Trust
Company,sailed on Jan. 24 to take part in the conference.
The proposed participation of Messrs. Goodhue and Gibson in the meeting was noted in our issue of Jan. 12, page 232.
Arthur S. Tuttle Selected as President of American
Society of Civil Engineers
Arthur S. Tuttle, New York State engineer for the Federal
Emergency Administration of Public Works, became
President of the American Society of Civil Engineers on
Jan. 16. As State engineer in New York,in which capacity
he has served since August 1933, Mr. Tuttle occupies one
of the most important positions in the field organization
of the PWA. Mr. Tuttle is also resident project engineer
for the Government on the construction of the Tr -Borough
Bridge. The American Society of Civil Engineers is the
oldest National engineering society and comprises 15,000
members throughout the United States.
Election of Officers of Commodity Exchange—Jerome
Lewine Re-elected President
At a meeting of the Board of Directors of the Commodity
Exchange, Inc., held Jan. 23, Jerome Lewine was re-elected
President for the ensuing year. Charles Muller was elected
a Vice-President. to succeed Paolino Gerli, and J. Chester
Cuppia, Edward L. McKendrew, Ivan Reitler and Charles
Slaughter, were re-elected as Vice-Presidents. Floyd Y.
Keeler was re-elected Treasurer by the directors.
At a recent meeting of members, Leon B. Lowenstein was
-year
elected a Governor, to succeed Frank W.Lovett,for a.3
term. Other directors were re-elected.
M. J. Fleming Elected Governor of Federal Reserve
Bank of Cleveland
Matthew J. Fleming, Deputy-Governor of the Federal
Reserve Bank of Cleveland since 1920, was elected Governor
of the bank on Jan. 19. He succeeds the late Elvadore
R. Fancher, whose death on Jan. 16 was referred to in
our issue of Jan. 19, page 400. Mr. Fleming has been with
the Cleveland Reserve Bank since it opened in 1914. Following his graduation from high school he became connected with the Third National Bank of Pittsburgh in 1898.
Five years later he went to the Farmers Deposit National
Bank of Pittsburgh, remaining there 11 years until joining
the Reserve Bank of Cleveland.
Leon Fraser to Retire as President of Bank for International Settlements
Leon Fraser will retire as President of the Bank for International Settlements when his term expires this spring.
Associated Press accounts from Basle, Switzerland, Jan. 18,
in indicating this said that Mr. Fraser may be succeeded
by another American. Continuing the advices stated:
Directors of the Bank, in disclosing to-day that Mr. Fraser had declined
re-election at their last meeting on Monday (Jan. 14) indicated that they
generally favor an American as being more neutral and better able to
harmonize conflicting European interests.
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Financial Chronicle
The two American members of the Board, Gates W. McGarrah and Mr.
Fraser, both have served as president. Mr. Fraser's term expires in May,
when he will retire as President, and it is not certain he will continue as
Director. A search is now being made for some big American banking
figure to take the job.
The directors said that they regretted Mr. Fraser's decision and praised
his work in keeping the bank in good condition while keeping the good-will
of all.
The New York "Herald Tribune"reported yesterday (Jan.
25) that banks in the United States have sold to European
investors within the last few weeks several thousand shares
of B.I.S. stock, and that the "movement is still in progress
on a scale that promises to reduce the direct financial interest
of Americans in the World Bank to relatively insignificant
proportions." This movement was reported to have gained
impetus because of the fact that B.I.S. shares have no market
in this country and are often difficult to dispose of abroad.
Mid-Winter Meeting of New York State Bankers Association—Dinner Meeting Made Occasion of Testimonial to J. A. Broderick, Retiring Superintendent
of Banks—Remarks of J. H. Case and W. L.
Gillespie—Messages from President Roosevelt and
Governor Lehman
As the guest of honor at the dinner-meeting of the New
York State Bankers Association, held at the Hotel Roosevelt, in New York City, on Jan. 21, Joseph A. Broderick, who
retired on Dec. 31 as New York State Superintendent of
Banks, after serving in that capacity for five years, heard
not only messages of tribute from the speakers, but was
the recipient of laudatory messages from President Roosevelt and Governor Lehman of New York. In the message
from the President, read at the dinner, Mr. Roosevelt said:
I much wish that I could join personally in the testimonial to my old
friend and associate, Joseph A. Broderick. As Superintendent of Banks in
New York for more than five years, he rendered splendid public service,
and I was happy in the privilege of having him as a member of by Cabinet.
Please give him my regards.
Mr. Broderick's appointment to the post of Superintendent
was made by Mr. Roosevelt while he was Governor of the
State. Governor Lehman, who was unable to attend the
dinner, sent a letter commending Mr. Broderick's services,
in which he said:
Governor Lehman Lauds Courage
No Superintendent of Banks in the history of the State has had more
difficult problems or has met them with greater resourcefulness and courage.
I wish particularly to emphasize the quality of courage in Joe Broderick,
because to me it has been his most outstanding characteristic as Superintendent of Banks.
The last five years have called for prompt and forceful decisions based
frequently more on the necessities of the situation than on technical
regulations.
It is a fortunate thing for the State that we have had both in the
Banking and Insurance Departments men who have been willing at all
times, without hesitation or thought of self, to subject themselves to
criticism and worse because they felt confident that what they were doing
was for the best interest of the people of the State. Joe is going out of
the service with my deep personal affection and my very great gratitude
for what he has done for all the people of the State.
J. Herbert Case, Chairman of the Board of the Federal
Reserve Bank of New York, in addressing the dinser-meeting, opened his remarks by saying: "It is, it seems to me,
most fitting that this mid-winter donner-meeting of the
New York State Bankers Association should be in the nature
of a testimonial to our retiring Superintendent of Banks,
Joe Broderick, who, I think, has done a most successful
job." In part, Mr. Case also had the following to say:
Looking back over the period which started with 1929, when Mr. Broderick took office, we may well say that, during those few years, he lived a
lifetime of varied experience. Certainly, in the memory of those present,
no six-year period in banking history has seen more real or acute banking
problems than those which arose during that time. There have been at
least three outstanding and major episodes. To begin with, Mr. Broderick
istrUnied office in 1929 just prior to the collapse of prices on the New
York Stock Exchange, which marked the beginning of a period when bank
failures were fashionable. Later, the autumn stock market crash and the
succeeding business depression had the effect of shrinking the assets of
out financial institutions to such an extent as to raise here and there serious
questions as to the solvency of some of our banks. The second crisis, and
I am sure that our guests of the evening will never forget it, arose in
the early fall of 1930, and may be called the Bank of United States
episode. During the time that this situation was under active discussion—
and those discussions frequently were carried on into the early morning
hours—Joe Broderick and I stood shoulder to shoulder, and, I may say,
saw eye to eye with regard to it. I know that Mr. Broderick had a complete
recognition of the serious consequences, and of the repercussions that were
likely to result if the collapse of the institution could not be avoided.
I want to record, here and now, that, in my judgment, no man could have
worked more faithfully or more intelligently, in trying to save that institution from complete collapse, than did Joe Broderick. It has been a great
satisfaction to me, as well as to all of his other friends, that, when all
of his actions in regard to this matter were subsequently reviewed by the
courts in minute detail, at a time when public emotions were running high
and searching for a scapegoat, he came through that grilling not only
unscathed but with enhanced prestige. No court record could ever disclose
the heartbreaking efforts and conscientious work which he put in.
Bank Holiday
The third crisis—one that called for all the resourcefuloess, all the
constructive ideas, and all the energy that such a department head might
Jan. 26 1935
possess, took place during the early part of March of 1933, and has since
been known as "the banking holiday." The word "holiday" has to many
of us a curiously ironic sound in that particular application. Certainly
there was thrust upon the Superintendent of Banks and upon his Banking
Board, as well as upon the directors and officers of the Federal Reserve
banks, a tremendous responsibility; first, the responsibility of recommending wise action to the legislative authorities, and second—a task almost
impossible of satisfactory accomplishment in so short a time as the 10-day
period of the holiday—that of determining the solvency of over 1,100 commercial banks, non-member as well as member banks, in this district. The
constructive part which Joe Broderick and his Banking Board played during
that period will long be remembered with gratitude by the directors and
officers of the Federal Reserve Bank of New York. Testimony as to his
energetic and conscientious efforts is reflected in the present sound condition of the rehabilitated banking structure. I am not going to go into
details concerning Joe Broderick's incumbency of the office from which
he has now retired, but I can only repeat what I have said at the beginning
of this talk: from my point of view he has made a real success of his job.
Mr. Broderick's Career
We sometimes hear about the lack of opportunity for young people. I
think Joe Broderick's career must be stimulating to any young person who
is familiar with it. The record states that he was born in New York in
1881, entered a New York bank in 1896 (at the age of 15), where he stayed
until 1910, resigning to accept appointment as a New York State Bank
Examiner. While in that post he developed the system of examination
of foreign exchange departments and was the first American official to
examine branches of American banks in Europe. Early in 1914 Mr. Broderick was appointed by the Secretary of the Treasury a member of thg
preliminary organization committee to work out proposals for the technical
organization of the Federal Reserve banks. Upon the organization of the
System, he was appointed Chief Examiner by the Federal Reserve Board.
His duties included, among other things, the examination of all the 12
Reserve banks. In July of 1918 he was appointed Secretary of the Federal
Reserve Board, from which, in 1919, he resigned to become Vice-President
of the National Bank of Commerce in New York, where he remained for
nine years. As I have already indicated, in March 1929 he was appointed
Superintendent of Banks of the State of New York by Governor Roosevelt.
His career since that appointment is known to all of us.
So much for the record. If I may be permitted a more personal word, I
may say that I have known and respected Joe Broderick for a good many
years, and my close observation of him during the past few years when
he was Superintendent of Banks has served to endear him to me.
Joe has not taken me into his confidence respecting his plans for the
future, nor have I interrogated him about them. But I am sure that I
voice the feeling of everyone present here to-night when I say that I wish
for him the very best that the future can hold for any man I
William L. Gillespie, President of the Association and
President of the National Commercial Bank & Trust Co. of
Albany, lauded the "Invaluable service" rendered New York
State banks by Mr. Broderick through the trying years of
the depression, said the New York "Herald Tribune," from
which we also take the following:
His remarks were supplemented by Henry R. Kinsey, President of the
Savings Bank Association of New York and President of the Williamsburg
Savings Bank, Brooklyn, who asserted that it was Mr. Broderick's "leadership, good judgment and hard work that have carried us through to where
we are to-night." . . .
Expressing appreciation of the co-operation given by Mr. Broderick to
Washington, Luther IL Roberts, Chief National Bank Examiner, prophesied
that the "same pleasant and satisfactory relations will continue" with
George W. Egbert, who was Mr. Broderick's assistant and who is now his
successor. "Probably no other public official in existence receives less
commendation or credit from the public proper for conscientious and
faithful service than does the official bank supervisor," he said, "obviously
because the public only knows of the bad and unavoidable happenings
whiah receive publicity and is never apprised of the constructive services
which properly cannot be advertised."
"Encroaching" on the lyric of a noted song writer, Mr. Roberts turned
to Mr. Broderick to say that although "his term in office ended, his name
will linger on."
Mr. Egbert, commenting on the failure of the Bank of United States,
declared: "It was not for want of effort, desire or determination to save
the Bank of United States that made it fail, but in spite of the untiring
efforts."
As a token of esteem the Association presented Mr. Broderick with a
sterling silver cigarette case suitably inscribed.
Elsewhere in this issue we refer to the business meeting
of the Association which preceded the dinner.
•
Mid-Winter Meeting of New York State Bankers Association—Cannot Legislate Sound Bank Management, Says President Gillespie Who Declares
'
Bankers Have Courage to Rebuild Without Outside
Assistance
In the opinion of William L. Gillespie, President of the
New York State Bankers Association, "we cannot legislate
sound bank management any better than we could legislate
temperance." Mr. Gillespie, who is also President of the
National Commercial Bank & Trust Co. of Albany, N. Y.,
Made these remarks in addressing the seventh annual midwinter meeting of the Association on Jan. 21 in the auditorium of the Federal Reserve Bank of New York. Mr.
Gillespie stated that "no matter how air-tight the law is
drafted new conditions will inevitably create new and unforeseen situations that the law-makers did not and could
not anticipate. If the power to deal with new situations
is delegated to a public official or public body, it means
that the bankers will have to surrender their duties and
prerogatives of management to the extent of the powers
granted."
Volume 140
Financial Chronicle
He went on to say:
If this surrender of our powers of management continues, it will not be
long before the president of a theoretically independent bank will be more
tightly bound up with regulations and red tape than the assistant manager
of an English branch bank.
I do not need to tell you that if we reach that unhappy state, it will
break our spirit, destroy our initiative, lower our standing in the community, and reduce our ability to earn profits for our stockholders.
What is the answer? In my opinion, it can be expressed in two words—
"Banish Fear."
We must banish unreasonable fear of examiners' criticisms, unreasonable
fear of losses from what we consider to be sound loans, unreasonable fear
of the public reaction to service charges on unprofitable accounts and
lower interest rates on deposits. And when business improves to the point
where speculation becomes prevalent, we must banish the fear that our
competitor will grow faster and make larger profits than ourselves.
Cut-throat competition in banking is to my mind the first sign of poor
management. A commercial banker who gives away lead pencils to secure
savings accounts should be on a street corner with a tin cup and not in
banking.
I believe that "courage" should be our watchword. Perhaps I am oldfashioned, but I still believe that the bankers of this State have the courage
and ability to rebuild, without outside assistance, a banking system of which
we can be proud—if they will only stop "passing the buck" and apply
themselves to the task.
And in this rebuilding process I want to emphasize the need of educating
the public as to just what a bank is and what it should and should not be.
In my judgment, it is essential that we explain to the public the nature
and functions of our banks in the very simplest terms.
A simple statement of what a bank is, what it does, and how it invests
and loans out the funds deposited with it by the public would seem trite
to you, but it would be news to the great mass of the people of this country.
Such a statement should be repeated and repeated again. And let the
statement be an honest one. Statements which conceal an impairment of
capital are not honest statements. We preach to our customers the taking
of inventories at the lower of cost or market—let us practice what we
preach.
Only by honestly explaining our banks to the people can we hope to win
public support. Laws governing banks are made by law-makers. Lawmakers live by votes, and once elected to office a large part of their
energy is devoted to keeping their jobs. Naturally, they seek to please
the masses. Bankers do not have enough votes to command the attention
of these men in public life. And so we must take our case to the people.
We must not continue to allow our business to be explained to the public
by the politicians, demagogues and fanatics. These individuals who
should know better would have the public believe that the funds deposited
In our banks belong to the bankers, and lose sight of the fact that we are
dealing with other people's money which we are under obligation to repay
on demand.
As for the management of our banks, I believe we must approach the
problem of determining our policies not in the spirit of fear of our public,
or fear of our competitors, but from an engineering standpoint. And by
that I mean, among other things, that we must know the cost of conducting
our business. A manufacturer who did not know what it cost to produce
his product would soon lose his business to his more intelligent competitor.
Bear in mind, the manufacturer deals with the funds of his stockholders,
whereas we are dealing largely with funds which we hold as a public
trust. It is the consciousness of this trustee relationship with our depositors,
more than any other single factor, which will keep our policies sound and
our banks strong.
The cost of the depression to the banks of this State has been terrific,
but even so, perhaps the cost has been worth it. To, me it is beginning
to look as though for the first time bankers are learning the valuable
lesson of co-operation. If persons in public life can learn as valuable a
lesson by way of co-operating with business, perhaps the cost to the entire
country will not have been too great.
In the past we have been worrying about what might happen. In the
future we must quit worrying, face the facts, meet our problems as they
arise and solve them ourselves, instead of waiting for something to happen.
We must shape our own future so as to know what will happen.
Mid-Winter Meeting of New York State Bankers
Association—Committee on State Legislation
Opposes Growing Policy of Governments to
Operate Business in Competition with Private
Enterprise
At the mid-winter meeting of the New York State Bankers
Association, held in New York City on Jan. 21, the Committee on State Legislation presented a report in which
it records "its firm opposition to the growing policy of
governments, National, State and municipal, to initiate
and operate businesses in competition with the businesses
of citizens; Such competition," says the Committee, "is
unfair, wasteful and uneconomic. And your Committee
is prepared to oppose bills which seek to carry out such
a policy, whether the business concerned be manufacturing,
public utilities or merchandising. It applauds the President
of the United States in taking a somewhat similar stand
in his recent message to Congress." The report was presented by George C. Cutler, Chairman of the Committee
(Vice-President of the Guaranty Trust Co. of New York),
and dealt in the main with the recommendations for amending
the banking law made by the Superintendent of Banks in
his annual report (the Superintendent's report was referred
to in our issue of Jan. 12, page 255). The Committee, of
which Mr. Cutler is Chairman, says in its report:
It seems appropriate at this time to record our appreciation of the most
helpful activities of the Banking Board during the past year, and to express our general agreement with the recommendations they make in
the Superintendent's report, specifically with reference to the abolition
of preferred deposits.
The Committee agrees with the Superintendent that the
emergency powers of the Banking Board "should be con-
583
tinued for a reasonable period," and as to two other recommendations says:
The Superintendent recommends that the law be amended to provide
that private bankers who have recently become subject to certain provisions of the banking law be examined twice instead of once a year, and
tnat they be made subject to the major restrictions relating to banks
and trust companies with respect to loans and investments.
In view of the possibility of Federal legislation in the near future as
to the position of the private banker, it would seem wise to postpone State
legislation on this matter at least for the time being. This is the general
thought of the Superintendent, and we concur in it.
The Superintendent recommends that the law be amended to enable
savings and loan associations to create a central fund for the insurance
of their share obligations.
This matter does not primarily concern banks and trust companies.
Since they have their deposits insured or guarante d, there would seem
to be no ground for their objecting to this recommendation. The position
of your Committee is not to be construed as an endorsement of the guaranty
or insurance of deposits.
The Committee expresses its regret at the retirement
of Mr. Broderick, and says "the banks have lost an able
and good official friend, who has carried on his task magnificently through dark days."
Mid-Winter Meeting of New York State Bankers
Association—Federal Legislation Committee Advocates Limitation on Assessments of FDIC—
Recommends Legislation for Gradual Liquidation
of Postal Savings System
A report by its Committee on Federal Legislation, presented at the annual mid-winter meeting in New York
City on Jan. 21 of the New York State Bankers Association,
endorses "the recommendation of the Federal Deposit
Insurance Corporation as set forth in the public addresses
of its Chairman, Leo T. Crowley, that there should be
a limitation upon the amount of the annual assessment
which the FDIC may levy against its member banks."
The Committee, the Chairman of which is George V.
McLaughlin (President of the Brooklyn Trust Co. of Brooklyn), also had the following to say in presenting its conclusions:
The multiplicity of examinations to which banks nave been subjected in recent months, and the consequent cost to banking institutions,
together with the thoroughness whicn has characterized recent examinations, impels the Committee to recommend that legislation be adopted
which would provide for not more than two mandatory examinations per
annum—one by public authority and one by private accountants reporting
to the directors.
The Committee recalls a statement by Comptroller of the Currency
O'Connor, in an address before the American Bankers Association in
September 1933 to the effect that deposit insurance might render the
Postal Savings System unnecessary. Since that time no legislative action
has been taken in this direction as far as the Committee is able to learn,
and it therefore recommends that legislation be adopted looking to the
gradual liquidation of the Postal Savings System, on the grounds suggested by Mr. O'Connor; namely, that deposit insurance has eliminated
the necessity for it.
The Committee recommends that Congress give consideration to
the amendment of Section 117-D of the Revenue Act of 1934 to provide
that losses resulting from the sale of real estate and the stocks of corporations be allowed as deductions by banks in computing net income for
tax purposes in the same manner as are losses upon the sale of bonds.
Inasmuch as banks usually come into possession of stocks and real estate
through the foreclosure of uncollectible loans, the losses taken upon the
liquidation of sucn property are real losses and in the long run must be
taken largely out of operating income.
The Committee wishes to reiterate the recommendation of its predecessor committee that the Banking Act of 1933 be amended to clarify
the definition of the word "affiliate" so as to eliminate so-called "accidental
affiliates" and other corporations obviously not within the intent of the
law. The Committee also wishes to repeat the recommendation of the
predecessor committee that the Federal statutes be amended to eliminate
double liability of stockholders of all National banks, so that there will
be no distinction between such stock issued prior to 1933 and such stock
Issued thereafter.
Mid-Winter Meeting of Governors of Investment
Bankers Association—Members Reported as Voting
9 to 1 in Favor of Continuance of Code After Expiration of NIRA—Questionnaire Submitted to
Members—President Crane Looks for Early Expansion of Capital Market
The continuance of the code for investment bankers after
the expiration of the National Industrial Recovery Act on
June 16 is favored by a majority of the members of the
Investment Bankers Association of America, it was revealed
on Jan. 19 at the annual mid-winter meeting of the Association's Board of Governors at the Seaview Golf Club at
Absecon, N. J. A dispatch from Atlantic City Jan. 19 to
the Philadelphia "Inquirer" indicated this and added:
Pierpont V. Davis, of Brown Harriman & Company, Inc., New York.
Chairman of the Association's Business Problems Committee, reported
to the Board the Committee had sent a questionnaire to the Association's
membership and members were in favor of continuing the Code's operations by a vote of 9 to 1. whether or not the NIRA expired on June 16, or
was extended.
Since it is not known whether Congress will extend the National Industrial Recovery act beyond June 16, the Governors of the Association authorized Ralph T. Crane, of Brown Harriman & Co., Inc., President of the
I. B. A., to appoint a committee to formulate plans contingent upon extension or non-extension of the act.
Discussions by the board supported the opinion of the majority of the
Association's membership that the fair practice provisions of the code
should be extended.
584
Financial Chronicle
The questionnaire follows:
1. Do you believe in the theory and practical application of fair practice
provisions for the investment banking business?
2, If no legislative provision is made for continuation of Title 1 of the
NIRA after June 16, do you favor an effort by the Investment Bankers'
Association of America for voluntary continuation after that date of fair
practice provisions for the investment banking business?
3. If your vote on the above is In the affirmative would you like to see
any modification of the present code and if so In what respect?
It is stated that the answers submitted to the third question were not disclosed.
The meeting of the Governors was brought to a close on
Jan. 20 with a brief and optimistic summary of the business
outlook by Mr. Crane. The following further advices regarding the concluding session are from the "Inquirer":
Barring obstacles, not now foreseen, Mr. Crane said he expected a considerable expansion in the new capital market during coming months and
predicted a substantial improvement in the investment banking business.
He particularly urged investment bankers to co-operate to the fullest
extent in every sound effort made to re-open the capital markets.
"The Securities Act," Crane told the Governors, who are members of
the principal investment banking firms in the United States, "had been
greatly improved by the Securities and Exchange Commission."
Considered Step Forward
The revised registration requirements, made public last Sunday by the
Commission, were a decided step forward, he said, but they had not lessened
the law's effectiveness against fraud, although they had eliminated much
unnecessary information which corporations were compelled to prepare.
often at heavy expense, in registering an issue for public distribution.
Crane said he believed as industry came to appreciate the greater workability of the Securities Act, resulting from the amendments of last June
and the new regulations issued by the SEC, there would be a substantial
increase in capital flotations and that a considerable amount of refunding is
being considered by a number of industries.
Spring Meeting May 15-19
The Governors voted to hold the spring meeting of the Board at White
Sulphur Springs, W.Va., May 15-19.
At conclusion ofthe meeting,a number of the Governors left for New York
to attend a meeting of members and non-members of the association at the
Waldorf-Astoria on Tuesday.
Code Group Called Meeting
The New York meeting, called by the Investment Bankers' Code Committee, composed of 22 bankers representing all sections of the country, will
take up the question of "forbidding bankers registered under the code from
allowing unregistered banks,firms or individuals any discounts, concessions
or rebates on transactions In securities."
It was pointed out today that while Section 7 of the code condemns the
so-called rebate proposition,some unregistered banks and firms still obtain
concessions.
In referring to the New York meeting on Jan. 22 it was
stated in the "Herald Tribune" of Jan. 3 that it was not
indicated that the committee reached any conclusion and it
is believed further consideration will be given the problem.
Several violations of the I. B. A. code provisions, it was
added, are said to have been discussed.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of Jan. 19('page 417) with
regard to the banking situation in the various States, the
following further action is recorded:
MICHIGAN
Final plans for reorganizing the Guardian National Bank
of Commerce of Detroit, Mich., and disposing of its assets
to a depositors' liquidating corporation were announced on
Jan. 23 in Washington, D. C., by the Comptroller of the
Currency, J. F. T. O'Connor, we learn from the Detroit
"Free Press" of Jan. 24. It is estimated, the paper said,
that at the end of five years the liquidating corporation will
have paid, or be able to pay, $20,529,000 in dividends.
Directors of the liquidating corporation, which is a continuation of the depositors' committee that has been active in
reorganization plans, will be as follows:
Hugh J. Ferry. Treasurer of The Packard Motor Car Co.
Charles T. Fisher. Sr.. manufacturer.
Henry S. Hulbert, former Probate Judge and now Trust Officer of The
National Bank of Detroit.
Robert Pierce, Secretary of The Briggs Manufacturing Co.
Meyer L. Spencer, of The General Motors Corp.
Arthur D. Spencer, of Detroit Co.
We quote further,in part,from the paper:
As part ofthe plan for reorganization,the Reconstruction Finance Corporation will make a new loan to provide a 19% dividend to depositors not
participating in the liquidation. This will bring the total dividend to
general depositors up to 87%. Depositors of less than $1,000 already have
been paid in full.
Depositors entering into the liquidation plan will exchange their claims
against the bank for participation certificates in the new mortgage corporation. To safeguard the interest of creditors in the transaction, a Board of
Trustees was named by Comptroller O'Connor. . . .
The contract of sale of the assets of the bank to the corporation by
Receiver B. C. Schram is subject to the approval of the United States
District Court.
The assets to be turned over to the liquidating corporation, including the
stock assessment compromised at 15,040,000, have a five-year value of
$43,414,000, it was announced.
Deductions of 119,885,000 were anticipated, and 13,000,000 allotted for
contingent liabilities. This left an estimated $20.529,000 to be realized at
the end of five years, as compared to an estimate that $17,708,000 could be
realized as of today.
Jan. 26 1935
OHIO
In indicating that the Lorain Street Savings & Trust Co.of
Cleveland, Ohio, had reopened for business on Jan. 14,
advicesfrom that city by the Associated Press had the following to say:
Business on the city's west side took a new lease on life to-day (Jan. 14)
as the Lorain Street bank reopened its doors after having been closed since
the banking holiday of 1933. . . .
One of the bank's first disbursements was to turn over $352,000 in frozen
tax revenue to the county.
Under its reorganization plan the bank is free of debt, has no public
deposit liabilities and has a small, hand-picked Board of Directors. A
$1,200,000 loan to the Fulton Mortgage Company, which took over the
"frozen" assets of the bank, was one of the things that made the bank's
reopening possible to-day.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Jan. 19 for the sale of a Curb
Exchange membership at $22,000, up $1,000 over the previous
transaction.
The senior officers of the Chemical Bank & Trust Co.,
New York, gave a dinner to Percy H. Johnston, Chairman,
and Frank K.Houston,President,at the Union Club Jan.21.
Appropriate testmonials were presented to Mr. Johnston
and Mr. Houston by the officers. Those attending, in
addition to the guests of honor, were Pobert Walton Goelet,
senior director of the bank, and N. Baxter Jackson, Joseph
A. Bower, Joseph Adams, LeRoy W. Campbell, Wilbur F.
Crook, J.Lowry Dale, Harold H.Helm,George C.Hoffman,
John A. Hopper, M.D.Howell, Clifford P. Hunt,Samuel T.
Jones, Barret Montfort, Wandell M. Mooney, Paul
Partridge, Gilbert H. Perkins, John D. Perry, Robert D.
Scott, Henry L. Servoss, Samuel Shaw, Spencer Tunnell Jr.,
and Gilbert Yates.
At a recent meeting of the Executive Committee of the
East River Savings Bank, New York, Edward F. Barrett,
Vice-President of the Long Island Lighting Co.,was elected
Chairman of the Executive Committee to succeed the late
James B. Clews, it was announced on Jan. 20 by Darwin R.
James, President. Frederick G. Fischer, Vice-President
and trustee of the bank, has been elected Vice-Chairman of
the executive committee, and Frank A. Horne, President of
the Merchants Refrigerating Co., who is a trustee of the
bank, has been elected Chairman of the bond committee to
succeed Mr.Barrett in that capacity. Mr. Barrett has been
a member of the board of trustees of the bank for the past 15
years. Mr.James also announced that at the annual meeting
of the board of trustees of the bank, held recently, all officers
were re-elected for the ensuing year.
Irving G. Taylor, a partner of H. L. Allen & Co., New
York, investment security dealers, died on Jan. 18 of pneumonia, in Overlook Hospital, Summit, N. J. Mr. Taylor,
who was 58 years old, entered the stock brokerage business
as a young man with Breese & Smith. He later became connected with the Farmers Loan & Trust Co., and about 10
years ago joined H. L. Allen & Co.
At a meeting and dinner of junior officers of Group V
held at the Hotel St. George in Brooklyn, Jan. 17, Charles
Froeb, President of the Lincoln Savings Bank, Brooklyn,
was declared the Dean of Brooklyn Savings Bank Presidents.
Many of the other savings bank presidents and officers
attended the dinner. A summary of Mr. Froeb's career
follows:
Mr. Froeb was born in 1857 and is the second oldest Brooklyn savings
bank President. His first appointment in the financial field was as Trustee
of the Lincoln Savings Banks in 1902. A snort time later no was appointed
Vice-President of toe Manufacturers Trust Co. and fold tnat position
until 1914, wnen ne was elected President of toe Lincoln Savings Bank.
He is still a director of the Manufacturers Trust Co.
Since 1914, when Mr. Froeb took over his duties as President of the
Lincoln Savings Bank, deposits nave increased $86,000,000 and the number
of accounts from 41,542 in 1914 to 163,529 In 1935.
At the dinner Mr. Froeb announced five promotions in
the personnel of the bank, as follows: George H. Doscher
from Cashier to Vice-President,Louis C.Voigtfrom Assistant
Cashier to Secretary, John A. Elbe from Assistant Cashier
to Cashier, Wm. C. Hundt from Assistant Cashier to Controller, and Daniel Smith from Department Manager to
Assistant Cashier.
Levi P. Smith on Jan. 16 was elected President of the
P.
Burlington Savings Bank, Burlington, Vt., succeeding his
father, Charles P. Smith, who had been President 51 years.
In reporting Mr. Smith's election, Burlington advices,
printed in the Boston "Herald," went on to say, in part:
Volume 140
Financial. Chronicle
The new President is a graduate of the University of Vermont and
Harvard Law School. He was admitted to the Vermont bar, and for a few
years was an editorial writer for the Burlington "Free Press" before becoming Vice-President of the Burlington Savings Bank.
Effective Jan. 14, the Northfield National Bank, Northfield, Mass., capitalized at $25,000, was placed in voluntary
liquidation. The institution was absorbed by the First
National Bank & Trust Co. of Greenfield, Mass.
Regarding the affairs of the closed Atlantic National
Bank of Boston, Mass., the following was contained in a
dispatch by the Associated Press from that city on Jan. 15:
In an out-of-court settlement, the directors of the closed Atlantic National
Bank of Boston, Mass., agreed to pay its stockholders $350,000, it was
revealed on Jan. 15 when counsel for the bank directors caused a decree
to be entered in Superior Court disposing of several court suits.
Another suit brought by the First National Bank of Boston, which
absorbed the Atlantic National, against the directors of the closed bank
is still in process of settlement.
Attorney George Alpert, counsel for one of the stockholders, sought to
hold the Atlantic directors liable for losses sustained when the Atlantic
National purchased the Beacon Trust Co. of Boston. Mr. Alpert also charged
that too much money was invested in a new building for the Atlantic
National.
Announcement was made on Jan. 15 of the merger of
two Franklin County, Mass., banks, the First National
Bank & Trust Co. of Greenfield, founded in 1882, and
the Crocker National Bank of Turners Falls, Mass., which
was established in 1872. Greenfield advices on Jan. 15
appearing in the Boston "Herald," authority for the above,
added in part:
Tile Turners Falls bank will operate as a branch with its present personnel. The Greenfield bank will have four additional directors, these
from the Turners Falls bank.
Concerning the affairs of the defunct West Haven Bank
& Trust Co., West Haven, Conn.,the New Haven "Register"
of Jan. 18 had the following to say:
Judge John Rufus Booth, in the Superior Court, to-day authorized the
New Haven Bank, N. B. A., receivers for the defunct West Haven Bank
& Trust Co.. to pay a dividend to savings department creditors totaling
$81,600. The newly-authorized dividend will bring to 75% the recovery
that depositors have made since the bank closed.
From the Hartford "Courant" of Jan. 11 it is learned that
Howard W. Alcorn, receiver for the City Bank & Trust Co.
of Hartford, Conn., has been elected a Vice-President of the
First National Bank of Suffield, Conn., to succeed Samuel
R. Spencer, who resigned.
Eugene F. Huberti was elected Cashier of the Franklin
National Bank of Jersey City, N. J., on Jan. 17, to succeed
Irving G. Ross, who resigned in 1933. Other officers of
the institution appointed by the directors at the meeting
were Lewis G. Hansen, President, William V. O'Driscoll,
Vice-President, Abraham J. Goldstein, 2d Vice-President,
and Fred Maushott, Jr., and Robert H. Gorman, Assistant
Cashiers, the latter in charge of the Western Slope branch.
The "Jersey Observer" of Jan. 18, from which the above
information is obtained, continued in part:
Mr. Huberti started his banking career with the East River National
Bank, Manhattan, and was later with the Oriental National Bank of
New York. In 1902 he became affiliated with the People's Safe Deposit
Bank at Central Ave. and Bowers St.. Jersey City.
This institution is now a branch of the Trust Co. of New Jersey and
for the past four years Mr. Hubert' was Vice-President and Treasurer.
The Comptroller of the Currency on Jan. 18 issued a
charter to the National Union Bank in Paterson, Paterson,
N. J. The new institution succeeds the Labor National Bank
of Paterson and is capitalized at $200,000, consisting of
$100,000 preferred stock and $100,000 common stock. John
H. Wilkinson and Leon D. Sterling are President and
Cashier, respectively, of the new institution.
The First National Bank of Indian Head, Pa., effective
July 19, was placed in voluntary liquidation. The institution, which was capitalized at $25,000, was taken over by
the National Bank & Trust Co. of Connellsville, Pa.
That another payment may be made shortly to depositors
of the defunct Franklin Savings & Trust Co. of Pittsburgh,
Pa., was learned on Jan. 15, when Dr. William D. Gordon,
State Secretary. of Banking for Pennsylvania, announced
he had obtained authorization of a loan of $132,000 to the
Institution from the Reconstruction Finance Corporation.
In noting the foregoing, the Pittsburgh "Post-Gazette" of
Jan. 16 also gave the following additional information:
Actual consummation of the loan, Dr. Gordon said, will be contingent
upon the outcome of litigation pending with the city of Pittsburgh con-
585
cerning the status of its account. The city contends that, while it received
no collateral to cover its deposits in this bank, it is entitled to a preferred
status.
Three other banks in western Pennsylvania are among six in the State
with RFC loans pending. One of these is the Miners'.& Merchants' Deposit
Bank, Portage. Loans of $50,000 for the American State Bank of Erie,
and $145,300 for the Mountain City Trust Co., Altoona, have been authorized by the RFC, but will not be available to depositors until pending
litigation is settled, Dr. Gordon said.
According to a dispatch (Associated Press) from Washington, Pa., on Jan. 18, Albert J. Allison was appointed
President on that day of the Citizens' National Bank of
Washington, succeeding the late Alvan E. Donnan. Mr.
Allison has been a member of the bank's board since 1908.
The institution is a member of the Mellbank Corp.
According to a dispatch by the Associated Press from
Butler, Pa., on Jan. 14, Elias Ritts, formerly Vice-President
of the Butler County National Bank of Butler, Pa., on
that day was elected President of the institution, to succeed
his father, John V. Ritts. The elder Mr. Ritts, who is
82 years of age, asked to be relieved of his duties. The
dispatch continued:
The new President has been associated with toe bank for 30 years.
Dean B. Copeland was re-elected Vice-President.
An additional dividend of 2% will be paid to holders of
certificates of beneficial interest in the People's Liquidating
Corp., successor to the receiver of the closed Central Trust
Co. of Frederick, Md., after Jan. 22, it was announced on
Jan. 15 by W. Clinton McSherry, President and counsel of
the liquidation corporation. Frederick advices on Jan. 16
to the Baltimore "Sun," in noting the above, continuing,
said:
The dividend, amounting to approximately $200,000, will be the second
to depositors of the defunct bank and its 11 branches, the first, a 6% dividend, having been made Aug. 9, by John J. Ghingher, State Bank Commissioner, who at that time was receiver for the company.
The 2% dividend will not be shared by a large number of dissenting
creditors, who objected to the reorganization plan and were allowed 22%
of their deposits by order of the Circuit Court. The 6% dividend of last
August included the dissenters, who later received the remaining 16% of
their deposits.
Two promotions and other additions to the bank's personnel were announced on Jan. 10 by Julien H. Hill, President of the State-Planters Bank & Trust Co. of Richmond,
Va., following a meeting of the Board of Directors. The
changes were noted as follows in the Richmond "Dispatch"
of Jan. 11: J. Harvie Wilkinson Jr., Assistant Vice-President, was promoted to Vice-President, and Louis W. Bishop,
Assistant Cashier, named to fill the newly-created office of
Comptroller; Moncure P. Patteson elected Assistant Comptroller, John C. Davis, Assistant Cashier, and Stuart H.
Glenn, Assistant Trust Officer and Assistant Secretary.
It is learned from Herndon, Va., advices on Jan. 11 to
the Washington "Star" that the Herndon National Bank
was closed on Jan. 9 after National Bank examiners reported they had found a shortage of approximately $70,000
n its accounts. We quote in part from the advices:
All depositors in the closed bank are protected by the Federal Deposit
Insurance Corporation up to $5,000, and it was said by officials of that
agency in Washington yesterday (Jan. 10) the accounts probably will
be paid off within 10 days.
The bank was opened for business 25 years ago and was capitalized for
$25,000. . . .
Frank E. McKinney, Treasurer of Marion County, Ind.,
was elected President of the Fidelity Trust Co. of Indianapolis, at the organization meeting of the directors on
Jan. 14. Mr. McKinney succeeds Timothy P. Sexton, who
became a Vice-President of the institution. Other officers
elected at the meeting were Albert Lamb, Vice-President
and Secretary, and John E. Ohleyer, Vice-President and
Treasurer. The above information is from the Indianapolis
"News" of Jan. 14, which added, in part:
The trust company was organized in May 1909. Its resources, MI
reported to State and Federal bank supervisory officials on Dec. 31, are
$1,850,982, with a showing that deposits have increased more than $500,000
in the last year. The company has $100,000 paid-in capital stock; $85,000
of preferred debentures, and $150,000 of surplus and undivided profits.
Mr. McKinney has been in the banking business in Indianapolis since
1917, at which time he began as a bank messenger. From messenger he
was promoted to bookkeeper, then to Teller, then to Auditor, and in 1925
was elected Assistant Cashier of the People's State Bank. He resigned that
office Saturday (Jan. 12) in order to participate in the organization of
the Fidelity Trust Co.
We learn from the Chicago "News" of Jan. 15 that Le Roy
A. Listug,formerly a Vice-President of the District National
Bank of Chicago, has become a Vice-President and director
586
Financial Chronicle
of the Halsted Exchange National Bank of that city. The
"News" added:
Deposits of the Halsted Exchange National during 1934 were more than
doubled in an increase from $1,925,000 to $3,967,000. Customer loan
turnover during the year was more than $2,000,000.
The Kaspar American State Bank of Chicago, Ill., which
has been closed since June 24 1932, was to reopen for business on Jan. 15, according to the Chicago "News" of Jan. 14,
which also supplied the following additional information:
The new capital structure will consist of $250,000 capital and $50,000
surplus. Initial deposits will be $1,063,000, against which will be cash
and Government securities in excess of that amount. The building occupied
by the bank has been donated to it by the founder, William Kaspar,
deceased.
Officers of the bank are: James M. Trine; President; V. F. Mashek,
Vice-President; E. A. Hintz, Executive Vice-President; Emil F. Smrz,
Cashier; W. F. Kosobud, Assistant Cashier; Joseph J. Kral, Procashier ;
William Slavik, Auditor.
In addition to the changes at the annual stockholders'
and directors' meetings of Chicago banking institutions noted
in our issue of Jan. 12 (page 263) and elsewhere in these
pages to-day, some of the other changes in the directorates
and personnel of Chicago banks are indicated below:
American National Bank & Trust Co.—H. Bolin Voorhees, Vice-President of the Baltimore & Ohio RR. was elected to the directorate; Leslie H.
Klawans was elected Assistant Trust Officer.
Austin State Bank—Charles S. Castle Jr. and W. F. Pilgrim were elected
to fill board vacancies and Franz W. Castle was added as a new director.
Chicago City Bank & Trust Co.—Reduced directorage to 16 from 18,
electing C. P. Zacher to fill one of two vacancies existing.
City National Bank & Trust Co.—C. S. Tuttle and W. G. Sturm were
elected Trust Officers; J. J. Bickerl Jr., Assistant Trust Officer, and C. E.
Ahrensfeld, Assistant Cashier.
Continental Illinois National Bank & Trust Co.—John W. Nichols
named Assistant Cashier.
District National Bank—B. J. Schneider was named Assistant Cashier.
Drexel State Bank—Richard M. O'Brien and Edward H. Marhoefer
elected to directorate succeeding Mark A. Cronin, resigned, and adding one
additional member to the board.
Drovers National Bank—George A. Malcolm, Vice-President and Cashier
and Dale E. Chamberlin, Vice-President, were elected additional directors.
First National of Lamont—W. L. Buskiewicz elected a director to fill
vacancy created by death of J. A. Skarin. A..0. Helbig was named Second
Vice-President in Mr. Skarin's place.
First National Bank of Chicago—A. B. Johnston. Vice-President was
elected to the Board.
First National Bank of Englewood—Directorate was reduced from
six to five, Nils Olsen retiring.
Hamilton State Bank—Charles H. Shaw, already a director, was named
•
Vice-President.
Harris Trust & Sairings Bank—George H. Rigler was made Assistant
Cashier, T. S. Kiley, Trust Counsel; W. L. Fellingham, Assistant Secretary
and Burton A. Brannen, Assistant Auditor.
Howard Avenue Trust & Savings—Raymond W. Beach, Vice-President
was named Vice-Chairman of the Board in addition to his other office.
Main State Bank—E. S. Aschermann, formerly Assistant Cashier, was
named Cashier.
Mid-City National Bank—R. G. Had was named Assistant Cashier and
Frank R. Bush was placed in charge of the new business department.
Milwaukee Avenue National Bank—Edmund J. Szmnarski was added to
the Board. C. D. Oakley, who had been cashier, was named Vice-President and Cashier.
Northern Trust Co.—Frank M. Wallace promoted from Assistant Secretary to Second Vice-President. Edward Byron Smith,Lawrence A. Kempf,
L. Kenneth Billings and G. Lyle Fischer were elected Assistant Cashiers.
Gordon Arey, Nathaniel M. Symonds and John C. Smith were elected
Assistant Secretaries and William M. Stewart. Assistant Auditor. Alford
J. Baschen was appointed Assistant Manager of the bond department and
Donald W. Laing, Assistant Secretary in the trust department.
Ben E. Young, Assistant to the President of the National
Bank of Detroit, Detroit, Mich., since the opening of the
institution, was advanced to a Vice-President, and Scott
Carpenter and Walter F. Truettner were also promoted to
Vice-Presidents at the annual election of officers on Jan. 11.
Walter S. McLucas, the President of the institution, announced. The Detroit "Free Press" of Jan. 11, authority
for the above, also went on to say:
D. Heaphy, Edward
The following Promotions were also made: Leo
and
C. Mahler and Ray H. Murray, to be Assistant Vice-Presidents,
and
Harold B. Asplin, Henry T. Bodman, Wm. H. Hoey, W. Ross Laing
Harry C. Schaefer to be Assistant Cashiers.
All other officers were re-elected.
Milwaukee, Wis., advices to the Chicago "Tribune" on
Jan. 20 is authority for the statement that the First Wisconsin National Bank of Milwaukee, will become a Government
controlled bank soon after Feb. 1 when $10,000,000 of $100
par value preferred stock will be sold to the Reconstruction
Finance Corporation, while at the same time the common
stock of the institution will be reduced from $10,000,000 to
$5,000,000. We quote the dispatch in part:
There will be no change in the operation of the bank, officials said.
Walter Kasten, President, reported the Government has not asked for
representation on the Board of Directors. William H. Taylor, Chicago,
former national bank examiner, recently named an official of the First
Wisconsin, is not in the bank as an agent of the Government, Kasten said.
Since the decision to sell the stock to the RFC was reached on Nov. 8,
the First Wisconsin has announced the consolidation of the Commerce
Street bank and the Second Ward Bank, both affiliates, and the transforming of all affiliates, incotu'ing the Oakland Avenue, the Vliet Street, the
fan. 26 1935
North Avenue, the Merchants & Farmers, the Sherman Park and the East
Side banks into branch banks.
The transaction will be completed shortly after Feb. 1, it was said at the
bank, that date being selected because it is dividend date, and the new
capital setup will be made effective soon after.
• Completion of the RFC deal will place the Government in control of the
bank, bank officials admitted. Wisconsin Bankshares Corporation at
present is the principal owner of the First Wisconsin Bank.
miThe statement of the First Wisconsin to the Comptroller of the Currency
as of Dec. 31 1934, reported cash and Government securities totaled more
than $110,000,000 and deposits were $163,474,846.
In promotions at the annual meeting of the directors of
the Northwestern National Bank & Trust Co. of Minneapolis, Minn., we learn from the Minneapolis "Journal" of
Jan. 9, Clarence E. Drake was advanced from Assistant
Secretary and Trust Officer to Assistant Vice-President and
Trust Officer, and Maurice K. Mark received the same promotion, while Roy N. Gesmo was promoted to Assistant
Secretary; Grant W. Anderson to Assistant Vice-President;
Floyd E. Simons to Assistant Cashier, and Willard W.
Holmes to Assistant Trust Officer.
One change was made in the personnel of the Midland
National Bank & Trust Co. of Minneapolis, Minn., at the
directors' annual meeting on Jan. 8, according to the Minneapolis "Journal" of the following day, Robert S. Stebbins
being promoted to an Assistant Cashiership.
At the annual meeting last week of the New First National
Bank of New Hampton, Iowa, stockholders voted to drop
the word "New" from the bank's title, according to advices
from New Hampton, printed in the Des Moines "Register"
of Jan. 10.
The Nebraska State Banking Department on Jan. 9 announced the payment of a first dividend of 40%, or $33,787,
to depositors of the failed Logan Valley Bank at Uehling,
Neb., according to a Lincoln dispatch by the Associated
Press on that date.
Associated Press advices from Lincoln, Neb., on Jan. 11,
stated that dividends totaling $18,381 to depositors of two
failed State banks were announced by the Nebraska State
Banking Department on that date, as follows:
A 10% dividend to depositors of the Farmers' & Merchants' Bank at
Sumner totaled $13,004 and brought the total payments of the bank to 55%,
or $71,523.
Depositors of the Cordova State Bank at Cordova received a 10% dividend
of $5,377. This bank has now paid 55%, or $29,573.
The First National Bank of Wymore, Wymore, Neb., capitalized at $50,000, went into voluntary liquidation on Dec. 24.
It was replaced by the Wymore National Bank of the same
place.
Effective Jan. 7, the First National Bank of Hanover,
Kan., with capital of $25,000, went into voluntary liquidation. There is no successor institution.
Elmer W. Kleinschmidt, heretofore an Assistant Secretary
of the Mississippi Valley Trust Co. of St. Louis, Mo., was
promoted to an Assistant Vice-President at the directors'
annual meeting on Jan. 16. All other officers were reelected. In indicating the above the St. Louis "GlobeDemocrat" of Jan. 17 added:
Mr. Kleinschmidt is Chairman-elected of Group No. 5 of the Missouri
Bankers Association. He started as an office boy in 1909 with the old
State National Bank, which five years ago was merged with the Mississippi
Valley Trust Co.
Kemp P. Lewis was elected a Vice-President and H. C.
Barbee was named Assistant Trust Officer of the Fidelity
Bank of Durham, N. C., at a special meeting of the directors
held Jan. 15, we learn from Durham advices on Jan. 16
appearing in the Raleigh "News & Observer." Other
officers were named in the dispatch as follows: J. F.
Wily, President; Jones Fuller, Vice-President and Trust
Officer; L. D. Kirkland, Vice-President; E. S. Booth,
Cashier; M.B.Fowler, Secretary; F. D.Upchurch, Manager
of the West Durham branch, and H. I. Parrish, Manager of
the East Durham branch.
The directors of the Florida National Bank of Jacksonville, Fla., reappointed all officers of the institution at their
annual meeting on Jan. 10 and promoted two executives in
the trust department, George J. Avent, President of the
bank, announced after the session. Those promoted, according to the "Florida Times-Union" of Jan. 11, were C. P.
Cobb, Assistant Trust Officer, who was given the additional
Volume 140
Financial Chronicle
office of Assistant Cashier, and R. Pearce Markham, who
was made an Assistant Trust Officer. In addition to Mr.
Avent, the chief officers re-elected were: Alfred I. du Pont,
Chairman of the Board; B. S. Weathers, W. A. Redding,
C. Schwalbe and Frank Taylor, Vice-Presidents. and
N. A. Wakefield, Cashier.
A meeting of the stockholders of the American Bank
& Trust Co. of New Orleans, La., will be held Feb. 20 to
amend the bank's articles of incorporation to permit the
increase of its capital from $1,000,000 to $2,500,000. In
announcing the meeting John Legier, President of the bank,
asserted that the proposed increase, together with the
present capital and the bank's surplus of $500,000, will
furnish a capital structure of $3,000,000. The New Orleans
"Times-Picayune" of Jan. 17 quoted Mr. Legier further,
in part, as saying:
When the present administration of the American Bank & Trust Co.
took charge of the management and affairs of the institution in 1923,
deposits were approximately $1,500,000. To-day deposits show an
Increase of 1,350%.
•
When we moved to our present location in the new American Bank
Building in November 1929 the deposits were approximately $8,000,000.
Deposits have enjoyed a steady and continuous growth since that time,
until they are approximately $20,000,000, an increase of $12,000,000 In
five years.
After the addition of this $1,500,000 of capital stock, the ratio of deposits to the capital structure will be about 7 to 1.
'Effective Jan. 5, the First National Bank of Geyser, Mont.,
was placed in voluntary liquidation. The bank was capitalized at $25,000 and has no successor institution.
Election of C. N. Erling to be Assistant Cashier of Citizens'
National Trust & Savings Bank of Los Angeles, Calif., was
announced by Herbert D. Ivey, President, following the
January meeting of the Board of Directors. Mr. Erling has
been a member of the Citizens staff since 1907, when he
entered the bank as a messenger. His advance in the commercial division of the bank was steady until his transfer
In 1924 to the Citizens Los Angeles Co., at that time the
securities affiliate of the bank. Mr. Erling served as Secretary-Treasurer of the company until it discontinued operation in 1933, under provisions of the Banking Act of 1933.
He has since then been in charge of the bond department
operated within the bank.
587
United States and other foreign currencies, together with
the deposit of the central gold reserve, total $34,111,899,
which is 14% of total liabilities to the public, compared with
15.65% last year. Readily available assets total $164,227,541, which works out at 67.4% of liabilities to the public,
compared with 61% in 1933.
Investments made up of Dominion and Provincial securities, municipal securities, railway and other bonds and
securities, all shown at not exceeding market value, total
.$94,527,147, an increase of $15,336,875. The increase is
represented in Dominion and Provincial direct and guaranteed securities, investments in other bonds and securities
showing a decrease of $417,813. Call loans in Canada and
abroad totaling $14,423,292 are compared with $11,010,208
in 1933. Current loans in Canada of $85,887,690 compare
with $97,117,482 last year, a decrease of $11,229,792. Current loans elsewhere than in Canada, at $12,810,771, show
a slight reduction—$321,747. The total assets of the bank
are increased from $270,316,753 to $280,575,787, an all-time
year-end high.
Net earnings for the 12 months, after taking care of
Dominion and Provincial taxes ($442,099), and after making appropriations to contingent accounts out of which full
provision for bad and doubtful debts have been made,
amounted to $1,850,330, which, when added to $637,125, the
balance to credit of profit and loss brought forward from
the previous year, made $2,487,455 available for distribution, out of which the following allocations were made:
$1,440,000 to pay four quarterly dividends at the rate of 12%
per annum; $115,000 contributed to officers' pension fund,
and $250,000 written off bank premises account, leaving a
balance of $682,455 to be carried forward to the present
year's profit and loss account. The paid-up capital of the
bank is $12,000,000 and the reserve fund $24,000,000. The
Bank of Nova Scotia, which was founded in 1832, maintains
branches from coast to coast in Canada, also in Newfoundland, Jamaica, Cuba, Puerto Rica, Santa Domingo, and in
New York, Boston, Chicago and London, England. Th.- New
York agency is at 49 Wall Street.
We are advised that Sir George Ernest Schuster has been
appointed a director of the Westminster Bank, Ltd., London.
COURSE OF BANK CLEARINGS
From the Los Angeles "Times" of Jan. 15 it is learned that
Bank clearings this week will again show an increase as
directors of the Security-First National Bank of LOT;
the
Angeles, Calif., at their annual meeting the previous day compared with a year ago. Preliminary figures compiled
promoted four officers and added three new officers to the by us,,based upon telegraphic advices from the chief cities
personnel of the institution. Those promoted were J. H. of the country, indicate that for the week ended to-day
Griffin,for many years Trust Officer and Assistant Secretary, (Saturday, Jan. 26) bank exchanges for all cities of the
who was made a Vice-President, E. L. Uhlik and Sidney United States from which it is possible to obtain weekly
Wyckoff, Assistant Cashiers, who were advanced to Assistant returns will be 12.6% above those for the corresponding
Vice-Presidents, and Thomas B. Williams, Assistant Trust week last year. Our preliminary total stands at $5,275,408,696, against $4,683,548,879 for the same week in 1934.
Officer, who was promoted to Trust Officer.
The three new officers, who heretofore had been members At this center there is a gain for the week ended Friday of
of the staff, were named in the paper as follows: Lloyd L. 15.7%. Our comparative summary for the week follows:
Austin of the central credit department, who was made
Clearings—Returns by Telegraph
Per
Assistant Vice-President, E. J. Callister, Assistant in the
Week Ended Jan. 26
1935
1934
Cent
loan division of the central real estate loan department, who New York
$2.832.364,071 $2,448,481,980 +15.7
was given the title of Assistant Secretary, and Frank D. Chicago
189,214,306
160,961,104 +17.6
Philadelphia
241,030,000
203,000,000 +18.7
Nelson of the First and Spring branch, who was made Boston
141,000,000
157,000.000 —10.2
Kansas City
61,382,431
54.567,467 +12.5
Assistant Manager of that branch.
St. Louis
54.700,000
We learn from the Los Angeles "Times" of Jan. 11 that
in addition to the re-election of the present officers of
the Union Bank & Trust Co. of Los Angeles, Calif., headed
by Ben R. Meyer,President, the directors at their meeting
on Jan. 10 appointed James G. Lieb Assistant Trust Officer.
Mr. Lieb joined the bank in 1924 and since then has held
responsible positions in every division of the trust department. He helped to organize the Stock Transfer Association in Los Angeles an I has been active in the Los Angeles
Chapter of the American Institute of Banking, the paper
said.
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
92,800,000
65,657,362
63,729,058
45,741,522
39,261,820
24,141,000
Twelve, cities, 5 days
Other cities, 5 days
$3.850,991,570
545,182,335
Total all cities, 5 days
All cities, 1 day
50,500,000
80,072,000
63,008,036
55,997.132
39,216,742
35.039,976
24,721,000
+8.3
+15.9
+4.2
+13.8
+16.6
+12.0
—2.3
83,372,565,437
457,299,725
+14.2
+19.2
$4,396,173,905
879,234,791
$3,829,865,162
853,683,717
+14.8
+3.0
er WTE .1141.0 .nal
„
0/.00 !An nmn
t
In a
•
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
The one hundred and third annual report of the Bnak of until noon to-day.
Accordingly, in the above the last day of
Nova Scotia (general office Toronto, Canada), covering the the week in all cases
has to be estimated.
year 1934, was made public on Jan. 21. An unusually high
In the elaborate detailed statement, however, which we
percentage of cash and liquid assets and an increase of more present further
below, we are able to give final and complete
than $7,000,000 in deposits are features of the statement. results for the week
previous—the week ended Jan. 19. For
The latter, which total $215,153,834, an increase of 3.4% that week there is an
increase of 29.0%, the aggregate of
over the previous year, are at the highest figure in the his- clearings for the whole country
being $6,105,285,061, against
tory of the institution; approximately $5,000,000 of the $4,732,852,182 in the same week
in 1934.
Increase is in interest-bearing and $2,000,000 in non-interestOutside of this city there is an increase of 20.5%, the bank
bearing deposits. Current coin, legals, notes of other banks, clearings at this center having
recorded a gain of 33.9%. We
Financial Chronicle
588
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 expansion of 33.2%, in the Boston Reserve District
of 11.5%,and in the Philadelphia Reserve District of 31.2%.
In the Cleveland Reserve District there is an improvement of
19.4%, in the Richmond Reserve District of 16.1%, and
in the Atlanta Reserve District of 13.3%. The Chicago
Reserve District has to its credit a gain of 33.2%, the St.
Louis Reserve District of 16.3%, and the Minneapolis.
Reserve District of 5.3%. In the Kansas City Reserve District the increase is 21.9%, in the Dallas Reserve District
6.4%, and in the San Francisco Reserve District, 19.1%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Jan. 19 1935
Inc.or
Dec.
1934
1935
1933
1932
Federal Reserve Dist..
1st Boston _ _ _ .12 cities
2nd NewYork__12 "
3rd Philadelpla 9 "
4th Cleveland__ 5 "
501 Richmond.6 "
6th Atlanta____10 "
7th Chicago - - -19 8th St.L0u1s___ 4 "
9ht Minneapolis 6 "
10th Kansas City10 "
11th Dallas
5 "
12th San Fran_ _12 "
$
261,552.392
4,123,085,340
338,599,629
216,990,483
100,226,448
110,140,671
398,519,652
115,976,079
73,321,736
121,350,584
43,341,536
202,140,511
$
234,618747
3,096,320,854
258,120,554
181,784,779
86,331,458
97,225,355
299,157,206
99,681,888
69,661,024
99,570,965
40,721,458
169,657,894
%
+11.5
+33.2
+31.2
+19.4
+16.1
+13.3
+33.2
+16.3
+5.3
+21.9
+6.4
+19.1
$
237,802,948
2,958,804,606
296,996,631
171,068,838
92,618,943
76,864,464
275,212,409
89,702,176
57,539,825
87,269,248
33,792,861
147,647,165
$
284,955,397
3,597,028,974
297,423,647
020,786,457
115,374,130
98,289,692
379.009,357
103,545,792
69,866,405
112,751,348
43,331,102
196,299,814
110 cities
Total
Outside N. Y. City
-____._
........
6,105,285,061
2,081,530,155
4,732,852,182 +29.0
1,727,835,344 +20.5
4,525,323,114
1,655,017,398
5,518,662,115
2,028,645,234
nI,CTO eel
ncn nmn eon
-................
........•.. ..."
_t_...
We now add our detailed statement s lowing last week's
figures for each city separately for the four years:
Week Ended Jan. 19
Clearings at
1935
1934
Inc. or
Dec.
1933
$
334,192
2,201,816
210,766,099
657,886
451,886
561,970
2,956,180
1,660,763
6,841,538
3,834,608
7,088,200
447,810
515,559
2,697,180
249,198,150
974,598
245,783
672,095
3,593,806
2,491,836
8,348,816
6,723,384
9,020,500
473,690
234,618,747 +11.5
237,802,948
284,955,397
Total(12 cities)
261,552,392
Second Feder al Reserve D istrict-New
7,274,312
9,841,407
-Albany..
N.Y.
993,353
1,094,944
Binghamton__ _
25.784,914
27,700,000
Buffalo
483,112
482,381
' Elmira
397,991
500,586
gJamestown_ _ _
New York _ _ 4,023,754,906 3,005,016,838
6.185,657
5,348,222
Rochester
4,986,835
3,586.320
' Syracuse
2,919.249
2,980,706
Conn.
-Stamford
499,056
.320,000
N. J.
-Montclair
16,603.931
15,788,347
Newark
24,165.670
32,702,457
Northern N. J.
$
1932
$
$
%
First Federal Reserve Dist rict-Bost° n404.522 +36.0
550,030
Me.
-Bangor
2,249,657
1,481,585 +51.8
Portland
Mass.
-Boston. _ 231,156,337 207,922,976 +11.2
642,346
569,022 +12.9
Fall River
376,073 +2.9
387,080
Lowell
674,381 + 10.0
741,616
New Bedford..
2,571,064
2,657,009 -3.2
Springfield. _ _
1,388,771
1,173,857 +18.3
Worcester
9,076,893
7,651,175 +18.6
Conn.
-Hartford
3,302,589
3,636,645 -9.2
New Haven_ _ _
9,105,400
7,748,500 +17.5
R. I.
-Providence
380.619
323,002 +17.8
N.H.-Manches'r
York
10,746,724
6,246,153
-26.1
888,260
-9.3
731,057
21,890,840
27,659,175
+7.4
611,579
+0.2
999,775
441,248
+25.8
694,552
+33.9 2.870,302,716 3,490,016,881
+15.7
4,897,645
7,048,006
3,619,324
3,485,006
-28.1
3,053,984
+2.1
2,556,805
654,998
388,702
-35.9
16,745,109
24,015,605
+0.2
+35.3
25,715,654
32,423,782
Total (12 cities) 4,123,085,340 3,096,320.854 +33.2 2,958,804,606 3,597,028,974
Third Federal Reserve Dist rict-Phila d elphia-339,366
357,221 -23.0
274,955
Pa.
-Altoona _ _ _
a333,281
b
a2,145,671
Bethlehem. _ _
-- i
246,090
264,034 -12
231,513
Chester
816,950
683.451 +19.5
816,538
Lancaster
Philadelphia _ _ 328,000,000 248,000,000 +32.3 287,000,000
1,753,671
1,208.726 +21.1
1,464,294
Reading
2,145,093
1,888,934 +13.6
2,146,231
Scranton
1,491,531
1,148,236 -9.3
1,041,796
Wilkes-Barre_ _
1,000,930
910,452 +32.3
1,204,302
York
2,203,000
3,659,000 -6.5
3,420,000
N.J.
-Trenton.
537,795
a697,266
601,256
1,121,094
282,000,000
2,263,823
3,391,716
1,824,648
1,174,315
4,509,000
296,996,631
Week Ended Jan. 19
Clearings at
-
338.599,629
Fourth Feder al
Ohio-Akron.....
Canton
Cincinnati _ _ _
Cleveland
Columbus
Mansfield
Youngstown _ _
Pa.-Pittsburgh _
258,120,554 +31.2
Reserve D Istrict-Cley eland-c
c
c
C
c
c
c
C
41,604,609
39,286,942 +18.5
46,567,220
54,152,892
54,365,391 +19.9
65,206,797
8,321,100
10,029,400
9,667.300 +3.7
741,904
1,099,851 +15.9
1,275,064
b
b
b
is
66,248,333
77,365,295 +21.4
93,912,002
c
c
47,628,047
70.941,753
8,383,100
1,000,000
17
92,833,557
181,784,779 +19.4
171,068,838
220,786,457
Fifth Federal Reserve Dist rict Riches ond120,582 +7.7
129,856
W.Va.-Huneton
1,490,000 +41.4
2,107,000
Va.-Norfolk _ _
+1.1
24,648,333
24,927,098
Richmond _
864,293 +12.4
971,677
-Charleston
S.C.
55,618,343
46.298,626 +20.1
Md.-Baltimore _
12,909,624 +27.7
16,482,474
D.C.-Washing'n
351.414
2,132,000
24,313,575
718,879
47,660,755
17,442,320
513,901
3,061,826
28,092,458
741,819
61,198.686
21,765,440
Total(5 cities).
218,990,483
86.331,458 +16.1
92,618,943
115,374,130
Sixth Federal Reserve Dis trict-Atlan ta1,956,365 +38.4
2.708,222
-Knoxville
Tenn.
9.447,879 +27.8
12.075,560
MNashville
33,300,000 +10.5
36,800,000
Ga.-Atlanta _ _
787,844 +14.4
901,134
6„ Augusta
501,663 +29.4
649,167
Macon
12,619,000 +20.5
15,202,000
Fla.-Jack'nville
13,701,654
11,390,733 +20.3
Ala.-Birm'ham _
837,467 +26.9
1,062,767
Mobile
b
b
b
-Jackson_ _
Miss.
123,471
129,589
+5.0
Vicksburg
26,260,933
+2.5
26,910,578
-New Orleans
La.
2,000,000
8,138,399
23,700,000
603,356
337,638
7,648,742
7.311,285
766,036
b
105,001
26,254,007
3,303,146
10,145,500
29,600,000
1,097,934
519.860
10,871,459
11,198,349
1,232,818
is
127,529
30,193.097
97.225,355 +13.3
76,864,464
98,289,692
Total(6 cities).
Total(10 citing)
100,236,448
110,140,671
1935
1934
Inc. or
Dec.
1933
$
Seventh Feder al Reserve D istrict--Chi cago89,929
64.590 +29.8
83,818
Mich.
-Adrian_ _
411,973 +13.7
520,170
Ann Arbor..._
468.280
56,350,619
65,419,142 +34.3
87,828,915
Detroit
1,471,085 +28.2
2,682,497
1,885,221
Grand Rapids.
792,812 +45.8
631,300
1,156,191
Lansing
794,333
518,687 +27.6
Ind.
661,943
-Ft. Wayne
10,965,000 +21.4
10,474,000
13,315,000
Indianapolis._ _
1,191,246
575,776 +31.6
757,809
South Ben& _ _
2,859,252
4,140,031 -11.6
3,660,768
Terre Haute_
11,392,219
11,309,567 +29.3
Wis.-Milwaukee
14,625,380
618,917
303,160 +137.5
Ia.-Cod. Rapids
720,122
5,175,425
4,665,932 +30.9
Des Moines_ _ _
6,108,559
1,775,355
2,236.915 +15.0
2,571,682
Sioux City_ _ _
Waterloo
708,052
264,067 -0.3
Ill.
263,375
-Bloomington
259,523,594 191,671,252 +35.4 176,064 587
Chicago
342,990
433,560 +28.8
558,525
Decatur
2,739,981
+2.1
2,126.491
2,796,574
Peoria
489,028 +41.5
411,626
692,030
Rockford
1,103.401
684,648 +27.3
871,866
Springfield....
Total (19 cities)
398.549,652
1932
129.005
525,835
76,687,445
3,736,898
4,158,800
1,182.132
12,797,000
1,268,752
3,643,599
17,241,273
975,623
5,209,677
2,718,636
1,109,321
241,519,900
622,835
2,653,493
1,183,700
1,645,433
299,157,206 +33.2
275,212,409
379,009,357
uisis
+19.0
+14.0
+7.0
is
61,600,000
17,781,191
10,027,249
Eighth Federa I Reserve Dis trict-St. Lo
'md -Evansville,
65,200,000
77.600,000
Mo.-St. Louis
21,132,406
24,081,484
Ky.-Louisville
13,000,482
Tenn.- Memphis
13,908,595
is
Ill.
-Jacksonville,
349,000
386,000
Quincy
+10.6
293,736
is
71,000,000
20,132,702
11,851,054
is
562,036
99,681,888 +16.3
89.702,176
103,545,792
Reserve His trict-Minn ea polls
2,025,073 -8.0
1,862,742
45,916,139 +4.9
48,188,979
19,500,292 +3.5
20,175,279
452,798 +13.0
511,807
264,221 +74.4
460,694
1,502,501 +41.2
2,122.235
1,667,925
39,321,529
14,119,589
483,431
254,823
1,692,528
2,365,746
48,744,088
16,082,184
626,433
327,778
1,720,176
+5.3
57,539.825
69,866,405
Tenth Federal Reserve Dis trict Kens as City
48,491 +95.8
94,960
Neb.-Fremont
is
70,962
Hastings
1,942,411
-I- 0.5
1,952,230
Lincoln
26,451,865 +1.1
26,754,594
Omaha
1,766,768 +30.2
2,300,833
Kan.
-Topeka.._
2,117,853 +69.7
3,594,611
Wichita
62,395,363 +30.4
81,342,709
Mo.-Kan, City.
4,041.998
+4.5
4,225,288
St. Joseph_ _ _ _
393,509 +16.6
458,852
Colo.
-Col.Spgs_
412.707 +34.6
555,545
Pueblo
93.792
105,518
1,457,970
17,466,119
1.499,208
3,610,528
58,412,057
3,643,541
480,781
499,734
186,267
156,149
2,186,832
25,035,101
2,249,686
4,839,125
72,023,470
3,653,958
595,349
925,411
99,570,965 +21.9
87.269,248
112,751,348
-Da lasEleventh Fede ral Reserve District
665,305 +84.1
1,224.542
Texas
-Austin...
30,121,311
+6.2
31,988,269
Dallas
+1.1
5,260,949
5,318,356
Ft. Worth_ _ _ _
2,512,000 +3.2
2,592,000
Galveston
2,161,893 +2.6
2,218,369
La -Shreveport.
703,992
24,502,928
4,486,899
2,079,000
2,020,042
883,174
30,375,135
6,572,164
2,765,000
2,735,629
+6.4
33,792,861
43,331,102
Fiend sco-+12.3
19,103,539
+47.4
3,981,000
-6.3
294,910
+17.7
14,734,530
+24.9
8,890,530
+11.8
2.591,220
+4.8
2,663,981
+56.0
5,401,913
+18.4
86.854,247
+23.4
1,240,907
+0.2
911,577
+6.8
978,811
25,806,088
7,095,000
489,030
18,866,463
11,680,203
4,141,243
4,073.520
7,153,598
113,335,223
793.135
1,414,807
1,450,604
Total (4 cities).
Ninth Federal
Minn.
-Duluth._
Minneapolis_ _
St. Paul
S.33.
-Aberdeen.
Mont.-Billings
Helena
Total(6 cities).
Total (10 cities)
Total(5 cities)_
115,976,079
73,321,736
121,350.584
43,341,536
69,661,024
40,721,458
Twelfth Feder al Reserve D istrict-San
21,336,397
23,964,956
Wash -Seattle..
5,525,000
8,142,000
Spokane
458,716
429,849
Yakima
17,862,626
21,027,823
Ore -Portland..
9,934,485
12,405,296
Utah-S. L. City
2,766,960
3,092,534
Calif.
-L.Beach_
2,754,301
2,885,536
Pasadena
3,609,997
5,631,335
Sacramento.. _
San Francisco. 120,212,076 101,490,575
1,462,193
1,803,945
San Jose
1,191,062
1,193,844
Santa Barbara_
1,265,583
1,351,317
Stockton
297.423,647
Total(9 cities).
Jan. 26 1935
Total(12 cities) 202,140,511 169,657,894 +19.1 147,647,165 196,299,814
Grand total (110
6,105,285,061 4,732,852,182 +29.0 4,525,320,114 5,518,662,115
cities)
Outside New York 2,081,530,155 1,727,835,344 +20.5 1,655,017,398 2,028,845,234
Week Ended Jan. 17
Clearin s at
1935
1934
Inc. or
Dec.
1933
1932
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William. _ _ _
New Westminster
Medicine Hat _ _ _
Peterborough__ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert _ _.
.
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
103,517,242
87,662,535
54,066,651
14.378,336
4,388,671
3,386,768
2,180,210
3,261,375
4,701,791
1,526,235
1,354.087
2,329,366
3,978,255
2,258,198
245,802
347,426
1,035,126
373,073
704,504
551,167
411,436
152,000
534,460
475,879
914,580
2,267,289
270,193
552.832
466,041
422,742
365,427
628.209
$
105,037,256
83.286,815
46,372,253
13,782,783
4.125,054
3,415,747
2,055,391
3,018,331
4,187,364
1,656,885
1,456,943
1,856,751
3,931,907
2,313,910
223,256
415,463
1,024,683
469,734
620,425
570,822
354,576
170,442
606,306
465,482
905.835
1,873,238
229,615
605,555
440,137
441,310
403,435
526,727
%
-1.4
+5.3
+16.6
+4.3
+6.4
-0.8
+6.1
+8.1
+12.3
-7.9
-7.1
+25.5
+1.2
-2.4
+10 1
-16.4
+1.0
-20.6
+136
-3.4
+16.0
-10.8
-11.8
+2.2
+1.0
+21.0
+17.7
-8.7
+5.9
-4.2
-9.4
+19.3
$
74,965,118
66,742,851
27,218,234
11,344,631
3,426,881
3,259,293
1,870,778
2,916,055
4,173,387
1,411,933
1,321,101
2,006,947
5,731,250
2,075,199
254,316
293,101
989,283
444,281
551.983
450,518
359,986
193,137
555,943
450,410
691,636
1,757,150
202,884
536,714
404,704
378,558
304,991
397,210
$
82,349,374
79,444,634
28,246,308
13,772,574
6,191,898
4,255,658
2,601,686
3,694,918
4,787,337
2,017,967
1,522,008
2,251,245
3,725,818
2,861,597
300,494
286,185
1,293,998
520,017
754,437
631.832
486,204
181,239
620,289
574,330
806,430
2,997,992
297,817
779,345
581,077
510,690
439,660
487,419
mnt.1 102 /09loal
900 707 04111
286.844.431
+4.5
217.679.463
250.252.480
a Not included in totals. b No clearings available. c Clearing House not function
Estimated.
.
log at present.
Volume 140
589
Financial Chronicle
Condition of National Banks Oct. 17 1934—The statement of condition of the National banks under the Comptroller's call of Oct. 17 1934 has just been issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including Oct. 25 1933 are included.
ABSTRACT OF REPORTS[OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON OCT. 25 AND DEC. 30 1933, MARCH
5, JUNE 30 AND OCT. 17 1934
Oct. 17 1934
June 30 1934
Mar. 5 1934
Dec. 30 1933
Oct. 25 1933
(5,057 Banks a) (5.159 Banks a)(5,293 Banks a) (5,422 Banks a)(5,466 Banks a)
Assets—
Loans and discounts (including rediscounts)
3verdrafts
Jnited States Government securities, direct obligationsSecurities guaranteed by United States Government as to .interest
(and principal)
3ther bonds,stocks, securities, &c
Dustomers'liability account of acceptances
Banking house, furniture and fixtures
3ther real estate owned
Reserve with Federal Reserve banks
Dash in vault
Balances with other banks
3utside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with
endorsements
Securities borrowed
3ther assets
7,633.924.000
4,720,000
5,837.378,000
8.257.937.000
4,224,000
4,111,645,000
8.101.156.000
3,053,000
4,469,147.000
7.899.279,000
3.394,000
5.407,348,000
7,694.749,000
2,994,000
5.645,741.000
3,383,270,000
198,820.000
646,292.000
158,422.000
1,684.024,000
329.786,000
2,149,654,000
25,543,000
38,387.000
3,401.625.000
229,956,000
645,278,000
158,530,000
1,747,364,000
343.117.000
2,313,454.000
43,250,000
40.474,000
b 141,579.000
3,286.864,000
191,258,000
643.643,000
165.415.000
2,029,848,000
358.302.000
2,498,833,000
32,812.000
40,851,000
510,854,000
b 357,911.000
3,344.901,000 c3,570,137,000
137.155,000
129.128,000
655.819.000
654.056.000
158,880,000
151.970,000
2,497,400,000 2.509,639,000
352,402,000
418.756.000
2,798,000,241 3,102,395,000
48.922.000
44.299,000
36,426,000
35,075.000
4.330.000
3,699,000
202,616,000
14.005.000
5.716.000
231,358,000
12.504.000
4,508,000
224.735,000
1,408.000
2,112,000
181.468.000
1.201.000
1.646.000
191,275,000
21.198.649,000 21,747.483,000 22,941,173,000 23.901,592.000 24,811,390,000
Total
Liabilities—
Demand deposits. except United States Government deposits, other
public funds and deposits of other banks
rime deposits, except postal savings, public funds, and deposits of
other banks
Public funds of States, counties, municipalities, &c
United States Government and postal savings deposits
1Deposits of other banks, certified and cashiers' checks outstanding, and
cash letters of credit and travelers' checks outstanding
Total deposits
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments_
Dirculating notes outstanding
agreements to repurchase U. S. Government or other securities sold
Bills payable
Rediscounts
Acceptances of other banks and bills of exchange or draft sold with
endorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks—
Securities borrowed
Interest, taxes and other expenses accrued and unpaid
Dividends declared but not yet payable and amounts set aside for
dividends not declared
Other liabilities
Capital stock (see memorandum below)
Surplus
Undivided profits, net
Reserves for contingencies
Preferred stock retirement fund
7,180,766,000
7,331.057,000
7.463,649,000
8,041.580.000
5.484.561,000
1,076,691.000
1.095,139,000
5,519.119.000
1.253.554,000
1,125.215,000
5,730.547.000
1,331.771.000
1.509,252,000
6,075.625.000 6.203,777,000
1.499.013.000 1,484.193.000
1,330.460,000 . 971,059,000
8,848.799.000
2,218,051,000 2.360,937,000 2.755.268.000 2,985.982.000 3,313,564,000
17,055,208,000 17,589,882,000 18,790,487,000 19,932,660,000 20,821,392,000
2,640,397,000 2,523,159,000 2,100,445,000
16,150,090,000 17,409,501,000 18,720,947,000
746.913.000
13.412.000
81.064.000
19.302.000
778.566.000
5.905.000
68.452,000
13.535,000
790,037,000
6.051.000
47.369.000
5,350,000
698.293.000
4.399.000
13.672,000
2,007,000
665.845.000
4.432.000
8.207,000
579,000
4,330.000
205.624,000
7.777.000
3.699.000
60.009,000
14,005.000
235.718.000
6.816.000
5.716,000
45,100,000
12,504.000
194.824.000
5,790.000
4,508,000
55,618,000
1.408.000
133.221.000
6.683.000
2,112.000
41.741.000
1.201.000
137.892,000
5,497.000
1.646.000
53,898.000
77.710.000
1,566.698.000
916,183,000
264.376.000
176.344,000
81.622.000
1,588,250,000
880,670.000
236,022,000
197,224,000
108.073.000
1,653.930.000
867,825.000
248.870.000
149,807,000
130.000
64.363.000
1.737.827,000
854.057.000
257,311.000
151,267.000
571.000
4.324.000
50.187.000
1.772.513.000
845.335.000
286,184.000
151.345,000
913.000
21.198,649,000 21,747,483,000 22.941.173.000 23,901,592,000 24.811.390.000
Total
Memoranda:
Par value of capital stock:
Class A preferred stock
Class It preferred stock
Common stock
75.119.000
3,800,000
1,488,682.000
140,295,000
4,400,000
1.444.759,000
243,291.000
5.535,000
1.406.162.000
401.989,000
10,081,000
1.326.722.000
444.626,000
15.205.000
1.313.997.000
Total
1.567.601,000
1589,454.000
1.654.988.000
1.738,792.000
1.773.828,000
997.637,000
121.407,000
2,869.879.000
991.388.000
102.226.000
2,404.487.000
847.317.000
88.210,000
3,988.923.000
3A99.756,000
3.340.014,000
—
816.269.000
1,658,117.000
724.566.000
1.445,592.000
695,595,000
1.127,074.000
935.153.000
245.805,000
146.572,000
87,907.000
975,448,000
249,491,000
176.768.000
26,387,000
952.021.000
270.849,000
177.581.000
15,116,000
64,893.000
34.207.000
82,902,000
18,602,000
84,593.000
17,185.000
3.988.923,000
3.699,756.000
3.340.014,000
Loans and investments pledged to secure liabilities:
United States Government obligations, direct and (or) fully guaranteed
Other bonds, stocks and securities
Loans and discounts (excluding red'scounts)
Toi•al
Pledged:
Against circulating notes outstanding
Against United States Government and postal savings deposits
Against public funds of States, counties, school districts, or
other subdivisions or municipalities
Against deposits of trust department
Against other deposits
Against borrowings
With State authorities to qualify for the exercise of fiduciary
Powers
For other purposes
Total
Details of cash in vault:
am Gold coin
, . Gold certificates
All other cash in vault
Details of demand deposits:
Deposits subject to check (except those of other banks, the U. 13
Government and States, counties, municipalities, Sre.)
Certificates of deposit
Public funds of States, counties, school districts or other subdivisions or municipalities)
Deposits of other banks, trust companies located in United States
Foreign countries
Other demand deposits
Details of time deposits:
Public funds of States, counties, school districts or other subdivisions or municipalities
Certificate of deposit
Deposits evidenced by savings pass book
Christmas savings and similar accounts
Open accounts
Postal savings
Deposits of other banks and trust companies located in U.5
Foreign countries
Deposits, payment of which has been deferred beyond time originally contemplated
Percentages of reserve:
Central Reserve cities
Other Reserve cities
AllReserve cities
Country banks
820,000
917,000
328,049,000
762.000
1.136,000
341,219,000
229,000
538,000
357.535.000
141.000
286.000
351.975.000
142,000
222,000
418,392,000
6,987.348.000
90,914,000
7,114.024,000
91.365.000
7,262,098.000
83.438,000
7,810,083,000
78.597.000
8,617.957,000
82,469,000
865.307,000
12.204,000
102.504,000
1.008.658.000
12,094.000
158,000
125,668,000
1,086.170.000
14,217.000
301.000
118,113.000
1,224.264,000
14,710,000
375.000
152,900.000
1,246.580,000
16,685,000
500.000
148,373,000
211,384,000
725.343.000
4,394.201.000
48.211,000
287,639,000
578.817.000
54,410.000
5.515.000
244.896.000
662.366.000
4,544.084.000
9,518.000
281.306,000
570.479,000
52,071.000
6.357,000
245.601.000
656,222.000
4,765,947.000
21.407.000
262,687.000
551.092.000
58.342.000
7,082,000
274.749.000
678,498.000
5.074,147.000
37.053.000
275.287.000
440,782.000
92.685.000
7.287,000
237.613.000
688.710,000
5.208.831.000
50,215.000
256.021.000
360,383.000
102,392,000
3,189,000
29,167,000
21,845,000
24,284.000
10,640.000
11.33%
7.037
8.68
.784
4
11.35%
7.08
8.70 0
4.83
11.43%
7.11%
0
8.737
4.87%
11.55%
7.16%
8.84%
4.877:
Tntal U nItrui SItIttaa
7 17or
7 10
7 qnof
7 '2101_
11.66%
7.33%
8.987
4.95/
7 AR
_
a Licensed banks which were operating on an unrestricted basis. b Includes Home Owners' Loan Corporation 4% bonds, guaranteed by the United
States as to interest only, the amount of which was not called for separately. c Includes Home Owners' Loan Corporation 4% bonds, which are guaranteed
by the United States as to interest only.
THE CURB EXCHANGE
Slow trading and fractional changes characterized the
dealings on the New York Curb Exchange during most
of the present week. There were a few special stocks that
showed moderate periods of strength, particularly the
merchandising issues, and mining and metals, but the gains
were small and without significance. Public utilities were
generally weak, due in part to adverse news from Washington. Specialties were in occasional demand, but oil stocks
made little progress either way.
Substantial improvement was apparent in nearly every
section of the curb market during the short session on
590
Financial Chronicle
Saturday, and while the offerings were fairly plentiful in
the opening hour due to week-end adjustments, prices
continued fairly firm, especially among the industrials,
merchandising stocks and specialties. Oil shares, mining
and metals and public utilities were moderately steady,
but the advances were less pronounced. Prominent among
the market leaders showing modest gains at the close were
American Light & Traction, Atlas Corp., Distillers Seagram, Greyhound Corp., Humble Oil & Refining Co.,
Lake Shore Mines, Pioneer Gold and Hiram Walker.
Oil shares and a few scattered specialties were moderately
firm on Monday but the list, as a whole, was quiet, most
of the changes being confined to small fractions. Lynch
Corp., A. O. Smith and Parker Rustproof were among
the strong stocks and closed with substantial gains. Gulf
Oil of Pennsylvania was higher by about a point, and fractional advances were registered by Sherwin Williams,
Niagara Hudson Power, International Petroleum, Fisk
Rubber Corp., Distillers Seagram, Ltd., Bunker Hill &
Sullivan and Murphy & Co.
Declines all along the line were in evidence on Tuesday.
This was true especially of the public utilities, which were
!subject to some selling following adverse news from Washmgton. The industrial stocks were fairly steady, but oils,
metals and miscellaneous specialties gradually slipped
downward and closed below the preceding finals. Singer
Manufacturing Co. moved contrary to the trend and closed
at 255 with a gain of 2 points above the preceding close.
The declines among the active stocks included such trading
favorites as Hiram Walker, Lake Shore Mines, Ltd., International Petroleum, Hollinger Consolidated Gold Mines,
Greyhound Corp., Ford Motor of Canada A, Electric Bond
& Share, Canadian Marconi, American Light & Traction,
American Gas & Electric com. and American Cyanamid B.
Narrow price movements, with a slight tendency toward
higher levels, were apparent on Wednesday. Tra ling was
dull and the total transactions for the day were down to
approximately 126,000 shares. Merchandising stocks were
represented on the side of the advance by Montgomery
Ward A, which gained 2 points to 133, and Great Atlantic
& Pacific Tea Co. 1st pref., which climbed 332 points to
127. Fractional gains were also recorded by Allied Mills,
American Gas & Electric com., Electric Bond & Share,
Greyhound Corp., Pennroad Corp., Sherwin Williams,
Standard Oil of Kentucky and Wright Hargreaves.
Irregular price movements and dwindling volume of sales
were the outstanding features of the curb trading on Thursday. There were occasional advances among a few special
stocks, but the list, as a whole,showed a declining tendency.
Montgomery Ward A was up about 3 points at its top for the
day, but lost part of its gain before the close. Greyhound
Corporation dipped to 213 and Humble Oil fell off to 45%.
%
Other shares showing fractional losses were Teck Hughes
Gold Mines, Swift & Company, Standard Oil of Kentucky
and Sherwin Williams.
The volume of sales was somewhat larger on Friday, and
while there were a number of declines registered among the
market leaders, the trend was,as a rule, toward higher levels,
though the gains were largely among the preferred stocks.
Prominent in the list of advances registered at the close of the
market were such trading favorites as Alabama Power pref.
(6), American Gas & Electric pref. (6), Commonwealth
Edison and Georgia Power pref. (6). The changes for the
week were generally fractional with a slightly larger list on
the side of the decline. As compared with Friday of last
week Aluminum Co.of America closed last night at 46 against
47 on last Friday, American Cyanamid B at 173/i against
177%, Associated Gas & Electric A at % against 7-16, Canadian Industrial Alcohol (Cl A) at 97% against 93 , Creole
4
Petroleum at 117 against 123 , Electric Bond & Share at
%
%
6% against 63%, Fairchild Aviation at 87% against 83%, Ford
8
of Canada A at 303 against 318 , Glen Alden Coal at 20%
4
%
against 207 , Greyhound Corporation at 203 against 217%,
%
4
s
Hiram Walker at 293 against 303/, Hollinger Consolidated
%
Gold Mines at 187% against 183 , Hudson Bay Mining &
4
Smelting at 127% against 13, Lake Shore Mines at 517%
against 52, New York Telephone pref. at 116 against 117%,
Singer Manufacturing Company at 250 against 253, Sherwin
Williams at 867% against 87, Swift & Company at 173
4
against 187%, Teck Hughes at 33% against 37% and Wright
Hargreaves at 87% against 9.
Jan. 26 1935
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 91935:
GOLD
The Bank of England gold reserve against notes amounted to £192,302.099
on the 2d instant, as compared with £192,272,637 on the previous Wednesday.
In the open market offerings have been moderate, amounting during the
week to about £1,500,000. With the appreciation of the franc in terms of
the dollar, prices have been based on franc parity, but there has been an
increase in iho premium owing to a good general demand for the restricted
supplies.
Quotations during the week:
Per Fine
Equivalent Value
Ounce
of E Sterling
Jan. 3
141s. 614d.
12s. 0.05d.
Jan. 4
142s. Id.
lis. 11.50d.
Jan. 5
1415. 714d.
us. 11.968.
Jan. 7
142s. Id.
11g. 11.508.
Jan. 8
142s. Od.
us 11.588.
Jan. 9
141s. Ild.
us. 11.67d.
Average
1418. 10.54.
us. 11.71d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 31st ultimo to mid-day on the 7th instant:
Imports
Exports
British South Africa
£1,758.109 United States of America_ £1,589.810
Australia
83.290 Belgium
2.000
New Zealand
26.380 Switzerland
3.961
British India
1,686.926 France
5,154
British Guiana
9.860
United States of America..
36.873
Venezuela
19,812
Ecuador
12.549
Netherlands
56.621
Belgium
10.029
Switzerland
13,429
France
2.800
Other countries
13.806
E3,730.484
£1.600,925
The Southern Rhodesian gold output for November 1934 amounted to
55.128 fine ounces as compared with 58.626 fine ounces for October 1934
and 55,387 fine ounces for November 1933.
The SS. Cathay which sailed from Bombay on the 5th instant carries
about £442,000 of bar gold consigned to London.
SILVER
The market had shown a very steady tone, but yesterday prices were
fixed at 24 5-168. for cash and 24 7-164. for two months
-a fall of 1(ci.
from the quotations of the previous day. The fall was due to heavy reselling
by the Indian Bazaars and China speculators, possibly influenced by the
indication in President Roosevelt's budget proposals of a sharp decline In
receipts from silver seigniorage in 1935-1936, which was held in some quarters
to point to a restriction of silver purchases. While this does not necessarily
follow, the statement was thus construed by some speculators in the absence
of any official elucidation.
The American Government, however, has made large purchases during
the week and while there have been substantial resales by speculators,
the decline attracted speculative support and some renewed demand from
the Indian Bazaars; prices recovered to-day in consequence and the undertone remains good.
The following were the United Kingdom imports and exports of Mine
registered from mid-day on the 31st ultimo to mid-day on the 7th instant:
Imports
Exports
Belgium
£12,534 Italy
£2.678
Netherlands
3.570 Iraq
1.369
Fill Islands
4,810 United States of America__ 82.440
Japan
27.745 Canada
33.300
United States of America..,. 6.675 New Zealand
1.197
Other countries
1,835 Germany
2.082
Other countries
2.295
£57.169
.£125,356
Quotations during the week:
IN LONDON
IN NEW YORK
-Bar Silver per OZ. Std.
Cash
2 Mos.
(Per Ounce .999 Fine)
Jan. 3
24348.
24qd.
Jan. 2
55/ cents
Jan. 4
24 11-168. 24 13-168. Jan. 3
55
cents
Jan. 5
24 11-10-1. 24 13-16d Jan. 4
55 -16 cents
Jan. 7
249-168. 24 11-168 Jan. 5
gil cents
Jan. 8
245-16d. 247-164.Jan. 7
cents
Jan. 9
249-168. 24 11-16d Jan. 8
54
cents
24.573d.
24.698d.
Average
The highest rate of exchange on New York recorded during the period
from the 3d instant to the 9th Instant was $4.9334 and the lowest $4.9034•
INDIAN CURRENCY RETURNS
(In tics of Rupees)
Dec. 31
Dec. 22
Dee. 15
Notes in circulation
18,391
18,432
18.467
Silver coin and bullion in India
9.508
9.549
9.584
Gold coin and bullion in India
4.155
4,155
4,155
Securities (Indian Government)
3,304
3.304
3,321
Securities (British Government)
1,424
1.424
1,407
The stocks in Shanghai on the 5th instant consisted of about
22.000.000
ounces In sycee, 250,000.000 dollars and 42,200.000 ounces in bar silver,
as compared with about 23.100.000 ounces in sycee, 253,000 000 dollars
and 41,100,000 ounces In bar silver on the 29th ultimo.
DAILY TRANSACTIONS AT THE NEW YORE CURB EXCHANGE
Week Ended
Jan. 25 1935
Mocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Total.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
82,960 33.335.000
127,500 4,463,000
155,825 4,888.000
126,400 6,375.000
95,240 6,851.000
110,650 6.593,000
$15,000
40,000
59,000
31,000
36.000
73,000
552.000 53,402,000
86,000 4,589.000
24,000 4,969,000
40,000 6,446,000
18.000
96,000 6,762.000
Total
698,575 332.503,000
254,000
$316,000 $33,073,000
Bates at
New York Curb
Exchange.
Week Ended Jan. 25
1935.
1934.
-No. of shares_
Stocks
698.575
2,095,128
Bonds
Domestic
$32,503,000 $24,825,000
Foreign government_ _
254,000
1.148.000
316,000
Foreign corporate
1,170.000
Total
533.073.000 527,143,000
Jan. Ito Jan.25
1935.
3,123,022
1934.
6,565,803
$83,330,000
1,827,000
1,130,000
377.719.000
3,949.000
4.202,000
$86,287,000
385,870.000
ENGLISH FINANCIAL MARKET
-PER CABLE
The daily closing quotations for securities,&c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Jan. 19
Silver, p. oz. d_ 249-168.
Gold. p.fine oz. 142s.
Consols,2H %. Holiday
British 334%
„W. L
Holiday
British 4%
1960-90
Holiday
Tues.,
Mon.,
Wed.,
Thurs.,
Fri.,
Jan. 21
Jan. 22
Jan. 23 Jan. 24
Jan. 25
24348.
2434el.
24348.
2434d.
24348.
1425. Ad. 1428. Id. 1425.1348. 141s, 4d. 141s. 4348.
93
9234
9334
92
9254
10914
12134
10934
121
109
1083(
109
12034
1201(
12034
The price of silver in New York on the same days has been:
Silver in N. Y.,
(foreign) per
on.(cts.).___ 541-16
U.S. Treasury_ 60.01
U. S. Treasury
(newly mined) 6434
5434
50.01
5434
50.01
4334
50.01
4534
50.01
6434
50.01
6434
6434
6434
6434
6434
Volume 140
By Crockett & Co., Boston:
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
ot the past week
Jan. 19 Jan. 21 Jan. 22 Jan. 23 Jan. 24 Jan. 25
Francs Francs Francs Francs Francs Francs
11,400 11,300 11.300 11,300 11,200 11,300
Bank Of France
---1.061
1,080 1,061
1,061
Banque de Paris at Des Pays Boa ____
511
515
522
523
Basque dL'Union Parisleime.„
-iii
214
215
214
214
Pacific
-iii
Canadian
17,700 17,800 17,800 18,000 18,000 17.900
Canal de Suez
1,250 1,265 1,245 1,235
Cie Distr. trElectrlattle
1,380 1,370 1,360 1,370 1,360 1,380
Cie Generale d'Electricitie
24
25
25
Cie Generale Transatlantique ------25
72
85
80
80
B
Citroen
1,14 1,010 1,004
Comptoir Nationale d'Escompte _ Ho 1,015
97
95
95
96
96
Cot, 8 A
250
275
278
280
Courrieres
586
605
611
Credit Commercial de France
1,880 1:860 1:880
-.
1,5113 1.880 1,890
Credit Lyonnais
2,300 2,300 2,330
2,330 2,310 2,300
Emu Lyonnais
530
532
532
535
____
Energie Electrique du Nord
755
768
768
---750
____
Energte Eleetrique du Littoral
551
562
576
565
Kuhlmann
-iio
780
800
810
810
830
L'Air Liquids
1,011 1.067 1,007 1,009
Lyon (P L M)
1,320 1,332 1,312 1.308
Nord AY
"iii
470
470
468
469
468
Orleans Ry
54
56
55
55
Paths Capital
925
941
951
943
Peehiney
83.80
83.30 83.90 83.30 83.10
84.40
Rellteg. Perpetual 3%
90.30 89.70 90.10 89.50 89.50 89.60
Routes 4%, 1917
89.00
89.60 89.10 89.30 89.00 88.60
Rentee 4%. 1918
92.30 92.50
93.25 92.80 92.80 92.60
Rental eli %, 1032 A
93.60 93.40 93.40 93.23 93.00 93.30
Rentee 4 Si %. 1932 S
119.50 118.80 119.80 119.40 118.75 119.30
llentes 5%. 1920
1.450 1.460 1,500 1.490 1,510
1.480
Royal Dutch
1,210 1,223 1,232 1,207
Saint Gobain C ,k 0
-1,418 1,430 1,440 1,440
Schneider & Cie
50
49
48
52
52
54
Societe Francaise Ford
61
84
61
57
Societe Generale Fonelere
_-2,310 2,800 2,275 2,280
Societe Lyonnabie
-___
576
576
576
575
Ballets Mareellialse
76
74
75
74
Tubize Artificial Silk pref
655
655
668
645
Union d'Electricitie
71
74
74
75
Wagon-Lite
NATIONAL BANKS
following information is issued by the office of the
The
Comptroller of the Currency, Treasury Department:
CHARTERS ISSUED
Capital
$200.000
-National Union Bank in Paterson. Paterson, N. J
Jan. 18
Capital stock consists of $100,000 common stock and $100,000
preferred stock. President, John H. Wilkinson; Cashier,
Leon D. Sterling. Will succeed No. 12560, Labor National
Bank of Paterson.
VOLUNTARY LIQUIDATIONS
-The First National Bank of Geyser, Mont
Jan. 12
Effective Jan. 5 1935. Liq. committee: M. T. Thompson,
F. F. Galt and Ella T. McClintock, care of the liquidating
bank. No absorbing or succeeding association.
-The National Bank of Commerce of Pawhuska, Okla
Jan. 12
Effective Jan. 8 1935. Liq. agent, Ed. T. Kennedy, Pawhusks, Okla. Succeeded by "National Bank of Commerce
in Pawhuska," Charter No. 14304.
-The First National Bank of Indian Head, Pa
Jan. 12
Effective July 19 1933. Liq. committee: Roy C. Martz, L. J.
Swisher and H. M. Young, all of Indian Head, Pa. Absorbed by the "National Bank & Trust Co. of Connellsville,"
Pa., Charter No. 13491.
-The Liberty National Bank of Ellsworth. Me
-14
.17,7
Effective Jan.8 1935. Liq. agent, Leon H. Brown, Ellsworth
Falls, Me. Succeeded by the "Liberty National Bank in
Ellsworth," Maine, Charter No. 14303.
-First National Bank in DeKalb. Tex
Jan. 14
Effective Jan. 9 1935. Liq. agent, First National Bank at
DeKalb,Tex. Succeeded by "First National Bank at DeKalb," Texas, Charter No. 14312.
15
-The Keokuk National Bank, Keokuk, Iowa
Effective Jan. 8 1935. Liq. committee: J. A. Dunlap, E. R.
Cochrane and L. J. Montgomery, all of Keokuk, Iowa.
Succeeded by "Keokuk National Bank,Keokuk,"Iowa,Charter No. 14309.
-The Northfield National Bank, Northfield. Mass
Jan. 17
Effective Jan. 14 1935. Liq. agent, First National Bank &
Trust Co.of Greenfield, Mass. Absorbed by "First National
Bank & Trust Co. of Greenfield," Mass., Charter No. 474.
$25,000
50.000
25,000
Ii
150,000
100,000
sa
150,000
25,000
CHANGE OF TITLE
-RIver- National Bank & Trust Co:of Jamestown,
..
14:- The James
N. Dak.. to the "James River National Bank of Jamestown."
AUCTION SALES
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares Stocks
200 Ebner Electric Corp. (1)el.), common, no par
100 The Baldwin Locomotive Works (Pa.), common, no par
By Adrian H. Muller & Son, Jersey City, N
Stocks
Shares
500 Northwest Oil Co. (Wyo.)
100 tr. B. Bond & Mortgage Corp. common (N. Y.)
$ per Share
$70 lot
$575 lot
•
4 per Share
$1 lot
$1 lot
By. R. L. Day & Co., Boston:
Stocks
Mara
2 Naumkeag Steam Cotton Co., par $100
Boston Athenaeum. par $300
1
5 Cambridge Industrial Trust. Preferred, par $100
1 United States Envelope Co., preferred, par $100
Bonds
$500 Central Industrial Real Estate Trust 8s, April 1949, ctf. dep
$ per Share
48
300
SI lot
1143i
Per Cent
$5 flat
By Barnes & Lofland, Philadelphi:
&of.%
per Share
Shares
$6 lot
2 Bryn Mawr Horse Show Association, par $50
100
50 Pratt Food Co., Dar $100. 5 at
100
45 at
50e
100 St. Louis Public Service Co., common, no Dar
234
55 St. Louis Public Service Co., preferred, series A, no par
Per Cent
Bonds-33,800 The Women's Hospital of Philadelphia,6% 1st mtge.Due 1936 (Nov.1
10 flat
1933 and subsequent coupons attached)
$s,000 S. E. Corner 69th St. Boulevard and Ashby Road, Upper Darby,
Delaware County, Pa., 1st 5S45, due 1933. (March and Nov. 1)
5034
15
$3,000 City Centre 13unding, let 68, due May 16 1934
591
Financial Chronicle
Stocks
Shares
100 Atlantic National Bank, Boston. par $10
100 Merrimack Manufacturing Co., common, par $100
-D, par $3;
400 International Match Corp., participating preferred C
10 New England Power Association, $2 prefened
20 Massachusetts Bonding & Instbance Co.. $12.50 par
50 Appleton Co., common
By A. J. Wright & Co., Buffalo:
$ per Share
35e
634 to 634
$18 lot
934
14
7
$ per share
2
Stocks
Shares
10 Como Mines
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
Sc Mar. 1 Feb. 14
Affiliated Products(monthly)
$2 Feb. 12 Feb. 2
Alaska Packers Association
75c Mar. 1 Feb. 20
Allen Industries preferred (quar.)
h75c Mar. 1 Feb. 20
Preferred
Allied International Investing Corp.
h35c Feb. 1 Jan. 25
$3 convertible preferred
American Asphalt Roofing Corp.8% pref. (qu.) h$134 Apr. 15 Mar.31
Corp.
American & General Securities
Mar. 1 Feb. 15
7
Common. A (quarterly)
75e Mar. 1 Feb. 15
Preferred (quarterly)
20c Mar. 1 Feb. 14a
American Home Products Corp.(monthly)_ - 50c Feb. 1 Jan. 21
American Investment Co.of Illinois A (quar.)
50c Feb. 1 Jan. 24
American Paper Goods (quar.)
50c Apr. 1 Mar. 15
American Stores Co. (quarterly)
1231g Mar. 1 Feb. 14
Armstrong Cork (special)
Mar. 1 Feb. 7
Associated Dry Goods Corp. 1st preferred
35c Apr. 1 Mar. 16
Backstay Welt
75c Feb. 6 Feb. 4
Shippers Ins. Co. of N. Y.(quar.)..
Bankers &
$1% Feb. 1 Jan. 21
Binghamton Gas Works. 6)4% pref. (quar.)
25c Feb. 15 Feb. 1
Blauner's (quar.)
68 Mc Feb. 15 Feb. 1
Bowels, Inc.. 3234 preferred (quar.)
50c Feb. 1 Jan. 22
Bourne Mills (quar.)
50c Mar. 1 Feb. 11
Bristol-Myers Co. common (quar.)
10c Mar. 1 Feb. 11
Common (extra)
British-American Tobacco Co.
35.6c Jan. 24 Dec. 26
ord. bearer
American deposit receipts for
35.6c Jan. 24 Dec. 26
American deposit receipts for ord. retell
h.334a Jan. 31
British Celanese 1st preferred
Feb. 28 Feb. 11
Brooklyn Edison Co. (quar.)
Mar. 1
$131 Apr.
Brooklyn Union Gas (quer.)
Sc Feb. 15 Feb. 1
(semi-ann.)
Buffalo Ankerite Gold Mines
Bullock's, Inc. (Los Ang., Calif.) 7% pref. (qu.) $1% Feb. 1 Jan. 11
1234c Feb. 15 Feb. 1
Buck Hill Falls (quarterly)
Mar. 5 Feb. 2
Burroughs Adding Machine Co.(quar.)
1234c Feb. 15 Feb. 5
Byron Jackson Co. (quarterly)
Feb. 15 Jan. 31
$1
Service,6% pref. (quar.) _
California Water
40c Apr. 1 Mar. 15
Canadian Foreign Investment (4uar.)
40c July 1 June 15
Quarterly
$2 Apr. 1 Mar. 15
Preferred (quar.)
$2 July 1 June 15
Preferred (quar.
10c Feb. 1 Jan. 15
Canadian investors (guar.)
50c Feb. 1 Jan. 17
Carolina Insurance (semi-annual)
10c Feb. 1 Jan. 17
Extra
75c Feb. 15 Jan. 31
(quar.)
Cedar Rapids Mfg.& Power
Central Mass. Light & Power 6% pref.(quar.)_ _ $135 Feb. 15 Jan. 31
htl Feb. 1 Jan. 16
Chain Stores Investment. preferred
.
$41 Mar. 1 Feb. 1
Chartered Investors, Inc., $5 pref. (quar.)
Feb. 2 Jan. 23
Chicago Electric Mfg. A preferred
25c Mar. 1 Feb. 9
Chicago Mall Order Co.(quar.)
1234c Mar. 1 Feb. 9
Extra
Feb. 1 Jan. 23
City Water Co.of Chattanooga,6% pref.(quar.)
Mar. 1 Feb. 8
Colgate-Palmolive-Peet (quar.)
Apr. 1 Mar. 5
Preferred (quarterly)
Feb. 1 Jan. 15
Columbia Ry., Pow.& Lt. Co.634% pf. B (qu.)
Mar. 1 Feb. 15
Connecticut Light & Power 634% pref. (quar.)
Mar. 1 Feb. 15
534% preferred (quar.)
Mar. 1 Feb. 18
Consolidated Paper (quar.)
Apr. 1 Mar. 21
Preferred (quar.)
Consolidated Film Industries preferred
Mar. 15 Feb. 28
$1
Consumers Glass Co., 7% pref. (quar.)
Jan. 21 Jan. 7
7
Corn Products Refining (quar.)
Sc Feb. 15 Jan. 31
Corporate Investors (quar.)
75c Mar. 1 Feb. 13
Crown Zellerbach, A & B, preferred
8734c Apr. 1 Mar. 15
Dayton & Michigan RR.(semi-ann.)
41 Apr. 1 Mar. 15
8% preferred (quarterly)
55c Feb. 1 Jan. 28
De Meta, Inc., $254 preferred
$134 Feb. 1 Jan. 22
Derby Gas & Elec. Corp. $7 pref. (quar.)
$1% Feb. 1 Jan. 22
$634 preferred (quar.)
$154 Feb. 1 Jan. 25
Diamond Ice & Coal 7% pref. (guar.)
75c Mar. 1 Feb. 15
Diamond Match
75c Mar. 1 Feb. 15
Participating preferred (semi-ann.)
$6 Jan. 25 Jan. 2
Diamond Paper Co.(New Orleans) (semi-ann.)..
$1% Feb. 15 Jan. 31
Diem & Wing Paper Co., 7 7 pref. (quar.)
50c Feb. 1 Jan. 21
Domes Finance Corp. $2 preferred (guar.)
Feb. 1 Jan. 21
Domestic Finance $2 preferred (quar.)
Feb. 1 Jan. 24
Dominguez Oil Fields (monthly)
Feb. 15 Feb. 1
Dow Chemical Co
Feb. 15 Feb. 1
Preferred (quar.)
Mar. 1 Feb. 10
Eastern Shore Public Service, $634 pref. (qu.)
Mar. 1 Feb. 10
SO preferred (quar.)
Feb. 15 Feb. 4
Electric Household Utilities Corp
Apr. 1 Mar.20
Elizabeth & Trenton RR. (semi-ann.)
Oct. 1 Sept.20
Semi-annual
Apr. 1 Mar. 20
$1
5% preferred (semi-annual)
a .
Sept 24
j ri .20
Oct.
Feb.
$1
5% preferred (semi-annual)
4 c
Emerson's Bromo Seltzer A & B (quar.)
50c Apr. 1 Mar. 15
8% preferred (quar.)
ma. 28
rie & Pittsburgh RR. Co.7% gtd. (quar.).... 8734c Mar. 10 Feby 31
8734c June 10
7% guaranteed (quar.i
1
0
.
Dec. 0 Nov.. 3
87 Mc Sept 1 0Aug 3
7% guaranteed (quar.
874g
7 guaranteed (quar.
Mar. 1 Feb. 28
Guaranteed betterment (quar.)
80c June 1 May 31
Guaranteed betterments (quar.)
80c Sept. 1 Aug. 31
Guaranteed betterment (quar.)
80c Dec. 1 Nov.30
Guaranteed betterment (quar.)
h$5)( Feb. 15 Feb. 5
Fair (The)7% cumulative preferred
50c Feb. 1 Jan. 29
Fall River Gas Works(quar.)
40c Feb. 1 Jan. 25
Fidelity Fund (quar.)
$134 Mar. 1 Feb. 15
Florida Power Corp.7% pref. A (guar.)
7% preferred (quar.)
8734c Mar. I Feb. 15
41 Feb. 2 Jan. 25
Franklin Mutual Funds, Inc.(semi-ann.)
25c Mar. 1 Feb. 15
Freeport Texas (quar,)
Preferred (quar,)
$13S May 1 Apr. 15
$15i Feb. 11 Jan. 31
General Capital Corp
45c Feb. 15 Feb. 1
General Foods (quar.)
40c Feb.,15 Feb. 1
Girard Life Insurance Co
Sc Feb. 15 Feb. 4
Grand Rapids Metalcraft (initial)
3734c Mar. 1 Feb. 28
Grand Union.$3 cony. pref.(quar.)
Guelph Carpet & Worsted Mills preferred (quar.) $PA Feb. 1 Jan. 19
51% Feb. 15 Jan. 29
Guggenheim Co., pref. (quar.)
15c Mar. 1 Feb. 15
Hale Bros. Stores (quar.)
25c Mar. 11 Mar. 5
Hanna (M A.) Co.(guar.)
Mar. 11 Mar. 3
Preferred (quar.)
$1
25c Mar. 1 Feb. 11
Harbison-Walker Refractories Co
$134 Apr. 20 Apr. 8
Preferred (quar.)
Hobart Manufacturing class A (quer.)
3734c Mar. 1 Feb. 15
592
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Harmonla Fire Ins. Co.(Buf., N. Y.) (8.-a.) -50c Feb. 1 Jan. 22
Extra
10c Feb. 1 Jan. 22
Hormel (Geo. A.)(guar.)
25c Feb. 15 Feb. 1
6% preferred A (guar.)
513 Feb. 15 Feb. 1
Horne (Jos.) preferred (guar.)
$1% Feb. 1 Jan. 24
Hussman-Ligonier Co. preferred (guar.)
7%c Feb. 1 Jan. 25
Preferred stamped (guar.)
1% Feb. 1 Jan. 25
Idaho Power Co., 7% pref. (guar.)
$14 Feb. 1 Jan. 15
$6 preferred (quarterly)
$131 Feb. 1 Jan. 15
Illuminating & Power Securities Corp. common..
Feb. 8 Jan. 31
Preferred
al% Feb. 15 Jan. 31
Imperial Tobacco of Great Britain (extra)
is.6d.
Final
7Si%
Ingersoll-Rand
50c Mar. 1 Feb. 4
International Utilities Corp.—
$7 prior preferred (initial series)
87%c Feb. 1 Jan. 24
$3% prior preferred (series 1931)
43%c Feb. 1 Jan. 24
Interstate Hosiery Mills (guar.)
50c Feb. 15 Feb. 1
Quarterly
50c May 15 May 1
Quarterly
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Investors of Washington $6 pref. A.
510 Fe r. 1 Jaar 19
1 A pb.
m n.. 5
Irving Air-Chute Co., Inc., common (quar.)
Jackson & Curtiss Security, preferred
h51 Feb. 1 Jan. 16
Kayser (Julius) & Co
25c Feb. 15 Feb. 1
Kelvinator Corp
12%c Apr. 1 Mar. 5
Keystone Steel & Wire
50c Mar. 11 Mar. 1
Landis Machine, 7% Pref. (guar.)
$1% June 15 June 5
7% preferred (quarterly)
$1% Sept. 15 Sept. 5
7% preferred (quarterly)
513 Dec. 15 Dec. 5
4
Lehigh Power Security $6 preferred (guar.)
51% Feb. 1 Jan. 26
Lehn & Fink (guar.)
37,lic Mar. 1 Feb. 15
Liggett & Myers Tobacco Co.common (quar.)
$1 Mar. 1 Feb. 15
Common (extra)
$1. Mar. 1 Feb. 15
Common B (guar.)
$I Mar. 1 Feb. 15
Common B (extra)
31 Mar. 1 Feb. 15
Lindsay Light (guar.)
10c Feb. 11 Feb. 2
Lord & Taylor, 1st pref. (guar.)
$134 Mar. 1 Feb. 16
Louisville, Henderson & St. Louis Ry.Co.—
Semi-annual
$4 Feb. 15 Feb. 1
Managed Investors, Inc. (guar.)
Sc Feb. 15 Feb. 1
Manufacturers Casualty Insurance (guar.)
40c Feb. 15 Feb. 1
Marine Bancorporation (guar.)
15c Feb. 1 Jan. 21
IA Initial stock (guar.)
15c Feb. 1 Jan. 21
Meadville Teleph me (guar.)
3734c Feb. 15 Jan. 31
Memphis Natural Gas
10c Feb. 15 Feb. 1
Metropolitan Storage Warehouse Co.,(guar.) _ _
50c Feb. 1 Jan. 18
Michigan-Davis
$4 Jan. 25 Jan. 21
Midland Grocery (semi-annual)
$3 Feb. 1 Jan. 20
Mississippi Power & Light $6 preferred
h50c Feb. 1 Jan. 23
Mitchell (J. S.), Ltd
$1 Mar. 1 Feb. 15
Monsanto Chemical (guar.)
25c Mar. 15 Feb. 25
Montreal Light. Heat & Power (guar.)
$2 Feb. 15 Jan. 31
National Bearing Metal Corp. 7% pref
$I% Feb. 1 Jan. 19
7% preferred
h$1% Feb. 1 Jan. 19
7% preferred
h$1
May 1 Apr .20
National Founders Corp.$.3% pref. A (guar.)... 8734c Feb. 5 Jan. 25
National Biscuit, pref
5131 Feb. 28 Feb. 14
National Telephone & Telegraph A (guar.)
$131 Mar. 1 Feb. 20
Nestle-Le Mur class A
10c Feb. 15 Feb. 5
New Bradford Oil
10c Mar. 15 Feb. 15
New Brunswick Fire Ins. (s.
-a.)
50c Feb. 1 Jan. 22
I. Extra
15c Feb. 1 Jan. 22
New Haven Clock preferred
h51%
New Process Co. (quarterly)
50c Feb. 1 Jan. 26
Preferred (quarterly)
5131 Feb. 1 Jan. 26
New Rochelle Water 7% pref. (guar.)
$131 Mar. 1 Feb. 20
Norfolk & Western RR.(guar.)
$2 Mar. 19 Feb. 28
0. Extra
$2 Mar. 19 Feb. 28
North American 011 Consolidated
25c Feb. 1 Jan. 21
North River Ins. Co. (quar.)
15c Mar. 11 Mar. 1
10 Extra
,
10c Mar. 11 Mar. 1
Northern RR.Co.of N.J.4% gtd.(guar.)
$1 Mar. 1 Feb. 19
4% guaranteed (quar.)
51 June 1 May 20
4% guaranteed (guar.)
$1 Sept. 1 Aug. 20
4% guaranteed (guar.)
$1 Dec. 1 Nov. 21
Ohio State Life Insurance Co.(guar.)
5234 Feb. 1 Jan. 16
Orange County Telephone
SP Jan. 23 Jan. 22
Oswego Falls Corp., 8% 1st pref. (guar.)
$2 Feb. 1 Jan. 26
Owens Illinois Glass (quar.)
$I Feb. 15 Jan. 30
Pacific Fire Insurance Co.(guar.)
75c Feb. 4 Feb. 2
Parker (S. C.) & Co., Inc.,8% pref. (guar.)._ _
10c Feb. 1 Jan. 25
Paterson (Wm.) Co. 7% pref. (guar.)
5131 Feb. 1 Jan. 19
Pennsylvania RR. Co
50c Mar. 15 Feb. 15
Philips Petroleum
25c Mar. 1 Feb. 15
Pillsbury Flour Mills (guar.)
40c Mar. 1 Feb. 15
$1
Pittsburgh Ft. Wayne & Chicago By. (guar.)._
Apr. 1 Mar. 9
Quarterly
SI 3j July 1 June 10
Quarterly
5131 Oct. 1 Sept. 10
Quarterly
5131 Jan. 2 Dec. 10
% preferred (guar.)
$1.% Apr. 2 Mar. 9
7% preferred (guar.)
$1%, July 2 June 10
7% preferred (guar.)
51% Oct. 8 Sept. 10
7% preferred (guar.)
5131 Jan. 7 Dec. 10
Pittsburgh Youngstown & Ashtabula RR.
7% preferred (guar.)
5131 Mar. 1 Feb. 20
7% preferred (guar.)
5131 June I May 20
7% preferred (guar.)
5131 Sept. 1 Aug. 20
7% preferred (quar.)
5131 Dec. 1 Nov. 20
Portland RR., Maine (s.
-a.)
5256 Feb. 1 Jan. 12
Pressed Metals of Amer., Inc
e2% Apr. 1 Feb. 28
Princeton Water (N. J.) (guar.)
75c Feb. 1 Jan. 20
Protective Life Insurance (s -a.)
53 July 1 July 1
Public Utilities Corp.(guar.)
5134 Feb. 8 Jan. 31
Quebec Power (quarterly)
25c Feb. 15 Jan. 25
Quincy Market Cold Storage & Warehouse Co.
5% preferred
h75c Feb. 1 Jan. 17
Radio Corp. of America
5934 Feb. 19 Jan. 29
Railway & Light Securities, pref. (guar.)
513.4 Feb. 1 Jan. 28
Reading Co., 1st pref.(guar.)
50c. Mar. 14 Feb. 21
Reynolds Metals Co. (quarterly)
25c Mar. 1 Feb. 15a
Rich's. Inc. (guar.)
30c Feb. 1 Jan. 20
6%% preferred (guar.)
5134 Mar.30 Mar. 15
Rochester Capital Corp. (corn. with warr.) _ _
20c Jan. 10 Jan. 5
Scotten Dillon
50c Feb. 15 Feb. 6
Security Ins. Co.(New Haven)(guar.)
35c Feb. 1 Jan. 18
Signal Royalties (Los Angeles). class A (quar.)_
15c Jan. 15 Jan. 10
Sioux City Gas St Electric. pref. (guar.)
5131 Feb. 11 Jan. 31
Shamokin Valley & Pottsville RR. Co., s.
-a___ _ 5134 Feb. 1 Jan. 15
Shenango Valley Water Co., pref. (quar.)
$134 Mar. 1 Feb. 20
Smith Agricultural Chemical (guar.)
1234c Fob. 1 Jan. 21
6% preferred (guar.)
5134 Feb. 1 Jan. 21
South Carolina Power Co.. $6 pref. (quar.)
$134 Apr. 1 Mar. 15
Southeastern Mass. Power & Elec. Co
63c Jan. 31 Jan. 17
Southington Hardware Co. (guar.)
25c Feb. 1 Jan. 22
Tampa Electric (quarterly)
56c Feb. 15 Jan. 31
1. .Preferred A (quarterly)
5131 Feb. 15 Jan. 31
Tennessee Electric Power Co.
5% 1st preferred (guar.)
5131 Apr. 1 Mar. 15
6% 1st preferred (guar.)
5134 Apr. 1 Mar. 15
7% 1st preferred (guar.)
51% Apr 1. Mar. 15
7.2% 1st preferred (guar.)
$1.80 Apr. 1 Mar. 15
• 6% preferred(monthly)
50c Feb. 1 Jan. 17
6% preferred (monthly)
50c Mar. 1 Feb. 15
6% preferred (monthly)
50c Apr. 1 Mar. 15
7.2% preferred(monthly)
60c Feb. 1 Jan. 17
7.2 preferred (monthly)
60c Mar. 1 Feb. 15
7.2% preferred (monthly)
60c Apr. 1 Mar. 15
Thompson (John R.) Co. (quarterly)
123.4c Feb. 15 Feb. 5
Unexcelled Manufacturing Co
10c Feb. 15 Feb. 1
United Engineering & Foundry Co. (guar.) _ _ _ _
25c Feb. 8 Jan. 29
Preferred (guar.)
5131 Feb. 8 Jan. 29
Name of Company.
United Gas Improvement
Preferred (quarterly)
United States Fire Insurance (extra)
United States Pipe & Fdy Co.(guar.)
Common (quar.
Common (guar.
Common (guar.
1st preferred (quar.
1st preferred (guar.
preferred (guar.
1st preferred (guar.)
Utica Clinton & Binghamton Ry.—
Common (semi-ann.)
Debenture stock (semi-ann.)
Debenture stock (semi-ann.)
Utica Gas & Elec. $6 pref. (guar.)
7% preferred (quar.)
Vick Financial (semi-ann.)
Weill (Raphael) & Co. (semi-ann.)
Westchester Fire Ins. (guar.)
Extra
Westland Oil Royalty
Weymouth Light & Power Co
White (S. S.) Dental Mfg. Co
Winchendon Electric Light & Power
Jan. 26 1935
When Holders
Per
Share. Payable. ofRecord.
25c
$131
20c
12lic
12%c
12%c
12%c
30c
30c
30c
30c
Mar.30 Feb. 28
Mar.30 Feb. 28
Feb. 1 Jan. 25
Apr. 20 Mar.30
July 20 June 29
Oct. 20 Sept.30
Jan. 20 Dec. 31
Apr. 20 Mar.30
July 20 June 29
Oct. 20 Sept.30
Jan. 20 Dec. 31
51
52%
$2%
$1
$1
7%c
$4
25c
10c
Si
63c
Feb. 11 Jan. 31
June 26 June 16
Dec. 26 Dec. 16
Feb. 1 Jan. 16
Feb. 15 Feb. 1
Feb. 15 Feb. 1
Mar. I Feb. 1
Feb. 1 Jan. 21
Feb. 1 Jan. 21
Feb. 1 Jan. 19
Jan. 31 Jan. 17
Feb. 1 Jan. 17
Jan. 31 Jan. 17
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Abraham & Straus, Inc.. pref. (quarterly)
$131
Adams (J. D.) Mfg.(guar.)
15c
Extra
15c
Adams
-Millis (quarterly)
50c
Preferred (quarterly)
5131
Affiliated Products (monthly)
Sc
Agnew-Surpass Shoe Stores, corn. (semi-ann.)....
20c
Preference (guar.)
%
Alabama treat southern RR. Co.. preferred
3%
Alabama l'ower Co.. $5 pref. (guar.)
$131
Alaska Juneau Gold Mining (guar.)
15c
Extra
15c
Allegheny Steel
25c
7% preferred (quarterly)
$131
Allied Chemical & Dye Corp..common (quar.)_
$134
Allied Kid Co. 5634 preferred (guar.)
5134
Amerada Corp.(quarterly)
50c
American Can Co. common (guar.)
$I
Common(extra)
$1
American Chicle (guar.)
75c
American Cities Power & Light. A
o75c
American Coal Co. of Allegheny Co
75c
American Credit Indemnity Co.of N.Y.(qu.)__
25
American Envelope, 7% pref. A & B (guar.)._ _ 5131
American Equitable Assurance
25c
American Factors. Ltd.(monthly)
10c
American tiaa & Electric co preferred (quar.)
$1
American Ilorne Products Corp (monthly)_
20c
American Investments. pref. (guar.)
5134
American Investors. Inc., $3 prof. (guar.)
75c
American Light & Traction Co. common (qu.)
30c
Preferred (guar.)
%
American Mach. & Foundry Co., corn. (quar.)_
Oc
American Re-Insurance (guar.)
6234c
American Reserve Ins. Co.(semi-ann.)
50c
American Shipbuilding (guar.)
50c
American Smelting & Refining.6% pref
/43
7% 1st preferred (quarterly)
$131
American Sugar Refining (guar.)
50c
Preferred (guar.)
S131
American Water Works & Elect. (quar.)
25c
Amoskeag Co •common
750
Preferred (setnl-annual)
3231
Amsterdam City National Bank (guar.)
5334
Anglo-Amer. Corp. of So. Africa, ord
zw10%
6% cumul. pref.. Interim
zatti%
Archer-Daniels-Midland Co.. pref. (guar.).
$1 31
Asbestos Mfg., pref. (quar.)
35c
Associated Telephone. Ltd., Calif., preferred
537%c
Atchison Topeka & Sante Fe, pref. (s.
-a.)
Atlanta & Charlotte Air Line By. (semi-ann.).... 5434
Atlantic City Electric Co.. $6 pref. (quar.)_
$1
Atlantic Macaroni Co.. Inc. (quarterly)
51
Atlas Powder, pref. (guar.)
$134
Austin Nichols, prior A (guar.)
$134
Automatic Voting Machine Co. (quar.)
1234c
Quarterly
12 34c
Badger Paper Mills, Inc.,6% pref. (quar.)
75c
13amberger (L.) 6)4% pref. (guar.)
5134
Bangor Ilydro-Electric
30c
Beatty Bros Ltd.. 6% 1st pref. (guar.)
5134
Belding Corticeill (guar.)
$I
Beneficial Industrial Loan Corp.. COM.(quar.)
3734c
Preferred series A (quar.)
8734c
Best & Co
50c
Preferred (semi-annual)
3%
Birtman Electric (quarterly)
10c
Extra
10c
Preferred (quarterly)
$1
Bloch Bros. Tobacco,—
Quarterly
3734c
Quarterly
3734c
6% pref. (guar.)
$1
6% preferred (guar.)
$134
Bloomingdale Bros 7% preferred (guar.)
$131
Blue Ridge Corp.,$3 cony. pref.(guar.)
Sc
Bohack (II. 0.) Co. 1st pref. (guar.)
3131
Bohack Realty, preferred
25e
Bon Aml. class A (quarterly)
$1
Boston Insurance (quarterly)
84
Boston & Providence RR.(guar.)
52.125
Quarterly
52.125
Quarterly
52.125
Quarterly
$2.125
Brewer (C.)& Co.,Ltd.(mo.)
$1
Monthly
SI
Briggs Manufacturing Co
50c
British Columbia Teiep..6% pref. (guar.)
SI X
Broadway Dept. Stores 7% preferred
h5131
Brooklyn-Manhattan Transit Corp.
Preferred (quarterly)
$134
Preferred (quarterly)
$1
Brown Shoe, pref. (quar.)
$1
Buckeye Steel Casting.6% pref. (guar.)
SI%
6Si% pref. (guar.)
5134
Buffalo, Niagara & Eastern Power
35. 1st preferred (guar.)
$ni
Bullock Fund
10c
Calamba Sugar Estate (quarterly)
40c
Preferred (quarterly)
35c
Calgary Power, preferred (quarterly)
$1 34
California Packing (quar)
3734c
Campe Corp.. common (guar.)
20e
63i% pref.(guar.)
5134
Canada Southern Ry (s.
5134
-a.)
Canadian Bronze Co., common (guar.)
r15c
'11 3
4
Preferred (guar.)
11
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 18
Feb. 1 Jan. 18
Feb. 1 Jan. 15
Mar. I Feb. 15
Apr. 1 Mar. 15
Feb. 27 .lan. 22
Feb. 1 Jan. 15
Feb. 1 Jan. 10
Feb. 1 Jan. 10
Mar. 15 dMar. 1
Mar. 1 Feb. 15
Feb. 1 Jan. 1.1
Feb. 1 Jan. 21
Jan. 31 Jan. 15
Feb. 15 Jan. 250
Feb. lh Jan. 250
Apr. 1 Mar. 12
Feb. 1 Jan. 5
Feb. 1 Jan. 11
Feb. 1 Jan. 25
Feb. 1 Jan. 25
Feb. 1 Jan. 15
Feb. 11 Jan. 31
Feb. 1 Jan. 8
Feb. 1 Jan. 14a
Feb. 15 Jan. 15
Feb. 15 Jan. 31
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 16
Feb. 15 Jan. 31
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Mar. 1 Feb. 8
Mar. 1 Fob. 8
Apr. 2 Mar. 5
Apr. 2 Mar. 5
Feb. 15 Jan. 11
July 2 June 22
July 2 June 22
Jan. 31 Jan. 15
Jan. 30 Dec. 31
Jan. 30 Dec. 31
Feb. 1 .lan. 21
Feb. 1 Jan. 19
Feb. 1 Jan. 15
1 Dec. 31
Feb.5234
Mar. 1 Feb. 20
Feb.
Jan. 9
Feb.
Feb. 1 Fen.. 18
Ja b 1
Feb. 1 Jan. 15
Apr. 2 Mar. 20
July 2 June 20
Feb. 1 Jan. 21
Mar. 1 Feb. 15
Feb. 1 Jan. 10
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Jan. 30 Jan. 15
Jan. 30 Jan. 15
Feb. 15 Jan. 25
Jan. 31 Jan. 31
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 15 Feb. 10
May 15 May 10
Mar. 30 Mar. 25
June 29 June 25
Feb. 1 Jan. 21
Mar. 1 Feb. 5
Feb. 15 Jan. 25
Feb. 15 Jan. 25
Jan 31 Jan. 18
Apr. 1 Mar. 20
Apr. 1 Mar. 20
July 1 June 20
Oct. 1 Sept. 20
Jan.2'36 Dec. 20
Feb. 20
Feb.. Mar. 20
Mar. 25
Ian. 29 Jan. 17
Fob. 1 Jan. 16
Feb. 1 jan. 22
Apr.
July
Feb.
Feb.
Feb.
15 Apr.
15 July
2 Ian.
1 Jan.
1 Jan.
1
1
21
2
2
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Fob. 1 Jan. 15
Mar. 15 Feb. 28
Mar. 1 Fob. 15
Feb. 1 Jan. 15
Feb. 1 Dec. TR
Feb. 1 Jan. 21
Feb. 1 Jan. 21
Financial Chronicle
Volume 140
Name of Company
Per
Share
When Holders
Payable of Record
Canadian Converters (quar.)
50c Feb. 15 Jan. 31
Canadian Dredge & Dock
r75c Feb. 1 Jan. 15
Preferred (quar.)
41% Feb. 1 Jan. 15
Canadian Industrial (guar.)
$1 Ian. 31 Dec. 31
Canadian Investment Fund, ord. shares
31ic Feb. 1 Jan. 15
Special shares
3%c Feb. 1 Jan. 15
Capital Management(quar.)
15c Feb. 1 Jan. 21
Extra
Sc Feb. 1 Jan. 21
Carnation Co.,7% preferred (quar.)
$1% Apr. 1 Mar. 20
$1% July 1 June 20
75' preferred (quar.)
7% preferred (quarterly)
$1 84 Oct. 1 Sept.20
Caterpillar Tractor (quar.)
25c Feb. 28 Feb. 15
Central Arizona Light & Power,$7 pref.(quar.)- $1% Feb. 1 Jan. 15
$6 preferred (quarterly)
$1% Feb. 1 Jan. 15
Central Cold Storage
25c Feb. 15 Feb. 5
Central Hudson Gas & Elec. Corp.(quar.)
20c Feb. 1 Dec. 31
Central Illinois Security Corp.. preferred
hl5c Feb. I Jan. 20
Central Power & Light Co.,7% pref
43%c Feb. 1 Jan. 15
6% preferred
37%c Feb. 1 Jan. 15
Centrifugal Pipe Corp.(quar.)
10c Feb. 15 Feb. 5
Quarterly
10c May 15 May 6
Quarterly
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 6
Century Ribbon Mills. preferred (quarterly)_
$1% Mar. 1 Feb. 20
Century Shares Trust (semi-annual)
40c Feb. 1 Jan. 11
Cerro de Pasco Copper Corp
50c Feb. 1 Ian. 16
Chain Belt Co.. common
15c Feb. 15 Feb. 1
Chain Store Investment $6% pref. (quar.)
$1 Feb. 1 Jan. 16
Charts Corp.(guar.)
37 Mc Feb. 1 Jan. 24
Chase National Bank,common (semi-ann.)_ __ _
70c Feb. 1 Jan. 15
Preferred (accrued divs. to Feb. 1 1935)
Feb. 1 Jan. 15
Cherry Burrell
25c Feb. I Jan. 21
Preferred (guar.)
$1% Feb. 1 Jan. 21
Chicago Mall Order (extra)
50c Jan. 31 Dec. 20
Chicago Yellow Cab (quar.)
25c Mar. 1 Feb. 19
Cincinnati Inter-Terminal RR. Co.
4% preferred (semi-annual)
712 Feb. 1 Jan. 21
4% preferred (semi-annual)
$2 Aug. 1 July 20
Cincinnati Northern RR.(s-a)
$6 Ian. 31 Jan. 21
City Baking. 7% pref. (quar.)
$1% Feb. 1 Tan. 28
City of New York Ins. Co
$5 Feb. 1 Jan. 15
Cleveland. Cincinnati, Chicago & St. L. (s.-a.)..
$5 Jan. 31 Jan. 21
5% preferred (quar.)
$111 Jan. 31 Ian. 21
Cleveland Electric Illumlnattng,6% pref. (qu.) $I % Mar. 1 Feb. 15
Cleveland & Pittsburgh By.7% guar.(quar.)
87c Mar. 1 Feb. 9
7% guaranteed (quar.)
87%c June 1 May 10
79 guaranteed (quar.)
87%c Sept. 1 Aug. 10
7% guaranteed (mar.)
87%c Dec 1 Nov. 9
Special guaranteed (quar.)
50c Mar. 1 Feb. 9
Special guaranteed (quar.
50c June 1 May 10
Special guaranteed (quar.
50c Sept. 1 Aug. 10
Special guaranteed (quar.
500 Dec 1 Nov. 9
Cluett, Peabody It Co., Inc. (quarterly)
25c Feb. 1 Jan. 21
Columbia Gas & Electric Corp.,6%pref.A(quar.) $1% Feb. 15 Jan. 19
Cumulative 5% preferred (quar.)
$1% Feb. 15 Jan. 19
Convertible 5% cumulative preference (guar.) SIM Feb. 15 Jan. 19
Columbia Pictures Corp . common (semi-ann.).
Feb. 2 Ian. 14
Columbia By. Power & Light Co.,6%% pf.(qu.) $1% Feb. 1 Tan 15
Columbus & Xenia RR
$1 Feb. 25 Mar. 10
Commonwealth Edison (quar.)
$1 Feb. 1 Jan. 15
Commonwealth Investors (Calif.)(guar.)
4c Feb. I Jan. 14
Commonwealth Utilities.64% pref. 0 (quar.)
SI% Mar. 1 Feb. 15
Compania Swift Internacional (semi-ann.)
$I Mar. 1 Feb. 15
Concord Gas, 7% pref. (quar.)
$1% Feb. 15 Jan. 31
Connecticut ft PassumpsIc Rivers RR—
Semi-an n nal
Feb. 1 Tan. I
Connecticut Ry. & Lighting Corp. (guar.)
$1.125 Feb. 15 Jan, 31
44% pref. (quar.)
$1.125 Feb. 15 Jan. 31
Connecticut River Power,6% pref. (quar.)_
31 Si Mar. 1 Feb. 15
Consol. Chemical In lustrial. preferred A (quar.) 37 4c Feb. 1 Jan. 15
Consolidated Cigar, 7% pref. (quar.)
Mar. 1 Feb. 15
$1
Prior preferred (quar.)
$14 Feb. 1 Jan. 15
Consolidated Gas Co.(N. Y.)
25c Mar. 15 Feb. 11
Preferred (quar.)
Feb. I Dec. 28
$1
Consolidated Oil. preferred (guar.)
$2 Feb. 15 Feb. 1
Consolidated Rendering,8% pref. (quar.)
$2 Feb. 1 Jan. 21
Consumers Power Co., $5 pref. (quar.)
$1 4 Apr. 1 Mar. 15
65" preferred (quarterly)
$1% Apr. 1 Mar. 15
6.6% preferred (quarterly)
$1.65 Apr. 1 Mar. 15
77 preferred (quarterly)
0
$1% Apr. 1 Mar. 15
67 preferred (monthly)
50c Feb. 1 Jan. 15
6% preferred monthly)
50c Mar. 1 Feb. 15
69 preferred monthly)
50c Apr. 1 Mar. 15
6.69' preferred (monthly)
55c Feb. 1 Jan. 15
6.6% preferred (monthly)
55c Mar. 1 Feb. 15
6.6% preferred (monthly)
55c Apr. 1 Mar. 15
Continental Can Co.. Inc. corn. (quar.)
60c Feb. 15 Jan. 25
Corn Exchange Bank Trust Co.(quar.)
75c Feb. 1 Jan. 23
Como Mille (quar.)
25c Mar. 1 Feb. 19
Crandall, McKenzie & Henderson, Inc
12%c Feb. 10 Jan. 15
Cream of Wheat. $7. 1st preferred
h$1 Feb. 1 Jan. 15
Cresson Consolidated Gold Mining & Milling__ _
Sc Feb. 15 Jan. 31
Crowell Publishing('.o.7% pref.(semi-anna___ _ $3% Feb. 1 Jan. 24
Crown Willamette Paper Co.. lit pref
h$1 Feb. 1 Jan. 15
Crow's Neat Pass Coal Co., preferred
$2 Feb. 1 Tan. 10
Crum h Forster 5% preferred (quar)
75c Mar. 31 Mar. 21
Cumberland Co.Power & Light, pref.(qu.)
$1 4 Feb. 1 Jan. 19
Cuneo Press, Inc. (quarterly)
30c Feb. 1 Jan. 19
s4% preferred (quarterly)
$1
Mar. 15 Mar. 1
Dallas Power h Light. $6 pref. (quar.)
Si % Feb. 1 Jan. 18
7% pref. (guar.)
$1% Feb. 1 Jan. 18
Davenport Water Co.,6% pref. (quar.)
$1% Feb. 1 Jan. 21
Dayton l'ower h Light Co.,6%preferred (mo.)
50c Feb. 1 Jan. 21
De Haviland aircraft (final)
x w7%% Feb. 7 Jan. 10
Dennison Manufacturing, debenture stock
h$2 Feb. 1 Jan. 19
Deposited Insurance Shares, series A
7%c Feb. 1 Jan, 2
Dictaphone Corporation
25c Mar. 1 Feb. 15
Preferred (quarterly)
$2 Mar. 1'Feb. 15
Distillers Co., Ltd. (initial)
xzeSci Feb. 8 Jan. 15
Dividend Share.;
2e Feb. 1 Jan, 15
Dominion Bridge Co (guar.)
r30c Feb. 15 Jan. 31
Dupldn Silk , sees -annual) _
50c Feb. 15 Feb. 1
Eastern Bond & Share Corp., B (quar.)
150 Feb. 1 Jan. 2
Series B (ex!ra)
Sc Feb. 1 Jan
2
Eastern Gas & Fuel Assoc..44% pref.(quer.).- $1.125 Apr. 1 Mar. 15
6% preferred (quarterly)
SI % Apr. 1 Mar. 15
Eastern Theatres. 7% pref. (semi-ann.)
$34 Jan. 31 Jan. 15
Eaton Mfg. Co.(guar.)
25c Feb. 15 Feb. 1
Edison Electric Illuminating (Boston) (quer.)
$2 Feb. 1 Jan. 10
Electric Bond & Share Co..$6 pref.(quar.)
$1Si Feb. 1 Jan. 4
$5 preferred (quarterly)
Feb. 1 Jan. 4
Si
Electric Power Assoc., Inc., common
10c Feb. 1 Jan. 15
Class A
10c Feb. 1 Jan. 15
Walker Dry Goods(quar )
Ely &
25c Mar. 1 Feb. IS
Empire & Bay State Telep., 4% gtd.(quar.)
Si Mar. 1 Feb. 19
4% guaranteed (quar.)
$1 June. 1 May 22
4% guaranteed (guar )
$1 Sept. 1 Aug. 22
45' guaranteed (quar.)
Si Dec. 1 Nov. 21
Empire Capital Corp., class A (guar.)
10c Feb. 28 Feb. 20
Class A extra
5c Feb. 28 Feb. 20
Class B
10c Feb. 28 Feb. 20
Employers Group Associates (quar.)
12%c Jan. 31 Jan. 17
Eppens, Smith & Co. (s.
-a.)
$2 Feb. 1 Jan. 26
Semi-annual
$2 Aug. 1 July 27
Erie & Kalamazoo RR
$1 t' Feb. 1 Jan. 26
Eureka Pipe Line (guar.
$1 Feb. 1 Jan. 15
Faber Coo & (ire m. Inc. (quarterly)
25c Mar. I Feb. 15
79' preferred.(quarterly)
Feb. 1 Jan. 21
$1.
Fairey Aviation Co.(American shares)
9c Jan. 28 Jan. 21
Farmers & Traders Life Ins.(quar.)
S24 Apr. 1 Mar. 11
Federal Knitting Mills(quar.)
62%c Feb. 1 Jan. 15
Fibreboard Products.6% pref. (quar.)
$1% Feb. 1 Jan. 16
Name of Company
Federal Service Finance Corp. (Washington,
D.C.)(guar.)
Extra
7% preferred (quar.)
Fidelity & Deposit(Md.)
Firestone Tire & Rubber,preferred (quar.)
Florsheim Shoe Co., A (guar.)
Class B (guar.)
Food Machinery Corp.. preferred
63.4% preferred
Food Machinery Corp. of N. Y.6%% preferred (monthly)
634% preferred (monthly)
% preferred (monthly
63-4% preferred (monthly
% preferred (monthly
Franklin Fire Insurance Co. (guar.)
Extra
Freeport Texas Co. preferred (quar.)
Froedtert Grain & Malting, pref. (quar.)
Gardner-Denver, preferred (quar.)
General Baking
General Cigar Co.(quar.)
Extra
Preferred (quar.)
Preferred (quar.)
General Hosiery Co., 7% preferred (quar.)
General Mills, Inc., corn. (quar.)
General Motors Corp..$5 preferred (guar.)
General Stockyards Corp.,common
Preferred (quar.)
Genesee Brewing Co., A & B (guar.)
Gillette Safety Razor. preferred (quar.)
Gold Dust Corp.(quar.)
Golden Cycle Corp. (guar.)
Extra
Gottfried Baking Co.. Inc. preferred (War.)
I'referred (quarterly)
Preferred (quarterly)
Gotham Silk Hosiery Co., Inc.
7% curnul. preferred (quar.)
Grand Rapids Metalcraft (initial)
Great Lakes Dredge & Dock Co.(guar.)
Great Lakes Engineering Works (quar.)
Great Northern iron Ore Properties
Greenfield Gas Light, 6% preferred (quar.)
Group Securities. Inc.—
Automobile Shares
Building Shares (initial)
Chemical Shares
Electrical Shares
Food Shares
Industry Machine
Merchandise Shares
Mining Shares
Petroleum Shares
Railroad Shares
Railroad Equipment
Tobacco Shares
Utilities Shares
Gurd (Chas.) & Co. preferred (quar.)
Halle Bros., preferred (quarterly)
Hardesty (R.) Mfg. Co..7% pref.(quar.)
79' preferred (quarterly)
79 preferred (quarterly)
7% preferred (quarterly)
Hartford h Connecticut Western RR.(s-a)
Hartford Electric Light )quar.)
Hartford Times, Inc., $3 preferred (guar.)
Hat Corp. of America preferred
Preferred (quar.)
Hawaiian Agriciltural Co.(monthly)
Hawaiian Commercial Sugar Co. (quar.)
Hercules Powder Co., preferred (quar.)
Hershey Chocolate Corp.(quar.)
Cony. preferred (quarterly)
Extra
Hibbard. Spencer.Bartlett & Co.(monthly)___ _
Monthly
Hollander (A.)& Sons(quar.)
Hollinger Consol. Gold Mines (monthly)
Extra
Holly Sugar preferred
Home Insurance Co.(N. Y.)(quar.)
Extra
Homestead Fire Insurance Co.(Balt.)
Honolulu Plantation Co (monthly)
Horn & Harden Co.. N. Y.(guar.)
Houdaille-Hershey. Class A
Houston Lighting & Power 7% pref. (quar.)......
$6 preferred (quar.)
Humberstone Shoe CO. (quarterly)
Hutchinson Sugar Plantation (monthly)
Illinois Northern Utilities, 6% preferred (quar.)
$7 prior preferred (quarterly)
Incorporated Investors (semi-annual)
Industrial Cotton Mills. pref.(quar.)
International Cigar Mach. Co. common
International Harvester preferred (quar.)
International Nickel of Canada. pref. (quar.)
7% preferred (quar.)
International Power Co., 7% 1st preferred
International Printing Ink (special)
Preferred (quarterly)
International Safety Razor. class A (quar.)___ _
Interstate Department Stores,7% pref
7% preferred (quar.)
Iron Fireman Mfg.(quar.)
Quarterly
Quarterly
Quarterly
Jantzen Knitting Mills
Preferred (quarterly)
Jefferson Lake Oil Co.. Inc. (quar.)
7% preferred (semi-annual)
Kalamazoo Stove Co., new stock (initial)
Kalamazoo Vegetable Parchment (quar.)
Quarterly
Quarterly
Quarterly
Kansas City St. Louis & Chicago RR. Co.
6%, guaranteed preferred (quar.)
Kaufmann Dept. Stores, Inc
Kekoha Sugar Co.(monthly)
Kelvinator of Canada. 7% pref. (guar.)
King Royalty Co.(quar.)
Kings County Trust Co.(quar.)
Klein (D. Emil)& Co., Inc..% pref. (quar.)_ _
Knabb Barrel Co., Inc.. prof..(z.
-a.)
Kress (S. II.) (quarterly)
Special preferred (guar.)
Kokomo Water Works Co..6% pref.(quar.)_ _ _
Koloa Sugar Co.(monthly)
Kroger Grocery & Baking (quar.)
6% preferred (quarterly)
7% preferred (quarterly)
74. 2d preferred (quarterly)
Landis Machine preferred (quar.)
Lane Bryant. Inc.. 7% preferred (guar.)
Lanaton Monotype (quar.)
"[preferred (quar.)
Lawbeck
Lazarus(F.& 11.) Co..6%% pref.(guar.)
Corp..
593
Per
Share
50c
50c
51%
50c
$1%
25c
1234c
50c
50c
50c
50c
50c
50c
50c
25c
Sc
30c
$1%
I5c
$1
1.3
$1%
$1%
$1%
75c
$1%
50c
$134
12%c
$14
30c
alac
60c
14%
$1%
Sc
25c
10c
50c
75c
When Holders
Payable of Record
Jan. 31 Dec. 31
Jan. 31 Dec. 31
Jan..31 Dec. Si
Jan. 31 Jan. 19
Mar. 1 Feb. 15
Apr. 1 Mar. 20
Apr. I Mar. 20
Feb. 15 Feb. 10
Mar. 15 Mar. 10
Feb. 15 Feb. 10
Mar. 15 Feb. 10
Apr. 15 Apr. 10
May 15 May 10
June 15 June 10
Feb. 1 Jan. 19
Feb. 1 Jan. 19
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 19
Feb. 1 Jan. 25
Feb. 1 Jan, 16
Feb. 1 Jan. 16
Mar. 1 Feb. 20
June I May 23
Feb. 1 Jan. 20
Feb. 1 Jan. 15a
Feb. 1 Jan. 7
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 24
Feb. 1 Jan. 2
Feb. 1 Jan. 10
Mar. 10 Feb. 28
Mar. 10 Feb. 28
Apr. 1 Mar. 20
July 1 June 20
Oct. 1 Sept. 20
Feb. 1 Jan.
Feb. 25 Feb.
Feb. 15 Feb.
Feb. 1
Jan. 31 Jan.
Feb. 1 Jan.
11
4
5
150
15
.013c Jan. 31 Jan. 16
1.2c Jan. 31 Jan. 16
.015c Jan. 31 Jan. 16
.006c Jan. 31 Jan. 16
.02c Jan. 31 Jan. 16
029c Jan. 31 Jan. 16
.016c Jan. 31 Jan. 16
.022c Jan. Si Jan. 16
.01c Jan. 31 Jan. 16
.014c Jan. 31 Jan. 16
.009c Jan. 31 Jan. 16
.033c Jan. 31 Jan. 16
.024c Jan. 31 Jan. 16
1.1 Feb. 15 Feb. 1
31% Jan 31 Jan. 24
sit' Mar. 1 Feb. 15
31% June 1 May 15
$1.% Sept. 1 Aug. 15
IRK Dec. 1 Nov. 5
$1 Feb. 28;Feb. 20
68%c Feb. 11Jan. 15
75c Feb. 15 Feb. 1
/131 Feb. 1 Jan. 4
sit' Feb. I Jan. 4
200 Jan. 31 Jan. 24
75c Feb. 15 Feb. 5
1t'% Feb. 15 Feb. 4
75c Feb. 15 Jan. 15
$I Feb. 15 Jan. 25
$1 Feb. 15 Jan. 25
10c Feb. 22 Feb. 15
10c Mar. 29 Mar. 22
12%c Feb. 15 Jan. 31
rl o Jan. 28 Jan. 11
Jan. 28 Jan. 11
rl
Feb. 1 Jan. 15
h$5
25c Feb. 1 Jan. 15
Sc Feb. 1-Jan. 15
50c Feb. 1 Jan. 31
15c Feb. 1-Jan. 31
40c Feb. 1 Jan. 12
h$2 Feb. 5 Jan. 30
$1% Feb. 1 Jan. 15
% Feb. 1 Jan, 15
50e Feb. 1 Jan. 15
10c Feb. 5 Jan. 31
$1% Feb. 1 Jan. 15
$1% Feb. 1 Jan. 15
25c Jan. 30 Jan. 8
$1% Feb. 1
45c Feb. 1 Jan. 16
$1% Mar. 1 Feb. 5
31% Feb. 1 Jan. 2
ILMc Feb. 1 Jan. 2
811 Apr. 3 Mar. 15
25c Feb. 1 Jan. 21
sit' Feb. 1 Jan. 21
60c Mar. 1 Feb. 15
h$1% Feb. 1 Jan. 19
51% Feb. 1 Ian. 19
25c Mar. 1 Feb. 9
25c June 1 May 10
25c Sept. 2 Aug. 10
25c Dec. 2 Nov. 9
10c Feb. 1 Jan. 15
$1% Mar. 1 Feb. 25
25c Feb. 1 Jan. 18
35c Mar. 10
25c Feb. 1 Jan 20
15c Mar.30 Mar. 20
15c June 30 June 20
15c Sept. 30 Sept. 20
15c Dec. 30 Dec. 30
$1% Feb. 1 Jan. 18
20c Jan. 28 Jan. 10
20c Feb. 1 Jan. 25
$1% Feb. 15 Feb.
25c Feb. 1 Jan. 19
$20 Feb. 1 Jan. 25
Sit' Feb. 1 Jan. 20
75c June 1
25c Feb. 1 Jan. 18
15c Feb. 1 Jan. 18
51% Feb. 1 Jan. 21
50c Jan. 31 Jan. 24
40c Mar. 1 Feb. 8
$1% Apr. 1 Mar. 20
% May 1 Apr. 19
SI% Feb. 1 Jan 18
51% Mar. 15 Mar. 5
1% % Feb. 1 Jan. 16
$1 Feb. 28 Feb. 19
51% Feb. 1 Jan. 20
sit' Feb. 1 Jan. 10
594
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Lee Rubber & Tire Corp
25c Feb. 1 Jan. 15a
Lerner Stores 6%% preferred (guar.)
$1% Feb. 1 Jan. 22
Life Savers Corp. (quar.)
40c Mar. 1 Feb. 1
Lincoln Telep. & Teieg., 6% pref. A (guar.)... $13 Feb. 10 Jan. 31
5% special preferred (quar.)
$1% Feb. 10 Jan. 31
Link Belt
15c Mar. 1 Feb. 15
oi% preferred (guar.)
$13' Apr. 1 Mar. 15
Liquid Carbonic Corp., common (quar.)
25c Feb. 1 Jan. 17
Common (extra)
25c Feb. 1 Jan. 17
Little Miami RR. Co. spec. gtd. (quar.)
50c Mar. 10 Feb. 25
Special guaranteed (quarterly)
50c June 10 May 24
Original capital
$1 Mar. 10 Feb. 25
Original capital
$1.10 June 10 May 24
Lockhart Power Co.. 7% pref. (s.
$3% Mar. 30 Mar. 30
-a.)
Loew's, Inc., $63 preferred (quarterly)
$13 Feb. 15 Jan. 31
Lone Star Gas Corp
15c Feb. 15 Jan. 25
6Si% preferred (quar.)
$1% Feb. 1 Jan. 21
Loose-Wiles Biscuit (guar.)
50c Feb. 1 Jan. 18
Preferred (quarterly)
$131 Apr. 1 Mar. 18
Lord & Taylor Co., 2nd preferred (guar.)
$2 Feb. 1 Jan. 17
Los Angeles Gas & Elec.6% pref. B (quar.)---- El% Feb. 15 Jan. 31
Louisiana & Missouri River RR.
7% guaranteed preferred (quar.)
ISM Feb. 1 Jan. IR
Louisiana Power & Light $6 pref. (guar.)
$1% Feb. 1 Jan. 18
Louisville. Henderson & St. Louis By.Co—
Preferred (semi-annual)
323 Feb. 15 Feb. 1
Louisville & Nashville RR.(semi-ann.)
$1% Feb. 25 Jan. 31
Lowenstein (M.)& Sons, 1st pref. (quar.)
$131 Feb. 11 Dec. 31
Macy(R. H.)& Co.(quar.)
50c Mar. 1 Feb. 8
Magnin (I.) & Co.,6% pref. (quar.)
$13 Feb. 15 Jan. 31
6% preferred (quarterly)
$1.3. May 15 Apr. 30
6% preferred (quarterly)
S11i Aug. 15 July 31
6% preferred (quarterly)
$13 Oct. 31 Nov. 15
Mahoning Coal RR.. common (guar.)
3631 Feb. 1 Jan. 15
M alone Light & rower Co.,$6 pref.(quar.)___ _ $1% Feb. 1 Jan. 10
Mapes Consolidated Mfg.(quar.)
75c Apr. 1 Mar. 15
Quarterly
75c July 1 June 14
Maryland Fund, Inc.. stock distribution
Feb. 1 Jan. 15
e3
Massawippi Valley RR.(s-a)
Feb. 1 Jan. 2
Mayfair Investment (guar.)
750 Feb. 1 Feb. 1
Maytag Co..$3 cumulative preferred
750 Fob. I Ian. 15
$1% Feb. 1 Jan. 16
$6 1st preferred (quar.)
McCall Corp.,com.(quar.)
500 Feb. 1 Jan. 15
McGraw Electric Co.. corn
25e Feb. 1 Jan. 10
McIntyre Porcupine Mines (guar.)
50c Mar. I Feb. 1
Melville shoe Corp.. common
50c Feb. 1 Jan. 18
Extra..
50c Feb. 1 Jan. 18
1st prefsrred (quarterly)$131 Feb. 1 Jan. 18
2nd preferred (quarterly;
7 Ste Feb. 1 Jan. 18
Mercantile Stores, preferred (quar.)
$131 Feb. 15 Jan. 31
Merchants Refrigerating of New York—
$7 preferred (quar.)
$131 Feb. I Jan. 24
Metal Textile Corp
25c Jan. 31 Jan. 15
Preferred (quarterly)
d81%c Mar. 1 Feb. 20
Metal Thermit Corp. (quar.)
$1 Feb. 1 Jan. 20
Metropolitan Industries, preferred (quar.)
25c Feb. 1 Jan. 20
Michigan Central RR. Co. (semi-ann.)
$25 Jan. 31 Jan. 21
Michigan Gas & Electric Co
7% prior lien stock
h8731c Feb. I Jan. 15
$6 prior lien stock
h75c Feb. 1 Jan. 15
Michigan Public Service Co
7% preferred
h873ic Feb. 1 Jan. 15
6% preferred
h75c Feb. 1 Jan. 15
Midland Royalty Corp..$2 preferred (quar.).__
50c Feb. 15 Feb. 5
Milwaukee Electric Railway & Light Co.
6% preferred (quar.)
$131 Jan. 31 Jan. 21
Mine Hill & Schuylkill Haven RR.Co (s.
$154 Feb. 1 Jan. 15
-a.)_
Minneapolis
-Honeywell Regulator Co., common
75c Feb. 15 Feb. 4
Extra
25c Feb. 15 Feb. 4
Modine Mfg. (quarterly)
25c Feb. 1 Jan. 21
Mohawk Hudson Power, 1st preferred
$1 Feb. 1 Jan. 15
Monmouth Consol. Water Co..7% pref.(qu.)- _ $131 Feb. 15 Feb. 1
Montana Power,$6 preferred (quar.)
$131 Feb. 1 Jan. 17
Montreal Bridge (quar.)
30c Feb. 15 Jan. 31
Montreal Light. Heat & Power (guar.)
r38c Jan. 31 Dec. 31
Moody's Investment Service, preferred (quer.).
75c Feb. 15 Feb. 1
Morris Plan Insurance Society, (quar.)
$I Mar. 1 Feb. 23
Quarterly
$I June 1 May 27
Quarterly
$1 Sept. 1 Aug. 27
Quarterly
$1 Dec. 1 Nov. 28
Mortgage Corp. of Nova Scotia (quar.)
$1% Feb. 1 Jan. 24
Messer (J. K.)Leather
50c Jan. 31 Jan. 21
20c Nov. 30 Nov. 23
Mowar Finance Corp. (guar.)
Muskogee Co.6% cumulative preferred (quar.)_ $131 Mar. 1 Feb. 16
Nash Motors Co., common
25c Feb. 1 Jan. 15
National Automotive Fibers,$7 pref
h$131 Feb. 1 Jan. 15
National Carbon, pref.(quar.)
$2 Feb. 1 Jan. 18
National City Bank
50c Feb. 1 Jan. 12
30e Feb. 1 Jan. 12
Preferred (semi-ann.)
40c Feb. 1
(R. F. C.) preferred _
National Distillers Products Corp. (guar.)
50c Feb. 1 Jan. 15
National Lead Co.. class B (quarterly)
$131 Feb. 1 Jan. 18
National Liberty Ins. Co. of Amer. (s.-a.)
10c Feb. 20 Feb. 1
Extra_
Sc Feb. 20 Feb. 1
National Power & Light Co. common (quar.)___
20c Mar. 1 Feb. 4
$6 preferred (quar
$1 Si Feb. I Jan. 7
National Steel (quarterly)
25c Jan. 31 Jan. 21
Extra
1231c Jan. 31 Jan. 21
National Tea, preferred (quar.)
1331c Feb. 1 Jan. 14
Nat. Teter,. & releg. Corp..$3% Ist p:cf.(qu.) h731c Feb. 10 Jan. 17
2nd preferred (quarterly)
8731c Feb. 10 Jan. 17
National Weaving Co.. 7% preferred fa.
-a.L.--- $331 Jan. 31 Jan. 31
Nation-WIde Securities. series B
3c Feb. 1 Jan. 15
Nsisner Bros., cum. pref. (quar.)_
$131 Feb. 1 Jan. 15
Neon Prods. of Western Canada,6% pf. (qu.)__
75c Feb. 1 Jan. 15
Nevada-California Electric. pref
$1 Feb. 1 Dec. 31
Newberry (J. J.) Co.,7% pref. (guar.)
$131 Mar. 1 Feb. 16
Newberry (J. J.) Realty A pref.(quar.)
$131 Feb. 1 Jan. 15
B preferred (quar.)
$131 Feb. 1 Jan. 15
New England Grain Prod.(quar.)
50c Feb. 1 Jan. 20
New England Water Light & Power Association
6% preferred (quarterly)
$131 Feb. 1 Jan. 19
New Haven & Shore Line By
250 Feb. 1 Jan. 20
Extra
50c Feb. 1 Jan. 20
N.J.& Hudson River Ry.& Ferry,6% pt.(s.
$3 Feb. 1 Jan. 31
-a.)
New Jersey Zinc Co. (quarterly)
50c Feb. 9 Jan. 18
New York & Honduras Rosario Mining Co
25e Jan. 26 Jan. 16
Extra
50c Jan. 26 Jan. 16
New York Merchandise (quar.)
313c Feb. 1 Jan. 21
Norfolk AL Western, adj. pref. (quar.)
$1 Feb. 19 Jan. 31
North Ameriean Aviation
M Feb. 15 Jan. 31
North American Edison Co. pref. (quar.)
3131 Mar. 1 Feb. 15
North Carolina RR.. 7% gtd. stock
$331 Feb. 1 Jan. 17
Northern N. Y. Utilities, Inc.. 7% pref. (guar.) $1 31 Feb. 1 Jan. 10
Northern Bit of N. H.(quarterly)_
$131 Jan. 31 Jan. 8
Norwalk Tire & Rubber. pref.(quar.)
8731c Apr. 1 Mar. 21
Noyes (Chas. F'.) Co., Inc.. preferred (guar.)._ $131 Feb. 1 Jan. 30
Oahu By.& Land (monthly).
15c Feb. 15 Fob. 12
Moutnly_
15c Mar. 15 Mar. 12
10c Feb. 15 Feb. 5
Oahu Sugar Co.(monthly)
Ohio Public Service Co.. 7% pref. (monthly)._ _ 581-Sc Feb. 1 Jan. 15
50c Feb. 1 Jan. 15
6% preferred (monthly)
412-3c Feb. 1 Jan. 15
5%. preferred (monthly)
$2 Feb I Jan. 21
Old Colony Insurance Co. (quar.)
Quarterly
$2 May 1 Apr. 20
$2 Feb. 1 Jan. 2.
Orange & Rockland Electric(quar.)
$231 Feb. 20 Feb. 6
Oswego & Syracuse RR. (semi-ann.)
50c Feb. 1 Jan. 21
Outlet Co.. common (quar.)
$131 Feb. 1 Jan. 21
1st preferred (quar.)
$131 Feb. 1 Jan. 21
2d preferred (quar.)
PacifieGas & Electric 6% pref. (quar.)
3731c Feb. 15 Jan. 31
3431c Feb. 15 Jan. 31
53i% preferred (guar.)
Name of Company
Jan. 26 1935
Per
When Holders
Share. Payable. of Record.
Pacific Finance Corp. of Calif.(Del.)—
Preferred A (quar.)
20c
Preferred C (quar.)
16%c
Preferred D (quar.)
17Sic
Pacific Lighting Corp.. common (quarterly)--75c
Pacific Power & Light,$6 pref
h$1.
7% preferred
Package Machinery,7%,1st pref.(quar.)
$131
Pan American Airways _
250
Parker Rust Proof (quarterly)
75c
Passaic & Delaware RR.(semi-ann.)
Pemigewasset Valley RR.(semi-annual)
Penmans, Ltd. (quarterly)
75c
Preferred (quarterly)
$1%
Pennsylvania Power Co. $6.60 pref. (monthly)
55c
$6.60 preferred (monthly)
55c
$6 preferred (guar.)
$131
Penn Traffic Co. (semi-ann.)
7%c
Peoria & Bureau Valley RR.(s.
$4
-a.)
Philadelphia Bourse. pref. (annual)
60c
Philadelphia Co..5% pref.(s.
-a.)
250
Philadelphia Electric Co.(quarterly)
45c
$1%
$5 preferred (guar.)
Philadelphia Insulated Wire (semi-ann.)
50c
Philadelphia Suburban Water Co., pref. (quar.) $1
Philadelphia & Trenton RR.(quar.)
$2
Quarterly
$2
Quarterly
$2
Phillips-Jones, preferred (quar.)
$13
4
Phoenix Finance Corp., 8% pref. (guar.)
50c
8% preferred (quarter.yi
50c
50c
83 preferred (quarterly
8% preferred (quarterly
50c
Photo Engravers & Electrotypers (s.
-a.)
r50c
Pioneer Mills Co.(monthly)
10c
Pitney-Bowes Postage Meter (quar.)
Sc
-a.)
Pittsburgh. Bessemer & Lake Erie (s.
75c
Pittsburgh & Lake Erie (s -a.)
$131
Portland & Ogdensburg RR.(guar.).
50c
Portland RR.(Maine)5% pref.(s.
-a.)
$2%
Potomac Edison, 7% preferred (quar.)
$1%
6% preferred (quarterly)
El%
Procter it Gamble Co.(quar.)_
37Sic
Public Service Co. of Colorado,7% pref.(mo.)_ 58 1-3c
63 preferred (monthly)
50c
5% preferred (monthly)
412-Sc
Public Service of N. J. (quar.)
70c
$5 preferred (quarterly)
$1%
8 preferred (quarterly)
$2
7 preferred (quarterly)
$1%
50c
6% preferred (monthly)
6% preferred (monthly)
50c
63'. preferred (monthly)
50c
Public Service of N. III., 7% pref. (quar.)
$1
$1
6% preferred (quarterly)
Pullman Inc. (quar.)
7
Quakeroats Co.,6% preferred (quarterly)_
$131
Quarterly Income Shares, Inc
3c
Rainier Pulp & Paper. $2 class A
h50c
$2 class A
h50c
Raymond Concrete Pile. $3 pref. (quar.)
75c
Readinq Co. (quarterly)
50c
Reed (C. A.) 00.class A (quar.)_
50c
Republic Invest. Fund, Inc.,6% pref.(quar.i_ _
lfic
Relianze Mfg. of Illinois tquar.)
15c
Rhode Island Public Service. class A (quar.)___
$1
Preferred (quarterly)
50c
Rich Ice Cream Co., Inc. (quar.)
25c
Richmond Insurance Co. of N. Y.(quar.)
10c
Extra
5c
Riverside Cement Co., A
20c
$6 preferred (quar.)
$1%
Rockland Light & Power Co.(quar.)
15c
15c
Stock trust certificates ((mar.)
Rose's 5-•10-25c. Stores.7% pref.(quar.)
$1%
Russel Motor Car.7% preferred
WW1
Russell Motor Car, Ltd.. pref. (quar.)
VI(
25c
Ryerson (Jos. T.)& Sons (special)
St. Lawromm Flour Mills(guar.)
50c
Prefermd (quar.)
$1%
St. Louis Rocky Mountain & Pacific RR. Co.
250
Common (quarterly)
$1%
Preferred (quarterly)
Preferred (quarterly)
$131
Preferred (quarterly)
3131
Salt Creek Producers Association (quar.)
20c
Samson Corp., preferred
50c
San Antonio Gold Mines (interim)
7c
Savannah Sugar Refining (quar.)
$1%
7% preferred (quarterly)
$1%
Scott Paper, preferred A (guar.)
$1%
Preferred (guar.)
$131
Second Twin Bell Syndicate (monthly)
20c
Seeman Bros.. Inc. common (quar.)
6231c
Common (extra)
Common (extra)
50c
40c
Selby Shoe (quarterly)
Sharp & Outline preferred kquar )
87Sic
Shawinigan Water & Power Co of Mont.—
r13c
Common tquar
Shenango Valley Water,6% pref.(qu.)
$1%
Sierra Pacific Electric, pref.(quar.)
$1
Simms Petroleum
5
Simpson's. Ltd., 631% preferred
Solvay Amer. Invest.. pref. (quar.)
$131
Southern Calif. Edison Co.. Ltd.. corn. (quar.)_ 37Sic
20c
Southern Canada Power Co., common (quar.)__
Southern Fire Insurance Co.(semi-annual)
50c
South Pittsburgh Water 7% preferred (guar.)._ $1%
$1 35
5% preferred (semi-annual)
Spiegel-May-Stern 631% Pref. (quar.)
$1%
25c
Squibb (E. R.) & Sons (quar.)
Preferred (quarterly)
$1%
Standard Cap & Seal Corp.,common
60c
4c
Standard Corps. ((mar.)
Standard Oil Co. of N. J
Stanley Works of New Britain. Conn.. pf. (qu.) 3731c
r431 c
Steel Co. of Canada,common (quar.)
r27 31c
Common (extra)
43%c
Preferred (quar.)
25c
Stein (A.) & Co , common
Suburban Electric Securities
$1%
6% let preferred (quar.)
250
Sun Oil Co. (quar.)
$131
6% preferred (guar.)
25c
Swift & On.. special
$3
Syracuse Binghamton & New York RR
$1
Syracuse Lighting 6% pref. (quar.)
$1
631% preferred (guar.)
8% preferred (quar.)
Tacony Palmyra Bridge Co.. 7%% pt. (qu.)
$131
25c
Telautograph Corp corn. (guar.)
5c
Wayne Products & Brew
25c
Telep.Investment Corp.(monthly)
Texas Power & Light 7% pref.(quar.)
$131
$6 preferred (quar.)
$1%
$1ft
Tex-O-Kan Flour Mills, pref.(quar.)
Preferred (quarterly)
$1%
Thatcher Mfg.. pref. (guar.)
90c
Third Twin Bell Syndicate (bi-monthly)
10c
$1g
Tide Water Power. $6 pref. (quar.)
Toburn Gold Mines, Ltd
hug
Feb. I Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 15 Jan. 19
Feb. 1 Jan. 18
Feb. 1 Jan. 18
Feb. 1 Jan. 21
Feb. 1 Ian. 19
Feb. 20 Feb. 11
Feb. 1 Jan. 25
Feb. 1 Jan. 25
Feb. 16 Feb. 5
Feb. 1 Jan. 21
Feb. 1 Jan. 21
Mar. 1 Feb. 20
Mar. 1 Feb. 20
Feb. 1 Jan. 15
Feb. 9 Jan. 18
Feb. 1 Jan. 5
Mar. 1 Feb. 9
Feb. 1 Jan. 10
Feb. 1 Jan. 10
Feb. 1 Jan. 15
Mar. 1 Feb 100
Apr. 10 Mar 30
July 10 June 30
Oct. 10 Sept.30
Feb. 1 Jan. 21
.
Apr. 10 Mar 31
July 10 June 30
Oct. 10 Sept.30
Jan. 10 Dec. 31
Mar. 1 Feb. 15
Feb. 1 Jan. 21
Feb. 1 Jan. 12
Apr. 1 Mar. 15
Feb 1 Dec. 28
Feb. 28 Feb. 20
Feb. 1 Jan. 12
Feb. 1 Jan. 19
Feb. 1 Jan. 19
Feb. 15 Jan. 26
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Mar.30 Mar. 1
Mar.30 Mar. 1
Mar.30 Mar. 1
Mar.30 Mar. 1
Jan. 31 Jan. 1
Feb. 28 Feb. 1
Mar.30 Mar. 1
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 15 Jan. 24
Feb. 28 Feb. 1
Jan. 15
Feb.
Feb. 10
Mar.
May 10
June
Jan. 21
Feb.
Feb. 14 Jan, 17
Feb. 1 Jan. 21
Feb.
Jan. 15
Feb.
Jan. 22
Jan. 15
Feb.
Jan. 15
Feb.
Feb.
Jan. 15
Feb.
Jan. 11
Feb.
Jan. 11
Feb.
Jan. 16
Feb. 1 Jan. 15
Feb. 1 Jan. 11
Feb. 1 Jan. 11
Feb. 1
Feb. 1 Dec. 31
Feb. 1 Dec. 31
Feb. 1 Jan, 23
Feb. 1 Jan. 19
Fen. 1 Jan. 19
April 20 April 5a
April 20 April 5a
July 20 July 5
Oct. 21 Oct. 50
Feb. 1 Jan. 15a
Jan. 31 Dec. 31
Feb. I Jan. 1
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 17
Feb. 1 Jan. 17
Feb. 15 Jan. 31
Feb. 1 Jan. 15
Feb. 1 Jan. 15
May 1 Apr. 15
Feb. 1 Jan. 25
Feb I Jan 22
Feb. 15 Jan. 25
Mar. 1 Feb. 20
Feb. 1 Jan. 22
Feb. 1 Jan. 17
Feb. 1 Jan. 22
Feb. 15 Jan. 15
Feb. 15 Jan. 19
Feb. 15 Jan. 31
Mar. 1 Feb. 15
Feb. 15 Jan. 2
Feb. 19 Feb. 9
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 4
Feb. 1 Jan. 19
Mar. 15 Feb. 15
Feb. 15 Feb. 2
Feb. 1 Jan. 7
Feb. 1 Jan. 7
Feb. 1 Jan. 7
Feb. 15 Jan. 31
Feb. 1 Jan. 15
Mar. 15 Feb. 25
Mar. 1 Fob. 11
Feb 15 Jan: 25
Feb. 1 Jan. 25
Feb. 15 Jan. 19
Feb. 15 Jan. 19
Feb. 15 Jan. 19
Feb. 1 Jan. 10
Feb. 1 Tan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 20
Feb. 1 Ian. 12
Feb. 1 Jan. 12
Mar. 1 Feb. 15
June 1 May 15
Feb. 15 Jan. 31
Feb. 28 Feb. 27
Mar. 1 Fob. 10
Feb. 21 Jan. 25
Financial Chronicle
Volume 140
Holders
Per
When
Share. Payable. of Record
Name of Company.
Toledo Edison Co.,7% pref.(monthly)
58 1-3c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3c
Transamerica Corp.(semi-ann.)
1255c
Troy & Benton RR.(semi-annual)
$5
Sc
Trustee Standard Invest. Shares, ser. C
Series D
4.8c
Tung-Sol Lamp Works pref.(quar.)
75c
Preferred
h25c
Twin Bell 011 Syndicate (monthly)
$2
Union Bag & Paper (quarterly)
$1
Union Oil Co. of Canto(
250
(quar.)
United Biscuit Co. of America, preferred (quar.) $134
United Insurance Trust Shares—
Series F registered
Sc
Series F bearer
5C
United Light & Itys. (Del.)
-7% pr. pref (mo.)_ 58 1-3c
53C
6.36% prior preferred (monthly)
50C
6% prior preferred (monthly)
7% prior preferred (monthly)
58 1-3C
6.36% prior preferred (monthly)
53c
50C
6% prior preferred (monthly)
7% prior preferred (monthly)
58 1-3C
6.36% prior preferred (monthly)
53c
50c
6% prior preferred (monthly)
United New Jersey RR.& Canal squat.)
$230
United States & Foreign Securities
1st preferred (quarterly)
United States Sugar Corp., pref. (quar.)
Preferred (quarterly)
31.5i
Preferred (quarterly)
$15i
United Verde Extension Mines (quar.)
10c
Universal Leaf Tobacco Co., cons. (quar.)
50c
Upson Co.. class A & B
43 q.c
Utah Power & Light,7% preferred
6% preferred
Si
Vermont & Boston Telephone(semi-ann.)
$2
Virginian Ry. prof.(quar.)
3155
Vulcan Detinning, preferred (quar.)
151%
Preferred (quar.)
Preferred (quar.)
1
Walgreen Co.(quarterly)
'25C
Walker Mfg., $3 preferred
h$155
Walton (Chas.) & Co.. 8% pref. (quar.)
$2
Warren Foundry & Pipe Corp
50c
Washington Gas Light Co.(quar.)
90c
Western Cartridge Co.6% preferred (quar.)
SI 55
Westinghouse Air Brake Co.(quar.)
1255c
Westinghouse Electric & Mfg. Co
Westland Oil Corp
lc
Westland 011 Royalty Co.. class A (monthly)_ _
loc
Weston (Geo.) Ltd.. pref.(quar.)
si
West Penn Iflec., 7% preferred
6% preferyed (quar.)
Si
West Penn Power,6% preferred (quar.)
SI
7% Preferred (quarterly)
Feb. 1 Jan.
Feb. 1 Jan.
Feb. 1 Jan.
Jan. 31 Jan.
Feb. 2 Jan.
Feb. 1
Feb. 1
Feb. 1 Jan.
Feb. 1 Jan.
Feb. 5 Jan.
Jan. 28 Jan.
Fob. 9 Jan.
Feb. 1 Jan.
15
15
15
15
25
19
19
31
25
19
15
Dec. 31
Feb.
Feb.
Jan. 15
Feb.
Jan. 15
Feb.
Jan. 15
Feb.
Feb. 15
Mar.
Feb. 15
Mar.
Feb. 15
Mar.
Mar. 15
Apr.
Apr.
Mar. 15
Anr.
Mar. 15
Apr. 10 Mar. 20
1
Jan. 22
Feb.
Feb. 20 Sept 10
Apr. 5 Mar. 10
July 5 June 10
Feb. 1 Jan.
Feb. 1 Jan. 17
Feb. 15 Feb. 1
Jan. 5
Feb.
Feb. 1 Jan. 5
July 1 June 15
Feb. 1 Jan. 19
Apr. 20 Apr. 10
July 20 July 10
Oct. 19 Oct. 10
Jan. 15
Feb.
Jan. 21
Feb.
Jan. 25
Feb.
Feb.
Jan. 15
Feb.
Jan. 15
Feb. 20 Jan. 31
Jan. 31 Dec. 31
Feb. 18 Jan. 21
Feb. 1 Jan. 19
Feb. 15 Jan. 31
Feb. 1 Jan. 19
Feb. 15 Jan. 18
Feb. 15 Jan. 18
Feb. 1 Jan. 4
Feb. 1 Dec. 15
1
1
1
595
Per
Share
Name of Company
West Virginia Pulp & Paper Co.—
Preferred (quarterly)
Whiting Corp.,634% preferred
Wilcox Rich Corp.ciasS A (quar.)
Class B
Williams(R. C.)& Co
Wisconsin Telephone. pref. (quar.)
Woolworth (F. W.)Co.(quar.)
Woolworth (F. W ) Co., Ltd.(final)_
&
Wrigley (Wm.) Jr. (monthly)
Monthly
Monthly
York Rys.. 5% preferred (quar.)
$1%
h$1%
d625kc
20c
25c
$1%
60c
xtr2s.6d
25c
25c
25c
62%c
When Holders
Payable of Record
Feb. 15 Feb. 1
Feb. 1 Jan. 25
Mar.31 Mar. 20
Feo. 15 Feb. 1
Feb. 1 Jan. 23
Jan. 31 Jan. 19
Mar. 1 Feb. 11
Feb, 8 Jan. 14
Feb. 1 Jan. 19
Mar. 1 Feb. 20
Apr. 1 Mar. 20
Jan. 31 Jan. 21
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
j The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on Dna date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
f Payable in common stock. p Payable in scrip. h On account of accumulated dividends. j Payable in preferred stock.
!Blue Ridge Corp. has declared the quarterly dividend on its optional $3
convertible pref. stock, series of 1929. at the rate of 1-32nd of one share of
the corn, stock of the corporation for each share of such pref. stock, or. at
the option of such holders (providing written notice thereof is received by
the corporation on or before Feb. 15 1935), at the rate of 750. per share in
cash.
m North American Aviation liquidating div. of 8-100ths share capital
stock of new Transcontinental & Western Air, Inc.
n Standard 011 of N. J. div. of one sh. of Mission Corp. stock for each
25 shares of S. 0. of N. J. $25 par value and 4 shs. of Mission Corp. stk.
for each 25 shs. of St. 0. of N. J. $100 par value.
0 American Cities Pow. & Lt., cony. A opt. div. ser., 1-32nd of one share
of cl. B stk. or at the option of the holder 75c cash. Notice must be received
by the corp. within ten days after rec. date, of the holder's desire to receive
cash.
p Parker Rust Proof, distribution of 1 share of Parker Wolverine]5% pref.
for each share held.
Westinghouse Electric div., 1), . share of R. C. A. for a share of its com.
/,
and pref.; pref. shareholders given option of $31 in cash; pref. div. and
option constitutes full 1935 payment
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
*Consol. Film Industries div. was incorrectly stated as a regular div.
n the Doc. 29 issue and should have been "on account of accumulations"
land in Jan. 19 issue the figure 5 should have been the reference letter S.
u Payable in U. S. funds. e A unit. w Lesa depositary expenses.
a Less tax tr A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 23 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY, JAN. 19 1935
Clearing House
Members
Surplus and
Undirlded
Profits
• Capital
Bank of N Y di Trust Co
Bank of Manhattan Co_
National City Bank _ ___
Chem Bank ds Trust Co_
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk &Tr Co
Corn Each Bank Tr Co_
First National Bank
Irving Trust Co
Continental Ilk dr Tr Co
Chase National Bank__ _
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co_.
Marine Midland Tr Co.
New York Trust Co__._
!
Comm. Nat 13k & Tr Co
Public Nat Bk & Tr Co_
Net Demand
Deposits.
Average
8
$
10,298,100
114,251,000
277,116.000
25,431.700
38,273.300 a1,059,918,000
48,104,400
363,404,000
177,294,700 b1,036,973,000
10,297,500
282,785,000
61,512,800
590,242.000
16,124.900
191,623,000
89,218,100
405,118.000
398,078,000
57,819,800
31,397,000
3,603,900
68,839,400 c1,360,697,000
3,329,600
43,489,000
62,018,800 d644,441,000
8,160.400
15,219,000
55,288,000
7,503,200
233,937,000
21,361,500
54,095,000
7,644,700
5,148.200
54,532,000
5
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
8,250,000
Time
Deposits,
Average
$
6,571,000
29,137,000
150,429.000
20,508,000
49,095,000
102,678,000
28,555,000
21,084.000
11,309,000
5,360,000
1,766,000
66,490,000
102.000
17,297,000
259,000
3,994,000
17,173,000
1,419,000
37,306,000
Totals
614.955.000 721.990.000 7.212.603,000 570.532.000
• As per official reports: National, Dec. 31 1934; State, Dec. 31 1934; trust companies, Dec. 311934.
Includes deposits in foreign branches as follows: a $201,112,000; b $66,411,000;
c $82,287,000; d $26,957,000.
The Now York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Jan. 18:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JAN. 18 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Disc. and
Indestments
Manhattan $
Grace National
24,721,800
Trade Bank of N. Y. 3,890,681
Brooklyn—
Perinle'e National__ _
4 873 000
Cash
s
Res. Be p.,
N. Y. and
Elsewhere
s
99,000
158,868
2,425.000
1,109,569
08000
493.000
Dep. Other
Banks and
Trust Cos.
Gross
Deposits
$
S
2,180,200 24,720,200
226,598 4,482,005
198.000
5.1240011
TRUST COMPANIES—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Kings County
Cash
ass. Be p..
N. Y. and
ELT.Stchere
Dep. Other
Banks and
Trust Cos.
Gross
Deposits
$
56.529,100
6.983.953
12.451,070
17,750,300
29,722,300
64,868,302
*8,612,200 7.966,200
696.193
140,082
*1.439.266 1,336,549
*2,824,200 1,269,500
606.300
*7,026.700
12,053,289 15,265,441
2,488,400 63.646,600
1,359.554 7.509,056
62,452 13,419.524
950,800 18.014.800
35.240,300
63,665,869
86,986,000
27,922,887
2,529.000 20.741.000
2,075,294 6.745,742
923.000 97,472.000
30.497,330
* Includes amount with Federal Reserve as follows: Empire, $7,378,100; Fiduciary, $1,209,257; Fulton, $2,628,100; Lawyers County, $6,338,900.
Jan. 23 1935 Jan. 16 1935 Jan. 24 1934
Assets—
S
S
Gold certificates on band and due fr m
1,919,528,000 1,851,708.000
U. S. Treasurys
Gold
1,059,000
1,059.000
Redemption fund—F. R. notes
68.964,000
72,877,000
Other cash
S
268,285,000
654,018,000
9,717,000
59,178,000
1,993,464,000 1,921,731.000
Total reserves
1,502,000
1,329,000
Redemption fund—F, R. bank notes..-Billsdiscounted:
Secured by U. S. Govt. obligati no
3,253,000
2,893,000
direct & (or) fully guaranteed__ -2,519,000
2,405,000
Other bills discounted
991.198,000
2,779,000
5,298,000
5,772,000
45,036,000
2,102,000
850.000
3,241,000
Total bills discounted
20,253,000
24,783,000
Bills bought in open market
Industrial Advances
__
2,103,000
885,000
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
__
141,018,000
475,101.000
161,699,000
141.018,000
475,691.000
161,109,000
170,046,000
361,239,000
300,470,000
Total U.S. Government securiti ._
777,818,000
777,818,000
831.755,000
783,000
Other eecuritlee
Foreign loans on gold
Total bills and securities
786,104,000
786,542,000
880,815,000
Gold held abroad
Due from foreign banks
F, R. notes of other banks
Uncollected items
Bank premises
All other assets
316.000
8,019,000
115,708,000
11,508,000
33,024,000
317,000
6.355,000
126,961.000
11.498.000
31,849,000
3,120,000
1,292,000
5,441,000
93,966,000
11,066,000
49,226,000
Total assets
2,949,472,000 2.886,755,000 2,038,903,000
LiaDtItites—
638,357,000 647,943,000 596,960,000
F. R. notes in actual circulation
52,169,000
24,748,000
F. R. bank notes in actual circulation let
24,964 000
1,924,462,000 1,793,666,000 1,079,416,000
Deposits—Member bank reserve ace'
33,603,000
26,419,000
U. EL Treasurer—General account..__
17,286,000
6,235,000
2,047,000
6,979,000
Foreign bank
31,076,00C
103,957,000 134.921,000
Other deposits
Total deposite
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies_
All other liabilities
2,052,684,000 1,968,430,000 1,138,958,000
92,011,000
114,009,000 126,077,000
58,607,000
59,667,000
59,606.000
49,964.000
45,217,000
49,964,000
773,000
773,000
4,737,000
__
7,501,000
7.501,000
50,244,000
1,769,000
1.497.000
Total ilabilltiee
2,949,472,000 2,836,755,000 2,038.903,000
Ratio of total reserves to deposit a d
F. R. note liabilities combined
57.1%
-74.1%
73.5%
Contingent liability on bills purehased
for foreign correspondents _____ _ _ -.
1,591,000
116,000
209,000
Commitments to make industrial
advances
4.668.000
4.502.000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
-se
cents to 59.06 cents, the certificates being worth less to the extent of the diference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act 01 1934.
596
Financial Chronicle
Ian. 26 1935
Weekly Return of the Federal Reserve Board
The following is Issued by the Federal Reserve Board on Thursday afternoon, Jan. 24, showing the condition
of the twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 23 1935
Jan. 23 1935 Jan, 1,6 1935 Jan. 9 1935 Jan. 2 1935 Dec. 26 1934 Dec. 19 1934 Dec. 12 1934 Dec. 5 1934 Jan. 24 1934
ASSETS.
$
S
5
$
S
S
$
S
5
Gold Otis. on hand et due from U.S.Treas 1 5,281,298.000 5,237,503,000 5,162,076,000 5,124,339,000 5,122,398,000 5,122,762,000 5,123.148,000 5,111,620,000 947,440,000
Gold
2,569,167,000
Redemption fund (F. R. notes)
17,398,000
17,398,000
19,060,000
19,060,000
43.356,000
18,952.000
19.454,000
19,804,000
19,477.000
Other cash •
286,400,000 287,444,000 287,644,000 253,091.000 213,620,000 219.662,000 235,881.000 214,767,000 248,163,000
Total reserves
5,585,096,000 5,542,345,000 5,468,780.000 5,396.490,000 5,354.968.000 5,361,878.000 5.378.506.000 5.350,191,000 3.808,126,000
Redemption fund-F.It. bank notes
Bills discounted:
Secured by U. B. Govt. obligations
direct & (or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial Advances
U.S. Government securitles-Bonds
Treasury notes
Certificates and bills
1,579,000
1,752,000
1,964,000
1,677,000
1,677,000
1.841,000
5,294,000
3,394,000
13,604,000
3.617,000
3,588,000
3.406,000
3.544.000
3,548,000
4,820.000
4,461,000
4,768,000
3.839,000
8,688,000
17,221,000
0,994,000
7,092.000
9,281,000
8.607,000
2.166,000
13,004,000
4,082,000
4,274,000
6,274,000
4,192,000
35 910,000
,
61,320,000
9,256,000
10,466,000
97,230,000
1,983,000
5,539,000
5,562,000
5,611,000
5,612,000
5.611.000
5.682,000
5,682,000 104.126,000
5,690.000
15,636,000
14,826,000
14,744.000
14,315,000 13,589,000
12,494,000
10,204,000
10,662,000
395,650,000 395,627,000 395.662.000 396,048,000 395.582,000 395,572,000 395,580,000 395,588.000 442,781,000
1,506,688,000 1,508,667,000 1,507,117,000 1,507,118,000 1.507.141.000 1.507,124.000 1,398.264,000 1,405.244,000 1,053,138.000
527.925,000 525,925,000 527.475,000 527.475.000 527.475,000 527.475,000 636,367,000 629,368,000 935,820,000
Total U. S. Government securltlee- 2.430.263,0002.430.219.000 2,430,254,000 2,430.881,000 2.430,198,000 2,430,171,000 2.430.217,000 2.430,204,000 2.431,739,000
Other eecuritles
1,293.000
Foreign loans on gold
Total bills and securities
2,460,126,000 2,467,828,000 2,457,603,000 2,547,700,000 2,458,879,000 2,456,954,000 2,455,825,000 2,458,356,000 3,644.388,000
Gold held abroad
3,120,000
Due from foreign banks
805,000
806,000
805,000
805,000
3,393,000
804,000
804,000
$03,000
795.000
22,324,000
Federal Reserve notes of other banks....
24,226,000
24.489,000
27.988,000
22,614,000
19,783,000
22.028,600
18,515,000
21.122,000
Uncollected Items
446,365.000 505,729,000 428.403,000 530,474,000 452,135 000 551.496.000 490,109.000 449,096.600 377.583,
000
Bank premises
49,306,000
49,296,000
49,190,000
49,100,000
51,980,000
53,372.000
53.372.000
53,276,000
63.275.000
All other assets
46,961,000
45,589,000
44,850,000
44,534,000
43,064,0(10
118,637,000
42,133,0011
52,349,000
50.475.001
Total assets
8 612,562,000 8.637,571,000 8,476,084,000 8,508,828,000 8.387,313,000 8.490.508,000 8,451.358.000 8.384.284.000 7,030,016,000
LIABILITIES.
F. R. notes In actual circulatim
- 3,066,915,000 3,099,050,000 3,138,087,000 3,215,661,000 3,281,403.000 3,231.862,000 3.201,456,000 3.213,805,060 3,931,359,000
25,683,000
F. It. bank Botts In actual circulation....
25,869,000
26,185,000
26.363,000
26,603,000
26,752,000
27,054,000
27,477,000 203,176,000
-Member bangs' reserve account 4,500,919,000 4,387,560.000 4.282.546.000 4,089.552,000
Deposits
3,961,204.000 3,943.123,000 4.111.040,0004.073.585,000 2,880,961,000
U. S. Treasurer-General account_ a....
49,155,000
67,227,000
80,137,000 125,594,000 168.114.000 232,261.000
65,240,000
97,750,000
98,369,000
Foreign banks
19,083,000
18,339,000
19.114,000
18,954,000
19,582,000
4,483,000
18.361.000
16,636,0(10
17,113,000
Other deposits
169,073.000 196,677.000 174,725,000 170,971,000 168,010,000 166,548,000 16(1.502,000 160,272,04)0 132,339,000
Total deposits
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-11)
Reserve for contingenciesAll other liabilities
Total liabilities
Ratio of total reserves to deposits anu
F. It. note liabilities combined
Contingent liability on bale purchased for
foreign correspondents
Comm.tments to make industrial advance
Maiursty bistribtalon of Bills and
Short-term &cur6te:1-15 days bills discounted
16-30 days bills discounted
81-80 days bills discounted
61 90 days bills discounted
Over 90 days bills discounted
4,738,230,000 4,669,803,000 4.556.522,000 4.405,071.000 4,316,916,000 4.360,293.000 4.393,314,000
4.347,662,000 3, ,
153 023.000
444,405,000 506,428,000 419,920,000 527,887,000 441,843,000 532,562.000 484,803,000
454.865.04)0 384,702,000
146,888,000 146.839,000 146,844,000 146.773,000 146,752,000 140.718,000 146.848.000 146,860,000 145,400,000
144,893,000 144.893,000 144.893,000 144,893,000 138.383.000 138,333.000 138.383.000 138.383,000 138,383,000
10,669,000
10,526,000
10.498,000
8.418,000
6.459.000
5.1211,000
5,065.000
3.873,000
30,820,000
30,808,000
30,816,000
30,816,000
22.272.000
22,523,000
22,272,000
22.293,000
22,293,0011
4,059,000
3.355,000
3,421,000
2,948,000
26,682,000
26,538,000
32,144.000
29,066,000 151,450.000
8.612,562,000 8,637,571.000 8,476.084,000 8,508,828.000 8.387,313.000 8.490,606,000 8.451,358,000 8,384,284,000 7,030,016,000
71.6%
71.3%
71.1%
70.8%
70.7%
70.6%
70.8%
317,000
11,109,000
567,000
10,846,000
878,000
10,375.000
674,000
10,213,000
675,000
8,225,000
651.000
7,399,000
548.000
7,120.000
$
s
5
$
$
$
$
70.8%
548.600
6,656,000
3
63.6%
4,474.000
5
7,021,000
110,000
1.228,000
296,000
33,000
15,588.000
223,000
677,000
701,000
32,000
5.478,000
125.000
1,239,000
122,000
30,000
5,266,000
251,000
1,417,000
84,000
74,000
7,281,000
404,000
884.000
638.000
74,000
6.885,000
221,000
863,000
627.000
31,000
7,962,000
177,000
441,000
649,000
27,000
9,099,000
265,000
389,000
701,000
12,000
8.688,000
17,221,000
6.994,000
7,092,000
0,281,000
8,607,000
9.258.000
10.466,000
97,230,000
2,750,000
845,000
1,213,000
731.000
2,743,000
833,000
669,000
1,317,000
741,000
2,719,000
882,000
1.269.000
515,000
2,869,000
1,144.000
1.084,000
1,165,000
695,000
1,027,0(10
2,724.000
1,140,000
513,000
1,271,000
2,758,000
254,000
1,221,000
1,075,000
3.140,000
140,000
1,177,000
952,000
3.413,000
29,242,000
25,400,000
40,431,000
8,943,000
110,000
5,539,000
5,562,000
5,611,000
5,612,000
5.611,000
5,682,000
5.690,000
6.682,000
114,126,000
42,000
191,000
820,000
1,251,000
13,332,000
47,000
186,000
656,000
878,000
13,059,000
84,000
102,000
655.000
904.000
12.999,000
49,000
142,000
137,000
1,425,000
12,562,000
32,000
71,000
211,000
866,000
12,410,000
99,000
140,000
205,000
832,000
11,212,000
95,000
34,000
283,000
669,000
9,581,000
69.000
40.000
281,000
163,000
9,651,000
15,636,000
14,826,000
14.744,000
14,315,000
13,589,000
12,494,000
10,662,000
10,204,000
1-16 days U. 8. certificates and bills-40,535,000
30.200.000
27,400,000
31,450,000
16-30 (lays U. b. certificates and bills-35,114,000
44,467,000
45 535,000
33,300.000
31-60 days U. S. certificates and bills-- - 163,880,000 154,252,000
81,354,000
83,239,000
certificates and bins. _ _ _ 189.545.000 201.873,000 164,630,000 175,230,000
61-90 days U. S.
Over 90 days U.S. certificates and bias- 2,001,189.000 1,099.427.000 2.111,235,000 2,107,462,000
38,399,000
27,500,000
83,199.000
90.570.000
287,807,000
42,399,000
30.950,000
80,317,000
78,752,000
295,057,000
140,872,000
38.399.000
73,035,000
81,354,000
293,707,000
128,122,000
42,399,000
64,250.00(1
83.230,000
311,358,000
31,513,000
58,401,000
332,46.1,000
155,13.1,000
358,310,000
627.475,000
527,475,000
636,387,000
629,358,000
935,820,000
Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought In open market....
81-60 days hills bought In open market-.
61-90 days bills bought In open market
Over 90 days bills bought In open market
Total bills bought In open market
1-15 days industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over ill) days Industrial advances
Total Industrial advances
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
81-60 days municIpa. warrants
61-90 days municipal warrants.
Over 90 days municipal warrants
Total municipal warrants
2,430,263.000 2,430.219,000 2,430,254,000 2,430,681,000
76,294,000
4,041,000
12,367,000
3,707,000
821,000
1,240,000
36,000
17,000
1,293,000
Federal Reserve Notes
Issued to F. R. Bent by F. It. Agent-. 3,386.374,000 3,433,031.000 3.480,183,000 3,518,368.000 3,551,542.000 3,540,121,000
3.506.943,000 3.489.128.000 3,202.007,000
Held by Federal Reserve Bank
319,459,000 333,981.000 343,198,000 302,705,000 290,139,000 308,259,000 305,487,000 275,323,000 270,648,000
In actual circulation
3,066,915,000 3.099,050.0003.136,987,000 3,215,661,000 3,261,403,000 3,231,862,000 3.201.456,000 3,213,805,000 2,931,359,000
Colialeial Held bv .4 gent as Security for
Noire Issued is flank
Gold etre, on hand et due from U.S. Treas
By gold and gold certificates
3,274,200,000 3,292,700,000 3,288,200,000 3,314,200,000 3,350,200,000 3.368,700,000 3.309,200,000 3.281,200,000 1474073000
Gold fund-Federal Reserve Board
1067715000
By eligible Paper
15,778,000
7,285,000
5,582,000
5,523,000
6,932,000
7,575,000
7.694,000
8.837,000 165.201,000
U. S. Governm int securities
188,000,000 193,000.000 233,000.000 243,100,000 238,000.000 208.000.000 228,000,000 235,000,000 558,800,000
Total collatel al
. 3,469,485,000 3.501,478.000 3,531,782.009 3.562.823,000 3.595.775.000 3,579.632,000 3.542.894.000 3.525,037.000 3,265,819,000
0
-Other °ugh" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
t Revised
a These are certificates given by the U. 8. Treasury for tile gold taken over from the Reserve banks when the dollar figures.
was devalued from 100 cents to 69.06 cents;
unJan.31, 1934, these certificates being worth leas to the extent of toe difference, the difference Itself baying been appropriated
as Profit by the Treasury under the provision, or the Gold Reserve Act of 1934.
a Caption enanged from "Government" to "Ili 9 Treasurer-General account" and 3100.000.000 Included In Government deposits on Slay 2 1934 transferred to
!Other deposits."
Volume 140
597
Financial Chronicle
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES %NI) Li %BHA TIER OF EACH OF
Two Ciphers (00) Omitted.
Federal Reserve Bank of
-
New York
Boston
Total
Insila.
rem
14 FEDERAL. RESERVE HANKS
Cleveland Richmond Atlanta
Chicago
Ar CLOSE OF BUSINESS JAN. 23 1935
Ss. Louis Minium,. Kan. Citv
Dallas
Ban Fran.
RESOURCES
S
S
S
5
S
$
$
$
IS
S
$
S
$
Gold certificates on hand and due
from U.S. Treaeury
5.281,298,0 393,125,0 1,019,528,0 264,659.0 375,332,0 182,650.0 108,057,0 1,076,924,0 205,448,0 140,788.0 187.161.0 111,381.0 316,245,0
Redemption fund-F. R. notes
1,059,0 2,351.0 1.737.0
17,398,0
577,0
1,782,0 3,631.0
528,0
1,082,0
254,0
571,0
289.0 3,537,0
Other cash
72,877.0 37,213,0 13,904,0 13,661,0 15,738,0
286,400,0 33.054,0
32,782,0 12,807,0 12.337,0 12,173,0 8,230,0 21,624,0
Total reserve..,
5,585,096,0 426,756,0 1,993.464.0 304,223,0 390,973,0 198,093,0 127,426,0 1,110,788,0 218,783,0 153,379,0 199,905,0 119,900,0 341,406,0
Redem. fund-F. R. bank notes
1,329,0
250,0
1,579,0
Bills discounted:
Sea. by. U.S. Govt.obligations
direct and(or)fully guaranteed
5,294,0
560,0
120,0
2,893.0
426,0
583,0
76,0
28,0
20,0
25,0
563,0
Other bills diaoounted
2,405,0
123.0
14,0
102,0
3,394,0
460,0
155,0
5,0
81,0
17,0
32,0
Total bills discounted
BIlls bought in open market
Induvtrial advances
U. S. Government Hour.ties:
Bonds
Treasury notes
Certificates and bill,
8,688,0
5,539,0
15,636,0
5,298,0
2,103,0
885,0
597,0
404,0
1,792,0
395,650,0 23,207,0
1,506.688,0 98,794.0
527,925,0 35,670,0
Total recourse.
549,0
523,0
1,132,0
275,0
204,0
1,748,0
178,0
233,0
1,034,0
5,0
651,0
912,0
141,018,0 25,136,0 30,556.0 14,858,0 13,553,0
475,101.0 104.778,0 134,065,0 65,174.0 59,299,0
161,699,0 37,206,0 48,403,0 23,530.0 21,406,0
Total U.S. Govt.securities_ 2.430,263,0 157,671,0
Total bills and securities
Due from foreign banks
Fed. Res. Dote/ of other banks_
Uncollected items
Bank premises
All other resourees
1,020,0
555,0
3,594,0
28,0
105,0
451,0
84,0
1,819.0
101,0
149.0
563.0
42,0
143,0
1,100,0
595.0
385.0
606,0
62,146,0 13,796,0 15,368.0 13,336,0 18,818.0 23,858,0
273,028,0 58,340,0 37,057.0 57,684,0 38,689,0 104,679,0
93,169,0 21,064,0 13,192,0 20,824,0 13.968,0 37,794.0
777,818,0 167,120,0 213,024,0 103,562,0 94,258,0
428,343,0 93,200,0 65,617,0 91,844.0 71,475,0 166,331,0
786,104,0 172,289.0 215,228,0 105,789,0 95,703,0
83,0
316,0
77.0
29.0
30,0
8,019,0
816,0 4,281.0 1,240,0
485.0
115.708,0 36,676,0 40,186,0 41,766,0 17,247.0
11.508,0 4,485,0 6,629,0 3,028,0 2,325,0
33,024,0 4.873,0 1,572,0 1,350,0 1,786,0
2.460,126,0 160,464,0
60,0
805,0
22,324,0
397,0
446,365,0 42,671,0
49,306,0 3,168,0
690,0
46,961,0
429,911,0 93,784,0 67,520.0 92.657,0 72.760,0 167,917,0
22,0
97,0
6,0
21,0
8,0
56,0
721,0 1,012,0 1,202,0
2,225,0
251,0 1.675,0
55,656,0 19.597,0 10.651,0 25,210,0 20,761,0 20.236,0
4,955,0 2,628.0 1,580,0 3.447.0
1,684,0 3,869,0
232,0
961,0
751,0
864,0
313,0
545,0
8,612,562,0 634,456,0 2,949,472,0 523,114.0 655,481,0 354,337,0 245.756.0 1,604,593,0 335,753,0 234,899,0 322,756,0 216.241,0 535,704,0
LIABILITIES
F. R. notes in actual circulation_ 3,066,915,0 257,790,0 638,357,0 227,450,0 297,474,0 158,043,0 126,727,0
F.R.bank notes in aet1 eircurn_.
25,683,0
24,748,0
935,0
Deposits:
Member bank reserve amount_ 4,500,919,0 302,809,0 1,924,462,0 218,096.0 277,037,0 137,566,0 81.077,0
U. S. Treasurer-Gen. awn__
49,155,0
17.286,0 2,202,0 3,370,0 2.581,0 3,553,0
1.193,0
Foreign bank
19,083,0 1,331,0
6,979,0
1,775,0
1,926,0
703,0
646,0
Other deposits
169,073,0 3.617,0 103,957,0 4,361,0 4,213,0 1,807,0 3.853,0
Total depoelts
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13 b)
Reserve for contingencies
All other liabilitiee
Total liabilities
763,562,0 136,601,0 102,190.0 113,224,0 49,004,0 196,493,0
731,094,0 150,632,0 105,053,0 172,118,0 131,433,0 259.542,0
995,0 1,749,0
6,535,0 5,774.0 2,692.0 1,225,0
425,0
519,0 1,313.0
612,0
518,0
2,336,0
2.751,0 12,138,0 6,074,0 2,117,0 1,776,0 22,409,0
4,738,230.0 308,950,0 2,052,684.0 226,585,0 286.395,0 142.657,0 89.129,0
444,405.0 43,213,0 114.009,0 35,144,0 39,902,0 40.725,0 16,506,0
59,667,0 15,129,0 13,144,0 4,969,0 4,369,0
146,888,0 10,824.0
144,893,0 9,902,0
49,964,0 13.470,0 14.371,0 5.186.0
5,540,0
10,669,0
773.0 2.098,0
1,055,0
955,0 1,250,0
754.0
30.820,0 1,648,0
7,501,0 2,996,0 3,000.0 1,416,0 2,598.0
4,059,0
139,0
242,0
1,769,0
240,0
91,0
133,0
742,716,0 169.156,0 114,244,0 175,978,0 134,723,0 295,013.0
57,354,0 19,781,0 9,559,0 24,648,0 22,614,0 20,950,0
12,726.0 4,084,0 3,132,0 4,052,0 4,047,0 10.745,0
21,350,0 4,655,0 3.420,0 3,613,0 3.777,0 9,645.0
896.0
585,0
626,0
381,0 1,003,0
293,0
893,0 1,211,0
807,0 1,363,0 2,062,0
5,325.0
141,0
664,0
211,0
140,0
87,0
202,0
8,612,562,0 634,456,0 2,949,472,0 523,114,0 655,481,0 354,337,0 245,756,0 1,604,593,0 335,753.0 234,899,0 322,756,0 216,241,0 535,704,0
Ratio of total res. to dep. & F. R.
Dote liabilitiee combined
Contingent liability on bills purabased for torn correepondenta
Commitments to make industrial
advance.
71.6
75.3
74.1
67.0
67.0
65.9
59.0
73.7
71.6
70.9
69.1
65.3
317,0
23,0
116,0
31,0
30,0
12,0
11.0
37,0
10.0
8.0
9,0
8.0
11.109.0
1.662.0
4.668.0
298.0
1.029.0
412.0
734.0
30.0
1.212.0
28.0
69.5
22,6
1.036.0
•"Other Cash" does not Inc ude Federal Reserve notes or bank, own Federal Reserve beak notes.
FEDERAt RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total
New York
Boston
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap Kan. Mg Dalku
San Fran.
Federal Reserve note,:
$
$
Issued to F.R.Bk. by F.R.Agt_ 3,386,374,0 298,064,0
Held by Fed'i Reserve Bank_ 319,459,0 40.274.0
$
$
$
5
$
740.110,0250.243,0 310,315,0 169.631,0 146,300,0
101.753,0 22.793,0 12,841,0 11,588,0 19.573,0
$
$
$
$
$
$
796,555,0 142,141,0 107.459,0 122,712,0 55,892,0 246,952,0
32.993,0 5,540,0 5.269,0 9.488,0 6.888,0 50,459,0
In actual circulation
3,066,915,0 257.790,0
Collateral held by Agent as security for notes issued to bits
Gold certificates on hand and
due from U. S. Treasury
3,274,200,0 301,617.0
Eligible paper
7,285.0
597,0
U. S. Government securities__
188,000,0
638,357.0 227.450.0 297,474,0 158,043,0 126,727.0
763,562.0 136,601,0 102.190,0 113,224,0 49,004,0 196,493,0
788,706.0 215,500.0 281.215.0 141,340,0 88.385,0
4,072,0
907,0
549,0
250,0
183,0
34,000,0 30,000,0 29,000,0 65,000,0
800,513,0 142,936,0 109,000,0 123,550,0 57,675,0 223,763.0
42,0
594,0
27,0
59,0
5,0
30,000,0
702 7713 0 2 41 4070 211 7040 170 R000 1 VI SRA n
,
am SI a 0 142 0/12 0 100 01100 122 R00 0 57.717.0 254.357.0
Total
llateral
3409 4515 11 902 214 0
FEDERAL RESERVE BANK NOTE STATEMENT
Two Cipher!(00) Omitted.
Federal Reserve .40e.0 at-
Total
Boston
New York
Federal Reserve bank notes:
Issued to F. R. Bk.(outstdg.)Held by Fed'I Reserve Bank__
S
36.592,0
10,909,0
$
1.511.0
576.0
In actual circulation-net 0
.
Collat. pledged eget. outat. notes
Discounted A purchased bills_
U. B. Government securities..
25,683,0
935.0
Phila.
i
5
Chicago
$
$
St. Louis Alinneap. Kan. Cite Dallas
$
$
$
Son Prong
$
$
24,748,0
42,074,0
5,000.0
25.074,0 12,000,0
42.074.0
Total oollateral
Cleveland Richmond Atlanta
$
$
24,873,0 10,208.0
125,0 10.208.0
5.000.0
25.074.0 12 000 0
•Does not include 574,834,000 of Federal Reserve bash notes for the retirement of
which Federal Reserve banks have deposited lawful money with the Treasurer of
the United States.
Weekly Return for the Member Banks of the Federal Reserve System
Following Is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES, BY DISTRICTS. ON JAN. 16 1933
(In Millions of Dollars)
Federal Reserve District--total
Loans and investments
Total
Boston
New York
Phila.
Clgeland Richmond
Atlanta
Chicago
St. Louis Minna:D. Kan. City
Dallas
San Fran.
18,264
1,143
8.377
1,070
1,190
365
348
1.956
532
359
567
429
1,928
Loans on securities-total
3,070
218
1,669
207
178
57
51
280
67
35
54
48
206
To brokere and dealers.
In New York
Outside New York
To others
753
168
2,149
21
32
165
636
57
976
22
17
168
2
7
169
6
1
50
4
3
44
28
32
220
3
4
60
1
1
33
6
3
45
4
1
43
20
10
176
436
976
3.125
7,231
602
2,824
46
92
259
366
9
153
229
250
1,327
3,390
294
1,218
20
71
172
288
48
264
2
75
130
595
23
187
13
17
79
132
9
58
2
12
121
104
11
47
71
34
289
922
101
259
10
37
109
189
26
94
5
6
101
153
4
55
16
14
112
241
15
115
3
23
116
179
19
41
19
345
310
672
43
333
3.274
265
13,862
4,397
1,332
1,799
4,270
9
256
69
936
319
92
121
213
1,578
55
7.160
1,022
768
158
1.933
153
13
725
309
77
167
258
149
19
696
437
54
120
188
47
11
240
136
10
87
102
28
6
192
128
34
84
85
524
48
1.750
520
66
252
558
9
104
8
380
164
32
102
179
69
4
263
127
6
98
117
107
11
481
162
26
233
282
79
8
295
125
64
157
139
180
15
744
950
103
220
216
Acceptances and commercial paper
Loans on real estate
Other loans
U. S. Government obligations
Obligs. fully guar. by U. S. Govt.-.
Other securities
Reserve with F. R. bank,
Cash in vault
Net demand deposing
Time deposits
Government deposits
Due from banks
Due to banks
neesnwiture from F. R. banks
Financial Chronicle
598
jinanrial
United States Government Securities
Bankers Acceptances
wommerri*III glib aronirle
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Subscription-Payable in Advance
12 Mos. 6 Mos.
Including Postage$15.00
$9.00
United States, U. S. Possessions and Territories
9.75
16.50
In Dominion of Canada
10.75
South and Central America, Spain. Mexico and Cuba.-- 18.50
Great Britain, Continental Europe (except Spain). Asia.
20.00
11.50
Australia and Africa
The following publications are also issued:
account of the fluctuations In the rates of exchange,
NOTICE.
-On
remittances for foreign subscriptions and advertisements must be made
In New York funds.
Climatic> Orsics-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telepnone State 0613.
LONDON Oyncx-Edwards & Smith, 1 Drapers' Gardens. London, E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street. Corner Spruce. New York.
United States Government Securities on the New
-Below we furnish a daily record
York Stock Exchange
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Jan. 26 1935
37 WALL ST., NEW YORK
United States Treasury Bills-Friday, Jan. 25
Rates quoted are for discount at purchase.
Bid.
Jan. 30 1935
Feb. 6 1935
Feb. 13 1935
Feb. 20 1935
Feb. 27 1935
Mar. 8 1935
Mar. 13 1935
Mar. 20 1933
Mar. 27 1935
Ape. 31936
Apr. 10 1935
Apr. 17 1935
Aor. 24 1933
Asked.
Bid.
May 1 1935
May 8 1935
May 15 1935
May 22 1935
May 29 1935
June 5 1935
Jane 12 1935
June 19 1935
June 28 1935
July 3 1935
July 10 1935
July 17 1935
July 25 1935
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
020%
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.209'.
....-
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, Jan. 25
Daily Record of U. S. Bond Prices Jan. 19 Jan. 21 Jan. 22 Jan. 23 Jan. 24 Jan. 25
High 104w, 104222, 10412,2 104122, 104172, 104"33
First Liberty Loan
104142, 1104",,1041131
,
334% bonds of 193247._ Low_ 10420 1041,n 10416n 104n, 104124, 104",,
10412,2
Close 10417,3 104nir
(First 34511)
10
23
75
35
75
8
Total sales in $1,000 units-____
-___
--- _
---------1
Converted 4% bonds of.Hie,
,--------------,--Total salsa in $1,000 units103"n
Converted 434% bonde_riii 103nn 1031on 1033in 10310n 104
of 1932-47 (First 45(s) Low_ 10321n 103222, 103222, 103,7,, 1037in 103773,
Close 103nn 10330n 103",, 103"ss 103"ss 103"ss
13
13
20
30
5
30
Total sales in $1,000 units.
_ _ __
..----_
---------bonds 011932-47(FIrst Low_
Second 434a)
__
---------------Total salts in $1.000 rmits-__
!Fourth Liberty Loan
{High 10311,2 103212, 103222 103222, 1033122 1032°72
1141% bonds of 193348 Low_ 103341, 10377,, 103w, 103,8a, 103"s, 103"ss
Close 103nr, 103"n 10321n 103",, 103,1s, 103""
(Fourth 4500
34
14
12
13
7
Total sales in $1.000 units__
9
Fourth Liberty Loon
1022,, 102222 10221,
(High 1022,, 1022,, 102
102
102
102
102ls, 102 2,
,
114d% bonds (3d called). Low_ 102
102rn 1021is 1021
Close 1022n 1022,1 102
43
17
6
331
47
22
,2
Total salts In $1,000 units__
,
,
1 High 1142,2 114 ,, 1142% nos. 114 01: 1151,,
Treasury
Low_ 114% 114432 114s,, 114"” 114ws, 114",
,
434. 1947-52
Close 114% 1144,, 11420,, 11412,, 114wn 114"ft
59
27
8
180
121
35
Total sales in 81.000 units.,..
1102
,, 11012,, 110"2, 110",2
{HO 1101,, 110
1.0w. 109wn 1092
.2, 10921n 110n 110's, 110°,2
4a. 1944-54
,, 1108
Close 109en 10930,, 1103,, 110.,, 1103
44
16
9
17
317
43
,2
Total sales in $1,000 units_
1042
,2 104222 10421,2 10411,s 104"s,
{Mil; 104
Lew. 103292 10320,2 103$022 104',,1042a, 104"22
434s
-834s, 1943-45
103w2, 104ln 10411,, 10420,2 104"n
Glow 104
51
252
89
45
130
3
Mal 84148 in $1.000 units__
High 1088,, 10810n 10818,, 108",, 108"s, 108"n
1081n 108"n 108",,108",,108
Low_ 108',,108",,108
Ms. 1946-66
(Close 108in 108"n 108nn 108"n 108"ir 108",,
126
44
19
50
6
91
Total 84111 in $1.000 units_
s,
,
{/Eiji 1051 12 105141, 1051, 10524,1 105", 105,,
,,
1,
Low_ 10518,, 105", 105,, 10588,, 105"ss 105,83,
11,45. 1943-47
n
close 105" 105nn 1051in 105"n 105nn 106un
28
30
1
4
13
8
Total salts OS 81.000 units,
% 10230n 103 22 103
1022
MO 10225,1 1022
%
,,
Low_ 102"n 1022, 10220,, 102221, 10222n 102221,
Sill. 1951-56
,,
,
(Close 102nn 102nn 102nn 103 ,, 102 ,s 102",,
27
109
153
56
15
Total sales in 81,000 units..92
,2 102",, 102",, 10212,1 102"12
{Mil 1028st 1022
,
Low_ 101"33 102 ,, 102',,102",,102"1, 10224,,
311. 1946-68
,2
,2 1022022 102,2 102,222 102121,
Close 1024,2 1022
107
115
225
368
200
123
Total sales In $1,000 units__
106112 105"ir 105n
{HUI; 105",,105",,10105",,105n
Low_ 105nir 105nir 105"n 1052122 10522,2 10522,2
11519. 1940-43
10537,1 10531,1
Close 10570,, 10534,i 105nn 108
5
40
17
6
1
Total sates in $1,000 units10
Hifi 105"n 105". 105"n 106112 105
",,1052832
Low_ 105",,100"32 105",,105",s 105":, 1058,ss
336s. 1941-43
(Close 105"n 1051in 1052in 1054112 1051682 105":1
116
137
2
75
5
1
Toted sales in 31,000 units_
,,
104
1 Higi 103",,103 ,, 103", 1041s, 104
103321, 10371,1
inn_ 103",,103",,103% 104
3345, 1946-49
1032
% 10321s,
Close 103n,, 10320,, 10322,, 104
115
195
62
52
Total miss in 81.000 units-,
23
,
I Illpti 1031 2 103 ,, 103 ,, 103,, 10313 103 1
5
,
,,
,
1122
,
3145 1949-62
{Low. 102"s, 103'n 103 s, 1031's, 103",, 10312,,
,
(Close 10312 1032,, 103 2, 10320,2 103122, 103wn
,
421
251
331
71
15
102
retaliates In $1,000 units__
,,
{High 105122, 1051/,, 1059 105102, 105",,10512,,
,s
114‘5, 1941
Low_ 105"n 105",, 10514a, 105"1, 105,, 105,,
,s
,,
,
,,
Close 10511 10519,, 108",2 105 ,, 105,, 105",,
63
554
124
17
18
Total sales in $1,000 taiga._
211
{High 103",,104
104% 1041s,, 104ws, 104",,
,
,
3145. 1944-48
Low_ 10322a, 103ws, 10322,2 104 1, 104 2, 1042,,
,2
awe 103 0, 104
,
104 ,s 104"n 104 3, 1048
,
169
423
343
23
27
Total sales in 31.000 units__
131
,2
1022,2 102's, 10212,, 1022zss 102wss
ederal Farm Mortgage
High 102
1022,2 10120n 1022,2 102wst 102"1,
344s. 1944-84
11.0w. 102
1022,, 102',, 102",, 102142 102",,
Close 102
6
49
67
3
12
Total sales in $1,000 units__
I
,
ederal Farm Mortgage I Rim; 100 ” 1002,, 10012,2 100"22, 1002'n 10022,2
.
Low_ 1002,, 100',2 100 ), 100",, 100",1 100"n
3s, 1949
,,
C10899 1009,2 1009,2 10011,2 100,1,2 10011,2 100,,
172
175
174
172
78
Total rata In $1,000 units...
267
,
roam Owners' Loan
High 101% 101.22 101'82 101 1912 101,1,, 101k ,,
,
4e. 1951
Low_ 1012,, 101 2 2 1012,2 1012,, 1012,2 101 22
,
Close 101in 101in 1017n 10110,i 101",,
80 101ii2
157
326
145
Total sales in $1,000 units_ _ _
25
122
High 10010,, 10010,, 1001,„ 10024o 100241, 1002212
14
'erne Owner,' Loan
,,
,
Low_ 100',, 100',, 100 11 1001, 10018n 100",,100n
3e, series A, 1952
Close 10010,1 1007,1 10017,, 1002,ss 10021,1 1002 st
315
469
607
Total sales in $1,000 units_ .•
552
302
140
, 98k,, 08",,9811n 981122
9812
ome Owners' Loan
{11111, 981,2
9811,, 98"s,
,
i
234s, sense B 1949-LOw- 07",, 97",, 97,8a, 98 ss
98",, 98"1, 98ws,
9720,1 981,,
Close 98
401
890
539
177
373
Total sales in 51.000 units_ __
940
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
64th 4445 (uncalled)
1 4th 4345 (3d called)
19 'Treasury 44is 1952
1 Treasury 4gs-3gs 1943-45
10 TreasurY 31 1949
0
-52
1 Treasury 341s. 1944-413
10318,1 tO 103,,
,s
101,11, tO 101"st
114
06 114",,
10331,1 10 103",,
10324,to 10321
,
104222 to 104sas
Int.
Rate.
Did.
Asked.
134%
134%
14t %
234%
234%
234%
234%
254%
Maturity.
June 15 1938Sept.15 1086...
Aug. 1 1935._
June 15 1939...
Mar. 15 1935._
Sept. 15 1938_ _ _
Dec.15 1935_ _ _
fib. 11935..
Wenn
101",,
101212
10122
,
101in
1031n
102str
104%
100318,
1012211
101 21
,
101",,
10118,
103ln
102"41
1041n
Int.
Rate.
Maturity
Dee. 16 1938... 234%
Apr. 15 1986___ 234%
June 15 1988... 251 %
June 16 1085- - 3%
Feb. 151987. _ 3%
Apr. 151937... 3%
Mar.15 1938-- 3%
.
Aug. 1 1936--- 334%
Sept.15 1937... 834%
Bid.
Asked.
10431,
1032111
104411
101"n
104"so
104"n
1041212
1041in
105 12.
,
1041519
103,422
104181
102
104lon
104nn
104nss
104un
1051 ,,
,
The Week on the New York Stock Market
-For review
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
Jan,25 1935.
Railroad
State,
Stocks,
Number of and Miscell. Municipal &
Bonds.
Fern Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange
393,800
889,180
592,990
819,850
437,208
517,290
$5,780,000
8,297,000
8,820,000
8,330,000
7,358,000
7,551,000
3.250,296 $46,136,000
1935
Total
Bond
Sales.
$1,873,000
1,859,000
3,430,000
4,985,000
2,818,000
2,727,000
88.592.000
11,513.000
13,440,000
14,485,000
11,754,000
11,874,000
88,030,000 317,492,000 $71,658,000
Week Ended Jan. 25
1934
Jan. 1 to Jan.25
1935
1934
15,132,510
16,868,052
43,238,712
$4,857,000
20,878,500
73,084,000
$85,694,000
34,115,000
160,131,000
$88,377,800
80.578.000
231,088.000
$71,858,000 $98,817,500
$279,940,000
$378,019,800
3,250,296
-No,of shares_
Stocks
Bonds
$17,492,000
Government
8,030,000
State and foreign
Railroad &
48.138,000
Total
$939,000
1,357,000
1,190,000
1,170,000
1,778,000
1,598,000
United
States
Bonds.
Reports Not Required by SEC Under Amendments to
Rules-Affects Securities Temporarily Registered
and Those Exempt for Registration
The Securities and Exchange Commission on Jan. 19
amended Rule KC1 so as to make clear that during the period
of temporary registration, issuers of securities temporarily
registered were not under an obligation to file with the Commission documentary material sent by these issuers to their
stockholders and others. The Commission said:
Considerable misapprehension has existed as to the operative effect of
Rule KC1, as originally promulgated, not only as to the obligation to file
these documentary materials, but also as to the liability attendant upon such
filing, and the nature of the material whose eventual filing was originally
contemplated. Moreover, needless matter was being filed by issuers of
securities pursuant to this misapprehension as to the nature of the rule.
To effect the same policy of keeping the Commission's files
clear of much unnecessary material, the Commission amended
Rule JF4, by the deletion of the last sentence, with the effect
that exchanges are no longer required to file copies of reports
and financial statements relating to issuers of securities
admitted to unlisted trading privileges.
In a letter Jan. 23 to Presidents of corporations having
securities listed on the New York Stock Exchange, the Committee on Stock List of the Exchange, through J. M. B.
Hoxey, Executive Assistant, called attention to the amendment of Rule KC1 by the SEC. The letter said in part:
It will be noted that under the amended Rule, it will not be necessary
for issuers to file annual financial reports or financial statements with tho
Commission,and that, therefore, such reports for the year 1934 may be sent
by corporations having listed and registered securities to their stockholders
in the form heretofore in use, without, so far as is known, incurring any
statutory liability which might have arisen out of the unamended rule.
Under these) circumstances, while it is undoubtedly to the advantage of
corporations to publish their financial reports in substantially the form
required by the Commission in Form 10, when convenient to do 130, nevertheless, there seems no reason for any unreasonable delay in the publication
of annual reports in order to accomplish this object.
Rule KC1, as promulgated Aug. 13 1934, was referred to
in our issue of Aug. 18, pages 1017-1018.
599
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded in the day's range, un13.3 they are the only transactions of the day.
isles In computing the range for the year.
IIIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 19
Monday
Jan. 21
Tuesday
Jan. 22
Wednesday
Jan. 23
Thursday
Jan. 24
Friday
Jan. 25
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ Per share $ per share Shares
*363 40
8
*363 40
8
.363 40
8
4
8
363 363 .363 40
4
10
*363 40
8
•110
*110
_ _ •110 _ _ •110
_ __ *112
_ __ *112
612 - -12
6
63
8 - -58
6
612 - 8
6563
8 612 3,500
64 612 *63
8 612
.87
89
873 873 *874 89
8
8
*873 89
8
88
88
*8718 89
100
323 327
4
8 3212 323
4 314 3214 313 3138 *3114 32
3
313 313
4
4
1,400
*814 83
8
812 918
84 87
8
83
8 83
4
83
8 83
4 *812 83
4 2,500
*514 53
4 *514 53
4
8 57
54 512
8 *512 578
53
4 54 *53
500
7
7
7
7
7
7
8
67
8 67
718
8
1,400
67
8 7
*67
11212 113
112 112
11278 1127 11134 112
8
110 11112 11012 111
2.100
13
8
17
8
13
4
17
8
13
4
13
4
13
4
13
4
13
4
14 *13
8
13
4 2,700
173 18
8
173 18
8
1712 1738
1712 1778 1714 1712 1714 173
4 7.000
____ -___ -___ *____ 205
____ _ __ ____ _
_ ___ ___
318 318 .314 312 .314
311
*314
312 *314 338
3
- -14
3
400
13
8
13
8
112
13
8
112
112
112
14
112 13
8 *112 14 2,700
54 64 *513 612 *53
8 .53
8 612
53
8 53
8 63
8 *514
618
1,000
*43
8 64 0414 64 *414 63
8 *5
5 4 *5
3
53
4 *5
53
4
*438 57
8 *4
57
8 *4
.57
8 *4
57
8 *4
57
8 *4
54
•21
22
*22
244 *21
244 224 2212 22
22
*22
28
200
_
_
__
_
_
_
_ __
1
MA 114
-34 13:13. 115- 2 iiiF2 1i5
4
1:
3W4 131 *15412 Iii12 1152 13 - 14
1600
-6
*12414 127
12414 12414 *12414 126 *12412 126 *12518 126 *12518 12512
100
1612 163
8 164 17
1634 1714
163 1714
4
163 17
4
1638 187
8 8,400
1812 1812 19
19
1812 1812 *18
1812 18
18
18
18
800
312 312 *338 312 *33
8 33
8
33
8 33
2 .34
31.
2 *314
3i2
400
31
31
*2812 31
*31
333 *283 31
4
8
•284 31
*283 31
8
10
5318 531_ 5314 5312 53
53
53
5314 53
5314 5314 5313 2.600
Rance Since Jan. 1
-share Lots
On Basis of 100
Lowest
Par $ per share
'40 par
Abraham & Straus
363 Jan 23
4
100 110 Jan 10
Preferred
No par
Adams Express
618 Jan 23
100 843 Jan 2
Preferred
4
Adams Millis
No par 31 Jan 11
Address Multigr Corn
10
8 Jan 12
No par
Advance Rumely
514 Jan 12
Affiliated Products Inc.._ _No par
63 Jan 15
4
No par 110 Jan 24
Air Reduction Inc
112 Jan 5
Air Way Elec Appliance No par
Alaska Juneau Gold Min
10 17 Jan 15
Albany & Susquehanna
100
2 Jan 4
No par
A P W Paper Co
tAlleghany Corp
112 Jan 15
No par
514 Jan 15
100
Pref A with $30 wart
Pref A with $40 warr
53 Jan 11
8
100
100
Pref A without warr
5 Jan 12
Allegheny Steel Co
No par 21 Jan 12
Allegheny & West 8% gtd___100
4
Allied Chemical & Dye...No par 1323 Jan 15
4
Preferred
100 1233 Jan 4
1518 Jan 15
No par
A11i8-Chalmers Mfg
Alpha Portland Cement No par 1712 Jan 12
314 Jan 3
Amalgam Leather Co
1
7% preferred
50 2814 Jan 10
No par 4812 Jan 11
Amerada Corp
Am Agri Chem (Conn) pf _No par
63
5513 56
12 54 4 5514 *543 3
4 5512 5512 - 12 56 - 3 56 7 - 7
568
8 56 8 4,000 Amer Agrtc Chem (Del) __No par 4712 Jan 2
4
1512 154 153 167
8 1614 17
16
163
8 16
16
16
16
13,000 American Bank Note
10 1312 Jan 12
48
473 4812 48
4
48
494 493 5012 4812 4914 49
4
49
3,070 Preferred
60 43 Jan 11
*2718 28
2714 2714 2718 2718 2713 2712 2714 2713
27
27
900 Am Brake Shoe & Fdy___No par 27 Jan 15
•120 121 .120 121 *120 121 *120 121
120 120
12012 121
100 Preferred
100 119 Jan 8
11312 11414 11212 1143 11414 11514 114 116 x113 114
4
11312 11412 11,600 American Can
25 110 Jan 15
15314 15314 155 155 *154 ..... 154 154
154 154
154 154
600 Preferred
100 1513 Jan 4
4
19
194 183 1918
4
1814 187
; 173 1818 177 177
4
8
8 173 18
8
3,000 American Car & FtlY
1718 Jan 15
No par
4112 42
4112 43
4012 41
42
42
*403 417 *4012 4112 1,100 Preferred
4
8
100 3712 Jan 15
*84 944 *84 918 *812 9
9
9 3
8 *912 10
912 912
700 American Chain
No par
87 Jan 17
8
4
393 •3613 393
4
*3614 393 *36
4 3918 40
•38
40
*38
40
300 7% preferred
100 38 Jan 11
683
4 687 687 *67
*667 6812 *68
8
8
8
683 *68
4
683 *6818 687
4
8
100 American Chicle
No par 6714 Jan 2
*253 35
4
*2534 35 .253 35
*25 4 35
3
4
*253 35
4
Am Coal of N .7 (Alleghany Co)25
*25 4 35
3
*3
314 *3
314 *3
314 *318 34 •
100 Amer Colony pe Co
3 Jan 12
34 34
10
34 34
2813 2934 2914 2914 287 294 29
293 30
8
8
29
2834 2834
1,400 Am Comml Alcohol Corp
20 27 Jan 15
*7
718 .7
71.,
714
714
73
4
73
8 73
713 713
8 1,000 0 American Crystal Sugar ____ .10
714
7 Jan 14
6012 8114 .59
6012 6012 63
63
86
6514 67
64
64
750
7% preferred
8
100 573 Jan 2
24 23
4
213 23
8 *23
8 212
23
8 23
8
238
238 *214
213 2.100 Amer Encaustic Tiling.__No par
218 Jan 12
*414 512
518
518 *414
51% *414 6
100 Amer European Sec'sNo par
.418 512 *414 512
414 Jan 2
43
8 43
8
414
43
8
414
412
43
8 43
8
412
412
412 43
4 2,100 Amer & Forn Power
No par
4 Jan 15
18
1814
173 173
4
4
1712 17/2 •163 1714 17
8
17
1812 1,100
17
No par
Preferred
17 Jan 15
*612 712 .612 73
8 *612 714 *612 7
*638 7
200
2nd preferred
7
638 Jan 15
7
No par
*1418 1518 *1412 1518 1414 1414
14
14
.1212 154 *1314 15
200
No par
$6 preferred
14 Jan 23
8
113 113
4
*117 127
8
4 113 1112 111, 1114
8
000 Amer Hawaiian S 8 Co
113 114 *113 123,
8
8
10 1114 Jan 23
*434 5
*43
4 5
*43
4 5
43
4 43
4 043
4
200 Amer Hide & Leather___No pa,
4 54
43
4 43
4
43 Jan 23
8 23
*2214 237
2312 2312 24
*23
233
8 23
2312 2214 2212 1,100
100 2214 Jan 15
Preferred
31
31
31
31
314 *303 317
1,000 Amer Home Products
31
4
31
8 31
3112 313
4
1
303 Jan 15
8
412 43
4
43
8 43
4
43
43
8 43
8 43
4
4
412 412 4,400 American Ice
412 43
4
No par
312 Jan 2
8 33
3434 3412 353
3212 333
8 35 4 3712 3614 3614 351 3514 3,700
3
;
8% non-cum pref
100 287 Jan 2
8
613 614
618 63
8
6
6
6
1,200 Amer Internat Corp
618 618
613
6
No par
64
53 Jan 15
4
3
8
3
8
3
8
3
8
38
38
5
8
3
4
38
5
8 8,100 t Am L France & FoamIte_No pa
12 Jan 2
.53
.5*
434 514
53
8 54
538 51.
514 51:,
58 58
3
3
5 8 58
3
3
930
100
Preferred
4 Jan 12
1812 1914
183 19
4
1838 181
; 1812 1812 1814 1814
2,000 American Locomottve____No par
1814
173 Jan 15
18
8
*53
*5218 56
533
8 53
53
533 533 *5218 533
8
8
8 5312 5312
300
Preferred
100 50 Jan 15
8 203 2112 2114 2112 201.. 21
4
*2112 217
2018 2038 2018 2012 3,100 Amer Mach & Fdry Co___No par 220 Jan 15
63
.1
7
*67
3 7
*63
.4
7
*63
4 7
8
678
678
400 Amer Mach & Metals____No par
*63
8 67
64 Jan 18
*614
714 *6
718 *614 718 *614
7
.63
8
Voting trust ctfs
7
*64 7
No par
63 Jan 9
8
143 15
4
144 1514
1538 16
16
1618 153 16
4
15 4 16
3
4,500 Amer Metal Co Ltd
Ni par
1414 Jan 15
*75
__ *76
87
*78
86
*78
81
80 80
*78
85
8% cony preferred
100
100 72 Jan 2
.23 18
23 28 *23 28 *23 28 .23 28 *23 28
Amer News, NY Corp__ No par 224 Jan 3
34 314
314 314
34 314
318 31,
3
3 14
318
314 3,800 Amer Power & Light_ __No par
3 Jan 24
131_ 133
4
1314 1312 13
13
127 127
8
13
1212 134 2,200
8 13
$6 preferred
No pa, 1214 Jan 15
8
114 113 •1113 1134
107 113
8
8 11
11
11
11
10 4 117
3
8 2,300
$5 preferred
No par
1012 Jan 15
1414 144 143 144
8
1414 1434
1414 1438 1418 1412 1418 1438 18,500 Am Had & Stand gan'y
No Par
1418 Jan 15
•135 138 *13512 138 *13512 138 •1354 138 *13512 138
138 138
100
Preferred
100 135 Jan 2
2214 224 2214 23
22
2212 213 221, 213 217
8
8
8 213 217 16,100 American Rolling Mill
8
8
21 2014 Jan 15
7114 7212 7114 72
7018 71
7112 7113 714 7118 *6914 707
8 1,000 American Safety Razor --No pa/ 67 Jan 4
5
5
518 514 *518 53
8
518 518
5
5
*5
514
700 American Seating v 1 e___Ao par
45 Jan 18
8
3
4
34
*3
4
1
*78
1
1,900 Amer Ship & Comm
7
8
3
4
7
8
*3
4
No par
7
8
3
ts Jan 3
4
4
•23
.2212 243 *2214 25
2434 .
123
25
24
24
*24
10 Amer Shipbuilding Co
2414
No par
22 Jan 2
8 3538 36
4
8 3534 363
353
4 353 367
35'2
3514 351
3514 3534 10,900 Amer Smelting & Retg
No pa, 3418 Jan 15
125 125
124 124
*123 126
1223 12234 123 123
8
12338 1233
8
800
Preferred
100 1223 Jan 23
8
110 110
*110 111
110 110
110 110
110 110
1093 110
8
1.000
2nd preferred 6% cum
100 10918 Jan 8
3
65 .653 66
6538 661 *66
65
6614 663 67 .664 663
4
4
900 American Snuff
25 63 Jan 16
.126 130 •125 130
130 130 *125 _ _ *125
_ __ *125
_ __
10
Preferred
100 127 Jan 3
167 173
8
4
1712 18
1714 173
8 187 1714
8 163 1717 1634 17
4
8,500 Amer Steel Foundries--No pa, 1412 Jan 15
01
91
91
90
91
90 .90
91
91
91
*88
90
110
Preferred
100 89 Jan 12
4113 4112 *4112 42
4112 411,
4138 4112 4114 4114 41
4114
1,300 American Stores
No par
41 Jan 25
4
4
6314 633 633 *6311 6418 6312 6313 6313 6313 6312 6312
63
700 Amer Sugar Refining
100 62 Jan 15
12912 1291% 1293 1293 130 130
.12713 130
4
4
129 129
129 129
500
Preferred
100 12612 Jan 3
8 2112 22
214 2113 21
2112 213
21
203 203
8
8 203 203
8
8 1,600 Am Sumatra Tobacco_
Jan 15
par
105 10512 105 1053 10518 1053 10418 1054 10312 10414 11,500 Amer Telep & Teleg ___No 100 2018
10412 105
8
4
103 Jan 15
.8112 8212 803 81
4
8012 803
8013 8014 8012
4 8012 803
4 80
1,900 American Tobacco
27
79 Jan 15
8312 833
4 8212 837
8 8212 8212 8178 8212 8114 813
4 82
82
3,500
Common class B
25 81 Jan 15
4
1301.; 13014 1303 13034 13014 13014 *13014 131 *130 131 *1303 131
8
400
Preferred
100 12918 Jan 18
64 613
618 63
8
53
4 54
3
5
5
5
5
*43
4 512 1,200 tAm Type Founders
No par
412 Jan 2
1614 18
163 1714 17
4
lS
18
17
15 8 163
3
8 157 16
8
570
Preferred
100
1318 Jan 12
4
1314 1338 13
1314
1278 1278
LA 1312 134 133
13
133
4 5.900 Am Water Wks & Elea__ _No par
127 Jan 24
8
5814 5814 *58
5812 *5712 58
5712 5713 .56
58
*553 58
4
300
let preferred
No par
5712 Jan 23
812
818 *8
8
*814 84 .814 812
8
8
8
8 18
1,200 American Woolen
No par
8 Jan 15
42
421. 42
4112 4112 40
42
.41
*42
403
4 393 4014
4
1,700
Preferred
100 3912 Jan 15
13
8
13
8
114
113 *114
He
13
8
13
8 *114
112 *114
113
800 2Am Writing Paper
1
118 Jan 14
512 53
4
54 514
514
514
5
5
478 5
*43
4 512 1,400
No Pelt
Preferred
43 Jan 11
3
8 *44 412 *4
43
8 43
44
4
*414 44
4
*418
41.
200 Amer Zinc Lead & Smelt__. 100
4 Jan 18
3912
36
3912 .
3912 .36
*36
3914 *36
3912
*36
39
*36
Preferred.
25 38 Jan 5
1114
11
113
8 107 1114
8
1078 114
107 11
11
8
105 107 18,300 Anaconda Copper Mining.
8
8
60
103 Jan 15
8
17
17
*1714 18
17
1714
4
1714 1714 *17
*163 19
18
400 Anaconda Wire & Cable__No par
1612 Jan 2
8 1611 1612 1612 1612 *16
*1617 171,. *1612 1713 164 165
1612
300 Anchor Cap
Vo pa,
157 Jan 15
8
__ •105 _ __ 106 106 *105 10712 •105 10712 *10.5 10712
•105
10
$8.50 cony preferred. No pa, 103 Jan 4
.412 -6
*413 6
*412 6
.412 6
*44 6
5
5
400 Andes Copper Mining
10
412 Jan 12
8 3712 3712 38
373 377
4
38
37
37
37
38
38
3714
1,400 Archer Daniels MicIrd___No par
36 Jan 16
.1164 ___ •11618 _ _•117
___ •117
_..___ •117
_ _*117
_ _ ___ ___
7% preferred
100 11814 Jan 4
907 1 11*
3 - -12 10018 1003 1003 1003 100 4 11111 4 101 101_____ Armour & Co (Del) pref._ 10e 997 Jan 21
- 8
4
4
3
3
- 100 100
8
53
3 512
514
513
5
4 5,
z
54 514
54 514
54 514 17,500 Armour of Illinois new
' 54 Jan 15
674 8714 6712 6712 68
683
8 671% 673
8 6712 68
68
68
'0 par
1,800
18 cone pref
6413 Jan 15
..81
933
4 95
963, 97
9812 9812 981
; 98
9813 9814 984
1.200
Preened
100 85 Jan 2
•Bld and asked prime, no sales on this day.
t Companies reported In receivership. a Optional sale. e Cash sale
No account Is taken of such
Highest
Jui• 1
1933 In Range for
Dec. 31 Year 1934
1934
Low Low
High
$ per share 8 per sh $ per share
3634 Jan 23
30
35
43
110 Jan 10
89
89
111
6
74 Jan 2
6
117
8
88 Jan 24
65
7014 285
1412
3312 Jan 2
HI
347
3
6
918 Jan 4
8
63
4 113
34
614 Jan 3
318
73
8
714 Jan 3
47
8
47
8
94
8018
9134 113
1153 Jan 8
4
17 Jan 7
8
114
13
8
33
8
18s8
163
8 2373
22018 Jan 9
170
196
205
312 Jan 8
23
4
23
4
74
17 Jan 7
8
14
114
514
43
8 164
43
8
7 Jan 4
4
4
612 Jan 2
143
8
63 Jan 5
8
34
37
8
144
1314
23 Jan 7
15
2318
82
82
9814
141 Jan 3 10712 11518 18014
125 Jan 15 117
12218 130
174 Jan 7
103
8
10 8 234
3
2014 Jan 5
.
1112
1112 20,
24
213
3 3 Jan 8
8
734
45
31 Jan 21
214
25
27
5312 Jan 10
39
554
38
40
2712
20
2514 48
5712 Jan 23
1118
1113 2514
17 Jan 22
3413
40
5012 Jan 23
5012
293 Jan 3
1912
8
1912 3
8
121 Jan 25
88
98
122
4
80
9014 1143
1177 Jan 3
8
12612 15213
155 Jan 21 120
2014 Jan 9
12
12
334
5612
453 Jan 9
8
313
8
32
413 l214
938 Jan 23
4
14
4012 Jan 2
40
19
69 Jan 7
8
4313
4614 703
20
22
3513
2
34 Jan 25
24
612
3314 Jan 3
203
4
203
4 6212
818 Jan 3
58
,
64 1313
8
32
67 Jan 24
612 727
3 Jan 3
14
14
5
4
4
5,8 Jan 21
1012
37
8 1334
54 Jan 3
34
207 Jan 3
8
115
4
113
4 30
812 Jan 7
64 1712
618
17 Jan 3
11
25
1014
13 Jan 10
1013
1012 224
53 Jan 5
4
34
312 104
253 Jan 3
4
173
4
174 4214
323 Jan 2
8
243
4
2534 364
3
3
10
47 Jan 17
8
2534
25
34 454
3712 Jan 23
63 Jan 3
4
434
454 11
38
34 Jan 18
112
4
2
314
6 Jan 18
10
1412
1412 383
203 Jan 9
4
4
5612 Jan 9
8
3512
3513 745
8
12
123
8 233
233 Jan 3
4
3
712 Jan 3
34 1014
413 10
3
7 Jan 3
1617 Jan 5
127
8
124 274
91
63
63
80 Jan 15
22514 Jan 3
203
4
21
3414
3
3
33 Jan 4
124
4
113
8 294
143 Jan 3
8
113
8
1212 Jan 3
912
912 2614
1618 Jan 7
10
10
173
3
138 Jan 4 10712 11112 1377
8
1312 2814
24 Jan 7
123
3
7213 Jan 21
333
8
36
6534
2
512 Jan 2
24
74
33
118 Jan 7
238
4
15
2814 Jan 7
173
8 30
2813
4018 Jan 7
3014 514
125
71
100
12518 Jan 14
112 Jan 15
57
7114 10912
43
4834 71
67 Jan 4
130 Jan 11 106
12712
106
104
1814 Jan 9
104 2812
52
5978 92
92 Jan 4
43 Jan 9
3518
37
4434
6712 Jan 7
72
4512
46
130 Jan 23 102
10312 1295*
243 Jan 3
8
11
134 24
1063 Jan 4 1004 10018 1254
4
6312
8514 8513
843 Jan 7
4
67
863 Jan 7
89
8
644
13034 Jan 21 105
10714 1303
4
3
63 Jan 18
13
4
2,
8
1938 Jan 18
7
73
4 2834
21478 Jan 10
124
124 274
50
54
60 Jan 5
80
7
7
914 Jan 2
174
4518 Jan 3
36
833
4
35
13 Jan 18
4
414
1
1
27
8
612 Jan 18
1713
24
43 Jan 4
4
334
3
04
9
32
3S3 Jan 8
4
3612 504
123 Jan 7
8
10
4
173
10
94
187 Jan 8
183
8
8
73
3
1313 2454
173 Jan 4
8
1313
106 Jan 14
106
80
84
518 Jan 3
418
44 104
217
8
3914 Jan 10
2614 3918
.10
11814 Jan 4 106
117
7614 103 3
102, Jan 11
64
3
64 Jan 3
312
312
6
4
703 Jan 10
8
4614
464 714
7 Jan 22
981
3114
54
35
• Sold 15 days. •Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 2
600
Jan. 26 1935
July 1
1933 to Range for
Dec. 31 Year 1934
Saturday
Tuesday
Wednesday 1 Thursday
Friday
1934
Jan. 19
Jan. 22
Jan. 23 I Jan. 24
Jan. 25
Lowest
HighestLow
High
Low
$ per share $ per share $ per share 3 per share $ per share $ per share Shares
$ per share i per oh 5 Per share
Par $ Per share
53
53
5
458 Jan 15
63 Jan 3
800 Arnold Constable Corp
*5
58 53
8
*5
513
3 *5% 514 *5
5% 512
24
7
3
84
*412 612 .412 612 *413 612 *415 612 *458 612 *45
1012
4
Artloom Corp
Ns par
8 612
34
*7018 ---- *70% ---- 7018 7018 *7018 ---- *7018 ---- *70% ---1
Preferred
20
100 7018 Jan 22 7018 Jan 22
6354
63 4 7012
34
44
Art Metal Construction
10
93
4
Hil I23; HT., 1153 *HZ -1212 1218 1218 12T4 11
8
1 115 Jan 15 135 Jan 8
8
14 1.456 Associated Dry Goods
1258 Ti
74
74 1814
92
9314 92
89 89
100 87% Jan 15 95 Jan 24
94 *94
2,100 0% 1st preferred
94
94
9312 95
95
44
413
90
*65 68
68
*6612 683 *65
4
6734 673 *64 674 *64
100
67
4
36
7% 2d preferred
100 634 Jan 2 70 Jan 18
36
647
s
/
1
*303 35 *303 34
4
*303 35
4
2612 404
*3034 35
26
*303 35
4
*3034 35
Associated 011
25 31 Jan 12 31 Jan 12
/
1
4912 50% 494 50% 49% 50
48% 4834 481 4858 4812 49
/
4
45% 7334
9,800 3tch ropeka & Santa Fe--100 4712 Jan 15 5558 Jan 7
4412
.82 8478 *83 8478 83 83
600
8412 *8338 84
8314 8314 84
Preferred
100 83 Jan 22 8612 Jan 5 5314
7018 90
31
31
31
3112 3214 3153 32
31
g
3013 31
31
31
2412
100 297 Jan 15 3714 Jan 4
2,600 Atlantic Coast Line RR
244 544
*514 7
*6
7
*6
7
7
7
7 Jan 7
6 Jan 12
20 At0 & W I SS Lines____No par
612 612 *514 614
5
18
5
*81s 11
77
77
*838 11
94 912 *818 11
*818 11
912 Jan 19
8 Jan 12
*8
24
Preferred
100
100
11
2414 2412 24
24% 24% 2414 2414 2458 241 2458 2414 243
8
4
2114
25 233 Jan 16 255 Jan 2
4 4,600 Atlantic Refining
21% 3514
40 40
40
40
No pa. 39 Jan 16 43 Jan 11
*3312 4012 3912 3912 40 40
*3938 404 1,000 Atlas Powder
18
3514 5512
.10738 108
107% 108
108 108
108 108 *10812 110 *10812 110
160
4
Preferred
100 1063 Jan 2 108 Jan 10
75
93 107
*618 7
7
51
6% 618 *6
*6
*613 7
64 Jan 23
658
734 Jan 8
No par
200 Atlas Tack Corp
638 638
164
512
25
25 4 254 253
3
23513 237
8 2413 2478 233 2414 233 24
Ns pat 2358 Jan 25 2934 Jan 7
3,500 Auburn Automobile
4
4
184 574
1612
*12
*1158 12 *1153 12
12
1234 12
1113 1112 *11
No par 102 Jan 24 14 Jan 2
123
4
4
600 Austin Nichols
04 164
62
*61
62 *61
Prior A
61
61
60% 61
No par 59 Jan 25 63 Jan 2 274
59 603
61
61
120
4
314 65
47
538 Jan 3
5
5 14
518 513
412 Jan 15
43
4 5
5
51
/
4
5
5%
34
3
334 103
4
48 8,000 Aviation Corp of Del (The)_-__15
64 Jan 9
51 Jan 15
No par
10,100 Baldwin Loco Works
54 6
6
6
58 6
7
57
8 63
3
44 16
44
57
a 64
54 57
s
2634 25
25
24
25
2512 2412 2434 2412 24% 4,200
2634 26
154
4
Preferred
100 22 Jan 15 263 Jan 21
1614 644
1212 1314 1213 1253 1218 1213 1218 1214 12
1234 13
1214 9,000 Baltimore & Ohio
1284
100 1134 Jan 12 1478 Jan 7
1234 3411
1512 1558 16
1614 153 153
4
Preferred
100 143 Jan 15 1778 Jan 7
1,100
1514 1434 15
4
4 15% 1518 *15
15
15
375
101 101 .100 10138 10138 10112 *101 102 *101 102 *101 102
864 102
90 Bamberger(L)& Co pref -100 101 Jan 2 102 Jan 2 88
*3818 39 *3818 39
40 40
39
33
394 3912 *3818 39
600 Bangor Os Aroostook
50 39 Jan 14 4214 Jan 2
854 464
2914
*109 11112 *109 11114 .109 11114 *110 11114 *110 11114 *110 111
Preferred
911
/
4
100 108 Jan 15 110 Jan 11
95% 115
*434 5
5
54
5
03
81
5
5
5
214
558 Jan 22
414 Jan 2
No par
5
2
/
1
4
658
*5
514 1,900 Barker Brothers
36
*37% 39
3612 37
36
014% cony preferred
100 324 Jan 15 4034 Jan 22
350
391 40
/
4
/ 3613 403
1
4
14
4 40 40
164 3817
7 Jan 5
614 63
614 6%
61s Jan 22
614 658 8,600 Barnsdall Corp
613 633
6% 68
6% 63
3
5
/ 10
1
4
572
5
*4212 43
4214 4214
4212 4213 4213 4212 4213 4212 *4214 43
No par 40 Jan 15 4458 Jan 7
500 Bayuk Cigars Inc
23
28
454
*106 10814 *106 10814 *106 10814 106 10814 *107 10814 *107 10814
1st preferred
3
100 107 4 Jan 11 108 Jan 8 80
89 109%
161 17
/
4
1714 1718 1712 1714 1714 3,000 Beatrice Creamery
*17
1734 17
17
17
25 1614 Jan 16 18 Jan 7
84
1014 1914
10012 102
101 101 .10012 102
*10012 10038 10012 10012 1005* 101
Preferred
600
55
100 10012 Jan 5 101 Jan 22
55 100
773 7734 *76
76
76
*7412 78
7534 75 4 *7412 76
78
3
20 73 Jan 3 78 Jan 12
300 Beech-Nut Packing Co
54
68
754
127k 127
87
8
2,600 Belding Hemingway Co-NO par 123 Jan 16 1314 Jan 10
4
8 12% 1318 1212 13 *12% 123
4 125* 1234 123 127
1514
7
/
1
4
•113 114% •11333 11438 11353 11358 *114 130 *11312 118 *113% 118
11234 Jan 3 11418 Jan 8
100 Belgian Nat Rye part pref
833
4
9513 127
1538 1534 154 153
4
1534 153
4
8
4 155 1534 8,400 Bend!: Aviation
4
4 153 1618 153 16
5 143 Jan 15 1712 Jan 2
93
934 237
4
8
16% 16
1618 1,600 Beneficial Indus Loan___No par 1573 Jan 15 1758 Jan 7
16% 1613 1618 1618 16
16% 161
16
16
1215
124 19%
351 3558 13434 343
1,200 Best & Co
35
3514 345* 35
34% 341
No par 3418 Jan 15 37 Jan 2
4 343 35
21
26
40
315* 31
314 3214 314 323
3114 311 3138 24,900 Bethlehem Steel con,..
8 3158 3218 31
No par 2938 Jan 15 3438 Jan 8 23
2418 4912
7512 75% 5,300
7612 75
4
76
72
100 6914 Jan 16 7734 Jan 9
743 76
4 75
7314 7512 763
7% preferred
5478 82
4438
Blgelow-Sanf Carpet Inc__ No par 221 Jan 15 2614 Jan 23
24
24
/
4
2,000
2614 2438 2513 25
2312 2312 2212 237g 24
194 40
25
18
No par
1078 Jan 4 137 Jan 8
1212 1314 1213 1238 1214 1212 1218 1238 1214. 123
4 5,000 Blaw-Knox Co
8
125* 127
6
1614
6
No pa, 2113 Jan 3 2314 Jan 21
40 Bloomingdale Brothers
2412
22
/ 2314 *20
1
4
.2013 23
2412 *20
2412 *21
17
23 *20
26
16
109 1034 Jan 22 108 Jan 3 05
Preferred
130
105 106
.10314 106 *10314 105
10314 10314 *104 108 •105 106
88
109
3 391 3918 3958 41312 4034 40 4 *387 427s *39 4134
100 35 Jan 2 4034 Jan 23
387 387
110 Blumenthal & Co pref
8
3
28
28
5514
878 912
9
94
94 952
958 958
9
912
5
84 88 4,400 Boeing Airplane Co
818 Jan 15 10 Jan 2
634 1114
634
55 554 5512 551, 5538 5512 5518 5512 55
2,200 Bohn Aluminum & Br
4
5518 553 56
5 5414 Jan 15 597 Jan 8
8
3334
44% 681
4
*9412 97
No par 94 Jan 2 97 Jan 24
20 Bon Ami class A
9412 97
97 97
/
1
963 963 *944 97
4
*941;, 97
4
68
76
94
2412 2338 24
24% 2412 24% 2438 24
10,700 Borden Co (The)
231 238 2312 24
25 2312 Jan 2 253 Jan 7
4
18
19
/ 2814
1
4
30
3058 30
10 2814 Jan 15 314 Jan 2
4
8
8
3012 297 3038 30% 305* 295 3012 293 3014 10,700 Borg-Warner Corn
114
10% 3138
*57
*614 7
*578 7
*9
7
*6
7
•914 7
Boston & Maine
100
7
6 Jan 15
74 Jan 4
/
1
54
54 1912
:Botany Cons Mille class A-50
*7
s 14
*7
a
114
73
3
14 Jan 11
•3 1 14
7
*4 114
*4 114
14 Jan 9
*7
8 114
/
1
4
2713 27
274 2714 27
/
1
3
/
4
2612 263
4 263 261 7,000 Briggs Manufactur1ng_No p., 2534 Jan 15 29 Jan 8
2758 2634 27
614
12
283
2
*23
24% 25
2378 231 24
No par 23% Jan 17 26 Jan 23
26
26
1,000 Briggs & Stratton
2512 2512 *2518 26
14
2712
101
/
4
351 35% 354 351
/
1
3412 3458 3334 3413 3334 341 1,100 Bristol-Myers Co
35 35
/
4
4
8 333 Jan 24 364 Jan 10
/
1
26
28
3712
*273 4
3
3
*27
8 3
3 Jan 8
--No par
100 Brooklyn & Queens Tr.
*278 4
*273 4
.238 4
3 Jan 5
/
1
4
358
38
3
84
*27
29 *27
29 *2718 29 •27
No par 29 Jan 17 317 Jan 3
*274 2812 *2714 2812
29
Preferred
314
314 584
/
1
39
39
3914 40
393 40
4
251
383 39 *3853 393 *39 393
4
No par 36% Jan 15 4012 Jan 2
2,500 Bklyn Manh Transit
2814 444
93 93
*92
9434 *93
937
8 92
$8 preferred series A
No par 90 Jan 4 93 Jan 19
300
943 *004 9434
4
93 *92
6914
82% 9
7
481 4812 483 49
/
4
4913 488 488 48713 SO's 50 503
4
No par 4814 Jan 9 52 Jan 10
/ 49
1
4
4 3,400 Brooklyn Union Gas
46
8012
46
*574 5813 *5712 58
/
1
*5712 58 .5712 577
No par 57 Jan 3 584 Jan 10
573 5778 *5712 5814
4
300 Brown Shoe Co
45
41
61
Preferred
'12214 12512 .12214 12514 *12214 12514 12214 12514 *12214 12514 *12214 12514
100
117
11814 12514
6% 64
618 618 *64 614
400 Brune-Balke-Collender-NO par
514 Jan 2
*534 6
7
6
6% 6%
4
63 Jan 9
7
107
4
6
618
64 6%
/
1
*6
6%
613 638 2,800 Bucyrus-Erie Co
6
6
6
61
5 Jan 2
10
63 Jan 7
312
9%
8
/
1
4
1233 1134 1178 •1112 1178 1178 13
12
1214 12
12
12
4,100
Preferred
5 1012 Jan 2 13 Jan 3
6
6
1412
*6912 71
*6914 71
7% preferred
100 64 Jan 2 74 Jan 25
610
74
*6834 7134 70
*683 71
4
71
71
50
75
47
434 5
5
518
No par
5 Jan 2
/
1
4
414 Jan 15
Os 514 *44 5
*43
4 48 3,900 Budd (E
4% 47
3
734
3
30
307
311 32
/
4
/ 3012 31
1
4
29% 294 2912 33
MirrMedfir
100 26 Jan 15 33 Jan 22
3012 3158
44
16
16
378 378
4
4
378 4%
No Val
3 8-m Bud"! Wheel
7:3 0
0
372 37
8
44 Jan 22
313 Jan 11
37
3 4
3% 37
3
2
*414 434 .414 434 *414 434
418 418 *414 43
No par
100 Bulova Watch
47 Jan 16
413 Jan 23
3
4 *418 43
213
4
27
21
61
2'8
/
4
1213 121x 125 125* 2,300 Bullard Co
13
13
/ 1312 1358 1338 13% 1313 13
1
4
8
No par 1213 Jan 15 15 Jan 2
414
578 1512
284 28
212 2
/ *214 23
1
4
*214 212 *214 212
2
2
2 Jan 19
No par
1
23 Jan 25
4
400 Burns Bros class A
4
Ds
8
Class A•I a
138
1 Jan 17
No par
100
11 Jan 23
*7
3 3
112 112
*7
3 113
*7
13
.
3
4 3
/
4
/
11
4
*7
8 13
4
%
412
Class B
*133 2
•133 2
*138 2
No par
*138 2
*I% 173 *133 2
1 Jan 8
1 Jan 8
1
1
312
.4 114
4
Class B ctts
.14 114
No par
*38 114
12
2
/
1
4
" 2 114
*14 1
*14
114
3
97 Jan 23
*81s 9
*8
8%
9
9
7% preferred
100
1.020
9
9
9
9
9
91
/
4
712 Jan 9
4
1512
8
s 141 15
145s 143
•1414 14
/ 1414 145
1
4
4 143 147
1414 Jan 15 1534 Jan 7
---No par
15
1518 4,500 Burroughs Add Mach.
/
4
3
1012 s1938
104
37
21
212 212
178 Jan 3
No par
2% 214 *218 213 2,400 :Hush Term
21„ 213
238 3%
31 Jan 21
/
4
3
24
34
34
*712 912 *8
958 1013 10
Debenture
100
1,300
10
10
9
912
713 8
67 Jan 14 1012 Jan 22
2
2
/
1
4
913
18% *1614 193
2211 19% 20% 18
1712 171y 171 2212 20
820 Bush Term BI gu prof ctfs-100 1414 Jan 14 2212 Jan 21
4
513 21
4%
11
/
4
258
---- ---- --- ---- --- --- --- ---- --- - ---- -- -- -- -- --- --- Butte & Superior Mining_ _10
158
•134 2
134 Jan 4
6
500 Butte Copper & Zino
178
2 Jan 3
4 2
13
4 13
4 *13
13
4 13
4
13
4 13
4
17
8
11
/
4
112
314
13
43
114 Jan 23
114 18 .114 138
13
138
158 113
No par
114 114 2.100 tHlitterfek Co
134 Jan 3
158
11
11
1812 181 1818 *1818 18% 177 1818 1,300 Byers Co(AM)
No par 17 Jan 15 205 Jan 7
1818 1818 1812 183 *18
4
138
133
323
4
Preferred
100 51 Jan 2 60 Jan 5
*5234 55
54
54
8
70
523 523
547 55
4
54
40
67%
40
*5412 564 54
*383 3834 38
No par 3612 Jan 15 40% Jan 3
4 4,000 Callfornia Packing
/
4
3858 381 384 3858 3873 387 393
38
38
1834 6433
16%
yr
s 1
1
*7
73
78
78
78
78
7g
78
/ Jan 2
1
4
1,600 Callahan Zino-Lead
8
1
12
11 Jan 3
4
154
38
1,700 Calumet & Hada Cons Cop„.25
3% Jan 2
413 Jan 7
312 31
4
28
/ *3% 33
1
4
311 3
3% 352
312 358
*351: 3 4
3
28
4
65
8
95 Jan 16 1153 Jan 3
4 *95 1014 *93 1014
200 Campbell W & C Fdy--__No pat
*958 11
4
.95 10
8
6
157
6
93
4 93
934 98
4
5 1434 Jan 14 1658 Jan 7
1,800 Canada Dry Ginger Ale
14% 15
1514 1473 147
*1514 1512 1538 1512 1514 1538 15
12
/ 2913
1
4
1212
Canada Southern
100 52 Jan 18 5212 Jan 15
53
53 *51
53 *51
53 *51
53 *51
*5134 53 *51
44
4812 5612
1318 25,600 Canadian Pacific
1314 13
28 1112 Jan 2 1334 Jan 9
1314 1312 1314 1313 133 1334 1318 1338 13
3 184
107
3
107
No pat 3353 Jan 2 36 Jan 10
200 Cannon Mills
3412
*3433 3478 *3458 3434 3414 3414 *34
3414 3414 *344 35
2812 3814
2214
Capital Adm1nis al A
1
714
6 Jan 2
714 *534 714 *6
758 *6
7% Jan 9
.6
7
7 8 .6
5
414
*6
533 1014
Preferred A
10 34 Jan 4 37 Jan 9
.341 35 •341 35
3514 3614 354 353
3512 36
3434 37
26
4 1,070
2634 39
Carolina Clinch & Ohio Ry..100 8412 Jan 15 841 Jan 15 60
___
.__ *83 -- __ *83
*83
__ .83
.83
-- *83
74
85
/
4
SW
*8814 95
*8814 15 *88 .8814 15
95 .8814 95
89 *8814 70
70
9212
100 5134 Jan 15 61 Jan 3
8
5534 5514 557 14,800 Case (J I) Co
5538 563
55
3 5614 5712 5512 5654 5514 56
35
35
88st
Preferred certificates
100 92 Jan 12 99 Jan 8
170
.94
9512 9512 96
/
1
/
4
*9312
_ 944 941
97
9518 955* *95
567
8
50 8 03
7
377 --3812 3834 12.700 Caterpillar Tractor
39
No par 3612 Jan 16 40% Jan 21
3934 3812 39
39
/ 3973 395* 403 39
1
4
23
382
4
16
No par 3013 Jan 15 3558 Jan 7
4
3178 3212 313 324 315* 317
4 305* 3114 303 3112 7,000 Celanese Corp of Am
4
313 321
4
17% 447
2
174
57
1,700 1Celotex Corp
3
3
3 Jan 23
No pat
458 Jan 18
3
3
3
3%
312
312
314 338
312 35*
I%
11
/
4
17 Jan 23
8
Certificates
No pat
2,600
2
2
2
2%
17
3
3
313 Jan 18
234 23
4
1
/
1
4
214 214
4
24
191 2014 3,720
/
4
Preferred
100 183 Jan 15 2512 Jan 18
3
/ 20
1
4
24
2412 2238 23
2134 1912 2014 1953 21
64 224
212
1,200 Centre' Aguirre Asso____No oat 2234 Jan 10 2414 Jan 22
241
*24
7 24
231 2414 23
2334 238 *2212 24
24
24
1848 824
188
4
48 49
600 Central RR of New Jersey_ _100 48 Jan 25 55% Jan 4
49 49
15018 55 •5013 55 *49
55
55 *54
53
92
53
400 Century Ribbon AfIlls_-NO par 1013 Jan 2 1233 Jan 16
1014 104
11018 1118 *1012 1134 *1014 1138 •1014 11
51
*1014 11
124
513
100 103 Jan 23 10912 Jan 2
30 Preferred
t03 110 *103 110 *103 110
103 103 *102 105 *103 105
75
82
1104
7,300 Cerro de Pasco Copper-No par 385 Jan 15 47 Jan 7
4058 4138 4012 41
4114 414 4118 42 8 4118 4238 4113 42
8
7
3014 44%
338
653 Jan 7
54 Jan 15
/
1
238
512 512 2,000 Certain-Teed Products-No par
*54 55
4
34
54 6
3
57
6
57
8 618
711
4
*53
4 6%
100 2712 Jan 2 3314 Jan 23
31
3112
7% preferred
600
3112 3314 3112 317
31
31
2934 31
30
30
1712 35
103
3
Checker Cab
5
65 Jan 7
3
638 Jan 7
.558 614 .512 614
*5 3 7
5
*55
7
7
*5% 65s *55
411
413 1512
4012 4012 4058 4038 404 4012 4012 405* 40 4018 393 40% 1,100 Chesapeake Corp
No par 39 Jan 16 447k Jan 4
/
1
4
4
/
1
84
294
48 1
7
6,100 Chesapeake & Ohio
8
25 4212 Jan 15 453 Jan 7
8 433 437
4312 4358 4314 4378 4314 4334 4314 4312 4358 435
8
394 484
374
3112 33
311, 5
8 311. 312 *111 312 *112 312 *112 212
17 Jan 4
SCI3lo & East Ill Ry 00
100
11
/
4
7
2% Jan 12
1
8% preferred
100
200
2 Jan 3
213 212 .238 213
23; 238 *158 214 •153 218 *158 258
25* Jan 8
112
14
8
173
134 Jan 2
100
400 Chicago Great Western
17
2
*2
214 Jan 7
17
*178 2
2
2
113
8 17
8 *17
258
113
5
/
1
4
412
Preferred
100
4 Jan 3
100
412 .4
*4
413 *4
3
/
1
4
413 Jan 4
*334 412 .4
4
4
414
312 1178
/ChM Ind & Loudly pre- -100
*13
4 8
*las
*13 - - •13
*13
4 8
*13
4 8
4 8
13
4
13
4
7
214 Jan 18
212 25
8 1,700 Chic Milw SIP & Pao-.No pat
2 8 25*
*212 253
3 Jan 3
2
/ 212
1
4
212 25*
5
2
812
2
211 253
37
7
37
Preferred
100
434 Jan 4
334 Jan 15
373 4,700
312
312 134
33
4 38
334 3
4
4 18
4% 414
412
47
511 5
/
1
4
5
5,400 Chicago & North Western-100
434 5
453 453
438 434
512
3
/ 15
1
4
313
458 Jan 15
5
55* Jan 7
1.000
8 Jan 15 108 Jan 8
Preferred
100
634 28
93
8 93
84
913 912 *812 914 *812 9
4
91, 10
.
914 97
73 Jan 7
638 67
8 2,800 Chicago Pneumat Tool...No par
6 Jan 2
658 7
613 633
63
612 678
63
4 7
353
98
7
35*
634
Cony preferred
/
4
No par 22 Jan 15 2618 Jan 7
/
4
2578 241 2514 4,300
25
244 2412 2412 2434 241 251s 25
25
1414
1414 383
4
300 ICI3Icago Rock lel& Pacific-100
25 Jan 9
173 Jan 2
*2
214
2
•2
214 *Da 214
614
8
2
213 213
138
13
214 214
7% preferred
400
418 Jan 9
3 Jan 4
100
/
1
4
33
4 3 4 *3% 3
3
3
53 338
958
333 33 *314 3%
3
33 33
3
3
2%
23
8
200 6% preferred
234 Jan 2
100
4 Jan 10
358
358 *3% 3 4 *3
1
/
1
4
173
3% *3
3
8
3
3
37
s
*314 3%
vs
Chic St Paul Minn & Om----100
11
/
4
64
/
1
--- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---Preferred
100
113
4
4
314
100 Chicago Yellow Cab
g% r16
No par
1113
4
94
1012 Jan 2 114 Jan 3
iii- 10 ;10- -- - iii:3- ilii; ;IT i6/4 wiii iiiii -101.1 1012
.
4
"
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Monday
Jan. 21
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
•Bid and asked prices, no sales on this day. / Companies reported in reoeivership. it Name changed from Amer. Beet Sugar Co. it Hz-dividend.
New York Stock Record-Continued-Page 3
601
July1
1933 to Range for
Dec. 31 Year 1934'
1934
Saturday
Monday
Friday
Tuesday
Wednesday Thursday
High
Lowest
Highest
Jan. 21
Jan. 22
Jan. 23
Jan. 24
Jan. 25
Jan. 19
Low Low
$ per share I per sh $ Per share
Par $ per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares
15
194 3034
10 267 Jan 16 2914 Jan 2
1,500 Chickasha Cotton 011
/
1
2812 284 29
287 294 2814 2814 *2734 2812 *28
287 29
3
/ 1158
1
4
318
713 Jan 7
5 Jan 15
/
1
4
No pat
6
612
200 Childs Co
*558 6
6
613
61 618
/
4
812
10
/ 172.o
1
4
104
12 Jan 22 12 Jan 22
25
40 Chile Copper Co___
14
12
12 *12
14
14 *12
*12
14 *12
14
*12
294 60 8
2614
3
5 374 Jan 17 4212 Jan 3
3714 38
25,500 Chrysler Corp
3834 3712 3734 3714 377
/ 3814 3118 38
1
4
3818 38
174 2453
/
1
1412
, 20 Jan 14 21 Jan 25
No pa
2,900 City 108 & Fuel
2012 2018 2038 204 2014 2038 2013 *2018 2053 2012 21
*20
9213
67
100 87 Jan 10 91 Jan 2 6353
*88
90 90
Preferred
100
90
/ 9014
1
4
90 90
90
90 90
*8712 90
374 52
374
City Investing
100
50
*32
50 *32
al
50 *32
50 *32
032
50 *32
/
1
4
21
/
4
112 Jan 17
12
7 Jan 2
8
-No par
114
138 112
1% 113
114
114 13,900 City Stores
114
114
114
114
112
88
11
/
4
78 Jan 17
13 Jan 10
%
Voting trust certifs„-No par
5
8 2,200
3*
5
8
53
53
*5
8
3
4
53
3*
5
8
3
4
3
4
2
/
1
4
5%
2
6% Jan 17
438 Jan 11
No par
Class A
*5
6
6
6
812 *614 6%
900
*5
6
6
6
612
3
2
4
54
818 Jan 17
5 Jan 4
No par
Class A v t a
200
512
*5
512 *5
5
5
534
8 *5
*5
53
4 *5 " 57
64
838 2134
_No par 1313 Jan 16 15 Jan 18
No
*1312 1513 *1313 15 013
01313 16
Clark Equipment*13
15
15
*1313 16
7012 78
60
$0
Cleveland & Pittsburgh
8412 *8134 8412 *7712 ____ 08134 ___. *7712 ____ 07713
*7712
38
45
31
Special
50
__ ___
_ *44
*46
___ *44
*44
*44
24 3 45
7
2713
300 Cluett Peabody & Co--No par 2813 Jan 23 2812 Jan 7 22
2812
2612 2612 --- *25 -044*25
27
27 17 *28 1814 2613 95 115
90
100 11212 Jan 7 114 Jan 14
Preferred
*11334 114 *11334 114
*11312 114 *11353114 *11353114 011334
95
/ 16112
1
4
85
No par 18178 Jan 2 17812 Jan 11
300 Coca-Cola Co (The)
17313 17312 *17312 174%
*172 174 *17212 17413 17313 17312 175 175
5013 57
4512
No par 5512 Jan 5 57 Jan 23
.
200
Class A_
56
56
57
57 *56
5712 57
58 *56
*5558 57 *56
314 314
200
___Coca Cola InternatCorp_No par
0340
0344
*340
_ *340
0335
*335
*
9 3 181
3
9
1758 1738 1713 1714 1738 1714 17'417i,
4:100 Colgate-Palmolive-Peet-- No par 1653 Jan 15 1814 Jan 7
1712 1712 173 /
1
4
68 10212
88
100 101 Jan 3 10212 Jan 16
/
1
/
1
/ 1024 10214 10238 1023 10253 10238 1021 1024 a10218 1024 1,400 6% preferred
1
4
/
4
10212 102
8
10
10
7
2812
8
No par 127 Jan 15 1534 Jan
1314 1314 1314 1314 133
*1312 1334 134 14
4 1,000 Collins & Altman
133 1338 13
2
94
74
72
100 79 Jan 23 85 Jan 8
Preferred
60
*80 83
79
79
080
8112 80 . 80 *80 83
80 80
5
9
5
7 Jan 4
6 Jan 10
/
1
4
Colonial Beacon 011
No Par
*612 712 *612 71j *612 712 *612 712 *612 712 *612 712
313
834
278
41 Jan 12
512 Jan 21
438 438 7,200 :Colorado Fuel & Iron-No par
412 412
5
518 *434 5
518 512
4% 5%
1013 82
9
100 19 Jan 15 2812 Jan 21
Preferred
2414 2414 1,170
26
2714 *24
2612 2812 2712 2814 26
2112 26
16
1638 4088
100 17 Jan 15 1953 Jan 8
10 Colorado & Southern
*18
22
22
22 *18
*18
22 *18
18
18
018
22
13
13
334
100 134 Jan 22 15 Jan 8
14 *1314 14
4% 1st preferred
200
1314 1312
*134 1514 *1312 1514 1314 134 14
11
11
30
/
1
4% 2d preferred
100 114 Jan 15 13 Jan 8
15 010
*1112 15 *____ 15 *10
*1018 15
12
15 *10
774
58
45
*6812 694 6813 6834 *69
/
1
693 7014 1,200 Columbian Carbon v t o __No pat 67 Jan 15 75 Jan 7
70
4
6912 8912 6934 70
2113 41%
1758
gm, 1,500 Oolumb Pict Corp•t a-No par 344 Jan 16 40 Jan 3
8 3612 3612 036
*3513 364 0353* 3614 3512 3612 3614 363
653
85
8 191
4
73 Jan 10
4
612 Jan 24
68
74 22,300 Columbia Gm & Eao__--No pat
68 7
67
8 7
612 63
4
658 63
4
68 7
7824.
52
50
Preferred series A
100 55 Jan 7 59 Jan 25
1,900
59
577 577
8
8 58
4
4
4 5734 5812 *573 59
58
5812 583 583
71
41
41
Preferred
100 4712 Jan 15 51 Jan 22
55
*4812 55 *48
*4812 50
51
51
50 50
050
52
20 5%
/
4
1838 404
111
10 394 Jan 2 445 Jan 9
4218 424 4214 4214 4314 433 44
4114 4214 42
*
43 433
8 7,200 Commercial Credit
8
234 3013
22
/
1
25 29 Jan 5 304 Jan 16
*3012 33 *3012 33
7% 181 preferred
*3012 33 *3014 33
*3014 33 *3012 33
88
53
32
7 564 Jan 24
50 5212 Jan
56
5614 5512 5512 1,100
5512 56
5478 5518 56
*54
55
Class A
56
304
24
23
25 2912 Jan 3 33 Jan 25
Preferred B
50
31
33
33
/
1
*30
*304
- 304 3014 03038 33 *31
9113 110
85
8
100 1097 Jan 2 112 Jan 23
112 112
112 112 *111 112
140 61% first Preferred
110 110 *11014 III 11034 111
351
61
273
4
/
1
4
No par 57 Jan 2 62 Jan 9
/ 5878 4,200 Comm Invest Trust
1
4
5734 5914 59
59
5914 59 59
59 59
593
4 58
114
91
8
No par 1137 Jan 16 11412 Jan 3 8412
200
Cony preferred
4
4
*1133 11412 *1133 11412 01133 11414 11414 11414 0114 11412 11412 11412
4
158
368
4
15%
2218 2158 2178 2158 22
2012 Jan 15 2378 Jan 7
No par
18,400 Commercial Solvents
2218 2253 213 223
4
4
8 213 2253 21%
1
334
1
118 Jan 2
153 Jan 2
118
114
118 114
118 114
No par
111; 114 17,300 Commonwith & Sou
118 114
1 18 Da
2112 5234
1753
34
34
Sti preferred series
No par 294 Jan 4 3518 Jan 25
3518 8,900
3212 33
/ 3314 3312 3278 3353 3114 3213 32
1
4
5
73 Jan 23
1353
5
*714 813 *714 8
No par
200 Conde Nast Pub., Ino
*714 8
714 73
*714 8
714 Jan 23
4 *714 8
22
3538
1612
333 333
4
4 4,300 Congoieum-Nairn Inc.. No par 3218 Jan 15 3478 Jan 2
8
3314 3314 3334 3334 3414 3358 3418 327 33
33
74 1412
74
9 Jan 17 1012 Jan 18
/
1
4
No vat
300 Congress Cigar
1038 10
*9
1014 *10
1053 1038 1053 *812 1053 *813 1038
61
82
32
*3653 46
.3612 62 03812 62
/
1
4
03612 46
Connecticut Ry & Lighting_100 34 Jan 2 42 Jan 4
03658 46
*3613 • 46
68
54
2
607
*43
49
53 *43
*44
55
55
49 *44
55 *43
Preferred
100
*41
7
97
54 133*
97
514
200 Consolidated Cigar
834 Jan 15 1012 Jan 9
No pat
9%
4 *9
*94 93
4 *94 93
93
4 93
4 *934 9
81
75
304
100 73 Jan 14 74 Jan 24
*68
75
74
74
*6512 74
75
*65
75 *65
*65
75
Preferred
10
4514
45
733 74
/ 747
1
4
Prior preferred
100 7253 Jan 7 76 Jan 15
90
74
7412 74
744 7414 *7418 7412 *74
74 74
4$4
49
70
071
__ *71 - __ *70
Prior pref ex-warrants100
_ *70 _ __ _ _ _ _
_ *70 - __ 070
138
64
132
612 _- 64 612
612 - 34
6
538 Jan 7
1
612 7
612
/ 7
1
712 Jan 16
8:700 COI:1801FM Indus
64 67 _- 8
8 73
10% 208
734
2138 2053 2114 2053 21
2012 2038 21
No vat 1914 Jan 7 2153 Jan 25
213
8 8,500
Preferred
208 2112 21
1812 4753
1812
194 1912 194 193
20
2014 1953 20
8
8 1912 207 38,100 Consolidated Gas Co
1934 20
No vat 19 Jan 8 2258 Jan 11
95
z71
1,300
79
7934 *793 793
No vat 7812 Jan 8 82 Jan 11 271
4
4 7912 7912 79
80
Preferred
7914 7912 80
*79
418
112
112
2
2
214 Jan 18
134 Jan 3
No par
800 Oonsol Laundries Corp
I% 18
02
2 14
18 17
8 *178 2
13
4 13
4
75
77
714 1414
714
No par
83 Jan 2
4
7 Jan 15
/
1
4
73
4 77
8
734 77
7% 7%
7 3 7%
5
78 77 11,500 0011601 OH Corn
108
112
/
1
4
*110 112 *110 112 *110 112 *110 11134 *110 112 *110 112
8% preferred
100 11014 Jan 15 11014 Jan 15 103
83*
21.
2
/
1
4
8 318 *258 318 0253 2% 0212 27
278 Jan 11
*253 34 *25
/
1
212 Jan 25
100 Consol RR of Cuba pref
100
212 212
8
13
212
12
118 Jan 5
34 Jan 2
No par
7
8
7
8
7
8
*3
4
% 1,700 Consolidated Textile
3
4
3
4
3
4
34
7
8
7
8
7
8
613 1334
414
1314 1258 1313 1213 1278 1212 123
13
20 1112 Jan 5 133* Jan 10
123
4 1238 1212 6,900 riontainer Corp class A
4 12
53
8
2
458 434
23*
414 Jan 15
No vat
412 412 2,500
412
412
413 43*
412 453
518 Jan 9
Class B_
412 458
*57
5
/
1
4
514 1458
558 Jan 16
400 Continental Bak 01888 A No vat
634 Jan 7
3 63*
612 057
6
6
614 64
6
6
*53
4 6
7
3
2
/
1
4
78 Jan 5
No vat
1 Jan 3
84
Class B
1
1
78
78
1
1
1
1
7
8 1,700
7
3
7
8
7
8
4414 64
4414
*4614 49
Preferred
-100 47 Jan 23 5038 Jan 2
300
47
47 *4614 5012
*464 487
8 47 47
*4614 49
6412 6514 7,400 Continental Can Inc New ____20 623 Jan 15 6738 Jan 10
56
/ 644
1
4
568
6418 6412 6414 643 648 6518 6428 6618 26412 65
4
1138
6
6
84 812 3,000 Conti Diamond Fibre
858 Jan 2
7 Jan 15
6
8
83
8
754 77
*714 7% *724 712
*74 77
2353 3614
20
2.100 Continental Insurance
2.60 313* Jan 16 34 Jan 8
3214 33
*32
33
3312 3312 3312 3312 3314 3312 33 33
34
218
84 Jan 2
138 13*
134 Jan 8
3
4
No par
114
114
114
114 13
133 112
114 114 3,300 Continental MOM%
114
1534 223
1214
4
177 1853 1734 18
1734 18
4
3 7,600 Continental 011 of Del_._. ...b 163 Jan 15 1918 Jan 3
173 18
173* 177
175 18
8
4
4012
4013 51
60 Corn Exchange Bank Trust Co 20 4414 Jan 2 4612 Jan 4
46
4512 46
46
46
*4434 4534 *4514 4612 *4514 4614 46
m12
5513 8412
25 63 Jan 15 667 Jan 7
8 4,800 Corn Products Refining
4
4 6414 6512 643 6514 644 647
65
6514 6434 654 65 653
135
16013
200
*150 1503 1503 1503 *15034 - - _ 15112 15112 *1503 - -_ *1504 - 4
Preferred
100 149 Jan 2 15112 Jan 23 133
4
4
4
97
58 Jan 11
338
314
614 614
No par
4,800 Cot, Inc
54 3
6
53 4 6
6
6
6 .
6 14
6
6 12
67 Jan 3
28
3614
23
No par 357 Jan 15 3658 Jan 10
8
8 3612 3612 2,000 Cream of Wheat otfs
8 363 363
3612 3658 3612 3612 3612 3638 3612 363
8
1712
7
1458 14
132 13
/ 14
1
4
No par 1212 Jan 15 1458 Jan 21
134 1414 2,400 Crosley Radio Corp
8
1378 137
8 137 14
14
1838 364
1838
2434
2412 2412 024
25
2514 2514 2412 2412 25
25
25
No par 233 Jan 15 2653 Jan 3
500 Crown Cork & Seal
32
35
/ 44
1
4
4
No par 4312 Jan 4 4413 Jan 18
8
4
8
*4314 44% *435 4478 *4334 448 *44
22 70 preferred
448 *4414 443 *4414 447
47
84
4218
Crown W'mette Pap let v1570 Par 83 Jan 17 86 Jan 11
*76
88
*76
88
075 88
*82
86
*81
86
*83
88
43
5
5
*434 5
. 65
3
3
/
1
4
412 412 1,500 Crown Zellerbaok v t o_.-No vat
412 412
538 Jan 10
3
434 *43* 434
412 Jan 24
3838
17
14
22
1,200 Crucible Steel of Amerioa---100 2012 Jan 15 2514 Jan 7
22
22% 223
8 2314 2334 2214 22
/ 2214 2212 22 22
1
4
71
44
30
*54
Preferred
*63 68
8914 *62 69 *6614 69 *62 69
*6212 67
100 63% Jan 16 68 Jan 2
2
8
313
114
114 *114
*114
13
3 *14 13
13
8 *114 14
8
8 *114 13
34
11e Jan 3
100 Cuba Co (The)
112 Jan 4
-Igo vat
4,558 $2, .$3* $2, ..$4, $2
8
8 $7
$12 54
812 1012
3
10 Cuba RR 6% pref
578 Jan 16
5 Jan 5
100
8 *512 $7
8 .$3
53 Jan 2
3
/
1
4
9s
1
24
2,600 Cuban-American Sugar
2 6
6% Jan 5
10
*57
6
6
53
8 53
4
53
4 57
8
6
6 18
554 53
4
201
8 65
447 447
1412
44
4412 44
8
45
270
447 45
4434 45
44 44
Preferred
100 4012 Jan 3 47 Jan 9
5
87
52 1
3512
4434 4434 *4413 45
*44
45
44
4412 4412 *42
*4413 45
200 Cudahy Packing
60 4412 Jan 16 4712 Jan 2
1313 29%
1312
204 2014 1,100 Curtis Pub Co(The)
/
1
2012 2012 2012 21
4
4
2012 2012 203 203 *2012 21
No vat 20 Jan 15 2278 Jan 8
9712 9734 9734 9734 9718 9712 9712 98
9612 97
4312 95 4 ,
3812
3
9312 Jan 2 101 Jan 10
No par
1,600
9712 98
Preferred
$4
24
2
238 234
234 234
253 234
238 23
23
8 24
3
23
8 23
4
1
4 3,900 Ourtise-W right
3 Jan 2
23* Jan 14
514 1214 4
334
77 Jan 15 1018 Jan 2
838 834
*83
8 87
s
,
83
8 87
8
838 83
4
814 814 2,300
812 83
8
Class A
.1
*7414 7912 07414 79
*7412 7913 07412 7912 07712 7912
76
76
75
/ 91
1
4
76
50 Cushman's Sons 7% prof -100 7314 Jan 16 76 Jan 22
6413 90
5412
70 *644 70
65 65 0134
*6418 70
644 6418 *644 70
8% preferred
80
No Par 644 Jan 23 65 Jan 19
11
214
912
1912 1912 1918 1934 1834 1914 19
/
1
1918 01812 1834 19
19
2,400 Cutler-Hammer Inc
No pa
, 1714 Jan 2 2014 Jan 10
77
77
8
814
612
838 *8
600 Davega Stores Corp
8
8
9
0753 814 *8
78 8
8 Jan 21
758 Jan 2
6
2818 283
8 283 293
2738 2818 28
4
1018 34%
1018
4 2812 2914 2812 29
2814 19,000 Deere & Co
No par 2412 Jan 15 3058 Jan 2
1978 20
1014 1914
1958 193
20
8 194 197
*1914 20
20
20
20
1014
8 1,500
Preferred
20 19 Jan 15 2018 Jan 7
3812 3934 38
39
39
86
35
7312
8
8 2,800 Delaware & Hudson
374 373* 3714 3713 373 373
38
100 36 Jan 15 4312 Jan 7
1614 17
14
1534 1618 4,900 Delaware Lack & Western-50 15 Jan 15 1918 Jan 7
163 163
33 4
5
14
4
4
4
4 16
1614 153 1614 153 16
334 1314
*4
45
4 *312 418 *312 44 *338 44 *33
334
g *334 418
4 47
Deny & Rio Or West pref.
.._100
43 Jan 8
4
4 Jan 2
6812 84
55
78
8
1,100 Detroit Edison
4
3
512 7558 753 75 4 *755 77 *7558 7634 77
7514 7514 7
100 6812 Jan 7 78 Jan 25
*4
7
4 5
*234 512 *23
4
4
*4
7
5
7
5
30 Detroit & Maoldnao fly Co100
4 Jan 5
6 Jan 17
*23
4 5
10
1814
*0
12
*8
__ *8
113
' 12
_ *6
*6
12
*6
12
6% non-cum preferred
100
8 Jan 4
8 Jan 4
4712 4712 4712 48 -48
474 47 47
20
46
46
*46
48
29
554
500 Devoe dc Raynolde A____No par 46 Jan 25 503* Jan 2
•1163 117
4
117
117 117 *11612 117
99
117 117 *11612 117 .11612 117
8912
20
1st preferred
100 11612 Jan 9 117 Jan 21
*27
2712 2714 28
2818 2814 29
2712 28
21
21
2818 2812 28
5,400 Diamond Match
2
813
No vat 2612 Jan 2 29 Jan 25
*3413 3512 35
2814 34
*3413 36
35
347 347
8
8 35
36
3514 *3,5
275*
500
/
1
4
26 345* Jan 7 3514 Jan 22
Participating preferred
8 3612 384 3618 3612 36
3612 3612 3614 367
364 354 3618 3,700 Dome Mines Ltd
25
32
4614
No Pal 344 Jan 15 3912 Jan 9
11% 1113 1112 11% 1113 1112 1134 1134 1112 1112 1178 12
2,200 Dominion Stores Ltd
11
11
23
No par
113* Jan 2 1214 Jan 7
223 2353 2334 2358 2253 234 2214 2318 2214 2212 2238 2234 8,200 Douglas Aircraft Co Inc -No vat 208 Jan 15 243 Jan 3
4
11%
1414 284
4
15 014
4
*14
153 *14
15
*1412 15 014
1534 *1412 15
814 20
814
Dresser(SR)Mtg oonv A -- No par 1412 Jan 15 1578 Jan 7
*618 7
*618 7
*618 7
*64 7
*618 7
*618 7
6
33
8
Convertible class B_ -No par
714 Jan 8
11%
7 Jan 18
4
38
158
Duluth S8& Atlantic
"4
*3
3
3
4
*14
3
4
*14
3
4
*14
3
4
*24
3
4
3
4
38 Jan 9
100
38 Jan 9
.02. 1
•12 1
*12 1
•12 1
*IL 1
13
*12 1
12
218
Preferred
100
0412 ,5
045* 5
458 45* *414 4 4
434 434 *414 5
3
3
1134
3
200 Dunhill International
412 Jan 3
1
54 Jan 18
*17
1734 01714 173 *1758 1812 *17
4
1814 017
1814 *17
Duplan Silk
No par 1714 Jan 2 1712 Jan 3
184
1312
1313 23
*100 114 *100 114 *100 114 0100 114 *100 114 *100 114
100
92
110
Preferred
100
9414 9334 941
945* 953
9412 9512 943* 96
8,300 DuPont deNemours(E.I.)&Co.20 9212 Jan 15 993 Jan 3 60
9414 943
4 94
80 103%
8
12.212
128 128 128 128
128 12812 12714 12714 1274 12734 *12714 128
1,400 6% non-voting deb
100 12714 Jan 21 129 Jan 8 1044 115
1065 1065 106 10612 .106 10612 106 106 •106 108
4
4
107 107
140 Duquesne Light 1st prat-.100 105 Jan 2 107 Jan 17
90 107
85
022 _ _ 022 _
_ *22 _ - *22
022- -- *22 _
Durham Hosiery Mills prof-100 22 Jai:315 22 Jan 15
21
30
13
73 714 /7
8
73 - 8 73
4
8
7
714
758 3:800 Eastern Rolling Mills--No par
718 73
718 7
714
418 1234
312
63 Jan 17
8
8 Jan 7
*11414 115
114 1145* 11312 1131. 11312 11313 113 114
114 114
1,400 Eastman Kodak (N J)...-No pa 1101 Jan 16 11734 Jan 10
/
4
6512
79 11612
144 144 - •144 145 *144 145 *144 145
14314 144 *142 144
160 6% cum preferred
100 141 Jan 4 144 Jan 19 120
120 147
18
1814 175g 185
17% 18
2014 16,000 Eaton Mfg Co
8 19
8 1814 185* 183 187
8
No par 16% Jan 15 2014 Jan 25
1218 2213
10
653 63
*65
713 *634 74 *6% 7
4 *6
634
634
75
8
300 Eltingon Schlld
6
8
194
658 Jan 12
No Par
734 Jan 4
4
8 253 2612 2514 2553 2478 253* 25
25
25% 257
25
2538 7,700 Elea Auto:Lite (The)
314
/
1
5 2412 Jan 15 29 Jan 3
15
1138
108 10814 108 10814
107 108
10712 10712 108 108 0107 108
100 107 Jan 23 10812 Jan 3
300
Preferred
80 110
75
514 53
8
514 514
512 512
518 53
8
54 514 4,500 Electric Boat
514 53*
3
478 Jan 15
3
3
712
618 Jan 7
712 712
23
4 84
$
814 *778 8
8
8
7,800 Dec & MUS Ind Am shares
73* 738
212
814 Jan 23
414
9
1s
74 Jan 16
212 23*
213 2
/
1
4
212 23*
25
234
212 23* 4,600 Electric Power & Light ..No par
8
25* 25
214
212 Jan 22
214
3 Jan 3
93.
*738 753 .718 7%
7
7
7
7
7
7 14
712 712 1,200
Preferred
7 Jan 15
No Par
812 Jan 10
653 21
68
5
611
612 *6
614 67
No par
8
614 614 *6
*104 63
4
*614 7
86 preferred
500
8
19
/
1
4
8
614 Jan 18
714 Jan 11
•Bid and asked prime, no sales on this day. 5 Companies reported In receivership. a Optional sale. e Cull sale. z Ex-dividend. y Ex-rights.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Tv,
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
602
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Jan. 19
Monday
Jan. 21
Tuesday
Jan. 22
Wednesday
Jan. 23
Thursday
Jan. 24
Friday
Jan. 25
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Jan. 26 1935
Range Since Jan. 1
On Bast, of 100
-share Lots
Lowest
Highest
July 1
1933 to Range for
Dec. 31 Year 1934
1934
High
Low Low
$ Per share $ per share $ per share $ per share $ per share $ per share
*47
48
4713 48
47
47
467 464 463 467
8
4
8 454 463
8
*3
4
7
3
4
4 .
4
7
8
*3
4
4 '
5
8
4
7
8
*4
•114
14 .114
13
4 *114
13
4 *113 13
114 .138
114
4
15
8
*53,2 5 8 534 544 *5312 547 *5414 517
43
8
8 5412 5412 5414 5414
128 128 .126
.•126 128
12714 12714 127 127 *126 12712
.2
3
*2 _-318 .2
318 .2
34 •2
34 '24 31s
.1513 17
*1512 17
*1514 17
*143 17
4
*15
17 .1518 1812
016
18
•15 4 1818 *1512 1818 1512 1512 *1514 163 *163 1818
3
4
8
.17
20
*17
174 173 173 .173 1918 •1713 1918 •173 1918
4
4
4
4
55
*5
54
5
5
513 *5
54 *5
5,
8
5
5
1112 114 1134 113
4 113 113
8
8 103 107 .105 11
8
8
8
105 105
8
8
14
144 15
15
15
15
1413 1112 .1313 16
.13
15
*912 12
*934 12
•912 12
*912 12
*912 12
*912 12
.83
70 .63
70
*63
70
*63
70
*63
70
1114 1114 1114 1114 1114 1114 .11 70 2 *6312 11 14 *11 14 1138
113
11
204 21
2012 2012 20
2014 *195 2014 195 195
8
8
8 1913 195
8
412 412 .4
5
*4
43
4
418 418 5418 44
41,3
CS
214
214
218 214
218 214
13
4 2
13
4 13
4 *13
4 218
83
4 93
8
83
4 918
818 83
4
73
4 75
4
7
4 7,
73
4
2
7,
19
19
194 1913 1913 2014 1914 194 1914 1912 1912 194
.70
79
7113 7113 75
7818 7814 79 .723 7813 .723 77
8
8
8 618 *67
8 614 .57
.55, 613 .67
8 614 .57
8 614 *67e 614
•5213 55
*5212 55
*5212 55
*5212 55 .5212 55
55 55
*18
60 .48
60
•48
60 .48
60 .48
60 .48
60
.55
72 .65
72
*65
72 .65
72 .65
72
*85
72
*518 5 8 .5
5
54 .5
514
5
5
5
5
*43
4 5
*37
8 43
8 *4
412
412 *4
4
43
8 .34 438 .312 4
•1
14 .1
118
1
1
1
1
*1
1 18
1 18
118
*19
20
•19
20
*19
20
•19
20
20
2018 20
20
33
333
8 33
33
323 33
4
3212 33
32
32
*32
323
4
Share!
Par 3 per share
$ per share $ per oh
per Mare
1,200 Elea Storage Battery
No par 45 Jan 15 4912 Jan 7
34
34
52
100 :Elk Horn Coal Corp
No par
58 Jan 5
7 Jan 10
8
33 171
100
6% part preferred
50
1 Jan 2
13 Jan 10
8
334
1
700 Endicott-Johnson Corn
4
50 523 Jan 16 5412 Jan 24
45
63
45
50
Preferred
100 1253 Jan 10 128 Jan 17 112
4
128
120
Engineers Public Serv____No par
24 Jan 15
27 Jan 4
8
2
2
83
4
$5 cony preferred
No par
145 Jan 2 1614 Jan 18
8
1012
101a 2312
100
No par
8514 Preferred
,
1513 Jan 15 17 Jan 10
11
2412
11
100
38 preferred
No par 17 Jan 18 18 Jun 9
12
13
2512
300 Equitable Office BRIg..
5 Jan 7
No par
5 Jan 7
5
103
3
5
1.200 Erie
lOt 1012 Jan 15 14 Jan 4
93
2
93
8 247
8
First preferred
500
100 14 Jan 17 1714 Jan 4
1314
143
4 2814
Second preferred
100 1014 Jan 15 13 Jan 7
9
9
23
Erie & Pittsburgh
ao
50
50
68
600 Eureka Vacuum Clean
5 103 Jan 15 12 Jan 10
4
63
s
143
8
7
1,400 Evans Products Co
5 19 Jan 14 224 Jan 7
3
9
2714
80 Exchange Buffet Corp.....No par
33 Jan 7
4
5 Jan 18
3
3
1012
860 Fairbanks Co
14 Jan 15
25
214 Jan 19
1
24
1
920
Preferred
100
7 Jan 12
94 Jan 18
3 4 124
3
32
,
3,800 Fairbanks Morse & Co___Ne par
17 Jan 11 2012 Jan 2
44
7
183
4
120
Preferred
100 72 Jan 17 80 Jan 2
25
30
7712
Federal Light & Tree
15
.53 Jan 8
4
4
64 Jan 10
4
1114
40
Preferred
No par
48 Jan 8 55 Jan 25
33
344 62
Federal Min & Smelt Co____100 50 Jan 17 50 Jan 17
52
52
107
Preferred
100 70 Jan 17 70 Jan 17
50
98
82
200 Federal Motor Truck____Ner par
5 Jan 23
6 Jan 2
278
24
84
Federal Screw Worts...-No pat
33 Jan 2
4
412 Jan 7
1
53
2
2
2,700 Federal Water Sem A ____No par
,
1 Jan 2
13 Jan 7
8
4
1
2.000 Federated Dept
_ _No par
19 Jan 10 2018 Jan 7
1814
31
20
1,000 Fidel Phan Fire Ina N Y.. _2.50 32 Jan 24 3412 Jan 9
Stores2014
233
4 3513
Fifth Ave Bus Sec Corp. :No par
7
614
11
•1934 24
*193 24
4
4
.193 24
*1934 2012 *193 20
20
20
4
10 Filene's(Wm)Sons Co___No par
193 Jan 10 2313 Jan 8
4
21
23
30
_ •107
.107 10913 107 107 .10718 _ _ •10718 _ _
20
6;4% preferred
100 107 Jan 23 1103 Jan 15 x85
4
108
87
'107--17
17
165 - 8 1178
167 1718 *167 174 1678 - -7
g
2
113 8
163 if
4
1.600 Firestone Tire & Rubber
10
1614 Jan 12 1818 Jan 7
1318
3514
131s
.9233 9314 927 93
8
93
93 .92
93
9214 9214 *9214 93
400
Preferred series A
100 9214 Jan 24 944 Jan 7
6712
71
92,
4
50
.5018 5012 5118 5113 515
8 5113 5212 52
52 12 5114 5212 3,700 First National Stores____No par
471,
4914 Jan 18 56 Jan 7
61.333
53
*2212 233
234 *20
8 2212 2212 .20
233 •20
8
2318 *20
100 Florsheim Shoe class A__No par
233
8
2212 Jan 21
223 Jan 4
4
123
1
15
25
57
8 618
5 4 814
3
27
8 512
24 314
33
8 312
33
8 34 15,500 :Follansbee Bros
No par
8
21 Jan 23
64 Jan 7
2
17 8
,
2
2113 2112 *2114 224 *2114 2312 *2112 2212 22 22
2212 223
4
500 Food Machinery Corp_No par
2014 Jan 15 2314 Jan 5
1012 2152
10,
2
154 1638 155 153 *15
4
8
1514 143 1518 144 143
4
8 1413 1412 1,700 Foster-Wheeler
No par
1414 Jan 15 1712 Jan 2
812
84 22
733 7512 7312 75 .72
4
7412 7112 72
*71
7013 71
75
590
Preferred
No par
7012 Jan 24 77 Jan 2
4414
55
80
814
*8
914 .813 9 4
8'4
,
84 83
84 84 • s 83
8
4
83
300 Foundation Co
No par
818 Jan 15 1012 Jan 7
64
2 1714
614
2412 2413 2418 243
8 24
8
2412 233 2414 24
2418 2314 24
3,200 Fourth Nat Invest w w
I
2314 Jan 14 25 Jan 8
1712 2712
1658
1114 113
8 1118 1114
11
1114
11
1114 107 107
8
8 1084 11
3,500 Fox Film clams A
No par
103 Jan 25 1312 Jan 2
214 17 4
4
814
•40
4212 43)
*37
40
40
40
4012 .40
4211 .40
4212
110 Fkin Simon & Co Inc 7% Pf-100 3514 Jan 2 45 Jan 11
20
03
20
24
2412 24
2414 2414 244 2312 2418 2313 24
213 23
4
7,700 Freeport Texas Co
10 213 Jan 25 28 Jan 2
4
2112 502
2112
.11714
__ •118 12018 12018 12018 .117 12018 *117
__ •117 121
100
Preferred
100 12018 Jan 22 12018 Jan 22 11312 11312 1604
•1812 .
*18
12
22 •1918 22
*21
2212 2212 - 23
50 Fuller (13 A) prlor pref___No par
231s 24
163 Jan 15 24 Jan 25
4
1212
3312
14
9
94 • 4 10
83
1014 1014 1012 12
83
4 9
12
11
550
$6 2d pref
No par
812 Jan 7 12 Jan 21
6
194
6
2
2
2
2
2
2
.2
218 .2
218 .2
21g
400 Gabriel Co (The) cl A
No par
2 Jan 2 2 18 Jan 3
43
8
112
118
.83
8 914 *812 914 *812 914
812 81
*83
8 914
*9
10 Gamewell Co (The)
914
No par
812 Jan 3
913 Jan 10
8
8
20
.87
8 7
•67
.670 7
8 7
6
87
63
4 63
4
68
4 63
4
1,100 Gen Amer Investors
No par
64 Jan 12
73 Jan 4
8
552
54 1112
•8512 8712 *8512 8712 .8512 8712 .8512 871 .8512 8712 58512 87'z
Preferred
No par 843 Jan 10 8512 Jan 4
4
6412
87
73
383 363
4
4 383 37
4
3612 364 364 37
•36
37
3614 3614
1.600 Gen Amer Trans Corp
8 3518 Jan 15 3814 Jan 5
4352
253
4
30
•17
1718 •163 1718 .163 187
4
8
8 164 171
17
1718 17
17
1,100 General Asphalt
10 1618 Jan 15 187 Jan 9
2312
8
12
12
.818 84
818 814
814 x8
84 814
814
814
8
3,300 General Baking
84
8
7 4 Jan 15
3
83 Jan 7
8
612 14.4
612
.117 12413 11712 118
117 117
117 117
118 118
117 117
240
$8 preferred
No par 115 Jan 10 118 Jan 21 100
10813
100
614
814
64 618
612 612
63
8 51
614 53g
63
8 67
8 3,200 General Bronze
8
6 Jan 2
74 Jan 8
5
101s
5
.23
4
318
34 31g
3
3
.27g
31
*27
8 314
*278 34
400 General Cable
No par
27 Jan 2
8
314 Jan 3
214
24
64
*5
61.3 *57
8 813 *54 612 .54 81.
553
8 813 5513 63
8
Class A
No par
64 Jan 18
7 Jan 3
414
414 12
28
26
2814 2614 2612 263
8 274 271 *265 28
8
254 287
8
700
. % cum preferred
1
100 2414 Jan 16 2712 Jan 7
14
1412 33
5614 563
4 574 5718 57
5714 57
57
.5614 57
57
57
1,100 General Cigar Inc
No par x525 Jan 15 6314 Jan 8
8
2414
27
59 4
,
.11514 128
128 128
130 130 .125 132
130 130
130 130
120
7% preferred
100 12712 Jan 2 13412 Jan 4
97
90
12712
23
234 223 2313 2314 233
4
8 234 243
8 233 2414 2312 24 151,300 General Electric
4
No par
2012 Jan 15 244 Jan 23
164
s 2514
167
11
11
11
11
11
11
11
11
*11114 Ills 113:, Wm 2,800
Special
10
11 Jan 2 1118 Jan 3
11
11
124
:134 34
8 344 343
333 343
4
4 337 34'2 343 344 343 3412 6,400 General Foods
8
8
3
No par
323 Jan 4 343 Jan 22
4
4
28
304
28
*3
8
12
3
8
4
12
13
4
4
3
8
12
3
8
12 2,100 Gaul Gas & Eleo A
No par
3 Jan 2
8
4 Jan 14
3
8
114
•1214 1312 .13
1338 •1214 134 .1234 14
134 134 •
9
100
133
4
Cony pref series A
No par
134 Jan 24 133 Jan 18
84 19
8
514
*1414 16 •____ 16 ....... 16
.1412 16 •__ 16
51413 16
$7 prof class •
No par
634
21
11
•1513 18
____ 18 ....._ 16 .____ 16
16
16 .____ 16
20
$8 pre! class A
No par
153 Jan 15 16 Jan 24
4
712
22
13
•59
8112 •58
604 .60
61
.6013 62 .60
63
*6012 03
Gen Ital Edison Else Corp
5713 Jan 2 59 Jan 15
3914
60
8218
6013 813
8 6113 615
82
8 81
814 613
4 6214 624 62 6214
1,800 General Mills
No pal
60 Jan 16 6214 Jan 11
51
51
6412
'11614 11718 .11614 11712 •11614 11712 *11614 11712 1174 11718 .11614 1173
100
8
Preferred
101 116 Jan 3 1174 Jan 24 10012 103
118
315 32
8
315 3218 3112 317
8
8 313 313
8
8 3114 314 314 315 42,200 General Motors Corp
8
10 305 Jan 15 3414 Jan 3
8
2212
241s 42
10934 11018 110 110
110 11014 11014 111
111 111
112 112
$5 preferred
3,000
No par x10712 Jan 4 112 Jan 25
84
893 109
4
•1114 124 .1114 12.y 113 114 •1114 121_ 51118 1212 •1118 1212
8
100 Gen Outdoor Adv A
No par
113 Jan 17 13 Jan 10
8
814
84 21
.34,333
314 3
4
3
4 314
Common
*314 3
500
4
314 314 '314 34
No pa,
314 Jan 9
33 Jan 2
8
314
63
2
34
21
21
21
21
203 204 194 201_
4
1834 193 *184 20
4
580 General Printing Ink
No pa, 1884 Jan 24 223 Jan 9
4
1013
1012 2512
.9512 97
95
98
9312 95
9512 9512 .9512 9512 .95
9612
110
56 preferred
No par
9312 Jan 22 97 Jan 11
7312 96
6114
•178 2
2
2
*17
8 2
14 14
17
g
172
17
2 2
1,400 Gen Public Service
No par
17 Jan 11
8
23 Jan 3
8
2
5e
3
2
.2814 27
27
27
*283 274 263 284 .283 27
4
4
4
264 263
4 1,000 Gen Railway Signal
No par
26 Jan 15 30 Jan 7
2312
2312 45 4
,
•80
90 .85
90 .85
90 .8513 90 .87
90
90
Preferred
90
30
100 80 Jan 2 90 Jan 25
90
90
10112
112
112
112
112
13
g
13
8 •13
8
112
13
3 13
8
1 12
112 1,700 Gen Realty & Utilities
1
114 Jan 8
13 Jan 10
4
1
1
34
.1734 183 •173 183 •173 184 •173 183 *177 183 *174 183
8
4
8
4
4
8
8
8
8
$6 preferred
No pa, 16 Jan 5 194 Jan 10
10
284
10
.1712 1813 1812 1812 1812 1812 *1712 183 51712 1832 *1712 183
2
8
300 General Refractories
No pa, 17 Jan 14 2014 Jan 3
8
812
1018 233
173 174 177 1814 .1714 173
8
8
4 1712 18
1714 1712 *1714 174 3,800
Voting trust
No par
1818 Jan 15 194 Jan 2
20
10
7,
4
'
2812 29
29
32
•29
30
29
2913 .25
29
280 Gen Steel Castings pref_ _No pa, 223 Jan 15 32 Jan 22
certifa_4
174
1753 4812
137 134 1334 14
134 14
8
1338 1378 134 1358 1358 133
4 5,700 Gillette Safety Razor
No par
134 Jan 5 154 Jan 10
84 147
75
s
8
•7312 75
7412 7412 7414 7413 71
7418 733 74
4
734 74
1,600
Cony preferred
No par
7012 Jan 4 757 Jan 10
s
4512
47
72
333 34
5
3
314 33
4 38
338 33
8
8
1,600 01roble Brothers
34 314
314 34
No par
3 Jan 11
37 Jan 4
8
23
8
s
23
, 63
*24
26
2413 2513 2512 2513 .2413 2513 *25
2714 25
253
4
Preferred
800
100 2318 Jan 12 2714 Jan 5
1313
1614 30
25
25
245 243
8
4 2412 244 2413 2412 2458 247
8 2412 247
8 2,600 Glidden Co (The)
No par
233 Jan 15 274 Jan 7
4
I2
UN 284
10512 106
106 106 *106 107
106 106
107 107
107 107
180
Prior preferred
100 1047 Jan 2 10712 Jan 8
8
804
10712
88
34 333
34 4
418 432
412
4
412 412
412 43 11,200 Oohed (Adolf)
4
5
358 Jan 19
44 Jan 25
318
33
2
911
1614 1612 163 1812 1612 1812 1813 1812 164 163
8
8 164 1618 8,200 Gold Dint Corp v t o
No par
1618 Jan 24
18 Jan 7
10
23
18
_
8
1147 1147 *11012___ .11012 11613 *11013 11613 *11012 11612 *11012 11613
8
$8 cony preferred
No par 1147 Jan 19 116 Jan 17
200
8
9618 120
9612
1014 1014
1012 10 4 *1014 1013 1018 1014 10
3
10
1018 1014
1,800 Goodrich Co (11 F)
No par
94 Jan 15 117 Jan 7
8
8
8
18
50
50
50
50
5112 515 •49
51
8
50
5() .50
600
51
Preferred
100 4612 Jan 15 5412 Jan 8
364 62 4
2612
,
23
233
8 23
8
234 2214 233
8 223 23
8 225 23
2212 227
9,800 Goodyear Tire & Rubb___No par
8
213 Jan 15 264 Jan 7
4
1812
184 413
8
9014 8913 8912 89 89
9
01s 9018 90
89
89
893 893
4
4
let preferred
700
No par
844 Jan 2 92 Jan 10
55
8614
64
43
4 44
3
47
8 54 .44 5
*43
43
4 5
4 43
4 545
400 Gotham Silk Hose
8 44
No par
43 Jan 15
8
512 Jan :3
37
8
11 4
,
37
s
544
544
48
.44
48
48
46
*44
47
45 .45
46
Preferred
10
100 x14 Jan 10 50 Jan 3
3812 71 12
384
25
23
8 24
8 218
3
23
8 23
4
23
8 23
4
25
8 25
8
212 212 3,600 Graham-Paige Motors
1
212 Jan 14
314 Jan 3
112
412
.03
8 63
4
63
8 83
4
63
64 83
4 64
4
64 678
67
8 64 3.500 Granby Cons M Elm & Pr___ 100
65 Jan 2
8
714 Jan 7
4
4
133
2
412 412 *41e 43
8
34 44
33
4 4
4
34 4
4
4,600 Grand Union Co tr We
1
33 'Jan 22
8
5 Jan 7
4
84
,
283 264 287 2712 2318 264 21
4
8
2212 02214 25
2214 23
3,900
Cony prat series
21 Jan 23 294 Jan 3
Ns par
20
23
40
*22
25 .22
25
•227 25 .22 g 25 .2278 25 .227 25
g
7
8
Granite City Steel
No pat
23 Jan 10 23 Jan 10
314
207
8
21
*3214 33
3214 33 .313 33
4
.32
33 .32
32
33
3214
300 Grant (W T)
No par
32 Jan 15 3514 Jan 3
25
405
8
28
11 18 11
11
1112 1112 113 .1113 113
4
8 3.400 Ot Nor Iron Ore Prop
8
4 1112 111
• 115 113
No par
1012 Jan 17 127 Jan 7
8
64 154
74
143 1514 1412 1514
8
8
1413 145
1414 1412 1414 143
8 9,000 Great Northern prat
14,4 15
100 1314 Jan 15 173 Jan 7
4
124
1214 3212
2712 277
8 28
28
23
28
274 277
8 2713 28
2738 2712 2,500 Great Western Sugar ____No par
263 Jan 15 293 Jan 3
8
8
25
3514
25
125 126 .125 126 *12514 126
1254 1254 .12514 12612 12514 12812
10
Preferred
100 119 Jan 2 12612 Jan 10
99
11812
102
.29
1
50 .2 9 50
*34
50
*26
50 .30
Greene Cananea Copper
50
50
*30
100
18
59
18
.114
112
113 "14
III
114
114 *14
113
114
300 Guantanamo Sugar
112 *114
Ds Jan 18
No par
55
14 Jan 7
SA
312
015
193 •1313 194 •15
4
193 .15
1934 *15
4
Preferred
194 .15
100
193
4
714
74 31
554 7
.514 6
6
*5
*5
4 8
6
*43
*43
4 6
Gulf Mobile & Northern-.100
512 Jan 11
8 Jan 6
4
I614
5
112
*113 14
14
8
.1138 14
8
.117 14
3,11
14
1112 1112
100
Preferred
100
11 13 Jan 25
1412 Jan 8
12
12
35 4
3
'22
24
.21
24 .22
234 .21
24
.21
24 .22
2312
Gulf States Steel
No par
202 Jan 5 24 Jan 8
1514
1514 42
158
65
*55
65
.1..55
85
*60
65 .80
65
*60
65
Preferred
100 8812 Jan 10 87 Jan 11
2514
83
47
.2112 2514 .2112 2514 *2214 2514 .2214 23
23
23
23
200 Hackensack Water
23
28 21 14 Jan 15 23 Jan 5
1972
2012 284
'3014 3112 .3014 3112 03014 3112 .3014 3112 .3014 3112 •304 31 12
7% preferred class A
25 30 Jan 18 32 Jan 15
28
31
27
533 5
4
8 4,300 Hahn Dept Stores
5
6'81
4 613
514 54
54
8
514 55
512 55
5 Jan 15
No par
614 Jan 7
312
312
84
59
59
59
594 5812 59
53
58
5712 81
603 603
4
4 1.700
Preferred
100 55 Jan 15 635 Jan 7
8
18
2514 6312
733
563
7
4
733
7ls •
7is
719 73
64 84
8
63
900 Hall Printing
4 63
4
10
Os Jan 16
712 Jan 2
32
,
313
93
4
912 .712 014 .712 914
*3
97
9713
8 •8
9 5 "8
7
.8
Hamilton Watch Co
93 Jan 8
No par
8
912 Jan 8
35
8 117
332
8
•6713 75
81
*8713 75
75
75
75
570
75
.70
20
75
Preferred
100 63 Jan 4 75 Jan 23
20
63
25
4
03 1034 .1024 1033 1033 1033 1034 10414 *10312 105
4
4
340 Hanna (14 A) CO $7 pi___No par 101 Jan 2 101 Jan 25
105 105
77
84
10134
19
1913 184 1914
4
184 183
.1812 19
183 19
8
1812 19
2,200 Harbison-Walk Refrac_No par
163 Jan 17 1913 Jan 9
4
12
13
214
_ 10113 _ _ .1014 . __ 10113 _ _ •10112 _ .•10112 . _ ___ ___
0114
Preferred
100 993 Jan 7 101 18 Jan 18
4
82
100
87
-814
.6 -- -34
300 Hat Corp of America el A____ I
6
614 .8
5011 -63
618 - 618 - 8 -6,
64
1 *63
2
57 Jan 15
8
7 Jan 7
78
,
1 12
112
*834 85
5831^ 877 *8312 87
8312 8413 .8312 85
8
*834 87
615% preferred
8
100 813 Jan 15 8614 Jan 2
141
1934 92
55
34
34
Havana Electric Ry Co __No par
"8
"11
8
3
4
3
4
3
4
"9
•NI
*38
33
3
9
4 Jan 2
12 Jan 8
3
8
112
.3
512 •
3
512 *3
10
Preferred
512 *3
5,2 *3
100
512
3 Jan 25
3 Jan 25
3
3
3
812
3
,
• Bid and 2.444141 orlroa no gsileo no this riRV.
I romnanli*. renort•I In renelveratiln, a notional .ale.
e
sale.
r E2-412 den&
w Mc-right*
..,
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Jan. 19
Monday
Jan. 21
Tuesday
Jan. 22
Wednesday
Jan. 23
Thursday
Jan. 24
Friday
Jan. 25
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
603
Range Since Jan. 1
On Basis of 100
-share Lots
Lowest
Hichea
July 1
1933 to Range for
Dec. 31 Year 1934
1934
High
Low Low
3 per share T per share $ per share $ per share $ per share S per share Shares
33
33
33
8 312
312 312
800
*34 34
4 314
318 318 *3
8712 8712 8712 8818 *8712 88
88
88
8818 883
4 8812 8812 1,000
.127 132 .127 132 .127 132 .127 132 *127 132 *127 132
*14014_ __ •138
_ __ .138
_
•138
_
__ .138
.•138
_
_ ____ _
*1014 1212 1212 1212 1212 1112 1212 _1212 .1014 .-- .1014 1214
-1212
500
7714 76
.76
7714 76
77
763 763
4 7512 7512 7478 754 2.400
124 124 .124 126 .12414 12612 .12412 12612 •125 12612
•124 125
10
80
4
80
813 813 *8012 82
4
SO
80 .7914 793
900
4 7914 80
.10518 1053 *10518 106 *1053 106
4
4
1053 1053 *10314 10512 104 104
4
4
400
83
.818 834
814 812 .8
812 *818 812 *8
814 814
500
93
912
912 934
95
1,300
93
4 94
93
4
93
8 97
8
97 10
8
360 361 .357 375 .357 375
*362 375
347 357 .347 360
600
344 3412 3414 3412 344 3412 3412 343
3414 343
363
4 2,700
4 35
8
818
8
8 18
8
8 14
8
8
77
8 8
77
8 812 15,200
*51
53
*51
53 .51
53
53
53 .53
54
.53
54
500
1514 1514 15
165
1514 1514 .147 153 *147 1512
15
•15
8
4
8
700
•24 27
8 .23
4 3
.23
4 3
2 4 2 4 .25
3
3
8 3
.25
3
200
45
4512 46
474 45
4514 45
4512 45
4514 443 443
4
4 3,700
*414 44
438 54
5
514 *43
4 5
.43
4 5
1,300
43
4 43
4
.1012 145
8 103 1312 1312 131 •12
4
13
.
*11
127 .1012 1314
8
1,200
103 104 1034 107
4
8
1034 103
4 1014 1034 1014 1014 7,900
4 104 103
3
3
3
34
3
3
278 3
24 3
4,600
24 3
15
1512 15
1412 141:. 1414 1434 1414 1412 144 1412 4.700
1534
23 .204 23
2112 2112 *21
*20
23
20
20
21
21
400
...___ 5712 5712 5712.__ 5714 •____ 5714 •____ 57 .__ 57
30
*812 93
4 *812 93
4 0812 934 .34 93 . 8 94 *84 93,
85
.214
23
2 *214 23
8 *214
8 .238
258
*238 25
8
25, .214 25
317 3234 3178 3214 3134 324 31% 317
8
8 314 32
4
31 8 313 10,900
,
67
67 12 6712 674 673 .66
67
4
674 .66
673 .6618 673
300
4
10913____ •10912 . _ •10912 ___ •11012 _ •1103 __ .•11034 ___ _ _ _ ___
4
533 - 4 5414 5418 543- 5412 5314 54
4
4
55
3,500
5434 *533 5438 5412 34 *3
800
34
*3
34 34 .
3
3
314 314
314
3
43
.44 434 .414 43
8
414 414
412
45
8 45
8 "412 45
8
800
135 1358
14
1414 *133 14
4
1312 1312 .127 13%
1334 1334
8
1,700
Par $ per share
$ per share 5 per sh $ per share
2
318 Jan 24
Hayes Body Corp
378 Jan 2
1
114
634
Hazel-Atlas Glass Co
25 85 Jan 2 883 Jan 24
4
65
74
964
Reline (0 W)
25 127 Jan 5 130 Jan 9
94
101
145
Preferred
100 14212 Jan 10 14212 Jan 10 120
12312 153
Hercules motor,
11 Jan 8 1212 Jan 21
514
No par
514 121s
Hercules Powder
No par 735 Jan 15 775 Jan 8
40
59
815
8
$7 cum preferred
100 124 Jan 15 125 Jan 2 10418 III
12534
Hershey Chocolate
No par
7312 Jan 2 813 Jan 19
44
4
4812 733
4
Cony preferred
No par 104 Jan 25 107 Jan 9
8112
83
10518
Holland Furnace
4
No par
73 Jan 16
4
914 Jan 7
43
4 10%
53
Hollander & Sona (A)
93 Jan 15 11 Jan 2
8
5
54
13
Homestake Mining
100 340 Jan 15 39118 Jan 7 200
310 x43018
712
4
Houdaille-Hershey cl A __No par 31 Jan 12 363 Jan 25
11
34
Class B
No par
83 Jan 7
4
714 Jan 15
212
25,
8o
Household Finance part pf___50 49 Jan 2 53 Jan 3
43
43
54
Houston 01101 Tea tem nth__ 100 143 Jan 15 174 Jan 2
4
1212
1212 2934
55
Voting trust elf, new
234 Jan 14
25
33 Jan 4
8
24
212
Howe Sound v t e
20
5 43 Jan 15 5218 Jan 3
354 5714
Hudson & Manhattan
4
100
414 Jan 4
4
512 Jan 21
124
Preferred
9
93 Jan 18 1312 Jan 21
4
9
2814
100
Hudson Motor Car
No par
4
64
618 2414
1018 Jan 15 123 Jan 7
Hupp Motor Car Corp
71,
178
37 Jan 7
10
8
178
23 Jan 15
4
Illinois Central
100 137 Jan 15 1714 Jan 7
8
135
134 384
8% pref series A
100 20 Jun 24 2334 Jan 4
21
21
50
Leased lines
100 553 Jan 4 5712 Jan 10
4
4818
483
4 88
RR Sec etre series A____1000
712 2414
712
8
87 Jan 15 10 Jan 4
Indian Refining
212 Jan 2
10
42,
2 18
28
3
23, Jan 14
Industrial Rayon
3014 Jan 11 33 Jan 7
1934
No par
193
8 3214
Ingersoll Rand
No par
4912 733
66 Jan 11 6912 Jan 8
4
45
Preferred
100 109 Jan 7 109 Jan 7 105
1183
4
105
Inland Steel
26
No par
344 56
507 Jan 16 5514 Jan 2
8
Inspiration Cons Copper
258
20
24
3 Jan 11
67,
34 Jan 8
Insuranaharea Ctrs Inc
2
218
418 Jan 4
41,
1
434 Jan 24
Unterboro RapidTran v t 0 __100
123 Jan 15 153 Jan 7
4
8
512
14 1712
Certificates
No par
5
612 1212
43 Jan 25
,9T4 - 4 *414 - 4 *414 -43
43
414 1 .
10 Internal Rye of Cent Amer....100
*414 13 .
4
432
4 Jan 14
7
2
8
4 8 -44
.334 412 .35
8 412 .35
8 412 .3% 5
.358 5
.358 5
Certificates
No par
5 Jan 3
5 Jan 3
212
212
62
2
11118 1634 •1612 197 .17
8
183 .1714 1812 18
4
18
.173 18
8
30
Preferred
100
758 2234
153 Jan 2 1812 Jan 10
4
634
234 25
23
4 23
4 .2 4 3
3
23
4 23
4 .212 3
1,000 Intercont'l Rubber
23
4
23
4
234 Jan 15
No par
3 Jan 7
21
,
57,
2
57
8 618
614 612
63
8 612
614 63
8
618 618 .614 612 2,800 Interlake Iron
4
7 Jan 7
4
53 Jan 12
1114
4
No par
458 43
4
412 45
4
8
4,500 Intermit Agricul
414 43
.414 412
44 43
44 412
4 Jan 15
Ni pm
5 Jan 2
112
2
Si,
38
36
36
3814 3812 383
4
41
4 383 42
4212 4112 423
4 4,100
Prior preferred
37,,
100 3312 Jan 15 423 Jan 25
15
4
10
1513 1513 152 152
4
4
15212 15212 15234 1523 15214 1525, 1524 1523
4
4
1,400 Int 13usinesa Machines___No par 14912 Jan 15 1533 Jan 10 1253
4
4
131
164 •
514 *54 512
53
4 53
585
4
512 512 *514
600 Internal Carriers Ltd
1
512
412 1118
514 Jan 15
514
4
63 Jan 8
8
58
3
297 2912 29
2912 294 2912 29
29
2878 29
29
2912 2,000 International Cement____Ne par 2712 Jan 15 33 Jan 7
183
2
,
1838 373
41
4212 41
4012 41
4 41
4134 403 41
413
8
41
4112 23,100 Internal Harvester
No par 3714 Jan 15 437 Jan 2
8
2314
2314 464
.1317 137 .134 137
8
137 1395, *13818 139
13812 1387, 138 13812
900
Preferred
100 135 Jan 2 1395 Jan 22 110
110
8
137
21
: 212
21
: 212
23
212 .23
8 212
23, 234
212 212 2,200 Ins Hydro-El By, Cl A
24 Jan 9
25
218
23 Jan 2
8
918
218
25
8 234 *212 23
4 .212 234 .212 23
4
214
21
.214
23
4
700 Int Mercantile Marine___No par
214 Jan 15
2
27 Jan 3
8
2
6
23
2314 2318 2312 2314 2312 2318 233
8 2318 2314 23
2314 15,200 lot Nickel of Canada____No par 2214 Jan 15 243 Jan 7
143
4
8
21
3914
.125 126 •125 126 •125 126 .125 126 .125 126 .125 126
Preferred
100 1254 Jan 7 12512 Jan 7 101
115 4 130
3
_
__ _ .
__
_
__ _ _
____ _ _ Internat Paper 7% pref
100
10
25
814
• .4 1
i,.
12
2%
2
ii8 13; •214 1
234 300 Inter Pap & Pow cl A____No par
1
•- T4
2
1
12
12 1
18
23 Jan 4
8
2
3 Jan 8
2
612
112 'Ds
13
7,
8 .118
118
138
7
8
114
100
312
114 .
.118
Class B
114
112 •118
No par
134 Jan 7
114 Jan 10
Ps
118 •I
1
11
"1
118
1
1
1
1
1
700
Class C
No par
7 Jan 2
8
118 Jan 19
%
23
4
5
8
1014
1012 104 1012 107
1014 11
10
10
1014 1012 3.400
10
Preferred
100
93 Jan 15 12 Jan 7
8
84
812 247
8
.2112 23
•2112 23
.2112 23
2134 213 .2112 23
.2112 2212
100 lot Printing Ink Corp_No par 2112 Jan 15 233 Jan 3
4
9
2512
9
8
8
4
8
993 997
4
4
390
8 9912 993
9814 99 .983 993 .987 993 *985 991
Preferred
100 9812 Jan 2 994 Jan 3
65
68
100
29
29 .29
.29
30
30
*2912 30
30
3012 *2918 3012
300 International Salt
No par 29 Jan 21
3118 Jan 4
20
21
32
•437g 4412 4412 4413 44
4412 *4312 44
4414 4414 *4414 4412
600 International Shoe
No par 44 Jan 14 4514 Jan 10
38
38
503
8
•2214 263 •24
4
26
.23
283 *24
263 •2312 263 .23
4
International Silver
25
4
100 2312 Jan 15 28 Jan 4
:9
19
45%
7584 73
.73
753 .73
4
753
4 73 73
7212 73
73
73
SO
7% preferred
100 70 Jan 15 75 Jan 3
59
40
844
93g 978
98
9
9 18
91
87
8 97,
93
4
03
8
912 94 37,800 Inter Telep & Teleg
No par
85 Jan 12
8
97 Jan 10
8
74
712 173
4
1134 113
4 12
1218
1112 1111 115* 115* *1114 1112 *1114 113
700 Interstate Dept Stores
4
28,
No par 11 Jan 15 123 Jan 7
4
34 164
.71
8418 *71
84
.71
84
84
•75
84
Preferred
*75
84
•75
100
78 Jan 3 847 Jan 7
1814
314 8112
8
064 7
.614 7
.614
.63
8 7
7
100 Iiatertype Corp
7
51
6% 6% .614
No par
10
4
614 Jan
65 Jan 5
8
10
35
35
.34
35 .34
35
34
35 .34
3412 34
900 Island Creek Coal
34
1
34 Jan 3 36 Jan 8
2054
244 36
.105 110 .105 110
110 110 '105___ •105 ___. •105
Preferred
10
-1 110 Jan 22 110 Jan 22
85
90
110
*55
4 543563 •544 5612 .544 5614 545 54% 54
4
5412 543 - 4
500 Jewel Tea Inc
No par
54 Jan 24 57 Jan 7
26
33
5711
5212 525
3 5212 5314 5218 5211 5218 5214 515 52
52
5212 3,200 Johns-Manvllle
8
5014 Jan 15 5734 Jan 7
664
3612
39
No Par
122 122 .1214 123
122 122 *12112 123
4
90
Preferred
12113 12112 .1173 122
100 12112 Jan 24 125 Jan 4
101
121
87
.130 150 •130 150 .130 150 .130 150 •130 150 .130 150
Jollet & Chic RR Co 7% gt(1-100
115
135
140
64
6512 6612 68
6612 7012 6914 73
1,190 Jones dc Laugh Steel pre _100 5612 Jan 2 73 Jan 23
68
68
6912 67
45
46
77
*1155 _ _ •115% _ _ •1153 . .. •1153 _ - •1155 _ _ •11558
8
8
8
8
_ ___ ___ Kansas City P & L pf ser BNo Par
974 114 13
977
8
.7
1
74 i18
718 -ii8
*7
8
*7
400 Kansas City Southern
- 8 *7 .-77712
100
7 Jan 15
65
8
83 Jan 7
4
64 1934
/
1
.10
1312 9014 14 .107 14
*10
14
.10
12
.10
12
8
Preferred
100
123 Jan 4
8
1014
1312 Jan 7
1014 2711
.83
8 83
8
814 83
8 *814 812 .814 812
814
8
8 14
600 Kaufmann Dept Stores $12-50
*8
514
812 Jan 2
6
8 Jan 14
1034
1618 1618 •1578 1618 .1578 1618 •1578 1618 1614 1614 1618 1618
300 Kayser (J) & Co
i
12
134 1811
153 Jan 17 163 Jan 3
4
4
.33
40 .33
40 .33
40
•33
40 .33
40
•33
Keith-Albee-Orpheum pref__100
40
15
20
374
218 214
2
214
218
214
1
17
all
2 2
17
8
17
8
17
8
14 8,500 :Kelly-Springfiel(LTIre
114 Jan 2
1
5
234 Jan 17
12
121
117 12
8
8
12
12 14 117 117 .11
2,000
12
113 .11
6% preferred
5
No par
5
718 Jan 2 133 Jan 17
20
.612 67
.612 7
612 61
*612 67
612 612
6
6
300 Kelsey Hayes Wheel conv.clA __I
6 Jan 25
212
712 Jan 11
3
10
•.33
4 43
8 •3 4 43
3
8 .33
4 43
3
8 "33
8 .334 438
4 43
8 •3 4 43
Class 13
1
4 Jan 2
412 Jan 2
238
711
14
1 734 1734 1712 1734
1712 1734
4 1718 1734 1711 1714 7,900 Kelvinator Corp
1734 173
No par
114 2114
1612 Jan 2 1814 Jan 9
7
94
94
94
94
94
0412 .93
94
94
94
94
94
110 Kendall Co pt pi ser A
No par
55
6518 94
903 Jan 8 9112 Jan 22
4
165 167
8
165 171
8
165 17
8
163 167
8
163 17
8 1612 163 14.600 Kennecott Copper
4
4
No pat
2
16
1614 Jan 15 184 Jan 7
155
231 1
1912 11
.912 11
.912 11
.912 11
.912 11
.912 11
95
Kimberly-Clark
No par
1018 Jan 15 11 Jan 8
94 181,
*43
8 5
.43
8 5
4% 5
*45
8 5
5
5
71,
53 Jan 3
400 Kinney Co
*43
4 5
No par
43 Jan 22
4
214
3
•313 34
4
3312 34
33
35
35
430
•35
37
Preferred
375* 344 38
No par
1311 91
33 Jan 22 38 Jan 23
12
4 2012 203
20123203
4 203 207
4
8 2034 207
8 203 21
4
205 20 4 9.300 Kresge (S S) Co
8
3
1338 223,
8
1014
10 2018 Jan 15 217 Jan 2
•107, 10712 109 109 .108 110 .109 110
4
109 110 .10618 11012
40
7% preferred
9914 101 s114
100 10612 Jan 16 112 Jan 4
.4 ,,, 41: •4
412 *4
412, •4
412 .4
412 .4
Kresge Dept Stores
412
2
No par
312 Jan 15
4 Jan 17
212
71,
.41
45
.4212 45
45 45
45
45
•43
__ .43
40
Preferred
100 42 Jan 11 45 Jan 22
12
19
55
67
07
68
.6517 68 .65
*6512 67
*654 1612 67 67
200 Kress (S II) & Co
273
No par 66 Jan 14 6912 Jan 7
4
38
651
2634 2712 265 27
27
27
2612 265
8 2558 2612 25
8
2512 13,000 Kroger Groc & Bak
25 Jan 25 283 Jan 2
19
Nis par
2314 3331
4
23
.20
.20
2212 •20
23 .20
23
•20
23
80 Laclede Gas Lt Co Si Louis __100 20 Jan 4 21 Jan 12
20
631
2014
20
20
*30
31
.30
31
30
30 .30
31
31
31
31
31
30
57 preferred
100 28 Jan 4 31 Jan 24
27
27
60
,
275 275
8
2712 277
8 275 28
4
s 2712 273 *2712 277
8 277 28
8
1,300 Lambert Co (The)
No pat
267 Jan 17 2812 Jan 8
8
2214 313
193
8
4814 10
917 *814 912 *9
.814
10
.812 10
.812 10
Lane Bryant
5
141
44
9 Jan 3
87 Jan 11
8
No par
12
113 121 •113 12
4
;
12
4
124 1214 1238
12
1214 1214 2.200 Lee Rubber dr Tire
5 1112 Jan 2 1278 Jan 7
7
141
57,
.1512 1618
164 1614
16
16
*1412 16
*1512 16
.1534 1614
300 Lehigh Portland cement
9
11
50 15 Jan 12 173 Jan 7
20
9712 .92
9712 *92
.92
9711 .92
95 .92
95 .92
95
7% preferred
73
100 894 Jan 3 96 Jan 14
73% 90
934 104 •93 10
93 10
4
4
9 8 95
5
8
93
8 93
8
912 9 8 1.200 Lehigh Valley RR
5
5(
912 211
918 Jan 15 1112 Jan 7
912
.212 25*
212 212
8 27
8
212 212
278 27
8
25
258 234 2,700 Lehigh Valley Coal
278 Jan 4
212 Jan 15
2
No pa
212
5
10
1014 10
*1012 1114
105* 1118 1212 1112 1213 1214 1214 4,900
Preferred
4
1212 Jan 23
50
5
10 Jan 21
182
7113 713 7218 7214 7214
714 7214 71
7112
7114 711
71
4
1,800 Lehman Corp (The)
6912 Jan 17 74 Jan 8
583
No pa
4
6414 78
•154 18
8
1578 154 1512 15's 16
4
153 153 *157 16
4
1714
1,400 Lehn di Fink Prod Co
9
1512 Jan 24 1714 Jan 25
114
1112 231
31
3114 294 3114 2912 3018 283 2934 2812 2914 13,300 Libby OWella Ford Glass__ Nova
307 31
8
4
2212 431
21
, 2812 Jan 25 3234 Jan 2
4 227 227
8
8 2218 221R
22
22% 223
221 *22
,
2238 2214 2214
800 Life Savers Corp
155
2
5 2112 Jan 17 23 Jan 3
1718 24
10314 1033 1033, 1031 .1027 10312 103 103(3 10312 10313 10312 10313 1.100 Liggett & Myers Tobacco___2/ 102 Jan 15 10712
8
Jan 4
714
73
110
1053 IOS'z 105% 1053 105 10512 105 10514 104 10414 1043 10484 4,600
8
4
Serles 13
7314
21 102 Jan 15 10912 Jan 4
7412 1111
4
15312 15312 15312 1531 .152 1533 152 154 .152 154 .1527 154
8
200
Preferred
100 15112 Jan 7 15312 Jan 19 123
1521
129
19
1814 1813 *184 184 1812 181 •1818 1834 *1818 1834
•18
200 Lily Tulip Cup Corp___No par
1414
1818 Jan 9 1914 Jan 3
18
28'
2212 2112 2112 *2014 221 .2014 2212 .2012 2212
22
22
*22
300 Lima Locomot Worke__No par 2112 Jan 2`' 2412 Jan 5
1514
1514 361
19
19
Ill
19
8
1912 1912 1912 197
187 187
8
8 20
203
8
1,700 Link Belt Co
No par
3
1714 Jan 16 20 8 Jan 25
114
1112 191
28
2834 2758 2814 274 273
2812 2812 284 29
4 28
28
1,700 Liquid Carbonic
No par z27 Jan 18 307 Jan 8
164
1818 351
8
4
3214 3234 323 33
323 3314 323 333
4
32
3214 323 33
8
8
11,300 Loew's Incorporated
No par 3112 Jan 15 343 Jan 2
20,1 37
8
1912
•10212 104 .10312 104 .10312 1033 10317 10312 1033 1037 .10312 104
4
4
8
300
Preferred '
No par 10212 Jan 17 1045 Jan 8
66
8
72
105
112
112
13
8
138
13
8
112
13
8
112
114
11 1
138
13
8 1,500 Loft Incorporated
No par
112
3
112
114 Jan 24
131 Jan 2
2
15
8
134
17
.17
8 *134
8 2
114 *114
2
.13
4
218
600 Long Bell Lumber A
No par
13 Jan 21
8
238 Jan 2
1
1
3
358 3534 3514 355 *3412 3514 3514 3514
*3531 36
354 36
8
900 1,008e-Wile, Biscuit
25 3514 Jan 23 36 Jan 2
3314 :44.4
3314
__ •127
--_ •127
___ •127
.125
_ _ .127
-•127
_
_ -_
7% 1st preferred
100
116
119% 128 2
i(13
203
2014 - 3 2034 - 8 204 - 8 2014 - 8 2012 - 8 205 -- - -203
205
205
8 203
4 9,1116 Lorillard (P) Co
10 19 Jan 15 2143 Jan 3
14 4
3
153
4 2212
__ . 135 13514 13514 13514 .13514 137
•134
135 13514 135 13517
150
7% preferred
100 13012 Jan 3 13512 Jan 25
9812 102 s130
138 •114
112 .114
•114
1par
-12 *114
112
114
I', .114
112
100 Louisiana 011
No
,
is
1 Jan 4
17 Jan 7
8
3
4
3
.1 ii8 14
.1138 14
114 113 .1112 1334 *115 1212 *114 1212
4
8
50
Preferred
100 1014 Jan 17 141z Jan 8
714. 2312
6
13
al3
1314 al3
13
13
1278 127
125 13
8 13
13
2,500 Louhiville Gan & El A -_No par
1212 Jan 2 1418 Jan 10
12
21
12
4214 4212 9212 4212 42
4212 43
4212 4212 4212 4214 423
8 1,400 Louisville & Nashville
100 40 Jan 15 4712 Jan 7
374 62
3412
8 17
18
17
1714 1734 1712 177
1714 16% 163
4
17
17
2,800 Ludlum Steel
1
1512 Jan 15 1814 Jan 8
712
814
19
9912 10112 10112 10112 100 101
99
il9
*9912 102 .100 10118
800
Cony preferred
No par 9014 Jan 4 10112 Jan 21
50
60
97
4 417 417
8
4112 4112 4112 413
4 40
8
8 415 413
4012 .403 41
8
1.100 MacAndrews & Forbes
10 40 Jan 24 42 Jan 9
30
42
21
*113 ___ •11312 ___ .11312 ___ .11312 ----'115 11812.115 11878
6% preferred
100 11312 Jan 18 11312 Jan 18
111
95
875*
- ___ ___ ___ ._ ___ ___ ___ ___ ___ _ .
Mackay Coe preferred
100
_
__
204
2018 33
•[lid and asked prices. no sales 011 this lay.
1 Companies reported In reeeivership.
a Optional sale. e Cash sale
s Sold 15 davit. s Es-dividend.
v Es-rights.
New York Stock Record-Continued-Page 6
604
HIGH AND LOW SALE PR10ES-PER SHARE, NOT PER CENT
Saturday ' Monday
Jan. 19
Jan. 21
Tuesday
Jan. 22
Wednesday
Jan. 23
Thursday
Jan. 24
Frtday
Jan. 25
6 per share $ per share $ per share $ per share $ per share
264 253 26
8
26
26
26
26
26
254 26
40
40
40
40
4012 40
4
40
40
393 393
4
*57
8 64
57
8 6
6
6
6
6
*6
614
*1912 2034 195 193 51912 2014 20
8
8
20
20
20
517
8 2
14
17
8
2
2
*178
2
517
8 2
*1412 16
1614 1714 1612 194 17
17
51614 174
*114
112 513
13
4 *14
8
14 514
13
4
112
14
4 514
5
*33
512
4 514 *33
43
4 612 *43
4 514
712 *514 74 *514
*518
714 *514 714 *518 614
*32
36
532
36
32
32
531
36
*31
36
194. *184 1914 *1812 19
1918 1912 19
10
19
11
11
51112 1212 12
*11
12
12
*11
12
5112 214 *13
4 2
*112 2
17
8
14 5112 2
514 514
53
8 53
8
53
8 53
8
5 8 53
3
8
514 514
63
8 64
614 612
614 614
614 65
8
64 63
8
1
1
1
1
*3
4
14
*0
4
118
3
4
3
4
4 *212 43
43
4
4 5212 43
5212 43
43
4 43
4
4 *3
6
6
612 612
618
.512 6
512 612
6
8 *1
112 17
17
8 *1
17
8
17
8 *15
8
17
8 *14
25
254 2514 253
2512 25
8 25
2512 2412 2514
10
104 10
10
1018
10
912 95
93
4 97
8
8
95
8 97
8
734 73
4
812 813 *814 812 *814 812
814 812
8
812
2812 2834 281212812
W 2 12 2912 2912 2912 284 2914 2812 29
9
*136
_ _ *136
___ *136
___ *136
_ *136
- •136
43 434 *433 8 44
433
4234 - 12 4312 - 4 4314 14
4i
43 43/8
6
6
6
6
6
6
6 18
6
6
6
6
64
4
4 3514 3514 343 343
4
353 353 53512 353
4
4
353 3
4 6
35
3
6
34
34
34
*33
*3318 34
34
34
*33
533
34
*33
*8614 88
588
8614 8614 8614 8614 88
907
90
8
90
90
5293 30
8
4 3012 307
8
304 303
8 30 4 303 5293 30
4 304 303
3
4
1158 11
11
115 12
8
1118 10 4 11
3
113 12
4
103 1118
4
1018 10
107 104 1012 1012 1018 1012 10
10
8
*94 1018
65
65
564
68
6812 65 65
565
69
*65
*66
69
83
8
83
8 58
83
8 58
83
8 *8
*812 85
8
812 812 *8
3818
8 3814 3812 38
383 3918 3812 3914 383 3918 3814 387
4
4
9518 954 95
9512 *944 9512 9412 95
95
*93
95
*93
4
814 814
814 812
8
818
818 83
74 8
814 812
4138 415
8
4234 41
4213 417 42
39
8
8
*39
394 •387 40
4
8
4
1314 123 124 1234 1312 135 133
1314 1314 13
1314 1314
944
944 589
937 589
8
937 •89
943 *89
8
8
*89
997 *91
8
423
8
8 4214 4214 42
8 4112 423
8 4214 423
4212 4212 4214 425
*44 5
5
5
53
8
414 412
5
414 412
8
412 55
3412
34
29
35
35
343 3812 34
*2812 30
4
•29
30
wirmr.....4
52434 30
52434 30
4
*243 30
4
4
5243 30
5243 .10
4
•243 30
4 263 273
4
8
8
2518 255
8 2534 2618 2538 2618 2534 264 255 263
2814 *28
2814
2814 528
2814 2814 528
2814 *28
2814 *28
3
3
3
34
34 314
314 314
34 34
*318 34
8
8
8
4 115 113 *115 12
8 113 113
8
1158 113
4
4
4 113 113
4 117 117
1212 1212
13
8 1314 133
123 123
4
1272 1314 134 133
4
4 13
6812 70
67
66
673 683
8
67
4 67
6618 674 69
66
60
60
60 6014 GO
*5918 60
GO
*593 6012
4
60
60
8
_ __
51027 . .... 51027 - .... *1027 -___ •1027 _ __ *101
8
_ __ *101
8
8
514
518 - 14
5
518 5
-53 5 4 512
8
518 -514
514 -53
8
4118 4014 417
8 40
41
404 4014 4014 41
3614 367
8 37
514
N
3a
N
N
14
N
4
14
53
N
*14
*78
132
138
578
*72
*78
138
138
138
*78
*72
132
2
2
*158 2
515
5138 2
8 2
11158 2
*15
8 2
3
3
523
523
4 3
4 3
52 4 3
3
23
4 23
4 *23
8 23
4
512
512 512
53
8 54
54 512 551.1
54 514
5
512
1218 1134 113
13
12
1112 1212 12
4 1112 1112 *1178 1214
212 52
212 52
212
214 214 52
212 24. *214 212
314 314
314 33
313 34
8
314 314
3
4 33
314 312
8
4
1514
15 4 515
3
4
15
15
.143 153 "143 1534 515
4
15 4 *15
3
59
59
58
*583 59
*58
8
583
5818 5812
4 5812 59
59
8
273 28
8
4
4 263 267
8
273 274 267 2712 267 2714 264 263
8
8
61
62
561
62 62
6112 61
613 62
*61
4
*603 63
8
*544 80
*544 80
*5418 80
55418 80
*5418 69
*5418 80
12
*12
12
12
2
8
12
12
12
12
12
12
12
124 *914 115
1212 *9
1212 *9
*9
8 *914 1212
1212 *9
3
2512 2458 2512 *2412 25 4 2412 2412 .2412 25
5245 2512 25
8
1018
1018 1038 10
4
07 10
8
93
8 93
4 94
03
4 03
4
03
1112 11
113
8 107 11
8
10
4
1014 103 1112 113 1212 11
4
5712 54
54
55
507
8 5014 59
4514 4714 47
5512 54
4
8
8
4 153 153
4
4 1558 155
•1514 1712 *153 1714 *1534 1712 5153 163
74 714
714
474 75
8
74 714
718
7
714
7
7 18
3212
3212 *2812 3212 *31
31
31
529
31
31
32
531
164 164 1618 1612 16
1614
173
8 167 17
2
17
17
1714
24
24
*2114 247
52114 23
8
*21
23
23
521
25
*21
6
64 63
618 64
8
8
6
614 614
63
8 63
614 614
577
8 818 *73
8
7 4 712
,
4 8
4 5713 77
77
8 74
73
4 73
8
8 .618 65
27
8 514 5---- _- - ---64 63
612 612
-8 2
93
4 20
4
283 2914 283 2918 2812 2918 283 - -14 287 - - 8
4
283 29
8
8
*13.5 146 *135 146 *1397 149 5139 149 5139 148 5140 148
4
8
164 17
4
163 167
163 163
4
4 163 17
8
163 164 167 17
8
1618
1614 16
1614 163
8 164 1612 1614 1612 1618 1614 16
332 37
2
312 33
378 4
4
33
2 37
2
414
37
4
412
30
323
8
8
8
4 295 31
3114 3314 3014 .3214 303 3114 3014 303
8
2618 263
4 263 27
8 2614 2714 2612 2718 2612 27
2614 263
e
11125
274 *2514 28
*25
2712 *254 2712 2714 2714 *2512 277
8
14514 149
*140 153 *14514 153 *14514 153 5146 1497 147 147
5150 155 *150 160 *151 1554 *15214 1554 152 15214 5150 1534
12212 12212 .1215 124
8
*12212 _
*12212 124 a124 124 •12212
64 - -7718
68
4 712
7
7
Ps
67
8 7
63
67
8 7
4
1
*12 112
*3
*3
4
112
112
*12
*12
112 ' 112
12
812
5
8
*3
8
*12
N
lz
512
12
5
8
12
58
12
4912 4934 49
4
493
8 483 495
4
8
4834 4914 4912 5018 493 50
13
1272 1212 127
*12
127 *12
2 13
2
1234 1234 1272 13
45
45
45
4512
4312 443
8 4412 45
8
5
*4218 443 543 8 45
•101g 1012 1012 105, 1012 1012 1012 1012 *1018 1012 1018 1012
234 2314 2312 2414 2434 254
23
25
523
523
233
4 23
*4438 4658 4458 4452
*444 47
*443 47
8
54412 47
*4418 47
109 109
110 110
110 110
*110 11012 11012 11012 110 110
*6
10
*6
10
10
56
10
10
*6
*6
10
*6
63
4 63
4 74
4 564 714
63
7
4 64
7 14 *63
563
4 7
211
8
26
26
8 26
52514 257 525
26
26
263
26
26
2
2
1814
1814 183
177 1852 18
183 193
2
4
4 183 1918
183 1914
4
8
8
1012 1012 *1012 1214 *1012 117 •1012 1214
•1012 114 5103 12
21
4
21
193 193 520
4
21
*20
21
213 *2112 2214 520
4
5212 33
4 *23
4 •3l
4 3
4 *23
4 33
3
34
3
34 318 52 4 33
4
93
4 5612 03
8
8
*614 93
4 *713 93
4 56
4 *,
6 2 93
122 122 5122 124 5122 124
122 122
5122 124 *120 124
112 160
5112 160 *112 160 5112 160 *112 160 *112 160
$ per share
4 2614
393 40
4
*578 618
•1912 2012
*178 218
5144 1614
5114
13
4
*33
4 5
44 54
532
36
19
193
4
'11
1212
112
112
•514 53
8
614 614
*12 118
*3
43
4
*414 512
112
51
2412 2412
12
12
12
---- ---- ---7
712
7
123
8 12
12
512 6
*514
*3
4
*3
4
1
1378 137
8 134
•7812 84 .7812
81
5795 82
8
*9232 97 .93
33
333
4 3314
5114
112 5114
4
2
17312 1733 "1727
10012
*100 101
8
127 1318 125
8
95
397 3 8 3 8
8 97
33
4
3% 37
s
6012
62
560
5
812
584 19
9112
94
591
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Jan. 26 1935
Range Since Jan. I
On Balls of 100
-share Dots
Lowest
Highest
July 1
1933 to Range for
Dec. 31 Year 1934
1934
High
Low Low
par $ per share
8 per share $ Pea sh
No par 253, Jan 22 2818 Jan 8
Mack Trucks Inc
22
No par 383 Jan 15 444 Jan 2
Macy (R 11) Co Inc
3514
4
64 Jan 8
Madison Sq Gard v 1 6._ No par
212
512 Jan 2
8
Magma Copper
10 183 Jan 16 2214 Jan 7
1214
2 Jan 4
MallInson (II R)& Co___No par
17 Jan 15
1
8
4
100 13 Jan 15 194 Jan 23
7% preferred
7
8
2 Jan 4
(Manati Sugar
112 Jan 23
100
612 Jan 23
4 Jan 7
1
100
Preferred
8
57 Jan 19
8
45 Jan 15
8
No par
Mandel Bros
/Manhattan By 7% guar _100 32 Jan 23 3412 Jan 5
14
100 1713 Jan 15 21 Jan 5
Mod 5% guar
103
4
Manhattan Shirt
104
25 11 Jan 15 1314 Jan 5
17 Jan 23
8
112 Jan 19
Maracaibo Oil Explor___No par
118
512 Jan 14
Marancha Corp
5 Jan 3
418
5
65 Jan 24
8
Marine Midland Corp
5
6 Jan 2
5
Market Street By
100
3 Jan 7
4
118 Jan 8
13
Preferred
24 Jan 2
2
5 Jan 8
100
612 Jan 21
Prior preferred
100
37 Jan 2
3
8
2nd preferred
4
214 Jan 8
100
118 Jan 10
12
8
Marlin-Rockwell
No par 2214 Jan 10 255 Jan 23
Marshall Field & Co
912 Jan 25 1114 Jan 3
No par
83
8
Martin-Parry Coro
2 14
94 Jan 7
No par
73 Jan 10
4
Mathieson Alkali Works No par
273 Jan 15 32 Jan 8
2312
4
Preferred
100 136 Jan 2 136 Jan 2 1054
23
2:800 May Department Stores
10 4114 Jan 12 44 Jan 22
1,500 Maytag Co
5158 Jan 12
314
65 Jan 4
8
No par
1,200
Preferred
8
No par 33 Jan 15 365 Jan 9
83
4
20
Preferred ex-warrants_No par 3212 Jan 7 35 Jan 10
8
Prior preferred
180
No par 8412 Jan 4 91 Jan 10
27
800 McCall Corp
22
No par 2912 Jan 16 32 Jan 10
8,700 :McCrory Store, olassA No par
93 Jan 12 13 Jan 3
4
3
4
3,200
Class B
Vo par
93 Jan 12 1218 Jan 3
8
113
200
Cony preferred
100 605 Jan 9 69 Jan 17
8
312
200 McGraw-Hill Pub Co ___No par
4
812 Jan 5
812 Jan 5
5,900 McIntyre Porcupine Mines
285
8
8
-6 363 Jan 15 43 Jan 10
600 McKeesport Tin Plate_ __No par 9012 Jan 15 97 Jan 3
6714
6,900 McKesson & Robbins
8
5
712 Jan 15
312
87 Jan 2
5,600
Cony pref series A
.1
012
. 50 37 Jan 15 423 Jan 22
4,200 :McLellan Stores
12 Jan 12 154 Jan 3
3
4
No par
8% cony pref ser A
5
100 88 Jan 12 90 Jan 9
2,500 Melville Shoe
1712
No par 41 Jan 2 434 Jan 11
8,800 Mengel Co (The)
4 Jan 17 1 53, Jan 22
312
1
1,450
7% preferred
24
100 28 Jan 11 3812 Jan 23
March & Min Transp Co_No par
2512
13,000 Mesta Machine Co
8
5 2418 Jan 15 273 Jan 25 z2018
100 Metro-Goldwyn Pict pref____27 28 Jan 2 2814 Jan 3
18
700 Mfaml Copper
1
3 Jan 15
35 Jan 7
8
24
1,100 Mid-Conttnent Petrol
918
8
10 11 Jan 15 127 Jan 2
3,400 Midland Steel Pr.d
612
No par
1112 Jan 2 1378 Jan 8
570
8% cum 181 prof
100 62 Jan 12 70 Jan 22
44
500 Minn-Honeywell Regu....-No par
203
8
58 Jan 15 62 Jan 10
_ _ -__
6% prof series A
100 105 Jan 9 105 Jan 9
68
9:400 Minn Moline Pow Impl __No par
45 Jan 12
8
53 Jan 2
4
112
5,400
Preferred
8
No par
3412 Jan 15 417 Jan 22
16
14
700 :Minneapolis & St Louls____100
14 Jan 7
3 Jan 7
2
Minn St Paul & SS Marie_ _100
3
4
100
7% preferred
114
100
2 Jan 21
2 Jan 21
70
4% leased line ctfs
100
212 Jan 4
3 Jan 14
113
1,600 Mo-Kan-Texas RR
No par
5 Jan 19
43
8
614 Jan 7
1,900
Preferred series A
100 1112 Jan 19 1412 Jan 7
12
300 :Missouri Pacific
10t1
2 Jan 2
3 Jan 4
1 12
1,800
Cony preferred
100
24 Jan 3
4 Jan 7
218
100 Mohawk Carpet Mills
20 143 Jan 16 1612 Jan 3
4
11
2,400 Monsanto Chem Co
10 563 Jan 16 6012 Jan 3
8
39
24,900 Mont Ward & Co Inc____No par
2614 Jan 15 3012 Jan 7
1514
400 Mortal (J) & Co
No par 61 Jan 25 65 Jan 8
344
Morris & Etwex
50_- 5514
1,000 Mother Lode Coalition___No par
4 Jan 16
5 Jan 8
8
33
Moto Meter Gauge & Eq
1
134
900 Motor Products Corp_ ___No par 24 Jan 15 283 Jan 4
8
1514
1,900 Motor Wheel
5
94 Jan 15 113 Jan 7
4
614
5,700 Mullins Mfg Co
No par
9 Jan 15 1212 Jan 22
34
5,160
Cone preferred
No par 364 Jan 11 59 Jan 22
10
300 Munsingwear Ina
153 Jan 25 153 Jan 24
8
No oar
4
10
5,700 Murray Corp of Amer
10
63 Jan 14
8
8 Jan 7
38
5
200 Myers F & E Bros
No par 30 Jan 12 32 Jan 3
1312
10,500 Nash Motors CO
No par
16 Jan 25 1912 Jan 7
123
8
310 Nashville Cbatt & St Louis -100 24 Jan 11 2712 Jan 8
194
1,400 National Acme
1
6 Jan 2 7 14 Jan 7
3
400 National Aviation Corp...No par
614
714 Jan 25
814 Jan 9
- _ --- (National Hellas Hess pref--100
27 Jan 23
8
64 Jan 17
314
14,300 National Biscuit
10 273 Jan 15 3014 Jan 7
8
2678
100 142 Jan 3 14514 Jan 18 12912
7% cum prof
3,400 Nat Caen Register
No par
155 Jan 15 183 Jan 3
8
8
12
9,900 Nat Dairy Prod
No par
16 • Jan 15 17 Jan 8
1114
16,900 (Nat DepartmentStores_No par
25 Jan 2
8
45 Jan 17
8
4
3,600
Preferred
100 2114 Jan 3 333 Jan 17
4
3
20,400 Nati Distil Prod
No par
243 Jan 15 2914 Jan 3
4
16
100 Nat Enam & Stamping_No par
2714 Jan 24 2814 Jan 8
10
100 National Lead
100 145 Jan 18 16812 Jan 14 100
200
Preferred A
100 150 Jan 18 15214 Jan 24 122
90
Preferred B
100 122 Jan 9 12412 Jan 16
993
4
6,400 National Pow & Lt
No par
63 Jan lr
8
74 Jan 2
63
8
Nat Ity8 of Mac 1st 4% pt___100
1 Jan 10
1 Jan 10
4
12 Jan 2
200
2d preferred
100
3 Jan 11
8
38
9,100 National Steel Corn
25 4614 Jan I' 5012 Jan 9
33
700 National Supply of Del
25 12 Jan 15 145 Jan 3
8
914
170
100 41 Jan 15 473 Jan 3
Preferred
8
33
700 National Tea Co
No par
10 Jan 16 113 Jan 4
8
9
1,700 Neisner Bras
4
No par 223 Jan 16 26 Jan 7
4
100 Newberry Co (J J)
No par 4312 Jan 2 48 Jan 10
15
70
100 109 Jan 25 11114 Jan 15
7% preferred
80
:New Orleans Texas & Mex._100
53
8
8 Jan 3
1
612 Jan 15
800 Newport Industries
5
500 N Y Al! Brake
No par 25 Jan 15 2814 Jan 4
1112
23,700 New York Central
No par
173 Jan 15 213 Jan 7
e
4
1838
100 N Y Chic & St Louis Co
100 10 Jan 18 13 Jan 4
9
400
Preferred series .4
100 194 Jan 15 25 Jan 7
1414
100 New York Dock
34 Jan 22 318 Jan 22
100
23
8
100
100
Preferred
73 Jan 15
4
8 Jan 11
5
20 N Y & Harlem
60 11912 Jan 15 122 Jan 22 101
Preferred
50
112
1900 IN Y Investors Ina
No pa,
12 Jan 9
5 Jan 3
8
1
1
1
1
1
*3
8
*1
3
8
1
38
--------NY Lackawanna & Western _ I 00
7812
---- ---- - --- ---- ---- ---- ---- ---- ---- __
63
4 67
8 3,600 NYNII& Ilartford
4 7
563
812 Jan 4
65 Jan 15
8
634 7
74
673 74
100
6
1112 117
8
8 2,700
COO. preferred
,
4
1214
*1112 12
8
1112 113 •115 12
100 11 Jan 15 143 Jan 7
1012
3
6 Jan 19
512 543
8 512 544 512 5438 5 2 1,200 N Y 0flail° & Western
512 *5
100
5 Jan 4
412
N Y Railways pref
*3
4
1
1
No par
re Jan 9
1
1 Jan 9
53
4
*3
4
1
1
*3
4
5
8
8
800 N Y Shinbidg Corp part stk.-„1
127 13
8
13
4 1314 1314 13
13 8 *133 133
7
127 Jan 25 1618 Jan 7
8
918
*8114 83
7% preferred
8
86
8
*7818 857 .781g 857 *7812 83
10e 854 Jan 8 87 Jan 7
6912
80 N Y Steam kfl pref
82 82
8112 8118 811g .8118 82
81
81
No par
80 Jan 12 85 Jan 2
70
50
593
97
97
*93
9512 97
9512 593
$7 let preferred
9212 Jan 2 97 Jan 22
96
No par
83
8 33
333
8 327 3314 3,300 Noranda Mines Ltd
8
8
8 333 333
3312 333
34
25
4
8
No pa. 303 Jan 15 353 Jan 3
(Norfolk Southern
17
8 *114
17
8 *114
*114
13 Jan 17
8
14
14 *114
13 Jan 17
8
100
17
11
1
175 175
500 Norfolk & Western
2
2
17414 1743 17438 1743 1743 517312 175
2
8
100 16712 Jan 2 1743 Jan 22 138
10
Adluat 4% pref
10012 *100 101 '100 101 *100 101 *100 101
100 99 Jan 10 101 Jan 12
77
8 123 127 17,200 North American Co. ____No pa, 1218 Jan 24 1312 Jan 2
13
1212 123
8 1214 1212 1218 123
8
1014
8
8 1,400
Preferred
4 4018 405
50 3918 Jan 15 404 Jan 25
31
*3914 3 4 394 394 3914 393
9
4
0
4 Jan 23
33
8
4 34 6,800 Norte Amer Aviation
34 4
5
I
33 Jan 2
258
34 4
3
34
37
s
2,700 No Amer Edison pret__No par
GO
614 5912 6014
6112 614 64
6012 61
57 Jan 3 64 Jan 25
39
'
,
*812 1618 5932 1612 *93, 1612 *93 1618
forth German Lloyd
10
8
718
8
9112 *91
10 Northern Central
94
*915 04
92 Jan 7
.91
94
*915 94
8
50 9112 Jan 21
71
,
• Bid and asked prtces. no sale on this day
Shares
3,100
2,100
700
300
300
280
100
510
700
10
2,800
400
300
1,300
8,000
140
30
930
120
2,100
3,300
1,000
2,500
I Companies reported In receivership.
a Optional gale.
e Cash cab°
s Soil 15 days. s Ex-dividend
$ Per share
22
414
3514 8218
25
8
7
1512 12314
14
414
75/3 334
7
8
33 ,
4
114
914
3
812
20
41
10 4 294
3
1012 203
s
118
34
44
54
52
,
0
12
24
814
2
3
1214
1
414
17
33
193
8
125
8
401
4
136
453
4
81
4
36
323
4
9212
32
1212
123
633
8
104
5012
9518
914
4234
1718
9212
42
11
52
84
4
2312
110
30
44
10
9
49
24
11
,
114
514
4
3813
79
414
1172
1
912
26
312
24
2512
32018
21
27
8
912
64
44
36
87
14
1512
14
14
514
113
43
8
12
12
,
218
1212
39
20
37
333
4
253
4
2814
612
143
4
2172
854
65
107
54
41
18
33
8
518
712
1473
343
8
6
914
224
615
8
355
8
63,
4
58
3
8
8
1514
63
8
514
1212
13
34
14
125
8
194
34
54
34
2o7
8
131
13
13
1
5
16
1812
135
122
10012
65
8
3
4
38
3412
10
334
9
612
31
100
0
512
1112
1832
9
16
24
5
108
112
8
8
83
6
1012
412
38
912
72
73
00
3014
lig
161
82
1014
34
25
8
474
74
81
71
13
8
12
4434
1612
1558
46
2514
113
8
33
324
46
872
134
124
4612
14812
233
8
183
4
37
11
2818
3158
324
170
14618
12112
15,
2
24
1
5814
2118
60
183
4
3014
497
8
112
25
13
283
4
45 4
,
2633
4314
814
20
139
120
114
96
244
375
,
115
8
13
4
227
2
893
4
9912
10973
454
412
187
10012
254
45
84
744
16
9214
p Ex-rights.
New York Stock Record-Continued--Page 7
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 19
Monday
Jan. 21
Tuesday
Jan. 22
Wednesday
Jan. 23
Thursday
Jan. 24
Friday
Jan. 25
*38 2 39,2
July 1
STOCKS
Range Since Jan. 1
1 1933 to Range for
1
NEW'YORK STOCKOn Basis of 100
-share Lots I Dec. 31 Year 1934
EXCHANGE
1934
Lowest
Highest
Low Low
High
Sales
for
the
Week
$ per share $ per share $ Per share $ per share $ per share 5 per share Shares
177 185
8 183 183
8
4 18
1812 1714 183
8 178 18
177 1814 8,600
8
*361 383
/
4
8 3338 383 *3612 39
s
*3612 383 *3612 38% *373 383
10
4
4
4
*2
2% '
02
2/
1
4
2
2
2
2
2
2
*2
214
300
8
*2614 317 *2713 31
*2812 318 *2812 30
*2712 317 *273 30
8
4
1018
1018 10
10
10
10% 10
1014 1018 1014 10
5,800
10
37
37
8
37
38 4
4
33
4 37
8
33
4 33
4
33
4 37
8 4,400
2413 2312 2313 •2213 24
23
2212 23
2312 2312 3,400
23
235
47
41 414 *414
/
4
418 4
/
1
4
418 41 *4
/
4
414 412
4%
900
84
*67
*72
84
*71
84
*71
84
*71
84
*71
84
•65
8 7
*67
73
8 *63
4 714
68 6% *65
100
8 714 *65
8 7
15
*145 14% 15
8
1413 15
1434 15
145 15
8
143 1514 7,800
4
107 10714 10712 10712 10712 10712 *10712 108
10612 107
10712 10712
370
6
61
/
4
638 714
4
612 65
612 63
8
638 714
4
658 63 32,300
29
3413 3412 46
39
39
4313 38
39
4012 41
43
9,200
*4218 4412 *4218 4412 *3412 4413 *38
4413 •38
4412 *38
441
/
4
*1123
4
_--_ *1123
4
*1123
4
4 ___ *1123
_ •1123
4
_ ..
_ ___
86 1612 8614 *11234--- 2,300
87
863 4 87
865 8 87
8612 li
863 87
4
214 214 *134 212 *13
*13
4 214
4 212 *134 2
/ •13
1
4
20
4 212
5
5
*5
6
513 6
*5
6
53* *5
*5
6
130
33
35
*3
33
37
*3
*238 33
*3
33
8 *213 3
10
14
133 14
14
14 / 1414 1418 141 14
1418 14
/
4
1414 8,200
*2238 227
8 223 223
8
8 22
22
22
22
2114 2114 219 22
1,500
*19
20
19
19
*1812 19
19
19
*1812 193
4 1812 1812
300
4
7113 7113 713 72
72
*713 72
72
4
72
72
*7112 7214
300
4
*1113 115 *1113 115 *113 115
4
113 113 *11314 115 *1133 115
4
90
*73* 73
8
714 714
714 714 *7
700
73*
714
714
7
7
47
47
47
518
g 5
5
434 47
48 5
43
4 48 17.100
*11
11
1212 *11
H
1212 *11
1212 •11
12
*11
12
200
*16
197 •16
193 •16
4
191 16
/
4
197 *16
16
*1614 197
8
200
*7
8
.7
8
1
•7
8
1
*7
8 1
1
1
1
57
1
100
11 118 *1
/
4
11
/
4
7
8
*%
*7
11
8
/
4
'8
1
7
8
300
7
8
*9
12
*9
12
*1014 12
*93 12
4
*9
113
4 •9
113
4
35
312 3 8
5
3
34 312
/ 33
1
4
/
1
4
38 31
312 312 23,400
358
*3
31
/
4
3
/ 3
1
4
/
1
4
3
314
3
/ 314
1
4
3
3 1s
4,000
27
3
118
114
118
114
118
114
118
114 •118 114
118
Ils 5,700
15
15
15
1518 154 153
8 1513 157
4 1514 157
/
1
1514 1514 4,700
12
1118 1114 11
12
115 113
1118
8
4 11
11
11
11 18 3,100
13
113 112 *13
4
8
112 *13
138 *13
112 *138
112
13
8
200
68
*6414 67
*66
6512 6512 6613 6612 *66
68
861 6658
/
4
900
72
7214 72
721 713 7214 7112 72
/
4
4
71, 713
4
4 71
711 4,700
/
4
•10613 111 *10612 111 *10613 111 *10612 111 *10612 109 *10612 109
*2
35
8 *2
33
*2
8 *23
3
4 3
*25
8 314 •25
8 314
*43
8 413
438 43
43* 412
8
414 414
414 412
43
8 43
8 1,700
21
22
22
22
*21
2112 2112 223 23
2413 2412
22
800
217 2213 2214 223
8
4 2218 22% 22
4 2218 2212 9.900
223* 2214 223
*30
31
31
31
8
*3018 327 *303 3212 *31
8
32
*3114 3213
100
*11114 112 *11114 112 *11114 112 *11114 112 *11114 112
11112 11112
20
22% 223
213* 22
8 213 22
21
4
21
2112 21'2 215 23
8
1.800
*23
4 312 •214 3 2 *214 313 *238 33
*23
,
8 338 *238 33*
•164 1912 *15
/
1912 1518 151s 153e 153
1
1538 153 *1514 16
8
400
*27
29
28
28
2712 2712 *2812 30
*2812 2914 *27
2914
200
2113 2112 *20
*2112 26
*21
26
26
*20
22
*20
26
100
*181 1812 1812 1812 18
/
4
*18
18
183* 18
18% •18
1812
600
5
812 81
812
83
8 83
8
8
83
83
8
814 814
814 83
8 3,300
*143 147
4
147 1512 1412 145
8 1412 1438 1414 1414 1414 1438 3,600
2714 2714 2714 2714 263 271
*267 28
8
*26
28
4
277 28
8
1,300
*4014 48
*42
*4014 48
48
*42
48
*4313 48
48 48
100
313 *314 313 *3
*314
31.. *3
313
3
3
10
*3
312
*512 6
*512 6
*53* 53
*514
57
8 *538 53
53* *53
4
4
4 18
4
418
37
2 4
4
41
/
4
4
4 18
4
418 5,900
433
4 4314 4338 428 4238 *423 433
4
8 425 427
433*
8
4313 4312 1,400
*913 13
*9
13
*95 13
8
*10
13
*9
13
*9
13
7113 *6314 7112 *6314 70
*70
*6314 6913 •65
60 *65
693
4
143 147
4
8 15
153
8 145 143
8
4
1413 147
8 1412 145
8 143 153
4
8 6,200
*513 612 *513 612 •512 612 *513 6'2 *512 61
•
512 612
*50
57
*50
57
*55
57
55
55
*50
57
*50
10
57
114
113
113 113
13
8
1'8
13
112
138
13
8
114
13
8 2.700
13
12
12
12
12
1.,
12
12
12
12
1
12 1,400
*47
*478 6
6
*47
8 6
' *48 6
*478 6
*47
8 6
7
8
1
*78
1
1
1
I
1
1
1
•8
7
1
1,100
32
32
313 313
4
4 313 313
4
4 313 313 *317 3212 32
4
3218 2,100
8
4
*74
77
*74
77 '
074
77
7618 761 *7518 761
200
/
4
7613 7612
•105 _
•105 _ __ *105
_ .105 _ __ 105 105 *105 _ __
10
*814 9
*814 9
*81 _/ 9
4
814 .
812
9
- / 1.300
94
1
9 14 *8
32
*28
•28
32
*28
32 .3012 32
*3012 32
*3012 32
*16912 _ *16912 .
*16912*170
-- *170
.. _
_ _
*170 _
77
I%
77
8 8%
7% 818
73 _4 8
78 .- 8 77
77
g --- 3,200
77g
3312 3312 3413 35
34
3414 3213 34
30
30
31
3112
200
*112 218 *15
8 24 *134
/
1
21g *2
21
/
4
21 21
/
4
*13
4 212
100
*10
15
*11
15
*1214 16
*13
16
*13
17
.14
18
17
17
8
2
212
214
214
2
2
/
1
*21 23
/
4
8 *24 212 2,900
35
35
36
3713 3512 36
35
3513 341 34's 3412 3413
/
4
310
'8% 12
*87 14
*8
14
*8
12
*8
12
*8
12
-------------------------145
____
_ ___ ___
•17
8 218 .17
2
2
2
2
2
*17 .-s 21
*17 _-2%
500
77
8
8
8
8
*73
4 8
818 81
/
4
818 814
2,300
8
1018 1018 10
3
10
10
8 *91.1 10
10
912 97
9 8 938
700
*318 4
3
/
1
4
3
/ 33
1
4
*3
4
334 41s
4
3 8 418 1,500
*3
114
114 *114
11
/
4
112
113 *114
112 *114
112 *114
15
8
500
111 1 143
1514
1512 1638 1514 16
8 14
15i8 151 1512 1512 10,300
/
4
234
3%
234 318
23* 212
27
8 27
s
27
23
4 27
27
8 9,400
8
14
14
13
17
1518 163
8 15
153
8 1414 1414
1438 15
6.400
4434 443
4 44 4 447
3
441. 45
4413 4412 x4414 4412 4412 451 4,600
/
4
116 11614 11614 11614 *11512 11614 .11512 11814 11614 11614 117 117
210
2614 2612 261 2612 2614 2612 28
257 26
8
263
8 2614 2714 13,700
/
4
70
•70
70,
2 7014 7014 *69
*693 70
4
70
70
695 7012 1,000
8
4
*821 8413 •823 8414 .823 8414 8212 823
/
4
4
4 8212 8212 '
081
88
500
93
*9118 94
93
*911 9312 *9112 04
/
4
9234 923
4 923 923
4
4
30
10814 10814 *105 10914 *105 10914 *10512 109 *10512 10914 *10513 10918
100
*102 10418 •102 1041 *102 10418 *102 103 *102 103 *102 103
/
4
8 5013 5113 503 51
493 497
4
49
8
z49
4918 493
4912 6,800
4 49
7
7
67
7
7
7
7
718 57
74
/
1
7
7
3,200
57
56
57
57
5338 5358 5418 5418 *54
56
5312 54
180
8 912
93* 913
93
912 912
03
914 914
8 91
/
4
914 914 2,500
18 53
51 53
/
4
518
8
514 513
5
54 53,
/
1
8
518 55 50,000
53*
8
5914 597
573 5913 573 587
4
4
4 5912 6014 6012 6212 14,300
8 587 593
8
4218 393 41
413 4212 41
8
4
393 41
4
40
407
8 405 438 32,900
8
218 218
2
24 24
/
1
218
/
1
2
2
2
2 18
2
24 8,900
/
1
*1912 195 *20
2012 *20
2012 *20
2014 *20
203 *195 20
8
8
7 c39%395 *38
7 *34
*3639
39
39
*351 383
/
4
4 35
35
200
1
*3812 3 / *3812 3912 *3 / 391 *3812 3913 *3812 39
91
4
/
4
8
1
4
365 *36
8
*36
3658 *36
308 •36
365 *36
8
3638 *36
3858
*58
53
53
612
8 7
557
21• 611 557
4
4 *5
100
/ 614 *55g 7
1
4
*37
40
38
*31
40
*35
38
40
*35
40
*33
40
10
218
2
•2
2
*2
*218 212 *218 23
214
08 *2
8
300
12
•1212 1313 *12
12
14
1313 *1112 14
*13
*12
1312
1011
938 10
958 10
1
93
8 93
913 958
8 7,500
914 93
93* 912
75
7512 7513 7412 7412 *7218 7438 74
7412 7413 75
75
900
753
4
743 *70
4
733 *70
4
753 .72
4
*7018 747 *70
*72
74
*._ _ 125 *---- 125 •____ 125 •_ 125 •_ 125 *--- 125
8
5
3
2 4 27
3
23
4 23
4 *23
4
27
8
2 4 23
23
4 23
4 1,500
4
147 153
8
8 1434 1514 143 15
144 1514
4
1412 1434 22,100
145 15
8
8
464 491 1 4812 4912 473 4814 473 4938 485 4938 48
8
8
48% 10,300
49
49
*473 48
8
477 477
8
48 14 48% 4812 48% *475 487s 1,000
8
% *61 738 *61 78 *6,
/
4
5
/
4
*612 7
8 7 8 *618 758 *618 738
*12
20
20
*12
20
*12
*12
20
*12
20
*12
20
86
86
88
86
86
88
88
*78
88 12 881 *8812 89
410
235 24
8
8 231 2318 227 23
2312 2312 2358 24
/
4
8
1,300
*2318 235
14
4 133 14
4
1338 1312 133
1413 14
13
14
*1212 14
1.600
48
4538
4818 481
4712 483
8 4712 4818 475 48
8
4712 48iz 14,600
59 '
05612 59
59
58
58
5912 591 *5613 591 .5613 59
90
*1634 20
*1712 20 '
.1638 1912 *1612 20
017% 20
*173* 20
'
07
10
.612 10
*631 7
*684 10
*63
4 7
7
7
100
255 25% 2518 251 *2478 255
8
2(4 2512 2512 254 208 26
8 3,600
Par
Norther, Pacific
100
Northwestern Telegraph
50
Norwalk Tire & Rubber __No par
Preferred
50
Ohio 011 Co
No par
Oliver Farm Equip
No par
Preferred A
No par
Omnibus CorD(The)ste No par
Preferred A
100
Oppenheim Coll & Co__ __No par
Otis Elevator
No par
Preferred
100
Otis Steel
No par
Prior preferred
100
Outlet Co
No par
Preferred
100
Owens-Illinois Glass CO
25
Pacific Coast
10
let preferred
No par
2d preferred
No par
Pacific Gas & Electric
25
Pacific( Ltg Corp
No par
Pacific Mills
No par
Pacific Telep & Teleg
100
6% preferred
100
Pae Western Oil Corp.__ _No par
Packard Motor Car
No par
Pan-Amer Petr de Trans
5
Park-Tilford Inc
1
Parmelee Transporta'n_ _No par
Panhandle Prod & Ref __No par
8% cone preferred
100
:Paramount Publix etre
10
Park Utah C M
1
Pathe Exchange
No par
Preferred class A
No par
Patin() Mines & Enterpr -No par
Peerless Motor Car
3
Penick & Ford
No par
Penney (.7 C)
No par
Preferred
100
Penn Coal & Coke Corp
10
Penn-Dixie Cement
No Par
Preferred series A
100
Pennsy:vania
50
Peoples Drug Stores
No par
Preferred
100
People's G L & 0 (Chic)
100
Peoria & Eastern
100
Pere Marquette_
100
Prior preferred
100
Preferred
100
Pet Milk
No par
Petroleum Corp of Am
5
Phelpe-Dodge Corp
25
Philadelphia Co 6% pref
50
$6 preferred
No par
:Philadelphia Rap Tran Co__ _60
77 preferred
50
Phila & Read 0 & I
No par
Phillip Mores & Co Ltd
10
Phillipe Jones Corp
No par
7% preferred
100
Philips Petroleum
Vo pa
Phoenix Hosiery
6
Preferred
100
:Pierce-Arrow Mot Car Co
5
Pierce 011 Corp
25
Preferred
100
Pierce Petroleum
Va par
Pillsbury Flour Mills
No par
Pirelli Coo! Italy Amer shares__
Pitts C C& St L RR Co.,.,_
100
Pittsburgh Coal of Pa
100
Preferred
100
Pitts Ft W & Chic pref
100
Pittsburgh Screw & Bolt__ No par
Pitts Steel 7% cum pre!
100
Pitts Term Coal Corp
100
6% preferred
100
Pittsburgh United
25
Preferred
100
Pittsburgh & West Virginia __100
Pitts Young & A alit R77% p1.100
Pittston CO (The)
No par
Plymouth 011 Co
5
Poor & CO clam B
No par
Porto Ric
-Am Tob el A
No par
Class B
No par
Postal Tel & Cable 7% pref __100
:Pressed Steel Car
No par
Preferred
100
Procter & Gamble
'Jo par
5% pre!(ser of Feb 1'29)_100
Pub Ser Corp of N J
Na par
$5 preferred
No par
8% preferred
100
7% preferred
100
8% preferred
100
Pub Ser El & Gas pf$5___No par
Pullman Inc
No par
Pure 011 (The)
No par
3% cone preferred
100
Purity Bakeries
No par
Radlo Corp of Amer
No par
Preferred
60
Preferred B
No par
:Radio-Keith-0mb
No par
Raybestos 1.1anhattan___No par
5
Reading
50
1st preferred
60
2d preferred
50
Real Silk Hosiery
10
Preferred
IOC
Reis (Rohl) & Co
No par
1s1 preferred
100
Remington-Rand
1
1s1 preferred
100
2d preferred
100
Renss & Saratoga RR Co_ _100
tteo motor Car
S
Republic Steel Corp
No par
6% cony preferred
100
6' pre ctLs of dep
Revere Copper & Brass
5
Class A
10
100
Preferred
Reynolds Metal Co ____No par
Reynolds Spring
1
Reynolds (R J) Tob class B.....10
Class A
10
Rhine Westphalia Elec Power _
Ritter Dental Mfg
No par
Roan Antelope Copper Mines_
• Bid and asked prices, 00 sales on this day. :Companies reported In receivership.
605
$ Per share
$ Per share $ Per sh
165 Jan 15 217 Jan 7
8
1412
8
35% Jan 18 3812 Jan 3
38
2 Jan 2
214 Jan 4
158
32 Jan 2 3212 Jan 3
29
93 Jan 8 108 Jan 3
4
812
2
45 Jan 2
8
312 Jan 12
20 Jan 15 263 Jan 2
8
9
418 Jan 15
412 Jan 7
35
75 Jan 16 75 Jan 16
70
5
/
1
4
712 Jan 2
614 Jan 18
1318 Jan 2 1538 Jan 7
113
4
92
106 Jan 7 10712 Jan 12
3
714 Jan 21
5 Jan 12
223 Jan 16 46 Jan 21
4
712
42 Jan 11 45 Jan 8
28
97
83% Jan 11 87 Jan 10
60
213 Jan 7
13 Jan 2
4
118
312
6 Jan 7
33 Jan 2
4
212 Jan 12
4 Jan 7
2
1238
133* Jan 21 1458 Jsn 2
2034
2114 Jan 24 2334 Jan 11
19
1812 Jan 25 21 Jan 2
69
70 Jan 2 72 Jan 21
11112 Jan 14 114 Jan 4
9914
512
812 Jan 3
7 Jan 24
57 Jan 7
24
458 Jan 12
814
103 Jan 9 11 Jan 19
4
165
8
16 Jan 24 173 Jan 11
4
12
7 Jan 4
8
l's Jan 8
13 Jan 7
8
3 Jan 2
4
%
7
8 Jan 4 12 Jan 7
37 Jan 21
11
/
4
31 Jan 15
/
4
33 Jan 3
4
2
27 Jan 16
12
113 Jan 2
118 Jan 10
43
8
14 Jan 15 1714 Jan 2
913
11 Jan 2 1213 Jan 3
1
15 Jan 4
8
114 Jan 2
445
8
64% Jan 2 70 Jan 8
3512
6812 Jan 2 74 Jan 8
108 Jan 2 10812 Jan 9 103
23 Jan 7
4
212 Jan 4
17
512 Jan 7
23
4
4 Jan 15
10
1812 Jan 15 2412 Jan 25
201
/
4
2112 Jan 15 253 Jan 7
8
21
3012 Jan 15 363g Jan 3
80
1103 Jan 9 11112 Jan 25
4
191
/
4
2018 Jan 8 237 Jan 10
8
2
23 Jan 2
4
3 Jan 7
1518 Jan 22 185 Jan 8
12
8
1412
2714 Jan 15 32 Jan 9
12
2018 Jan 17 2412 Jan 11
914
17 Jan 2 1812 Jan 21
93 Jan 2
8
814
814 Jan 24
14 Jan 15 1618 Jan 7
11%
2112
26 Jan 3 2814 Jan 15
48 Jan 25 48 Jan 25
3814
2
4 Jan 8
3 Jan 24
6 Jan 12
6 Jan 12
3
23
4
48 Jan 9
38 Jan 15
1018
42 Jan 15 463 Jan 11
4
11 Jan 4 11 Jan 4
7
48
60 Jan 4 68 Jan 15
11
1414 Jan 15 16 Jan 4
512 Jan 18
41
/
4
6 Jan 3
55 Jan 23 55 Jan 23
44
84
17 Jan 7
7 Jan 2
8
5 Jan 8
8
3
8
3* Jan 2
413
6 Jan 7
55 Jan 7
8
xi
7 Jan 17
8
11 Jan 8
/
4
18
313 Jan 12 3312 Jan 3
4
537
75 Jan 16 7612 Jan 25
100 Jan 12 110 Jan 15
-.13
2
814 Jan 23
914 Jan 24
26
30 Jan 5 30 Jan 5
173 Jan 16 173 Jan 16 14114
418
9 Jan 11
73 Jan 15
8
1514
2512 Jan 2 35 Jan 21
/
4
11
218 Jan 12
218 Jan 12
61
/
4
143 Jan 4 144 Jan 4
4
11
/
4
212 Jan 21
15g Jan 18
32 Jan 16 3712 Jan 7
2553
10
113
2 Jan 3
114
218 Jan 4
714
758 Jan 16
83 Jan 7
4
8
914 Jan 16 1112 Jan 9
3 Jan 2
418 Jan 24
23*
114 Jan 14
I
113 Jan 8
133
4
2
1012
423
8
115
2414
66%
79
90
104
99
4614
658
5312
8%
43
4
533
4
3513
178
19
35
3312
3512
53
4
3712
2
11
914
713
4
70
a Optional sale. c Cash sale.
212
1314
4012
427
8
15
86
2112
123*
4613
564
83 Jan 15
4
2314 Jan 2
35s
1513
4913
49
8
15
8312
2413
147
5158
61
7
26
x Ex-dividend.
3
4
612
%
118
4
412 103
%
2
1812 3434
7014 87
- -712 -18'2
4212
26
14112 169
412 113*
/
1
154 43
312
112
84 1912
/
1
5
1
11
/
4
8
25% 597
27
10
144
133
114
5
714 1634
147
8
23
8
64
1
314
1012
1012
11
/
4
114
55
8
514
334
/
1
3318
10138 10212
25
25
87
597
8
75
78
88
84
105
99
8712
83%
3514
3514
618
618
49
49
53
83
8
412
412
22
2314
15
133
8
/
4
11
112
1412
1118
3518
3518
28
3313
27
291
/
4
5
5
35
35
15
8
158
538
53
514
6
2
243
4
323
30
24
114
104
2
2
Jan 7
1012
Jan 7
9
Jan 21
3311
19
Jan 213912
5
Jan 4
3
Jan 11
h1'a
10
46
35
Jan 24
1512
Jan 10
12
6
/
1
4
Jan 4
6
393
Jan 3
3934
Jan 8
67
57
1212
1212
518
Jan 3
51
/
4
Jan 22
207
20%
8
Jan 12 165 Jan 7
Jan 17
318 Jan 21
Jun 4 17 Jan 21
Jan 12 45, Jan 25
8
Jan 2 117 Jan 25
Jan 8 2714 Jan 25
Jan 9 7012 Jan 25
Jan 2 83 Jan 16
Jan 8 93 Jan 19
Jan 3 10814 Jan 19
Jan 5 102 Jan 16
Jan 15 52% Jan 9
Jan 12
73 Jan 4
4
Jan 25 61 Jan 4
Jan 15 10% Jan 2
Jan 15
55 Jan 25
8
Jan 11 6213 Jan 25
Jan 15 437k Jan 25
Jan 12
23* Jan 2
Jan 16 21 Jan 2
Jan 25 4318 Jan 7
Jan 9 39 Jan 9
Jan 11 365 Jan 15
8
Jan 23
613 Jan 3
Jan 2 39 Jan 7
Jan 4
212 Jan 7
Jan 5 15 Jan 7
Jan 25 1114 Jan 7
Jan 15 78 Jan 9
Jan 9 74 Jan 10
Jan 2
Jan 15
Jan 15
Jan 15
Jan 4
Jan 11
Jan 2
Jan 15
Jan 18
Jan 12
Jan 14
$ Per share
1412 3614
33
43
15
412
29
4014
812 157s
2
7
9
2738
68
33
5
70
95
51 1458
/
4
1212 19%
92
108
358
8
9
25
47
30
97
11413
60
94
638
11
/
4
313 1114
2
612
1238 2312
203
4 37
34
19
69
8512
103
116
5
/
1
4
9%
25
658
12
1038
17
3512
12
2
5
8
212
7
2112
11
5%
67
21/4
12
414
1012 2484
913 211
/
4
1
47
8
4458 67
5112 7414
10512 10812
17
8
514
2%
754
1214 32
7
2018 37
1958 08
/
1
4
112
86
1914 437
2
8
38
12
18
5112
1318 43
914 177
8
81 1414
/
4
1314 187
8
2414 37
49
644
2
6
412
16
3
/
1
4
83
4
1112 483
8
7
21
747
48
133* x203
4
412 1312
50
64
y Ex-rights.
2938
512
22
443*
117
45
84
978
4
106
11912
104,2
59
/
1
4
147
80
19 4
,
94
/
1
561s
46
41
/
4
23
563
8
4112
3912
14
801
/
4
6
30
4
1338
71
70
126
512
253
4
8712
4214
1412
2812
90
273
4
18
533
4
62%
23
1312
308
i.
r
j
"4
p
•
New York Stock Record-Continued-Page 8
606
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 19
Monday
Jan. 21
Tuesday
Jan. 22
Wednesday
Jan. 23
Thursday
Jan. 24
Friday
Jan. 25
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Jan. 26 1935
Range Since Jan. 1
On Basis of 100
-share Lois
Lowest
Highest
July 1
1933 to Range for
Dec. 31 Year 1934
1934
Low Low
High
$ per share $ per share $ per share $ per share S per share
----------------3112 *307 3134 313 3134 32
3113 8
4
32
324 *31% -- *414 614 *414 614
*414
512 *414
514
*414 514
*153 157
4
8 157 1618 153 16
8,
4
155 155
8
8 153 153
4
4
13
4 2
*13
4 2
*13
4 2
*134 2
*13
4 2
*2
214
2
2
*2
214 *218
214
218 218
*12
15
*12
15
*12
15
*12
15
*12
15
*18
2412 1118
2413 *18
2412 *18
2413 *18
2412
*4234 43
423 43
4
4214 423
4 4114 4214 3913 4114
•10913
_ 10912 110
110 110
10818 10912
•109-- *11014 11113 11234 1123 112 112
*110 112
4
111 112
*613 63
4
613 6,
2
614 614
614 614 *6
618
253 257
4
8 2534 2614 253 2612 2518 2512 2511 26
4
*334 312
334 3
%
3,2 312
314 34
314 3 4
,
19
1914
1812 1912 1813 19
1814 1812 18
1814
*0
507 *58
8
594 .597 597 *5812 593 *5812 593
4
4
$ per share Shares
Par S per shard
$ per share $ per oh S per share
__ _
___ _O_ _ _ Roesla Insurance Co
4
5
1014
334
3218 3214
283
8 3918
O OOOO Royal Dutch Co (N Y shares)._
285
8
293 Jan 3 3214 Jan 25
4
513 Jan 3
*414 514 _. ____ Rutland RR 7% pref
100
513 Jan 3
412
412 15
153 16
4
2,700 St Joseph Lead
10 1513 Jan 15 175 Jan 3
8
154
1514 277
13
4
13
4
300 :St Louis-San Francisco____100
2 Jan 8
14
14
4%
14 Jan 2
*2
213 Jan 8
214
300
1st preferred
100
2 Jan 2
113
618
112
*12
15
St Louis Southwestern
100 12 Jan 16 14 Jan 12
8
8
20
*18
Preferred
100 16 Jan 12 20 Jan 3
13
13
27
2412
397 40
6,400 Safeway Stores
353
4
No pa, 3912 Jan 24 46 Jan 2
3814 57
109 10913
210
100 103 Jan 5 110 Jan 22
80
843 108
4
6% preferred
110 110
220
7% preferred
10( 110 Jan 25 1123 Jan 22
4
9018
9813 11312
393
6 Jan 15
63
4
300 Savage Arms Corp
63 Jan 2
4
413
No par
54 1214
26
26
7,900 Schenley Distillers Corp
6 2414 Jan 15 2813 Jan 3
1718
1718 387
8
*334 312
1
34 Jan 12
4 Jan 2
213
3
800 Schulte Retail Stores
8
1714 1734 1,150
12
Preferred
100 1612 Jan 16 2018 Jan 18
15
303
4
10 Scott Paper Co
No par 55 Jan 2 597 Jan 18
3714
*5812 593
4
41
6034
22
3
4
3
4
3
4
5
4
18
3
4
.3
8
1,300 :Seaboard Air Line
No par
5 Jan 2
8
% Jan 4
2
3
4
5
8
5
3
3
4
3
4
34
)5
*114
*114
112
112 *13
3
15 Jan 16
112 *14
Preferred
100
112 Jan 5
1
113 *114
112 *114
1
34
2234 23
23
2314 2234 223
4 223 2314 23
4
2314 *23
2314 2,200 Seaboard Oil Co of Del__ _No par
21 Jan 15 267 Jan 3
19
2034 33%
*4
5
*4
5
*4
5
*4
5
*4
5
*4
5
414 Jan 18
Seagrave Corp
No par
414 Jan 18
213
212
55
8
3534 3614 355 363
8
4 352 364 3512 358 3413 3518 343 35
8
4
21,400 Sears, Roebuck & Co
No par
30
31
3434 Jan 24 4013 Jan 3
51 14
*179 2
134
178
17
8
172
17
8
17
8
178
17
8 *17
2
1,000 Second Nat Investors
1
13 Jan 21
4
2 Jan 7
1 12
14
414
*47
473 *47
4
4713 *4713 48
4738 473
4 4712 48
Preferred
47 47
130
1 4513 Jan 17 494 Jan 2
30
32
52
12
. _ __
_
_
:Seneca Copper
No par
-- - -- - -- - -- - - - _
12
2
8
14
3
i•3 ..34
834 1
8 2 I%
.1.
1
7 4 Jan 5
3
9 Jan 19
313
85
8 - -3- -- , 5 Servel Inc
8 4 25 66
418 9
77
*814 834
814 812
834 8 4
,
8
814
8
No par
73 Jan 25
4
94 Jan 2
6
634 13%
73
4 S 18 2,400 Shattuck (F G)
1212 133
133 1418 1318 133
3
8
4 127 1318 127 1312 13% 1312 10.700 Sharon Steel Hoop
No par
4
934 Jan 2 1418 Jan 21
534 1314
*434 5
47
*43
4 5
4
5
54 Jan 3
*4% 48
500 Sharpe & Dohme
No par
43
4 43
4
45
8 434
418 Jan 17
4
77
8
4534 4513 4513 *43
*4514 45 4 *44
3
453 *44
4
Cony preferred ger A _No par 4514 Jan 17 47 Jan 7
4534
100
453 *44
4
30
3814 49
*2318 27
28
*25
*2312 28
*24
29
Shell Transport & Trading___£2 203 Jan 2 2318 Jan 10
*2414 29
*2414 29
8
19
19
28,2
7
718
7
714
7
714
No par
77 Jan 7
8
6
734 7%
714 712
634 Jan 17
714 734 8,200 Shell Union 011
6
1112
*70
72
72
72
7313 74
784 783
783 Jan 23
4
4 753 753
801.1
Cony preferred
100 683 Jan 11
4
4 7512 7512
4
47
57
89
*93
8 93
938 Jan 15 11 Jan 3
4
800 Silver King Coalition Mines___5
93
8 93
4 *918
912 *94 95
8
53
3
934 93
9-34 95
8
8
12 2
,
12 My
12
9
9 Jan 11 1014 Jan 2
84
914 9
94 914
9 8 94
,
94 919
No par
918 9,8 2,200 Simmons Co
84 2418
8
17
1718 1613 167
8 163 164 163 163
4
4
1634 1612 1612 167
8 2,800 Simms Petroleum
10 153 Jan 2 183 Jan 9
4
4
714
714 171s
14 *
14 *7
14 *7
7
74
2,000 Skelly Oil Co
613 Jan 15
758 Jan 25
718 7
612 7
734
25
6
7
78
,
7,
8
6
114
60
61
61
*5413 61
*60
6112 *60
*55
61
*59
63
200
Preferred
100 60 Jan 22 6312 Jan 10
42
5112 68,8
*18
21
19
203 *1913 2113 *19
4
21
*19
21
*183 21
4
70 Sloss-Sheff Steel & Iron
2114 Jan 8
100 19 Jan 21
12
15
2712
34
4 34
3214 3214 313 313 *303 313
3213 3213 32
343
4
4
4
4
440
4
7% preferred
100 29 Jan 16 343 Jan 21
15
1812 42
1814 193
8 183 1914 1812 194 183 1918 185 19
4
8
19
19
4
6,700 Snider Packing Corp_
No par
8
311
1734 Jan 15 197 Jan 2
63
4 1931
1334 14
133 1418 133 1418 133 1418
4
4
4
137 14
13% 14
14,400 Socony Vacuum Oil CoInc___15 135 Jan 12 147 Jan 4
8
8
918
1211 19%
•107 110 *107 110 *107 1097 *10712 1097 10712 10712 *1085 109
8
8
100 Solvay Am Invt Tr pref
100 10712 Jan 15 109 Jan 11
76
36
108%
8 2118 2114 20% 21
2178 217
213 2134 21% 2178
8
203 203
4
1,600 So Porto Rico Sugar
No par 204 Jan 12 2318 Jan 4
20
20
39%
134 136 *131 136 *131 136
*125 134 *125 134 *125 134
40
Preferred
100 134 Jan 23 136 Jan 23 112
115
137
113 12
4
1178 12
12
1218 12
12%
113 113
3,000 Southern Calif Edison
4
4 113 12
4
25 115 Jan 2 123 Jan 10
8
4
1013
104 2218
*31: 8
*3
8
*3
8
*3
8
3
513
8
*3
8
Southern Dairies class A_ _No par
513 1038
*114 413 •14 413 *114 413 *114 413 *114 412 *11 1 412
Class B
No par
112
112
314
7 1614
16
163
8 161s 1634 15
1512 1618 1513 16
14,500 Southern Pacific Co
100 15 Jan 15 1918 Jan 7
1534 16
147
8
147
8 3334
8 1318 1313 1314 1314 133 133
8
s 5,600 Southern Railway
100 1234 Jan 15 1613 Jan 4
1334 1414 137 14% 1314 133
8
1113
1112 3634
18
*1612 1713 *1612 1712 173 1738 *1614 173
18
*1718 13
8
8
200
100 1512 Jan 15 2034 Jan 4
Preferred
14
14
41 14
Mobile & Ohio stk tr etre __100 3318 Jan 15 3314 Jan 12
*33
3612 *33
3612 *33
3612 *33
3612 .33
3612 *33
3612
28
3113 4734
*63
4 3
*612 71
: *63
8 71 2 *612 712 *63
100 Spalding (A 0)& Bros___Ne par
7 Jan 7
4 712
7
7
712 Jan 8
5
5
13
-,
4714 4714 *4614 4812 *4614 4311 *4614 4812 *4614 4812 4812 4812
50
1st preferred
100 4714 Jan 19 50 Jan 8
3014
3014 74
_____ ____ ____ ____ ___ ____ __ ____ ____ ______ Spang Chalfant& Colnc_Nopar
7
7
153
8
65
6a
•64
65
*64
65
*64
65
65
65
65
20
Preferred
*63
100 64 Jan 2 66 Jan 7
20
30
66
5
5
5
514
518 5 4
,
5
5 14
0
4,200 Sparks Withington
27
5
5
No par
412 Jan 15
53 Jan 2
4
27
8
8
8
*53
4 6
512 5 4
512 7
*53
8 63
390 Spear dr Co
No par
4 *512 67
5 Jan 3
67
7 Jan 22
3 *5
113
2
738
*71 12 90
*70
00 .75
90
*70
90
Preferred
*70
100 70 Jan 4 74 Jan 7
90
*70
90
6413
39
3012
3413 3413 *3413 3514 343 35
8
34
3514 35
35
3513 3513 1,400 Spencer Kellogg & Sons _-No par 33 Jan 2 36 Jan 10
1214
1534 3318
1
94 93
8
94 93*
8 8 94
7
9
918
9
918
87
8 94 10,700 Sperry Corp (The)• to
834 Jan 15
93 Jan 2
4
353
5 8 1138
3
*818 1114 *81g 1114 *9
1114 *83 10
9
*83 10
8
100 Spicer Mfg Co
10
10
No par
10 Jan 25 1134 Jan 8
6
0
13
*3614 39
.36
383 *3614 383 *3712 39
4
4
*3614 39
Cony preferred A
No par 3714 Jan 15 r403 Jan 3
*3614 3812
4
18
21% 41,i
75
76
77
7713 7612 77
7512 763
4 7512 76
7614 7712 5,200 Spiegel-May-Stern Co
No par 7212 Jan 15 7913 Jan 17
714
19
7634
18
184 177 18
8
177 18
173 18
4
173 179 1734 177 13,100 Standard Brands
4
No par
8
175 Jan 15 1918 Jan 3
8
1714
1714 2514
1247 1247 124 125
8
8
12313 124
12312 12312 12312 12313 *12234 12312
Preferred
No par 123 Jan 3 126 Jan 9 120
580
12114 127
8
413 434
414 412 *418 48
434 47
434 434
43
8 43
8 3,800 Stand Comm Tobacco -No par
313 Jan 12
47 Jan 21
8
3
3
8
37 Jan 5
414 414
414 43
8
418 414
37
8 4
3,300 Standard Gas & El Co
No par
434 Jan 3
37
2 37
37
8 4
35*
33
8 17
53
49 Jan 15
47
512 512
63
8
512
518
512 478 478
47
Preferred
No par
8 478
533 Jan 10
2,000
45
8 17
45*
•1018 11
*1014 11
1014 1014 *9
1014 *9
10
10
10 14
300
$6 cum prior pref
No par
10 Jan 25 123 Jan 3
104
33
1034
•1314 14
133 14
8
13
1314 *12
123
4 12
No par
1218 1214 13
$7 cum prior pref
12 Jan 24 16 Jan 7
1,600
1314
1314 3812
*114
112 *114
113 *114
138
13
8
fa
13
8 138
188
900 Stand Investing Corp
1%
No par
114 Jan 17
134
112 Jan 7
7
3
134
4
8
4
. 1123 1137 *11234 114 *1123 11312 *1123 11314 *113 1134 113 113
'
1
200 Standard 011 Export pref...___100 III Jan 3 113 Jan 16
4
9413
9611 114
3012 31
31
3114 30 4 3114 305 31
3
8
303 3114 3013 314 6,700 Standard Oil of Calif
No par 3018 Jan 15 323* Jan 2
2613
2614 427
8
.245 245
8
8 245 247
8
8 245* 243
4 243 2434 245 243
8
4 2434 243
4 6,600 Standard Oil of Indiana
25
2413 Jan 15 2513 Jan 3
234
231: 2734
30 30
*30
34% *30
327 *30
8
333 *30
100 Standard 011 of Kansas
4
333 *30
4
333
4
10 30 Jan 15 3014 Jan 2
19
26
41
4113 42
4213
41314 4218 42
4113 42
26 41 Jan 15 4313 Jan 2
3318
394 5018
4134 42
4134 4218 11,500 Standard OH of New Jereey
•14
1412 1413 1413 1414 1414 *1334 1412 133 133
4
4 1334 1414
700 Starrett Co (The) L S____No par 1314 Jan 15 152 Jan 3
6
6
153
8
591 60
5958 60
593 5913 60
8
60
595 507
8
8 60
6038
1,900 Sterling Products Inc
10 5834 Jan 15 607 Jan 11
8
454
4714 6612
*14 2
*13
4 2
13
4
13
4
14
400 Sterling Securities al A __No par
17
8 *17
8 2
*13
4 2
17 Jan 18
8
134 Jan 8
1
14
3
*43
8 43
4 *44 43
4 *414
Preferred
431 *414 43
No par
43 Jan 15
8
54 Jan 3
4 *414 43
4 *414 43
4
3
7
234
*36
39
*36
40
*36
40
*36
373 *36
8
373 .36
8
37%
Convertible preferred
50 3614 Jan 17 3614 Jan 17
284
30
3818
77
73
7% 7%
8
8 8
8
8
778
5
718 74 1.300 Stewart-Warner
914 Jan 5
49
734 Jan 12
41
:
1034
37
414 43
8
43
8 43*
4 8 43
3
8
418 414
414
434
No par
44 Jan 15
5 Jan 7
413 413 2.000 Stone & Webster
1314
3
24 214
218 214
2
2 18
2
219
17
8 2
17
8 2
76,200 :Studebaker Corp(The)_ _No par
17 Jan 24
8
33 Jan 3
4
17
3
914
38
1613 18
153
8 13
1613 1712 1512 1534 15
4
2,700
100 13 Jan 24 21 Jan 3
143* 133 14
Preferred
10
IQ
47
*65
6613 *65
66
*65
66
67
67
*67
681 2 67
67
200 Sun Oil
No par 65 Jan 16 6712 Jan 10
42
8112 74,
4
117 117
117 117
11613 117
117 117
11713 11712 11713 117%
420
Preferred
100 11512 Jan 10 11734 Jan 25
96
100
118
*1412 15
15
*1412 163 *1413 15
4
1514
147 147 *1414 157
14 Jan 4 1634 Jan 10
8
400 Superheater Co (The)___No par
8
1113
1112 254
1-5*
I%
1
14
13
4
I%
15
8 .15
8
13
4
15
8 13
4
1.400 Superior Oil
15 Jan 2
15*
134
14 Jan 5
114
114
3
8 *818 812 *814 812
83
8 83
814 8%
83
4 918
104
713 Jan 12
818 818 1,300 Superior Steel
912 Jan 7
45
8
434 15 4
3
52
478
100 Sweets Coot Amer (The)
47
8 *412 4% *414 47
4 Jan 17
*414 47
8 *41 1
5(
514 Jan 3
*33
4 412 *4
34
34
*34
300 Symington CO
No pa,
34 Jan 2
7 Jan 4
8
*h
7
8
*3
4
4
1
3
4
3
4
3
4
34
8
34
3
8
21
:
%
*24
213
213 212 *214 23
29 234 *238 24
218 Jan 15
213 212
300
Class A
No par
113
113
4
23i Jan 4
538
97 Jan 9
1514
87s 878
na
*83
4 9
*83
4 9
*87
8 9
83
4 83
4
9 9
700 Telautograph Corp
I
83 Jan 16
4
713
47
53
*43
2 43
4 *41? 434 *412 434
43
4 43
7.800 Tennessee Corp
4
43
4 48
43 Jan 14
8
53 Jan 25
2
5
.....
318
34
654
4
1953 203
8 1934 20
197 20
8
6,700 Texas Corp (The)
21
193 20
4
193 20
4
193 20
195a Jan 15 215 Jan 7
1814
1934 293
8
4314
4,300 Texas Gulf Sulphur
30
3413 343
4 3412 3519 3312 347
8 3318 3334 3312 3318 331g 34
No pa, 33 Jan 12 355* Jan 3
2284
37
1,800 Texas Pacific Coal & On
414 Jan 18
II
314 Jan 2
4
3%
4
533
4
3% 37
4
37
38 3%
213
313
613
97 10
8
97 10
8
9 4 93
3
4
912 95
8 *912 95
8
912 95
8 3,800 Texas Pacific Land Trust
812 Jan 15 1014 Jan 3
1
6
6% 12
*2114 25
*2213 2634 243 243 *21
4
4
25
101
*2112 2614 *2113 24%
100 Texas & Pacific Ity Co
21 Jan 4 253 Jan 10
4
1313
1312 4314
1711 173
4 17
1712 *161_ 1734 165* 163
17
17
16 134 168 2,800 Thatcher Mfg
No par
1518 Jan 15 173 Jan 19
4
8
8
18
8
*517 603 •517 6012 *5178 6012 *517 55
*521 6013 *517 60 2
$3.60 cony pref
No pa, 51 Jan 5 525* Jan 18
3834
39
5218
8
,
612 613 *6
100 The Fair
No pal
6 Jan 15
613 Jan 11
814 *612 814 *63
784
4
4 8
*7
712 *7
4
ills
81
290
Preferred
100 61 18 Jan 7 81 Jan 25
•70
72 .70
72
7213 7612 78
80
80
8013 81
45
50
83
4
*4
4
418
4
4
8
3$4 4
800 Thermold Co
4
8 37
1
33 Jan 16
.114 Jan 7
37
37
8 4
212
212
918
*412 5
*418 5
*412 5
*418 5
414 414 *4
5
100 Third Avenue
418 Jan 15
101
5 Jan 5
4
814
4
1
13% 2212
•193 20% 2014 2014 2014 2014 203 203 *193 213 *193 2112
4
8
4
500 Third Nat Investors
2014 Jan 21
21 Jan 7
4
4
13
Thompson (J R)
21
518 Jan 7
6 Jan 15
*53
4 614 *513 614 .
*53
8 6
*53
8 6
*53
4 6
Vs
534 6
47
s
11
15% 16
16
1614 1513 153
4 1514 1534 15
1514
8 3,400 Thompson Products Ina_ No pa, 143 Jan 15 177 Jan 2
4
1514 153
10
10
2014
*23
4 3
500 Thompson-Starrett Co__ _No pa,
212 Jan 17
313 Jan 7
27
3
•234 3
4
`27
3
8
23
4 23
27
27
13
1%
512
•17% 22
*1713 22
*1713 22
*174 22
*1712 22
*1713 22
33.50 cum pref
No pa,
17
2413
17
9
9
9
918
9
9
87
8 87
2
834 8% 4,300 Tidewater Afisoo Oil
No pa,
84 Jan 8 10 Jan 3
,
934
934
74
8
148
857
8 857 857
2
9 857 857
g
2 857 86
8
86
8618 *8512 86
700
Preferred
*85
100 84 Jan 8 8712 Jan 7
44
6411 87
*2712 32
*2712 32
*2713 32
*2712 32
*2712 32
*2712 32
Tide Water Oil
No pal
24
40
18
*10214 103 *10214 103
10214 10318 *10214 1033 1023g 10238 •10214 1034
4
800
Preferred
104 1005 Jan 2 10318 Jan 22
8
62
80
10012
4 2.800 Timken Detroit Axle
16
614 63
4
618 618
618 63
618 Jan 15
714 Jan 3
*614 613
3
63* 65
64 64
37
3
812
347 35
34
35
34
35
335 34
8
3312 337
8 3312 3434 6,600 Timken Roller Bearing_No pa, 3318 Jan 16 363 Jan 8
4
21
24
41
57 Jan 7
538 51,2
514 53
8
514
514
533
514
53*
514
No par
53*
514 Jan 21
534 7,000 Transamerica Corp
518
513
812
8 8
*713 77
72
8 *75
1.300 Transue & Williams St'l No par
3
734
65 Jan 15
8
814 Jan 3
73
4 74
811
413
714 8
77
411 1313
314
314
3
644
314
33
8
34 314
314 4,400 TH-Continental Corp
3
278 Jan 17
3
3 18
27
8 3
No par
33 Jan :3
4
3
81
100
6% preferred
75
75
*7513 81
*7513 81
*7512 81
*75
81
*75
No par
75 Jan 3 75% Jan 15
51
6014 78
400 Trico Products Corp
3918 394 *39
40
393 393
No pa, 3918 Jan 23 4213 Jan 7
*3913 4014 393 393
4
4 397 397
4
4
2534
33
4213
47
47
47
5
2,600 Truax Traer Coal
413 413
413 43
4
43
4 5
*47
,
418 Jan 15
5
No pa
5 Jan 22
112
513
134
10
.5 Jan 2
6 Jan 8
,
33
8
33
53
8 6
57
8 6
512 53
4
Sly
812 *514 513 *5 2 55* 1.300 Trwicon Steel
95*
200 Twin city Rapid Trans.... No par
33 Jan 2
8
412 Jan 8
*33
4 4
*313 414
8 414 *334 414 *37
414
434 414 *37
%
13
4
812
2134 2114 2412 23
23
610 Preferred
6
39
233 *2114 2212 *22
4
21
2113 21
100 1814 Jan 2 2413 Jan 22
434
*17
2
2
2
*13
4
300 Then dr Co
13 Jan 11
*13
4 2
17
8
17
8
8
No par
214 Jan 4
4
17
8 *13
4 17
1
• 1
*574 5813 5814 5814 58
583
4 1,300 Under Elliott Fisher Co .No pa, 57 Jan 17 59 Jan 11
5712 5712 5713 581y *5713 59
2212
36
587
8
___ •127
_ . *127
Preferred
*127
_.•127 _ __ *127
100 127 Jan 18 127 Jan 18
•126_
95
102
128%
5013 49 - .1913 47
4912 4312 - 483
8 3,400 Union Bag & Pap Corp__No pa, 45 Jan 3 5012 Jan 22
*474 - 484 4813 47
47
3914 607
3112
451.1 457
4
453 4614 4513 46
4518 458
8 4534 4534 4512 4614 12,200 Union Carbide & Carb___No par
44 Jan 15 48 Jan 7
3413
357
8 50%
15
15% 1518 1518 1514 1514 1514 1514
1,500 Union 011 California
*1514 1513 155 1514
25 15 Jan 15 16% Jan 3
1112
11 12 2012
• Bid and asked prices, no sales on this rlay,
3 ComPiSalea reported In recelvernhip.
a Optional i It
Cash sale.
s Sold 7 days. z Er-dividend. ir Er-rights.
New York Stock Record-Concluded-Page 9
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saiurday
Jan. 19
Monday
Jan. 21
Tuesday
Jan. 22
Wednesday
Jan. 23
per share
104 105
/
1
4
.85
86
8
253 253
3
8
143 143
8
64 614
*9
1113
243 25
4
.112 113
477 477
8
3
95*
3
253 2612
4
113 113
4
4
*63
8 77
3
*75
81
63
4 64
734 7412
124 123
8
.9118 9212
*218 27
8
*5
578
Thursday
Jan. 24
Friday
Jan. 25
$ per share S per share $ per share $ Per share $ Per share
1047 105
8
105 105
10412 105
10412 105
1057 1054
3
*85
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*86
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4
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7612 *7534 7634 7613 7612
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8
• Illd and asked prices, no sa es on this day
/-Ar
Sales
for
the
1Veek
STOCKS
NEW YORK STOCK
EXCHANGE
Range SOW Jan. 1
of 100
-share Lots
Baal
Lowest
Shares
2,500
300
1,400
11,200
15,500
100
1,300
10
1,800
38,900
36,100
2,500
100
Par
Union Pacific
100
Preferred
100
Union Tank Car
No par
United Aircraft Corp
5
United Air Lines Transp•t c_5
United American Bosch_ _No par
United Biscuit
No par
Preferred
100
United Carbon
No par
United Corp
No par
Preferred
No par
United Drug Inc
5
United Dyewood Corp
10
Preferred
100
4,900 United Electric Coal
No par
2,900 United Fruit
No par
25,700 United Gas Improve
No par
300
Preferred
No par
tlJnited Paperboard
100
300 United Piece Dye WtsNo par
10
100
63.4% preferred
3,600 United Stores class A____No par
800
Preferred class A
No par
1.200 Universal Leaf Tobacco ,.No par
Preferred
100
10 Universal Pictures let pfd
100
600 Universal Pipe & Rad
1
110
Preferred
100
3,200 U S Pipe & Foundry
20
1,000
1s8 preferred
No par
500 II S Distrib Corp
No par
Preferred
100
United States Express
100
100 U S Freight
No par
700 U S & Foreign Seonr
No par
300
Preferred
No par
3,300 825 Gypsum
20
7% preferred
100
U S Hoff Mach Corp
6
1,700 U 8 Industrial Alcohol-No rat
400 U S Leather • 1 o
No par
400
Clasa A •1 o
No par
Prior preferred•t e
100
100
1,200 ir S Realty & Imps
No par
3,600 U 13 Rubber
No par
3,700
1s8 preterred
100
10,900 U S Smelting Ref & Mln
50
2,400
Preferred
50
46,850 U S Steel Corp
100
10,200
Preferred
100
200 U 8 Tobacco
No par
Preferred
10
100
Utah Copper
10
2,000 Utilities Pow & Lt A
1
900 Vadsco Sales
No par
Preferred
100
3,800 Vanadium Corp of AmNo par
300 Van Raalte Co Inc
5
50
7% lat prat
100
900 Vick Chemical Inc
is
5,400 Virginia-Carolina Chem
No par
14.900
100
6% Preferred
1,000
7% preferred
100
430 Virginia El & Pow $6 Pf No Par
Virginia Iron Coal & Coke.,,_100
5% pref
100
130 Vulcan Detinning
100
Preferred
100
400 :Wabash
100
500
Preferred A
100
100
Preferred B
100
300 Waldorf System
No par
2,000 Walgreen Co
No par
6,14'l preferred
e
100
2,900 Walworth Co
No par
100 Ward Baking clam A__No par
600
Class B
No par
200
Preferred
100
7,700 Warner Bros Pictures
a
500
$3.85 cone pref
No par
1,700 Warner Quinlan
No par
1,600 Warren Bros
No par
Convertible prat
No par
1,200 Warren Fdy & Pipe
No par
Webster Elsonlohr
No par
Preferred
100
150 Wells Fargo & Co
1
6,000 Wesson Oil& Snowdrift __No pa
700
Cony preferred
No par
9,500 Western Union Telegraph_ __100
3,000 Westingh4e Air 13rake
No pa
28,000 Westinghouse El ,k Mfg
50
10
181 preferred
50
Weston Eleo lcuttruml___No pa
Class A
No pa
20 West Penn Elea alma A _No pa
240
Preferred
100
310
6% preferred
100
180 Went Penn Power pref
100
130
6% Preferred
100
100 West Dairy Prod cl A__ __No pa
800
Class 13 • t a
No pa
600 Western Maryland
10
200
2d preferred
100
800 Western Pacific
100
500
Preferred
100
400 Westvaco Chlorine Prod__ No pa
Wheellng & Lake Erie Ry C0_100
6% non-oum preferred_ __100
1,800 Wheeling Steel Corp
No par
900
Preferred
100
40 White Motor
50
100 White Rk Mtn Spr otf ____No par
1,300 White Sewing Machine__ _No par
2,300
Cony preferred
No par
400 Wilcox 011 & Gas
5
100 Wilcox-Rich Corp ohm A.NO par
1,600 Wilson & Co Ina
No par
2.800
Claw A
No par
1,000
Preferred
100
11,100 Woolworth (F W) Co
10
300 Worthington P & W
100
2,000
Preferred A
100
200
Preferred B
100
130 Wright Aeronautical
No par
200 Wrigley (Wm) Jr (Den-No par
900 Yale & Towne Mfg Co
25
700 Yellow Truck & Coach ol B_10
100
Preferred
100
500 Young Spring & Wire__.No par
8,900 Youngstown Sheet & T___No par
300
.5SS preferred
100
Vo par
Zenith Radio Corp
1,900 Zonite Products Corn
1
I Companies reported In receivership.
On
607
a Options] sale
C Cash sale
Highest
$ per share
$ per share
101 Jan 15 11112 Jan 10
8512 Jan 18 883 Jan 11
4
243 Jan 15 2618 Jan 4
3
127 Jan 15 151s Jan 7
3
612 Jan 21
514 Jan 12
83 Jan 15
4
9 Jan 12
243 Jan 14 2613 Jan 9
8
113 Jan 18 11712 Jan 2
463 Jan 16 50 Jan 7
3
3 Jan 2
23 Jan 24
3
3
2314 Jan 8 293 Jan 25
1114 Jan 15 1314 Jan 7
63 Jan 15
8
8 Jan 3
80 Jan 2 82 Jan 7
54 Jan 2 7 12 Jan 9
3
7314 Jan 15 75 4 Jan 7
8
117 Jan 24 127 Jan 10
8
89 Jan 3 9218 Jan 22
24 Jan 9
212 Jan 9
5 Jan 24
57 Jan 7
3
3312 Jan 24 3312 Jan 24
712 Jan 3
54 Jan 12
62 Jan 25 6513 Jan 19
55 Jan 15 59 Jan 2
135 Jan 8 13613 Jan 4
3612 Jan 15 40 Jan 9
213 Jan 18
114 Jan 16
4
13 Jan 10 163 Jan 18
183 Jan 15 22 Jan 7
4
194 Jan 7 20 Jan 10
24 Jan 3
2 Jan 16
10 Jan 9
9 Jan 11
14 Jan 2
12 Jan 4
1513 Jan 7
1313 Jan 11
65 Jan 21
712 Jan 3
8
7612 Jan 3 84 Jan 22
4813 Jan 24 534 Jan 7
143 Jan 11 146 Jan 3
63 Jan 7
4
6 Jan 11
38 Jan 15 4512 Jan 2
64 Jan 7
6 Jan 11
10 Jan 15 1253 Jan 3
53 Jan 22 5514 Jan 9
512 Jan 15
7 Jan 7
14 Jan 15 1714 Jan 3
3
3512 Jan 15 423 Jan 7
10612 Jan 15 1244 Jan 3
6273 Jan 3 654 Jan 11
354 Jan 15 4013 Jan 8
85 Jan 15 94 Jan 23
11918 Jan 4 12312 Jan 9
150 Jan 4 150 Jan 4
3
497 Jan 11 497 Jan 11
3
Jan.14
2 Jan 2
112 Jan 2
4 Jan 10
18
1184
9112
344
34
2012
85
7213
71
13
4
24
3
17
612
273
4
114
24
57
8
14
2812
353
18
14
43
3
1114
2412
518
Jan 16
Jan 2
Jan 23
Jan 14
Jan 2
Jan 15
Jan 4
Jan 4
213
4
1212
9312
35
45
8
27
9312
78
Jan 15
811. Jan 7
Jan 7
Jan 11
Jan 14
Jan 9
Jan 3
Jan 24
Jan 25
Jan 25
23 Jan 8
8
Jan 2
Jan 21
313 Jan 4
4
Jan 11
23 Jan 19
Jan 2
712 Jan 10
Jan 15 31 Jan 3
Jan 7 115 Jan 5
378 Jan 7
Jan 2
54 Jan 23
Jan 23
Jan 3
13 Jan 9
3
Jan 12 32 Jan 4
45 Jan 2
8
Jan 15
Jan 17 2212 Jan 23
Jan 2
13 Jan 2
8
613 Jan 7
Jan 5
Jan 4 14 Jan 7
Jan 15 28 Jan 8
Jan 16
6 Jan 2
14 Jan 24
Jan 5
Jan 15 354 Jan 3
Jan 22 7512 Jan 10
Jan 15 343 Jan 7
4
Jan 16 27 Jan 9
Jan 15 4014 Jan 10
Jan 2 9712 Jan 11
3
Jan 12 137 Jan 2
Jan 4 3113 Jan 14
Jan 11 53 Jan 12
Jan 2 6012 Jan 7
Jan 22 53 Jan 2
Jan 17 10612 Jan 8
Jan 2 9912 Jan 19
Jan 15
214 Jan 8
.8 Jan 8
Jan 23
Jan 15
973 Jan 7
10 Jan 16 1053 Jan 19
213 Jan 16
33 Jan 7
3
6 Jan 15
77 Jan 7
8
204 Jan 15 2313 Jan 3
18 Jan 3 18 Jan 3
1
3012
734
293
3
24
354
914
1212
29
52
57
49
10413
95
2
58
18 Jan 12 2014 Jan 21
4613 Jan 12 58 Jan 22
15 Jan 15 18% Jan 3
23 Jan 8 2412 Jan 9
13 Jan 7 2 18 Jan 22
4
6 Jan 11
913 Jan 24
214 Jan 12
23 Jan 8
8
341 Jan 22 343 Jan 3
/
4
4
53 Jan 15
4
7 Jan 2
253 Jan 15 313 Jan 3
4
8
9312 Jan 15 100 Jan 5
51 Jan 15 5412 Jan 7
1713 Jan 16 2112 Jan 7
37 Jan 15 447 Jan 23
8
29 Jan 15 33 Jan 11
47 Jan 15 5213 Jan 3
75 Jan 12 7912 Jan 7
203 Jan 3 23 Jan 8
4
312 Jan 14
414 Jan 7
383 Jan 25 41 Jan 2
4
19 Jan 15 21 Jan 2
184 Jan 15 217 Jan 8
8
46 Jan 3 56 Jan 21
2 Jan 2
212 Jan 8
418 Jan 3
44 Jan 10
a Sold 7 days.
July 1
1933 to Range for
Dec. 31 Year 1934
1934
High
Low Low
$ per sh $ per share
90
1337
8
90
624
714 89
1558 253
4
133
4
818
84 1514
34
34
64
7
8
17
19
2114 294
10414 107
120
50 8
,
2014
35
2 13
218
87
8
21 14
2114 3772
618
914 1814
23
3
112 107
4
3
50
593
4 754
312
714
3
4912
59
77
1112 2013
1111
8213
993
,
86
35
8
4
4
133
4
30
68
30
212
24
814
4912
54
76
6014 63
37
10814 11212 140
15
16% 4612
7,
3
7,
414
414 24
12
33
1512
1612 195
2
1314
112
4
1
4
4
14
114
14
53
2713
11
11
6
6
1514
60
6314 78
344 5114
3414
110
146
115
4 2 1018
,
34
32
32
64 4
,
51,
618 114
7
7
193
4
45
45
80
4
4
1234
24
11
10 4
8
1712
2418 614
5314
96
12 141
5414 6512
5112
29 2
,
29 2 597
,
2
6714
6714 9912
140
81 4
,
99
124 2 126
,
150
4812 67
4812
112
112
54
41,
4
17
11
1914
2212
1914
14
14
313
4
ail 1212
34
,
28
z5414 98
2318
244 363
4
17
2
172
53
2
10
10
26
5714
3
59 4 84
60
65
80
38
3
9
32
161, 27
20
36
95
13
8
214
134
4
2214
81
214
5
114
24
23
4
12
314
8
1312
3
60
2
4
15
49
2912
157
8
2772
77
5
15
393
4
47
4013
8812
783
4
134
12
64
9,
4
212
4
1214
2412
21
1112
34
15
2114
112
4
2
227
2
313
1114
30
35
1312
3112
2214
12
473
4
113
3
23
4
25
104
125
8
34
34
x Ex-dividend.
52
82
95
112
13
8
47
3
85
8
23
2
14
612
4
87
8
2214 297
3
8412 11653
214
62
,
5
12
14
3a
3
24
38
21I4
814
15
317
8
1
34
314 13
52
8
284
1313 31
3
7
og
go
3
4
24
,
1544 35
/
1
4
5212 744
/
1
2912 684
/
1
15% 38
27% 4714
95
82
6
1512
163
8 2912
4412 -70
513
4 80
45
26812
,
8912 110 2
78 2 105
,
12
,
612
12
212
74
174
914 23
23
8
812
4 3
8 1713
147
2 274
2412 29
24
36
1113 29
34
57
15
281
,
314 3112
113
378
114
5
3
5
/
1
4
271 3418
/
4
4
/
1
4
9
1214 324
105
53
4114 554
1313 314
3112 53
2353 42
164 75
5412 76
14
2212
/
1
4
7
4
23
28
4712
13
22 4
,
1252 33 4
,
59 4
,
34
112
44
,
Ps
74
,
y Ea-rights
608
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted bonds
NOTICE—Cash and deferred delivery Bales are disregarded In the week's range unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote In the week in which they occur. No account La taken of such sales in computing the range for the year.
BONDS
N Y STOCK EXCHANGE
Week Ended Jan. 25
r._
July
Week's
!Weeks
July!
Range or
Range
to
Range or
.1
BONDS
1933 to
i'"E
fortday's
el Dec. 31 Since
N. Y. STOCK EXCHANGE
Friday's
tt
Z Dec. 31
s
i
',c, /34d tit Asked re r5 1934
Jan. 1
Week Ended Jan. 25
Bid dk Asked 920 1934
,a.
r.3.
a
.53
1933
U. S. G00000merit.
Law
Nigh No. Low Low
High
First Liberty Loan-331 of'32-47_ — .1 D 104'
0316131051432
99
201041033 226
.1 D
Cony 4% of 1932-47
100170 102731 102733
Cony 431% of 1932-47
.1 13 1032232104
/
42
315
99260 10300 1041
2d cony 431% 011932-47
J D *102310 --------102
103 103
Fourth Lib Loan 41
/ of 1933-1938 A 0 1032632103313
4%
84 10000 10320321041632
434% (3d called)___ — __1933-1938 - - 102
102233 465 101w, 1012
.3,102w,,
Treasury 43(s
1947-1952 A 0 114233 115132 487 1041232 113632 115132
Treasury 431-331s_Oct 15 1943-1945 A 0 1032232104163 621
9726 102223210416n
0
Treasury 4s
1944-1954 2 0 109"32110032 446 10100 10824321101232
Treasury 331s
1946-1956 M S 108632 1083032 336 992%2 107 1083032
Treasury 3301
100
1943-1947 -I D 1051232106
.32
9810 10322321052
Treasury 35
Sept 15 1951-1955 M 9 102,232103032 453 93,2 1000032 103032
0
Treasury 32
Dec 15 1946-19482 0 1012232102233 1137 97160 10020321022432
Treasury 331s____ June 15 1940-1943 J D 105203210610
9811 1041
/
42
79
'32106 31
Treasury 3312_ May 15 1941-1943 M 9 105,232106,
32 333
982 104110 106 0 32
0
Treasury 3312„-- June 15 194
32 557 942632101260 10410
1
6-1949. D 1031732104,
Treasury 3340
1949-1952 J D 1022632103263 1192 101322 0112321032632
Treasury 334s
Aug 1 1941 F A 10511321053032 756
976732 l0416nl0500s6
103273210400 1106 0924,, 10224,3104w,,
Treasury 331s
1944-1946 Fed Farm Mtge Corp 3318
1904 M 9 1010232102100 144
1011401021332
98
38
1944-1949 M S 1003 1002232 1012
0
941732 991601002232
Home Owners Mtge Corp 45
1951 J J 101132 10100,1 858 94w,, 001%1011.w
38 series A
1952 MN 100632 1002232 2354 9422 991032100270
0
234s
1939-1949 F A 972033 983132 3350 923332 962032 98143
State & City—See note below.
Foreign Dort & Municipals
•Agric Mtge Bank s 1 65
1947 F A
'Feb 1 1935 subsea eoupon_
--*Sinking fund Os A
Apr 15 1948 11 0
*April 15 1935 coupon on...____
M N
Akershus (Dept) ext Se
1963 -•Antioquia (Dept) coil 75 A
1945 J J
1946.3 1
*External a f 7s ser B
1945 J 1
*External s f 75 ser C
1945.3 1
*External s 1 75 ser D
*External s t 75 let ser
1957 A 0
'External sec s f 72 2d ser
1957 A 0
'External sec a t 75 3d ser
1957 A 0
1958 J D
Antwerp (City) external fe
Argentine Govt Pub Wks Os
1960 A 0
Argentine 65 of June 1925
1959 1 D
Extl s f (is of Oct 1925
1959 A 0
1957 M S
External 5 t 6e series A
External Os series B__Dec _.....1958.3 D
Esti s f es of May 1926
1960 M N
External2 f 85 (State ity)
198054 5
Exti Os Sanitary Works
1961 F A
Esti Os pub wks May 1927
1061 M N
Public Works extl 5148
1962 F A
Argentine Treasury 58 d
1945 M 5
Australia 30-yr 55—July 15
1955 J J
External 5s of 19275ept — —1957 M 5
External g 434e 0( 1928
1956 M N
Austrian (Govt) s f 75
1943 J D
International loan 5 t 75
1957 J J
183
4
263
4 28
6
1812
------------158,
274 274
27
1
92
93
24
64
73
10
10
1
912 10
19
634
712
*95
8 1114 _ _
8
8
10
97
74
6
912
6%
912
*912 10 __-6
/
1
4
*94 10 ---65,
110
11314 35
7312
9112 923
4 39
44
91
9214 55
44
445
43
9114 923
0138 923 .98
4
44
914 923
4 37
444
/
1
91
923
4 45
4412
91
927
28
444
4412
915, 9232 47
91
9214 46
45
4114
50
874 88
975, 973
8912
4 12
775,
10314 10412 182
10314 10412 127
78
7
964 9714 268
73
10212 10232 63
8312
91
95
/ 76
1
4
4212
I
*Bavaria (Free State) 634s
3514
6
1945 F A 34
2614
Belgium 25-yr extl 8348
53
1949 M S 10514 106
8812
External s 1 68
1955 J .1 10312 10412 28
8612
1055 1 D 112
te
113
Exrnal 30-year at 75
36
92%
Stabilization loan 72
4
1956 M N 1083 11014 47
91
Bergen (Norway)5s--Oct 16
1949 A 0 *9214 96 ---6712
External sinkinctund 55
1960 M 5 *93
9412 -6214
'Berlin (Germany) 2 t 6 Ms
1950 A 0 3312 363, 68
22
3614 48
*External s f 65June 15
1958 .1 D 34
2012
'Bogota (City) extl al 8/3
A 0 *153
1945
4 1712 1712
55,
*Bolivia (Republic of) esti 88._1947 M N
612
7
17
52
3
612 13
*External secured 75 (flat)
1958 J i J
412
332
512 27
*External s f 78(flan
432
1969 M 9
'Brazil(US of)external 88
1941 J D 2912 3012 30
217
*External 8 1 634s of 1926
1957 A 0 2412 2512 62
195,
'External s f 61 of 1927
194
/
42
1957 A 0 2418 2512 33
26
19522 D 25
185,
19
•721 (Central By)
4012 22
*Bremen (State of) ext! 75
1935 M 5 38
29
4 9714 37
Brisbane (City) a 1 Eis
68
1957 M 9 963
Sinking fund gold Sts
965
2 9714 23
1958 F A
6812
20
-years f 65
75
4
19502 D 1013 10214 24
*Budapest (City) extl a f 62
19622 D ------------298
39
39
*June 1 1935 coupon on
24
1
Buenos Aires(City) 6345 B 2 ____1955 J J *____
88 ---404
1
84
External s105 ser C-2
38
1980 A 0 84
13
85
External s 1 6s ser C-3
3814
1960 A 0 85
'Buenos Aires (Prov) esti 6s_ 196l M 9
--- ---2914
56
574 61
'Os stamped
253*
1961 M 9 *651981 F A *65
71 _-__
31
*External 2 f 61
/
4
8
5712 5814 16
•6312 stamped
1981 F A
25 3
3
*Bulgaria (Kingdom)s 1 72
1967
.1 1 1712 1812
7
•July coupon off
1512
1969 MN
5
18
19
12731s May coupon off
1612
•Caldas Dept of(Colombia)71
/
4
1214
124
J J
8'48
3
1900 A 0 10412 1053, 131
Canada(Dom'n of) 30-yr 45
M
2
1952 MN 1103 11112 44
434s
1938 F A 10314 1034 72
O *Carlsbad (City) a 1 85_
3
1954 1 J 603* 61
*Cauca Val (Dept) Colom 734s'46__ A 0 *105
8 118 --*Cent AgrIc Bank (Get) 7s•
1950 M 8 5612 5712 13
'Farm Loan s f 65_July 15 _ _1960 J J 45
4614 12
'Farm Loans f 68__Oct 15 —1960 A 0 447
35
46
*Farm Loan Os ser A Apr 15
,
17
1938 A 0 .53 4 55
*Chile (Rep)—Ext1 5 f 7s
1412 158 45
1942 M N
1414 100
*External sinking fund 68
1960 A 0 1304
•Ext sinking fund Os__Feb —1961 F A
1312 1414 53
•Ity ref ext a f 132_-Jan 64
14
_
1961 1 1 13
•Ext sinking fund88---8e13 1981 M $ 1312 144 29
'External sinking fund 135
2 144 19
1962 M 5 133
*External sinking fund 88
13
1412 29
1963 M N
*Chile Mtge Bk 61 June 30
8
127
2
13
/
4
5
1957 I D
•63 f 6315 of 1926__June 30 —1961 J D
2
143
2 143
*Guar a f Os
14
_1961 A 0 21252 13
Apr 30
'Gnat a 1 (is
125
8 13
7
1962 M N
*Chilean Cons Munic 78
103* 26
1960 M 5 10
*Chinese(Hukuang By)58
3
1951 1 D 445
443*
Christlaela (Oslo) 20-yr 5 t Oa '54___ M 9 99
1007
8 14
*Cologne (City) GermanY6342-1950 M 13 324 3414 44
Colombia(Rep)62 of'28__Oct'61
'April 1 1935 coupon on__Oct 1961 A 0 31
3314 47
*Jan 1 1935 coupon on___Jan 1961
23
J 3114 32
*Colombia Mtge Bank 61 of _ _1947 A 0 233
/
4
5
233
4 10
*Sinking fund 72 of 1926
1
233
4 233
4
1946 M N
*Sinking fund 711 or 1927
2
24
24
1947 F A
Copenhagen (City) 58
39521 D 90
9314 54
25
-year g 4342
89% 49
195356 N 86
*Cordoba (City) eati of 72
_ _ ____
1957 F A *45
•75 stamped
24214 - -14
1957 -1
42
_ ____
*External s t 7s___Nov 15 — _1937 M N *5012
•78 stamped
2
4641
4 1937 9
Cordoba (Prov) Argentina?.
1942 J J 7814 79
Costa Rica (Republic)—
42 ____
•72 Nov 1 1932 coupon on _ 1951 MN *____
25 ____
1951 ---- *__
4
18 May 11936 coupon on
1014
8612
9912
9812
5614
10
2912
26
26
24
7
7
5
618
64
618
64
0
75
9%
712
74
/
1
5
22
75
22
18
204
14
12
14
8012
5514
12
373*
294
2512
2612
14
264
343
4
2712
91
10
912
3312
343
4
32
95
113
4
1112
97 1052
8
912 1014
10
10
979 97
9812 126
k
9112 947
91
944
911 948
/
4
913 9412
914 9412
91
945,
91
9412
918 9412
91
9412
8718 9014
9712 9814
10114 10412
1013 10412
2
964 9714
10134 10212
8912 9514
3112 35 4
,
103 106
102 10412
11012 113
106 101 14
964
96
9312 9514
2714 36%
273 3614
2
174 18
6% 714
5 2 614
3
58 6
283 397
2
234 3112
2314 313
4
24
3114
3352 4012
953 974
2
953 973
2
2
1003 102 4
4
,
4912 493
4
325, 3914
88
90
84
85
85
85
6812 7012
56
613
4
673 72
4
5712 623
2
1712 1812
18
19
1214 14
10412 1053
8
11014 1123
2
1034 10312
60 8 61
,
114 1312
55
5812
444 47
434 464
5012 55
133 163*
4
1212 1414
1212 1414
1212 14
1214 1412
1212 1414
1212 1412
1212 1312
134 143
1214 13
1212 13
93 103*
4
438 47
99 1007
8
2712 3414
31
3114
2312
233*
235
8
90
86
46
42
5014
4612
7612
3612
37
2412
23%
24
943
903
8
4612
4314
504
47
791
/
4
____
__
253 -- 4
4 253
Range
Since
Jan. 1
Low
High
High No. Low Low
Foreign Govt. & Munk.(Con.)
5
Cuba (Republic) 5s of 1904
1944 M S 9714 9714
9512 9714
684
931.
93 ____
External 55 of 1914 ser A
1949 F A *84
3
External loan 4345
8512 1614
615;
1949 1* A 8614 8612
Sinking fund 5345 Jan 15
78
77
1953 . J 77
1
78
61
8
*Public wks 534e June 30 _1945 1 D 2414
26
2312 267
193
4
18
2
115
2 113
10
6
4
•Cundlnamarca 6315
1959 MN
11% 145s
Czechoslovakia(Rep o1) 82
773
4
1951 A 0 *10212 104 -9814 1013
s
975 10212
77
1
101
Sinking fund 8a ser B
1952 A 0 101
Denmark 20
797
2 10014 105
-year extl 62
1942 .1 J 10114 10414 77
1955 F A 98
10032 107
75
External gold 534s
98 100%
External g 43121__Apr 15
1962 A 0 92
61
943 156
4
92
963
2
Deutsche Bk Am part Mt (is ___A932
*stamped extd to Sept 1 1935
..._--- .55
70 ---5514 63
4812
Dominican Rep Cust Ad 5315
242 M 9 69
40
7112 18
66
7112
lot ser 534s 01 1928
6012 16
595 61
36
1940 A 0 595
2d series sink fund 51
36
/
4
5
1940 A 0 5912 6012 11
5912 6012
*Dresden (City) external 75_ _ _1945 MN 4012 41
27
6
35
41
'El Salvador (Republic) 85 A
1948 J J
_ ------- -- 36
60
J J *6012--35
2
62
5612 62
*Certificates of deposit
10
89
Estonia (Republic of) 72
8412 89
4812
1967 1 J 89
Finland (Republic) ext 68
693
4 10312 105
4
1945 M S 10312 105
External sinking fund 75
s
77
4 26
1950 M 9 10002 1003
10012 1007
12
External sink fund 13342
7012 10112 103
1956 M S 10112 103
663
6
10012
External sink fund 5142
4
4 100 1003
1958 F A 100
Finnish Mun Loan 6318
13
4
10012 10132
67
1954 A 0 1003 101
2
External 6348 serial B
2
6714 1007 10114
9
1954 A 0 1007 101
*Frankfort(City of) of 61
20
2614 3412
1953 M N 3114 3412 26
/
4
2
French Republic extl 7342
185 18812
14 126
1941 J D 1864 187
External in of 1924
4
4
19492 D 1813 18312 24 12712 1813 1854
*German Government InterneUrinal 35-yr 531s of 1930
23
19652 D 3314 347 448
283 34%
8
*German Republic esti 75
3112
393 4512
4512 176
1949 A 0 43
4
*German Prov & Communal Bks
(Cons Agric Loan) 6342
2312
4512 14
413 4512
4
1958 l E 433
*Graz (Municipality) 85
49
99 ____
1954 M N *90
1155s 115%
9712 9712
*Only unmatured coupons on
86
62
1
97,
2
Gr Brit dz Ire(U K of) 5345
1937 F A 115
1155, 74 10752 11312 11552
94% fund loan £ opt 1960
1990 IN N 117 a11732 83
4
955, 1153 119
375, 375
*Greek Government 2 f ser 7s— 1964 M N
22
2
3752 3912
•S f secured 68
7
30
31
2912 32
165,
1968 F A
Haiti (Republic) of Os ser A
67
5
85
863
s
1952 A 0 8512 8512
2018
'Hamburg (State) 6s
1946 A 0 3212 3352 32
263 333
4
15
2
29
31
*Heidelberg (German) eat! 734s......'50 J J
2512 31
Helsingfors (City) ext 6348
6614 10114 103
8 11
960 A 0 10214 1023
*Hungarian Munic Loan 7342
1945 J J ------------25
*Only unmat coup attached
34
38
25
3
38
J J 37
*External a f 7s (coup).
26
__ ___
1946 J .1
*Only unmat'd coups attached_ __ „I J ___- -32 /704
254
3
3714 374
*Hungarian Land M Inn 7142. _'61 MN *3212 48 ____
334 3304
295,
*Sinking fund 7342 aer B
31
---1961 M N *3212 47 ____
*Hungary (King of) a 1 7342__1944 F A ____
45 II
3112
__ ____
'February coupon on
4212 4912
394
6
4832 -494
Irish Free State anti s f 531
110 ---1960 MN *106
90,
2 ---Italy (Kingdom of) extl 72
91
8514
- .-12
6
1951 2 D 9212 9414 133
4
Italian Creel Consortium 7s A
95
95
893
4
8 98 2 ---,
.37 M S *963
External sec 5 f 78 ser B
8612 89
82
4 17
1947 M 9 8612 883
Italian Public Utility exti 72
80
7213
3
835,
1952 i J 8212 28212
Japanese Govt 30-yr s I 83413
91
97
77
4
1954 F A 9112 923 122
Extl sinking fund 5342
6612
167
1965 M N 7812 80
7812 8412
*Jugoslavia aecured s f g 79
1957 A 0
2212
; 0.,
•78 with all unmet coup_ __I957 ---- *2718 --- ___
2. .s
IS%
3
5
_
*With Oct 1 '35 & sub coups on_ __ ---- *1912 --------1312 --- -*Leipzig (Germany) a f 72..
29%
4
1947 F A 398 4112
*Lower Austria (Prov) 71
/
4a.._ _1950 J D ------------50
*Only unmatured coups attach'dn------97
98
5
0
2
*Medellin (Colombia) 6345
912
8
3
93
4
19542 D
73 ____
*Mexican Irrig Mang 434s
3
*612
1943 MN
*Mexico (US) anti 52 of 1899£ ___'45 Q J *---4
25 ____
*Assenting 5e of 1899
4
1
10
1945 ---- 10
*Assenting 58 large
1014
512
1
1014
*Assenting 5. small
•42 of 1904
45,
612 ____
__1954 ---- *412
*Assenting 42 of 1904
3
*614
7 ____
1954
*Assenting 42 of 1910 large
4
612
612 10
*Assenting 413 of 1910 small
4
512 10
54
53
**Trees(is of'13 assent(large)'_33 J J *6
10 ---•49mall
J J
54
83
4
83
4
5
Milan (City. Italy) extl 6%s __ _1952 A 0 8214 84
95
74
•Mlnaa Germs (Brazil)61
1959 AI 9
17
/
4
5
*September coupon off
1814 -- -12
i
18
1812
•Ext see 6145 Belles A
*September coupon off
18
18
5
184
•Montevideo (City of) 72
42
1952 J D 41
2714
6
*External a f 621 series A
25
6
1969 M N 357g 36
New So Wales (State) esti fe_ _1957 F a 1003 10214 85
733
4
4
External a f 58
4
733*
Apr 1958 A 0 1003 10218 53
Norway 20-year extl Os
10512 17
1943 F A 105
88
20-year external 62
1053
4 26
1944 F A 105
8712
30-year external 62
834
1952 A 0 10212 10312 26
40-year s 1 5318
53
102
78%
1965 1 D 101
External 5 f 5s___Mar 15
1963 M S 100
76
10012 65
Municipal Bank extl s f be
9
1967 .1 D 10114 10114
7712
Municipal Bank 620815s
19701 D 10014 10012
6
7912
•74uremburg (City) esti 65
343
4 25
1952 F A 317
22
Oriental Dave! guar (is
64
7918 12
1953 M 9 78%
Extl deb 53411
1959 M N
75
754 16
5914
Oslo (City) 30-year 2 f 132
9912 1015, 14
1955 M N
73
Panama (Rev) extl 5314
1953 J D
•Ext1 5 f 59 ser A-- _May 15
! 1963 MN
'Stamped
*Pernambuco (State of) extl 75 ___'4 M 9
*September coupon off
*Peru (Rep of) external 78
1959 M S
*Nat Loan esti a(Os 1st ser
1960 J 13
'Nat Loan extl 2 f Os 2d Ser
1961 A 0
Poland (Rep of) gold (1s
1940 A 0
Stabilization loan a f 72
1947 A 0
External sink fund g 88
1950 J I
'Porto Alegre guar 82
1961 J D
*June coupon off
•Ext1 guar sink fund 7345
1968 1 J
*July coupon oft
Prague (Greater City) 71
1952 M N
/
42
*Prussia (Free State) ext1 8315 _
51 M 5
'External 5 1 Os
-1952 A 0
Queensland (State) esti 2f 72
1941 A 0
25
-year external tia_
1947 F A
'Rhine-Main-Danube 72 A
1950 M S
•Iiio de Janeiro 25
-year of 8e__ _1946 A 0
•kprIl coupon off
*External e t 845
1953 F A
*August coupon off
'Rio Grande do Sul extl s f 85 __1946 A 0
*April coupon off
*External sinking Mad 6a
1988 1 D
*June coupon off
'External 5 f 75 of 1928..... _1966 M N
•Nlay coupon off
•Ezzernal 2 f 7. munfo loan.....1987 j D
*Tune coupon on
105
44
40
5
106
1
44
407
14
-- ---*147
3 -- 2 --__
163
12
1272
5
87
3
93 125
8
9
914 49
753* 77
16
118
1203
4 12
8912 911 36
/
4
__----- ---183
19
2
_ ____
--- 183
2 --21
6
*993 1023 —
4
8
333
4 37
28
333
32
4 36
109
110
3
107
10712
8
393
41
5
____
_ __
__
18
is
1
167
2 167
1
16
163* 17
____
_
18
lily 13
_
181 -- - - io
4
1i
____
_ ....
1714 --18
13
19
19
1
13
173
19
89
247
27
84
15
7
5
43
4
56
63
6352
1614
20
1412
193
7704
241
/
4
234
94
833
4
353*
1312
1812
13
173*
173
183
1514
19
1612
183
2
1714
20
38
115
97
912
78
4112
115
9
8
1014
812
10 if
10, 11
4
6T 1
4
612
512
612
7
84
85
8 8012 84
18
- 8
193
18 Iola
40
42
3212 368
10012 102,
4
8
100 102,
1035, 105%
104 1054
101 10312
9934 103
9812 1017
8
10114 10112
98 1003*
2814 343
4
7814 81,
4
745 7612
99 102
105 10612
444
43
38
41
---1312 -- -5
15 4
134
12
4
814 93
83
93
4
73
78
11414 1203
4
88
92
-,
180 -- 4
4 2
03183 it
2
101 103
287 37
2
2814 36
109 110
1053 10712
4
3812 417
2212 2212
17
19%
162 16%
2
16
18
21
2212
18
227
1712 1712
s
163 197
4
183 183
2
s
17
1912
10
19
1718 20
For footuotea see page 613.
NOTE—Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings in such securities being almost entirely over the counter.
Bid and asked quotations, however, by active dealers in these securities, will be found on a subsequent page under the general head of "Quotations for Unlisted Securities"
.&
Jan.
New York Bond Record-Continued-Page 2
26 1935
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 25
Work's
Juiy 1
r.
',..'i
_
Range Or ; 1933 to
V, ...
Friday's
. . It ..•`°.: Dec. 31
.Z.4, Bid ot Asked el0 1934
Foreign Govt. &MunIc.(COna )
Low
High No
Low
Rome (City) extl 8 45
110
1952 A 0
7812
Rotterdam (City) ext1 65_. _ _1964 M N 129
1
908
129
23
*Roumania (Monopolies)gu 7s 1959 F A ____
_ ____
*August coupon off
353
32
4 - _3614 29
Saarbruecken (City) gs
56
76 ____
1953 J 1•_
•Sao Paulo(city) a f 8a__Mar
1952 MN ------------18
•May coupon off
2012
2378 ____
*16
48xternal 5 f 845 of 1927
0
155
8
1957 M N
•May coupon off
1
1912
1618
1618
*San Paulo (State) extl Si 8s.._1936 J J ___
1518
__ _ __ _
•July coupon off
2912 -32
5
30
*External sec 5 f 8s
1950 1 J ------------121z
*July coupon off
1
1812
1912 1912
•External I f 75 Water L'n____1958 NI 5 ____
__ _--127
s
*September coupon off
2
174 173
2112
8
•External e t 69
1968 J J ------------1034
•July coupon off
112
3
17
177
5
*Secured at 75
el
1940 A 0 7912 825
8 98
*Santa Fe (Prov Arg Rep) 7s
53
2
17
1942 M 5 53
*Stamped
5114 5214 16
38
*Saxon Pub Wks(Germany) 72. '45 F A
17
3818 39
3212
*Gen ref guar 614s
1951 M N 37
383
8
8
2812
36
*Saxon State Mtge Inn 78
1945.3 D *49
55
*Sinking fund g 845__Deo
1948 .1 D *49
_--447
8
*Serbs Croats & Slovenes 8s
1914
1982 MN
*All unmatured coupon on ---------33
7
1234
3312
N
•ov 1 1935 coupon on
1312
*263
8 36
*External aec 7s ser 13
1982 M N 3918 434
6
17
*All unmatured coupons on
3412 21
___
32
1312
•Nov 1 1935 coupon on
273
4 28
11
2
Silesia (Prov of) extl 7s
1958 1 D 704 704 19
*Silesian Landowners Assn 6s _....l947 F A
534 545
8
9
Solssons (City of) extl 68
1936 M N *17512 177
*Styria (Prov) external 75
1946 F A
--•February 1934 coupon off
*833
8 98 ____
Sydney (City) 5 f 5145
8
1955 F A 1013 10212 45
Taiwan Elec Pow 5 f 5%s
4 764 19
1971 J 3 753
Tokyo City Se loan of 1912
1952 NI 5 *70
7114 -Externals(845 guar
1961 A 0 7512 763
8 28
*Tolima (Dept of) extl 75
4
12
12
1947 M N
1957 M N 95
l'rondhjem (City) let 5145
3
951.2
•Upper Austria (Prov) 75
1945 J D
*Only unrnatured coups a ttch- -•External s f 6145_Juue 15
--1957 1 1)
•Unmatured coupons on
*Uruguay (Republic) ext1 85_1946 F A
1980 M N
*External 5 f Os
•External a f (Is
1984 M N
Venetian Prov Mtge Bank 7e ___'52 A 0
•vienne (City of) extl s f 85
1952 5.1 N
•May coupon on
Warsaw (City) external 75_ ____1958 F A
Yokohama (City) ext/ 65
1061 .1 D
42
33
117
474
70
75
58
533
4
5354
84
6334
107
513
107
4
1
70
*3318 ___---_
------------4112
*
70
98
46k, 4718 11
33
38
3934 66
2619
38
394
7
263
8
80
83
20
8914
103
10814
5
5253
91
9218 15
4312
68
69
44
41
8112 8212 20
83
RAILROAD AND INDUSTRIAL
COMPANIES.
f tAbitibl Pow & Paper 1st 5e_..
_'53 J D 37
4018 232
153
5
Abraham & Straus deb 5155
1943 A 0 10312 104
38
87
Adams Express coil tr g 45
1948 M 8 8712 88
17
61
Adriatic Elm Co ext 75
1952 A 0 a993 a993
4
4
3
90,
4
Ala Gt Sou 1st cons A be
1943 J D *104
8012
107
illt cone 41 ser 11
19433 D *10138 10112 _
74
Albany Perfor Wrap Pap 65
1948 A 0 51
5612 16
4612
1946 A 0 1003 102
Alb & Snag let guar 314s
16
83
4
:
Allegheny Corp coil tr 55
1944 F A
7112 7312 132
4714
:Coll & cony 58
41
1949 1 D 63
6414 31
5C011 & cony 55
1950 A 0 244 26
30
19
:Certificates of deposit
__,, : 24
2512 38
1912
Alice & West let gu 4s
A0
1998 -- *9912 96
62
Alleg Val gen guar g 45
1942 M 3 10812 1063
93
4
7
Allis-Chalmers Mfg deb 55
1937 M N 10012 1007
8312
8 4S
*Alpine-Montan Steel 1st 75
1955 M 3 ------------50
.73 coupon on
1955
,
Amer Beet Sugar 6s
1935 F A *___ 10012 ____
7014
89 extended to Feb 1 1940
20
80
....-- F A 9912 100
American Chain 5-yr Os
1938 A 0 997 10018 25
8
5812
:Am& Foreigh Pow deb 55
2030 M 3 56
5712 184
32
American Ice s f deb Ss
1953 J D 734 7512 38
62
Amer I CI Chem cony 549
1949 M N 106
10712 100
7612
Am Internal Corp cony 594* _ _1949 J J 87
9212 80
65
Amer Mach & Fdy a f (is
1939 A 0 10312 1035
8 13 103
4414 Rolling Mill cony 55
1938 M N 110
1113 119
4
87
Am Sm & It let 30-yr 5s ser A
92
4
8
' A 0 1033 1043 104
47
1936 M 3 104
Am Telep & Teleg cony 4s
1 10078
104
30-year coll tr 55
1946 .1 D 10812 1094 82 10112
35
-years f deb 59
1960 J J 11214 1123
4 84 1014
20-year St 5)4e
19437.1 N 11212 113
77 104
Cons deb 445
19393 J 10714 10812 69 105
Debenture 5.4
1965 F A 11214 113
170 1013
2
1940 _
A m Type Founders 8s ctfs
3812 4112 20
20
Am Water Works & ElectricDeb g 68 series A
1975 M N
753
4 7818 35
58
10-yr 55 cony coil tr
1944 M 3 053
4 9714 119
91
:Atn Writing Paper lot g Os
1947.3 J 2312 2514 26
18
609
...,
:.' o
Week'si
. July 1
Range or , 1933 to
Range
BONDS
Range
Since
Friday's
, Dec. 31
11 7.,
N. Y. STOCK EXCHANGE
Since
....5... Bid sr: Asked sti iZ
Jan. 1
Week Ended Jan. 25
1934
Jan. 1
Low
Low
NW NO. Low Low
High
High
4
All & Cheri AL lot 44s A
8318 87
1944 J .1 *1033
_- ---867
4
1244 13918
lot 30-year 55 series B
10612
1944 J 1 106
4
86
108 1074
_
_
_ Atlanta Gas List 5s
1947 1 D *10112 --------95
3814 Atlantic City lot guar 48
5512 --1951 J J *9112 --------74
78
78
Atl Coast Line 1st cons 45 July
10212 4
'52 NI 3 102
6
7112 10012 10212
____ ____
8 9214
General unified 445 A
903 9212
76
4
614
1964 J I) 913
____ ____
L & N colt gold 4s____Oct
8212 36
7912 8212
57
1952 MN 80
Atl & Dan isle 48
4214 15
35
1948 3 1 41
38
4214
2d 4s
16
197
8
1948 J J *32
35 -- -27
305 33
8
47
____ _
_ Atl Gulf & W I SS coil tr 5s
32
1959 J .7 42
4012
42
47
1937 3 .1 10714 1077
Atlantic Refining deb 55
2714 3
8 32 101
6
10718 1074
56
20
20
5
All & Yad 1st guar 4.9
37
1949 A 0 55
53
59
1918 233 Austin & N W 1st gu g 55
4
903
4
4
75
1941 3 1 90
90
91
1914 20
Baldwin Loco Works 1st 55
1940 MN 10212 10318 12
173 21
8
9814 102 10312
_
_
_ Balt & Ohio lot g 48___July
8
194g A 0 1005 1023 135
4
8214 1005 1023
8
4
103
4 74
544
Refund & gen So series A
17 -26
71
7712
1995 3 D 723
7612 9114
1st gold 58
4
_1948 A 0 1074 1033 117
944 1063 1083
July
4
4
Ref & gen 6s series C
95
5312
52
59
813 864
4
1995 3 D 8314 34
P. L E & W Va Sys ref 4s
69
4912 5214
763
2
1941 MN 9914 100
98 100
99
73
Southwest Div 1st 314-Ss
38
397
8
1950 J 1 98
9912
7414
97
81
Tol & CM Div let rer 4. A
4
343 383
4
1959 J .1 8212 8314 16
824 84
49
51i2
Ref & gen 5s series D
2000 M 8 71
73
707 78
94
8
53
Cony 414s
573 415
4
48
48
1980 F A 55
53
4612
607
8
Ref & gen M 55 ser F
4
54
1996 M 5 7114 723 111
71
7612
*1105
374 3312 Bangor & Aroostook 1st 55
8
_ _ __:,
9412 110 1103
4
Con ref 4s
- -12 81
4
25
273
744 10014 10112
1943 i Jj 10012 101
951 J
4
4s stamped
3712 434
1951 ---, 1033 10414 29 10112 1033 10412
4
104
10434 ____
9458 10312 114
25 4 3412 Batavian Petr guar deb 494e __1942 3 .1 •
3
1999 3 D *60
2218 28
Battle Crk & Stur 1st gu 3s
72 ---60
_
_
Beech Creek let gu g 45
4
88
19363 J 10118 10112
101 1 104
1936 3 .11 *98
101 ---2d guar g Ss
6812 7112
8912 101 101
1951 A 0 *9312-- ---4938 515 Beech Creek ext 1st g 3145
8
86
95
95
1949 J 3 1143 11514 18 103
4
175 17512 Bell Telep of Pa 5a series B
11314 11514
1st & ref 55 series C
1960 A 0 11818 11912 74 10314 1163 11912
4
____
_ Beneficial Indus Loan deb es
4
1916 M 8 1083 10914
9
82
10714 10914
997 1-- 2 *Berlin City Elec Co deb 845 _1951 J D z42
8 021
423
4 38
273
4
373 43
8
.
15
3412 37
253
•Deb sinking fund 614s
4
7412 77
31
1959 F A
37
2438
7114 7114
*Debentures es
2914 354
1955 A 0 3312 3512 26
3
743 7712 *Berlin Elec El & Underg 6)4s_ 1956 A 0 *35 8 3838 ---8
275
8
3414 37
12
124 Beth Steel 1st & ref 55 guar A_'42 M N 1097 112
16
8
9418 10712 11518
91
44
9512
8
10318 1044
94
30-year p in &'mot 5 f 5s
1936 J .1 1037 104
Big Sandy 1st 48
1944 J D •1031
_- ---90
1025 1025
8
8
45
107 107
Bing & Blng deb 814s
25
3412 3412
1950 M., 8 *34 8-- ---____ ____ Boston & Maine lat 5s A C
166
5914
74
79
1967 m 5 7512 79
1955 M N
775
81
.8
793
8 59
7312 793
_
8
lat M 55 series II
4 7334 37
lot g 44s ser JJ
____--82
8214
56
1961 A 0 713
6978 74
40
46
453 473 Boston & NY Air Line let 45
8
8
37
)955 F A 38
3712 403
8
4118
tBotany Cons Mills 645
33
1212
812
12
1934 A 0 *1112 12 --__
38
A 0 *812 11 ---41
:Certificates of deposit
75
8
11
11
80
83
•113owman-Blit Hotels 181 7s._ _1934
M 9 *412--- ---10114 1084
Stmp as to pay of $435 pt red
42
,
__-- ---847 9218 1:13'way & 7th Av let cons 5____s'433 0 *67
8
s 1012 ---812 ---Brooklyn City RR 1st 5s
873 ---4
6514 69
6812
1941 J J *85
84
--8912
1949 J J 10812 110
36 103
8014 8312 Bklyn Edison Inc gen 55 A
10812 110
1952 J J 1084 1093
Gen mtge 55 series E
4 38 10212 108 10914
136
Bklyn-Manb R T see 65 A
883
2 10418 106
1968 3 1 10515 106
58
Bklyn Qu Co 4. Sub con gtd fs -__'4i M N
58
1
5258
55
58
3378 4014
1st 55 stamped
1941 3 J *alit
_-_- - --- 671
4
Bklyn Union El 1st g 55
1033 104
8
32
1950 F A 1014 102
7212 1005 102
8
8 16
Bklyn Un Gas let cons g 5s
83
1945 M N 1155 122 _ _ 1_1_ 11054 123 4 12612
85
0
5
143 13
1st lien & ref 65 series A
98 100
,
1947 M N *115 2
Cony deb g 5145
1015 107
8
1936 11 . 1-.7.:1
-.- ---: 158
.7.7:7 105
10118 10118
Debenture gold 55
-- 4
4
93
1950 .1 D 10414 104,
1034 --• -8
1st lien & ref be series B
40
644
1 10012 103 4 1094
1957 M N 1094 1097
,
100 102
_ ---J J *10012
Brune & West 1st gu g 4.9
887
8
1938
8
1
703 7512 Buff Gen El 414s aeries B
4
9612 1083 1091.2
1981 F A 1093 10918
4 4
61
6614 fluff Koch & Pitts gen g be
91
1937 M 5 1043 10518 24
10412 10588
22
26
Consol 4145
1957 M N 6918 7012 51
50
6818 7031
IIBurl C R & Nor 1st & coil Be ____ 34 A 0 22
2312
26
9
23
19
22
24
90
90
:CertifIcatee of deposit_ 52012 25 ---20
---- ---1952 W 0 77
:Bush Terminal 1st 4s
78
106 107
9
39
77
83
1955 J J 42
49
1004 101
:Consol 55
97
104
38
4974
90
10
973 Bush Term Bidgs 5s gu tax e__ x '60 A 0 6112 88
4
31
63
57
101
By-Prod Coke 1st 514* A
27
54
1945 NI N 8812 87
7738 8739
ivE
•(i101
•Anglo-Chllean Nitrate 75
912
1915 M N
:Ann Arbor let g 45_July_ _1995 Q J 53
1964 M 3 *874
Ark & Memo Bridge &Ter 55
Armour & Co (III) 1st 414e
• 1939 .1 D 1023
4
Armour & Co. of Del 514s
1913 ./ J 10314
Armstrong Cork cony deb 55 __ _1940 ./ D 1043
8
1995 A 0 10818
-Gen g 45
A tch Top & 3 Fe
Adjustment gold 45....luly
1995 Nov *10318
Stamped 411-- _ - - _ July _...,1995 M N 1025
8
Con• gold 45 of _1909
19551 D 10112
Cony 45 of 1905
1953 J D 102
1900, D 100
Cony g 45 issue of 1910
1948.3 D 1077
Cony deb 4145
9
Rocky Mtn Div let 4s
19651 J 102
Trans
-Con Short I. let 45
1958 J 1 108
Cal-Arts 1st & ref 445 A
1962 M S 11014
1946 .1 D 113
All Knox dc Nor let g be
10
39
5412
8
90
10312 143
105
248
1043
4 45
109
142
. ____
1033
_-- 4 81
1
10112
10218
8
101
33
10814 43
10212 23
1084 26
1113
4 52
3
113
314
27
784
75
74
85
8414
7412
754
75
7414
78
884
79
89
8714
994
98 100
9912 10018
557 8014
8
7512
70
1054 10712
8512 9212
103 10518
10914 112
1034 1043
4
10314 104
10312 10912
1114 113
11134 113
10818 10312
111 113
32
4112
7218 784
9312 971 4
2234 2512
83 10
4
53
55
102 10312
103 105
104 1043
4
1064 109
101 10212
1014 1031
4
101 12 1024
10114 10212
100 101
1063 1083
4
8
10014 10239
10712 1033
4
1087 1113
8
4
110 113
10314
16
Cal 0& E Corp unf & ref 59
1937 5/ N 108
4
Cal Pack cony deb 5s
6
1940 3 J 1033 104
Cal Petroleum cone deb 3 f 5
4
4
5
5 '39 F A 1023 1023
Cony deb 5 1 g 514s
1938 NI N 10318 10374 26
*Camaguey Sugar 75 etre
1942
r
*33
4
514 ---4
Canada Sou cons EU Se A
-1962 40 1093 110
6
4
Canadian Nat guar 414s
1954 NI 5 1033 10414 51
67
-year gold guar 4145
30
1957 J .1 11112 112
4
Guaranteed gold 4145
1988 3 0 1043 10474 34
Guaranteed g 5s
4
July 1969 J 1 1154 1153 136
8
36
Guaranteed g 55
Oct 1989 A 0 1175 118
8
10
Guaranteed g 55
1970 F A 1175 11778
8
Guar gold 4)4*
4 20
June 15 1955 .1 D 1153 1153
Guar g 414s
4 31
1956 F A 11318 1133
Guar g 4145
4 31
Sept 1951 M 5 11214 1123
10738 40
Canadian North deb guar 75
1940 3 D 107
Deb guar 63.4e
18
1946 J J 11914 122
1935 .1 J 100
lOOlo
guar g 445
3
Canadian Pac Ry 4% deb stock
8614 87's 256
4 30
1946 M 5 10118 1012
Coll tr 43.4s
55 equip It ctfs
1944 J 1 11012 11119 44
Coil It g 5.4
Dec 1 1954 J D 10314 1038 52
Collateral trust 414s
1960 J J 9712 9812 124
1
(Car Cent 1st guar g 45
41
1949 J J 41
1938 2 I) 107
10718
Caro Clinch & 01st Ss
5
1st & cons g 68 ser A
Dec 15'52 J D *10812 109 ---Cart & Ad 1st gu g 48
1981 3 D 77
7712
8
*Cent Branch U P let g 45
38
5
1948 J D 38
Cent Dlst Tel 1st 30-yr 5s
1943 3 0 10918 10912 10
:Central of Ga 1st g 59
Nov 1945 F A *4018 60 ____
:Consol gold 58
257 ____
8
1945 MN *22
:Ref dr gen 5145 series B
12
17
1959 A 0 11
:Ref & gen 55 series C
1214 23
1959 A 0 1114
:Chau Div pur money g 4s
1951 J D •1812 25 _--:Mac & Nor Div 1st g 5s
1946 J J*____
25 ......
:Mid Ga & All Div pur in 5_s'47 J J •____
23 ____
:Mobile Div lot g 58
1946 1 J *21_ ____
Cent Hudson G & E 55
110
3
Jan 1957 M 3 110
For footnotes see page 613.
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
.
NEW YORK
Private Wires 10 Chicago, Indianapolis and .51. Louie
1024
85
92
9414
11$
79
9111
9114
9112
963
4
9618
963
4
943
4
913
4
915
8
10218
1054
9812
524
66
9488
734
643
4
19
953
4
8914
- 88
2414
1035
8
39
1612
84
812
1713
35
20
25
10012
8
1077 103 4
,
10312 10419
1014 1023
4
10212 1034
412 412
1033 110
4
10318 1043
4
111 1134
10414 10514
1143 118
4
117 12018
117 1197
8
115 1174
1123 1157
4
8
1115 1145
8
8
107 1074
119 12214
100 101
86
877
4
9914 1014
1093e 11112
10212 10412
963 9934
4
41
41
106 10718
1084 1087
8
7412 78
38
38
10918 10912
46
47
23
26
11
134
1114 1412
25
25
1033 110
4
610
New York Bond Record-Continued-Page 3
Jan. 26 1935
BONDSJulp-1
Juts 1
Week's
Week's
-3
d
;'3
Ranges?
Range
4_ 1933 go
J,1
1933 to
.
te
"" Ranges?
BONDS
Range
Since
Friday's
Fritiara
0, Dec. 31
ih
N Y. STOCK EXCHANGE
vh
Since
g-. Dec. 31
,
Jan. 1
..iti, Bid gh Asked 53a
Week Ended Jan. 25
43. Bid db Asked 330 1934
1934
Jan. 1
Low Low
Low
High
High No
Mob No
Low Low
Low
High
7512 813 109
4
Cent III Elea & Gas let 55
4
71% 813 Consol Ry non-cony deb 45
1951 F A
43
3212
3514 ---1954 1 1 *---32
3514
49%
Cent New Engl let gu 45
8
15
1961 1 J 623
60
623 6614
4
4 637
397 --__
Debenture 4s
1955 1 1 *--__
Central of NJ gen ff 58
15
1987 J .1 10712 1073
90
107 108
-----------441*
4
Debenture 45
1955 J J *____
General 48
93
98
31 ---22
78
1987 J 1 9634 98
Debenture 45
44
--- ---146
6533
3114 25
9914 100
9814 1003 :Cons Coal of Md let & ref 55-1950 J D 29%
Cent Pac let reign g 45
1949 F A
4
10
29
333
4
6311
98
Through Short L let gu 43
1964 A 0 *9714
-- 2
„ 293
4 31
9912
14
10
:Certificates of deposit
29
3312
7712 8114 Consumers Gas of Chic gu 55 --__1936 1 -E 1043 1043
89
55
Guaranteed,55
7758 80
4
1960 F A
)
4
5
98
103 1043,
.
:Cent RR & Bkg of Ga coil be
6214 65
5
49
65
Consumers Power let be C
1937 MN 65
98
1952 M N 10712 10814 33
10713 100,
4
101
Central Steel let gel 85
39
115 116
Container Corp let 6e
1941 M N 11514 11514
1 100
68
9912 1013
4
1946 f D 100
714 753
Certain-teed Prod 530 A
42
4
8812 41
4
15
1948 M S 7318 743 116
4913
-year deb 58 with wan
1943 f D 86
83
905
8
96
98
35
1954 F A
693
4
9512 98
Copenhagen Telep 58 Feb 15
1930 1 1 •10453
Charleeton & Sav'h let 7s
1063
8 13
103Crown Cork Seal o f Se
96% 106 1063
1947 1 0 105
4
1951 1 J 102
1021
94
103i3 10614 Crown Willamette Paper 68
.
Cheeap Corp con• be __May 16'47 M N 104
1053 104
3
6
75
1013 10212
4
10
-year cony con 55
19441 D 10214 1023* 117 3 _ __
10112 10253 Crown Zellerbach deb 53 w w
9912 12
1940 M S 2984
65
9714 99,
2
Chas dr Ohio let con g Si
1103 1114 Cuba Nor Ry let 530
4
39
33
1939 /91 N 11118 11134 21 104
lb
1942 1 0 38%
37
39
9114 1143* 11612 Cuba RR let 55 g
General gold 430
11612 27
1992 M 13 116
16
1314
29
1952J 1 2912 31
32
1953 J D 30
Ref & lmpt 430
8311 10814 11014
30
let ref 730 merles A
1993 A 0 10933 11014 31
2
1318
29
30
1995.1 .1 10913 11012 100
84
10814 11012
Int lien & ref 65 ear 13
Ref & impt 430 ear B
15
1936J 0 *234 26 Craig Valley let 58__May
--------96
84 .615
1:Cuban Cane Prod deb 65
_ 1940 J I •105
I%
13
---1950 J J
T2 - -34
I
Potts Creek Branch let 45
102% 102 3 Cum b T & T let & gen 55
.
-- -7
25 102
4
1946 J -1 *4 10234--------85
1937 1 J 1063 107
1083 107
8
R & A Div let con g 45
9018 10513 10518
_ __ ---1989 1 J *106
9334 518
2d cons°,gold 45
Del & Hudson let a ref 45
1989 J J *10218 10
8712
67
6
89
947
1943 M N 89
55
1935 A 0 100
Warm Spring V let g 58
10018
1941 M 8 *1053*
5
927
1 100 101
99
Chic & Alton RR ref IC 35
5014
45%
48
Gold 530
1949 A 0 4812 5014 82
8913 101 12 1021
1937 M N 10112 1023* 50
4
10112 10234 Del Power & Light let 430
Chic Burl & Q-111 Div 330
84
4 27
1949 J - 102% 1023
933
1
4 107 107
1971 1 1 *10618 107 ---Illinois DIvbsion 45
93
106 l075
10414
8
let & ref 43(8
2
88
10714 21
1949 J 1 107
102 10212
1969 1 J *1C2
1958 M 8 10738 10812 89
1969 J J 10512 10512
General 45
84% 1063 10812
4
let mdrtgagte 4345
2
93
10512 10512
1977 F A 10712 108
D RR & Bridge 151 g 45
lot & ref 430 ger B
77
19
1063* 108
1936 F A •10218 --------96
lit & ref 68 ser A
8413 111 1128 Den Gas & El L let & ref 3 f 55 __195l M N 1033 1033
3 28
1971 F A 1113 1125
85
4
4 10
10214 1031
4
- ;
53
___74
1:Chicago & East III let 65
1934 A 0 *
6
Stamped as to Penna tax
8313 103 101
1951 M N 1034 104
8 --- •Den & It G let cons g 45
714
3013
812
98
83
IC & E ill fly (sew 5o) gen 158
4 15
1951 MN
31 12 39 4
1936 1 J 3113 3612 56
7%
7%
3
612
718 9
1935 1 J *____
36 ____
:Certificates of deposit
34
•Consol gold 430
383* 395*
4
Chicago & Erie 1st gold be
36
8213 11112 1133 •Den & R 0 West gen 1Se.
10
11
1982 MN •1133
___ ---972 12
978
__Aug 1955 F A
1033 10513
s
97
Cb CL & Coke let gu g 55
19371 1 10412 10512 17
8
8*Assented (subj to plan), 93* 1014 31
8% 11
35 8
3
32
*Chicago Great West let 42i
25
*Ref & Unit 55 ser B
3538 35
1959 M S 33
161 21
4
4
1812 25
Apr 1978 I-0 163
18
31
*21
34 :Des M & Ft Dodge 45 ars
*le stamped
24
1935 J J
4% ____
1959,
213
3112 3312 64
2112 2112 Des Plaines Val lit gu430
21
:Chic Ind & Loulay ref Se
19471 J 213 2112
1
633
3
---- ---1947 m S ---21
22
21
__ ____
:Refunding g Si ear B
1947 1 1
21
21
:Refunding 45 series C
20
Detroit Edlson 55 ear A
- 1947 J .1 •2014-95
*2014 26
3
4 52
10712 1091
1949 A 0 1077 1093
4
4
612 814
53
:1st & gen beset-les A
Gen & ref 58 owlet; B
1966 MN
714
73
4 26
92
4
10814 109,2
1955 1 0 1083 10912 20
813 84
:let & gen 65 merles B-May -1966 J i
Gen & ref 55 aeries C
612
1
12
94% 1084 109%
84
83
4
1962 F A 10913 10934
1956 J 1 9012 91
70
893 91
4
Chic Ind & Sou 50
9
-year 48
Gen & ref 430 aeries D
85% 1061r 10914
1961 F A 10814 10914 43
99
10612 10612
1
Chic I.S& Rut let 430
131891 D 10612 10612
Gen & ref 55 serled E
917
3 108% 11012
1952 A 0 10912 11012 22
1959 .1 J 54% 865
49
53
8 88
583 •Det & Mac let Hen g 45
8
Chia M & Si P gen 4* ear A
1995 1 13 *26
30 ___
20
503 545
3
47
3
Gen g 3345 ser B May I
5
19891 J 5214 5214
*Second gold 45
1113
1212 -15
7
1995 1 7 •1212 17 ____
6912 623 Detroit River Tunnel 430
Gen 430 series C__May 1
5214
6112 27
1989 J J 60
105% 108
11
84
108
1961 M N 108
583 623 Dodge Bros cony deb 63
4
Can 430 series E__May 1
52
4
4 17
1989 J J 097
2 603
92
10013 107
4 80
1940 M N 10612 1063
63
643 Donner Steel let ref 75
4
Oen 430 @Wee F__May 1
2
5413
6434
1989 J J 643
4
____ -_87
102 103
1942 J .1 •103
18
2013 26
Chic Milw SIP & Poe Si A
2512 543
Dul Miasabe & Nor gen 58
1975 F A
2314
1941 1 J*10512 --------102
54
3
614 75 Dul & Iron Range let 5a
638
•Conv ad1 be
Jan 1 __2000 A 0
75* 660
8
9 102
10714 167*
1937 A 0 1073* 1073
- 3
46
1987 M N 46
4553
4812 Dui Sou Shore & ALI g 55
Chic & No West gen g 3348
27
47
1937 1 J 43
4512 17
20
43
455
49
48
53
51
General 45
22
1987 M N 49
Duquesne Light let 4348 A--1967 A 0 108
9914 103 1087
1088 43
*
4914
50
Stpd 43 non-p Fed Inc tax-1987 M N 50
2
53
50
let Mg 430 series B
993
4 1113 1123
11212 23
4
4
1957 M 8 11212
Can 434,stpd Fed Inc tax
5312 577
5418
56
7
3
1987 M N 65
541
Gen 58 stpd Fed Inc tax
5413 6112 *Mast Cuba Sug 15-yr If 730 1937 M SI
5814 13
578
1987 M N
77
8
814
7
6
/
1
4
712 1114
MN ___
_ ____
56
---- --- East Ry Minn Nor Div 1st 44
434e stamped
1987
1948 A 0 *1003 102 ---4
89 2 --,,
65 70
Secured g 630
62
East T Va & Oa Div let 55
---14 26
68
1936 M N 65
78
4
109 III1956 m N 111 14 11113
%
let ref g 55
263
3
243 31
4
May 1 ___..2037 1 D 244 2812 221
Ed El III Bklyn let cone 45
90
5
10613 10714
1939
2 10714
let & ref 430 stpd_May I ___2037 J D 231*
22
233* 28
Ed Elec(N Y) let cons *5*
255* 373
1995 1 1 •121%... ____ 10712 123% 124
2312 28
let & ref 4308er C_May 1 _---2037 1 0 2312 26
2153
•El Pow Corp (Germany) 630-1950 M 8 *3718 - 8 ____
124
367 37
083
3113
1814 2212
Con• 4348 series A
1612
*1st sinking fund 630
1949 M N
1953 A 0 *3538 60 ____
18% 213 603
4
30
3613 3712
1:Milano Railways let 55 ettld---Elgin Joliet & EMIL 184 g 54
10414 10512
i
89
1941 m N •10412 1063 ---F A
68
74
Aug 1 1933 25% part pd
4
70
74
423
El Paso & SW let 55
2
9214 95
941
12
8111
1965 A 0 937
:Chic RI & P Ry gen 45
3812
423 443 Erie & Fitters gu 3308er B
4
42
4
1988 2 J 433* 441
1017g 1017
4 --------90
8
1940 1 1 •1013
43
41
:Certificates of deposit
1
3814
43
43
Series C 330
. ____
90
1013 1013
4
1940 1 1 •1013
4
4
:1Refunding gold 43
1518 17
17
50
1934 A 0 151
1996 J J 99
144
Erie RR let cone g le prior
88
1061
69
9713 10014
143 15 4
3
:Certificated of depodit
13
153
4 42
let consol get lien(48
15
52
7614 78%
4 92
1996 1 J 7612 773
:1Secured 430 series A
153 18
4
173
Penn coil trust gold 45
1952 M S 16
1951 F A 104
1518
4 76
1
99
104
104 10412
15
l4% 16
:Certificates of deposit
15
1412 15
Cony 45 series A
1953 A 0 75
7614 13
50%
75
78
64 10
:Cony g 430
166
57
8
1960 M N
812 10
7634 16
Series 13
50%
75
78
1953 A 0 75
Gen cony 45 series D
76 ____
62
1953 A 0 *____
105 10512
Ch St L & N 05*
1957 M N
75
1
105
June 15 1951 1 D 105
Ref & impt Si of 1927
71
4613
7212 237
693 7 4
4 /-14
Gold 334*
June 15 1951 1 0 *801*
Ref & Impt 5801 1930
4 7212 251
631 ,
463
1975 A 0 703
4
69, 7413
4
8012 8212
Memphis Div lat g 45
1951 J D 8013 8012
1
59
Erie &Jersey 1st 5:65
1955 1 1 115
9014 11412 11512
11514 12
5414 12
Chic TB & Bo East 131 55
19601 D 53
45
513 553
4
4
Genessee River let 5 f 68
5
9213 11212 11412
1957 2 1 11412 11413
252
281 343
4
Inc gu 58
17
Dec 1 _
33
N Y & Erie RR ext let 4ii
1960 M 8 32
86
1947 m N •10318 ____ ---Chic Un Sta'n let gu 430 A
933
4 108 109
9
1963 J J 1083 109
3
3d mtge 430
let ba serlea B
1954 M A *P7614 - - -14 --9 F B
38
10914 109 4 Ernesto Breda Te
3
2
1963 J 1 1093 10914 10 100
2
77 - ----6985
.
Th /I107 108
Guaranteed g 55
95
8
1944 1 11 1073 1075* 12
11313 115
let guar 630 wiles C
38 108
1963 1 1 11312 114
Federal Light & Tr let 58
8212
7
60
1942 151 8 81
81
8212
97
92
Chic & West Ind con 45
185
1962.3 .1 9412 97
63 4
7
58 International series
75
- ---1942 11,1 s "811
102 103
let ref 530 series A
124
1962 M S 10212 103
82
let lien 5 f Se stamped
83
1942 191 8 83 3--I
59
4 83
793 - 6012 6514
Childs Co deb 138
1943 A 0 6214 63% 45
3014
let lien 65 stamped
85
3
59%
1942 M S 85
8012 87
79
86
Chile Copper Co deb 55
1947 .1 J 8512 86
46
30-year deb 63 laden B
87
67
6
4614
1954 1 0 67
633 67
3
"Choc Okla & Gulf cone 55
1946 J J 93
36
1952 M N *3913 45
---- - -- Fiat deb o f g 75
95
7
95
90
95
Cin C & E lit M 4$ A
1968 A 0 1037 10414 38
87 8 10312 10414 :Fla Cent & Penin 58
7
8
__1943 1 .1 a4014 54014
5
25
--_
-CIO H &11 2 1 gold 430
19372 J •1015
1959 1 D 66
,
887
4 ---- 8
67
:Florida East Coast let 430
-20
48
621- 17
4
C 1 8t L & C lot g 4s__Aug 2 -- _1936 Q F 10272 1027
7
;
8
:let & ref 55 series A
6
975* 102% 101
12
39
1974 M S 10%
012
1012 1273
Cm n Lob & Nor let COT fT114a
1007 1007
8
8
1942 M N *10114
82
:Certificates of deposit
---103
3 1114
4
53
7
1012 12
Cin Union Term let 430 A
2020 1 1 110
975
3 109 110 :Fonda Johns & Cloy 434e
110
65
1952
4
MN
4 111 1123
let mtge be torten B
Proof of claim Bled by owner
983
2020 1 1 11112 11212 21
*6
10% --_4
1113 114
4
let guar 55 series C
1957 M N 11214 1125
(Amended) list cons 2-45
3 _9 100
NO
Clearfield Bit Coal let 45
19402 J .5912 ____ ____
*4
:Proof of claim filed by owner_ __ M N
523* ---- ---____
312
312
Clearfield & Mah let gu 53
7812 ---1943 .1 1 *10014
i
:Certificates of deposit
2
312
312
--- Fort St U D Co let g 430
Cleve CCl,,Cbi & St L gen 45
19932 D 9912 101
97 101
65
8
3
20
8
83
1015 10153
8
1941 1 1 1015 1013
92% -- -General la series B
1993 1 D •112
113
- Ft W & Den C 1s1 g 530
1
1961 I 0 10612 10612
9472 10612 10612
---- ---9813 10012 Framerican Ind Dev 20-yr 7344
--Ref & impl 65 ear C
73
.
1941 1 1 *1001e
l942 1 .1 10918 10912
1
9484 10614 110,
8
803 8512 :Francleco Bug 1st a f 730
3
Ref & Imp!40 ger D
60
19831 1 803* 82
26
2818
1
1942 MN 28
15
26
3012
4
Ref et impt 430 ear E
19772 .1 75
733 7712
4
7618 54
553
Cairo Div let gold 43
Gal, Howl & Hand 156 534, A____'38 A 0 *79
8
.
8212 ---1939 .1 J •1035
_
8818 10312 104
72
873 90
3
Gannett Co deb 65 ear A
Cln WA M Div' let 45
58
1991 J 1 *8212 VI
11
1943 F A 10212 103'
7334 1017 163
3
St L Div let cell tr ff 48
91
9413 Gas & El of Berg Co cone g 5s__ _ _1949 1 D
66
2
1990 MN 9412 9412
---- 103 5
5
M S •10153
Apr & Col Div 15t(48
6012 637
s
85
---- ---- "'Gelsenkirchen Mining 65
8
1934 M 13 •113---35%
59 84
W W Val Div let g 45
101% 10
---- Gen Amer Investors deb be A.-1952 F A 101
194
72
1 *95
7313
99 10112
Cleveland & Mahon Val(5*
105 1053 Gen Baking deb of 530
-- 4
1938
87
J 105
165
3
2 100
1940 A 0 10212 1025*
10212 1021
s
Cloy & Mar lit au 9 434e
99
--------Con Cable 1st 5 f 5ge A
1935 M N *10014 101
1947 J .1 8812 893
4 32
46
894
87
____ ___
Clev & P gen gu 4345 ser B
Gen Electric deb g 3345
1042 A 0 *107
2
1942 F A 10513 10512
97
10512 10614
Serles 11334* guar
1942 A 0 *102____ ___ . - ---- ---- "Gen Elea (Germany)is Jan 15...'452 J 46
46
14
32%
4012 46
Series A 43(5 guar
Is f deb 0348
1942 J .1 *107
523 ---1940 1 D *43
10014
-4
33
40
45
Series C 330 guar
45
1948 MN *1001,
90
---- - •20
-year 5 f deb 65
3
3014
1948 MN 45
40
45
Series 0334* guar
1960 A F *101
Gen Petrol let sink I'd 155
1940 F A 1025s 10318 11 10214 1025* 103,
3
Gen 430 ear A
91
Gen Pub Sere deb 530
1977 F A *10612
5
1939 1 J 9414 9414
76
9112 9414
Cleve Sho Line let gu 4348
1961 A 0 105
89
7313 10412 10518 Gen Steel Cast 530 with wail
4
105%
1949 J 1 916* 94
55
8812 91
Cleve Union Term gu 5145
10012 103
1972 A 0 10012 1013* 90
74
814
1:Gen Theatres Equip deb 65--1940 A 0
9
40
84 912
2%
____
let e f 58 Series B guar
95 4 9713
3
82
1973 A 0 96
21
4
97
85* 14
209
:Certificates of depoeit
71
814 913
lets!4303eried C
1977 A 0 89
89
9114 :Oa & Ala Ry let cons be.... Oct '46J J •18
2014 ---06
9013 135
9
173 17
4
/
1
4
{:Ga Caro & Nor let ext 65
-- ---1934 J 1 *225
19
24
24
Coal River By let(U 45
1945 J I) *104
4812 --Georgia Midland let 35
1946 A 0 •44 3-9213 104 104
39
453* 46
Colon Oil cony deb 68
49
38
1938 1 .1 4614 48
38
11
:Colo Fuel & Ir Co gen 8158
1943 F A
4 403
4
2
34
655* 785* *Good Hope Steel & It sec 78
7712 785
8 20
1945 A 0 401
403 413
4
2612
4
IICol Indus 18t & coil 58 gu
1934 F A
34
4 68
19471 J 10811 1083
25
31
Goodrich(B F)Co 1st6)0
15 8
8913 108 100%
5
34
128
Colo & South ref it ext 430
124
95
1935 M N 95
1945 J D 94
935 9614
Cony deb 8s
723
63
4
9614 249
963*
94
General mtge 430 ger A
1980 M N 687
6813 733 Goodyear Tire & Rub let 58
4
4
5513
71
72
1957 MN 10413 1043 196
831
104 105
Columbia G & E deb 5a __ __ May 1952 M N 79
79
9612 97%
83
9815 ___
1936 1 D *92
85
8114 121
Gotham Silk Hosiery deb 65
59%
Debenture 58
5
6014
24
Apr lb 1952 A 0 8012 81
80
83 (:Gould Coupler let 5 f 65
28
1940 F A
51
8
193 2
4 8
Debenture 55
Jan 15 1961 1 .1 77
763 813 Oouv & 05wegatchle 18865
4
10014 --3
80
362
1942.1 D *100
58
---- ---- -COI dc H v let ext g4*
1948 A 0 *1025
10214 1023 Cr R & I ext let gu g 430
8
1941 J 1 •10453 106
--94
87
Columbus By P & L 1st 4348 __ _1957 J .1 10014 1003
10653 81 1013* 106 1063
9812 1003 Grand Trunk of Can deb 75
4
73
4 26
1940 A 0 106
-;
Dab guar 5
3
Secured cony g 530
1942 A 0 10814 10812
4
4
9014 1063 1081
6
1938 M S 1061 10718 82 10014 106% 1071s
Col & Tol let ext 45
1955 F A •105
19471 D
91
Grays Point Term let gu 55
Comm'I Invest Ti deb 530
1949 F A 11114 112
8712 - -3
07; 16
58%
Gt Cone El Pow (Japan) 73
1944 F A
9513 11012 112
863 36
4 18%
COM)& PaSSUM Ely 1s1 48
1943 A 0 *100
7914 10
100 10014
92
56
1st & gen ii f 6345
1950J J 79
79
8014
88% 10618 10613 Great Northern(80 78 set A
Conn Ry & L let & ref 430
1951 J J •10653
1 9214
935* 177
71%
9214 95
1938
Stamped guar 4143
1951 .1 J •1057
1961 J J 1003 1013 118
106 106
3
3
4
4
let & ref 414* series A
95
6811
99 1013
*Consolidated Hydro-Elee Works__
45
19521 J 8814 90
6418
General 530 series B
8558 93
1956 J .1
of Upper Wuertemberg 75
3718 383
8614
33
35
39
4 20
9
57
General 55 series C
1973 1 J 85
83
8614
7
1945 F A 10512 106
Consol Gaa (N Y) deb 530
1975
.1
7714
71)
59
68
99
53
105 10614
75
793
4
General 430 series D
Debenture 414/1
1951 J D 10013 101
1977 1 .1 77
78% 94
99 10118
137
88
53%
General 430 series E
743 793*
4
1957.3 .1 10312 104
Debenture 55
69
93
1023 104
4
For footnotes see page 613
N
Y. STOCK EXCHANGE
Week Ended Jan. 25
,i
New York Bond Record—Continued—Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 25
.
July 1
Week's
Range or ; 1933 to
i L.
Friday's
g, 4. Dec. 31
'-.a. Bid et Aged sii,
3 1934
:
3
Low
Feb *3312
•Green Bay dr West deb ctfo A
Feb
•Debenturee etre 13
312
Greenbrier Ry let gu 45
1940 MN *1023
8
Gulf Mob & Nor let 545B
1950 A 0 67
let hues. series C
1950 A 0 62
Gulf & 81 let ref & ter bs ____ Feb1952 .1 J •_ _ _ _
-J 1
Stamped
Gulf State@ Steel deb 545
194 1 1
1 957
8
Hackensack Water let 4s
1952 J 1 10512
•Haosa SS Lines 65 with warr _ _1939 A 0 al5
•Fierpen Mining 335
1949 1 J *405
8
Havana Elec consol g 58
.
1952 F A 3 30
•Deb 5345 series of 1926
1951 M A
5
Flocking Val let cone g 4345
1999 J 1 1127
8
8:11oe (It) & Co let 6 45 ser A
..34 A 0 38;
•Holland-Amer Line 65 (flat)__ _1947 m N •1214
Housatonic Ry COM! g 55
1937 M N •
II & T C let g Se lot guar
8
1937 1 1 1045
Houston Belt & Term let 55
1937 J J *10212
Houston 011eink fund 545 A ....._1940 M N 8514
fludpon Coal let e IS.ser A
1962 1 D 4312
Hudson Co Gas let 556
1948 MN 11614
1957 F A 8838
Hod & Manhat let 64 eer A
Adjustment Income 55 ____Feb 1957 A 0 3512
High No.
312
69
63
72
1
11
8
----
9614 35
10512
1
a45
8
54
32
1
5
114
5
394 13
18 ____
9312 ---105
8
103
85;
7
4458 49
11612
1
90
89
3814 100
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 25
Low Low
High
--------Lea dr East let 50-yr 55 fru
26
3
34 4
Liggett & Myers Tobacco 75
8814
5s
50
66
69
Little Miami gen 4s series A
4912
58
66
Loew's Inc deb 5 f 58
55
6614 6614 Lombard Elec 7eser A
55
Long Dock consol g 6s
50
933 973 Long Island—
4
4
9512 10512 10614
General gold 45
3818 44
31
Unified gold 4s
3612
391* 91
20
-year pm deb 58
30
3018
23
Guar ref gold 45
5
5
5
Lorillard (P) Co deb 75
91
1125 114
8
55
20
347 3918 Louisiana & Ark let baser A
8
1212 --_-- Louisville Gas & El (Ky) 55
9312 -95
80
Louis & Jeff Bdge Co fru g 4s ___
90; 10412 105
Louisville & Ne5hvIlle 55
89
101 1023
4
Unified gold 45
61
85
8614
let refund 545 series A
38
43
443
4
lst & ref 55 series B
101; 1133 1I612
4
let & ref 4348 series C
63;
87
90
Gold be
27
3514 3814
Paducah & Nfem Div 45
St Louis Div 2d gold 35
10312 110 11114
Mob & Montg 1st g 445
83
South Ry joint Monon 45
7612 100 10012
Atl Knoxv & fin Div 45
78
100 100
*Lower Austria Hydro El 634s_
611
Week's
July 1
T.'
1_ 1933 to
;'..'
Rang. Or
3t
1
Friday's
22,.. Dec. 31
4a. Bid & Asked csA 1934
3
Low
1965 A 0 11412
1944 A 0 13014
1951 F A 1163
4
1962 MN 810414
1941 A 0 10412
1952 J D 7912
1935 A 0 103
Hien N. Low
11714
15 8914
131
9 117
1174 26 103
10514 ---- 8112
1055
8 41 76
7912
2 74
1037
8
8 974
1938 J D 1047 105
8
16 9814
1949 M S 10314 10314
2 903
4
1937 M N 10212 102; 25 924
1949M S 101; 103
35 85 4
9
8
1949 A 0 1275 1273
4 23 110
1951 F A 11314 11314
1 983
3
1969 J J 653
4 6812 106 3812
1952 MN 1094 11018 27 86
1 754
1945 M 8 10212 10212
1937 M N 1073 10712 13 100
8
1940 1 1 1043 10514 69 8812
4
66 81
2003 A 0 10514 106
2003 A 0 1043 10612 37 802
8
/
1
2003 A 0 10112 102; 124 74 •
'
8
1941 A 0 01067 110 ____ 9812
10214
7 82
1946 F A 102
19330 M 8 7612 78; 33 5
44
1945 NI S
_ _-__
8614
' 1 J *10818- _85
86
7 564
1955 M N 1064 10614
10 80
2 4412
95
1944 F A 95
Range
Since
Jan. 1
Low
11318
130
1157
8
---1044
7712
1027
8
1
High
11714
1314
118
-1054
7912
1037
8
1047 105
8
1023 104
8
10218 103
101; 10314
1275 12812
8
11218 11314
65
6912
10714 11018
102 10312
1073 10712
8
194 18 105'4
10412 10712
104 1064
9914 102;
10614 10614
102 102;
7412 78;
j955 J D 11012 11114 31
Illinois Bell Telephone be
Illioole Central let gold 95
1951 1 1 *10118 106
803 86
4
letgold 345
1951 1 J 100
100
10
105 10718
Extended let gold 3345
1951 A 0 599
93
99
let gold 38 oterling
1951 M 13 •70
Collateral trust gold 4e
1952 A 0 8112 • 82
7 57
80 1312 *:McCrory Stores deb 5345
1941
Refunding 45
1955 M N
83
55
8414 85
83
863
8
Proof of claim filed by owner- 87
813 8 2
4 81
8812 33 4612
Purchased 11nee 3345
19521 1 *70
56
78 ---203 53
--------McKesson & Robbins deb 545____'50M - 1 9512 98
15
933 98
4
Collateral trust gold 4s
1953 NI N 73
7514 35
523
9
4
72
21 ____
7512 infanati Sugar let 8 1 734e
8
1942 A 0 *97
Refunding 55
NI N
1955
7014
9312 9412 25
924 9412
_
814
814
1
712
:Certificates of
8,
4 8
-14
I5
-year secured 6345g
1936 2 J 10012 101
100 101
9
82
deposit--ifStmpd Oct 1931 coupon
612
8 107
10
8
117
1
8
1942 A0 107
40-year 434.
Aug 1 1966 F A 59
6112 130
5712 6312
5112
:Certificates of deposit
---------------- -6
---- ---Calro Bridge gold 45
1950 1 0 9912 9912
1
704
98; 993
SiFlat stamped modified
4
Litchfield Div let gold 35
08438
1951 1 J '
8
2
733
3
812
812
818 914
:Certificates of depositLoulav Div & Term g 3345
_1953 1 1 90
9
6312
90 9012 :Manhat Ry(NY)cones 45 ..--1990 I9012
5512 45 35
5412 59
0 55
Omaha Div let gold 303
1951 F A •75
50
5412
60
80
3 35
:Certificates of depoolt
--- 524 53
St Louis Div & Term g 35
19511 J *65
61
3 27
ad 45
41
41
20131 D 41
41
Gold 33433
1951 J 1 *8512
6212
85 8512 Manila Elec RR & Lt 5 I be
1953 M 5 •91
9418 944
9412 ---- 82
Springfield Div let g 345
1951 1 1 *863
67
8
4
4 493
Mantle. RR (South LInes) 4,
7214 72,
7214
1939 M N 7214
4
Western Lines let 1 4s
1951 F A *8512 8912
75
1959 PA N •_ _ _ _
let eat 45
69
69
69, ---- 51
8
ID Cent and Chic St L & N 0—
ManGB&N W 1st 345
613
544
1941 1 1 •- - - Joint let ref 55 serlee A
1963 J 0 7412 7614 75
55
7314 783* Mfrs Tr Co etre of partie in
let & ref 4345 series C
19631 D 6912 7114 23
52;
6912 733
4
1943 J D 73
A I Namm de Son let 633
7114 7319
734
3 67
Illinois Steel deb 448
1940 A 0 107
6 10114 106 10719 Marion Steam Shovel if 65
10718
5512 65;
1947 A 0 5812 65; 98 41
•Ilseder Steel Corp mtge 58.
1948 F A 383
4 4012 11
31
3712 4012 Market St Ry 75 ser A_April ......1940 Q J 6914 72
59 60
72
68
Ind Bloom dr Went 1st est to
1940 A 0 •98
8912
Mead Corp let 135 with warr
33 47
7953 88 2
88
1945 M N 85
,
1950 J 2 *9314 97
Ind ID & Iowa 1st g4,
72
1957 A 0 *9158 93 __ _
Merldionale Elec 1st 75 A
914
9114 93
Ind Nat GIL8 at 011 ref be
1936 M N 10314 10314
94
102 10314 Mete Ed let & ref Sneer C
12
10218 104,
1953 2 J 10312 10414 19 77
4
1956 J J *10
:Ind & Louisville let gu Is
1612 17
1st g 44* series D
99
81 67
957 99
1968 M El 96
8
19652 2 •10614
Ind Union Ely gen bo tier A
96
10512 106
1959 A 0 1013 10134 15 74
NIetrop Wet Sew & 054*
8
90513 1013
4
Gen & ref S. series B
1965 1 2 *10614
_
. 9814
____
_ f:Met West Side El(Chle)45 -- —1938 F A
12 ____
9
*914
94 10
Inland Steel let 44 ger A
1978 A 0 105
79
104 1004
105; 40
-let NI 13 f 434saer 11
1981 F A 1047 10514 49
8
104 10514 *Me: Internet let 45 aastd
80
1977 M S *114
412
1
4_--Interboro Rap Fran let 531
1966 2 J 8212 8312 193
8
8114 835 •Nflag Mill Mach let e f 75
5612
32
1956 J D *25
4518 ____
---- — - :410
-year 65
1932 A 0 5814 60
20
1914
583 63
4
Michigan Central Detroit & Bay
iCertificatea of deposit
563
4 58
9
2014
564 60
City Air Line 45
1940 1 J •10312 105 ___ 934
:110-year cony 7% notes
1932 51 S 861g 8714 24
1951 M il 90
6712
84
87 4
,
1 87;
Jack Lana & Sag 3345
883 - -12
90
8 90
:Certificate/3 of deposit
84
85
19; 574
82
85
let gold 3345
1004 10112
7 844
10118
1952 M N 101
Interlake Iron 1st 5511
1951 M N
781, 82
72
82
371 50
Ref & Inapt 4145 serfee C
1979 1 J 95
31 70
97
9312 9714
lot Aerie Corp lot & coll tr 55—
Mid of NJ let ext 55
7512 SO
1 61
;
2 7512
1940 A 0 75,
M N 9412 96
Stamped extended to 1942
52
914 96
85
Midvale St & 0 coil tr a f 5s
4
102; 10312
1935 M S 1023 10318 91 90
Int Cement oonv deb ba
994 102
74
1048 M N 10012 101 14 103
Milw El Ry & Lt let 6a B
128 57
7712 90
1961 1 D 8512 90
:Int-Ort Nor lot 65 ser A
1952 1 11 3418 39
25
3212 39
161
lot mtge 551971 J J 8512 894 156 5ip:
6
6
7612 _ .
894
:Adjustment Os ser A __ _July 1952 A 0
83
4
1014 111
7
814 1114 •INfilw&Nor let ext4 45(1880) _ _ '34 1 D *—__
97 ---- 65
-- ---I let 55 eerie. 11
3214
1058 J .1
363
4 59, 2314
313 3634
4
1st
t 41
78
78 ____
_,— *---1
-93
(let g 55 aeries C
2314
1956 .1 1 3312 3612 351
32
3612 Mil Spar & NW let gu 45
4534 12 8
22 4212
-7m i4
1947 m a
Internet Hydro El deb 335
1944 A 0 5014 52
245
36
484 5614 Milw & State Line 1st 3141
_ __
5278— _
1941 1 J *58
Int Mere Marine s f 8s
1941 A 0 504 517
8 35
37
50
53 :Minn & St Louis 55 ctfs
612
612
1934 M N
2
4
64 1
18
Internet Paper be ear A & B
47
74
73
754 36
1947 1 J
7734
13
4
2t ____
1949 M S *214
Use & refunding gold 45
214 212
Ref a f es eerie. A
19551V1 S 544
5312 5812
3114
23
4
5512 85
33
4
:Ref & ext 50-yr 55 ser A
1962 Q F •112
int Rya Cent Amer let 58 13
N 70
4518
1072 M
11
1
70
71
71
@ F *1
:Certificates of
21 ___
1st coil trust 6% g notee
1941 M N 78
78
1 494 744 78 NI St P & SS M con gdepositgu .._ _'38 J 1 32 331 10i 294
14 3 2
-io- -Il451ot
1st lien & ref 6433
81
1947 F A 80
11
7312 81
4312
1st cons 55
19 20
-1938 J J
2372 26
234 2612
lot relep & Teleg deb g 4348
1952 1 3 63
641 1411 37
6012 6412
let cons 55 goes to int
7 36
37; 3912
1938 1 1 3812 381
Cony deb 445
1939 J 3 0912 711 261i 42
68
72
let dr ref Cs series A
1946 J J 21
22
1912 22
2 16
Debenture 55
1955 F A 67
278
40
15
65
69
69;
25
-year 545
4 18's
18
194
1949 M 5 •173
Investor, Equity deb frs A
4
1947 J D 993 1001
24
804
99 1001
. let ref 548 eerie. B
1978 J .1 73
70
75
45 51
;
75
Deb be aer B with warr
1948 A 0 100
1001
99 10012
20
82
let Chicago Term g f 45
85
8
1941 NI N 0773
Without warrants
1048 A 0 100
82
99 10012 Mississippi Central let ba
lOO'2 29
1949 1 J •93
93 - -12
93
95 ---- 75
:Iowa Central let 155 etfe
1938 1 D
712
712 97
1
8
35
8
S's
(let & ref g 45
1951 M 13
1;
15
8
1
14
1; 194 :Mo-Ill RR lots. series A
19
30
1959 .1 7 25
25 2 17 12
,
Jame5 Frank & Clear let 4s
19501 D 8112 81; 40
665
8
80; 8212 Nfo Kan de Tex let gold 4s
1990 J D 8412
8512 49 67;
8412 873
4
6614 73
Mo-K-T RIO pr lien 65 ser A
1962 J J 6614 69
24 5814
Kat A &0 It let gu g 55
1938 J J 100
99
100 100
100
5
40
-year 4s series 13
5712 583
5712 62
1962 1 J
4 29 51
Kan & 61 let gu g 45
1990 A 0 9812 9812
5
70
97
99
Prior lien 44a series D
1978 J J 597
8 60
5978 64
5 57
1K C Ft 8k M Ity ref g de
1936 A 0 3712 38; 15
3011
3634 41
Cum adjust 5503er A
65 29
Jan 1967 A 0 29; 32
293 3612
4
:Certificates of deposit
A 0 35; 3712
8
29
35; 3918 INfo Pee let & ref be ser A
24
25
2712 63 20
2712
1965 F A
K (I Pow & Lt lit 434a Berl)
1957 J 2 106
1065
8 20
97
106 10714
22
iCert-ticates of deposit
234 2514
1st Mtge 434*
A 11112 111; 14
1961 F
96
11014 1113
4
:General 45
8
10;
203 216
1075 M 8
4
83
8 -17,15 379
Kan City Sou let gold 35
19543 A 0 7612 774 83
5114
76
7712
20'2
7
1977 Ill 5 247
:let & ref 5s series F
8
2312 273
4
Ref & Mot be
Apr _ __1950 J J 71
72
37
56
69
23; 2512
7412
4 1912
:Certificates of deposit
23; 2512
Kansas City Term let 45
1960 .1 J 1057 10612 34
8
84; 105; 10714
:let & ref 55 serlee G
2312 27;
25
27; 143 20
1978 M N
Kansas Oas & Electric 445
1980 J D 10218 10212 36
70; 10014 103
5 20
2512 2512
:Certificates of deposit
2512 2512
•Karstadt (Rudolph) 1st 65
1943 NON
3514 353
4
6
135
4
32
353
4
:Cony gold 645
612 7 s
6
7
712 18
7
1949 M N
•Certilleates of deposit
29
29
14
13
26
29
:let & ref g 58 Berke Ef
2312 273
4
8 273 165 20
1980 A 0 247
4
Keith (11 F) Corp let 65
1946 M S 6812 70
13
44
6812 7412
-------- 22
.24
:Certificatee of deposit
:Kelly-Springfield Tire 65
1942 A 0 49
5312 154
293
4
444
:let5
20
12
& ref So seriesdeposit1981 F A
-231- ii27':
4
I
2512
12
Kendall Co 5345
1948 NI S 1025 103; 34
8
68
10112 10338
SCertificatee of
224 254
4 2518 48 20
233
ICentucky Central gold 45
1987 J J •10312 10512 ____
80
105 10512 •Nfo Pee 3d 75 ext at 4% July _ _A938 NI N 78
2 69
76
;
76
76
Kentucky & Ind Term 445
1961 -I J •
907 ____
8
73
91
91
Stamped
1961 1 J *974 99
80
95
9712 Mob & Birm prior llen g 55
48
48
1945 J J ' 8 99 ---- 85
5805
Plain
1961 0 J *10212 106
93
I2 •_
Small
89'::::: 82
---- --Kings County El I. & P be
1937 A 0 10812 108; 15 103
10814 108;
let NI gold 45
1945 1 1 *ii.t
59 ---- , ,
Purchase money 65
1997 A 0 14512 1453
4
8 118
14512 1453
3 2 4.50
4
55 __ is
Small
Kings County Kiev let g45
1949 F A 9512 98
31
66
94
98
:Mobile & Ohio gen gold 433
1938 M S •
883 --4
30
---- 1954 J JI •109I2 ---_ ____ 1008
Kings Co Lighting let 55
4 111 111
:Montgomery Div let g be__ 1947 F A
144
15
15 16-12
16,2
First and ref 8%e
11812
1954 J .1 118
2 10512 118 11812
9
9
:Ref & impt 445
7
5
9 --1977 M S *73
Kinney(OR)& Co 734% notes___'36 J D 103
103
2
774 10014 103
8
912
:Sec 5% note.1938 M S •8
8
____
10
Kresge Found'n coll tr 6s
1936 1 D 102; 1023
4 20
67
10214 103
Mob & Mal let till gold 45
8412 854
1991 M S 8412 85 8
3
8 7
0
:Kreuger & Toll CIA ba etre
1959 M 8 311s
3318 247
1014
2614 3312 Mont Cent let gu Co
10212 40 87
1937 1 J 102
102 10/4
Lackawanna Steel lot 55 A
. 95
1050 M 13 •107
108
106 1094
let guar gold 55
11 794
10014 101
19371 1 100
/ 101
1
2
qr-aclede G-L ref & ext 55
1934 A 0 9912 10014 31
79
97 1004 Montana Power 1.1 5.
•
19431 .1 984 993
9312 993
4
4 98 77
A 0 9712 983 168
Se 1934 extended to 1939
4
90
9714 99
Deb 5a aeries A
9 50 2
74
,
67
1962 .1 D 7112 74
1953 F A 6718 70
Coll et ref 5345 series C
120
464
63
70
Montecathal Min & AK:lc-1960 F A 68
Coll & ref 545 Berke D
46
693
4 37
6314 69;
Deb g 7s
1937 1 J
92
93
19 87
14
894 93
Lake Erie & West let g bs
1937 1 J 10212 102; 20
77
10214 1025 Montreal Tram let & ref be
8
88
1941 .1 ./ •99
997 __
8
99 101
1941 J J 90
2d gold 55
90
I
61
90
99
Gen & ref s I 55 series A
1955 A 0 773
1 703
8
8 773
8
773 773
5
8
Lake Sh & Mich So g 3345
1997 J D 983
4 9914 18
78
974 9914
Gen dr ref 5 f 55 eerie. B
1955 A 0 *76
723
4
79 ____
•Lautaro Nitrate Co Ltd 65
19543 J
45
4
83
4
94 95
84 94
Gen & ref s t 445 aerie*, C
1955 A 0 •72
76 ____ 633
4---Lehigo C dr Nay a f 41.4. A
1954 1 J 10412 104;
5
7712 1014 104;
Gen & ref 5 f 55 series D
1955 A 0 •76
70 4
3
79 ____
Cone sink fund 44e ser C
1954 1 J 010418
80
102 103; Morris dr Co 1st if 434s
19301 J 102
103
55 82
101 1(C3
Lehigh & N Y let gu g 45
1945 M S 7314
73's
5
5212
70; 7314 Morrie & Essex let gu 3345
2000 J 0 94
95
103 70
935 9512
8
Lehigh Val Coal let dr ref a f be__ __ '44 F A 943
4 95
10
64
94
9514
Constr 61 be ear A
1955 NON 101
1005 102
10112 63 77
8
let & ref 5 f ba
1954 F A
2
33
7412 7412
71
74;
Constr NI 4 45 series 13
1955 NI N
9412 9518 82 65 5
9412 963
3
8
lot & ref e f 55
1984 F A •5614 72
3112
70
72
•INIurray Body let 6%e
1934 J D 103
3 83
1011: 10118
10312
1st & ref.1 53
7112
7112
1974 F A
1
32
663 7312 Mutual Fuel Gas let gu 155
8
1947 M N 105
105
9 95
1033 105
4
Secured 6% gold notes
1938 1 J 954 951
3
73
9518 9514 Slut tin Tel gtd 65 ext at 5%
1941 M N •10212 ____ — _ _ 89
/
1
2
102 10214
Leh Val Harbor Term gu be
1954 F A 10314 1031
15
79
lo314 104
Namm (A I) dr Son See MtreTr____
_Leh Val N Y let gu It 4148
1940 J J 96
97;
(I
757
8
96
99
Nash Chatt & St L 45 eer A
1978 F A
9514 95; 17 78
945 95;
8
Val (Pa) cons g 45
Lehigh
4814 45
2003 M N 46
404
4512 5018 Null Flo & S let go g 55
1937 F A
91
___ __
General cons 4345
2003 M N 53
54
17
44
523 5414 Nassau Elec gu g 4 stPd
8
1951 J J •1005712 59;
5
5712 5812 H 5212
General cons be
2003 M N 58
59
8
47;
58
60
Nat Acme 1st 5 f 65
1942 J D 90
9()
2 6512
9618 90
1941 A 0 1055 1064
Leh V Term Ry 1st gu g 55
8
5
8918 10512 10614 Nat Dairy Prod deb 545
1948 F A 10214 102; 285 747
1
1024 1024
--
a
or footnotes see page 613.
New York Bond Record-Continued-Page 5
612
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 25
I:
Week's
July 1
Z.. Range or
1
1933 to
..2
....., .Friday's
;,. Dec. 31
44: Bid & Asked at%
1934
High No. Low
Low
*Nat Ry of Mex pr lien 4 Sis
1957 .1 1 ____
__
__
*Assent cash war rct No 4 on__ -414 _- _- -- 5
414
-112
*Guar 4e Apr '14 coupon
1977 -A0 ____
_ .---_ __
cash war rct No 5 on_
*A
_ _went __
*218
- -12 ---4
1 12
*Nat RR Mex pr lien 430
15. 8
2
*Assent cash war rct No 4 on ____
67 ---8
*5
2
•let consol 4s
1951 -A0 ____
_ ____
*Assent cash war rct No 4 on____
33
4 _- 33
4
2
-1.4
Nat Steel lot coll be
A0
178
1956 -- 10614 107
85
Naugatuck RR 1St g 41
1954 M N *60
68 ---3
68
Newark Consol Gas cons 5s
1948 J D 114
114
1 10112
Newberry (JJ) Co 534% notes
41
'40 A 0 10413 105
8212
New England RR guar be
1
1945 J J
7718
78
78
Consol guar 4s
1945 .1 J •____
713 ---4
615
8
New Eng Tel & Tel be A
1952 J D 1167 11714 19 10438
8
1st g 434s series B
1981 M N 11412 1143
4
2
9914
N J Junction RR guar 1st 4s
1986 F A
.---8213
NJ Pow & Light let 434s
1960 A 0 *9212--6812
9612 85
95
New On Great Nor 58 A
22
1983 J J 6012 61
5112
NO & NE 1st refazimpt 434s A
'52 .1 J 51
51
1
5278
New Onl Pub Serv 1st Is A
1952 A 0 583
4 6712 238
38
First & ref 6s series B
6712 210
1955 .1 D 59
38
New Orleans Term 1st gu 43
1953.2 .1 85
5734
8614 21
IN 0 Tex &Mex n-c Inc be
1935 A 0 2312 2312
1
1214
/let be Belles B
1954 A 0 2513 27
40
14
:1st be series C
1
1956 F A
26
1414
26
:1st 4348 series D
1958 F A 2518 26
19
1418
:let 510 series A
1954 A 0 2612 28
14
1413
N & C Inige gen guar 430
1945 J J
_ --92
N Y 13 de MB 182 con g fie
10212 10212
5 101
1935 A 0 510358--NY Cent RR cony deb135
1935 M N
933
91
4 99
69
Cony secured 138
1944 MN 1093 111
4
160 1093
4
1996 F A 86
Como!48 series A
875 123
8
64
Ref & impt 43.0 series A
2013 A 0 61
623 138
4
51
Ref & Impt be series C
2013 A 0 6612 68
aa
229
N Y Cent & Hud Riv M 311e __1997 J 1 9614 97
148
737
8
Debenture 4s
1942 J J 967
8 9712 15
67
Ref & impt 4348 ser A
61
6213 152
61
2013 -_ 1998 F A 88
Lake Shore colt gold 33.45
885
8 75
64
Mich Cent coil gold 334s
873
1998 F A
8 887
65
8 17
NY Chic & St List g 4s
1937 A 0 1004 10114 57
77
Refunding 534e series A
1974 A 0 73
75
29
4312
Ref 434s series C
277
1978 M 5 6212 64
363
4
71
113
1935 A 0 68
3-Yr 6% gold notes
4112
NY Connect 1st gu 414s A
1953 F A 1065 10718 25
8
9213
let guar be series B
1953 F A 10812 10812
7
99
N Y Dock 1st gold 4s
17
1951 F A 624 63
414
Serial 5% notes
64
30
1938 A 0 4413 47
NY Edison 1st de ref 634e A
1941 A 0 11338 11312 22 10818
1st lien & ref be series B
1944 A 0 10814 109
35 10212
1st lien az ref Is series C
4
1951 A 0 1083 109
42 10234
N Y az Erie-See Erie RR.
NY Gas El Lt H & Pow g be_ _ 1948.2 D 118
118
3 10418
Purchase money gold 4s
111
19
1949 F A 109
95
N Y Greenwood L gu g 5s
1946 M N 88
8818
7
61
NY & Harlem gold 314e
2000 M N *994 100 --__
8314
N Y Lack de West 4s ser A
1973 M N 100
10012 15
923
4
1972 M N *106
434s series B
110 _8913
NY L E & W Coal & RR byis
'42 M N *95
7512
NY L E & W Dock & Impt be
'43 .1 .1 *104
107 --_87
NY & Long Branch gen 48
1941 M 5 *1015
8 ____ ----9512
NY & NE Bost Term 4s
____ ____ ____
1939 A 0 ____
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 25
Jan. 26 1935
..
Week,
July 1
Z1
Range or
Q.._ 1933 to
Friday's
2 t
4
,.,m 2 Dec. 31
1
44 Btil dc Asked sZi i.
1934
Low
Ilinh
Low
Nigh No
Low
____
__ Ore-Wash RR & Nay 4e
1961 1 J 1013 10238 124
4
7714
Oslo Gas az El Wks eat' be
5
44 _1962 131 5 94
94
5
6512
____ _
*Otis Steel 1st mtge 65 ser A
8 9012 151
1941 M S 823
20
Pacific COWL CO 184 g Is
412 - -748
194( J D 38
383
4 20
25
Pacific Gas & El gen & ref be A
_'42 I J 10734 10812 85
9812
6
658 Pacific Pub Serv 55 notes
1
1935 545 9714 98
12
64
___
Pac RR of Mo 1st ext g 4e
1931. F A 1007 1007
*
8
8
5
80
1,2d extended gold be
9538 9512
33 _--4 43
1938 J J
4
2
84
10614 107
1937 1 J 107
Pacific Tel & Tel let be
10711 13 1034
-___
Ref mtge Is series A
1952 M N 11118 112
17 10414
11313 114
--- Paducah & Ills lots f g 434s
1955 J .1 10512 10512
2
93
10334 105
I:Pan-Am Pet Co(Cal)conv Os __'40 J D *3812 40 ---2518
78
78
._ __
:Certificates of deposit
39
40
3
25
____
_ •Paramount-Wway let 553481951 J J 423
8 43
12
3718
11512 11713
--____ *423
*Certificates of deposit
4 4412 ---2712
1123 1143 :Paramount Fern Lasky 68-- ----1947
8
4
_
:Proof of claim filed by owner
63
6413 38
225
8
94
------9612
J 0 6312 65
:Certificates of deposit
38
15
57
61
:Paramount Pub Corp 5348 -----1950 F A
51
bl
--- 6318 654 78
:Proof of claim filed by owner
1278
5513 6712
/Certificates of deposit_-_ 6314 65
155
14
555 6712 Paris-Orleans RR ext 53411
8
1968 m re 15514 15714 79 10414
835 8814 'Park-Lexington 13445 C463- - -- -.1953- -8
173
4 2 12 15
0
8
22
2312 Parmelee Trans deb 6s
1949 A 0 *34
293 ---4
14
Pat de Passaic0& E cons 5e
25
27
1949 M S 011418
--__ 102
2512 2718 Paths Each deb 75 with warr
102
11
1937 M N 101
7314
2412 27
*Paulista Ry let ref s f 75
90
1942 M 8 90
2
453
4
1937 M S 102
2513 28
Penn Co gu 330 coil tr A
102
1
04
10313 10212
Guar 3348 coil trust eer B
1941 F A 100
100
1
815
8
1942 J D *99 8 --__ ---10212 1025
Guar 334s trust ctfs C
8
,
83 3
,
9114 99
Guar 31ie trust etre D
814
1949 J D *9734
10814 11212
Guar 48 ser E trust etre
N *1003 16112
4
1952 M
8412
853 875
8
8
Secured gold 41 4s
8
3
1963 51 N 1047 10512 70
83
5912 6438 Penn-Dixie Cement 1st 65 A
1941 51 5 8212 8413 61
55
64
7078 Pa Ohio & Det let & ref 4;OA- '77 A 0 1043 105
4
14
78
95
9712
430 series 13
-1981 J 1 ------------10133
9514 9712 Pennsylvania P & List 4345
0 100
1005 346
8
1981 A
753
4
59
6412 Pennsylvania RR cons g 45
1943 M N *1057 1073 ---8
4
984
87
8914
Consol gold 4s
1948 M N 10813 10918 15
9412
86
887
8
48 sten etpd dollar May 1
1948 M N *10812-----964
10012 10113
Consol sinking fund 43.4s
3
1960 F A 11618 11628
9812
71
77
General 43.4s series A
8 61
1962 1 D 10612 1075
803
s
66
GO
General Is series B
113
74
1968 1 D 112
873
8
me F A 10512 1055
6512 7112
Secured 610
8 80 101
10618 10712
Secured gold 521
1964 54 N 10614 10718 43
81
10812 10812
9578 403
Debenture g 4I4e
1970 A 0 95
66
594 63
General 434a series D
1023 227
4
1981 A 0 102
753
4
44
47
Gen mtge 434B ser E
8
4
1984 J J 1017 1023 348
9112
113 11312 Peop Gas L & C let cone 6s
1943 A 0 *11118 112 ____ 100
108 1093
8
Refunding gold Is
4
232
1947 51 5 993 102
80
10814 1097 Peoria & Eastern 1st cons 4e
8
714 28
1940 A 0 70
50
*Income 48
April __1990 API* *7
9 ---4
4
1164 118
Peoria & Pekin Un 1st 53.0
105
1
1974 F A 105
8312
10738 111
Pere Marquette lst tier A 543 - IMP I i 875
8 887
8 50
51
88
9018
let 4s series B
7.538 7
1956 I J
8
51
48
98
99
1st g 434, series C
4 79
66
1980 M S 773
46
9912 10138
____ ____ Phlia Bait & Wash 1st g 48
10812
1943 MN 108
3
984
1974 F A *11318 ----____ ____
General be aeries II
9512
1977 J 1 •10918
____ _ __
General g 4345 series C
_ ____
87
10112 101.12
General 434s series D
_1981 J D 10713 108
17 1003
4
____ ____ PhlIa Co sec be series A
4
1967 J 0 8112 823 171
6114
Phlia Elec Co 1st & ref 434e
1067 M N 10914 10914
5 100
N Y N H & H n-c deb 4s
1947 M S *3818 40 ---39
3714
39
let & ref 411
3
1971 F A 105 8 106
60
894
Non-cony debenture 3148
1947 M 8 *35
44 ____
35
35
3612 Phila & Reading C & I ref Ss
75
32
1973 J J 74
484
Non-cony debenture 3348
1954 A 0 36
36
4
31
354 37
Cony deb 6s
8 523 118
8
1949 M 13 505
36
Non-cony debenture 4s
3714
1955 J J
373
4
7
3518
3612 40
Philippine Ry 1st s f 48
4 247g
18
1937 J .1 233
2218
Non-cony debenture 4s
37
38
1956 M N
47
35
3618 3912 Phillips Petrol deb 5348
102
1025 103
8
1939 J D
8414
Cony debenture 330
1966 .1 J
3512 35 4 17
3
31
35
365 Pillsbury Flour Mills 20-Yr 65
8
_'43 A 0 10714 108
2 10214
Cony debenture 6,
1948 .1 J 4812 51
132
43
4712 52
Pirelli Co (Italy) cony 7s
1952 M N *103
1034 --_994
Collateral trust Os
61
1940 A 0 6112 63
54
583 63
4
Pitts C C az St L 414s A
1
1940 A 0 *10914 1093 ___ 100
Debenture 48
29
35
1957 MN 27
24
2614 3014
Series B 410 guar
1942 A 0 *10812 -------- 100
,
let & ref 4348 ser of 1927
4314 135
1967 J D 41
3914
41
45
N *10812 ____ ---- 1004
Series C 4 34* guar
1942 M
Harlem R az Pt Chee let 4,.... 1959 MN 94
9514 152
82
93
1945 MN •10212 ____ --__
95,
4
Series D 45 guar
9418
NYO&Wref g 4e
5213
June 1992 M 5 5714 5934 25
573 61
4
Series E 33.4e guar gold
--------8923
1949 r A *100
General 4s
4 49
15
1955 / D 473
443
4
47
49
Series F 4s guar gold
1953 J D •1051
__ ____
991.
NY Providence & Boston 48 __ _1942 A 0 .9818 --------8118 --_
Series G 45 guar
2-2
1957 MN 10613 1064
98
NY & Putnam let con gu 4s
1992 A 0 8513 87
31
6614
1960 F A *10512 ____ ___
8412 _-Series H cone guar 4s
8714
9618
1 Y Rys Corp Inc 6s___Jan _ 1965 Apr
111
83
4
84 10
4
8
88
7
Series Icons 434e
1963 F A •10814 --------99
Prior lien 65 series A
1965 1 .1 74
7413
6
56
74
7612
Series J cons guar 430
1964 M N
---9612
NY at Richm Gas 1st 6s A
1951 M N 10778 10812
9
96
1077 11012
8
General M be series A
10838---- 11
4
1970J D 11312 1133
863
4
IN Y State Rys 43.48 A Ws
0-___
*2
1962 ---114
2
1975 A 01i3
218
25
Gen mtge Esser 13
7
__ --------85'
8514
16348 series B certificates
1962 - - - *14
3 --_118 ---Gen 434s series C
1977 J .1 1057 0
- 8 io812 5E
1
76
MN 1087 11012 10
NY Steam 6e series A
98
1947
1087 116 2 Pitts Sh dr L E 1st g se
8
g
,
1940 A 0 *10814 --------97
let mortgage 5e
10514
1951 MN 105
13
90
1043 10618
4
let cons° !gold bs
1943 .1 J *10358
1st mortgage 55
195( MN 1047 1053
8
4 31
9113 1047 1053 Pitts Va & Char let 4eguar
8
4
4
1943 M N *1023
_ --__
ii
N Y Susq & West 1st ref be
19372 J *58
64 ---4014
60
63
*Fitts & W Va let 44isser A
1958 J 0 65
- -12 11
4
56
1937 F A *4512 50 __
2d gold 430
43
493 62
4
1959 A 0 *6114 70 ---1st NI 434s series 13
52
General gold Is
48
48
2
1940 F A
314
48
1960 A 0 653
let M 41.0 series C
6112
4 665
8 11
623
4
1943 M N 100
Terminal 1st gold Is
I
100
723
4
9812 100
Pitts Y & Ash 181 45 set A
1948 -1 D *1014 --------923
NY Telep lot & gen s f 434s
1933 MN 10912 11014 100 10218 109 11014
let gen be series 13
1962 F A
__ --97
NY Trap Rock 1st (38
1946 J D 60
60
5912 61
6
454
Port Arthur Can & DkOs A
.8314 853
1953 F A *109-- 4 - 6114
NY Wench & Il 1st ser I 410._ 246 J J
2812 3012 513
26
2812 32
lst mtge 65 series B
92 ____
1953 F A *83
66
Niag Lock &0Pow 16458 A
1955 A 0 1047 105
8
12
90
10412 105
Port Gen Elec 1st 434s ser C
1960 M 5 54
60
506
3713
NiagaraShare(Mo) deb 1534s
1950 M N 67
48
6814 18
6214 6914
58 assented
60
257
1957 m--- 54
4512
i •NorddeutscheLloyd 20-yr it f_- .'47 51 N
73
38
7318 10
6-e.
63
7314 Portland Gen Elec lot Ss
1935 J 1 984 994 102
75
1
New 4-6%
50
4412 50
27
1947 51 N z47
367
8
Porto Rican Am Tob cony 65
-'42 I J 47
517
8 94
284
Nord Ry ext sink fund 634s
1950 A 0 16614 16712
6 10512 16614 1684 Postal Teleg & Cable coil 5s
19531 I 473
4 5214 903
37
*:Norfolk South let az ref Is
1812 187
1738 1913 :Premed Steel Car cony g 5a-- 1933 1 J 50
7
1981 F A
5
8
55
49
40
deposit_
167
8
182, 17
:Certificates of
1613 183 Providence Sec guar deb 45
4
1957 M N •____
4
35 ____
37
12Norfolk &South let g be
N 384 387
1941 1W 8
Providence Term 181 48
354 39
2
1414
1956 M S
- ---8118
N & W Ry 1st cone g 48
47
9114
11012 112
1996 0 A 11118 112
Pub Fiery El de Gist & ref 4;0
'67 J D *91--1071g 109
18
9818
Dly'l let lien & gen g 4s
1944 1 .1 108
973
4 108 1093
1083
4
4 24
1st & ref 434o
-1970 F A 10712 1073
4
7
97
Pocah Car C Joint 4s
96
106
106 10612
2
1941 J 0 106
1971 A 0 10538 106
is; & ref 45
41
8814
North Amer Co deb be
6118
8114 854 Pure Oils f 54% notes
1961 F A 834 853
4 71
1937 F A 1003 10114 49
4
87
No Am Edison deb be eer A
7418 80
1957 M 8 76
55
26
80
El 15,4% notes
1940 M 13 100
1003
4 78
82
Deb 534* ser 13
Aug 15 1963 F A 81
7812 85
56
85
Purity Bakeries of deb be
56
1948 1 J 87
88
52
7814
Deb be ser C
Nov 15 1969 MN
74
7112 794
54
795 118
8
North Cent gen & ref 56 A
1974 M 13 •110
--------98
---- ---- Iftadio-Keith-Orpheum pt pd ctfe
Gen & ref 414s series A
--------88_
__
1974 M S *106
_
for deb fie & coin stk (65% pd)
- *4218
____
35
:North Ohio let guar g be
40
40 --1945 A 0 40
35
40
:Debenture gold 65
1941 J D ____
__- 3- ---:
ii 4
15
438
543
4
:Ex Apr'33-Oct'33-Apr'34 cons._ _
3534
_--- _-__ Reading Co Jersey Cent coll4s____'51 A 0 99
100
153
73
:Strand as to sale Oct 1933, &
Gen ,k ref 434s scales A
1997 J J 107
1075
8 49
79
:Apr 1934 coupons
_,--- *30
____
344
42
---Gen 6c ref 43.4s series 13
-1997 1 J 10718 10712 34
7914
Nor Ohio Trae & Lt (Is A
1947 M S 10714 10814 15
747
8 1043 1084 Kern Rand deb 53.4s with wan. ____•47 M N
4 -9912 100
87
63
North Pacific prior lien 4s
1024 10434 Rensselaer & Saratoga 65 gu
1997 Q J 10312 10412 175
76
1941 M N *110
- -- ------Gen lien ry & Id g 35 Jan
2047 Q F 744
5012
Repub 1 & S 10-30-yr 58 of
7312 76
7512 160
1940 A 0 104
1045
8 11
80
Ref &!mot 414s series A
20471 1 87
864 8912
41
80
88
Ref az gen 534, series A
1953.3 J 10114 10212 64
6112
Ref & Imp: fie aeries B
2047.2 1 1001.1 10113 185
6812
4
987 1023 Revere Cop & Brass (Is ser A
8
1948 51 S 1073 108
4
2
76
Ref Jr Impt be series C
20471 1 9312 94
64
28
923 9614 ortheinelbe Union s f 78
4
1946 1 J 40
40
3
2612
Ref & Rapt 58 series D
2047 J 1 93
61
41
94
02
96
*Rhine-Ruhr Water series 13e_1953 .1 J
3418
343
8
5
25
of Calif guar g 58
Nor Ity
1938 A 0 .10518 --------09
105 105
*Rhine-Westphalia El Pr is
42
1950 54 N
42
7
3614
k Nor States Pow 25-yr 5a A
1941 A 0 1047 10514 51
103 10514
89
8
*Direct mtge 6s
4012 42
1952 M N
12
3134
S
1st & ref 5-yr (is ser B
1941 A 0 1063 107
10514 107
93
20
8
*Cone mtge 63 01 1928
41
1953 F A
42
7
35
Northwestern Teleg 434e ext
1944 / J ____
_
9618
. ____
*Cons M 68 of 1930 with war? ...'55 A 0 41
4112
9
33
Norweg Hydro-El Nit 534s
1957 51 N
9118 - - 12 57
685
9
1
8
____--- it Richfield OH of Calif 6s
88
94
294 3113 14
1944 M N
20
Og & L Chain let gu g 48
19481 .1 45
45
1
454
5014
:Certificates of deposit
45
M N
30
3112 56
1912
Ohio Connecting Ry 1st 4a
1943 M 5
__ ____
____
._
_ Rich & Meek let g 4e
1948 51 N *4012 60 ___.
38
Ohio Public Service 73.48A
10958 11014
1946 A 0 *104-Richm Term Ry It gu 5s
10914 111
--89
8 - 1953 1 1 *104
1947 F A 109
let az ref 7s series B
78
1075 1094 *Rime Steel 1st 5 f 7s
3
8
1095
8
1955 F A *594 Wily..
_ . 45
Ohio River RR 151K 58
1936 J D *10278 104 ____
Rio Grande June let gu 5e
104 104
90
1935 J 0 8512 8512
6
70
General gold Es
1937 A 0 10312 10313
1
87
1025 10312 :Rio Grande Sou let gold le
8
1940 .1 1
*3
4
4 ____
12
1944 F A
:Old Ben Coal 181 68
163
8
17
133 18
7
4
10
:Guar 4e (Jan 1923 coupon) _ _.A940 J J
*3
4
I
Ontario Power N F 1st 5*.....
1943 F A 10912 111
1094 111
99
3
*Rio Grande West let gold 4*... 1939 J J
7514 7014
11
66
1945 M N al1013 011012
Ontario Transmission let 59
1
9413 112 11212
*let con & coil trust 48 A
1949 A 0 40
4112
4
40
1946 J D 106
Oregon RR & Nay com g 4s
1063t
8314 105 1063 Roch G&E gen NI 5148 set C. 48 3.1 S 108
8
4
108
2
96
19401 J *11318 --------100
Ore Short Line 1st cons g 5s
8
1144 1145
Gen mtge 410 series D
19772.1 S *107
_ _-_
86
1946 J J 117
Guar stpd cons 5.9
117
1
995
1 1154 117
Gen mtge 5s series E
1962 M S 108
1084
4
8912
For footnotes see
page
Range
Since
Jan. 1
Low
High
10112 1023
4
94
98
693 9 ,2
4 0
36
383
4
106 109
9612 98
1007 101
8
953 973
8
4
1087 10712
8
111 112
10512 105,2
39
4312
39
4312
423 44
8
42
4412
583 6418
4
59
65
5912 6514
583 65
4
15514 16024
1712 2012
26
2612
101 103
90
90
102 102
100 100
983 9834
4
653 101
4
13
1043 106
4
753 854
4
10312 10538
---- --983 1004
8
10712 108
108 109,
s
108 10812
11412 11618
10512 1077
a
111 113
10514 106
105 10718
9414 963
8
1004 1023
4
997 1023
8
4
1105 11118
8
083 102
4
70
733
4
7
912
102 105
8513 91
7514 8114
7714 82
108 10822
113 113
10812 10812
107 10812
81
824
1083 110
4
10414 108
7318 75
5018 537
8
23
2418
10112 1025
8
107 10814
104 104
1083 1093
4
4
1094 10914
109 109
---_
1054 1064
1135 1134
8
1113 1133
8
4
11138 11312
1043 1 634
4
-----60
r70
573
4
---68
r70
68
-- -853 853
4
4
-1014
5014
98
4512
4434
434
35
60
60
094
524
5214
55
35
1071- 100
8 102 108
105 108
10012 10124
993 1003
4
4
87
90
_
--- - -_
-6738 100
.
10612 1084
107 1081 3
99 10012
____ __10314 1045
8
984 102,2
10714 108
24
364 40
3134 3412
4112 433
8
3934 42
4034 42
40
42
297 334
8
30
334
00
60
8512 8512
7712
75
40
474
10712 1084
10712 108
613.
4
New York Bond Record-Concluded-Page 6
BONDS
N Y STOCK EXCHANGE
Week Ended Jan. 25
110.1 Ark & Louis 1st 43.48
Royal Dutch 45 with wart
*Ruhr Chemical e 1 lie
Rut-Canada lot gu g 4s
Rutland RR 1st con 4 As
i
Weeks'
July 1
..."
Range or
.3.
1933 to
.3
•a• t
Friday's
gl Dec. 31
"a, Rid & Asked oci.4
1934
1934 M
1945 A
1948 A
1949 J
1941 J
5
0
0
J
.1
High No.
Low
13
1312 51
108
1093
8 11
*375
8 53
447g ____
*35
*42
51
1947 J J *10318
51 305 & Grand bid let 48
1941 M N 110
St Joseph Lead deb 5545
St Jos Ity Lt Ht & Pr 1st 58
1937 M N 97
1998 J 1 85
St Lawr & Adr 1st g 5s
1996 A 0 805
8
2d gold 65
St Louis Iron Mt & Southern1933 M N 6412
•411,1v & G Div let g 4s
*6358
*Certificates of deposit
1948 J .1 53
St L Peer & N W let gu 58
1955 J J 65
St L Rocky Mt & P 55 and
1414
1950 3 .1
:St L-San Fran pr lien 4s A
1312
:Certificates of deposit
1712
:Prior lien Ea series B
1950 3 J
1412
:Certificates of deposit
:Con M 430 series A
1978 M 0 12
1112
:Ctfs of deposit stamped
7714
,
St L 8 W let 48 4 bond etre ____1989 NI N
28 g 42 Inc bon21 Ws
Nov 19893 .1 •____
1952 .1 .1 5014
let terminal &unifying bs
1990 .1 J 4112
Gen & ref g be set A
St Paul City Cable cons be
1937 J J 79
Guaranteed be
1937 J J 79
4
St P & Duluth 1st con g 4s
1968 J 13 *983
St Paul E Or Trk 1st 4 34s
1947 .1 J *
1612
,
*St Paul & K C Sh L gu 4142.. _ _1941 F A
1943 J J 10812
St Paul Minn & Man 5
8
Mont ext 1St gold 48
1937 J D 1025
4
*Pacific ext gu 413 (large)
19403 J *1003
1972 J J 114
St Paul Un Dep bsguar
El A & Ar Pass let go g 48
San Antonio Publ Serv lot 613
Santa Fe Free* Phen let 58
Schulco Co guar 634S
Stamped
Guar e f 8 As series B
Stamped
Scioto V & N E 1st gu 48
4tSeaboard Air Line lot g 48
:Certificates of deposit
:4Gold 4s stamped
:Certife of deposit stamped
:Adjustment 55
Oct
IIRefunding 4s
:Certificates of deposit
flet & cons Os series A
:Certificates of deposit
MU dt Birm let g 4*
:Seaboard All Fla 68 A etre
:Series B certificates
Sharon Steel Hoop s f 53.4*
Shell Pipe Line s 1 deb 55
Shell Union 011 s f deb be
Shinyetsu El Pow 1st 648
•3Slemens & Ilaiske 5 1 75
*Debenture a 1 6 As
Sierra & San Fran Power Ss
•Slleela Elec Corp s f 6348
Silesian-Am Corp coil tr 78
Sinclair Cons Oil 7sser A
1st lien 614e series B
Skelly Oil deb 514s
So & No Ala cons gu g be
Gen cons guar 50-year 5e
11018
98
85
805
8
9
2
8
1
1
6518
45
8314
1053
4
70
6414
70
38
833
4 39
J 83
J 10114 103
41
5 110
1
110
.5 *331* 38
53312 37
1946 A 0 *3312 39
*3312 3618 _
6
1989 53 N 10913 10912
2412 _
1950 A 0 *17
17
1
17
10
18
1950 A 0 17
A 0 17
8
17
1
27
8
27
2
1949 F A
712
713
6
1959 A 0
1
8
8
83
4
1945 M 5
93
4 34
73
4
818 17
1933 NI 5 165
8 163
4 12
314
1935 A 0
352 35
1935 F A *35g
514 4 883
4 60
1948 F A 863
1952 M N 10312 10418 72
1947 MN 10214 1023
4 35
19523 D 783
4
4 79
6
1935.3 J 6238 63,2
6
1951 M 5 4718 4712
2
1949 F A 1055 10612 33
343
4 3634 44
1946 F A
1941 F A 5312 54
16
1937 M 8 10278 104
50
1938 J D 10412 105
54
55
1939 M S 9912 100
4
1936 F A *1043 10512 ____
1963 A 0 *112
55
70
947
2
353
4
2812
29
30
90
153
2
16
1212
1014
212
5
5
63
4
514
10
23
8
214
35
86
785
8
68
39
36
863
4
26
33
1007
s
987
s
80
96
89
115
1943 J
1952 J
1942 M
19463
South Bell Tel &Tel let sf be _ _'41 J J 109
Southern Colo Power Os A
1947.3 J 90
1949 J 13 6814
So Pao toll 48(Cent Pac coil)
let 434* (Oregon LInes) A
8
1977 M 5 797
Gold 4548
1968 M S 66
Gold 434*
1969 M N 66
Gold 434*
1981 M N 6512
San Fran Term 1st 45
4
1950 A 0 1023
So Pac of Cal 15t con gu g be
8
1937 MN *1063
So Pac Coast lot gu g4,3
19373 .1 *10014
So Pao RR 1st ref guar 48
1955 1 J
9358
Southern Ry let cons g Is
1994 J J 10212
Devi dr gen 45 series A
1956 A 0 5912
Devi & gen 68
1956 A 0 7712
Devi & gen 634s
1956 A 0 823
8
Mem Div 1st g 55
1996 J .1 *9012
St Louis Div let g 411
1951 J J 8618
East Tenn reorg lien g bs
1938 M 5 1023
4
Mobile & Ohio coil tr 45
1938 M S 65
S'west Bell Tel let & ref 58
1954 F A 11012
:Spokane Internet 1st g 68
1955 J 1
83
4
Stand Oil of NJ deb 55 __ __Deo 15 '46 F A 1017
8
Stand Oil of N Y deb 434*
1951 J D 10318
Staten Island Ry 1st 4148
1043 J D *94
ItStevene Hotels(is series A
19453 J r18
1:Studebaker Corp 8% notes ____'42 J D 46
45
:Certificates of deposit
19363 1 *1018
Sunbury & Lewiston 1st 48
Syracuse Ltg Co let g 50
1951 .1 D 117
46
110
923
8 39
6913 97
231
81
6712 62
873 186
4
131
67
10314 23
9414 22
10318 79
603 158
4
77
79
8412 67
94
8712 18
1023
4
1
6
66
28
111
914
2
1023
2 34
1037 136
8
101
rI8
1
4812 142
473
2 84
11718
14
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 25
Range
Since
Jan. 1
Z,ow
High No
High
Low Low
High
13
1312
1014
1312
1945 A 0 13
1
1310 •*Union Elev Ry (Chic) 55
11714
May 1942 F A 117
11612 11714
5 105
13612 Union 011 30-yr tis A
4 33
Deb 55 with wart
Apr 1945 .7 D 10412 1043
9212 1033 1043
38
4
4
_ Union Pac RR let & Id gr 45 -- __1947 .1 J 10814 10912 79
94
1077 10912
8
83
lot Lien & ref 4s
8012 10414 107
June 2008 M El 10614 107
--51
10552 50
Gold 4345
19673 .1 105
10414 1055
81
2
4
4 16
1st lien & ref 58
June 2008 M S 1173 1173
11712 11814
99
8 68
1968 .1 D 10052 1015
7652
Gold 48
110 11134
9912 10214
7
1942 M N 10618 107
97
Milted Biscuit of Am deb 6s
1053 107
4
96
98
1953 M S 9014 9314 189
United Drug Co (Del) be
85
88
53
8912 9314
__ ____
1944 M El *1051
9712
8
805 805 U N J RR & Can gen 4s
8
,
3
2-1534
4:United Rye St L let g 48
19343 J 28 4 30
2812 30
267
56
637 6578 U S Rubber 1st & ref 5s ser A __ _1947 J J 9412 95
2
9012 95
10514 ----year 68
1937 M N *98
98
98
8518
633 6414 United S S Co 15
4
52
5618
3914 18
26
353 3914
4
60
65 'Un Steel Works Corp 6340 A.....-1951 1 13 38
39
9
37
39
263
s
*Sec. 5 1 6 As series C
1951 J D 38
1334 1714
3812 16
1947 J J 38
23
*Sink fund deb 6 As ser A
13
18
3518 3812
8 39 ____
Un Steel Works (Burbach)7s
1951 A 0 .375
9812 ---1612 18
4
13
1936 J D 2612 27
1212 1612 *Universal Pipe & Rad deb Os
24
jilt
2
33
1112 1412 •Unterelbe Power & Light 811- -.1953 A 0 4014 4014
373 4014
4
5012
1944 A 0 7012 7614 82
65
1112 1378 Utah Lt & Trac lot & ref be
7614
7418
7912 142
1944 F A
527s
7818 Utah Power & Light let be
697 7912
8
77
- ___- 109
Utica Elec L dr P 1s1 5 f g be
1950 .1 .1 *1101
60
60
118
3 100
Utica Gas & Elec ref & ext be
1957 J J 1184--117 118
--50
53
2414 27
203
2
1947 J D 2512 2612 55
38
443 Uttl Power & Light 53.4,
4
21
213 115
4
2014 223
4
18
1959 F A
Debenture 55
7814 79
79
80
8812 9212
9212 72
5812
Vanadium Corp of Am cony 5s .._.4l A 0 91
10112 102
1955 F A *10312 --------99
Vandalla cons g 48 series A
------85
Cons of 48 series B
1957 MN *10312
1612 1752
2
4
-- 12
4
13
4
4
412
1933 J 1
106 1083 •IVera Cruz & P 1st gu 4145
4
4
3
I .3 *312 - 4
*4July coupon off
1023 1025
8
8
*33
4
- 12 ____
4
412 6 t
3
1942
993 10012 •Vertientes Sugar 78 ate
4
1942 54 s 1105 1103
8
4
4
110 1103
95
Va Elec & Pow cony 5345
113 115
4
10612 10 10114 10514 106,
1954 J D 106
Be series B
2
9 107
11012 112
Secured cony 545s
1944 J J 11112 112
82
843
4
Va Iron Coal & Coke 1st g 55
50
9
5 ---1949 M 5 *55
1003 103
4
---- -1023 1023
8
8
1
1936 M N
1023 10258
8
91
Virginia Midland gen be
108 110
757
2
1
Va & Southwest let gu 58
20033 J 9658 9612
98
96 2
,
8
1958 A 0 8214 83
81
83
55
1st cons 58
11118 112
67
89
Virginia Ry let bs series A
1962 M N
1103 113
8
8411 10412 10514
let mtge 434s series B
1962 M N 10412 10412 28
10912 10912
95
173
Wabash RR 1st gold 58
9312 96
573
2
1939 M N 94
8 75
31
1939 F A 733
17
4912
12d gold Is
17
7212 75
5312 5312
1
let lien g term 45
5312 5312
60
1954 .1 J
17
20
100
Del & Chic Ext 1st be
3
1941 .1 J 100
17
20
9812 100
70
Des Moines Div let g 48
252 27
8
45
1
412 5413
1939 J J 5
5412 557
2
1941 A 0 *4714 54
7
9
38
Omaha Div lst g 33.4*
4912 50
.
17
82
Toledo & Chic Div g 4s
1.941 M S 1
8
8
56
1812 42
83 1172 :Wabash Ry ref dr gen 5345 A
4
1212
'75 M S 17
17 19
- -12
•16
1718 ____
11
:Certificates of deposit
17
17
712 10
29
B'76 F A 1712 18
12
:Ref & gen 50
165 17
8
1612 1914
*____
20
11
:Certificates of deposit
314 4
1812 67
:Ref & gen 4348 series C
12
1978 A 0 17
1614 1912
1712 1718
1718 1712
2
:Certificates of deposit
8212 883
11
4
:Ref dr gen 58 series D
1980 A 0 1712 1812 12
10314 10418
12
17
1912
20 _
:Certificates of deposit
13
10214 1027
8
44 ____
•Walworth deb 63.45 with war__ _r '35 A 0 *32
1212
33 -- 38
7812 81
A 0 *32
37 _
1212
*Without warrants
3612 3612
58
6312
2
*1st sinking fund 68 ser A
1818
1945 A 0 4614 483 -29
45
48
44
50
1033 1061 2
4
57
79
1939 M 5 54
30
363 Warner Bros Pict deb 68
4
2812
5312 8012
297
8 16
Warner-Quinlan Co deb (18
5178 54
27
297
8
26
1939 M S 28
2 104
19413 D 10613 10812
Warner Sugar Refln 1st 7s
8
1027 104
106 107 2
,
_
91
_
30
_
Warren Bros Co deb 68
1941 M S*---1035 105
8
3712 39
28
2000 F A
36 --4238
76
983 10014 Warren RR let ref gu g 3 As
4
01.12 0112
5
79
1948 Q M
1043 1043 Washington Cent let gold 42
4
4
9112 91 2
,
---- ---88
Wash Term let gu 3348
1945 F A *10112
4 - -_
94
let 40-year guar 48
1945 F A *1033
9818 105 107
5
1939.3 J 10612 10612
10812 110
Wash Water Power a 1 be
--120
10314 115 4 1157
9212 Westchester Ltg 58 stpd god __,.,.1950 J D *116
82
,
8
1946 M S 10812 10912 16 10112 10812 110
67
7214 West Penn Power ser A Is
_ ____ 1017
77
2 11414 115
1st bs series E
1963 M S *11412
81
8 -- 5 101
10318 109
1st sec be series 0
1958 J D 1087 10872
653 69
4
4 103
4
1961 J J 10612 1063
6478 6912
let mtge 42 ser H
10512 1064
6352 687g
941g 10412 1061,
1944 A 0 10514 10614 40
4
1003 10314 Western Electric deb 58
1
4 9212 313
1952 A 0 883
8112
Western Maryland let 48
8712 9212
1977 J .1 9852 9934 126
let & ref 534s series A
66
9612 993
4
1937 2 3 10614 107
10612 107
17 100
9134 9412 West N Y & Pa lot g bs
104
13
1943 A 0 103
78
10113 10318
102 104
Gen gold 4*
,
1946 M El 32 4 34
3214 37 1
28
39
58
6212 *Western Pac 1st Is ser A
3112 3352 26
3112 383
31
1948 ____
75
81
*ba Assented
4
4
8312 10112 1023
41
1938 .1 .1 1013 102
8
Western Union coil trust be
813 86
4
1950 M N 8512 8614 31
--------Funding & real est g 434s
6712
845 8814
8
8
15
1938 F A 1013 10212 57
837 8712
2
92
-year 6348
10012 10212
-year gold Is
1951 J D 8812 8912 32
102 1023
7152
25
4
865 Ws
8
,
72
30-year Is
1960 M S 87 4 8812 46
6112 67
853 883
4
4
10918 111
18
*Westphalia Un El Power es_ _1953 J .1 3812 41
27
3514 41
4 8514 98
2361 J J 843
66
814 912 West Shore 1st 48 guar
8312 853
2
815
8 13
10172 1023
Registered
2361 .1 J 81
4
63
78
8152
103 104
1
Wheel & L E ref 4548 ser A
1966 M 5 10414 10414
81
10414 10414
1512 18
Refunding Is series 11
1966 M 5 *10514 ____ ____
6512 104 104
45
1949 M 5 *1023
4912
2 ---- ---RR let consol 45
10214 10213
83
1027
2 45
45
70
Wheeling Steel Corp 1st 5345
49
10014 10314
1948 J J 102
1st de ref 434s series B
1953 A 0 9418 96
208
80
90
96
118 11714 White Sew Mach 68 with wart..,.....'36 1 J *733
4211
-- ____
65
65
4
4-J J 7352 75
Without warrants
45
66
75
5518 63
Panic a f deb 6s
1940 M N 68
70
10
65
70
424
113 11512 :Wickwire Spencer St'l 1st 7s
'35
11
9112 95
12
:Ctt dep Chase Nat Bank
16
1018 12'
Alt
90
9714
11
12
ICUs for col & ref cony 7s A ___1935 MN
39
33
4
1018 131
10812 10918 Wilk & East 1st gu g 5s
1942 J D 4818 4618
33
5
4618 48
Low Low
978
1214
903
2 10512
35
3018
____
4312
51
60
4512
52
53
37
12
11
12
11
972
97
8
51
4112
43
3618
45
457
s
84
45
1312
9218
86
85
98
3
5312
1
65
1514 42
19
14
3
1712
31
15
1312 124
1212 36
7812 29
60 ___24
53
4312 15
1
79
80
11
- ---iii
13
17
10834 26
2
1025
8
Range
Since
Jan. 1
613
;
Week's
July 1
or,,,
...,
Range or
.2
1933 to
•ii t
Friday's
gi Dec. 31
*., z. Rid & Asked az rQ
1934
10312
8014
48
65
44
43
42
8012
100
95
8012
74
4514
58
85
60
5314
73
4212
104
63
4
10214
96
9612
12
31
31
983
4
1031g
1947 A 0 60
Tenn Cent lot 68 A or 11
61
15
4314
Tenn Coal Iron & RR gen bs
1951 J J 1133 11512
4
2 10112
Tenn Copp & Chem deb 65 B _ _1944 M S 9312 95
8
80
Tenn Else Pow 1st Oscar A
1947 .1 D 933
4 9714 168
5412
1939 A 0 1091s 10918
Term Amin of St L 1st, 43.48
99
5
1944 F A
let cons gold 58
_ ____
98
Gen refund s f g 4s
1953 J J *111--1023 10318 55
4
71
1013 104
4
4
Will & S F let gold 55
4
1938 .1 D 1023 1023
86
1
10212 1025
/
1950 F A 9413 9614 28
Texarkana & Ft S go 5145 A
8414
92
9614 Wilson & Co let s f (is A
8 23
1941 A 0 10812 1087
953
4 10814 10938
_
_
82
1944 A 0 104
1043 187
4
Texas Corp cony deb 55
__ ___
9312 103 10434 Winston-Salem S B 1st Is
1960 .1 J
19433 J / 86
Fez & N 0 con gold 55
8614 16
84
85
8634 :Wig Cent 50-Yr 1st gen 41
113
13
19493 1 .10212-i lois iHi - -1
1
-1 2
3
2000.3 D 11614 11712 31
Texaa & Pac let gold 58
82
11512 11712
:Certificates of deposit
812
912 918
1977 A 0 92
93
Gen & tells series B
46
55
893 9312
4
74
3
:Sup & Dul city Jr term let 45 ___'36 M N
73
4
613
3
63
4
7
1979 A 0 9112 923
Gen & ref bs series C
4 67
5315
895 93 2
:Certificates of deposit
8
,
19803 D 9158 923 120
Gen & ref 55 series D
4
54
893 9312 Wor & Conn East let 414s
4
1943 i 5 .40
--------60
1964 M 5 *91
93 ___
Tex Pac-Nio Pao Ter 53.4s A
67
8912 915
8
1980 J J 55
5612 38
Third Ave Ry let ref 48
38
55
5838 Youngstown Sheet & Tube 58 ____'78 J J 93
6314 0414 0834
9612 191
257
8 30
•Adj Inc Is tax-ex N Y_Jan _1980 A 0 25
213
2412 2612
5
let mtge s 1 Is oar B
1970 A 0 95
9612 110
6314
95
99'4
8
1937 J J 1003 1007
8 16
Third Ave RR let g be
8514 10014 1007
8
2022 M N 10014 1005 536
2
Tobacco Prods(N J)6 As
97
10014 101,
2
Toho Elea Power 1,1 7, A
1955 lel 14 8812 883
2
4
7014
8812 90
r Cash sales not included In year's range. a Deferred delivery s4le not Included In
'l'okyo Elec Light Co Ltd
year's range. n Under-the-rule sale not Included in year's range. 3 Negotiability
1953 .1 13 7312 7514 70
let 65 dollar series
5712
72
7672
impaired by maturity. 1 Accrued Interest payable at exchange rate of 84.8665.
1935 J J 1003 101
0
9112 10034 101
4
eol & Ohio Cent lot gu 58
1935 A 0 101
2
101
Western Div lst g bs
91
101 101
I Companies reported in receivership and bonds selling flat. • Friday's bid and '
19353 D 010012 10114
83
General gold 55
10014 1003 asked price. •Bonds selling flat.
4
1950 A 0 8714
Tol St L & %V 151 45
60
1
8758
8512 8712
1942 M 5
___ _ _ _
Tol W V & Ohio 4s set C
103 103
z L/eferred delivery sales in which no account is taken In computing the range, are
Toronto ham & Buff let g 48
1948 J D *104184 -97
98
82
9614 98
given below:
___ ____ 1013
19491V1 8
5 11214 11214
Trenton 0 dr El let B 55
Berlin City El 6318 '51, Jan. 24 at 4134.
79
80
1943 MN *1138
Truax-Traer Coal cony 63,45
35
70
80
Chile Mtge. Bk. 6s '61, Jan. 25 at 1234.
1940 M N 1013 10214 18
8
6713 1003 102,4
Trumbull Steel 1st at Os
4
Cordoba 75 stpd, Jan. 19 at 42.
Pow 7 As_ 1955 M N ____
_ ___
*Tyrol Hydro-Elec
4512
85
90
Crown Zellerbach 6s, Jan. 24 at 9845.
8 87 --------8914 9214
*7, ','s May 1 1935 coupon on..
.1955 _ _ *845
Ital. Pub, UHL 7s '52, Jan. 19 at 8231.
1952 F -A
85
85
4312
2
*Guar sec 5 1 7s
85 85
Norddeutsche 4-60, Jan. 19 at 45.
1952
*7814 8512 ____
___
8512 8712
*78 Feb 1 1035 coupon on
Un. Steel Wks. 8348, series C. Jan. 21 at 3834.
1945 IVI S 873
4 8734
6912
2 Ujigawa Elec Power s f 75
87
8734
e Cash sales no :Included in weekly or yearly range are given below:
1957 A 0 10812 109
7
943
2 107 10938
Union Elec Lt & Pr (ilo) 55
Wisc. Cent. 48 '49, Jan. 25 at 1234.
1954 J 3 1053 10614
4
9914 1012 1012'.,
2
Un EL & P (III) 1st g 134* A
614
Financial Chronicle
Jan. 26 1935
New York Curb Exchange Weekly and Yearly Record
NOTICE.
-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote In the week in which they occur. No account is taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Jan. 19 1935) and ending the present Friday (Jan.25 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Stocks--
Par
Week's Range
of Prices
how
AomeWlreCovtc
25
Adams Millis 7% let p3100
Aero Supply Mfg class B..•
Agfa Ansco Corp corn__ _ _1
Ainsworth Mfg Corp.
...10
Air Investors com
•
Warrants
AlabamaGt Southern_ _50
Ala Power $7 pref
•
•
$6 preferred
Allied Mills Inc
•
Aluminum Co common__ •
100
6% preference
Aluminum Gonda Mfg- •
•
Aluminum Ltd corn
C warrants
8% preferred
100
Amer Beverage ram
American Book Co_ _ _ _100
Amer Brit & Cons Corp- •
Amer Capital
•
Class A com
Common class B
•
•
$3 preferred
Amer Cigar Co pref___100
Am Cities Pow & Lt
Class A
25
0138B B
1
Amer Cyanamid Cl B n-Y ..•
Amer Dist Tel N J com-•
Amer I.:unities Co nom. 1
Amer Founders Corp__ __I
60
7% pref series B
6% let pref ser D_---50
Amer & Foreign Pow wartAmer Gas & Elea com__-•
Preferred
•
Amer Investors corn
1
Amer Laundry Mach__20
Amer L & Tr corn
25
6% preferred
28
Amer Maize Prod
•
Amer Maracaibo Co
1
Amer Meter Co
•
Amer Pneumatic Service_•
Amer Potash .it Chemical_•
Am Superpower Corpcom •
let preferred
•
Preferred
•
Amer Thread Co pref _ _ _ _5
Amsterdam Trading
•
American shares
Anchor Post Fence__
_•
Appalachian El Pow pref _•
Arcturus Radio Tube__I
Arkansas Nat Gas com___•
Common class A
•
Preferred
10
Armstrong Cork corn____•
Art Metal Works com
_5
Associated Elea Industries
Amer depcett rata
Assoc Gas & Elea
Common
1
Clams A
Associated Rayon nom- •
Assoc Tel Util corn
•
Atlantic Coast Fisheries
Atlantic Coast Line Co__60
Atlas Corp common
•
•
$3 preference A
Warrants
Atlas Plywood Corp
•
Automatic-Voting Mach.*
Axton-Fisher Tobacco
10
Class A common
Babcock & Wilcox Co....'
Bally/1n Locomotive Works
Warrants
Baumann(L)&Co7%pfd100
Beltanca Aircraft•t_I
i00
Bell Tel of Canada
Benson & Hedges com____.
Bickforda Inc cora__ ___•
Miss(E W)& Co corn
Blue Ridge Corp corn____1
•
$3 opt cony prof
Blumenthal (El) & Co
•
Bohack(H C)Co corn
_•
Botany Comm! Mills
•
•
Bour)ols Inc
•
Bower Roller
Bowman-131Itmore Hotels-Bearing_lot pref
100
BraailllanTr Lt & Pow_ _•
Bridgeport Machine
•
•
Brill Corp class B
Claae A
•
BrIllo :Mfg Co corn
•
Class A
•
Brit Amer Oil coup
British Amer Tobacco
Am dap rcta ord beareril
British C-elsi2es• Lid
Am depicts ord reg--10a
Brown Co 6% Prof
100
Brown Forman Distillery.
_1
Buckeye Pipe Line
SO
Buff Niag dr East Pr prof 26
55 1st preferred
Bulova Watch $354 prof...'
Bunker Hill & Sullivan..10
Buren, Inc
•
$3 cony preferred
Warrants
Burma Am dap rats rag aka
Butler Brothers
10
Cable Eleo Prod•t
Cables & Wireless Ltd
Am dep rats A ord she.£1
Am dep rata B ord she 61
Amer dep fete °ref Elba gl
Canadian Hydro Elea Lta
6% 1s1 preferred_ _100
Canadian Indus Alcohol A•
•
B non-voting
July 1
Sales 1933 to
for
Dec.31
1934
Week
High Shares
105 105
25( 231
354
354
184 19
131
134
X
54
25
100
100
200
800
500
453.4
42%
125(
46
71
4854
444
1354
4651
7134
140
70
4,200
300
200
57
57
154
51
14
55
10
Low
634
86%
34
3
5
55
33%
28
25
43
64
8
184
3
37
1
41
100
200
934
30
325
31
151 14
700
1754 1751 10,900
25
76
76
51
1351
1351
234
1951
823,4
254
14
93,4
100
54
100
133,4
134
50
100
251
21
14,800
1,075
8554
3
200
14
400
10
2,400
4
•it
124 14
1
1
300
900
200
1
14 17,300
400
4634 433,4
114 1231
200
4
4
100
Range Since
Jan. 1 1935
234
134
814
7351
834
8
234
164
57%
2
1031
851
16
20
34
5%
151
11
1
48
854
3
34
36
41%
37
1254
46
70
10%
20%
251
57
151
57
51
1%
34
19%
110
23,4
2251
43,4
554
6
54
1
/
84
TI.
300
170
200
100
1,000
200
I,900
1,000
200
'Is
34
'ii
200
1,300
954
954
100
834 934
48% 484
251 3
5,400
100
1,900
651
34
03,4
3534
1,000
200
2%
23,4
200
331
334
200
54 64
151
134
41
39
33,4 3%
2,200
700
400
100
33.6 34
1731 17%
150
100
2
2
931 10
331 351
200
400
100
15% 15%
High
Jan
834 Jan
Jan
Jan 106
24 Jan
Jan
Jan
354 Jan
Jan 20% Jan
Jan
1% Jan
Jan
3-4 Jan
Jan
Jan 40
Jan 4834 Jan
Jan 4451 Jan
14% Jan
Jan
Jan 52
Jan
Jan 7451 Jan
10% Jan
Jan
Jan 2031 Jan
251 Jan
Jan
57
Jan
Jan
151 Jan
Jan
Jan
Jan 57
Jan
3' Jan
14
Jan
54
Jan
Jan 20
Jan 110
29% Jan
13,4 Jan
16% Jan
Jan
76
151 Jan
55 Jan
134 Jan
134 Jan
234 Jan
1954 Jan
81% Jan
2% Jan
13
Jan
9
Jan
194 Jan
25
Jan
Ic
Jan
12
Jan
1
Jan
15
Jan
1
Jan
4654 Jan
11% Jan
4
Jan
12
54
7251
54
1
31
2%
234
47,4
71
1154
54
74
71
31
Si
134
13
134
51
234
2151
4
3,4
Stocks (Continued) Par
Jun
Jan
Jan
Jan
3134 Jan
131 Jan
17% Jan
Jan
76
151 Jan
54 Jan
1534 Jan
1534 Jan
3
Jan
21
Jan
Jan
87
34 Jan
1551 Jan
Jan
10
194 Jan
Jan
25
.31 Jan
Jan
14
1
Jan
194 Jan
154 Jan
.54
Jan
13
Jan
4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
II%
54
7254
9-16
1
X
354
24
434
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4
551
Jan
651
Jan
34
2
28
751
35
234
23,4
154
5-16
51
2
34
9
30
851
4834
291
6
5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
54
3,4
23,4
3.4
1054
30
954
4954
3
64
634
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
34(
60
184
59
33
214
234
11
25%
354
15,4
104% 12934
134
1%
4%
9
454
15,4
134
13,4
284 363,4
2
24
11
8
555
31
334
1651
8%
59
3754
Jan
Jan
34
Jan
Jan 25%
351
Jan
Jan 132
134
Jan
9
Jan
634
Jan
2
Jan
Jan 41
351
Jan
11
Jan
Jan
X
Jan
434
Jan
1834
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100
2
8
54
34
54
651
22%
12%
13,4
954
354
54
I
634
25
1554
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2
103.4
454
54
1
654
25
15%
31%
200
24%
30%
Jan
315(
Jan
2% 34
834 851
831 951
3054 32
15
15
694 70
400
125
800
200
100
200
-3574
450
254
3%
64
28
16
6854
113%
26
234
8
854
3054
15
694
254
32
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
351
834
954
33
1534
70
28
3934
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
31
34
23% 24
631
3.4
3.1
200
734
N
3,300
2,200
'it
2%
254
54
34
Si
100
1,100
800
II
.
51
334
4
4
93,4
851
94
854
400
200
551
454.
25
254
751
1
• Jan
Pan
Jan
Jan
Jan
His Jan
5.5 Jan
Jan
4
54
ki
4
Jan
Jan
Jan
Jan
Jan
Jan
79
934
834
Jan
Jan
Jan
2354
lie
2
63-4
'it
79
754
6%
Jan
Jan
Jan
Jan
Jan
Week's Range
of Prices
High
Low
Canadian Marconi
134
254
1
Carib Syndicate
25c
14 2
Carman de Co
-Convertible class A_
•
Carnation Co corn
• 17
17
Carolina P & I. $7 pref_.• 5654 58
Carrier Corporation
• 1554 1634
Catalin Corp of Amer
I
554 514
Celanese Corp of America
7% 1st panic prat ___100 103.3,4 107
7% prior preferred___100 103 10331
Celluloid Corp corn
13
16 13
$7 dig preferred
• 3334 333.4
Is preferred
• 72
7654
Cent Bud GA E•t a_
Cent P & L 7%
__ 100 2031 204
Cent & South West 1411_
pref_54
55
Cent States Elea COID. _ ,_ 7
54
'it
6% prat without war? 100
14
154
7% preferred
100
Cony preferred
100
Cony prof op ear '29 I00
1 51 1 51
•
44 5
Centrifugal Pine
Charts Corporation
10
Chesebrough Mfg
25
Chicago Nipple el A...5...._.
Chicago Ftlyer & Mach..• 14
1411
Chief Consol Mining
1
4
54
100 26
Childs Co prof
2634
Cities Service corn
154
151
•
• 1134 1234
Preferred
Preferred B
•
154
151
13
• 13
Preferred BB
Cities Sort P & L $7 pref.•
,
$6 preferred
•
City Auto Stamping
•
Claude Neon Lights Inc I
Cleve Elea Ilium com
25
2054
• 25
Cleveland Tractor corn_ •
8
Club Aluminum Utensil_•
Colon Oil Corp corn
"is
•
31
Colt's Patent Fire Arms_25 28
2834
Columbia Gas & Eleo-Cony 5% pref
60
100 57
Columbia Oil & Gas yte_
Tit
34
Columbia Pictures
•
Commonwealth EdLson.100 52
54
Commonwealth & Southern
Warrants
ins
34
Community P & L $6 prat•
Community Water Serv__•
55
55
Comm Shoe Maclatnery_.1 14
143.4
Consolidated Aircraft_...l
9
934
Consol Auto Nferchand'g.•
$3.50 preferred
•
134
Corisol Copper Mines..
13-4
Consol G E L&P Balt corn • 5331 5431
Conan' Min & Smelt Ltd_25
5
254
Congo' Retail Stores
254
8% preferred w
Conan' Royalty 011
10
Cont (.1 & E 7% prior p3100
Continental Securities...•
44 434
Cooper Bessemer coin ____•
18
• 18
$3 pref A
Copper Range Co
•
351 4
5
Cord Corp
Corroon & Reynolds
24 24
I
Common
• 265.4 2636
$13 preferred A
Coeden 011 corn
51
51
1
Courtaulds Ltd
1174 117.4
Am dep rcts ord reg-£1
Crane Co corn
26
951 931
5 1134 1254
Creole Petroleum
6
63.4
Crocker Wheeler Elec
•
134
134
1
Croft Brewing Co
Crown Cent Petroleum I
8% 834
Crown Cork Internatl A _•
Cuban Tobacco corn Yto.•
• 31
32
Cuneo Press corn
231
2
Oust Mexican Mining_50c
Darby Petroleum corn_ .6
431
434
Davenport H
Mia..•
Mill-..•
a
De Haviland Aircraft 00
Am
rata ord reg_il
Derby Oil& Ref corn
31
•
54
Diamond Shoe corn
•
6% 651
Dictograph Products_
2
Distilled Liquors Corp._ 5 154 1554
Distillers Co Ltd
Amer deposit rots____gl 2274 2251
Distillers Corp Seagram_• 1654 1754
• 1234 134
Doehler Die Casting
Dominion Bridge Co Ltd
Dominion Tar & Chem_ •
Douglas Shoe 7% prof _.100
Dow Chemical
• 8051 8854
Draper Corp
•
Driver Harris Co
1834
10 18
94
100 94
7% preferred
Dubiller Condenser Corp.!
Duke Power Co
10 4034 4034
9
Duval Texas Sulphur----•
954
44
4
Eagle Plither Lead Co_ 20
East Gas & Fuel Assoc
454
4
•
Common
623.4
434% prior preferred_100 61
8% preferred
100 48
5031
East States Pow corn B. •
$6 preferred series B___•
1354 654
$7 preferred series A ___•
Easy Washing Mach "B".•
334 354
Economy ((roe Stores corn.
Edison Bros Stores corn..' 2534 2554
Eisler Electric Corp
•
Elea Bond & Sharecom_ _6
634
6
• 3451 3631
$5 preferred
$6 preferred
• 384 403.4
Elea Power Assoc COM- -- 1
33.6
3
Cla.se A
3
33,4
I
Elec P & L
pref A_ _ _ _•
451
4
Option warrants
Electric Shareholding
Common
1
•
$6 cony prat' w w
Sales
for
Week
July 1
1933 to
Dee.31
1934
Shares Low
1;4
9.200
1%
1,500
400
75
2,900
2,400
6
133.4
33
434
83.,4
Range Since
Jan. 1 1935
Low
i% Jan
131 Jan
051
17
5434
15
5
634
17
58
1754
634
Jan
Jan
Jan
Jan
Jan
Jan 107
Jan 10334
Jan
15
Jan 3351
Jan 76%
Jan
9
Jan 2034
Jan
54
Jan
54
Jan
154
Jan
231
Jan
24
Jan
2
Jan
5
Jan
1474
Jan 147%
Jan
34
Jan
15%
Jan
51
Jan 30
Jan
14
Jail 1351
Jan
1.54
Jan
13
Jan
1434
Jail
13
Jan
5
Jan
34
Jan
2634
Jan
8
Jai
31
Jai
Jai
284
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jail
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jai
Jai
Jai
04
34
39%
55;4
Jan
Jan
Jan
Jan
Jan
iIS
Jan
6
Jan
51
Jai
15
Jan 104
Jan
'it
Jan
34
Jan
151
Jan 5634
Jan 140
Jan
23,4
Jan 36
Jan z151
Jan 38
Jan
334
Jan
554
Jan
1951
Jan
4
Jan
454
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
234
2051
54
Jan
Jan
Jan
234
28
54
Jan
Jan
Jan
11%
9
11%
5
%
134
51
834
254
31
1 7.4
451
14
Jan
Jan
Jan
„Jan
,Jan
Jan
:,..Jan
Jail
Jan
Jan
Jan
Jan
12
1051
1354
751
1%
54
834
2%
33
231
44
16
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
13
34
IOU
6
15
Jan
Jan
Jan
Jan
Jan
13
151
1031
7
15%
Jan
Jan
Jan
Jan
Jan
2234
15%
12
3251
454
15
8651
60
1551
94
eit
37
9
4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
234
1854
1431
324
4%
15
92
60
1854
94
31
40%
10%
5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10231
1,250 81
102
525 76
1254
654
200
50 1654
33
425 • 40
72
9
100 11
204
100
54
51
1,300
34
151
1
100
2
234
2
154
1
25
1%
431
400
334
14
9
140
105
Si
54
434 1234
500
200
54
2554
110
14
16,200
1,300 10
1151
1
200
134
12
20
854
1355
103.4
834
1254
335
54
900 2131
2315
4,600
131
5%
34
54
500
34
.51
150 15
25
550
2,300
1,600
2,200
100
800
1,800
21,700
2,700
300
200
200
1,000
200
100
100
300
850
3,700
2,000
700
1,000
500
12,100
100
59
54
194
31
54
5,%
ha
13
8
8%
lit
31
1
45% 5251
135
115
251
54
12% 35
134
54
29
3654
2
51
3
254
434
1654
12
4
231
331
8
554
851
154
54
551
2
1531
•I•
43,4
1054
4
100
1,500
500
700
17,000
700
951
154
600
10
174
831
3
314
354
16
65
54
954
49
125
700
400
33
2
351
300
150
225
451
5434
404
54
454
654
254
204
1,600
100
200
100
6
34
15,900
900
4,200
500
800
100
57
54
38
47.4
3,4
3
10
55
25
264
33-4
351
351
34
Jan
Jan
Jan
Jan
Jan
High
254 Jan
234 Jan
4
58
48
Jan
Jai
Jai
54 Jan
54 Jan
5
Jan
6
Jar
3
20
Jar
24% Jai
34 Jan
Jai
6
34
Jan
3754 Jar
3
Jan
3
Jan
4
Jan
14 Jai
Jan
.5
6234 Jan
5054 iJan
54 Jan
634 Jan
651 Jan
334 Jan
Jun
20
25% Jan
54 Jan
731 Jan
36% Jan
4055 Jan
Jan
4
.hin
4
451 Jan
1% Jan
14 Jan
40
Jan
155
41
Jan
Jan
Volume
Financial Chronicle
140
Stocks (Continued) Par
Week's Range
of Prices
Low
Elea Shovel Coal Co
$4 partic preferred
ElectrographIcCori)
1
Empire District El 8% _100
Empire Gas & Fuel Coiy% preferred
100
7% preferred
100
8% preferred
100
Empire Power Part Stk_ •
Euuity Corp 0Orn
10C
Eureka Pipe Line
100
European Electric Corp
Clam A
10
Option warrants
Evans Wallower Lead_ ---•
Ex-cell-0 Air & Tool
3
Fairchild Aviation
1
Fajardo Sugar Co
100
Falcon Lead Mines
1
Falstaff Brewing
1
Fanny Farmer Candy___ -I
Federated Capital
•
Ferro Enamel
•
Flat Amer dep rota --200L
Mello Brewery
1
Fire Association (Phila.) 10
First National Store,
7% 1st preferred____100
Flak Rubber Corp
1
$5 preferred
100
FlIntokote Co el A
•
Florida P & L $7 pref
•
Ford Motor Co Ltd
Am dep rots ord
Ford Motor of Can al A__•
Class B
•
Ford Motor of France
American dep rcts _100
Foremost t Dairy Products_•
Cony preferred
•
Foundation Co Horn shill•
Froedtert Grain & Malt
Cony preferred
18
Garlock Packing com-__•
General Alloys Co
•
General Aviation Corn
Common (new)
Gen Electric Co Ltd
Am dep rots ord reg1
•
Gen Fireproofing nom_
Gen Gas & Elan
•
$6 cony pref B
Gen Investment com____1
•
$8 cony pref class
Warrants
Gen Pub Serv $8 pre-5
Gen Rayon Co A stock_ •
General Tire & Rubber_ _25
8% preferred A
100
Georgia Power $6 pref___.
Gilbert (A 01 corn
•
Glen Alden Coal
•
Globe Underwriters Inc_2
Godchaux Sugars Inc B__•
Goldfield Consol MInes_10
Gold Seal Electrical
1
Gorham Inc class A corn_•
$3 preferred
•
Gorham Inc Co
V to agreement extended
Grand Rapids Varnish_ _.•
Gray Telep Pay Station_ •
Great A tl dr Pac TeaNon-vot corn stock___•
7% let preferred____100
Gt Northern Paper
25
Greenfield Tap & Die-_-•
Greyhound Corp
5
Grocery Stores Prod Vt c25
Guardian Investors
1
(lull ()II Corn of Pennts__25
Gulf States Mil $6 pref
$5.50 preferred
Gypsum, Lime & Alabast_•
HaIlLamp Co
•
Happiness Candy
Hartford Electric Light_25
I I art m an Tobacco Co_ _•
Hazeltine Corp
Ueda Mining Co
25
lielemiRubenstein
•
Hayden Chemical
10
Holophane Co
Hollinger Consol 0 M _ b
•
Holly Sugar Corp com
•
Horn (A C) Co corn
•
Horn& Harlan
7% preferred
100
Hud Bay Mln & Smelt__•
Humble Oil & Ref
•
Myhre of Delaware Inc
Common
1
7% pref etamped__ _100
Hydro Electric Securities..•
Hygrade Food Prod
5
Ilygrade Sylvania Cor1) 0
Illinois P & L
pros
•
8% preferred
100
Illuminating Shares Co A 5
Imperial Chem Industries
Amer daposit rata_ _El
Imperial 011 (Can) coup __•
Registered
•
Imperial Tob of Canada 5
Impinges'Tobacco of Great
Britain and Ireland___£1
Indiana Pipe Line
10
Indianapolis P dr L614% preferred
100
Indian Ter Ilium Oil
Non-voting class A_
Industrial Finance
100
7% preferred
Insurance Co of N Amer..10
International Cigar Mach•
Internat 11ydro-Elee50
Pref $3.50 series
Internal alining Corp__ 1
Warrants
International Petroleum.•
Registered
International Products_ •
Internet! Safety Razor B..•
Internat'l Utility
•
Class A
1
Class 13
Interstate Equities
cony preferred_ _60
$3
•
Interstate Hoe Mills
Interstate Power $7 oreL•
Sales
for
Week
High Shares
1
1
124 124
1454 144
July 1
1933 to
Dec.31
1934
Low
Range Since
Jan. 1 1035
Low
High
50
114
1
1234
1
6
14
Jan
Jan
Jan
1
8
143%
Jan
Jan
Jan
50
150
10
11
1354
4
1
30
1214
14
17
10%
14
34
Jan
Jan
Jan
Jan
Jan
Jan
1354
15
1811
1036
116
34
Jan
Jan
Jan
Jan
Jan
Jan
554
94
1!!
254
24
59
I!!
24
74
1%
7%
15%
3-4
35
834
16
*is
63.1
84
71
ha
216
831
154
114
2136
31
57
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jo
811
36
he
74
85
4
78%
34
94
114
1234
224
74
5856
Jan
Jan
Jan
Jan
Jan
Jan
IJan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 11416
Jan 114
Jan 88
Jan
15
13
Jan
Jan
Jan
Jan
Jan
Jan
IX
154
4,100
834
14
Its
616
854
814
15
ho
7
84
300
200
100
2,200
1,900
he
3
84
!is
3
9
2,000
400
800
114 1134
22
224
54
%
57
58
100
600
200
100
12% 13
124 13
112
30 110
914
534
2,400
354 80
334
1211
400
834 114
950
84 834
30
32
3534 36
4,200
6,700
100
11414 11434
914 104
Stocks (Continued) Par
434
856
144
84 Jan
284 Jan
3554 Jar
iii
94 Jan
324 Jan
3714 Jan
100
100
Si
354
234
34
1•5
64
200
500
100
144
114
1
144
254
1
Jan
Jan
Jan
1511
2611
15i
Jan
Jan
Jan
'to
Jan
ha
Jan
300
94
8
1136
44
Jan
Jan
124
514
Jan
Jan
2,4
54
34
634
34
634
1514 154
26
264
14 14
114 12
534
Jan
Jan
Jan
Jan
1334
34
34
28
34
30
300
220
63
94
554
2
2056
751
634
9514
59
2
2154
734
75
100
175
100
2,400
200
34
'me
74
34
1,000
400
300
'I.
51
3
17
Jan
Jar
Jan
Jar
Jai
Jan
Jan
Jar
Jan
Jar
Jan
Jar
Jan
Jan
Jar
Jan
Jan
11
431
8
1434
7
914
Jan
Jan
Jan
1,000
3
in
20
1
52
5814
35
1
10
554
4
3
1434 153-4
734 74
128
12214
2414
6
2154
14
12834
12714
244
6
2234
11
57
5334
55
55
5054 5134
134
134
716
37
7%
38
184
304
134
2134
103
124
454
194
304
14
22
103
134
46%
1
1
416 44
3
34
274 284
144 1854
300
100
34
14
124
34
164
28
1(4
62
94
52
2
20 8
3
7
7
330 115
126
12234
445 120
250 194 2451
400
6
314
5,100
534 204
1,200
Si
14
'is
34
554
700 43
55
40
50 404 55
64
7
514
34
100 4814 5016
134
600
34
8
2%
2,400
4
6%
34
300 14
37
2
1
5,400
834 1734
50 224 30
200
14
134
395 154 214
80 834 103
114
5,100
7%
44
2,600 33
Jan
Jan
Jan
Jan
30% Jan
116 Jan
7134 Jan
954 Jan
Jan
59
216 Jan
Jan
24
716 Jan
7
Jan
Jan
Jan
354 Jan
184 Jan
18
13
54
17
10
Jan 139
Jan 12714
Jun
26
Jan
6
Jan
2334
Jan
4
Jan
'is
6036
Jar
65
Jar
Jan 55
Jan
7
Jan
6
Jan
3-4
Jan 5114
Jan
14
Jan
8
Jan
851
Jan
34
Jan 42
Jan
211
Jan 204
Jan 324
Jan
24
Jan 244
Jan 104%
Jan
1311
Jan 484
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
22
334
23-4
17
10
10
3414
1
23
44
254
26
13
4
14
3415
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1
Jan
2614 Jan
44 Jan
314 Jan
284 Jan
184 Jan
1434 Jan
3416 Jan
100
100
500
100
850
354 Jan
34 Jan
34 Jan
64 Jan
16% 1634
1654 1634
1314 134
9,000
200
300
8
1034
1134
9%
94
1654
164
1354
Jan
Jar
Jan
Jar
9%
1734
17
1334
Jan
Jan
Jan
Jan
3436 35
4
4
1,200
100
234
3%
3454
311
Jan
Jan
3511
414
Jan
Jan
175
48
55
Jan
60
Jan
100
1
5314 54
324 3214
500
400
234
344
1854
3
5334
304
7
8
14
144
3154 651
2034 314
3051 304
34
3
700
500
5,600
9,400
100
1,500
651
7%
2%
1514
23
1
300
1,400
600
190
55
154
2
31
60
14
2
he
264 2736
8
114
134
Ja
134
Jan
Jan
Jan
Jan
3
5554
3216
Jan
Jan
Jan
7
1331
,
554
2834
29%
24
14
Jan
Jan
Jan
Jan
Jan
Jan
Jan
834 Jan
1514 Jan
64 Jan
3156 Jan
3151 Jan
334 Jan
114 Jan
111
3-4
1(4
34
Jan
1534
13
7
20
2631
8
Jan
2
34
Jan
Jan
Jan
Jan
Jan
20
274
1156
Jan
Jan
Jan
615
1Feek's Range
of Prices
Sales
for
Week
Low
High Shares
Iron Fireman v t o
Irving Air Chute
1
336 334
100
Italian Superpower A
•
1
1
100
Warrants
na
hi
100
Jersey Central P & L514% preferred
100
Jonas dr Naumburg
•
•
$3 cony preferred
Jones & Laughlin Steel_100 27
3056
480
Kingsbury Breweries_ 1
216 24
700
Kirby Petroleum
1
2
400
24
Kirkland Lake 0 M Ltd_.1
Klein(Emil)
• 15
16
200
Kleinert Rubber
10
Knott Corp
1
Kolster Brandeis Ltd_ _LI
Koppers Gas & Coke Co
6% preferred
100
Kress (El 11) 2nd prat-100
Kreuger Brewing
I
700
7
63-4
Lackawanna RR of NJ 100
Lake Shore Miner, Ltd___i
5134 53
3,700
Lakey Foundry dr afach__I
114
134
300
Lane Bryant 7% pref 100
Lefcourt Realty corn
Preferred
• 1834 20
400
Lehigh Coal dr Nay
000
•
7
754
Leonard 011 Develop_ _28
Lerner Stores common_.
• 41
4236
900
,
6% Met with warrI00
Libby McNeii & Libby__10
7,500
714
754
Lion Oil I)evelopment___•
4
4
300
Loblaw Groceterlas
.•
Lone Star Gas Corp
•
474
611 3,500
Long Island LtgCommon
•
700
254 24
100 48
230
7% Preferred
4934
Prof class B
10(3 39
414
550
Louisiana Land & Explor_l
454
436 6,400
Ludlow Mfg Amon
•
Lyi.cn Corp corn
5 36
3916 2,100
Mangel Storee Corp
•
916 10
500
814% prat w w
100 56
130
61
Mapes Conaol Mfg
• 31
31
100
Marconi Internat Marine
American dep receipts_ e1
Mar old Wireless, see Canadian Marconi.
Margay Oil Corp
•
100
44 454
Marion Steam Shovel__ •
Maryland Casualty
1,500
1
151 174
Massey-Harris corn
•
200
44 5
Mavis Bottling class A
1
300
'is
5'4
Mayflower Associates. •
May Hosiery $4 pref
McColl Frontenac Oil_ .•
15
1551
100
6% preferred
25
160 98 98
McCord had & Mfg B_•
300
654 64
McWilliams Dredging----• 25
254
500
Mead Johnson & Co
• 60
200
6034
Memphis Nat Gas com_.5
700
254 24
Mercantile Stores corn_ •
7% preferred
25
100 731-4 7314
Merritt Chapman & Scott •
100
14 14
Michigan Gas &Oil
•
24 24
.500
Michigan Sugar Co
•
100
34
34
Middle States Petrol
Class A•t c
•
100
1%
13-4
Class B v t a
•
100
54
*1
Middle West Mil com _ _•
SOO
34
h
4
16
$6 cony pref ser A w w__•
300
Certificates of dep___•
300
54
34
Midland !Loyalty Corp
$2 cony pref
•
Midland Steel Prod
•
Midvale Co
• 35
50
3614
Mining Corp of Canada_•
111 14
100
Minnesota Min & Mfg
•
Mock Judson Voehringer.• 1234 1314
300
Mob & Bud Pow let pref..* 3714 38
125
Molybdenum Corp•t e_ _1
8
3,900
816
Montgomery Ward A____• 130 13554
400
Montreal Lt HI & Pow_ •
Moody's Investors Service
Partin preferred
125
• 2314 2534
Moore Drop Forging A_ *
Mountain States Power_ •
Mountaln Producers_ _ _10
434
800
434
ountsIn Sta Tel dr Te1100 103 103
20
Murphy(0 C)Co
78
76
1,500
Nachman Springfilled__ •
Nail Bellew Hess nom_ __I
2
211 10,700
Nat Bond k Share Corp_2914 294
100
Nat Dairy Products
100 10454107
200
Natlon a el'lue
7% Prl c amsA
riIGa
• 1314 1334 2,000
National Investors nom __1
14 14
700
Warrants
55
54 4,200
Nat Leather corn
•
National P & 1.36 prat_ _• 50
1,150
514
Nat Rubber Mach
*
74 854 3,500
Nat Service common
1,100
1
'is
34
Cony part preferred_.,.•
Nat Sugar Refining
• 3214 33
200
National Transit ____12.50
200
734 754
Nat Caton Radio
200
54
Natomaa Co
•
84 834 2,400
Neill Corp corn
•
34 314
200
Nelener Bros 7% prof....100
Nelson(Herman)Cor p._ _5
100
734
734
Neptune Meter class A___•
200
834 9
Nestle-Le Mur class A_.
100
514 54
Nev-Calif El Corp corn 100 3551 354
25
New Bradford 011
b
214
100
216
New Jersey Zino
25
New Met & Ariz Land___I
14 136
300
Newmont Mining Corp_10 36
700
374
New Process corn
• 12
12
100
N Y & Honduras Rosario10 36
200
37
New York Merchandise_ •
N Y Pr &Lt 7% pref_-_100
$8 preferred
•
N V Shipbuilding Corp
Founders shares
1
N Y Steam Corp corn- •
N Y Telep 634% pref _100 11511 117
350
N Y Transit
5
334
334
100
Niagara Bud Pow
Common
15
3
356
5,200
Class A opt warr
100
.11
Class B opt warrants_
N lagara ShareClaaa B common
1,400
5
334 39.4
Niles-Bement
• 1254 1234
-Pond
200
NI pissing Minos
5
214
211
400
Noma Electric
200
74
,
Northam Warren pref • 374 3715
50
Nor Amer Lt & Pr-Common
1
400
34
34
•
$6 preferred
514
514
50
July 1
1933 to
Dec.3i
1934
Range Since
Jan, 1 1935
Low
15
334
34
hi
Jan
Jan
Jan
Jan
High
Jan
15
434 Jan
14 Jan
hs Jan
44
34
736
25
136
2
tis
15
614
114
54
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
44
34
951
304
234
234
ihs
16
616
14
54
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
74
1154
556
5916
48
114
67
211
18
7
'is
40
95
634
,
4
175
4
434
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
77%
124
7
76
55
116
80
251
20
734
54
4414
95
751
4%
611
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2531
1
12
294
236
48
37
454
89
3514
816
5014
31
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
234
50
41%
5
94%
394
10
61
3354
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
814
854
Jan
814
Jan
Low
5
24
54
14
42
5
1554
151
34
914
5
1
55
10
44
5916
88
25
1
7
514
104
40
23(
354
15
431
2
38
32
134
44
114
Jan
Jan
Jan
Jan
Jan
Jan
42
Jan
43
144 Jan
98
Jan
6% Jan
214 Jan
Jan
60
2
Jan
134 Jan
Jan
70
Jan
2.4 Jan
11 Jan
434
114
434
3
38
22
12
194
16
444
134
834
60
56
2%
9.4
54
135
3-4
3-4
35
35
34
4
935
74
451
35
184
1(4
1
12
12
1214
64
304 33
7%
24
127
87
2711 3094
1854
83-4
334
100
3154
534
154
284
734
31
2034
2
354
8
1%
474
54
34
104
174
lb
59
58
8
1$
113
3
3
'
ii
9.4
24
74
94
304
54
3
Jan
Jan
Jan
Jan
34 Jan
44
Jan
Jan
43
1531 Jan
Jan
98
734 Jan
2531 Jan
6351 Jan
214 Jan
13% Jan
7334 Jan
114 Jan
214 Jan
is" Jan
44
311
114
531
34
34
Jan
Jan
Jan
Jan
Jan
Jan
10
Jan
11
Jan 40
Jan
174
Jan
12
Jan
14
Jan 40
Jan
9%
Jan 1354
Jan 3134
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
134
7111
Jan 25% Jan
23
Jan 20
20
Jan
Jan
31 Jan
44 Jan
416 Jan
1054 Jan 108
Jan
Jan 78
72
Jan
856 Jan
851 Jan
Jan
2
294 Jan
2914 Jan 30
Jan
10434
80
13
12%
11i
1
32
2
94
3.4
29
7
Jan
Jan
Jan
Jan
Jan
1834
1
4754
534
34
56
314
711
734
92
734
8 '
54
35,4
234
5451
134
36
12
36
2511
6114
5334
12
1454
11554
33-4
3
54
ii
Jan 107
Jan 13%
Jan
131
Jan
he
Jan
13-4
Jan 5116
Jan
854
Jan
56
Jan
54
Jan 33
Jan
74
Jan
"is
9
Jan
Jan
334
Jan 9356
Jan
8
Jan
9
Jan
514
Jan 40
2%
Jan
Jan 58%
254
Jan
Jan 404
Jan
12
Jan 39
Jan 28
Jan 614
Jan 5354
Jan
1334
Jan
145g
,
Jan 11714
Jan
314
Jan
Jan
Jan
1314
231
"if
384
Jan
Jan
114
511
.14
,
Jan
Jan
Jan
Jan
354 Jan
34 Jan
"is Jan
214 Jan
11% Jan
24 Jan
Jan
374 Jan
434
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
394
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Financial Chronicle
616
Stocks (Continued) Par
Week's Range
of Prices
July 1
Sales 1933 Co
for
Dec.31
1934
Week
Range Since
Jan. 1 1935
High
Low
Low
High Shares Low
Jan
18
2434 Jan 25
North American Match_ •
54 Jan
34 Jan
54
North Amer Util Sec_
•
Jan
2
Jan
2
Nor Cent Texas Oil Co__5
14
51 Jan
Nor European 011 com _ _1
'is Jan
54
'is
54
400
Northern N Y Utilities
Jan
Jan 51
5054 47
7% let preferred._ _100
554 Jan
554 Jan
100
534
Northern Pipe Line
434
534
10
10
Jan
954 Jan
84
500
954 934
Nor Sts Pow com class A100
8
Jail
534 Jan
7
Northwest Engineering__ •
7
100
3
214 Jan
900 17
Novadel- Agana Corp . • 224 2234
2251 Jan
Jan
Jan 20
Ohio Brass Co cl 11 corn_ •
19
1034
10« 9034 904
600 8134 9034 Jan 9034 Jan
Ohio 0116% Orel
Jan
20 80
8534 Jan 87
Ohio Power 6% prof. _100 8634 87
300
94 954
851
1034 Jan
5
64 Jan
011stocks Ltd corn
1
31 Jan
Jan
Outboard Motors B corn..'
54
300
51
51
23-4 Jan
254 234 4,800
Pacific Eastern Corp
114
2% Jan
_1
214
500 1834
Pacific G & E6% let pret25 21
2034 Jan 2134 Jan
1834 Jan 184 Jan
17
534% let pref
25
150 69
7154 Jan 7434 Jan
74
• 73
Pacific Ltg $8 pref
Pacific Pub Serv let prof..'
74 Jan
133-4 Jan
254
Jan
Jan 28
Pacific Tin spec elk
25
250 10
28
• 27
1,100 314 3954 Jan 4134 Jan
Pan Amer Airwave- --_1(1 4054 4134
%
14
234 Jan
1,600
154
Pantepec Oil of V enez _ _.•
13-4 Jan
4 34
Parke, Davis & Co
3434
3414 Jan
1,300 193,4 3
231 Jan
Parker Rust-Proof nom • 57
Jan 644 Jan
644 2,100 434 55
6
Jan
Jan
6
Peninsular Teton corn. •
5
Jan
Jan
11
Penn Nies Fuel Co
1
8
234
131 Jan
14 2
Pennroad Corp v t c _. _ _I
8,900
154
294 Jan
10
Jan
6
10
Jan
Pa Gas & Elea class A_
•
Pa Pr & Lt $7 prat7454 8031 Jan 8031 Jan
Jan 5634 Jan
: 54
200 4134 54
Pa Water & Power Co__ _ _
5534
Jan 8934 Jan
Pepperell Mfg Go
854
100 83
300 6551 80
Jan
Jail 116
Pet Milk Co 7% pret
100
9034 116
8
Jan
Jan
8
Philadelphia Co corn
734
•
1754 Jan
1954 Jan
Philip Morris Consol Inc its • 174 1834
500
234
Phoenix Securities2
134 Jan
Jan
34
1,600
14 2
1
Common
Jan 3351 Jan
1634 29
$3 cony prof ser A.....10
Jan 104 Jan
9
9
400
9
Pie Bakeries corn v t c...•
334
254 Jan
2
Jan
254
•
200
2
PlerceGovernorcom
1
54
54 Jan
14 Jan
25
Pines Winterfront
1154 Jan
951 Jan
854
104 5,400
10
Pioneer Gold Mina, Ltd__i
Pitney-Bowes Postage
634 Jan
234
•
514 654 4,800
53-4 Jan
Meter
454 Jan
451 451
2
1
234 Jan
300
Pittsburgh Forglngs
54
57
Jan 60
Jan
Pittsburgh & Late Erie_50
Jan
1,950 304 5314 Jan 58
Pittsburgh Plate Glase_25 5554 574
14 Jan
51 Jan
4
300
151
5
134
Potrero Sugar corn
934 94
9% Jan
734 Jan
100
Powdrell & A lexander _ __ _•
734
Jan
Jan 30
100 1534 28
Pratt di Lambert Co____• 29
29
14 Jan
154 154
4
1,300
151 Jan
Premier Gold Mining _ ___ 1
Pressed Metals of Amer_ •
1334 Jan 1334 Jan
'is Jan
51 Jan
Producers Royalty
54
I
51
yi 3,000
Properties Realization15
1234 Jan
Jan
Voting trust ctfs 33 1-3c 1234 1354
210 14
31 Jan
54
4 Jan
800
Propper McCall Hoe Mille
4
31
83-4 Jan
5% Jan
l'rudential Investors
454
•
1,200
534 6
Jan
59
83
Jan 83
$8 preferred
•
1031 Jan
8
Jan
Pub Serv of Indian 37 pref •
50
8
9
1034
Jan
554 Jail
5
36 preferred
20
554 534
5
•
1834 Jan 1914 Jan
Public Serv Nor Ill nom_ •
10
Puget Sound P & L1914 Jan
1334 Jan
7%
• 1534 1954
1,600
35 preferred
13
8
Jan
Jan
•
720
951 13
$8 preferred
5
Jan 4434 Jan
Pure 0111,o 6% pref_100 3934 40
140 3334 39
334 Jan
l'yrene Manufacturing __10
24 Jan
351
134
351
200
Jan
• 127 12955
Jan 130
127
20 108
Quaker Oats corn
Jan 13514 Jan
134
6% preferred
60 111
100 134 13534
34 Jan
31 Jan
sill
Railroad Shares Corn- •
751 Jan
Jan
7
50
Ry & Light Secur com___•
74 74
434
4 Jan
51 Jan
54
54
Ry & Utilities Invest A___1
4 1,000
Raymond Concrete PileJan
5
5
Jan
Common
• 25
25
25
17
23
Jan
Jan 25
53 convertible preferred •
154
14 Jan
194 Jan
Raytheon Mfg v t c_ _50c
834 Jan
84
731 Jan
•
100
751 751
Reeves(D) corn
851 Jan
54 Jan
Reliable Store* Corp
14
•
734 851 8,500
al
14 Jan
134 Jan
Reliance International A _•
234 Jan
234 Jan
134
700
231 251
Reybarn Co Inc
10
14 Jan
151 Jan
51
154 1,200
154
Reynolds Investing
1
II% Jan
200 10
1234 Jan
• 1134 1134
Rice Stlx Dry Goods
1
Jan
54 Jan
Richfield More
25
51
51 Jan
51 Jan
54
100
51
4
•
Richmond Radiator
Jan
2
Jan
154
2
600
2
2
•
Preferred
951 Jan
93,4
931 Jan
100
951
Rogers-Majestic class A__*
%
154 Jan
13.4 Jan
Roosevelt Field, Ina
5
454 Jan
354
Root Refining cony pr pt 10
49-4 Jan
hs Jan
Umtata International
•
he Jan
'is
18
Jan
Jan
834 18
100
18
Royal Typewriter
18
•
Jan
Jan 43
41
• 4254 4254
100 25
Ruberold Co
551 Jan
44 Jan
234
500
54
5
Russeks Fifth Ave
5
134 Jan
14
Ryan Consol Petrol__
•
1% Jan
Jan
Jan 68
85
66
Safety Car Heat & Light100
Si Jan
4 Jan
St Anthony Gold Mines__1
h
800
'is
3
,
1
114 Jan
134 Jan
131
134
St Regis Paper corn
10
154 2,600
Jan
110 1834
7% preferred
27
100 27
253.4 Jan 27
41 Jan
Jan
lit
1
Salt Creek Consol Oil__ _1
ay, Jan
5
Salt Creek Producers___10
531 Jan
700
54 6
34 Jan
Savoy 011
•
51 Jan
51
Jan 3354 Jan
30
Schiff Co corn
13
•
51 Jan
51 Jan
Schulte Real Estate coin__.
14
300
4
51
Jan
Jan 23
21
350 17
Scoville Manufacturing_26 2254 23
% Jan
Sig Jan
4
Seaboard Utilities Sharea_ 1
4
h
1,000
134 Jan
Jan
1
Securities Corp General.•
1
Si
300
1
34
•
4815 Jan 4854 Jan
Seeman Bros Inc
h Jan
1,900
Si Jan
Segal Lock & Hardware...'
Si
51
34
24 Jan
14
231 Jan
200
234 254
Selberling Rubber coin___•
Jan 2854 Jan
Selby Shoe Co coin
• 28
100 1554 28
28
Selected Industries Ina-Jan
134 Jan
1
34
Common
154 2,300
1
1
Jan
4951 Jun 56
100 38
22 5454 56
$5.50 Prior stock
Jan
4851 Jan 55
Allotment certiflantes _ _
.
1,550 3734
5234 5451
Selfridge Prov Stores254 Jan
254 Jan
Amer dep roe
154
100
El
234 254
51 Jan
4 Jan
Sentry Safety Control.. ..'
h
200
5
1
51
5% Jan
451 Jan
Solon Leather corn
351
•
1,100
414 554
Jan
2
14 Jan
Shattuck Dann M tiling_ 5
14
100
131
154
1974 Jan
Shawinigan Wat & Power.• 1851 19
700 1434
1834 Jan
Sheaffer l'en coin
73-4
•
2234 Jan 2334 Jan
I% Jan
Jan
1
1
Shenandoah Corp nom ___1
12
164 Jan
$3 cony prat
1734 Jan
25
Jan 9051 Jan
Sherwin-Williams nom _ _ 25 8531 8934 2,100 33
84
Jan 10854 Jan
8% preferred A A ____100 10854 10834
10 9134 108
-Boardman Pub-Simmons
Jan
8
Jan
Convertible preferred_ •
8
5
Jan
Jan 255
239
100 119
Singer M fg Co
100 250 255
1254 Jan
50
Smith (II) Paper Mills.... _• 1254 1234
123.4 Jan
Jan
Jan 46
29
Smith (A 0) Corp com___• 414 46
9,800 1554
Smith (L C) & Corona
354
7.14 Jan 8 Jan
Typewriter v t c nom_ •
254 Jan
1
134 Jan
500
14 131
Sonotone Corp
154
431 Jan
454 44 10,900
So Amer Gold & Plat
i
334 Jan
154
Sou Calif EdisonJan
2834 Jan 30
28
5% original preferred_25
25 213.4 2151
100 184 2054 Jan 214 Jan
7% pref settee A
Jan
19
Preferred B
25 1834 19
1754 Jan
800 1554
Jan
17
514% met series C____25 164 17
200 1454
1574 Jan
Jan
Jan 104
10 100
South'n N E Telep____ 100 104 104
104
Jan
1
Jan
1
I
Southn Colo Pow cl A _25
lz
.
54 Jan
34 Jan
•
Southern Nat Gas com
Stocks (Continued) Par
Jan. 26 1935
Week's Range
of Prices
Jail,
Sales 1033 to
Dec.31
for
1934
Week
High Shares
Low
Southern Pipe Line
10
Southland Royalty Co_ _ _6
1,600
44 554
South Penn 011
1,300
2351
25 23
So-west Pa Pipe Line
50
Spanish & Gen Corp
Am dep rcts ord bearer.61
54
51
300
Spiegel May Stern
64% preferred
100 944 95
150
Standard Brewing Co _ _ _ _•
100
3-1
54
Standard Cap & Seal com _5 30
100
3034
Stand Investing 0.50 p1.' 16
150
164
Standard till(KY)
10 1934 214 18,100
Standard 011(Neb)
25
300
9
9
Standard P& L com
200
154
154
•
50
Preferred
• 114 114
500
standard 0'1 (Ohio, corn 25 14
164
100
5% preferred
Standard Silver Lead_
'
Starrett Corporation__
1
200
6% preferred
10
lag
151
Stein (A) & Co corn
100
• 104 104
100
854% preferred
100 105 105
Stein Cosmetics
•
Stetson (J 1) Co com____• 1334 1334
125
Stinnes(Hugo) Corp
200
2
2
•
Stroock (3) & Co
•
Stutz Motor Car.
600
234 251
•
Sullivan Machinery
•
•
Sun Investing corn
100
S3 cony preferred
41
• 41
Sunray 011
1,800
134
1
1
Sunshine Mining Co _10e 114 124 12,300
.
SwanFinch OL Corp__ 25
Swift & Co
25 173.4 1834
5,600
Swift Internacional__ 15 31% 3254
7,100
SWISS Am Elea pref____100
450
48
49
1
SWIM 011 Corp
Taggart Corp corn
•
Tampa Electric Co nom_• 24
400
25
Taatyeast Inc class A_ _ _ _•
M
900
Ti.
Technicolor Inc corn
1,300
• 1134 1134
Took-lIughea Mines
5,700
331 4
i
Taxon 011 & Land Co__ _•
800
6
634
Thermold 7% pref
100 27
25
27
Tobacco Allied Stocks__ •
Tobacco Prod Exports. •
Tobacco Securities Trust
Am dep rcts ord reg _ _El
Am Sep rcts def reg_ _El
Todd Shipyards Corp._
100
25
25
Toledo Edison 6% pref 100 72
20
72
7% preferred A
100 83
20
86
Tonopah Mining of Nev__1
Trans Air Transport
1
Stamped
1
51
'it 3,000
Trans Lux Pict ScreenCommon
1
1,900
354
254
isa
. isie
Fri-Continental warrants_
100
I runz Pork Stores Inc.....'
1 ublze Chatillon Corp__ _1
551 654
1,600
Claw A
1
14
1,600
1734
Tung Sol Lamp Works._ •
1,600
454 534
,
$3 cony prof
• 294 34
600
Low
334
434
154
3454
Union American Inv'll- •
Union Gas of Can
1,500
434 551
•
Union Tobacco corn
100
'is
'is
•
United Aircraft Transport
Warrants
300
431
534 United Carr Faste n er _ _ _• 1451 1451
200
United Chemicals
100
$3 cum & part pref
• 24
24
United Corp warrants
300
34
34
United Dry Docks corn _ _•
4
4, 1,000
United Founders
1
34
Tit 7,500
United Gas Corp com___1
154
2,800
14
Prat non-voting
1,100
• 384 40
Option warrants
34
1,700
sig
United G & E 7% Dref_100
United Lt & Pow corn A__•
154 4,400
1
Common class B
•
36 cony 151 pref
434 54 1,400
•
United Milk Producta. •
$3 preferred
•
United Molasses Co
Ani dep rats ord ref __ _El
454
551 3,000
United Profit-Sharing _ _ _ -•
300
31
4
United Shoe Mach com_25 72
550
744
Preferred
37
25 37
10
US Elea Pow with warr__1
700
're
'is
Warrants
U S Finishing COM
•
US Foil Co class B
1
1,000
1254 133-4
54
U fa Int'l Securities
%
•
100
let pref with warr
• 50
400
5094
US Lines prof
•
US Playtng Card
100
32
10 32
U S Radiator 7% pret__100 16
23
16
•
1
United Stores v 10
154
200
Un Verde Extension _ __ We
300
354 354
United Wall Paper
•
Universal Consol 011 Co .10
500
351 44
Utah Apex Mining Co_ __5
134 1,100
134
Utah Pow & Lt $7 pref___• 17
200
1954
Utility Equities Corp_ •
Priority stock
• 45
25
45
Utility & Ind Corp
•
Cony preferred
134
•
200
134
Util Pow & Lt corn
ris 2,100
1
4
V to class B
1
250
7% preferred
431 5
100
Venezuelan Petroleum_ _ jc
800
4
.4
•
8
854
300
Vogt Manufacturing
Waco Aircraft
Co• 551 54
Waitt & Bond cl A
•
100
Walgreen Co warrants_ _ _ _
154
700
154
Walker(Hiratn)-Gooderh'm
& Worts Ltd com____• 2854 3051 6,300
Cumul preferred
• 17,3,4 1754
700
Walker Mining
1
Watson (John Warren)....'
400
51
he
1
54
54
600
Wenden Copper
Western Air Express
1
2,600
Ex-distribution
3
2
Western AIM Supply A.._• 53
55
800
75
Western Cartridge prat _100 98
0851
Western Maryland Sty
7% let preferred__ _100
25
Western Power 7% prof 100 763.4 7654
100
Western Tab & Stat v t c.• 134 1334
West Texas Utilities Co
75
• 2831 3131
56 Preferred
Westvaco Chlorine Prod
25
7% preferred
100 102 102
454 8,700
35-4
West Va Coal & Coke._ _ _•
Williams(R C)& Co
•
Wil-low Cafetertaa Inc. _1
100
5
•
5
cony preferred
Wilson-Jones Co
•
1
Woodley Petroleum
Range Since
Jan. 1 1935
Low
34 Jan
44 Jan
2234 Jan
50
Jan
51
51
9331
45
54
55
23
30
104
1534
18
1334
851
834
134
154
114
124
1354
1234
9354
7634
34
'is
7iit
"is
154
34
1031
5
103
80
51
51
74 114
2
1
414
634
134
251
551
12
354
254
41
34
1
4
1034
754
134
24
1734
114
194 31
4554
3214
254
1
14
4
214 24
'is
34
114
734
351
314
551
434
27
20
379,4 624
24
h
Leigh
354 Jan
554 Jan
2334 Jan
Jan
50
34
Jan
Jan
96
4
Jan
Jan
3254
1754
Jan
Jan 214
9
Jan
134
Jan
Jan
1251
Jan 164
Jan 95
ris
Jan
54
Jan
134
Jan
1034
Jan
Jan 105
54
Jan
Jun
1434
2
Jan
Jan
631
2%
Jan
1431
Jun
4
Jan
Jan 41.
151
Jan
1234
Jan
Jan
214
1934
Jan
Jan 353-4
Jan 49
Jan
234
Jan
lag
Jan 25
4
Jan
1334
Jan
434
Jan
651
Jan
Jan 27
Jan 6231
Jan
274
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jail
Jan
Jan
1834
551
18
51
5834
54
134
2334
7
25
68
83
"is
214
51
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
24
7
26
72
86
"is
3
31
Jail
Jan
Jan
Jan
Jail
Jail
Jan
Jan
14
51
84
334
94
24
12
234 Jan
' Jan
,
is
9
Jan
Jan
5
1331 Jan
Jan
4
29
Jan
351
1
9
634
1734
534
34
Jan
Jail
Jan
Jail
Jan
Jan
Jan
16
3
'is
2134
44
54
Jan
Jan
Jan
23
5%
31
Jan
Jan
Jan
3
554
434
1434
Jan
Jail
6
1454
Jail
Jail
13
Si
51
4
151
15
54
46
4
154
5
3
20
23
'ii
34
34
134
353.4
'it
54
1
154
434
3
29
Jail
Jail
Jail
Jan
Jan
Jail
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
25
54 Jail
111 Jan
31 Jail
151 Jail
434 Jail
Jan
Jan
60
151 Jan
134 Jan
651 Jan
Jan
3
Jan
29
24
4
4834
3054
'o
.53
4
554
51
3
934
'ii
1434
7%
54
254
1
1.20
%
13%
h
30
%
1
54
4
4
54
24
6
314
134
434
51
70
36
54
23
154
1254
Si
4774
Si
3054
16
l'it
314
24
351
154
16
154
44
34
154
34
34
4
Tis
8
554
514
lag
Jan
Jan
Jan
Jail
Jan
Jai
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jail
Jail
Jail
Jan
Jan
Jail
Jan
53,1
14
7534
37
Si
so
2
1394
1
51
35
32
17
134
334
354
44
134
1954
114
4534
54
Jams
194
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jail
54
1
6
54
854
54
6
134
Jail
2054
1254
'is
54
34
7
17
8254
254
1651
4
51
34
II%
2
53
98
Jan
Jan
Jan
Jan
Jan
Jail
Jail
Jan
Jan
3134
1714
54
Si
sit
1351
3
58
9834
Jail
Jan
Jan
Jail
Jan
Jan
Jan
35
65
834
5534
7694
134
Jan
Jan
Jan
Jan
60
764 Jail
Jan
14
Jun
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jim
Jail
Jail
Jan
Jan
Jail
Jan
Jail
22
28
Jan
3151
Jan
60
h
11
54
594
9
2
99
33-4
1654
"is
5
18
334
Jan 102
Jan
454
Jan 174
185/
Jan
6
Jan
Jan 224
314
Jan
Jan
Jail
Jail
Jail
Jan
Jail
Jan
617
Financial Chronicle
Volume 140
•
Stocks (Concluded) Par
July 1
Sales 1933 to
for
Dec.31
1Veek
1934
Weeks' Range
of Prices
Low
Woolworth(F W)Ltd
Amer deposit rets._
Wright
-Hargreaves Ltd__•
Yukon Gold Co
5
Bonds
Abbott's Dairy 6s----1942
Alabama Power Co
1946
let de ref 58
1951
let & ref 58
1956
let & ref 56
1968
let & ref Es
1967
let & ref 44e
Aluminum Co s f deb 5s '62
Aluminum Ltd deb 53_1948
Amer Commonwealth Pow
Cony deb 68
1940
1953
5%s
Amer & Continental 561943
Am El Pow Corp deb es '57
Amer G & El deb 50_2028
Am Gas & Pow deb 611.1939
Secured deb Is
1953
Am Pow & Lt deb 6s_ _ 2016
Amer Radiator 4 346 _ _1947
Am Roll Mill deb 58. _1948
Amer Seating cony 66_1936
Appalachian El Pr 58.1956
Appalachian Power 68_1941
Deb 6s
2024
Arkansas Pr & Lt 58..1956
Associated Rice 434s_ A953
Associated Gas & El Co
Cony deb 54s
1938
Cony deb 4%s C_ _1948
Cony deb 434e
1949
Cony deb be
1950
Deb fie
1968
Registered
Cony deb 64e
1977
AMC, Rayon be
1950
AF1600 Telephone Ltd 50 '65
Amine T & T deb 548 A '65
Assoc Telep Util 54E1_1944
Certificates of deposit _
66
1933
6s Ctrs of deposit._ _1933
Atlas Plywood 540-.1943
Baldwin Loco Works
6e with warr
1939
65 without wart...._ _1938
Bell Telep of Canada
let M 56 series A__ _1955
let al 58 series B
1957
be series C
1980
Bethlehem Steel 60_ _ _1998
Binghamton L II & P58'46
Birmingham Eine 4 345 1968
Birmingham Gas 66_ _1959
Banton Consol Gas 50_1947
Broad River Pow 50_ A954
Buff Can Eleo Se
1939
Gen & ref 66
1946
Canada Northern Pr be '53
Canadian Nat Ity 7s_ _1935
Canadian Par Ry 6s_ _1942
Capital Adminls 5s _ 1953
Carolina Pr & Lt 58_ _ _1966
Cedar Rapids M & P 58 '53
Cent Aria Lt & Pow 5n 1960
Cent German Power 601934
Cent 111 Light 58
1943
Central III Pub Service
6s series E
1956
1st & ref 4348 ser F_1967
5s seriea G
1968
434% series II
1981
Cent Maine Pow 5s D_1955
4!6s series E
1957
Cent Ohio Lt & Pow 681950
Cent Power 5s ser D._1957
Cent Pow & Lt lst 53_1956
Cent States Etat, be_ _1948
5%a ex-warr
1954
Cent States P L 5345_'55
Chic Diet Elec Gen 451.71)
Chic Jet Ry & Union Stk
Yards 5s
1940
Chic Pneu Tools 5546_1942
Chic Rye 50 otte
1927
Cincinnati Street Ry5%e series A
1952
6e 861189 B
1956
Cities Service 50
1966
Cony deb 58
1950
Mice Service Gas 545 '42
Cities Service Gas Pipe
Line 6a
1943
Cities Sera P & L 634e 1952
5345
1949
Cleve Elec 111 let 6s 1039
he series A
1954
55 aeries Li
1961
Coalmen und Pri vat
Bank 530
1937
Commonwealth Edison
let M be series A__ _1953
let M be series B_ 1954
let 4 SS e series C._ _1956
4%s series D
1957
44s series E
1960
let M 4s series F_ _ _1981
534eseriee0
1962
Com'wealth Subsid 5%8'48
Community Pr & Lt 561957
Connecticut Light & Power
1951
7e aortas A
1954
534n sated 13
434;series C
1956
1962
be series D
Conn River Pow 55 A 1952
Consol GE L&P 4%81935
Stamped
Consol Gas (Balto City)
1039
56
1954
GOD mtge 434s
Congo!Gas El Lt & P (Bait,
1969
4545 series CI
1970
4545 series II
1981
1st ref 0 f 4s
Consol Gas Ut11 Co
let & coil 65 ser A _ _1943
Cony deb 6%. w w _1943
Consumers Pow 434e 1958
1936
let & ref ba
1958
'
.
Cont Gas Se El 5a
Corigrove-Meehan1045
Coal Corn 645
Crane Co 58_ _ __Aug 1 1940
1040
Crucible 'gee! 50
High Shares
27% 27%
100
13,800
8% 9
400
Low
1734
634
lI
86%
90%
854
85%
74%
69%
105%
99
%
93%
9%
9234
24%
20%
5434
10434
9934
7934
102%
1074
87
80
324
14%
15%
154
15%
17%
73
100%
66%
15
14%
22
21
82
Z77
65
111%
113
113
126%
102%
70%
59
108
70
107
109
99%
101%
111%
9234
874
110%
90%
41%
108
95
91
91%
84%
7656
10634
100
67,000
130,000
83,000
78,000
250,000
37,000
135,000
5/5
5,000
9534 23,000
7,000
10
944 373,000
274 14,000
46,000
23
5735 465,000
23,000
105
100 323,000
834 54,000
85,000
105
1,000
1074
20,000
93
844 202,000
33% 77,000
Range Since
Jan. 1 1935
High
Low
26%
834
54
102
Jan
Jan
Jan
28
934
34
Jen 103
88% Jan 95
63
544 83% Jan 91
834 Jan 91%
55
Jan 8434
47% 73
44% 664 Jan 7634
92% 105% Jan 10734
974 Jan 101
59
34
Si
34
34
93
934
89%
64
13% 23
19%
1234
3834 50%
97% 103%
9734
82
74
40
101
64
107
99
84%
58
7334
50
2034 31%
78
Bonds (Continued)
-
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
34
54
9534
10
9434
274
23
5734
105
100
8334
105
1074
93
84%
3354
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
50,000
103,000
56,000
1
4,000
11,000
9,000
64,000
41,000
38,000
1,000
6,000
23,000
11
38%
76%
34
9
8
1335
1334
47
Jan
Jan 20
18
16)4 Jan
164 Jan
15% Jan
144 Jan
15% Jan 17% Jan
15% Jan 17% Jan
15% Jan
15% Jan
1734 Jan 194 Jan
Jan
Jan 73
69
Jan
Jan 102
99
57.% Jan 6934 Jan
1434 Jan 16% Jan
1634 Jan
1434 Jan
Jan
20
Jan 22
Jan
Jan 22
20
Jan
82
Jan 86
47,000
80
67% 78,000
6034
50
72
62%
Jan
Jan
81
6734
Jan
Jan
112% 13,000
113% 28,000
113% 6,000
22,000
127
4,000
103
77 236,000
6134 39,000
1084 3,000
7,000
72
107% 18,000
1,000
109
100% 16,000
1014 5,000
11234 62,000
16.000
94
92% 140,000
18.000
Ill
64,00
94
2,000
42
3,000
108
98
97
974
102
7634
4534
38%
102%
29
102%
102
71
100%
98
65
46%
94%
724
3334
99
109%
112
112%
126%
102%
6051
56
10751
70
107
109
99
101%
110
88%
83%
110%
89
39%
107%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
112%
113%
113%
12734
103
77
6134
10834
754
1094
109
10134
101%
1124
94
9234
111
94
42
108
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1534
16%
164
154
1834
73
101
693.1
15%
15%
22
22
86
12
94
94
11
11%
80
72%
80
73
1024
97%
74
61%
66%
30%
Jan
76% Jan 84
50
77
Jan
Jan
4534 67
49
Jan 834 Jan
75
Jan
67% Jan 76
46
Jan 10334 Jan
101
80
72
95% Jan 99% Jan
554 72
Jan 7934 Jan
374 59
Jan 65% Jan
3734 59% Jan 7234 Jan
29% Jan 3234 Jan
25
254 30
Jan 3334 Jan
29
48% Jan 5434 Jan
9251 Jan 9734 Jan
62
1,00
10734 10735
94% 9934 99,00
69
71
20,00
10556
95
51% 87%
6556
43
Jan 10734
Jan 9936
Jan 71
Jan
Jan
Jan
40%
47
28%
28%
43%
Jan
Jan
Jan
Jan
Jan
6434
74
42%
4034
70%
Jan
Jan
Jan
Jun
Jan
Jan 87
Jan 3635
Jan 3734
Jan 1044
Jan 108
Jan 114
Jan
Jan
Jan
Jan
Jan
Jan
Jan
62,000
84
77 185.000
8334 45,000
3,000
76
103% 17,000
9934 22,000
79% 31,00
65% 108,00
72% 298,00
3234 53,00
so% 33 220,00
494 644 118,00
9734 349,00
95
6234 63
4,00
394 41
11,000
38% 394 423,000
66% 7334 86,000
844
3434
344
104
108
874
354
36
104%
108
62%
72
39%
3756
6336
84%
37,000 55
3434
235.000 27
41,000 2134 3431
103%
32,000 103
106%
2,000 101
11234
102
3734
Jan
86%
8614
804
7931
80
6934
92%
54
33%
109%
109
105%
104%
1024
9434
107
85
5311
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11134 Jan
111 34 Jan
108
Jan
10754 Jan
10434 Jan
994 Jan
109
Jan
9234 Jan
584 Jan
112
1,000 104
98%
1084 1094 5,000 102
101% 106
63,000 87%
100% 100% 3,000 100%
1004 100%
1,000 100%
119%
110%
108%
108%
104%
100%
100%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11934
112
10834
10934
106
10034
10034
404 43
111
111%
111 1114
1064 108
106% 1074
103% 1044
98
9935
108 109
874 92
ssA ssys
45,000
31,000
14,000
10,000
35,000
5.000
132.000
80,000
93,000
200.000
11034 11035
83
43
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1,000 100% 111
9934 11456
Jan 112
Jan 115%
Jan
Jan
101% 108%
96% 109
88% 106%
Jan 109%
Jan LW%
Jan 11113
Jan
Jan
Jan
51
5134 53% 51,000 33
534
107%
107% 108% 40,000 88
1034 104
26,000 10031 1033-4
42
44
50% 546,000 33
Jan 5334
Jan
4%
Jan 1084
Jan 104
Jan 504
Jan
Jan
Jan
Jan
Jan
8
234
77% 102
6034 9851
934
Jan
Jan 102%
Jan 10034
Jan
Jan
Jan
112
112
109
107
109
108
1,000
18,000
9
9% 37,000
1024 102% 18,000
56,000
9934 100
,•••••••••3...
July 1
Weeks' Range Sales 1933 to
for
of Prices
Dec.3I
1Week
1934
Low
High
4,000
Cuban Telephone 754s 1941 6934 73
1,000
Cuban Tobacco 65_ _1944 4734 4734
Cudahy Pack deb S340 1937 1034 103% 21,000
f 5s
1946 106 10634 14,000
26,000
Cumberld Co P& L 448'58 964 99
11,000
Dallas Pow & Lt tle A.1949 10834 109
1952 10556 105% 2,000
53 series C
Dayton Pow & Lt 58_ _1941 108% 108% 6,000
40,000
Delaware El Pow 534e__'59 87% 90
1,000
Denver Gas & Elea 58.1949 lossi 106%
24,000
Derby Gas & Elec 513_ _1946 8334 86
Det City Gas 68 stir A.1947 101 102 143,000
So let series It
96 170,000
1950 94
Detroit Internal Bridge
34 3% 11,000
Aug. 1 1952
645
334
334 5,000
Certificates of deposit_
Aug 1 1952
Deb 75
Certificates of deposit.
18,000
Dixie Gulf Gas 6348_1937 102 102
Duke Power 434s
1967 1054 1054 5,000
Eastern Utll Invest 58_1954
Elea Power & Liglat Sa_ 2030 3454 3734 220,000
4,000
90
Elmira Wat,Lt & RR 58'56 89
14,000
93
El PaS0 Elec 55 A __ _ _1950 91
El Paso Nat Gas 6548.1043
1,000
91
91
With warrants
3,000
92
1938 92
Deb 6345
44,000
77
Empire Dist El 55..._1952 73
Empire Oil& Ref 5346 1942 58% 65% 115,000
Ercole Marelli Elec Mfg
3,000
69
1953 69
6346 A ex-warr
6,000
1967 102% 103
Erie Lighting 56
European Elee Corp Ltd
1965 864 88% 7,000
6345 x-warr
7,000
55
European Mtge Inv 7e C'67 54
994 58,000
Fairbanks Morse 50_1942 99
Farmers Nat Mtge 78_1963
38% 91,000
Federal Water Serv 5 46'54 35
Finland Residential Mtge
1961
Banks 414-55
3,000
99
99
Stamped
31,000
Firestone Cot Mills 56 '48 10434 105
Firestone Tire & Rub 58'42 10434 1054 34,000
84,000
83
Fla Power Corp 5340_1979 80
774 653,000
Florida Power & It be 1954 72
92
Gary Elec dr Gas 5s ext _'44 854 6934
88,000
Gatineau Power let 55 1956 97% 99
Deb gold 6s June 15 1941 98% 9834 15,000
1941 9734 98% 21,000
Deb (is series B
934 19,000
1940 93
General Bronze 66
General Motors Acceptance
1935
5% serial notee
1936 10134 101% 11,000
5% serial notes
General Pub dery 513 _ _1953
Can Pub UV! 6545 A_1956 514 57 114,000
General Rayon tle A 1948
Gen Refractories 6s_ 1938
15034 15335 8,000
With warrants
102 1024 4,000
Without warrants
4
4% 5,000
Can Vending 65 ex war '37
434 44 5,000
Certificates of deposit...
62,000
Gen Wat WIs & El 55_1940 604 64
89% 608,000
Georgia Power ref 58_ _1967 84
78,000
Georgia Pow & Lt Sc. _1978 5934 65
5634 12,000
Gesfurel 68 x-warrante 1953 55
11,000
Gillette Safety Razor 55'40 z103% 104
884 129,000
Glen Alden Coal 40 _ __1965 88
Gobel (Adolf) 6 345_ _1935
77% 86 212,000
with warrants
1,000
Godchaux Sugar 758_1941 10636 10656
Grand Trunk Ry 63.46 1936 10534 10534 31,000
Grand Trunk West 4e.1950 894 9234 31,000
Great Northern Pow be '35 102 1024 26,000
9,000
Great Western Pow 55 1946 10734 108
20,000
Guantanamo & West 65'68 26
28
Guardian Investors 50_1948
1937 105 105% 21,000
Gulf 011 of Pa 55
55
1947 107 loni, 21,000
144,000
Gulf States Util 55_1956 964 99
1961 8934 9334 31,000
4 As series B
aactensack Water 58_1938
1,000
1977 10534 10534
Se series A
Hall Printing 5346__ _1947 7534 7734 47,000
1,000
48
1935 48
Hamburg Elect 7a
Hamburg El Underground
.4 St Ry 5340
1938 38% 3834
3,000
85% 87
Hood Rubber 5348__
5,000
92
78
1936 87
Houston Gulf Gas 65 1943 03% 954 70,000
85
26,000
6345 with warrants_ 1943 83
Houston Light Sz Power
1953 105% 106% 5,000
1st 58 ser A
1978 103% 103% 2,000
lot 4346 ser D
1981 105 106% 29,000
1st 4340 ser F
Hudson Bay ST & S 68_1935 z10334 1034 4,000
Hung-Italian Bk 734s.1963
Hydraulic Pow 5e__--1951
1,000
Se
1950 111% 11134
Hygrade Food Products
21,000
65 series A
1049 61
63
138 series B
1049 604 62
9,000
Idaho Power rits
1947 106 1064 7,000
1111nols Central RR 60 1937 78
5,000
79
Ill Northern Util 5s_ _ _1957 10434 105
2,000
Ill Pow & L let 6s ser A '53 80
874 162,000
let & ref 54s ser 14.1954 75% 85
80,000
let & ref Se ear C.
_ _1956 724 78% 309,000
S f deb 5348 May 1957 60
6734 73,000
Indiana Electric Cornea series A
1947 73
7934 29,000
634s series 13
30,000
1953 76% 82
5a series C
1951 66
90,000
73
Indiana Gen Serv 5s_ _1948 107% 10734
1,000
Indiana Hydro-Elec 5s 58 684 72
10,000
Indiana & Mich Elea be '55 100 101% 49,000
55
1957
Indiana Service 58_ __ _1960 3734 42% 66,000
let lien & ref .58_ _ _1963 37
42
47,000
Indianapolis Gz. fie A_1952 83
844 15,000
Ind'polls PAL be ser A '57 98 10034 304,000
Intercontinents Power
Os series A ex-w_ .._ _1948
International Power Sena 340 series C
1955 72
77% 15,000
7s series E
1057 814 8234 12.000
series F
1952 73
78
9,000
International Salt 5s...1951 106% 107
16,000
International Sec bs_ _1947 72
74
27,000
Interstate Irn 0.131143046 9434 95% 21,000
Interstate Nat Gas 68_1936 1054 10534 2,000
Interstate Power 55_1957 59% 67% 478,000
Debenture 68
1952 41% 4635 144,000
Interstate Public Service
Se eerieti D
1956 58% 67
90,000
4346 aeries F
1958 53% 62 215,000
Invest Co of Amar1947 92% 92% 5,000
a., series A w w
91
92
13.000
without warrants
Iowa-Nab L & P 5e_ _ _1957 92% 97 143,000
1981 92
96
Seeerleslt
15,000
Low
60
35
9334
102
65
10034
94
9934
65
9234
56%
76
6734
Range Since
Jan. 1 1935
Low
6556 Jan
45
Jan
10356 Jan
10534 Jan
9534 Jan
10834 Jan
10534 Jan
10734 Jan
8634 Jan
10534 Jan
83
Jan
99
Jan
914 Jan
3
2%
2
14
14
31
34
10134
76
105
85
16
9%
34%
22
8536
55
8956
64
5634
26
46
1
67
78
694
24
58
38%
15
91
90%
67
54
663./
100
334
356
1
Jan
Jan
Jan
Jan 10256
Jan 1053.4
Jan 16
Jan
38.56
Jan 90
Jan 93
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10034 10034
10134
101
83%
54
2334
5134
56
36
91
95
77
6534
Jan 69
Jan 103
Jan
Jan
89
5534
9934
5534
3834
Jan
Jan
Jan
Jan
Jan
Jan 1004
Jan 9956
Jan 105
Jan 105%
Jan 83
Jan 77%
Jan 6934
Jan 0934
Jan 9934
Jan 98%
Jan
94
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
85
Jan
52
9634 Jan
554 Jan
314 Jan
584 10034
86
99
102%
85
89
1033.4
48
76
444 6834
63%
7134 97%
5
97%
86
95
62
90
55
High
Jan
73
4734 Jan
Jan
104
Jan
107
Jan
99
10934 Jan
Jan
106
10834 Jan
Jan
90
106;4 Jan
Jan
86
102
Jan
Jan
96
Jan
Jan 101
Jan 102
Jan
Jan
Jan 84
Jan
Jan 57
Jan 5634 Jan
146
Jan 16034
101% Jan 102%
4
Jan
4%
4
Jan
2
434
5631 Jan 64
3834
5434 8134 Jan 8934
40
5634 Jan 65
5234 Jan 5634
30
103
Jan 104
93
53
8431 Jan 8834
90
85
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
69
95
984
63
9334
9334
10
24
9934
97
62
65
984
98
60
43
7334
1064
105
88
10134
107
1754
3434
105
107
9434
8734
10834
10534
7134
44
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
28
65
65
40
2934
35
84
87
93
8235
Jan
Jan
Jan
Jan
Jan
3834
87
92
97
85
Jan
Jan
Jan
Jan
Jan
91%
79
80
103
414
100
10034
10554
10334
10434
103
55
1074
111%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10634
104%
10634
10534
55
107%
111%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4034 65
60
42
86
105%
76
72
824 10231
48
7534
46
6935
4251 66%
3234 57
Jan 6434
Jan 62
Jan 106%
Jan 8034
Jan 106
Jan 8794
Jan 85
Jan 7854
Jan 674
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
644 64
58
68
45
60
03
10734
44
6234
/0
99
8834 10734
2334 3634
22
3534
68
80
73
9734
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7934
82
73
107%
72
10134
1094
424
42
8434
1004
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
134
23-4
73
7154
74
74
73
7134
8334 105
43
684
5334 90
103
105%
37
57
26
38
86
Jan
10614 Jan
10534 Jan
9256 Jan
1023-4 Jan
108
Jan
Jan
28
36
Jan
1054 Jan
107% Jan
99
Jan
9334 Jan
10931 Jan
1054 Jan
80
Jan
50
Jan
356
Jan
Jan 7794
Jan 8231
Jan 78
Jan 107%
Jan 7531
Jan 9531
Jan 10534
Jan 6735
Jan 4634
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
41
42
52
4734
Jan
Jan
67
62
Jan
Jan
67
67
58
584
92
91
88
86
Jan
Jan
Jan
Jan
9234
92
97
96
Jan
Jan
Jan
Jan
618
Bonds (Conrinued)—
Financial Chronicle
Week's Range
of Prices
July 1
Sales 1933 Co
for
Dec.31
1934
Week
Range Since
Jan. 1 1935
Low
High
Low
Low
High
Iowa Pow & Lt 446_1958 100% 102% 36,000 72
100
Jan 10255 Jan
Iowa Pub Sus 56
,
1957 86
88
37,000 5714 82% Jan 88
Jan
1sareo Hydro Elec 76_1952 74
72
75
Jan 76% Jan
11,000 70
Isotta Franshini 7s_ _ _1942 83
Jan 83
83
1,000
734 83
Jan
Italia° Superpower ot De.
Deb 58 without war 1963 62
57% Jan 64
64
38,000 49
Jan
Jacksonville Gas U....1942 394 43% 99.000 32
36
Jan 43% Jan
Jamaica Wat Sup 5 48'56 107 107
4,000 9644 10655 Jan 107
Jan
Jersey Central Pow & Light
5s series B
1947 102% log 14,000 77
101% Jan 103% Jan
45-5s serial C
1961 9534 98 177,000 704 9355 Jan 08
Jan
Jones & Laughlin SO be '39 107% 107%
2.001) 1024 106% Jan 10754 Jan
Kansas Gaa & Elea 6a_2022 93
Jan 95
39 000 6114
90
95
Jan
Kansas Power 55
1947 82
7755 Jan 86
21.000 aa
86
Jan
Kansas Power & Light—
est series A
1955 105 10555 9.000 8055 105
Jan 10555 Jan
series B
56
1957 101
Jan 102% Jan
100
102% 51,000 70
Kentucky Utilities Co
181 nage 56
1961 67
6235 Jan
7255 Jan
7234 51,000 46
64s series D
1948 8034 88
Jan 88
44,000 55
73
Jan
5346 series F
1955 72
Jan 80
69
34,000 60
80
Jan
Si series I
1969 67
7255 88.000 454 62% Jan 72% Jan
Kimberly-Clark 55_ _ _1943 102% 103% 20.00(
Jan 103% Jan
824 102
Koppers0 & C deb Es 1947 102% 103% 60.000 72
10255 Jan 103% Jan
Sink fund deb 5%5_1950 10315 104
103% Jan 105% Jan
28,000 76
Kreege(SS) Co 5B_ _1945 101% 102% 56.00(
101% Jan 104% Jan
89
Certificates of deoult... 101
100% Jan 10215 Jan
102% 35.000 8.5
Laclede Glaa Light 5%21935 69
Jan 73
67
7151 61.000 50
Jan
Laruton Gas 6 As. _1935
Jan 100
100
Jan
91
Lehigh Pow Secur 6s._2026 94
91% Jan 9.535 Jan
95% 163.000 54
Lexington Utilltlem5e_ 1952 76% 83
Jan 83
66.000 5455
75
Jan
Libby McN & Libby be '42 100 1004 74,000 57
9854 Jan 101
Jan
Lone Star Gas Se
1942 1014 101% 4,000 82% 101
Jan 10254 Jan
Long Island Lig 61.. 1945 9655 984 44,000 65
95% Jan 984 Jan
Loe Angelee Gaa & Elea
58
1939 103 103
Jan 108
108
3,000 100
Jan
56
1981 10435 106
43,000 8734 103% Jan 106
Jan
68
1942 103% 109
Jan 109
15,000 9954 108
Jan
514e sedan E
1947 1074 10754 10.000 94
Jan 107% Jan
107
1535s series F
1943 1054 10555 10.000 94
10455 Jan 106
Jan
5) series 1
-Is
1949 106% 107
Jan 107% Jan
106
6.000 04
Louisiana Pow & Lt 581957 90% 94 314,000 6134 88% Jan 1)4
Jan
Louisville 0 & E 8a
1937 101 101
101
Jan 101% Jan
1,00
90
4 46 series C
1961
104
Jan 104% Jan
79
Manitoba Power 546_1951 5855 63
Jan 64% Jan
20,000 2234 56
Mass Gas deb ts
1956 92% 94% 61.000 70
924 Jan 9554 Jan
5 43
1946 9931 904 40,000 80
99% Jan 102% Jan
McCord Radiator & Mfg
66 with warrants
1943 79
81% 22,000 33
78
Jan 82
Jan
Memphis P & L fal A1046 9255 9455 33,000 70
904 Jan 94E5 Jan
Metropolitan Edison4is series E
1971 92
94% 43,009 63
89
Jan 94% Jan
51 series F
1962 102 103% 36.000 73
100% Jan 104% Jan
Middle States Pet (3)44 '45 68
72
Jan 72
66
7,000 46
Jan
Middle West Utilitiee58 ctfa of deposit _1932
5%
551 13,000
5
Jan
551 Jan
314
Se ctfs of dap
1933
5
555 18,000
455 Jan
Jan
54 ettnoftlep
1934
5
5% 29,000
4% Jan
54 Jan
334
be efts of deposit_ _ _11135
455 5% 34,000
Jan
5% Jan
34
Midland Valley ba_ .._ _1947 63% 70
05.000 53
62% Jan 70
Jan
5111w Gas Light 44s_ _1967 103 1084 9,000 90
10751 Jan 108% Jan
Minneap Gas Lt 446_1951
9634 985( 116.000 67
944 Jan 9851 Jan
Minn P & L 446
1978 843-4 89 101,000 64
79% Jan 89
Jan
Se
1955 94% 98
15,000 5855 88% Jan 98
Jan
Mississippi Pow 5a_ 1955 664 73 151,000 354 624 Jan 73
Jan
Miss Pow & Lt 5s__ _1957 73% 79 180,000 40
Jan 79
72
Jan
Mississippi River Fuel
6s with warrant1944 99
99
7.000 89
9855 Jan 99% Jan
Without warrants_ _
984 9855 3,000 8534
9855 Jan 9951 Jan
Wu River Pow 1st 56 1951 107 1074 11.000 954 10655 Jan 107% Jan
Missouri Pow dr Lt 5 Ae'55 102% 104% 40.000 70% 10135 Jab 104% Jan
Missouri Pub Set, 5e_1947 4755 53% 68,000 33
Jan 534 Jan
42
Monongahela West Penn—
Pub 13ery 54 ser IL 1953 8855 92 130.000 58
Jan 92
86
Jan
Mont-Dakota Pow 5358 '44 57% 59
6,000 47% 5755 Jan 59
Jan
Montreal L H & P Con—
1951 107 10731 24.000 9451 10634 Jan 1074 Jan
let & ref be tier A
be aeries B
1970 107% 108
6,000 9355 106% Jan 108% Jan
Munson SS Line
6.5's with warn
1937
451 44 2,000
451 Jan
3
Jan
5
Narragansett Elea 56 A '67 105 105% 13.000 9154 104% Jan 105% Jan
be series B
1957 105% 10551 4.000 934 104
Jan 105% Jan
Nassau & Suffolk Ltg Se '45 102 102
3.000 98
100% Jan 102
Jan
Nat Pow & Lt 8s A _ _2026 7535 784 119,000 51
71% Jan 7814 Jan
Deb 55 series B_ _ _ _2030 6455 68 287,000 42
6151 Jan 68
Jan
Nat Public Service be 1978
Certificates of deposit _
5% 635 42,000
555 Jan
54
651 Jan
Nebraska Power 4558_1981 108% 110
107% Jan 110
3.000 83
Jan
&series A
2022 104 10151 10,000 704 1014 Jon 1044 Jan
Neisner Bros Realty 65 '48 92% 03% 9,000 35
Jan 95
90
Jan
Nevada-Calif Elea 58_1958 74% 77% 142.000 54
Jail 7755 Jan
68
New Amsterdam Ga 56.'48 101
102% 16.000 85
100% Jan 102% Jan
N E Gu & El A13130 56_1947 51% 5731 122.000 34
50% Jan 574 Jan
Cony deb Se
1948 5151 574 37.000 3334
504 Jan 5751 Jan
Cony deb 56
1950 50% 5711 163,000 33% 504 Jan 574 Jail
New Eng Pow Assn 5a _1948 554 60 112.000 4614
5455 Jan 60
Jan
Debenture 546
1954 5831 624 285,000 50
Jan 624 Jan
58
New On Pub Sera 4556 '35 50
61 463,000 3255
4755 Jan 61
Jan
(laserlee A
1949 33
404 94,000 25
304 Jan 404 Jan
N Y Central Elea 554a '50
56
Jan 78
77
Jan
N Y & Foreign Investing
5345 with warranta_l 48
55
Jan 90
90
Jan
N Y Penna & Ohio 455e '36 1024 103% 143,000 89
101,55 Jan 10351 Jan
NY P&L Corp 1st 4556'67 934 96% 453,000 73
8934 Jan 9611 Jan
NY State 0 & E 4348_1980 87% 8934 146,000 584 85
Jan 8955 Jan
1st 54s
1962 10151 10155 7,000 77
99% Jan 10155 Jan
N Y & Westch'rLtg 482004 101
102
22,000 81
9915 Jan 102
Jan
Debenture be
1954
1044 Jan 105
96
Jan
Niagara Fails Pow 6a_1950 108% 109% 12,000 104
107% Jan 10955 Jan
56 eertee A
1959 107 10711 2.000 995( 1064 Jan 10755 Jan
Nippon El Pow 6%s 1963 83
83
5,000 63
82% Jan 83
Jan
No American Lt & Pow
5% notes
1935 10051 100% 8,000 90
100% Jan 100% Jan
5% notes
1936 100% 101
2,000 8155 100% Jan 101
Jan
555e seriee A
1956 46
484 149,000 254 40
Jan 4855 Jan
Nor Cont lUtil 5346.....1948 23
24
4,000 1834
26
Jan
23
Jan
No Indiana U & E 6:3_1952 100 101
20,000 71
9931 Jan 101
Jan
Northern Indiana P S—
U series C
1966 79
86
45,000 514 77
Jan 86
Jan
5e series D
1969 78% 8555 100 000 5255
76% Jan 8554 Jan
4348 series E
1970 74
81
103,001) 4955
7135 Jan 81
Jan
No Ohio P dr L 546_ _1951 104 106
101% Jan 106
47,000 69
Jan
Nor Ohio Tule & Lt be '56 1014 102
12,000 65
Jan 102
100
Jan
No States Pr ref 430_1961 94
96 201,000 71
90% Jan 96
Jan
555% note)
1940 oig 94
Jan 94
57,000 69
88
Jan
N'western Elect 138._ _1935 75
8135 46,000 64
744 Jan 8155 Jan
N'western Power fla A1980 33
34
15,000
Jan 3454 Jan
28
Certificates of deposit _ _ - 3255 33% 6,000
834 28
Jan 34
Jan
N'Wearerll Pub Buy 581967 7555 7851 71,000 4714
Jan
72
78% Jail
Ogden Gan 58
1940 08% 100
93.000 734 96
Jan 100
Jan
Edison let 5a
_1960 9955 1014 153.000 63% 974 Jan 101% Jan
Ohio
Ohio Power 1st 56 B 1952 107 107
7,000 88
107
Jan 108% Jan
let & ref 4556 ger D 1956 1054 10555 46,000 834 10535 Jan 106% Jan
Ohio Public Service Co
6s series C
1953 1054 1054 3.000 704 105% Jan 106
Jan
1954 994 10155 79,000 604 99% Jan 10115 Jan
56 series D
1961 102% 103
554e aeries E
20,000 63
100% Jan 103
Jan
Okla Gas dc Elea 58_ _1950 1004 102% 131,000 6855 09
Jan 102% Jan
1940 9251 964 55,000 63
88 series A
9031 Jan 964 Jan
Okla Power & Water 51 '48 52
58
73,000 40
48
Jan 58
Jan
Bonds (Continued)—
Jan. 26 1935
Week's Range
of Prices
July 1
Sales 1933 to
for
Dec.31
Week
1934
Range Since
Jan. 1 1935
Low
High
Low
Low
High
Oswego Falls 66
1941 714 7515 16,000 45k
65,4 Jan 7555 Jan
Pacific Coast Power 5.194(1 10036 101
12,000 58
9955 Jan 10155 Jan
Pacific Gas & El Co—
lin 6s series B
1941 1134 114% 18.000 101
11135 Jan 11431 Jan
1st & ref 555s sec C_ 1952 1(1755 1084 31.000 9514 10651 Jan 108% Jan
be series D
1955 107 1084 36,000 91
10551 Jan 1084 Jan
1st & ref 414s E__1957 10235 10334 100.000 824 1014 Jan 10351 Jan
let & ref 455e F
1960 10215 1034 50.000 824 10055 Jan 10351 Jan
Pacific Investing Is A.1948 90
88
9134 17,000 69
Jan 9455 Jan
Pacific Ltg & Pow 56._194r
110
Jan 11055 Jan
102
Pacific Pow & Ltg 58_1955 6215 70 305.000 35
57% Jan 70
Jan
Pacific Western 011615s'43
With warrants
9955 10034 171.000 73% 98% Jan 10015 Jan
Palmer Coro 6s
1938 102 102
1,000 85
102
Jan 10255 Jan
Park & Tilford 65
19313 94% 9455
1,000
92% Jan 95
Jan
Penn Cent L & P 43.4s 1977 894 93 197.000 62
8455 Jan 93
57
Jan
55
1979 9751 9855 4,000 67
9355 Jail 9855 Jan
Penn Electric 4s F
1971
81% 97,000 5135 74% Jan 814 Jan
79
Penn Ohio Edison
Ballades A xw
1950 76
8155 120,000 394 66% Jan 8155 Jan
Deb 555s series B__ _ 1959 70% 774 274,000 35
61% Jan 7755 Jan
Penn-Ohio P & L 5555 1959 10455 106
51,000 74
103% Jan 106
Jan
Penn Power 5s
1956
Jan 107
924 106
Jan
Penn Pub Sera 66 C_ _1947 101 103
9.000 664 100
Jan 103
Jan
56 series I)
1954 98
1,000 60
98
95
Jan
Jan
98
Penn Telephone ba C_1960
10335 Jan 10435 Jan
86
Penn Water Pow 56_1940 1104 1104 2,000 103
11055 Jan 11155 Jan
series B
4558
1968 10634 107
6,000 89
108% Jan 107
Jan
Peoples Gas L dr Coke
48 series B
1981
7514 7851 234.000 564 72
Jan 784 Jan
6s series C
1957 934 96 251.000 684 89
Jan 96
Jan
Peoples Lt & Pr ba
1979
255
255 37.000
155 Jan
215 Jan
13-4
Phila Electric Co 53_1965i 11255 112%
4.000 104% 1124 Jan 11351 Jan
Phlia Elea Pow 514s_ _1972 10915 110
12.000 100
108
Jan 110
Jan
Phila Rapid Transit 61 1967 7955 80
8,000 444 7555 Jan 80
Jan
Phil Sub Co G & E 45519'57 108 mg 6.000 98
107% Jan 1084 Jan
Phila Suburban 'Hat 58 '56 106 106
3,000 954 106
Jan
Jan
Piedin't Hydro-El 654e '60 6655 7251 32,000 6555 65% Jan 106
72% Jan
Piedmont dr Nor St.,... 1954 94
9335 Jan 9531 Jan
9551 50,000 69
Pittsburgh Coal 6a
1949 1064 1064 8.000 89
10535 Jan 1074 Jan
Pittsburgh Steel 66_1948 98
(16
9854 22,000
Jan 9855 Jan
Pomeranian El 6s..,1953 3354 3355 3,000 79
2535 28% Jan 3334 Jan
Poor & Co 68
1939 101
10135 8.000 80
994 Jan 1014 Jan
Portland Gas & Coke 58'40 6811 71
63,000 73
684 Jun 77
Jan
Potomac Edison be_ _ _1956 1003.4 103% 77.000 72
9931 Jan 10331 Jan
414esertee F
1961 96
9(315 88.000 65
9355 Jan 9854 Jan
Potomac Else Pow fie_1936 1054 10555 10.000 101
105
Jan 1054 Jan
Potrero sugar 7s
1947 424 47
16.000 13
34
Jan 47
Jan
PowerCorp(Can) 410 B'59
53
8631 Jan 87% Jan
Power Corp of N 3/6 55s Bence A
1044 Jan 104% Jan
70
534a
1942 84
1947
91,000 60
00
76
Jan 90
Jan
Power Securities 63..._1940 824 85
23.000 41)4 8031 Jan 85
Jan
Prussian Electric 6s _1954 40
40% 24,000 29
3751 Jan 4055 Jan
Pub Sera of N
414e B '57 101
10155 4,000 824 104
Jail 10455 Jail
Pub fiery of NJ pet etre__ _ 11955 1204 33.000 102
118
Jan 120% Jan
Pub Sera of Nor Illinois —
1st & ref be
93
9855 52.000 62
0055 Jan 9815 Jan
be series 0
93
12.000 584 89
95
Jan 95
Jan
198 84
966916
7
4345 series D
15,000 53% 81
88
Jan 88
Jan
455sseries E
1980 8355 87
84.000 5214 8035 Jan 87
Jail
let & ref 4556 ser F 1987 834 87 172,000 52
93 1
80
Jan 87
Jan
6 Asseries0
1053-410734 151.000 7334 10355 Jan
1952 100% 10215 78,000 6955 9855 Jan 10755 Jan
634s series II
10215 Jan
Pub Huy of Oklahoma—
be series C
0655 10051 82.000 6034 944 Jan 10051 Jan
beseries D
1957 964 10051 116.000 55
96 1
934 Jan
Pub Sera Subsid 5546_1949 81% 864 29.000 405( 7955 Jan 100% Jan
mg Jan
Puget Sound P & L 54e'49 63
6955 546,000 37% 55% Jan 6955 Jan
let & ref ba series c..195o 61
6534 133.000 3614 534 Jan
let & ref 4548 aer D_19511 574 6351 283.000 3354 5035 Jail 654 Jan
6351 Jan
Quebec Power 56
1968 10454 10154 5.000 85
1024 Jan 1043.4 Jan
Queens Born 0& E 455e '58 10251 10254 8,000 88
102
Jan 103
Jan
5146 series A
1952 8755 90
12,001) 6134 88
Jan 90
Jan
Reliance Manage. 5s_ _1954
with warrants
1 5551 82
82
82
Jan 82
Jan
Republic Gas Os.
1945 454 4651 4.000 14
43
Jan 4634 Jan
Certificates of depoalt_ _
4311 46% 115,000 13% 40
Jan 4055 Jan
Rochester Central Pr 54'63
2255 3215 Jan 3355 Jan
Rochester Ry & Lt Se.1954
11235 Jan 11351 Jan
100
Ruhr Gas Corp 6(46._195) 41
1,000 284 38
41
Jan 42
Jan
Ruhr Housing 84e._1958
2954 Jan 31
23
Jan
Ryerson (Jos T) & SOW/—
NM 11043 1034 1034 5,000 90
Deb 5s
103
Jan 1034 Jan
Safe Harbor Water 414s '755 10715 108
31,000 91
107
Jail 108
Jail
St Louts Gas & Coke 6.'47
8
33,000
9
355
Jan
Jan
9
San Antonio Puollo Service
s
9455 9654 100.000 64
92% Jan 964 Jan
San Lirig B
e e e Gas & Elec:
aerlee
,
s til
,
1960 1084 1084 2,000 985.5 108
Jan 108% Jan
San Joaquin 1-)Lt & Power
86 series B
1952
88
10735 Jan 10955 Jan
Es scrim I)
1957 loom 101
28,000 754 98
Jan 101
Jan
Buda Falls be
1955 109 110
12,000 101
109
Jan 111
Jail
Saxon Pub Wks 6a
_1937 38% 3854 1,000 38
38
Jan 3951 Jan
Schulte Real Estate
08 with warrants
1935 11
11
1,000
11
7
Jan
11
Jan
On ex warrants
1935
11
415
Jan
Jan
11
Scrim)
(E W)Co 543.1943 99
9951 113,000 664 96
Jan 9951 Jan
Seattle Lighting 58.._1949 31
31% 54.000 17
2855 Jan 3254 Jail
Nervel Inc be
1948 1014 10255 19,000 61
101
Jan 10231 Jan
Shawinigan W & P43-45'67 96% 9755 38,000 634
0
6% Jan 9735 Jan
4555 series B
1968 90% 9754 12,000 63
964 Jan 974 Jail
1st 58 series C
1970 103 10355 16.000 73
103
Jan 10355 Jail
let aquaria!'D__ _1970 96% 974 52,000 6314
06% Jan 974 Jan
Sheffield Steel 5%s._1948 106% 107
23,000 7751 10554 Jan 107
Jan
Sheridan Wyo Coal 65 1947 52
52
8,000 38
47
Jan 52
Jail
Sou Carolina Pow 513_1957 754 7955 34,000 41
73
Jan 794 Jan
Southeast P & L 65..
.2025
Without warrants
7555 814 628.000 37% 644 Jan 814 Jan
Sou Calif Edison &a _ _1951 10614 107% 86.000 92
105% Jan 1074 Jan
be
119541939 1074 108
5,000 100
10755 Jan 108
Jan
Refunding ba June
107 1074 22,000 9051 10554 Jan
Refunding be Sep 1952 wog 1074 11,000 924 10555 Jan 10734 Jan
107% Jan
Hou Calif Gas Co 450_1961 10055 100% 6,5.000 784 974
Jan 10055 Jan
let ref 56
1057 al0411a10434 15,000 854 102
Jan 103% Jan
54i3 series B
1952
92
104% Jan 104% Jan
Hou Calif Gas Corp be 1937 102 102
11,000 83% 10155 Jan 102
Jan
Sou Counties Gas 4558.'68 99% 1004 69,000 79% 9035
Jan 1004 Jan
Southern Gas Co 646_1935 102 102
5,000 93
101% Jan 102
Jan
Sou Indiana 0& E 514e '57 109 109
4,000 9634 109
Jan 110
Jan
Sou Indiana Ity 4a. _ _ _1951 45
474 21,000 44
43
Jan 474 Jan
Sou Natural Gas 6s_ _1944
Unatamped
8355 8555 80,000 53
8155 Jan 8555 Jan
Stamped
8315 85
8,000 56
83)4 Jan 85
Jan
S'western AssocTel be '61 64
67
12,000 40
63% Jan 67
Jan
Southwest G & E be A _1957 95% 97% 118,000 60
93
Jan 974 Jan
bs series B
1957 9555 9754 34,000 60
9251 Jan 97% Jan
S'weetern La& Pr Se._1957 80
85
39,000 45
7135 Jan 85
Jail
S'western Nit Gas 615_1945 65
22,000 25
67
60
Jai
Jan
67
Ho'West Pow & Lt 58_2022 54
55
32,000 37
49
Jan
Jan
55
1P
N.t,6s
iub8ery 68_ ..,1945 82
92
42,000 55
77
Jan
Jun
92
53
84walesey
1942 1043-4 105
6.000 83
10415 Jai 105
Jan
Stand Gas dr Elea 6a_ 193
3
5 54
3
6114 115.000 384 54
Jail
Jan 68
Cony (is
6151 45,000 38
54
Jan
54
Jun 68
Debenture 65
35
3751 90,000 30
35
Jan 3951 Jan
Debenture 65_ Dec 1 1966 nu 3734 58,000 28%
9 51
334 Jan 3851 Jan
Standard Invests 555e 1 939 84
3
7
84
2,000 64
82% Jan 8454 Jail
Seen warrants
86
89
3,000 64% 85
Jan
Jan 89
Stand Pow & Lt 6s _ 1957 304 3334 94,000
27
Jan
36
3031 Jan
Volume 140
Bonds (Concluded)
-
Standard Telep 545..1943
Stinnes (Hugo) Corp75 ex-warr
1936
7-4% stamped
1936
7. ex-warr
1946
7-4% stamped
1946
Super Power of Ill 455e 6/5
1970
lot 445
1961
Os
Swift & Co lst m If 58.1944
5% notes
194(1
Syracuse Ltg 5145.-1954
be series 11
1957
Tennessee Else Pow be 1956
Tenn Public Service 551970
Tern' Hydro Elea 6481953
Texas Elec Service 56_1980
Tex.(' Gas Util 6s_ _ 1945
Texas Power & Lt 56_1956
be
1937
85
2022
Thermold Co fis stpd_ 1937
Tide Water Power 59.1979
Toledo Edison be
1962
Twin City Rao Tr 5145'52
Ulen Co deb 65
1944
Union Amer Inv Is A.1948
Union F:lec Lt & Power
55 series A
1954
Ss series 11
1907
445
1957
United Elea NJ 4s
1949
United El fiery 75 x-w_1956
United Industrial 634. 1941
let fle
1945
United Lt & Pow
1975
1974
645
545
Apr 1 1959
Un Lt & Rya(Del) 545'62
United Lt & Rya(Me)ds gelled A
1952
68 series A
1973
U S Rubber fla
1936
64% serial notes__ _ 1935
64% serial notes_ 1936
64% serial notes_ _1937
64% serial notes...1938
64% serial notes...1939
64% serial notes_ _1940
Utah Pow & Lt Os A..2022
1944
4%.
Valvoline Oil 7s
1037
Vamms Water Pow 630'57
Vs Elea & Power 58_1956
Va Public Serf 545 A.1948
151 ref Is ear B
1950
Os
1946
Waldorf-Astoria Corp
7e with warrants...1964
7s curs of depcsit_1954
Ward Baking Os
1937
Wash Gas Light 5a_1958
Wash fly & Elect ls _1951
Wash Water Power 5s.1980
West Penn Else 5s..... 203n
West Penn Traction 5s _TO
West Texas Mil re A_ 195i
Western Newspaper Union
65
1944
Western United Gas & Elee
1st 554e series A
1955
Westvaco Chlorine Prod
5%.
1937
Wheeling Elect Se..._1941
W lac Elec Pow te A _ _1954
Wise-Minn Lt & Pow 55'44
Wise Pow & Lt 5s E..1956
Ss series F
1958
Wise Pub Serv 64 A_ ..19152
Yadkin Riv Pow 68...1941
York Rye Co 65
1937
Foreign Government
and Municipalities
Agri(' Mtge Bk (Columbia)
7s
194
75 with coupon
1940
78
1947
Baden 75
1951
Buenos Aires (Provinee)7e stamped
1952
7 yis stamped
1947
Cauca Valley 7s
1948
Cent Ilk of German State s
Prov Banks 64 B
1951
88 series A
1952
Danish 634s
1955
58
1963
Danzig Port & Waterways
External 84s
1952
German Cons Muni(' 7e '47
Secured 65
1947
Financial Chronicle
July
Week's Range Sales 1933 to,
of Prices
1)6C.31
for
Week 1934
Low
High
234 24
46
47
4,000
4,000
Range Since
Jan. 1 1935
CURRENT
Low
16
Low
2334 Jan
High
244 Jan
3034
26
29
25
59
56
70
101%
945(
1034
97
48
40
62
60
12
65
87
51
55
49
79
19
33
78
51% Jan
4251 Jan
53
47
Jan
Jan
33%
86
85%
10051
1054
102%
10714
10651
8131
80
67
854
134
0455
103%
83%
67
76%
105%
454
474
9454
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jai
Jar
Jan
Jan
Jan
Jan
40
95%
94%
105
107
104%
1074
108
90
824
73
934
15
'09
104%
86
704
87
1064
50%
54
9451
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10754
108%
1054
108%
68%
39
39%
28
30%
78
41.4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
108
107%
107
109%
69
404
404
34
35%
87
46%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
514 8254
25
334
894 102
75
100
65
100%
60
99%
80
98%
oo
98
eo
98%
46
55
45
62
60% 92
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
90
3454
1024
1004
101%
100
100
100
100
66
72%
92.4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
75
86
62
46
45
954
105
73
6834
56%
Jan 98
Jan 107
Jan 84
Jan 78
Jan 66%
Jan
Jan
Jan
Jan
Jan
4%
7
2
924 104%
76
100%
83% 99
96%
76
4655 63%
60
85
41
63
Jan 10554
Jan 10254
Jan lot
Jan 99
Jan 70
Jan 86
Jan 734
9,000
23
50
Jan
56
Jan
94% 97% 89,000
64
914
Jan
9711
Jan
7,000 101
103
100
10751
3,000 97
105
34,000 61
04
7651
50.000 52
65,000 51
75
43,000 18% 964
31,000 6334 054
94%
68.000 70
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jan
Jan
104
107%
1064
99
864
86%
101
1014
984
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
39
904
90%
10251
10511
102%
40
2.000
954 76,000
9411 85,000
105
47.000
wag 42,000
10355 352,000
87
80
704
88
14
96
103%
854
6951
7954
10551
4554
50%
43,000
90
82% 21.000
73
28.000
9355 257,000
2.000
15
99 230.000
1044 31,000
86
6,000
7031 9,000
87 184.000
1064 71,000
50% 142.000
54
42,000
104 109
1,000
1074 10754 3.000
23,000
10655 107
39%
40%
28
304
81
434
7.000
40
404 1,000
324 129,000
34% 52.000
40.000
87
46/1 173,000
85% 90
33% 34
102% 102%
100% 100%
101
101
99% 100
100 100
993(100
nosi 100
60
66
724
71
72,000
5,000
3.000
3.000
2,000
6,000
16,000
25,000
49.000
87,000
5,000
97
106%
7551
72
63%
97
107
84
78
6614
3,000
13,000
148,000
43,000
35,000
73.4
754
1,000
105% 105% 9,000
102 102% 20,000
loog Dm% 5.000
98% 99 121,000
64
70 115,000
85
86
6.000
6755 734 222,000
5051 58
10355 1034
105
96
824
82%
9851
994
9651
105
99
8651
884
101
101%
08%
99
92%
90%
9614
63
35
334
26
2814
60
31
Ja
9
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1,000
18%
20
1934
21
35
Jan
3434 Jan
32% Jan
2655 Jan
38
Jan
3454 Jan
35
Jan
34
Jan
574 59
7.000
59
6111 19.000
1054 1055 2,000
254
274
7.4
0754 Jan
59
Jan
1055 Jan
63% Jan
664 Jan
Jan
11
44
44
96)4 974
924 93%
1,000
2,000
9,000
30
22
684
81
4854 Jan
41
Jan
964 Jan
0051 Jan
544
44
9834
934
70
714 6,000
331f 35% 39,000
324 35
31,000
364
244
214
67
29
2855
34
34
Jan
Jan
Jan
Jan
Jan
Jan
Jan
71% Jan
354 Jan
Jan
35
Hanover (City) 7s____1939
36
3634 23,00
23
30% Jan 36% Jan
lIanover(Prev)a 44_1949 304 32
2954 Jan 32
2,000 24
Jan
Lima (City) Peru 6558-58
Certificates of deposit..
34
54 Jan
551 Jan
1958
M aranho 7e
12% 17
Jan 174 Jan
75 coupon off
1958 14% 14% 5,000 14
1451 Jan 15% Jan
Mendoza 7145
1961
25
5254 Jan 54
Jan
es stamped
1961 444 44% 5,000 2334 44% Jan 48
Jan
Mtge Bk of Bogota 70.1947
Issue of May 1927
24
24
2,000 134 23
Jan 24
Jan
Issue of Oct 1927
134 23;4 Jan 244 Jan
Mtge Bk of Chile 68...1931 134 134 1,000
74 12% Jan 134 Jan
Mtge Bk of Denmark fse'72 90
92% 9,000 624 90
Jan 94
Jan
Parana (State) 7s_ _ _1958
a
12% Jan 1451 Jan
Coupon off
124 124 1,000 13
12% Jan 134 Jan
Rio de Janeiro 6551-1959
11% 14% Jan 154 Jan
Coupon off
15
1251 Jan 13
Jan
Russian Govt 6%e _ _1919
----2
Jan
4
451 Jan
6555 certificates_ __ _1919
33-4 3% 64,000
34 Jan
114
4% Jan
1921
34 44 17,000
645
34 Jan
1%
4
Jan
6545 certificates_
192!
354 Jan
1%
451 Jan
1935 48
5,000 13
48
Santa Fe 7e
46
Jan 48
Jan
sanUago is
1949 104 1011 1,000
514 1051 Jan 10% Jan
• No par value. a Deferred delivery sales not Deluded ID year's range. r Under
the rule sales not included In year's range z Ex-dividend.
Deferred delivery sales not included In weekly or yearly range are given below:
Baldwin Loco. Works Is ww. 1938, Jan. 19 at 76
Gillette Safety Razor Is, Jan. 22 at 103% •
Hudson Bay M. AS. Is, Jan. 24 at 1033i •
Poor & Co. 6s 1939, Jan. 22 at 101%.
Abbreviation, Used Above.-"ood" Certificates of deposit. "Dona" Consolidated.
"Cum" Cumulative. "cony" Convertible. "m" Mortgage. "n-v" Non-voting
stock. "v t C" Voting trust certificates. "w I" When issued. "w w" With warrants. "a w" Without warrants.
619
NOTICES
-Contending that a clarification of the outlook for selected utility companies should come in the near future, a suivey of the public utility situation issued to-day by Plymouth Distributors, Inc., investment trust firm
of 29 Broadway, New York, predicts higher prices for the common stocks
of these companies within the next year.
The survey, summarizing the current problems and prospects of public
utilities, questions the constitutionality ot the Tennessee Valley Authority
program and says that "government competition with private utilities
should cause less concern among utility managements and investors than
it actually does."
Even if the Supreme Court reverses itself and overlooks previous decisions,"there are serious practical objections to a major extension of governmental operation of utilities," the survey continues, outlining economic and
political reasons to support its statements.
-Walter Merkel, who for the past ten years has been identified with the
financial staffs of numerous New York City newspapers, is now associated
with Stokes, Hoyt & Co., 1 Wall St., members of the Now York Stock
Exchange, as head of their statistical and inquiry department. At one time
he conducted "The Trader- column for the "Daily News" and also the Wall
Street gossip column for the New York "American." More recently he was
associate editor of the National Stockholders Society.
-Formation of the firm of Lord & Hackett to deal In New York City
municipal. Federal Land Bank, Joint Stock Land Bank and U. B. Territorial issues is announced by John W. Lord, formerly of Barr Brothers
and more recently with Gertler & Co., and Cecil H. Hackett, formerly of
the Guardian Detroit Co.and Gentler & Co. D. Raymond Kenney,formerly
of Blyth & Co. and Gertler & Co., is also with the new firm, which will
have offices at 63 Wall St., New York.
-Manufacturers Trust Co. of New York is distributing a folder,"Cornparison of Bond Yields," which contains a comparison between taxable and
tax-exempt securities, and which shows what yield to expect from a taxable
investment in order that the net return may be equal to that of a tax-free
security. The folder gives this information for tax rates ranging from 1%
to 70%, and also explains how to arrive at the Federal and State tax rates
applicable to various incomes.
-Charles H. Eldredge, formerly of Charles II. Eldredge & Co., members
of the Chicago Stock Exchange at 208 South La Salle St., announces the
opening of a new firm under the name of Investors Mutual Corporation at
141 West Jackson Blvd., Board of Trade Building, Chicago, to publish an
investors' service. Mr. Eldredge was previously connected with E. A.
Pierce & Co. and Charles D. Robbins & Co., both New York Stock Exchange firms.
-Robert R. Salembier, until recently Executive Secretary of the Institute of Dyers and Printers, is now associated with the Commodity Department of J. S. Bache & Co. Mr. Salembier has been identified with the silk
and finishing trades for many years as President of Salembier & Clay. Inc.,
and subsequently with Belding-Heminway Co. He is a member of the
Silk Traveler's Association and of the Silk Association of America.
-Hemphill, Noyes & Co. announce the appointment of August Schmidt
and C. Shelton Buchanan as co-managers of their Washington office. The
office was formerly under the management of the late Chester W. Lockwood. Ilemphill, Noyos & Co. will continuo to maintain their Washington
headquarters in the Shoreham Building.
-A comparative analysis of the leading municipalities and their bonds,
based on the latest available statements, is being distributed by Van
Alstyne, Noel & Co., Inc.. 52 Broadway, New York. This guide also
includes statistics regarding Government bond issues. Port Authority bonds
and Joint Stock Land Bank bonds.
-Southgate & Co., Boston, announce that Richard H. Moeller, a member of the Now York Stock Exchange, and Wm. Criss McGuckin have been
admitted as general partners in their firm. As the Floor member of the firm,
Mr. Moeller will make his headquarters in Now York.
-E. Burd Grubb, member of the New York Stock and New York Curb
Exchanges, and Daniel F. Cummins have been admitted as general partners
In Coggeshall & Flicks. C. Burrows Freeman has retired as a
general partner in the firm.
-Hale & Flash, Inc.. 30 Pine St., New York, have compiled an
average
price list of Government securities showing the daily comparisons
of issues
affected by the "gold clause" and those not affected by
it.
-Comparative analysis of fire insurance companies and casualty
companies, with classification of their investments in bonds and common
stocks,
has been issued by Hare's Ltd., 19 Rector St., New York.
-Cohen, Wachsman & Wassail announce the removal of their
uptown
New York branch office under the management
of Arthur Goldschmid
to the Nelson Towers Building, 450 Seventh Ave.
-J. Meyer, Jr., & Co., 120 Broadway, this city, have made a
number of
timely studies pertaining to the oil industry which they have
assembled in
a booklet entitled "The Oil Industry To-day."
Estabrook & Co. have charted the country's monetary gold
stock in
relation to Federal Reserve member reserves, net demand
deposits and "all
other loans," for the years 1933 and 1934.
-Hornblower & Weeks have prepared circulars on the capital
stock of
Bank of The Manhattan Co. and Irving Trust Co.. based
upon their latest
published reports.
-The January issue of "Security Surveys" which is being
distributed
by Evans, Stillman & Co., 14 Wall St., New York,
discusses "Public
Works."
-Eli T, Watson & Co.. Incorporated, GO Wall St., Now York,
have prepared statistical reports on Butler Hall 1st Gs and Majestic Apts,
1st Gs.
- P. Frazee & Co. announce that Marie A. Fisher,
E.
formerly with
Graham, Parsons & Co., is now associated with them.
James Talcott, Inc., has been appointed factor for William
London,
High Point, N. C.. distributors of hosiery.
-Ernest B. Humpstone has become associated with
Newman Bros. &
Worms.
-Jordan F. Watson has joined the trading department of
Hare's, Ltd.
Financial Chronicle
620
Jan. 26 1935
Other Stock Exchanges
New York Produce Exchange
Week's Range
of Prices
Stocks (Concluded) Par
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Week's Range
of Prices
July 1
Sales 1933 to
Dec.31
for
1934
Week
Range Since
Jan. 1 1935
Amer Tel & Tel
100
A moskeag Mfg Co
•
Bigelow Sanford Carpet..
Boston & Albany
100
High
Low
High Shares Low
Boston Elevated
Low
100
Jan
8 Jan Boston & Maine
8
Abitibi Power pref _ _ _ _ 100
356
100
8
18
18c Jan
10c Jan
Admiralty Alaska
1
Prior preferred
140
7c
18e 20,000
100
,% Jan
%
% Jan
Allied Brew
200
Class A let pref stpd_100
1
%
%
73e Jan
25c Jan
x Altar Consol Mine
500
Cl B 1st pref stpd
45c
100
25c 25e
1
1094 Jan Boston & Providence_ ..100
1056 Jan
Amerex Holding
10 1031 1094
50 14
456 Jan Brown Co 6% cum prat 100
356 Jan
Angostura Wuppermann 1
1,200
4
231
434
50c Jan Brown Durrell Co com_ _•
45c Jan
a Arizona Comstock
1
45c 45c 1,000
20c
56 Jan Calumet & Heel&
54 Jan
Brewers & Distil v t c
54
.
200
25
54
51
Jan COpper Range
Jan 21
18
Cache La Poudre
1,550 15
20 1934 21
26
1.86 Jan East Boston Co
1.38 Jan
a Carnegie Metals
1
1.50 1.86
90c
200
10
Climax Molybdenum_
Jan 2434 Jan East Gas & Fuel Assn
* 24
23
100 19
2431
134 Jan
Davison Chemical
•
% Jan
Common
1
25e
156
800
•
496 Jan
Jan
6% cum pref
100
4
Distillers & Brewers
300
5
4
4
231
220 Jan
160 Jan
Elizabeth Brewing
220
160
100
16e
434% Prior preferred 100
1
330 Jan
Flock Brew
370 Jan East Mass St RyCo com100
100
25e
2
370 37c
33e Jan
a Fuhrmann & Schmidt...1
Preferred B
27e Jan
A
100
100
33e
33c
23-( Jan
a Harvard Brew
156
1,100
Adjustment
231 Jan
294
1
100
256
30e Jan Eastern SS Lines cona____•
210 Jan
Horn Sliver
500
700
1
210 21e
lot preferred
International Vitamin_ _ _ .•
y, 156 Jan 134 Jan
1,200
100
131
134
•
Klldun Mining
2% Jan
1
1.75
3,300
331 Jan Economy Stores
331
234
Jan Edison Elan Ilium
Macfadden pref
Jan 39
39
30 11
100
3911
* 38
16 Jan Employers Group
54 Jan
Maytag warrants
56
100
96
56
•
33e Jan General Cap Corp
25e Jan
National Surety
200
27c 33e
200
10
254 Jan Gillette Safety Razor
Jan
2
Newton Steel
500
196
256
2
*
1
Jan
196 Jan Hygrade Sylvania Lamp.*
a Northampton Brew pi _2
1
100
1
1
31
4 Jan Intern'l Hydro lilac sys134 Jan
Oldetyme Distillers
1,100
1
134 2
131
3
Class A
Paramount-Publix
1,500
10
25
3% 331
331 Jan
1
334 Jan
156 Jan Isle Royale Copper
75o Jan
x Penn York Oil A
1
56
25
750 1.00 1,100
a Petroleum Conversion _ _1
Jan
380
1
500
1
1
25
134 Jan Loew's Theatres
a Railways Corp
196 Jan Maine Central
1
100
56
156 3,500
55 Jan
%
Preferred
% Jan
x Simon Brew
1
100
A
A
54 Jan
100
54
New Eng Tel & Tel___ _100
x Texas Gulf Producing_ _1
354 4
394
1,200
656 Jan NY N Haven&Hartford100
U S Fid & Guar
656
634 Jan
100
2
6
634
150 Jan No liutte Mining
100
10c Jan
Van Sweringen Corp
200
2.50
11c
1
lie
25c Jan Old Colony RR
14e Jan
Willys-Overland
5c
5
240 48c 22,700
100
*
100 Jan
40c Jan Pacific Mills Co
50
C-D
18c 40c 2,700
5
Preferred
100
26c
•
331 Jan PC Pocahontas Co
1.400
134
331
131 Jan
Pennsylvania RR
60
x Listed. • No par.
Quincy Mining Co
25
Reece Btn Stole Mach Cob0
Shawmut Assn tr ate
_•
Spencer Trask Fund Inc...
Stone & Webster
•
Closing bid and asked quotations, Friday, Jan. 25
Swift & Co
26
Torrington Co
•
Unlisted Bonds
Bid Ask
Bitt Ask
Unlisted Bonds (Concluded)
Union Twist Drill Co __ _5
United Founders nom_ _ _1
.
Alden as
1941 2512
Mortgage Bond (N Y) 5S4s
U Shoe Mach Corp
25
Allerton N Y Corp 534s 1947
712 9
46
(Ser 6)
1934 42
Preferred
25
Butler Bailee
1939 46
47
___ National Tower Bldg 6%8'44 43
Utah Apex Metal Tunnel_ 5
Dorset 6560 etfs
___ Savoy Plaza Corp 6s_ _1945 132
- Utah Metal& Tunnel__ __ 1
1941 23
5th Ave & 29th St. Corp-7
10
79 Madison Ave Bldg 5.5 '48
Vermont & Mass Sty Co100
6.9
1948 37
40 2124 Bway Bldg 5%s_ _1943 11
13
Waldorf System
•
5th Ave & 55th Bldg 651s '45 2912 ___ Westinghouse Bldg 4s_ _1948 56
-- Waltham Watehprior 01100
Greely Square Bldg
Waltham Watch pref__100
1950 12
1412
Unlisted StoetsWarren Bros Co
•
Lords Court Bldg 5568_1942 26
29 City dr Suburban Homes314 33
4 Warren (S D) & Co
*
111nrov Re
104.11
10
41
TTntal Tinrhl7nn Tnn v t n
75
BondsAmosksag Mfg Co 09.1948
East Mn-as St Reser n 194))
Stocks-
Par
New York Real Estate Securities Exchange
Baltimore Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiledifrom official sales lists
* No par value.
Stock Exchange.
Low
10356
33.4
2456
11756
6334
4
4954
63
99c
3
756
156
7
1956
100
1334
2734
14
27
231
231
55c
55c
531 556
5
.5
13
13
9456
93
631
734
27c
25c
6834 6954
18
1931
2534 26
2256
22
96
56
1556 1556
894 851
1334 1336
431
434
1756 1856
7256 7356
1355 1356
me
56
7236 7456
3656 37
156
136
231
134
12536 12531
634 636
40
45
15
15
47-4
534
656
656
69
58
Range Since
Jan. 1 1935
High
High Shares Low
Low
10534 3,072 10056 10231 Jan 1069-4 Jan
436 Jan
356
185
254
334 Jan
Jan
50 19
2431 Jan 25
2455
101 10934 11731 Jan 12034 Jan
120
178 55
6434
5934 Jan 6431 Jan
17
17
534 556
6
6
153 153
8
8
356 4
334
334
356 356
2%
2
396
48
61
80c
255
656
156
456
1954
9856
13
2731
1356
2656
July I
Sales 1933 to
for
Dec.31
Week
1934
69
61
19
Jan
6
Jan
Jan
6
Jan 153
Jan
856
Jan
4
456
Jan
4
Jan
Jan
231
15
55 1431
55
5
414
10
516
6
22 111
150
5
354
8
120
356
2
109
256
356
3
670
35.1
975 50c
156
218
431
229 4056
212 53
42 50c
55
1
390 99c
1,679
456
485
456
30 1556
841 10534
155
654
100
100
295
756
20 617
47-1 Jan
Jan
Jan
Jan 50
Jan
Jan 63
Jan
99C Jan
3
Jan
Jan
I% Jan
Jan
Jan
Jan
7
Jan
Jan 95
Jan 2034 Jan
Jan
Jan 107
1356 Jan
Jan
Jan 2831 Jan
Jan
1534 Jan
Jan
Jan 27
334
47
5934
80c
156
99c
434
95
19
9856
12
2734
1356
2634
50
23.4
234
90 30c
55o
20
451
534
310
531
434
5
8
1156
339 75
93
636
9
165
6
700
21c
25e
75
7
6856
20 183-4
18
260 10
25
444 2054
2134
150 500
54
20
8
15
338
851
531
10 1296
1331
189
4
331
74 11
1731
439 35
69
10
8
1234
213
56
%
1,301 47
70
160 3034
3536
300 62340
136
174
5,660 600
10 95
12554
50
696
37-4
15 30
40
57 11
15
145 0256
456
5
8
434
$3,000
12.000
58
34
b Low on New York Curb Exchange.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
256
80c
Jan
Jan
6
5
Jan
13
Jan
Jan 9534
Jan
8%
270
Jan
Jan 71
Jan 21
Jan 27
Jan 2534
Jan
51
Jan
1594
834
Jan
Jan 1456
556
Jan
Jan
1934
Jan 74
1331
Jan
56
Jan
Jan 7556
Jan 37
Jan
134
256
Jan
Jan 12554
794
Jan
Jan 45
Jan
15
Jan
634
7
Jan
6756
5256
Jan
Jan
Jan
Jan
Jan
, Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
6954
61
Jan
Jan
Jan
Jan
p Low on Philadelphia
July 1.
Stocks-
Par
Week's Range
of Prices
Low
Arundel Corp
* 1656
Autoline 011 pref
100
8
Baltimore Tube com__ 100
256
Black & Decker corn
*
8
Preferred
25 24
Chas & Pot Tel of Blt pf 100 117
Comm Credit prat B_ __ _25 30
Consol Gas EL & Power_* 53
100 10531
5% preferred
El Porto Rican Sugar corn 1
3
Emerson Br Seitz A_ _ _2.50 1731
Fidelity & Deposit
20 43
Fidel & Guar Fire Corp_10 2356
Finance Co of Amer el A_*
734
Houston Oil pref
100
656
Maryland Casualty Co_ _1
194
Jr cony pref ser 13____1
156
Mercantile Trust Co_ .._ _50 210
March & Miners Tramp_• 25
Monon W Pa P S 7% pf _25 17
Mt Vernon-Woodbine Mills
Preferred
100 42
New Amsterdam Cas_....5
756
Northern Central
50 92
Penna Water & Pow corn.* 55
155 Fidelity & Guar____2
634
Western Md Dairy pref__* 85
Western National Bank_20 31
Bonds
Maryland Elec RY6568 (flat)
1957
1933
6% (ctts)
United Ry & El
Funding 5s (ctfs)_ _1936
1949
1st 6s (flat)
1st 68 ars (flat)_ _ _ _1949
.
Income 4s (flat) _ _ _1949
1949
lot 4s (flat)
1st 4s ctfs (flatt_ _ _ _1949
Wash Bali & Annapolis
1941
5s nits (flat)
_1941
No trust ctfs
• No par value.
Sales 1933 to
for
Dec.31
Week
1931
256
231
CHICAGO SECURITIES
Low
High Shares Low
High
1531 Jan
1,720 1131
1731 Jan
1731
Jan
8
20
8
8
Jan
100
234 Jan
234 Jan
234
756 Jan
50
456
8
894 Jan
Jan
Jan 25
106
851 24
24
Jan
2 11236 11531 Jan 117
117
2931 Jan 3056 Jan
45 23
3056
Jan 5556 Jan
137 64596 53
5434
109 01
106
10431 Jan 106
Jan
3
Jan
3
Jan
331
3
45 1731
1731 Jan
1831 Jan
1831
Jan 46
400 15
4431
Jan
43
21
25
Jan
854 2254 Jan 25
656 Jan
8
794
Jan
310
3
65
631 Jan
4
634 Jan
654
1
Jan
1% Jan
2,356
1
131
1,437
1.56 Jan
154
134 Jan
131
210
210
Jan
Jan 210
5 182
25
Jan 26
50 24
Jan
25
17
1734 Jan
1531 Jan
366 1256
4256
8
9356
65
631
90
31
11
1931
556
260
128 71
05 b41
3,706
234
30 65
5 24
756
756 $1,000
1,000
37
37
1
1734
1631
56
1756
1626
Range Since
Jan. 1 1935
4
14
41
634
9131
53
596
81
31
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4231
831
9356
5556
631
90
32
Jan
Jan
Jan
Jan
Jan
Jan
Jan
556
37
Jan
Jan
8
37
Jan
Jan
1
1,000
1734 2,000
1734 28,000
9,000
131
1734 9,000
3,000
17%
56
734
734
56
7
794
%
1431
14
%
1456
14
Jan
Jan
Jan
Jan
Jan
Jan
1
1731
1731
156
1756
1731
Jan
Jan
Jan
Jan
Jan
Jan
6,000
2.000
156
154
1%
256
Jan
Jan
3
234
Jan
Jan
3
234
b Low on New York Curb Exchange.
Boston Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Stocks-
Par
American Contl Corp _ _ _•
Amer Pneu Service pref_50
Amer Pneu Serv Co corn 25
50
1st preferred
50
2d preferred
Week's Range
of Prices
July 1
Sales 1933 to
for
Dec.31
Week
1934
Low
High Shares Low
856 894
4%
390
3
5
305
256
131
1%
330
156
134 10
14% 18
490
531
534
Jan
Jan
Jan
Jan
Jan
High
834
5
1%
18
59.6
Paul H.Davis &ea
Members,
Chicago Stock Exchange
New York Stock Exchange
New York Curb (Associate)
Chicago Curb Exchange
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Stocks-
Par
Week's Range
of Prices
July 1
Sales 1933 to
for
Dec.31
Week
1934
Range Since
Jan. 11035
Low
High Shares Low
Low
50 3456 60
Abbott Laboratories corn_• 623.4 6234
Acme Steel Co
650 21
26 45
46
4231
40
5
Adams Mfg (J D) corn_ _.• 1331 14
x13
50
294
Advance Alum Cstgs com 5
256
156
234
Allied Products Corp cl A..• 1231 14
1.400
551
12
Altorfer Bros cony pfd __• 18
10
954
18
18
3
%
3
3
Amer F Mart Bldg pfd 100
10
Amex Pub Sery Co pref-100
670
3
731 12
756
%
56
Amer-Yvette Co me com_l
270
56
54
Armour & Co common_r•
5
1,250
4
534
5
236
100
2
2
Asbestos Mfg Co com -_1
131
854 4,350
Automatic Products com.5
7
5
231
70
494
I3ackstay Welt Co com_. 1334 14
1334
Bendlx Aviation oom_ ___• 1534 1656
1,800
95
1434
Berghoff Brewing Co
1
256 2%
2
950
256
156
'Milks Mfg el A cony pref_.•
134
150
156
154
Borg-Warner Coro nom_ 10 2956 3034 3.100 1134
2856
Brown Fence & Wire
• 15.
54 1634
450
5
Class A
1434
850
•
4
5
Class B
196
4
6
100
•
6
5
Bruce Co (EL) corn
534
656 7
Butler Brothers
3,500
10
254
656
700 10
1756
Castle(A NI) & Co com...10 20% 253.4
50
456
13
Central Cold Stor com_20 13
13
Cent ill Secur1
% %
Common
100
34
A
200
756
Convertible preferred _ _•
554
751
794
920 1031
1356
Cent HI Pub Sera pref __.
• 1556 2034
10
136
5
Central Ind Power pref 100
6
6
Centrals W1
361,900
Common
%
%
2
356
Preferred
540
•
356 5
Prior lien pref
730
• 13
1656
1294
334
21
140
5
1856
Cherry Burrell Corp cam_• 21
2
156
2
Chicago Corp com mon_ _ _•
231 4,350
Preferred
29
• 30
3234 4,750 2094
• x1354 1334
Chicago Flee Mfg A
50
3
x1354
Chic Flexible Shaft com...5 1334 133-4
50
7
1356
Chicago Mall Order corn .6 1694 1756 4,100
1534
83-1
-.. A I S. 1, nv rv.. ..,,,,-.
.
Inn
4
Range Since
Jan. 1 1935
Low
754
256
1
1236
574
Listed and Unlisted
Jan
Jan
Jan
Jan
Jan
It.
S IL
.3nn
LI
4 1Z
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High
6256 Jan
Jan
48
1456 Jan
254 Jan
Jan
14
1834 Jan
331 Jan
Jan
12
A Jan
63.4 Jan
256 Jan
83'4 Jan
Jan
14
1756 Jan
33.4 Jail
256 Jan
3156 Jail
Jan
Jan
Jan
Jan
Jan
Jun
1636
5
63.4
731
2554
137-6
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
54
734
2031
6
Jan
Jai]
Jan
J1111
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
M
5
1631
22
256
,
3256
15
15
1734
J"
"
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Tan
5 ;
,
Jail
Financial Chronicle
Volume 140
Stocks (Concluded) Par
Week's Range
of Prices
July 1
Sales 1933 to
Dec.31
for
1934
Week
Range Since
Jan. 1 1935
Stocks (Concluded) Par
Low
High Shares Low
Low
High
Chicago Yellow Cab
• 10% 11
100 10
10
1135 Jan
Jan
Cities Service Co corn _
_
•
1%
4,050
1% Jan 135 Jan
1%
Coleman Lp & Stove corn. 20
20%
90
Jan 2035 Jan
20
Commonwealth Edison 100 51% 54
1,200 3231 47
Jan 56
Jan
Congress Hotel com___100 12% 1235
20 10
12% Jan
1334 Jan
Consumers Co corn
5
600
31 Jan
%
31 Jan
Continental Steel com
•
731
S
250
9% Jan
731
734 Jan
Preferred
100 80
20 40
Jan
80
Jan 80
70
Cord Corp cap stock
5
34 4
1,050
4% [Jan
331 Jan
2%
Crane Co common
25
9% 9%
400
934 Jan 10)4 Jan
5
Preferred
100 88
190 32
8935
Jan 89% Jan
83
De Mats Inc pref
* 19% 19%
30 12
195.4 Jan 1934 Jan
Eddy Paper Corp com
• 15
Jan
16
270
13% Jan 16
4%
Elea Household Utll cap-5 15% 17
1431 Jan
4,850
17
Jan
6
Elgin Nat Watch cap BM 15 16
15% Jan 17)4 Jan
150 10
1634
Fitz Sim dr Con D&D com •
9
9
100
9
Jan
835 Jan
835
General Candy Corp A_5
534 631
950
6% Jan
3
535 Jan
Geri Household URI com_•
6
735 Jan
5% Jan
635 1,450
3-4
Clodchaux Sugars Inc—
Class 13
•
7
334
100
7
Jan
7
635 Jan
Goldblatt Bros Ino corn _5 1934 19%
Jan
1,800 15
17% Jan 20
Great Lakes D & D com • 18% 18%
800 12% 17% Jan 19% Jan
Greyhound Corp com__-.5 19% 22%
1935 Jan 23% Jan
25
5
Hall Printing corn
10
6% 6%
10
7% Jan
6% Jar
Hart-Carter cony pref____
9% 10
4
10
Jan
731 Jan 10
Hart Schaff & Marx com10
13% 15
10
25
Jan
15
13% Jo
Hormel(Geo)& Co com A• 18% 1834
5
16
18% Jan
18)4 Jan
lloudaille-Hershey Cl B_•
7% 8% 2,70
834 Jan
731 Jo
2%
Illinois Brick Co cap
25
6% 7
150
734 Jan
5% Jan
334
Illinois North Util pref_100 6035 61
30 42% 60
Jan 61
Jan
interstate Power $7 prat.*
9
10
70
10
835 Jan
Jan
735
Iron Fireman Mfg v t o
• 14% 15
500
1435 Jan
15
Jan
534
Jefferson Electric Co com..• 20% 2031
100
9
18% Jo
2034 Jan
Kalamazoo Stove—
Common new
16
630 1734
17
15% Jan
1734 Jan
Katz Drug Co corn
1 3634 37% 1,200 19
35
Jan
3734 Jan
Kellogg Switchboard comb0
334 4
200
335 Jan
Jan
4
Preferred
19
19%
100 17
19
Jan 19% Jan
Ken-Rad T & Lamp com A•
3% 4%
1,300
135
Jan
3
435 Jan
Kentucky Util pr curnul
preferred
50
7% 11
370
5
11
Jan
Keystone SU dv Wire com_• 25% 26
450
2335 Jan
6
n
2735 Jan
735
Preferred
100 86
88
140 65
85
Jan 88
Jan
Kingsbury Brewing cap_I
2% 235
IA
150
135 Jan
Jan
Kuppenheliner el B corn _ _5 14
14
20
11
Jan
Jan
5
14
I.a Salle Ext Unlv coin_ _5
%
340
31
35 Jan
31
31 Jan
Leath & Co corn
*
1
1
240
Jan
m
35
635 Jan
Libby McNeil & Libby_10
735 7% 3,650
7% Jan
234
Lindsay Light corn
10
3% 3%
335 Jan
2
200
3% Jan
Lion Oil Refining corn_ _•
4
4
50
4
3
43,4 Jan
Jan
Loudon Packing com_ _* 19
19
19
50 1031
Jan 20
Jan
Lynch Corp corn
5 3631 39
1.050 2234 3534 Jan 39
Jan
McCord Had & Mfg A_
17
30
15
2
18
17
Jan
Jan
McGraw Electric cam
5 14
14%
500
1535 Jan
3% 13% Jan
McQuay-Norris Mfg com_• 5534 55%
20 3931
54
Jan 5535 Jan
aicW'illiams Dredging Co.* 25
600 1235
Jan 25% Jan
25%
Manhatt-Dearborn corn..*
134
50
1
Jan
Jan
Mapes Cons Mfg cap_ .• 31
32%
260 30
Jan 33
31
Jan
Marshall Field common_ •
700
9% 10
1135 Jan
935 Jan
8%
March & Mtge Sec A com_l
1%
1%
I% Jan
700
1% Jan
alickelberry's Fd Pr corn 1
1% 1%
550
1% Jan
I% Jan
1
Middle West URI Co com_*
34
A Jan
3-6 Jan
35 3,350
Midland URI6% prior Hen
100
3
34 Jan
Si
Si
3.4
35 Jan
prior lien
100
2
Jan
Y8
34
3.4
34 Jan
%
Miller dr hart cony pref__ *
4
4%
4
23
434 Jan
Jan
4
Monroe Chemical Co pref* 42% 42%
2
2035 42% Jan 4235 Jan
Muskegon Mot Spec el A.• 18
45
19
Jan 20
16
Jan
Nachman SpringfIlled corns
15
8% 8%
4%
931 Jan
Jan
National Battery Co pret_• 24% 24%
100 15
22
Jan 24% Jan
National Leather com___10
1% 1% 2,500
1
Jan
34
1% Jan
National Standard com__• 27
150 17
Jan 28
27
Jan
2734
Noblitt-Sparks lad corn_ _• 144 14%
350 10
1534 Jan
13)4 Jan
No America° Lt &Pr corn 1
350
Jan
34
34 Jan
Northwest Banoorp com__•
4
535 Jan
535 2,400
35:1i
an
Northwest Leg Co corn. _*
50
635 635
3
7% Jan
No West Util 7% pref 100
1
50
1%
134 Jan
1% Jan
Ontario Mfg Co corn
• 13
14
13
735
270
14
Jan
Jan
Oshkosh Overall cam
3
•
535 535
535 Jan
200
534 Jan
Prima Co corn
•
350
3% 3%
231 Jan
1%
3% Jan
Public Service of Nor Ili—
Common
* 17
18%
9%
300
1534 Jan 2035 Jan
Common
60 17% 18
150 12
16)4 Jan 20
Jan
6% preferred
100 63% 67
6135 Jan 6935 Jan
so 28
7% preferred
100 7334 73%
10 38
77% Jan
73% Jan
Quaker Oats Co—
Common
• 12835 12935
210 106
128
Jan
Jan 130
Preferred
100 13434 13635
320 111
133% Jan 136% Jan
Raytheon Mfg
6% preferred y t c
5
300
%
31
34
34
31 Jan
Reliance Mfg Co com___10 10
9
10
100
9
10
jn
Ja
Jan
Ryerson dr Sons Inc com_• 22
24%
850 11
20
Jan 24% Jan
sangarno Electric Co—
Preferred
100 98
99%
95
160 40
Jan 99% Jan
Sears Roebuck & Co come 36% 36%
100 31
3635 Jan 40
Jan
signode Steel Strap prat 30 11% 12
50
11% Jan
6%
Jan
12
Common
*
131 Jan
1% Jan
1%
50
Southwest0& El 7% p1100 5835 65
30 39% 5435 Jan 65
Jan
So'western Lt & Pow prat* 26% 27%
25% Jan
2735 Jan
16 14
73
St Louis Nat Stkyds cape 71
20 32
69
Jan 73
Jan
Standard Dredge—
Convertible preferred..•
4
4
350
Jan
535 Jan
15.4
434
Stutz Motor Car com
135
*
231 2%
100
2% Jan
231 Jan
Sutherland Paper com__10 12
1,250
10
18
18
Jan
Jan
Swift International
16 3135 32%
2,750 19%
31% Jan 3535 Jan
Swift & Co
25 17% 18% 4,250 1131
17% Jan
1935 Jan
Thompson (J R) corn...25
4%
5% Jan
50
531
535 Jan
531
Util & Ind Corp—
Common
400
35 Jan
•
35
35
A Jan
Convertible preferred *
I% I%
1% Jan
135 Jan
so
Viking Pump Co—
Preferred
* 35
35
Jan
3.5
30 21% 35
Jan
Vortex Cup Co—
• 11535 154
Common
200
Jan
15
15% Jan
50 24
Class
• 31% 31%
Jan 3235 Jan
31
Walgreen Co common__ _.• 29% 30%
700 1535
29
Jan 31
Jan
Ward (Montg) & Co al A... 130 130
10 56
127
Jan 130
Jan
‘VisconsinBankshares com•
800
23.4 24
2% Jan
1%
2% Jan
Zenith Radio Corp cons_.•
1%
135
1% Jan
5
235 Jan
22131
8%
Bonds—
1927
Chic City Rye 55
Certificates of deposit__
6654 6635 $2,000 36
62
• No par value. c Cash sale. z Ex-dividend. a Ex-r ghts.
Jan
66%
Jan
Detroit Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Dec.31
Par
for
Jan. 1 1935
Stocks—.
of Prices
1934
1Week
how
Auto City Brewing corn__1
Bower Roller Bear com_5
•
Briggs Mfg tom
Burroughs Add Machine_•
Consolidated Paper com _10
17%
27
14%
16
High Shares Low
135
1,830
6%
880
17%
375
27
655
885 11
15%
16
120
63.4
Low
131 Jan
1735 Jan
Jan
26
1434 Jan
1235 Jan
621
High
Jan
2
19
Jan
28% Jan
15% Jan
16
Jan
Weeks' Range
of Prices
July 1
Sales 1933 to
for
Sep.29
Week
1934
Low
High Shares Low
Crowley Milner corn
•
3
3
130
2%
Detroit Edison com___100 75
146 56
78%
Detroit Gray Iron com 5
434 4%
200
2
Detroit Mich Stove com_l
700
36
Eaton Mfg cora
768 13
193-4 1.9%
Eureka Vacuum
5 10% 1134
365
635
Ex-Cell-0 Aircraft corn_3
6% 6%
2%
250
Federal Motor Truck corn •
5
535
2%
750
Federal Screw Works corn*
4
400
431
135
Ford Motor of Canada A...• 30.3.1 3034
162
9%
General Motors com____10 3135 3135
917 2435
Graham-Paige Mot com 1
2% 234
135
613
Hall Lamp corn
•
535 5%
856
3
Iloudaille-Hershey B..
*
8% 4,558
8
234
liud.son Motor Car
• 10% 1035
587
6%
Kresge (S S) corn
10 2055 2035
424 1035
Itis
Michigan Sugar cora
950
34
55
Motor Products corn
• 25% 25%
275 1655
Motor Wheel corn
5 10
10%
374
034
Murray Corp corn
10
735 7%
4
662
I'ackard Motors corn
4% 5
•
2%
1,095
Parke-Davis & Co
1,772 19%
• 3335 34%
Parker Rust-Proof corn * .56% 63%
791 43%
Reo Motor Car Co cora...5
235 2%
465
2
Rickel (If NV)
2
3
845
3%
River Raisin Paper com_ •
235 3% 5,709
1
Scotten-Dillon corn
10 21% 2155
600 1735
Square D A
2135 2135
4%
200
•
9
9
70
200
Timken-Detr Axle com__10
635 655
3
190
Tivoli Brewing corn
1
2
2% 2,216
134
Truscon Steel Co
10
335
220
5% 6
Universal Cooler A
335 3%
100
135 I% 2,575
Mc
Warner Aircraft Corp__ _ _1
135 3,637
1
35
•No par value.
Range Since
Jan. 1 1935
Low
3
Jan
Jan
68
Jan
4
34 Jan
1534 Jan
10% Jan
634 Jan
Jan
4
Jan
2934 Jan
3035 Jan
Jan
535 Jan
73-1 Jan
10% Jan
2034 Jan
Hie Jan
25
Jan
936 Jan
6% Jan
Jan
33
Jan
Jan
55
235 Jan
3
Jan
234 Jan
2031 Jan
21
Jan
Jan
Jan
2
Jan
5% Jan
335 Jan
135 Jan
3.‘ Jan
High
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
his
Jan
27% Jan
11% Jan
7% Jan
535 Jan
3435 Jan
63% Jan
2% Jan
335 Jan
3% Jan
21% Jan
23
Jan
9
Jan
734 Jan
2% Jan
Jan
6
Jan
4
134 Jan
135 Jan
7835
4%
35
1935
11%
7%
5%
4%
31%
34%
3%
6
834
12%
2134
BALLINGER & CO.
Members Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System—Ftrst Boston Corporation
Cincinnati Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
July 1
1Week's Range Sales 1933 to
Range Since
Stocks—
Par
of Prices
Dec.31
for
Jan. 1 1935
Week
1934
Low
High Shares Low
Low
High
Amer Laundry Mach_ __20 1334 1334
39 1034
13% Jan 15% Jan
Carthage Mills pref____100 55
55
Jan 55
1 51
55
Jan
Chungold
•
2% 3
.55
235 Jan
1
Jan
3
Cln Gas & Electric____100 73
77
454 62
Jan
7234 Jan 77
Cincinnati Streety Ry__50 . 3
326
3
3
3
334 Jan
Jan
Cincinnati Telephone___50 6334 64%
290 6035 6231 Jan 6435 Jan
Cm Union Stock Yard.. • 21% 22
150 1631 21% Jan 24
Jan
Coca Cola A
• 25
26
69
Jan 26
25
Jan
535
Cohen (Dan)
22
10
Jan 22
22
Jan
9
• 22
Crosley Radio
• 13% 1435
13% Jan
755
1435 Jan
358
Crystal Tissue
•
5
7
6
7
Jan
7
Jan
7
Dow Drug
•
258
9
8
8
Jan
2
9
Jan
Formica Insulation
1235
12
Jan
8
* 12
14
65
Jan
Gibson Art
• 19
21
160
16% Jan 21
Jar
731
IIobart class A
• 273/4 27%
3 22% 2735 Jan 28
Jar
Kahn 1st pref
100 70
Jar
70
10 50
Jan 70
69
A
40 13% 1331
25 10
1334 Jan 13% Jar
Kroger
* 25% 27
304 20
2534 Jan 28% Jar
Leonard
1
*
260
6% Jar
555 6
53.4 Jan
P it G
* 4435 4431
231 33% 4334 Jan 4431 Jar
8% preferred
100 193 194
19135 Jan 194
Jar
36 158
5% preferred
100 11434114)4
5 101
114
Jar
Jan 115
Randall A
• 1735 17%
100
935
1835 Jar
1735 Jan
Rapid
* 29
29%
214 12
27% Jan 29% Jar
Richardson
•
834
8
8
235
Jan
6
834 Jar
U S Playing Card
10 32
32%
724 14% 29% Jan
323-4 Jar
U S Printing pref
3
50
3
94
Jan
3
2
3
Jar
Whitaker
• 29
35
106 10
20
Jan 35
Jar
•No par value.
OHIO SECURITIES
Listed and Unlisted
GILLIS WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.—Cherry 5050
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Stocks—
Par
Week's Range
of Prices
July t
Sales 1933 to
for
Let. 31
Week
1934
Range Since
Jan. 1 1935
Low
High Shares Lou
,
Low
Moll
Allen Industries, Inc
* 10
1.122
2
834 Jan
1234 Jan
1234
Preferred
• 44
44
15 1731 40
Jan 44
Jan
Apex Electrical Mfg
•
455 5
260
4
Jan
Jan
5
331
City Ice & Fuel
* 2035 21
270 1435 20% Jan 21
Jan
Cleve Elec 1116% pret_100 11134 111%
148 9935 11034 Jan 111% Jan
Cleve Ry etts of dep100 5731 58
96 3435 55
Jan 58
Jan
Corrigan McK St'l voting 1
1435 1535
1,432
8
Jan
12
153-4 Jan
Non-voting
1 15
1534
351
8%
1135 Jan
1535 Jan
Dow Chemical pref__100 115 116
281 99
112% Jan 116
Jan
Elec Control& mfg
* 2235 2334
330 1434 21
Jan 2354 Jan
F erry Cap & Set Screw_ •
234'
2%
75
2% Jan
1
254 Jan
•
134
Geometric Stamping
13.6
8.0
%
19-4 Jan
13'4 Jan
28
Greif Bros Coop'ge A.__• 28
135 16
27
Jan 28
Jan
Hanna, M A.$7 cum pf• 103% 103%
10 77
10135 Jan 10331 Jan
* 23
Harbauer
23
435
65
Jan 23
21
Jan
lIarrls-Seybold-Potter
*
2
2
50
131 Jan
31
2
Jan
• 25
Interlake Steamship
26%
62 213
25
Jan
2836 Jan
Jaeger Machine
63
434 Jan
1
5% Jan
5% 531
Kelley Isld L & Trans
* 12
13
330
Jan
11
Jan
634
13
metronol Pay Brick
•
254
2.4
3
50
Jan
2
135
2% Jan
622
Financial Chronicle
Range
of Prices
Week's
Stocks (Concluded) Par
a 114l/ I
193310
Dec.31
1934
Flange Since
Jan. 1 1935
30
56
Jan
56
Jan
• No par value.
Los Angeles Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Stocks-
Par
July I
Week s Range Sales 1933 to
of Prices
for
Dec.31
Week
1934
iVeek's Range
of Prices
Stocks(Concluded) Par
Low
High
Low
2% Jan
13 1, Jan
,
1
2%
3
Jan
3% Jan
Jan
51)
Jan 60
45
4
Jan
1
5% Jan
23% Jan 25% Jan
21
Jan
19
Jan 20
10
Jan
23
Jan 24
10%
Jan
Jan 50
48
38
2% Jan
3
Jan
1%
8% Jan
715
8% Jan
15% 27% Jan 29% Jan
9034 10734 Jan 108% Jan
9% Jan
9
Jan
834
Jan
Jan 95
60
95
13
Jan
7
1334 Jan
;,1
Low
High
Mohawk Rubber
•
2
2
National Refining
25
3
3
Pref
100 50
54
Nestle LeMur cum cl A_ 5
4% 5%
Ninteeen Hun Corp cl A_ 5 25
25%
Ohio Brass B
*
19
19%
Patterson-Sargent
• 23
23
Richman Bros
• 48% 49
Selberling Rubber
*
2% 234
8% cum pref
100
8% 8%
Selby Shoe
* 29
29%
Sherwin-Wins AA pref 100 108% 10834
S M A Corp
1
9
9%
Trumbull-Cliffs cum p0.100 95
95
Weinberger Drug Inc_ _ • 13
1334
Youngstown S dr T5%% preferred
100 56
56
Sales
for
Week
Jan. 26 1935
Range Since
Jan. 1 1935
Low
Ifigh
Low
High Shares Low
Jan
3% Jan
Associated Oil
25
3% 3%
1,400
2
6% Jan
Barnsdall Corp
600
6
6% 6%
5
634 Jan
234 Jan
1,300
Bolsa China 011 A
10
3
334 Jan
134
334
Jan 71% Jan
71%
115 42
60
Broadwy Sept St 1st pfd100 67
14c Jan
4,000
3e
Ile Jan
1
12c 14e
Buckeye Union Oil
14c Jan
5,500
7c
110 Jan
Voting trust certificates! 140 14o
60
28e Jan
38c Jan
9.000
Preferred
1 32c 38c
290 Jan
39e Jan
13,583
15c
Preferred v t a
1 31e 39c
Jan
Jan
8
3%
8
Byron Jackson Co
•
8
8
100
Jan 20
Jan
50 20
20
25 20
20
California Bank
7
Jan
7
Jan
1
7
7
156
Cnetral Investment_ ... _100
100 29% 3734 Jan 39% Jan
39
Chrysler Corp
5 39
300 18
21
Jan 2134 Jan
Citizens Natl Tr & S Bk_20 21% 2134
10% Jan 10% Jan
500
Claude Neon Elea Prod...* 10% 10%
734
714
7% Jan
7% Jan
•
7% 734
200
Consolidated 011Corp
1.15 Jan
1.40 Jan
200
90e
Consolidated Steel
• 1.20 1.25
5% Jan
6
Jan
300
4%
•
5% 6
Pref
1,700
8% Jan
Mimeo Derrick & Eq Co_ _5
7% 834
234
734 Jan
120 Jan
12c Jan
1
12c 120
100
12e
Exeter Oil Co A
Jan
10 275
340
Jan 350
Farmers & Mer Natl Bk100 350 350
700
4%
6
Jan
6% Jan
Gladding McBean & Co..*
6
6
5
7
Jan
Globe Grain & Mill Co_ _25
7
7
100
534 Jan
9% Jan 10% Jan
Hancock 011A com
• 10% 10%
800
6
25e
310 Jan
310 Jan
Holly Development
1 31e 31e
500
43e Jan
38e 43c
2,050
30c
38e Jan
Kilmer Airpl & Mot Corpl
16,600
20c
40c Jan
600 Jan
Lincoln Petroleum Corp 1 43e 60c
900
1.10 Jan
1.25 Jan
Lockheed Aircraft Corp_ _ I
1.15 1.25 1,200
75e Jan 82%o Jan
Loa Ang Indust Inc
2 75e 75c
1,770
60c
Jan
89
523 7334 81% Jan 89
Los Ang G & E 6% pref 100 84
Jan
10
5
5
500
1%
5
Jan
5
Los Ang Invest Co
19c
250 Jan
26c Jan
Mascot 011 Co
1 26e 26c
850
200 Jan
Merchants Petroleum Co. 1 20e 200
100
15c
20c Jan
Jan
5
Jan
Mills Alloy Inc A
5
125
Si
5
•
5
23c Jan
100
23c
23e Jan
Mt Diablo 011 Min & Dev 1 23c 23c
1 350 35c
354
350 Jan
35e Jan
Oceanic Oil Co
100
Jan 10% Jan
Pacific Finance Corp_ _ _10 10
.
10%1,500
6% 10
10% Jan
10 10% 10%
400
9
10% Jan
Preferred A
9
Jan
10
9
9
300
9
Jan
Preferred C
634
14
Jan
14% Jan
Pacific Gas dr Elea Co_ _ _25 14% 14%
100 13%
25 20% 20%
100 18% 20% Jan 20% Jan
6% 181 pref
300 21% 21% Jan 21% Jan
Pacific Lighting Corp..._' 2341 22%
Jan
180 68
72
Jan 75
• 73
75
Preferred
8% Jan
8
300
5%
73-4 Jan
Pacific Western 011
*
8
2
Jan
214 Jan
2% 2%
200
Republic Petroleum Co_10
134
3e Jan
30 Jan
3c
3
36c
•
3o
Samson Corp B cam
88
Jan 89% Jan
11 78
San J L dr P 7% pr pref 100 8934 89%
35% Jan 37% Jan
1,150 25
Security-First Nat Bk__20 35
3734
20 13
16% Jan 16% Jan
• 16% 16%
Security Co Units
100
6%
6% Jan
7% Jan
7
•
7
Shell Union(MCorp
300 12%
14
Jan 14% Jan
14
Socony-Vacuum Oil Co.15 14
1,800 10% 11% Jan 12% Jan
25 11% 12%
So Calif Edison Co
159 26
29% Jan 29% Jan
25 29% 29%
Original pref
Jan
500 18% 20% Jan 22
25 21% 21%
7% preferred
17% Jan 18% Jan
1,000 15%
25 18% 18%
6% preferred
17%
500 14%
1834 Jan 17% Jan
25 17
preferred
534%
19
Jan
100 15% 15% Jan
Southern Pacific Co_ _100 16% 16%
2% Jan 21% Jan
20 15
• 21% 21%
Square D Co A pref
200 26% 30% Jan 31% Jan
Standard 01100 Calif
• 30% 31
5% Jan
5
5% 5% 2,900
*
534 Jan
Transamerica Corp
80
Jan 80
Jan
4 71
80
Union Bank & Trust Co_ 50 80
16% Jan
1,700 11% 15% Jan
25 15% 15%
Union Oil of Calif
3c Jan
3c
1000
I%
3c Jan
U S011 dr Royalties Co_25c 30
Jan
5% Jan
2
I%
234 5% 118,800
Universal Consol Oil Co_10
J My 1
Sales 193310
for
Dec.31
Week
1934
Range Since
Jan. 1 1935
Low
High Shares Low
Low
Budd Wheel Co
*
3% 4
380
2%
3
Cambria Iron
50 43% 4334
60 34
42
Lice Storage Battery_ __100 46
239 33% 45%
47
115 37
Insurance Co of N A_ _ 10 53% 54
53%
Lehigh Coal & Navigation •
276
5%
6%
634 7%
Lehigh Valley
9% 9%
45
9%
9%
50
Mitten Bank Sec Corp p122
1%
334
%
1
13-4
Pennroad Corp v t c
•
1% 2%
1,886
1%
1%
2234
1,290 2034 21%
Pennsylvania RR
50 22
Patina Salt Mfg
50 75
78
58 43
75
Phila Elec of Pa 35 prat __• 105% 105%
115 90
103%
PhIla Elea Pow pref
25 3234 32%
573 29% 31%
Phlia Rapid Transit_
_50
170 20
3%
334
334
50
5% 5%
210
I%
7% preferred
334
50
4%
Phil & Rd Coal & Iron_ _.•
3%
334 3%
121
2% 18%
Philadelphia Traction_ 50 18% 19
15 3734 56
Scott Paper
* 58
58%
Ser A 7% pre
39 105
100 113% 115%
113%
58 17% 20
Tacony-Paimyra 13ridge_ _• 2034 21Si
%
Tonopah-Belmont Devel_ 1
%
1,400
Si
%
Tonopah Mining
1
*it
460
Ti,
Si
7ii
11%
United Gas Improv com * 113-4 1234 5,852 1134
• 91% 9234
576 83
Preferred
8934
25
Westmoreland Inc
•
9
9
6%
9
High
Jan
Jan
4
Jan 433.4 Jan
Jan 49% Jan
Jan 5434 Jan
7% Jan
Jan
Jan 11% Jan
Jan
1% Jan
Jan
234 Jan
Jan 2534 Jan
Jan 79
Jan
Jan 10634 Jan
Jan 32% Jan
Jan
Jan
4
6% Jan
Jan
Jan
4% Jan
Jan 2234 Jan
Jan 58% Jan
Jan 115% Jan
Jan 2134 Jan
34 Jan
Jan
Si Jan
Jan
Jan
Jan
13
Jan 923.4 Jan
Jan
9
Jan
Bonds
Elea & Peoples tr ctfs 4s '45 193-4 20
39,000 1534
19%
Phila Elea (Pa) 151 5s_1966 112 112%
1,300 105
111
111
111%
800 a893-4 110%
Registered
21
Jan
Jan 113
Jan 111%
• No par value.
Jan
Jan
Jan
a Low on N. Y. S. E.
Pittsburgh Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
July i
IVeek's Range Sales 1933 to
Range Since
for
Dec.31
Stocksl'ar
of Prices
Jan. 1 1935
Week
1934
Amer Window Glass pfd100
Ark Nat Gas Corp pfd _ 100
Armstrong Cork Co corn_•
Blaw-Knox Co
•
1
Carnegie Metals Co
Clark(DL)Candy Co _ ..•
.
Columbia Gas & Elea Co_•
Consol Ice pref
50
Duquesne Brewing com__5
5
Class A
Follansbee Bros pref _100
Fort Pittsburgh Brewing _1
Harb-Walker Barran corn..
Koppers G dr Coke pref _100
•
Lone Star Gas Co
*
Mesta Machine Co
Natl Fireproofing pfd_100
Pittsburgh Brewing Co.....'
Pittsburgh Forging Co..... I
Pittsburgh Plate Glass...25
Pittsburgh Screw & Bolt_ _•
•
Shamrock 011 & Gas
Standard Steel Spring _ _ _ ..*
United Engine dr Fdy_ _*
Vanadium Alloy Steel.....'
1
Victor Brewing Co
Western Pub Serv v to..._*
Westinghse Air Brake.....*
Westinchse Elea dr Mfx *
Low
133.4
234
2234
1234
13-4
4
6%
3%
43-4
6
93-4
2
18%
76
5%
2534
2
2
4
57
734
75e
1234
31
19
95c
334
2434
3834
High Shares
20
1334
100
234
40
23
651
133-4
2
10,910
4
65
7%
1.055
200
33-4
300
434
6%
530
100
14
2%
990
19%
55
154
77
634 2,220
1,112
27
102
2
2
175
685
434
200
57
325
8%
900
000
10
1234
3434
4,639
130
20
4,175
1
989
4
24%
101
3934
147
a Low on New York Stock Exchange
New York I'roduce Exchange.
Low
7%
bl%
b13
6
900
3%
a6%
23-4
z1
4%
5
13-4
s12
54
434
14
13-4
I%
2
b3034
a434
750
8
15
1534
2%
2%
15%
1127%
Low
1334
2%
22
10%
1%
3%
6%
3
3%
53-4
10
2
1734
7434
5%
243-4
2
2
234
6234
7%
75o
12
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High
1334 Jan
2% Jan
24
Jan
133-4 Jan
I% Jan
4
Jan
7% Jan
334 Jan
4% Jan
6% Jan
1434 Jan
2% Jan
1934 Jan
7834 Jan
6% Jan
2634 Jan
2
Jan
2
Jan
434 Jan
5734 Jan
834 Jan
1
Jan
1434 Jan
18
95o
3%
2434
37
Jan
Jan
Jan
Jan
Jan
20
1
4
26%
40
Jan
Jan
Jan
Jan
Jan
b Low on N Y. Curb. z Low ouL L
ST. LOUIS MARKETS
LISTED AND UNLISTED
WALDH El M,PLATT & CO.
Members
St. Louis Stock Exchange
New York Stock Exchange
New York Curb Exchange (Assoc.)
Chicago Stock Exchange
Monthly quotation sheet mailed upon request.
ST. LOUIS
613 011ve St.
MISSOURI
St. Louis Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Mining
Black Mammoth C IV1.10c
10c
Calumet Mines Co
Imperial Develop Co.. 250
1
Tom Reed 0 Mines
1
Zenda Gold M Co
I20 12%c 4,000
10c
10c 4,000
4c 4,500
33-ic
47c 51c 25,600
22e 5,000
18c
Unlisted
American Tel dr Tel_ _100 104% 105%
5
5
5
Aviation Corp (Del)
• 32% 32%
Bethlehem Steel
•
1%
134
CitIss Service
• 23
24%
General Electric
10 31% 32
'
,
General Motor
534
Radio Corp of America_ _ _*
53-4
4
4
Warner Bros Pictures_ _ _ _5
7c
130
1%c
25c
lie
120
10c
3c
420
140
425 100% 103%
5
3%
100
30%
10 26
1%
13%
200
600 16% 21%
500 24% 31%
4%
100
4%
4
3
100
Jan
Jan
Jan
Jan
Jan
I6c
13Sic
4c
51c
22c
Jan
Jan
Jan
Jan
Jan
Jan 105% Jan
Jan
5
Jan
Jan 33% Jan
Jan
1% Jan
Jan 23% Jan
Jan
Jan 34
534 Jan
Jan
Jan
4% Jan
•No par value.
Established 1874
DeHaven St Townsend
Members
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1415 Walnut Street
52 Broadway
Par
Stocks-
•
Brown Shoe com
100
l'referred
Coca-Cola Bottling nom_ _1
5
Columbia Brew corn
•
Corno Mills corn
5
Curtis Mfg corn
•
Elder Mfg coin
Ely&Walk DryGds com_25
100
1st preferred
1
Falstaff Brew corn
Hamilton-Brown Shoe corn
International Shoe corn..•
o
Laclede Steel corn
Mo Portl Cem com _ _ _25
Nat Bearing Metals corn.•
10
l'referred
•
National Candy corn
100
Is preferred
Rice-Stix Dry Gds com__ _•
•
Securities Inv corn
Southwest Bell Tel pfd_100
SM. Baer dr Fuller nom_ _•
Wagner Electric com__15
....
1 nn
1Veek's Range
of Prices
Low
5734
121
30
3
14.%
6
12
18%
105
3%
3
44
16
6%
19
95
1414
11634
11%
28
1203-4
9
13
Sales 1933 to
for
Dec.31
Week
1934
High Shares
140
573-4
1
121
100
30
50
3
25
15
6
50
12
6
21
960
5
105
30
3%
155
334
32
44
40
16
7
80
19
5
100
95
25
15
15
116%
10
1134
25
28
62
12134
105
9
95
13%
1111Z 1111A
417
Low
42
117
8
2%
10
4%
10
13
90
234
234
38
123-4
6
14
80
15
100
634
1534
115%
73-4
6%
On
Range Sihce
Jan. 1 1935
Low
56
121
25
3
1434
6
12
18
105
2%
3
44
16
63-I
19
95
1434
116
1 13-4
28
118%
9
13
Inn
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High
5734 Jan
Jan
121
Jan
30
Jan
3
Jan
15
Jan
6
Jan
12
Jan
21
Jan
105
334 Jan
411 Jan
Jan
45
Jan
16
Jan
7
Jan
19
Jan
95
153.4 Jan
116% Jan
1134 Jan
Jan
28
121% Jan
Jan
14
14.% Jan
•.
...
Jan.
III I,
.1.1174
Inn
•••-•
• No par value.
Philadelphia Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Jug/ I
Range Since
Weeks Range Sales 193310
Jan. 1 1935
Par
of Prices
for
Dec.31
Stocks
Week
1934
High
Low
Low
High Shares Low
285 36% 41% Jan 43% Jan
...• 4134 42
American Stores
Jan
259 109% 115% Jan 117
Bell Tel Co of Pa pref. .100 115% 117
4% Jan
90
3
53-4 Jan
43-4 5%
Budd (E G) Mfg Co . _•
Jan
Jan 33
100 33
33
40 2115 26
Preferred
San Francisco Curb Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
July 1
1Veek's Range Sales 1933 to
Range Since
for
of Prices
Dec.31
Par
Jan. 1 1935
StocksWeek
1934
Amer Tel & Tel
Amer Toll Br Del
A noln Not Onrn
Low
High Shares Low
Low
High
Jan
452 101
10334 Jan 1011
100 104 106
24c Jan
23e
24c 3,600
1
200
220 Jan
A
7E
714
110
3
7
Jan
711 Jan
Financial Chronicle
Volume 140
Stocks (Concluded) Par
Argonaut Mining
ARM Corp
Aviation Corp
Cities Service
Chrysler Corp
Claude Neon Lights
Coen Cos A
Crown Will lot prof
2nd preferred
L Cypress Abbey
5
•
5
•
5
1
*
*
•
2
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Dec.31
1934
High Shares Low
I%
500
11
8
8% 5 OL
331
125
5%
1%
414
1%
30%
38% 50 OL
35c
300
47c
50c
100
750
268 40
84%
15 16%
50
700
90c
266
Low
10
8%
5%
1%
38%
45c
75o
75
50
90c
Range Since
Jan. 1 1935
Low
Jan
10
8% Jan
4% Jan
I% Jan
38% Jan
45c Jan
75c Jan
Jan
75
Jan
50
90c Jan
General Motors
335
10 31% 31%
Gr West El-Chem com _100 126 126
10
Honokas Sugar
2.50 2.50 50 OL
20
Idaho Maryland
585
3.05 3.20
1
Intl Tel & Tel
9
100
9
"
Italo Petroleum
1
500
17c
18c
Preferred
1
75c 1.20 2.032
Kennecott
* 16% 183 10 OL
,
Libby McNeil
10
430
7% 7%
31
24
124
85
2.05
1.40
3
2.50
9
10c
Sc
68c
47c
16%
6%
2%
Monolith Port Cement_ _ _*
Preferred
10
Nat. Auto Fibres A
*
Occidental Petroleum
1
O'Connor Moffatt
*
Onornea Sugar
20
Pacific Amer Fish
•
Pan Eastern Corp
1
Pac Mutual Life
10
Pao Western Oil
•
Pineapple Holding
20
2.95
6%
13
26c
2.75
36
9%
234
17
8
11%
155
2.95
510
6%
560
13
300
Mc
2.75 20 OL
25
35
10% 2,456
44
2%
32
17
10
8
3.047
12%
1
3.35
3
200
2
30
5
1%
19%
5%
5
2.95
6%
11%
26c
2.75
32%
9%
2%
17
8
11%
Radio Corp
Shasta Water com
Sou Calif Edison
6% preferred
7% preferred
Sou l'ac G G prig
US Steel
Universal Cons 011
Virden Packing
Waialua Agricul
West Coast 1.50
531
22
II%
18%
2131
20
3734
2.75
4.25
41
4.05
5%
22
12%
18%
2134
20%
3734
535
5
41
4.05
28
210
284
123
9 OL
100
10 OL
3,345
20 OL
119
10 OL
4%
11
10%
15%
18%
14%
30%
1.20
3.75
29
4.75
4%
22
II%
17%
21%
17
37%
1.75
3.90
40
4.05
*
•
25
25
25
100
100
10
25
20
10
Stocks (Conlinued) Par
High
Jan
14
835 Jan
5% Jan
1% Jan
41% Jan
50c Jan
750 Jan
Jan
87
50% Jan
90c Jan
Jan 34
Jan 126
2%
Jan
3.30
Jan
9%
Jan
180
Jan
1.20
Jan
164
Jan
7%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2.95
6%
13
28c
3
35
11%
2%
17%
8
12%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5%
22
12%
18%
21%
2035
3734
5%
5
41%
4.05
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
• No par value.
DEAN WITTER & CO.
Municipal and Corporation Bonds
DIRECT PRIVATE WIE111
San Francisco
Oakland Sacramento
Portland
Honolulu
Los Angeles
Frani° New York
Tacoma
Seattle
Members
New York Stock Exchange
San Francisco Stock Exchange
San Francisco Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Ex. (Also.)
New York Colton Exchange
New York Coffee •-t Sugar Er.
CommodUy Exchange, Inc.
Honolulu Stock Exchange
San Francisco Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Stocks-
Par
Weeks' Range
of Prices
Low
Assoc InsuranceFund Inc 10
1%
Atlas Imp Diesel Eng A_ _.
835
Bank of California N A.100 143
•
7%
Byron Jackson Co
Calamba Sugar com____20 20
Calif Cotton Mills com_100 12%
California Packing Corp_ _• 38%
Calif Water Serv prat _100 78
Calif West Sts Life Ins caps 11%
• 38%
Caterpillar Tractor
Cst Cos G & E6% 1st pf 100 80
• 28%
Cons Chem Indus A
Crocker Firit Nat Bank 100 240
Crown Zellerbach v t c
*
4%
64
Preferred A
: 64
Preferred B
July 1
Sales 1933 to
for
Dec.31
Week
1934
Range Since
Jan. 1 1935
High Shares Low
Low
High
135
1,180
%
I% Jan
1% Jan
1,145
1%
736
5
Jan
735 Jan
143
5 1203/4 143
Jan 147
Jan
8% 2,569
3%
7% Jam
8% Jan
20
230 1536
19
Jan
Jan 20
13%
860
4
1335 Jan
1034 Jan
38%
1,385 17
37
Jan 40
Jan
78
10 59
70
Jan
Jan 80
11%
25
735
10% Jan
11% Jan
39%
1,148 15% 36% Jan 3935 Jan
80
36 56% 77
Jan 80
Jan
28%
165 21%
2731 Jan 2831 Jan
245
36 205
235
Jan 245
Jan
5
1,802
3%
4% Jan
5% Jan
68%
634 27
62% Jan 7035 Jan
88
402 28
6334 Jan 70
Jan
30
18%
5%
27%
7335
21%
16
23/4
38
18%
6
27%
75
22%
18
231
413
300
500
15
227
880
105
150
16
13
5
17
44
10%
5
%
22%
18%
531
26%
71%
20%
15%
2%
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
38
18%
6
27%
75
23
17%
2%
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
haiku Pine Co Ltd pref_25
I I awallan C dc S Ltd
5
home I'& M Ins Co__10
110'101111U 011 Corp Ltd
•
Honolulu Plantation._20
_20
Hunt Bros A com
•
15
Hutch Sugar Plant
Langendorf Utd Bak A_ .. _•
LA Gas & Elec Corp p1100
2
034
45
33%
15%
263i
935
7
8
85
20%
4535
34
15%
27%
934
8
835
85
50
175
110
800
188
500
77
310
5
43i
40
2431
10%
1735
31/4
7
8
75
2035
43%
3135
14%
26
835
7
735
81%
Jan
Jan
Jan
Jun
Jail
Jail
Jan
Jan
Jan
2031
45%
34
15%
27%
10
8
8%
85
Jan
Jan
Jan
Jar
Jar
Jar
Jan
Jar
Magnavox Co Ltd_ _ _ _2.50
Magnin (1) & Co com _ _ _ _•
hiarchant Cal Mch corn_ 10
•
Natomas Co
North Amer Oil Cons_ __10
United Filters A_ •
Oliver
1
1
834 835
235
235
83/4 8%
10% 10%
14% 14%
220
250
108
2.860
855
230
1
6
I
335
6%
5
1
835
2
735
10
12%
Jan
Jan
Jan
Jan
Jan
Jan
1
83/4
23/4
9
11
14%
Jar
Jar
Jar
Jar
Jar
Jar
1
Roos Bros corn
S J IA & Pr 7% pr pf _ _100
Schlesinger & Sons pref_100
•
Shell Union 011 corn
100
l'referred
•
So l'ac Golden Gt A
•
B
Standard 011 Co of Calif_ _*
Tido Wr Assd 0116% p1100
*
Tmnsarnerica Corp
9
89%
2%
735
73
135
31
30%
84%
531
14%
2134
1834
2231
74
%
7%
7231
114
39
.1.4
30
3.087 12%
13%
2,988 19
2035
788 1631
18
840 21%
22
217 66% 71
192
Si
%
1,051
1%
734
39 68% 70%
111
121 100
711 21
38%
35
35
200
160 15
30
9
260
12
89%
25
235
735
670
175
76
135
825
If
300
30%
546
86
26
535 16,791
5
8731
1
6
4534
35
35
26%
433'
5
9
88%
2%
6%
70%
1%
35
30%
84
5%
Jail
Jan
1435 Jar
Jan 2134 Jar
Jan 184 Jai
Jan 23% Jar
Jan 74
Jai
Jan
% Jar
Jan
835 Jar
Jan 72% Jar
Jan 114
Jar
Jan 42% Jar
Jan
34 Jar
Jan 32% Jar
Jan
Jan
Jai
Jan
Jaii
Jan
Jail
Jan
Jan
Jail
9%
89%
2%
7%
78
13.5
A
32
86%
JUIV 1
Sales 1933 to
for
Dec.31
Week
1934
Week's Range
of Prices
Low
Union Oil Co of Calif____25 1535
Union Sugar Co com____25
5
United Air Lines Trans vt c•
631
Wells Fargo lik Sc U T.100 235
Western Pipe & Steel. _10 II
• No par value.
Range Since
Jan. 1 1935
High Shares Low
Low
High
153%
311
12
15
Jan
1635 Jan
5%
5
510
4
Jan
535 Jan
6%
100
6
Jan
531
6% Jan
236
69 179
230
Jan 236
Jan
11%
590
10% Jan
735
1135 Jan
Toronto Stock Exchange-Curb Section
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Stocks-
e-rtaay
Ja44,1
Last Week's Range for
Range Since Jan. 1 1935
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Low.
High.
Biltmore Hats corn
*
Preferred
100
Brewing Corp corn
•
3%
Preferred
• 18
Bruck
Can Bud Brew com
Silk*
835
*
Canada Malting corn_
* 30%
Canada Vinegars nom_ _ _• 2635
.
Canadian Marconi
1
Can At irebd Boxes A_
*
Distillers Seagrarns
* 1635
Dominion Bridge
• 28%
Dom Pow & Trans stubs *
Dorn Tar & Chem com _ __•
5%
Preferred
100 61
Duffering Paving com_
*
English Elec of Can A__ _ ..*
Goodyr T & Rub com____• 14635
,
Hamilton Bridge pref..100 31
Inter Metal Industries_ _ _•
5%
Preferred
100 39
Langleys pref
100 65
Montreal L II & P Cons...
• 31
National Breweries corn_ *
National Grocers pref _ _100
National Steel Car Corp..
• 1635
Ogilvie Flour
Ontario Silknit corn
•
Preferred
100
l'ower Corp of Can com •
Rogers-Majestic
835
•
Robert Simpson pref _ _100
Shawinigan Water & Pow_• 1834
Stand Pay.& Mat corn_ __*
1.35
Tamblyns Ltd (G) prof 100
Toronto Elevators cona _ _• 4135
.
Preferred
100 125
United Fuel Invest prof 100
Walkerville Brew
•
Waterloo Mfg A
*
2%
011sCrown Dominion 011
•
Imperial 011 Ltd
•
International Petroleum •
McColl-Froutenac Oil corn*
100
Preferred
5
North Star 011 com
5
Preferred
Siinarti.ct PatrnIpum ord _.
1635
30
1434
99
1.10
231i
15
16
9734 97%
335 435
18
18%
17
17%
8% 831
30
3035
2534 2635
135
135
16
17
1635 1734
26% 28%
1.00 1.00
435
53/4
54
6135
2
2
834
83-4
145 146%
2931 313.4
4% 535
37
39
65
65
31
32
32% 32%
125 125
163/4 1834
175 175
8
8
80
80
9
9%
8% 9
106 106
1835 19
1.35 1.50
110 111
41
4135
123 127
26% 28
3% 434
2
23/4
70
10
5,327
336
620
245
1,117
231
35
504
5,455
400
81
5.432
303
300
50
47
75
517
140
41
202
20
3
75
5
1
14
208
8,055
188
275
175
10
380
143
95
55
280
34
17
15%
8%
2934
25
1.35
1534
15%
26%
1.00
3%
42
2
734
145
2934
4%
37
65
3035
32%
121%
1631
175
8
75
8%
735
104
183/4
1.35
110
41
122
2634
3%
1.80
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
434
1934
17%
8%
3134
2731
135
17
1834
33
1.00
53/4
6134
2
8%
148
33
535
39
65
32
32%
125
1735
175
835
80
1031
9
106
193-4
1.60
112
42
127
28
434
231
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
231
1631
31
1534
99
1.10
2.95
23 ,
•4
90
5,018
8,223
1,34
312
375
345
120
135
1631
2934
1435
,
96%
750
1.90
23
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
234
17
31%
15%
99%
1.10
2.95
2354
Jar
Jai
Jar
Jar
Jar
23/4
1634
29%
14%
9834
1.10
275
23
15
Jan
16
Jan
Jar
Jar
Jar
•No par value.
Di Giorgio Fruit $3 pf _100
•
Eldorado Oil Works
Emporium Capwell Corp_•
Fireman's I'd Indemnity 10
Fireman's Fund Ins
25
Food Mach Corp corn__ _*
Gen Paint Corp A com_ __•
•
B common
25 13%
Pacific G & E corn
25 2031
a% 1st pref
25 18%
534% preferred
pax LIght'n Corp corn
_• 22
• 7235
6% preferred
Pac P S (non-vot) corn- -•
31
(Non-vot) preferred_ •
7%
l'acific Tel 4c Tel nom_ _100 72
100 112
6% preferred
• 38%
Paraffin° Co's com
35
•
'ion Whistle pref
I rainier Pulp & Paper Co_• 30
623
Jar
Jar
Jar
Jai
Jam
Jar
Jar
Jar
Jai
Jai
Investment Trusts
Par
Administered Fund
•
•
Mineral Holding Corp_
Amer Bankstocks Corp. _ ..•
Amer Business Shares
1
Amer & Continental Corp__
Am Founders Corp 6% pf 60
50
7% preferred
Amer dt General Seti cil A...•
$3 preferred
•
Amer Inaurance Stock Corp•
Assoc Standard 011 Sharea_2
Baricamerica-Blair Corp....
Banesharee, Ltd part alas 50c
Bankers Nati Invest Corp.•
Basic Industry Shares
•
British Type Invest A....1
Bullock Fund Ltd
1
Canadian Inv Fund Ltd_l
Central Nat Corp class A__
Class B
Century Trust Shares
•
Commercial Nati Corp
Corporate Trust Sharee
Series AA
Accumulative series
Series AA mod
Series ACC • od
Crum & Foster Ins corn_ _10
8% preferred
100
Crum & Foster Ins ShameCommon B
10
100
7% Preferred
Cumulative Trust Shares..
•
Deposited Bank Sits ger A__
Deposited 'flour She A....
Diversified Trustee Ells B__
Bid
Ask
13.84 ____
10
11%
.98 1.10
.88 .96
731 8%
1235 16
17
13
434 6%
46
40
2% 3%
435 5%
3
3%
.70 .95
435 --2.93 ____
.37 .57
1034 12%
3.25 3.50
2034 22%
35 131
20.63 22.18
2% 3%
1.87 ____
1.82 ____
1.82 .
2.13 2.26
2.13 2.26
22% 2534
110 116
25
28
105 110
3.65 ____
Par
Investment 'Frust of N Y..
,
Major Shares Corn
Maas Investors Trust
I
1
Mutual Invest Truat
Nation Wide Securities Co_
Voting trust certificates__
NY Bank Trust Shares....
No Amer Bond Trust Otis__
No Amer Trust Shares, 1953
Series 1955
Series 1958
Series 1958
Northern Securities
100
lid Ask
4%
18.65 20.27
1.03 1.12
2.93 3.03
1.11 1.23
2% __ ...
8834 9234
1.75
2.18
2.18
52
56
Pacific Southern Invest pi.* 30
34
Class A
• 33-/4 411
Class 1
•
35 334
Plymouth Fund Inc el A_10c
.85 .95
Quarterly Inc Shares__ _250 1.21 1.33
Representative Trust Shares 7.81 8.56
Republic Investors Fund___
1.94 2.08
Royalties Management____
35
34
Second Internat See cl A _ __•
135 2%
i11 1
Class B common
•
60 34
6% preferred
38
Selected Amer Sharee Inc__
1.10 1.21
Selected American Shares__
2.29
Selected Cumulative Slam.... 6.23
Selected Income Shares__
3.22 3.75
Selected Man Trustees Sits.
434 4%
Spencer Trask Fund
• 14.24 15.14
Standard Amer Trust Shama 2.55 2.80
•
Standard Utilities Inc
.39 .42
State Street Inv Corp
• 62.8 67 93
Super Corp of Am Tr Sias A
2.89
AA
2.06 __ ...
B
3.06
2.08
BB
C
5.23
D.
5.24
Supervised Shams
10c 1.18 1.29
2.11 2.35
3.55 3.95
6% ____
2.80 3.10
D
434 43/4
Dividend Shares
250 1.18 1.30
Equity Corp cv pref
1 2031 24%
Fidelity Fund Inn
• 39 42.02
Five-year Fixed Tr Sharers__ 3.46
Fixed Trust Shares A
• 7.71 _
Trust Fund Shares
33-/4 33/4
B
• 6.54 __
Trustee Standard 1nveet C__ 2.03
Fundamental Investors Inc 1.88 2.06
D
1.98
Fundamental Tr Shares A__
4
435 Trustee Standard Oil Sha A
5.61
Shares 13
B
•
331
4.79
Trusteed Amer Bank Sha B.
.91 1.01
Guardian Invest prat w war
8
11
Trusteed Industry Shares
1.07 1.15
Huron Holding Corp
35
y, Trusteed N Y Bank Shares. 1.25 1.41
Incorporated Investors....' 18.46 17.69 20th Century °rig aeries __
1.45
Series B
2.40
Indua & Power Security...' 12% 1435
Internal Security Corp(Am)
United Gold Equities (Can)
Class A common
35 1
•
Standard Shares
1
2.11 2.31
Claw B common
•
U 8 & Brit Int class A com •
35 1
Preferred
100 1634 19%
535%
Preferred
• 6% 9
6% preferred
100 16
19
US Elan Lt & Pow Shares A 1034 11
Inveetment Co. of Amer
B
1.46 1.5(
Common
10 21
23
Voting trust etts
.51 .51
7% Preferred
• 21
____ Un N Y Dank Trust C 3 __
2% 315
Investors Fund of Amer.__
.88 .96 Un Ina Tr Sias ser F
1.80 2.21
• No par value. z Ex-dividend.
C
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta
Apr
431s
1 1935
56
Jan
1 1948
4338
Oct
1 1956
Prov of British Columbia
Feb 15 1936
434s
58
July 12 1949
4338
Oct
1 1953
Province of Manitoba
Aug 1 1941
4345
55
June 15 1954
re
Dec 2 1959
Prow of New Brunswick
43111
June 15 1936
Apr 15 1960
4348
Apr 15 1961
43511
Province of Nova Scotia
433s
Sept 15 1952
58
Mar 1 1960
Bid
Ask Province of Ontario
100 1003
Jan
3 1937
4
5338
58
10112 10212
1 1942
Oct
65
Sept 15 1943
983 9912
4
Ss
May 11059
4
48
100 1003
June 11982
99 100
434s
Jan 15 1965
953 963 Province of Quebec
4
4
Mar 2 1950
4348
10014 10114
Feb
48
1 1958
10312 10412
May 1 1961
4318
105 106 Province of Saskatchewan
May 1 1936
434s
103 104
June 15 1943
5s
112 113
Nov 15 1948
534s
109 110
Oct
1 1951
4348
Bid
Ask
1073 1073
4
8
1123 11312
4
11712 11812
1183 11912
4
10612 10714
113 114
11112 11212
10714 10814
11114 112
100 1003
4
4
99 2 100,
,
10112 10212
953 9612
4
10914 110 4
,
117 118
Canadian
Private wires to Toronto and Montreal
Industrial and Public Utility Bonds
Bid
Ask
343 3514
4
9212
99
102 1014
375
1113 11612
4 10512 10612
1033 10412
4
10214 103
10312 10412
40
42
102
102
1023 1011;
4
10512 107
98
10614 107
7512 76'4
10012 101
9814 99 2
,
7112
71
111 1113
4
2214 223
4
10812
31023 166 4
4
74
743
4
99 4 100
,
48
50
993 997
8
e
8112
_
85
_
101
1003 10112
4
35
983 983
8
s
9512 9614
3214 33 4
,
10012
10312
-12
9812 9
Bid
Lake St John Pr & Pap Co
1942
633e
1947
MacLaren-Que Pow 5548'61
Manitoba Power 5 t4s_1951
Maple Leaf Milling 53481949
Maritime Tel & Tel 68_ _1941
Massey•11arris Co 58.1947
McColl Frontenao 011681949
Montreal Coke & M 53-48 '47
Montreal Island Pow 533657
Montreal L 11 Sz P (850
par value) 38
1939
55
Oct 1 1951
Mar 1 1970
55
Montreal Pub Serv 58. _1942
Montreal Tramways 5s_ 1941
New Brunswick Pow 5e 1937
Northwestern Pow 68 _ _1960
Certificates of deposit...._
Northwestern 13th l 78._1938
Nova Scotia L & P 53_1958
Ottawa Lt Ht & Pr 63_1957
Ottawa Traction 53
38-1955
Ottawa valley Power 533870
Power Corp of Can 433s 1959
_Dec 1 1957
58
Price Bros & Co 68
1943
Certificates of deposit_ __
Provincial Paper Ltd 5348'47
Quebec Power 5s
1968
Rowntree Co es
1937
Shawinigan Wat & P 4535'67
Simpsons Ltd 6s
1949
Southern Can Pow 55_.1955
Steel of Canada Ltd 65_1940
United Grain Grow 58_ _1948
United Secur'ies Ltd 5338'52
West Kootenay Power 55 '56
Winnipeg Eleo Co 55_ _ _ 1935
6s
1954
Ask
31
32
4
733 743
4
10014
6212 64
44
46
10612
871;
86
104 1043
4
10212
102
4912
49
10714 108
1073 10814
s
10612
9914 10012
85
86
33
34
3212 35
105
102
1033 104 2
4 - -188
10512 166
8714 8814
9512 9612
9,
82
97
101
10414 16618
100
967 9714
8
103
10412
109
95
76
105
97
68
-62
623
4
Montreal Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Stocks—
Sales
Friday
Range Since Jan. 1 1935.
Last Week's Range for
Sale
Week.
of Prices.
Low.
Par Price. Low. High. Shares.
High.
Agnew-Surpass Shoe
•
•
Preferred
Alberta Pacific Grain A.._ 8
Preferred
100
Am& Electric Corp pref_50
Assoc Breweries
•
Preferred
•
Bathurst Pr & Paper A._*
•
Bawlf N Grain
Preferred
100
Bell Telephone
100
Brazilian T,L& P
•
Mt Col Power Corp A_ _ _•
•
•
Bruck Silk Mills
Building Products A
*
Canada Cement
*
100
Preferred
Can North Power Corp_ __"
Canada Steamship
•
Preferred
100
Canada Wire & Cable cl A •
*
Class B
Canadian Bronze
•
100
Preferred
Canadian Car & Foundry _•
25
Preferred
*
Canadian Celanese
100
Preferred 7%
Rights
Canadian Converters_ _100
•
Can Foreign Invest
*
Preferred
Can General Elea pref._ 50
Can Hydro-Elec pref___100
Canadian Ind Alcohol..._ ..•
Illf,IR B
•
27
6
39
13234
933
30
17
29
735
6334
1834
231
953
30
734
1434
106
20
30
2853
107
63
8134
931
834
Members New York Stock Exchange
26 Broadway, New York
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets.
Montreal Stock Exchange
Bonds
Wood,
Gundy
14 Wall St.
& Co., Inc.
New York
Abitibi P de Pap etre 58 1953
Alberta Pacific Grain 68 1946
Asbestos Corp of Can 56 1942
Beaubarnois LU & P 534s'73
Beauharnois Power 8s._1959
Bell Tel Co of Can 58_ .1955
British-Amer Oil Co 56_1945
Brit Col Power 5346_1960
5s
1960
British Columbia Tel 58 1960
Burns & Co 5 kill
1948
Calgary Power Co 5s__ _1960
Canada Bread 68
1941
Canada Cement Co 53311 '47
Canadian Canners Ltd 68'50
Canadian Con Rubb 68.1946
Canadian Copper Ref 68 '45
Canadian Inter Paper 68 '49
Can North Power 58_ __1953
Can Lt & Pow Co 58. _ _1949
Canadian Vickers Co 68 1947
Cedar Rapids M & P58 1953
Consol Pap Corp 5%s_ _1961
Dominion Canners 68_1940
Dominion Coal 68
1940
Dom Gas & Elea 633/1-1945
Dominion Tar 66
1949
Donnaconna Paper 553e '48
Duke Price Power 65.. _1966
East Kootenay Power 78 '42
Eastern Dairies fle
1949
Eaton (T) Realty 5s_ __1949
Fain Play Can Corp 68_1948
Fraser Co es
1950
Gatineau Power 58____1956
General Steelwares 68..1952
Great Lakes Pap Co 1st 6650
Hamilton By Prod 76_1943
Smith 11 Pa Mills 5%6.1953
Int Pow & Pap of Nfld 55'68
LAIDLAW & CO.
8
8
96
96
3
3
26
2753
15
15
1374 1334
105 105
6
634
3
I
40
33
13131 13234
953 1034
2953 30
433 5
1634 1734
2834 29
734 8
63
6435
18
1834
234
2
734 1134
20
20
8
8
2934 30
110 114
734 733
1434 1534
2253 23
105 10633
20
20
30
30
2534 29
105 1073-4
63
6334
82
77
831 934
734 9
20
20
210
125
45
70
20
700
138
267
426
2,094
695
75
2,905
250
591
1,039
125
665
2,750
15
50
95
40
1,290
825
295
415
800
15
212
319
54
542
6,370
1,705
734
96
3
2134
15
1334
105
634
1
32
129
934
2833
434
1434
27
734
553-4
18
I%
634
1934
8
2734
110
7
1434
2234
100
19
30
2534
105
62
75
7
6
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8
96
354
28
15
1334
107
633
3
40
13234
1034
3034
5
1734
2934
834
6434
19
234
1134
20
8
3034
114
831
17
2334
10633
2034
30
29
10734
6334
8234
953
934
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Frida y
Jain
Last Week's Range for
Range Since Jan. 1 1935
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Low.
High.
Canadian Pacific Ity _ _25 13
13
1334 6,108 1153
Celanese Corp of America • 3033 3034 3033
100 3034
Cockshutt Plow
753 754
•
110
733
Con Mining & Smelting_25 13134 13131 135
208 13131
Dominion Bridge
• 2834 2634 2834
934 26
Dominion Coal pref____100 125
11953 12434
1,018 11653
Dominion Glass
118 118
100
25 111
Preferred
140 140
10 140
100
Dominion Steel & Coal B 25
6,357
534 6
431
534
Dominion Textile
115 8034
• 8034 8034 81
Preferred
141 142
100 142
20 137
•
5
Dryden Paper
4
5
795
4
East Kootenay Power_
•
35
254 234
234
Eastern Dairies
253 253
*
50
234
Enamel & Heating Prod__*
1
1
5
1
Foundation Coot Can_ •
13
13
25 1234
r
5
General Steel Wares
1,640
433 533
453
:Modyear T Pf Inc 1927 100
115 115
20 114
:lard (Charles)
•
5.33 „534 533
45
4.33
-sum, Lime & Alabast_•
:411
633
320
834 634
634
Hollinger Gold Mines_ _ _5 18.35 18.35 19.25 1,760 17.75
Howard Smith l'aper M_ •
1153 1234
2,930 1055
Preferred
1(50
87
90
165 85
imperial Tobacco
• 1334
1331 1334
679 1331
intercolonial Coal
100
25
25
4 25
Ent Nickel of Canada _ _ _.• 23
2234 2334 _ 3,454 2234
Ent Paper & Pr pref__ _100
953
65
103-4 1053
international Power
*
4
4
146
4
Preferred
100 59
56
58
147 56
Lake of the Woods
• 1253 1234 1233
40 1253
374
"
334
65 4 234
[Andsar (C W)
r
5
1Iassey-Harris
434 534
270 „ 434
14cColl-Frontenac Oil_ _ _ _• 1474
1434 1531
1.583 14
1,1Itchell (J Si
25
25
1 25
Vlontreal Cottons prof_ 100
100 7554
7534 7634
1,1ontreal L, H & Pr Cons_• 31
3053 32
2,565 3034
Wontreal Telegraph- --40
55
55
2 5474
11ontreal Tramways_._i00 8534 85
8534
41 80
gational Breweries
• 3231 32
3234
2,688 31
Preferred
25 3833 3834 3835
232 3855
gational Steel Car Corp_ _• 17
1654 17
275 16
Viagara Wire Waving_
18
18
•
30 15
3gilvie Flour Mills
•
170 170
7 170
Preferred
100
150 150
90 145
)ttawa Lt, Ht& Pr_ _100
82
82
35 79
Preferred
100
10234 103
16 102
Penmans
• 60
60
62
20 60
Preferred
100
115 115
50 115
Power Corp of Canada_..•
834 934
931
381
834
luebee Power
•
16
17
340 1554
Roll & Paper pref
•
90
90
1 90
it Lawrence Corp
• 1.60
1.50 1.65 1,150
1.50
A preferred
50
634 7
75
653
St Lawrence Flour Mills 100
38
38
25 39
it Lawrence I'aper pref 100
1333 15
680 13
3hawinigan W & Power__• 1834
1833 1974 2,414 1831
3herwin Williams of Can.
15
•
1553
700 15
Preferred
100
100 100
106 100
iimpsons preferred_ _100
8734 8734
5 8534
3outhern Can Power
•
133-4 14
330 13
3teel Co of Canada
• 47
4533 4731
587 4434
Preferred
25 4231 4234 4234
125 4274
ruckett Tobacco pref _ _100
13334 13334
65 135
Fwin City
•
4
4
50
4
Viau Biscuit
1.45 1.85
•
120
1.45
Preferred
12
100
12
4 12
• 22
Wabasso Cotton
2134 23
695 1733
Western Grocers Ltd pf 100
98
98
35 98
Windsor lintel
2
2
•
3
2
Winnipeg Electric
•
2
2
75
2
Preferred
100
855 835
35
831
Woods Mfg pref
100 66
70
65
112 62
Banks—
56
* 56
57
:Ianada
154 55
128 129
100 129
3anacilenne
85 125
167 16931
100 169
P.ommerce
105 166
197 19833
11ontreal
100
121 198
295 304
100 302
Veva Scotia
39 279
Royal
100 17213 17134 17254
142 168
225 225
100
Poronto
2 222
• No par value.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1334
3033
834
140
3334
12434
120
140
6
8234
142
5
234
3
1
1353
534
115
674
734
20.00
1234
90
1334
25
2434
1053
6
64
1334
334
534
1534
25
7634
32
55
8554
3234
39
1834
18
190
150
82
10334
62
115
1033
1753
92
1.90
834
3053
1653
20
17
100
8934
1434
48
44
135
4
1.95
12
2331
98
2
231
9
70
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
57
130
16951
204
304
17254
225
Jan
Jan
Jan
Jan
Jan
Jan
Jan
HANSON 13ROS Canadian Goverment
Municipal
IIIK)013DOIRA1ED
ESTABLISHED 1813
255 St. James St., Montreal
330 Bay St., Taranto
56 Sparks SL, Ottawa
Public Utility and
Industrial Bonds
Montreal Curb Market
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Friday
Sales
Las! Week's Range for
Range Since Jan. 1 1935.
Sale of Prices. Week.
Stocks—
Par PTIC41. Low. High. Shares.
High.
Low.
I
Asbestos Corp voting tr__• 11
Associated Oil & Gas Ltd.. 1133c
9% 11%
1133c
12c
2,954
800
734
Ilc
Jan
Jan
1134
13c
Jan
Jan
625
Financial Chronicle
Volume 140
Canadian Markets-Listed and Unlisted
CANADIAN SECURITIES
CANADIAN MARKETS
GOVERNMENT, MUNICIPAL, CORPORATION and RAILROADS
JENKS,GWYNNE & CO.
ERNST & COMPANY
Members New York Stock Exchange, New York Curb Exchange and other
principal Exchanges
Members New York and Chicago Stock Exchanges
New York Curb Exchange - Chicago Board of Trade
65 Broadway, New York
230 Bay St., Toronto
256 Notre Dame St., W., Montreal
Philadelphia - - - Burlington, Vt.
PRIVATE WIRES MONTREAL, TORONTO AND CHICAGO
Montreal Curb Market
Toronto Stock Exchange
Friday
Sales
Range Since Jan. 1 1935
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Low.
High.
1.25 1.50
145
Brit Col Packers Ltd
*
1.45
Cum preferred
100 16
567
16
18
Belding-Corticelli Ltd -100
5
85
85
Brit Amer Oil Co Ltd_ _ _* 15%
1,895
15% 15%
*
Canada Vinegars Ltd_
5
26
26
Cndn Dredge & Dk Ltd _ _* 24% 24% 24%
365
Cndn Pow & P Invest Ltd •
150 150
175
Cndn Vickers cum pref_100
9
16
8% 9
Champlain 011 Prods pf _ *
7
7%
1,248
Commercial Alcohols Ltd *
310
75c 85c
Dominion Stores Ltd__ __*
515
11% 11%
Dom Tar & Chem Ltd_ _..•
5%
4% 5% 4,252
Cum preferred
100 62
561
54% 62
English Elea Co of Can A *
50
8
8%
'Fraser Companies Ltd_ _ _ 5
30
4
4
Voting trust
35
*
4
3% 4
Imperial Oil Ltd
• 16%
2,842
16% 16%
Inter-City Bakg Co Ltd100
50
17
17
Int Petroleum Co Ltd_ _ _ •
.
1,330
30
31
Inter State Royalty A._..*
13
12% 13
550
B
25
*
2
2
2
Meichers Distil Ltd A _ _ _ .* 10% 10% 10%
645
13
•
85
3% 335
Mitchell & Co Ltd (Robt) *
100
4% 4%
Page-Hersey Tubes Ltd_*
30
80
81%
Itegent Knitting Mills Ltd*
1,517
5%
4% 5%
Rogers Majestic Corp__ __*
280
8%
8% 9
Thrift Sts cum pref 635%25
45
12% 12%
Utd Distil of Can Ltd_ _ _ _*
95c
950 950
200
Walkerville Brewery Ltd *
4.10
4.00 4.20 1,250
Walker Good & Worts_ _ _ 5 29% 29% 3035
595
Preferred
• 17%
17% 17%
200
Whittall Can Co cum pf100
200
77
77
Beaubarnois Pow Corp_ __*
6
1,657
5% 6%
C No P Corp Ltd pref_ _100 104% 104 105
51
City Gas & Elea Corp Ltd *
2
100
2
2
Foreign Pow See Corp Ltd*
20
2
2
Inter Util Corp class A_*
1.55 2.00
70
Class B
1
325
40e 45c
Pow Corp of Can cumpf100
303
92% 94
Sou Can P Co Ltd pref.100 98
226
98
100
Mining
Big Missouri Mines Corp 1
1,01
35c 36e
Bulolo Gold Dredging_ _5 35.45 35.00 35.50
450
Brazil Gold & Diamond_ _1
37c
21c 37c 22.600
Cartier-Malartic G M_ _1
10235c 1.03 7,000
Dome Mines Ltd
*
100
36.75 36.75
Francoeur Gold
5
l3c 1,900
12e
J M Consol
1
13e
120 14c 6,600
Lake Shore Mines Ltd__ _ _ I
200
52.00 53.00
Label Oro Mines Ltd
1
4%c 435c 1,500
Nipissing Mines Ltd
100
5
2.30 2.30
Noranda Mines Ltd
• 32.75 32.25 34.00 1,424
I'arkhill Gold Mines Ltd 1
600
22e
23c
Pickle-Crow
I
2.45
2.45 2.65 6,800
Quebec G Mining Corp_ I
11c
i2c 4,500
11c
Itead-Authier Mine Ltd _ _1
70e
70c 77c 8,200
Siscoe Gold Mines Ltd_ _1
.
2.60
2.60 2.62 3,800
Sullivan Consol
1
40e
40c 42c 8,067
Teck-Hughes GM Ltd- _1
3.85
3.85 3.92 1,025
White Eagle Silver M...._*
30
3c 1,000
Wright-Hargreaves M._ _• 8.60
985
8.60 8.90
Unlisted Mines
Cent Patricia G Mines_ _ _1
1.20
1.19 1.29 2,500
Sherritt-Gordon M Ltd_ _ _1
600
54e 55c
Stadacona Rouyn Mines__* 22%c
140 23%c 127,025
Unlisted
Abitibi Power & Paper Co *
1.75
1.60 1.80 2,540
Cum preferred 6% _ _100
645
.
7% 8
5% 5%
Ctf of deposit6% pref100
240
6
Brewers & Distil of Van_*
80e 850 1,075
Brew Corp of Can Ltd_ __*
680
4%
3% 3%
Preferred
400
17% 19%
*
Canada Malting Co Ltd..* -..._ _ _
865
3034 30%
Cndn Canners let pref_100
40
93
93
25
Cndn Ind Ltd pref
100
160 160
45
Cndn Light & I'ower Co100 27% 25
27%
Claude Neon Gen Ad Ltd..*
900
25c
250 30c
Consol Paper Corp Ltd_ __*
1.85
1.75 1.85 1,854
Ford Motor of Can Ltd A_ 5 30% 29% 31%
3,221
General Steel Wares pf_100 45
712
37
45
45
Loblaw Groceterlas Ltd A * 18
18
18%
Price Bros Co Ltd
2% 3% 3,770
100
3%
Preferred
1,405
100 31
25
34
Royallte Oil Co Ltd
*
20.95 22.15 1,290
155
Weston Ltd
*
44%
44
Call POW & Pa Invest of *
4 % a'4
,
275
1.25
17
85
14%
26
24%
150
6%
7
750
11%,
3%
44
8
3%
3%
16%
17
293
12%
2
10
3
4
78
4%
7%
12
75c
3.95
26%
16%
75
5%
104
1.50
1.00
1.50
35c
88
95
Jan
1.75
Jan
18
Jan 85
Jan 15%
Jan 27%
Jan 25
Jan
15c
Jan
13
Jan
7%
Jan
90e
Jan 12%
5%
Jan
Jan 62
Jan
8%
Jan
4%
4
Jan
Jan 17%
Jan 17
Jan 31%
Jan 13
Jan
2
11
Jan
Jan
4
Jan
434
Jan 82%
Jan
5%
9
Jan
Jan 12%
Jan
950
Jan
4.25
Jan 31%
Jan 17%
Jan 80
Jan
6%
Jan 105%
Jan
2%
Jan
2%
Jan
2.00
Jan
45e
Jan 94
Jan 100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ja
Ja
Ja
Ja
Jo
Ja
Ja
Ja
Ja
Ja
Jo
Ja
Ja
Ja
Ja
Ja
33%c
34.00
200
20
36175
12e
120
49.00
4c
2.30
31.00
20e
2.30
9 Tic
700
2.55
40e
3.80
3e
8.20
37e
Jan
Jan 36.95
370
Jan
Jan
3c
Jan 38.90
Jan 1635c
Jan 1735c
Jan 54.00
4%c
Jan
Jan
2.72
Jan 35.25
Jan
25e
Jan
2.76
Jan
15c
Jan
90e
Jan
2.75
Jan
44e
Jan
4.05
Jan
3c
Jan
9.20
Jo
Jo
Jo
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Jo
Ja
Ja
Ja
Ja
Ja
Ja
J
Ja
J
1.18 Jan
1.28 J
53e Jan
68e J
I40 Jan 23310 J
1.25
4%
4%
650
3%
17
30
93
148
23
250
1.55
2834
37
18
1.75
22
18.25
41%
435
Jan
2.00
Jan
9%
Jan
6%
Jan
95e
Jan
4%
Jan
19%
Jan 31
Jan 93
Jan 160
Jan 27%
Jan
30c
Jan
2.00
Jan 32%
Jan 45
Jan 18%
335
Jan
Jan 34
Jan 22.15
Jan 45%
Jan
435
J
J
J
J
J
J
Ja
Ja
Jo
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
5 No par value.
Toronto Stock Exchange
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
Stocks-
Sales
Friday
Range Since Jan. 1 1934
Last Week's Range for
Week.
Sale
of Prices.
High.
Law.
Par Price. Low. High. Shares.
Abitibi Pow & Paper Corn _*
1.70 1.65
6% preferred
100
7
Alberta Pacific Gr pref _100 27
25%
Beatty Bros corn
12
Preferred
10
92
Beauharnois Power corn.. _•
6
6
100 133
132
Bell Telephone
27%
Blue Ribbon 635% pref _50
Brantford Cord let pref _25 28
28
Brazilian T L & Pow corn_*
9%
Brewers & Distillers corn_ * 800
700
29
13 C Power A
•
4%
5 28% 28%
Building Products A
25
33
Burt(F N)Co Coin
1.85
7%
27
12
93
6%
133
27%
29
10%
85c
29
4%
29
34
1.15
2,363
4%
97
55 18
9%
55
10 86%
5%
1,822
164 128%
100 27%
240 27%
8,249
9
550
4,650
10 28%
5
4%
255 26
155 32%
Jan
2.00
Jan
9%
Jan 29
Jan
15
Jan
93
Jan
6%
Jan 133
Jan 29
Jan 29
Jan
10%
Jan
950
Jan 30%
4%
Jan
Jan 29%
Jan 34%
New York
One South William Street
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
of Prices.
Week.
Sale
Low.
High.
Stocks (Concluded) Par Price. Low. High. Shares.
15%
4%
80
30
7%
735
63
64
8
934
19%
19%
62
52
111
6
92%
93
..
8%
7%
7%
15
24% 24%
15%
5%
80
30
8
64%
11%
20
54
111
6%
94
8%
7%
16
24%
7,467 15%
5,135
3%
55 65
1 24
734
643
1,529 55
7
2,068
50 193.4
175 52
85 110
90
6
135 90
8%
70
570
7
250 15
785 24
Jan 15%
Jan
5%
Jan 80
Jan 30
Jan
8%
Jan 64%
Jan 11%
Jan 20
Jan 56
Jan 111
7
Jan
Jan 94
Jan
934,
Jan
8%
Jan 16%
Jan 24%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
'63
Can Gen Elec pref
50
8%
9%
Can Indust Alcohol A_ _ _*
*
B
8
Canadian Oil nom
13
*
124%
Preferred
100 125
13
Canadian Pacific Ry _ _ _25 13
.
Canadian Wineries
*
535
5%
7%
Cockshutt Plow corn
*
900
*
Conduits Co corn
12
Consolidated Bakeries_ _ _ 5 1235
132
Cons Mining & Smelting 25 132
Consumers Gas _ _ ___ _100 190
1893.4
.
15
Cosmos Imperial Mills...* .Preferred
100 105
10435
6335
935
835
13%
125
13%
6
8
90e
1235
135
180
16
105
194
2,61
45
60
43
5,03
185
610
100
765
23
143
50
22
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
64
9%
9%
15
125
13%
6
8%
1.00
12%
139%
191
16
105
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11%
Dominion Stores corn.. _ _ _* 11%
Dom Steel & Coal B_ _ _25
5%
.
5%
66
Eastern Theatres pref _ _100 66
3%
2%
Easy Wash Mach com_ _ _.
8%
*
8%
Fanny Farmer corn
Ford Co of Canada A.._ _ _* 30% 29%
68
Frost Steel & Wire
100
435
General Steel Wares corn *
5
115
Goodyear T & Rub pref100 115
6%
6%
Gypsum, Lime & Alabast *
11%
6
66
33
,
9
32
69
5
115
6%
245 11% Jan 12%
6
4% Jan
5,353
Jan 66
5 66
334
2% Jan
445
4,090
9%
8% Jan
Jan 3234
7,007 29
Jan 70
15 68
5
175
4% Jan
46 11434 Jan 115
1,080
634 Jan
734
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
29
55
12
9%
3%
111%
23%
13%
7%
105
62
1834
1734
111
10 2734
20 55
385 10%
10
9
2,175
234
2 110
4,826 22%
360 13
6%
520
120 103%
85 61
1,546 17%
693 17
36 110
Jan 29
Jan 57
Jan
12
Jan
11
Jan
3%
Jan 111%
Jan 2434
Jan
13%
8
Jan
Jan 105
Jan 62
18%
Jan
Jan
1734
Jan 111
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1.15
1.15 1.30
Maple Leaf Millg com____*
5
5
5
Preferred
100
4%
*
5%
Massey-Harris corn
534
* 18
1735 18
Moore Corp corn
125 130
100 125
A
140 141
B
100
1.10 1.10
Muirheads Cafeterias com*
21%
21
National Sewer Pipe A.. 5
Ont Equitable 10% pd_100
8%
835 8%
Page-Hersey Tubes corn..* 80% 80% 81
Photo Engravers & Elec _ _ 5 23
22% 23
90
90
100 90
Porto Rico pref
13% 14%
Pressed Metals corn
*
27% 27%
Riverside Silk Mills A _ _ _ _*
77% 88
Russell Motors pref_ _ _ _100 86
1.15
582
4
10
3,19
4%
347 17%
75 118%
45 135
10
1.00
145 21
145
7
130 78
190 22
5 90
390 13%
25 27%
477 70
1.30
Jan
5
Jan
Jan
5%
18
Jan
Jan 130
Jan 141
Jan
1.10
Jan 21%
8%
Jan
Jan 83
Jan 23%
Jan
90
Jan
15
Jan 28
Jan 88
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
12
634
90
48
44
10
95
151
65
5%
4%
Jar
Jar
Jar
Jar
Jan
Jan
Ja7
Jat
Jan
Jan
Jan
Jan 31%
Jan
17%
Jan
6
Jan 46%
Jan 113
2
Jan
Jan
934
5
Jan
Jan 85
Jan
Jai
Jan
Jan
Jul
Jan
Ja]
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
*
British American Oil
*
Canada Bread corn
lot preferred
100
B preferred
100
Canada Cement corn
*
*
Preferred
Can Steamship pref __ 100
*
Can Wire & Cable A
5
Canada Packers
Preferred
100
Canadian Canners corn __*
1st preferred
100
Convertible preferred_ _"
Can Car & Fdry corn
5
Preferred
25
Can Dredge & Dock com_*
Hamilton Cottons pref _ 30
Ham Utd Theatres pref 100
Hinde & Dauche Paper_ _*
*
Hunt's Ltd A
Harding Carpet
5
Internat Mill 1st pref _ _ 100
International Nickel corn •
Imperial Tobacco
5
*
Kelvinator corn
Preferred
100
Laura Seeord Candy corn *
Loblaw Groceterlas A _ __ _ 5
B
*
Loew's Thea(M) pref _ _100
15%
4%
29
55
11%
935
3
110
2334 23
13
1335
7%
735
104
61%
17%
18
17
17
110
12
9%
335
r6234
7%
7
13
120
12%
515
1735
800
11%
132
1893.4
14%
103%
12
634
88%
45%
42%
9
95
100
65
4%
3%
12
63
(
89%
47%
4235
9
95
tOe
65
534
434
25
10
165
285
175
25
5
100
65
2,495
480
Walkers (Hiram) com
* 29%
2834
5 17%
17%
Preferred
Western Can Flour corn_ *
6
Weston Ltd (Geo) com__ _ 5 43 • 42
112
100 112
Preferred
1%
Winnipeg Electric com___*
9
Preferred
100
*
5
5
Zimmerknit corn
85
100
Preferred
30%
17%
6
4435
112
2
9%
5
85
27%
5,60
001
16%
300
6
1,518 41%
95 112
12
1%
35
9
4'5
75
45 82
Banks
Bank of Canada
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
5635
169%
201
207
199
305
173
22634
Simpson's Ltd A
B
Preferred
Steel of Canada corn
Preferred
Tip Top Tailors corn
Preferred
Traymore Ltd corn
Preferred
Union Gas Co corn
United Steel Corp
*
*
100
*
25
*
100
*
20
*
*
50
100
100
100
100
100
100
100
47
65
5
3%
56
56
189% 167%
200
205
202
197%
199
300
295%
172
171%
226% 225
Loan and Trust
Canada Permanent_ _ _ _100 143
Huron & Erie Mortgage100 95
100
Real Estate Loan
50 117
Toronto Mortgage
•No par value.
142
95
58
117
143
95
68
117
75
114
290
109
94
91
415
56
10%
6%
88
44
41%
834
92
be
65
4%
335
56
167
199
202
197%
280
169
220
44 140
23 95
5 58
10 115
57
169%
201%
207
204
305
173
22634
Jan 150
Jan 95
Jan
58
Jan 117
Ja
Ja
Ja
Ja
626
Financial Chronicle
Jan. 26 1935
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Curb Section
(See Page 6233
Friday
Sates
Last Week's Range for
Range Since Jan. 1 1935
Sale
of Prices.
Week.
Stocks (Concluded)
-Par Price. Low. High Shares.
Low.
High.
DOHERTY ROADHOUSE & CO.
Members
The Toronto Stock Exchange
Correspondence Solicited
Telephone:
Texac Canadian 011
65c
65c 65c 1,700
•
65c Jan
Todburns Gold M Corp...1
1.38
1.31 1.45 2,910
1.26 Jan
Towagmac Explor
1 2234c 2234c
23c 2,700 2234e Jan
Treadwell Yukon
20c 20c
1
300
20c Jan
Vacuum Gas & 011
•
34c
31c
Tic 6,500 00%,c Jan
34o
Ventures
91c 95c 15,550
93c
Jan
Waite Amulet
70c
•
600 70c 1,919
600 Jan
n
Wayside Cons
Sc 754c 83.1C 14,850 7,34c Jan
50c
White Eagle
• 235c 234c
4c 30,100 2.34c Jan
Wiltsey-Coughlan
1
5340 534c 2,100
Sc Jan
• 8.75
Wright-Hargreaves
8.65 9.05 7,275
8.25 Jan
75c
1.45
300
25c
lc
1.05
75c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sc
Jan
93 ° jjan
9.2( Jaa nn
l
WAverley 7411
293 BAY ST.
TORONTO
Toronto Stock Exchange-Mining Section
Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists
PrWAV
Direct Wire
-New York & Toronto
CANADIAN MINING STOCKS
SILVER FUTURES
billeS
Last Week's Range for
Range Since Jan. 1 1935
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Low.
High.
42 Beepatheyei
Haw York
0 347
C. A.GENTLES & C . Bay Straet
Momboro The Toronto Stook andmago
GoomIlao Commodity lixotbameo,is..Ito
0.
a
W
40
..W
.
.
0
p-,
0
.-4---40'a-moow ....1t0cc3=03 A, .
wwoo-4.am.....
w.-4.0o.a..0.P...WWW&000 co -1.-03
=OW000000.00
..,
,..,,,,
...,
.....
.
0 ...b.,
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4,.
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iolo:-Wolnm4,110100WA.VboO.W-I00g14-1.0,1.1.21WOWoap'010
-400W-49.00.-0w=
Acme Gas & Oil
20c
•
21c
Ajax Oil& Gas
1
86c 86c
Alexandria G Mines
174c
1
2c
134c
Algoma Mining & Fin_
•
30 334c
Angio-Huronlan
*
4.00
4.00 4.25
1
Area Mines
20
20
Ashley Gold Mining
1
23c 26c
Astoria Roiyn Mines.......1
334c 334c
Bagamac Rouyn
1 1034c 9340 1134c
Barry-Hollinger
1 6340
fic 635c
Base Metals Mining
•
600 60c
Bear Explor & It
160
1
16c
18c
Beattie Gold alines
•
1.92
1.92 2.05
Big Missouri (new)
1
350
350 36c
Bobjo Mines
1
30c
36c
BR X Gold Mines
17e 1634c
50c
18c
13radian Mines
1
2.10 2.20
Bralorne Mines
• 10.00
9.85 10.25
Buffalo Ankerite
1
2.85
2.7.5 2.95
Buffalo Canadian
•
2c
134c 234c
Bunker Hill Eaten
•
40 434C
Calgary & Edmonton_
•
75e 75c
Calmont Oils
1
7c
7c
Cndn NIalart c Gold
•
.56c
56c 60c
Cariboo Gold
1
1.28 1.30
Castle-Trethewey
1
590
59c 6054c
Central Patricia
1
1.23
1.18 1.26
Chemical Research
• 1.99
1.90 2.29
Chibougamau Pros
•
8c 934c
Clerley Como (new)
• 3340
30 334c
• 934c
Columario Consol
9c 113-4c
Commonwealth Pete
Sc 434c
•
Sc
Coniagas Mines
5
2.40 2.87
Coniaurum Mines
• 2.25
2.25 2.30
Dome Mines
• 35.80 35.80 36.65
Dorn Explor (new)
1
7c 734c
Eldorado
1
1.15
1.11 1.25
•
Falconbridge
3.30 3.45
Federal Kirkland
1
234c 23dc
God's Lake
• 1.57
1.57 1.71
Goldale
1
18c
16c 1834C
Gold Belt
50c 4034c 40340 4034c
Goldfield Consol
1
150
15c
GoodfLsh Mining
1
12c
120
Graham Bousquet
1
234c 234c
1
Granada Gold
12340
13c
Grandoro Mines
•
Oc
9c
Greene Stabell
1
30c 340
1
Gunnar Gold
60c
56c 66c
Halcrow Swayze
1
Sc
6c
Harker Gold
1
Sc 83.10
10c
Hollinger Cons
5 18.25 18.25 19.35
FIowey Gold
1
98c
980 1.02
Int NI Corp (ctfs)
1
13.00 13.00
Warrants
1
5.00 5.00
J M Cons Gold Mines_ _1
12c
140
Kirkland Cons
1
I4c
13c
14c
Kirk Hudson Bay
1
30c
30c 30c
Kirk Lake Gold
1
57c
570 Mc
Lakeland G Mines
1
134c
134c 1340
1 51.50 51.25 53.00
Lake Shore Mines
Larnaque Contact Gold I
4c
40 4.34c
Lee Gold Minos
1
334c 234c 334c
Little Long Lac
• 6.75
6.50 6.90
Macassa Mines
1
2.30
2.30 2.46
Man & East Mines
• 834c 634c
90
Maple Leaf Mines
1
100
9c
10c
McIntyre-Porcupine
5 38.25 38.05 39.00
McKenzie Red Lake
1
1.27
1.25 1.31
McKinley Mines
1
64c 114c
McMillan Gold
1
36c
36c 39c
McVittle Graham
1
3Ic
30c
32c
McWatters Gold
•
70c
590 73c
Nferland 011
•
18c
18c
18c
‘Ildwal Oil & Gas
1
170
I5c
19ekilning Corp
*
1.10
1.10 1.20
Moffatt-Hall Mines
1
234c 234c 234c
Moneta Porcupine
1
140 13340 150
Murphy Mines
134c 134c
134c
I
Newbec Mines
•
20
20 23dc
Nipissing
5
2.25
2.20 2.35
Noranda
• 33.00 32.75 33.75
Nor Can Mining
•
270 28344
)Iga 011 & Gas
•
40
4c 434c
Paymaster
1
18c
180
19e
Peterson Cobalt
1
134c 134c
Pickle Crow
1
2.44
2.43 2.64
Pioneer Gold
1
10.00 11.00
Premier Border G M
•
1.50 1.56
Prospectors Airways
•
1.30 1.55
Read-Authier
1
700
700 800
Reno Gold
1
1.30 1 39
Royalite 011
• 22.00 20.75 22.00
Roche Long LaC Gold_ _ _ • 6340
.
6c
7c
san Antonio
1
4.30
4.30 4.50
Sarnia Oil & Gas
1
2140 314c
Sherritt Gordon
1
55c
55c 600
Siscoe Gold
1
2.61
2.60 2.65
Sou Amer Gold AC PI
1
4.30
4.25 4.30
•
South Tiblemont
2c
2c 234c
1
St Anthony Gold
29c
290 31c
Sudbury Basin
• 1.25
1.25 1.37
Sudbury Contact
1
6c 631c
Sullivan Cons Mines
1
400
40c 410
Sylvanite Gold Mines_ _ _ _ 1
2.32
2.30 2.39
fcck-II=hos Gold
1
3.84
3.80 3.94
0.04.QW.§§1t.....r.1WWWWW=WIT0VWW0...1§aW&NW
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4
0.4..00 0000-4000.0000
0
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004. 0.
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0.0000..ON
00000000000000000000
.
Stocks-
Toronto Stock Exchange-Mining Section
19c Jan
23c Jan
86c Jan
1.00 Jan
1%c Jan
234c Jan
Sc Jan
40 Jan
3.96 Jan
4.25 Jan
ki 2c Jan
234c Jan
230 Jan
320 Jan
3c Jan
4c Jan
8)-40 Jan
14c Jan
60 Jan
8c Jan
59c Jan
700 Jan
16c Jan
21c Jan
1.88 Jan
2.16 Jan
350 Jan
39c Jan
300 Jan
36c Jan
1634c Jan
22c Jan
2.00 Jan
2.40 Jan
9.25 Jan 11.50 Jan
112.65 Jan
3.00 Jan
1%c Jan
334c Jan
4e Jan
Sc Jan
73c Jan
81c Jan
6c Jan
7c Jan
56c Jan
70c Jan
1.28 Jan
1.40 Jan
590 Jan
63e Jan
1.16 Jan
1.30 Jan
1.90 Jan
2.35 Jan
80 Jan
10c Jan
23-4c Jan
334c Jan
70 Jan
11c Jan
4c Jan
Sc Jan
2.30 Jan
2.87 Jan
2.15 Jan
2.45 Jan
34.50 Jan 36.65 Jan
7c Jan
80 Jan
1.10 Jan
1.34 Jan
3.30 Jan
3.45 Jan
2340 Jan
3c Jan
1.57 Jan
2.03 Jan
16c Jan
180 Jan
39c Jan
42c Jan
150 Jan
190 Jan
90 Jan
12c Jan
234c Jan
3c Jan
12c Jan 1434c Jan
fic Jan
10c Jan
300 Jan
45c Jan
5534c Jan
77c Jan
5c Jan
8c Jan
70 Jan
10c Jan
17.7.5 Jan 20.00 Jan
980 Jan
1.07 Jan
13.00 Jar 15.35 Jan
5.00 Jan
6.35 Jan
12c Jan
18c Jan
10c Jan
14c Jan
240 Jan
30c Jan
540 Jan
630 Jan
134c Jar
134c Jan
48.75 Jan 54.25 Jan
3340 Jan
63dc Jan
234c Jan
4.34c Jan
6.50 Jan
7.20 Jan
2.30 Jan
2.68 Jan
6340 Jan
100 Jan
90 Jan
14c Jan
37.00 Jan 42.50 Jan
1.20 Jai)
1.45 Jan
640 Jan
70c Jan
3334c Jan
43c Jan
30c Jan
35c Jan
5014c Jan
730 Jan
16c Jan
20c Jan
15c Jan
280 Jan
1.10 Jan
1.25 Jan
234c Jan
3340 Jan
130 Jan
15c Jan
1,34c Jan
134c Jan
2c Jan
334c Jan
2.15 Jan
2.65 Jan
31.00 Jan 35.00 Jan
25c Jan
300 Jan
4e Jan
5%c Jan
180 Jan 2034c Jan
134o Jan
234c Jan
2.33 Jan
2.77 Jan
9.00 Jan 11.35 Jan
1.45 Jan
1.58 Jan
1.25 Jan
1.55 Jan
700 Jan
86c Jan
1.24 Jan
1.48 Jan
18.50 Jan 22.00 Jan
6c Jan
lie Jan
4.30 Jan
4.76 Jan
234c Jan
(3c Jan
50c Jan
64c Jan
2.55 Jan
2.75 Jan
4.05 Jan
4.60 Jan
20 Jan
3c Jan
25c Jan
38c Jan
1.2.5 Jan
1.47 Jan
(3c Jan 8 14c Jan
400 Jan
450 Jan
2.25 Jan
2.55 Jan
3.80 Jan
4.04 Jan
Toronto Stock Exchange-Mining Curb Section
Jan. 19 to Jan. 25, both inclusive, compiled from official saless list
Friday
bales
•
Last Week's Range for
Rahge Since Jan.1 1935
Sale
of Prices.
Week.
StocksPar Price, Low, High. Shares.
Low.
High.
Alderman Mines
Assoc Oil & Gas
Baltac Oils
Brett-Trethewey
Brownlee Mines
Canadian Kirkland
Central Manitoba
Churchill Mining
Clifton Consol
Coast Copper
Cobalt Contact
Dalhousie 011
Dom Kirkland 0 M
East Creast 011
Foothills 011
Gilbeo Gold alines
Home Oil
Hudson Bay Mining
Keora Minos
Kirkland Bunton
Kirkland Townsite
Lake Maron G M
Lebel Oro alines
Nlalrobic Mines
Mandy Mines
McLeod River
Night Hawk Pen
Nordon Corp
011Selections
Parkhill Gold Nunes
Pawnee Kirk G NI
Pend Oreille
Porcupine Crown
Potterdoal Min
Preston East Dome
Ribago Copper Corp
Ritchie Gold
Robb Montbray
South Keora Mines
Stadacona Rouyn
Sudbury Mines
Vickers alines
White Lake Mines
Wood Kirkland G M
• No par value.
•
*
•
1
1
1
1
1
8c
12c
Sc
1
lc
5
1
•
1
134c
•
•
•
•
• 12.25
1
1
lc
1 2934c
•
1 430
1
140
•
• 13ic
1
5 434,2
• 33--4c
1
1
Mc
1
1
•
1
1340
1
134c
I
1
30
1
•
220
1
334o
1
134c
1
1
7340 834c
12c
12e
Sc
30
2c
134c
20
2c
2340 2340
Sc MO
334c 334c
lc
340
2.05 2.05
20 234c
30c 30c
134c
20
Ilc
Mc
20c 200
134c 131c
66c 66c
12.25 13.00
20
lc
lo
le
240 3334c
Sc
4c
40 4340
134c
20
80
Sc
134c 154c
334c 334o
434c 43dc
334c 3340
210 22c
134c 134c
58c 59c
3340 334e
Sic
lc
1340 234c
lic
340
134e 134c
30 334c
30 534c
1334e 2234c
334c
4c
134c 13dc
134c 134c
4c
4c
9,800
7c Jan
934c Jan
900
12c Jan 1234c Jan
3,000
Sc Jan
50 Jan
134c Jan
6,000
23)4c Jan
10,500
2c Jan
30 Jan
12,500 234c Jan
3340 Jan
17,600
50 Jan
Cc Jan
3,340 Jan
30 Jan
500
1340 Jan
3,000
34c Jan
2.00 Jan
200
2.25 Jan
21,000
2c Jan
23443 Jan
1,600
290 Jan
350 Jan
34,500
13.44) Jan
2540 Jan
3,000
110 Jan
12c Jan
243
200 Jan
200 Jan
5,000
2340 Jan
1510 Jan
990
66c Jan
710 Jan
1.219 11.50 Jan 13.00 Jan
3,000
134c Jan 2340 Jan
11,000
lc Jan
1340 Jan
77,100
22c Jan 333402 Jan
17,800
30 Jan
4343 Jan
42,200 334c Jan
4340 Jan
18,500
134c Jan
3c Jan
500
8o Jan
8c Jan
22,500 13ic Jan
2340 Jan
5,600
Sc Jan
4340 Jan
6,000 434c Jan
634c Jan
13,500 334c Jan
434c Jan
2,600 18340 Jan
270 Jan
1,000 134c Jan
2c Jan
600
55c Jan
620 Jan
8,500 334c Jan
434c Jan
3,500
Sic Jan
le Jan
3,500
23-4c Jan
134c Jan
7.500
MC Jan
340 Jan
8,500
1.34e Jan
20 Jan
15,040
30 Jan
4340 Jan
16,500
3c Jan
7c Jan
91,750 1334c Jan 22340 Jan
18,000 334c Jan 430 Jan
5,000
134c Jan
23-ic Jan
1,500
134c Jan
Ilic Jan
1,500
4c Jan
lic Jan
Railway Bonds
Bid
Ask
Ask
Bid
Canadian Pacific RYCanadian Pacific fly
4s perpetual debentures__ 8612 87
434s
Sept 1 1946 10114 1013
4
(Is
Sept 15 1942 111 14 1113
4
58
Dec 1 1954 10314 103 4
,
43.4s
Dec 15 1944 9614 97
43411
July 11060 9712 9814
58
July 1 1944 11034111 12
Dominion Government Guaranteed Bonds
Canadian National Ity4Sis
Sept 1 1951
41.4*
Sept 1 1954
434s
June 1 1955
434s
1958
Feb
434s
July
1957
43Is
Dec
1968
5.1
1969
July
5s
1969
Oct
58
1970
Feb
Bid
Ask
Canadian Northern By
1121s 11212
434s
Fob 15 1935
10312 104
78
Dec 1 1940
11514 11534
634s
July 1 1948
1131g 113% Grand Trunk Pacific fly11134 11214
45
Jan
1 1962
g
3s
1043s 1047
Jan
1 1962
11514 1153 Grand Trunk Railway
4
65
11712 118
Sept 11938
78
11712 118
Oct
1 1940
Bid
Ask
100 10012
107 10714
12112 12214
105 107
9912 10014
1063 1071s
4
10612 10634
The Berlin Stock Exchange
Closing prices of representative stocks as received by cable
day of the past week
Jan. Jan. Jan. Jan, Jan,
19
21
22
23
24
Per Cent of Par
AllgemelneElektrIzItaeta-Ge6elschaft(AEO) 30
30
30
30
30
Berliner Ifandels-Gesellsch•ft(5%)
100
103
106
101
108
Berliner Kraft u. Licht (10%)
139
139
139
137
137
Commerz-und Privat-Bank AG
78
78
78
77
76
Dessauer Gas(7%)
126
125
127
126
126
Deutsche Bank und Disconto-Gesellsehaft_. 80
80
79
79
77
Deutsche Erdoel (4%)
102
101
106
102
101
Deutsche Relchstrahn (German RYa) PI(7%)118
118 .118
118
118
Dresdner Bank
81
81
80
79
78
Farbenindustrie 10(7%)
142
142
142
142
142
Gesfuerel (5%)
113
113
113
113
113
Hamburg Electric Werke(8%)
127
126
127
127
126
Hapag
28
28
28
28
28
Mannesmann Roehren
78
78
77
77
77
Norddeutscher Lloyd
31
31
30
30
28
Reichsbank (12%)
157
157
156
158
158
Rheinische Braunkohle (12%)
214
215
216
215
215
Salzdetturth (734%)
147
151
150
glemens Ar Dalske (7%)
141
142
lii
141
iii
each
Jan.
25
30
105
139
78
128
76
103
119
78
142
114.
129
29
78
31
160
216
I43
627
Financial Chronicle
Volume 140
_
Securities ± Bought and Sold
IleaksE&Tionat, Private wires to
185
Over-the-Counter +
21 traders covering
11
74 Trinity Place, New York
Whitehall 4-3700
special fields
different houses
Members New York Security Dealers Association
• op•n-034 telephone wires to Boston. Newark and Philadelphia, • Private wires Iv principal cities in UnUest Statea and Canada. .
Quotations on Over-the-Counter Securities—Friday Jan. 25
New York City Bonds
B44 Ask
810 Ask
10410 10412
1003 1003 a43.g8 June 1974
8
038 May 1935
8
10418 10412
431As May 1954
514 96 a‘tyge Feb 15 1978
2
9514 96 a4 4s Jan 1977
10418 10412
a3148 Nov 1964
10418 10412
04.8 Nov 1955 & 1956
9954 10014 celyge Nov 15 1978
8
1043 1043
4
101 101 14 a4 WI March 1981
04854 & N 1957 to 1959
106 1063
4
101 10114 g43.4s M & N 1957
048 May 1977
8
1065 10714
101 10114 a4348 July 1967
ate Oct 1980
s
10718 1077
a434s Dec. 15 1971
c41ge Feb 15 1935 to 1940_, r4.0
10718 1077
8
4
a43ge March 19152 & 1964._ 1033 10418 a4345 Dec 1 1979
1033 10418
4
a43Oa Sept 1960
10014 1003
n414a March 1900
4
10312 104
10334 104i8 alls Jan 25 1936
a41211 April 1906 _
106 10614
April 15 1072
10318 10414 es Jan 25 1937
n4
r Basis Price.
Interchangeable. a Kagatered coupon oarlai). S UoupOu.
New York State Bonds
Bid
Ask
Bid
World War Bonus41ga AprIl 1935 to 1939._
434e April 1940 to 1949_
Institution Building
48 Sept 1934 to 1940
la Sept 1941 to 1976_
Highway Improvement—
le Mar & Sept 1958 to '67
Canal Imp 48J &J 60 to'67
Barge CT 4s Jan 1942 to'46
Barge C T 4149 Jan I 1945
Canal & Highway
r .50
58 Jan & Mar 1935
Is Jan & Mar 1936 to 1945 r2.75
58 Jan A Mar 1946 to 1971 73.40
Highway Imp 41.4. Sept'63. 12312
Canal imp 412a Jan 1964.__ 12312
Can & Imp High 41.4. 1065_ 120
Ask
r .50 2.40
72.50 2.40
r1.50 2.40
r2 40 3.10
117
117
112
11234
Port of New York Authority Bonds
Bid
Ask
Ask
Bayonne Bridge 43 aeries C
J&J 3 100 1003
4
1938-53
Inland Terminal 4145 9er D
INAS 100 101
1936-60
Geo. Washington Bridge
4s series 111936-50___J&D 10212 103341 Holland Tunnel 434.aeries E
MAS r3.65 3.50
1935-00
145 sea 11 1919-53. _MAN r3.75 8.60
r Basis price_
Arthur K.111 Bridges 41.4e
M&S 102
aerie. A 1935-46
103 I
United States Insular Bonds
plail opine Government
48 1946
410 Oct 1 59
410 July 1952
ba April 1955
bs Feb 1952
51.4e Aug 19
41
liawall 43.4e Oct 1950.
Ask
Honolulu 56
100
U H Panama Si June 1 1961_
101
2s Aug 1 1936
101
28 Nov 1 1938
102
Govt of Puerto Rico
104
41.4e July 1958
10712
Se July 1948
115
1930
US Consol Is
Bid
98
100
100
100
102
106
112
Bid
108
109
1013
4
101
Ask
111
III
10214
10112
106 109
106 109
8
1007 1011s
Federal Land Bank Bonds
is 1949 optional 1944 .....1dr.1
48 1957 optional 1937_51AN
48 1958 optional 1938_MAN
414s 1966 opt 1936___ _J&J
43.(e 1957 opt 1937____J&J
414e 1957 opt 1937__MAN
4 to 1958 opt 1938 _MAN
Ma
10212
101 12
101 12
102
102
102
10214
Ask
414e 1942 opt 1935___MAN
410 1943 opt 1935__J&J
10178 414e 1953 opt 1935____J&J
10214, 414e 1955 opt 1935____J&J
102141 414s 1956 opt 1936.___J&J
102141 Si 1941 optional 1935 MAN
1023 fia 1941 ontional 1915 MAN
4'
10171
Bought, Sold and Quoted
POTTER
MIMS, WINSLOW & York
40 Wall Street, New
Whitehall 4-5508
Members Now York. Chicago and other Stock and Commodity Exchanges
New York Bank Stocks
Par BId
Bank of Manhattan Co _ _10 22
Bank of Yorktown__ 66 2-3 33
Bensonhurat National_ _100 30
13.55 2514
Chase
124 22
City (National)
Commercial National Bank
100 135
A Trust
Fifth Avenue
100 1000
First National of N Y 100 1600
Flatbuah National
Par Bid Ask
Ask
2312 Kingsboro Nat Bank, __100
20
National Bronx Bank____50 15
38
812 912
Nat Safety Bank &17-12!4
,
10
4
4 83
73
-3
i6; Penn Exchange
58
100 48
Peoples National
23
Public National Bank &
32
25 30
Trust
141
1050 Sterling Nat Bank & Tr...25 2014 21 14
1212 1212 1412
1640 Trade Bank.
40
Yorkville (Nat Bank 01) 100 30
35
New York Trust Companies
r Basis price.
Bid
Bank and Insurance Stocks
Bid Ask
8
101 1013
8
1013 101 34
101 10130
4
101 1013
1021g 10212
101 101 14
101 1 101 1 1
Par Bta Ask
Banes Comm Italians_ _ _100 140 150 Empire
Bank of New York &Tr_100 358 367 Fulton
60 Guaranty
10 58
Bankers
12 Irving
20 10
Bank of Slally
8 Kings County
5
.7
Bronx County
Lawyers County
91
100 86
Brooklyn
11
1
P1 ;1 Bpi Ask
18
7
1001 240 275
1001 308 318
16
101 15
100 1700 1750
40
25 38
20 113 117
Central Hanover
40
Chemical Bank & Trul8__10 38
45
50 40
Clinton Trust
100
914 11 14
Colonial Trust
4
10 113 1314
Continental Ilk AT?
20 453 463
4
Corn Each Bk A Tr
4
00
%
100 16
Manufacturers
4
20 2214 233
New York
25 101 104
Title Guarantee & Trust __20
4
4 63
53
Underwriters
United states
5
19165
We specialize in
Underlying Inactive Railroad Bonds
Also in Public Utility Bonds and Insurance Stocks
41Broad St.
JOHN E. SLOANE & CO.
New York Members New York Security Dealers Association
HAnover
2-2455
Railroad Bonds
Bid
Ask
ALL ISSUES
LAND BANK BONDS
Bought — Sold — Quoted
Comparative analyses and Individual reports of the
various Joint Stock Land Banks available upon request.
c
6-04741114Mt;fn.,
RO,KinA0411 (
MUNICIPAL BOND BROKERS-COUNSELORS
State 0540
120 So. LaSalle St., Chicago
Joint Stock Land Bank Bonds
Ask
Bid
0412
93
Atlanta be
94
9512
Atlantic be
93
Iturlington Ill
9912 10012
California be
36
134
(71ilenito 56
96
9712
Dalian 58
8612 8812
Denver 58
98
Deo Nfolnea ba
9012
First Carelinaa 5a
97
First of Fort Wayne La
Si
79
First of NiontgonlerY 5s_
93
91
Firstof New Orleans be_
97
95
First Texas of Houston be
First Trust of Chicago Si,., 90
08
netcher be
85
83
Fremont 51
08
Greenbrier 58
95
93
Greensboro ba
82
80
!Pinola Midwest ba
_ 85
-_
Illinois of Monticello
88
Iowa of Sioux City ba
100
Lexington 58
8612
85
-Lincoln 56
I Flat price.
Bid Ask
8712
LaFayette 58
1)712 _
Louisville bs..
9812
Maryland-N'irirtnla
94
93
Mississippi Tennessee ba _
06
94
New York be
00
88
North Carolina be
9012 92
Ohio-Pennsylvania 58
83
Oregon-Washington M. 80
Pacific Coast of Portland te 93
95
Pacific Coast of Los Aug be 991.
Pacific Coast of Salt Lake be 9912 _
Pacific Coast of San Fran.ba 9912
rid"
94
Pennaylvania La
10014 1003
Phoenix Ss
4
92
Potomac be
94
58
60
St. Louis be
97
99
San Antonio be
81
79
Southwest 55
4712 4912
Southern Minnesota be
95
93
Tennessee be
9012 92
Union of Detroit bs
91
Virginia-Carolina ba
92
Virginian 58
Chicago Bank Stocks
Pat Bid
AmerIcan National Sanity&
100 110
'Crust
Continental 111 Bank &
3312 45
Trust__ _
All
125
442
Par
100
First National
Harris Trust A Savings...,101)
Northern Trust Co_ _ _ _ 100
Bid risk
4
10314 1053
190 2003
4
400 1405
Akron Canton & Youngstown 518, 1945
68, 1945
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 45, 1957
Boston A Maine 3a. 1950
Prior lien 4s. 1942
Prior lien 4.168, 1944
Convertible bs. 1940-45
Buffalo Creek lot ref 55. 1961
Chateaugay Ore & Iron 1st ref 4s, 1942
Choctaw & Memphis 1st 54. 1952
Cincinnati Indianapolis & Western 1st bs, 1965
Cleveland Terminal & Valley 1st 4s, 1995
Georgia Southern & Florida 1st 5s, 1945
Goshen & Deckertown 1st 514a. 1978
Hoboken Ferry 1st 5.9, 1946
Kanawha & West Virginia lot 5s, 1955
Kansas Oklahoma & Gull' 1st 5s, 1978
Little Rock & Hot Springs Western 1st 4s, 1939
Macon Terminal let 5s, 1965
Maine Central 6s, 1935
Maryland & Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 40, 1955
Minneapolis St. Paul & Sault Ste. Marie 2d 48, 1949
Montgomery & Erie 1st bs, 1956
New York & Hoboken Ferry gen 5s, 1946
Portland RR 1st 350, 1951
Consolidated 5s, 1945
Rock Island-Frisco Terminal 4345, 1957
St. Clair Madison & St. Louis 1st 48, 1951
Shreveport Bridge & Terminal lot 5s, 1955
Somerset fly 1st ref 48, 1055
Southern Illinois & Missouri Bridge 1st 48, 1951
Toledo Terminal RR 434s, 1957
Toronto Hamilton & Buffalo 410, 1966
Washington County Ry 1st 310. 1954
45
45
84
87
60
70
75
84
08
8412
44
88
87
53
95
8312
92
91
4212
99
71
46
76
45
84
74
5512
6912
67
76
76
44
66
10312
84
4112
Realty, Surety and Mortgage Companies
Par! Bid .438
Par Bid
23 Lawyers Mortgage . - 20i
Bond A Mortgage Guar_ _20
s
3
12
13
6
100
Lawvera Title A Guar lno
Empire Title & Guar
Investment Trusts
For List of Securities under this heading see page 623
48
49
- -89
63
8i 87
100
14012
-891;
90
56
100
9192
4512
101
....
4
_ ._
_ -78
5712
71
--80
48
69
105
87
44
628
Financial Chronicle
Jan. 26 1935
Quotations on Over-the-Counter Securities—Friday Jan. 25—Continued
Railroad Stocks
Guaranteed & Leased Line
Preferred
Common
OVER-THE-COUNTER SECURITIES
BOUGHT—SOLD—QUOTED
RYAN Si McMANUS
Railroad Bonds
Members New York Curb Exchange
Adams & Peck
63 WALL ST., NEW YORK
BO wling Green 9-8120
Boston Hartford Philadelphia
39 Broadway
New York City
Digby 4-2290
Private Wire Connections to Principal Cities
Miscellaneous Bonds
Guaranteed Railroad Stocks
(Guarantor le Parenthesis.)
Dividend
Par in Dollars.
Alabama & Vicksburg (III Cent)
100
Albany dr Susquehanna (Delaware & Hudson)-100
Allegheny & Western(Buff Roch dr Pitts)
100
Beech Creek (hew York Central)
50
Boston & Albany (New York Central)
100
Boston & Providence(New Haven)
100
Canada Southern (New York Central)
100
Caro CUnchfleld & Ohio(L & N A C L)44% ____100
Common 5% stamped
100
Chic Cleve Cinc & St Louts pref(NY Cent)— -100
Cleveland dr Pittsburgh (Pennsylvania)
50
Betterman stock
50
Delaware (Pennsylvania)
25
Fort Wayne & Jackson pref(N Y Central)__100
Georgia RR dc Banking(L & N. A CL)
100
Lackawanna RR of NJ (Del Lack & Western)_100
Michigan Central(New York Central)
100
Morris & Easel (Del Lack & Western)
50
New York Lackawanna & Western(D L & W)_100
Northern Central (Pennsylvania)
50
Old Colony (N Y N H & Hartford)
100
Oswego & Syracuse (Del Lack dr Western)_ _ _ _ 60
Pittsburgh Bess & Lake Erie(U S Steel)
50
Preferred
50
Pittsburgh Fort Wayne & Chicago (Penn)___A00
Preferred
100
Rensselaer & Saratoga (Delaware & Hudson)_100
St Louts Bridge lst pref (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (Penna)
100
Utica Chenango & Susquelianna(D L & W) 100
Valley (Delaware Lackawanna & Western)
100
Vicksburg Shreveport & Pacific (Ill Cent)
200
Preferred
100
Warren RR of NJ (Del Lack & western)
50
West Jersey & Sea Shore (Penn)
50
6.00
10.50
0.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
5.50
10.00
4.00
60.00
3.875
5.00
4.00
7.00
4.50
1.60
3.00
7.00
7.00
6.90
8.00
3.00
3.00
10.00
8.00
5.00
6.00
5.00
3.50
3.00
BO.
Ask
82
202
94
34
119
152
51
84
88
84
8312
46
44
72
170
7612
800
68
98
92
68
71
34
67
165
172
117
140
69
140
243
90
95
70
70
51
63
85
206
98
36
122
157
53
86
91
88
85
4612
46
76
175
7812
-13912
101
94
72
74
36
72
160
175
120
144
72
144
247
92
100
73
73
53
65
Bid
52
A sk
58
_
12512 2612
93-.
97 100
Journal of Comm 63-45_1937
Merchants Refrig 6s__ _1937
Natl Radiator Is
1948
N Y Shipbidg Is
1948
NorthAmerican Refractories
6)0
1944
Otis Steel (is ctfs
1941
Pierce Butler dr P 6%is_1942
Scoville Mfg 51i5
1945
Standard Textile Products-lst 834s assented ___ _1942
Starrett Investing 5s___1950
Struthers Wells Titusville
63-4e
1943
Witherbee Sherman 66.1944
Woodward Iron be ____1952
13812 4014
185
88
6
14
1027 113358
8
20
17
393 443
4
4
60
13
33
ABBOTT PROCTOR & PAINE
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
A COMPREHENSIVE SERVICE
in the
Over-the
-Counter Market
Bristol & Willett
Established 1920
Members New York Securita Dealers Association
115 Broadway, N. Y.
Tel. BArclay 7-0700
Specialists in —
WATER WORKS SECURITIES
Industrial Stocks
Complete Statistical Information—Inquiries Invited
SWART.BRENT SE CO.
,NCORPORATED
25 BROAD STREET, NEW YORK
TEL.: HAnover 2-0510
Water Bonds
Bid Ask
Alabama Water Serv Is, '57 8512 87 Manufacturers Water bs,'39
Alton Water Co Is. 1956_ _ 10212
Middlesex Wat Co +His. '57
Arkansaw Water Co Is, 1956 102 103 Monmouth Consol W 59,'56
Ashtabula Water Wks 5s,'58 9912 101
Monongahela Valley Water
Atlantic County Wat Is,'58 993 101
5%is, 1950
4
lirmingham Water Works
Muncie Water Works Is, '39
10012 103 New Jersey Water Is, 1950_
55, series C, 1957
53, series B, 1954
100,
New Rochelle Wat 55, B.'61
2
5'.s, series A. 1954
10312 105
5%is, 1951
Butler Water Co bs, 1957_ 10112 103 New York Wat Serv bs, 1951
California Water Serv ba,'58 10112 103 Newport Water Co Is, 1953_
Chester Water Sew 4 Sis,'58 101 1021 1 Ohio Cities Water 5%is, 1953
Citizens Water Co (Wash)
Ohio Valley Water 6s, 1954
93
55. 1951
95 Ohio Water Service bs, 1958
5)
-is, series A. 1951
97, 100 Ore-Wash Wat Serv Is, 1957
2
City of New Castle Water
Penna State Water 5
'52
102
5s, 1941
Penna Water Co Is, 1940
City W (Chat) 55 B__1954 102
Peoria Water Works Co
lst bs series C
1957 102
1st & ref 55, 1950
Clinton W Wks Co 53, 1939 10112
1st consol 45, 1948
Commonwealth Water(N J)
1st consol 53, 1948
Is, series C. 1957
104 105
Prior lien Is, 1948
104 10512 Phila Suburb Wat 43-4s, '70_
5)15, series A, 1947
ommunity Water Service
1st mtge Is. 1955
5115, series B. 1948
3814 3912 Pittsburgh Sub Water 55,'58
65. series A. 1946
383 4014 Plainfield Union Wat Is, '61
4
Consolidated Water of Utica
Richmond W W Co Is. 1957
9512 97 Roanoke W W 58, 1950_
43
-is. 1958
let mtge 55, 1958
10012 102 Itoch & L Ont Wat Is, 1938
Davenport Water Co 55, '61 10212
St Joseph Water 55, 1941
E St L & Interurb Water
St Louis County Wat Is,'45
55, series A, 1942
97 99 Scranton Gas & Water Co
65, series B, 1942
100 1011 1
4343, 1958
Is, series D, 1960
95 9612 Scranton Spring Brook
Greenwich Water dc Gas
Water Serv 55, 1961_ _
55, series A, 1952
8512
lot & ref Is. A, 1967
Is, series B, 1952
85
Sedalia Water Co 53-0. 1947
Hackensack Water Co 55,'77 105
South Bay Cons Wet bs. '50
53.15, series B. 1977
108
South Pittsburgh %Vat 55,'55
Huntington Water 53 B,'54 101 10212
.55, series A, 1960
65, 1954
104
1960
Is series B
5.1
1962 10112 10212 Terre Haute Water Is. B,'56
Illinois Water Serv Ss A,'52 9512 97
6s, series A. 1949
Indianapolis Water 4 Sig.'40 10412
Texarkana Wat lot Is.
.1958
1st lien & ref Is, 1960____ 10412
Union Water Serv 53-45. 1951
1st lien & ref 55, 1970____ 104
Water Serv Cos, Inc, 55,'43
1st lien & ref 53-0, 1953_ 1041 2
West Virginia Water 55, '51
1st lien & ref 5%is, 1954_ 10412
Western N Y Water Co
Indianapolis W W Securities
5s, series B, 1950
Is, 1958
79
83
1st =go 59, 1951
Interstate Water 65. A, 1940 10112
1st mtge. 5)4s, 1950
Jamaica Water Sup 53-0,'55 1063
Westmoreland Water 53, '59
4
9912
Joplin W W Co 55, 1957
Wichita Water Co Is, B,'56
Kokomo W W Co 55, 1958
1013
4
Is, series C, 1960
Lexington Wat Co 53
-is. '40 100
(Ss. series A, 1949
Long Island Wat 514s, 1955 95
661- W'msport Water 53, 1952_
2
• No par value. I Flat price. z Ex-dividend.
Bid Ask
Adams Express 48 ____1947 8512 87
American Meter 6s ____ 1 951 19412
48 03
Amer Tobacco 4s
Am Type Fdrs (is
1937 137
ZS'
Debenture Os
1939 /37
40
Am Wire Fabrics 7e _1942 80
Bear Mountain-Hudson
River Bridge 7s
1953 76
ButterickPublishing 83.41938 19
if
Chicago Stock Yds 5e_.1961 92
94
Consolidation Coal 4 %is 1934 129
32
Deep Rock 01173
42
Haytian Corp 8s
193 110
9 7 140
38
13
Home Owners' Loan Corp
13is
Aug 15 1938 101.94, 10113.1
11ie
Aug 16 1937 101le 10113v,
2s
Aug 15 1938 101 104410114w
Bid Ask
10112
_
104- 9412 96
10214 10312
102
9512 9712
-96
94
97
98
9712 99
Par
Adams-Millis Corp. pf_100
•
American Arch $1
American Book 54
100
American Hard Rubber__50
American Hardware
25
1merican NlIg
100
Preferred
100
American Meter corn
•
American Republics com •
Andian National Corp.__ _•
Art Metal Construction_10
Babcock & Wilcox
Bancroft (Jos) & Sons corn_•
l'referred
100
Beneficial Indust Loan Pf_•
isiies(E W) let pref
50
2d prof B
10
Bon Aml Co B common...
•
Bowman-Biltmote Hotels.'
1st preferred__
100
2nd preferred
Brunsw-Balke-Colpref__100
Bunker 1.1 & Sullivan corn 10
70
11022712
753
4
6612
9412
10412
77
68
96
---
90 93
82
_
88
1023 _
4
10414 ___
106
99 101
10712 _
101 10212
.
80 82
101
102 164
104
100
10112
84
85 86'2
9412 97
6812 70
103 104
10312 104
104
_
100
___
104
___
93 95
96 98
70
_
92 93 2
1
9112 --9112
97 99
9512 97
101
10012
1041 1 .
100 10112
Canadian Celanese corn._.•
100
Preferred
carnation Co $7 pref .100
Clinchfield Coal Corp pf 100
Colts Patent Fire Arms_ __25
Columbia Baking cora_ ___•
•
let preferred
•
2d preferred
Columbia Broadcasting el A •
•
Class B
Columbia Pictures pre__ _ _•
•
Crowell Pub Co corn
$7 preferred
100
Dictaphone Corn
•
100
Preferred
Dixon (Jos) Crucible_ ___100
•
Doehler Die Cast pref
Preferred
50
Douglas Shoe preferred _100
Draper Corp
•
Driver-Harris pref
100
First Boston Corp
Flour Mills of America___.•
Franklin Railway Supply..•
Gen Fireproofing $7 pf__100
Golden Cycle Corp
10
Graton dc Knight com____•
Preferred
100
Great Northern Paper .25
BId Ask
103 108
1312
-58
61
4
7
213 2212
4
612 9
48
55
1212 13 2
,
2,18 27
8
363 38%
4
4 4 514
,
3212 3512
1
3
10
15
4812 51
20
26
214 414
43
46
Par Bid
Herring-Hail-Mary Safe_100 12
International Textbook_ _ _ •
134
King Royalty corn
9
$8 preferred
100 73
Kinner Airplane & Motor A
14
Lawrence l'ort Cement_ _100 163
4
Locomotive Firebox Co__
4
Macfadden Publica'ns corn b
•
Preferred
Merck & Co Inc corn
1
8% preferred
100
National Casket
•
Preferred
•
National Licorice corn_..100
Nat Paper & Type 0)1)11_100
New Haven Clock pref _ _100
North Amer Match Corp..*
Northwestern Yeast..._100
3 Norwich Pharmacal
ii
Is
•
1
Ohio Leather
5914 6112 Pathe Exchange 8% prof 100
34
35 Publication Corp coin
•
$7 lit preferred
100
2214 2414 Remington Arms corn
103 106
Riverside Silk Mills
10212
•
Rockwood & Co
32
Preferred
100
273 281 4 Ruberold Co
4
3
100
t2 112
314 4 4 Soovill Mfg.
8
25
134 23 Singer Manufacturing.
s
._100
263 277 Standard Cap & Seal
8
8
26
2712 Standard Screw
100
4334 4512
2112 22 2 Taylor Milling Corp
,
x97
Taylor Whar I & S eom_ _ •
2114 2314 Transcontinental & Western
103
Air Inc corn
54
16 Tubise Chatillon cum pt
.l00
94 Unexcelled Mfg Co
86
10
4312 48
U 5 Finishing pref
100
14
17
5713 59 2 Welch Grape Juice pret__100
,
95
90
West Va Pulp & Pap coin._•
251,,
24
Preterred
100
114
212 White (8 8) Dental Mtg.--20
10
15 White Rock Min Spring
37 1st preferred
53
60
100
33
37
Wilcox-Gibbs corn
ao
3
3 1,, Worcester salt
100
21
23
Young (J Si Co coin._ _ _100
23
7% preferred
_100
Ask
15
23
4
11
78
5
5
19
512
518 61s
41
38
25
27
114
53 /17
109
_
45
5
1
5812 6312
24, 26
4
14112 145
24' 26
1312 1612
102 105
2312 27
9012
31s 378
27)4 28
984 _
40
4112
2212 2312
249 253
30
32
86
81
10
2
12
4
9
60
312
6,2
70
111
863
141
I 285
91
153s
561
971
211,
4912 55
8012
10112
Telephone and Telegraph Stocks
Par
Amer Dist Teleg(N J)corn •
Preferred
100
Bell Telep of Canada....100
Bell Telep of l'enn pref 100
Cinch)& Sub Bell Telep.
.50
Cuban Telep 7% pref __100
Empire & Bay State Tel_100
Franklin Teleg $2.50.___100
Int Ocean Teleg 6% _ ___I00
•
Lincoln Tel & Tel 7%
Mount States Tel & Tel _100
New England Tel AC T.I.100
Bid I Ask
75
791;:l
111 12,11314
131 '135
1l5'21164
6112 6
2412
19
58
54
37' 41
2
7612 81
89
___
2
107 109,
93
95 1
Par
New York Mutual Tel__100
Northw Bell Tel pf 84% 100
Pao & All Teleg US 1%-25
Peninsular Telephone corn_•
['referred A
100
Roch Teiep $6.50 let 01_100
So & All Teleg $1.25____25
Sou New Eng! Telep....100
S'western Bell Tel, pf _ _10(
Tri States Tel & Tel
Preforre,L.
10
Wisconeln Telep 7% prof 100
Bid
23
111
Ask
5
72
10012
1812
10512
11912
7
_
-10.5
20
107,
4
121 12
143, 1734
97 103
s
5
112 115
Financial Chronicle
Volume 140
629
Quotations on Over-the-Counter Securities-Friday Jan. 25-Continued
We specialize in
NEW YORK CITY TRACTION ISSUES
Also in underlying and inactive
Railroad and Public Utility Bonds.
CarnOie Ewen
2 Wall St., New York
Tel. REctor 2-8278
Public Utility Bonds
Par
Albany By Co con be 1930_
General be 1947
Amer States PS &Xs 1948
Amer Wat Wks & Elec 66 '75
Arizona Edison 1st 5s 1948_
let 6s series A 1945
Ark Missouri Pow 1st 6s '53
Associated Electric Ee 1961_
Assoc Gas & Eleo Co 414558
Associated Gas & Elec Corp
Income deb 334s____1978
Income deb 3Iis__1978
Income deb 4s
1978
Income deb 434s
1978
Cony debenture le 1973_
Cony debenture 4345 1923
Cony debenture Os 1973__
Cony debenture 534s 1973
Participating 8e 1940____
Bellows Falls Hydro El 51358
Birmingham Wet Wks 5e'57
53.65 1954
ilklyn C & Newt'n con 6e '39
Cent Ark Pub Serv bs 1948
Central0& E 5345 1946-___
1st lien coll tr 68 1946____
Cent Ind. Pow let 65 A 1947
Colorado Power 6s 1953..___
Con laid & Bklyn con 4e '48
Consol Elec & Gas 5-6s A '62
Duke Price Pow 1966
Federal P S let 133 1947
Federated Util 5345 1957
420 St Man & St Nick be '40
Green Mountain Pow be '48
III Commercial Tel 53 A '48
Ill Wat Ber 1st Os 1962
Interborough R T 5e ctfe '66
Iowa So Uth 534s 1950
Kan City Pub Serv Is 1951_
Bid
/30
/25
3814
61
/3112
13212
53
3614
143
4
Ask
4014
65
3212
34
54
363
4
1512
143 1514
4
1512 16
1614 163
4
1812 1912
29
3012
30
31
32
33
3712 3812
67
70
9614
95
10018 10112
10312 10412
78
83
73
74
50
52
51
54
48
50
10414 105
62
1812 19
997 10014
s
/31
33
39
41
75
9014 61
-1;
8412 86
943 953
4
4
79
81
74
75
311 1 3212
Par
Keystone Telephone 5I4s '55
Lehigh Vail Trans ref be '60
Long Island Lighting 5s 1955
Monmouth Cons Wat bs'56
Mtn States Pow 1st 65 1938
Nassau El RR let Os 1944__
Newport N & Ham bs 1944_
New England G dr E be 1962
New York Cent Elec 5s 1952
New Rochelle Water 512,3'51
NY Water Sec te 1951
Northern N Y Util be 1955_
Okla Natural Gas Os 1948_
Okla Natural Ga8(3s 1946___
Old Dorn Pow be_May 15.
51
Parr Shoals Power Os 1952_
PeninsularTelephone5546'51
Pennsylvania Elec be 1962__
Peoples L & P 534e 1941_
Public Serv of Colo Os 1961_
Public Utilities Cons 534s'48
Roanoke W W br. 1960
Rochester By let bei 1930_
Schenectady By Co let 5s'46
Scranton Gas az Wat 4348'68
Sioux City Gas az Elec (is '47
Sou Blvd RR let Os 1945_
Sou Cities Utilities 59 A 1958
South Pittsburg Water Os'60
Tel Bond & Share 5,1
Union By Co NY 5s 1942__
Un Trao Albany 434e 2004__
United Pow & Lt Os 1944___
5s series B 1947
Virginia Power be 1942
Wash & Suburban 5We 1941
Westchester Elec RR be 1943
Western P S 530 1960
Yonkers BR Co gtd be 1946.
Ask
9012
34
36
10112 10312
9312 9512
6712
95 100
10912 10112
55
58
76
73
9614 98
9812
97
8512 90
6512 6712
85
86
45
47
72
75
103
_
91.
-90
363
s
36
9812 995
5
43
45
79
8012
117
20
f4
8
100 10112
95
93
60
29
28
103
5312 55
70
13
10113
95
963
4
1051
: -6812 70
62
76
78
58
65
Bid
,
87 4
PUBLIC UTILITY BONDS
R.F.Gladwin & Co.
Established 1921
36 Nassau St.
New York City
Tel. Cortlandt 7-6952
A. T. T. Teletype-NY1-951
We deal in
Public Utility
Preferred Stocks
W. D. YERGASON & CO.
Dealers in Public Utility Preferred Stocks
30 Broad Street
New York
Tel. HAnover 2-4350
Public Utility Stocks
Par Bid Ask
Par sea Ask
Alabama Power VI Dret___• 17
50 Easex -Hudson Gas
100 173 180
Arkansas Pr & Lt $7 pref__. 11
4212 Foreign Lt & Pow units_. 8312
24
Assoc Gas & El orig pret_.•
1
Gas & Elea of Bergen...100 10413
14
1
•
Hudson County Gee_
100 173 tg6
$6.60 preferred
14
Idaho Power 86 pref
• x66
$7 preferred
•
71
Atlantic City Elec 16 pref..
8514 87
7% preferred
100 36412 7712
Illinois Pr az Lt let pref„.• 17
Bangor Hydro-El 7% p1.100 97
18
Birmingham Bice 17 pref_..' 3112 33 Interstate Natural Gas.___• 1014 1212
Broad Itiv Pow 7•/, pf_100 25
Interstate l'ower $7 pref _.• 10
30
12
Buff Meg & East pr pret_26
143 1614 Jamaica Water Supply pt_50 5012 53
4
Carolina Pr & Lt $1 pref •
60 Jersey Cent P & L 7% of100 5612 58
6% preferred
• 51
53 Keoghs Gas di El 7% pf 100 78
80
Kings Co Ltg 7% pref 100 70
Gent Ark Pub Berv pref _100 62
75
65
Cent Maine Pow 6% pt _100 3812 42 Long Island Leg 6% pt. 100 3814 393
4
$7 preferred_
100 45
7% preferred
100 4712 4912
48
Cent Pr & Lt 7% pre-100 2012 22
Los Angeles0& F.6% Pt 100 8312 843
2
Cleve Elec III 6% Pret-100 109 4 11112 Memphis Pr & Lt $7 pref_• 44
4512
,
Columbus Ry. Pr & Li
.
Mississippi P & L $6 Pret• 3514 3712
let SO preferred A_ - -100 68
7012 M188 Riv Pow 6% pref_100 7412
Metro Edison $7 pref B___• 761_
$6.50 Preferred B- --- .100 5612 60
Consol Traction(N J)_ _100 37
6% preferred ser C__• 7612 78
40
Consumer! Pow $5 pref. _• 7512 77
Mo l'ub Serv $7 pref
100
212
3
4
6% preferred
100 86
8712 Mountain Statee Pr com_ •
7% preferred
8.60% Preferred
100 89
100
92
612 8
Continental Gas & El
Nassau & Suffolk Ltg pf 100 27
30
Nebraska Power 7% pref100 9812 100
100 38
40
7% preferred
Dallas Pow & L57% Dref 100 10112
Newark Consol Gas
100 107
Pr & Lt 6% vrenoo 86
Dayton
89
New Engl (1 & E 534% pf_• 25
26
Derby Gas & Eler 47 nret• 531. 5512 New Rug Pow Assn 6% rd100 3012 313
Associated Gas & Electric System
Securities
Inquiries Solicited
S. A. O'BRIEN & CO
1
4
Specialists in
PRUDENCE BONDS
Statistical Information Furnished
Title Company Mortgages di Certificates
C. D. PULIS & CO.
25 BROAD ST., NEW YORK
Tel.: HAnover 2-6286
Real Estate Securities
Reports-Markets
-Railroads
Public Utilities-Industrials
AMOTT, BAKER & CO.
INCORPORATED
BArelay 7
2360
150 Broadway, N.Y.
A.T.& T. Tel.
NY 1-588
Real Estate Bonds and Title Co.Mortgage Certificates
Bid Ask
Bid
Ask
_
Ludwig Bauman
Alden 1st So. Janil 1941____ 126
6312 65
1st 6s (Bklyn), 1942
3012
Broadmoor, The, 1st (3s, '41 128
6312 68
25
let 634e (L I), 1936
B'way Barclay lot 6s, 1941_ j23
/24
2512
Certificates of deposit_----- Majestic Apte let 6s, 1948
Mayflower Hotel 1st 68, '48 /4214 44
B'way & 41st Street
27
Munson Bldg 1st 634e, 1939 J25
1st leasehold 64s, 1944_ 129
N Y Athletic Club
B'way Motors Bldg 135 1948_
62
J26
2812
1st az gen 6s, 1946
Chesebrough Bldg 1st 68,'48 4912 5112
Chrysler Bldg let (is, 1948- 6312 6512 N Y Eve Journal 634s, 1937 101
NewYork Title & Mtge Co
Court az Remsen St Off Bldg
/3014 3214
5545 series BK
1s1 6s, Apr 28 1940
f36
/2318 245
8
554s series C-2
Dorset. The, let 6s, 1941- 123
25
/35
36 4
,
0348 series F-1
Eastern Ambassador Hotels
/712 812
/37
series Q
let & ref 534s, 1947
3912
53-48
19th & Walnut St (Phila)57
Eaultable Off Bldg deb 5e'52 55
J2112
1st 6s, July 7 1939
50 Bway Bldg 1st 35, Ine '46 /31.3 333
4
4
Oliver Cromwell, The
500 Fifth Avenue
1412
/13
1st 65, Nov 15 1939
/33 35
6345, 1949 stamped
65
1 Park Ave 6s, Nov 6 1939_ 63
502 Park Avenue 1st 6s, 1941 /1312
103 East 57th St let 68, 1941 58
520 & Madison Off Bldg
165 B'way Bldg 1st 534s,'51 5212 05
j52
65, Nov 1 1947
2
Film Center Bldg Lot 6s,'43 55
57 Postum Bldg 1st 63i8. 1943- 973 987
8
/65
40 Wall St Corp 65, 1958.__
57
59 Prudence Co 5358, 1961
4912 Prudence Bonds
42d St & Lee Av Bldg° 413'45 48
13-60
General 634s, 1945
Series A to 18 inclusive
I13
531
42 B'way let (3s, 1939
Prudence Co ctf.s30
Hotel Taft
1400 Broadway Bldg
30
/341
Hotel Wellington
1st 63-48stamped, 1948
45
Fifth Avenue Hotel
Fox Metrop Playhouse
48
J365 373
8
360 Central Park West
634s, 1932 ctfs
48
422 East 86th St
Fox Theatre & Off Bldg
1st 6120, Oct 1 1941
f7
812 Realty Assoc Sec Corp
2712 30
be, income, 1943
Fuller Bldg deb 6s, 1944._ 311 4113
39
33
530, 1949
Boxy Theatre
(3713 69
Graybar Bldg 5s, 1946
1st fee & leasehold 64e'40 /1812 20
Harriman Bldg 1st 6s, 1951_
491 52 Savoy Plaza Corp
Hearst Brisbane Prop 6s '42 78
Realty ext lot 5345, 1945_ /1112 14
80
/1312 1512
IIotel Lexington 1st 65, 1943 j34
68, 1945
451, Sherry Netherland Hotel
Hotel St George let 5I4s,'43 /44
Keith-Albee Bldg (New
45, May 15 1948_ /1912 2112
1st 53
Certificates of deposit
Rochelle) 1st 65. 1936
56
/193 2114
4
Letcourt Empire Bldg
60 Park PI (Newark) 13s, '37 112
22
1st 53 June 15 1941
4s,
.(34
37 616 Madison Ave 1st 614838 J20
Letcourt Manhattan Bldg
61 B'way Bldg 181 53-48. 1950 4912 5112
1st 5148, stamped, 1941_
General 7e, 1945
/51
1512 2012
1st 3-5e extended to 1948.. 501 54 Syracuse Hotel (Syracuse)
Lewis Morris Apt Bldg
J29
lot 612s, Oct 23 1940
1st 6125, Apr 15 1937
07
55
/31
33 Textile Bldg let 68. 1958
Lincoln Bldg Inc 5I4e, p55
57 Trinity Bides Corp
9712 9912
Loew's New Broad Pros, '45
181 53-48, 1939
1st fee & leasehold Bs,' 45 101 103 2 Park Ave Bldg let 6s, 1941 49
Loew's Theatre Realty Corp
Walbridge Bldg (Buffalo)
/1812
1st Se, 1947
81
1st 6125, Oct 19 1938
823
4
London Terrace Ants 6s,'40 J291. 31
Westinghouse Bldg
1st fee & leasehold 68. '39 57
6-5
Chain Store Stocks
Par Bid
Ask
Par
•
912 1912 Lord & Taylor
100
let preferred 6%
100
100 x57
67
2nd preferred 8% ___ _100
Diamond Shoe pref
100 70
Melville Shoe pref
100
Miller (I) & Sons pref__ _100
Edison Bros Stores pref _100 96 101
MockJude&Voeheger Pt 100
Murphy (0 C) 8% pref _100
nehmen(M H) Stores .._• 13
15
Nat Shirt Shops (Del) __•
Preferred
100 88
93
1st preferred
100
Reeves (Daniel) pref__ _100
Great A & P Tea pf _ _ _100 125 128 Schiff Co preferred
100
United Cigar Stores 6% PretKress(S HI 6% pref
10 1112 1212
o% pret ctfe
S Stores preferred_ __ _100
Lerner Stores pref
100 391 12 98
Bohaek (H C) corn
7% preferred
* No par value. x Ex-Dividend
76 Federal St., Boston
COrtlandt 7-1868
Hancock 8920
Direct private telephone between New York and Boston
Par 81,0 Ask
88
Roch Gas & Eleo 7% pref 13_
86
6% preferred C
100 7512 7712
Sioux City 0& E $7 Pt .100 4112 4313
52 Som'eet Un & Mid'sex Ltg
83
_
4
90 Sou Calif Ed pre A
25 2112 2il,
Preferred B
66
25 1812 191,
76 South Jersey Gas & Elec_100 1.73 1.80
6112 Tenn Elec Pow 6% pret_100 44
46
7% preferred
52
100 50
70
77
77 Texas Pow & Lt 7% p1..100 75
21
89
Toledo Edison 7% pf A _100 86
United G & E (Conn) 7% Pf 58
40
60
83 United 0& E(NJ) pref 100 48
50
4112 Utah Pow & Lt $7 pret____• 1714 19
Utica Gas ee El 7% prof.100 6912 7214
38
512
4
8212 Util Power & Lt 7% pref106
Virginia Railway
100 57
62
100 295 345
20 Wash By & Else com
100 99
5% Preferred
.100
52 Western Power $7 pref.
74
77
ASS
Rid Ask
150
98
100
1116
IS
70
111
212 4
25
87
96
6'
3
512 - ;
S
87
8
312 71
:
/ Flat price.
•
Members New York Curb Exchange
160 Broadway, New York
Par Bta
New Jersey Pow & Lt $6 Pf • 68
New Oil Pub Serv $7 pf___• 13
N Y & Queens E L P p1100 101
Northern States Pr $7 pi 100 49
Ohio Power 6% Drat ---100 87
Ohio Edison $6 pret
• 64
$7 preferred
• 72
Ohio Pub Serv 6% Dr--- 100 5912
7% preferred
100 69
Okla G & E 7% pref
100 73
Pao Gas & Elec 6% pf___ 25 20
Pacific Pow & Lt 7% PL10
0 38
Penn Pow & Light $7 pref_' 81
Philadelphia Co $5 pref__ _* 3712
Piedmont Northern By. 100 33
Pub Serv of Colo 7% pf-.100 7912
Puget Sound Pow & Lt
$5 prior preferred
• 18
Queens Borough G&E
6% preferred
100 49
*Soviet Government Bonds
Bid
.455
Bid I A O
Union of Soviet Soo Repub
Union of Soviet Soo Repub
7% gold rouble_ ___19431 86.32 88.311 10% gold rouble__ _1942 87.18I
• Quotation per 100 gold rouble bond equivalent to 77.4234 grams of pure gold
630
Financial Chronicle
Jan. 26 1935
Quotations on Over-the-Counter Securities-Friday Jan. 25-Concluded
•FU LLER. CRUTTEN DEN .E.7. COMPANY
Primary Markets in
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Travelers Insurance Company
Members:
Chicago Stock Exchange
Chicago Board of Trade
Chicago Curb Exchange Association
CHICAGO
ST. LOUIS
120 So. LaSalle St.
Boatmen's Bank Bldg.
Phone: Dearborn 0500
Phone: Chestnut 4640
Bought - Sold - Quoted
Phone
78235
German and Foreign Unlisted Dollar Bonds
BIM
130
Ask
32
Anima 78 to 1948
Argentine 5%, 1945 $100
.
99
pieces
101
Antimula 8%. 1948
130
33
Austrian Defaulted Capone!95-125
Bank of Colombia. 7%.'47 f23'2
Bank of Colombia, 7%.'48 12312 2412
Bavaria 61.45 to 1945
132
34
Bavarian Palatinate Cons.
Cit. 7% to 1945
30
128
Bogota (Colombia) 634.'47 /16
1712
Bolivia 6%, 1940
7
15
Buenos Aires scrip
57
155
Brandenburg Elec.60, 1953 133
34
Brazil funding 5%, '31-51 5714 5814
Brazil funding scrip
15714
British Hungarian Bank
7555. 1962
65
102
Brown Coal Ind. Corp
/42
610, 1953
46
13
Call (Colombia) 7%. 1947 fll
Callao (Peru) 714%. 1944 /0
11
Ceara (Brazil) 8%, 1947.. /3
Columbia scrip issue of '33 J70
71
Issue of 1934
5112
.C50
Coats Rica funding 5%.'51 48
51
City Savings Bank, Buda/49
52
pest. 7e. 1953
Dortmund Mun Util 68.'48 /30
39
J2912 3112
Duisburg 7% to 1945
Duesseldorf 7s to 1945.... /2912 3112
East Prussian Pr. 6e, 1953_ /33
34
European Mortgage & In_ /68
vestment 7145. 1966
71
French Govt. 5545, 1937
168
173
French Nat. Mall 88.68,'52 166
168
Frankfurt 7. 1.0 1045
J27
31
German All Cable 7s, 1945 J37
40
German Building A Landbank 654%, 1948
/35
38
German defaulted coupons J35
German scrip
8
16
liermen called bonds _
f25-3 /29-34
German Dawes Coupons
10-15-34 Stamped
1103
8 11
German Young Coupons
12-1-34 Stamped
f14
1414
Halt!6% 1953
83
85
Ilamb-Am Line 630 to '40 /83
86
Hanover Han Water Wks.
0%, 1957
/29
32
Housing & Real Imp 7s,'46 J44
46
Hungarian Cent Mut 7s,'37 /57
60
Hungarian Discount & Exchange Bank is. 1963_ 150
53
BO
Hungarian defaulted coups /45-90
Hungarian Ital Bk 7145.'32 f75
Jugoslavia be, 1958
41
Jugoslavia coupons
j46
Koholyt 61421. 1943
/35
Land M Bk, Warsaw 8s,'41 83
Leipzig Oland Pr. 654s,'46 /41
Leipzig Trade Fair 7s, 1953 137
Luneberg Power, Light &
/34
Water 7%,1948
Mannheim & Pabst 79. 1941 f32
Munich is to 1945
J31
Mimic Ilk, Hessen, is to '45 /29
Municipal Gas & Elm Corp
Recklinghausen, 7e, 1947 /37
Nassau Landbank 65411. '33 /4112
Natl. Bank Panama 654%
1948-9
/47
Nat Central Savings Bk of
Hungary 714s, 1962.
J59
National Hungarian & Ind.
/62
Mtge.7%. 1948
Oberpfalz Elec. 7%,1946._ /29
Oldenburg-Free State 7%
J2912
to 1945
Porto Alegre 7%. 1908/18
Protestant Church (Germany), 78, 1946
/34
Prov Bk Weetphalla 6s,'33 J37
Prov Bk Westphalia 6/4, '36 f35
Rhine Weetph Mee 7%,'30 J42
Rio de Janeiro 6%. 1932... f2012
RomCath Church 610.'46 /40
R C Church Welfare 7s,'48 J35
Paarbruecken 56 Bit 68, '47 ./75
Salvador 7%,1957
./42
Salvador 7% Ma of dep '57 /32
Salvador scrip
./31
Banta Catharine (Brasil),
8%, 1947
/221
Santander (Colom) is, 1944 fit
Sao Paulo (Brasil) 68. 1943 /18
Saxon State Mtge. 842, 1047 J42
Serbian 56. 1956
41
Serbian coupons
/46
Slam & Finlike deb 65,929 J230
StateMtg Bk /m08158153 6 ./41
coupons
/46-54
Stettin Pub Util 71. 1946.. 133
Tucuman City 7s, 1951_ _ ./14
Tucuman Prov. 7s, 1950_
72
Tucuman Scrip
/42
Veeten Elea Ry 71, 1947._ 12712
W urtemberg is to 1945.... /3012
Ask
1.351
38
86
44
40
38
35
34
32
40
4412
50
62
65
32
3212
20
37
_
- 7
3
45
2312
43
36
79
45
3312
33
24
12
1912
46
43
54
260
43
14
.4512
75
46
31 12
3312
Flat rein.
Philadelphia, Pa.
Basis price.
Ask
56.75
56.75
06.75
56.50
53.85
03.85
51.50
54.20
94.20
54.50
54.50
b3.75
53.00
13.00
93.90
53.25
93.25
60
60
CO
64.50
54.50
91.50
53.80
53.80
54.00
04.00
53.85
54.00
54.00
04.00
53.00
93.00
51.00
93.00
53.00
97.50
97.50
57.50
57.50
54.25
54.25
56.75
06.75
nowNt4w.A.ww.-wwomom
...........
o.222.coccm
00'
0000
0
000000000
041000000
0 .0 000
MLssouri Paclflo 414s
5s
Stis
New On Tex dr Me:414.-New York Central 44s....
ba
78
N Y Chic dr St L Cis-.
be
N Y Nil & Hartford 414s5e
Northern Pacific 414e___.
Pennsylvania RR 4145.___
56
Pere Marquette 414s
Reading Co 434s
5s
St Louis-San Fran 4n
4148
be
St Louis Southwestern 58.
55-is
Southern Pacific 78
43.45
be
Southern Ry 4555
be
514s
Texas Pacific 4s
43.48
Ss
Union Pacific 43.413
bs
78
Virginian Ry 4148
5s
Wabash Ry 4145
bs
53-4s
60
Western Maryland 414558
Western Pacific 544
534s
cAv.ww=mmonat.,
•
"c7.
"c,
'
66' 8om0008° mo
mom . 666. 6 o00o0088888
''
8
Bid
Ask
.0000... 00
SW
52.75
93.70
93.95
53.95
64.10
84.10
53.90
53.90
94 00
53.50
52 50
52.50
93.50
53.25
66.75
56.75
66.75
96.75
64
64
96.50
56.50
56.50
53.70
03.70
53.85
93.85
53.25
03.25
83.75
53.85
53.83
83.75
53.00
51.75
56.50
53.50
03.50
53.50
63.50
02.50
54.25
94.25
57.00
97.00
Insurance Companies
Par Bid
Ask
Par
Aetna Casualty & Surety_10 5314 6114 Home
5
Aetna Fire
10 4614 4814 Home Fire Sesurity
10
Aetna Life
10 181, 20
Homestead Fire
10
Agricultural
25 0 4 64 Hudson Insurance
3
10
American Alliance
10 203 2214 Importers A, Exp. of N Y.25
4
American Equitable
1912 221. Knickerbocker new
5
American Home
814 83 Lincoln Fire
10
4
5
American of Newark
11
13 Maryland Casualty
_23.4
2
American Re-Ineurance_ _10 53
55
Mass Bonding & Ins
25
American Reserve
10 2212 24
Merchants FireAssurcom21.4
American Surety
25 3012 3212 Merch & Mfrs Fire Newark _5
Automobile
10 233 2514 National Casualty
4
10
National Fire
10
Baltimore Amer
414 514 National Liberty
214
2
Bankers & Shippers
25 7212 7612 National Union Fire
20
Boston
New Amsterdam Can
100 555 578
8
Camden Fire
New Brunswick Fire
19
20
10
Carolina
4
10 22214 233 Now England Fire
10
City of New York
New Hampshire Fire_ _ _ .10
100 192 197
Connecticut General Life_ 10 261, 29
New Jersey
20
Continental Casualty
1512 New York Fire
5 14
5
Eagle Fire
24
17g 23 Northern
8
13.50
Employers Re-Ineurance.10 2712 30
North River
2.50
Excess
a 14 15 Northwestern National _ _25
Federal
75 Pacific Fire
10 71
25
Fidelity & Deposit of Md_20 4212 4412 Phoenix
10
Firemen's of Newark
a 5 6 Preferred Accident
5
Franklin Fire
25
2612 Providence-Washington in
General Alliance
10
1114 Rochester American
10
Georgia Horne
25 Roasts
6
23
10
Glens balls Fire
3312 3512 St Paul Fire & Marine.. 25
Globe & Republic
10 Seaboard Surety
Globe & Rutgers Fire.___25 27
3112 Security New Haven____10
Great American
5 2012 22 Southern Fire
It'
Great Amer Indemolty____ 1
8 Springfield Fire& Marire_25
7
Halifax Fire
1912 Stuyymant
10 18
10
Hamilton Fire
25 15
20 Sun Life Assurance
100
Hanover Fire
10 3.112 3612 Travelers
100
Harmonia
US Fidelity & Guar Co__ _2
10 2212 24
Hartford Fire
10 5514 5714 U fe Fire
.4
Hartford Steam Boller._ _10 751.
Westchester Fire
2.50
814 Ask
283 2814
4
12 112
2012
19
9
6
612
5
10
8
8
23
4 33
112 212
1314 1414
33
35
412 612
612 714
5614 5814
8
7
115 118
4
712 83
2534 2714
13
4212 45
3512 3912
113 14
4
8112
76
2212 24
115 118
84
81
7514 7714
1014 121 1
3112 3:112
1714 2034
812
912
166 170
1312 15
3214 35
2112 23
101 104
212 414
325 338
410 420
712
6
x4512 4712
3012
29
SHORT-TERM SECURITIES
Railroads
-Industrials
-Public Utilities
Federal Intermediate Credit Bank Deb.
U.S. Treasury Notes
Pell Peake & Co.
24 BROAD ST., NEW YORK
Members N.Y. Stock Exchange
Tel, HAnover 2-4 HO
1314
Railroad Equipment Bonds
Atlantic Coast Line 63-4s-41.is
Baltimore & Ohio 414s____
5.1
Boston & Maine 4145
56
Canadian National 4145__
58
Canadian Pacific 43.4s.....
Cent RR New Jer 454/4_
Chesapeake & Ohio 5145._
6345
41-is
5S
Chicago & Nor West 4145.
be
Chic Milw & St Paul 4148.
58
Chicago RI & Pao 43.45...._
58
Denver & R 0 Weet 4148.58
514/4
Erie RR 51i1
da
4.14s
5e
Great Northern 4148
844
Hocking Valley 58
Illinois Central 4148:
bs
5148
Otis
78
Internet Great Nor 4148.Long Island 4345
Se
Loutsv & Nashy 41411
be
6148
Maine Central ba
5145
Minn SIP dr 85 M 4a____
4345
HARTFORD,
%.;•
CONN.
Short Term Securities
EQUIPMENT TRUST CERTIFICATES
STE6151-rdiTli4N(171Nc.
Private Wires to New York
S. Bissell &
C.
Allis-Chalmers Mfg be 1937.
Appalachian Pr 78 1936._ __
Atlantic Refg Co 5a 1937..
B.50 RR Sec 43-4s 1939.,.,.
Beech Creek RR 1st 4e 1936.
Bethlehem Steel 56 1936...._
Canada (Doin of) 41.43 1936.
Ches & Ohio RR 1st 58 1939.
Chic Gas Lt s!, Coke 1M 50'37
Columbus Power let 58 1936
Consumers El Lt & Pr(NO)
let 158 1936
Cons Gas El Lt & Pr (Ralte0
434s 1935
Consumers Power 1st Se 193)1
Consum Gas(Chic) let 5836
Cumb'I'd 'Fel & Tel let Ss'37
Del .5 Hudson Co 51 4s 1937_
.
Dodge 13105 65 1940
Edison El Ilium Co Boston
53 1936
3.5 July 16 1037
314 November 2 1937
Edison El 111 liklyn 4s 1939.
Fox Film cony 6s 1936
Gen Slot Accept Corp 58 '36
Glidden Co 6148 1939
Gr Trunk Ry Can (itu) fis '36
Great Nor l'ower let bs '35
Gulf 011 Co of Pa 5s 1037..
Hackensack Wat cony M '38
Kresge Foundation 65 1936.
Long I)ock Co 6.5 1935
inns, Tqland lf.t.¢ let Se MR
Ask
Bid
Ask
10012
107
10712
9212
101
1033
4
10314
1111 1
1043
4
103
1007
8
1073
4
1077
8
93
1013
4
104
10312
1113
8
10512
10312
1027
/
10034
1021:
10913/
10314
101 14
103
1097
8
11)01
1001:
10311
107
1051:
1021
.
106
10071
1003
8
10114
104
10712
1053
4
1023
s
10612
IOUs
Midvale Steel & Ord 5s 1936
N Y Chic & St L 1st 48 1937_
N Y Pa dr Ohio RR 43-4e 35
New York Tel let 41 4. 1939_
.
Nor American Lt .5 Power-bs 1935
be 1936
Ohio River RR lot 5e 1936._
Pacific Tel dr Tel let 5e 1937
Pennsylvania RR 6 tts 1936.
Phillips Petroleum 5 kis 1933
10114 102 Pub Mery Co Ill let 6 tie 1937
Pure 011 Corp 534e 19:17.....
101
___ Hallway Express Agency-.
10312 10334
Se 1935-39
10312 10412
fe 1940-49
1063 10714 Root]& L Ont Water 544 1938
4
10114 102 Sinclair Consol 011 Corp
10612 1063
4
7s 1937
614s 1938
1043 10518 Standard 011CoNew York
4
10218 1027
8
4t4s 1935
10218 1027
8
414s 1930-48
10512 107 Texas Pr & Lt let 58 1937..
1013 10212 Tol & Ohio Cent Ry let 5835
4
10114 ___ United States Rubber Co
1033 1043
4
4
6148 19311
1063 107
4
64 1936
1013 10214 Wash'n Wat Pr let 5.5 1930.
4
105 10538 W Jct. & Seash RR let 4.4'36
109 1093 Western Matte Cos 48 1930._
4
1023 103 1V N Y & Pa RR 1st 5.4 1937
8
103 1033 Western Union Tel 6 tie 1936
4
, WIlmAr W.4111nn Tin ha r....fle
1021, 1031
1001.
1(18
101 102
1033 1037
s
4
1043 1043
1001
1021
104 10-S 2
11001 10111
10034 102
102 10212
106 107
10212
103 10312
4
10614 1063
102 10212
loll2
Federal Intermediate Credit Bank Debentures
Bid
Ask
Feb. 151935.,. 5.25
F I C 2s
F IC 114s Mar. 15 1935 _ _ 5.35
F I C 2s
Mar. 15 1035. _ _ 5.35 .15%
F I C 21 Apr. 15 1935_ _ 9.375 .20%
F IC 1 Sig May 15 1935... 9.50 .30%
FTC Itis June 15 1935 _ 5.50 .35%
Bid
F IC lkin July 15 1935...
F IC 13.4s Aug. 15 1935...
F I C 145 Sept. 15 1935...
F IC Die Oct. 15 1/135___
F I C 114s Jan, 15 1936._
Ask
5.60
9.65
0 85
0.85
5.'0
.35%
.40%
.45%
.50%
.65%
Sugar Stocks
Par BM 1 459
Par Bid
. _ i.,
•I
East Porto Rican Hug eon..
3 II ilaytten Corp Amer
2
Preferred
412 53 eavannah Sugar Ref
4
Fajardo Sugar
• 100 75 I 80
7% nreferrnd -----100 106
• No par value. f Flat price. S Basis price. x Ex-dividend.
.45k
1
Volume 140
Financial Chronicle
631
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY INDUSTRIAL
-MISCELLANEOUS
Monthly Gross Earnings of Railroads-The following
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Interstate Commerce Commission:
Gross Earnings.
Length of Road
I
1
Na Earnings.
Month
1933.
1932.
January
February
March
April
May
June
JULY
August
September
October
November
December
$
45.603.287
41,460,593
43,100,029
62.385.047
74.844.410
94.448,669
100,482,838
96,108.921
94.233.438
91,000.573
66.868,614
59.129,403
$
45,964,987
56.187.604
68,356.042
56.261.840
47.416.270
47,018.729
46,148.017
62,553.029
83,092.822
98.337.561
63,962,092
57.861.144
Jai:RIMY
February
March
April
May
June
July
August
September
October
November
1934.
62,282.489
59,923,775
83.939.285
65,253,473
72,084.782
74.529,256
67,569,491
71,019,068
71,781,674
80,423,303
59.167.473
1933.
44,978,266
40,914.074
42,447,013
51.640,515
73,703,351
92.967,854
98,803,830
94,507,245
92,720,463
89,641.103
65.899.592
-3.676.Y93
+27,428.140
+47,429,940
+54,334,821
+33,655,892
+11,129.616
-7,336,988
+2,904.622
+1,268,259
+17.284,203
+19,009,701
+41.192.272
+13,612,956
-1.618.619
-18,438,598
-31,234,339
-23.488.177
-20,938.789
-9.217.800
-6.732.119
Ca
Ca
NiP.-40.119.0000
0W..40 40WW004..
,
-0.79
-26.21
-36.94
'-8.65
+57.86
+100.87
+117.74
+53.64
+13.39
-7.46
+4.54
+2.19
1934
$1,830.122
565.334
63,671
170,000
1933
31,755.483
586.618
67.350
159,720
1932
$681,313
585.842
70.512
3,619
Not income
Previous surplus
Surplus adjustments
31,031.116
1.272,578
Dr6,262
$941,795
698.045
23,772
321.340
1,033.399
Dr2.779
Total surplus
Dividends
32,297.432
625,318
$1.663.612
391,034
$1.051.960
353,916
Surplus at end of year
$1,672.115 $1,272,578
$698.044
Shares of capital stock outstanding.-343.016
343,046
343,046
Earnings per share
$3.01
$2.75
$0.06
Balance Sheet Dec. 31
1934
1933
1934
1933
Assets
Cash
986,524
969,095 Trade accts. pay'le 314.713
114,545
Customers notes Ar
Divs. payable Jan.
accts. rec. (less
2 1935
171,523
135,416
reserve)
772,296
953,997 Officers' & employ.
Inventories(at lowaccounts
6.261
4,907
of cost or market) 2,501,400 1.922,531 Salaries, wages and
Officers' accounts_
30,350
commissions
_
18.745
49,269
Employees' accts..
1,416
2,150 Bond 1st. accrued.
21,324
21.828
Interest accrued on
Reserve for local &
notes receivable.
911
1,532
Federal taxes
293,796
340.719
Sundry accounts
9,542
2,279 latnitge.6% bonds 1.035,500 1,095,000
Sundry Investrn'ts
7,900
30,402 Capital stock
8,576,150 8,576,150
Claim with closed
Paid In surplus_ _ _
71,221
71,221
5,098
bank (less tes've)
6.869 Earned surplus _ _ _ 1,600.892 1.201.355
29,991
Due from subsid
27,418
Ins. prem.
Mutual
deposit
16,725
17.160
63.315
Sinking fund
34,914
Treasury stock
603.552
262.603
x Land, buildings,
and eoulpment. 7,059,151 7,298,579
49.849
Patents lass amen.
48,501
2,454
Prepaid insurance_
2,028
10,110,129 11,610.413
Total
Total
12.110,129 11,610,413
x After depreciation of $5,235,483 in 1934 $4,716,132 in 1933.-V.
139. p. 3500.
Alabama Power Co.-EarningstA subsidiary of Commonwealth & Southern Corp.]
Period End. Dec.311934
-Month-1933
1934-12 Mos.-1933
31.264,258 $1,251,517 $15,415,216 $15,486,234
Gross earning'
Oper. mos., incl. maintenance and taxes_ _ _ _
.177,376
525.712
6,701,993
6.441,416
401,363
392,946
4,691,804
Fixed charges
4,691,426
97,845
1.174,140
92,683
Prov, for retire. reserve..
1,074.100
195,182
195,195
2,342,173
Divs. on prof. stock...
2,342,323
$52,571
136.
384.898
have declared a dividend of 75 cents per share on the
$3 cum. pref. stock, no par value, on account of accumulations, in addition
to the regular quarterly dividend of 75 cents per share, both payable Mar.
1
to holders of record Feb. 20. Similar distributions were made on
and Sept. 1 last and compares with 75 cents per share paid on JuneDec. 1
1 and
Mar. 1 1934, this latter being the first dividend paid since Mar. 1 1931
the regular quarterly dividend of 75 cents per share was disbursed. when
Accruals on the preferred stock after the Mar. 1 payment will amount
to $6 per share.
-139, p. 2985.
-- Allied International Investing Corp.
-Dividend--' •
American Eagle Fire Insurance Co.
-Balance Sheet
-
$
-361.700
-14.727,011
-25,256.013
Acme Steel Co.
-Earnings
-
p.
."'Allen Industries, Inc.
-Accumulated Dividend '' 1- 4 ,
4
'
The directors
The directors have declared a dividend of 35 cents per share on the $3
cum. preferred stock, no par value, payable Feb. 1 to holders of record
Jan. 25. This is the first distribution to be made on this issue since Aug. 1
1933.
+13.90
1931. when a dividend of 50 cents per share was paid. A similar payment
241,337
+17.10
was made in each of the two preceding quarters, prior to which regular
241,363
+34.44
quarterly dividends of 75 cents per share were disbursed.
241,194
+18.02
241,113
Accruals after the Feb. 1 payment will amount to $10.90 per share.
+10.50
V. 139. p. 588.
240,906
+1.61
240,932
-6.05
American Asphalt Roof Corp.-Pref. Dividends Resumed
240.882
-4.82
240.658
The directors have declared a dividend of $1.50 per share on account of
-5.70
240.563
accumulations on the 8% cum. pref. stock, par $100. payable April 15 to
-0,62
240.429
holders of record March 31. This lathe first payment to be made on this
-029
940 1210
issue since April 30 1932 when a regular quarterly dividend of $2 per share
was paid.
Accruals after the payment of the April 15 dividend will amount of
Inc. (4-1 or Dec.(-).
$22.50 per share.
-V. 135, p. 820.
Amount.
Per Cent.
Year Ended Dec. 31
Operating profits
Depreciation
ilond interest
Estimated Federal taxes
Balance
-V. 140,
Aldrich Bros. Co.
-To Liquidate
-
Directors of the company, manufacturer of fine cotton and rayon textiles
for 47 Years at its mills in Moosup, Conn., on Jan. 18 decided to liquidate.
No explanation other than poor business conditions was given by
the board.
The company originally was capitalized for $4,000,000, but
this later was
reduced to $1,000,000.
/
1934.
239,444
239.389
239,228
239.109
238,983
239,107
239.160
239,114
238.977
238,937
25/1 528
!IiIIII++++
cowo..mbam-400
i.5kimbeitimi46:4
1933.
226.276,533
211,882,826
217.773.265
324,565,926
254,857,827
277,923,922
293,341,605
296,564.653
291.772,770
293,983,028
257 376 378
1932.
CcaaCa-0
bO
Cs
0-0
1934.
January__. _ 267,719,855
February _ _ 248,104,297
March
292,775,785
April
266,022,239
May
281,627,332
June
282,406,507
July
275,583.676
August
282,277,699
September. _ 275,129.512
October
292,488.478
November
258.629.163
1933
CO
$
-46.000.776
-52,380.018
-69.022,941
-40.180.139
+3.584,364
+35.484.283
+59.691.784
+48.737.988
+23,446.244
-393,640
+7,278.324
+2,297.276
b3WW.N.W.N.W.3
$
274,890.197
266,231,186
288.880.647
267.480,682
254.378,672
245.869,626
237.493.700
251,782,311
272,039.765
298,084,387
253.225,641
245.760,336
ca.4caumww—wo....ow
3
228.889.421
213,851,168
219.857,606
227,300.543
257,963,036
281.353,909
297.185,484
300.520,299
295,506.009
297.690.747
260.603,983
248,057.612
January _ _ _
February
March
April
May
June
July
August
September_ _
October
November _
December
Per
Cent.
www.www.
.....
ow000r...m
Inc.(+) or
Dec.(-).
.rnaochov.A.
1932.
L+++++
1933.
owoww....aw.co
Month.
Alaska Packers Association-Resumes
The directors have declared a dividend of $2 per Dividends
common
stock, payable Feb. 12 to holders of record Feb. 2. share on thefirst
payThis is the
ment made on this issue since Aug. 10 1931 when a
quarterly dividend of $2
per share was distributed.
-V. 138, p. 862.
3505.104
$933,967
Dec. 31 '34 Dec. 31 '33
Dec. 31 '34 Dec.31 '33
Liabilities3
$
x Bonds & stocks..10,242,165 10,087,201 Unearned prems__ 3,258,173 3,433,816
Prems. In course of
Losses in process of
collection
668,793
adjustment ____
720,467
765,946
681,846
Interest accrued..
51,262
57,580 Reserve for taxes
Cash on deposit &
end expen.ses_ _
169,820
106,400
In office
1,075,251
606,684 Res've for divs_
200,000
Res. for all other
claims
200,000
200,000
Res. for cording's_
y235,019
Cash capital
1,000,000 1,000,000
Net surplus
6,443,532 5,814,851
Total
12,037,471 11,471,933
Total
12,037,471 11,471,933
Valuations approved by National Convention of Insurance Commissioners. y Contingency reserve, representing difference between value
carried in assets and actual Dec. 31 1933 market valuations on all bonds
and stocks owned.
-V. 139, p. 589.
American Life Insurance
Statement Dec. 31 1934-
Co., Detroit-Financial
Assets
Liabilities
1st mtge. on real estate
58,694,250 Reserve for
Policy loans & renewal preAll policies in force
$14,058,330
mium notes (net)
4,039,067
Instalment trust benefits_
916,654
Real estate
2,546.667
Present value of disability
Municipal bonds
480,276
benefits319,650
U. S. Government bonds
Unpaid claims
282,525
63.019
Cash
188,948 Restscounts unpaid
648,754
Real est. sold on contract
385,814 Reserve forInterest due & accrued
Prems. & Int. paid in adv.
784,339
Def. & uncoil. prems (net) _ _
177,385
72,877
& diva, left on deposit
Detroit City scrip
8 Res. funds appor.& set aside
for annual div. policies
30.879
Reserve for
Agents' credit balances
6,129
Other liabilities
67.222
State & Federal taxes
Other taxes & tax items
2339292
60 3
;1
Capital stock
500,000
Surplus
500,000
Reserve for contingencies_ _ _ _
102,279
Total
-V. 133,
$17,579,279
Total
317,579,279
p. 3633.
American Light & Traction Co.
-Hearing in $40,000,000
Case on
-
Vice-Chancellor John It. Backes began Jan. 23 a three-day hearing of the
final argument of the suit brought by Harry Helfman, Detroit Lawyer,
against the company and seven affiliates for an accounting of $40,000,000
alleged to have been lost in stock transfers.
Some of the most important utilities in the country have been named by
Mr. Holtman as party defendants, including the United Light & Power
Co., the Koppers Coke Co., Detroit Edison Co., Brooklyn Union Gas Co.,
Brooklyn Borough Gas Co., the Milwaukee Gas Co. and International
Paper Co.
Mr. Holfman, holder of $375.000 of American Light & Traction stock,
charges It. B. Brown of Milwaukee. President, the directors and the company with improper administration in the sale of its stock and in the acquisition of subsidiaries in 1928.-V. 139, p. 2820.
American Products Co.
-Hain-
The Securities Exchange Commission has grant th application for the
registration on the Cincinnati Stock Exchange effective upon official
notice to the Exchange of issuance of the followhig securities of the company: 80,000 shares (no par) common stock, 35,630 shares of prior preferred
stock ($7 par value), and 35,630 shares (no par) participating preferred
stock.
-V. 140, p. 137.
American Superpower Corp. (of Del.)-Report for 1934
Landon IC. Thorne, President. says in part:
The entire holdings of the corporation in securities, including $6,456,000
U. S. Government securities, had a market value of $23,187.836 at prices
at the close of business on Dec. 31 1934. In addition, the corporation had
$5,232,429 in cash. The only changes made In the holdings during the
year were the sale of $366.000 of corporate bonds, a net reduction of 37.219,000 principal amount of U. S. Government securities and the cancellation
of 300,000 Niagara Hudson Power Corp. class C option warrants, which
expired on Nov. 30 1934. and therefore became valueless. The corporation had no debts at Dec. 31 1934.
A total of 43,409 shares of first preferred stock was acquired during the
year and retired.
On Dec. 1 1934 the first preferred stockholders were advised that the
market value of the net assets of the corporation was less than the capital
of the corporation, and that, as all of the current net profits had been paid
632
Financial Chronicle
out in dividends on the first preferred stock, the Corporation Law of the
State of Delaware prevented the payment of the regular dividend on such
first preferred stock which was due on Jan. 2 1935. The directors, believing it desirable to reduce further the capital of the corporation by the mu.
chase and retirement of its first preferred stock, authorized the purchase of
first preferred stock at $53.50 per share from such holders as desired to sell,
this price being the average price at which the corporation had purchased
shares offirst preferred stock in the market since July 1 1934. This original
offer to accept tenders of first preferred stock expired at the close of business on Jan. 5 1935, and was later extended to the close of business Jan.12
1935. Up to the close of business on Dec. 31 1934 a total of 20,639 shares
had been tendered in accordance with this offer. Since Dec. 31 1934 and
up to the close of business on Jan. 12 1935 a total of 11,692 shares offirst
preferred stock has been acquired, of which 10,212 shares were tendered
to the corporation under the offer above referred to. The directors expect
to continue the policy of the acquisition of first preferred stock, by market
purchases or otherwise, when in their judgment such acquisitions are deemed
wise.
At Dec. 31 1934 the corporation had 7,621 first preferred, 2,726 preference and 51,439 common stockholders of record.
Calendar Years1934
1933
1932
1931
Cash dive & interest_ _ - $890,695 $1,196,448 $2,622,378 $5.574,464
Less on sales & com'ne__
x380,717
359,618 2,141,901 prof.16,749
Total income
Expenses in reissue ind
transfer of stocks and
rights, legal exp., &c_
All other expenses
Taxes, incl. reserve for
Income taxes
$509.978
$836,829
$480,477 $5,591,213
Ian. 26 1935
Oct. 11 1933, under which this committee was organized, expires. The
committee has therefore decided to extend the time limit of the agreement to March 1 1936 and has adopted and filed with the depositaries
an amendment to that effect.
Earnings for 12 Months Ended Nov. 30
1933
1934
$377,022
Operating revenue-Electric
$464.667
43,097
Gas
43,035
Total
Operating expenses-Ordinary
Maintenance
Provision for renewals & replacements
Provision for Federal taxes
Provision for other taxes
$507,702
129,542
40.868
25,385
7,534
66,173
$420,119
130,277
,39,888
21,006
3,172
71,414
Operating income
Non-operating income
$238,200
9,468
$154,362
3,263
$157,625
Gross income
$247,668
Note-Upon completion of the plan of readjustment dated Oct. 11 1933
the total fixed charges of the company for interest and sinking fund will
be approximately $109,390. This does not include contingent charges
for sinking fund under the new 1st & ref. mtge. which are payable only
if earned.
-V. 139, p. 272.
Zet,
‘
.-----Armstrong Cork Co.
-Special Dividend 1
115,832
The directors have declared a special dividend of 12% cents per share
5,917
on the common stock, payable March 1 to holders of record Feb. 14. A
similar distribution was made on Dec. 1 and Sept. 1 last, this latter being
25,000
25,212
98,949
136,849
the first payment made on this issue since Oct. 1 1931, when a regular
quarterly dividend of 25 cents per share was paid.
Bal. applic. to dive_ -- $346,235
$624,330
$349,293 $5.444,463
President H. W. Prentis, Jr., said that further payments depend on
Divs. on 1st preferred.. _ 1,359,990
1,938,138} 4,433,457 5,085,318
the future of the company s business and the general outlook.'?
-V.t39,
Divs. on $6 pref. stockp. 2669.
4 el
Balance, deficit
$1,013,755 $1.313,807 $4,084,164 sur$359.145
-$3 Preferred Di
widend7-,
Com.she. outst.(no par) 8,293.005
8,293,005 8,293,005 8,293,005 " Associated Dry Goods Corp.
The directors have declared a dividend of $3 per share on accotbit of
Earnings per share
Nil
Nil
Nil
$0.04
accumulations on the 6% cum. 1st preferred stock, par $100, payable
x After deducting net profit of $60,462 on sales from the loss of $441,180
March 1 to holders of record Feb. 7. This is the first payment to be made
resulting from the expiration of Niagara Hudson Power Corp."C" warrants.
on this issue since June 1 1932, when a regular quarterly dividend of $1.50
Note
-Above statement does not include stock dividends received, which.
per share was disbursed.
If included at market prices at time of receipt, would have increased
Accumulations on the above issue after the payment of the March 1 diviearnings by the following amounts: 1933. $25,71'7: 1932. $99.689, and 1931,
dend will amount to $13.50 per share.
-V. 138, P. 2398.
$628,723.
The income statement for 1934, 1933 and 1932 does not reflect additions to
-About 65% of Fixed
capital surplus during these three years of $1,875,498 in 1934, $808,917 'Associated Gas & Electric Co.
in 1.933 and $10,321,482 in 1932. which is the difference between the capital
Debt Securities Deposited Under Plan
represented by 43,409, 22,172 and 239,164 shares of first preferred stock at
The company reports that at the present time the debentures not yet
$100 a share, acquired during the years 1934, 1933 and 1932 and retired,
exchanged under the plan amount to less than $100,000,000. Nearly
and the cost of such shares to the corporation.
65,000 debenture holders deposited their securities under the plans and
Balance Sheet Dec. 31
others have signed the letters of approval which were circulated for that
purpose, so that combined deposits and approvals by debenture holders
Assets1934
1932
1933
1931
Cash
now aggregate well over two-thirds.
$5,232,430 $1,275,355 $6,312,811 $2,256,212
U.S. Gov.secur.(at cost) 6,559,524 13.769,953 16,276,835 26,652,592
Weekly Output
Int. & dive receivable
117,650
155,673
451,379
1,186,779
For the week ended Jan. 12 the system reports net electric output of
Corporate bonds
820,740
1,015,799
55,719,837 units (kwh.), an increase of 4.6% above the corresponding week
Pref. stocks (at cost)
743,536
743,536
4,816,158
last year. Output for the four weeks to date also showed an increase of
Common stocks (at cost) 28,553,368 85.159,483 81,971,952 87,235,867
4.6% over the previous comparable period.
Option warrants (at cost)
8,835,065
8,835,065 8,837.004
Gross output, including sales to other utilities, amounted to 64,908,497
Miscellaneous assets_
281
281
units.
-V.140, p. 468.
Total(market val.Dec.
-Earnings
Atlas Imperial Diesel Engine Co.(& Subs.)
31 '34 $28,537,915)-$42.027.247$110,954,866$113.848,322$130,984,893
Years Ended Nov. 30Liabilities
1934
1933
$652,881
1st pref. stk. $6 (no Par)$26,941,000 $31.281,900 $33,499,100 $57,415,500
Net sales
$1,042,528
Pref. stock $6 (no par)__
Net loss after taxes, interest, depreciation &c
198,577
235,207
30,411
235,207
235,207 23.520.700
x Common stock
-V. 139, p. 2987.
5,272,378 5,272,379 5,272,379 7,752,366
Earned surplus
8,112,312 34,250,676 36,980,415 41,062,598
Capital surplus
Auburn Automobile Co.(& Subs.)
1,418.825 36,895,879 36,086,962
-Earnings
-Dividend declared on 1st
R. H. Faulkner, President, says in part:
preferred stock
472,094
During the year the company acquired a 100% interest in a selling
Res.
-Inc. tax & accr.
subsidiary having branches in New York, Chicago, Fort Wayne and Los
dive. on 1st pf. & pref_
z47,523 y2,546,730} 1,773,482 1,232,781
Angeles. Its accounts are reflected in the consolidated balance sheet
Gen'l contingencies_
and is the reason for the decrease in accounts receivable-affiliated companies.
Miscellaneous
778
948
as compared with the previous year.
As of Nov. 30 1934 the company's subsidiary, Lycoming Manufacturing
Total
$42,027,247$110,954,865$113.848,322$130,984,893
Co., sold its aircraft engine and propeller business and henceforth Auburn's
x Represented by 8,293.005 no par shares. y On preference stock
activities will be confined exclusively to the automotive industry.
only. x Taxes and expenses only.
-V. 140, p. 312.
During the last quarter the company's dealer organization was materially
strengthened and the public's acceptance of the new cars accounted for
American Water Works & Electric Co., Inc.
-Output
- over 31% of the year's sales, in a quarter when usually not over 10% of a
year's production is sold.
Output of electric energy of the electric properties of this company for
the week ended Jan. 19 1935, totaled 38,469,000 kwh., an increase of 16%
Consolidated Income Account Years Ended Nov. 30
over the output of 33,056,000 kwh. for the corresponding period of 1934.
1933
1934
Comparative table of weekly output of electric energy for the last five
Net sales
$10,331,730 $5,359,596
years follows:
Cost of sales
9,879,046 5,033,996
Week Ended- 1935-1934 1934-1933 1933-1912 1932-1931 1931-1930
• Balance
Dec. 29 _ _ _x32,741,000 x28,997,000 x25,179,000 y28,322,000 y31.188,000
$325,600
$452,684
Other operating income
Jan. 5 _y36,191,000 y30,818.000 y28,479,000 29,802,000 33,662,000
45,094
74,119
Jan. 12 ___ 37,637,000 32,519,000 28,844,000 30,030,000 34,945,000
Gross profit
Jan. 19 __- 38,469,000 33056,000 27,932,000 30,540,000 32,972.000
$370,694
$526,803
x Includes Christmas. y Includes New Year's Day.
-V. 140, p. 467.
Expenses
1,806,759
2,826,406
Inventory mark-down
83,958
160,861
Patterns, dies, jigs and fixtures written down
-Earnings
280,000
American Yvette Co., Inc.
913,156
Taxes
127,679
96,693
1932
1931
Year,End. Aug.311934
1933
32.133,298 $2,710,572
Sales
Loss from operations
$3,470,313 $1,927,702
Noravailable
1 1,879.186 2,292,078
Department oper. costs_}
Other income (interest, discount, &c.)
64,996
108,600
x Extraordinary income
104,663
$418,494
$254,112
Operating profit
$172,269
$175,820
191,129
162,401
Gen.& admin. expenses_
85,952
82.743
Loss for year
$3,257,050 $1,862,706
Depreciation
142,219
100,539
99,513
165,642
Other charges
57,354
98,435
Loss on fixed assets
6.568
53,806
Depreciation
592,501
477,647
$126,372
$7,801prof$126,826
Net loss
$62,469
Loss for year
$3,833,132 $2,512.561
Preferred dividends_
36,237
73,484
Minority interest (loss)
204,588
190,633
Deficit
$62,469
$44.038 sur$53,342
$126,372
Net loss
$3,642,499 $2,307,973
468,215
x466,210
Shs.com.stk.out.(par $1)
468,210
x468 210
Dividends (cash)
553,177
223,442
Earnings per share
Nil
Nil
Nil
$9.11
x Shares of no par value in these years.
Deficit for year
$3.865,941 $2,861,150
x Represented by cash and capital stock receivable in sale of aircraft
Balance Sheet Aug. 31
engine and propeller division to affiliate company, being reimbursement
1934
1933
Liabilities
1934
Assets1933
for development expenses charged to income in prior years, and proceeds
a Fur., Ma. & eq_ 8580,043 8661,394 b Preferred stock_ 825,000
$25,000
of sale of trade name and good-will.
Cash
33,895
37,900 c Common stock _ _ 468,215
468,210
Acc'ts receivable
299
553 Notes payable_ _ _ _
Consolidated Balance Sheet Nov. 30
21,974
2,108
Mdse. inventory
131,493
147,118 Accounts payable_
8,825
18,908
1933
1933
1934
1934
Loans
41,180
34,209 Accr. sals., cornLiabilities8
Assets$
$
11,503
Prepaid expenses
15,079
missions & exps_
11,321
8,093
372,378
Cash ctfs. of dep. 1,112,541 2,083,418 Acc'ts payable_ -- 388,564
Losses, contracts
Deferred liabilities 397.484
452,606
36,484
2,000 1,900,000 Dealers' dep., &oU.S. Govt.obligs_
58,450
and locations_ _ _ 450,061
450,060 Paid-in surplus___ 750,539
750,544
35,045
14,500
Notes Sr accts. rec. 1,370,146 1,782,478 Fed'I income tax_ _
Pats. & tr.-marks_
4,966 Deficit
397,835
4,966
340,641
2,629 Excise taxes
2,537
2,273
Accr. int. receiv_
14,604
Adv.for new dept.
3,194,403 2,780,076 Other accruals,... 172,960
172:5 7
3000
Inventories
construction
1,098
98,500
20,896
21,508 Sub, funded debt_
Sinking fund cash_
Organization exps_
35,674
35,674
75,794 Note payable to
Sundry invests__ _ 133,981
affiliated co__ _
Prepaid expo. and
750,000
Total
31,285,704 81,388,054 Total
$1,285,704 $1,388,054
76,363
90,306 MM. stockholders'
deferred charges
int. In cap. stock
6,215,959 6,731,874
x Fixed assets
a After depreciation of $569,651 in 1934 and $585,782 in 1933. b Repre1
1 & surp. of subs_ 1,713,864 2,067,760
Good-will
sented by 36,357 no par shares in 1934 (36,358 in 1933). c Represented by
Capital stock _ _10,945.755 10,945,755
-V. 138, p. 1233.
$1 par value shares.
369,584
Capital surplus_
417.621
Arizona Power Co.
-Deposit Agreement Extended
Earned surplus_ der.2,347,755 1,368,041
The readjustment committee in a letter to the various bondholders.
Total
Total
12,128,563 15,468,084
12,128,563 15,468,084
dated Jan. 22, states:
)
The plan of readjustment was presented to the Federal District Court
x After depreciation. y Represented by 224,729 (223,342 in 1933
no par shares issued and in 1934 1,043 shares reserved for unconverted
for the District of Arizona on Dec. 8 1934, and the Court has referred
scrip dividends in 1934 (1.387 in 1933).-V. 139, p. 298 .
It to a master to consider its fairness and feasibility as required by law.
A large majority of each class of security holders have accepted its terms
-35
-Cent Dividend
Backstay Welt Co.
and the committee is hopeful that the plan will meet with the Court's
approval so that the new company can be organized and the securities
The directors have declared a dividend of 35 cents per share on the
common stock, no par value, payable April 1 to holders of record Mar. 16.
provided for in the plan can be distributed.
This compares with 55 cents per share paid on Dec. 20, 35 cents paid on
However, it appears unlikely that it will be possible to consummate
Oct. 1 and July 2 1934, 25 cents paid on Apr. 2 1934 and 10 cents per share
the plan before March 1 1935. at which time the deposit agreement dated
58,771
6,020
71,550
4,099
100.784
5,187
Volume 140
Financial Chronicle
paid on Dec. 20 1933. The last previous payment was a quarterly dividend
0( 25 cents per share on July 1, 1931.-139, p. 3474.
Badger Paint & Hardware Stores, Inc.
-Earnings
Years Ended Nov. 30Sales
Cost of sales
1934
$1,188,629
765.519
1933
8923.727
584,350
R Gross Profit
.Def. prof. on instal. sales adjusted gross profit
Total selling & stores' expense
Total general & administrative expense
$423.109
4,086
256.510
47,464
8339,377
Balance
Other income
$115,048
14,996
$90.145
7,462
Total income
Provision for bad debts
Federal income taxes
State income taxes
Capital stock tax
Loss on sale of assets
$130.044
6,950
19,924
7.502
1.664
800
$97.608
23.358
8.7:38
3.864
. 671
1,795
Net profit
893,203
Balance Sheet Nov. 30 1934
Assets1 LiabilitiesCash on hand & In banks__
$90,885!Accounts payable
Customers' accts. receivable.
x39,392 Accrued payroll
Due from officers it employees
744 Accrued commissions
City of Maw., city orders__
5,273 Accr. real estate & personal
Sundry accounts
property taxes
781
Inventory of finished goods,
Accr. cap. stk. & sund. taxes_
raw materials & supplies__
224,791 Sundry accountS
Investments A sundry assets_
65,918 Provision for income taxes___
Capital assets
y106,909 let mortgage payable
Good-will
286,082 Land contracts payable
Deferred charges
1,589 Reserves
Capital stockCony. partic.cum. pretstk.
Common stock
Surplus
210,485
38.e40
$59,179
527,833
7.707
16,053
10,091
1,347
1,369
27,500
1,900
8,100
5.410
359,220
233.210
122.717
Total
$822.461
Total
$822.461
x After reserve for bad debts of 89 308.y After reserve for depreciation
of $65.111.-V. 138. p. 329.
Bangor & Aroostook RR.
-1931 Earnings-
633
which will reduce the fixed rental charges of Barker Bros., Inc. by about
50% during a 10
-year period. The completion of this readjustment program
will thus make it possible to secure a new and capable management and will
remove an Important obstacle toward profitable operations.
The entire program is contingent upon securing consents from threefourths of the preferred stock of Barker Bros. Corp. but stockholders holding
a majority of the stock have already submitted their consents to the corporation.
-V. 139. p. 3635.
Batavian Petroleum Co.
-Gold Clause Decision-See
last week's "Chronicle," p. 379.-V. 138, p. 1233.
Bayer Co., Inc.
-Obituary.See Sterling Products, Inc., below.
-V. 139. p. 1860.
Bond Electric Corp.
-Reorganization Plan-
i
.,..-.
f4.4........e
PC
*
The committee for the holders of the 10
-year 6;4% sinking fund gold
debentures due April 1 1937 (Luigi Criscuolo. Chairman), has approved
and adopted a plan of reorganization dated Jan. 21 1935.
Receivers were appointed by Chancery Court in New Jersey in April
1933, consisting of L. Edward Herrmann and C. Bertram Plante. The
receivers continued the operation of the business, which is the manufacture
of flash lights, batteries and related products, until July 2 1934, on which
date the U. S. District Court for the District of New Jersey appointed
three trustees upon a petition for reorganization under Section 77-B of
the Bankruptcy Act. The trustees have since that date conducted the
business of the corporation.
r, The capital structure as of the date of the institution of the receivership
proceedings in 193:3 was as follows:
Preferred stock (par $100)
$574,000
Common stock (without par value)
87.264 shs.
64% sinking fund gold debentures, due April 1 1937
4581.000
x Accrued interest thereon to April 1 1933 at 65i %. $18.883.
As of the said date, there were general creditors and note holders of Bond
Electric Corp. amounting in the aggregate to approximately $266.339. and
a judgment of approximately $107,800 upon which an appeal has been taken.
Digest of Plan of Reorganization
rd"New Company-The property will be transferred to or acquired by a
new corporation, to be known as Bond Electric Co., free and clear of all
claims of the old corporation, its stockholders and creditors.
Capitalization o New Company
f
First lien sinking fund bonds due 10 years from the date of issuance,
bearing interest at the rate of 6% per annum, secured by a first lien upon
all the assets of the old corporation not now subject to mortgage, bearing
a sinking fund for the retirement thereof by purchase in the open market
or by lot, which sinking fund shall consist of 10% of the annual net earnings
of the corporation after deducting depletion, depreciation, taxes, interest
on these bonds and reserves as more fully to be defined in the trust indenture under which said first lien bonds will be issued
New debentures bearing interest at rate of 5% per annum due 8300.000ns0
from the date of confirmation of plan. Indenture will provide that debentures shall be automatically extended for an additional five years in event
that interest is earned and paid thereon continuously for three years next
preceding original due date thereof, and if there has been no default in
respect to first lien bonds of the new company. Interest payable semiannually out of net earnings (after depreciation, depletion, taxes and
reserves, interest on the first lien bonds and apportionment of sinking fund
on the first lien bonds). Interest shall be cumulative so that if not earned
or paid In any semi-annual period, it shall be paid if earned in any succeedlug semi-annual period before any dividends or distribution on any class
of stock of the corporation. Indenture may provide that distributions of
interest to debenture holders need be made only in multiples of 4 of 1%
of principal amount of outstanding new debentures and that no such
distribution shall be made in an amount less than 1% of such principal.
New debentures shall not bear coupons but shall be registered both as to
principal and interest and payment shall be made to the registered holders.
After the payment of interest at the rate of 5% per annum on the out,
standing debentures and all fixed obligations, 50% of the surplus before
the payment of any dividend to common stockholders shall be applied as
follows: One-half to retirement of first lien bonds in addition to the sinking fund provisions aforesaid. and one-half to the retirement of debentures
by purchase in the open market or by lot.
The new trust Indenture shall provide that with the consent of 75% In
principal amount of new debentures then outstanding, said trust indenture
may be amended or modified. Total authorized
ed.
trust8315'.000000.0s0h20
Common stock without par value to be deposited in voting
Warrants entitling the holders to purchase if the warrants are all exercised, at a price aggregating $300,000, $300,000 of first lien bonds of the
now company and 21,000 shares of the common stock of the new company.
the warrants to be void unless exercised within 60 days from the date of
the confirmation of the plan of reorganization. Total_ ___93.004 warrants
Treatment of Existing Security Holders"and Creditors
_ _
.
Debenture Holders
-New securities shall a gsiled In exchange for the
- 6A %, 10-year sinking fund gold debentures with all interest
present
coupons after Oct. 1 1932. on the following basis: For each $1,000 of old
debentures with all appurtenant coupons (and including accrued interest
to the date of the receivership). $1,000 of new debentures, and 18 shares
of new common stock.
Merchandise & Other Creditors
-Merchandise creditors and note creditors
shall receive for each $1,000 of indebtedness, $1,000 in now debentures and
13 shares of co nrnon stock. Scrip may be issued for partial interests.
Stockholders-Each share of stock of old corporation is to receive one
warrant, authorizing subscription to 83.2258 principal amount of first
lien bonds of the new corporation, plus a proportionate number of the
shares of common stock allocated to the warrants. Subscriptions to the
first lien bonds of the now company shall not be accepted in units or multiples
of less than $300.
Voting Trust-The shares of common stock shall be deposited in a voting
trust for a period of ten years.
-V. 139, p. 1078.
Percy It. Todd, President, states:
I think that without waiting for final December adjustments that the
road will show from $4.75 to $5 a common share,
In 1933. after paying expenses, taxes, interest and dividends on the
preferred stock, we earned $5.29 a share on our common stock of 850
par value,
Tho road's cash on deposit or in the treasury on Jan. 1 was $312,639
and U. S. Treasury notes on that date totaled $150,000, making total of
8162.639 in quick assets. Cheeks outstanding amountel to $51,054,leaving
us a net cash position of 8411,574. These figures are after paying January
bon I interest an I quarterly dividends on preferred and common stocks,
We have no bank or other loans,
To the cash position just mentioned should be added the fact that the
U. S. Govern nook owes us 8233,488 for freight charges on relief shipment
of cattle an I potatoes which has not yet been paid.
All of the potatoes of the 1934 crop were dug before the cold weather
came on an i the crop was very much in excess of the previous year, but
the prices were very bad. However, I think in the next four months all
of those potatoes will be shipped as the warehouses are full and they have
to be emptied to provide for next yea-'s crop. As to what the plant this
spring will be, It will depend almost entirely on how much money the Govern neat is willing to advance to the farmers and whether the Government
la willing to carry over this year's loans, a matter which is at the present
time being actively worked upon.
-V. 140, p. 469.
Bankers Securities Corp.
-EarningsCalendar Year1934
1933
Profit and loss on sales
$262.253
8320,455
Interest, dividends, commissions & other income
439,210
328,260
3..1
Total income
$701.463
3648,715
Operating expenses
175,515
202,489
Taxes
43,502
40,117
Adjustment of security values to cost or market,
whichever is lower
151,424
453,053
Profit for the year.,
$331,022 loss$46.945
Balance Sheet
Dec. 31 '34 Dec. 30 '33
Dec. 31 '34 Dec. 30'33
Assets$
Mob:lines$
S
$
Cash
357,502
338,854 Due to brokers and
Deposits in banks
customers
50,487
12,774
in liquidation.,, 194,668
749,142 Deterred Income
367,397
296,751
Loans receivable__ 332,032
250,951 Reserve for taxes
First mortgages___
912,347
and deterred ex824,155
Real 03t. acquired. 241,801
166,209
31,989
146,650
Peruses
Coll, trust notes__ 7,407,500 7,407,500 Participating preColl. tr serial notes 250,000
terred stock __10,120,000 10,350.000
Serial gold debs___ 619,200
730,800 Common stock
3,000.000 3,000.000
Other securities._ 2,284.431 2,248,075 Deficit
136,858
479,859
Accrued int. roe.,
47,655
68,019
Inv. In & advs. to
subsidiaries ____ 733,630
528,899
Duo from brokers
and customers..
38,268
10,291
Office equip., less
'------- Bourne Mills, Fall River, Mass.
-Halves DividenddepreelatIon__
1,443
2,675
The directors have declared a dividend of 50 cents per share on the
Prepaid expenses.
12,539
145
capital stock, no par value, payable Feb. 1 to holders of record Jan. 22.
This compares with Si per share paid on Nov. 1 and Aug. 1 last. $1.50
Total
13,433,015 13,326,316
Total
13,433,015 13,326,316
per share on May 1 1934 and $1 per share in each of the three preceding
The stocks and bonds entered on the balance sheet at $2,284,431 had an
quarters.
-V. 139. p. 2823.
Indicated market value at Dec. 31 1934 of over $2,900,000.-V. 139, p.591.
Baldwin
Brewing Corp. of Canada, Ltd.
-New Subsidiary
-
Locomotive Works (& Subs.)
-BookingsThe company has organized a new subsidiary, to be known as ConsoliBusiness booked by the company In 1034 was the largest booked since
dated Beverages, Ltd.. to consolidate the soft drink operations of the cor1931. according to the consolidated order report. Bookings in the 12
poration.-V. 140. p. 138.
months amounted to S21.935,000. against $10,635,000 in 1933, 87,071,000
---.' Bristol-Myers Co.
In 1932 and $22,611.000 in 1931.
-Extra Dividend-Earnings(Dnellidatod shipments In 1934 wore the largest since 1931, amounting
The directors have declared an extra divideitii of 10 cents per share in
to 516.615.000, against $8,871,000 in 1933, $11,262,000 in 1932 and
addition to the regular quarterly dividend of 50 cents per share on the
$22,972,000 In 1931,
common stock, par 85, both payable Mar. 1 to holders of record Feb. 11.
Consolidated bookings for December amounted to $1.035,000, against
Like amounts were distributed in each of the five preceding quarters.
$2.783.000 in November and 81,010,000 in December 1933.
Pe3117 End. Dec:Til- 1934=-3 MO5.-1933 1934-12 Mos.-19
1, November bookings, which included the order for 25 chassis for the
Net profit after all chtts_
$399.501 AS260,330 $1,973,561 52.156.151
Pennsylvania RR.,represented tho largest business taken in any one month
Earns, per share on 700,-1
since Juno 1931, when the figure was $4.400.000.
280 shs. common stock
-,•ff.,
oon
-. Consolidated shipments in December amounted to 82,087,000, against
outstanding
NI
$0.57
"..' $2.82
$0.37 1
$3.07
82.119.000 in November and 81,078.000 a year ago. November and De-V.
f-s I
camber business was swelled by the shipment of some large locomotives„ 139, p. 3960.
. -by the parent company, which ran as high as $125.000 per unit.
British American Oil Co., Ltd.
-Listed on Toronto
• With bookings for the year running substantially ahead of shipments,
Exchange
the company entered 1935 with a better backlog than it has enjoyed In
several years. Unfilled orders consolidated at the beginning of this year
Application of the company to transfer its shares to the Industrial Listed
amounted to $9.462.000. against 84.358,000 at the outset of 1934. CoinSection from the Curb has been approved by the Managing and Listing
pletion of locomotives included in this backlog will furnish the basis for
committees of the Toronto Stock Exchange. The transfer was made at
operations In the first quarter of the new year.
the opening of the market Jan. 24.
-V. 139, p. 3958.
The company has 2,622,642 common shares outstanding out of an author.--- Barker Bros Corp.
of Los Angeles-Readjust- lzod 3.200,000. which are held by over 13,000 shareholders across the
Dominion.
ment Program e- i (117:7:e.c,
The shares of the company have been traded on the Toronto Curb for
As a further step in the readjustment program of Barker Bros., Inc. and
many years. In 1934 the stock was one of the most active on the Curb
Barker Bros. Corp., Paul Quattlander, formerly President of Hahn Departsection. having a turnover of 225,902 shares, the price keeping within a
moot scores. Inc.. will be elected President and director of Barker Bros.,
stabilized range of three points.
-V. 138, p. 4290.
Inc. at the next meeting of directors, it was announced Jan. 22 by Elvon
Musick. Chairman of the Board.
Broad Street Investing Co., Inc.
-Report
Acceptance of the new position by Mr. Quattlander is contingent. howCompany reports as of Dec. 31 1934 net assets equal to 819.89 a share
ever, upon the completion before June 30 of a rental readjustment program
of capital stock outstanding in the hands of the public. Before giving effect
Jan. 26 1935
Financial Chronicle
634
to payments during the year of 80 cents a share in dividends on the stock,
this was an increase of 16.8% as compared with the asset value on Dec. 31
1933. which was $17.71 a share.
On Dec. 31 the company's net assets included 76% in common stocks,
22.7% in bonds and preferred stocks, and 1.3% in cash or its equivalent.
Statement of Surplus Dec. 31 1934
Capital Surplus
$1,515,806
Balance, Dec.31 1933
Cost of 13.550shs.cap.stk.repurchased and retired---8241,165
67,750--- 173.415
Less:Surplus arising from retirement
$ 1.342,390
7.460
Profit on sale of securities
Total
Income Distribution Account
Balance, Dec. 31 1933 (deficit)
Less:Portion of reserves for prior years no longer required
Net income as per statement
Brooklyn & Queens Transit System-Earnings
1934-6 Mos.-1933
Period End, Dec. 31- 1934
-Month
-1933
Operating revenues
81,781.904 81,798,729 310.130,102 810.279.381
7.745.998
1,300.152 7,982.317
1,336.172
Operating expenses
769.842
786.552
Taxes on oper. properties
139.359
138.961
Operating income_ _ _ _
Net non-oper.income-Gross income
Income deductions
Curr. inc. carr. to surp
-V. 139. p. 3960.
8308,771
16,596
$359,218 81,361.233 81.763.541
100.250
96.962
16.173
$323.367
129,478
$193,889
8374.391 81,458.195 81.863.791
830,374
774,355
145.471
$683,840 $1,033.417
$228,920
•
-Increases Dividend
$1,349.850 ----Burroughs Adding Machine Co.
The directors have declared a quarterly dividend of 15 cents per share
holders of record
on the common stock, no par value, payable March 5 to
$46,984
4,233
Feb. 2. This compares with 10 cents per share paid each quarter from
Dec.5 1932 up to and including Dec. 5 1934. In addition an extra dividend
of 25 cents per share was paid on Dec.5 1934. A 3% stock dividend payable
$42,750
_c
-V.1)9, p.3150.
In common stock was disbursed n Dec. 28 last.
82.385
' --Bush Terminal Co. Trustee Appointed
$39.634 -Judge Robert A. Inch, in Federal Court, Brooklyn. on Jan. 19 appointed
70,571
Walter Randall, Jr., and James C. Van (Helen as permanent trustees of the
$30.937
company, pending its reorganization.
Deficit
As a result of an equity suit filed against the company in April 1933,
31,318.913
Total surplus
Mr. Randall and Mr. Van Siclen were appointed equity receivers. When
The unrealized appreciation of investments on Dec. 31 1934 was $4.260,
the company filed a voluntary petition for reorganization on Nov. 16. the
as compared with an unrealized depreciation of 8172.277 on Dec.311933.
es
_y receivers were made temporary trustees
The income statement for the year ended Dec.31 was given in "Chronicle"
Two Reorganization Plans Submittedof Jan. 19, page 470.
Irving T. Bush, head of the concern and its founder, flied a petition for
Balance Sheet Dm. 31
reorganization under Section 77-B of the national Bankruptcy Act on Jan. 18.
1933
1934
1933 1 Liabilities
1934
Assets-.
The plan of reorganization filed by Mr. Bush provides for the consolidation
$18,711
Invest, at cost.. 1,691,402 $1,824,263 Dividend payable_ $17,352
b
of the Bush Terminal Co. and the Bush Terminal Buildings Co., its chief
55,124 Reserve for exps ,
22.587
Cash in banks__
subsidiary. Mr. Bush says that the merger will cut charges and make
101,769
17,661
taxes, &o
Corporation's own
operations more economical. The plan provides for the payment in cash
512,750
175,196 a Common stock._ 445.000
49.624
stock held
of all claims against the companies for $100 or less, and the payment of
1,318,914 1,488,822
Surplus
Special deposits for
-year 5% cumulative preferred stock,
larger claims through the issuance of 10
18,711
17,352
t dividends
in an amount equal to the total of the claims plus interest to the date of the
R.eceiv. for securicompletion of the reorganization. The present preferred stockholders of the
11.090
ties sold
Bush Terminal Buildings Co. would receive in exchange for their stock new
17,668
17,960
Int. & divs. receiv.
stock of equal value in the consolidated company and would acquire voting
rights and the right at all times to elect one-third of the board of directors.
$1,798,927 $2,102,053
Total
$1,798,927 $2.102,053
Total
Bush Terminal debenture holders would receive new debenture stock bearing
shares in
a Represented by 86.380 no par shares in 1934 and 102,550
7% interest, non-cumulative and of no par value. They would elect one1933. b The market value on Dec. 31 1934 of investments was $4,260
third of the board of directors. Accumulated dividends on the present stock
p.470.
In excess of cost (3172.277 less than cost in 1933).-V. 140.
would be paid off in new stock. The common stockholders' interests are
preserved in the Bush plan and they would elect the remaining one-third of
--Earnings
the directors.
Broad Street Management Corp.
1932
This plan is submitted to the court as a basis for equitable negotiation
1933
1934
Calendar Years$506
among all parties and is not intended to be a final or Inflexible arrangement.
$39
Interest
32.495
Another plan was submitted to the court by a protective committee for
40.446
841.305
Fees for investment service
the Bush Terminal Building's Co. 7% preferred stock. Under the latter
$33.001
proposal, preferred shareholders of the Buildings Co., with a claim of
$40.485
$41.305
Total income
11,285
approximately $900.000 for guaranteed but unpaid dividends, are asked to
3,571
4.213
Salaries
5.890
accept two shares of new class B stock of Bush Terminal Co. in lieu of un5.480
5,449
Directors fees
5,232
paid dividends and guarantee and have privilege of electing three-quarters
1.815
1.112
&c
Rent, supplies, telephone,
3.795
of the company's directors. A new company would have a total authorized
1,023
802
Legal and auditing fees
936
capital of 500,000 shares of class A and B stock of $10 par value. Bush
927
611
expenses
Miscellaneous
9.739
Terminal debenture stockholders would receive one-half share class A com20.222
20.653
Service fee
mon stock. Bush Terminal common stockholders would be offered warrants
14,335
1.413
1,740
Taxes
entitling purchase of new class A stock at $10 a share In the ratio of 114 new
shares for each 10 shares now held. Other general creditors would be offered
$6,031 loss$18,211
$6.726
Net income
class A common stock.
Statement of Surplus Dec. 31 1934
Judge Inch has issued an order that a hearing be held Feb. 1 on both plans.
$196.806
-V. 139, p.34
Capital surplus balance. Dec. 31 1933
5,750
Adjustment in respect of sale of securities made in prior years
Butler Manufacturing Co., Kansas City-Consoli9.973
Refund with respect to Federal income taxes paid in prior years_
Total
Dividends on capital stock
Total
-Balance Dec.31 1933 (deficit)...
Income distribution account
Net income (as above)
$212.530
851.716
6,726
844.990
20,000
Balance
Dividend on capital stock
$64.990
3147.539
Deficit
Total surplus
AssetsCash on deposit and on
hand
a Capital Admits. Co.,
Ltd.. 166,200 shs.
class B stock
Accounts receivable
Balance Sheet Dec. 31
1933
1934
LiabilIties1933
1934
Reserve for expenses,
$12,188 $11.149
taxes,&c
$34,490 $17,366
5,000
Dividends payable... 20,000
2,000
2,000
b Common stock
147,540 145,090
126,973 Surplus
126,973
20,266 18,899
dated Condensed Balance Sheet, Sept. 30 1934Assets
Cash
Customers' notes & accts.__
Miscell, accounts receivableRaw materials
Goods finished & in process_
Due from officers & employees
Cash val. of life Insurance_
Fixed assets
Supplies & deferred charges
Other assets
Total
$72,422
719,859
1,958
288,452
237,965
12,980
64.659
767,951
36.382
77,791
$2,280,421
Liabilities-Notes payable
Customers' credit balances
Trade creditors
Employees (not yet due)....
Accrued taxes
Preferred stock
Common stock
Sup. res. for contingencies-.
Sup.& undivided profit,.,...
Total
5295.000
11,816
55,652
20,613
15,500
750,000
935,000
15.000
181,839
$2,280,421
-Calgary & Edmonton Corp., Ltd.
-Operations
1933
1934
Quarter Ended Dec.31-
79.110
58.584
Production from producing wells (barrels)
$37,655
$25,493
Royalty
8181,729 8163,239
Total
$181,729 $163,239
Total
V.
- 139, p. 2515.
to
a The cost of the above investment is deemed by the corporation
to furnish
-Larger DIVA
--Canadian Foreign Investment Corp., Ltd.
be its value as at Dec. 31. The corporation also holds contractsand Broad---The directors on Jan. 24 declared two dividends of 40 cents per shale
for a fee to Capital Administration Co.. Ltd.,
investment service
which
each on the common stock, one being payable April 1 to holders of record
Street Investing Co Inc. These contracts have a value tovalue. no effect
-V.138.
March 15, while the second is payable July 1 to holders of record June 15.
has been given. b Represented by shares of 10 cents par
Previously 25 cents per share was distributed each quarter. In addition
p. 507.
an extra dividend of 25 cents per share was paid on Jan. 1 1935.-V. 139.
-Earnings
p.3321.
Broadway Market (Detroit)
Canadian National Rys.-EarningsEarnings for Year Ended Dec. 31 1934
$80.546
Gross income
Earnings of System for Third Week of January
89,862
Expenses, taxes, &c
iincrease
1935
1934
860,496
$2,747,949 $2,687,453
$9,315
Gross earnings
Net loss
V.
- 140, p. 471.
Balance Sheet Dec. 31 1934
Canadian Pacific Ry.-Earnings-Liabilities
Assets
$3,985
81.323 Accounts payable
Cash on hand and on deposit__
Earnings for Third Week of January
22,600
6% cum. pref. stock
x4,092
Notes and acc'ts receivable..
Decrease
1935
1934
150,000
6,409 Common stock
Notes & accts. receiv.(secured)
820,000
$1,955,000 81.975,000
26,530
Gross earnings
7155,278 Surplus
Buildings and equipment
-V. 140. p. 471.
Leaseholds (book value) on
z36,012
by building
land occupied
-Extra Dividend--.d
Carolina Insurance Co.
-$203,115
The directors have declared an extra dividend of 10 cents per share in
$203,115 Total
Total
addition to the regular semi-annual dividend of 50 cents per share on the
reserve for depreciax After reserve for possible losses of $1,750. y After
capital stock, par $10. both payable Feb. 1 to holders of record Jan. 17.tion of $245.931. z After reserve for amortization of 838,987.-V. 135,
V. 139, p. 1862.
p.3002.
Brooklyn-Manhattan Transit System
[Including Brooklyn & Queens Transit System]
1934-6 Mos.-1933
-Month-1933
Period End. Dec.31- 1934
$4.414.301 84,444.365 825.421.886 325,729.321
Operating revenues
2,642,038 16.288.982 15.819,025
2.703,543
Operating expenses
2.013.223
2.069.219
349.719
367,963
Taxes on oper. properties
Operating income.... $1,342,795 81,452.608 87,063,685 87,897.073
347,800
366.521
54,871
60.062
Net non-oper. income__
$1.402,857 81,507.479 37.430,206 $8,244.873
income
Gross
4,533,215
4,336,328
754,908
723,652
Income deductions
Current income carried
to surplus *
•Accruing to minority
int. of B.& Q. T.Corp
-v. 140. P. 470.
3679.205
8752,571
33,093.878 $3,711,658
80,870
91,300
315,346
446.537
tnif,
Union-Carolina RR.-Reconstr etion Loan,,'
Buffalo
appro ed by
The
The Reconstruction Finance Corporation loan of 853.960, been revoked
1932, has
the Interstate Commerce Commission on June 21 withdrawn its applicaand he application dismissed, the company having
,
tion on Jan. 3 193&V. 135, p. 122.
-Sales Agreement
Caterpillar Tractor Co.
An agreement for joint utilization of dealer outlets throughout the
U. S. has been reached between offcials of this company and Deere & Co.
Although the plan is at present essentially experimental, it is now effective.
The pact involves no exchange of patents between the two companies,
nor is there any corporate tie-up between Caterpillar and Deere contemplated now, or in future. Under the arrangement, dealers and distributors
of both companies will handle the products of each, which, with the exception of one item of farm equipment, are non-duplicating and non-com-V. 139, p. 3960.
petitive.
-Report
Capital Administration Co., Ltd.
The company reports as of Dec. 31 1934, net assets of $6,336,840, equivalent to 81.854.50 for each $1,000 of debentures, $67.27 a share of preferred
stock and $5.22 a share of class A stock outstanding in the hands of the
public. Before giving effect to payments during the year of $333,600 for
interest on debentures and dividends, this was an Increase of 15.2% as
compared with net assets on Dec.311933, which were $5.790,901. equivalent
to $1,694.73 for each $1,000 of debentures, $54.69 a share of preferred
and $1.19 a share of class A stock.
In his letter to stockholders, Earle Bailie, Chairman of the board ,says:
"The company's income from interest and cash dividends, after general
expenses, service fees, taxes, &c., as shown by the income statement, was
equivalent to 1.7 times the interest requirements for the period. The
remainiag income was approximately 99% of the annual dividend require-
Volume 140
ments on the preferred stock. During the second half year the net income
'
was substantially more than the dividend requirements.
On Dec. 31 1934, net assets included 51.2% in common stocks, 43.7%
in bonds and preferred stocks, and 5.1% in cash or its equivalent.
Statement of Surplus Dec. 31 1934
$2,818,370
Capital surplus: Balance, Dec.31 1933
88,556
Profit on sale of securities
$2.906,926
Total
488,910
Inc. distribution acct.: Balance, Dec. 31 1933 (deficit)
175.539
Provision made in 1929 and IMO for res. as required by charter
$313,370
Adjusted balance, Dec. 31 1933 (deficit)
128,778
Net income, as per statement
$184,592
Total
162.750
Preferred dividends (including arrears)
Deficit
Total
Provision for reserve as required by charter:
Balance, Dec. 31 1933 as above
Reserve for the year ended Dec. 31 1934
Balance
$347,342
2,559.584
175.539
12,577
188.117
$2,371.467
Total surplus
The unrealized depreciation of investments on Dec. 31 1934 was $483,535
less than on Dec. 311933.
The income statement for the year ended Dec.31 was given in "Chronicle"
of Jan 19. page 471.
Balance Sheet Dec. 31
1933
1934
Liabtlates1933
Assets1934
$272,698 $199,170 Res, for expenses,
Cash
$24,436
$25,035
taxes, &c
Deposits in foreign
Interest accrued &
5,511
currencies
47,099
47.470
diva. payable_ __
70,491
85,476
Int. & diva. reedy.
a Invest. at cost__ 6,179,386 6,208,596 Due for securities
41,911
purchased
Receivable for se40,100
curities sold _ _ __
5% gold delta. 1953 3,417,000 3,417,000
434,000
Pref. cum. stock._ • 434,000
UnamortIzed disct.
143,405
c Class A stock... 143,405
and expenses on
2,400
2,400
54,402
62,220 b Class B stock...
5% gold debs___
2,559,585 2,504,999
Surplus
Special deposit for
33,232
32,862
dividends
56,670,805 86,573,341
Total
56,670,805 $6,573,341
Total
a The aggregate value of these investments based on market prices at
Dec. 31 VMS less than cost by $165,147 in 1934 and $648,683 in 1933.
b Represented by 240,000 (no par) shares. c Shares of $1 par value.
-V 140. p. 471.
-Special Meeting
Celotex Co.
A special meeting of directors has been called for Feb. 7 by B. G. Dahlberg.President, to consider a plan of action by the corporation with respect
to the proceedings for reorganization instituted by its creditors under
Section 77-B of the Bankruptcy Act. These proceedings are now pending
in the U. S. District Court of Delaware. on proposal for removal of the
At the same time the directors will act
preferred and common shares from listing on the New York Stock Exchange,
and will hold an election of directors to fill any existing vacancies.
Holders Fight Proposal to Delist Stock
Maintaining that the suggestion to have the shares ofthe company stricken
from the list of the New York Stock Exchange would affect the stock adversely and deprive thorn of their rights, a group of common and preferred
holders is organizing action to prevent such a move on the part of the
-V. 140, p. 313.
company.
Central Illinois Light Co.
-Earnings
635
Financial Chronicle
When the Banking Act of 1933 became effective on June 16 1934, Brown
Brothers Harriman & Co., who had theretofore handled the distribution of
the participating shares, withdrew from underwriting and dealing in securities. Brown Harriman & Co., Inc., then became the underwriter and
distributor of the participating shares. The agreement and declaration of
trust was amended to permit Brown Harriman & Co., Inc., as well as
Brown Brothers Harriman & Co., to purchase shares or other securities
issued by the trust and to act as brokers for the trust In the purchase and
sale of securities.
1931
1932
1933
1934
Calendar Years$160.082
$93,433
$84,667
$93,710
Cash dividends
1,080
2,375
1,876
99
Interest received
$86,544
200
6,176
$95,809
140
4,211
$161,162
160
3,638
$86,593
$80,169
$91,457
$157,364
5,949
Dr2,I57
Dr265
1,353
$78,012
78.171
$91,191
90.314
$158.718
158,711
Total income
Trustee's fees
Operating expenses
$93.809
200
7.016
Net income
Reserve for dividends on
participating shares_ _
Balance of undistributed
income
Total
Divs.on partic.shares_ _
$93,264
92.436
723
$7
def$159
$877
Undistributed income.
$828
Capital Accounts for Year Ended Dec. 31 1934
$5,121.855
Proceeds from issue of shares: Balance Dec. 31 1933
542.241
For the year 1934
$5.664.096
Less average paid-in value of shares purchased and retired
222,192
during the year
$5.441,904
Balance
Credit resulting from retirement of shares at less than average
paid-in value thereof at dates of purchase:
833.337
Balance. Dec. 31 1933
131.111
For the year 1934
Total
Balance of profit and loss from sales of securities:
Balance, Dec. 31 1933
For the year 1934
Total
$964.448
def2,637,363
def33,973
def$2,671.337
$3,735.015
Balance of capital accounts
-Excess of cost over aggregate of quoted bid prices of securities:
Note
$1,707.693
At Dec. 31 1933
1.089.642
At Dec. 31 1934
$618,051
Decrease for the year ended Dec. 31 1934
Balance Sheet Dec. 31
1933
1934
1933
Assets-1934
$691
$622
Accrued expenses_
b Invest. at cost
567,957 Reset ve for div. on
Casualty insur__ $79,136
39,645
52.190
part's.shares..
insurance__ 1,903,118 1,753,825
Fire
368,868 a Shares outstand_ 3,735,016 3,317.829
Life Insurance.. 368,868
723
828
Undistributed inc_
N. Y. banks and
851,121
979,887
trust cos
Other banks and
280,339
300,478
trust cos
Cash with Brown
Bros. Harriman
17.095
89,126
dr Co
19.683
27.348
Accrued diva, rec_
Accts. rec. for sales
40,694
of shares
[A subsidiary of Commonwealth & Southern Corp.1
1934-12 Mos.-1933
Period End. Nov. 30- 1934-Month-1933
$3,788,656 53,358,813$
53,788,656 53,358,888 Total
Total
Gross earning.;
$604,655 $6,980,534 $6,566,200
$614.035
Operating expenses, incl.
a 130,475 (107,149 in 1933) participating without par value and 130,475
(107,149 in 1933), ordinary, without par value. b Market value $2,541.maintenance & taxes_
320,508 3,649,566 3,261,460
298,674
877,743
849.595
69,484
80,712
845 in 1934 and $1,614,418 in 1933.-V. 140. p.314.
Fixed charges
614,500
618.060
Prov. for retire. reserve_
51,275
51.720
692,725"'Chain Store Investment Corp.
694,234
-Accumulated Dividend
57.745
Divs, on preferred stock
57.751
The directors have declared a dividend of $1 per share on account of
Balance
$105,641 $1,169,079 $1,119,771
$125,177
accumulations on the $6.50 preferred stock, no par value, payable Feb. 1
to holders of record Jan. 16. This compares with 50 cents per share paid
-V. 140, p. 313.
on Nov. 1, Aug. 1 and on May 1 last, while on Feb. 1 1934 a distribution of
Central-Illinois Securities Corp.
-Earnings
25 cents per share was made. Following the Feb. I payment, accruals on
-V.139. p. 2989.
the preferred stock will amount to $20 per share.
Earnings for Year Ended Dec. 31 1934
$154,172
Income-Interest
Chesapeake Beach Ry.-Would Abandon 26 Miles
101,495
Cash dividends received or declared
The company has filed an application with the Interstate Commerce
1,312
Miscellaneous
Commission to abandon 26 miles of road between Seat Pleasant and ChasePeake Beach, Md. The road went into receivership Jan. 1 1935.-V. 137,
$256,980
Total income
P. 485.
72,020
Expenses
-Larger Class A DividendChicago Electric Mfg. Co.
8184,989-Net income for the year
The directors have declared a dividend of$1 per share on the $2 cumulative
152,914
Surplus, Jan. 11934
- class A stock, no par value, payable Feb. 2 to holders of record Jan. 23.
This compares with 50 cents per share paid on Sept. 10, March 5 and Jan.
Total surplus
$337873
12 1934, this latter payment being the first made on this issue since Jan. 3
Dividends on convertible preference stock
190:132
1928, when a regular quarterly dividend of 50 cents per share was disbursed.
Balance, Dec. 31 1934
$147,741
Accumulations after the payment of the Feb. 2 dividend will amount to
Balance Sheet Dec. 31 1934
$11.50 per share.
-V. 139, p. 1863.
AssetsLiabilities
-I2%-Cent Extra Dividend
$59,824 Div.on preference stock
836,964 •----Chicago Mail Order Co.
Cash in bank
The directors have declared an extra dividend of 12A cents per share
Collateral loans
1,808.287 Contractual obligations
66,484
in addition to the regular quarterly dividend of 25 cents per share on the
Investments
3,650,169 Res. for taxes-(other than
common stock, par $5, both payable March 1 to holders of record Feb. 9.
36,482 Federal)
31,172
Seer. Int. & declared dive. rec.
-V.139,
An extra dividend of 50 cents per share was paid on Jan. 21 last.
Reserve for contingencies
prepaid insurance & State
1.071.071
franchise tax
1,844 Cony, preference stock
P. 3804.
x2,464,300
Common stock
911,116
Chicago Milwaukee St. Paul & Pacific RR.-AbandonCapital surplus
827,757
Earned surplus
147,741
mentThe Interstate Commerce Commission on Jan. 10 issued a certificate
$5,556,608 Total
Total
55,556,608
permitting abandonment by the company of that part of a branch line of
x Represented by 246,430 no par shares -V.140, p. 140.
railroad extending generally southward from Doering to the end of the
line at Kalinke. 14.7 miles, in Lincoln, Langlade, and Marathon counties,
Central Vermont Ry., Inc.
-Earnings
Wis.-V. 140, p. 471.
-Month-1933
1934-12 Mos.-1933
Period End. Dec.31- 1934
$377,706
$399,991 $4,953,347 $5,008,079
Ry.()per. revenues
Chicago Rock Island & Pacific Ry.-Abandonment342,052 4,542,744 4,372.655
338,216
Ry. oper. expenses
The Interstate Commerce Commission on Jan. 10 issued a certificate
15,492
15,051
190.560
Ry. tax accruals
189,016
permitting the trustees of the company to abandon operation of a branch
238
Uncollectible ry. revs__ _
53
874
563
line of railroad owned by the White & Black River Valley Ry., extending
from Wiville to Gregory, about 5.963 miles, all in Woodruff County. Ark.
$24,201
$42,393
Balance
$219,169
$445,845
-V. 140. p. 471.
Non-oper. income
33.891
39.708
430.694
462,415
--Earnings
Chicago Towel Co.
$58,092
$82,101
Gross income
$649,863
$908.260
1934
Calendar Yeal•e1931
1933
1932
Deductions
80,440
77,716
775,680
801.463
Gross revenues
$2.708,307 $2,401,890 $2,593,263 $3.200.245
1.968,242
2,091,206
Expenses
2,482,845
1,875,568
def$22,347
Net income
$4,385 def$125,817
$106,797
-v.139, p. 3960.
Operating profit
$526,322
$625,021
$617,101
$717,400
Other income
6.807
7,345
6,691
6,896
Century Shares Trust-Trustees' Report
The trustees in their remarks to shareholders state in part:
Total income
$623,908
$724,745
$533,013
$631,917
value of each participating share on Dec. 31 1934. was
The liquidating
46,048
Depreciation
71,720
58,387
.65.751
$20.28. after deduction of the reserve for the dividend payable Feb. 11935.
91.636
Federal taxes
83,189
74,744
75,000
as compared with $15.03 on Dec. 31 1933. an increase of about 35%.
During the year participating and ordinary shares were sold to the
2486,224
Net income
$569.835
$491.423
$399,625
amount of 28.058 shares of each and 4,732 shares of each were purchased
125.573
Preferred dividends_ -- 129,148
125.988
128.065
Common dividends- --480,000
400.000
320,000
and retired. Shares outstanding increased from 107.149 of each class on
240.000
Dec. 311933. to 130.475 on Dec. 311934.
Net surplus
def$119,349
On May 26 1934, the agreement and declaration of trust was amended
$40.687
$33,637
$43,358
Shares of common stock
to require the trustees under certain conditions to purchase and retire
80.000
outstanding no par)_
participating and ordinary shares tendered for purchase. Theretofore, the
80 000
80 000
80,000
shares by the trustees had been permissive.
$4.50
Earnings per share
repurchase of
$2.42
it.50
$4.54
636
Financial Chronicle
AssetszProp plant,equip
Service equip..contracts & g'dwill_
Cash
Accts. receivable_
Inventories
Notes receivable__
a Treas.stk.at cost
Balance Sheet Dec. 31
1934
1933
Liabilities1934
1933
$576,630 $595,672 y Preferred stock_S1.850,000 $1,850,000
x Common stock_
800,000
800,000
1,870,191 1,860,191 Surplus
420,725
6326,234
201,182
281,785 Accounts payable
60,608
68.906
and accrued ex194,020
212.193
19,859
35,026
penses
23.335
28,271 Dividend payable31,393
165,127
165,127 Federal taxes
95,000
75,000
Total
83,091,093 $3,212,144
$3.091,093 $3,212,144
Total
a 2,061 shares of preferred stock. b Before deducting $165.127 applied in acquisition of treasury stock.
x Represented by 80,000 shares of no par value. y Represented by
20.000 shares of no par value. z After depreciation of $580,597 in 1934
and $559,481 in 1933.-V. 138, p. 509.
Chrysler Corp.
-Plymouth Sales at New High
-
The Plymouth Motor Corp. has received ordersfrom dealers for more than
100,000 new cars, this being the largest number ever received by the company this early in year, according to D.S.Eddins,President.
Retail deliveries in week ending Jan. 19 totaled 5,655 cars, an increase of
12.7% over previous week and more than triple the 1,545 cars sold in
corresponding week year ago. Shipments last week amounted to 11,093
cars,against 3,780 in corresponding week a year ago.
-V.140. p.314.
Citizens Gas Co. of Indianapolis-Tenders
--
The Bankers Trust Co. primary trustee, 16 Wall St., N. Y. City,
will until 3 p. m., Feb. 8 receive bids for the sale to it of 1st & ref. mtge.
sinking fund gold bonds to an amount sufficient to exhaust$56.573 at prices
not to exceed 108 and !tercet -V.139,p.594
Colorado Fuel & Iron Co.
-To Pay Interest
The trustee of the general mortgage has been directed by the Federal
.District Court at Denver to pay the Feb. 1 interest on the general mortgage
5% bonds.
-V. 139, p. 2990.
Columbus Ry,Power & Light Co.
-Injunction Against
,
Municipal Power Plant
Federal Judge Renson W. Hough, at Columbus. 0.. on Jan. 21 issued a
10
-day injunction rest aining the City of Columbus from proceeding with a
proposed $1,140,000 extension of its municipal power plant, to be financed
with Public Works Administration funds.
The company, a private udlity, obtained the injunction contending the
Federal Government cannot constitutionally finance a municipal project
which competes with private business.
-V. 139, P. 3321.
Commercial Discount Co.
-New Vice-President
Election of Robert S. Breyer as First Vice-President was announced on
Jan. 8 by Harold Bayly, President.
-V. 136, p. 2980.
Commonwealth & Southern Corp.(& Subs.)
-Earns.
Period End. Dec. 31- 1934
-Month-1933
1934-12 Mos.-1933
Gross earnings
$10.050,986 $9,627.0053114,986,769 $108676,382
Oper. exps., incl. maint.
& taxes
4,854,286
3,864,491 57,727,871 50.685,182
Fixed charges_a
3,332,344
3,235,825 39,960,632 40,266,698
Prov. for retire. reserve_
838.881.
795,894
9,767,479
9.536,809
Divs, on pref. stock_ - _ _
749,734
749,723
8,996,697
8.996,181
Balance
$275,740
$981.069d1$1,465,911 def$808,488
Includes interest, amortization of debt discount and expense and
earnings accruing on stock of subsidiary companies not owned by Commonwealth & Southern Corp.
-V. 140, p. 140.
Connecticut Power Co.
-Pension Plan
The company is offering its employees an opportunity to participate
voluntarily in a group pension plan. Up to Monday 343 of the company's
357 employees accepted the plan, which is being placed with the Aetna
Life Insurance Co. Cost is divided between the company and the employee
and the company assumes the accumulated liability covering past years of
service.
-V. 139, p. 3638.
Consolidated Automatic Merchandising Corp. (&
Subs.).
-Earnings
12 Months Ended June 30Gross operating revenue
Selling expense
Collection & field expense
Service expense
General expense
1934
$573,481
2,195
198,612
96,347
105,054
1933
$595.724
4,082
204,588
121.238
138,709
Net profit from oper. before deprec. & amortiz.
Income credits
$171.271
10,799
$127,105
18,029
Gross income before deprec. & amortization__ _
Income charges
Prov. for int. on General Vending Corp. bonds
Depreciation & amortization
$182.071
45,442
201,300
627,027
$145.135
137.829
201,300
662,485
$691,698
Condensed Consolidated Balance Sheet June 30 1934
$856,479
Net loss
Assets
Cash
$121,637 Accounts payable
$15,578
Accrued liabilities
Invest. in marketable secs.,
14,865
at market value
23,825 Unpaid int. on General Vend557,250
ing Corp. bonds
Notes receivable, less reserve
for doubtful notes
4,359 Accr. int. on General Vending
Corp. bonds (since Feb.
Accts. receivable, less reserve
15 1934)
for doubtful accounts
33,288
83,587
Accrued interest receivable
971 Notes payable-Remington
Cash in closed banks
Arms Co., Inc
149,590
2,827
30,209
Invent.
-tickets, mdse., &c_
11,478 Accr. Mt. on notes payable
7,254
Investments
308,585 Instalment contract payable_
3,715.000
2,524,040 Bonded indebtedness
Property
Intangible assets
x1,240,519 Deferred credit items
113,905
Deferred debit items
123,166 Res. for loss from fire & theft
of vending machs. & scales
27,956
Preferred stock
74,771,544
Common stook
2,541,354
Due to depositois of stocks of
(pay.in cap.stock)
6,564
sub.cos.
7,640,161
Deficit
Total
$4,394,500
$4,394,500
Total
x At values as appraised by General Valuations Co., Inc. as of May
31 1927 and Dec. 31 1927, plus subsequent additions at cost, less amounts
written off and reserves for amortization. y Represented by 120,798
no par shares.
-V. 140, p. 472.
Consolidated Gas Co. of N. Y.
-Commission Ponders
Electric Rate Reduction Offer
-
Jan. 26 1935
Pointing out the lack of uniformity in regulations concerning sub-metering, the Consolidated cited the fact that since 1928 this practice has been
prohibited in the territory of the Brooklyn Edison Co. and of the New
York & Queens Electric Light & Power Co. while some classes of submetering are still permitted in the Bronx. Manhattan and in some portions
of the territory served by the Westchester Lighting Co.
Concerning the Washington plan, the Consolidated said in its communication to the Public Service Commission:
"The Washington plan calls for an agreed rate base at the outset, to be
augmented thereafter by the inclusion therein of net additions of new
property at cost, a fixed return upon such a rate base, and a profit-sharing
between consumers and investors at the end of each year, when an agreed
percentage of net earnings for that year, over and above the fixed return
on the agreed rate base plus net additions to property at cost, shall be
automatically passed on to the consumers in the form of rate reductions for
the ensuing year.
"The electric companies believe that, over a reasonable period of time,
the Washington plan will increase the use of electric service through
lowered and promotional rates, will provide fair rewards for economies and
good management, will eliminate largely the diversion of time and labor
and the costs and delays experienced in rate litigation and will assure just
treatment of consumers, employees and investors.
'The electric companies are prepared to put the Washington plan Into
effect and start it with a substantial rate reduction, if the necessary precedent steps can be taken or assured. The electric companies believe that
substantial progress has been and is being made toward the adoption of the
Washington plan. This petition is presented as a precedent step to that
end."
-V. 140. p. 472.
Consolidated Paper Co., Monroe, Mich.
-Earnings
Years Ended Dec. 31Profit from operations
Allowance for depreciation
Provision for anticipated bank losses
Provision for Federal taxes
1934
1933
$2,383,387 $1,315,998
269.926
243,093
106,035
125,816
320,606
Net profit
Preferred dividends
Common dividends
$1.819,688
86,382
450,000
$814.222
118,041
187.500
Surplus
Earnings per share on common
$1.283,306
$2.31
$508,681
$0.93
Balance Sheet Dec. 31
Assets
Liabilities
1933
1934
1933
1934
Cash on hand & in
Accounts payable_ $306,113 $336,822
banks
$677,937 $318,996 Empl. compensa'n
U. S. Govt. secure 714,157
511,101
claims
7.806
Notes rec., less
Accrued local taxes
66,958
69,425
doubtful sects_ _
5,666
5,881 Accr. salaries dr
Accts. rec., less
23,295
33,220
wages
doubtful accts_ _ 834,297
513,514 Fed, taxes payable
Inventories
1,311.070 1.113,603
in 1934
125,816
333,578
Funds in closed bke
19,833
51,564 Pref. div. payable
Salesmen's working
25.767
Jan. 1
15,004
funds
2,950
3,200 7% cum. pref.stk. 844,260 1,461.530
Municipal bds. &
Common stock_ _ 7,500,000 7,500,000
real eat. mtges
y6,407
21,695 Surplus Dec.31_
3,478,762 2,131,557
Land contract&
5,023
8,943
zMon.Paper Prod.
Co. bds.at cost_
68,089
Other investments
681
97,593
x14..bidgs..mach.
& equipment_
9,092,729 8,969,177
Prepaid insurance.
taxes, Ste
51,328
56,478
Pats. & good-will_
1
1
Total
12,588,168 11.671.745
Total
12,588,168 11,671,745
x After allowance for depreciation of $5,357,631 in 1934 ($5,231,577 in
1933). y Real estate mortgages only. a The Monroe Paper Products Co.
has an option, expiring April 1 1936, to purchase the above bonds for
$73,725 plus interest at 5% per annum from Jan. 1 1933.-V. 139, p. 2200.
Consumers Power Co.
-Earnings
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Dec. 31- 1934
-Month
-1933
1934-12 Mos.-1933
Gross earnings
$2.486,736 $2,308,277 $28,644,929 $25,911,451
Oper. mpg., incl. maint.
& taxes
1,194,519
612,572 13,828,876 11,587,658
Fixed charges
380,387
295.785
4,753,288
4,571.978
Prov. for retire. reserve_
237,500
232,000
2,850,000
2,784,000
Divs, on pref. stock.. _ _ _
350,540
347,191
4.189,839
4,168.437
Balance
-V. 140. p. 473.
$323,788
$820,727
$3,022,925
$2,799,377
Continental Insurance Co.
-Earnings
-Calendar Years1934
1933
1931
1932
Premiums
$19,712,742 $19,023.016 $19,717.398 $22,500,538
Int., dive, and rents_ _ _ _ 2,964,056
2,699,532
4,732,149
3,143,730
Transf. of cap. to surplus
14,621,969
Profit on sales of stocks
and bonds (net)
321,137
1,442,667
Increase by adj, in book
val.of stks.&bds.
(net) 5,762,103
8,376,021
4,258,728
Decrease in unearned
premium reserve
237,600
1,936.133
1,485,119
2,004,429
Total income
$28,997,639 $33,477,369 $43,746,254 $28,717,807
Disbursements
Losses
9,442.555
9,533,034 12.041,647 12,580,801
Expenses
8,745.734
8.230,639
8,695,652
9,809,432
Cash dividends
2,631,891
2,339,444
4,678,820
2,339,387
Losses on sales of stocks
and bonds (net)
1,230,248
829,952
Decrease by adj. in book
val, of stks.&bds.(net)
4,080.694
Incr'se in voluntary res_
1,847
619,501 16,980,776 14,588,803
Increase in surplus_ __ $8,175,612 $12.754.751
Previous surplus
32,335,353 19,580,601
$2,858,840d1$18250.991
16,721,761 34,972,752
Surplus Dec.31
$40,510,965 $32,335,352 $19,580,601 $16,721,760
Comparative Balance Sheet as at Dec. 31
1933
1934
1933
1934
LiabilitiesAssets$
i
$
$
y Bonds & stocks_62,712,470 62.074,208 Unearned prems_ _20,381,495 20,619,095
1,768,307 1,788,170 L,osS in process or
Real estate
i
adjustment ____ 3.435,642 3,102,379
Premium in course
2,861,180 2,838,111 Reserve for dive__ 1,462,196 1,169,757
of collection
Reserve for taxes
Accrued int., divi273,013
and expenses- _ _ 1,046,275
285,290
dends, &()
680.275
Cash
3,576,338 3,680,022 All other claims_ _ _ 1,600,000 1,600,000
Res. for cooling.
x8,272,677
Cash capital
4.873,990 4,873,089
Net surplus
38,403,988 32,335,352
The P. S. Commission has before it the offer of the electric companies
affiliated with the Consolidated Gas Co. to reduce rates immediately if
sub-metering is abolished.
Total
71,203,586 70,633,524
Total
How much the reduction would be is not stated in the company's offer.
71,203,586 70,633,524
Any increase in revenue resulting from abolition of submetering, the comx Contingency reserve, representing difference between value carried In
pany declared, would be subject to the Washington plan, which it has
assets and actual Dec. 31 1933 market quotations on all bonds and stocks
suggested, as all other rates.
owned. y Valuations on basis approved by National Convention of InThis offer was made soon after Milo R. Maltbie, chairman of the comsurance Commissioners.
-V. 139, p. 3963.
mission, issued a statement suggesting the Consolidated either agree to
pay for an investigation of the Washington plan or discontinue Its suits for
-Earnings
-Corno Mills Co.
Increased rates. Be pointed out there seemed to be a conflict in the fact
Calendar Years1934
1933
1931
1932
that the Consolidated was offering to cut rates under the Washington Plan
Net inc. after all charges $120,059
$236,438
$47,495
$87,805
while it was asking for permission to raise them.
100,000
Shs. cap.stk. (no par)__
98,012
92 556
100.000
The Consolidated agreed to pay the cost of the investigation, but was
Earnings per share
$1.22
$b.51
$0.87
silent on the subject of discontinuing its petitions now pending before the
-V. 139. p. 3806.
Commission.
Sub-metering, the Consolidated informed the Commission,"has been a ---Crescent Pu lic Service Co.(Del.)
uccessor:to Electric
serious obstacle to rate reductions and as large factor in maintaining the
ee latter,company below.
Public Service Co
present level of electric rates."
Volume
Financial Chronicle
140
t' Corporate Investors, Ltd.
''
,
-Five-Cent Dividend
The directors have declared a dividend of five cents per share payable
Feb. 15 to holders of record Jan. 31. This compares with four cents Per
share previously paid.
-V. 136, p. 3914.
Curtiss Aeroplane & Motor Co., Inc.
-New President
Ralph S. Damon was elected President, according to an announcement
made public Jan.23.-V. 135.p.3529.
Deere & Co.
-Sales Agreement
See Caterpillar Tractor Co. above.
-V.139. P.2827.
•
Dedham (Mass.) Water Co.
-Bonds Placed Privately
F. L. Putnam & Co., Inc., Boston, have placed privately
$400,000 20
-year 1st mtge. 43% bonds, dated May 1
1935. The proceeds will be used to retire the present outstanding 5% bonds which mature May 1 and to take up
outstanding loans.
-V. 139, p. 925.
De Haviland Aicraft of Canada, Ltd.
-Earnings
Years End.Se t. 30-Net loss after all charges
Previous surplus
Profit on red, of shares
Duty claims written off_
Extraordinary exp. re.
changes on staff
Written off inventories..
1934
$6,567
2,242
818
3,000
Total loss
Adj. applic. to prey. year
Preferred dividends paid
$37,945
Deficit
Assets
Cash
a Accts. receivable
b Investmls bonds
Accrued income..
Collector of customs, estimated
Stock on hand as
per Inventory
Payment in adv.
for goods to be
delivered
Land
C Buildings
d Plant & equip
e Roadways & Improvements
g Furn.& fixtures_
h Trucks & tract'rs
Deterred charges
Mfg. rights
1933
$19,952
12.069
10,125
1932
$29.155
34,518
12.950
1931
prof$656
44.976
4.413
27,026
sur$2,242 sur$18.313 sur$45,632
6.243
614
10.500
$37,945
sur$2.242 sur$12,069 sur$34,518
Balance Sheet Sept. 30
1934
1933
Liat4lities1933
1934
323,317
541,766 Accounts payable,
4,136
trade
8,004
$2,204
$862
40.781
40,910 De Haviland Aircr.
384
Co., Ltd., Eng_
384
2,929
Collector of income
526
3,000 Accrued charges...
909
1,072
Mtges. payable__
16.600
78.090
104.747 Preferred stock___ 270,500
271,500
f Common stock__
32.840
32,840
Surplus
def37.945
2,242
1,525
29,000
29,000
76.846
78,128
11,770
14,748
2,405
1,511
266
1,403
2
3.364
1,585
2
Total
$271,436 $325,642 Total
$271.436 $325.642
a After reserve for doubtful accounts of $1,000. b Market value 1934,
3.210: 1933. $40.362. c After depreciation of $13,621 in 1934 and
2,338 in 1933. d After depreciation of $11.487 in 1934 and $12.753 in
33. a After depreciation of $16,788 in 1934 and $15.828 in 1933. f Represented by 25.000 no par shares class A stock and 5.000 no par shares class
B stock. g After depreciation of $1,511. h After reserve for depreciation
of 11.063.-V. 138, p. 688.
F9
De
(T Mets, Inc.-Accumulated Dividend
he directors have declared a dividend of 65 cents per share on account of
accumulations on the $2.20 cumul. preference stock, no par value, payable
Feb. 1 to holders of record Jan, 28. Similar distributions were made in
each of the five preceding quarters.
After the payment of the Feb. 1 dividend, accruals on the preference
stock will amount to $4.95 per share.
-V.139. p. 2360.
Detroit Street Ry.-Earnings-Period End. Dec. 31- 1934
-Month-1933
1934-12 Mos.-1933
Operating revenues
$1,437,663 $1,275,561 $16.188,249 $13,057,676
Operating expenses
1,100,572
979,275 12,541,122 9.455,958
Taxes assign, to oper
71,998
72,916
860,006
1,082,297
Operating income_ Non-operating income__
$265,093
2,464
$223,370 82,787,121 $2,519,421
def12,110
54.869
35,816
Gross income
Deductions
8267,557
156,769
1211:260 $2,841,990 $2,555.237
164,107
1,877.646
1.938.249
Net income
-V. 139, P. 4125.
$110,789
$47,153
$964,344
1616,988
Diamond Match Co.
-Bonus to Labor, Extra to Stocks
To Distribute All Net Profits to Stockholders and Employees
Under New Policy-1934 Earnings About $2,130,000
The company has Inaugurated apolicy of distributing all its
earnings to stockholders and employees. The first distribution stated net
will come
out of the earnings for 1934, estimated at 52,130,000, a small gain over 1933.
In line with the new policy, announced by W. A. Fairburn, President,
the company took the following steps:
1. Declared a dividend of 75 cents on the common stock in place of the
usual quarterly rate of 25 cents.
2. Declared the regular semi-annual dividend of 75 cents.
3. Promised for April an extra dividend, estimated at 15 cents for both
common and preferred.
4. Promised that on June 1 a sum equal in the aggregate to the extra
common dividend will be disbursed to the employees who have been with
the company for a period of a year, or who have worked when needed during
the year and are on an approved waiting list as of May 1. The proposed
disbursement to labor will be about 8105,000 for 1934.
go The directors of the company at a meeting held in Los Angeles, Jan. 24
declared the common and preferred dividends both payable March 1 to
holders of record Feb. 15.
W. A. Fairburn, President, in a circular dated Jan. 24,
sent to the stockholders, states:
-The net earnings for the past year (not verified and certified,
Results
as yet, by outside auditors) are estimated at $2,130.000 as against $2,054.510 in 1933, and an average of about $2.145,000 for each of the last
four Years.
The net earnings have held up remarkably well, notwithstanding a most
serious and adverse year experienced by the company In its domestic match
business. An amazing drop, of unprecedented proportions, In the volume
of match business for the year was experienced while company sincerely
operated in the spirit and to the latter of the Match Code (which its smaller
competitors had drafted, advocated, and many of whom later subtly
repudiated'or ignored in practice): together with this lessened volume there
was a greatly increased cost of production due to ad vanced labor and
material costs, &c., when functioning under the National Recovery Administration. Those conditions operated, in conjunction with imports, dumping,
destructive quotations, and foreign demoralization of the domestic market.
to drastically lower the profits on company's most important match division
of production and sales to approximately 40% of the corresponding profits
obtained in 1933.
Notwithstanding the deplorable conditions that have existed and the
large relative losses that have been sustained in certain grime phases of the
domestic match business, company-because of the diversified nature of its
operations, interests and investments, and its manifold industrial and
commercial activities-has been able not only to hold up its earnings to the
average of several past years, but to show an increase of some $76,000
(or 3.7%) over the net earnings of 1933 and about $93,000 (or 4.5%)
over the net earnings of 1932.
637
Payment to Labor-Dividends to Stockholders-Actuated by a patriotic
desire to assist the Government of the United States in its fight for business
recovery, the employment of workers, and a restoration of prosperity and
national purchasing power, the management has decided to spread all the
stated net earnings for the past year among its stockholders and inaugurate
a policy, for the time being, of paying an extra dividend to both preferred
and common stockholders, and of concurrently paying an extra wage
dividend to its steadily employed labor.
Labor is unquestionably entitled to fair and reasonable wages and to
proper working conditions to promote and maintain the relatively high
American plane of living: invested capital is also entitled to a reasonable
return in the form of dividends and interest and as a money wage. After
labor has been properly paid and well treated, in harmony with the provisions of the code under which they operate, it is felt at this time that any
additional net earnings-resulting from the 1934 operations-(after proper
provision has been made for taxes, depreciation, amortization, depletion,
&c., with reasonable accruals to protective or contingent reserves, &c.) can
and should, because of company's excellent cash position, be spread among
its stockholders and its steady labor.
Book Value of Common Stock-Whereas the common stock has no stated
par value, it had a recorded book value of $21.42 per share in Jan. 1931,
when the present Delaware corporation supplanted the old Illinois company
and the plan of reincorporation and recapitalization was completed. With
protective reserves added to surplus, the book value of the common stock
per share stood at $27.90 as of Dec. 31 1933. The appraised value of the
company's common stock was calculated at $39.21 per share as of Jan. 1931.
With an invested capital based on market and sound depreciated values of
assets of some $50,000,000 and with the preferred stock outstanding having
a face value of $15,000,000, the common stock can be considered as having
a value of about 535,000.000 as of Dec. 31 1934, which is $50 per share.
The number of shares outstanding of common stock has been reduced from
1.050.000 to 700,000 during the four-year period, which covers the Delaware
company's business activities.
Invested Capital 350,000,000
-Whereas toe book value of company's
preferred and common stock as of Dec. 31 1933, was 532,189.059, excluding
protective reserves, and 334.526,866, with such reserves added to surplus,
the invested capital stood at about $50,000,000 after giving effect to market
and sound depreciated value of assets, and the market value of outstanding
capital stock stood at about $40,000,000 based on sales prices of sharesof
both the preferred and common stocks on the exchange.
Basis of Return Paid on Stocks
-On the basis of a return of $1.50 Per share
per year paid on both the preferred and common stocks (which is 6% for
stock with a par value of $25 per share), the following would be the return
on the capital invested in company:
5.6%
As per stated conservative book value
As per market values of company's capital stock at the turn of
4.9%
the year
As per market and appraised sound depreciated value of assets,
3.9%
less all known liabilities
The preferred stock is a participating preferred stock, and the holders
are not only entitled to receive cumulative, regular dividends at the rate
-payable semi-annually-before
of 6% per. annum (i.e., $1.50 Per year)
any dividends are paid on the common stock, but in addition thereto, after
the holders of the common stock have received dividends of $1.50 Per
-any one year, to participate
share in-or as a result of the operations of
with the holders of the common stock, share for share, in any further dividend paid in such year until the holders of the preferred stock shall receive
dividends aggregating 8% (or $2 per share) in-or as a result of the operations of
-such year.
The preferred stock was from the first intended to be "a high class, well
well-protected and permanent investment stock not only well secured as to
liquidating value, with a stated, moderate minimum dividend return, but
participating in the company's earnings and sharing, within certain defined
-which means benefiting and sharing equitably,
limits, in its prosperitywithin certain defined limits, in any liberal dividend disbursement policy
that may at any time be adopted by the management of company.
It is not considered reasonable or just to consider any dividends paid on
the common stock of company as "extra," in the sense that the designation
usually implies, until the yield on the common stock is made to exceed
$1.50 per share per annum. Neither does it seem right and proper to pay
a dividend as an extra disbursement to labor at the end of any period,
unless first the return to stockholders on the common stock has been at
least $1.50 per share for the year: and second that such extra disbursement
shall benefit (within certain defined limits) both preferred and common
stockholders, as well as the company's steadily employed labor.
New Policy Explained-It is evident that, before any plan of making extra
disbursements to labor, as a wage dividend, can be considered with any
degree of equity or sound, economic and social justice, the common stockholders should receive a dividend of $1.50 per share per year, which is the
same as the minimum dividend requirements on the preferred stock in
dollars per share per year, but much less (i.e., only one-half, or 3%) when
considered as a return on invested capital. Moreover, no dividend payment on the common stock can be deemed an "extra," in the sense here
considered, unless said payment is over and above the amount of $1.50
per share per year.
It is the opinion of your management, when considering the interest of
each and all of the prime parties directly affected, that after the preferred
and common stockholders have received dividends of 31.50 per share per
year, any additional earnings available for distribution should-for the
-be
time being and until the policy herein outlined is changed for cause
divided into three approximately equal parts and disbursed to: (1) Preferred stockholders-limited, however ,to not more than $2 per year per
share total dividend return; (2) common stockholders; (3) labor steadily
employed, but excluding management and salaried officers.
The preferred and common stockholders should receive the same extra
dividend disbursement per share (within the limits previously described),
and as toe number of shares of outstanding preferred and common stocks
are not the same (there being 60,000 shares of preferred and 700,000 shares
of common stock outstanding), the total amount to be disbursed to labor
as its share of any extra dividend disbursement will be equivalent to the
total amount paid the common stockholders, this being the larger amount
in dollars of the two (preferred sad common) dividends, the common
stock dividend disbursement being one-sixth more in aggregate amount
paid than the preferred stock dividend disbursement.
With an invested capital of 550,000,000. a 5% yield to stockholders
on this valuation, before labor would participate in extra dividend disbursements, would require dividend payments aggregating $2,500,000 per
year; a 6% yield would require dividend disbursements of $3,000,000 per
year. The plan advocated, and now being adopted by the management
for the year 1934 and the current year, places the low dividend return
requirement of 51.950.000 per annum, which is a yield of only 3.9% on
the market and appraised value of invested capital, before any additional
earnings are spread as extra dividends among the preferred and common
stockholders and the steadily employed labor of the corporation.
The following table shows the earnings per year and per average quarter
on the common stock for each of the last four years with dividend disbursements on the common stock, and this on the basis that the common stock
Pays $1.50 dividend per share (dividends of June 1 1934 to March 1 1935.
Inclusive) as a result of the 1934 operations:
Quarterly Dividend II
Average Earnings per
Net
Quarter on the Common Disbursement per Share
of Common Stock
Year
Earnings
Stock Outstanding
Cents
Cents
25.00
1931
52.358.395.84
32.14
1932
2,036,929.64
25.00
32.01
25.00
1933
2,054.510.26
41.08
1934
41.25
x2,130,000,00
43.92
x Estimated,
Dividends Declared-At a regular meeting of the directors held in Los
Angeles, Calif., Jan. 24, a dividend of 75 cents per share was declared on
the preferred stock and 75 cents per share on the common stock, payable 4
March 1 1935 to holders of record Feb. 15 . The dividend requirements
covering the operations of the past year, therefore, aggregate $1,950.000.
and this amount, deducted from the estimated net earnings for 1934 of
32,130,000, leaves a margin of $180,000. An extra dividend will be dedarged at the next regular meeting of the board of directors to be held in
April (after the final audited figures covering the 1934 operations are at
hand), which extra dividend-now estimated at about 15 cents per share
will be made payable June 1 to both preferred and common stockholders
of record as of May 15. It is expected that the usual interim quarterly
dividend of 25 cents per share will be declared on the common stock.
payable June 1.
-A sum equal in the aggregate to the amount of the
Payment to Labor
special dividend to be paid the holders of the company's common stock
Financial Chronicle
638
Ian. 26 1935
Commission adopted an order certifying that operation of the trolley service
on June 1 will be disbursed on or around June 1 to employees of the comshould be discontinued.
pany (excluding management and salaried men in general, but including
The order, which was issued on recommendation of the Board of Estimate
month) who have been
relatively low-pay employees paid by the week or
after a public hearing, is not to be construed as an abandonment decree.
employed by the company for a period of a year-steadily as far as available
It merely paves the way for the city, acting under a statute passed in 1926.
would permit-are listed working as regular employees, or
work and job
to negotiate for the granting of a bus franchise covering the routes now
who have worked when needed during the year and are on an approved
served by the trolley company.
waiting list as of May 1. (This period of from May 1 1934 to May 1 1935
The U. S. District Court, where the company is now in receivership,
has been set with due
for labor participating in the special labor dividend
recently issued a decree approving an arrangement whereby the city agreed
consideration being given the fact that certain labor at one of the company's
to waive claims against the company for back taxes and other charges and
plants discontinued work in the early spring and did not resume until
largest
the company promised to surrender its perpetual franchise rights.
the end of April.)
If plans now being worked out materialize the motorization of the lines
-With an extra dividend for the year of 15 cents on each
Yield on Stocks
will dovetail into the pending plans for a comprehensive bus system for
yield on the preferred
share of preferred and common capital stock, the
Manhattan. The New York Railways Corp., it is understood, will
stock (based on $25 par value) would be 6.6% and about 4.7% at market.
eventually appear before the Board of Estimate, directly or through a
The yield on the common stock would be as follows:
subsidiary company, to ask for a bus franchise covering the Eighth and
5.9%
As per stated conservative book value
Ninth Avenue routes.
4.6%
As per market value of the capital stock
It is expected that the franchise terms will be such as to provide transfer
As per market and appraised sound depreciation value of assets,less
privileges between those routes and certain crosstown bus routes of the
3.0%
all known liabilities
New York City Omnibus Corp.. another subsidiary of the New York
Railways Corp.
Dividend disbursements of $1.65 per share on both the preferred and
Still another subsidiary of that corporation will begin bus operation on
common stocks will require an outlay of $2,145.000 as against estimated
Madison and Fourth Ames. on Feb. 1. This is the Madison Avenue Coach
net earnings of $2.1'30.000, which, with the extra labor dividend to steadily
Co.. which now has 77 modern buses ready to start over its lines. About
employed labor, will necessitate a cut into surplus, as a result of the year's
50 of them have been inspected by the Transit Commission and granted
operations, of about $120,000, which it is felt is warranted and fully justisafety certificates. The others will be examined soon.
conditions existing.
fied because of the peculiar
The entire comprehensive bus plan is being worked out on a flat five-cent
-The plan of reincorporation made effective
Conditions of Match Business
fare basis, with no zone fares, the sole exception being the Fifth Avenue
in January 19:31 had as one of its many objects:
Coach Co., which holds franchises under which it may retain its 10-cent
"To pay reasonable dividends and to hold up-through dividend dis-the market
tariff.
-V. 139. p. 3153.
bursements as well as balance sheet strength and net assets
value of the company's capital stock (both preferred and common) as far
-Output of Affiliates
Electric Bond & Share Co.
as economic and competitive conditions and sound, conservative business
For the week ended Jan. 17, the kilowatt system input of subsidiaries of
procedure will permit.
American Power & Light Co. Electric Power & Light Corp. and National
United States has greatly deThe return on investment capital in the
Power & Light Co., as compared with the corresponding week during 1934,
dined of late; wages have advanced; hours oflabor have lessened; the prices
was as follows:
ofraw and semi-manufactured materials and supplies have greatly increased,
-Increase-and the costs of the products manufactured and distributed by company
Amount
1934
1935
have advanced tremendously. Conditions in the American match business
Amer. Power & Light Co____85,314.000 76,573.000 8,741.000 1P.4
are both dark and unpromising, because of the demoralized competitive
5.2
Electric Power & Light Corp_35,275,000 33,535,000 1,740.000
conditions existing therein and the most unfortunate and conspicuously
National Power & Light Co_ _74,251.000 64,655,000 9,596,000 14.8
unfair lack of Government protection to the United States match industry
. 140, p. 474.
from cheap foreign importations. This condition is being intensifed to a
calamitous degree by the nertiations now under way with respect to
-25
-Cent Dividend
Electric Household Utilities Corp.
reciprocal trade agreements w th certain foreign nations, which-with the
The directors on Jan. 22 declared a dividend of 25 cents per share on the
plan of bilateral treaties now being advocated-threaten to reduce by 50%
decidedly inadequate low tariff and to still further encourage
capital stock, par $5, payable Feb. 15 to holders of record Feb. 4. Similar
the present
distributions were made on Oct. 25. July 31. May 15 and Feb. 17 1934,
the importations of matches into the United States from low-cost Asiatic
-V.
while on Jan. 25 1933 the company paid a dividend of $1 per share.
as well as European countries, where the plane of living and wage scales
are, relatively, exceedingly low.
. P. 1237.
Notwithstanding the deplorable conditions existing, particularly in the
4
-Reorganization } ti'fr.
match business of the United States, and the lack to-day of the Govern- '-Electric Public Service Co.
ment's support and the protection promised the domestic industry, the
The bondholders reorganization committee (W. W. Turir, Chairman),
management expresses its faith in the patriotism and fairness of our GovIns circular letter to the holders of the 10
-year 6% sinking find gold debonernment. Keeping in mind President Roosevelt's statement of March,
ture bonds, due Dec. 1 1936 and April 1 1937, and the holders of other
1934, with respect to reciprocal trade agreements with foreign countries,
unsecured obligations of the company allowed by the Chancery Court of
that "no sound and important American interest will be injuriously disDelaware states:
giving due conturbed in the exercise of the bargaining authority, and
The committee heretofore adopted a plan of reorganization dated as of
sideration to the wording of the National Industrial Recovery Act(Sec.3-E),
April 24 1933, in respect of secured bonds of the company and certain amend
it is justified in the adoption,for the time being,
your management feels that
ments to the plan have been subsequently effected. The plan as amended
provides for the issuance by the new company of (a) collateral trust 6%
of its herein described policy of unusual, liberal dividend disbursements in
which its steadily employed labor as well as stockholders will participate.
bonds, series A, in order to secure funds with which to consummate the
plan, and (b) collateral trust 6% income bonds, series 13, to the holders of
The continuance and duration of the plan and policy adopted will depend
upon the practical working out, in a sound economic sense, with a spirit
deposited secured bonds of Electric Public Service Co., principal amount
for principal amount, and (c) common stock to the purchasers of the colof justice and mutuality, of many devastating problems brought about by
the NRA, which, wile most worthy in principle and in aspiration, has
lateral trust 6% bonds, series A, and to the parties receiving the collateral
trust 6% income bonds, series II.
proved deplorably weak and disconcerting in actual operation; and this
with the protection in fact of legitimate, important and basically essential
The secured bonds of the company were issued under a trust agreement
American industry, as advancing domestic wage scales, reduced working
with Guaranty Trust Co. of New York, as trustee, dated as of April 1
1926, and there was pledged as security thereunder substantially all of the
hours and increasing costs of production make domestic manufacturers
assets of Electric Public Service Co., which consisted principally of stocks
more and more unable to compete with the offetings of low-wage-scale,
low-plane-of-living, and low-cost, competitive producing and exporting
and obligations of subsidiary companies. Receivers of Electric Public
foreign countries.-V. 139, p. 3639.
Service Co. wore appointed by the Delaware Court of Chancery on March 7
1932. Pursuant to the plan, the committee purchased, for the benefit
-Admitted to List
DitilIed Liquors Corp.
of holders of secured bonds represented by it, all of the securities pledged
under the above mentioned trust agreement and all of the assets (other than
Curb
The ew York Cb Exchange as admitted to the list 12.000 shares of
cash) held by the receivers appointed as aforesaid. The committee has
capital took, $5 par.
caused such assets (as changed by the recapitalizations and reorganizations
Earnings for the 3 Months Ended Nov. 30 1934
authorized by the plan) to be vested in Crescent Public Service Co. (Del.).
$269,952
Net sales
which constitutes the new company referred to in the plan and has arranged
26,924
Net income
for the issuance and delivery by the new company of securities contemplated
$0.22
Earnings per share on 125,000 shares
by the plan.
-V. 140, p. 473.
Under the plan, as amended, holders of debentures and other unsecured
obligations of Electric Public Service Co. allowed by the Delaware Chancery
(The) Dorset, N. Y. City-Distribution
Court are entitled to receive
(a) Warrant to purchase common stock of Crescent Public Service Co.
The real estate bondholders protective committee George E. Roosevelt,
on or before Oct. 1 1938, subject to certain specified conditions appearChairman, in a letter to tha holders of first mortgage fee 6% serial gold
ing in the warrant, at a price of $IO per share, at the rate of one share for
bonds states:
Pursuant to the judgment signed by Justice Aaron J. Levy on Dec. 17
each $200 of such obligations; and
(b) Certificate for one share of common stock of Crescent Public Service
1934. distribution has been ordered of certain funds paid to the depositary
Co. for each $1,000 of debentures and(or) other unsecured debt, scrip.
and(or) fiscal agent under the indenture securing the bonds. Accordingly,
however, being deliverable in lieu of fractional shares.
partial payment is to be made in respect of the coupons which matured
July 1 1932, pertaining to the above-named bonds as follows:
Procedure in Securing Warrants and Common Stock Certificates under the Plan.
July 1 1932 coupons pertaining to bonds of the face amount of
Warrants and stock certificates to be distributed under the plan, will
$15.35
$1.000 (face amount of coupon $30)
be available for distribution at any time prior to Feb. 28 1935 and each
July 1 1932 coupons pertaining to bonds of the face amount of $500
holder of a debenture of Electric Public Service Co. or any other unsecured
7.67
(face amount of coupon $15)
claim allowed by the Delaware Chancery Court, at any time on or prior
July 1 1932 coupons pertaining to bonds of the face amount of $100
to Fob. 28 1935, may receive the warrants and common stock certificates
1.54
(face amount of coupon $3)
to which they are entitled under the plan by forwarding, prior to the date,
Distribution has also been ordered in respect of the principal of certain
to C. D. Perry, Treasurer, Crescent Public Service Co., 1600 Arch St.,
bonds, namely, the principal serial maturity of July 1 1932, these bonds
Philadelphia, their debentures or other obligations in negotiable form for
being numbered D-303 through D-319, inclusive, and M-320 through
surrender, together with transmittal blank, duly completed.
-V. 139.
M-346, inclusive. Partial payments on such bonds will be made as follows:
p. 4125.
In respect of bonds of the face amount of $1,000 which matured
$584.74
July 1 1932
Empire American Securities Corp.
-Earnings
In respect of bonds of the face amount of $500 which matured
292.37
July 1 1932
Earnings for Year Ended Dec. 311934
only bonds and(or) coupons entitled to distribution at this time are
The
Income: Arbitrage, commissions, &c
$9,432
the serial bonds and coupons above specified.
Dividends on stocks
1,097
In order to receive the payments it will be necessary to present bonds
the trustee. Continental
and(or) coupons, or certificate of deposit, to
Total income
$10,529
Bank & Trust Co. of New York, 30 Broad St., N. Y. City, for notation of
Interest expense
712
such payments thereon.
-V. 136, p. 848.
Expenses
2.293
-Obituary
Drug, Inc.
-V. 139, p. 1706.
See Sterling Products, Inc., below.
-Earnings
(E. L) du Pont de Nemours & Co.
The company reports for the year ended Dec. 31 1934 that preliminary
calculation, subject to verification by independent public accountants,
shows $3.66 a share earned on its common stock, including dividends from
General Motors investment amounting to $1.36 a share on du Pont common.
This compares with $3 a common share in 1933, including dividends from
General Motors Investment amounting to $1.14 a share on du Pont cornmon.-V. 139, p. 4125.
Duquesne Light Co.
-Earnings
12 Months Ended Nov. 30Gross earnings
Operating expenses, maintenance and taxes
1934
1933
$25,371.043 $23,993,563
10.633,569
8.633.688
Net earnings
Other income-net
7,524
7.758
Deficit for year
Deficit, Jan. 1 1934
Adjustment of capital stock tax accrual_er
$234
4.641
204
Deficit, Dec. 31 1934
AssetsCash
Marketable securities
Other securities
Arbitrage securities
Dividends receivable
Treasury stock
$4,671
Balance Sheet Dec. 31 1934
Liabilities
$804 Loan payable
824,000
x67,915 Accounts payable
184
20,000 Unearned income
475
4,213 Cumulative preferred stock__ 71,525
40 Common stock
57,885
y56,424 Deficit
4,671
$14,737.474 315,359,875
815.332
992.872
Net earnings, including other income
Rents for lease of properties
Interest charges-net
Amortization of debt discount and expense
Miscellaneous
Appropriation for retirement reserve
Net income before profit & loss on securities
Loss from sale of securities
$15,552.806 $16.352.747
$178.164
5178.389
3,235,739
3,218.483
167.312
167.280
721
721
2.129.683
1.919.485
Net income
8149,398
Total
Total
8149,398
x Market value of $59,088. y Represented by 1,443 shares preferred
stock and 4,820 shares common stock.
Notes
-As of Dec. 31 1934 the corporation had open contracts to sell
securities having a market value of $13,437 for $13.750, and to purchase
securities having a market value of $2,812 for $2.775. These contracts
are at the option of the other parties, and expire within 30 days.
-V. 137.
p. 3333.
•
$9,841,217 $10.868.356 -----Pay Three Dividends on Account
(The) Fair, Chicago-To
-v. 139. P. 3639
.
Eighth & Ninth Avenue Ry.-Buses to Replace TrolleysThe substitution of buses for trolley cars on the lines now operated by
the company moved a step nearer realization Jan. 23 when the Transit
of Accruals
The directors have declared three quarterly dividends of $1.75 per
sharo each, or a total of 35.25, on account of accumulations, on the 7%
cumulative preferred stock, Par $100, all payable Feb. 15 to holders of
record Feb. 5. On May 15 1934 a dividend of $3.50 per share was paid
on the above issue, this payment being the first made since Nov. 1 1932
-V. 139.
when a regular quarterly dividend of $1.75 per share was paid.
p. 598.
-Present Status
Fairfax of Buffalo (N. Y.)
The committee for the protection of the holders of bonds sold through
the F. II. Smith Co. (George E. Roosevelt, Chairman), in a letter to depositors of first mortgage 7% bonds of Pemberton Building Co., secured
by the Cleveland Hall Apartments (now known as the Fairfax of Buffalo),
Buffalo, N. Y.,states in part:
On Dec. 10 1934 a decree was entered in the Supreme Court of New York
for Erie County, holding that 1st mtge. bonds in the aggregate principal
amount of $583,200, held by Marine Trust Co. of Buffalo, as trustee under
the 1st & refunding mortgage, are valid obligations entitled to share in the
security of the 1st mortgage with the $616,800 in principal amount of 1st
mtge. bonds held by the public. The total principal amount of 1st mtge.
bonds outstanding is, therefore, $1,200,000.
The 1st mtge. bonds in the principal amount of $583,200 which were
declared by the decree to be valid obligations were held by Marine Trust
Co. of Buffalo as security for the $933,000 in principal amount of outstanding first and refunding mortgage bonds. The Marine Trust Co. of Buffalo
has deposited this block of $583,200 of 1st mtge. bonds with the committee.
In addition, $279,300 in principal amount of 1st mtge. bonds held by the
public have been deposited, so that the committee represents a total of
$862,500 in principal amount of 1st mtge. bonds. or 71.8% of the outstanding issue. A further call for deposits of let mtge. bonds is being
sent at this time to those bondholders who have not yet deposited.
The decree entered in the proceedings to foreclose the 1st and refunding
mtge. included an order directing the sale of the property subject to the
1st mtge. As the committee is of the opinion that the defaults existing
under the 1st mtge cannot be cured and that the property is not adequate
security for the entire amount of 1st mtge. bonds outstanding, it will
request Manufacturers & Traders Trust Co. of Buffalo. successor trustee
under the 1st mtge., to foreclose the 1st mtge. The 1st and refunding
mtge. foreclosure sale is being advertised to take place on Jan. 22 1935,
and it is expected that the 1st mtge. foreclosure sale will take place shortly
thereafter. The committee has formed Cleveland Hall Corp. to bid for
the property at the foreclosure sales and, in the event that it is the successful
bidder at the sales, to acquire the property for the benefit of depositors.
Manufacturers & Traders Trust Co. of Buffalo, as trustee in possession
under the 1st mtge., has operated the property since April 1 1931. The
following is a summary of the earnings of the property on an accrual basis
for the period from Jan. 1 1932 to Nov.30 1934.
11 Mos. Jan. 1'32 to
Year 1932 Year 1933 Nov.30'34 Nov.30'34
$310,476
Total income
$109,525
$101.208
$99,742
Oper. exps., insur. and
245,837
real estate taxes
80.859
83.034
81,944
Profit before int., deprec'n, trustee's fees
for oper. property &
$64,639
non-operating caps_
$28,666
$17,798
$18,174
During the above period from Jan. 1 1932 to Nov. 30 1934, the nonoperating expenses were $21,617.
Depositors have been advised previously that in April 1931, Manufacturers & Trader Trust Co. advanced $57.000 to pay delinquent real estate
taxes for the years 1928 to 1930, inclusive, together with penalties and interest thereon. The amount a this advance has been reduced by payments of $23,000 made from the earnings of the property. The unpaid
balance of $34,000 constitutes a charge against the property prior to the
-V.132, p. 663.
mortgages.
Fidelity & Casualty Co. of N. Y.
-Balance Sheet
Dec.31 '34
Assetsx Bonds & stocks_ _26,854,088
Real estate
219,240
Prem. in course of
collection (not
overdue)
4,169,301
Interest accrued
181,771
Cash on deposit Si
in office
2,320,784
All other assets
552,866
. 639
Financial Chronicle
Volume 140
Dec. 31'34
Dec.31'33
Liabilities$
3
27,440,884 Unearned prem_-_10,511,049
238,241 Res. for claims...15,612,868
Res. for taxes and
1,424,431
expenses
4,187,160 Res. for all other
850,000
liabilities
188,283
2,250,000
Cash capital
1,325,114 Res. for conting
3,649,701
418,680 Net surplus
Dec.31'33
$
10,500,392
13,954.460
1,588,291
600,000
2,250,000
y2,902,815
2.002,604
Total
34,298,050y33,798,362
34,298,050 33,798,362
Total
x Valuations on basis approved by National Convention of Insurance
Commissioners. y Contingency reserve, representing difference between
value carried in assets and actual Dec. 31 1933 market quotations on all
bonds and stocks owned.
-V. 139. P. 5 .
98
rlidelity Fund, Inc.-Smaller Dividend-4
he directors have declared a quarterly dividend of 40 cents per share
on the capital stock, payable Feb. 1 to holders of record Jan. 25. This
compares with 50 cents per share paid each quarter during 1934 and 1933.
In addition extra distributions of 25 cents per share were made on Aug. 1.
May 1 and Feb. 1 1934;35 cents per share on Nov. 1 1933 and 15 cents per
share on Feb. 1 1933. An extra dividend of 2M % in stock was paid on
Dec. 4 1933.
The company states that the40
-cent disbursement just declared represents
the major part of cash income received during the period as dividends, a
small portion of which has been set aside in the dividend reserve. In the
opinion of counsel, the dividend is exempt from Federal taxation and is
also tax free in Massachusetts.
-V.140,p.316.
Fidelity Investment Association-Resources Gain
Consolidated statement of the Fidelity Investment Association and the
Fidel Association of New York, Inc., as of Dec. 31 1934 shows total resources of $24,878,398 compared with $24,285,057 as of Dec. 31 1933, an
increase of $593,340. Resources include securities valued at $20,204,100:
loans to contract holders of $2,734,864, secured by their income contracts; cash of $339,368. and other items.
New business for the last quarter of 1934 amounted to $7,522,750.
compared with $4,434,000 in the last quarter of 1933. a gain of $3,088,750.
or more than 69%. For the entire year 1934 it amounted to $23,113.750.
against $20,416,000 in 1933, a gain of $2.697.750 for the year.
During the year 1934 the Associations paid to contract holders $3,577,276.
Despite the unfavorable sales conditions existing from 1930 to 1934. the
Associations were able to Increases their volume of business 101.2% over
that for the previous five-year period, and paid to their contract holders
a larger sum than during any previous five-year period.
-V.139. p. 2829.
Fidelity-Phenix Fire Insurance Co.
-Earnings
-Calendar Years19331932
1931
1934
Premiums
$15,715,227 $14,845,696 $15,418,747 $17,726,002
Int., diva, and rents_
2,068,368
2,428,987
2,235,738
3.943,205
Profit on sales of stocks
and bonds(net)
276,988
960,719
Transf. of cap. to surplus
10,394,475
Increase by adj. in book
val. of stks.&bds.
(net) 4,517,089
4,495.167
8,343,879
in unearned
Decrease
premium reserve
297,719
1,553.819
2,049.871
1,745,027
Total income
$23,042,761 $27,772,481 $334,787,247 $23,414,235
Disbursements
Losses
7,979,965
7,758,104 10.229.053 10,383,133
Expenses
7.005,620
6,536,996
6.895,649
7,847,735
Cash dividends
1,870,967
1,663.0711,663,033
3,603,276
Loss on sales of stocks
bonds (not)
and
1,012,266
1,257,197
Decrease by adj. in book
val. of stics.&bds.(net)
3,756,774
Incr'se in voluntary res
436,039 15,272,170 12,297,821
Decrease m surplus_ _ _ x36,186.208411,378,271
Previous surplus
24,228,789 12,850.517
$284.924 $15,731,701
13.135,441 28,867,143
Surplus. Dec. 31
$30,414.997 $24,228,788 $12,850,517 $13,135.441
x Increase in surplus.
Comparative Balance ,Sheet as at Dec. 31
1934
1933
1934
$
LiabilitiesAssets$
$
y Bonds & stocks_48,795,590 48,715,404 Unearned prems__16,194,223
1,738,307 1,738,171 Loss in process of
Real estate
adjustment ____ 3.001,280
Prem. in course of
2,344,585 2,279,103 Reserve for dive__ 1,039,447
collection
Res. for taxes and
Interest and rents
797,000
expenses
158,599
169,733
accrued, &c
1,400,000
Cash
1,988,561 2,641,793 Other claims
Conting. reserve
3,464,825
Cash capital
29,140,000
Net surplus
1933
$
16,491,942
2,684,990
831,558
557,500
1,400,000
x5,871,467
3,464.825
24,228,788
55,038,775 55,531,070
Total
55,036,775 55.531,070
Total
x Contingency reserve, representing difference between value carried in
assets and actual Dec. 31 1933 market quotations on all bonds and stock
owned. y Valuations on basis approved by National Convention of In-V. 139. F. 3964.
surance Commissioners.
-Balance SheetFirst American Fire Insurance Co.
AssetsDec.31 '34 Dec. 31 '33
x Bonds & stocks-S3,111,259 32,988,831
7,500
Real estate
7,500
Prems. In course of
266,310
320,117
collection
15,458
15,965
Interest accrued
Cash on deposit &
363,852
368,959
in office
Dec. 31 '34 Dec. 31 '33
LiabilitiesUnearned prems-_ $857,132 $841,310
Losses in process of
108,226
adjustment _ __ 120,344
8:
Res've for taxes35,050
44,850
expenses
Res, for all other
50,000
50,000
claims
y170,322
Res, for conting1,000,000 1,000.000
Cash capital
1,751,674 1,437,043
Net surplus
53,823.800 53,641,951
Total
63,823,800 63,641,951
Total
x Valuation approved by National Convention of Insurance Commissioners. y Contingency reserve, representing difference between value
carried in assets and actual Dec. 31 1933 market quotations on all bonds
-V. 139, F. 598.
and stocks owned.
First
-Earnings
Boston Corp.
Earnings from June 16 to Dec. 31 1934
Profits from trading in securities on own account, on joint
$2,223,475
accounts, and as participant in syndicate accounts
445,070
Interest, discount and dividends earned on securities held
89,805
miscellaneous income
Commissions, service charges and
$2,758,350
Total income
1,578,700
General expenses
147,543
Interest on bank loans
126,432
Taxes (other than Federal income tax)
15,049
Depreciation of furniture and fixtures
Adjustment of book value of securities to market value at
29,245
Dec.e 31 1934
30,000
Provision for contingencies
861
Miscellaneous charges
75.998
Provision for Federal income tax for period
$754,521
Net income
$1.50
Earnings per share on 500,000 shares of stock
Balance Sheet Dec. 31 1934
Liabilities
Assets
Cash on hand and on deposit.. $6,273,652 Collateral loans Payable_ __ _S34,424,981
85,740
Deposits on secur. borrowed- 1,870,510 Deposits on securities loaned_
809,374 Trading securities sold not
Bankers' acceptances
yet purchased:
Trading securities:
U. S. Govt. securities ____ 2,516.216
16,297,977
U. S. Govt.securities
239,297
Miscell. bonds and stocks.
Municipal bonds and notes 1,208,414
Miscell. bonds and stocks_ 4,736,459 Accounts payable:
Securities pur. not yet rec. 18,690,976
Securities carried for joint
333,801
924,122 Due customers
accounts
18,189
Accrued interest payable
Accounts receivable:
Unclaimed coupons and
Securities sold not yet de29,393
dividends
31,920.763
livered
Accrued taxes (Incl. Federal
198,558
Accrued interest receivable
income and excess profits
136,835
Miscellaneous
340.998
taxes)
Furniture and fixtures (less
71,227
Miscellaneous
126.794
depreciation)
7,487 Reserve for unearned disTax stamps
14,064
count, taxes, &c
20,459
Deferred charges
30,000
Reserve for contingencies
5,000,000
Capital stock (par $10)
4,000,000
Paid-in surplus
754,521
Earned surplus
$64,529,404
664,529,404
Total
Total
-The trading securities and securities carried for joint accounts
Notes
are valued at bid quotations at Dec 31 1934, and the trading securities
sold not yet purchased are valued at offered quotations at that date.
Assets having a market value of $37,472.890.84 are pledged to collateral
loans payable.
At Dec. 31 1934, the corporation had contingent accounts as follows:
Bankers' acceptances sold with endorsement (not confirmed)-- $107,517
3.121,799
Securities purchased on a "when issued" basis
2.616.789
Securities sold on a "when issued" basis
Commitment as a member of syndicate formed to purchase
4,390.000
securities
-V.140, p. 316.
-Earnings
-Fonda Johnstown 8c Gloversville RR.
Period End. Dec.31Operating revenues
Operating expenses
Tax accruals
1934
-Month-1933
$48,717
$51,479
42,980
41.934
3,492
def1,912
1934-12 Mos.-1933
$560,952
$608,130
484,781
508,838
33,791
29,525
Operating income- Other income
$11,456
def683
$2,244
434
$69,766
19,812
$442.379
17,530
Gross income
Deducts, from gross inc.
(incl. int. accruals on
outstand,fund. debt).
$10.772
$2,678
$89,578
$59,909
Net deficit
12,338
11,614
166,330
181,660
$1.566
$8,935
$76,752
$121.750
RFC Loan
The Reconstruction Finance Corporation loan of $170,387 approved by
the Interstate Commerce Commission on Sept. 24 1932, has been revoked
and the application dismissed because on Jan.7 1935 the company withdrew
the application.
-V. 140. p. 144.
Ford Motor Co. of Detroit-Operations
-The "Wall Street Journal" Jan. 23 states:
As a result of increasing demand for the new Ford V-8 cars, decision was
reached on Jan. 22 to resume assembly operations at the Ford branch at
Cincinnati, Ohio, on March 1, making the fifth Ford branch to resume
assembly operations this year.
Present plans call for production for the first few weeks of 150 cars a day.
Between 300 and 400 former Ford workmen will be re-employed to conduct
assembly operations. The plant was closed down so far as assembly operations are concerned In 1932, and has operated since as a sales and parts
branch.
Last week the company announced it would resume assembly operations
at its plants in Memphis and St. Paul. Several weeks ago the reopening
of assembly plants at St. Louis and Long Beach was announced. In
addition, Ford has reopened the sales branch at Green Island, N. Y.
The company's Chicago assembly plant has stepped up its production
to 500 cars a day, the largest number turned out by the local plant at least
since the Introduction of the Model A. Dealer orders in this territory at
present total about 7.000. Employment at the plant currently is also the
highest since the introduction of the Model A. Some 3,500 men are working there currently, with the assembly line running two shifts a day and
other departments operating three shifts daily.
640 •
Financial Chronicle
Reopens Two Plants
The company announced on Jan. 18 that assembly operations would be
resumed soon in the branch plants in St. Paul, Minn.,and Memphis,Tenn.
This will bring to 15 the assembly plants in operation out of a total of 34.
The announcement said 2,400 men would be employed in St. Paul and
1,800 in MemphLs.-V. 139. p. 3807.
Foresight Foundation, Inc.
-Balance Sheet Dec. 31 1934
[Formerly Pennsylvania Investing Co.]
Liabilities
Notes payable
Class A stock
Class B stock
Paid-in surplus
Earned surplus
Securities (at appraised market
values)
x$258,895
Cash
7,032
Accrued income
3,006
$90,000
67,960
37.617
72,651
706
Total
$268,934
$268,934
Total
Note
-The earned surplus represents the net operating income from
Nov. 20 1934 to Dec. 31 1934. Based upon the appraisal of securities at
the closing sale or bid prices on Dec. 31 1934, the class A stock had a
net asset value of $2.63 per share. This is equivalent to $105.32 for
each unit of Pennsylvania Investing Co. deposited under the Plan of
reorganization, and compares with a valuation of $88.78 per unit on
Dec.31 1933.
Frederick Peirce, President, states:
"It was stated in the plan of reorganization of Pennsylvania Investing
Co. tnat it was the intention, if practicable, to pay off the company's bank
loan, so that the new organization could start business free and clear of
any indebtedness. Because of market conditions, however, it did not
oyearsuied
amradvsatktoirdatrtheloan until this month.
itehavenoktoacconplsgin puie.
ta the first
and the foundation is now out of debt."
-V.139, p. 2994.
-Fostoria Pressed Steel Corp.
-To Retire Common Shares
The company has given notice of a resolution of the board of directors
to retire 7,595 shares of (no par) common stock from the treasury stock of
the company, thus reducing the capitalization from $275,000 to $225,000,
a reduction of $50,000. This leaves a total of 19,905 shares outstanding.
of an authorized issue of 27.500 shares.
-
New Vice-President--
E. L. Bates was elected Vice-President succeeding E.W.Allen, resigned.
-V. 139, p. 1868.
Freeport Texas Co.
-Halves Common Dividend
The directors have declared a quarterly dividend of 25 cents per share
on the common stock, par $10, payable March 1 to holders of record Feb. 15.
This compares with 50 cents per share distributed each quarter from
March 1 1932 up to and including Dec. 1 1934.
The directors stated that preliminary estimate of earnings for 1934 was
$1.76 a share on the common stock after all charges and Federal taxes.
Earnings in the first half of the year were $1.04 a share.
In view of the decline in sales and earnings, the directors decided to reduce
the dividend to conserve cash resources. Further progress in solving the
operating difficulties at Grande Ecaille sulphur deposit were reported. The
Cuban American Manganese Corp., owned 86% by Freeport, had estimated
net earnings of $32,000 last year, which were not consolidated with net of
Freeport.
-V. 139, p. 763.
Fundamental Investors, Inc.
-Earnings
Earnings for the Year Ended Dec. 31 1934
Net profit from sales of securities based on average cost
Less, provision for Federal income taxes
$49,071
6,831
Balance
Dividends
Interest
$42,241
43.220
904
Total income
Expenses
$86,365
21,454
Net income
Dividends paid
$64,912
9.530
Balance
$55,382
Earned Surplus Account Dec. 31 1934
-Arising From
Net Profit
Interest from Sales
and
of
Dividends
Securities
Earned surplus. Dec. 31 1933
$57,117
Add: Excess allowance for Federal
income tax
146
Excess allowance for Federal capital
stocks tax
15
Net income for year ended Dec. 31
42,240
1934
22,671
Total
Dividends paid in cash, aggregating
4c. per share
Dividends paid in stock, aggregating
4% par value ofstock issued 38,119
shares at 25c. per share
Cash from stock dividend fractional
excess
Reserve tor contingencies
$22,686
$99,504
Total
$57.117
148
15
84,912
$122,191
$18.999
$29,668
9.529
$12,888
9,529
1
8.000
1
6,000
Earned surplus, Dec. 31 1934
$10,017
$86,972
$76,990
Note-The unrealized net depreciation of securities owned, based on
closing market or bid prices at Dec. 31 1934, amounted to $12,003. At
Dec. 31 1933 there was a corresponding net unrealized appreciation of
$60.298 in securities owned at that date.
Balance Sheet Dec. 31
AssetsLiabilities1934
1934
1933
1933
Funds on deposit
Accounts payable_ 145,986
with custodian_ $436,381
$89,867 Res, for manageSecurities owned__ 1,801,538
948.377
ment fee
800
5500
Dividends receiv__
2.576 Reserve for taxes_
x9,940
7,873
9,246
Subscribers to capiRes,for legal exps_
600
tal stock
15,422
Res, for corning_
6,000
Deferred charges_
750
774 Capital stock (Par
25 cents)
273,892
133.380
Paid-in surplus
1,752,488
840,751
Earned surplus
76.991
57,117
Total
$2,264,031 51.041,593
-V.139, p. 3807.
Total
52,264.031 $1,041,593
General Capital Corp.
-81.25 Annual
The directors have declared an annual dividend of $1.25 per share on the
capital stock, payable Feb. 11 to holders of record Jan. 31. a similar distribution was made on April 2 1934 and April 11933, while on Feb. 1 1932 the
company paid $1.50 per share.
-V. 139. p. 3965.
General Cigar Co., Inc.
-To Vote on Profit Sharing Plan
The stockholder at the annual meeting to be held Feb. 21 will consider
the continuance of a profit sharing plan for the principal officers of the
company for the ensuing year.
-V. 139, p. 2830.
General Foods Corp.
-Number of Stockholders
More than 60.000 individuals own stock of General Foods Corp., according to C. M. Chester, President. In July 1929, when the name of the
Postum Co., Inc., was changed to General Foods Corp., Its stock was held
by 22,000 persons, so that the present total represents an increase of 173%.
The average holding of General Foods stock is 87 shares. Half the names
on the list are_those of women.
New Director
William S. Gray Jr. has been elected a director succeeding George W.
-V. 139, p. 3965.
Davison, resigned.
Jan. 26 1935
General Motors Corp.
-Preliminary Earnings
Calendar Yearsx1934
1933
1931
1932
y Net earnings
$94,769.000 $83,213,678
$164,979 $96,877,107
Amount earned per share
on common (par $10)$1.99
$1.72
$2.01
Nil
x Preliminary. y Including equities in undivided profits or losses of
subsidiary and affiliated companies not consolidated.
Alfred P. Sloan Jr. President. Issued the following statement:
"Preliminary net earnings available for dividends, including equities in
the undivided profits or losses of subsidiary and affiliated companies not
consolidated, for the year ended Dec. 31 1934, amounted to $94,769,000
compared with final net earnings of $83,213.676 for the year 1933.
"After deducting dividends of $9,178,000 on the preferred stock, there
remains $85,591,000 being the amount earned on the common shares
outstanding, which compares with earnings on the common stock of $74,034.831 for the year 1933. These earnings for the year 1934 are after
providing for depreciation of real estate, plants, and equipment, amounting
to approximately $32.500,000, which compares with a provision of $30.149,825 in the year 1933.
'The preliminary figure for cash, United States Government and other
securities at Dec. 31 1934 amounted to $186.500.000 compared with $177.303.966 at Dec. 311933. Preliminary net working capital at Dec. 31 1934
amounted to $275,500,000, compared with $243,832,896 at Dec. 31 1933.
"During 1934, General Motors dealers in the United States delivered to
consumers 927.493 cars and trucks,compared with 755.778 cars and trucks in
1933, again of 171,715 units, or 22.7%. Sales by General Motors operating
divisions to dealers in the United States during 1934 amounted to 959.494
cars and trucks, compared with 729,201 cars and trucks in 1933, a gain of
230,293 units, or 31.6%. Total sales to domestic and Canadian dealers
and overseas shipments, including production from foreign sources,
amounted to 1,240,447 cars and trucks, compared with 869.035 cars and
trucks in 1933- again of 371,412 units, or 42.7%.
"A more detailed statement, including the balance sheet and income
account, will be issued to stockholders in due course."
-V. 140. p. 317.
General Public Service Corp.
-Earnings
Calendar Years
a Cash dive. on stocks_ Int. on bds.. notes & cash
b Profit on sale of securities, after deducting all
Federal taxes
Revenue from option
contracts
1934
$269,498
123.583
Total Income
Salaries and administrative services
Other expenses
Taxes (other than Federal taxes)
$427,762
$461.391
37,843
34.274
42,227
30,017
2,470
6,009
Balance
Int. on debs. St Fed. and
State taxes pay. under
deb.indenture
$353,175
$383,137
344,872
352.740
401,194
d712,118
$8.303
$30,397
867,601
$322.580
147.840
1,540
Net profit
Dividends-pre!., $6_
Preferred, $5.50
1933
$267,924
193,486
1932
$379.390
186,142
See c
1931
$687.348
141,895
337,028
34.700
$565,532 $1,188,289
54.946
35,248
75,040
50,564
6,541
5,968
$468,798 $1,034,698
Balance
$173,200
$8.303
$30,397
$67,601
Common skis. outstand_
669,068
669,886
669,192
669,305
Earnings per share
Nil
$0.28
Nil
Nil
a Stock dividends as and when received are not treated as income; the
effect of such stock dividends on the corporation's books is solely to reduce proportionately the book value per share of all the stock owned in
the company in question. b When any securities are sold (whether acquired originally by purchase or as a stock dividend), the profit or loss
resulting from the sale is computed in accordance with U. S. Treasury
regulations. Profits or losses on sales made in 1931 were computed on
the basis of approximate average cost or higher. c Effective Jan. 1 1932.
profits or losses on the sale of securities were carried directly to the surplus
account and were no longer treated as income. d Includes amortization
of debt discount and expense for 10 months. Balance of discount and expense written off against surplus Oct. 31 1931.
Surplus Statement as of Dec. 31
1934
1932
1933
Surplus (paid in):
Balance Jan, 1 1932
350.439
a Write-down of an investment to
estimated fair value
50,439
Surplus (earned):
Income surplus: Balance at beginning of year
398,601
868.205
Net income (as above)
8,302
67,801
30,397
Miscellaneous direct credits (net)
604
Total
$108,904
Surity profit surplus:
Balance at beginning of year
114.190
b Net profit on sale of securities_ _ _ loss38,827
a Balance of write-down of an investment to estimated fair value
Net profit on debs. reacquired and
canceled
31,933
Stated value of common stock scrip
which expired on Dec.31 1934_
842
$98.601
$68,205
def4.831
118,821 loss530,293
21,938
547,597
Total
8110.138
def$4.631
8114.190
Surplus (earned) at end of year
217.042
63.574
212.791
a Participation of $150,000 in a loan to Wayss & Freytate A. Ci. and
Ploenski & Zoeliner, written down to estimated fair value of $75.000. This
participation was not written down with other investments on Dec. 31 1931.
b Profits or losses on securities sold were determined on the basis of the
average book values. The book values were the written-down values
established Dec. 31 1931 and (or) subsequent costs.
Note
-Based on quoted market prices or estimated fair value the unrealized net depreciation of investments at Dec. 31 1934 was 31,410.802
compared with $1.254.218 at Dec. 31 1933, representing an increase unrealized net depreciation of $156,584 during the year.
Balance Sheet Dec. 31
A ssets1934
1933
Liabilities1934
1933
c Preferredstock...52,305,258 52,305,258
a Investments
d Common stock__ 669.886
Common stocks:
669,305
Industrials_ _f$3,004.670 $3,036,797 Corn, stock scrip_
1,423
189,245 Convertible dabs..
Ra'lroads-___ 907,271
Banks
264,638
5%,1953
2,369,000 2,380,000
Utilities
2,050,581 2,509,820 5Si%,1939_ ... _ 3,944,000 4,111,000
Pref. stocks
413.936
328,525 Accounts payable_
15,743
16,075
Notes
52,765
Taxes accrued _ ___
3,974
2,425
Bonds:
Unadjusted credits
152
1,721
Railroads.__. 741,824
275,824 e Earned surplus
Utilities
991,395 1,962.584 (from Jan. I '32) 217.042
212,792
U. S. Govt. sec. 919,219 1,025 700
Other investm'ts
27,105
45.257
Cash
132,320
68,539
b Treasury secur_
145,604
Int. & accts. rec.56.970
83.466
Total
Total
59,525,408 $9,708,646
$9,525,408 $9,708,646
a Investments carried on books at written-down values established Dec.
31 1931 and subsequent costs, with the exception of a participation in a
loan which was written down Dec. 311932.
The aggregate of investments at quoted market prices or estimated fair
value at Dec. 31 1933 was 38,119.534 and at Dec. 31 1932 was $7,047,982.
b Represented by: 519.000 principal amount cony. debentures 5%.
1953 and $156,000 principal amount cony. debentures 5Y6 %, 1939, reacquired. c Represented by: 24,640 shares $6 (cum.) dividend prof. and
280 shares $5.50 (cum.) dividend pref., of no par value (entitled in liquidation to $100 per share if involuntary. otherwise $110 per share). d Reprosentad by: 669,886 shares common (1933. 689.305 shares) of no par value.
•
e Dividends on both series of pref. stock, which are cum., have not been
paid during 1932, 1933 and 1934 amount to 8448,140. The dividends not
declared during the 12 months ended Dec. 31 1934 amounted to $149,380.
f Option contracts nave been written for the sale of various stocks owned
by the corporation at prices aggregating $52,625, which amount is in excess
of the cost of $46,397 but below the quoted prices of such stocks aggregating
$53.313 at Dec. 31 1934.-V. 139, p. 2363.
-New Director
General Refractories Co.
-V.139, v.3641.
F.L. Greene,a Vice-President has been elected a director.
-Balance Sheet June 30 1934General Vending Corp.
Assets
Notes & accts. rec.-Affll cos. $5,994,244
Investment in cap. stks. of
4,302,790
sub. cos. (at cost)
Notes rec. (Incl. arr. Int. of
S540)-Autodrink Corp.__
6,540
600
Cash on deposit with trustee.
Deferred debit items
71,098
Total
-V. 140, p. 475.
Liabilities-1772
Accrued liabilities
Unpaid int. 006% 10-yr.sec.
sink, fund gold bonds (to
578.550
Feb. 15 1934)
Accrued int. on bonds (since
88,782
Feb. 15 1934)
Notes & accts.pay.-Affil.cos 2,065,529
3,857,000
Bonded indebtedness
3,300,000
8% cumul. pref. stock
365,620
Common stock
32,673
Paid-in surplus
88,344
Earned surplus
$10,375,272
$10,375,272
Total
Georgia & Florida RR.
-EarningsPeriodGross earnings
-V. 140. p. 475.
-Second Week of Jan.- -Jan. 1 to Jan. 141934
1935
1934
1935
$35,500
$29,500
*17,950
*14,950
Georgia Power Co.
-Earnings
[A Subsidiary of Commonwealth & Southern Corp.!
1934-12 Mos.-1933
Period End. Dec.311934
-Month-1933
Gross earnings
$1,933,719 $1,910,802 $22.098,316 $22,159,789
Oper. exps., incl. maint.
9,667.226
and taxes
806.837 10.753.876
853.070
6,107,008
6,126.141
Fixed charges
507.807
,506,236
1.320,000
1,320.090
Prov. for retire. reserve_
110,000
110,000
Divs. on pref. stock..--.
2,950,486
2.950.430
245,873
245,873
Balance
-V. 139, v. 4127.
641
Financial Chronicle
Volume 140
$218,538
$240,284
$947,812 $2,115,124
Great Northern Iron Ore Properties
-Annual Report
_
Receipts and Disbursements, Year Ended Dec. 31 1934
Dividends received from proprietary company
Amount received from liquidation of Leonard Iron Mining Co
Total
Distribution on certificates of beneficial interest
Administrative salaries and expenses
Amounts paid by proprietary companies
$750,000
4.062
$754,062
750.000
$70,351
Cr48,000
22,351
Excess of disbursements over receipts
Balance Jan. 1 1934
Balance Dec. 31 1934
Balance Sheet Dec. 31 1934
Assets
Cash on deposit
Par value of capital stock of companies held by trustees
$18,288
95,608
$77,320
-Halves Preferred Dividend
Grand Union Co.
The directors have declared a dividend of 37).6 cents per share on the
$3 cum. cony. prefetred stock, no par value, payable March 1 to holders of
record Feb. 8. Previously regular quarterly payments had been made.
Accumulations therefore after the March 1 payment will amount to 3734
cents per share.
-V. 140. p. 475.
(B.) Greening Wire Co., Ltd., Hamilton, Ont.Earnings Year Ended June 30 1934
Earnings for year, after deduction of operating and administration
$108.959
expense, but not depreciation
10,334
Interest on bonds
64.957
Provision for depreciation
4.209
Reserve for income tax at 12%%
Total
*1.020,772
LiabitumesSundry payables
$5,052
Stated capital value-based on stock of proprietary companies
originally acquired, less amount deducted for Leonard Iron
Mining Co. liquidated-represented by 1,500,000 shares of
beneficial interest authorized and outstanding
938.400
Surplus
77,319
$29.459
Net income
Balance Sheet June 30 1934
Liabilities
Assets
Cash on hand and in bank__ __ 1636,882 Accounts payable, bills Pay178,110 able and accrued chargesAccounts receivable
Reserve for Income tax
Stock on hand, raw material &
291,780 Canadian Bank of Commerce
work in process
mortgage loan
10,745
Deferred charges
1,332,654 7% cum. pref.stock (Par $100)
a FLxed assets
26,221 15,000 ordinary shares stock
Patents
2 (no par)
Investments
Surplus
63,631
4,209
100,000
650.000
543,375
515,180
$1,876,394
Total
$1,876,394
Total
a After reserve for depreciaZ of $944,469.-V. 139, p. 4128.
Gobel, Inc. Stockholders Approve Adjustments on
-Action on Refinancing DeferredValue of Investments, &c.
At the annual meeting held Jan. 16,the stockholders approved a resolution
revaluing the company s investment in the common stock of Merkel. Inc.
the capital stock of Adolf Gobel, Inc.(Md.) and in the common stock of
Jacob E. Decker & Sons. Other propositions (outlined in "Chronicle" of
Jan. 19) were also approved, with the exception of actioh on the maturing
notes which will come up for consideration at a later date. See also
V. 140, v. 476.
-Earnings
Gulf Power Co.
[A Subsidiary of Commonwealth & Southern Corp.)
1934-12 Mos.-1933
-Month-1933
Period End. Nov.30- 1934
$829.508
$68,048 *1,099.880
Gross earnings
898.158
Operating expenses, incl.
515.077
713.821
44,735
maintenance & taxes62,438
18.3.974
206,259
15.349
Fixed charges
16.735
30.000
38.178
2,500
3,250
retire. reserve_
Prov. for
67,291
67,113
5,594
5,590
Divs, on first pref. stock
Balance
-V. 140, p. 317.
$82,372
938,400
,
Dividend--04--/-L.
Grand Rapids Metalcraft
The directors have declared an initial dividend of five cents per share on
the common stock, no par value, payable Feb. 25 to holders of record
Feb. 4
The company advises us that the above dividend of five cents per share
is the initial dividend of this corporation.
The present corporation was incorporated in January 1933 and purchased
certain assets of the old corporation then in receivership, and which went
out of business in December 1932. The stock of the predecessor corporation
is worthless.
-V. 139. p. 1403.
$10,143
def$131
$74,507
$33,164
-Stock Offered-Christianson,
Haddam Distillers Corp.
MacKinnon & Co., Hartford, Conn., are offering (as a
speculation) at $6.25 per share, 35,000 shares class A capital
stock (non-voting).
To B e
Now
Outstanding Outstanding
Authorized
Capitalization
35,300
5,188
330.000
z Class A shares (non-voting).20,000
20,000
20,000
z Class B shares (voting)
-$5 per share.
z Par value-both classes
Total
$1.020,772
A prospectus affords the following:
Nature of Business-Corporation was formed on Aug.31 1933 in Delaware.
Consolidated Income Statement (Trustees and Proprietary Companies
-Great
Under its charter company is empowered to engage in distilling. manuNorthern Iron Ore Properties
-St. Paul)
-Year Ended Dec. 31
facturing, selling, distributing and the warehousing of alcoholic berveages.
1934
1933
1932
Company also intends to engage in business as blenders and rectifiers, and
Net royalty income
$1,695.971 $1,231,504 $1,287.479
will deal in whiskey, alcohol and other spiritous liquors and warehouse
Amt.received on stu•r. of leases (net)_
26.258
receipts therefor.
Interest, rentals, &c
76,404
25,454
19,729
The company was originally organized and known as Premier Distillers
Profit on property sold
4,657
Corp. Because of possible conflict and confusion with other concerns, the
Amount received from liquidation of
company's name was changed to Colonial Distillers Corp., and thereafter
Leonard Iron Mining Co
4,062
to its present designation.
Property-Company has acquired land and buildings located at Moodus.
Total income
$1,781,094 $1.283,216 81,307,208
East Haddam, Conn. The property consists of about 14 acres. The
Royalty and real estate taxes
:157,134
z143,202
59.909
company owns five buildings which can be well adapt& to its present
Inspection and care of properties_ _ _ 61,119
68,205
75,133
requirements.
General and administrative expenses149.139
153.667
132,738
The Distillery equipment owned by the company, to be installed, 18
Loss on sale of non-mineral lands
8,182
capable of producing straight good quality 100 proof whiskey, with a rated
Sundry cnarges-net
4,583
9,626
capacity a approximately 3,000 gallons daily.
Depletion
798.198
558,170
614,088
Equipment for the distilling and redistillation of gin of a high grade and
Depreciation on bldgs. and equipment
6,123
quality is likewise owned. It is also planned to install a rectifying plant
Provision for Federal income tax
66,068
44,227
57,692
of the most modern design for the production of brandies, cordials, bit
Net profit applic. to minority interest
2,586
1,373
76
tars, &C.
is likewise owned and will be installed by the company to
Machinery
Net profit
$557,986
$282,902
$359,389
properly bottle, label and "package" the company's output.
x Includes capital stock taxes.
The company plans to develop and protect by copyright, letters patent
-The profit for 1933 is stated without deduction for loss realized
Note
and other legal means, approximately 30 brands of whiskeys, brandies, gins.
upon surrender of leasehold. 81,639,614. and provision for anticipated
cordials, bitters &c. for the exploitation of which a comprehensive adabandonments. $22,391, which amounts have been deducted from the
vertising campaign will be planned.
capital surplus created at the acquisition of such leases, or at March 1
-To adequately finance the purchase of additional
Purpose of Offering
1913. The profit for 1934 is stated without deductions for loss of $2,and supplemental equipment and the erection and installation of all equip120,267 realized upon surrender of leasehold, which amount has been
ment, and to provide working capital for its requirements, a contract was
deducted from the capital surplus created as at the acquisition ofsuch lease.
made with Christianson, MacKinnon & Co., Hartford, as underwriters
and brokers, on April 10 1934, under which they have agreed to purchase
Consolidated Balance Sheet Dec. 31 (Trustees and Prorietarg-7 argirsC
7
: 7.000 shares of class A stock within 10 weeks, and to pay for the same at
Great Northern Iron Ore Properties, St. Paul)
the minimum rate of $5 per share. The brokers intend to offer this stock
1934
1933
1934
1933
for sale to the public at a price not less than $6.25 per share. Company
Assets
Liabilities$
has also contracted with Christianson, MacKinnon & Co., granting them
Cash on hand and
Royalties
36,978
105,694
an option to purchase an additional 23,000 shares of class A stock within
on deposit
880,958 2,993,987 Unclaimed diva. &
seven months at the minimum rate of $5 per share, and the maximum rate
U. S. Govt. sees.. 2,583,281
distribution_ _
15,563
14,820
of $6.50 per share. The agreement with Christianson. MacKinnon & Co.,
Accrued interest
23,437
Expenses
933
1,583
further provides that if any of the 30.000 shares of class A stock above
Royalties receiv._ 423,671
251,775 Real est. & royalty
mentioned shall be sold at a price greater than $6.25 per share by the broker.
Sundry accounts
7,986
147,737
20,742 taxes accrued_
191,001
the company shall be paid 80% of each sales price, but in no event less than
Capital stock tax.
31,844
a Capital stock of
33,085
$5 per share. It is planned that after the first 7,000 shares of class A stock
Leonard Iron
Provision for Fed.
has been marketed, the public offering price will be increased, depending
Mining Co., in
Income tax
56,811
106.651
upon the progress made by company, the maximum price to the public not
liquidation
16,730 Deferred royalties_ 1,051,176
936,269
to exceed $8.25 per share. Effective only if and when Christianson, Macd Minority Interest 476,157
473,571
b Active fee lands
Kinnon & Co., fully purchase and market the 30,000 shares of class A
and leaseholds...28.673,777 31,528,562 e Stated cap. value 938.400
938,400
stock above described they have also been granted an option to purchase
18,168
18.168 Capital surplus_ _ _27,318,959 30,170,754
Non-mineral lands
an additional 5,000 shares of class A stock at the rate of $5 per share within
81,538 Earned surplus... 2,727,476 2,124,289
75,667
C Bldgs. & equip
two years, which shall be offered to the public at a price not to exceed
Stockpiled ore_ _ _ _
98,198
98,198
$8.25 per share.
Freed. cap, stock
Management-Albert A. Finkelstein-President and director; Rudolph J.
15,918
16,543
tax
Bader, 1st Vice-Pres, and director; Marvin W. Clark, 2d Vice-Pres, and
Adv. royalty Paydirector; David L. Nair, Treas. and director; William F. Service, Sec. and
69,240
-net _
ments
director: Harold N. Christianson, director.
-V. 140, p. 146.
974
633
Prepaid expenses.
32.802,035 35,096,119
Total
32,802,035 35,096,119
Total
a After deducting reserve provided to reduce to estimated amount
realizable of $183,269. b After dep etion of 328.541.608 to end of 1934.
and $25,686,823 to end of 1933. c After depreciation of $24,195 to end
of 1934 and *18.072 to end of 1933. d In capital stock and surplus of
North Star Iron Co. represented by 609 shares of stock (9.39%) not owned
bY trustees. so Represented by 1,500,000 shares of beneficial interest.
V. 140. P. 317.
Hamilton Gas Co.
-Present Status
-
W. Angamar Lamer, President of the company,in a letter to securityholders and creditors, states:
In previous communications of Sept. 29 and Dec. 11) 1934, we advised
that the U. S. District Court of the Southern District of New York had
accepted the petition filed by the company on June R 1934, under the
recent amendment to the Bankruptcy Act 77B requesting that that Court
take exclusive Jurisdiction of the company and its assets wherever situated
for the purpose of re-organization. On June 9 1934 the Court issued its
642
Financial Chronicle
order restoring the property of the company to the debtor, pending a
determination (which has not yet been made) as to whether the operation
of the company should be continued by its officers under court order and
control, or whether trustees should be appointed in their stead.
On June 7 1934 previous to the date on which the amendment became
effective three creditors including the Philadelphia debenture holders
protective committee, subsequently jointed by the Philadelphia first mortgage bondholders committee,filed a creditors petition in Charleston, W. Va.,
requesting the U.S. District Court of the Southern District of West Virginia
to take exclusive possession and control of the company's assets wherever
situated for the purp3se of reorganization. Disregarding the previous
order of the New York Court the West Virginia Court issued its order to
that effect and on July 111934,appointed the three receivers, who had been
acting as ancillary receivers for the properties in the jurisdiction of the
West Virginia Court, as trustees for the purpose of administering and
controlling all of the company's properties and assets. The company
took an appeal to the U. S. Circuit Court from the action of the West Virginia Court on the ground that the action of the latter was invalid and
without effect.
On Jan. 9 the Circuit Court handed down a decision reversing the West
Virginia Court, thus jurisdiction now rests in the New York Court where,
In our opinion it properly belongs, both as a matter of law and in respect
of the advantage to the overwhelming majority of the parties in interest
most of whom reside in or within a convenient distance of the New York
Court.
There is an application now pending, but not yet adjudicated, brought
in the New York Court by the Philadelphia committees in which they dispute the jurisdiction of the New York Court on the ground that the principal
office of company is not and never was in the City or State of New York
(whereas it is commonly known to all those who hold securities 3r have had
business transactions with the company that practically all of the company's
operations save the mere mechanics of the supervision and care of the
gas wells in Kentucky and West Virginia were wholly conducted from
and entirely controlled from New York). This application is still undetermined but we believe a decision will shortly be handed down.
Plans have been formulated which we believe will be acceptable to and
regarded as more advantageous to each class of creditors and security holders
than any heretofore suggested, and which, in our opinion, are free from all
of the disadvantageous and improper features introduced in the so-called
"Harper" plan promulgated by the Philadelphia committees on June 21
1934. This will shortly be proposed and will, we believe, receive the almost unanimous support of those concerned, who we anticipate may assent
thereto irrespective of the powers previously conveyed to the aforesaid
protective committees under the deposit agreements used by them.
Under this plan there will be no improper and dangerous contr3I by any
group or groups either of the operations or re-organization of the company
and no extravagant fees or emoluments will be permitted but the management and control of the company will be equitably distributed.
-V. 140.
p.318.
Hamilton Woolen Co., Inc.
-To Reopen Plant
The company's Southbridge. Mass., mill, which the stockholders last
week voted to liquidate because of seemingly insoluble labor difficulties,
will reopen Jan. 28, according to an announcement by Richard Lennihan,
President.
The reopening Is for the purpose of completing unfilled orders and It was
believed there was enough work on hand to keep 1,000 operatives busy until
the middle of March.
Striking workers of this plant will return to their looms when the plant
reopens on Jan. 28, Jospeh Silvia, New England organizer of the United
Textile Workers of America, declared.
-V. 140. p. 47G.
(M. A.) Hanna Co.
-25
-Cent Dividend-az
The directors have declared a dividend of 25 cents pr share on the
common stock, no par value payable March 11 to holders of record March 5.
An initial dividend of like amount was paid on Sept. 10 last.
Period End. Dec. 31
- 1934-3 Mos.-1933
1934-12 Mos.-1933
Operating profit
$676.595
$231,211 $2,198,957 $1,414.802
Interest
39,474
88,797
208.171
Depreciation & deplet'n
79,822
45.941
296,152
188,501
Federal taxes
1,177
87,361
Net profit
Preferred dividends_ _ _ _
Common dividends
$595.596
218,837
Surplus
Earns, per share on 1,016,961 shs. com. stk.
(no par)
-V.139. p. 3809.
$376,759 ded$72,537
$609,063
$143,968
Nil
$0.83
$0.14
$0.37
$145.796 $1,726,647 $1,018,130
218,333
875,635
874,162
241,949
Harbison Walker Refractories Co.
-Dividend Doubled
The directors have declared a dividend of 25 cents per share on the
no par common shares, payable March 1 to holders of record Feb. 11.
,
This compares with 1236 cents per share paid on Dec. 1 last and 25 cents
per share on Sept. 1 and June 1 last, this latter payment being the first
made on this issue since March 1 1932 when 12% cents per share was
cilstributed.-V. 139, p. 2996.
Hibbard, Spencer, Bartlett & Co.
-Earnings
1934
1933
Years End. Dec. 311932
1931
Gross profit on sales_ __- $2,441,602 $2,051,887 $1,536,189 $2,045,766
Cash discounts on pur44,349
chases and sales net__
84,045
42,658
59,044
Prof. on sale of securities
852
Int., rentals and miscell.
income
74,581
78,139
97.781
131.354
$2,561.383 $2,214,074 $1.676,628 $2,236.164
Total income
1,753,483
Expenses and local taxes 1,812,213
1.713.637
2,053,819
Provision for bad debts_
65,400
55.473
21,075
28,608
Interest paid
16,789
7,350
72
1,944
Deprec. on bldgs. and
equipment
62,491
63.751
78,283
81,664
Prov. for Federal inc.
taxes
84,841
43.301
7,160
Loss on sale of securities
115
11,424
Net income for year__
Previous surplus
Credits to surplus
$519,535
4.074,508
Dr65
$279,290 loss$136,440
3.994.789
5,737,744
1,002
47,183
$62,967
6,264.821
Total surplus
$4,593.977 84.275,082 65,648,487 86.327.788
Dividends paid (net)_ _ _
225,782
200,574
265,549
502,705
Write-down of fixed assets
1,315,226
Reserve for bad debts
prior years
72,922
Prem. paid on treasury
stock acquired
87,341
$4,368,195 $4.074.508 $3,994,789 $5.737.744
Surplus. Dec. 31
Shs. of capital stock out181,70N 167,246
167.265
standing ($25 par)_
167,695
Earnings per share
$3.11
Nil
61.66
$0.35
Balance Sheet Dec. 31
1933
1934
1934
1933
Liabilities
AssetsCap.stk.(par $25) 4,181,150 4,181.625
y Real est., bldgs.,
and equipment. 4,210,746 4,266,351 Notes payable_ _
500,000 1,100,000
351,476 Accts. payable. _ _ 342,472
386,054
Cash
296,746
x Note & accts. rec 2,038,310 2,172,435 Accr. wages, com2,880,938 2,960,990
mission, &c _ __
Inventories
44,894
45,312
31,025
29,716 Accured taxes, local
Freed. expenses_ _
88,398 . 103,967
and Federal__ __ 301,289
Employ's notes roe
331,524
.58,500
58.500 Surplus
4,368,195 04.074,505
Stocks of affil. cos.
86,280
44,029
Marketable secure.
Total
9,737,999 10.029.714
9,737,999 10.029,714
Total
a Includes $818,850 appropriated for purchase of 32.754 shares of treasury
tock. x After reserve for bad debts of $258.328 in 1934 and 6261,831 in
1933. y After reserve for depreciation of $258,328 in 1934 and $710.679
n 1933.-V. 139, D. 3966.
Jan. 26 1935
Har mo nia
Fire Insurance Co.
-Extra Dividend.
The directors have declared an extra dividend of 10 cents per share in
addition to the regular semi-annual distribution of 50 cents per share on
the capital stock, par $10, both payable Feb. 1 to holders of record Jan. 22.
-V.137.p. 2815.
Hartford Gas Co.
-Earnings
Calendar YearsGas made and bought
(1,000 cubic feet). Gas sold and used (1,000
cubic feet)
Gross income
Total expenditures
1934
2.123.162
1933
1932
2,123,223
2,238,478
1931
2,351,020
1,981,902
1.979.067
2.120,938
2,212,547
$2.164,207 $2,168,749 $2,380,340 $2,481,772
1,711.194
1.659.494
1.794,098
1,840,600
Earnings
Dividends paid
$453,012
8509.255
8586,242
435,000
435,000
435.000
Balance Sheet Dec. 31
Assets1934
1933
Liabilities1934
Plant & equipm1_37,637,721 $7,626,760 Prem,on cap. stk_
$3,656
Materials & suppl, 136,852
136.920 Preferred stock.._ 750,000
Acc'ts receivable_ 604,501
516,022 Common stock._ 3,750,000
U. S. Liberty bds_
12,150
12,150 4% bonds, 1935_ 750,000
RR.& 0th. bonds_
52,176 Accounts payable_
56,248
93,883
Accident & damage
Consumers' depos.
41.683
cash fund
5,667 Unpaid wages.,.._
6,236
5,971
Suspense account_
16.868
64,933 Accrued taxes.... 139,573
Marketable secure. 637,345
742,580 Accrued interest on
Reacquired secure. 229,000
226,000
consumers' dep_
13,561
General cash
343,550 Due on depos. for
446,615
Dep.refund acct._
2,168 street mains_ _ _
15,300
Petty cash
2,041
2,043 Reserves
1,332,334
Surplus
2,889.614
Total
$9,785,577 $9,730,969
-V.139, D. 3966.
Total
8641,171
435,000
1933
$3,658
750,000
3,750,000
750,000
87,293
37,693
6.378
162,519
12,398
15,226
1,261,585
2,894.222
$9,785,577 $9,730,969
Hobart Mfg. Co.
-Class A Dividend Increased
-
The directors have declared a dividend of 37M cents per share on the
class A stock, payable March 1 to holders of record Feb. 15. This compares
with 25 cents per share previously distributed each quarter.
-V. 139, P.
4128.
Holly Development Co.-EarningsMos.End.Nov.30Net earnings
Dividends
1934
848.381
36.000
1933
$66,676
27,000
1932
$77,476
67,500
1931
$133.588
67,500
Balance
Previous surplus Dec.31
Addl provision for Fed'l
inc. tax, prey. years
$12,381
119.913
$39.676
123,250
$9,976
117,659
$66,088
74,903
Dr35.000
Earned Burp., Nov.30
Assets
Capital assets_ _
Investments and
advances
Marketable secure.
Acc'ta receivable._
Inventory
Cash
Deferred charges._
$132,294
$127,927
$140,992
$127,635
Balance Sheet Nov. 30
1933
1934
1934
1933
$578,817 82,834,350' Capital stock
$900.000 $900,000
Taxes accrued__ _
2,621
1,981
273.250
260,750 Accounts payable_
2,599
7,453
136.912
146,979 Reserve for taxes._ 160,580
158,850
16,546 Reserve for depree.
8,279
767.817
995
1,536 Reserve for deple'n
1,174,349
227,577
192,462 Capital surplus__ _
317,048
27,210
801 Earned surplus...
1,475
132,294
127,927
Total
$1,225,304 $3,453,424
- 139, p. 2521.
V.
Tote*
$1,225,304 $3,453,424
Hudson & Manhattan RR.
-Earnings
12 Months Ended Dec. 31Gross operating revenue
Operating expenses & taxes
1934
1933
$7,885,334 $8,036,282
4,562,604
4.638.075
Operating income
Non-operating income
$33.322,730 $33.398,206
302,090
292,702
Gross Income
Income charges
$3,624,820 $3,690,908
3,775,670
3,777.143
Net deficit
.$150,850
$86,234
No e-1934 figures subject to pending audit by Independent accountants
- 139. D. 4128.
V.
Hudson Motor Car Co.
-1934 Shipments Up 109%-
Shipments for the year ended Dec. 31 1934, aggregated 85,835 cars
including both Hudsons and Terraplanes, the company announced. This
total, in addition to representing an increase of 109.4% compared with
1933 shipments of 40,982 cars, is the largest reported for any year since
1930. The figures include Canadian and export shipments which were
159% greater than in 1933.-V. 140, p. 477.
Humble Oil & Refining Co. (8t Subs.)
-Earnings
9 Mos.End,
Year End.
PeriodSept. 30 34
Dec. 31 33
Net profit after all charges,taxes and reserves_ 420,906.625
$20,847,817
Shares capital stock outstanding (no par)
8,892,414
8,985,666
Earnings per share
$2.35
32.32
The report was filed with the Cole 011 Investigating Committee appointed
by the last Congress.
The breakdown of the report showed that for the first nine months of
1934 the crude oil producing department yielded a profit of $13,190,261
and the humble Pipe Line Co. one of 87,386,583. The refining department lost $69,571 and the sales department 6171,132. The crude oil
storage depastment had a profit of $4,237.344. The general administrative
expenses are not distributed among the various departments.
According to the tabulation, the earnings of the crude oil department
in the first nine months of last year reached the highest point in five years.
In 1933 earnings from that source amounted to $6,361,577;in 1932,87,591,645, and in 1930, $1.946,201, while in 1931 the company had a loss of
$880.507. The earnings of the Humble Pipe Line Co. were $11,152,011
in 1933,$16,013,463 in 1932,$16,117.278 in 1931 and $20,504.896 in 1930.
Wells the refining department showed a profit of $3,226,505 in 1933.
that department operated at a loss of $3,620,801 in 1932 and $4,616,524 in
1931. In 1930 the refining department had a profit of $260,858. In the
other periods the sales department, excepting 1932, when it had a profit of
-V.139, p.3966.
$67.486,operated at a loss.
Illuminating & Power Securities Corp.-Smalier DiiThe directors have declared a dividend of $1 per share on the cothihon
stook, Par $50, payable Feb. 8 to holders of record Jan. 31. This compares with $1.25 per share paid in each quarter during 1934 and 1933:
75 cents per share paid on Nov. 10 and Aug. 10 1932, and $1.75 per share
paid quarterly previously.
-V. 136, v. 669.
Tobac o C .of Great Britain & Ireland, Ltd.
-Extra Dividend
The directors have declared an extra dividend of Is. 6d. and the regular
final dividend of 74% on the common, both tax free.
-V.139, p. 601.
Insurance Co. of State of Pennsylvania-Directorate
Increased
At the annual meeting of stockholders the board of directors was increased
to 18 from 15 by the election of Earle Bailie, John C. Jay and Fred A.
Hubbard as new directors.
-V. 139, p. 281.
Intermountain Ry.-AbandonmentThe Interstate Commerce Commission on Jan. 14 issued a certificate
permitting the company to abandon, as to inter-State and foreign commerce, its entire railroad, extending from a connection with the Oregon
Short Line RR. at Barber Junction to Steirman, 26.14 miles, all in Ada
-V. 131, p. 4050.
and Boise counties, Ida.
Financial Chronicle
Volume 140
International Paper Co.
-Price Cut
-
The company on Jan. 24 notified its newsprint contract customers that
the net cost of their paper during the first three months of 1935 will revert
to the 1934 price level.
In the letter mailed on Jan. 24 the company said:
"On Nov. 10 we announced an increase, effective Jan. 1 of $2.50 a ton
In the net cost to you of newsprint under your contract with us. Since then
tendencies toward higher costs have shown no abatement, but it has become
clear that other manufacturers are delivering newsprint at the 1934 price to
such an extent as to make the increase at this time unfair to our cue mers."
V•
- 139. P. 3327.
11-ki
International Utilities Corp.
-Preferred Dividends7
r.
The directors have declared dividends of 87% cents per share on' the
$7 cum. prior pref. stock, no par. and 43 fi cents per share on the 13 50 cum.
prior pref. stock, no par value, both payable Feb 1 to holders of record
Jan. 24. Similar payments were made in each of the four preceding
quarters. Previously the company made quarterly distributions at the
regular annual rate, i.e.. $1.75 per share on the $7 cum. prior pref. stock and
874 cents per share on the $3.50 cum. prior pref. stock.
-V. 13?, p. 2522./
-4rving Air Chute Co., Inc.
-Cent Dividend
-10
he directors have declared a dividend of 10 cents per'share on the
common stock, payable April 1 to holders of record March 15. A similar
distribution was made on Dec. 31 last. Previously quarterly payments
of 10 cents per share had been made from Oct. 2 1932 up to andlcluAing
July 1 1933.-V. 139. P. 3811.
4<.„,
.. %,Jackson & Curtis Securities Corp.
-31 Dividend-
643
Arrangements have been made with the holders of more than 93% of the
company's $10.000,000 of ref. & ext. mtge. bonds outstanding in the hands
of the public to extend the maturity of those bonds from April 1 1935 to
April 1 1939. That extension provides that it may be terminated unless
by April 1 1935 the company has completed arrangements to refinance
your aotes in accordance with conditions which are detailed below.
The company now proposes to delivery to you in exchange for your
unsecured notes its collateral trust notes dated Jan. 17 1935, due Aug. 1
1942, bearing interest at 6% per annum. upon the terms and conditions
set forth In its plan and offer of Jan. 18 1935. The plan and offer has been
approved by the P. S. Commission of Missouri.
Under this plan holders of the outstanding unsecured 10
-year notes
of Aug. 1 1925 may exchange them for the new secured collateral trust
notes of either series A under option A or series B under option B. Under
either option interest due Feb. 1 1935 on the present unsecured notes (if
not already paid) will be paid at the time of the exchange.
Under option A holders will receive also $75 in cash for each 81.000 note
exchanged. New collateral trust notes issued pursuant to exercise of that
option provide that the holders shall exchange them for an clonal principal
amount of new 1st mtge. collateral & ref. 6% bonds due 1955 when such
bonds are issued.
Under option B holders will receive no cash bonus immediately. The
new collateral trust notes issued pursuant to exercise of option B. however,
carry a right, optional with the holder. to convert the same for a like
principal amount of 1st mtge. collateral & ref. 6% bonds due 1955 at any
i
with
me
in one year after such bonds are issued. At the time of such
conversion a cash bonus of $50 will be paid to the holder of each series B
note so converted.
Notes should be forwarded either to Boatmen's National Bank, St. Louts.
Mo., or Central Hanover Bank & Trust Co., New York, who have been
desknated as exchange agents of the company.
The company will pay all compensation and expenses of its exchange
agents, and will also pay to any bank or security dealer for services in
connection with procuring and effecting such exchanges (provided the name
of such bank or security dealer is designated in the letter of transmittal) a
commission of 2% of the face amount of notes presented for exchange.
V.140. p.479,
The directors have declared a dividend of $1 per share on acctunt of
accumulations on the $ti cum. pref. stock, no par Value, payable Feb. 1
to holders of record Jan. 16. A similar payment was made on Nov. 1 last,
as against 75 cents per share distributed each quarter from Aug. 1 1933 up
to and incl. Aug. 1 last: 50 cents per share paid each quarter from Aug. 1
1932 up to and Incl. May 1 1933, and with regular quarterly distributions of
$1.50 per share made previously.
Accumulations after the payment of the Feb. 1 dividend will amount to
$8.75 per share.
-V. 140. p. 147.
Lake St. John Power & Paper Co., Ltd.
--To wlf
The company has dec7 o pay one interest coupon of 34%,for the
o
d
amazlo Stove Co.-14,44hrperiod ended Aug. 1 1932
e company bonds, this action being subject
The Lsecuritles and Exchange Commission has granted t e application
to approval by the first ortgage bond and debenture holders or by their
of-the- slimly to register on the Chicago Stock Exchange 2.008 shares
chosen representatIves.-V. 139, p. 448.
of common stock now outstanding and an additional 82.00 shares to be
Issued as a stock dividend, to become immediately effective as to the issued
Lehigh Valley Coal Co -New President, &c.
securities and effective upon notice to the Exchange of issuance as to the
L. R. Close has been elected President succeeding the late John M.
unissued securities.
-V. 139. p. 3967.
Humphrey. His term will expire in April, when the annual meeting of
stockholders will be held. Frank Wagner. General Mgr., was elected a
Kansas City Southern Ry.-Earningsdirector and placed in charge of the operating department. Theodore S.
Period End. Dec. 31- 1934
-Month-1933
1934-12 Mos.-1933
Barber succeeds Mr. Humphrey as Chairman of the Executive Committee.
Railway oper. revenues- $720.912
$681.537 $9.650.064 $9,362,762
-V. 138, p. 3780.
Railway oper. expenses7.095.617
6.840.697
569.277
579.766
Railway tax accruals....
Lehigh Valley RR.-Arnings.933.439
775.509
98.031
40.309
Uncollect. ry. revenues_
2.514
2.290
24
4
December1934
1933
1932
1931
Equip. rents-net.Dr
21.052
402.438
345.255
19.993
Gross from railway
$3,315,814 $3,179,851 $3.339.421 83,509.297
Jot. tacit. rents-net_Dr
8,520
79.181
82,756
5.431
Net from railway
888.248
541.548
753.529
357,995
Net after rents
291,062
742.265
529,845
85,809
Net ry. oper. income$46.521 $1,291,452 $1,161,673
$13,515
From Jan 1
-V. 139. p. 3967.
Gross from railway
39,866,526 38.177.450 38.739,138 50,024,627
Net from railway
8.944.722
7.945,383
7,052,957
9,045,205
(Julius) Kayser & Co.
-Earnings
Net after rents
5,338,991
4,107,569
3.210,368
4,601,720
[Including Affiliated Companies]
Proposed Abandonment Dented
6 Mos. End. Dec. 31-1934
1932
1933
1931
The Interstate Commerce Commission on Jan. 7 denied the application
Net earnings
$319,697
$243.898
$440,191
$363,109
(a) by the State Line & Sullivan RR.to abandon as to inter-State and foreign
Other income
42,987
77,384
80,219
84.727
commerce its entire line of railroad in Sullivan and Bradford counties. Pa.;
and g)) abandonment by the Lehigh Valley RR. of operation thereof.
Total income
$362,684
$321.282
$524.918
$443.328
V 1 9 p. 4130.
Interest
2,196
956
1,410
' '
3.773
Tax reserve
24.796
24,820
10,998
24.373" -Liggett 8c Myers Tobacco Co.
--4% Extra Dividend
Depreciation
150,681
271,486
156.280
297.286
The directors on Jan. 23 declared an extra dividend of 47 ($1 Per share)
$i
and the regular quarterl dividend of 4% ($1 VOL share) on the common and
Net income_ _
1201.849
$185.011
$139.226
$157,071
common B stocks, par 5. all payable March 1 to holders of record Feb. 15.
Employees pref. diva_ _ _
17.429
16,627
20.054
16,431
An extra dividend of $1 per share has been paid in March of each year
Common dividends- _ _ _
234,985
100,505
since and incl. 1925. The company in 1926 and 1927 also made a stock distribution of 10%.
Surplus
deft53,190
$122,599
$140,640
$67,077
Earnings for Calendar Years
Bha.acorn.stk. outstd'g
412,120
402.020
422.420
x469,970
1934
1933
1932
1931
Earnings per snare
$0.41
$0.29
$0.38
$0.33
$22,981,421 819,005.1401
Operating profit
x Average number ofshares outstanding during period.
-V.1 ,y.2834.
Other income
2,863,269f
2,673,113
Not available
\_Keystone Steel & Wire Co.
-50
-Cent Common
tliten
Total income
125.654.534 $21,868,409 $24,749,979 124,810.356
x Difference bet. purch.
price & par of 7% bds_
24,264
22,596
28,507
23.278
Depreciation charges
1,172.698
1,103,628
Federal income tax
3,023.913
2,368,497
Interest on bonds
1,346.969
1,642,512
1.651.489
1,660.467
Kirkland Lake Gold Mining, Co., Ltd.
-Output
-
Net income
$20,086.690 $16.731,175 123,075.212 123.121.382
Prof. dividends (7V)...,- 1.515,531
1,575,987
1.549,307
1.575.987
Corn, dividends (2)%)- 15.684.695 15.684,695 15.684.615 15.684.595
The directors have declared a dividend of 50 cents Per share on
e
common stock, no par value, payable March 11 to holders of record March 1.
Similar distributions were made on Oct. 10. Aug. 25, July 24 and June 15
the latter being the first payment on this Issue since Oct. 15 1930 when
last,
25 cents per share was distributed.
-V. 139. p. 1557.
Output in 1934 was valued at $702,700, an increase of $181,290 over the
1933 output of $521.410. December production was valued at $63,413
against $64.988 in November.
-V. 139. p. 2051.
(D. Emil) Klein Co., Inc.
-Earnings
Years End, Dec. 31Gross profit from sales_ Selling, administrative &
general expenses
1934
$614,830
1933
$587.540
1932
$690,932
1931
$920,268
309,486
Net profitfrom sales_ _ 4305.344
Other income
18,040
Gross income
$323.384
Charges against income52,414
Federal income taxes_ _
37.651
299.044
- 333.362
370,588
$288,496
17.703
1357.570
24,763
1549.680
26,034
$306,199
58.856
34.688"
$382.333
93.396
42.542
$575.714
123.364
87.730
Net profit for year..
Preferred dividends_ _ _
Common dividends
$233.319
29.120
91,800
$212,654
39.357
81.492
1246.394
48.457
96.246
$364.620
57.498
99.213
Balance, surplus
$112,399
Shs.com.stk.out.(no Par)
91,775
Earnings per share
$2.16
x After depreciation of $10,131.
$91.805
92.395
81.82
$101,691
95,540
$2.07
$207.909
97.665
$3.14
Balance Sheet Dec. 31
Assets1934
1933
LtaVgIttes1934
1933
x Mach.& fixtures,
7% cum. pref.stk. $396,000 $476.000
equipml, betterY Common stock__ 160,606
161.691
ments & ImPts.„ 876.451
376,219 Reserve for conSecurities owned
tingencies
75,000
60.000
at cost
39.420
40,920 Reserve for taxes40.651
36.914
Good-will, brands.
Insurance reserves
10,000
trade-marks. &o.
1
I Surplus
1,103.138 1,004,389
Cash
133.013
188.447
Accts. rec.. trade_ 386.772
367.524
Inventories
1,074,632 1,016.354
Prepayme, purch
of leaf tobacco_
7,317
3.727
Notes & trade acceptances receiv.
24.350
23,502
Loans receivable
6,187
5,962
Cash surr. value of
life Maur. policy
15,431
11,179
prepaid ins., int
tax.. rent & duty
11.820
15,157
Total
$1,775,395 $1,748,994
Total
81.775.395 81.748.994
x After depreciation of $90,931 in 1934 and $80.799 in 1933. y Represented by 91.775 shares no par steLk in 1934 and 92.395 in 1933.-V. 139.
p. 448.
---- 7
1 17.aclede Gas Light Co.
-Offers Plan to Noteholders
The company in a statement issued to the holders of the 10
-year 534%
gold notes clue Aug. 1 1935, states:
Balance, surplus
$2,886,464 def$502,827 85.814.610 85,860.800
Previous surplus
38,984,607 39,887,434 34,072,823 28,212.023
Adjust. of carrying chgs.
on leaf tobacco
Dr400,000
Profit and loss
$41.871,071 $38,984,607 $39.887.433 $34.072.823
Shs. com, and corn. B
stk. outat'g (Par $25)- 3.136,939
3,136,939
3,136,919
3,136,939
Earnings per snare
$5.92
$4.84
$6.87
$5.85
x This is the difference between purchase price and par of 7% gold bonds
of this company purchased and chanceled during the year as required by
trust indenture.
Comparative Balance Sheet Dec. 31
1934
1933
1934
1933
A ssets
LtaitUfties$
$
$
Real estate. ma7% pref. stock_ 22,514,100 22.514,100
chin'y & flxt's 27.318,462 25,541,251 Common stock_ 21,496,400 21,496.400
Brands, tr.-mks.,
Corn, stock B-- 56,927,075 56.927.075
good-will. &c1
1 7% bonds
12,614,600 12,739,600
Leaf tob.. mid.
5% bonds
15,05 +.600 15.059.600
stk.& op.sup.109,362.960 78,115.179 Accr'd int. pay_
536,684
443,709
&kn.in sub. cos.
439.006
492,583 Pref. div. paySecurities
able January_
4,476,164 4,476,164
378.247
393.997
Invested In
Accts. payable_ 1,311,786
622.868
Co.'s bonds__ 5,379,578 5,177.667 Accrued taxes
4.363,150 3.297.726
I Co.'s pref.stk. 1,215,653
1.124,263 Deprec. reserve_ 14,695,947 13,385,356
Preferred stocks 2.480.785, 2,480,785 Special reserves_ 2,716,091 2,389.826
U. S., State and
Profit and loss 41,871,071 38,984,607
munic. bonds. 21:50 ;99 48,318,040
13 147 4 8
6 9
Cash
12,625,706
BUB & accounts
receivable
8,861,017 9.900.577
Acc'ts receivable
82,179
allied cos__ - 19,131
121.474
Deferred charges
76.991
194.391,776 188.348,341
Total
Total
194,391,776 188.348,341
x 9,000 shares in 1934 (8.373 in 1933).-V. 138. p. 694.
Lindsay Light Co -Glictreves Name-Stocic--Decreaged-
Thd,stockholders at their.annual-meeting voted in favor of changing the
name cthaeompany to Lindsay Light5Chemical Co and of decreasing the
r
authorized preferredstock to $250.000 om $400.000.-V. 140, p. 4.80.
Lindsay Light & Chemical Co.
-New Name-See Lindsay Light Co. above.
*
---Lotsiana Land & Exploration Co.
The ecurities and Exchange Commission has granted thication for
the New York Curb Exchange of 3,000,000 shares I Par) comlisting
mon stock of the company, to be issued in exchange for 3.0.0U0 shares of
no par value common stock. This action was made continent upon the
receipt of an amendment from the company and upon official notice to the
Exchange of Issuance of the shares.
-V. 140, p. 321.
Financial Chronicle
644
Michigan Bakeries, Inc., Grand Rapids, Mich.
McIntyre Porcupine Mines, Ltd.
-Earnings
Period End.Dec.311934-3 Mos.-1933
Gross income
$2,061,273 32,062,539
Development, expenses
and taxes
1,031,646
1.088,897
Depreciation
74.072
85,806
Net profit
Earns. per sh.on 798.010
shs.cap.stock (par $5)
-V. 139. p. 2683.
1934-9 Mos.-1933
$6,204,782 $5,973,592
3,165,497
242,582
$2,796,703
$2,712,110
$1.20
$3.50
$3.40
McKesson & Robbins, Inc.
-Net Sales
1934
$
9,869,635
9.989,528
x11,232,330
10,752.627
1933
3
8,629,646
9,316,223
9,217.882
9,201,830
Total 11 mos.
end. Nov.30 x113,050,056
93,419,273
MonthAugust
September
October
November
-Meeting Adjourned
McLellan Stores Corp.
--
The creditors' hearing scheduled to be held on Jan. 22 was adjourned
to Feb. 5, at which time it is likely the report for the year will be submitted
-V. 139, p. 3968.
by the representative of the trustees, ./. 13. Simpson.
-Increases Div.
-----, Manufacturers Casualty Insurance Co.
$561,871
Operating profit
Other expenses less other income
Provisions for Federal income tax
$120,202
7.403
11,979
$100,819
224.632
Total income
Dividends on preferred stock
Additional Michigan franchise tax for prior year
$056,821
$1.11
Earnings for Fiscal Year Ended Oct. 31 1934
Gross profit from sales
Selling, delivery, advertising, administrative and general and
financing expenses
Net income
Balance Nov. 1 1933
3,042.073
219,409
$886,570
1933
1934
Months
$
January
11,549.832
8,598,303
February
9.753,342
7,650,743
March
7,742,201
11,585,545
April
9,928,061
7,539,051
9,975,412
8,545,505
May
June
8,798,986
9,811.048
8,178,903
July
8,598,161
x Estimated.
-V. 139, p. 3644.
Jan. 26 1935
$325.452
41,973
906
441.669
$282,571
Balance Oct. 31 1934
Balance Sheet October 31 1934
Liabilities
Assets$17,397
$109,912 Accounts payable
Cash
61,617 Accr. int., taxes, payrolls, &c..
34,471
U. S. Govt. securities
10,461
13.047 Dividend payable
Accounts receivable
251,200
61,289 Funded debt
Inventories
45,514
119,886 Reserves
Investments Si other assets_ __
x59,780
435,928 $7 cum. preferred stock
Land, bldgs., mach'y Si equip_
1 Common stock
y60,068
Good-will
332,757
9.968 Surplus
Deferred charges
$811,651
Total
Total
x Represented by 6,295 no par shares. y Represented by 20.235 shares
class B stock both of no par value.
-V.139, p.2368,
class A and 39,833 shares
The directors have declared a dividend of 40 cents per share on the
capital stock, par $10, payable Feb. 15 to holders of record Feb. 1. This
compares with 373i cents per share paid each quarter from Oct. 3 1932 up -----Minneapolis & St. Louis RR.-Reconstruction--Loan.,.-The Reconstruction Finance Corp. loan of $1.076,594, approved on
-V. 135, p. 2346.
to and including Nov. 15 last.
Fob. 26 1933 by the Interstate Commerce Commission, not having been
made and there having been no further proceedings by
- (rtificate has boon reyoked an4 the anplleation dismissed the receiver. the
Manufacturers Life Insurance Co., Toronto, Can.
V. 140. p.480.
,-/.. c
,: ••••,.-, ie..- f.
Financial Statement-
.
Financial Statement Dec. 31 1934
LiabilitiesAssets559,212,483 Policy & annuity reserves_ _$106,019,204
Bonds
2,953,997 Death & disability claims
Preferred & common stocks_
957,850
awallting proof
1st mtges. on real estate_ __ _ 28,999,170
Loans on company's policies 21,317,718 Prov.for unreported death &
225,000
disability claims
Head office prop., other real
5,054.874
5,004,034 Other liab, to policyholders_
estate & sale agreements__
888,482
3,401 Staff pension fund
Sundry assets
300,000
. 1,630,611 Government taxes accrued
Cash on hand & in banks_ _
178.469
5,700,613 Sundry liabilities
Other assets
2,364.850
Shareholders'fund
8,833,299
a Special reserves & surplus_
$124,822,029
Total
$124,822,029
Total
a Consist of tho following: Contingency reserve, $1,000,000: reserve for
and surplus, $3,005,696.
dividends to policyholders, $4,827,603.
Mar)in-Rockwell Corp. (Del.)-histing--
-Notes
- Missilsippa' Central . R.
The Interstate Commerce Commission on Jan. 7 authorized the company
to issue secured non-negotiable promissory notes in an aggregate amount of
$750,000 to refund obligations and to procure funds necessary to pay obliga-V. 140, p. 149.
tions due and to become due.
-Earnings
Mississippi Power Co.
[A Subsidiary of Commonwealth & Southern Corp.)
1934 -12 Mos.-1933
Period End. Nov.30- 1934-11fonih-1933
$224,200 32,704.258 $2,762.859
Gross earnings
$223,608
Operating expenses,incl.
144,726
1,836,163
1,870.517
148,067
maintenance & taxes_
54,299
657.349
37.190
518,528
Net fixed charges
6.100
73.200
6.100
Prov. for retirement res_
21,170
251
7
253,027
Divs.on preferred stock_
21.098
A?
Balance
-V. 140, p. 322.
311.152
def$2,095
$23,339
def$89.289
---Mississippi Power & Light Co.
-50-Cent Pref. Dividen
ow York Stock Exchange has authorized the listing of 364.145
Tho
The directors have declared a dividend of 50 cents per ,hare on acco nt
shares f stock (par $1), on official notice of issuanceand delivery to the
of accumulations on the $6 1st prof. stock, no par value, payable Fob. 1
stockholders of Marlin-Rockwell Corporation a Now York corporation,
to holders of record Jan. 23. Like amounts wore distributed on Dec. 15.
share for share, upon surrender and cancell on of their Marlin-Rockwell
Nov. 1, Aug. 1, May 1, Feb. 1 1934, Nov. 1 1933 and Aug. 1 1933, prior
Corporation, Now York corporation stock,
to which the regular quarterly dividend of $1.50 per share were paid.
The company was organized in Delaware. Dec. 26 1934, and in the office
Effective with the Feb. 1 disbursement arrears will amount to $5 per
of the Recorder of Deeds for Now Castle County, Dol.. on Dec. 26 1934.
share.
Under its charter the company is to have perpetual existence.
Municipal Power Plan Defeated
By resolution of the board of directors adopted Dec. 28 1934. 364,145
shares of common stock were authorized to be issued in connection with
The proposed bond Issue of $1,500.000 for emunicipal electric power
business and assets and the assumption of the oblithe acquisition of the
plant and distribution system to take over functions now held under frangations and liabilities of Marlin-Rockwell Corp., New York, Strom Bearings
chise by the company was defeated Jan. 19 by citizens of Jackson (Miss.)
Co. (III.) and Standard Steel & Bearings, Inc. (Dol.), the last two named
by a vote of 3,885 to 3.0)9. As per a pro-election promise, the company
Corp.,
corporations being wholly owned subsidiaries of Marlin-Rockwell
puts Into effect lower electric and power rates, retroactive to Dec. 25
of New York. The three companies named have deeded all their property
1931, providing for a 75-cent minimum residential and no-room charge
to the company in exchange for 364,145 shares of the company's stock and
that will reduce Jackson's electric bills $184,000 annually.
will be forthwith dissolved. Among the reasons for this change is that
Street-car fares are being ;reduced by the company from 7 to 5 cents,
consolidated returns can no longer be made. Consolidation eliminates the
with promise of Immediate substitution of buses for present transportation
possibility of heavy tax assessments against a profitable subsidiary when
-V. 140. p. 322.
to.all parts of the city.
no income has actually been earned by the parent company. Consolidation
-Reconstruction Loan
- souri & North Arkansas RR.
Ali
also effects operating economies.
Th Reconstruction Finance Corpoyir n loan of 3400 000. approved by
Consolidated Income Statement 9 Months Ended Sept. 30 1934
ission n Aug. 12 1932, has boon revoked
, the Int state Commerce Co
Gross earnings
wn the applica$
675' and tire
.
85
-application dismissed the re iver having with
138,227
Depreciation
tion on Jan. 8 1935.-V. 1413 p. 150.
Selling and administration expense
Operating Profit
Income from investments, &c
3270,354
39 135
'
-estimated
Federal taxes
Net profit
Dividends paid
Number of shares outstanding
Earnings per share
in
3253.529
583,203
364,145
30.696
-Common Divs. Resumed-‘1
----(J. S.) Mitchell & Co., Ltd.
The directors have declared a dividend of $1 per share on the common
stock, payable March 1 to holders of record Feb. 15. This is the first payment to be made on this issue since Nov. 9 1931, when $1 per share was
-V. 138. p. 1059.
distributed.
-Earnings.
Montour RR.
DecemberGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway_ _ _ _
Net from railway
.JLet .f rom ronts
1 v i3
,
9. p 3959.
$21934
1
: 4
141
1933
6
$9491 :2 9
1922 6
145.399
932
$1 7,015
$119,446
1931
27,960
52,323
28,264
55,220
44,857
Sheet
Comparative Consolidated Balance
1,662,916
Sept.30 '34 Dec. 31 '33
1,862,602
Mtili
atnes1,508,978
2 124.657
,
Sept. 30'34 Dec.31 '33
Assets562,558
1846.182
728,085
733,704
518,264
32,120,273 $3,100,133 Accounts payablel $101,324
Cash
722,516
1 40:263
5 150
774,331
691,911
ni
915,766
Accrued ites _ f
cs
789,240
a Marketable se_
163,158
Dividends payable
Customers' notes &
60.160
10,
2
211.803 Est'd Income taxes
189,030
accts. receivable
159.0a---- Moody's Investors Service-Preferred Dividend
Res. for conting__ 160,000
Inventories (at lower
896,481 Capital stk. (364,938.970
of cost or mkt.)_
The directors have declared a dividend of 75 cents per share on the no-par
364.145
364.145
145 shares)
229.966
Mlscell. Investriets 408.708
cum. partic. preference stock, payable Feb. 15 to holders of record
$3
Capital surplus_ 4,447,000 4,447,000
b MatIln-Rockwell
Feb. 1. A similar distribution was made in each quarter since Nov. 15
800,567 Earned surplus__ 1,468.358 1.798,032
800,567
stock
1932, this latter being the first payment made on this issue since Aug. 15
(net)_ 1,504,185 1,626.746
Fixed assets
1931, when a regular quarterly dividend of 75 cents per share was disbursed.
13,253
13,170
Deferred charges
Accumulations after the payment of the Feb. 15 dividend remain in the
Pats., trade-marks,
-V. 140. P• 481.
amount of $3 per share.
1
1
good-will, &c
$6,764,147 $6,878,953
Total
36,764.147 $6,878.953
Total
a Marketable securities are carried at cast which was less than market
quoted market value was
value except at Sept. :10 1934 when the aggregate
$169.312 less than cost. b Marlin-Rockwell 48,900 shares of stock carNed at cost.
-V. 139, p. 4130.
-Comparative Balance SheetMaryland Insurance Co.
Dec. 31 '34 Dec. 31 '33
LiabilitiesDec. 31 '34 Dec. 31 '33
Assets3344,578 3335.231
a Bonds & stocks_32,097,935 $2,067,423 Unearned prems
Losses In process of
Premiums In course
42,871
44,018
adjustment _ _ _ _
119,226
132,924
of collection_ ___
18,880
16,280
9,316 Res.for taxes & exp
10,868
Interest accrue&_
Res. for all other
on deposit Si
Cash
25,000
25,000
claims
212,556
184,732
in office
b199,031
Res. for contIng_
1,000.000 1,000,000
Cash capital
993,982
790,108
Net surplus
$2,426,459 52,408,522
Total
32.426.459 52.408.522
Total
a Valuations on basis approved by National Convention of Insurance
Commis.sioners. b Contingency reserve, representing difference between
value carried in assets and actual Dec. 31 1933 market quotations on all
-V. 139, p. 603.
bonds and stocks owned.
1 i'
-e- M.e
-10-Cent Dividend--g-e ,
Memphis Natural Gas Co.
-Plan to Refund Preferred Dividends
--....-__Mullins Mfg. Co.
-
The company has announced a plan for refunding the accumulated divideeds of $24.50 a share on the 28,775 shares of ppeforrod stock. It is pro
posed to NEMO a $7.50 par value class "A" common stock, callable at par
and convertible into class "13," or regular common, share for share until
1940 for the accumulated dividends. Preferred holders will receive two
shares of class "A" for each share of preferred to take care of the arrearage.
The present preferred stock under the plan will no longer be cumulative
as to the $7 dividend or convertible into common stock. It will still be
callable at $105. The $7 dividend on the issue will be paid only when earned
but in the case of earnings when nothing is paid the amount of the earnings
becomes cumulative. After the payment of the preferred dividend the two
classes of common will share equally in further distributions.
The plan which has been worked out by the II. M.Preston Co. of Chicago,
who made a survey of the company, may be submitted to stockholders at
the annual meeting on March 30.-V. 139, p. 3813.
."----......
To Pay Off All Accruals
' National Bearing Metals Corp
1
r-- The directors have declared a regular dividend of $1.75 per share and two
dividends of $1.50 per share each, on account of accumulations on the 7%
cum. pref. stock, par $100. The regular $1.75 dividend and one accumulated dividend of $1.50 per share are payable Feb. 1 to holders of record
Jan. 19. The other $1.50 accumulated dividend is payable May 1 to
holders of record April 20. These payments will clear up all accumulations
on the above issue. On Nov. 1 last, $3.75 per share was distributed, on
Aug. 1 last, $3 per share on and May 11 and Feb. 1 1934 distributions
-V. 139, P. 2055.
of $3.75 per share were made.
The directors have declared a dividend of 10 cents per share on the cornmon stock, no par value, payable Feb. 15 to holders of record Feb. 1. A
-Seeks Permission to Reorg.
similar distribution was made on May 24 1934. the first since April 15 1932,...'""' National Fireproofing Corp.
The company has filed a petition in Federal Court, Pittsburgh, for perwhen a regular quarterly distribution of 15 cents per share was made.mission to reorganize under Section 77 B of the amended Bankruptcy Act.
V. 139, p. 2210.
Judge F. P. Schoonmaker appointed Greer Meet'vain President of the
corporation, and Van Grant of Detroit as temporary trustees. Hearing will
be held on the matter Feb. 23.-V. 138, P. 3610.
-Meeting Adjourned
National Investors Corp.
At the request of the Securities and Exchange Commission, the stockholder's meeting scheduled for Jan. 25 was adjourned until Feb. 8.
The Commission announced in Washington that it had requested the
adjournment because of numerous complaints filed with it in connection with
the reorganization plan of the four investors corporations. It is inquiring
whether full disclosure has been made to stockholders of the nature and
effect of the plan.
Fred Y. Presley, President of the corporation, did not mention* the SEC
request at the meeting. He told stockholders that the two-thirds stock in
all the companies necessacy to effect the reorganization had been obtained
except in the fourth.
He then proposed the adjournment, after expressing the opinion that
-V. 140,
two-thirds of fourth company stock could be lined up for the plan.
p. 323.
-New President, &c.
National Sugar Refining Co.
Charles D. Bruyn has been elected President, succeeding James H.Post,
who was elected Chairman of the Board. Walter J. Vreeland was elected
Secretary.
-V. 139, P. 2525.
-Options Granted to Noteholders
"•-..National Tea Co.
The company has granted options to the purchasers of its three-year 5%
sinking fund notes to purchase a total of 30,000 shares of its common
stock held in the treasury at the rate of 10 shares for each $1,000 principal
amount of notes purchased at a price of $12 per share if purchased on or
before Dec. 15 1935, or $15 per share if purchased after Dec. 15 1935. and
during the period up to and including Dec. 15 1937.-V. 140, p. 481.
-Balance Sheet Dec. 31National Surety Corp.
AssetsCash
Ms.(market val.)
Stks.(market val.)
Prems.in course of
collection
1st mtges. and real
estate
Accrued int Arents
Accts.receivable
.__
Home office bldg
1934
1934
1933
Liabilities5
$
$
1,351,606 1,600,852 Res. for unearned
5,194,584
premiums
7,587,433 5,066,156
930,798 Reserve for claims 2,394,874
1,284,666
Reserve for comm.
724,350
and expenses_ _
1,283.025 1,642,001
Res.for add'i over381,309
655,773 due prem. wets_
105,588
89,273 Reserve paid-in for
324,169
claims and other
269,705
contingencies_ __ 750,000
850,000 1,000,000
1,000,000
Capital
3,049,526
Surplus
13,113,333 11,309,023
Total
-V. 139, P. 1246.
645
Financial Chronicle
Volume 140
Total
1933
5
4,107,807
1,159,206
533,833
208,288
1,299,888
1,000,000
3,000,000
13,113,333 11,309,023
-Annual Report
Naumkeag Steam Cotton Co.
Sales
Production
Receipts
(Yards)
Years Ended Nov.30(Yards)
Unreported
21,614,043
$4.386,189
1934
16,363,318
16,744,588
3,811.826
1933
18,466,223
18,240,630
1932
4,184,758
1931
19,460,503
19,601,887
5,895,004
20,086,821
7.162.267
1930
20,335,881
21,058,163
20,836,945
7,887,608
1929
Comparative Income Account Years Ended Nov.30
1934
1933
1931
1932
$19,067 x$164.618
050.734
Net profit after deprec-- $151,909
Dividends
183,672
155,023
187,251
382,438
y Earnings per share on
.
Nil
Nil
$0.32
$2.53
60,000shs cap.stock_
x Loss. y Includes treasury stock.
Comparative Balance Sheet Nov. 30
1934
1933
1933
1934
5
Assets5
6,000,000 6,000,000
a Real est. & const. 4,915,434 5,142,033 Capital stock
176,944
199,975 Notes payable_ __ _ 1,800,000 1,000,000
Cash
593,043
472,431 Accounts payable_
195,379
Accts.receivable
269,294
12,526
755,500 Res. for Fed. taxes
Treas. stock (cost) 760,863
Investments
37,000
12,000 Res. for discounts_
4,000
4,113,793 3,299,795 Profit and loss__ _ 2,698,472 2,733,815
Inventories
108,401
125,374
Prepaid expenses
reduction at that time and moving to simpler and more uniform rates for
residence service in all areas served by the company.
There will be one rate for all residence and farm customers in the Capital
District, which includes Albany.Cohoes, Menands, Rensselaer. Schenectady,
Scotia, Troy, Waterford, Watervliet and adjoining territory as follows:
75 cents net, including the first 10 kwh.
5 cents net for each of the next 45 kwh.
2.8 cents net for each of the next 145 kwh.
1% cents net for each additional kwh. of montlhy use.
We also are announcing a "share-the-benefits" plan whereby additions
reductions in rates will be made just as fast as these new and lower rates
have produced increases in the average annual use and are stating when
this average annual use per residential customer reaches 950 kwh. per customer per year, we will file a residence rate that will be one of the lowest
in the United States.
Since New York Power & Light Corp. was formed seven years ago, rates
for all classes of service have been steadily reduced. The form of the rates
was such that the same rate was paid for each kilowatt hour regardless of
how many kilowatt hours the individual customer used. This form of
rate and the price per kilowatt hour gave a low monthly bill and a reasonable
kilowatt hour cost to the small user but discouraged the many customers
who wished to make full use of electricity in their homes.
Accordingly, our first new rates were intended to correct the inequality
of the old rates. The new rates were promotional in form to encourage.
by means of lower follow-on prices, a more liberal use of electricity. By
thus building up the use of individual customers, who under the lower rates
.
could afford to use more electricity, the average kilowatt hours used by all
residence customers have increased to the point where the rates for the
small customer are now being reduced.
The "share-the-benefits" plan now being introduced is based on the
generally recognized fact that both the customer and the company benefit
as the average use of electricity by all customers increases. The customers
pay less per unit and it costs the company less per unit to provide service.
This is the principle followed in all objective forms of rates.
When the New York Power & Light Corp. was formed the average use
per customer was 325 'LIN-h. per year. Due to progressive rate reductions,
the average use has increased to 650 kwh. per year.
The "share-the-benefits" plan assures further rate reductions as use
increases. Assuming no further drastic economic changes this is how it
will work: When the average annual use per customer of all residence and
100 kwh., a further
farm customers served by the company has increased the lower rates the
rate reduction will be made. When, by reason of
reducaverage annual use has again increased 100 kwh., still another rate for all
tion will be made. When the average annual use per customer
residence and farm customers served by the company has reached 950 kwh.
all
per residential customer, the following objective rate will be filed for
residence customers in the Capital District communities listed above:
75 cents net
15 kwh. or less per month
4 cents each net
Next 45 kwh. per month
2 cents each net
Next 140 kwh. per month
1M cent each net
All additional kwh. per month
program now being undertaken, including as it does.
We believe that the
assurance
an immediate saving to all residence consumers and the definite represents
of still lower rates as the use of electricity continues to increase,
the objective so generally sought
a practical and co-operative step toward
throughout the Nation, that is, a full and unrestricted use of electricity
-V. 139, p. 2839.
in the homes of all the people at the lowest possible cost.
-Earnings
New York Shipbuilding Corp.
1932
$883,976
127.249
9 Months Ended Sept. 30Net profit from operations
Income from investments, &c
1934
$209,226
67.601
1933
$463.768
85.607
Gross income
Cash discount on sales
Interest
Depreciation
Miscellaneous deductions
$276,827
$549.375 $1,011.225
84
122
162,102
152.681
203,609
206,743
47,504
144,469
195,221
4.314
$67,177 a$142,325prof$645.430
Net loss
a Net income exclusive of $162,187 loss on disposition of marketable
-V. 139, P. 2839.
shipbuilding operations.
securities, extraneous to
-Company Loses
New York State Electric & Gas Corp.
Injunction Plea-State Appeals Court Upholds Commission
Order-Eleven Others Involved
on Jan. 22 unanimously affirmed
The New York State Court of Appeals
dismissing the
a judgment of the Appellate Division, Third Department,to restrain the
complaint of the corporation in an injunction proceeding June 1932.
Public Service Commission from enforcing an order made in
The New York "Times" Jan. 23 further states:
Counsel to the
10,706,378 10,007,109
Total
Total
10,706,378 10,007,109
"The ruling upheld a contention of Charles Cl. Blakeslee,
Commission, that an injunction action was not available to companies to
a After reserve for depreciation of $3,982,464 in 1934 and $3,754,132 in
enforcing its order. Eight similar actions
restrain the Commission from
1933.-V. 138. p. 2257.
.
were determined by the decision.
infor-.. "Nestle-Le Mur Co.
-Cent Class A Dividend
-10
"Proceedings were originally begun before the Commission on
and conditions bemation which alleged existence of improper practices by the Associated
The directors have declared a dividend of 10 cents per share on account
operating utility companies owned and controlled
on the $2 cumulative participating class A stock payable
tween
. of accumulations
which inGas & Electric Co. and certain other persons and corporations
Feb. 15 to holders of record Feb. 5. A similar distribution was made on
fluenced the policies and actions of these corporations.
Nov. 15 and Aug. 1 last, this latter being the first payment to be made on
concerned, besides the New York State Electric & Gas
"The companies
this issue since Aug.1 1929 when a regular quarterly dividend of 50 cents
York Central Electric
Corp., were the Elmira Water, Light & RR.; New Electric Corp.; Staten
per share was disbursed. Accumulations after the Feb. 1 payment will
Corp.; Empire Gas & Electric Co.; Rochester Gas & New York Co., Inc.;
amount to $10.70 per share.- V. 139. p. 2838.
Corp.; Federal
Atelid Island Edison Corp.; Oswego Gas
Co.; Lake Ontario
-Extra Dividend7 - L. Brookport Gas Light Island Water Corp.Power Corp.; Patchogue Electric
Brunswick Fire Insurance Co.
Light Co., and Long
The directors have declared an extra dividend of 15 cents per shah% in
York operating
"At hearings conducted by the Commission these New a request of the
addition to the regular semi-annual distribution of 50 cents per share on the
Utilities of the Associated Gas & Electric System refused
capital stock, par $10, both payable Feb. 1 to holders of record Jan. 22.
reference to services furnished by W. S.
Commission to furnish facts in
-V. 137, p. 2818Utilities Purchasing &
Barstow & Co., the Utilitity Management Corp., the 11. C. Hopson & Co.,
Supply Corp., the Public Utilities Appliance Corp., the Utility Clearing
,.-New Haven Clock Co.
-Preferred Dividend-144----Fuel Corp.
Daniel Starch
f The directors have declared a dividend of $1.625 per share on account Corp., and theand Staff, the Mid-State
Associated Gas & Electric companies working fund for
i of accumulations OD the 63i% cum. cony. pref. stock, series A. par $100.
system expense, to whom they paid over $7,700.000 in 1930 and 1931.
payable on Feb. I. Like amounts were made Feb. 1 1933 and Feb. 1 1932.
'It was brought out that the companies were wholly owned subsidiaries
after the payment of the Feb. 1 dividend will amount
Accumulations
of the Associated Gas & Electric Co. and were affiliated with the operating
-V. 139. p. 2211.
to $16.25 per share.
auditing and residual corporations
companies. These servicing,
an extent that
managing'
and persons dominated and controlled the utilities to suchstatement from
Jersey & New York RR.
-Earnings.
New
remained in them, a
no distinguishable working identity
December
1932
1933
1934
1931
the Commission said.
railway
$92.343
$74,167
$66,528
Gross from
$100,951
"As a result of this testimony, the Commission determined 'that when
def9,661
def14,336
def21,020
Net from railway
4,667
those responsible refused to fully disclose the facts relating to control they
def39.724
def24,848
def41,968
def27,312
Net after rents
may not object to the conclusions found on the facts available.'
From Jan 1
"The Commission stated that 'no system of unification may exist solely
828,269
939,121
1,013,750
1,312,213
Gross from railway
for private profit, and when such system appears to be derogatory to the
•def192,843
33,987
def71,066
153,298
Net from railway
public interest it must be disregarded by the regulatory authorities of the
def436,831 def334,357 def263,251 def211,548
Net after rents
State.'
-V. 139, P. 4133.
"The Commission directed the utility companies involved not to charge
to operating expense or capital any payments made under the contracts,
-New York Chicago & St. Louis RR.
-Earnings
and further prohibited the operating companies from making any new
1932
1933
1934
December
1931
The order also prohibited
32.610,776 $2,459.179 $2,240,585 $2,507.198 contracts without the consent of the Commission. during any part of their
Gross from railway
employees of the operating utilities from selling
652.081
732,294
717,436
488,788
Net from railway
working time securities which were not issued by the operating company
409,712
444,467
268,538
206,009
Net after rents
-V. 139, p. 3161.
employing them."
Front Jan 1
33,143,864 30,647,506 29,158,468 36,551,358
Gross from railway
-Comparative Balance Sheet
Niagara Fire Insurance Co.
7,051.741
9.912,548
10,451,608
8,233.572
Net from railway
Dec.31 '34 Dec.31'33
Dec. 31'34 Dec. 31'33
5,509,427
2.141.153
5,216,887
2.542,098
Net after rents
Liabilities
Assets-v. 140. p. 481.
17,268,266 Unearned prems__ 5,586,120 5,449,146
Y Bonds <4 stocks_17,971,605
Losses in process of
-Offers Rate Cut Up Loans on bond and
New York Power & Light Corp.
686,435
653,154
adjustment _ _ _ _
5,500
5,000
mortgage
-Savings Estimated at $600,000
25%
172,000
Res.for taxes & exp 286,400
to
Premiums in course
200,000
985,833 Res.for dividends_ 200,000
of collection_...1,052,872
The following statement was given out Jan. 18 by Otto Snyder, President
89,684 Res. for all other
79,229
Interest accrued_ _
of the corporation:
400,000
400,000
claims
Cash on deposit &
In fulfilment of our recent announcement, corporation has to-day filed
x1,071,472
994,760 Res. for corning
1,175.641
in office
with the New York P. S. Commission, a petition for approval of a much
2,000,000 2,000,000
Cash capital
lower and greatly simplified residence electric rate.
11,158,672 9,364,990
Net surplus
The new rates effect an annual saving to residential customers of $600,000
and the major portion of this goes to the small consumer who will save up to
20,284,347 19,344,044
20,284,347 19,344,044
Total
Total
253 on his present bills.
x Contingency reserve, representing difference between value carried
The new rates will apply in all communities served by the company
in assets and actual Dec. 31 1933 market quotations on all bonds and
where rates of the counted room or service charge type are now in effect.
stocks owned. y Valuations approved by National Convention of Insurthe remaining territory, the company eliminated the counted room and
In
.
-V. 139, p. 606.
ance Commissioners.
service charge form of rates on Feb. 1 1934, effecting a substantial rate
646
Financial Chronicle
New York Susquehanna & Western RR.
-Earnings.
DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, P. 4133.
1934
$301,740
77,452
42,180
1933
$273,387
56.493
60,158
1932
5323,757
121,431
83,801
1931
8272,021
60,321
18,883
3,606,660
857,666
•
3.332.695
751,572
3,522,186
1,016,441
4,171,279
1,145,597
Norfolk & Western Ry.-Extra Dividend of 2%
The directors on Jan. 22 declared an extra dividend of 2% in addition
to the usual quarterly dividend of 2% on the common stock, par $100,
both payable March 19 to holders of record Feb. 28. Regular quarterly
distributions of 2% were made on this issue from Sept. 19 1932 to and
incl. Dec. 19 1934, as compared with 23i% each quarter from March 19
1930 to and incl. June 18 1932. In addition, an extra disbursement of
like amount was made on March 19 1934, Dec. 19 1931, and on Dec. 19
1930.-V. 140, p. 482.
North American Utility Securities Corp.
-Earnings
-Calendar Years1934
1933
1932
1931
Gross earnings-Interest
IP•Dividends
Other income
$63,494
190,825
5101,496
137,827
$128,363
142,428
1,225
$136,925
x265,376
817
Total
Miscell. exps. & interest_
Taxes
Loss on sale of sec.(net)_
5254,318
4,909
5,001
$239,323
7,139
6,973
$272,016
18,449
1,511
151,485
$403,119
17,703
1,511
111,251
Net income
Divs, paid on 2d pf. stk-
$244,407
210,000
$225,211
210,000
$100,570
$272,653
105,000
Balance
$15,211
$100,570
$167,655
$34,407
x Includes proceeds from sale of stock dividends $34,011 for 1931, and
$74,921 for 1930.
Note
-The figures shown above for the year ended Dec. 31 1934 do not
include the results of security transactions during the two years or losses
incurred on settlements of the corporation's participations in foreign loans.
In March 1933 the book value of securities owned by the corporation on
Dec. 31 1932 was reduced to market value as of that date by a charge to
capital surplus of $3,787,773 (net), and provision was made for reserve for
contingent losses on participations in foreign loans at Dec. 31 1932 by
appropriating $698,318 from capital surplus. The net excess over such
adjusted book values of the proceeds of sale during the year 1933, 1934 of
securities purchased prior to Dec. 31 1932 and the net profit on sales of
securities purchased subsequently have been credited to capital surplus,
while the losses incurred on settlement of the corporation's participations
In foreign loans have been charged to the reserve provided therefor.
Jan. 26 1935
The company's cash and working capital position continues favorable.
with an increase in both items above the figures of the year previous.
-V. 139. p. 2686.
Ontario Loan & Debenture Co.
-Earnings
Calendar YearsNet earnings for the year
Balance brought forward from previous year
1934
$291,980
84,213
1933 •
$287,011
76.619
Total surplus
Dividends paid
$376,193
240,000
$363,630
240,000
Balance
Dominion Govt. income war tax:
Provision for 1934 tax payable April 1935
$136,193
$123,630
39.417
35,000
Balance carried forward
$101,193
Balance Sheet Dec. 31 1934
Assets
Liabilities
Office premises (freehold)___ $120,000 Debentures, sterling, includ.
Mortgages
accrued Interest
10.492,096
Seems., incl. accrued int_ _ _ _ 3,579,699 Debs., currency, including
Loans on stocks fis bonds_ _
accrued interest
42,569
Deposits
Deps. with & seems, of other
loan cos. of Canada
31,684 Other liabilities
Cash in chartered banks in
Capital stock
Great Britain
2,401 Reserve fund
Div. pay. Jan. 2 1935
Cash in chartered banks of
Canada and on hand
277,252 Profit df loss account
Total
$14,545,702
$84,213
$749,763
7,110,190
2,070,156
54,398
2,000,000
2,400,000
60,000
101,193
$14,545,702
Total
Pacific Eastern Corp.
-Master Upholds Corporation
Termination of Suit Over Settlement with Goldman, Sachs &
Co. Urged
-
Goldman, Sachs & Co. and Pacific Eastern Corp. (formerly Goldman
Sachs Trading Corp.) were upheld in their proposed settlement of alleged
claims of the corporation against partners of Goldman, Sachs & Co. by
C. L. Ward Sr., a Master in the Chancery Court of the State of Delaware
whose final report was filed in that court Jan. 23 in the suit of Karasik vs.
Pacific Eastern Corp. et al.
This suit was brought by a minority stockholder in August 1933 to enjoin
the proposed settlement, which was approved by the stockholders of the
corporation in Sept. 1933 by a vote of 3,041,517 shares against 10,178
shares. The Master was appointed by the Chancellor of Delaware in
Nov. 1933 to take testimony and report his conclusions to the Chancellor.
The Master's report of over 300 pages has now been submitted to the
Chancellor for his action. The trial before the Master, which began in
Nov. 1933 and was concluded in Aprll 1934, resulted in a record of the
testimony over 6,000 pages in length.
Statement:of Capital Surplus].Dec.113111934
The Master's final report says that the right of a stockholder to have
Balance, Jan. 1 1934
52.061.844
any action of the directors of a corporation set aside is dependent upon
Net excess over adjusted book values realized upon sales during]
proof that such action was ultra vires or fraudulent and seriously injurious
the year of securitirs purchased prior to Dec. 31 1932
to the corporation, or that the directors acted for their own interest in a
87,078
Net profit realized upon sales during the year of securities purmanner destructive to the interests of the corporation or the other stock
chased since Dec. 31 1932
9,841
holders, or that a majority of the stockholders are oppressively and illegally
pursuing, in the name of the company, a course in violation of the rights
Balance, Dec. 31 1934
of the other stockholders, which is restrainable by a court of equity. He
$2,158,764
finds that there is not in this settlement a' gross inadequacy" of consideraStatement of Undistributed Income Dec. 31 1934
tion; that the consideration is, in fact, adequate; and that, even if the conBalance, Jan. 1 1934
315,210
sideration was found to be "inadequate," there is no proof of fraud on the
Net income for year ended Dec.31 1934 (as above)
244,407
part of the directors.
The Master's report states that, while the research and inquiry, into the
Total
5259.618
merits in the stockholders' suits and into the financial condition of the firm
Dividends on 2d pref. stock (two quarterly periods in respect of
and its individual members by the directors and their attorney, were not
accumulations to March 15 1932)
210,000
absolutely and completely exhaustive, they were sufficiently thoroughito
give the directors a sufficient knowledge to enable them to decide, with all
Balance, Dec. 31 1934
$449,618
due regard to the interests of the corporation, whether the settlement offered
was properly acceptable, and that the directors exercised an "informed,
Balance Sheet Dec. 31
independent judgment" unaffected by the advice, opinions, requests or
Assets1934
1933
Liabilities1933
1934
other sorts of influence given, made or exerted by anyone, other than their
a Stocks & bonds_ 53,576,186 53,399,547 c Capital stock_ __$1,500,000 81,500,000
legal counsel. The report states further that where a compromise, settleParticipat'n in forDue to affiliated co
75,679
ment and release of any claim in litigation, actually and sincerely contested
eign loans
b55,793
813,365 Divs. unclaimed__
304
304
by the other party (especially when the claim is for unliquidated damages)
Accts.receivable_
49,195 Reserves
9,894
is made by a corporation's directors, acting honestly, in bona fides, without
Int. & divs. receiv.
56,960
Taxes accrued_ _ __
2,500
2,000
fraud, without vitiation by reason of legally recognizable adverse interest
Cash
21,747
3,682 Res. for conting.
of the directors, without reckless or careless indifference to the rights of
losses on partic.
the corporation or its stockholders, neither inadequacy of consideration,
in foreign loans
600,357
or mistake of judgment, nor mistake of fact (except "mutual mistake" as
Capital surplus _ _
.2,158,764 2,061,844
recognized by the courts), will avail as a ground for its avoidance at the
Unfits. profits_ _ _ _
,
49,618
15,211
suit of a stockholder and that, in such case, the courts will not inquire into
the merits of the controversy so settled, nor attempt to set up their own
Total
53 710,686 54,265,790
Total
$3,710,686 $4,265,790
judgment as to the propriety ofsuch settlement, its adequacy, or the validity
a Market value $4,091,836 in 1934 (1933. 53.545,902). b After reserve
of the judgment of the directors in acting thereon. The Master finds that
for contingent losses of $412,437. c Represented by 60,000 shares no par
the settlement was not "improvident" in any sense that justifies the inter$7 cum. div. 2d pref. stock and 466,548 no par shares common stock.
ference of the court, and further that the action of the stockholders, taken
-V. 138, p. 1242.
at the meeting of Sept. 25-26 1933, effectually established the validity of
North River Insurance Co.
-10
-Cent Extra Dividend"-t' , In conclusion, the Master says:"My further and was necessary. is that,
- the agreement of settlement, if such establishment final conclusion
The directors have declared an extra dividend of 10 cents per share
the contract of settlement having been ratified by an overwhelming majority
in addition to the regular quarterly dividend of 15 cents per share on the
of the stockholders, all questions of inconsistent relationships of the directors
capitalstock, par $2.50. both payable March 11 to holders ofrecord March 1.
and their counsel, disparity, improvidence and other alleged objectionable
This compares with extras of five cents per share paid on Dec.10, Sept. 10
features have been completely answered and removed from further conand June 11 1934, and 10 cents per share on March 10 1934.-V. 139, Is•
tention and that, no fraud having been found in the directors' considera1876.
tion and acceptance of the offer of settlement and no collusive agreement
/
between Atlas Corporation and the firm of Goldman, Sachs & Co. having
L- t
Northwestern Improvement Co.
-Dividend2
been proven, but rather disproven, the action of the stockholders is final
The company, all of whose stock is owned by the Northern Pacific By.,
and conclusive. Wherefore, I recommend that the bill be dismissed as to
has declared a dividend of $2,500,000. payable out of surplus on hand,
all parties defendant, with costs on complainant."
-V. 139, p. 3334.
payable to holders of record Dec. 31 1934. A year ago a dividend of $4,000,000 was declared.
-V. 138, p. 338; V. 135, P. 4569.
Pacific Lighting Corp.(& Subs.)
-Earnings
-
Ohio Edison Co.
-Earnings
[A. Subsidiary of Commonwealth & Southern Corp.]
Period End. Dec. 31- 1934
1934-12 Mos.-1933
-Month-1933
Gross earnings
$1,402,087 51,317,342 515,243,575 814,394,753
Oper. exps. incl. maintenance and taxes
540,377
527,380 6,931,700
6.121,134
Fixed charges
274,854
310,404
3,842,041
3.911,179
Provision for retirement
reserve
100,000
1,200,000
100,000
1,200,000
Divs, on preferred stock_
155,573
155,530
1.866,880
1,866,956
Balance
-V. 139, p. 4133.
5331,281
3224,027 $1,402,953
$1,295,481
-Th Ohio State Life Insurance Co.
-Dividend Increased
The directors have declared a dividend of $2.50 per share on the capital
stock, payable Feb. 1 to holders of record Jan. 16. This compares with
$2 per share paid in each of the four quarters of 1934. 55 per share paid
Nov. 1 1933 and a quarterly dividend of $2.50 per share and an extra
dividend of 52 per share distributed Feb. 1 1933.-V. 139. P. 772.
Owens-Illinois Glass Co.
--$1 Common Dividend-hitt€
The directors have declared a quarterly dividend of $1 per share on the
common stock, par $25, payable Feb. 15 to holders of record Jan. 30. A
similar payment was made on Nov. 15 last and compares with $75 cents per
share paid each quarter from Feb. 15 1934 up to and including Aug. 15
last and 50 cents Der share paid quarterly from May 15 1931 up to and
Including Nov. 15 1933. In addition an extra disbursement of 25 cents
per share was made on Nov. 15 and Aug. 15 1933.
Net earnings of the company and subsidiaries for the year 1934 are officialy estimated by President Wm. E. Levis at 36,500,000, as compared with
$6.032,312 for the year 1933. This estimate is subject to complete check
by the company's auditors.
In arriving at these earnings, deductions have been made for depreciation, depletion, repairs, Federal taxes and bad accounts. Depreciation
and depletion have been charged against both operating and non-operating
plants at the same rates as used in prior years.
Estimated earnings for the current period are equivalent to approximately
$5.42 per share, as compared with $4.86 per share for the year 1933. on the
1,200,000 common shares outstanding at the close of each of the periods.
•
Calendar Years1934
1933
1932
1931
Gross revenues
$443.893,770 $45,382.363x$44.757,666$47,953,017
Oper. exp. and taxes
25,035,987 24,916,391 24,372,523 25,293,563
Interest
5,009,774
5,288,587
5,629,986
5,438,925
Deprec. & amortization_ 6,749,504
7,066,390
7,223,834
7.310,844
Subsidiary pref. dive_
1,535,502
1,615,498
1,942,609
1,841.912
Net profit
$5,563,002 56,338,054 55,793,461
Com. divs. minority int.
517
220
361
Preferred dividends.,.... 1,179,990
1,061,423
920,733
Common dividends
4,825,893
4,825,893
4,825,893
58,020,479
354
851,497
4,825,893
Surplus
def$443,398
$450,518
$46,475 $2,342,735
She.co m.stk.out (no par) 1,608,631
1.608,631
1,608,631
1,608.631
Earnings per share
$2.72
33.28
y$4.46
$3.03
x Excludes revenues in special reserve under rate litigation amounting to
$1,450,157 in 1932, while the 1931 earnings included $1,424,558 in excess
of rates prescribed by California Railroad Commission, which amount was
charged to surplus and set up as a reserve. y Before deducting reserves as
noted in x.
The reduction of $1,314,470 in gross operating revenues was attributable
to a substantial decrease in domestic and commercial gas revenues. Although
the number of active gas meters increased 3.2% for the year, the domestic
and commercial cubic-foot sales declined 11.4% from 1933 due to warmer
weather. Service to these consumers constitutes 64% of the total operating
revenues. Despite the decline in revenues, taxes amounting to $5,848,655,
continued at a high level in 1934 and were approximately 33% more than
was available for dividends to common stockholders.
Revenues from industrial gas sales for 1934 showed a 24.2% gain over
1933, reflecting the gradual revival of industrial activity in Southern California. The industrial business value lies not in its small margin of proftt
but in the fact that it permits the companies to have available a larger supply
of gas than the normal domestic consumption economically allows.
For the fourth consecutive year bond interest was less than for the prior
year. The decline of approximately $279,000, or 5.3%, for 1934 over 1933
was due to the further reduction of $3.880,500 in the amount of bonds
outstanding in the hands of the public.
R. W. Miller, Executive Vice-President, stated that the regular annual
audit by independent accountants now is in process of completion. The
final consolidated balance sheet and income account will be presented in the
annual report to stockholders.
-V. 139. p. 2687.
Financial Chronicle
Volume 140
647
Paraffine Companies, Inc.
-Earnings
Period End. Dec. 31- 1934-3 Mos.-1933
1934-6 Mos.-1933
Net profit after deprec.,
int., Fed. taxes, &c$247,281
$617,944 $1,028,939
$446,984
Shares cap. stk. outstand
476 031
467,007
476,031
467,007
Earns. per share
10,52
$1.30
0.94
$2.16
Balance Sheet Dec. 31
1934
1933
1933
1934
Assets-$
Liabilities
Current assets_ ___ 3,332,291 3,372,724 Current liabilities_ 1,211,453
409,219
Investments
10,145,250 9,945,777 5% gold notes_
1,354,000
Employees' stock
Reserve for roofing
subscriptions_ __ 100,171
121,259
guarantees, &c. 128,084
100,789
Capital ssets
y4,789,814 4,984,069 S Common stock__10.666,170 10,666,170
Deferred charges
210,661
6,572,481 6,045,230
151,580 Surplus
under the 1st & refunding mtge. concerning the issue of additional bonds,
Franklin T. Griffith, President, says in a letter to bondholders.
It will establish also certain other restrictions, all designed to reduce over
a period of years the ratio of indebtedness to the company s property.
which will materially improve the security for the bonds.
Reviewing the company's mortgage and bank indebtedness, Mr. Griffith
says the company now has outstanding $6,547,000 of 5% let mtge. bonds
maturing on Julypl next,secured by a senior lien on certain important parts
of the property; $40,000,000 1st and refunding mtge. bonds due in 1960.
and $7,500,000 7% general mortgage notes pledged as collateral security for
a bank loan of $7,100,000 due on Jan. 3last. An agreement made recently
provides for extension of this bank loan to July 1 without sinking-fund
payments, and for a further extension for two years if the 1st & ref. mtge.
has been altered on or before July 1 by a vote of bondholders. A meeting
of bondholders is scheduled for Feb. 1.-V. 139, p. 3815.
Total
18,578,187 18,575,408
18 578.187 18,575,408
Total
x Represented by 476.007 no par shares in 1934 and 476.062 in 1933.
y After depreciation reserves of $3,175,985. Patents and trade-marks are
carried at $165,778 and good-will at $1.-V. 139, p. 2687.
Years End.Oct.31
Sales
Cost of goods sold
Shipping, selling, gen. &
administrative exps
1934
$638,398
494.658
28,473
34,298
33,804
353,989
Oper. profit for period
Other income credits__
$115,267
3,952
$66.058
3,753
3238.514
6.878
$78.439
15.286
Total profit
Bank int. (net), disc't,
exchange, &c
Mexican Federal special
sugar tax
Prov.for doubtful sects_
Interest on 1st mtge.7s_
Depreciation
Foreign income taxes_
Loss on prop.& inv.sold _
1119.219
169.811
$245,392
$93.725
37,264
80,400
125,318
109,332
192,800
11.262
74.037
124,488
6,171
Pennsylvania Coal & Coke Corp.(& Subs.)
-Earnings
3 Mos.End. Dec.31Gross earnings
Oper. exps. & taxes (not
incl. Federal taxes)
1934
$849,326
1933
$617,756
1932
$524,748
1931
$716,861
758,606
585,810
501,010
713,031
Operating income_ --Miscellaneous income
Gross income
Charges to income
Deprec. & depletion
$90.720
12,435
$31,946
9,300
$23,738
28,404
$3,830
31.730
$103,156
42,021
23,670
$41,246
33.286
33,325
$52,142
13,921
60.002
$35,560
43,797
56.563
Net loss before Federal
taxes
sur$37,466
$25,365
$21,782
$64,800
The loss for year ended Dec. 31 1934, as compiled from quarterly reports, was 419,058 after depreciation, depletion, ordinary taxes, &c..
but before Federal taxes, compared with a loss of $183,841 in 1933.V. 139, p. 2688.
Pennsylvania RR. Regional System-Earnings
[Excludes L. I. RR. and B. & E. RR.)
I
Period End. Dec.31-Month-1933
1934
1934-12 Mos.-1933
$
$
$
$
Ry. oper. revenues
26,94.51425,109,653 344.398,696 325.369,320
By. oper. expenses
20,257,968 19,270.282 249,535,194 227.444,891
By. tax accruals
1,284,170
1,324,386 23,834,810 24,581,415
lincollec. ry. revenues
4,197
3,636
135,986
120.451
Equip. rents-Dr. bal....
581,472
714,349
8,198.678
9,662,251
it. fact!. rents
-Dr. bal.
22,458
147,009
1.520,078
1,752,606
Net ry. oper. income_ 4,814,249
3.649,991 61,173,950 61,807,706
Note
-The 1934 figures shown in this statement do not include the results
of operation of the West Jersey & Seashore RR., that road having been
leased to the Atlantic City RR. (Pennsylvania-Reading Seashore Lines)
effective June 25 1933. The figures for the period prior to this date, hove
ever, include the results of operation of the West Jersey & Seashore RR.
50-Cent Dividend Declared
The directors have declared a dividend of 50 cents per share on the
-capital
stock, par $50, payable March 15 to holders of record Feb. 15. Similar
attributions were made on Sept. 15 and March lb 1934 and in March 1933.
The dividend of 50 cents a share just declared means that the company
maintains its traditional record of having paid a cash return to stockholders
in every year since 1847.-V. 140, P. 151.
Pere Marquette Ry.-Earnings-Period End. Dec.31
- 1934
-Month-1933
1934-12 Mos.-1933
Operating revenues
$1,947.157 11.763,712 524.597,190 $21,947,295
Operating expenses
1,592,253
1,447.154 19,425,960 17,892,720
Taxes
86,026
60.196
1,178.497
1,084.845
Rents
140,294
137,426
1,374,365
1,245.275
Net ry. oper. income_ $128,583
$239,329 $2,618,368 11,724.456
Non-operating income_ _
32,635
46,934
420,490
441.697
Gross income
$161,218
$286,263 $3,038,858 $2,166,153
Deductions
297,488
307,493 3,650,985 3.765.625
Net deficit
$136,270
$21,230
$612.127 $1,599.471
-V.140. p. 152.
Perfect Circle Co.
-Sales at New High
-
In the year just finished, the four plants of this company located in
Hagerstown, Now Castle and Tipton Ind. and Toronto, Can., manufactured and sold 57,788,000 piston rings, thereby breaking all previous
records.
The increased production of new cars accounted for part of company's
big increase in ring sales, since this company supplies the majority of car
manufacturers with their piston ring requirements. However, the heavy
replacement demand for piston rings brought about by more car owners
overhauling their old cars, was also responsible for part of the 1934
breaking sale.
-V.139. p.939; V. 137. p. 2424.
4; Pi
r" Philadelphia Rapid Transit Co.--Reorgranization Hear'g
-
Heing in reorganization proceedings, scheduled for Jan. 21, in
ar
t U. S. District Court at Philadelphia, was postponed by Judge Georgethe/
A.
Welsh to Feb. 4. The hearing was to determine whether the present management should be retained in control of the company or trustees appointed
by the Court.
Counsel for the U. S. Government asked the Court for permission
intervene in the proceedings on claims for $2,526,000 back income taxes
for which the Government claims priority.
March 7 Limit SetforFiling of Claims4
David Bachman,special master appointed by the U. S. District Court,
has fixed March 7 as the date by which all proofs of claim must be flied by
stockholders and creditors of the company and its underlying companies.
His announcement stated that individual stockholders are not to file
statements with him, although individuals will be given the right to appear
at a public hearing on the proofs of claim on March 28
Lists of the names and addresses and number of shares of stock of eac
individual stockholder will be filed, under the masters order, by P. R.
and the 25 underliers in behalf of the individual shareholders.
Ordinary creditors whose claims arise out of the regular operations of the
system are also exempted from the requirement to submit proofs of claim.
since the Federal Court has permitted payment oftheir claims at the present
time.
Those who must file proofs ofclaim by March 7include trustees ofP.R. T.
and underlier bonds and equipment trusts and a class of creditors that
includes holders of mortgages direct (rather than through trustees), owners
of real estate leased to P. R. T. and holders of ground rent claims. Individual bondholders are not required to submit claims.
The hearing on March 28 will be for the purpose of allowing all proper
claims, dividing them into classes and hearing exceptions to proofs of claim
by any of the debtor corporations or their stockholders or credtors.V. 140, p. 152.
Portland General Electric Co.
-45% of Bondholders
Assent to Plan
More than $17,787.000 of the 1st and refunding mtge. bonds, 43.
series, due in 1960, representing about 45% of the issue, have been stamped
to indicate consent to the alteration of the mortgage securing the bonds in
order to permit the extension of the 36.547,000 1st mtge. 5% bonds of the
company maturing on July 1 next.
The company has determined, after consultation with holders of large
blocks of the 1st & refunding mtge. bonds, to execute as soon as possible
after the alteration of the 1st & refunding mtge. becomes effective, a supplemental indenture whereby it will agree to restrict certain of its rights
Potrero Sugar Co.(& Subs.)
-Earnings
1933
$473,720
373,364
1931
1932
1930.117 $1,518,512
1,086,084
657.798
19,581
71,639
128,078
7,051
70,893
129,249
22,055
73.990
131.146
1,993
9,515
26,433
Net loss
$133.549
$139,335
$227,296
Consolidated Balance Sheet Oct. 31
Assets
1934
1934
1933
Cash
$388,091
$72,577 Bank loans
649,054
Accts.receivable. _
26.412
24,038 Notes & bills pay_
10,716
Bllls receivable
95,333
Accts. Parable and
Advs. to Colones.
28,891
accrued expenses
56,449
50,736
Due from officers_
3,244
3,000 Due to officers and
Due for sugars sold
126,613
10,228
directors
Mdse. on hand In
Accr. bond int. to
company's stores
1,554
be satisfied by
Materials and supissue of pref.stk.
plies on band &
Interest accrued on
in transit
73,687
62,389
mortgage bonds_
32,219
24,861
Growing cane
184,096 Deferred credits
169.464
Co.'s bonds & stks.
53,050 1st mtge. 7% sink.
47,050
Investments
1,006
1,981
fund gold bonds 1,047,000
Adv. see. by mtge.
18,758 y Preferred stock._ 175,455
S Land, bldgs., ma1,067,200
y Common stock
chinery, &c____ 3,569,730 3,715.588 Capital surplus
1,865,769
Deferred charges__
61,192
566,250
34,586 Deficit
$424,367
1933
$390,630
98,285
33,366
5,778
21,592
60,743
22,885
1.080,000
94,220
1,067,200
1,884,375
415,559
Total
$4.131,116 $4,343,514
$4,131,116 64,343,514
Total
x After reserve for depreciation of $801,689 in 1934 and $696,873 in 1933.
y Shares of $5 par value.
-V.138, p.2780.
Power Corp. of Canada, Ltd.
-Earnings
An official statement covering operations for the six months' period ended
Dec. 31 last (the first six months of the company's fiscal year) shows gross
earnings amounting to $764,264 as compared with $720,333 for the corresponding period of the previous year an increase of $43.931. Operating
expenses amounted to $121,231 as against a comparative figure of $137.846.
a reduction for the period of $16,615.
Net earnings for the six months' period under review amounted to
$643,033, as against a corresponding figure of $582,487, an increase of
$60,546. Interest on the company's debentures for the six months' period
amounted to $251,992, as against a corresponding figure of $263,421, a
reduction of $11,429. Earnings are, therefore, equivalent to over 23.4 times
debenture interest requirements. After deducting debenture interest. net
earnings for the six months' period are at the rate of over 23.4 times dividend requirements on the company's 6% first preferred stock.
For the six months ended Dec. 31 the company acquired for cancellation
$45,000 4%% and 5% debentures, making a total of $1,748,000 acquired
in the open marke( for cancellation to Dec. 31 1934.
During the six months' period there was recorded a profit from sale of
investments of $17,000, the interim report points out.
For the 12 months' period Jan. 1 to Dec. 31 1934 the company's gross
earnings amounted to 11.566,168, as against gross earnings for the previous
12 months of $1,431,110. Operating expenses amounted to $246.276 as
against $285,077. leaving net earnings for the 12 months of 11.319,891.
as against $1,146,033 for 1933, or an increase of $173,858. Debenture
interest requirements for the full year of 1934 amounted to $511,035, a
reduction of $85,597 from the 1933 total. Profit from sale of investments
for the 12 months' period amounted to $80,536.
The report further points out that a number of the utility companies in
which corporation controls or holds a substantial interest recorded considerable progress during 1934, the combined power output being approximately 10% greater than in 1933. The trend of business conditions would
indicate that this improvement will be continued throughout 1935. with
consequent beneficial effect on the earnings of these companies, the report
concludes.
-V. 139. p. 1717.
s. -Pressed Metals of America Inc.
-2% Stock Dividend-1-4
1
The directors have declared a 2% stock dividend on the no par common
shares, payable April 1 to holders of record Feb. 28. The last previous
dividend on this issue was a cash distribution of 63.1 cents per share made
on Jan. 2 1932, prior to which regular quarterly payments of 123.4 cents
per share were made from Oct. 1 1930 to Oct. 1 1931 incl.-V. 134. p. 2542.
Procter & Gamble Co.(& Subs.)
-Earnings--Period Ended Dee.31- 1934-3 Mos.-1933
Net profit after interest,
deprec. & Fed. taxes__ 13.458,561 $2,723,677
She. cone stk. outstanding no par
6,410,000
6,325,087
Earnings per share
$0.50
$0.39
-V.140. p.324.
P
1934-6 Mos.-1933
37.544.022 $7.107,517
6,325,087
$1.10
6,410,000
$1.03
ence Co., Inc.-T-e-Ible-Seetion-77:73::-
The company filed a petition ia-tba.I.1.-8.-D4strie6-GeueLia.}}reelr1yereer
seeking reorganization under Section 77b of the Federal Bankruptcy
LawJ The petition was filed by Harold Corbin, attorney for the directors,
an was signed by Francis T. Pender, president of the company.
The filing of the petition followed a decision by Justice Aaron Stoner
in the N. Y. Supreme Court in Manhattan on Jan. 23 dismissing an application made by George W. Egbert, State Banking Superintendent, for
an injunction restraining the directors of the company from filing such a
petition.
The petition states that it was authorized by the directors on Jan. 18 but
was held in abeyance pending the decision of Justice Steuer. It lists the
assets of the corporation as approximately $52,524,000 and its liabilities
as approximately $36,000,000. The principal assets of the company are
given as real estate and securities amounting to $41,000,000. Among the
liabilities is a note for $20.000,000 given to the Reconstruction Finance
Corporation for a loan.
There is pending in the Federal court in Brooklyn a proceeding to determine whether the State" Banking Department has jurisdiction over the
affairs of the company or whether reorganization shall be under the Federal
bankruptcy laws. Judge Moscowitz will hear further testimony on that
question on Jan. 28.-V. 140, p. 484.
Radio Corp. of America-Class A Dividend Arrearages
Cleared Up•
In connection with the paying of all arrearages on the class A pereferrod
stock, the company issued the following notice:
On the outstanding shares of the A preferred stock (excepting 100,000
shares originally issued on Nov. 21 1932 andexcepting unexchanged shares
648
Financial Chronicle
hereinafter referred to) a dividend at the rate of 7% per annum, for the
second, third and fourth quarters of the year 1932 and for the years 1933
and 1934, amounting to $9.625 per share, payable on Feb. 19, to holders
of record Jan. 29.
On 100,000 shares of A preferred stock originally issued on Nov. 21 1932,
a dividend at the rate of 7% per annum,for the period from Nov. 21 1932
to Dec. 31 1932, and for the years 1933 and 1934 amounting to $7.39 Per
share, payable on Feb. 19 to the holders of record Jan. 29.
On shares of A preferred stock represented by outstanding unexchanged
certificates of original preferred stock (10 of such unexchanged shares being
to one share of A preferred stock) and to equalize dividends on said stock
with other A preferred stock, a dividend at the rate of 7% per annum for
the years 1932, 1933 and 1934, amounting to $10.50 per share, payable
on Feb. 19 to the holders of record Jan. 29.-V. 140, p. 484.
New Official
Henry K. Norton has been appointed Assistant to the President.
V. 140, p. 484.
Jan. 26 1935
St. Louis Southwestern Ry. Lines-Earnings
Period End,Dec.311934-Morah-1933
1934-12 Mos.-1933
Railway oper revenues_ _
$961,927
$981,797 $14,125,660 $12,953,394
Railway oper. expenses9,063,694
810,523
9,891,149
774,653
By. tax accruals & uncollect. ry. rev
871,857
58,860
841,118
•3.765
Other ry. oper. income_ _
315,089
333,384
28,005
28,967
Deductions
1,561,486
111,028
109,247
1,749,836
Net ry. oper. income _
Non-operating income_ _
$9,521
5,177
$123,098 $1,958,645 $1,789,740
79,401
4,307
86,936
Gross income
Deduct,from gross inc._
$14,698
282,974
$127,405 $2,045,582 $1,869,141
284,299
3,406,035
3,191,018
$268,275
$156,893 $1,145,436 $1,536,894
Net deficit
-V. 140, p. 485.
' Dillon Co.
.-Scotten
-Increased Dividend
-
tdi
Rand Mines Ltd.
-Larger
The directors have declared a dividend of 4s. Od. per share on the ordinary shares. Payment will be made on or after Jan. 31 upon presentation
of coupon No. 63 at the London office of the company, 1 London Wall
Bidgs., London, E. C.2. Unless accompanied by Inland Revenue Declaration claiming exemption from tax, they will be subject to a deduction of
English income tax. The above dividend compares with 3s. 6d. paid
Aug. 18 last.
-V. 139, p. 2372.
Rapid Transit in N. Y. City-Manhattan By. to Fight
City Subway Plan
-
The city has no right to build the Sixth Avenue subway parallelling the
Sixth Avenue elevated line, Theodore S. Watson, Vice-President and a
director of the Manhattan By., contended in a statement issued Jan. 22.
He declared that if the city attempted to build the line without first
condemning the elevated structure, the company, which owns the elevated,
would seek an injunction in the courts.
His declaration that the city had no right to build the subway under
Sixth Avenue was based on the ground that the Manhattan company has
a perpetual franchise from the State for that Street. The Manhattan
system is under lease to the I. R. T., which has been operating it for 25
years.
Mr. Watson's statement was provoked by Mayor La Guardia's announcement on Jan. 21 that he had approved a request by John H. Delaney, Chairman of the Board of Transportation, for a $57,000,000 Public
Works Administration loan to build the Sixth Avenue link of the city s
Independent subway system. The Mayor also indicated that the plans
called for removal of the elevated structure after the subway was completed.
maMr. Watson said that in view of the Manhattan company's offer to
arbitrate the price for the Manhattan properties in a unification deal
an offer so far ignored by the city-the Manhattan stockholders would
"use every means at their command to oppose any knockdown price
which the city felt it might frighten the stockholders into accepting through
fear of unjust and unlawful competition.
"We are willing to arbitrate • we are willing to negotiate and we are willing
to fight," Mr. Watson declared. "The choice is up to the Mayor."
He declared also that condemnation of the Sixth Avenue line would net
the company a sum sufficient to retire all the company s outstanding bonds,
leaving it in possession of the Second, Third and Ninth Avenue lines, the
power plants and other properties, free of bonded indebtedness. The
bonded indebtedness of the company is about $45,000,000, Mr. Watson
said.
He also asserted that a definite plan was being prepared by which it was
expected that both the Interborough and Manhattan companies would be
taken out of receivership soon.
-V. 139, p. 1718.
-Earnings
-Reading Co.
December1934
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 4134.
1931
1933
1932
$4,370,977 $4,148,467 $4,383,974 $5.141,863
1,261,041
1,258,211
1,341,104
1,380,192
1,083,651
1,096,936
1,338,506
1,084,946
53,078.431 49,464,052 51,806,374 70,614,089
16,193.277 16,315,524 13,002,205 11,588,629
12,856.973 13,577,068 11,086,616
8,994.703
-Stainless Steel Orders Rising
Republic Steel Corp.
The company reports that orders for stainless steel are coming in steadily
from government and private shipyards engaged in constructing cruisers,
destroyers, airplane carriers, and other naval vessels included in the Navy
building program.
This government activity is in addition to heavy increases in stainless
steel sales throughout industry generally. Stanless steel, an alloy of chrommium, nickel, and iron, lightens the superstructures and enables the snips
to attain greater speed with the same armament or the same speed with
greater armament. It adds to strength and is highly rust-resistant.
"Naturally we are gratified by this further evidence of business improvemeat," said T. M. Girdle'', President and Chairman of the Board. "Our
,
stainless steel business in 1934 was substantially greater than in 1933, when
the volume exceeded that of 1932 and 1931 combined.'
The impending consolidation will unite Republic Steel Corp., the world's
largest producer of alloy steel, with Corrigan-McKinney Steel Co., and the
-V. 140,
merged company proposes to acquire the Trusc,on Steel Co.
p. 4:84.
-Netherlands Court at The Hague Rules
Royal Dutch Co.
-See "Chronicle,"
Against Validity of Gold Clause in Bonds
Jan. 19, p. 379.-V. 139, P. 3164.
Years Ended Dec. 31Arbitrage, commissions, &c
Dividends on stocks
Interest
1934
$10,095
559
34
1933
$11,252
789
57
Total income
Expenses
$10,689
2,030
$12,098
3,221
Net income before loss from sale of securities__ _
Loss from sale of securities
$8,658
10,224
$8,878
prof2,520
Total deficit
Provision for Federal income tax
$1,566 sur$11.398
1,459
Net deficit
Dividends paid
$1,566
2,190
Balance (def.) to undivided profits
Surplus forward
Adjustment of capital stock tax accruals
$3,756 prof$7,634
7,795
160
308
sur$9,938
2,305
$7,795
1933
$120
1,767
18,000
1,895
20,000
6,827
7,795
$71,554
$56,404 Total
$71,554
Total
$56,404
x Market value $30,894 in 1934 ($28,978 in 1933). y Dividends re-V. 138, p. 1245.
ceivable only.
Seeman Bros., Inc.
-Earnings
Period End.Dec.31- 1934-3 Mos.-1933,
Net profit after charges
and Federal taxes_ _ _ _
$92,632
$77,922
Earns, per sh.on 108,000
(no par)shs.com.stock
$0.72
$0.85
-V. 139, p. 3973.
1934-6 Mos.-1933
$215,429
$189,084
$1.99
$1.75
Selected Industries, Inc.
-Report
The company reports as of Dec. 31 1934 net assets of $33,007,834,
equivalent to $82.07 a share of prior stock outstanding in the hands of the
public. Before giving effect to payments during the year of $2,010,871
in dividends on the prior stock, this was an increase of 11.9%, as compared
with net assets on Dec. 31 1933, which were $31,302,367, equivalent to
$77.83 a share of prior stock.
In his letter to stockholders, Earle Bailie, Chairman of the board, says:
"There has been an increase during the year in both assets and income.
Nevertheless, the net income as shown in the statement was only $3.71 per
share on the outstanding cumulative prior stock against the regular rate of
$5.50. In view of the continued income shortage the directors at their
meeting in December reduced the quarterly dividend payable Jan. 1 1935.
from $1.375 to $0.875 per share."
On Dec. 31 1934, the corporation's net assets included 73% in common
stocks, 22.1% in bonds and preferred stock, 4.3% in U. S. Government
securities and in cash or its equivalent, and 0.6% in a secured note receivable.
Statement of Surplus Dec. 31 1934
$24,527,254
Surplus, Dec. 31 1933
84
Arising from conversion of convertible stock into common stock
Balance
Loss on sale of securities
$24,527,338
x1,482,447
Balance
Net income
$23,044,890
1,495,480
Total surplus
Dividends on $5.50 cumulative prior stock
$24,540,370
2,010,871
$22,529,499
Surplus Dec. 31 1934
x After profit on syndicate participations of $37,502.
The unrealized depreciation of investments on Dec. 31 1934 was $3,698,866 less than on Dec. 31 1933.
The income statement for the year ended Dec.31 was given in "Chronicle"
of Jan. 19, page 485.
Balance Sheet Dec. 31
1933
1934
1933
1934
f4abilitiesAssets
945,176 Dividends payable 359,381 , 601,740
285,464
Cash
Due for sec, loaned
a Deposits in for158,200
against cash..
eign currencies
11,394
144,724
81,609
Due for sec. perch.
U.S. Govt.securs. 778,272
Int. & diva. receiv. 493,655
354,398 Reserved for exps.,
88,349
121,946
taxes, &c
Corp. owned stocks
held at cost _ _ _ 1,316,446 1,320,886 b $5.50 cum. prior
10,761,975 10,761,975
Received for secur.
stock
sold
34,104
223,400 c Cum,cony.stock 2,124,690 2,124,900
2,119,039 2,118,913
d Common stock
Special deposits for
22,529,499 24,527,254
dividends
359,381
601,740 Surplus
197,500
Note receivable
a Invests, at cost_34,621,923 37.080,455
38,098,139 40,528,055
Total
38,098,139 40,526,055
Total
a Investments owned on March 31 1931 are carried at the lower of cost
or market, at that date. Subsequent purchases are carried at cost. rho
market value of investments on Dec. 31 1934 was $3,210,923 less than the
amount shown above (1933, $6,909,789) the value of investments not
.
,
readily marketable having been determined by appraisal by the corporation.
b $25 par. c $5 par. d $1 par. Of the unissued common stock, there
are reserved as follows: 1,274,814 shares for conversion of convertible stock:
335,212 shares for exercise of purchase warrants, 200.000 shares for option
at $15 per share and 20,000 shares for option at $8 per share; total, 1,830,026
shares-V. 140, p. 485.
- Shattuck Properties Corp.
-Acquisition, &c.
See W. W. Whitecotton Realty Corp. below.
-Earnings
Scottish Type Investors, Inc.
Undivided profits, Dec 31
$4,347
Balance Sheet Dec. 31
Assets
Liabilities
1934
1934
1933
Loans payable_ _ $14,000
x &curs. owned
6,141
$56,028
$39,393 Due to brokers_
(at cost)
519
668 Accounts payable_
343
Cash
Accr. Fed. Inc. &
Due from subscrib.
14,940
16,250
cap, stock taxes
to cl. A cap.stk.
CI. A cap.stk.subAccr. int. & dive.
93 scrib.(4,000shs.)
18,000
receivable
y67
Cl. A stk. (par $1)
1,895
Cl. B stk. (par $1)
20.000
6,827
Capital surplua _ __
4,347
Undivided profits_
The directors have declared a dividend of 50 cents per share on the common stock, par $10, payable Feb. 15 to holders of record Feb. 6. This
compares with 30 cents per share paid on Nov. 15, Aug. 15, and May 15
1934,40 cents per share on Feb. 15 1934 and 30 cents per share each quarter
during 1933. An extra distribution of 30 cents per share was also made
on this issue on Feb. 15 1933.-V. 139, p. 611.
-Earnings
South Carolina Power Co.
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Nos.30- 1934
-Month-1933
1934-12 Mos.-1933
Gross earnings
$163,662 $2,575,358 $2,114,798
$219,699
Operating expenses,incl.
1,116,245
maintenance & taxes_
133,656
91,328
1,463,831
Fixed charges
46,021
53.898
642,320
566,647
120,000
Prov.for retirement res_
13,000
10,000
153,241
171,450
Divs.on preferred stock_
14,286
14,289
171,431
Balance
-V. 140, p. 326.
$4,857
$2,024
$144,534
$140,455
Southern Indiana Gas & Electric Co.
-Earnings
[A Subsidiary of Commonwealth & Southern Corp.]
Period End.Nov.30- 1934
-Month-1933
1934-12 Mos.-1933!
Gross earnings
$245.204
$227,199 $2.888,187 42,697•581
Operating expenses,incl.
maintenance & taxes_
130,239
1,503,147
149,251
1,622,152
Fixed charges
320,782
26,336
26,333
314,531
Prov.for retirement res_
23,141
277,700
23,141
277,700
Divs.on preferred stock_
45,203
45,174
541,696
542,321
Balance
-V.140, p. 326.
$20,283 def$16,702
$131,482
$54,255
Southern Pacific Lines
-Earnings- '
-Month-1933
Period End. Dec.311934
1934-12 Mos.-1933
By.oper. revenues
$11,746,163 $10,610,959$149,192,709$129,860,962
By. oper. expenses.....8,782,939
8,627,902 113,579,216 102,374,151
By. tax accruals
881,620
590,977 12,274,874 12,435,776
Uncollect. ry.revs
Cr48.999Cr22,593
Cr8,708 Cr146,101
417,989 • 425,284
Equip,rents, net dr
5,585,413
6,058,975
14,323 def128,567
Joint tacit rents, net dr.262,448
284,692
Net ry. oper. income. $1,698,291
-V. 140, p. 153.
$1,072,771 $17,003,658 $9,057,074
Financial Chronicle
Volume 140
Southern Ry.-Earnings-
-Second Week in Jan.- -Jan. I to Jan. 14Period1935
1934
1935
1934
Gross earnings (est.)____ $1,926,258 $1,832,527 $3,707,887 $3.431.104
-V. 140, p. 486.
Stahl-Meyer, Inc. (& Subs.)
-Earnings
--52 Wks.- 10MosEnd.-Years
Period
Sales
Cost of sales
Ended
Oct. 27 '34 Oct. 28 '33 Dec. 31 '32 Dec. 26 '31
$4,728,151 $3,418,879 $4,361,516 $6,707,891
4.764,638 3,331,729 4,320,514 6.506,400
Net inc. from oper_-- loss$36,487
Other income
,
26,919
Total net income_ _ _ _
Prov, for depreciation-Interest charges
Prov.for Fed.inc. tax
def$9,568
121,754
14.040
2,080
Net income
1084147,442
Previous surplus
589.824
Excess of par over coat of
6% pref. redeemed__ _
8,768
Total surplus
Divs.on 6% cum.pf.stk.
Divs. on corn. stock_
Adjustments applic. to
prior periods (net)..
Miscell. adjust. (net)_
Reduction in book value
of investments
$87,150
23,198
$41,002
25,322
$201,491
12,475
$110,348
92.894
11,904
1,980
$66,324
113.560
15,125
2,500
$213,966
118,170
19,771
9.500
$3,569 def$64,861
782,000
637,160
$66,525
892,942
7,350
12,230
9,192
$648,080
55,630
$729,369
75,414
$968,660
81,297
78,000
41
$451,150
x54,794
27,363
2,626
4,999
16,753
649
With respect to the first the Court pointed out that there is no doubt
that goods, wares and merchandise of a kind, gasoline and other petroleum
products, and tires and automobile accessories are sold by the gas statons.
"This satisfies the test of the statute, and subjects the seller to the tax."
SEC Approves Listing of 400,000 Shares of Stock
The Securities and Exchange Commission on Jan. 21 ordered effective
the application of the company to list 400,000 shares of unissued ($25 par)
capital stock on the New York Stock Exchange. The order stated that this
registration is to become effective "upon the effectiveness of registration
statement to be filed with respect to the same shares under the Securities
Act of 1933, and upon official notice of issuance."
Employees Get 400,000 Shares of Stock Under Fourth Plan
The company announced Jan. 22 that it had just distributed more than
400,000 shares of its capital stocks, having -a market value in excess of
$16,000,000,to about 16,500 of its employees who participated in the fourth
stock-acquisition plan. These shares had been accumulating in the hands
of trustees for the employees for the three years ended on Dec. 31 last.
"With delivery of the stock acquired in the plan just wound up," the
company states,"employees have purchased since 1921 a total of 2,117,000
shares of the company's stock. Approximately half of these shares have
been disposed of by the original subscribers, but with the current distribution, present and former employees, many of whom are now annuitants,
hold 4% of the company's capital.
"The stock-buying plan is a part of a far-reaching program for economic
security which has been worked out between employees of the Standard
Oil Co. (N. J.), the stockholders and management during 16 Fears of
operation under industrial representation. In many respects these plans
provide the major features of the various proposals now under consideration at Washington as a part of the Administration's social legislation
program. The right of workers to deal collectively with management.
which was incorporated into the National Recovery Act in the much discussed paragraph 7a, has been enjoyed by employees of Standard Oil Co.
(N.J.) since 1918 when they voted to establish the industrial representation
.
plan.'
W. C. Teagle, President of the company, in a message to employees
concerning thefunctioning ofthe industrial representation plan,said in part:
"The right to deal collectively with management on matters affecting
employment is now assured to all workers through the NIRA. At best a
law can only lay down basic requirements. It will be many years before the
collective bargaining idea is developed in industry generally to the extent
attained in our organization since 1918.
"Collective bargaining may be approached either from a selfish or a cooperative basis. Our meetings have reflected a sincere effort to deal fairly
with all concerned. Our joint conferences are agencies which, with continuing mutual confidence and good-will as their basis, should succeed as in
the past in solving our day-to-day problems. -V.140, P. 486.
Surplus
$589,824
$637,160
$782,000
$391,357
x Dividends paid on preferred stock to July 1 1934.
Consolidated Comparative Balance Sheet
AssetsOct. 27 '34 Oct. 28 '33
Oct. 27 '34 Oct. 28 '33
LiabilitiesCash
$204,869 $161,718 Accts. payable &
U. S., &c., securs.
$74,249
672,411
accrued
(et cost)
101,052
378,727 Mtge. instal. mat.
Accts. receivable,
9,000
9,000
within one year.
less reserve_ _ _ _
5,001
36,063
273,530
193,999 Reserve for taxes_
Inventories
406,010
372,742 Mortgage Ar other
Prepaid expenses_
252,000
243,000
liabilities
29,477
32,867
Investments0,754
7,753 6% cum. pref. stk. 1,205,300 1,234,500
Land
426,800
138,220
135,623 y Common stock_ 426,800
x Plant & equip't. 1,218,630 1,281,027 Surplus
589,824 e--391,357
-Reorganization Plan'-'l
--Standard Textile Products Co.
Deposits At advs
4,791
21,877
The company, on July 26 1934, filed a voluntary petition for reorganiLeaseholds,
less
zation under Section 77-B of the Federal Bankruptcy Act in the U. S.
amortization
2,434
3,201
District Court for the Southern District of New York, where proceedings
Good-will, tradefor such reorganization are now pending. By the unanimous vote of
marks, ,te
1
1
directors the company adopted a plan of reorganization, dated Dec. 10
1934, wnicn was filed on Dec. 19 1934. In a letter to security holders,
Total
Total
$2,385,769 $2,589,537
$2,385,769 $2,589,537
James T. Broadbent, President. says in part:
x After reserve for depreciation of $829,467 in 1934 and 11765,562 in
The company's recourse to the courts for reorganization was deemed
1933. y Represented by 130,000 shares of no par value.
-V.139, p.2217.
advisable by the .Directors in order that cash working capital might be
conserved during the continuance of unfavorable business conditions and
Standard Gas & Electric Co.
-Weekly Production
until a more normal basis of operations could be attained, and in order that
Electric output for the week ended Jan. 19 1935, totaled 86,420,603
during such period the company might obtain temporary relief in the
payment of bond interest and in the payment of accumulated cotton prokwh., an increase of 8.1% compared with the corresponding week last year.
cessing and floor taxes.
and a decrease of 55,624 kwh., or 0.06%, under the week ended Jan. 12
During the period of the last ten years the company and subsidiaries have
this year.
-V. 140, p. 486.
been reducing both funded and unfunded debt. At the beginning of 1925
the company and its subsidiaries had outstanding bonds and bank loans
Standard Oil Co. (New Jersey)
-Declares Additional
1934 the amount of outstanding
Dividend of One Share of Mission Corp. Stock for Each 75 aggregating $11.100,000 and at Oct. 27As a consequence of this reduction
bonds and bank loans was $5,242,100.
of $5,857,900 in funded debt and bank loans the current assets of the comShares ($25) of Own Stock
pany have been materially reduced. Under existing conditions, with inThe directors on Jan.24 declared a dividend on the capital stock, payable
including particularly the
creased costs of raw materials, labor and
in common stock of Mission Corp. on the following basis: one share of such cotton processing and floor taxes, we felttaxes, such reduction of current
that
stock of Mission Corp. for each 75 shares of Standard Oil Co. ($25 Par).
assets could not be carried further without endangering the company's
such dividend being payable March 15 to holders of record Feb. 15. Distriworking capital position. Certain operating economies, including subbution of this dividend will be made by mail.
stantial salary reductions, have not offset the effect of other increased operIn payment of this dividend no certificate representing less than one whole
ating costs and a decreased volume of business.
share of Mission Corp. will be distributed, but stockholders who would
The plan of reorganization submitted was formulated by the directors
otherwise be entitled to a certificate for less than a whole share will receive,
as being equitable for both bondholders and stockholders after a careful
in lieu thereof, a scrip certificate.
analysis of the condition of toe company and the relative priority of the
This dividend is in addition to the distribution (V. 140, p. 327) of one
various classes of security holders.
share of Mission for each 25 shares of Standard Oil Co. (New Jersey) announced on Jan. 4.
Digest of Plan of Reorganization
The following statement was issued by the company in connection with
Capitalization and Funded Debt Sept. 1 1934
the dividend declaration:
Outstanding
Authorized
"In addition to the 1,050,000 common shares of the Mission Corp.
50,000 shs.
50,000 shs.
Class A $7 preferred stock (no par)
recently issued by that company to the Standard 011 Co.of New Jersey in
50,000 she. b40,000 sns.
Class B $5 preferred stock (no Par)
exchange for 1,128,123 shares of the common stock of the Tide Water Asso300,000 aha. 186.650 shs.
common stock. no par value
ciated Oil Co., Mission has issued 349,345 of its common stock to the
-year 6 % gold
1st mtge. sinking fund 20
Standard Oil Co. of New Jersey in exchange for 557,557 shares of the
45,222,100
bonds due Sept. 1 1942
common stock of the Skelly Oil Co. The dividend action will effect the dis(a) Scrip certificates dated Sept. 1 1932, March 1 1933 and
tribution of such additional 349,345 shares of Mission stock among the
Sept. 1 1933 representing respectively a portion of the instockholders of the Standard Oil Co. of New Jersey.
stalments of interest severally maturing on said dates, and
"The Skelly Oil stock now owned by the Mission Corp. represents an
(b) the deferred portion of the installment of interest due
investment made some time ago by one of the subsidiaries of the Standard
336,432
March 1 1934 (aggregate)
011 Co. of New Jersey and recently acquired by the latter company for the
Interest coupons maturing Sept. 1 1932 to March 1 1934, both
purpose of making this distribution."
46.748
dates incl., on which no payment has been made (aggregate)
The holdings of the Mission
now consist of 1,128,123 shares of
$91,500 additional are held uncanceled in the treasury. b Of which
Tide Water Associated common Corp'
and 557.557 shares of the Skelly Oil Co.
600 shares are held in the treasury.
At the close of 1933 the Skelly Oil Co. had outstanding 1,008,549 shares of
-No interest on scrip certificates or on interest coupons has been
Notes
common stock of $25 par value. As a result of this deal the Mission Corp.
included in the preceding statement.
now has a majority of the common stock of Skelly Oil Co., which is selling
Settlement for interest certificates or on interest coupons has been inon the New York Stock Exchange around $7 a share. Mission's holdings of
cluded in the preceding statement.
Tide Water Associated amount to about 20% of the common stock of that
Settlement for interest coupons on the bonds due Sept. 1 1932 and March 1
company outstanding.
on the basis of one-half in cash and one-half in scrip
United States Supreme Court Declares Valid West Virginia 1933. was offered five years from the respective maturity dates of the
certificates maturing
coupons. Settlement for the Sept. 1 1933 interest coupons on the bonds
Levy on Chain Stores
was offered on toe basis of $1.09 in cash and $2.16 in five-year certificates
The U. S. Supreme Court in a decision handed down Jan. 14 upheld the
for each $3.25 face amount of coupons. Settlement for the March 1 1934
constitutionality of a West Virginia chain store license tax under which
interest coupons on the bonds was offered on the basis of $1.75 in cash
the company paid $240,173 on 1,003 service stations and bulk plants in
for each $3.25 face amount of coupons and an extension of the balance
1933, while 2,000 "independent" gasoline stations contributed a total of
of the coupon ($1.50 of each $3.25 of face amount) to the maturity of the
only $5.000. The "Wall Street Journal" in reporting the matter stated:
principal of the bonds.
Discussing the rights of a state to tax large chains more heavily than
The holders of over 93% in face amount of the aggregate of the interest
small ones the Court said:
coupons on the bonds maturing between Sept. 1 1932 and March 1 1934,
"Not only may it do this, but it may make the tax so heavy as to discourboth dates included, have accepted the several offers of the company in
age a multiplication of units to an extent believed to be inordinate and by
respect of their payment so that as of Sept. 1 1934 the aggregate face
the incidence of the burden develop other forms of industry."
amount of coupons maturing between said dates which have not been
The second pronouncement was reminiscent of many New )Deal speeches.
surrendered pursuant to such offers is $46,748, or less than 7% of the face
"A motive to build up through legislation the quality of men may be as
amount of coupons originally outstanding.
creditable in the thought of some as a motive to magnify the quantity of
Cumulative dividends on the preferred stock (both classes) remain untrade," the Court stated, in a five to four opinion read by its latest liberal
paid from and after April 1 1930.
addition, Justice Cardoza. Chief Justice Hughes, and Justices Brandeis,
New Company
-The fixed properties are located in Ohio, Illinois, New
and Roberts joined with Justice Cardoza in upholding the tax, while
Stone
Jersey, New York and Georgia. Company also owns all of the capital stock
Justices Van Devaneter, McReynolds, Sutherland and Butler dissented.
of Mobile Cotton Mills (Ala.). owning property in Alabama. Mississippi and
Explaining the decision touching the state's rights to lay heavy taxes,
North Carolina, Mobile Cotton Mills also owns all of the capital stock of
the Court reverted to previous decisions saying:
Albion Kaolin Co.(Ga.), owning property in Georgia. Standard also owns
"In principle there is no distinction between such an exercise of power
all of the capital stock of Cotex Corp.(Del.), owning property in New Jersey,
and the statute upheld in Magnano Co. v. Hamilton, supra, whereby
and 80% of the capital stock of Wadsworth & Woodman Co.(Me.), owning
sales of butter were fostered and sales of oleomargarine repressed," the
property in Maine.
majority opinion asserted. Then, after stating that a motive to build up
A new company to be organized in Delaware or such other State, and
the quality of men mirlit be as creditable to some minds as that of magniwith such name, as the reorganization managers snail determine, will
fying trade volume, the Court continued:
acquire (a) all of the assets mortgaged and pledged at the time of transfer
in adjudging legislative
Courts do not choose between such values
under the debtor's trust indenture securing the bonds, free and clear of
powers. They put the choice aside as beyond their lawful competence."
the lien of the trust indenture, and (b) all other assets of the debtor of
Along the same line, the majority opinion declared: "When the power
,
whatever nature and wheresoever located owned by it at the time ot
to tax exists, the extent of the burden is a matter for the discretion of the
transfer.
lawmakers."
Authorized Funded Debt and Capitalization of the New Company
deciding the question the Supreme Court found: First, that the
In
To Be
filling stations and the distributing plants are stores or mercantile estabAuthorized Outstanding
lishments within the meaning of the West Virginia statute.
$6,000,000 45.722.100
1st mtge bonds (new bonds)
Second, that the statute in its application to Standard Oil of New Jersey
Preferred stock (par $10)
200,000 shs. 102,221 shs.
and others similarly situated does not deny to the taxpayer the equal proCommon stock (par $1)
250,000 sos. 67,316 81213.
tection of the laws; and third, that the statute does not violate the constix $5,222,100 issuable to holders of old bonds and $500,000 subject to
tution of West Virginia which requires that taxation shall be equal and
issuance in connection with processing and floor taxes.
uniform throughout the State.
650
Financial Chronicle
Jan. 26 1935
Description of Securities of the New Company
Supervised Shares, Inc.
-Earnings
New Bonds
-New bonds will be dated for convenience as of Sept. 1 1934,
Statement of Income from Investments 3 Months Ended Dec. 31 1934
and will mature Sept. 1 1954. Until and including Sept. 1 1937 interest
will be payable in cash only if earned and then at the rate of not exceeding
Income-Cash dividends
$111.033
5% per annum; the amount to be paid in cash by way of interest in each of
Stock diva.,representing per share amounts charged to surplus
by payer corporations
the years 1935, 1936 and 1937 shall be not less than the amount of net
7.011
earnings applicable to the payment ofinterest for the next preceding calendar
year, but not exceeding 5% per annum, and if interest on the new bonds
Total
$118.045
shall not be paid in cash annually at the rate of at least 3% Per annum until
Expenses
12,306
Sept. 1 1937, the deficiency below 3% shall be payable as provided. Interest maturing after Sept. 1 1937, on the new bonds shall be payable in
Net income
$105.738
cash unconditionally at the rate of 5% per annum, payable March 1 and
Earned surplus Oct. 1 1934
2,033
Sept. 1 in each year, beginning with March 1 1938. New bonds will be
callable on any interest date at par and interest.
Total
$107,772
Indenture shall contain provisions to the effect that to the extent that
Accrued distributable funds included in consideration paid for
earnings applicable to the payment of interest for any year shall exceed
capital stock reacquired (less comparable amounts received
an amount equal to 5% af the outstanding new bonds, (a) one-half of such
on subscriptions)
553
excess shall, until the aggregate principal amount of outstanding new bonds
shall be reduced to not more than $3,000,000, be applied to the purchase
Remainder
$107,218
of new bonds in the open market at not exceeding their redemption price
Distribution to stockholders
88.430
or to their call by lot, and (b) one-quarter of such excess shall thereafter
be so applied; any new bonds so purchased or called shall be canceled and
Earned surplus Dec.31 1934
$18,787
shall not be reissued.
Note
-Net loss from sales of securities during the period amounted to
Capital Stock-Preferred stock shall be entitled to receive non-cumulative
$267,410, which has been deducted from paid-in surplus.
dividends at the rate of not exceeding 5% per annum, and no dividends
Statement of Paid-in Surplus 3 Months Ended Dec. 31 1934
shall any time be payable on shares of the common stock unless dividends
aggregating at least 10% shall have been paid on the outstanding shares of
Balance Oct. 1 1934
$7,305,286
preferred stock within a period of 24 months immediately preceding the
Excess of cost of capital stock reacquired over par value thereof
month in which any such declaration of a dividend on the common stock
(less a comparable excess of consideration received for capital
shall be made. Each share of stock-preferred and common-shall be
stock subscribed, after charging $553 to earned surplus as
entitled to one vote at any meeting of the stockholders and the charter of
described above)
114.537
the new company shall contain appropriate provisions permitting cumuNet loss on sales of securities
267,410
lative voting. Shares of the preferred stock shall be entitled, upon liquidation (whether voluntary or involuntary) or upon call for redemption, to
Total
$381.948
receive $10 per share if such liquidation or redemption be effected on or
before Sept. 1 1939; to $12.50 per share thereafter and to and including
Balance Dec. 31 1934
$6.923,338
Sept. 1 1944; to $15 per share thereafter and to and including Sept. 1
Balance Sheet Dec. 31 1934
1949; to $17.50 per share thereafter and to and ine.l. Sept. 1 1954; and to
Assets
Liabilities-$20 thereafter. Shares of the Preferred stock may be converted at any
Securities at cost
$7,426,111 Accts. payable & accrued taxes
$5,545
time, at the option of the holder, into a like number of shares of common
Cash
198,199 Due to Massachusetts Disstock. Such privilege of conversion as to each share of preferred stock shall
Dividends receivable
51,312 tributors, Inc
10,443
continue for a period of 90 days after the date fixed for the redemption
Deterred charges
88,430
thereof.
1,700 Distribution pay. Jan. 15 1935
630,777
Capital stock
Distribution of Securities of the New Company and Treatment of Claims Against
6,923,338
xPaid-in surplus
Company
18,787
yEarned surplus
The securities of the new company shall be distributed as follows:
(a) Holders of old bonds will receive for each $100 thereof (with interest
Total
$7,677,323
$7,677,323
Total
coupons maturing Sept. 1 1934 and thereafter attached), (I) $100 of new
x Including $38,458 set aside for treasury stock in accordance with the
bonds, and (2) one share of preferred stock of the new company. provided:
laws of the State of Delaware. y Excluding realized or unrealized profit
1. That if the coupons maturing from Sept. 1 1932 to March 1 1934. both
or losses on securities.
-V. 140. p. 487.
dates included, have been surrendered pursuant to the aforementioned
offers of the company such old bonds shall be accompanied by all of the
Tacony-Palmyra Bridge Co.
-Earnings
scrip certificates issued pursuant to such offers;
Years Ended Dec. 31
1932
1934
1933
2. That if none or less than all of the coupons maturing from Sept. 1
Tolls
$577.159
$511,965
$509,737
1932 to March 1 1934, both dates included, have been surrendered pursuant
Operating and maintenance
45,368
49,326
43,537
to such offers of the company the old bonds shall be accompanied by (a) all
Depreciation
42,000
48,000
42,000
interest coupons appertaining to the old bonds maturing between said dates,
Administration and general expenses_
66,367
59.387
60,799
or, as the case may be. (b) the unsurrendered interest coupons maturing
Taxes
37,922
35.369
35.857
between said dates and scrip certificates in respect of the coupons which
Interest
197,515
194,788
191,590
have been surrendered. For any such unsurrendered interest coupons
Other expenses
128
1,050
maturing from Sept. 1 1932 to March 1 1934, both dates included, the
Federal income tax accrued
23,549
bolder shall also receive an amount in cash equal to the amouht which he
14,180
15.967
would have received had he accepted the pertinent offer of the debtor in
Profit before other income
$164,310
$114,197
$115,651
respect of the coupons not previously surrendered. The total cash thus
Profit on sale of co.'s bonds retired__ _
5.737
6,713
9,028
required on such coupons unsurrendered as of Sept. 1 1934 is $22,360.
Provided, however, that should an old bond not be accompanied by the
Net profit
$170,047
scrip certificates and(or) coupons required under the provisions of the
$120,910
$124,680
Surplus Jan. 1
121.790
x93,387
105,659
foregoing subparagraphs numbered 1 and 2 the amount of preferred stock
of the new company deliverable in respect of such old bond Shall be ratably
Total surplus
$291,837
$230,338
$214,297
adjusted and decreased; and
Less reserve for contingencies,&c
6,000
6,000
Provided, further, that the holders of scrip certificates (who are not also
6,000
Preferred dividends
30,000
37,500
holders of old bonds) shall receive shares of preferred stock of the new
22,500
Class A dividends
90,000
45,000
45,000
company at the rate of one such share for each $10.16 principal amount of
Common dividends
72,000
36,000
said scrip certificates so held.
36,000
simil
Div. on 734% cum. pref. held in in(b) Holders of class A $7 preferred stock will receive, for each share of
vestment account
Cr300
Cr1,050
Cr862
such stock and all rights appurtenant thereto in respect of accumulated
dividends, one share of preferred stock and one share of common stock
Surplus Dec. 31
$94,136
$106,887
$105,658
of the new company.
(c) Holders of class B $5 preferred stock will receive, for each four shares
x As adjusted.
-V. 139, p. 3337.
of such stock and all rights appurtenant thereto in respect of accumulated
dividends, one share of common stock of the new company.
Tennessee Electric Power Co.
-Earnings
(d) Holders ofcommon stock will receive,for each 25 shares ofsuch stock,
[A Subsidiary of Commonwealth & SouthernlCorP.1
one share of common stock of the new company.
Period End. Dec. 31--1934-Month-1933-V-1934-12 Months-1933
(e) The U. S. Govertment asserts a claim against the company in the
Gross earnings
$1,055,771 $1,004,980 $12,406,737 $11,410,158
approximate amount of $279,046 as of Oct. 31 1934, for processing and
Oper. exp., incl. maint.
floor taxes under the Agricultural Adjustment Act and also asserts a claim
and taxes
623,992
547,797
5,546,784
6,609,094
for interest and penalty in respect of such taxes.
Fixed charges
223,986
217,974
2,659.206
2,648,487
The new company shall assume the indebtedness owing by the company
Provision for retire't res_
105,000
105,000
1,260,000
1,260,000
for processing and(or) floor taxes and interest and penalties thereon (inDivs. on pref. stock
129.165
129,377
1,552.596
1.551.786
cluding the unpaid portion of the amount asserted to be owing as aforesaid as of Oct. 31 1934, and amounts accruing thereafter and prior to the
Balance
def$26.373
$391,571
$4.829
$3337,369
date of consummation of the plan) on tbe date of consummation of the
-v. 139. p. 4138.
plan, subject to the same right to contest the same as the debtor has or
would have. The new company, may, with the approval of the reorganiTexas Corp.
-Holdings of Indian Refining Co. Stock
zation managers, pledge with the Secretary of the Treasury of the United
The New York Stock Exchange has been notified that of a total of
States, or such other official as may be designated for the purpose, not to
1,270,207 shares of common stock of Indian Refining Co. outstanding.
exceed $500,000 of the new bonds as security for the payment of prothe Texas Corp. has acquired and holds at present time 1,146,455 shares.cessing and(or) floor taxes and(or) penalties and(or) interest thereon of
V. 139, p. 3975.
the debtor at the time of the consummation of the plan under an agreement
whereby the new company shall pay on account of the amounts owing as -----, Textileather Corp., Toledo,
0.
-Plan of Rekigantzgik
aforesaid not less than the sum of $10,000 per month.
A plan of reorganization has been approved by the reorganization com
The U. S. Government also asserts a claim against Mobile Cotton Mills,
the corporation's debentures, notes an
mittee representing holders of
a subsidiary of the debtor, in the approximate amount of $210,000 as of
preferred and common shares. The plan has been filed with the U. S.
Oct. 31 1934, for processing and floor taxes, and also asserts a claim for
District Court for Northern District of Ohio under Section 77-B of the
interest and penalties in respect of such taxes.
Bankruptcy Act.
It is contemplated, if required by the Government, that Mobile Cotton
Mills will, to secure the indebtedness for processing and floor taxes owing by
Outstanding Notes, Debentures and Shares
it as of the date of consummation of the plan, execute and deliver to the
As of Aug. 31 1934, there were outstanding the following amounts of
Government a mortgage on substantially all of its fixed assets and that
notes, debentures and shares (showing also the amounts deposited with
the Government will agree not to undertake to enforce such security or
the reorganization committee). The interest is accrued to Oct. 1 1934.
taxes so long as the new company shall continue to make the payments of
for the reason that the amount of new securities to be issued under the
not less than $10,000 per month to be provided for in the agreement above
plan of reorganization will be determined by the principal and interest due
mentioned.
as of said date.
It is further contemplated that such agreement with the Government will
provide that the Government will not undertake to enforce such security
NotesOutstanding
Deposited
or taxes for the obligation of Mobile Cotton Mills, owing on the date of
(1) Commerce Guardian Trust &
the consummation of the plan, after discharge of the taxes of the debtor
Savings Bank
$4N
owing on said date, if thereafter there shall be paid in liquidation of the
Accrued interest on above
$446,458
$46,458
said taxes of the Mobile Cotton Mills (to be secured as aforesaid) not less
(2) Ohio Savings Bank & Trust Co.._
20,000
than $10,000 per month.
Accrued interest
1,842
21,842
21,842
Any such agreements or provisions relating to said taxes shall not affect
(3) Farmer's National Bank of Bryan
z10,000
any liability of the new company or of Mobile Cotton Mills for taxes accruAccrued interest
1,260
11,260
ing after the consummation of the plan.
(4) May Ford
15,000
Reorganization Managers
Accrued interest
-John C. Meiners of Chicago, Robert J. Sachs
4,729
19,729
19,729
of Cleveland and James T., Broadbent of New York City are appointed
(5) Ajax Investment Co
50,000
reorganization managers to have general supervision over the consummation
Accrued interest
12,764
62,764
62,764
of the plan, subject to the approval of the bankruptcy court.
-V. 139,
Total notes and interest
p. 2374.
$162,054
$150,794
Debentures
Sterling Products, Inc.
-Obituary
Total debentures outstanding
$450,000 y$443,000
H. Frederick Behrens, President of this company, the Bayer Co., Inc.,
Accrued interest on same
90,895
89,629
and Charles H. Phillips Chemical Co., and a director of Drug Inc., died
Total
on Jan. 17.-V. 139, p. 3490.
$540,895
$532,629
Preferred Shares
St. Louis Southwestern Ry. Lines-Earnings3,750 shares at $100 par value
$375,000 z$325,000
-Second Week of Jan.- -Jan.1 to Jan.14Common Shares
Period117,867 shares (without par value, issued at $7.50
1935
1934
1935
1934
per share)
Gross earnings
$260,100
$232,006
$504,500
117,867 she. 65,821 shs.
$466,710
-V. 140, p. 485.
z The $10,000 note which has not been deposited is held by the receiver
of Farmer's National Bank of Bryan, Ohio. y The $7,000 of undepoolted
Stelkton Tyminal & Eaz:ern R.-Reco traction Loan debentures are also held by the receiver of Farmer's National Bank of Bryan,
Th application f the company for a loan f $65,00 from the ReconOhio. z The 500 shares not deposited are held by the receiver of First
Finance Corporation app
struct
ed by) Interstate ommerce ComNational Bank of Toledo, Ohio.
mission, on July 23 1932, has been dismiss° the company-on-Jan. 71935.
The foregoing classes of deposited securities have been subordinated for
applicatiora„
-V. 13 p. 1161.
,
1
the security and protection of the corporation's trade indebtedness llD to
in
411 4"1"r*Iffirs
"
=e-
Volume 140
Financial Chronicle
but not exceeding the sum of $200,000. The indebtedness entitled to the
benefit and protection of this subordination, however, as of Aug. 31 1934,
aggregated only $70,959.
Plan of Reorganization
In general the reorganization will not change the position of current or
future trade and purchase creditors except as they may be affected by the
termination of the subordination agreement and except as they may be
indirectly affected by the creation of the mortgage upon the corporation's
properties. Attention is called, however, to the plan for liquidating the
accounts of purchase creditors representing supplies and raw materials
delivered prior to Oct. 31 1934. The general terms and provisions of the
reorganization plan follow:
(1) Treatment of Trade and Current Creditors
As of Aug. 31 1934 the corporation showed upon its books the following
current liabilities:
Notes and Trade Acceptances Payable
New boiler equipment duo 1934
$8.005
New boiler equipment duo 1935
$19,473
11,468
Accounts and Accrued Items PayablePurchasotcralitors
$34,524
Employees' badge deposits
144
Accrued taxes
2,943
Accrued interest payable
2,695
Accrued payroll
4,866
Due the Commerce Guardian Trust S.; Savings
Bank on stop payment check
51.485
6.310
Total current liabilities
$70.959
Note
-The note for $10,000 held by First National Bank of Bryan. Ohio,
and which has not been deposited as yet with the committee, is not listed
above, since it will be subject to the plan of reorganization upon approval
of the same.
With the exception of the amounts due purchase creditors and the amount
due the Commerce Guardian Trust & Savings Bank upon the stop-payment
check, the foregoing items of current indebtedness, as they may stand
increased or reduced upon consummation of the plan of reorganization, will
remain generally unaffected by the plan and will be carried upon the
books of the reorganized corporation as current liabilities and paid as such.
(2);Treatment/or Classes of Securities
Notes-The outstanding notes with interest accrued thereon to Oct. 1
1934, aggregate $162,054. In order to refund these obligations, now first
mortgage:5% 5
-year notes will be created in the total amount of the now
outstanding notes plus accrued interest to Oct. 1 1934, and issued to the
holders thereof in exchange for the present unsecured obligations and
accrued interest. This will enable the corporation to provide for the payment of this indebtedness over a period of five years, with the added
benefit of a reduction of 1% in the interest rate.
Debentures-The outstanding debentures, amounting to $450,000. and
on which there will be $90,895 in accrued interest to Oct. 1 1934, will be
extended and made payable on or before 10 years from date, or exchanged
for new debentures payable in like manner.
To pay the accrued,interest upon the same to Oct. 1 1934, and interest to
accrue for two years, to wit, until Oct. 1 1936, both at the rate of 7% Per
annum, additional debentures of the same class will be issued, in the aggregate amount of $153,895. At the end of two years, to wit, beginning
Oct. 1 1936, the debentures will bear interest at 6% per annum.
Preferred Shares-The corporation's outstanding preferred shares amount
to 3,750 shares with an aggregate par value of $375,000 and cumulative
dividends upon the same will have accrued in the amount of $164,062 to
Oct. 1.11934, equal to $43.75 per share. Under the plan the existing preferred !shares will be changed from cumulative to non-cumulative and
additional shares issued to cover accrued and unpaid cumulative dividends
to Oct. 1 1934, to the extent of $40 per share, the balance of unpaid dividends being released and canceled in the transaction. The total outstanding issue of thelnew preferred shares will thereafter have an aggregate
par value of $525.000.
Each holder of one of the corporation's outstanding preferred shares will
receive in exchangolfor such share and all accumulated dividends thereon
one new non-cumulative preferred share with the same par value of $100
and a certificate stating in effect that it represents 840 of the preferred
stock of the corporation, and, upon surrender with like certificates in sums
aggregating $100, or any multiple]thereof, it is exchangeable for certificates
representing full shares of said preferred stock.
Common Shares
-No change will be made in the number, terms or provisions of the common shares, exceptfas they may be indirectly affected by
the corporation's other and prior securities issued or to be issued hereunder.
Appropriate action, however, will be taken toward a reduction of capital
of the corporation represented by common shares in order to eliminate the
existing deficit. The present 117,867 common shares without par value
were carried at the stated value of $7.50 per share and the total capital
represented thereby is $884,002. Deducting the deficit existing as of
Aug. 31 1934. in the amount of $438,021 would give such shares an aggregate book value of but $445,981. The increase in the funded debt of the
corporation underlthe plan of reorganization has the effect of still further
reducing this book value. It is therefore proposed to reduce the stated
capital of the corporation, represented by such common shares, by such
anjamount as will eliminate the existing deficit and set up, upon consummation of the plan, a small surplus. Thereafter these common shares will
represent $235,734 stated capital of the corporation or an amount equal to
$2 per share instead of $7.50 per share.
Pro Forma Balance Sheet Aug. 31 1934
(Giving effect to proposed reorganization]
AssetsLiabilities
Current-Cash
$3,498 Notes & trade accept. payable $53,998
Notes receivable
3,202 Accts.& accrued items payable
15,742
Accounts receivable
133,225 1st mtge. 5% 5
-year notes. _ __ 162,053
Inventories
190,471 10-year gold debentures
525:000895
603
Other
3,593 7% preferred stock
Deferred charges to operation_
83,555 Common stock
235,734
Fixed assets
1,231,018 Surplus
Other assets
Appreciation in surplus
5,96
Total
$1,654,559
Total
81,654.559
5M12
Thomas Allec Corp.
-Earnings
Years Ended Oct. 31Dyeing & cleaning oarnw. (loss returns & allow.).. _
Plant operations
Collection and delivery
Administrative and general
Interest paid
Miscellaneous income
Depreciation
1934
$781,027
395,928
218,951
171,049
8,421
Cr1,176
55,012
1933
$843,199
414,865
228,278
197.590
8,661
Cr1,390
56.440
Not loss for year
$67,159
$61,245
Balance Sheet Oct. 31
AssetsLiabilities-1933
1934
1934
1933
Cash in banks and
Accounts payable_ 319,178
317,173
on hand
$35,198
$47,437 Accrued wages and
Accts. receivable
commissions _ __
75,636
83,637
14,960
16,251
Investment in real
Accrued real estate
estate in Sacra& personal propmento
6,633
6,373
erty taxes
9,970
9,152
a Capital assets_ __ 1,106,314 1,200,715 Sundry
850
850
Good-will & trade
Note pay. secured
routes
114,216
114,216
by deed of trust
Deferred charges
29,145
on real property
35,268
due June 23 1935 150,000
150,000
Mtge. notes pay'le
on Sacramento
Investment real
estate
753
1,304
b Capital stock_._ 1,300,144 1,300,144
Capital surplus
30,408
Operating deficit
128,972
37,376
Total
$1,366,882 $1,487,906
Total
$1,366.882 $1,487,906
a After reserve for depreciation of $491,981 in 1934 and $492,477 in 1933.
b Represented by 60,006 shares class A stock and 39,999 2-3 shares class
B stock, all of no par value.
-V. 138, p.700.
651
Water Oil Co.-Acquirition-r/
The company announced on Jan. 19 that it(hadbought the Universal
Gas & Oil Co. of Easton. Pa. which has bee -distributing oU products
;„(
since 1931 in Northampton a
Lehigh counties. Pa., serving dealers as
well as operating its own service stations. The consideration was not
announced.
-V. 139, p. 2848.
Title Insurance & Trust Co.
-New President, &c.
-
The directors on Jan. 9 elected William H. Allen, Jr., Chairman of the
Board, and Stuart 0.Melveny. President.
-V. 134. p. 4509.
11
Travelers Insurance Co.
-New Officers
The company has named John McGinley a Vice-President and Louis R.
Lyman as Assistant Secretary of the life department -V.139, p. 1881.
Traveiers Indemnity Co.
-New Vice-President
-
J. W. Randall has been elected Vice-President.
-V. 139, P. 3975-7'
Tr -Continental Corp.
-Annual ReportTho corporation reports as of Dec. 31 1934, net assets of $37,905,890.
equivalent to $4,996.22 for each $1,000 of debentures, $116.25 a share of
preferred stock and $1.74 a share of common stock outstanding in the hands
of the public. Before giving effect to payments during the year of $1,944,097 for interest on debentures and dividends, this was an increase of
8.5% as compared with net assets on Dec. 31 1933, which were $36,720,082, equivalent to S4,839.93 for each $1,000 of debentures, $111.71 a share
of preferred stock and $1.25 a share of common stock.
On Dec. 31 1934 the corporation's net assets included 54.3% in common
stocks, 29.8% in bonds and preferred stocks, 10.3% in securities and notes
of subsidiary and affiliated corporations, 5.1% in U. S. Government
securities and cash or its equivalent, and .5% in a secured note receivable.
In his letter to stockholders, Earle Bailie, Chairman of the Board, says:
"Changes in the portfolio during the year were designed to maintain the
investments of the corporation in a position considered appropriate to the
business andieconomic outlook and also to increase income available for
dividends on the corporation's preferred stock. Holdings of non-income
securities were somewhat reduced and there was an increase in investments
in bonds and dividend paying stocks.
"The corporation's income from interest, cash dividends, fees for investment service. &e., after general expenses and taxes, as shown by the income
statement, was equivalent to 4.4 times the interest requirements for the
period. The remaining income was approximately 83% of the dividend
requirements on the preferred stock outstanding in the hands of the public.
During the second half year the dividend requirements were covered more
than 90%."
In accordance with the corporation's practice in its annual report, the
securities in its portfolio are listed in detail, with value as of Dec. 31 shown
for each item.
Statement ofSurplus and Undistributed Net Income Account Dec. 31 1934
Surplus, Dec. 31 1933
$36,195,987
Loss on sales of securities
$2.505,033
Less profit on syndicate participations
37,501
Balance
Transfer to reserve for contingencies
$2.467,531
67.132
2,534,664
Balance
Undistributed net income account from Oct. 30 1931:
Balance, Dec. 31 1933 (deficit)
Net income, as per statement
Total
Preferred dividends
Deficit
$33.661,323
$650,895
1,303.412
$652,516
1,564,752
$912,235
Surplus. Dec. 31 1934
832.749,088
The unrealized depreciation of investments on Dec. 31 1934 was $3,982,643 loss than on Dec. 311933.
The income statement for the year ended Dec. 31 was given in "Chronicle"
Jan. 19, page 487.
Balance Sheet Dec. 31
1933
1934
1933
1934
AssetsLiabilities$
Cash
1,335,183 1,848,840 Dividends payable
Deposit in foreign
& Interest accr'd 513,989
557,401
currencies
26,021
Due for secs.loaned
U.S. Govt.secure. 1,495,025
against cash_ _ __ 931,400
365,670
c Invests, at cost_46,248,914 49,498,393 Due for sec.purch. 146,880
48,465
Corp.'s own pref.
Res. for expenses,
stock held
1,826,183 1,825,352
399,311
taxes, &c
334,804
Note receivable_ __ 197,500
5% cony. debs _ ___ 2,460,000 2,460,000
Rec,for secs. sold_
81,790
111,849 Inv. E.5% debs_ 5,126,900 5,126,900
Int. & divs. & fees
a $6 cum. pf. stk. 7,396,350 7,396,350
469,091
rec., &c
462,624 b Common stock_ 2,429,318 2,429,318
516,942 Surplus
Spec.deps.for divs 473,530
32,749,088 35,545,092
Total
52,153,237 54,264,000
52,153,237 54,264,000
Total
a Represented by 295,854 (no par) shares. b Represented by 2,429.318
shares of no par value. There are reserved unissued a total of 1,489,783
shares as follows: For the conversion of convertible debentures 196,800
shares on or before Jan. 1 1953 at $12.50 per share, for the exercise of
warrants or options to subscribe to common stock, 1,230,544 shares at any
time at $18.46 per share, 3,159 shares on or before April 1 1948 at $45 Per
share, 59,280 shares on or before March 1 1939 at $24 per share. c The
market value of investments on Dec. 31 1934 was $10,429,583 less than
cost ($14.412.226 on Dec. 31 1933), the value of investments not readily
marketable having been determined by appraisal by the corporation.
-V.
140, p. 487.
Buffalo Mills Co.
-Accumulated Di idend-11-614k.„.<
,
A dividend of 1U% was paid on the 7% pref. stock, par $100, on account
of accumulations on Dec. 31 last. Similar distributions were made on Oct.
31, July 2 and Feb. 15 1934. previous to which no dividends were paid on
this issue since Feb. 15 1930.when a regular semi-annual distribution of
33%% was made. Accrualsion the 7% prof. stock following the Dec. 31
payment amount to 26J(%.
-V. 140, p. 328.
United Corp.
-Report to Stockholders
George H. Howard, President, says in part:l
During the year 1934 the only changes made-in the portfolio were the
following:
(1) The sale of the remaining holdings of ordinary fully paid stock of
Societe Lyonnais° des Eaux et de l'Eclairago consisting of 17,475 shares for
a net price of $2,820,794.
(2) The sale of 3,950 shares of Columbia Gas & Electric Corp. convertible
5% cum, preference stock at an average net price of $96.94 per share.
During the year 1934 there were received as dividends 6,060 shares of this
stock, and at the end of the year there were held 15,633 shares, an increase
of 2,110 shares over the amount held at the beginning of the year 1934.
The payment of these dividends was not continued after the dividend paid
on May 15 1934.
(3) The cancellation of 300,000 Niagara Hudson Power Corp. "C"
option warrants which expired through limitation of time on Nov. 30 1934,
thereupon becoming valueless.
(4) The charging off against capital surplus of 352 3-6 shs. of $3 cum.
preference stock and 1,706 shs, of corn. stock. These shares (except for 2-3
of a share of $3 cum. preference stock) were acquired prior to 1934 through
the purchase of fractional shares in connection with various exchanges of
stock and before being:so charged off were carried as miscellaneous investments.
The substantial minority common stock holdings remain unchanged in
Columbia Gas & Electric Corp., Consolidated *Gas Co. of New York,
Niagara Hudson Power Corp., Public Service Corp. of New Jersey and
United Gas Improvement Co.
During the past several years theelectric industrylbasThad increasingly
serious problems. The effect of these unfavorable factors. including new
taxation and added operating costs, is reflectediin the reduction in the consolidated cash income for the year 1934, astcompared with the 3 ear 1933.
,
amounting to $1,278,576, due mainly to the decrease or,
omission of dividends
on certain securities (held throughout both years) as follows:
652
Financial Chronicle
Ian. 26 1935
-Cash Divs. Received
losses, with the result that the latter account now stands at $31,280,000
Decrease
1934
1933
After this transfer the surplus remaining was $32,294,000."
Consol. Gas Co.of N.Y.,common_ -- $703,455
$244,680
$458,775
Mohawk Hudson Power Corp.2nd pf.
Weekly Electric Output
327.442
327,442
Niagara Hudson Pow. Corp. corn.-- _
478,604
478,604
Week EndedJan. 19 '35 Jan. 12 '35 Jan. 20 '34
P.S. Corp.of N.J. common
98,827
2,865,986
2,767.158
Electric output of System (kwh.)____ 77,303,220 75,663,220 70,307,326
The corporation's demand loan, which at the end of 1933 stood at $5,000,--V. 140, p. 487.
000, has been paid.
'(
-United States Fire Insurance Co., N. Y.
Earnings Calendar Years
-Extra
An extra dividend of 20 cents per share in addition to the regular dividend
1934
1931
1932
1933
Dividends & interest---$10.784.362 412062,938 $14,832,916 $19,392,789
of 30 cents per share has been declared on the capital stock, par $4, both
Interest paid
payable Feb. 1 to holders of record Jan. 25. Extras of 10 cents per share
51,444
477.321
389.235
566,767
Current expenses
were paid on Nov. 1, Aug. 1 and May 1 last, while on Feb. 1 1934 an extra
305,052
470,141
441,962
419,394
Res.for income tax
of 20 cents per share in addition to the regular dividend of 30 cents per
144.122
227,595
Loss on sales of securshare was paid.
-V. 139, p. 2533.
y4,164
y69,725
Loss arising from expiraUnited States Leather Co.
tion of 300,000 Mag.
-Annual Report
Hud, Pow. Corp. C
David G. Ong,President, says:
option warrants
300,000
For the first seven months operations were profitable. In May and early
June the Government's herd reduction program, followed immediately by
Bal. applic, to din-- $9,979.580 $10,956,988 $13,824,187 $18,445,327
the large Government purchases of drought cattle throughout the summer
Divs. paid on $3 cum.
and fall, was reflected in falling prices for hides. After writing down our
preferred stock
7,466,010
7,466,061
7,465,789
7,466,051
inventory to market as of the close of the fiscal year and after allowance
Divs, paid on corn, stock
5,811,468 10,491,345
for depreciation, the result for the year was a loss of $1,910,588.
2,905.893
During the year we purchased for retirement 1,000 shares of prior pref.
Bal. carried to surplus $2,513,519
$487,972
$585,043
stock at an average cost of $69.96 per share. We will continue this policy
$546,930
Shares com, stock outas funds become available from the sale of assets, deemed by directors as
standing (no par)
14,531,197 14,531.197 14,531.197 14,531,197
not necessary or essential to the operation of the company.
Earnings per share
$0.17
$0.75
$0.44
$0.23
Consolidated Income Account
x Exclusive of dividends received in stock in 1934, viz, 6,060 7,120=8,000
shares Columbia Gas & Electric Corp. convertible 5% cum. preference stock.
-12 Mos.--10 Mos.Period Ended Oct. 31y Arising from sale of 17,475 ordinary fully paid shares of Societe Lyonnaise
1934
1933
Operating loss
des Eaux et de l'Eclairage in 1934 and 14,563 in 1933.
E1.433,056pf$1,309.837
Depreciation and depletion
216,604
447.309
Consolidated Balance Sheet Dec. 31
Operating loss before int. and Fed.income tax-- $1,880,365pf$1,093,232
Shares
1933
1934
Interest received
Assets
Held
25,786
American Water Works & Electric
Net loss
Co., Inc., common
$1,880,365sur$1,119019
5,982,000
63,002
5,982,000
Interest paid (net)
Columbia Gas & Electric Corp., cont. 2,424,3561
3,222
Provision for Federal income tax
Columbia Gas & Electric Corp.,cony.
27.000
138,000
5% cum. pref. a
15,633 137,405,637 137,787,611
Net loss
Columbia Oil & Gasoline Corp.
$1,910,587 sur$981,019
trust certificates)
corn.(vtig
84.769
Consolidated Balance Sheet Oct. 31
Commonwealth & Southern Corp.com 1,798,270
1934
1934
1933
1933
Option warrants entitling holden to
35,590.010 35,590,010
Assets-purchase the following number of
Inventories
8,925,231 9,692,147 Accounts payable_ 323,589
582,781
shs. of corn. stk. at $30 per sh
1,005,000
Accts.receivable
1,428.249 1,806,804 Accrued payrolls__ 114,495
Consol. Gas Co. of N. Y.common
203,900 24,823,554 24,823,554
Notes receivable
112,146
149,212 Miscell. accruals_ _
83,056
Consolidated Gas Electric Light &
Cash
979,309 Dividends unpaid_
436,986
7,635
Power Co.of Bait,common
3,782.374
33.175 3,782,374
Other investments 743,929
756,560 Div. prior pret. stk
11,068
Electric Bond & Share Co.common
5.969,201
5,969.201
34,858
Real est., incl. timProv. for Fed. Inc.
Lehigh Coal & Nay.Co.cap.stock......
48,705
2,220,946
2,220,946
berlands, plants,
138,000
tax
93,770
Mohawk Hudson Pow. Corp.2nd pref
62,370 6,673,590 6,673,590
8,385,162 10.534,024 Purch. money mtge
81,500
40,000
Niagara Hudson Power Corp.Prepaid taxes, InInsur. reserves__
965,000
965,000
Common
1,914.417
surance, drc.. _ __ 109,767
89,822 Contingent reserve 409,545
A option warrs. entitling holders to
2,556,097
General reserves_
purchase the following number of
Prior pref. stock_ _ 7.475.525 7,575,525
corn,stock at $105 per share_
a Class A stock__ 3,111,798 3,111,798
B option warrs. entitling holders to
b Common stock_ 1,556,279 1,556,279
purchase the following number of
67.608.694 67,908,694
abs. ofstock at an aggregate price
Capital surplus___ 6,862,409 6,503,872
967,456
Earned surplus _ de1943,131
of$50 for each 1 1-6 shares
0option warn. entitling holders to
Total
20,141,470 24,007,879
20,141,470 24,007,879
purchase the following number of
Total
units (unit consists of 1-3 of 1 sh.
a Represented by 249,743 shares no par). b Represented by 397,010
of corn. stk. & 1-9 class A option
shares (no par).
-V. 139. p. 1255.
warrant) at $25 per unit
300.000
Public Service Corp. of N. J. common
988,271 78,461,600 78,461.60ff '"-United States Pipe & Foundry Co.
-Dividends'Societe Lyonnaise des Eaux et de
The directors on Jan. 24 declared four regular quarterly dividends of
l'Eclairage ordinary fully paid
17.475
2,824,959
12% cents each on the common stock, par $20, and of 30 cents on the 1st
United Gas Impr. Co.com
6,066,223 214,447,420 214,447,419
pref. stock, no par value, payable April 20, July 20 and Oct. 20 1935 and
Miscellaneous investments b
26,122
Jan. 20 1936, to holders of record March 30, June 29, Sept. 30 and Dec. 31
1935, respectively. Like amounts were paid in each of the eight preceding
Total cost or declared val. of sec. c
582,965,025 586,498.080
quarters. From Dec. 15 1928 to and incl. Jan. 20 1933, the company made
Cash on hand
1,980,673
950,896
quarterly distributions of 50 cents per share on the common t
Prepaid taxes
22.151
31,494
V. 139, P. 459.
Total
584.967,850 587,480,470 ".--Universal Chain Theatres Corp.
-Liquidating Dividen
Liabilities
A liquidating dividend of $7.50 per share was paid on the 8% cum.
Demand loan
5,000,000
pref. stock, par $100. on Jan. 15. On May 15 1934 a liquidating dividend
Reserve for taxes
109,137
150,407
of $2.50 per share was paid on this issue.
-V. 138, p.4143.
Preference stock. cum. (2,489.064 abs. no Par)
stated value $50 per share_ _d
124,453.233 124,453,233 "'Vick
Financial Corp.
-Stock Resale Approved
Corn. stock (14,531,1973 shs. no par) stated
The stockholders on Jan. 22 approved a resolution authorizing the comvalue $5 per share
72,655.987 72,655,987
Capital surplus
pany to sell treasury stock which it now holds, or will hold, at the asset
376.603.941 376.630.081
value. The corporation holds 89,323 shares. See also V. 140, p. 488.
Earned surplus
11.145,550
8,590,761
Total
584,967,850 587.480,471
a Proceeds from sale of 36,490 shares out of the total of 52,123 5232-8000
shares received as stock dividends have been applied to the reduction of the
cost of the investment.
b Consists entirely of shares of the corporation's stock (viz., 351 5-6
shares of $3 cumulative preference and 1.706 shares of common) acquired
through purchase of fractional shares in connection with various exchanges
of stock.
e Total investments had an estimated market value on Dec. 31 1934
of $139,183,584.
d Under the provisions of the charter the holders of the $3 cumulative
preference stock upon any dissolution are entitled to receive $50 per share
plus accrued dividends, or in case of call for redemption are entitled to
receive $55 per share plus accrued dividends.
Note-Option warrants are outstanding entitling holders to purchase
at any time without limit 3,732,059 shares of common stock at $27.50
per share.
-V. 139. P. 2693.
‘.---- United Engineering & Foundry Co.
-To Split Common
2 for 1
The stockholders on April 22 will vote on a proposition to change the
common stock from no par to a $5 par with an exchange of two shares of
new stock for one of old. The total proposed authorized common will be
1.000.000 shares. There are now 416,118 shares of no-par common.
V. 139, p. 3818.
"...'•••• United Gas Improvement Co.
-Dividend Reduced
-
Virginia Iron, Coal & Coke Co.
-Earnings
Period End. Dec.31Operating revenues
Operating expenses
1934-3 21105.-1933
1934-12 Mos.-1933
$411,834
$317.917 $1,449,749
$997,941
378,075
331,857
1,032,343
1,449.414
Net oper. income__ _ _
Other income
$33,759 loss$13.940
18.568
27,181
Total revenue
Bond interest, &c
$52,327
30.724
Net profit
-V. 139. p. 2693.
$21,603 loss$22,978 108424,682 loss$84,519
$13,241
36,219
$335 loss$34,402
100.455
99,940
$100,275
124,957
$66,053
150,572
(
---VVabash Ry.-Receivers' Reconstruction Loan
The Interstate Commerce.Commission on Jan. 21, upon supplemental
application approved extension for a period not to exceed four years of
loans in total amount of $11,156,583, maturing Feb. 11935. and for a period
not to exceed 3% years of a loan of $4.575,000 maturing Aug. 11935, by the
Reconstruction Finance Corp.
Approves Interest Payment on Bonds
Federal Judge C. B. Davis at St. Louis has approved payment of $349,825
of semi-annual interest due Feb. 1 on the second mortgage bonds of Wabash
RR.
-V. 140. p. 489.
Wayne Pump Co.
-Transfer Agent
-
The Manufacturers Trust Co. Is transfer agent for 150,000 a ar common stock.
-V. 140, p. 154.
The direcotrs have declared a dividend of 25 cents per share on the
common stock,no par value, payable March 30 to holders ofrecord Feb.28.
Westchester Fire Insurance Co.
-Extra Distrz utionA-This compares with 30 cents per share paid each quarter from March 1930 -The directors have declared an extra dividend of 10 cents per shfire in •
up to and including December 1934. In December 1929 an initial dividend
addition to the regular quarterly dividend of 25 cents per share on the
of 25 cents per share was paid on the then new no par common shares.
common stock, par $10, both payable Feb. 1 to holders of record Jan. 21.
Because of the "certainty that the current year s income will be less
Similar distributions were made in each of the four preceding quarters.
than last year's." the company cut its common dividend.
-V. 139, p. 2694.
For the year 1933 the company stated income was $1.18 a share and for
the year just closed $1.13 a share, and while dividends of $1.20 were paid
West Virginia Pulp & Paper Co.(& Subs.)
-Earnings
during these years they exceeded income for the two years by approximately $2.000.000.
1934
Years End. Oct. 311933
1932
1931
"With the outlook for the industry so uncertain and the certainty that the
Total earnsfrom oper_ -- $2,380,577 $1,906,154 $2,540,916 $4,927,862
current year s income will be less than last year's," the statement con480,224
Other income
465,156
501,116
588.408
tinued. "a consetvative policy which will keep the company strong and
healthy is unquestionably the wise one to adopt."
Total income
$2,860,802 $2,371,310 $3,129,324 $5,428,978
The directors ,however, expressed the hope, based on the management's
Interest paid
8.568
6,666
17,225
40,400
estimates, that a quarterly dividend of 25 cents can be maintained for the
Adj. of inventory value_
997.821
398,515
Loss on invests.sold, &c.
balance of the year.
144.405
150,000
x603.624 x1,082,572
Deprec. and depletion
2,139,481
1,984,616
"In the judgment of the directors, "the statement read, it would be
2,237.995
2,056,642
Prov.for Federal inc. tax
neither wise nor prudent under existing conditions to continue to pay
55,000
185,000
dividends at a rate which was not only not earned in 1933 and 1934. but
Net income
$664,520
$78,855
$908,363
$30,142
which likewise not be earned during the current year.
Preferred dividends_ _ _ _
928,267
934,085
968.538
952,097
"It should also be remembered that the surplus shown in the company's
Common dividends
365,522
1,694,397
366.640
692.973
balance sheet is for the most part invested in securities of either a pernature such as stocks of subsidairy companies or in other utility
manent
Deficit
$635.087 $1,216,052 $1,614,928 $1,754,572
Investments which under present conditions could not be sold to advantage.
x Includes provision for depreciation of marketable securities (In 1933
"At the close of the year 1934 there was transferrable from surplus to
contingent reserve the sum of $20,000,000 as a further provision for possible
$410,000 for this purpose charged to surplus account).
Volume 140
Financial Chronicle
Consolidated Balance Sheet Oct. 31
1934
1933
1934
1933
Assaf$
$
Ltabinttesx Prop. & plant_ _ _32,708,819 32.176,902 Preferred stock _ _ _15,541,300 15,612,600
Patents
54,000
54,000 y Common stock_ _27,957,168 28.005,760
MaceII. investm... 3,735,991 4,548,466 Notes pay.
-bank 1,000,000
Wood advances_
237,784
140,518 Accts. pay.
-trade 730,885
900.144
Inventories
6,023,840 4,640,563 Pref. div. payable_ 234,620
222,994
Loans to employees 427,638
452,690 Prov. for Federal
Accts. and notes
income tax
150,132
106,668
receivable
4,036,190 4.218,557 Special reserves_ _ _
138,847
201,007
MIscell. stocks and
Capital surplus_ __
114,371
102,441
bonds and market
Surplus
5,266,445 4,896,451
prices
1,977,483 2,399,732
Cash
1.606,070 1,107,780
Deferred chargest o
future operation 325,951
308,859
Total
51,133,767 50,048,066
Total
51,133,767 50,048,085
x After reserve for depreciation of $23,624,234 in 1934 and $22,088,387
in 1933. y Represented by 910,953 shares of no par value in 1934 and
915.165 shares in 1933.
New Director
Henry F. Harrison has been elected a director to fill a vacancy.
-V. 138.
1067
tern Air Express Cyp.-Admitted to Unlisted Trading,
Th New York Curb Exchange as admitted to unlisted trading privilege/
d
new
tal stock, $1 par, in I
of old capital stock, $10 par, issuable
share for share in exchange for old capital stock.
Referring to the ruling issued by the Committee on Securities of the New
York Curb Exchange on Dec. 18 1934,relative to the declaration of liquidating distributions of $2.50 in cash and 1 1-3 shares of stock of Transcontinental & Western Air, Inc., per share of Western Air Express Corp.
held, the Exchange announces that notice has been received that the
Transcontinental & Western Air. Inc., stock certificates are now ready
for distribution to stockholders of Western Air Express Corp. upon presentation of the Western Air Express certificates to the Security-First
National Bank of Los Angeles, transfer agent, with proper letter of transmittal.
The Western Air Express certificates so presented will be stamped to
indicate that the par value of the stock has been changed from $10 to $1
per share and returned with the liquidating cash distribution of $2.50 per
share. The certificates for Transcontinental & Western Air, Inc. will
subsequently be mailed to stockholders by the transfer agent upon receipt
of such certificates by it.
The Committee on Securities rules that the new capital stock, par value
$1, of Western Air Express Corp. shall be dealt in"ex" both the liquidating
distributions of $2.50 in cash and 1 1-3 shares of stock of Transcontinental
& Western Air, Inc. The Committee rules further that transactions in the
new capital stock, par value $1, must be settled by delivery of certificates
bearing an endorsement indicating the change in par value of the stock
from $10 to $1 per share.
-V. 140, p. 154.
Western Tablet & Stationery Corp.
-Earnings
Years Ended Oct. 311934
1933
1931
1932
Net earnings
$536,606
$505,461
$572,854
$706,673
Interest
88.962
95.750
98,705
105,146
Amortization of bonds,
discount & expense_ _ _
14,342
28.371
20,644
25.613
Federal tax
65,000
90,000
62,000
79,000
Net income
Shares common stock
outstanding (no par)_
Earnings per share
$368,302
$366,459
$316.385
$496.914
118,110
118,110
118.110
118.110
$1.12
$0.62
$1.09
$2.15
Balance Sheet Oct. 31
Assets1934
1933
Liabilities
1934
1933
Cash
82.434,100 $1,824,713 Accts. payable__ 3180.887 $367,265
Notes & arcept.reci 503,0781
56.168 Dividends payable 118.110
118,110
Amts. receirle_ .1
1. 618,379 Accrued bond int.,
Cash surr. value
53,414
39,188
life insurance....
73,534
52,446 Income taxes
65,000
90,000
Inventory
1,498,489 2,146,786 Funded debt
1,443,500 1,550,000
Other assets
86,582
110,186 7% cum. pref. stk. 3,365,300 3,367,600
x IA., bldgs., maCommon stock_ 1,651,365 1,651.365
chinery, dm
2,769,693 3,506,498 Surplus
552,380 1,198,492
Deferred assets_ .._
70.252
81,070
Total
Total
87,415,728 $8,396,248
57,415,728 $8,396,248
x After depreciation. y Represented by 118.110 (no par) shares.
Note-Effect has been given in the balance sheet for 1934 to authorizations by the board of directors providing for: (1) the call for redemption of
$1,000,000 of the outstanding first mortgage 15
-year 6% sinking fund gold
bonds as of April 11935; and (2) a net reduction, as of Oct. 31 1934. in the
net book value of real estate not used in operations amounting to $32,897
and permanent assets amounting to $627.796 by charges directly to surplus.
-V. 140. p. 329.
Wttecotton
,
Plan-e4wLvtx
,
Realty
Corp.
-Reorganization
The plan of reorganization submitted to the depositing lst mtge. 6Ji%
bondholders has become effective. The committte is now ready to distribute the new mortgage income bonds of Shattuck Properties Corp.. par
for par, to the holders of certificates of deposit, together with a voting trust
certificate representing one share of stock for each $500 principal amount
of bonds deposited.
The issue of the foregoing securities has been authorized by the Commissioner of Coporations of the State of California and a registration statement
for such securities has been filed with the Federal Trade Commission under
the Securities Act of 1933. Separate registration statements have been
filed for the income bonds and stock of Shattuck Properties Corp. and for the
voting trust certificates.
The bondholders' committee under the deposit agreement, dated as of
March 31 1933 consisted of H.S. Boone, Edwin D. Witter, Edward Hohfeld
George Knox, Harley H. Gill, with M.G.Jeffress, Secretary, Ill Sutter St.,
San Francisco.
The Shattuck Properties Corp. was incorp. Feb. 10 1934 in Calif. and
acquired the properties formerly owned by the Whitecotton corporation.
which were sold at foreclosure. The Shattuck company issued 5632.500
Income bonds and 1.265 (no par) shares common stock, which were exchanged for Whitecotton bonds.
-V. 122, P. 2670.
Willys-Overland Co.
-New President-Personnel
John N. Willys was elected President at a special meeting of preferred
stockholders held on Jan. 18.
David R. Wilson, who was President of the company until the election,
will continue as co-receiver with Mr. Willys.
The new board of directors includes: Mr. Willys, H. C. Tillotson, W.B.
Stratton and Ii. J. Leonard,
Mr. Tillotson will be Vice-President, Mr.
Leonard Treasurer and Mr. Landwehr Secretary.
The preferred stockholders took control under the by-laws whereby they
are given that authority when four consecutive preferred dividends are
passed. The company has been in receivership for two years but started
production again last week with 11,000 orders on hand for the new Willys
model.
-V. 140, p. 489.
--Earnings
Winnipeg Electric Co.
1934-11 Mos.-1933
-Month-1933
1934
Period End. Nov.30$460,659 $4,734,711 $4,680,547
$453,515
Gross earnings
299,661
3,287,660
299.860
3,302,583 ""
Operating expenses
Wisconsin
Net earnings
8153.655
$160,998 $1,447.051
$1,377,964
Plan Reduces Annual Charges 50% for Seven Years
The "Financial Post," Canada, Jan. 19, had the following:
Winnipeg Electric Co. and all its subsidiaries
Plan of reorganization of
as devised by joint sub-committee is in all essential details complete. It
still Is subject to change in non-essential matters and then eventually will
come before the three protective committees but the joint sub-committee
has for months been carefully threshing out every detail in order to arrive
at a plan which will do justice as nearly as possible to all concerned and
653
permit the company to continue its corporate existence without being
hampered in its first years by inability to meet interest and maturities on
existing obligations.
The following tables represent the plan as its stands so far as the
"Financial Post" can ascertain from various sources,and it shows that plans
hitherto published have been in some particulars misleading:
Old Cajital
t Obligation of WinnipgElectric
.
.1 0 1st refunding Mortgage bonds due 19357$5,000:000 issu==t11 but
87
$2,805,500 retired into sinking fund.
5% refunding stock or bonds due 1954, £900,000.
6% refunding mortgage bonds due 1954. 37,000.000.
Notes payable to bankers, $1,250,000 (secured by $1,829,300 6s
hypothecated).
Bonds Guaranteed by Winnipeg Electric Co.
Manitoba Power Co. 534% 1st mortgage bonds due 1951. $11.519,700.
Northwestern Power 6% first mortgage bonds, due 1960, $10,000,000.
Suburban Rapid Transit Co. 5% bonds due 1938, $500,000.
Winnipeg Selkirk & Lake Winnipeg By. Co. 5% bonds due 1933, $44,500.
Stocks of Winnipeg Electric Co.
7% Preferred ($100 Par) $5.000.000.
No par value common stock, 244.772 shares.
Stocks of Subsidiaries
Manitoba Power, no par common, 150,000 shares, 90.6% held by Winnipeg
Northwestern Power, 6% preferred, $100 par, $1,000,000. All owned.
Northwestern Power, no par stock, 250,000 shares. 88% owned.
Suburban Rapid Transit, common, $100 par, $100,000. All owned by
Winnipeg Electric.
Winnipeg Selkirk & Lake Winnipeg By., pref., par $10, 310.000. 70%
owned by public.
Winnipeg Selkirk & Lake Winnipeg By., common, $100 par, $490,000.
All owned.
Winnipeg Electric Co. After Reorganization
First mortgage bonds
$3,500,000
General mortgage bonds.$50,000,000 authorized_ Series A
Series
sB
Issued $35,000,000
_.129,273,000 88.000.000
Note-$1,921,094 contingent certificates to be
issued at rate of $70 for each $1,000 general
mortgage bond and Series A stock unpledged
Issued
Preference shares, 50,000 authorized
50,000
Non-cumulative from Jan. 2 1935,4% for seven
years and then 5%.
No par common
Class A shares issued to holders of bonds and debenture stock 281,692 authorized
281,693
Class B authorized, probably twice amount now
issued
289,506
Ofthese Class B shares 264,506 will be retained
by existing Winnipeg Electric shareholders and
issued to Manitoba and Northwestern and
25,000 shares will be issued at the rate of half
a common share for each preference share held.
Exchange Proposals
New 1st
Electric Co.Winnipeg El
Outstanding Mtge.Bonds
-year 5% bonds due Jan. 1 1935_ $2.805,500 $3,500,000
1st ref. mtge.30
Covers also various capital expenditures to extent of $695,000.
New
Series A
ds
6% refunding mtge. bonds
Oct. 2 1954
$7,000,000 37,000,000
Loan from bankers (hypothecated)
1 1,250,000
1,829.300
5% ref. deb. stock sterling due Oct. 2 1954
4,380.000
4,380,000
7% preferred, $100 p
par
5,000.000
5,000,000
Class B Corn.
No par common shares
244.772
244,772
Note
-This is half new Class B to be outstanding and represents 50
per cent dilution.
Co.Manitoba Power
icNew Ser. A
39.161,500 $9,161,500
1st mtge. 5;is,series A,due Jan. 1 1951
Series B,due Jan. 1 1952
2,358,200
2,358,200
No par common shares:
13136:845128Class 13.
Corn.B 842
livid by public
Held by Winnipeg Electric
x Also 9 shares class A common and $70 face value contingent certificates for each $1,000 in face value of principal.
New Bonds
Series A
Northwestern Power Co.:
First mtge.54 cony.,series A,due Jan.2 1960 y _ $10,000,000 $4,000,000
Series B
6.000,000
Non-cum.pref.$100(held by Winnipeg Electric) 1,000,000
Cl. B Corn.
mm
No par coon held by public
$28,759
$5,752
No par common held by Winnipeg Electric
221,241
y Also gets 8 shares class A and $28 face value of contingent certificates.
Series A
Suburban Rapid Transit Co.1st mortgage 54, due Jan. 31 1938 z
$500,000
$500,000
Guaranteed by Winnipeg Electric.
.
Common shares $100
1,000
z Eight class A common and $70 face value of contingent certificates for
each $1.000 exchanged also offered.
Series 1
w, 30
5
Winnipeg Selkirk & Lake Winnipeg By. Co.Frst mortgage 5s, due July 2 1933 a
$44.500
$355,500 principal amount owned by Winnipeg
Electric and $350,000 of these held. by British
Empire Trust as collateral security for Winnipeg Electric fa and 5% deb. stock 1954.
(Guaranteed by Winnipeg Electric.)
Shares $10 held by public b
700
Shares $10 held by Winnipeg Electric
300
Shares $100 held by Winnipeg Electric
4,900
a Also S class A common shares and $70 face value of contingent certificates for each 31.000 in principal amounts of bonds exchanged.
b Company may buy public holdings of Selkirk stock at 1 share new B
common for 5 Selkirk.
Continues Corporate Existence
Recent articles have been wrong in suggesting that a new company to be
known as "Winnipeg Electric Corp," would be incorporated. The same
company will continue its existence; what is being reorganized is its capital
structure. Interest outstanding on the Northwestern Power bonds and
arrears of dividends on Winnipeg Electric preferred stock will be cancelled.
Available income, after providing for first mortgage and general mortgage
bonds, has to be disbursed to the extent of 60%. The remaining 40%
becomes payable later on as soon as it becomes apparent that there will be
no impairment thereby of the position of income bonds ahead.
-year breathing spell. After that period
The plan gives the company a 12
interest becomes fixed on B general mortgage bonds. The A bonds pay
4% for 7 years and then 5%;the Series B bonds pay 4% for 7 years only if
earned, 5% only if earned for the next 5 years and 5% fixed after that.
The result is that the absolute requirement in interest and charges on the
company at first is only half what it was. Former annual liability was
$2,847,000; in 1934 $1,858.515 was paid; and now $1,424.000 is absolute
requirement for first 7 years. It will pay more only if earned. Approval
of -Manitoba Municipal and Public Utility Board is also essential before
-V. 140, p. 154.
Plan can become operative.
Public
Service
-Refunding
Corp.
Issue
Planned
A registration statement paving the way for the public offering of
$7.000,000 first lien and refunding 53 % bonds of the corporation will be
filed shortly with the Securities and Exchange Commission, it is reported.
The financing is being handled, it is said, by a syndicate headed by the First
Boston Corp., H. M. Byliesby & Co., W. C. Langley & Co., Edward B.
Smith & Co. and A. C. Allyn & Co. With the proceeds of this loan the
company will pay off bank loans, amounting to $8.375,000 on the date of
the most recent report, and secured by pledge of $7,500,000 first lion and
-V. 140, p. 489.
refunding 6% bonds.
654
Financial Chronicle
Jan. 26 1935
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL-ETC.
COMMERCIAL EPITOME
Friday Night, Jan. 25 1935
Coffee futures were quiet. Santos contracts on the 19th
inst. closed 1 to 4 points higher with sales of 4,000 bags and
Rio contracts 1 to 5 points higher with sales small. Cost
and freight offers from Brazil were unchanged to 10 points
higher. Spot coffee was a little easier despite some improvement in demand. On the 21st inst. futures ended
2 to 5 points lower on Santos contracts on sales of 19,250
bags and 2 to 7 points lower on Rio with sales of 4,750 bags.
Early prices were firmer on trade and Brazilian buying, but
commission house selling towards the end sent prices downward. On the 22d inst. futures were more active and ended
with Santos contracts off 6 to 7 points and Rio 5 to 9 points
down. Sales were 29,000 bags of Santos and 7,250 bags of
Rio. Cost and freight offers from Brazil were unchanged to
10 points lower.
On the 23d inst. futures declined to new low levels for the
movement under scattered trade selling. Prices closed
2 to 7 points lower on sales of 33,000 bags of Santos and 4,000
bags of Rio.
On the 24th inst. futures closed 1 point lower to 3 points
higher with sales of only 49 lots. Business in the actual
market was at a standstill. Cost and freight offers from
Brazil were about unchanged. Santos 4s for prompt shipment were held at 10c. to 10.30c. and Victoria 7-8s at 8.30c.
Offerings of mild were light and easier. To-day futures
closed 5 points higher on Rio contracts and unchanged to
4 points higher on Santos. Cost and freight offers from
Brazil were steady.
Rio coffee prices closed as follows:
March
6.51 September
6.90
6.66 December
May
7.00
6.78
July
Santos coffee prices closed as follows:
9.78 September
March
9.84
May
July
9.82 December
9.83
9.88
Cocoa futures on the 19th inst. closed 1 to 2 points higher
on buying by Wall Street, sales 63 lots. New York warehouse stocks decreased 6,122 bags. March ended at 5.10c.,
July at 5.35c., Sept. at 5.47c., and Dec. at 5.62c. On
the 21st inst. futures closed unchanged to 2 points higher
after sales of 258 lots. There was a further decrease of 2,942
bags in New York warehouse stocks. March ended at 5.11c.,
May at 5.24c., July at 5.35c., Sept. at 5.49c., and Dec. at
5.64e. On the 22th inst. futures ended 1 point lower to 2
points higher after sales of 285 lots. Manufacturers were
buying spot cocoa. March ended at 5.13c., May at. 5.26c.,
July at 5.37c., Sept. at 5.48c., and Dec. at 5.63c. On the
23d inst. futures closed unchanged to 1 point higher on sales
of 2,345 tons. It was a fairly active market with shorts
covering and commission houses buying. Jan. ended at
5.06c., March at 5.13c., May at 5.26c., July at 5.37c., Sept.
at 5.48c., and Dec. at 5.64c.
On the 24th inst. futures closed 2 to 4 points lower with
sales of 1,045 tons. Warehouse stocks dropped 119 bags
to 851,180 in store. Arrivals thus far this month are 343,577
bags or 68,620 bags more than in the same time last year.
Jan. ended at 5.04c., March at 5.09c., May at 5.22c., July
at 5.34c. and Sept. at 5.46c. To-day futures closed unchanged to 1 point higher. March ended at 5.100., May at
5.22c., July at 5.34c., Sept. at 5.46c. and Dec. at 5.61c.
Sugar futures were active and closed 2 points lower to
1 point higher on the 19th inst. after sales of 424 lots. The
trade was buying. It was rumored that sales of Philippines
from store were made at the 2.80c. basis. On the 21st inst.
it was a featureless affair. Old contracts ended unchanged
to 1 point higher with sales of 1,900 tons and new contracts
ended unchanged to 1 point higher with sales of 1,300 tons.
Raws were quiet and easier. On the 22d inst. futures
showed more activity and ended unchanged to 2 points higher
after sales of 19,400 tons of old and 7,300 tons of new contracts. Sales of Puerto Ricos for Feb. arrival and Philippines from store were reported at 2.80c. On the 23d inst.
futures ended 3 to 8 points higher on a good demand from producers and speculators, owing to a firmer spot market and
reports that labor difficulties were delaying sugar exports.
Sales were 15,250 tons of old and 10,950 tons of new contracts.
On the 24th inst. futures ended 2 to 3 points lower with
sales of 9,800 tons in the new contract and 6,800 tons in the
old. Other refiners failed to follow the action of Imperial
in advancing refined from 4.30 to 4.400. To-day futures
closed 1 to 3 points lower on both contracts. Raws were
quiet. A sale of Cuban out of store was reported at 2.80c.
Trading was light.
Prices were as follows:
December
March
May
2.08 July
1.88 September
1.93
1.96
2.02
Tobacco-Reductions in processing tax rates on burley, flue-cured, fire-cured and dark air-cured tobacco were
made on Jan. 21 by President Roosevelt and Secretary of
Agriculture Henry A. Wallace, said Associated Press advices
from Washington, Jan. 21. The reduced rates become effective Feb. 1. The reductions ordered for the various types
and the uses of those types, the advices said, were:
Burley used in plug and twist from 4.1c. to 2.5c., other chewing 6.1c.
to 2.5c.; flue-cured used in plug and twist from 3.8c. to 2c., in other
chewing from 4.2c. to 2c.; fire-cured used in all chewing, from 2.9c. to 2c.;
dark air-cured, used in all chewing, 3.3c. to 2c.; cigar leaf scrap, chriwing
and smoking, from Sc. to 2c.
That minimum prices for Connecticut shade-grown tobacco would be advanced an average of 13% from prevailing
levels, effective Jan. 21, was announced by the Agricultural
Adjustment Administration on Jan. 18. In indicating this,
the New York "Journal of Commerce" of Jan. 19 said:
The order, approved by Secretary Wallace, applies to contracting handlers
of this type, but also affects prices paid the grower.
The announcement points out that this tobacco, known as type ql-A, Is
handled either by growers themselves or by handlers operating under 3oint
account or on commission for the producers. The prices in the new schedule
are equivalent to farm prices 9% below present parity prices.
An order, permitting the directors and officers of the New
York Tobacco Exchange to dispose of their assets at private
sale, was signed on Jan. 18 by Supreme Court Justice Richard P. Lydon. The certificate of dissolution was filed with
the Secretary of State on Jan. 2 after action had been taken
by the members and Board of Governors to dissolve the Ex
change. Previous reference to the proposed dissolution
appeared in our issue of Jan. 12, page 223.
The Danville (Va.) Tobacco Association has set Jan. 31
as the closing of the Danville tobacco market, a date, said
advices from Danville, Jan. 17, to the Baltimore "Sun" of
Jan. 18, much earlier than usual. The time was fixed it
was said, after it was realized little tobacco remains tn be
sold. The advices continued:
Efforts will be made to secure permission to open the market next fall
at the same time the Middle Belt markets open. Warehousemen estimate
the season's total sales here will run close to 45,000,000 pounds.
• Lard futures on the 19th inst. advanced 5 to 123/2 c.owing
to scattered buying and the removal of hedges against sales
of actual lard. On the 21st inst. futures after early firmness
weakened in sympathy with grain and ended 12 to 15 points
lower. On the 22d inst. futures recovered part of early
losses of 30 points to end 123/2 to 223/2c. lower. Lower
grain and hog prices and a smaller consumptive demand influenced selling. On the 23d inst. futures after declining
early on selling stimulated by bearish hog news regained part
of the losses on buying influenced by the firmness in grain
at one time and ended unchanged to 5 points lower. Hogs
were 10 to 15e. lower. Cash lard was dull.
On the 24th inst. futures ended unchanged to 5 points
higher, reflecting the strength in hogs. Foreign demand
was light. Hogs were Sc. to 100. higher with the top
at
Chicago. Cash lard was steady; in tierces, 12.75c.; refined
to Continent, 113/2 to 11
South America, 115 g to 11%c.
/
To-day futures closed 5 to 10 points lower.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
January
May
July
Sot.
Mon.
13.02
12.90
13.22
13.07
13.40
13.25
Tues.
12.70
12.95
13.10
Wed. Thurs.
12.70
12.75
12.90
12.95
13.05
13.07
Fri.
12.70
12.87
13.00
Pork steady; mess, $27; family, $26.50; fat backs, $23.25
to $25; Beef, firm; mess, nominal; packer, nominal; family,
$18 to $19, nominal; extra India mess, nominal. Cut meats,
firm; pickled hams, picnic, loose c.a.f. 4 to 10 lbs., lie.;
skinned, 14 to 16 lbs. 183c.; 18 to 20 lbs., 17%c.; 22 to
24 lbs., 15%c pickled bellies, clear, f.o.b. N. Y., 6 to 8
'
lbs. 203c.; 8 to 12 lbs., 20%c.; bellies, clear, dry salted,
'
boxed, N. Y., 14 to 25 lbs. 17c.; 25 to 30 lbs., 16%c.
Butter, creamery, first to higher than extra, 33 to 363/2c.
Cheese, flats, 183/2 to 21c. Eggs, mixed colors, checks to
special packs, 28 to 35c.
Oils-Linseed was quiet but higher at 8.5c. for tank
cars. Paint and varnish oils were dull. Cocoanut, Manila
coast tanks, 4/2c.; tanks,4%c Corn,crude tanks, Western
.
mills, 103/i to 103-ic. China wood, N. Y. tanks, coast
Financial Chronicle
Volume 140
3
tanks, 4%c.; tanks, N. Y., 4%c. Olive, denatured, spot,
Spanish, 92 to 95c.; shipments, Spanish, 85 to 87c.; Greek,
84 to 85c. Soya bean, tanks, Western mills, spot, forward,
8.25c.; carload drums, 9.1c.; less carload, 9.5c. Edible,
cocoanut, 76 degrees, 1134c. Lard, prime, 1034c.; extra
strained winter, 93 c. Cod, Newfoundland, 34c. TurA
pentine, 56 to 60c. Rosin, $5.40 to $7.65.
Cottonseed Oil sales, including switches, 19 contracts.
Crude, S. E., 93c. Prices closed as follows:
January
May
11.10© ---iO.90@
February
March
April
10.95
11.05
11.05
June
11.09 July
11.15 August
11.10 ®11.20
11.12©
11.15©11.25
655
Pig Iron showed a little improvement but the demand
was mostly for small tonnages. Quotations: No. 2 foundry
plain, Eastern Pennsylvania, $19.50; Buffalo,• Chicago,
Valley and Cleveland, $18.50; Birmingham, $14.50; basic
Valley, $18; Eastern Pennsylvania, $19; malleable, Eastern
Pennsylvania, $20; Buffalo, $19. Shipments were up 65%
at Chicago as compared with a month ago. Most of the
orders were on a spot basis.
Copper was in smaller demand and easier. The European
level was 6.75c. to 6.80c. c.i.f.. European ports. Blue Eagle
was unchanged at 9c. The automobile industry is taking
rather large quantities of refined copper. In London on the
24th inst. spot standard declined 7s. 6d. to £27 15s.• futures
fell 6s. 3d. to £28; sales, 800 tons of spot and 2,000 tons of
futures; electrolytic dropped 5s. to £30 5s. bid and £31 55.
asked; spot standard at the second session rose 2s. 6d. and
futures is. 3d. after sales of 350 tons of spot and 550 tons
of futures.
Tin was quiet but recently the price was higher at 51.15c.
for spot Straits. Spot standard in London on the 24th inst.
advanced 5s. to £232 5s.; futures unchanged at £228 17s.
6d.; sales, 100 tons of spot and 525 tons of futures; spot
Straits up 2s. 6d. to £232 15s.; Eastern c.i.f. London wasup
15s. to £233 5s.; at the second session spot standard dropped
5s. with sales of 10 tons of spot and 40 tons of futures.
Lead was in moderate demand and firm at 3.70c. New
York and 3.55c. East St. Louis. Corroders were the best
buyers. In London on the 24th inst. spot was unchanged
at £10 8s. 9d.; futures fell 2s. 6d. to £10 8s. 9d.; sales, 750
tons of futures.
Zinc was in small demand at 3.70c. East St. Louis. In
London on the 24th inst. prices were unchanged at £11 8s.9d.
for spot and £12 2s. 6d. for futures; sales, 50 tons of spot
and 150 tons of futures.
Wool was quieter. Boston wired a Government report
on Jan. 24 saying:"Trade is very spotty in the Boston wool
market. Some houses have a steady call for moderate
quantities of certain types of wool, while others are not even
getting inquiries. Fine Ohio delaine or strictly combing 64s
and finer Ohio fleece wool has been sold at 273/2 to 28c. in the
grease, and strictly combings 56s, % blood, has moved at
28 to 283c. in the grease. The 64s and finer wools continued to have the bulk of the call in territory lines."
In London on Jan.21 offerings were 8,723 bales with home
and Continent taking liberal quantities. Prices were firm.
Best greasy merinos sold at highest level of the series.
Victorian Wando clip realized 17d. In London on Jan. 22
offerings of 5,181 bales of Colonial wool and 4,187 bales of
South American sold readily to home and the Continent.
The former sold at steady prices, but the latter was 5%
below Dec. levels. In London on Jan. 23 offerings of 8,203
bales were readily absorbed by the home and Continent at
firm prices.
In London on Jan. 24 offerings totaled 10,380 bales and
were taken quickly by home and Continental buyers. Prices
firm. Details:
Petroleum-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber futures advanced 2 to 7 points on the 19th inst.
with sales of 850 tons. Spot ribbed smoked sheets were up
to 13.04c. Liverpool was steady but Singapore was easier.
March ended at 13.17 to 13.210.; May at 13.33 to 13.34c.;
July at 13.52 to 13.53c.; Sept. at 13.72c., and Dec. at 13.99c.
On the 21st inst. futures declined 6 to 13 points on sales of
2,000 tons. Spot ribbed smoked sheets dropped to 12.96c.
London declined 1-16d. to Md. Singapore was closed.
March ended at 13.11c.• May at 13.23 to 13.24c.; July at
13.41 to 13.42c.; Sept. ' 13.59 to 13.630.; Oct. at 13.69c.,
at
and Dec. at 13.91c. On the 22d inst. there was a further
break of 4 to 10 points after sales of 2,100 tons. Spot ribbed
smoked sheets were down to 12.90c. London and Singapore
closed steady. March ended at 13.04 to 13.07c.; May at
13.18 to 13.20c.; July at 13.33 to 13.35c.; Sept. at 13.54c
to 13.550., and Dec. at 13.81c. On the 23d inst. futures
closed 6 to 13 points lower on sales of 2,410 tons. Jan. ended
at 12.840.; March at 12.94c.; May at 13.05c.; July at 13.21c.;
Sept. at 13.41c.; Oct. at 13.50c., and Dec. at 13.68c.
On the 24th inst. futures closed 3 to 10 points lower.
It was a quiet market. London was unchanged. Malayan
production on estates of less than 100 acres during December
totaled 16,639 tons in 24,700 tons, against 16,639 tons
in November. Production on estates larger than 100 acres
was 27,800 tons, against 22,952 tons in November. Estate
stocks amounted to 11,380 tons at the end of the month,
against 18,027 at the close of the previous month;and dealers'
stocks were 10,683 tons, against 15,563 tons. Jan. ended
at 12.75c., March at 12.900., May at 13.05 to 13.06c.,
July at 13.17 to 13.18c., Sept. at 13.36 to 13.39c., Oct. at
13.40c. and Dec. at 13.58c. To-day futures closed 3
points lower to 1 point higher with sales of 185 lots. March
ended at 12.87c., May at 13.03c., July at 13.17c., Sept.
at 13.36c., Oct. at 13.40c. and Dec. at 13.59c.
Hides futures on the 19th inst. closed 2 to 5 points higher
after sales of 680,000 lbs. Some 5,000 light native cows
sold in the Chicago spot market at 83'c. March ended at
9.17c., June at 9.52c., and Sept. at 9.90c. On the 21st inst.
futures were 5 to 7 points lower after sales of 1,640,000 lbs.
June ended at 9.45c., Sept. at 9.830. and Dec. at 10.15 to
10.19c. On the 22d inst. futures closed 12 to 18 points
16d.
Sydney, 917 bales,
lower on sales of 2,440,000 lbs. Sales of 10,000 light native scoured merinos, 16Mgreasy merinos, 9 to 83,5 toQueensland, 2,022 bales.
115id. Victoria, 1,323
to 2004 greasy,
cows were reported in Chicago at 8Mc. March closed at bales,scoured merinos, 17 to 21d.; greasy,9M to 140.;scoured crossbreds,
9M to 17Md.; greasy, 12U to 14Md. South Australia. 427 bales, greasy
8.98 to 9.02c., June at 9.31 to 9.340., Sept.at 9.65c. and Dec. merinos, 8M to 123d. West Australia, 167 bales, greasy merinos, 103 to
at 10.00c. On the 23d inst. futures closed 10 to 13 points lid. New Zealand. 4,929 bales, scoured crossbreds, 9 to 17d.; greasy,
to
10'%d. Cape, 408 bales, scoured
5g
lower on sales of 2,760,000 lbs. March ended at 8.85c., 5M to 103d. Falklands, 96 bales, greasy merinos, 166A 19Md.; greasy,
crossbreds,
to 9Md. New
June at 9.21c., Sept. at 9.550. and Dec. at 9.87c.
Zealand slipe ranged from 6 to 14d., the latter for halfbred lambs.
On the 24th inst. futures closed 4 points lower to 2 points
Silk futures were 23/i to 4e. higher at the close on the 21st
higher with sales of 1,880,000 lbs. Certificated stocks in
warehouses licensed by the Exchange increased 42 hides to inst. Sales were rather large, amounting to 1,890 bales.
503,352 hides. In the Chicago spot market branded cows Crack double extra spot rose 33c. to $1.49. Japanese
and light native cows sold at 8c. on a turnover of 26,000 markets were firmer. Jan. ended at $1.42 to $1.44, Feb.
hides. Sales of 4,000 frigorifico light steers sold in the at $1.42 to $1.43, March at $1.423/2, April at $1.42 to
Argentine spot market at 10 1-16c. Mar. ended at 8.85 to $1.423, May and June at $1.43, July at $1.42 to $1.43
8.90c., June at 9.17c., Sept. at 9.52 to 9.54c. and Dec. at . and Aug. at $1.423/2. On the 22d inst. futures ended
9.89c. to 9.95c. Today futures closed 3 to 8 points higher. unchanged to 13c. lower with sales of 1,570 bales. Crack
double extra in the spot market rose Mc. to $1•493/2.
June ended at 9.250., Sept. at 9.60c. and Dec. at 9.92c.
Japanese markets were steady. Jan. ended at $1.41 M to
Ocean Freights were fairly active.
$1.433,, Feb. and March $1.413/ to $1.42, April and May
Charters included: Grain booked-about 6 loads to Mediterranean at
.$1.413/, June $1.41 M to $1.42, and July and Aug. at $1.42
2
8c.; 23 to Havre at 7c., and a few to Copenhagen at 10c. Sugar-part
I
to $1.423/ On the 23rd inst. futures closed unchanged
.
cargo,about 4,000 tons,10 prompt,Port-au-Prince to United Kingdom,about
to 1 Mc.lower with sales of 750 bales. Jan.ended at $1.41
13s.; prompt, Santo Domingo to U. K., about 12s. Coal-prompt, Hampton Roads to Havana, $1.25; prompt. Hampton Roads to Havana, $1.40.
Feb., March, April and May $1.40, June at $1.40 M, July
Trips-West Indies, round, 75c.; same. $1.10. Tankers-Gulf, Jan. clean,
and Aug.$1.41.
to Jacksonville-Savannah. 24c. and 26c.; prompt, Jan. Gulf, light crude to
north of Hatteras, 20c.; prompt, U. S. crude to B. A., 128. 3d.
On the 24th inst. futures closed unchanged to lc. lower,
Coal production continued to increase. The total last with sales of only 760 bales. Crack double extra dropped
week was 7,650,000 tons net; for three weeks to Jan. 19 Mc. to $1.483/I. Japanese markets were steady. Jan.
22,527,000 tons, or a weekly average of 7,509,000 tons, as ended at $1.403/2, Feb., Mar., April and May,$1.40; June,
against 21,615,000 and 7,205,000 tons, respectively, in the July and Aug.,$1.4O3/ to $1.41. To-day futures closed 1 to
same time last year. Consumption was larger owing to 23c. lower. Jan. ended at $1.38, Feb. at $1.39, Mar. and
May at $1.383, June at $1.39, July at $1.393, and Aug.
stormy and colder weather.
at $1.39.
Steel showed a little improvement in demand during the
week. Railroads were inquiring more freely. Purchasing
COTTON
by the automobile industry has been quite a factor. In some
Ftiday Night, Jan. 25 1935.
sections operations were up to 60 to 90% of capacity, because
The Movement of the Crop, as indicated by our teleof the increased demand from automobile manufacturers.
Quotations: Semi-finished billets, rerolling, $27; billets, gramsfrom the South to-night, is given below. For the week
forging, $32; sheet bars, $28;slabs, $27; wire rods $38,skelp, ending this evening the total receipts have reached 52,473
1.70c.; sheets, etc., hot rolled annealed, 2.40c.; galvanized, bales, against 65,908 bales last week and 55,462 bales the
3.10c.; strips, hot rolled, 1.85c., strips, cold rolled, 2.60c.; previous week, making the total receipts since Aug. 1 1934
hoops, 1.85c.; bands, 1.85c.; tin plate per box, $5.25; hot 3,424,195 bales, against 5,826,209 bales for the same period
rolled bars 1.80c.; plates, 1.800.; shapes, 1.80c.; rails stand- of 1933-34, showing a decrease since Aug. 1 1934 of 2,402,014
bales.
ard, $36.375; rails, light, $35.
656
Financial Chronicle
Receipts at-
Sat.
Mon.
Tues.
Wed.
Fri.
Thurs.
Total
Galveston
2,498 5,683 3.995 1,334 1,356
171 15,037
Texas City
577
577
Houston
614 2,732 1,647 1,100
332 4,286 10,711
Corpus Christi
____
839
----------------839
New Orleans_ _ _ _ 1,358 5.909 4,065 2,409
8 4.780 18,529
Mobile
1,342 ' 513
63
313
176
355 2,762
Pensacola
110
Jacksonville -------_
5
8
Savannah
i7 ffi --5o -66i
-'il
301 1,427
Charleston
253
152
127
25 1,114 1,694
23
Lake Charles_ _ _ _
___
________56__
443
443
Wilmington
i
i
i
i
____
50
Norfolk
123
____
94
47
16
9
289
Totals this week_
6.539 15.87.5 10.056
5.964
1.998 12.041 52.473
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
Stock
1933-34
1934-35
Receipts to
Jan. 25
This Since Aug This Since Aug
Week
1 1933
Week
1 1934
Galveston
15,037
Texas City
577
Houston
10,711
Corpus Christi--839
Beaumont
New Orleans
18,529
Gulfport
Mobile
2,762
Pensacola
110
Jacksonville
5
Savannah
1,427
Brunswick
Charleston
1,694
Lake Charles..--443
Wilmington
50
Norfolk
289
Newport News_
New 'York
Boston
Baltimore
____
Philadelphia
Totals
1935
796,855 42.885 1,678.197
61,609 2,119 167.965
949,855 31,495 1,963,480
268.260 1,184 311,005
131
8,767
4,538
795,354 28,195 1,018,538
1,727 119,428
219 106,950
12,409
80
2,403 145,725
25,033
1.670 109,092
1,130 94,511
203
17,658
754
31,478
116,087
64,647
6,531
103,609
459
125,516
54.262
14,311
41,380
20,922
• 416
----
15.973
1934
605,300 819,448
27,225
48,229
989,623 1,444,511
76,101
80,030
2,008
8.968
713,250 817,601
93.722
14,321
4,159
120,773
117,411
22,832
7,610
126,824
63,514
32,514
26,315
26,846
50,914
41,753
19.705
20,097
32,799
5,147
2,968
93,790
11,095
2,657
52.473 3.424.195 114.611 5.826.209 2.836 585 3.733.475
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1934-35
1933-34
1932-33
1931-32
1930-31
1929-30
Galveston-Houston
New OrleansMobile
Savannah...-.
Brunswick
Charleston_ _ _
Wilmington.. _
Norfolk
Newport News
All others_ _ _ _
15.037
10.711
18,529
2,762
1,427
42,885
31,495
28,195
1.727
2,403
36,255
66.575
65,816
8,476
1,941
89,021
61,874
85,657
17,611
5,679
22,748
31,950
32.268
11,212
6,416
19,742
21,036
25,267
7,289
4,860
1,694
50
289
1,670
203
754
2,459
907
829
330
1,471
973
3,502
1,165
1,145
3,234
890
2,478
1,974
5,279
15,723
17,826
4,639
2,798
Total this wk_
52,473
114,611
198,981
280,442
115,045
AinewAllir 1
87,594
5424.105 S.A25 mo A AAA 0907 519 552 7 91A 1777 nen at;
.
The exports for the week ending this evening reach a
total of 58,267 bales, of which 9,945 were to Great Britain,
3,336 to France, 6,715 to Germany, 6,102 to Italy. 16,185
to Japan, 1,850 to China, and 14,134 to other destinations.
In the corresponding week last year total exports were
127,019 bales. For the season to date aggregate exports
have been 2,784,847 bales, against 4,750,594 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to
Week Ending
Great
Jan. 25 1935
Exportsfrom- Britain France
Galveston
Houston
Texas City
Beaumont
New Orleans_ _ _
Mobile
Pensacola
Germany
Japan China
2,354
3,553
8,825
2,815
1,621
229
844
1,969
__-_
1,545
__--
6
790
350
3,160
100
1,116
Savannah
Charleston
Norfolk
New York
Los Angeles__
Italy
726
1,241
__
224
Other
Total
6,984 20,860
5,300 16,298
1,400
6,548
--------5
III
------------50
1,390
796
375
____
547
____
100
9,945
3,330
6,715
Total 1934
Total 1933
3,000
--------3,647
6,102 16,185
1,850 14,134 58,267
35,772 16,464 18,991 15,941 20,591
21,473 2,947 14,826 16,004 15,639
Total
____
3,068 16,192 127.019
6.470 20.832 98,191
Exported to
-
From
Aug. 1 1934 to
Jan. 25 1935
Great
Exportsfrom- Britain France
Germany
Italy
Japan
China
Other I Total
59,941 53.893 45,307 67,004 279,725 8,452 127,470 641,792
Galveston
69,364 75,700 37,249 81,965 285,115 30.013136.302 724,708
Houston
7,906 12,480 135,602 6,675 32.349245,922
Corpus Christi_ 30,057 20,853
1,762
394
Texas City._ _
743
____ 10.094 25,506
. 1,896 10,617
__
____
223
4
____ 1,019
3,132
Beaumont _ _ _ _
4,774
New Orleans_ _ 117.66 53,525 66,168 73,390 114.17127 1,875 73,149 500,394
7,555 8,774
873 2,202
9,112
____ 8,318 36,834
Lake Charles
Mobile
30,769 7,973 21,391 13,299 32,311
528 8,544 114,815
52
1,222
Jacksonville_
2,280
550
4,104
8,149
29
6,558 2,481 11,269
Pensacola
____ 2,926 31,412
12
3,594
____ 14,014
Panama City
8,916
____
775 27,424
____ 5,162 80,174
Savannah
43,7
3,494 21,668
100
6,050
Brunswick.. _ _ _200 1,076
_ _ _ 10,400
.
Charleston _ _ _ _ 56,175 5,086 15,452
_ _ _ _ 3,100 90,213
4,042
203
Norfolk
3,431 2,033
200
___ 1,400 11,309
Gulfport2,944
7,213
812
5.533 2,172
____
____ 8,211 23,941
New York_ _ _ _
1
26
----- -_--- ----2,179
_
2,206
Boston
-- -___
619
____
Philadelphia_
1
____
_ -_
50
670
2,392
6,603 2.400
100
150 5,105 176,343
,593
Los Angeles....
106
____
643
____ 36,822
250
283 38.104
San Francisco_
182
182
Seattle
Total
46l,573243,53
241,823258,021 1094,583 57,943427,368 2784,847
Total 1933-34_ 863,521 572,514 917,126 427,764 1170,897 178,770620,002 4750,594
7,1..1 1029-22 _ 540 0.5555 051111552 955442 270 1074 411 172 555505 102 4701,504
Jan. 26 1935
NOTE-Exports to Canada-It has never been our practice to include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is Impossible to give
returns concerning the same from week to week, while reports from the customs
districts OD the Canadian border are always very slow in coming to hand. In view
however, of the numerous Inquiries we are receiving regarding the matter, we will
say that for the month of December the exports to the Dominion the present season
have been 20,924 bales. In the corresponding month of the preceding season the
exports were 29,705 bales. For the five months ended Dec. 31 1934 there were
104,182 bales exported, as against 122,573 bales for the five months of 1933.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Jan. 25 at
-
On Shipboard Not Cleared forGreat
Britain France
Galveston __ _ _ 4,800 3,600
Houston
2,924 10.723
New Orleans _ _ 10,446 3,855
Savannah
Charleston_
Mobile
573
Norfolk
Other ports *_ _
GerOther Coastmany Foreign wise
3,000 17.100
865 14,764
1,141 19,311
300
-84§
Total 1935.. 18,743 18,178 5,006 52.124
Total1934_ _ 13,474 16,277 35,790 97,409
Total 1933-- 31.246 10.740 25.755 117.950
* Estimatect.
Leaving
Stock
Total
1.100 29,600
404 29,680
34,753
300
-566
300
1,222
575,700
959,943
678,497
120,473
63,214
92,500
26,846
223,557
1,804 95,865 2,740,730
8,903 171,853 3,561,622
5,348 191.039 4.600,250
Speculation in cotton for future delivery was dull.
Everybody was awaiting the gold clause decision. Selling
was not heavy, but it was more than enough to send prices
downward.
On the 19th inst. prices closed 2 to 6 points higher on
covering of shorts and buying by trade interests. Fluctuations kept within narrow limits in a moderately active
market. At times the selling was quite heavy, but it was
well absorbed. Foreign interests were early buyers and so
was the Continent, Wall Street and spot interests. This
demand was attributed to better than due Liverpool cables.
Subsequently the market receded under liquidation, but
covering and other buying towards the close brought about
a rally. The world's visible supply of American cotton
next season, according to the New York Cotton Exchange
Service, will be approximately 20,000,000 to 21,000,000
bales if production in the coining season is equal to the
Bankhead production quota. The movement of cotton
into sight last week totaled 181,000 bales, against 182,000
bales last year, total for season to date 6,314,000 bales,
against 8,280,000 in the same time last season. On the
21st inst. prices advanced 4 to 14 points. Early strength,
due to more encouraging Liverpool cables, was followed by
a reaction under selling influenced by the failure of the
Supreme Court to render its decision on the gold clause
cases. Then came a rally on renewed commission house
buying and a lack of offerings. It was a nervous market
with prices fluctuating over a range of about $1.25 a bale.
There was also some buying late in the day on reports that
the Indian crop had been reduced 350,000 bales owing to
unfavorable weather there. Cables from Bombay stated
that frost had damaged about 15% of the crop in Sind,
20% in Broach and 50% in Dhollera, while about 22,000
bales were damaged by dry weather in western Madras
and 35,000 in Tinnevelly. Liverpool, the Far East and
Bombay were buying, while New Orleans and scattered
interests sold. Spot cotton was in small demand but steady.
On the 22d inst. prices fell 5 to 10 points on selling owing
to a weaker foreign market. Demand was slow. There
was nothing in the news to excite trading. Nothing further
was heard from India in regard to crop damage and the
action of other markets was not inspiring. In the absence
of any new incentive to buy, the market lapsed into a
waiting position pending Washington developments. There
was a fair amount of trade price fixing. The issuance of
January notices for 700 bales had a depressing effect.
Foreign interests, the trade and commission houses bought,
while spot interests and New Orleans supplied the contracts.
On the 23rd inst., after an early decline of 3 to 6 points in
response to lower than due Liverpool cables, prices rallied
about 50c. a bale from the low point owing to sharply
lower estimates of the East Indian crop and Washington
advices that a bill had been introduced by Senator Bankhead
which would permit the Secretary of Agriculture to hold
cotton indefinitely. A leading house in the Indian trade
issued an estimate indicating a crop of 4,857,000 bales of
400 pounds,compared with their Dec.7 estimate of 5,639,000
and with last season's crop of 6,008,000 bales. Buying
came from the trade, New Orleans and the Continent.
The South and spot interests were selling. There was a
slight reaction in the final dealings and the ending was at
net advances of 2 to 5 points. Spot cotton was in small
demand but steady.
On the 24th inst. it was a dull session, with prices moving
within comparatively small range. The close was unchanged to 3 points higher. The best level was reached
early in the session, when values were up 2 to 4 points. The
trade was again fixing prices, and some buying was credited
to the Continent and the Far East. Liverpool, New Orleans
and the South were selling. The Indian crop was estimated
at 5,110,000 bales of 400 pounds each against 5,693,000
bales last year; consumption at 5,500,000 bales against
5.250,000 bales, and carryover at 2,350,000 bales against
2,750,000 bales.
Financial Chronicle
Volume 140
To-day prices ended 1 to 9 points lower, the latter on
January. Demand was slow. Spot houses and New Orleans
sold. The Exchange estimated the Indian crop would be
1,000,000 bales less than the early season forecast.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Jan. 31 1935
15-16
Inch
1-inch &
longer
.22
.22
.22
.22
.22
.19
.18
.49
.49
.49
.49
.49
.41
.38
.21
.21
.18
.46
.46
.38
.18
.18
.18
.38
.38
.36
.17
.35
.17
.35
.18
.18
Differences between grades established
for deliveries on contract to Jan. 31 1935
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.36
.36
70 on
White
Middling Fair
.57
Strict Good Middling__ do
.46
do
Good Middling
.32
do
Strict Middling
Basis
do
Middling
.38 off
do
Strict Low Middling_
.80
do
Low Middling
1.31
*Strict Good Ordinary. do
1 76
do
*Good Ordinary
47 on
Extra White
Good Middling
32
do do
Strict Middling
01
do do
Middling
37 off
Strict Low Middling.., do do
77
do do.
Low Middling
.28 on
Spotted
Good Middling
Even
do
Strict Middling
38 off
do
Middling
80
*Strict Low Middling__ do
1 31
do
*Low Middling
02 off
Strict Good Middling- _Yellow Tinged
28 off
do do
Good Middling
48
do do
Strict Middling
80
do do
*Middling
1.31
do do
*Strict Low Middling.-1.76
do do
*Low Middling
Light Yellow Stained- .43 off
Good Middling
.81
do
do do
*Strict Middling
do
_1.30
do do
*Middling
Yellow Stained
.80 off
Good Middling
1 31
do do
*Strict Middling
1 76
do do
*Middling
27 off
Gray
Good Middling
51
do
Strict Middling
82
do
*Middling
.81 off
Blue Stained
*Good Middling
1.31
do do
*Strict Middling
1.76
do do
*Middling
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
•Not deliverable on future contract.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
12.65 12.70 12.65 12.65 12.65 12.65
Jan. 19 to Jan. 25
Middling upland
•
New York Quotations for 32 Years
The quotations for middling upland at New York on
Jan. 25 for each of the past 32 years have been as follows:
1935
1934
1933
1932
1931
1930
1929
1928
12.65c.
11.45c.
6.25c.
6.75c.
10.45c.
17.35c.
20.10c.
18.55c.
1927
1926
1925
1924
1923
1922
1921
1920
13.65c.
20.80c.
23.55c.
33.45c.
28.60c.
17.35c.
16.20c.
39.15c.
26.20c.
31.75c.
17.35c.
12.50c.
8.50c.
12.90c.
12.90c.
9.50c.
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
14.90c.
13.85c.
9.80c.
12.25c.
10.80c.
12.25c.
7.25c.
14.10c.
Futures
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday
Jan. 19
Monday
Jan. 21
Tuesday
Jan. 22
Wednesday Thursday
Jan. 23
Jan. 24
Fr
Jay. 25
Jan.
(1935)
Range_ _12.50-12.51 12.31-12.40 12.38-12.47 12.42-12.49 12.34 12.40
12.45n
12.48
Closing _ 12.36n
12.50-12.51 12.40Feb.Range.12.49n
12.49
12.46n
Closing _ 12.40n
12.51n
12.430
March
Range.._ 12.38-12.46 12.35-12.54 12.41-12.48 12.42-12.52 12.45-12.52 12.49 12.50
12.48-12.49 12.50-12.51 12.41 12.50
Closing _ 12.44-12.45 12.52-12.54 12.46Apra
Range-12.51
12.51n
12.52n
12.54n
12.48/1
Closing _ 12.47n
May
Range.. 12.45-12.52 12.40-12.61 12.47-12.54 12.47-12.57 12.51-12.57 12.5C 12.55
12.52 12.54
12.51-12.53 12.54-12.55 12.55Closing 12.51-12.52 12.57June
Range.._
12.55n
12.54n
12.51
12.57m
12.52n
Closing _ 12.52n
July
Range._ 12.48-12.54 12.40-12.64 12.48-12.56 12.47-12.57 12.51-12.58 12.41 12.55
12.55- 12.55
12.59 12.55
Closing _ 12.5412.58-12.60 12.53Aug.
12.53-12.53
Range..12.53n
12.51
12.50n
12.53n
12.55n
Closing _ 12.51n
Sept.
-Range._
12.51n
12.41
12.51n
12.52n
12.47n
Closing - 12.47n
Range-- 12.37-12.44 12.31-12.56 12.39-12.47 12.40-12.51 12.44-12.51 12.41 -12.47
Closing _ 12.43-12.44 12.49-12.50 12.44 -- 12.48 --- 12.49 -- 12.41 12.47
Range.
12.51n
12.52n
12.41 75
12.47n
12.52n
Closing. 12.47n
Dec.
Range. 12.44-12.51 12.40-12.60 12.47-12.53 12.47-12.56 12.52-12.57 12.41 12.54
12.55 -12.55 -12.5:
Closing _ 12.51 -12.56 -12.50n
n Nominal.
Range of future prices at New York for week ending
Jan. 25 1935 and since trading began on each option:
Option for
Jan. 1935.. 12.31
Feb. 1935
Mar. 1935.. 12.35
Apr. 1935.
May 1935._ 12.40
June 1935
July 1935._ 12.40
Aug. 1935.. 12.53
Sept. 1935
Oct. 1935.. 12.31
Nov. 1935.
Dec. 1935._ 12.40
Range for Week
Range Since Beginning of Option
Jan. 22 12.51 Jan. 21 11.02 May 1 1934 14.03 Aug. 9 1934
Jan. 21 12.54 Jan. 21 11.13 May
I 1934 14.15 Aug. 9 1934
Jan. 21 12.61 Jan. 21 11.79 May 25 1934 14.23 Aug. 9 1934
Jan. 21 12.64 Jan. 21 12.03
Jan. 24 12.53 Jan. 24 12.30
12.35
Jan. 21 12.56 Jan. 21 11.74
Nov. 1 1934 14.21
Nov. 14 1934 12.53
Oct. 24 1934 12.35
Nov. 1 1934 12.71
Aug. 9 1934
Jan. 24 1935
Oct. 24 1934
Jan. 2 1935
Jan. 21 12.60 Jan. 2112.22 Jan. 15 1935 12.70 Jan. 9 1935
The Visib,le 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.
657
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. 25Stock at Liverpool
Stock at Manchester
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
1935
835,000
74,000
1934
894,000
99,000
1933
762,000
117,000
1932
707,000
174.000
909,000
313,000
170,000
27,000
82,000
43,000
20,000
8,000
993,000
586,000
306,000
22,000
89,000
124,000
5,000
10,000
879,000
516,000
264,000
21,000
83,000
104,000
881,000
341,000
183,000
21,000
100,000
103,000
663,000 1,142,000
bales_
988,000
748,000
Total European stocks
1,5 2,000 2,135,000 1.867,000 1,629,000
India cotton afloat for Europe_ _ _ 106,000
133,000
76.000
54,000
American cotton afloat for Europe 215,000 364,000 351,000 298,000
Egypt.Brazil,&c.,afil for Europe 107,000
123.000
58,000
64,000
Stock in Alexandria, Egypt
314,000 434,000 567,000 736,000
Stock in Bombay. India
625,000 850,000 622,000 458.000
Stock in U. S. ports
2,836,585 3,733,475 4,791.289 4,969,611
Stock In U.S. interior towns
1,801,024 2,084,406 2,138,401 2,158,461
U. S. exports to-day
26,356
30,582
6,463
44,109
Total visible supply
7,583.072 9,900,990 10497,046 10397,654
Of the above, totals of American and other descript ons are as follows:
American
Liverpool stock
bales- 245,000 476,000 438,000 330,000
Manchester stock
47,000
102.000
52,000
78,000
Bremen stock
260,000
Havre stock
142,000
Other Continental stock
101,000 1,055,000 915,000 683.000
American afloat for Europe
215,000 364,000 351,000 298,000
U S. port stocks
2,836,585 3,733,475 4.791,289 4,969.611
U. S. interior stocks
1,801,024 2,084,406 2,138,401 2,15b,461
U S. exports to-day
30.582
6,463
44,109
26,356
Total American
East Indian, Brazil, &c.
Liverpool stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &e., afloat
Stock in Alexandria Egypt
Stock in Bombay, India
5,654,072 7,808,990 8,738,046 8,571.654
Total East India &c
Total American
1,929,000 2,092,000 1,759,000 1,826,000
5,654,072 7,808,990 8,738.046 8,571,654
590,000
27,000
53,000
28,000
79,000
106,000
107.000
314,000
625,000
416,000
47,000
324,000
39.000
377,000
72,000
87,000
133,000
123,000
434,000
850,000
73,000
76,000
58,000
567,000
622,000
65,000
54,000
64,000
736,000
458,000
Total visible supply
7 583,072 9,900,990 10497,046 10397,654
5.50d.
Middling uplands, Liverpool_ .._ ..
5.15d.
7.08d.
6.07d.
Middling uplands, New York ___ _ 12.65c.
6.25c.
6.75c.
11.35c.
Egypt, good Sakel. Liverpool
8.606.
9.406.
8.52d.
8.286.
Broach, fine, Liverpool
5.58d.
6.01d.
4.67d.
4.89d.
Tinnevelly, good, Liverpool
5.71d.
5.026.
6.71d.
5.67d.
Continental imports for past week have been 90,000 bales.
The above figures for 1935 show a decrease from last
week of 111,744 bales, a loss of 2,317,918 bales from 1934, a
decrease of 2,909,974 bales from 1933, and a decrease of
2,814,582 bales from 1932.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, ard the same items for the
corresponding period of the previous year-is set out in
detail below:
Movenumt to Jan. 25 1936
Towns
Receipts
Week
Season
207
19,039
Ala.. Birming'm
Eufaula
1
7,273
Montgomery.
13.
22,538
Selma
34 42,876
Ark.,Blytheville 1,306 115.22
Forest City
38 27,289
Helena
146 42,830
Hope
49 28,107
Joneeboro_ _ _
____
27,970
Little Rock
621 71,658
Newport....
17
16,915
Pine Bluff_ _ _
843 72.021
WalnutRidge
47 24,460
Ga., Albany_ _ _
4.492
8
Athens
12,918
55
Atlanta
2,202 61.449
Augusta
350 82,724
Columbus _ _ _
7,,
19.300
Macon
12,012
13
Rome
17,873
335
La.. Shreveport
24 56,546
MIss.Clarksdale 1,684 113,820
Columbus_
10
20,569
Greenwood
1.617 123,925
Jackson
62 23,582
Natchez
10
3,528
Vicksburg
.
428
19,595
Yazoo city
21
28,155
Mo., St. Louis_ 4,864 112,052
N.C.Greensb'ro
148
1,860
Oklahoma
15 towns•
3.319 228,388
S.C., Greenville 3,234 81,017
Tenn.Memphis 17,9101,022.017
Texas, Abilene_
539 23,117
Austin
8
20.210
41
14,331
Brenham__ _ _
Dallas
491
43.721
33,987
Paris
60
3
Robstown_
6,679
San Antonio_
7:
15,632
45 25.939
Texarkana
205 54,028
Waco
Shipments
Week
Stocks
Jan.
25
882 6,794
580 5,332
394 23,903
398 46,231
1,346 98,413
160 25,451
320 26,928
922 22,088
108 25,769
1.140 50,286
_ _ _ _ 15,200
1,949 39,580
454 13,575
17. 8.175
400 46,223
5.773 113,844
2,353 134.074
450 14.511
283 26.999
150 21.458
550 28,755
3,070 55,556
264 19,343
4,362 65,615
266 21,979
29 5.022
722 9,122
366 22.865
2,010
4,47
12. 18.117
Movement to Jan. 26 1934
Receipts
Week
357
174
269
32
1.184
27
178
250
127
1,782
152
1.174
281
27
860
3,693
361
2,009
2,344
175
138
1.509
121
988
148
68
215
9
4,775
634
Season
Shipmenu
Week
Stocks
Jan.
26
24,394
728 13.154
7,372
740 6,025
707 33,389
25,564
36,293 2,612 41,436
120,666 2.897 72,625
364 16,223
44.9441
17,642
41,639 1,595 30,369
714 18,012
29,313
640 13,885
91,950 3,055 47,936
282 21,105
28.802
93,620 3,109 44,290
749 21,877
52,387
619 4,020
10,578
275 58,915
28,565
90,915 1,947221,743
119,947 2,539 141,560
14.240 1,500 11,661
14,693
387 34,878
11,117
100 9,969
49,557 1,109 39,521
113,429 9,085 51,260
85 12 917
15 586
134,725 4,155 72,239
25.570
413 18,211
69 5.148
9,278
19.115
551 9.848
226 14,532
27,005
144,374 4.35.5 23.078
141 17.716
4.786
5,576 128,119 12,407 765,788 29,064198.390
4.712 72.084 2,075 95.298 4.186 92.327
19,363507,14134,9981290.63945,339 585,520
529 1,985
241 8,012
577 62,110
18,65
____ 4,050
4 4,052
____
85 5,882
125 4.709
62 26,534
1,337 11,604 1,285 90.017 4,364 14,536
57i 15,100
650 15,099
73 52,346
969
5,432
87
53 1,556
51
634
100
10,246
100
165 3,884
26,369
288 17,861
333 18.927 1,608
859 16,601
1,183 12,618
617 87,785
Total. 56 towns 42.6372.801.686 66.1351801024 81.1713.974.285 116.785 2084406
• Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 24,413 bales and are to-night
283,382 bales less than at the same period last year. The
receipts of all the towns have been 38,534 bales less than
the same week last year.
658
Financial Chronicle
Market and Sales at New York
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
SALES
Spot Market
Closed
Saturday__ _
Monday __ _
Tuesday
Wednesday_
Thursday _ _
Friday
Futures
Market
Closed
Steady, 5 pts. adv_ _
Steady, 5 pts. adv__
Quiet,5 pts. dec..
Steady, unchanged_
Steady, unchanged_
Steady, unchanged_
Very steady _ _ _
Very steady _-Steady
Steady
Steady
Steady
Total week_
Since Aug. 1
Ccmo'cl Total
Spot
1,585
1,585
1,585
1,585
- _
42,516 101,100 143,616
Overland Movement for the Week and Since Aug. 1
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
418
3,288
10,647
9,388
100,811
369,640
-1933-34---Since
Aug. 1
Week
4,355 121,536
90,399
3,298
1,322
---7.673
271
92,696
3,516
6,000 320,804
Total gross overland
20,027
Deduct Shipments
Overland to N. Y.,Boston, &c.._
Between interior towns
298
2,354
Inland, &c.,from South
661,824
17,440
634.430
20,922
7,983
152,071
416
397
8,011
15.968
7,696
117.860
---1934-35Since
Week
Aug. 1
4,476 121,990
59,995
1,198
Jan. 25ShippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total to be deducted
2.652
180,976
8.824
141,524
Leaving total net overland *-17,375
480,848
8,616
492,906
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 17,375 bales, against 8,616 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 12,058 bales.
-1934-35-- -1933-34-In Sight and Spinners'
Since
Since
Takings
Week
Aug. 1
Week
Aug. 1
Receipts at ports to Jan. 25
52,473 3,424,195 114,611 5,826.209
Net overland to Jan. 25
17,375
8.616
480,848
492,906
Southern consumption to Jan. 25_ 85,000 2,230,000 80,000 2,419.000
Total marketed
154,848 6,135,043 203,227 8,738.115
Interior stocks in excess
*24.413
648,287 *37,956
822,168
Excess of Southern mill takings
- over consumption to Jan. 1.-134,626
---230,931
Jan. 26 1935
a code of fair competition in the raw cotton industry, members of the trade asserted on Jan. 23 as they met at a public
hearing before AAA officials and formally withdrew the pact
which was drafted in August 1933. It was testified that the
industry as a whole is opposed to the adoption of a code at
this time, and that it is doubtful if members would be able
to afford the expense of code administration. J. W. Garrow
of Houston, Tex., Chairman of the conference of the raw
cotton trade, formally withdrew the code. A Washington
dispatch of Jan. 23 to the New York "Journal of Commerce"
described the AAA hearing in part as follows:
Dr. G. B. L. Amer, principal economist of the AAA's cotton processing
and marketing section, explained that the Administration does not plan
to attempt administration of the code or the consolidated trading rules at
this time. He held, however, that a discussion of the proposed rules in
to-day's session would form the basis for proposed consolidation at a later
date. These trading rules, he explained, are currently maintained by
some 28 separate cotton organizations.
Reviewing industry conditions which, he declared, would make approval
of the code inadvisable at this time, Mr. Garrow said:
"On last Monday,for the first time since August 1933. the organizations
represented in the raw*cotton conference were able to meet to consider the
development in the code since its original drafting. During this interim
of eighteen months their businesses had been affected by:
Enumerates Various Devices
' "(1) The plow-up campaign: (2) Administration crop reduction programs; (3) Administration cotton loan policies which have come exactly
into line with the program followed by the Farm Board and bitterly opposed from the beginning by the cotton trade; (4) continued Federal financing of competitors, operating under the name of farmers' co-operative,.
which actually buy and sell cotton exactly as ordinary merchants but are
free from Federal taxation."
Elaborating upon his discussion of the situation, Mr. Garrow declared
that many members of the trade see not only a reduction in the amount of
their business, but loss of foreign markets to competitors in other cotton
producing countries.
"Many private financial firms have had no alternative but to retire from
business and all have been compelled to reduce their forces, and in other
ways to economize severely," he said. "Support of existing trade organizations also has become a serious problem. Even if the trade desired the
code, it is questionable if they could afford the expense of the administration of the code.
Resolution Is Cited
"As the result of all the things above set forth, the following resolution
has been adopted and signed by the organizations represented at the
meeting of the cotton trade in Washington during the past few days.
"'Resolved, that the organizations present at this meeting, whose names
shall be appended hereto and which are representative of the entire raw
cotton trade are opposed to the adoption of a code for the trade, and they
are convinced it is not in the best interest of trade; that it will not facilitate
the efficient and economical handling of cotton; and that it is neither
required in the interest of its employes nor desired by them.'"
World Supply of American Cotton Expected to Be
Normal Next Season, According to New York Cotton
Exchange
-A normal world supply of American cotton is
indicated for the 1935-36 cotton season, according to a report
North.spinn s'takings to Jan.25- 23,458
567,625
27,075
768,207
issued Jan. 21 by the New York Cotton Exchange Service.
* Decrease.
Production next season promises to be considerably below
previous years:
Movement into sight in
normal as a result of restriction under the Bankhead Act,
Bales
Since Aug.1WeekBales
the Exchange said. However, the indications are that the
278,005 1932
-Jan. 27
1933
10.312,187
366,683 1931
1932
world carryover of American cotton at the end of this season
-Jan. 29
11,953,510
177.727 1930
-Jan. 30
1931
11.252,382
will be somewhat larger than normal although considerably
Quotations for Middling Cotton at Other Markets
- smaller than the very large carryovers at the end of recent
allowable production
previous
closing quotations for middling cotton at added to seasons. Thecarryover at the end next season
Below are the
the indicated
of this season
Southern and other principal cotton markets for each day would result in a world supply next season about equal to
of the week:
supply this season, considerably smaller than in recent
the
previous seasons, and about equal to normal according to
Closing Quotationsfor Middling Cotton on
pre-depression standards. In its report the Exchange also
Week Ended
stated:
6aturaay monaay .1 uesaay vv ea aay z nursaay r riaay
Jan. 26
Came into sight during week
Total in sight Jan. 25
Galveston
New Orleans.._ _
Mobile
Savannah
Norfolk
Montgomery_ _ _
Augusta
Memphis
Houston
Little Rock__ _ _
Dallas
Fort Worth_ _ _ _
12.65
12.61
12.44
12.65
12.35
12.64
12.20
12.65
12.14
12.25
12.25
130,435
6.917,956
12.75
12.71
12.52
12.73
12.72
12.45
12.73
12.25
12.75
12.22
12.30
12.30
12.70
12.65
12.46
12.66
12.66
12.45
12.66
12.20
12.65
12.16
12.25
12.25
12.70
12.69
12.48
12.68
12.68
12.50
12.68
12.25
12.65
12.23
12.25
12.25
165,271
- 9,791,214
-
12.70
12.69
12.50
12.70
12.70
12.50
12.70
12.25
12.70
12.25
12.30
12.30
12.70
12.67
12.49
12.70
12.70
12.50
12.69
12.25
12.70
12.25
12.25
12.25
-The closing quotations
New Orleans Contract Market
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Jan, 19
Monday
Jan. 21
Tuesday
Jan. 22
Wednesday Thursday
Jan. 23
Jan. 24
Friday
Jan. 25
Ian.(1935) 12.28 Bld. 12.37 Bid. 123261240a 12351,1242a 123561242a
February
12.4712.44-12.45 12.49 12.50 61arch____ 12.42- 12.51
April
May
12.5012.57-12.58 12.5112.5412.5512.55June
July
I2.54n
12.52- - 12.53
12.5512.57-12.58
12.57kugust
3eptember
12.45n
12.41 3ctober
12.4812.4312.4812.48n
November
December_ 12.5012.51n
12.54 Bid. 12.49n
12.55n
12.57Tons
Steady.
Quiet.
Steady.
Steady.
Steady.
pot
Steady
IntInna
Steady. Very stdy
Steady.
Steady.
Steady.
Steady
n Nominal.
Raw Cotton Industry Withdraws Application for Code
-AAA Control Program Held to Make Pact
Unnecessary
The Agricultural Adjustment Administration program of
cotton production control has removed all desirability for
The world supply of American cotton next season, that is, 1935-36, will
be approximately 20,000,000 to 21,000,000 bales if production next season
is equal to the recently announced Bankhead Act quota for 1935 and producers grow an additional amount of cotton equal to their unused exemption certificates issued in 1934, and if, furthermore. the world carryover
of American cotton at the end of this season is about as assumed. The
1935 quota under the Bankhead Act is 10,500.000 bales of 500 pounds
"lint" or net weight, equivalent to 10,983,000 bales of 500 pounds growl
weight or 478 pounds net weight as usually counted. Producers are holding exemption certificates issued in 1934 but unused for approximately
700,000 bales of 478 pounds net weight. If all these certificates are used.
the allowable production for 1935 would be 11,683.000 bales of 478 pounds
net weight. A crop of 11,683,000 bales of 478 pounds net weight would be
equal to about 11,575,000 running bales, including city crop.
The size of the world carryover of American cotton at the end of this
season to which the crop must be added to arrive at the world supply for
next season will not be known definitely until the end of this season, that
is, next July. The world supply of American cotton for this season Is about
20.412,000 bales, and if consumption this season falls within the limits
assumed by the Agricultural Adjustment Administration in its release of
Nov. 28 1934, namely, 11,000,000 to 12,000,000 bales, the world carryover
of American cotton on July 31 1935, will be between 8,412.000 and 9.412,000. Adding a crop of 11,575.000 bales to this carryover indication gives
a supply for next season of 19,987,000 to 20,987.000 bales. The world
supply of American cotton for this season was 20,412.000 bales, last season
24,466,000, two seasons ago 26,189,000 and on an average during the five
seasons just prior to the beginning of the depression, that is, 1921-25 through
1928-29, 20,101,000 bales. If the supply next season is between 20,000,000
and 21,000,000 bales, it will be about "normal" as judged by prodopression
standards.
Activity in the Cotton Spinning Industry for December 1934
-The Bureau of the Census announced on
.
Jan. 19 that, according to preliminary figures, 30,889,484
cotton-spinning spindles were in place m the United States
on Dec. 311934, of which 25,057,270 were operated at some
time during the month, compared with 25,050,778 for
November, 25,095,480 for October, 22,112,888 for September, 24,153,998 for August, 24,417,778 for July, and
24,828,396 for December 1933. The cotton code limits the
hours of employment and of productive machinery. However, in order that the statistics may be comparable with
those for earlier months and years, the same method of
computing the percentage of activity has been used. Computed on this basis the cotton spindles in the United States
were operated during December 1934 at 87.1% capacity.
This perc,entage compares with 94.0 for November, 97.1 for
October, 54.3 for September, 76.8 for August, 74.3 for July,
and 73.3 for December 1933. The average number of active
spindle hours per spindle in place for the month was 195.
The total number of cotton-spinning spindles in place, the
number active, the number of active spindle hours, and the
average hours per spindle in place, by States, are shown in
the following statement.
Active Spindle Hours
for December
Spinning Spindles
State
In Place
Dec. 31
Active During December
Total
Average per
Spindle in Place
17,411,208
6,972,992
673,070
4,373,907,743
1,537.581.366
115,716.714
226
147
112
1,910,392
955.648
3,394.580
993,452
5,617.358
230,584
1,117,884
547,500
6,154,014
1,893,548
5.830,308
642,560
258,544
652.892
890.220
1,746,474
774.906
3,049,820
700,870
3,712,664
184,108
760,704
260,564
5,326,892
926,616
5.582,982
585,750
196.032
622,742
896.146
420,212,312
157.707,620
720,414,894
126,938,021
831.099,476
41,609,696
189,295.277
40,800,866
1,233,236,703
215,670,164
1.584,540.060
151,436,204
37,159,116
145,620,316
131,465,098
220
165
212
128
148
180
169
75
200
127
272
236
144
223
148
30,889,484
25,057.270
8,027,205,823
Rain
2 days
2 days
1 day
4 days
1 day
1 day
1 day
3 days
4 days
3 days
3 days
3 days
5 days
4 days
4 days
Miami, Fla
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S.0
Asheville, N. C
Charlotte, N.0
Raleigh, N. C
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
•Below zero.
Rainfall
0.06 in.
0.35 in.
0.18 in.
0.68 in.
0.32 in.
0.06 in.
0.06 in.
1.10 in.
0.67 in.
0.82 in.
1.52 in.
1.98 in.
8.27 in.
1.78 in.
2.96 in.
ThermOrneter
high 78 low 38 mean 58
high 72 low 20 mean 46
high 82 low 36 mean 59
high 75 low 29 mean 52
high 72 low 20 mean 46
high 78 low 26 mean 52
high 76 low 22 mean 49
high 73 low 27 mean 50
high 66 low 10 mean 38
high 72 low 18 mean 45
high 72 low 14 mean 43
high 72 low 20 mean 48
high 63 low 11 mean 34
high 60 low 14 mean 37
high 68 low 8 mean 38
The following statement has also been received by telegraph, showing the height of rivers at the points named at
8 a. in. on the dates given:
195
Cotton growing States 19,360,162
New England States_ 10,495,154
All other States
1,034,168
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
United States
659
Financial Chronicle
Volume 140
Cotton Ginned from Crop of 1934 Prior to Jan. 16
The Census report issued on Jan. 23, compiled from the
individual returns of the ginners, shows 9,380,348 running
bales of cotton (counting round as half bales and excluding
linters) ginned from the crop of 1934 prior to Jan. 16, compared with 12,556,729 bales from the crop of 1933 and
12,414,899 bales from the crop of 1932. Below is the report
in full:
REPORT ON COTTON GINNING
Number of bales of cotton ginned from the growth of 1934 Prior to Jan. 16
1935,and comparative statistics to the corresponding date in 1934 and 1933
State
Running Bales
(Counting round as half bales and excluding linters)
1934
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
934,484
101,439
843,857
238,865
24,198
971,254
472,421
1,119,152
224.183
82,912
633,319
823,220
678,600
393,806
2,292,368
32,499
13.771
1933
1932
949,697
86,184
1,005,784
191,745
24,091
1,090,318
468,358
1,129.726
231,523
85.522
685.395
1,222,729
723.229
425.144
4,190,590
33.686
13,008
927,909
60,219
1,253,011
119,653
15,429
852,779
597,778
1,148,820
289.801
64,063
867,268
1,051,812
707.905
451.372
4,164.269
30.027
12,784
United States
*9,380.348
*12,556.729
*12,414,899
•Includes 99,787 bales of the crop of 1934 ginned prior to Aug. 1 which was
counted in the supply for the season of 1933-34, compared with 171,254 and 71.063
bales of the crops of 1933 and 1932.
The statistics in this report include 191,920 round bales for 1934: 594.277
for 1933 and 666,036 for 1932. Included in the above are 13.053 bale; of
American-Egyptian for 1934: 8,218 for 1933; and 7,402 for 1932.
The statistics for 1934 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Dec. 13 is 9,174,953
bales.
CONSUMPTION, STOCKS, IMPORTS AND EXPORTS
UNITED STATES
Cotton consumed during the month of December 1934, amounted to
413,535 bales. Cotton on hand in consuming establishments on Dec. 31,
was 1,299,554 bales, and in public storages and at compresses, 9.640,558
bales. The number of active consuming cotton spindles for the month
was 25,057,270. The total imports for the month of December 1934 were
9,982 bales and the exports of domestic cotton, excluding linters, were
504,185 bales.
WORLD STATISTICS
The world's production of commercial cotton, exclusive of linters, grown
In 1933. as compiled from various sources, was 25,451,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for the
year ending July 31 1934, was 25,324,000 bales. The total number of
spinning cotton spindles, both active and Idle, Is about 157,000,000.
'Weather Reports by Telegraph-Reports to us by
telegraph this evening indicate that the colder weather in
the cotton belt and much rain in the eastern section have
been regarded as favorable for the soil. Winter plowing
is considered as being backward.
Galveston, Tex
Amarillo, TeX
Austin, Tex
Abilene, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Houston, Tex
Palestine, Tex
Port Arthur, Tex
San Antonio Tex
Oklahoma City, Okla
Fort Smith, Ark
Little Rock, Ark
New Orleans, La
Shreveport, La
Meridian, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville
Rain Rainfall
3 days 2.81 in.
dry
2 days 1.30 in.
2 days 0.39 in.
1 day
0.68 in.
1 day
0.74 in.
3 days 2.72 in.
dry
dry
3 days 1.22 in.
2 days 1.48 in.
4 days 1.91 in.
2 days 0.20 in.
1 day
0.14 in.
2 days 1.58 in.
3 days 3.41 in.
3 days 2.84 in.
4 days 4.26 in.
4 days 2.77 in.
3 days 1.62 in.
2 days 0.67 in.
4 days 1.18 in.
4 days 1.10 in.
2 days 0.28 in.
high 74
high 62
high 74
high 70
high 82
high 78
high 64
high 74
high 66
high 78
high 78
high 74
high 74
high 52
high 48
high 56
high 80
high 74
high 80
high 80
high 72
high 72
high 78
high 78
Thermometer
low 20 mean 47
low 2* mean 30
low 18 mean 46
low 8 mean 39
low 26 mean 54
low 26 mean 52
low 8 mean 36
low 18 mean 46
low 18 mean 42
low 16 mean 47
low 12 mean 45
low 18 mean 46
low 20 mean 47
low 2* mean 25
low 8 mean 28
low 18 mean 37
low 24 mean 52
low 15 mean 45
low 16 mean 48
low 16 mean 48
low 19 mean 46
low 14 mean 43
low 18 mean 48
low 30 mean 59
Above zero of gauge..
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Jan. 25 1935
Feet
4.3
27.3
35.4
20.6
24.1
Jan. 26 1934 •
Feet
5.0
8.1
10.1
10.4
19.1
Receipts from the Plantations
-The following table
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Receipts at Ports
Week
Ended
1934
1933
1932
Stocks at Interior Towns
1934
ReceiptsfromPlantations
1932
1933
1934
1933
1932
232 059348,464387,5071.829,198 1.881,91' 2.030,251 325.648 5.096527.896
26...232059
Nov.
2._ 201.932313,111404,069 1,882,223 1,986,73 2,133,283254,957417.938507,101
9..148,501275.658377,879 1,922,254 2,081,2392,201,601 188,532 370,160448.197
16_ 184.427257,126425.222 1,963,293 2,151,371 2,248,953 175,466 327,258472.574
28._ 133,525285,757308,468 1.983,174 2,186,5562,251,477 153.408250.572310,992
30._ 119,755266,062375,711 1,978,968 2,198,2 2.246,716 110,549 277,796 70,950
Deo.7_ 104,01 218.332298,545 1.960,556 2,207,1392,256,650 90,602 227.1811257.542
14_ 109.
177,899282,064 1,934,2152,203,41 2,260,614 83,604174.177266,028
21._ 105,029 165,800162,170 1,915,166 2,195.9032.231,716 85,980158,286132,272
28- _ 84.550150,873 182,588 1,911,138 2.188,74 2,213,374 80,552143,71 184,246
Jan.-.
4_ _
11_
18 _ _
25_ _
1935 1934 1933
1935
1934
1933
62,371101,016194,020 ,883,029 2,181,2682,169,330
55,46 105,07 168,7741,851,022 2.152,08i 2.167,2
85,908103,831 188.072 ,825,437 2,122,3622,165,999
52,473 114,811 198.981 1.801,024 2,084.406 2338.401
1935
34,262
23,455
40,323
28,060
1934 rii
93,5391149,976
75.888166.687
74,1031186,828
76,658171,383
The above state'ment shows: (1) That the total receipts
from the plantations since Aug. 1 1934 are 4,065,709 bales;
in 1933 were 6,624,952 bales and in 1932 were 7,177,965
bales. (2) That, although the receipts at the outports the
past week were 52,473 bales, the actual movement from
plantations was 28,060 bales, stock at interior towns
having decreased 24,413 bales during the week.
World's Supply and Takings of Cotton-The following brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period.
Cotton Takings,
Week and Season
1933-34
1934-35
Week
Week
Season
Season
Visible supply Jan. 18
9.899,184
7,694,816
Visible supply Aug. 1
7,632.242
6,879,719
American in sight to Jan. 25.._
165,271 9,791,214
130,435 6,917,956
Bombay receipts to Jan. 24..
92,000
129,000
772.000
856,000
OtherIndia Ship'ts to Jan. 24
8,000
30,000
301,000
311,000
Alexandria receipts to Jan. 23
23.000 1,172.400
33,000 1,031,200
Other supply to Jan 23
10,000
14,000
290,000
312,000
Total supply
Deduct
Visible supply Jan. 25
7,968,251 16.275,875 10,260.455 19,990,856
7,583,072 7,583,072 9.900,990 9,990.990
Total takings to Jan 25
385,179 8,692,803
359,465 10,080,866
Of which American
208,179 5,958,603
247,465 7,824,468
Of which other
177,000 2,734.200
112,000 2,265,400
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,230.000 bales in 1934-35 and 2,419,000 bales in 1933 --34
takings not being available
-and the aggregate amounts taken by Northern
and foreign spinners, 6.462.803 bales in 1934-35 and 7.670.866 bales in
1933-34, of which 3,728,603 bales and 5.405,466 bales American.
h Estimated.
India Cotton Movement from All Ports-The receipts
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1934-35
Jan. 24
Receipts
-
1933-34
Week
92,000
Bombay
Since
Aug. 1
856,000 129,000
Since
Week I Aug. 1
For the Week
Exports
from
-
Great Conti- Jap'n&
Britain neat I China Total
1932-33
Week
772.000 90.000
Since
Aug. 1
931.000
Since August 1
Great
Britain
rita
Conti- 1Japan &
neat
China
Total
Bombay
1934
-35_
1933-34_
1932-33_
Other India
1934
-35_
1933-34...
1932-33._
6,000 30,000 39,000
8,000 20,000 33,000
13,000 12.000 25,000
I
8,000, -_-- 8,000
4,000 28,000; __-- 30,000
9,000 1,000 _ -- _ 10,000
Total all
1934
-35..
1933-34_
1932-33._
3,000 14,000 30.000 47,0001 186,000 380,000 516, 00 982,000
331.0
0j
0
9,000 34,000; 20,000 63,000 128.000, 387,000 130,000 645.000
9,000 14,0001 12,000 35.000 62.000' 295,000'
688.00
3,000
5,000
I
21,000,
30,000;
14,000
I
65,000,
98,000'
48,000
144.003 516,000 681,000
174.0001 130,000 334,000
134,000 331,000 479,000
236,0001
213,000;
161,000;
301,000
311,000
209,000
Financial Chronicle
1933-34
1932-33
165,000
5.159,596
115,000
5,843.246
140,000
3,617.159
This Since
Week Aug. 1
This Since
Week Aug. 1
This Since
Week Aug. 1
81,033 10,000 184,561
96,552
8.000 78.573
13,000 382,058 18.566 328,282
3,000 20.221 4.000 39,791
9,000 74.129
56,050
16:666 260,840
1,000 20,852
Exports (Bales)
To Liverpool
To Manchester,&c
To Continent and India
To America
Totalexports
24.000 561,885 32.000 649.186 20,000 411 871
Note
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for tne week ended Jan. 23 were
165,000 cantars and toe foreign snipments 24,000_bales.
-Our report received by cable toManchester Market
night from Manchester states that the market in both
yarns and cloths is steady. Demand for India is poor.
We give prices to-day below and leave those for previous
weeks of this and last year for comparison:
32s Cop
Twist
d.
s.
044.26- 1034@)1154
Nov.
2....... 10 @DM
10 @1134
16____ 1034181134
23____ 1034181134
30.--- 10(41)1134
Dec.
7_ __ 1034(41134
14____ 1034 181134
21____ 1034 ®1155
28._ l034 @1l34
Jan.4__
IL__
18____
25____
103
1034181134
1054@1154
104@1134
1034(51134
d.
s. U.
U.
328 Cop
Twist
d.
s. d
U.
I
©
3
6.92
8%01 934
4 ig
6
5.54
1
2
2
4
4
@
@
@
ig
44
3
4
4
6
6
6.79
6.81
6.88
6.91
6.96
8%@ 9Si
834010
85i18 95(
834ig 954
85418 954
4
4
4
4
4
6
6
till
(4)
0
6
6
6
6
6
6.43
5.31
5.13
5.09
6.15
4
4
4
4
3
@
(gl
og
6
6
6
6
7.02
7.08
7.15
7.20
83418
83418
834@
83418
4
4
4
4
(§1
ig
@
(gt
8
6
6
6
5.25
5.25
5.25
5.33
4 w 96
4 (4 9 6
4 ilS 9 6
4 (4) 9 6
7.23
7.18
7.15
7.08
19 34
834(810
86
934@1054 8 6
934@l034 86
9.14(0)1034 8 6
@
@
ig
(4
91
9 I
91
9I
5.64
5.88
6.05
6.07
934
934
9%
934
Shipping News
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 58,267 bales. The shipments in detail, as made
up from mail and telegraphic reports,.are as follows:
GALVESTON-To Dunkirk-Jan. 19-Trolleholm, 726
To Gdynia-Jan. 19-Trolleholm. 699
To Oslo-Jan. 19-Trolleholm, 200
-Jan. 19-Trolleholm, 255
To Gothenburg
To Copenhagen-Jan. 19-Trolleholm, 58
-Simon von Utrecht, 350
To Bremen-Jan. 18
-Maria, 1,465
To Venice-Jan. 18
To Trieste-Jan. 18
-Maria, 416
-Mar Caribe, 2.869
To Barcelona-Jan. 18
-Mar Caribe, 282
To Malaga-Jan. 18
-Velma Lyke, 153
To Porto Colombia-Jan. 14
-Gem To Japan-Jan. 18-Kirishima Maru, 6,223__ _Jan. 23
wood,2,602
-FernTo China-Jan. 18-Kirishima Maru, 1,521_ _ _Jan. 23
wood, 100
To Genoa-Jan. 23-Jomar, 473
To Barcelona-Jan.23-Jomar,2,468
HOUSTON-To Genoa-Jan. 22-Jomar, 327
-Mar Caribe,
To Barceloan-Jan. 22-Jomar, 1,445_ _ _Jan. 19
2,245
To Malaga-Jan. 19-Kirishima Maru, 18
-FernTo Japan
-Jan. 19-Kirishima Maru, 1,747-__Jan. 23
wood, 1,068
To China-Jan. 19,--Kirishima Maru, 229
To Venice-Jan. 15
-Maria,2,084
To Trieste-Jan. 15
-Maria, 1,132
-Simon Von Strecht, 2,218
To Bremen-Jan. 16
-Simon Von Strecht, 400
To Gdynia-Jan. 16
-Simon Von Strecht, 942
To Hamburg
-Jan. 16
To Ghent
-Jan.23-Hybert,798
To Havre-Jan. 23-Hybert, 1,241
1To Rotterdam-Jan. 23,-Hybert, 171
To Antwerp-Jan. 23-Hybert, 223
-Augsburg. 1,969
-To Bremen-Jan. 16
NEW ORLEANS
-Augsburg, 50. Jan. 19--Gttlreholm.
To Gdynia
-Jan. 16
450
To Oporto-Jan. 16
-Augsburg, 50
To Norrkoping-Jan. 19-Stureholm, 200
To Gothenburg-Jan. 19-Stureholm, 350
To Japan-Jan. 19
-Ethan Allem, 1.545
To Marseilles
-Jan. 16-Recca, 844
To Manchester-Jan. 14-Delilian, 790
To Barcelona-.-Jan. 12
-Mar Caribe, 300
TEXAS CITY
-To Dunkirk-Jan. 19-Trolleholm, 161
To Gdynia-Jan. 19-Trolleholm. 58
To Gothenburg-Jan. 19-Trolleholm, 51
To Copenhagen-Jan. 19-Trolleholm, 186
NEW YORK
-To Havre-Jan.23
-Liberty,364
-To Liverpool-Jan. 16-Delilian, 526; City of Alma,
MOBILE
1,123
To Manchester-Jan. 16-Delilian, 1,863; City of Alma. 1,107
To Barcelona-Jan.14
-Mar Caribe, 100
NORFOLK
-To Hamburg-Jan.22-Riol,538_ -Jan. 2
-Liberty.
258
To Manchester-Jan. 24
-Manchester Spinner, 375
-City of Baltimore, 95
To Genoa-Jan. 24
PENSACOLA-To Bremen-Jan. 18-Topa Topa, 6
To Rotterdam-Jan. 18-Topa Topa, 5
To Genoa-Jan. 18-Montiora, 100
BEAUMONT-To Liverpool
-Jan. 24
-Logician, 175
PANAMA CITY
-To Bremen-Jan. 18-Topa Topa, 107
-Jan. I8-Topa Topa, 3
To Hamburg
-To Liverpool-Jan. 19-Lochgiol, 547
LOS ANGELES
-Elba, 100
To Hamburg-Jan. 17
-Golden Peak, 2,000---Jan. 21-President
To Japan-Jan. 19
Coolidge, 1,000
Bales
726
699
200
255
58
350
1,465
416
2,869
282
153
8,825
1,621
473
2,468
327
3,690
18
2,815
229
2,094
1,132
2,218
400
942
798
1,241
171
223
1,969
500
50
200
350
1,545
844
790
300
161
58
51
186
364
1,649
2,970
100
796
375
95
6
5
100
175
107
3
547
100
3,000
Jan. 11
63,000
848,000
252,000
71,000
45,000
167.000
62,000
Jan. 18
54,000
830,000
240,000
37,000
10,000
191.000
86,000
Jan. 25
55,000
836.000
245.000
59,000
18,000
162,000
77,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot
Saturday
Monday
Tuesday
Market,
12.15 {
P. M.
Quiet.
Moderate
demand.
Wednesday Thursday
Friday
More
demand.
Quiet
Quiet.
Mid.Uprds
7.13(1.
7.103.
7.10d.
7.09d.
Quiet.
7.07d.
7.08(1.
Steady
Futures.{ Quiet but Steady,
Quiet,
Quiet but Steady,
Market
stdy., 4 to 4 to 8 pts. 1 to 2 pts. teady, un- 3 to 5 pts. 1 to 2 pts.
opened 5 pts. dec. advance, advance, changed to advance. advance
I pt. dec.
Market, I Steady, Quiet but Quiet but Quiet but
Quiet, Quiet, but
4
I to 3 pts. steady, un- Stdy., 1 pt etdy.,I to 2 pts. dec. St'dy 2 pts.
P. M.
decline, hanged to adv. to 2 4 ins. dec. 1 pt. adv. decline
4 pin. adv. 2 pts. dec.
i
Prices of futures at Liverpool for each day are given below:
Saturday! Monday
834 Lbs. Shirt- Cotton
inps, Common hfidrWg
to Finest
Uprds
s. d.
Jan. 4
50,000
846,000
235,000
46.000
12,000
200,000
81,000
Forwarded
Totalstocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
1933-34
1934-35
133i Lbs. Shirt- Cotton
tags, Common Middde
Uprds
to Finest
58.267
Liverpool
-By cable from Liverpool we have the following statement of the week's imports, stocks, &c., at that port:
Jan 19
to
Jan. 25
Tuesday
Wed'day Thursd'y
Friday
12.00 12.00 12.15 4.00 12.15 4.00 12.15 4.0012.15 4.00 12.15 4.00
p. m.p. m.p. ni. p. m. p. m. p. m. p. m.lp. m. p. m. p. m p. m. p. m.
New Contract d.
January (1935) _ March
May
July
October
December
January (1936)-- -March
May
July
October
d.
6.85
6.86
6.83
6.80
6.71
d.
6.88
6.89
6.87
6.75
6.75
d.
d.
6.85 6.85
6.86 6.85
6.836.83
6.81 6.81
6.72 6.73
d.
6.86
6.86
8.83
6.80
6.71
d.
6.8
6.8
6.83
6.80
6.71
d.
6.82
6.8
6.81
6.78
6.70
d.
6.82
6.85
6.82
6.80
6.72
U.
6.80
6.83
6.80
6.78
6.70
U.
6.83
6.86
6.83
6.80
6.72
6.68- -_ 6.70... -- 6.68 _--- 6.67.. __ 6.68 -6.68.... __ 6.70- -- 6.69_ __ 6.67.... __ 6.68
6.67 __ -- 6.70__ - 6.68__ _ 0.67... __ 6.68
ICO
Receipts (contars)This week
Since Aug. 1
Total
Bales
2,323
1,116
224
50
Ca.&
..4 0 0
CO
1934-35
Alexandria, Egypt,
Jan. 23
CHARLESTON-To Liverpool-Jan. 19-Bradovery, 2,323
SAVANNAH-To Liverpooi-Jan. 22
-Tulsa, 1,116
To Bremen-Jan. 19
-Taurus, 224
To Lisbon-Jan. 19
-Taurus, 50
CA CO Ca CO CO CO Co01.0 Ca
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
37,000 bales. Exports from all India ports record a decrease
of 16,000 bales during the week, and since Aug. 1 show an
increase of 337,000 bales.
-We now reAlexandria Receipts and Shipments
ceive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Jan. 26 1935
'es,'co ee ba "ce ;aix La Co io bo P.
•
660
BREADSTUFFS
Friday Night, Jan, 25 1935.
Flour was in small demand, but recently showed considerable firmness.
Wheat on the 19th inst. closed with net gains of 13/sc.
on short covering owing to the possibility of a decision being
handed down by the Supreme Court on the gold clause cases
on Monday. There was also some buying on the firmness
of Liverpool and a forecast for colder weather over the
winter wheat belt. On the 20th inst. prices closed % to
7 lower under the pressure of foreign liquidation and other
8e.
selling due to the failure of the Supreme Court to make a
decision on the gold clause cases. There was a rally at one
time due to covering of shorts but selling induced by the
weakness of foreign markets brought about a late reaction
which left the market below the previous day's closing.
Winnipeg fell % to lc., Liverpool dropped 3 to Md. and
Rotterdam fell M to lc. The weather map showed subzero temperatures in the winter wheat belt. The American
visible supply decreased 295,000 bushels. On the 22d inst.
prices ended % to Wic. lower on selling due to the weakness
in Winnipeg. Eastern interests and Liverpool sold. There
was some covering later on a denial of reports that Canada
would subsidize wheat exports. Winnipeg was 3. to
lower owing to a poor export demand. Liverpool was unchanged to Md. lower. Very cold weather was reported in
the winter wheat belt. On the 23d inst. prices ended %
to 1Mc.lower under heavy selling influenced by the weakness
in corn. Early prices were firmer owing to the strength of
Liverpool and very cold weather over the winter wheat belt.
Liverpool ended M to %d. higher and Rotterdam was up
1 to 1%c. Winnipeg advanced % to Mc.
On the 24th inst. prices closed %c. lower to 14c. higher.
/
There was some early buying owing to the firmness of
set in later on reports that Canada
Liverpool, but selling
may form a Farm Board. Winnipeg closed Y to %c. higher,
4
while Liverpool was unchanged to 313d. lower. Rotterdam
was %c. lower to %c. higher. The United States Department of Agriculture estimated the Argentine crop at 239,000,000 bushels against its last official estimate of 252,000,000 bushels. Argentine exports were estimated at
4,225,000 bushels. Cash wheat was lower. Minneapolis
wheat stocks decreased 110,000 bushels for five days.
4c. The
To-day prices ended with net gains of % to 7
open interest at Chicago was 107,567,000 bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed, Thurs. Fri.
114
11354 11254 11234 11254 113
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sal. Mon. Tues. Wed. Thurs. Fri.
9834 973-i 973( 9634 96% 97$
May
8934 8834 885.1 8834 8854 89
July
87
8754 8734 8654 8634 87
September
Volume 140
Financial Chronicle
Season's High and When Made
Season's Low and When Made
May
Aug. 10 1934 May
117
Jan. 15 1935
95
July
98% Dec. 5 1934 July
863.1 Jan. 15 1935
September ---- 92% Jan. 5 1935 September
84% Jan. 15 1935
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
83% 82% 82% 82% 82% 83
July
83% 82% 81% 81% 82% 82%
Corn was 134 to 13 c. higher on the 19th inst. reflecting
%
the advance in wheat. Shorts covered. The cash market
was steady. Very little attention was given to reports that
offerings of Argentine corn for May-June shipment were
made at 51c., c. i. f., American Atlantic ports. On the 21st
inst. prices dropped % to 1/0. despite very cold weather
3
over the belt which it is supposed will increase the feeding
demand. Neither did the advance in hogs have any effect.
Some advices stated that there are sufficient supplies of corn
and feedstuffs to meet immediate requirements. There was
a further decrease of 1,197,000 bushels in the visible supply.
On the 22d inst. prices declined % to Mc. The amount of
corn available for export in the Argentine on Jan. 15 was
estimated at 15,000,000 bushels. On the 23d inst. prices
declined % to 1 Mc. with selling by Eastern interests heavy.
Most of the day the market showed firmness influenced by
the early gains in wheat, but the heavy selling pressure was
too much for the market to withstand.
On the 24th inst. prices ended % to 14c. higher, on buying
/
by cash interests prompted by the firmness of cash corn.
Shipping sales amounted to 55,000 bushels. To-day prices
closed unchanged to %c. higher. The open interest at
Chicago was 65,668,000 bushels.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wea. Thurs. Fri.
No. 2 yellow
103% 103% 102% 101
101% 101%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
84% 84% 84%
87% 86% 86
July
83% 81% 8131 80% 80% 80%
September
79% 78% 77% 77
77% 77%
Season's High and When Made I
Season's Low and When Made
May
93% Dec. 5 1934IMay
75
Oct. 4 1934
July
90% Dec. 5 1934 July
75
Oct. 4 1934
September ____ 84% Jan. 5 1935 September
75% Jan. /5 1935
Oats were Yi to %c. higher on the 19th inst. on buying
influenced by the rise in other grain. On the 21st inst. there
was a decline of /0. Commission houses were supporting
3
the market. The visible supply increased 219,000 bushels.
On the 22d inst. prices were % to %c. lower. There was a
good shipping demand on the decline. On the 23d inst.
prices declined M to %c.in sympathy with corn.
On the 24th inst. prices ended %c. lower to li higher.
tc.
To-day prices ended % to %c. higher.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
67
67
65% 66
66% 66
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
52
52% 52
513.4 51% 511
July
45
45% 44% 44% 44% 44
September
42
42
41% 41% 42
42
Season's High and When Made
Season's Low and When Made
May
45% Oct. 4 1934
59% Aug. 10 1934 May..
July
51
Dec. 5 1934 July
41
Oct. 4 1934
September ---- 44% Jan. 7 1935 September
41
Jan. 15 1935
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
43% 4334 42% 42% 42% 42%
July
43% 42% 42% 42% 41% 42%
Rye ended M to 43. higher on the 19th inst. reflecting
5
the strength in other grain. But on the 21st inst. prices
declined 4 to 1 Mc. with some selling rye against purchase
3
of wheat and corn. The visible supply dropped 481,000
bushels. On the 22d inst. prices declined 34 to %c. New
lows for the season were reached. On the 23d inst. prices
ended unchanged to %c. higher.
On the 24th inst. prices ended % to %c. lower. To-day
prices ended % to %c. higher.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tue.,. Wed. Thurs. Fri.
May
67% 66% 67%
6934 67% 67
July
68% 67% 67
66% 66% 66%
September
67% 66% 66
66
6574 66%
Season's High and When Made
Season's Low and When Made
May
66% Jan. 15 1935
95% Aug. 9 1934 May
September -___ 76
Jan. 5 1935 September
66% Jan. 15 1935
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
57% 56% 56
55% 5534 55%
July
58
57
56% 5634 5531 56
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thuts. Fri.
May
78% 7734 76% 77
753.4 7534
70
70
July
70
70
70
70
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
54
53% 52% 52% 51% 52%
May
52% 52% 51% 51% 5034 51%
July
Closing quotations were as follows:
GRAIN
Oats. New York
Wheat. New YorkNo. 2 white
No. 2 red., c.1 f.. domestic__113
66
Manitoba No. 1.f.o b N.Y.. so% Rye,No.2.f.o.b.bond N.Y
7334
Barley, New York
Corn, New York4734 lbs. malting
91%
101
Chicago,cash
No.2 yellow, all rail
75-120
FLOUR
spring pats.,high protein37.40 7.50 Rye flour patents
S4.50104.80
7.05 7.25 Seminola bbl..Nos.1-3
Spring patents
9.6009.80
Clears,first spring
6.65 6.90 Oats3.80
Bat winter straights
5.75 6.20 Corn flour
2.75
winter straights_ 6.55 6.75 Barley goods
Hard
Coarse
6.75 6.95
Hard winter patents
4.25
Fancy pearl.Noe.2.4&7 6.30@6 50
6.00 6.10
[lard winter clears
661
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-
Wheat
Flour
Corn
Oats
Rye
Barley
Ibis 196 lbs bush 60 lbs bush 56 lbsbush 32 lbs bush 56 lbs bush 48 lbs
Chicago
168,000
110.000
332.000
85.000
151,000
Minneapolis
487.000
62,000
104,000
19,000 216.000
Duluth
10,000
Milwaukee.._
19,000
31,000
64,000
30,000
138.000
Toledo
59,000
30,000
36,000
Detroit
3,000
24,000
22,000
7.000
18.000
Indianapolis
189.000
34,
32,000
72.000
St. Louis.. __ _
113,000
198,000
131,000
58,000
1.000
36.000
Peoria
420,000
34,000
9,000
14,000
39,000
73,000
Kansas City
16,000
169,000
363,000
60,000
Omaha
29,000
80,000
24,000
St. Joseph •
26,000
59,000
52,000
Wichita
1,000
115,000
14,000
Sioux City_
10,000
19,000
Buffalo
296.000
75,000
40,000
2,000
27,000
Total wk.,'35
Same wk., '34
Same wk., '33
384,000
352,000
369.000
1,926,000
4,180,000
3,704,000
1,507,000
2,249,000
3,328,000
611,000
972,000
1,072,900
68,000 659,000
125.000 1,134.000
170,000 396,000
Since Aug.11934
8,817,000 142,491,000 120.310.000 31.455,000 9,013,00041,857,000
1933
8,387.000 141,577,000 116,212,000 44,851,000 7,680,000 30.816,000
1029
0 KR1 nnnein 407 (inn Inn 245(100 SR Dift nnn ft 040(11124 005 000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Jan. 19 1935, follow:
Receipts at- I
Flour
1
Wheat
Corn
bbts 196 lbstbush 60 Ws bush
New York _
106,000
130,000
Philadelphia__
1,000
23,000
Baltimore_ _ _ _
13,000
21,000
New Orleans*
17,000
Galveston_
6,000
St. John West
25,000
302,000
Boston
14,000
Halifax
26,000
220,000
Total wk., '35
Since Jan.1'35
224,0001
680,000
663,000 1,274,000
Rye
Oats
Barley
58 lbs bush 32 !Ds bush 56 lb bush 48 lbs
36,000
44,000
62,000
12,000
70,000
34,000
1,000
45,000
563.000
94,000
9,000
4,000
2,000
145.000
454.000
746.000
1,009,000
34.000
239,
1.000
45.000
Week 1934..
Since Jan.1'3
246,000,
919,000
92,000
146,000
17,000
33.000
760,0001 2,760,000
250,000
257,900
32,000
57,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bi Is of lading.
The exports from the several seaboard ports for the week
ended Saturday, Jan. 19 1935, are shown in the annexed
statement:
Wheal
Bushels
Exports fromNew York
New Orleans
St. John West
Halifax
Corn
Bushels
188,000
Oats
Bushels
4,560
3,000
25,000
26,000
302.000
220,000
Total week, 1935._
710,000
Same week, 1934_ _ _ 2,065,000
.
Flour
Barrels
1,000
Barley
Bushels
9,000
2,000
58,560
63,792
Rye
Bushels
11,000
4,000
33,000
The destination of these exports for the week and since
July 1 1934 is as below:
Flour
Exports for Week
and Since
Since
Week
July ItoJan. 19 July 1
1935
1934
Barrels
Barrels
United Kingdom_ 47.385 1,423,684
Continent
4.175
349,620
So.& Cent. Amer_
1,000
30.000
West Indies
167,000
5,000
Brit. No. Am.Col.
____
60,000
Other countries_ __
1,000
112,249
Total 1935
Total 1934
Wheal
Week
Jan. 19
1935
Corn
Since
July 1
1934
Bushels.
Bushels
460,000 22,985,000
246,000 24,094.000
3,000
172,000
1,000
34,000
Week
Jan. 19
1935
Bushels
Since
Jnly 1
1934
Bushels
1,000
1,000
8,000
824,000
58,560 2.142,553
710,000 48,109,000
63,792 2,819,561 2,065.000 70,416,000
1,000
8,000
311,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Jan. 19, were as follows:
United States
Boston
New York
"
afloat •
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Pecn la
Chicago
afloat
Milwaukee
Minneapolis
Duluth x
Detroit
Buffalo
" afloat
GRAIN STOCKS
Wheat
Corn
Oats
bush.
bush.
bush,
113,000
6,000
142.000
230,000
324,000 *397,000
219,000 *164,000
512,000
336.000
316,000
1,259,000
110,000
256.000
37,000
870,000
3.513,000
957,000
3,414,000
1.544,000
18,284,000
4,673,000
243.000
5,383,000
1,338,000
4.000
4.691,000
383.000
703,000
10,814,000
3,794,000
125.000
7,241,000
5,180,000
Rye
bush,
1,000
*239,000
Barley
bush.
48,000
17,000
41,000
121,000
15,000
15,000
123.000
698,000
28,000
22.000
750,000
120,000
471,000
136,000
6,000
32,000
1,520,000
306,000
12,000
3.182,000 1,060,000
40,000
5,000
5,379,000 1,070,000
2,000
28.000
551,000
278,000
15,000
386,000
463,C00
49,000
19,000
1,065,000
461,000
175,000
47,000
8,874,000 2,785.000 5,693.000 1,161,000
300,000
937,000
660,000
540.000
10,000 1,897,000
5,839,000 6,864,000 1,807,000 6.808.000
1,305,000 2,943,000 x1,724,000 1,505.000
4,000
5,000
12,000
60,000
4,110.000 1,247,000
633,000 1,020,000
1,078,000
290,000
180,000
724,000
Total Jan. 19 1935._ __ 75,305,000 36,116,000 21,239,000 11.523,000 13,403,000
Total Jan. 12 1935_ 78,257,000 38,033,000 21,020,000 11,900,000 13,821,000
Total Jan. 20 1934_ __ _115,181.000 65,107,000 43,838.000 13.077,000 14,476,000
*New York also has 105,000 bushels Argentine rye in store; 771,000 bushels Argentine oats In store; 590,000 bushels Argentine oats afloat. ""x Duluth also has 328,000
bushels Polish rye afloat.
Financial Chronicle
Note—Bonded grain not included above: Barley. Buffalo. 247,000 bushels;
Duluth in store. 328,000: Milwaukee afloat, 941,000; Duluth afloat, 120,000:
total, 1,636,000 bushels, against none in 1934. Wheat, New York, 1.058.000 bushels:
New York afloat, 742.000: Philadelphia, 60,000: Erie. 2,454,000; Buffalo, 6,939.000:
Buffalo afloat, 8,127,000; Duluth in store, 1,199.000; Duluth afloat. 540,000:
Chicago afloat, low grade, 786,000; Milwaukee afloat, 283,000; total, 22,188,000
bushels, against 10,803.000 bushels in 1934.
Barley
Rye
\Wheat
Oats
Corn
bush,
bush.
bush.
bush.
bush.
Canadian—
238,000 1,171,000
576,000
6.262.000
Montreal
2,513.000 2,523.000 3,274,000
Ft. Wm.4: Poi t Arthur- 57,659,000
454,000 1.671.000
3,882.000
Oth.Can.4c oth.wat. pin. 55,419,000
Total Jan 19 1935____119.340.000
Total Jan. 12 1935____121,282,000
Total Jan. 20 1934____110,197.000
Summary—
75,305,000 36.116,000
American
119,340,000
Canadian
6.971.000 3,215,000 6,116.000
7,546,000 3,149,000 6,145,000
9.783,000 3,159,000 6,266,000
21,116,000 11,523,000 13,403,000
6,971,000 3,215,000 6,116,000
TotalJan. 19 1935____194,645,000 36.116,000 28,087.000 14,738,000 19,519,000
Total Jan. 12 1935____199,539,000 38,033,000 28.566,000 15,049,000 19,966,000
Total Jan. 20 1934.-225,378,000 65,107,000 53,621,000 16,236,000 20,742,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Jan. 18, and since July 1 1934 and July 2 1933, are
shown in the following:
Corn
Wheat
Exports
Week
Jan. 18
1935
Since
July 1
1934
Since
July 2
1933
Week 1
Jan. 18
1935
Since
July 1
1934
I
Since
July 2
1933
:00 Bushels I Bushels 1 Bushels
Bushels
Bushels I Bushels
409,000
17,000
1.000,
North Amer _ 2,213.000 98.064.000 i27,850.000
442,000' 12,825,0001 20,069.000
r 4,296,000
Sea_
Black
3.469,000125,559.000 131,236,000
3,237,000 99,292,000 59,755.
Argentina_
Australia -- 3,185.000 58,252,000 49,842,000
328,000
India
776,000 23,632,000 18,128,000 1,411,000 25.828.000 6,328,000
0th. countr's
Total
9,411,000 283.864,
287,354.000 5,323.000 164,229,0001158,042,000
Weather Report for the Week Ended Jan. 23—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Jan. 23 follows:
The outstanding feature of recent weather was the severe cold wave that
had overspread the entire United States, except the more eastern and
southeastern districts, at the close of the week. The Cold weather terminated a persistently warm period that had prevailed aince the first of
the year. It brought extremely low temperatures to the Northwest, and,
at the close of the week, the line of zero had advanced to Chicago, and
Springfield, Ill. and sub-zero temperatures were reported from as far south
as southern Missouri, central Oklahoma, and the Texas Panhandle. Abnormally cold weather during this period covered all sections of the country
from California to the central Gulf States and the eastern Ohio Valley.
The lowest temperature reported from a first-order station was 32 deg.
below zero at Havre, Mont., Yellowstone Park, Wyo., and Devils Lake,
,
N.flak. while readings of 20 deg. or more, below zero were general from
southern Minnesota, northern Nebraska, and southeastern Wyoming
northward and northwestward. The western Canadian Provinces had
even lower temperatures, Prince Albert reporting 52 deg. below zero,
and Battleford 54 deg. below. At the close of the week. 8 a. m. Tuesday
the cold wave had not reached the Atlantic coast or southeastern districts
but was rapidly approaching these sections.
Chart I shows the departure of temperature from normal for the week,
as a whole. There was a great contrast in temperature abnormalities between the southeastern and the northwestern quarters of the country. In
the former considerable areas had from 9 to 12 deg. above normal, while
in the northern and northwestern Great Plains the weekly means ranged
from 12 deg. to nearly 30 deg. below normal, with Havre, Mont.,having an
average for the week of 17 deg. below zero.
The chart shows also the southern limit of freezing weather, and of
zero temperatures. Freezing or below was general, except in limited
southeastern and far southwestern areas. Extreme southern Texas, at
Brownsville, had a temperature of 6 deg. below freezing, while the Del
section had as low as 18 deg. In the Ohio Valley the minima ranged from
around 0 deg. in the west to about 20 deg. in the extreme east.
Chart II shows the geographic distribution of precipitation. The weekly
totals were substantial to excessively large over a wide belt, extending
Western
from Mississippi. Louisiana, and eastern Texas northeastward. generous
Tennessee had more than 8 inches of rain. Precipitation was
In the upper Mississippi Valley, and rainfall was heavy in the northern
half of the Pacific area. Moderate amounts to fairly good falls were
general west of the Continental Divide, but a large north-south belt extending in width from the Divide to the Great Plains, had very little
precipitation.
cold
It is too early to determine the extent of damage caused by the
wave at the close of the week, but it has, undoubtedly, been considerable,
especially along the Gulf Coast as far south as extreme southern Texas.
over
Also the week brought decidedly unfavorable weather for livestock
much of the great western grazing sections, especially the Great Plains
and Rocky Mountain areas. The period was generally unfavorable for
outside operations on farms, with rainfall frequent in much of the East
and in the central valleys, and severely low temperatures over much of
the West.
Precipitation was again general west of the Continental Divide, which
water storage
brought further improvement to the soil moisture andColorado River
situations. The snow was rather heavy in much of the
Also the
Basin and over the upper reaches of the Rio Grande watershed.
while snoweastern Ohio Valley had the best precipitation of the winter,
sections, especially southfall this winter in some upper Mississippi Valley
Plains
eastern Minnesota, has been the heaviest since 1917. The westernhelpful
but
and eastern Rocky Mountain sections are still unrelieved,
snows occurred in Montana.
wheat
SMALL GRAINS—A severe cold wave overspread the winter
sections
belt during the last few days of the week. In many central valley parts a
there was inadequate snow cover, while in some more northern
good protection obtained.
of the dry
In the Ohio Valley the important feature was the relieving
reportconditions that had prevailed in eastern sections, with some parts
substantial rain occurred
ing heavy rains or snows. In the central area
sections
and little or no damage from heaving was noted, but in western or sleet
there was considerable freezing and thawing reported, with an ice
blanket at the close of the week. In Iowa a thick ice sheet persists in
of
many places, causing some apprehension as to possible smothering
grains, but in Missouri there was a good snow covering, averaging around
not
for the State. In the eastern Great Plains there is still much
one inch
satischange in the general condition of winter wheat, with the crop
factory. Some freezing occurred, but without serious damage. In the
Great Plains, including the eastern foothills of the
western parts of the
Rockies, the ground remains dry, with practically no relief, and wheat is
Wyostill poor. Some soil blowing occurred in sections, notably eastern
ming, western Nebraska, and the Texas Panhandle.
preceded
In Montana frequent snows were very favorable and generally
low temperatures
the cold weather, furnishing protection against the
while beneficial snows also occurred in the Great Basin. The Pacific
had generally heavy rains at the close of the week, while conditions
States
remained satisfactory in the East.
THE DRY GOODS TRADE
New York, Friday Night, Jan. 25 1935
Severe weather oonditions prevailing in wide sections of the
country and particularly in the local area, interfered seriously
Jan. 26 1935
with retail trade during the past week, with the result that
the volume of sales showed appreciable declines as compared with the corresponding week of last year. Slightly
better results were again reported from the South and the
southwest, but there, too, the margin of volume increases
tended to narrow. Relatively best showings were made by
heavy apparel lines, women's accessories and white goods.
Store sales in the metropolitan area from Jan. 2 to Jan. 15
declined 1.1% from the corresponding period of a year ago
according to the Federal Reserve Bank of New York,
New York and Brooklyn stores showed a decrease of 0.6%
while stores in Northern New Jersey reported a decrease in
sales of 4.5%.
Trading in the wholesale dry goods markets continued
active reflecting the arrival of large numbers of buyers who
covered their immediate as well as spring merchandise requirements. Chief attention centered in the apparel and
accessory lines and buying activities in these fields assumed
substantial proportions. In some other lines the close
approach of the annual inventory date of many stores tended
to hold orders down. Purchases by wholesalers were mostly
confined to wash goods for the spring trade, with the discussions of the effects of a possible defeat for the Government
in the gold clause question tending to restrict buying activities. Substantial orders were placed in outing flannels.
Business in silks continued quiet although prices held fairly
steady. Moderate activity developed in crepes, and there
continued to be a fair demand for matelasses. Trading in
rayon pulls was less active than heretofore, largely because
weavers appeared somewhat disturbed over the failure of
finished goods prices to reflect advances in gray goods resuiting from higher yarn prices. Producers of viscose and
acetate yarns generally are booked through February, however, and some buyers are said to await the opening of the
books for March business scheduled for Feb. 1 before deciding
on their course of action. The uncertainty regarding the
decision of the highest court on the gold clause also tended
to exert a slightly retarding influence on buying activities.
Domestic Cotton Goods—Trading in print cloths continued quiet. Nervousness over the gold clause question,
and the uninspiring reports from the raw cotton market,
were deterrent factors. The continued satisfactory movement
of finished goods failed to bestir the market into action,
despite reports that some converters are short of needed
supplies. Relatively few second hand offerings were in
evidence, but prices showed scattered slight recessions,
notably for spot merchandise. Later deliveries presented a
steady undertone. Drills moved in fair volume but at slightly
lower prices. Carded broadcloths also were a trifle easier,
whereas narrow shootings held firm in price. Moderate
activity featured the fine goods market and the price structure
stiffened perceptibly when, towards the end of the week,
reports circulated that proposals for a three-months curtailment in production in the amount of 25% were receiving
earnest consideration by producers and that there was a
possibility of this program going into effect on the first of
the coming month. Combed lawns showed a firm tone and
some interest was evinced in combed and carded piques as
well as in organdies. Closing prices in print cloths were as
follows: 39-inch 80s, 9%c.; 39-inch 72-76s, 8t/c.; 39-inch
8
68-72s, 7%; 38%-inch 64-60s, 6%c.; 383 -inch 60-48s,
5% to 5c.
Woolen Goods—Trading in men's wear fabrics continued
moderately active, with the bulk of the business going to
jobbers. Orders received by mills were small, partly owing
to the uncertainty created by the pending decision concerning
the gold clause, end then, of course, because of the fact that
most mills are booked ahead until the beginning of April.
Sales of clothing manufacturers to the retail trade continued
in substantial volume reflecting the generally depleted condition of retailers' stocks. Reports from retail clothing
centres remained favorable. While serious impediments to
traffic were caused by heavy snow-falls, the accompanying
cold weather resulted in considerable sales of overcoats and
other heavy apparel. Business in women's wear fabrics
expanded somewhat, as a result of a larger movement of goods
in retail channels. A number of small producers of women's
wear goods was said to have sufficient orders on hand to '
keep them fully occupied for the next two months.
Foreign Dry Goods—Trading in dress linens and suitings
gave indications of further activity but business appeared
hampered by the series of price advances necessitated through
the repeated rises in values abroad. The household divison
continued quiet. In sympathy with steady Calcutta cables,
burlap prices showed further slight advances. A moderate
volume of business in shipments was transacted. Domestically lightweights were quoted at 4.55c., heavies at 6.150.
Volume 140
Financial Chronicle
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
PUBLIC WORKS ADMINISTRATION MUNICIPAL
ALLOTMENTS CHANGED
During recent months many of the municipal subdivisions
which had been awarded loans and grants by the Public
Works Administration found that they could float their
bonds more advantageously in the open market, or that the
condition of their various sinking funds warranted their
application for cancellations of the loan portion of their
allotment, utilizing only the grant customarily given by the
Federal Government. Recent press releases by the Administration have been laying greater stress on these changes than
on announcements of new allotments and we therefore give
below summaries of the latest changes we have received.
The following announcements were made public by the
PWA this week:
Release No. 1194
The following loans and grants to municipalities for non-Federal projects
have been increased:
Madison, Wis.-Docket 737: Grant of 15.500 for a highway bridge on
Sherman Ave. increased to $6,230 because construction has cost more than
originally estimated. The estimated cost of this project was $17,953.
Actual cost of the completed project was $20,333. The grant of $5,500 is
to cover 30% of the cost of labor and materials used on the completed
project.
Hammond, Ind.
-Docket 813: Loan and grant of $700,000 for a new
water filtration plant increased to $785,000 because the work has cost more
than originally estimated.
Hartsville, S. C.
-Docket 1036: Loan and grant of $73,000 for improvements to the water system increased to $74,000 because the cost of the
completed project is more than it was estimated to cost when the allotment
was made.
Elizabethtown, Ky.-Docket 1157: Loan and grant of $90,000 for a
complete sanitary sewer system increased to $101,000 because bids received
on the work show that the project will cost more than estimated.
Harris County, Tex.
-Docket 1312: Grant of $199,000 for improving
20 miles of the West Montgomery Road passing through the Tom Ball Oil
Field, topether with improvements on sections of the Grosby-Lynch,
Holmes, Ferndale, Post Oak, Berry School, Kuykendahl and Tidwell Roads
and Holland Ave. increased to $293,400. The increase is allowed because
of increased costs of these projects, and also to enable the county to include
in its program the improvement of sections of Hardy St.. 11th St., Long
Drive and Lyons Ayes. Whitney Drive, and Griggs and Steubnei-Air
Line Roads. The increased grant allotted to-day is to cover 30% of the
cost of labor and materials to be used on the projects included in the original
improvement program and the new projects included in the county's revised plans.
Hartford, Wis.-Docket 1616: Grant of $12,000 for improvements to
the municipal power plant increased to $14,200 because bids received show
that the work will cost more than originally estimated.
Sellersville, Pa.
-Docket 1829: Grant of $13,200 for improvements to
the water system increased to $14,500 because of increased costs.
Ipswich, S. Dak.-Docket 2102: Loan and grant of $85,500 allotted
to Edmunds County for a new court house at Ipswich increased to $93.300
because the completed project has cost more than the estimates on which
the original allotment was based.
Hearne. Tex.
-Docket 2670: Loan and grant of $25,000 for improving
the water system increased to $29,000 because bids received show that the
work will cost more than estimated when the original allotment was made.
Junction City, Ky.-Docket 2763: Loan and grant of $52,000 for a new
water system increased to $56,000 because bids received show that the
project will cost more than estimated when the original allotment was made.
Snohomish County, Wash.
-Docket 2963: Grant of $7,000 for paving
2.83 miles of the Edmonds-King County Line Road increased to $8.150
because the completed project has cost more than the estimates on which
the original allotment was made.
Pullman. Wash.
-Docket 3037: Grant of $14,000 allotted to School
District No. 59 of Whitman County for an eight classroom addition to a
school building in Pullman increased to $16,000 because the completed
project has cost more than the estimates on which the original grant was
made.
-Docket 3524 and 5879: Loans and grant totaling $485,Denton, Tex.
000 allotted to the College of industrial Arts of Texas for new buildings on
the campus increased to $589,500 because of revised plans and increased
costs of construction.
Centerville, Tenn.
-Docket 3525: Loan and grant of $35,000 for a
sanitary sewer system increased to $38,000 because contracts awarded show
that the work will cost more than originally estimated.
-Docket 3599: Loan and grant of $4,167,000 allotted
Fort Worth, Tex.
to the Fort Worth Independent School District for constructing 13 new
school buildings, together with additions to 17 existing schools and installing equipment in school buildings increased to $4,227.000 because of
increased costs and revision of plans for the building and improvement
am.
-Docket 3708: Loan and grant of $168,000 for building
anton, Miss.
a natural gas transmission line from Jackson to Canton and installing a
complete distribution system in Canton increased to $190,000 because of
increased costs and revised plans.
Baltimore, Md.-Docket 4019: Grant of $70,400 allotted to the Board
of Regents of the University of Maryland for completing and equipping a
hospital building in Baltimore increased to $78,700 to meet increased costs
and to enable the Regents to revise the plans on which the original allotment was approved.
lioneys Point W. Va.-Docket 4047: Grant of $17,000 allotted to the
Board of Commissioners of Ohio County for a tubercular sanitarium building at Honeys Point increased to $31,000 because bids received show that
the project will cost more than estimated when the original allotment was
made.
Pleasant Grove, Ga.-Docket 4049. Loan and grant of $16,000 allotted
to the Pleasant Grove School District of Whitfield County for an eightclassroom and auditorium building increased to $18,000 because bids received show that the project will cost more than originally estimated.
-Docket 4169: Grant of $17,000 for improving
Lewis County, Wash.
five miles of road between the towns of Vader- and Wildwood increased to
$22.500 because of increased costs.
Webster County, Mo.-Docket 4235: Loan and grant of $30.500 allotted to Niangua Consolidated School District No. 1 of Webster County
for a new school house increased to $31,900 to include purchase
and installation of necessary school equipment.
Pierce County, Wash.
-Docket 4705. Grant of $3,800 for improving
two miles of the McKenna-Tanwax highway increased
to $4,150 because
bids received show that the project will cost more than originally
estimated.
Palacios, Tex.
-Docket 4835: Loan and grant of $141,000 for constructing a sea wall and repairing a pavilion building increased
to $148,000
to enable the city to tear down the pavilion and replace it
with a new one.
Nashville, Tenn.
-Docket 5132. Grant of $88,000
water system increased to $88,500 on a recomputation offor improving the
labor and material
estimates.
Bar Harbor, Me.
-Docket 5314. Grant of
increased to $6,400 because bids received show $4,500 for a police station
that the building win cost
more than originally estimated.
Trimble, Tenn.
-Docket 5355: Loan and
of $30,000 for a waterworks system Increased to $34,000 because grantreceived
bids
show
project will cost more than estimated when the original allotment that the
was made.
Spruce Pine, N. C.
-Docket 5385: Loan and grant of $12,000 for improving the water system increased to $16,000 because of
increased costs.
San Jose. 111.
-Docket 5701. Loan and grant of $20,000 allotted to
San Jose Community High School District No. 501 of
Mason, Tazewell
and Logan Counties for an auditorium-gymnasium addition to
high school building at San Jose increased to $27,800 because the existing
bids
show that the building will cost more than originally estimated. received
Gilmer, Tex.
-Docket 5972: Grant of $9,500 allotted to
Rock Consolidated Common School District No. 18 of Upshur the Indian
County for
a new building near Gilmer increased to $12,000 to include
the cost
ment to be purchased and to cover increased construction costs. of equipLake Mahopac, N. Y.
-Docket 6223: Loan and grant
lotted to Union Free School District No. 4 of the towns of $370,000 alPutnam Valley in Putnam County and the town of Somers of Carmel and
in
County for construction of a new school house in the Village Westchester
of Lake Mahopac for accommodation of 560 pupils
cost of an auditorium-gymnasium and increased to $489,500 to cover the
purchase and landscaping of the
site, not included in the original allotmeat.
Waldoboro, Me.
-Docket 6425: Loan and grant of
school building with auditorium increased to $40,100 to $33,300 for a new
and installation of school equipment, not included in the cover the purchase
original allotment.
Hickory, N. C.
-Docket 6609: Loan and grant of
filtration plant and sewage treatment plant increased $151,000 for a water
of increased costs. Instead of building a new sewage to $175,000 because
treatment plant the
city now plans to improve the existing treatment plant.
Troy. Ala.
-Docket 7011: Loan and
Butane Air gas generating plant and a grant of $68,400 for installing a
distribution system increased to
$75,400 because bids received show that the work will
cost more than
originally estimated.
Lm. Angeles, Calif.
-Docket 7334: Grant of $17,000 for repairing and
strengthening the Leland St. school building increased
to $23,500 because
bids received show that the work will cost more
than estimated when the
original allotment was made.
Rock Island. 111.
-Docket 8013: Grant of $38.500 for constructing a
two-story and basement addition to the portion of
an
after a fire, together with alterations to an existing old building salvaged
wing and equipment
for the new addition, increased to $43,100 because
of revised plans.
Ontario, Calif.
-Docket 8292: Loan and grant of 520,100 allotted
to the
Chaffey Union High School District of San Bernardino
County for a
library building In Ontario increased to $25,500 because
bids received show
that the building will cost more than originally
estimated.
Dunlap, 111.
-Docket 8750: Loan and grant of $42,000 allotted
to the
Board of Education of High School District
a high scnool building in Dunlap increased toNo. 158 of Peoria County for
$45,700 to
acquiring and installing school equipment, not provided include the cost of
for in the original
allotment.
Release No. 1195
Changes from loans and grants to grants only
previously awarded non-Federal allotments to-daywere announced for 13
by
ministrator Harold L. Ickes. The recipients of the Public Works Adcombined loan and
grant allotments notified PWA that they would
not need the loans and
requested that their allotments be changed. The
bonds
agreed to buy have been sold in the private investment that PWA had
market. The 13
changes announced to-day released 13,198,500
for reallotment to other
projects. Several hundred sucn cnanges
$56,439,816 which has been reallotted to have been made to date, releasing
additional projects to expand the
public works program.
Allotments for the following projects were changed
being to cover 30% of the cost of labor and materials to-day, the grants
to be used:
Oceanside, N. Y.
-Docket 3302: Loan and grant of $451,600 allotted
to Union Free School District No. 11 of the
town of Hempstead for constructing a high school building in the Village
grant only of $16,000. The original allotmentof Oceanside changed to a
was
struction of the building but the revised allotment made to finance conis
30% of the cost of labor and materials to be used in made to cover only
development of the
site and equipping the building, which is
being constructed without PWA
funds.
Sebastopol, Calif.
-Docket 3469:
to Analy Union High School District Loan and grant of $278.000 allotted
ing at Sebastopol changed to a grantof Sonoma County for a school buildonly of $61,900.
Kalamazoo, Mich.
-Docket 3829: Loan and grant of $731,000 allotted
to Kalamazoo County for a court house and jail
building at Kalamazoo
changed to a grant of $205,000.
Minocqua, Wis.-Docket 3870: Loan and grant
of $41,000 for sewers
and a sewage disposal plant changed to a
grant of $18,000.
Monett, Mo.-Docket 4557:
disposal plant changed to a grantLoan and grant of $50,000 for a sewage
of $15,000.
Greenfield, Mo.-Docket 4610: Loan
Dade County for a new court house at and grant of $106,700 allotted to
Greenfield changed to a grant of
$31,700.
Nashville, Tenn.
-Docket 5205: Loan and grant of $2,000,000,
for 10
new school buildings and renovizing
4 old buildings changed to a grant of
$531,000.
Saltsburg, Pa.
-Docket 5445: Loan and grant of $50,300 for
an addition to the school building changed to a
grant of $15,500.
Andover, N. H.
-Docket
Loan and grant of $28.000 for a high
school building changed to a 5547: of
grant
$7,700.
Lakeville, Minn.
-Docket 6008:
system and treatment plant changed Loan and grant of $29,000 for a sewer
to a grant of
Ansley, Neb.-Docket 6374: Loan and grant $10,000.
of $42,400 for an addition
to tne school building changed to a grant
of $12,400.
Nashville, Tenn.
-Docket 7070: Loan and
municipal improvements changed to a grant of grant of $440,000 for various
$132,500. The construction
program includes paving work on various
proof dormitory at the Colored Detention streets, construction of a fireHome,a garage and storage building, a rail connection from Bryan Terminal
to the
Central RR., installing a fire alarm system and tracks of the Tennessee
sewer connections to be
installed in advance of paving work.
Riley County, Kan.
-Docket 8555: Loan and grant of $10,100 allotted
to Stockdaie Rural High School of Riley County
for
torium building and alterations to the existing school a gymnasium-audibuilding changed to
a grant of 12,900.
Administrator Ickes also announced the changing of one
to a combined loan and grant allotment. This allotmentgrant allotment
was a
$20,900 to Fargo, N. Dak., for paving work on Broadway. which grant of
has been
changed to a loan and grant of $68,000.
Release No. 1196
Reductions totaling $3,188,920 in 10 previously awarded non-Fed
eral
allotments were announced to-day by Public Works Administrator
Harold
L. Ickes.
Allotments for the following projects have been reduced:
Springfield, 111.
-Docket 759: Grant of $55,500 for a
comprising construction and equipping of a sub-station power project
equipment in a generating station; a waterworks project and installing
roofing a pumping plant and construction roads for lakecomprising relands:
municipal building to serve as a garage for the garbage department, and a
to $51,500. The reduction has been made on advice from the reduced
city that
the roads for the lake lands are not to be built.
664
-Docket 1324: A grant of 866,000 for sewer conWorcester, Mass.
struction has been reduced to $47,000 because the city has revised its plans
and reduced the amount of work to be done.
Poison. Mont.
-Docket 1623: Loan and grant of $46.000 allotted to
Lake County for a court house building to be built in Poison reduced to
maximum amount PWA can advance for this project. The
$45,600, the
bond election authorized issuance of $32,500 of bonds to secure the loan
portion of the allotment. The maximum grant allowable to cover 30%
of the cost of labor and materials used is estimated to be $13,100 which,
added to the amount the county is autnorized to borrow, makes the $45,600
revised allotment announced to-day.
-Docket 2193: Loan and grant of $7,000,000 allotted
Baton Rouge, La.
to the State of Louisiana for a combined railway and highway bridge across
the Mississippi River at Baton Rouge reduced to $4,000,000. The reduction
is made because the Louisiana Highway Commission will furnish $1,500,000
for the project and the Bureau of Public Roads of the Department of
Agriculture will furnish an additional $1,500,000.
Caliente, Nev.-Docket 2904: Loan and grant of $54,000 for improvements to the water system and construction of a sewer system and sewage
disposal plant reduced to $40,000 to cover only the coat of the sewer system
and disposal plant. The water system improvements have been withdrawn
from the project.
-Docket 6998: Grant of $32,400 for constructing
Tewksbury, Mass.
and equipping of high school building reduced to $23,300 because plans
have been revised and the building will cost lees than originally planned.
Sykesville, Md.-Docket 2243: Grant of $61,500 allotted to the State
of Maryland for miscellaneous construction work at the Springfield State
Hospital at Sykesville, including a dormitory to house 84 patients, reduced
to $47,400 because plans have been modified and the State has eliminated
all of the planned construction except the dormitory. The work eliminated
comprosed alterations to three existing buildings and installing a generator
and other equipment in the power house.
-Docket 4751: Loan and grant of $21,400 for a high
Marlow, Oa.
school building reduced to $21,180 because plans have been revised and
the building will cost less than originally planned when the allotment was
made.
-Docket 6787: Loan and grant of $58,800 allotted
Smith County, Tex.
to the Troup Independent School District No.2 of Smith County for School
construction reduced to $56.300 because of a modification of plans.
State of Georgia-Docket 3443: Loan and grant of $2,817.400 allotted
to the Regents of the 1.Taiversity System of Georgia for construction work
at 14 educational institutions in the State controlled by the Regents reduced
to $2,691,800 because of revisions in plans which reduce the coat of the
work to be done.
MUNICIPAL ALLOTMENTS RESCINDED
In line with the above changes, the Public Works Administration has been forced to rescind many loans and grants to
municipal bodies for various causes, such as unsuccessful
bond elections, cancellation of projects, &c. It has been
our custom to publish these under their separate headings
whenever reported, but for the sake of convenient reference
we have gathered together the following latest reports issued
from Washington.
The following announcements were issued by the PWA
this week:
Release No. 1190
Public Works Administrator Harold L. Ickes announced to-day that
allotments totaling $3,785,300 awarded to 31 non-Federal projects have
been rescinded. Allotments for the following projects were rescinded:
-Docket 174: Loan and grant of $2.500.000 for waterworks
Salem, Ore.
construction rescinded because construction has not been started.
-Docket 748: Loan and grant of $303,000 for a
City, Mich.
Traverse
yacht harbor rescinded because the city will not issue general obligation
repayable by taxation to secure the PWA loan. The city desires to
bonds
give revenue bonds as security, and the Finance Division of the PWA is of
the opinion that the revenue which likely can be collected from users of
the facilities to be constructed will be insufficient to repay the loan.
-Docket 1573: Loan and grant of $27,500 for a school
Mansfield, Conn.
building rescinded at the request of the town.
-Docket 3134: Loan and grant of $19,000 for improving
Durant, Okla.
the water purification plant rescinded at the request of the town.
Ruder County Ala.-Docket 3415: Loan and grant of $78,200 for school
construction rescinded at the request of the county. When the allotment
Liberty
was awarded the county intended to build the following schools: a threeOdom school house,
school house, four class rooms and auditorium;a six-room
building;
class-room building; Georgians school house, Butler County Highand reSchool
pairs to the Midway, Center, Industrial and
buildings.
Grand Saline, Texas-Docket 3416: Loan and grant of $45,000 for improving the water system rescinded at request of the city.
Mott, Iowa-Docket 5363: Loan and grant of $3,600 for improving
of the town.
the water system rescinded at the request and
grant of $25,000 for improvHuntsville. Texas-Docket 5574: Loan
ing the sewage disposal plant rescinded because the town has not executed
and grant agreement sent out from Washington on
and returned the loan
Aug. 15.
-Docket 5685: Loan and grant of $81,000 allotted to
Missoula, Mont.
Missoula County for a county jail to be built in Missoula rescinded because
the bond issue was defeated.
St. Clair, Mo.-Docket 5800: Loan and grant of $45,000 for constructand a sewage disposal plant rescinded because the town has
ing
refused to execute the bond contract and grant agreement sent out on
Sept. 15.
-Docket 5921: Loan and grant of $90,000 for improving
Athens, Texas
the water system rescinded because the town has refused to execute the
loan and grant agreement sent out on July 31.
Mazomonie, Wis.-Docket 6166: Grant of $7,000 for a municipal building rescinded at the request of the village.
-Docket 6250: Grant of $300 allotted to the Pasadena
Pasadena. Calif.
City School District of Los Angeles County for repairing the Burbank
Elementary School building rescinded at the request of the district.
-Docket 6352: Grant of $300 allotted to the Pasadena
Pasadena, Calif.
City School District for repairing the Edison Elementary School building
rescinded at the request of the district.
Pratt, Itan.-Docket 6379: Grant of $11,400 for improving the sewage
disposal plant rescinded at the request of the city.
-Docket 6402: Grant of $600 to the Pasadena City
Pasadena, Calif.
School District for repairing the Hamilton Elementary School rescinded at
the request of the district.
-Docket 6403: Grant of $300 for repairing the Francis
Pasadena, Calif,
E. Willard School building rescinded at the request of the district.
Arp, Texas-Docket 6497: Loan and grant of $52,600 for a new high
school building rescinded because the loan and grant agreement sent out
from Washington on Sept. 13 has not been executed.
-Docket 6517: Grant of $300 for repairing the Linda
Pasadena, Calif.
Vista Elementary School building rescinded at the request of the district.
Coeur d'Alene, Idaho-Docket 6679: Loan and grant of $52,000 allotted
to Kootenai County for a county home and hospital building in Coeur
d'Alene rescinded at the request of the county.
Hetland, S. Dak.-Docket 6690: Loan and grant of $2,500 allotted for
improving the water system rescinded at the request of the town.
Hinton, W. Va.-Docket 6791: Loan and grant of $51,000 allotted to the
County Court of Summer County for a community building in Hinton
rescinded at the request of the applicant.
Gray County, Texas-Docket 6815: Loan and grant of $120,000 for improving 28 miles of road between McLean and Pampa rescinded because
the county has not executed the loan and grant agreement sent out on
Aug. 21.
Sandpoint, Idaho-Docket 6877: Loan and grant of $68,000 for improving
the water system rescinded because the bond issue was defeated.
Cleveland. Heights, Ohio-Docket 6897: Grant of $7,000 for improving
it uncertain whether
streets rescinded because of local conditions which makeWeather
conditions,
construction can be commenced reasonably soon.
according to the City Manager, will prevent construction until May 1,
undertaken then only if the city has its share of the money
and it can be
in hand.
-Grant of $15,300 allotted to the Nevada Irrigation
Grass Valley, Calif.
District for ditch construction in Placer County rescinded upon information
Jan. 26 1935
Financial Chronicle
from the State Engineer for California that the district does not intend to
proceed with the work for which the allotment was made.
-Docket 7146: Loan and grant of $39,000 for repairLong Beach, Calif.
ing the William McKinley School building rescinded at the request of the
Long Beach School District, which received the allotment.
Harcourt, Iowa-Docket 7275: Loan and grant of $19,000 for a water
system rescinded because the bond issue was defeated.
-Docket 7462: Loan and grant of $22,000 allotted to
Cedar Grove, N. J.
Cedar Grove Township of Essex County for improvements to the water
system rescinded at the request of the township commissioners.
-Docket 7949: Grant of $19,000 for sewer work reNorwich, Conn.
scinded at the request of the city.
-Docket 8315: Grant of $8,400 for improvements
Steuben County, N. V.
to 76 highway bridges in the county rescinded because the county advised
on Nov.2 that it desired to use the money for other projects, of which
PWA
no list has been submitted. On Nov. 16 PWA wrote to the County Superintendent of Highways asking for the list of new projects, but no reply has
been received.
-Docket 9070: Loan and grant of $72,000 for improving
Beardstown. Ill.
the water system rescinded upon advice from the Mayor that the project
has been abandoned.
NEWS ITEMS.
Columbus, Ohio-Injunction Issued Against Proposed
Municipal Light Plant-Federal Judge Benson W. Hough
-day injunction restraining the above
on Jan. 21 issued a 10
city from proceeding with a proposed $1,140,000 extension
to the municipal light plant, to be financed with Public
Works Administration funds. The action was brought in
court by the Columbus Railway, Power & Light Co., a
private utility, contending that the Federal Government
cannot constitutionally finance a municipal project which
competes with private business, reports the New York
"Journal of Commerce" of Jan. 22, which continued as
follows:
The Power Board of the PWA granted the loan only after the city had
reduced its power rates below those of the private utility in answer to a
request that it prove it can sell power at a lower rate than the power and
light company.
The company contends that the NRA and PWA are unconstitutional.
Action of the company is regarded by the city as being of nation-wide
to
importance. The due process of law clause of the Constitution is saidthe
be cited at considerable length as one of the important reasons why
city should not be permitted to jeopardize the investment of the company
with Government aid.
A legal staff from the office of United States Attorney-General Homer
Cummings will be assigned to Columbus to aid the city in its fight against
the utility, it is said.
Illinois-Governor Signs $9,000,000 Job Relief Bill
Governor Henry Horner on Jan. 15 signed a bill appropriating
$9,000,000 for unemployment relief. He is reported to have
given his approval to the measure in less than an hour after
it passed the Senate without a dissenting vote. By his
official action the relief machinery in the State will continue in operation, it is said. The measure releases surplus
funds collected by the State sales tax and held in the State
Treasury, according to Springfiled advices of the 15th.
Municipal Credit-Federal Relief Program Not Expected
to Impair Bond Strength-Municipal credit should not suffer
as a result of the Federal Relief Administration's $4,000,000,000 work relief program for 1935, in spite of the fact that the
total- amount to be expended will be approximately double
the amount spent in 1934, according to Dr. Lent D. Upson,
of the municipal finance section of the FERA,who addressed
the Municipal Bond Club of New York at a luncheon held
on Jan. 23. Municipal bond executives from numerous
investment banking houses were present to hear Dr. Upson
who acts in an advisory capacity for the Federal agency.
New Jersey-Proposed Sales and Income Tax Rate May Be
Increased-It was stated by Governor Hoffman on Jan. 21
that bills providing for a sales and income tax and bond and
budget reform for municipalities are to have the right of way
in the Legislature, according to Trenton advices of that date.
The Governor is rep irted to have indicated he might be willling to increase to 3% the rate of the sales tax, though he
-V. 140,
recommended a 2% rate in his inaugural message
p. 499. "It is absolutely necessary that the State raise
$20,000,000 for relief," he declared.
-Federal Court Action Instituted to
New Orleans, La.
Place City Under Debt Readjustment Act-This city instituted
action in Federal Court on Jan. 14 under the Municipal
Bankruptcy Act passed by the last Congress, for readjustment of its finances. The purpose of the action is to block
proceedings whereby the State Administration hopes to tie
the city's financial hands. The proposed refinancing
touches only banking creditors and ordinary creditors, and
not bond issues, which had been exempted prevously from the
-V.140, p. 339. It is stated in the petition that
State action
the city is solvent. 'This suit was made possible by agreement between the city officials and New Orleans banks, to
which the city owes 50% of the indebtedness in question.
An Associated Press dispatch from New Orleans on Jan. 14
commented in part as follows:
The New Orleans city administration, Huey P. Long's arch political foe,
executed a coup to-day that checked the Louisiana dictator's plan to tie up
the city's funds through State courts and threw all the municipality's
financial affairs into Federal Court.
The city wrenched its financial affairs free from Long's grip by means
of a recent Act of Congress permitting municipalities to readjust their indebtedness under Federal provisions.
Following close behind the Federal Court order dissolving a suit brought
by Governor 0. K. Allen and Attorney-General Gaston L. Porterie, Mr.
Long's lieutenants, to halt city disbursements and to determine the legality
of handling of certain funds, Mayor T. Semmes Walmsley announced that
the city will be unable to borrow money to meet the semi-monthly payroll to-morrow.
it,
The Mayor declared that "unless some timely action can prevent lie
several thousand city employees face a payless pay day to-morrow." unbecause of a vicious and
said the city found itself in "this situation
warranted suit brought by the Attorney-General, instigated entirely by
political spite. in an unprecendented judicial procedure, the effect of which
is to stop the banks of the city from advancing the city any money for
current operations."
The city's petition to-day drew a double order from Judge Wayne G.
lie first granted a petition seeking
Borah in Federal District Court here
Financial Chronicle
Volume 140
.11
OHIO and MICHIGAN
Cities—Towns—Counties—School Districts
Bought—Sold—Quoted
Gearhart & Lichtenstein
99 Wall Street, New York
A.T.& T. Teletype-New York-1-852 Tel. WHItehall 4-3325
permission to adjust the city's finances under the Congressional Act, then
issued an injunction restraining Governor Allen and Attorney-General
Porterie from proceeding with their concursus suit.
New York City—Mayor to Seek PWA Loan for Sixth
Avenue Subway—The New York "Journal of Commerce"
of Jan. 22 carried an article on a statement made by Mayor
LaGuardia the previous day in which he announced that
he would ask the Board of Estimate to approve a Public
Works Administration loan of over $57,000,000 for construction of the Sixth Ave. link of the Independent subway
system. We quote in part as follows from the news report:
Prospects for starting construction of the Sixth Ave. subway brightened
yesterday when Mayor La Guardia announced that he would recommend
approval by the Board of Estimate of an application for a PWA loan of
more than $57,000,000 for that purpose..
The Mayor made this announcement following a long conference with
Chairman John H. Delaney of the Board of Transportation at which the
plans for the subway and the proposed loan were discussed in detail. After
the conference Mr. Delaney sent to the Mayor the Board of Transportation's
formal application for the needed funds.
In making public the fact that he would recommend the approval of the
application, the Mayor declared that he was anxious that it should be in
final form as soon as possible so that action would be had when new PWA
funds are made available.
To Remove Elevated
The Mayor added that he was pleased to note that the plans provided for
removal of the Sixth Ave. elevated structure and that he hoped that the fill
resulting from the digging of the new subway would be used for expanding
the acreage of Governor's Island so as to increase its future utility as a New
York Ci y airpor .
"If we secure funds on advantageous terms, and I have reason to believe
we will," the Mayor said, "we should be able to start construction real
soon."
The Board of Transportation's application requests a total of $57,639,000.
This amount includes the cost of building the subway, putting in signals,
power and all line equipment, including 150 cars.
New York City—Statement Released on Financial Condition—The bonded debt of the city as of Dec. 31 1934,
aggregated $2,451,482,632, according to a summary of the
city's financial condition released on Jan. 23 by Comptroller
Frank J. Taylor. The cash balance as of Dec. 31, is shown
as $54,902,198. The real estate taxes collected during last
year applicable to current budget requirements were $36,630,166, and those applicable to redemption of revenue notes
and bills were $434,345,263. The balance outstanding,
including assessments collectible with taxes is put at $209,617,913.
Up to Dec. 31, the city had redeemed for the year a total
of $185,856,387 in bonds, which compares with $221,641,000
issued during the year. The amount of bonds held by the
sinking fund is stated as being $481,535,381 as of that date.
$25,000,000 Corporate Stock Issue Containing Gold Payment
Clause Matures—The New York "Times" of Jan. 25 carried
the following item regarding a problem which arose on that
date, relative to the payment of city bonds containing the
much-debated "gold payment clause" now up for consideration by the United States Supreme Court:
The holders of $25,000,000 New York City three-year 6% special corporate stock notes which will mature to-day are faced with the problem of
accepting cash or awaiting the decision of the United States Supreme
Court regarding contracts to pay in gold. The notes carry the gold clause,
phrased "principal and semi-annual interest payable in United States gold
coin of the present standard of weight and fineness."
Most banks in the city are offering their customers no advice in the
matter, but some are inclined to suggest delay in presentation of the bonds
for payment until after the Court has announced Its decision. The officers
ofseveral banks said yesterday that banks holding notes would present them
for payment to-day,
New York State—Governor Signs Bill Continuing Mortgage
Aid to July 1936—Governor Lehman on Jan. 18 signed six
bills, the first to be enacted by the 1935 Legislature. The
Nunan bills continuing for another year the emergency
moratorium on payments of mortgage principal where
interest and taxes are paid, and curbing deficiency judgment
abuses, became Chapters 1 and 2, respectively, of the Laws
of 19.35. Both of these measures are effective until July 1
1936, according to Albany press dispatches of the 18th.
The other measures to receive the Governor's approval
were reported as follows in the New York "Herald Tribune"
of Jan. 19:
The Garrity bill for the establishment of bi-partisan boards of election
In every county of the State, except in New York City, where there is a
city board, becomes Chapter 3. This is a Democratic party measure
aimed at counties where there are no bi-partisan boards and where the
election machinery has been under Republican control, and of which there
are six—Suffolk, Nassau, Westchester, Oneida, Monroe and Niagara.
The Governor signed two more Democratic program bills, one requiring
election inspectors to mail returns to the Secretary of State within 24 hours
after the closing of the polls, and the other requiring all candidates to file
statements of campaign receipts, expenditures and contributions before
as well as after elections, primary elections and conventions. These two
bills become Chapters 4 and 5 of the new laws, while Chapter 6 is a bill
authorizing the City of Poughkeepsie to issue $240,000 refunding bonds.
Senate Passes Joseph Mortgage Authority Bill—The Senate
on Jan. 22 passed the Joseph Mortgage Authority Bill, one
of the major points in Governor Lehman's program, which
• had suffered defeat a number of times at the two Legislative
sessions in 1934. The vote on the measure was 42 to 6,
with all Democrats voting for it and with the former vigorous
opposition of the Republicans withdrawn. Under the terms
of the proposal, which was forwarded to the Assembly, a
commission of three appointees would be empowerea to
665
borrow and loan money on certificates, in order to speed
relief to distressed holders of guaranteed mortgage certificates
The commission also would be authorized to take over rehabilitation of mortgage properties of the State Superintendent of Insurance. An Albany news report of Jan. 22 commented in part as follows on the proposal:
The Joseph Mortgage Authority Bill, one of the foremost items on
Gov. Herbert H. Lehman's program, defeated a half dozen times at last
year's two legislative sessions, was passed to-day by the State Senate.
The solid Republican opposition which was marshaled against it last summer
as the campaign approached, was withdrawn. The vote was 42 to 6, with
all Democrats voting for it.
The bill, whicn grew out of the recommendations of George W. Alger as
Moreland Act Commissioner and out of an indivudual campaign by Senator
Thomas C. Desmond, Orange County Republican, and which had been
intensively worked over by a committee headed by Senator Lazarus Joseph,
is designed to bring relief to thousands of holders of guaranteed mortgage
certificates in default. It creates a commission of three members, to be
appointed by the Governor, to take over the administrations of the properties concerned from the Department of Insurance. It facilitates the
process of reorganization, now carried on under the Schackno law.
The bill still faces a hard fight in the Assemby, where Repubican opposition is rallying around Assemblyman Daniel J. McNamara, Brooklyn
Democrat, who kicked over the traces last summer as a member of the
Joseph committee and joined the Republican opposition. Mr. McNamara
has introduced a bill himself, differing in various details from the Joseph
meaure, and the Republicans, while not making it a party matter are preparing to support it. Speaker Irwin Steingut said to-night, however, that
he could marshal the required 76 Democratic votes for the bill, even without
Mr. McNamara.
Conference of Mayors Against Tax Limit on Realty—The
legislative committee of the New York State Conference of
Mayors on Jan. 21 made public its opposition to the Ehrlich
bill to place in the Constitution a tax limit on real estate
because it "attempts to make violent wholesale limitations
without regard to varying local needs, and abilities to pay,"
states a United Press dispatch from Albany on the 21st,
which continues as follows:
"The proposed restrictions would ruin the credit of all municipalities
and would force many municipalities into insolvency," the Committee said.
"Because no plan is set up or authorized for determining the 'true value
of property in money,' no one can even enture a guess as to the amount of
chaos such restrictions would have."
The Committee said that the State Commission on Taxation and Retrenchment had recommended restrictions which are entirely different from
those proposed in the Ehrlich bill. It charged that the "chief advocates of
the proposal are those who will be the chief beneficiaries—large real estate
speculators, who have taken advantage of present low valuations to buy
distressed property and homes to precipitate an unealled-for 'boom' in
realty values actually at the expense of those who have lost their homes.
"Citizens who own their own homes are threatened by the tax limitation
proposal not only by loss of important Government services which benefit
them but are placed in real danger of having tax burdens, now fairly carried
by others, transferred to their shoulders."
North Dakota—Governor Moodie Retains Office Despite
Impeachment by House—An Associated Press dispat3h from
Bismarck on Jan. 19 reported that Governor Thomas H.
Moodie had refused to yield possession of his office, despite
impeachment proceedings brought by the House of Representatives, until the situation has been clarified. The press
dispatch commented as follows on the action:
Disdaining any but peaceful means, Governor Thomas H. Moonle to-day
retained possession of his office in a tense political situation precipitated
by his impeachment yesterday in the North Dakota House of ftepresentatives. Ordering withdrawn two National Guardsmen who had been on
watch against possible attempts to remove him. Moodie declined to give
up his office to Lieutenant-Governor Walter W. Welford until the situation
was clarified. He said he contemplated legal action.
Opinions differed whether his suspension—provided in the case of impeached officers until their cases are decided by the Senate—would take
effect immediately. Attorney-General P. 0. Satins, affiliated with the
Nonpartisan League group which sponsored the impeachment, advised the
Governor yesterday's action was incomplete.
A board of managers was appointed to-day to draw up the articles of
impeachment for presentation to the Senate. Representative Math Dahl,
who introduced the impeachment resolution, was named Chairman of the
board offive.
The board is expected to begin its work immediately to that the articles
may be presented to the bar of the Senate by Monday, to pave the way for
immediate suspension of Moodie pending trial.
Governor Submits Proof of Citizenship—.An Associated Press
dispatch from Bismarck on the 23d gave the following report
on later developments in this action:
In a surprise move, Governor Thomas H. Moodie to-day submitted to the
House photostatic copies of naturalization papers and land records of his
step-father in response to demand by the Assembly that he produce proof of
his citizenship.
Accompanying the photostats was an affidavit by Mr. Moodie's mother,
Mrs. Samuel A. McElmurry, of Brookings, S. D., attesting to the citizenship of Mr. Moodie.
Copies of a certificate from J. B. Shoemaker, Deputy Commissioner of
Immigration and Naturalization, also were sent to the House.
Mr. Moodie made his presentations to the House on the eve of hearing
of non-residence charges in the Supreme Court. The hearing, on the question of his eligibility to serve as chief executive, is scheduled to begin tomorrow at 2 p. m.
The majority members of the House demanded proof of citizenship 13
days ago, and voted impeachment against Mr. Moodie five days ago.
Ohio
-3% Sales Tax Becomes Effective Jan. 27—Columbus
press reports on Jan. 17 stated that the collection of the 3%
sales tax is scheduled to start on Jan.27. It is estimated that
this tax will cost residents of the State about $55,000,000 in
the next 11 months. Tax coupons were supplied by the
State to all County Treasurers for their returns.
St. Petersburg, Fla.—Interest Payment Announced—The
committee for holders of bonds of this city announced on
Jan. 17 a distribution to its depositing bondholders of the
remainder of the 3% interest due for the year ended Sept. 30
1934 and half of the 3% due for the year ending Sept. 30
1935, an aggregate of $21 per $1,000 bond. It is also reported by the committee that conditions in St. Petersburg
continue to show marked improvement, tourist registrations
on Dec. 31 being 46% ahead of the previous year, while
building permits also show a large gain. It is said that the
tax collection record is favorable.
South Dakota—Re-enactment of Gross Income Tax Opposed by Majority of Legislators—This session of the Legislature will witness a struggle to keep its gross income tax law
intact, according to a United Press dispatch from Pierre
on Jan. 19. The tax was inaugurated by a Democratic
666
Financial Chronicle
administration two years ago, making South Dakota one
of the pioneer States in that direction, and it automatically
ceases next July. Although it succeeded in reducing property taxes, the new levy failed to bring in half the anticipated amount. It is said that the Democrats still back the
tax, with modifications, but a poll of legislators showed
twice as many of them favoring abolition as those in favor
of its retention.
United States-Congress Expected to Revive Question of
Tax Exemption of Municipal Securities
-We quote in part as
follows from an article appearing in the Chicago "Journal of
Commerce" of Jan. 17, dealing with the frequently debated
question of the possible inclusion of Federal, State and municipal bonds into the ranks of taxable holdings:
There have been numerous indications from Washington recently that
the 15
-year debate regarding elimination of the tax-exempt feature from
Federal, State and city bonds soon will be resumed by Congress, with the
approval of the Administration.
secretary of the Treasury Henry Morgenthau just recently evinced a
desire to bring tax-exemption to its end. His approach was realistic, as
the expressed purpose of Mr. Morgenthau was to eliminate tax-exemption
from future issues, since it could very well be legislated out of existing
obligations. Several members of Congress have indicated an intention of
bringing the matter up at the current session, and it is quite possible that
the project may yet emerge as a New Deal measure.
At the present time there are in excess of $46,000,000,000 of completely
or partially exempt bonds outstanding. This figure is a sufficient measure
of the interest which any attempt to end tax exemption necessarily arouses
in the investment community. Interest-bearing debt of the United States
Government alone Is nearly 328,000,000,000, and another $18,000.000,000
of State and city bonds are outstanding.
New Issues Coming Out
Federal agencies, such as the Federal Farm Mortgage and Home Owners
Loan corporations, are putting out vast amounts of bonds which resemble
Treasury issues, so far as exemption goes. Like long-term Treasuty bonds,
they are exempt only from normal taxes and subject to the surtaxes.
About $1,500,000,000 of Federal Land Bank and Joint Stock Land Bank
bonds enjoy complete exemption. State and city bends aggregating perhaps $16,000,000,000 are completely exempt from Federal taxes, and in
most instances exempt likewise from levies imposed within the borders of
issuing governments. Some Middle Western States tax their own bonds
and those put out by their subsidiary government units.
Taking into consideration the fact that most tax-exempt bonds are held
by banks, insurance companies and other institutions, which pay corporation and not personal taxes, the loss to the Federal Government is
estimated at perhaps $100,000,000 annually. No attempt has been made
to estimate the losses to State governments,since taxes and conditions differ
widely.
Vermont-Chancellor Holds Sales Tax Illegal-The sales
tax in this State, passed by the Legislature in 1933, was
declared illegal in a Chancellor's ruling on Jan.23. A Montpelier press report to the New York "Herald Tribune" of
Jan. 24 carried the following account of the decision:
Vermont's sales tax, imposed In 1933, was to-day declared illegal by
Chancellor Allen R. Sturtevant in a suit brought by the Great Atlantic &
Pacific Tea Co. and First National Stores against Erwin M. Harvey,
Commissioner of Taxes.
Soon after the Chancellor's decision Deputy Commissioner of Taxes
Clyde M. Coffrin served notice that appeal would probably be taken to the
Supreme Court.
The verdict against the State, which overruled the defendant's demurrer,
perpetually forbids any attempt to enforce the 1933 act. The tax, against
which the plaintiffs have waged a long battle, imposed a graduated tariff
on gross sales, subjecting the larger stores to the heaviest taxation. The
concerns involved contended that this was unconstitutional on the ground
that it was "discriminatory and confiscatory."
BOND PROPOSALS AND NEGOTIATIONS
ABERDEEN, Grays Harbor County, Wash.
-BONDS CALLED
Tom Freeman, City Treasurer, is reported to be calling for payment at
his office, from Jan 2 to Jan. 29, various local improvement district
bonds and coupons.
ADA SCHOOL DISTRICT (P. 0. Ada), Pontotoc County, Okla.
-The $42,000 issue of 4% coupon school building and equipBOND SALE
ment bonds offered for sale on Jan. 14-V. 140, p. 340
-was purchased
by the First National Bank of Ada, at par plus a premium of $1. Due
$2,000 from 1936 to 1956 incl. The only other bid was an offer of par by
the Public Works Administration.
AFFTON SCHOOL DISTRICT (P. 0. Affton), St. Louis County,
Mo.-SUPREME COURT DENIES WRIT FOR BOND REGISTRATION
-The State Supreme Court is said to have denied an application for a
writ of mandamus to compel State Auditor Smith to register a $52,000
bond issue, voted by the district in December 1933. The Auditor had
refused registration to the bonds on technical grounds. It is expected
that the bonds will be correctly issued in the near future.
ALBANY,Albany County, N. Y.
-DEBTSTATEMENT
-In his annual
message to the Common Council, Mayor Thacher recommended a referendum next November to determine whether the city should acquire and
operate a municipal power plant and included the following report on the
bonded debt:
General Debt
January 1 1934
$17.013,660.00
Bonds issued during the year
1,650,000.00
Bonds retired during the year
$18.663,660.00
1,141,240.00
Less securities and cash in sinking funds
$17,522,420.00
1,636.807.08
Net general city debt, Dec. 31 1934
Water Debt
$15,885,612.92
January 1 1934
,
Bonds issued during the Year
$12,856,000.00
340,000.00
Bonds retired during the year
$13,196,000.00
463,500.00
Less securities and cash in sinking fund
$12,732,500.00
261,024.16
Net water debt, Dec. 31 1934
Street Improvement Debt
January 1 1934
Bonds issued during the year
Bonds retired during the year
$12,471.475.84
$2,471,800.00
$2,471,800.00
581,000.00
Net street improvement debt, Dec. 31 1934
$1,890.800.00
ALLEGHENY COUNTY(P.O. Pittsburgh), Pa.
-BONDS OFFERED
-The $1,609.000 2X% coupon or registered County
FOR INVESTMENT
Home bonds awarded on Jan. 16 to the Union Trust Co. of Pittsburgh
-are being re-offered for public investment on a yield basis
V. 140, p. 500
of from 0.75% to 2.60% on the 1935 to 1944 maturities; 1945 to 1949 at
a price of 101; 1950 to 1954, 100.50, and at par for the bonds due from
1955 to 1964 inclusive.
ANNISTON, Calhoun County, Ala.
-BONDS OFFERED-Sealed
bids were receiVed until 7:30 p. m. on Jan. 24 by Mayor W. S. Coleman,
for the purchase of a $200,000 issue of funding bonds. Interest rate is
Jan. 26 1935
not to exceed 6%, payable A. & 0. Denom. $1,000. Dated Oct. 15
1932. Due on Oct. 15 as follows: $5,000, 1935 to 1950 and $10,000.
1951 to 1962, all incl. Prin. and int, payable at the Chase National Bank
in New York. Legal opinion by Storey, Thorndike, Palmer & Dodge of
Boston, or such other attorneys as may be mutually agreeable.
PI ANSONIA, New Haven County, Conn.
-PROPOSED BOND ISSUE
Immediately following his induction into office on Jan. 7, Mayor George
P. Sullivan convened a special meeting of the Board of Aldermen and
recommended a $100,000 bond issue for public improvements in order to
avert an increase of 3 or 4 mills in the tax rate and to obtain the highest
possible allotment from the Federal Emergency Relief Administration. The
Board designated the Birmingham National Bank as the depository of
city funds.
ARKANSAS, State of (P. 0. Little Rock)-REPORT CTIV75M
POSITION
-A dispatch from Little Rock to the "Wall Street Journal'
of Jan. 22 gave the following outline of the State's present debt situation:
"State Comptroller Griffin Smith in his biennial report, which also deals
at length with State debt, depository losses and highway debt refunding,
estimates at $17,500,000 the amount of State revenue for each fiscal year
of the 1935-37 biennium subject to appropriation by the Legislature now
in session. This includes estimated general revenue receipts. Total
requests for appropriations, inclusive of general revenue, are $20,658,167,
or slightly more than 15%, over revenue.
"Comptroller Smith reports that in its centennial year, State debt totals
$175,000,000. He reviews at length how the debt was incurred from1917
until depression conditions forced suspension of sale of bonds and notes.
"Discussing the future outlook he says: Beginning with the 1934-35
fiscal year and ending with the 1948-49 fiscal period, interest payments
will amount to $95,711,783 and maturities on principal will amount to
$72,860,575,a total of$168,572,358. This will represent an annual average
of $11,238,156.
"For the 1934-35 fiscal year, principal maturities will be $663,000 and
interest will be $5,778,754, a total of $6,451,754. For the 1948-49 fiscal
year, when all road improvement district bonds fall due, debt service
calls for $58,389,551. Average annual requirements for highway debt
service over the 15
-year period amount to $9,885,070."
ASBURY PARK, Monmouth County, N. J.
-STATE COMMISSION
MAY SUPERVISE FINANCES
-The city was directed by Justice Joseph
B. Perskie on Jan. 19 to show cause before him on Jan. 26 why its financial
affairs should not be placed under the supervision of the State Municipal
Finance Commission, as requested in a petition filed on behalf of Adams &
Mueller of Newark. In support of its plea, the firm, it is said, declared
In the petition that the city is in default on the principal amount of $38,000
6% temporary loan bonds, dated June 1 1929, which came due on Dec. 1
1934. It further states that $1,140 due June 1 1934 in interest on the
bonds has not been paid.
Carl H. Bischoff, City Manager, is reported to favor supervision to the
end that community may be permitted to formulate a refinancing plan
which would be fair to all creditors.
ATTICA, Wyoming County, N. Y.
-BOND SALE
-The $44,800
coupon or registered refunding water bonds offered on Jan. 21-V. 140.
-were awarded as 3.408 to J. & W. Seligman & Co. of New York
p. 500
at a price of 100.05, a basis of about 3.39%. Dated March 1 1935 and
due March 1 as follows: $2,000 from 1936 to 1950 incl.; $3,000, 1951 to
1954 incl., and $2,800 in 1955.
BAINBRIDGE, Ross County, Ohio
-BIDS UNOPENED
-G. F.
Wolfe, Village Clerk, states that the bids submitted for the $24,000 6%
municipal utility system extension bonds offered on Jan. 21-V. 140.
p. 168
-are being held unopened, pending a decision in court proceedings
pertaining to the issue. Dated Dec. 1 1934 and due $1,000 March 1 and
Sept. 1 from 1936 to 1947, inclusive.
BALLSTON SPA, Saratoga County, N. Y.
-UTILITY PROJECT
SHELVED
-The Village Clerk reports that the proposal to construct an
electric light plant, with the proceeds of a $540.000 bond issue, has been
dropped for the present.
BANGOR, Van Buren County, Mich.
-BONDS VOTED
-At a
special election held on Jan. 14 a proposal to issue $5,000 municipal building
bonds carried by a vote of about 3 to 1. The Federal relief agency will
be asked to furnish funds toward Cost of the project.
BATTLE CREEK, Madison County, Neb.-BONDS AUTHORIZED
-It is reported that a resolution was adopted recently by the Board of
Village Trustees authorizing the issuance of $28,640 in refunding bonds.
Interest rate is not to exceed 6%. Dated Feb. 1 1935.
BELOIT, Rock County, Wis.-BOND SALE
-The $103,000 issue of
refunding bonds scheduled for sale on Jan. 17, the award of which was
deferred-V. 140, p. 341-was sold on Jan. 22 to T. E. Joiner & Co. and
the Chaim& Securities Co., both of Chicago, jointly as 3s, paying a premium of $1,051, equal to 101.02, a basis of about 2.86%. Dated Feb. 1
1935. Due from April 1 1941 to 1945. The following is an official list of
the bids received:
BidderRates and Premiums
The Milwaukee Co
$2,963.00 on 3
$464.00 on 3g%
F. S. Moseley & Co
3,687.00 on 3
Paine, Webber & Co
3,205.20 on 3
Northern Trust Co
2,389.60 on 3
535.60 on 3 f%
Harris Trust & Savings Bank
5,765.00 on 3
128.75 on 3%
Securities Co., Milwaukee
4,449.60 on 3
Central Republic Co
5.421.00 on 3
Bartlett, Knight & Co
3,749.20 on 3
Joiner & Chancier *
3,157.00 on 3
1,051.00 on 3%
Beloit Savings Bank
4,162.70 on 3
A. G. Becker & Co
3,427.00 on 3
82.00 on 3g%
Gertler & Co
3,751.00 on 3
53.00 on 3X %
Citizens State Bank of Sheboygan,
Wis
4,910.50 on 3X%
Halsey, Stuart & Co
5,001.00 on 3X%
35.00 on 3%
First National Bank, Chicago- - 1,560.00 on 3%%
* Successful bid.
BERKELEY SCHOOL DISTRICT (P. 0. Berkeley), Alameda
County, Calif.
-BOND ELECTION CONTEMPLATED-It is stated
by the Secretary of the Board of Education that the date and the amount
of a proposed bond issue will be determined about Feb. 10. (It had been
unofficially reported that the amount would be about $600,000.)
BERNALILLO
OUNTY (P. 0. Albuoueroue), N. M.
-BONDS
CALLED-It is reported that the following bonds were called for payment
on Jan. 1: Nos. 1 to 5 of the 5% court house and jail, issue of Apr. 7 1924.
Payable at the Chase National Bank in New York City. Nos. 1 to 15
of the 43. % bridge bonds, issue of Jan. 1 1910. Payable at the County
Treasurer's office or at any bank in Albuquerque.
BIG SPRING, Howard County, Tex.
-BOND ELECTION
-It is
reported that an election will be held on Feb. 18 to vote on the iffillanCe of
$25,000 in 4% swimming pool and bath house bonds. Due in 10 years.
BONDURANT, Polk County, Iowa-BOND ELECTION
-It Is
reported that an election will be held on Feb. 7 to vote on the issuance
of $10,000 in water works bonds. These bonds were defeated by the voters
on Oct. 2 1934.
BOSTON, Suffolk County, Mass.
-TAX COLLECTIONS
--A bulletin
recently issued by the Civic Bureau of the Boston Chamber of Commerce
shows that on Dec. 31 1934 the City had collected 69.796% of the 1934
tax levy, as compared with 70.887% collected on the 1933 levy at the
close of that year. A drop in collections during December was responsible
for the decline in payments for 1934 as compared with the previous year,
it is said. The bulletin also included the statistics herewith:
"Following is a seven-year comparison of the percentages collected at
the end of each year, on both the current year's levy and the prior year's
levy:
% Collected
% Codected
to Dec. 31 on
to Dec. 31 on •
YearCurrent Year's Levy Prior Year's Levy
1928
88.806V
97.614
1929
97.544
84.320%
1930
83.893%
97.862
1931
81.412%
96.720
1932
73.380V
94.239
1933
89.280
70.887%
1934
69.796%
86.080
Volume 140
Financial Chronicle
"Following is a statement of the cash deficit (or surplus)fland the amount
of outstanding taxes, at the end of each year from 1928:
Uncollected Taxes
all leers
Cash Surplus Cash Deficit
Dec. 31'
YearDec. 31
Dec.31
$9,005,618
$2,786,378
1928
10,071,494
884,636
1929
10,954,139
1930
1,629,380
13,362.775
$2,494,601
1931
22,141,440
10,185,674
1932
22.650,303
13,617,241
1933
24,000000,
19.000,000
1934 (est.)
"It will be noted tnat in 1931 the cash deficit was only 19% of the uncollected taxes, but it has increased rapidly until in 1934 it will probably
be about 80%.
BRAZORIA COUNTY ROAD DISTRICT NO. 29 (P. 0. Angleton)
-BONDS APPROVLL-A $453,000 issue of 4% road bonus is said to
Tex.
have been approved by the Attorney-General. Dated Aug. 15 1934. Due
from 1937 to 1960. Interest payable at the Central Hanover Bank & Trust
Co.
BRISTOL COUNTY (P.O. New Bedford), Mass.
-LOAN OFFERING
-Bids will be received by the county until 10 a. in. on Jan. 29 for the
purchase at discount basis of a $300,000 tax anticipation loan, due Nov. 15
935.
BROCKTON, Plymouth County Mass.-TEMPORARY LOAN
An issue of $200,000 revenue anticipation notes was awarded on a 0.55%
discount basis in equal amounts to the National Shawmut Bank and W. O.
Gay & Co., both of Boston. Loan is due Nov. 6 1935 and was also bid
for as follows: Faxon, (jade & Co., 0.57%; Whiting, Weeks & Knowles,
0.5870; Newton, Abbe & Co., 0.59%; First National Bank of Boston,
0.625%.
BROOKLINE, Norfolk County, Mass.
-LOAN OFFERING-Sealed
bids will be received until 12 in. on Jan. 28 for the purchase at discount
basis of a $3300,000 revenue anticipation loan. dated Jan. 28 1935 and due
Nov. 21 1935.
BROWNING, Glacier County, Mont.
-BOND OFFERING-Sealed
bids will be received until 8 p. in. on Jan. 28 by Geo. 0. Barger. Town
Clerk, for the purchase of a $12,596.81 issue of funding bonds. Interest
rate is not to exceed 6%,payable J. & J. Dated Jan. 1 1935. Amortization bonds will be the first choice and serlai bonds will be the second choice
of the Council. If amortization bonds are issued they will be payable
over a period of 10 years from the date of issue. If serial bonds are issued,
they will be payable$1,250 from Jan. 1 1936 to 1944, and $1,346.81 on
Jan. 1 1945. In either case the bonds will be redeemable at the option
of the town,five years after the date of issue. A certified check for 51,000,
payable to the town, must accompany the bid.
BUCHANAN COUNTY (P. 0. Independence) Iowa-BOND SALE
-A $29,000 issue of funding bonds is stated to have been
CON TRACT
offered for sale on Jan. 22, which was taken under contract by the WhitePhillips Co. of Davenport, as
KBUFFALO,Erie County,N.Y.-BONDSALE--The $3,412.000coupon
or registered bonds offered on Jan. 22-V. 140, p. 501-were awarded to a
syndicate composed of the Bankers Trust Co., New York; Marine Trust
Co,Buffaflo, it. W.Pressprich & Co., Kelley, Richardson & Co.,Inc. and
L. F. Rothschild & Co., all of New York City, and Schoellkopf, Hutton &
Pomeroy of Buffalo, as 3.40s and 48, at par plus a total premium of $20.465.48, as follows: the $3,040,000 bonds, comprising issues of $2,100,000
and $940,000,were purchased as 3.40s,at a price of 100.119,a basis of about
3.30%, while the $372,000 issue, with the int. rate stipulated by the city
at 4%, was sold at a price of 104.529, a basis of about 3.44%. The three
issues are described as follows:
$2,100.000 3.40% work and home relief bonds. Dated Feb. 1 1935 and
due Feb. 1 1945.
040,000 3.40% general impt. water supply bonds. Dated Feb. 1 1935
and due $47.000 on Feb. 1 from 1936 to 1955 incl.
372.000 4% police headquarters building bonds. Dated Sept. 1 1934
and due Sept. 1 as follows: $18.000 from 1935 to 1942 incl. and
$19,000 from 1943 to 1954 incl.
The bankers are making public re-offering of the $3,040,000 3.40%
bonus at prices to yield from 1.257 to 3.30%. according to maturity,
while the yield basis on the $372,000°
4% issue ranges from 1% ro 3.40%.
Bonds are declared to be general obligations of the city, payable from
unlimited ad valorem taxes to be levied against all taxable property therein.
,
The second highest tender of 100.239 for $3,040,000 bonds as 3.406 and
the $372,000 4s was named by the Chase National Bank, the First Boston
Corporation; Kidder,Peabody & Co.', the Harris Trust & Savings Bank;
Estabrook & Co., Salomon Bros. & Hutzler, and Foster & Co. The third
tender, submitted by the Chemical Bank & Trust Co.; Lehman Brothers,
Myth & Co., and associates, was par for $3,040,000 3.40s and $372,000 48.
BURLINGTON, Kit Carson County, Colo.
-BOND REFUNDING
REPORT-lt is stated by the City Clerk that the $60.000 67 water works
extension bonds that matured on Oct. 1 1934 but were not paid off because
of a State bank failure which tied up some of the town's funds
-V. 139, p.
-are being refunded through Bosworth. Chanute, Loughridge & Co.
2395
of Denver. The original bonds bore the date of Oct. 1 1919.
CANTON, Stark County, Ohio
-APPROVES NOTE ISSUE
-The
City Council on Jan. 14 voted to issue $100.000 6% tax anticipation notes,
due in six months. Of the proceeds, $40,000 will be used to reimburse
the sinking fund for money borrowed to meet municipal payrolls in_Decamber.
CATTARAUGUS COUNTY (P. 0. Salamanca), N. Y.
-BOND
OFFERING
-R. L. Farnham, County Treasurer, will receive sealed bids
until 2 p. m. on Feb. 5 for the purchase of $200.000 not to exceed 6%
interest coupon or registered bonds, divided as follows:
$100,000 highway improvement bonds. Due $50,000 on Feb. 15 in,Mb
and 1950.
100,000 highway refunding bonds. Due Feb. 15 as follows: $5,000 from
1936 to 1947 Incl. and $40,000 in 1948.
Each issue is dated Feb. 15 1935. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of yi or
1-10th of 1%. Principal and interest (F. & A. 15) payable in lawful money
of the United States at the Salamanca Trust Co., Salamanca. A certified
check for $4,000, payable to the order of the county, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
CEDAR RAPIDS, Linn County, Iowa-BOND SALE.
-The $20,000
issue of 3% semi-annual fire department equipment bonds offered for sale
on Jan. 21-V. 140, P. 501-was awarded to the Merchants National Bank
of Cedar Rapids, paying a premium of $90,equal to 100.45, a basis of about
2.94%. Dated Feb. 1 1935. Due from Nov. 1 1936 to 1942.
The following bids were also received:
BidderPremium
Shaw, McDemott & Sparks, Des Moines
...$837..0050
The W hite-Phillips Co., Davenport
CENTER TOWNSHIP (P.0. Indianapolis), Marion County, Ind.-A group composed of the Union Trust Co., Fletcher Trust
BOND SALE
Co.and the Indianapolis Bond & Share Corp., all of Indianapolis, purchased
on Jan. 18 an issue of $171,800 3 % judgment funding bonds. The bonds
were authorized in December, to mature serially in 13 years.
-V• 139,
p. 3998.
CHADRON, Dawes County, Neb.-BONDS CALLED-The following bonds were called for payment at the office of the Kirkpatrick-PettisLoomis Co. of Omaha:
-The entire issue of $3,000 5% refunding bonds, issue of
On Jan. 15
Oct. 1 1925. Due on Oct. 11945, optional Oct. 1 1930.
-The entire issue of $16,000 5% refunding bonds, issue of
On Jan. 15
April 1 1927. Due on April 1 1947, optional April 1 1932.
-The entire issue of $20,000 5% hospital bonds, issue of
On Jan. 15
Oct. 1 1927. Due on Oct. 1 1947, optional Oct. 1 1932.
On Feb. 1-Nos. 16 to 27 of Paving Districts Nos. 6, 8 and 10, in the
total amount of $12,000. Issue of Feb. 1 1930.
On May 1-The entire issue of $119,000 refunding bonds, Issue of May 1
1930. Due on May 1 1950. optional May 1 1935.
-It is stated that $194,000 4% coupon refunding bonds
BOND SALE
were sold on Jan. 7 by this city to the Kirkpatrick-Pettis-Loomis Co.
Omaha. paying a premium of $952, equal to 100.49.
of
667
CHAPMAN SCHOOL DISTRICT NO. 80 (P. 0. Chapman), Dickinson County, Kan.
-BONDS VOTED
-At the election held on Jan. 15V. 140, p. 501-the voters approved the issuance of the $33,000 in school
bonds by a majority of about 2 to 1, according to the District Clerk. Due
serially in 20 years.
CHARLEVOIX, Charlevoix County, Mich.
-BOND OFFERING
Rays.Hamilton, City Clerk, will receive sealed bids until 5 p. m.(Eastern
Standard Time) on Jan. 28 for the purchase of $79,000 not to exceed 4%
int. coupon sewage disposal system revenue bonds. Dated Jan. 1 1934.
Due Jan. 1 as follows: $2,000, 1936; $3,000 from 1937 to 1951 incl., and
$4,000 from 1952 to 1959 incl. Registerable as to prin. only. Prin. and
int. (J. & J.) payable at the City Treasurer's office. Proposals to be conditioned only on the approval, as to validity of bond counsel.
CHARLOTTE, Mecklenburg County, N. C.
-FINANCIAL STATE
MENT-Tne following information was furnished to us in connection with
the sale on Jan. 8 of the $375,000 bonds to a syndicate headed by R. S.
Dickson & Co. of Charlotte, at a net interest cost of about 3.85%.-V.
140, p. 342:
Financial Statement
Assessed valuation, real and peronsal property 1934
$104,801,083.00
Assessed valuation, real property only 1934
79,103.975.00
Statement of Debt as of Dec. 28 1934
Outstanding debt (not including bends to be retired from
the proceeds of refunding bonds now offered, nor revenue
anticipation notes. nor $43,000 of the bonds recently purchased by the Federal Emergency Administration of
Public Works but not yet dellevered)
$9,993,500.00
Bonds now offered
375.000.00
Total
$10,368,500.00
Deductions
Water debt included above (for interest and
amortization the net water revenues are •
sufficient)
$1.832,443.59
Sinking funds, except for water debt
511.738.47
2,344,182.06
$8,024,317.94
Tax Data
Total amount of taxes levied for the three fiscal years preceding the
current fiscal year:
1931-1932
$1,668.049.16
1932-1933
1,527.801.90
1933-1934
1,427,357.82
Amount of such uncollected taxes at end of each of said fiscal years
(June 30):
1931-1932
$348.261.35
1932-1933
456,794.34
1933-1934
324,378.90
Amount ofsuch taxes uncollected as of Dec.20 1934:
1931-1932
$127,301.68
1932-1933
165,610.23
1933-1934
216,900.78
Mecklenburg County, N. C.
Assessed valuation, real property only
$98.526,345.00
Outstanding debt
4,022,790.00
Deductions
Sinking funds
116.510.71
Net debt
$3,906,279.29
There is no other municipal corporation or subdivision wholly or in par
within the city limits,except Charlotte Township, which has no indebtedness
There is no separate school district indebtedness, Charlotte's school
bonds being included in above totals.
The city has steadfastly maintained its purpose, announced in November
1924. not to so increase its debt as to deprive the city and the holders of
Its bonds of the investment privileges accorded by the New York Savings
Bank Law. The same purpose will continue.
Value of municipal property (consisting of the general government
properties, buildings and grounds, water department, lands, plants. &c.
school buildings and grounds, departmental equipment, furniture and
fixtures), $17,604,922.01.
Population-1910 census, 34,014; 1920 census, 46,318; 1926 by directory.
70,000; 1930 census, 82,645; 1934 (estimated), 90.000.
The following is a summary of the other bids received:
Gertler & Co. entered the second highest bid, offering 101.135 for the
entire $375,000 as 48.
American Trust Co. of Charlotte offered par for the $210,000 issue, of
which $123.000 was to be 4h's and the rest 3s. For the second issue
they offered par for $82,000 as 434'S and the remainder as 3%s. Their bid
for the $25,000 issue was as 48, offering $25,025.
McAllister, Smith & Plate, Inc., offered $210,728.51 for the first issue.
of which $180,000 was to be 4y4s and the rest 3%s. For the second issue
$140.356.51 was bid for $120,000 as 43s and $20,000 as 33s. Bid on the
$25,000 was $25,202.76 for 431s.
First of Michigan Corp. offered to take the whole issue as 4s, paying for
the three issues $210.812, $140,541 and $25,097, respectively.
Lewis & Hall entered a bid for the three issues as 48, offering $210,375.90,
$140.250.60 and $25,004.75. Graham, Parsons & Co. and Peak & Walbridge bid for the three issues as 4s, offering $210,186.90, $140,124.60.
and $25,022.25.
Brown Harriman & Co., Inc., and Reynolds & Co., on the first issue
bid for $57,000 as 451s and the rest as 48, offering $210,062.79; for the
second issue, $38,000 as 4ha and the balance as 4s. $140,041.86: for the
third issue $22,000 as 43.:is and the balance as 4s, $25,007.48.
Equitable Securities Corp. offered $210,308.70 for the first issue as •Is
$140,415.80 for $90,000 454s and the rest as 4s; and $25,104.75 for the
third issue as 4hs.
CHARLOTTE, Mecklenburg County, N. C.
-NOTE SALE
-A
$205,000 issue of notes is stated to have been purchased on Jan. 22 by the
American Trust Co. of Charlotte, at 1.625%, plus a premium of $1.50.
CHICAGO SCHOOL DISTRICT, Cook County, 111.
-ARRANGES
FOR SALE OF $20,000,000 WARRANTS
-A syndicate composed of the
five large Loop banks has agreed to purchase $20,000,000 4% educational
fund tax anticipation warrants of 1935. The financing will insure payment of teachers' and other school board employees' salaries to the end of
the school year in June. The school board expects to draw upon the funds
at the rate of $4,000,000 a month and interest will begin to accrue only as
the cash is received from the banks. Improvement that has occurred in
the credit rating of the district is indicated by the fact that previous issues
of warrants have borne 5% interest, while the rate on the initial financing
of that nature was fixed at 6%.
Bite Board of Education has issued a call for $2,752,975 of its 1932
1933 tax anticipation warrants to be retired on Jan. 26 on which dateand
interest will cease on the called certificates. The largest blocks in this
call are $2,200,000 of 1933 educational fund warrants: $183.325 of 1933
building fund warrants, and $296,000 of 1933 bond and interest warrants.
The syndicate is composed of the Continental Illinois National Bank
Trust Co., First National Bank, Northern Trust Co., Harris Trust &
&
Savings Bank and the City National Bank & Trust Co.
CHICKASHA, Grady County, Okla.
-BOND SALE DETAILS
-The
$100,000 refunding bonds that were purchased by the Brown-Crummer
Co. of Wichita
-V. 139, p. 3506
-are stated by the City Clerk to have
been sold as 5s at par.
CLIFTON. Passaic County, N. J.
-BOND OFFERING-William A.
Miller, City Clerk, will receive sealed bids until 8.30 p. m.on Feb. 5 for the
purchase of $2.715,000 coupon or registered water bonds. Bidder to name
one of the following int. rates:35i%.4%.4 % 434% or
%. Issue will
be dated Feb. 1 1935. Denom. $1.000. The.
schedule of maturities
depend on the rate of int. specified in the successful bid. In all cases will
the
range is from 1936 to 1980 incl., the difference being in the amounts due
each year. Average maturity in each instance is about 29 years.
Prin•
and semi-ann. int. (F. & A.) payable at the Clifton Trust Co., Clifton, or
at the Manufacturers Trust Co., New York City. The bonds will be endorsed with a certified extract from a resolution of the Passaic Valley
Water Commission relating to assumption of payment thereof by the
Commission. Proposals must be accompanied by a certified check for 2%
of the issue bid for, payable to the order of the City. Approving opinion
of Hawkins, Delafield & Longfellow of New York will be furnished the
usccessful bidder.
668
Financial Chronicle
CLINTON, Clinton County, Iowa-BONDS OFFERED
-It is reed that bids were received unti 10 a.m. on Jan. 26 by C. F. Schmidt,
ty Treasurer, for the purchase of a $39,236.68 issue of street improvement bonds.
CLINTON COUNTY (P.O. Clinton), Iowa
-BOND SALE
-A $67,000
issue of funding bonds was offered for sale on Jan. 24 and was awarded to
the Clinton Clearing House Association as 38 at par, according to the
County Treasurer.
COLLIN COUNTY (P. 0. McKinney), Tex.
-BOND REFUNDING
REPORT
-The following item is taken from a recent issue of the Celina
"Record," regarding a refinancing program on county road bonds:
'County Judge J. Frank Harrington informs the 'Record' that the Commissioners Court, on Dec. 20, arranged with Callihan & Jackson of Dallas
for refunding of $211.000 of county road bonds, $72,000 of these being bonds
of the Celina Road District, No. 7. The balance of the bonds are $102,000
of the McKinney Road District, No. 4, and $337,000 of the Farmersville
district, No. 8. The interest rate is to be 4%%, which is a saving of 50%
on the interest, the total saving amounting to approximately $9.000.
"These McKinney and Farmersville Road District bonds will mature
10 years from their date, while those of the Celina district mature on or
before 15 years from their date.
"Callihan & Jackson are to pay all expenses of the refunding and attend
to paying off the bonds called for payment."
COLORADO
-VALIDITY OF PROPOSED BOND REFUNDING PLAN
DOUBTED
-A Denver news report to the "Wall Street Journal" of Jan. 17
had the following to say regarding the Governor's proposal to have outstanding State bonds refunded-V. 140, p. 339:
"Legal opinions here differ as to the validity of the recommendation of
Gov. E. C. Johnson that outstanding State bonds be refunded. The Chief
Executive's proposal resulted in the introduction in the legislature of a bill
by title to permit consideration of the proposal during the session. It followed the Governor's assertion that he believed the proposed action within
the limitations of the State Constitution.
"The Attorney-General, in response to an inquiry by the Governor,
previously had given the opinion that under the provisions of the Constitution the legislature had no authority to create a new indebtedness for
refunding outstanding bonds and to retire these bonds before maturity
would impair the contract. Counsel for some of the bond houses interested
expressed the opinion that the proposed action was not contrary to the
Constitution since it did not increase the State's indebtedness and was
intended only to discharge an existing indebtedness by replacement of outstanding bonds with bonds bearing a lower rate of interest."
COLUMBIA COUNTY (P. 0. Hudson), N. Y.
-BOND SALE
-The
$100,000 coupon or registered general of 1934 bonds offered on Jan. 24V. 140, p. 502
-were awarded as 2.60s to the Hudson City Savings Institution of Hudson, at a price of 100.10, a basis of about 2.58%. The sale
consisted of:
$55,000 series A work and home relief bonds. Due Jan. 1 as follows: $5,000
from 1938 to 1942 incl. and $10,000 from 1943 to 1945 incl.
45,000 series B public impt. bonds. Due $5,000 on Jan. 1 from 1937 to
1945 incl.
Each issue is dated Jan. 1 1935.
COLUMBUS, Franklin County, Ohio
-BOND SALE
-The $803,000
coupon (registerable as provided by law) bonds offered on Jan. 21-V. 140,
p. 502
-were awarded to a group composed of Halsey, Stuart & Co., Inc.,
First of Michigan Corp., Milwaukee Co. and &Wel, Nicolaus & Co. Inc.
of St. Lonis, which bid for 3j% and 3%% bonds, at par plus a premium
of $4,088, equal to 100.509, a basis of about 3.41%. Award was made as
follows:
$575,000 sewage treatment works fund No. 1 bonds sold as 3)4s. Due
Feb. 1 as follows: $28,000, 1943; $45,000, 1944 to 1957 incl. and
$17,000 in 1958.
128,000 intercepting sewers fund No. 1 bonds sold as 3%s. Due Feb. 1
as follows: $15,000, 1954; $35,000, 1955 to 1957 incl. and $8,000
in 1958.
Eash issue is dated Dec. 15 1933. Public re-offering of the bonds at
prices to yield from 3.10% to 3.40%, according to maturity. Lehman
Bros.; Phelps, Fenn & Co., and Stone & Webster and Blodget, Inc., were
second high bidders offering 100.82 for 3hs. Brown Harriman & Co.,
Inc.; Hayden, Miller & Co.; Lowry, Sweney, Inc.; Wells-Dickey Co., and
,
Huntington National Bank bid 100.2099 for 33-s.
COLUMBUS, Franklin County, Ohio
-NOTE SALE
-G. Parr Ayres
& Co. of Columbus purchased on Jan. 21 an issue of $80,000 street flushing
and cleaning notes as 23s, at par plus a premium of $85, equal to 100.106.
a basis of about 2.18%. Dated Feb. 1 1935 and due Sept. 11936.
CONCORD, Merrimack County, N. H.
-TEMPORARY LOAN
-The
Boston Safe Deposit & Trust Co. was awarded on Jan. 23 a $200,000
revenue anticipation loan at 0.37% discount basis, plus a premium of $7.
Due Dec. 4 1935.
CONEHATTA CONSOLIDATED SCHOOL DISTRICT (P. 0. Newton), Newton County, Miss.
-BOND SALE NOT CONTEMPLATED
It is stated by the Superintendent of Schools that the $10,000 6% semi-ann.
school repair bonds offered for sale without success on Dec. 1-V. 139,
p. 3834
-have been validated but will not be re-offered until instructions
have been received from the Federal Government to sell them.
COOPER, Delta County, Texas
-BOND ELECTION
-An election
will be held on Jan. 31 to vote on the proposed issuance of $104,900 in
6% semi-ann. electric light and power plant revenue bonds. Due serially
over a period of 15 years.
CORAOPOLIS SCHOOL DISTRICT, Allegheny County, Pa.
BONDS APPROVED-Approval of $40,000 operating expenses bonds was
announced by the Department of Internal Affairs of Pennsylvania on
Jan. 17.
COVERT, OVID AND LODI CENTRAL SCHOOL DISTRICT NO. 4
(P. 0. Interlaken), Seneca County, N. Y.
-BOND OFFERING-Lena
M. Shank, District Clerk, will receive sealed bids until 2 p. m. on Jan. 28
for the purchase of $187,000 not to exceed 6% interest coupon or registered
school bonds. Dated Dec. 15 1934. Denom. $1,000. Due Dec. 15 as
flllows: $3,000, 1935 to 1937 incl.; $4,000, 1938 to 1942 incl.; $5.000, 1943
to 1947 incl.; $6,000, 1948 to 1952 incl.; $8,000, 1953 to 1958 incl.; $9,000,
1959 to 1963 incl. and $10,000 in 1964. Bidder to name a single interest
rate for all of the bonds, expressed in a multiple of % of 1-10th of 1%.
'
Principal and interest (J.& D.) payable in lawful money of the United States
at the Chase National Bank, New York City. A certified check for $4,000,
payable to the order of the Board of Education, must accompany each
proposal. Approving opinion of Clay, Dillon & Vandewater of New York
will be furnished the successful bidder.
CRANFORD TOWNSHIP, N. J.
-BONDS AUTHORIZED-The
Township Committee has authorized the issuance of $125,000 not to exceed
4ji% interest trunk sewer bonds.
CRESSKILL, Bergen County, N. J.
-BOND EXCHANGE PLANNED
-The $321,000 43 % refunding bonds recently authorized-V. 140, p. 169
-will be used to retire temporary loan issues now outstanding. T. R.
Crichton & Co. of Hackensack have been designated to act for the borough
in effecting the exchanges.
CUMBERLAND,Allegany County, Md.-BOND SALE
-The $100,000
4% general improvement bonds offered on Jan. 21-V. 140, p. 169
-were
awarded to Phelps, Fenn & Co. of New York, at a price of 107.85, a basis
of about 3.49%. Dated July 1 1934 and due $25,000 on July 1 from 1955
to 1958 incl. The bankers are reoffering them for public investment to
yield 3.40%. Other bids were as follows:
BidderRate Bid
Alex Brown & Sons
105.823
W. W.Lanahan & Co
106.299
Halsey, Stuart & Co
106.30
Mercantile Trust Co
105.077
• DAVISON COUNTY (F. 0. Mitchell), S. Dak.-BOND OFFERING
Sealed bids will be received until 2 p.m. on Feb. 5, by George W. Carlson,
County Auditor, for the purchase of two issues of coupon bonds aggregating $175,000, divided as follows:
$150,000 court house bonds. Dated Jan. 1 1934, Due $6,000 in 1937
and $9,000 from 1938 to 1953 incl.
25,000 poor farm bonds. Dated Nov. 1 1933. Due as follows: $1,000
from 1937 to 1951, and $5,000 in 1952 and 1953.
Interest rate is not to exceed 4%, payable J. & J. A loan and grant of
$235,000 on these projects has been approved by the Public Works Administration. (A tentative report on this offering appeared in V. 140,
p. 342.)
Jan. 26 1935
DAYTON, Montgomery County, Ohio
-An issue of
-BOND SALE
$25,000 6% public land and building fund bonds has been sold to the Sinking Fund Trustees at par. Due $5,000 on Aug. 1 from 1937 to 1941, incl.
DEARBORN SCHOOL DISTRICT NO. 7, Mich.
-PROPOSED LOAN
-The Board of Education plans to refund tax delinquency notes amounting
to $50,000.
DEFIANCE, Defiance County Ohio-BOND SALE
-The $50,000
coupon refunding bonds offered on Jan. 23-V. 140, p. 342
-were awarded
as 4%s to Prudden & Co.of Toledo at par plus a premium of $137.50, equal
to 100.275, a basis of about 4.21%. Dated Sept. 1 1934 and due $10,000
on Sept. 1 from 1940 to 1944, inclusive.
DELAWARE RIVER JOINT COMMISSION (P. 0. Camden), N. J.
-ADDITIONAL INFORMATION-The $2,000,000 43 % Philadelphia,
1
Camden bridge rail transit line bonds awarded on Jan. 18 to Graham,
Parsons & Co. of Philadelphia and associates at 108.279, a basis of about
-mature serially from 1938 to 1973 incl.. although
3.75%-V. 140, p. 502
redeemable at the option of the Joint Commission on any interest payment
date on or after Sept. 11943, at a price of 105 and accrued interest to date
fixed for redemption. The $2,000,000 bonds are part of a total authorized
issue of 341,000,000, of which $33.620,000 (excluding the current block)
are outstanding, with $5,342,000 reserved for completion of the transit
line project. Formal re-offering of the bonds was made by the bankers
on Jan. 21 at prices to yield from 2.25% to 3.80%, according to maturity.
Yield to the callable date on the maturities from 1944 to 1973 incl. is
3.50%. Other bids received by the Joint Commission were as follows:
The second highest bid for the securities was 107.29, submitted by a group
consisting of Yarnall & Co.; Dougherty, Corkran & Co.: Moncure Biddle
Co.,&
and Singer, Deane & Scribner. A figure of 106.51 was named by
Biddle, Whelan & Co. The final tender of 106.27 was named by a group
composed of E. H. Rollins & Sons; the Bancamerica-Blair Corp.; Hemphill,
Noyes & Co.', R. W. Pressprich & Co.; Stone & Webster and Biodget,
Inc.; Stroud & Co.; Edward Lowber Stokes & Co.; Walter Stokes & Co.;
Glover & McGregor, and S. K. Cunningham & Co.
DEMAREST, Bergen County, N. J.
-BOND OFFERING-Arthur
F. Wiebolt, Borough Clerk, will receive sealed bids until 8 p.m. on Feb. 6
for the purchase of $249,000 not t exceed 5% interest coupon or registered
bonds, divided as follows:
$163,000 public impt. refunding bonds. Due Dec. 15 as follows: $8,000,
1935 to 1939. incl.; 312,000, 1940 to 1944, incl.; $15,000, 1945 to
1948, incl., and $3,000 in 1949.
86,000 funding bonds. Due Dec. 15 as follows: $5,000 from 1935 to
1948, incl., and $16,000 in 1949.
Each issue is dated Dec. 15 1934. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of % of 1%.
Principal and interest (J. & D. 15) payable in lawful money of the United
States at the Closter National Bank & Trust Co., Closter. A certified
check for 2% of the bonds bid for, payable to the order of the borough,
must accompany each proposal. Approving opinion of Reed, Hoyt &
Washburn of New York will be furnished the successful bidder.
DEMING, Luna County, N. Mex.-BONDS AUTHORIZED-It is
reported that an ordinance was passed recently, providing for the issuance
of $30,000 in water extension bonds. The City Clerk is Charles Schoeff.
DENTON COUNTY (P. 0. Denton), Tex.
-BONDS AUTHORIZED
It is re"nod that the Commissioners' Court has ordered the issuance
of $65,111 in 5% refunding bonds to make up an overdraft in a local bank.
It is said that these bonds will mature serially in 20 years.
DES MOINES COUNTY (P. 0. Burlington) Iowa-BOND SALE
An $82,000 issue of funding bonds was purchased recently by the WhitePhillips Co.of Davenport,as 2.Sis,at par,according to the County Auditor.
DICKINSON SCHOOL DISTRICT(P.O. Dickinson), Stark County,
N. Dak.-BOND SALE
-It is reported by the Clerk of the Board of Education that an issue of $100,000 school building bonds, approved by the
voters on Aug. 29 1933, have been purchased by the Public Works Administration.
DOVER, Strafford County, N. H.
-BOND SALE
-Margaret M.
Gorman, City Treasurer, made award on Jan. 25 of $67,500 2%% coupon
water works extension bonds to the Harris Trust & Savings Bank of New
York at a price of 101.737. Dated Dec. 1 1934. One bond for $500,
others for $1,000. Due Dec.1 as follows: $8,000 from 1936 to 1939,id.;
$7,500 in 1940 and $7,000 from 1941 to 1944, incl. Principal and interest
(J.& D.) payable at the First National Bank of Boston. Legality approved
by Storey, Thorndike, Palmer & Dodge of Boston Other bidders were:
BidderRate Bid
E. H. Rollins & SOILS------------------------------------- 101.468
Estabrook & Co---------------------------------------- 101.35
First Boston Corp---------------------- 101.09
--------------------i -19Ye
Assessed valuation for year 1934
$14,918,977
Total bonded debt, not including present loan
507,000
Water bonds
$30,000
$478,362. uncollected $58,436. No taxes of any prior year
1934 tax levy
outstanding. Population, 13,543.
DUBUQUE, Dubuque County, Iowa-BOND OFFERING-It Is reported that sealed bies will be received until Feb. 15 by the City Clerk for
the purchase of a $40,000 issue of grading bonds.
DUBUQUE COUNTY (P. 0. Dubuque), Iowa-BOND SALE DETAILS-The $61000 issue of poor warrant funding bonds that was purchased by the White-Phillips Co. of Davenport
-V. 140, p. 502
-was sold
as 4s at par. Coupon bonds dated Jan. 1 1935. Denom. $1,000. Due
$10,000 from 1937 to 1941 and $11,000 in 1942. Interest payable J. & D.
DUQUESNE, Allegheny County, Pa.
-CERTIFICATES AUTHORIZED-The City Council on JILL 17 authorized the issuance of $30,000
certificates of indebtedness for the purpose of financing general improvements and cover payrolls until the payments of 1935 taxes start after
March 1.
EAST LANSDOWNE, Delaware County, Pa.
-BONDS APPROVED
The Pennsylvania Department of Internal Affairs on Jan. 14 announced
approval0(
820,000 bonds,including $6,500 for funding purposes and $13,500
for construction of sewers and related facilities.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND OFFERING
Francis C. Mishler, County Auditor, will receive sealed bids until 10 a.m.
on Feb. 12 for the purchase of 358,500 not to exceed 5% interest bonds,
the proceeds of which will be turned over to Co cord Township for operation of its commissariat. Dated Feb. 15 1935. Denom, $500. Due $6,500
on Nov. 15 from 1936 to 1944, incl. Principal and interest (M. & N. 15)
payable at the County Treasurer's office. A certified check for 3% of
the bonds bid for, payable to the order of the Board of County Conunissioners, must accompany each propoals. Legal opinion of Matson, Ross,
McCord & Clifford of Indianapolis will be furnished and no conditional bids
will be accepted.
ESSEX COUNTY (P. 0. Salem), Mass.
-TEMPORARY FINANCING
-The Gloucester National Bank was awarded on Jan. 22 and issue of
$200.000 tuberculosis hospital maintenance loan notes, due Jan. 22 1936
at 0.449% discount basis, and an issue of $200,000 tuberculosis hospital
maintenance renewal loan notes, due April 5 1935, at a rate of 0.215%. At
the same time, award was made of $600,000 tax anticipation notes, duo
Nov. 7 1935, to the First Boston Corp. at 0.28% discount basis. Bids
submitted for the three issues were as follows:
Discount Basis(%)
Bidder
First Boston Corp
0.53
0.28
0.22
Whiting, Weeks & Knowles
0.55
0.27
0.35
Naumkeag Trust Co. of Salem
*0.57
*0.36
*0.29
W.0. Gay & Co
0.62
0.35
0.27
Merchants Natl. Bank of Salem
0.67
*0.33
*0.23
Cape Ann Natl. Bank of Gloucester
0.68
0.34
0.24
Beverly Natl. Bank
0.68
0.37
0.36
Newton, Abbe & Co
0.70
0.35
0.24
Faxon, Gade & Co
0.72
0.49
0.28
Gloucester Safe Deposit & Trust Co
0.74
0.465
0.325
Gloucester Natl. Bank
0.325
0.449
0.215
A-$200,000 due Jan. 22 1936; B-$200,000 April 5 1935; C-$600,000due
Nov. 7 1935. * Plus $1 premium in each instance.
EVANSTON, Cook County, Ill.
-WARRANT SALE
-E. M. Yahnke,
City Auditor, made award on Jan. 21 of $450,000 tax anticipation warrants
of 1935 to a group composed of the State Bank & Trust Co.; Evanston Trust
•
Volume 140
Financial Chronicle
& Savings Bank and the First National Bank & Trust Co., all of Evanston,
as 4s, at a price of 101.93. This issue is stated to be not more than 65%
of the legal tax levy. Warrants are dated March 15 1935 and will be
approved as to legality by Chapman & Cutler of Chicago. The City Treasurer has been directed by Council to apply all back taxes, as paid in, towards
retirement of all the tax anticipation warrants outstanding.
FARMINGTON, Oakland County, Mich.
-BOND REFUNDING
COMPLETED
-The city recently completed the refunding of all of its
outstanding bonds. The last of the bonds to be exchanged consisted of a
block of $10,000-V. 139, p. 2709.
FINDLAY SCHOOL DISTRICT, Shelby County, Ill.
-BONDS
APPROVED
-O. E. Stumpf, Secretary of the Board of Education, states
that the proposal to issue $41,500 4% high school bonds carried by a vote
of 310 to 59 at the election held on Jan. 19. No date of sale has been fixed
as yet. A grant of $16,000 toward the cost of the project will be provided
by the Public Works Administration.
FLATHEAD COUNTY
-COUNTY HIGH SCHOOL DISTRICT
(P. 0. Kalispell), Mont.
-BOND OFFERING-Sealed bids will be
received until 2 p. m. on Feb. 15 by Harry B. Hendrickson, President
of the Board of Trustees, for the purchase of an issue of $158,000 school
addition bonds. Dated Dec. 1 1934. Amortization bonds will be the
first choice and serial bonds will be the second choice of the School Board.
Amortization bonds would be payable over a period of 20 years from date
of issue. Serial bonds would be payable $7,900 from Dec. 1 1935 to 1954
incl. These bonds will be optional on any interest payment date from
and after five years from the date of issue. A certified check for $2,000,
payable to the District Secretary, must accompany the bid.
FLINT SCHOOL DISTRICT, Genesee County, Mich.
-TEMPORARY FINANCING
-Ann MacPherson, Secretary of the Board of
Education,states that $100.000 will be borrowed on notes from local banks.
FLOYD COUNTY (P. 0. Charles City), Iowa
-BOND SALE
-It is
reported
i
Davenport.,
'unding minds has been purchased by the
White-Phillips
d$0.zy
24
FORT DODGE, Webster County, Iowa
-BOND SALE DETAILS
The $34,000 refunding bonds that were purchased by the Carleton D. Beh
Co.of Des Moines as 35, at a price of 100.098-V. 140, p. 503
-are reported
to be dated Dec. 1 1934 and to mature on Nov. 1 as follows: $4,000, 1936
and 1937; $9,000, 1940: $8,000, 1942 and $9,000 in 1944, giving a basis of
about 2.98%.
FORT SMITH, Sebastian County, Ark.
-BOND ELECTION
-At
the city election on April 9 it is said that $28,000 issue of park improvement
and warehouse construction bonds will be submitted to the voters.
FULTON,Oswego County, N. Y.
-BOND SALE
-The $68,000 cotipM
or registered refunding bonds offered on Jan. 18-V. 140, P. 343
-were
awarded as 3%s to the Oswego County Trust Co. of Fulton at par plus a
premium of $17.68, equal to 100.026, a basis of about 3.24%. Dated
Feb. 1 1935 and due bob. 1 as follows: $6,000 in 1936 and 1937, and
$7.01,0 from 1938 to 1945 incl. Other bidders were:
BidderInt. Rate
Prem.
J. & W. Seligman &Co47
$47.60
Manufacturers & Traders Trust Co
33.
64.60
Halsey, Stuart & Co., Inc
3.807,
;
,
100.00
Financial Statement
Assessed valuation of taxable real estate
$12,243,493.50
Total bonded debt (including this issue)
1,276,291.27
Deductions:
Water supply bonds included in above total__
$248,000
Bonds maturing in current fiscal year, provision for payment of which has been made
in budget (exclusive of water bonds)
61,000
Sinking fund for bonds other than water bonds
8,000
317,000.00
Net bonded debt
$959,291.27
Outstanding tax certificates of indebtedness
20,000.00
Tax Collection Record (Including City, State and County
Taxes)
Year1932
1933
1934
Levy
$674,299.02 $619,676.03 $659,904.19
Uncollected at end of fiscal year_
102,622.70
54,425.91
29,612.49
Uncollected as of Dec. 31 1934
7.016.61
17,665.26
29,612.49
The city owns its own water supply system, and after providing for the
payment of the principal and interest of all water bonds and all operating
expenses of the water department, there is now a surplus in the water
fund amounting to $14,000, not including water rents for the quarter
ended Dec. 31 1934.
The city is governed by a special charter, being Chapter 63 of the Laws
of 1902, and Acts amendatory thereof and supplemental thereto. Population of the city, according to the Federal Census of 1930, is 12,462. The
foregoing statement of bonded debt does not include the debt of any other
subdivision having the power to levy taxes upon any or all of the
property
subject to the taxing power of said city.
FULTON COUNTY (P. 0. Atlanta), Ga.-TEMPORARY LOAN
A syndicate composed of the First National Bank. the Citizens & Southern
National Bank, the Fulton National Bank the Trust Co. of Georgia, and
the Robinson-Humphrey Co., all of Atlanta, is said to have purchased a
$3,480,000 temporary loan for operating and other expenses.
GALVESTON, Galveston County, Tex.
-BOND SALE
-The $63,000
issue of 5% coupon semi-annual paving bonds offered for sale on Jan. 24V. 140, p. 343
-was awarded to J. L. Made & Co. of Galveston, paying a
premium of $2,003.40, equal to 103.18, a basis of about 4.60%. Dated
Dec. 1 1930. D ue from Dec. 1 1940 to 1948.
Debt Statement Nov. 30 1934
Bonds outstanding (not including this issue)
$8,688,000
Less:
Water bonds
$633,500
a Grade raising, filling and drainage
1925 bonds
1,245,000
Interest & sinking funds (exclusive
of funds for bonds deducted):
Cash in hands of treasurer
$236,955
City of Galveston bonds
353,500
590,455
2,468,955
Net bonded debt
$6,219,045
No floating debt. No overlapping school debt.
a The State of Texas by legislative act has agreed to donate its ad
valorem taxes for general purposes in Galveston County until 1938 toward
the redemption of and interest payments on the City's Grade Raising bonds,
and hence these bonds are properly deductable from the total of bonds
to be serviced through the city tax levy.
GLASGOW,Valley County, Mont.
-BONDS CALLED-The following
bonds are reported to have been called for payment on Jan. 1: Nos. 1 to 13
of electric light bonds; Nos. 1 to 10 of water works, and Nos. 1 to 5 of
sewer bonds.
GLEN ROCK, York County, Pa.
-BONDS APPROVED
-An issue of
$18,500 community center building bonds was approved on Jan. 16 by
the Department of Internal Affairs of Pennsylvania.
GLOUCESTER, Camden County, N. J.-0IVES $200,000 IN TAXES
-Figures recently compiled show that the city owes about $200,000 in
State and county taxes. The amount due the county is placed at $140,000.
Although salaries of city employees and school teachers have been paid to
date, current bills of the school board and the city government are piling
up, it is said.
GOOSE CREEK, Harris County, Tex.
-PROPOSED BOND REFUND-1n connection with the report that the City Council
ING PROGRAM
-V.140, p. 170
was considering the issuance of $234,000 in refunding bonds
-we are advised as follows by the .J. R.Phillips Investment Co. of Houston,
in a letter dated Jan. 17:
"In reply to your inquiry of Jan. 14, we have to advise that we are
attempting to work out a refunding program of the City of Goose Creek.
Tex., that will result in mutual benefit to the City and the holders of its
securities.
669
"Before making any recommendations in the matter, it is necessary
that we make a complete analysis of the financial affairs of the City, going
back at least five and possibly 10 years. Naturally, this will take some
little time and as soon as we have the complete picture, we shall be very
glad to give you a copy of our analysis and the plan which we have."
GRAND RAPIDS, Kent County, Mich.
-REFUNDING PLAN
VIRTUALLY COMPLETED
-H. T. Stanton, City Comptroller, stated
under date of Jan. 21 that all but $2,000 of the bonds included in the refunding plan have been surrendered in exchange for refunding bonds. The
city has been unable to trace the owners of the $2.000 bonds still not exchanged.
GRAYSON COUNTY (P. 0. Sherman), Texas
-BOND ELECTION
It is said that an election was held on Jan. 26 to vote on the issuance of
$22,500 in high school construction bonds.
GREENFIELD, Franklin County, Mass.
-OTHER BIDS
-FINANCIAL STATEMENT
--Other bids for the $80,000 coupon water main and
filtration plant bonds awarded on Jan.9 to E. H.Rollins & Sons of Boston,
-were
as 2,
3
4s,at a price of 100.839, a basis of about 2.66%-V.140, p.343
as follows:
Rate Bid
Int.Rate
BidderHornblower & Weeks101,507
100.781
H. C. Wainwright & Co
2Z%
'
Tyler, Buttrick & Co
2%%100,671
100.65
Whiting, Weeks & Knowles
2
,
100.56
Merchants National Bank of Boston
100.11
Faxon, Gade & Co
2
100.585
First National Bank, Boston
2
2% ,
,
s
100.625
Bond,Judge & Co
Financial Statement, Jan. 1 1935
1932
1933
Taxes1934
$31.60
Tax rate
$31.60
$33.60
$779.809
$776,516
Levy
$823,874
196,206
240,964
243,671
Uncollected at end of year oflevy_ _ _ _
75%
70%
Collected
71%
8,493
81,308
243,671
Uncollected Jan.1 1935
99%
71%
Collected
90%
Tax titles uncollected Jan. 1 1935, $20,705.
Assessed Valuation
1932
1933
1934
Real and personal
$24,520,075 $24.573,300 $24,677,500
1,225,420
991,545
1,024,560
Motor vehicle
Bonded Debt
$343,500
Total outstanding Jan. 1 1935
80.000
Present issue
Less water debt (including this issue)
$423,500
124,000
$299,500
Net debt
Ratio of net debt to valuation, 1.16%. Population 1930, 15,500.
-BOND OFFERING
GREENWOOD LAKE, Orange County, N. Y.
William B. Phillips, Village Clerk, will receive sealed bids until 10 a. m.
on Feb. 1 for the purchase of $90,000 not to exceed 6% interest coupon or
registered water bonds. Dated Feb. 1 1935. Denom. $1.000. Due
$3,000 on Feb. 1 from 1940 to 1969, incl. Bidder to name a single interest
rate for all of the bonds, expressed in a multiple of % or 1-10th of 1%.
Principal and interest(F.& A.) payable in lawful money of the United States
at the First National Bank, Warwick. Bonds are general obligations of
the village, payable from unlimited taxes, according to report. A certified
check for $1,800, payable to the order of the village, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
GRUNDY CENTER, Grundy County, Iowa-BOND SALE CONTEMPLATED
-The City Attorney is said to have been instructed to
offer for sale $10,000 swimming pool bonds that were approved by the
voters on Aug. 30-V. 139, p. 1581.
-NOTE SALE
GUILFORD COUNTY (P. 0. Greensboro) N. C.
The $150,000issue ofrevenue anticipation notes offered for sale on Jan.22-was awarded to the American Trust Co. of Charlotte, at a
V. 140, p. 503
price of 1.90%, plus a premium of $7.50.
-TEMPORARY
HAMPSHIRE COUNTY (P.O. Northampton), Mass.
LOAN
-The Merchants National Bank of Boston was awarded on Jan. 22
a $120,000 revenue anticipation loan at 0.34% discount basis, the lowest
rate in the history of the county.
-Paul R.
-PROPOSED BOND SALE
HARDIN, Calhoun County, 111.
Durr, Village Attorney, has reported that a sale of water works bonds will
technicalities have been adjusted.
be authorized soon now that all
-BOND ISSUANCE
HARRISON COUNTY (P. O. Logan), Iowa
CONTEMPLATED-It is said that the Board of Supervisors intends to
of bonds to refund outstanding warrants.
Issue $40.000
-TAX COLLECTIONS HIGHER
HILLSIDE TOWNSHIP, N. J.
The Newark "News" of Jan. 19 reported in part as follows on tax collections
In 1934: "Although last year's tax levy was smaller than the year before,
Hillside collected 7.13% more current taxes in 1934 than it did in 1933.
The total tax levy in 1934 was $962,377.61, and of this amount the township
collected $575,140.63 or 60.14%. In 1933 the levy was $999,745.13 and
collections that year amounted to $531.452.72 or 53.1%.
'Officials credit the Home Owners' Loan Corporation for the collection
of more back taxes last year than in several years past. In addition to the
current taxes collected, $158,392.93 of 1933 taxes and $86,657.64 of 1932
taxes were paid. Besides this advance payments on 1935 taxes amounted
to $53,344.44.
"In addition to the tax payments, $133,180.83 worth of tax title liens
were redeemed, mainly through the Home Loan Corporation. Interest on
the liens of $4,394.10, prior to the sale, and $37,753.74 of interest after the
sale was also paid."
-The
-BOND SALE
HOCKING COUNTY (P. 0. Logan), Ohio
-were awarded
$8,200 poor relief bonds offered on Jan. 19-V. 140, p. 344
as 2%s to Fox, Einhorn & Co. of Cincinnati at par plus a premium of $11.11.
equal to 100.135, a basis of about 2.67%. Dated Dec. 15 1934 and due as
follows: $1,200 March 1 and $1,100 Sept. 1 1935: $1,100 March 1 and
$1,200 Sept. 1 1936; $1,200 March 1 and Sept. 1 1937, and $1,200 March 1
1938.
HOWARD COUNTY (P. 0. Kokomo) Ind.-NOTE OFFERINGRaymon Gilbert, County Auditor, will receive sealed bids until 10 a. m.
on Jan. 29 for the purchase of $150,000 not to exceed 6% interest tax
anticipation notes. Dated Jan. 29 1935. Denom. $1,000. Payable
May 15 1935 at the County Treasurer's office. A certified check for 3%
of the issue, payable to the order of the County Commissioners, must
accompany each proposal.
-BOND$ VOTED
-At an elecHUDSON, Columbia County, N. Y.
tion held on .an. 21 the proposal to issue $360,000 school bonds carried by a
vote of 516 to 448, according to M. William Herbs, City Treasurer. The
Public Works Administration has approved a loan and grant of $540,000
for the project contemplated.
-BOND SALE-The $10,000
HURON COUNTY (P.O. Norwalk), Ohio
-were awarded as 23s
poor relief bonds offered on Jan. 21-V. 140, P. 170
to the BancOldo Securities Co. of Columbus, at a price of 100.32. Dated
Dec. 15 1934. Due $3,300 March 1 and Sept. 1 1937 and $3,400 March 1
1938.
-NOTE OFFERING-Walter
INDIANAPOLIS, Marion County, Ind.
C. Boetcher, City Controller, will receive sealed bids until 11 a. m. on
Feb. 7, for the purchase of $50,000 not to exceed 6% interest Sanitary
District notes or time warrants. Dated Feb. 7 1935 and due May 23 1935.
-BONDS TO BE PURCHASED
IOWA CITY, Johnson County, Iowa
BY P WA-It is stated by the City Clerk that the $403,000 sewage disposal
-V.140, p.503-will be taken by the Public
plant bonds mentioned recently
Works Administration.
-The $12,200
-BOND SALE
IRONTON, Lawrence County, Ohio
-were awarded as 55
refunding bonds offered on Jan. 24-V. 140, P. 344
to Charles A. Hinsch & Co., Inc. of Cincinnati, at par plus a premium of
$32. equal to 100.23, a basis of about 4.96%. Dated March 1 1935 and
due Oct. 1 as follows: $2,200 in 1938 and $2,000 from 1939 to 1943 incl.
670
Financial Chronicle
JACKSON, Hinds County, Miss.
-At the
-BONDS DEFEATED
election held on Jan. 19-V. 139, p. 4154
-the voters rejected the proposal
to issue $1,500,000 in power plant and distribution system purchase bonds.
We quote in part as follows from a Jackson dispacth to the New York
"Journal of Commerce" of Jan. 21:
"Jackson voted down a proposal for municipal ownership of an electric
power plant and a possible hookup with the Tennessee Valley Authority
at an election here yesterday on a proposed $1,500,000 bond issue to finance
the project. the complete unofficial returns showing 3,888 against and 3,098
in favor of the bond issue.
"The outcome of the vote was the first political defeat in 20 years for
Mayor Walter A. Scott, who led the fight for a municipal plant for Jackson
to take TVA power, and is looked upon as having an important bearing on
many municipalities in the State which have undertaken to negotiate power
contracts with the TVA since President Roosevelt's speech at Tupelo.
JACKSON CONSOLIDATED SCHOOL DISTRICT (P. 0.Sylvania)
Screven County, Ga.--BOND SALE
-A $12,000 issue of school building
bonds is said to have been purchased recently at par by a local investor.
JACKSON COUNTY (P. 0. Maquoketa), Iowa-BOND SALE
-It Is
reported that 818,000 Ipoor fund warrant funding bonds were purchase
recently.by Glaspell, Vieth & Duncan of Davennort as 310.
'
re/JEFFERSON CITY, Cole County, Mo.-BOND SALE
-A $63,000
issue ofcity hall refunding bonds is stated to have been purchased on Jan.21
by the Harris Trust & Savings Bank of Chicago, as 3Ms,at ,a price of
100.408, according to the City Clerk.
pvJEROME, Jerome County, Ida.
-BOND SALE
-The 620,000 issue of
4
coupon semi-ann. refunding bonds offered for sale on Jan. 18-V.
140, p. 504
-was purchased by Wank Dahlstrom & Co. of Boise, at par.
Due from Jan. 1 1937 to 1950 incl. No other bid was received.
nbiWorrcouNTY
P767173wairri771owa-BOND SALE
.
-A
$10,000 issue of poor fund warrant funding bonds is reported to have been
purchased recently by the Carleton D. Beh Co. of Des Moines. as 3s.
r JOHNSTOWN CITY SCHOOL DISTRICT, Cambria County, Pa.
BONDS APPROVED
-An issue of $250,000 operating expenses bonds was
approved on Jan. 16 by the Department of Internal Affairs of Pennsylvania.
KANSAS CITY, Jackson County, Mo.-BOND SALE
-The six issues
of bonds aggregating 6450,000, offered for sale on Jan. 21-V. 140, p.504were awarded as follows: $400,000 to Graham Parsons & Co. of New York,
and Goldman, Sachs & Co., of New York, jointly, as 2(s. at a price of
100.139, a basis of about 2.66%. These bonds are divided as follows:
$100,000 public hospital, 5th issue bonds. Due $10,000 from Feb. 1 1937
to 1946 incl.
100,000 trafficway impt. bonds. Due as above stated.
100,000 park and boulevard impt., 4th issue bonds. Due as above.
100,000 city hall, 2d issue bonds. Also due as shown above.
The remaining $50,000 bonds were awarded to the Merchants Bank of
Kansas City, as 2s, at a price of 100.50, a basis of about 1.87%. The
issues are divided ac follows:
$25,000 sewer, 3d issue bonds. Due $5,000 from Feb. 1 1937 to 1941,incl.
25.000 nonce station, 25 issue bonds. Due as above stated.
'BONDS OFFERED FOR 11N VESTMENT
-The successful bidders reoffered the above bonds on Jan. 24 for public subscription at prices to
yield from 1.50% to 2.80%, for maturities ranging from 1937 to 1946.
The bonds are said to be legal investments for savings banks and trust
funds in ggew York, Massachusetts and Connecticut.
KETCHIKAN, Alaska-SALE OF BONDS OPPOSED
-The City Council has been informed by Lester 0. Gore, a local attorney, that he would
apply to the Federal Court in an effort to enjoin the sale of $945,000 534%
bonds. Council on Jan. 16 adopted a resolution providing for sale of the
issue to James H. Causey & Co. and B. J. Van Ingen & Co., both of New
York,according to report. The city intends to use the proceeds of the issue
to finance the acquisition of the local electric light plant, it is said.
P KIMBALL, Stearns County, Minn.
-BOND OFFERING-It is said
that sealed bids will be received by the Village Clerk, until 2 p. m. on Feb.
8, for the purchase of a $20,000 issue of 4% semi-ann. water works bonds.
CARSON{COUNTY (P. 0. Burlington), Colo.-WARRA
7Th
CALLED-It is reported that the County Treasurer called for payment
at his office on Jan. 2, various county ordinary revenue, county poor fund,
generallschool district and special school district warrants.
PIIIKNOXVILLE, Knox County, Tenn.
-TENDERS REQUESTED FOR
BOND SALE
-It is announced by H. Wood, Director of Finance, that he
will received sealed tenders offering for sale up to $50,000lot 25
-year refunding bonds of the city, dated Jan. 1 1933, maturing on Jan. 1 1958, for
purchase by toe Sinking Fund Board in compliance with the law authorizing the same. The sealed tenders will be received until 10 a.m. on Feb. 12.
Bidders may stipulate if desired that their tenders are for the purchase of
all or none of the bonds tendered, and shall state the time and place for
delivery of the bonds, the interest rate and numbers of bonds offered.
It is preferred that delivery be made at the Hamilton National Bank of
Knoxville. Tenders shall be accompanied by a certified check for 1%
of the face amount of bonds tendered for purchase.
LAMONI,*Decatur County, Iowa-OPENING OF BIDS ON POWER
PLANT POSTPONED-In connection with the report that an issue of
$100,000 light and power plant revenue bonds had been taken by the
contractor-V. 139. p. 4154
-we take the following dispatch from the
Chicago "Journal of Commerce" of Jan. 15:
"Opening of bids for a municipal electric light and power plant for the
city of Lamont has been postponed to Feb. 18 to permit rewording of the
contract to comply with PWA regulations. The Federal agency has
approved a loan and grant of $97,000 for the project. Proceedings for
financing the plant through sale of revenue bonds were instituted some
time ago when it appesrel that the PWA was not going to act on the loan
application filed a year ago. It is expected that the belated offer of a loan
and grant will be accepted."
LA PORTE CITY, Black Hawk County,1 Iowa-ADDITIONAL
INFORMATION
-It is stated by the Town Clerk that the report of an
election to be held Feb. 5 to vote on the issuance of $100,000 in electric
light and power plant bonds-V. 140, p. 504-is correct, and he goes on
to say that if the voters approve the question, the bonds will be issued
as revenue bonds, to be paid from earnings as provided under the Simmer
Law.
LAURAMIE SCHOOL TOWNSHIP (P. 0. Lafayette) Tippecanoe
County, Ind.
-Fred T. Wright, Township Trustee,
-BOND OFFERING
vrill receive sealed bids until 2 p. m. on Feb. 8, for the purchase of 615,000
5% school building bonds. Dated Feb. 8 1935. Denom. $500. Due $500
July 1 1935; $500 Jan. 1 and July 1 from 1936 to 1942, incl. Principal and
semi-annual interest payable at the Stockwell State Bank. Stockwell. A
certified check for 1% of the issue must accompany each proposal.
PS LAWRENCE, Essex County, Mass.
-TEMPORARY LOAN
-The
Arlington Trust Co. of Lawrence was awarded on Jan. 22 a $750,000
revenue anticipation loan at 0.575% discount basis. Dated Jan. 25 1935
and due Nov. 6 1935. Other bidders were: Bank of Manhattan and Bay
State Merchants Bank of Lawrence, jointly, 0.59%; Second National
Bank of Boston and Merchants National Bank of Boston, jointly. 0.615%;
Whiting, Weeks & Knowles. 0.64%; Newton, Abbe & Co., 0.685%; Faxon,
Gade & Co., 1.04%.
LAWRENCEVILLE SCHOOL DISTRICT, Lawrence County,
111.
-BONDS TO BE SOLD LOCALLY
-Public Works Administrator
Harold L. Ickes has approved the plan to sell bonds for the Lincoln school
building in the local market, rather than to the Federal agency. An issue
of $22,000 4% junior high school building bonds was approved at an election held last September-V. 139, p. 2866.
LE GRAND HIGH SCHOOL DISTRICT (P. 0. Merced), Merced
-BOND SALE DETAILS
County, Calif.
-The $17,500 school building
and equipment bonds that were purchased on Dec. 17 by the First National
Bank of Merced. the Bank of Le Grand, and the Merced branch of the
Bank of America-V. 139, p. 4000
-are 5% coupon bonds, dated Dec. 1
1934. Denom. $1,000. one bond for $500. Due in from 4 to 20 years
inclusive. Interest payable J. St D. The bonds were sold at par.
LEWIS COUNTY (P. 0. Chehalis), Wash.
-WARRANT CALL
-The
County Treasurer is said to have called for payment on Dec. 28 1934, at
his office, various school district, soldiers and sailors and current expense
warrants.
Jan. 26 1935
LIBERTY TOWNSHIP SCHOOL DISTRICT 'P. 0. Saxton), Bedford County, Pa.
-BOND OFFERING
-E.A. Ramsey, District Secretary.
will receive sealed bids until 12 m. on Feb. 2 for the purchase of $18,000
% school bonds. Dated Jan, 1 1935. Denom. $500. Due $1,000 on
Jan. 1 from 1940 tol1957 incl. Bonds maturing after Jan. 1 1945 are subject to redemption, at any:time, at a price of par.‘Coupons payable J. & J.
'LOCKPORT, Niagara County, N. Y.
-ADDITIONAL INFORMATION
-The $25.000 4% emergency and home relief bonds sold on Jan. 15
to the Niagara County National Bank & Trust Co.. Lockport, at a price
of 100.21-V. 140, D. 504
-are dated Jan. 15 1935 and mature as follows:
$3,000 from 1936 to 1943 Line'. and $1,000 in 1944. Interest cost basis
about 3.95%. Coupon bonds of $1,000 each. Interest payable J. & J. 15.
, LODI TOWNSHIP, N.,J.
-STATE COMMISSION TO SUPERVISE
AFFAIRS
-The affairs of the township have,oeen,placed under.the supervision of the _State Municipal Finance Commission, on order of /supreme
Court Justice _Joseph L. riodine, according to „report. 'fhe move was
petitioned by holders of obligations of the community. Counsel for the
township opposed the request on the ground that the bonds represented
in tue litigation were issued ,lliegally, it is said. Justice Bodine Is reported
DO have declared that to delay action in the tnatter would defeat the very
purpose for winch the act creating the Commission was intended. He
added that "municipal financing, past and.present, must be placed on a
sound basis."
LONG BEACH, Nassau County, N. Y.
-In a
-TAX PAYMENTS
statement Issued on Jan. 18 Mayor Charles Gold declared that the city,
in addition to paying the county *182.160.73 on current taxes, paid a GUM
Of$88,000 on 1933 arrears collected last year.
r• LOUISA COUNTY (P. 0. Wapello), Iowa-BOND SALE
-An issue
of 614,900 couponjunding bonds is stated to have been purchased recently
by the Carleton D. Beh Co. of Des Moines, as 2As, for a premium of $26.
equal to 100.174, a basis of about 2.47%. Denom. $1,000, one for $900.
Dated Jan. 1 1935. Due $4,000 from Dec. 1 1939 to 1941. and $2,900 on
Dec. 1 1942. Interest payable J. & D.
LOUISIANA,I,State of(P.O. Baton Rouge)
-WARRANTPAYMENT
REPORT
-The New Orleans "Times Picayune" of Jan. 15 reported as
follows:
"Deferred warrants aggregating $577,733.06 issued to banks by State
institutions ,which shave beenicalled for immediate payment by the State
wereAapproved for payment in the first three months of 1935 and were
called(aheadof schedule, according to a statement issued Monday by Jess
H. Cave, State Treasurer.
"Callingtif these warrants for immediate payment, Mr. Cave explained,
effects,a materialsavingito,the State Institutions in interest payments.
"Announcement. the calling/of the warrants was made by Mr. Cave
Lof
coincident to announcement of the distribution of 6659.825 to the public
schools of the State by the Treasurer."
LOWELL, Middlesex County, Mass.
-TEMPORARY LOAN
-W. O.
Gay & Co. of Boston were awarded on Jan. 25 a $250.000 revenue anticipation loan at 0.83% discount basis. Dated Jan. 30 1935 and payable Nov.6
1935 at the First National Bank of Boston. Legality approved by SOM.
Thorndike, Palmer & Dodge of Boston. Other bidders were:
BidderPaxon, Gade dc Co
Bank of Manhattan Co. and First of Boston Corp.,jointly__7sco0u.924Basis
0n
.9
6
Union Old Lowell Bank
1.10
LYNDHURST TOWNSHIP P. 0. Lyndhurst), Bergen County,
N. J.
-REFUNDING BONDS APPROVED
-The Board of Commissioners
is reported to have passed on first reading on Jan.7 an ordinance providing
for the issuance of $2,881.900 refunding bonds. The Commissioners last
August approved a general refunding program prepared by Louis M.
Favier, Director of the Department of Revenue and Finance.
-V. 139.
p. 1274.
McALESTER, PittsburglCounty,70kla.-BONDSTDEFEATED--At
the election held on Jan. 15-V. 140, D. 344
-the voters rejected the proPosal to issue,$25,000 in,work relief bonds.
,tVMADISON, Dane County, Wis.-PROPOSED BOND AMENDMENT
,
-The Legislature is said to have under consideration an amendment to the
Water Utility Law, which would permit the city to issue $2.000,000 of
bondslagainst the Water Department, to liquidate part of the city debt and
to pay salaries. It is reported that should the amendment be approved
he bonds may be submitted to the voters at the April election.
MARION, Grant County, Ind.
-Ray E. Norman
-WARRANT SALE
City Clerk, awarded an tissue of $60,000„general fund warrants on Jan. 22
to the LaFontaine Bank of LaFontaine, as 55. at par plus a premium of
$330.58. Dated Jan. 22 1935 and due,June 5 1935. Denom. $1,000
flil MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND OFFERING
CharlesA. Grossart, County Auditor, will receive sealed bids until 10 a.m.
on Feb. 12 for thelpurchaselot $66,1001not to exceed 5% interest refunding
bonds. Dated March, 1935. One bond for $100, others for 81,000. Due
1
June 1 as follows: $13,000 from 1936 to 1939 ind. and $14,100 in 1940.
Principal andlinterest (J. & D.) payable at the County Treasurer's office.
A certified check for 3% of the bonds bid for, payable to the order of the
County Commissioners, must accompany each proposal. No conditional
bid will be accepted and the opinion as to the validity of tho bonds is to be
furnished by the successful bidder.
MARSHALL COUNTY P. 0. Marshalltown), Iowa-BOND SALSA $30,000 issue of fundingl
bonds is reported to have boon purchased recently
by the White-phlllips Co. of Davenport. as 3s.
MASSACHUSETTS (State of)
-BOND SALE
-The $2,250,000 fullY
registered Metropolitan additional water loan bonds offered on Jan. 25V. 140, p. 504
-were awarded as 2)s tots group composed of Kidder,
Peabody & Co. Stone & Webster and Biodget Inc., F. S. Moseley & Co.
and Brown Berkman
& Co., all of Boston, at a price of 100.869, a basis of
about 2.43%. Due 675,000 on Jan. 1 from 1936 to 1975, incl.
Total Public Debt
$151,374,522.77
Total bonded indebtedness Jan. 5 1935
33
78,853,685.
Sinking funds
Total net debt Jan. 5 1935
The debt is divided as follows:
Direct Debt
Gross direct debt Jan.5 1935
Sinking funds
Not direct debt Jan. 5 1935
Contingent Debt
Gross contingent debt Jan. 5 1935
Sinking funds
Net contingent debt Jan.5 1935
44
$72,520,837.
$29,869,466.
72
9,527,382.71
$20,342,084.01
$121,505,056.05
*69,326,302.62
$52,178.753.
43
•Includes cash and Massachusetts city and town notes in the sum of
817.498,000 under Chapters 49, 307 and 341, Acts of 1933.
lVater Debt (inauded in above Contingent Debt-)
$68,433,000.
00
Gross water debt Jan.5 1935
34,433.244.75
Sinking funds
$33,999,755.25
Net water debt Jan. 5 1935
Taxable Property
The amounts of taxable property and taxable income of the Commonwealth of Massachusetts, as furnished by the Commissioner of Corporations
and Taxation, for the year ended Nov. 30 1934, follow:
Local Taxation
68
$5,897,733,5
Value of assessed real estate
907,504,212
Value of assessed personal estate
L (Including motor vehicles. 1933 value used)
-Lewis.
-PROPOSED"BOND SALE
MATTOON, Coles County, 111.
Pickett & Co. of Chicago have submitted an offer to the City Council for
the purchase of $77,000 water works improvement bonds. This represents
the city's portion of the cost of the project, which has been fixed at $100,000.
The balance of the funds will be supplied by the Public Works Administration as a grant.
-V. 139. P. 3510.
Volume 140
Financial Chronicle
MEDFORD, Middlesex County, Mass.
-BOND SALE
-The $40,000
coupon water mains bonds offered on Jan. 22-V. 190, P. 505
-were
awarded to H. C. Wainwright & Co. of Boston, as 3s, at a price of 100.803.
a basis of about 2.87%. Dated Feb. 1 1935 and due as follows: $3,000
from 1936 to 1945 incl. and $2,000 from 1946 to 1950 incl. Other bidders
were: Hornblower & Weeks, as 3s, 100.777; Tyler, Buttrick & Co., Inc.,
as 3s, 100.568; Merchants National Bank of Boston. as 38, 100.37; Whiting,
Weeks & Knowles, as 3s, 100.22; Bond, Judge & Co., as 3s, 100.20; E. H..
Rollins & Sons, as 314s, 101.161; Faxon, Gade & Co., as 33s, 100.51;
Newton, Abbe & Co., as 3Ms, 100.36.
MERCED IRRIGATION DISTRICT (P. 0. Merced), Calif.
BOND REFUNDING OFFER BY RFC
-The following report is taken
from the San Francisco "Chronicle" of Jan. 12:
"The Merced Irrigation District bondholders' protective committee
reports that approximately 60% of the District's outstanding bonds have
been deposited under the reorganization plan through Federal-State
refinancing.
"This information is revealed in a questionnaire to bondholders in
which the committee further states the Reconstruction Finance Corporation
'has approved the District's application for a loan which will enable the
District, conditioned upon an agreement being effected between the District and its bondholders, to pay $515.01 for each $1,000 bond of its outstanding bonded indebtedness.'
"The committee feels that the figure offered is unduly low, but refrains from advancing any arguments in order not to appear to be seeking
to influence the bondholders, the letter said.
"The questionnaire, however, stresses the necessity for bondholders
to advise the committee with reference to desired acceptance or rejection
of the RFC offer."
MERRILL, Lincoln County, Wis.-BOND OFFERING-It is reported
that the City Clerk will receive sealed bids until 4:30 p. in. on Jan. 28, for
the purchase of a $31,500 issue of refunding bonds.
MERRIMACK COUNTY (P. 0. Concord), N. H.
-TEMPORARY
LOAN-Award was made on Jan. 18 of a $100,000 revenue anticipation
loan to Whiting, Weeks & Knowles of Boston at 0.44% discount basis.
Due Dec. 20 1935. Other bids were as follows* Merchants National Bank
of Boston,.46; National Shawmut Bank, .47; National Rockland Bank,
.52: Second National Bank,.54; Baldest, Adams & Whittemore, .55,_• Faxon,
Gade & Co., .57; W.0. Gay & Co., .57; Manufacturers National Bank of
Detroit, .63; E. H. Rollins & Sons, .64, and Halsey, Stuart & Co.,.76%
plus $11 premium.
MILFORD
CONSOLIDATED
TOWNSHIP
INDEPENDENT
SCHOOL DISTRICT (P. 0. Ames), Iowa-BOND SALE DETAILS
The $96,000 school bonds that were purchased as 43s by the WhitePhillips Co. of Davenport
-V. 139. p. 3678
-were sold at par. Coupon
bonds dated Jan. 1 1935. Due on Jan. 1 1950. Denom. $1,000. Interest payable J. & D.
MILLCREEK TOWNSHIP (P. 0. Erie), Erie County, Pa.
-BOND
OFFERING-Sealed bids addressed to the Clerk of the Board of Supervisors will be received until Jan. 31 for the purchase of $70.000 sewer
construction bonds. Denom. $1,000. Due Jan. 1 as follows: $3,000 from
1936 to 1945 incl. and $9,000 from 1946 to 1955 incl.; optional Jan. 1 1945.
Interest payable J. & J.
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING
Both sealed and auction bids will be received at 11 a.m. on Jan. 31, by
Geo. M. Link, Secretary of the Board of Estimate and Taxation, for the
purchase of three issues of bonds aggregating $675,000, divided as follows:
$500,000 public relief bonds. Due $25,000 from Feb. 1 1936 to 1955 incl.
150,000 permanent improvement, storm drain bonds. Due on Feb. 1 as
follows: $7,000, 1936 to 1940; $8,000, 1941 to 1950, and $7,000.
1951 to 1955, all inclusive.
25,000 permanent improvement, work relief bonds. Due on Feb. 1 as
follows: $2.000. 1936 to 1940, and $1,000, 1941 to 1965.
Denom. $1,000. Dated Feb. 1 1935. Interest rate is not to exceed
6%, payable P. & A. Rate to be in multiples of Yi of 1%. Coupon bonds
with privilege of registering both principal and interest on application to
the City Comptroller. Bide offering an amount less than par cannot be
accepted. The legal approval of Thomson, Wood & Hoffman of New York.
will be furnished by the city. A certified check for 2% of the bonds bid
for, payable to C. A. Bloomquist, City Treasurer, is required.
Bonded Indebtedness as of ,)an. 1 1935
•
School bonds
$20,695,423.72
Poor relief bonds
9,830,000.00
Water works bonds
3.337,000.00
Local street and park improvement bonds
9,898.371.58
Other general obligation bonds
25.379,076.28
Deduction of amounts for which no future ad valorem levy$64,089.871.58
Is required:
Water works bonds
$3,337,000.00
Assessments pledged to payment of local
Improvement bonds
7,695,328.57
Accumulated sinking funds_ $4,797,061.29
Loss water works sink.fund_
199,727.50
4,597.333.79
15,629,662.36
Gross indebtedness to be financed from current and future
debt levies
$48.960,209.22
Additional deductions, permitted by Minnesota law
6,116,395 57
Net bonded indebtedness per Minnesota law
Gross permissible bonded debt(10% of assessed valuation) $92,393.813.65
51,435,150.80
Margin as of Jan. 1 1935 for additional issues
9,091,337.15
MINOT SCHOOL DISTRICT (P. 0. Minot), Ward County, N.
Dak.-CERTIFICATE OFFERING-Sealed bids will be received until
5 p .m. on Jan. 30, by J. C. Lund, Secretary of the Board of Education,
for the purchase of a $50,000 issue of certificates of indebtedness. Interest
rate is not to exceed 7%. Denoms. $500 and $100, or $1,000. Dated
Jan. 30 1935. Due in six months or until paid. (The tentative report on
the re-offering of these certificates, which were offered for sale without
success on Oct. 25, appeared in V. 139. p. 3510.)
MISSOULA COUNTY (P. 0. Missoula), Mont.
-BONDS CALLED
It is reported that various high school. School District No. 1, School District No. 40, highway, funding bonds and County High School Districts
Nos. 56-60 bonds were called for payment on Jan. 1.
MISSOULA COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Missoula,
R. F. D. No. 1), Mont.
-BOND OFFERING--Sealed bids will be received
until 8 p.m. on Feb. 5, by It. C. Carnal', District Clerk, for the purchase
of an issue of $197,000 school bonds. Interest rate is not to exceed 6%.
payable J. & 13. Denom. $1,000. Dated Dec. 1 1934. Amortization
bonds will be the first choice of the School Board and serial bonds will be
the second. If amortization bonds are sold they will mature over a period
of 20 years from the date of issue. If serial bonds are sold they will mature
$10,000 from Dec. 1 1939 to 1952, and $7,000 on Dec. 1 1953. In any
event the bonds will be redeemable in full on any interest payament date
after five years from the date of issue. A certified check for $500, payable
to the Clerk, must accompany the bid. (A tentative report on this offering
appeared in V. 190, P. 505.)
MONETT, Barry County, Mo.-BOND SALE
-A $90,000 issue of 4%
semi-annual sewer Ponds is reported to have been purchased by the City
National Bank of Kansas City. (An allotment of $50,000 has been approved by the Public Works Administration for this project.)
MONONA COUNTY (P. 0. Onawa), Iowa.
-WARRANT REFUNDING CONTEMPLATED-It is reported that the county is planning to
refund $15,000 outstanding warrants.
MONTGOMERY COUNTY (IP. 0. Rockville), Md.-PROPOSED
REFUNDING To provide for the payment of the $1,008.960.13 debt
charges, including $580,500 bond principal and $928,960.13 interest
payments which come due in the fiscal year beginning July 1, the county
will be obliged to raise the present general property tax rate of 90 cents
by from 65 to 75 cents unless refunding legislation is enacted by the Maryland General Assembly, or additional sources of revenue are found. This
information was transmitted to the Board of County Commissioners in
a report filed by County Accountant Alexander Hancock on Jan. 15.
lie also recommended that consideration be given to the problem of meeting
the debt payments of $704,525.13 due in the fiscal year 1936-1937.
671
MORGAN COUNTY SCHOOL DISTRICT NO. 1 P. 0. Fort Morgan), Colo.
-BOND CALL
-It is reported that the following bonds have
been called or are being called for payment: On Jan. 15-$8.000 55.%
school bonds dated June 1 1923 and due on June 1 1946. On Feb. 15$12,500 6% school bonds dated Feb. 15 1920 and due on Feb. 15 1950,
MORRISTOWN, Morris County, N. J.
-BOND OFFERING-Nelson
S. Buters, Town Clerk, will receive sealed bids until 8:15 p. in. on Feb.8
for the purchase of $162,000 4%, 931%. 435%. 431% or 5% coupon or
registered bonds, divided as follows:
888.000 improvement funding of 1935 bonds. Due Feb. 1 as follows:
$33,000 from 1940 to 1968 incl. and $1,000 in 1969.
74,000 water fudding of 1935 bonds. Due Feb. 1 as follows: $2,000, 1940
to 1968 incl.; $9,000, 1969: $5,000. 1970 and 1971 and $2,000
in 1972.
Each issue is dated Feb. 1 1935. Denom. $1,000. Principal and Interest
F.& A.) payable in lawful money of the United States at the First National
Bank, Morristown, or, at holder's option, at the Central Hanover Bank
& Trust Co., New York. A certified check for 2% of the bonds bid for,
payable to the order of the town, must accompany each proposal. The
approving opinion of Hawkins, Delafield & Longfellow of New York will
be furnished the successful bidder.
MOULTRIE, Colquitt County, Ga.-BOND ISSUANCE CONTEMPLATED
-It is said that the city intends to issue $32,000 in school and
paving bonds.
MOUNTAIN IRON,St. Louis County, Minn.
-CERTIFICATESALE
-The $56.000 issue of certificates ofindebtedness offered for sale on Jan.21
-V. 140, p. 505
-was purchased by the First National Bank of Virginia,
at 6%. Due on Dec.31 1935. This issue is being used to retire last year's
certificates, according to the Village Recorder.
It is also stated that the same purchaser took a $45,000 issue of certificates at the same time, paying par on 6%. These certificates of indebtedness to be used to defray general expenditures for this year.
MOUNT PLEASANT TOWNSHIP SCHOOL DISTRICT (P.O. Mount
Pleasant), Westmoreland County, Pa.
-BOND SALE-The $30.000
coupon bonds offered on Jan. 21-V. 140, p. 395
-were awarded as 3318
to Halsey, Stuart & Co. Inc., of New York at par plus a premium of
$509.61. equal to 101.698% a basis of about 3.40%. Dated Feb. 1 1935 and
,
due $3,000 on Feb. 1 from 1936 to 1945 incl.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Port.
-BOND OFFERING-Sealed bids will be received until noon
land) Ore.
on Feb. 1, by E. T. Stretcher, District Clerk, for the purchase of an issueof
$195,000 coupon school bonds. Interest rate is not to exceed 6%, payable
A. & 0. Denom. $1,000. Dated Feb. 15 1935. Due $65,000 from April15
1936 to 1938 incl. Prin, and hit, payable in lawful money at the County
Treasurer's office or at the fiscal agency of the State in New York. The
approving opinion of Storey, Thorndike, Palmer & Dodge of Boston,'will
be furnished. No bid for lees than par and accrued interest will be considered. These bonds are issued for the purpose of procuring funds to apply
In payment of the valid outstanding maturing bond indebtedness of equal
amount maturing in 1935. All bonds will be sold for delivery at the County
Treasurer's office or at such bank in Portland as may be designated by the
successful bidder. A certified check for 5% of the amount bid, payablelto
the Clerk, is required.
MUNCIE, Delaware County, Ind.
-NOTE SALE-The $50,000 temporary loan issue offered on Jan. 23-V. 140, p. 505
-was awarded to the
Merchants National Bank of Muncie, the only bidder, at 6% interest, plus
a premium of $225. which reduced the net interest cost to 4713%• Loan
/
matures June 30 1935.
NASHUA, Hillsboro County, N. H.
-LOAN OFFERING-Sealed
bids will be received until 12 M. on Jan. 28 for the purchase at discount
basis of a $100,000 revenue anticipation loan, due Dec. 29 1935.
NEWARK, Essex County, N. J.-$3.430,250 BONDS RETIRED
-The annual report of the Sinking Fund Commission, made
IN 1934
public on Jan. 17 by Mortimer A. Johnson. Jr., Secretary, shows that
during 1939 the Commission retired $3,930,250 city bonds.
NEW ORLEANS, Orleans Parish, La.
-NEW CITY TAX ORDINANCE
-This city is reported to have passed an ordinance imposing an
occupational tax on manufacturing, expected to raise $500,000 a year. The
rates range from $25 on sales up to $50,000 to $6,000 on gross of $10,000,000
or over.
NEW YORK (State on-SELLS $60,000,000 NOTES-Comptroller
Morris S. Tremaine announced on Jan. 23 that he had effected the sale of
$60.000,000 notes. of which $20,000,000. due in five months, bear %%
Interest, and $90,000,000. due in eight months, %. All of the notes are
dated Jan. 28 1935 and the proceeds will be used for ordinary budgetary
purposes. In announcing the sale, the Comptroller stated that an issue of
$50,000,000 2% one-year notes due Jan. 25 would be retired from funds on
deposit in the banks for that purpose. Although no formal request for
subscriptions to the current loan had been made, Mr. Tremaine stated that
he had received bids for several times the amount of the issue sold, following
recent newspaper reports to the effect that the State contemplated some
short-term financing
-V. 140, p. 346. In addition, it was declared that a
new issue of long-term bonds would be offered at public sale some time in
February, if market conditions are favorable.
Allotments of the $60,000,000 notes just sold were made as follows:
Name of Concerns- 8 Mos. 5 Mos.
Name of Concerns- 8 .ifOs. 5 Mos.
1
Chase Nat. Bank_ _2,000,000 1,000,000 Bank of N. Y. Trust
National City Bank.2,000,000 1,000,000
Co
600,000 200,000
Guaranty Trust 00.2,000,000 1,000,000 Commercial Nat. Bk. 600.000 200,000
Barr Brothers & Co.,
Marine Trust Co..
Inc
Buffalo
800,000 200,000
2,000,000 1,000,000
Salomon Bros. &
First Tr. Co., N. Y. 600.000 200,000
Hutzler
2 000,000 1,000,000 Federation Bank &
Bank of the ManTrust Co
400.000
hattan Co
.2.000.000 1,000,000 First Boston Corp- 500,000
Bankers Trust Co... 1,000.000 1.500,000 Hannahs, Bailin &
Central Hanover Bk.
Lee
400,000
dz Trust Co
1 000,000 1,000,000 Irving Trust Co
400,000
Chemical Bank &
-P. Murphy &
G. M.
Trust Co
Co
1 000,000 1,000,000
400.000
Empire Trust Co__ _1,000.000 1,000.000 J. & W. Seligman &
Manufactures & •
Co
500,000
Traders Trust Co.,
Geo. A. Gibbons dr
Buffalo
500.000
1 000,000 1,000,000
Co
First Nat. Bk.. N.V.1,000,000 1.000,000 A. C. Allyn & Co__ 200,000
Baneamerlea-Blair
Harris 'trust & SayCorp
ings Bank
1 000,000 1,000,000
200,000
Brown Harriman &
Kings County Trust
Co
1,000,000 1,000,000
Co
200,000
Lehman
_1,000,000 1,000,000 W. E. Lauer & Co__ 200,000
It. W. Pressprich &
Brothers..
Lazard Freres & Co_ 200,000
Co
1 000,000 1.000,000 Liberty Bank
200,000
Edward B. Smith &
Rutter & Co
200,000
Co
1.000,000 1,000,000 Lawyers County Tr.
City Bank Farmers
Co
200,000
Trust Co
500.000 500,000 F. S. Moseley & Co_ 200,000
Continental Bank &
Trust Co. of North
Trust Co
1,000,000 500,000
America
100,000
National Commercial
Brooklyn Trust Co_ 200,000
Bank & Trust Co_ 000,000 100,000 Hallgarten & Co_ _ _ _ 200.000
New York State Nat.
Heidelbach, IckelhelBank
800,000 200,000
mer & Co
200,000
Public Nat. Bank... 400,000 200,000 Estabrook & Co_ _ 200,000
Fifth Ave. Bank of
Halsey. Stuart & Co. 200.000
N.Y
600.000
Blyth & Co Inc_
200.000
Ladenburg, ThalMarine Midland Tr.
man & Co
700,000 200,000
Co
200,000
Phelps, Fenn & Co__ 600,000
Goldman, Sachs &
J. By. Schroder 'tr.
Co
200,000
Co
800,000
South Shore Trust
Co
1500,000
NEW YORK, N. Y.
-BORROWS $10,000.000
-Comptroller Frank J
Taylor arranged on Jan.22 to borrow $10.000,000 from the city-wide banking group represented in the four-year financing agreement in effect between
the city and the bankers. The money will be used for routine purposes and
will be secured by revenue bills, bearing 3% int., issued in anticipation of
tax collections for the first half of 1935. They are dated Jan.24 1935 and
672
Financial Chronicle
due June 29 1935. Co-oncident with the new loan, which was the second
negotiated by Mr. Taylor since he assumed office on Dec. 31, the Finance
Departmentissued a call for redemption of a block of $5,004,0004% revenue
notes, issued under date of Nov. 1 1933 and due Nov. 1 1936. The fouryear agreement referred to above, provided, among other considerations,
for the acceptance by the bankers of 4% revenue notes in exchange for all
revenue bills which the city is unable to retire from the funds available from
tax collections. The city, however, is following the practice of redeeming
the notes in blocks of $5,000,000 each as money for the purpose is received
through delinquent tax payments.
NEW WASHINGTON, Crawford County, Ohio
-BOND SALE
-The
$7,500 water works system construction bonds offered on Jan. 21-V.130,
p. 171-were awarded as 3'/s. at a price of par,to the Farmers State Bank
of New Washington. Dated Sept. 1 1934 and due $500 on Sept. 1from 1936
to 1950 incl. Ryan, Sutherland & Co. of Toledo bid 100.38 for 4s.
NORFOLK SCHOOL DISTRICT (P. 0. Norfolk), Madison County,
Neb.-BOND SALE
-It is reported that a $225,000 issue of refunding
bonds has been purchased jointly by Greenway, Raynor &
and the
First National Co., both of Omaha, taking them as 3s and 3Ms. Dated
Co..
Feb. 1 1935. Due from 1936 to 1950, optional in 1940.
NORTH BEND, Coos County, Ore.
-BONDS NOT SOLD-The
$67,500 issue of 6% semi-ann. refunding bonds offered on Jan. 22-V.
139, p. 4155
-was not sold as no bids were received, according to the
City Recorder. Dated Nov. 1 1934. Due $4,500from Dec. 1 1939 to 1953.
NORTH PLATTE, Lincoln County Neb.-BOND CALL
-It is stated
that the following bonds are being called for payment at the office of the
Hirkpatrick-Pettis-Loomis Co. of Omaha:
On jan. 15-$110,000 43.1% refunding bonds, being the entire issue of
Sept. 1 1928. Due on Sept. 1 1938, optional at any time.
On Mar. 1-$40,000 434% refunding bonds, being the entire issue of
March 1 1930. Due on March 1 1950, optional on March 1
1935.
-An issue of
NORTHWOOD, Worth County, Iowa-BOND SALE
$12,887.130
,
5% coupon judgment funding bonds was purchased recently
by Jackley & Co. of Des Moines, at par. Denom.$1,000, one for $887.13.
Dated Nov. 26 1934. Due from Dec. 1 1936 to 1944 incl. Int. payable
-BOND
OAKWOOD (P. 0. Dayton), Montgomery County, Ohio
SALE
-The $62,996.69 refunding bonds offered on Jan. 19-V. 140, P•.
346
-were awarded as 4'/s to Nelson, Browning & Co. of Cincinnati at
par plus a premium of $453.60, equal to 100.72, a basis of about 4.65%.
Boated Sept. 1 1934 and due as follows: $3,996.69 May land $3,000 Nov. 1
1940; $3,000 May 1 and Nov. 1 from 1941 to 1944, incl., and $4,000 May 1
and Nov. 1 from 1945 to 1948, inclusive.
OCEAN COUNTY (P. 0. Toms River), N. J.
-PROPOSED REFINANCING
-C. C. Collings & Co. of Philadelphia are expected to handle
the refinancing of $360,000 of 1932 and 1933 tax revenue notes at a lower
Interest rate. The notes now pay 6% and the intention is to reduce the
figure to either 4% or 4)4%. In addition, the due dates will be extended.
The county, it is said, is in default to the State for about $230,000 and to
the State Sinking Fund Commission for a sum of $75,000. If all delinquent
taxes could be collected, these debts could be paid, it is said.
ONEIDA, Madison County, N. Y.
-ADDITIONAL INFORMATION
-Robert H. DeWitt, City Comptroller, states that the $36,000 borrowed
from local banks recently
-V. 140. p. 505
-was applied to the redemption
of $50,000 water bonds that were due. The loan matures in one month and
the interest rate Is 5%.
-BONDS REORADELL, Bergen County, N. J.
-BIDS REJECTED
OFFERED-The bids submitted for the two issues of not to exceed 5%
interest coupon or registered bonds aggregating $300,000, offered on Jan. 21,
were rejected. The borough is asking for new tenders until 8 p. m.on Feb.4.
They should be addressed to Asahel Chapin, Borough Clerk. The bonds
were fully described in V.
p. 346.
Statement of Indebtedness at Dec. 31 1934
Gross debt:
Improvement bonds (issue 1929)
$295,000
This issue (as of Dec. 15 1934):
Chapter 60
$130,000
Chapter 253
170,000
300,000
Note issues (none after issuance of bonds)
Other debts-open accounts (not more than)
6,750
Total gross debt
Legal deductions:
Taxes outstanding 1931-34
Tax title liens 1931-34
Assessments receivable
Cash on nand (actual $6,863.20)
Net borough debt
Per cent of debt:
Gross
Deductions
$601,750
*$120.000
21,000
87,100
6,650
234,750
$367,000
9.7%
3.8%
Net (based on average valuation of $6,167,836)
5.9%
* Including $96,170 unpaid of the 1934 levy of $242,717. Levy for
1935 is $276,500.
Borough reports an assessed valuation for 1935 of $6,450,000. It was
$6,832.371 in 1934.
OSVVEGO, Oswego County, N. Y.
-BOND OFFERING-Frank D.
Dowdle, City Chamberlain, will receive sealed bids until 11 a.m. on Feb. 2
for the purchase of $200,000 not to exceed 6% interest coupon or registered
emergency relief bonds of 1935. Dated Feb. 1 1935. Denom. $1,000.
Due $20,000 on Feb. 1 from 1936 to 1945 incl. Bidder to name a single
Interest rate for all of the bonds, expressed in a multiple of WI or 1-10th of
1%. Principal and interest (F. & A.) payable in lawful money of the
United States at the First and Second National Bank & Trust Co., Oswego.
The bonds will be prepared under the supervision of the Continental Bank
& Trust Co., New York, which will certify as to the genuineness of the
signatures of the officials and the seal impressed thereon. A certified check
for 2% of the bonds bid for, payable to the order of the City Chamberlain,
must accompany each proposal. Legal opinion of Caldwell & Raymond of
New York will be furnished the successful bidder.
Financial Statement
Assessed valuation of real estate, incl. special franchises_ _ _ _$18,650.276.00
Total bonded debt (excluding this issue)
1,653,809.17
Unfunded debt:
$101,605.70
Condemnation Judgment
Emergency Relief notes ($63,000 of which will
83,000.00
be paid with the proceeds of this issue)
Gross debt
$1,838,414.87
Deductions:
Water bonds (included in above)
$160,000.00
Bonds (other than water bonds) maturing in
present fiscal year, included in budget
120,000.00
Emergency relief notes to be paid with pro63,000.00
ceeds of this issue
343,000.00
Net debt
$1,495,414.87
Tax Collection Record
Year
1933
1934
1931
1932
Levy
$702,561.78 $772,488.50 $535,900.90 $785,798.06
Uncollected at end of fis98,446.61 124,549.97
cal year
104,180.09 131,869.10
Uncollected as of Jan. 12
39,000.37
48,268.76
50,833.98 122,247.77
1935
City taxes are collected in three installments, April, July and October.
The city owns its own water supply plant from which it derives a substantial
revenue over and above operating expenses. The city also owns a water
power plant, erected at a cost of approximately $1,000,000, now leased
to Oswego River Power Corporation (Niagara-Hudson Power Corp.),
from which the city derives a net revenue of $50,000 a year, such plant
being erected at State Barge Canal Dam No.6 in the City of Oswego. This
lease expires in 1954, at which time the plant reverts to the city free and
clear of all encumbrances.
Jan. 26 1935
The charter of the City is Chapter 394 of the Laws of New York of 1895,
as amended. The population of the city, according to the Federal Census
of 1930,is 22,652. The foregoing statement of bonded debt does not include
the debt of Oswego County which is the only other subdivision having power
to levy taxes upon any or all of the property subject to the taxing power
of the city.
PASADENA CITY HIGH SCHOOL DISTRICT (P.O. Los Angeles),
Calif.
-BOND SALE DETAILS
-The $375,000 issue of coupon school
building and repair bonds that was purchased on Jan. 7, as 3Us, at 101.17,
a basis of about 3.62%-V. 140, p. 346
-was sold to a syndicate composed of Blyth & Co., Inc.; Rowe, Shaw & Co., and the First of Michigan
Corp. Dated Jan. 1 1935. Due from Jan. 1 1938 to 1955 incl.
Record of Tax Collections
Fiscal
Total Tax Amount Delinquent Percentage
YearCharge
(As of June 30) ofDelinquency
1930-31
$1,358,679.94
$62,820.51
4.62
1931-32
1,262,499.98
94,273.35
7.47
1932-33
1,120,701.94
127,717.44
11.40
1935-34
804,382.38
85 478.96
10.62
Financial Statement (As Officially Reported Dec. 20 1934)
Assessed valuation, 1934
$108.714,145
Bonded debt, including this issue
2,057,000
Population: Present estimate, 128,220.
Note
-The bonded debt of the District shown above does not include the
debt of any subdivision or other public body having power to levy taxes
upon any or all of the property subject to the taxing power of the District.
PENSACOLA, Escambia County, Fla.
-BOND DETAILS
-In connection with the ordinance passed recently by the City Council, authorizing
-it is
the issuance of $119,000 in water works impt. bonds
-V. 140, p. 506
stated by the City Manager that the bonds to be issued are against a Public
Works Administration loan.
-BUDGET OMITS SINKING FUND ITEM
PHILADELPHIA, Pa.
The budget for 1935, amounting to $83,422,651, which was approved at
a special meeting of the City Council on Jan. 15 contains no appropriation for
the sinking fund, according to report. The omission, it is said, was authorized by City Controller S. Davis Wilson, although an actuary employed by
the Sinking Fund Commission is reported to have found that $7,7'71,780
was required. The budget document has been forwarded to Mayor Moore,
who has ten days in which to take action in the matter.
Because of the dispute between the Council and the Sinking Fund
Commission regarding the appropriation for the latter body in the present
year's budget, no salaries have been paid to 18,000 of the 2',000 city
employees since Dec. 31, it is said. Although there was $3,000,000 in the
treasury on Jan. 22, or twice the amount of the Jan. 15 payroll, the city
is unable to make any disbursements until the budget for this year has
been signed. It is intimated that the Sinking Fund Commission will appeal
to the courts in the event that the Council insists on elimination of the
appropriation sought.
-The City
PHILIP, Haakon County S. Dak.-BOND ELECTION
Council is stated to have called an election for Feb. 11, to vote on the
issuance of $10,000 in auditorium bonds.
-BONDS AUTHORPICKETT COUNTY P. 0. Byrdstown), Tenn.
IZED
-It is said that bills were signed recently by the Governor, authorizing the following issues of bonds: S40,000 court house and $15,000 funding
bonds.
-PROPOSED BOND ELECTION
PIERPONT TOWNSHIP, Ohio
The Board of Education has asked the State Tax Commission for permission
to hold a special election Feb. 26 on the question of issuing $25,000 bonds.
The bonds would bear 5% interest and mature over a period of 25 years.
Approval would be the preliminary step in connection with a proposed
loan and grant of $100,000 from the Public Works Administration.
PITTSBURG ELEMENTARY SCHOOL DISTRICT (P. 0. Pitts-BOND ELECTION
-The San
burg), Contra Costa County, Calif.
Francisco "Chronicle" of Jan.8reported as follows on a Pittsburgh dispatch:
"Voters of Pittsburg will be called upon to vote a second time on a $79,000
bond issue which they have already passed by a 3 to 1 vote. The bond issue
to finance reconstruction of local schools was passed Oct. 16, but will be up
for second vote because papers covering sale of the bonds were improperly
drawn, according to the school board.
The board however, decided to start work immediately on he reconstruction project in order to take advantage of the $26,000 grant given to the
school district for the project by the SERA. The issue is to be voted Feb.1.
PITTSFIELD, Berkshire County, Mass.
-TEMPORARY LOAN
H. Edward Hayn, City Treasurer, on Jan. 15 borrowed $500,000 from the
Agricultural National Bank of Pittsfield and the First National Bank of
Boston, jointly, at 0.75% discount basis, the lowest rate in the history of
the city. Previous low rate was obtained on Jan. 8 when a similar loan of
$500,000 was negotiated at a rate of 0.87%-V. 140, p. 346.
-BOND OFFERING
PLEASANTVILLE, Westchester County, N. Y.
-William T. Gulon, Village Clerk, will receive sealed bids until 10 a. m.
(Eastern Standard Time) on Feb. 2 for the purchase of $4,000 not to exceed
6% interest coupon or registered public improvement bonds. Dated Feb. 1
1935. Denom. $1,000. Due $1,000 on Feb. 1 from 1937 to 1940 incl.
Bidder to name a single interest rate for all of the bonds, expressed in a
multiple of X or 1-10th of 1%. Principal and interest (F. & A.) payable in
lawful money of the United States at the First National Bank, Pleasantville. A certified check for $80. payable to the order of the Village, must
accompany each proposal. Legal opinion of Clay, Dillon & Vandervater
of New York will be furnished the successful bidder.
Financial Statement
The assessed valuation of the real property of said village subject to
taxation as it appears on the last preceding village assessment roll, is $14.
815.080, and the total contract debt of said village, including this issue
of $4,000, is $1,311,945. Deducting $79,000 tax notes, $200,430 water
debt, and $28,000 special assessments for sewers or paving levied prior to
May 22 1934, the net debt is $1,004,515.
The population of said village (1930 census) was 4,558. Property of the
village is not subject to taxation for debts of any other political subdivision.
1931-32
1933-34
Fiscal Year1932-33
$241,659.20 $230,669.00 $256,300.88
Total levy
34,792.63
72,876.65
Uncollected end of year
61,501.87
8,987.48
17,102.34
Uncollected Jan. 17 1935
21,214.64
The taxes of the current fiscal year March 1 1934, to Feb. 28 1935,
amount to $237,782.70, and to date $172,986.24 thereof has been collected.
Such taxes become delinquent March 1 1935.
POMPTON LAKES (P. 0. Pompton Lakes), Passaic County, N. J.
-BOND°MBE\G-Arthur T. Riedel, Borough Clerk, will receive sealed
bids until 8.30 p. m. on Jan 31 for the purchase of $106,450 4%,4ji%,
06%, V.4% or 5% coupon or registered 1935 funding bonds. Dated
Feb. 1 1935. One bond for $450, others for $1,000. Due Aug. 1 as follows:
$6.450, 1936;56.000, 1937 to 1942 incl., and $8,000from 1943 to 1950 incl.
Prin. and int. (F. & A.) payable in lawful money of the United States
at the First National Bank of Paterson. A certified check for 2% of the
bonds bid for, payable to the order of the Borough, must accompany each
proposal. The approving opinion of Hawkins, Delafield & Longfellow of
New York will be furnished the successful bidder.
PONTIAC, Oakland County, Mich.-DEBT'REPORT-Reporting recently on the financial condition of the city. E. H. Tinsman, Director of
Finance, stated that the bonded debt on Jan. 1 1935 stood at $7,241,550.
As of Dec. 31 1934, the city reports $279,900 bonds retired with cash,
$306,000 retired by being turned in on taxes and $30,000 traded for bank
stock, scrip and judgment, a total of $615.900.
In discussing the city's financial improvement, Mr. Tinsman says all
interest on bonded debt to Sept. 1 1934 has been paid and nothing is owed
on current bills past 30 days old with the exception of one or two accounts
which are in dispute and are in the course of being reconciled with other political subdivisions of the State. The city, he continues, has issued no
scrip nor tax anticipation notes and all salaries have been paid to date.
Referring to business conditions in the city, Mr. Tinsman says there
were only 6,800 employed by the city's industries three weeks ago, that
about two weeks later employment has exceeded 9,000, and it is expected
that this number will approach 11,000 by this week end.
-BOND OFFERING
PORT ANGELES, Clallam County, Wash.
Sealed bids will be received until 10 a.m. on Jan. 30 by N. M. Hawkins,
City Clerk,for the purchase of a $55,000 issue of bridge construction bonds.
Interest rate is not to exceed 6%. payable M.& N. Dated March 1 1935.
The bonds are payable In numerical order, beginning the second year after
date of issue in such amounts as will be met by equal annual tax levies for
the payment of said bonds and interest. The bonds to run over a period
Volume 14f)
Financial Chronicle
673
RECONSTRUCTION FINANCE CORPORATION-OFFERING OF
of 16 years. Prin. and int, payable at the office of the City Treasurer, or
BONDS TAKEN OVER FROM PWA-It was announced on Jan. 17 by
at the fiscal agency of the State in New York City. A certified check
Jesse H. Jones, Chairman of the above Corporation, that the following
for 5% must accompany the bid.
bonds, taken over from the holdings of the Public Works Administration.
will be offered for sale at noon on Jan. 30:
-ADDITIONAL INFORMAPOTTSVILLE, Schuylkill County, Pa.
$33.000 City of Ashland, Ky., 4% sewer improvement bonds, maturing
TION-The Bancamerica-Blair Corp. and Butcher & Sherrerd of Philaas follows: $1,000 May 1 1935-56, incl.; $2,000 May 1 1957-61.
were associated with Halsey, Stuart & Co. of New York in the purdelphia
incl.: $1,000 May 1 1962. Legal opinion: Chapman & Cutler,
chase on Jan. 14 of $357,000 refunding bonds as 2Ms, 24s and 3s, at a
Esqs., of Chicago. Ill. Place of delivery: Federal Reserve Bank
price of par, the net int. cost basis to the city being about 2.93%-V.140,
of Cleveland, Cleveland, Ohio.
la• 506.
Mo.,
100,000 Bayless Consolidated School District, St. Louis County, incl.;
-BOND OFFERING4% bonds, maturing as follows: $2,000 June 1 1936-38,
POUGHKEEPSIE, Dutchess County, N. Y.
$3,000 June 1 1939-42, incl.; $6,000 June 1 1943-44,id.;$7,000
LeGrande Crippen, City Treasurer, will receive sealed bids until 11 a. in.
June
on Feb. 5 for the purchase of $240,000 not to exceed 6% interest coupon
June 1 1945-48, incl.; $8,000 June 1 1949-51, incl.; $9,000Esq..
or registered general of 1935 bonds. Gov. Herbert H. Lehman recently
1 1952-53, incl. Legal opinion: Benjamin H. Charles,
signed a bill providing for the issue, the proceeds of which will be used to
of St. Louis, Mo. Place of delivery: Federal Reserve Bank of
retire warrants outstanding. Bonds will be dated March 1 1935. Denom.
St. Louis, St. Louis, Mo.
maturing as
$1,000. Due $30,000 on March 1 from 1936 to 1943 incl. Bidder to name a
43,000 School District of Brentwood., Mo., 4% bonds,
single interest rate for all of the bonds,expressed in a multiple of X or 1-10th
follows: $7,000 March 1 1948; $8,000 March 1 1949;1$4,000
1952;
of 1%. Principal and interest (M. & S.) payable in lawful money of the
March 1 1950; $8,000 March 1 1951; $9,000 March Charles,
United States at the Falikill National Bank & Trust Co., Poughkeepsie,
$7.000 March 1 1953. Legal opinion: Benjamin H. Reserve
or, at holder's option, at the Chase National Bank, New York. A certified
Esq., of St. Louis, Mo. Place of delivery: Federal
check for 34,800, payable to the order of the city, must accompany each
Bank of St. Louis, St. Louis, Mo.
proposal. The approving opinion of Hawkins, Delafield & Longfellow of
bonds, maturing as
74,000 Village of Buchanan, New York, 4% waterSept. 1 1959. Legal
New York will be furnished the successful bidder.
follows:$3.000 Sept.1 1935-58,incl.: $2,000
opinion: Clay, Dillon & Vandewater, Esqs., of New York, N.Y.
PUBLIC WORKS ADMINISTRATION-STATEMENT ON SALES
York.
Place of delivery: Federal Reserve Bank of New York,New
OF BONDS THROUGH RFC
-The following statement was issued recently
N.Y.
by the Federal Administrator of Public Works:
of City of Chickasha. Okla., 4% school
65,000 Board of Education
follows:
Release No. 1180
building and equipment bonds of 1934, maturing as opinion:
Public Works Administration coffers have been enriched by nearly
$3,000 April 11937-57.incl.;$2.000 April 11958. Legaldelivery:
Okla. Place of
$50,000,000. including a cash profit of nearly three-quarters of a million
B. B. Barefoot, Esq., Chickasha,
dollars. through the sale of bonds issued to finance public works projects.
Federal Reserve Bank of Kansas City, Kansas City, Mo.
plant bonds, series
A tabulation reported to Administrator Harold L. Ickes shows that
52,000 City of Dayton, Ohio,44% sewage disposal incl.; $7,000 Jan.
securities which cost PWA $46,784.937 have been sold for $47,520,882, the
E, maturing as follows: $9,000 Jan. 1 1936-40.
net premium realized being $735,945. This represents a profit to the
S. Beane, Esq., of Dayton,
1 1941. Legal opinion: Herbert Reserve Bank a Cleveland.
Government of 1.6% on bond sale operations to date.
Ohio. Place of de.ivery: Federal
Administrator Ickes said:
Cleveland, Ohio.
of DeRuyter, George"Through the sale of PWA bonds we are extending the beneficial effects
102,000 Central School District No. 1 of the Towns County, Otselic and
of recovery funds. Our ability to sell bonds in the open market though
town, Cazenovia and Nelson, Madison
the Reconstruction Finance Corporation enables PWA to make allotments
and Cuyler, Cortland County.
Lincklaen, Chenango County,
$4,000 Aug. 1.
for projects which otherwise could not be undertaken at this time. This,
New York,4% school bonds, maturing as follows:
opinion: Hawkins,
of course, means more employment.
1937-61, incl.; $2,000 Aug. 1 1962. Legal
N. Y. Place of
in the bond market also has resulted in many munici"Improvement
Delafield & Longfellow, Esqs., of New York,
York. N.Y.
palities selling their bonds to investors at better rates than they could obtain
delivery: Federal Reserve Bank of New York, New maturing as
from PWA."
disposal bonds,
280.000 City a Durham, N. C.,4% sewage$10.000 Jan. 1 1951-71,incl.
PWA has sold 168 issues to the RFC which in turn has disposed of them
follows: $5.000 Jan. 11937-50. incl.;
New York, N. Y.
in the open market. Prior to creation of the revolving fund PWA sold five
Legal opinion: Masslich & Mitchell, Esqs., of
Richmond,
issues for $923,140, the profit being $11,795. Since the revolving fund began
Place adelivery: Federal Reserve Bank of Richmond,
to operate 163 municipal issues which cost PWA $25,996,842 and five railVa.
road issues which cost $18,362,000 have been sold through the RFC at
bonds of 1934, maturing as
Y.,4% road
225,000 Town of Greenburgh, N.1935-44, Encl.; $16,000 Feb. 15 1945-49.
prices which resulted in a net premium of $724,150.
follows: $14,000 Feb. 15
Other issues will be offered from time to time through the RFC.
Dillon & Vandeincl.;$5,000 Feb. 151950. Legal opinion:Claydelivery: Federal
water, Esqs., of New York, N. Y. Place of
Financial Statement
of Now York. New York, N. Y.
Reserve Bank
1933 Grand List taxable property
$6.623,930.00
bonds, maturing as
87,000 School District of Hancock Place. Mo.,4%
Tax-exempt property
1,986,936.00
1943-45,incl.;
follows:$2,000 May 1 1939-42.incl.; UAW May 11950-52. incl.:
Bonded indebtedness
279,511.70
$12.000 May 1
$6,000 May 1 1946-49, incl.;
Floating debt
30,000.00
II. Charles,
$10.000 May 1 1953. Legal opinion: BenjaminReserve Bank
cTax illections, 1931 list
95.3
Esq..of St. Louis. Mo. Place of delivery: Federal
Tax collections, 1932 list
91.2
of St. Louis, St. Louis, Mo.
Tax collections. 1933 list
78.8i
bonds,maturing
14,000 Village of Hastings-on-Hudson,N.Y. 4% sewer
opinion: Caldwell
Financial Statement, Jan. 1 1935
as follows' $1,000 April 1 1935-48. mud. Legal
Place of delivery:
Assessed Valuation 1934
& Raymond, Esqs., of New York, N. Y.
$14,918,977
Total bonded debt
Federal Reserve Bank of New York, New York, N. Y.
507,000
improvement 4%
Water bonds (included)
200,000 County of Hawaii, Territory of Hawaii, public 1 1935-44,incl.;
No sinking funds. 1934 tax levy $478,362-uncollected $58,436. No
serial bonds, maturing as follows: $19,000 Aug. Wood & Hoffopinion: Thomson.
taxes of any prior year outstanding. Population 13.543. 1034 tax notes
$10,000 Aug. 1 1945. Legal
Federal
outstanding $23,564.
man, Esqs., of New York, N.Y. Place of delivery:
Reserve Bank of New York, New York, N. Y.
improvement and exPUERTO RICO (Government of)
24,000 City of Kahoka, Mo., 4% waterworks
-BOND OFFERING-Sealed bids
1935-49.
tension bonds, maturing as follows: $1.000 March 1
will be received by Ernest Gruening, Director of the Division of Island
Legal
Possessions and Territories, at Room 2316, Department of Interior Building,
incl.;$2,000 March 1 1950-53,incl $1,000 March 11954.Place of
Mo.
Washington, D. C., until 2 p.m. on Jan. 30. for the purchase of $75,000
opinion: Benjamin H.Charles, Esq., of St. Louis, Louis, Mo.
Reserve Bank of St. Louis, St.
% Loan of 1935, series A, Isabela Irrigation coupon refunding bonds.
delivery: Federal
Malta-McConnelsville Exempted
Denom. $1,000. Dated Jan. 1 1935. Due on Jan. 1 1974. The right
50,000 Board of Education of the
as follows:
Village School District, Ohio, 4% bonds, maturing
is reserved to redeem any number or all of said bonds at 5% above par.
Carlos M. Reicker,
with accrued interest on Jan. 1 1945, or upon any interest payment date
$2,000 Jan. 1 1936-60. incl. Legal opinion:
Federal Rethereafter, by giving six months notice in such manner as may be prescribed
Esq., of McConnelsville, Ohio. Place of delivery:
by the Treasurer of Puerto Rico. Principal and interest (J. & J.) payable
serve Bank of Cleveland, Cleveland, Ohio. bonds, maturing as
at the Treasury of the United States. Each bid must be accompanied by
350,000 County of Mecklenburg, N. C. 4% school
$9.000 March 1 1938;
a bank draft or certified check for 2% of the par value of the bonds bid for,
follows: $8,000 March 1 1936-37, incl.; March 1 1941: $13,000
for said draft or check to be payable to the Director, Division of Territories
$11,000 March 1 1939-40, incl.; $12.••• 1945-47,id.;$15,000
and Island Possessions, in New York City funds.
March 1 1942-44, incl.; $14,000 March 1 1951-53, incl.; $19,000
The issuance of those bonds will be effected in accordance with authority
March 1 1948-50, incl.; $17,000 March 1 1956-58. id.:$16,000
contained in Section 3 of an Act of Congress, approved March 2 1917.
March 1 1954-55,1nd.; $20,000 March 1
Mitchell, Esqs., of
entitled "An Act to provide a civil government for Puerto Rico, and for
March 1 1959. Legal opinion: Masslieh &
Reserve Bank of
other purposes," as amended by an Act of Congress approved March 4 1927,
New York, N. Y. Place of delivery: Federal
and in accordance with the authority of the Legislature of Puerto Rico as
Richmond. Richmond, Va,
County, Okla., 4% water and imspecifically granted in Joint Resolution No. 12, approved July 3 1929, as
117,000 City of Muskogee, Muskogee
Feb. 1
amended by Act No. 26, approved April 28 1933 and as modified by Joint
provement bonds of 1934, maturing as follows: $8,000
Legal opinion; Chapman &
Resolution of Congress, approved June 5 1933, entitled "Public Resolution
1939-52. incl.: $5,000 Feb. 1 1953.
delivery: Federal ReNo. 10 to assure uniform value to the coins and currencies of the United
Cutler, Esqs., of Chicago, Ill. Place of
States," and by Executive Order No. 6726 of May 29 1934,, issued under
serve Bank of Kansas City, Kansas City, Mo.4% serial bonds,
the authority contained in the Act of Congress of March 3 1933. Providing
2.987,000 City of New York, N. Y., various purposes $730,000 July 1
for reorganization within the executive branch of the Government.
maturing as follows: $1,032,000 July 1 1935;
$227,000 Ally
Under date of Jan. 9 1935, the Attorney-General of the United States
1936; $425,000 July 1 1937; $246,000 July 1 1938:1941-42. incl.:
rendered an opinion in which he passed upon the legality of the proposed
1 1939; $134.000 July 1 1940; 319.000 July 1 $22,000 July
1945:
issue of bonds, a copy of which will be furnished to the successful bidder.
$20.000 July 1 1943-44, incl.; 321,000 July 1 1948; $25,000 July
1
1 1946: 823.000 July 1 1947; $24.000 JulyCorporation Counsel,
Puerto Rican Statistics
1 1949. Legal opinion: Paul Windels,
of
Net Insular Govt.receipts fof the year ending June 20'34.-311,271,063.89
York, N. Y. Place of delivery: Federal Reserve Bank
New
Net disbursements for the year ending June 30 1934
11,159.345.15
New York, New York, N Y.
bonds of
Cash on hand June 30 1934
144,771.22
22,000 City of Sioux Falls, S. Dak., 4% sewer improvement 82.000
Assessed valuation of property, June 30 1934
297,119,629.00
1933, maturing as follows: $1.000 Feb. 1 1936-49. incl.: Esq.,
Imports for the year ending Juno 30 1934
64,134,937.00
Feb. 1 1959-53, incl. Legal opinion: Hush S. Gamble, Bank
Exports for the year ending June 30 1934
86.013.296.00
of Sioux Falls, S. flak. Place of delivery: Federal Reserve
* Total indebtedness, June 30 1934
29,470,951.38
of Minneapolis, Minneapolis, Minn.
Mo. 4%
Balance in redemption funds on June 30 1934
503,043.16
27,500 Stanberry School District No. 53, Gentry County, 1935-44.
* This includes municipal bonds of Puerto Rico aggregating $1,235,500,
school district bonds, maturing as follows: $1,000 Aug. 1 '
issued since March 4 1927, to the Payment of which the good faith of the
incl.• $1,500 Aug. 1 1945-49, incl.; $2,000 Aug. 1 1950-54. inCl.
people of Puerto Rico is pledged, outstanding temporary loans amounting
'
Legal opinion: F. P. Stapleton, Esq., of Albany, Mo. Place of
Mo.
to 8713.494.54 and advances of taxes for a total of $150,000.
del very: Federal Reserve Bank of Kansas City, Kansas City. Y..
N.
84,800 Union Pree School District No. 11 of the Town of Urbana, Oct. 1
-LIST OF BIDDERS
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-maturing as follows: 33.800
4% school building bonds,
incl.
The following official tabulation of bids received is furnished in connection
1936; $3,000 Oct. 1 1937-39, incl.; $4,000 Oct. 1 1940-57.
New York,
with the sale of the $600,000 public welfare, Series C. bonds to a group
Legal opinion: Clay, Dillon & Vandewater, Esqs., of New York.
of
headed by Phelps, Fenn & Co. of New York. as 35. at 100.146, a basis
N. Y. Place of delivery: Federal Reserve Bank
of about 2.97%-V. 140, p. 347:
New York, N. Y.
NameInt. Rate Premium
130,000 City of Utica, N. Y., 4% public improvement bonds, maturing
as follows: $15,000 April 1 1944; $35,000 April 1 1945-47, incl.;
•Phelps, Fenn & Co.; Wells-Dickey Co., and Stern Bros.
Vande3%
& Co
$876.00
$10,000 April 1 1948. Legal opinion: Clay, Dillon & Federal
City of St. Paul Sinking Fund Committee
3%
water, Eggs., of New York, N. Y. Place of delivery:
750.00
Lehman Brothers; Estabrook & Co.; Kean, Taylor & Co..
Reserve Bank of New York. New York, N.Y.
3%
and Piper, Jaffrey & Hopwood
550,000 County of Westchester, N. Y.,4% North Yonkers sanitary sewer
623.00
bonds, maturing as follows: $32,000 March 1 1940;875,000 March
First National Bank of Chicago; Northern Trust Co. of
Chicago; First of Michigan Co. of Detroit, and Thrall
1 1941-46, incl.;$68.000 March 11947. Legal opinion: Hawkins.
3%
Delafield & Longfellow, Esqs.. of New York, N. Y. Place of
West & Ca. of Minneapolis
441.00
delivery: Federal Reserve Bank of New York, New York, N. Y.
First Boston Corporation; Stranahan. Harris & Co.. and
Lowe Co120.00
36,000 School District of Windsor, Mo.,4% bonds, maturing as follows:
Justus F.
3R
31.000 March 1 1935-43. incl.•, $2,000 March 1 1944-49, mud.;
62.50
The American National Bank of St. Paul
$3,000 March 1 1950-54, incl. Legal opinion: Benjamin H.
Harris Trust & Savings Bank, Chicago and F. S. Moseley
3h'%
Charles, Esq., of St. Louis, Mo. Place of delivery: Federal
5,367.00
& Co., New York
Reserve Bank of St. Louis, St. Louis, Mo.
/Myth & Co. Inc.; Kelley, Richardson & Co.. and RomeInc
Town of Ossining, N. Y., 4% improvement bonds, maturing as
73,000
33i%
3,585.00
& Wiegold,
follows: $5,000 Sept. 1 1935; $6,000 Sept. 1 1936-43. incl.;
Edward B. Smith & Co., New York City; The Illinois
$5,000 Sept. 1 1944-47, incl. Legal opinion: Clay. Dillon &
Co., Chicago Ill.; First National Bank of St. Paul.
Vandewater, Esqs., of New York, N. Y. Place of delivery:
33,1%
3,419.00
St. Paul, Minin
Federal Reserve Bank of New York, New York, N. Y.
Brown Harriman & Co., Inc.; Mercantile Commerce Bank
3X%
37,000 Village of Port Chester, N.Y.,4% improvement bonds, maturing
and Kalman & Co
3,174.00
St Trust Co.,
as follows: $10,000 May 1 1935-37, incl.: 37.000 May 1 1938.
Halsey, Stuart & Co.; Bancamerica-Blair Corporation.
Legal opinion: Reed. Hoyt & Washburn, Esqs., of New York.
3%
3.090.00
and Williams, Reagan & Co
N. Y. Place of delivery: Federal Reserve Bank of New York,
1.329.00
A.G. Becker & Co.and Stone & Webster and Blodget,Inc_3 X%
New York, N. Y.
* Successful bid.
674
Financial Chronicle
39,000 Ritenour Consolidated School District, St. Louis County, Mo.,
4% school bonds, maturing as follows: $2,000 Jan. 1 1936-46.
incl.; $3,000 Jan. 1 1947-51, incl.: $2.000 Jan. 1 1952. Legal
opinion: Benjamin H. Charles, Esq., of St. Louis, Mo. Place
of delivery: Federal Reserve Bank of St. Louis, St. Louis, Mo.
23,000 Board of Education of the Sabina Village School District, Ohio,
4% school improvement bonds, maturing att follows: 91,000 Sept.
1 1935-57, incl. Legal opinion: Peck, Shaffer & Williams. Esqs.,
of Cincinnati, Ohio. Place of delivery: Federal Reserve Bank
of Cleveland, Cleveland, Ohio.
47.000 Consolidated School District No. 1. St. Louis County,
Mo..
4% bonds, maturing as follows: $1.000 March 1 1937-38, incl.;
32,000 March 1 1939-40, incl.; $3,000 March 1 1941-48, incl.:
*4.000 March 1 1949-52, Incl.: $1,000 March 1 1953. Legal
opinion: Benjamin H. Charles. Esq., of St. Louis, Mo. Place
of delivery: Federal Reserve Bank of St. Louis, St. Louis, Mo.
30.000 Village of Sharon Springs, Schoharie County. N. Y., 4% water
bonds, maturing as follows: $2,000 Sept. 1 1935-46, incl.; $1,000
Sept. 1 1947-52, incl. Legal opinion: Milo R. Kniffen, Esq.,
of Sharon Springs, N. Y. Place of delivery: Federal Reserve
Bank of New York, New York. N. Y.
RECONSTRUCTION FINANCE CORPORATION-REPORT
LOANS MADE TO DRAINAGE AND IRRIGATION DISTRICTS ON
-The
following statement was made public by the above Corporation on Jan. 23:
"Loans for refunding two levee improvement districts in Texas, two
drainage districts in Mississippi, a drainage and levee district
two drainage districts in Arizona, and an irrigation district in in Illinois,
Montana,
a total of $167,000, have been authorized by the RFC. One rehabilitation
loan in the sum of $16,000 also was authorized to the irrigation district in
Montana. This makes a total to date of $80,902,053.03 authorized under
the provisions of Section 36 of the Emergency Farm Mortgage Act of
1933,
as amended." The districts are:
Fannin County Levee Improvement District No. 4, Tex
$13.000
Red River County Levee Improvement District No. 2. Tex
17,000
Northern Drainage District(Knowlton ditches), Bolivar Co., Miss
Northern Drainage District (Bradford Bayou ditches), Bolivar 9,000
County, Miss
26,500
'The West Matanzas Drainage and Levee District, Fulton Co., Ill.__ 46,000
The Thatcher Drainage District, Graham County. Ariz
28,000
The Central Drainage District, Graham County. Ariz
17,500
Victory Irrigation District, Yellowstone County, Mont.:
For refinancing
10,000
For rehabilitation
16,000
SALEM, Essex County Mass.
,
-TEMPORARY
-Award was
made on Jan. 23 ofa $175,000revenue anticipation loan LOAN -P. Murphy
to G.M.
& Co. of Boston at 0.31% discount basis. Due Nov. 4 1935.
RED OAK SCHOOL DISTRICT P. 0. Red Oak), Montgomery
County, Iowa-BOND ELECTION
-It is stated by
Secretary of the
Board of School Directors that at the regular election theMarch the voters
will probably be called upon to pass on the issuance in about $40,000 in
of
school bonds.
RENSSELAER COUNTY (P. 0. Troy), N. Y.
-BOND OFFERING
John J. Tower, County Treasurer, will receive sealed bids until 11 a.(eastern standard time) on Jan. 28 for the purchase of $520,000 not m.
to
exceed 5% interest coupon or registered bonds, divided as follows:
$300,000 refunding bonds. Due Feb. 1 as follows: $10,000 from 1936 to
1945. incl. and $20,000 from 1946 to 1955, incl.
220,000 highway bonds. Due Feb. 1 as follows: $5,000 from 1936 to
1946, incl.; $10,000 from 1947 to 1955, incl., and $15,000 from
1956 to 1960, incl.
Each Issue is dated Feb. 1 1935. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of ji or
1-10th of 1%. Principal and interest (F. & A.)
in lawful
of the United States at the First National Bank ofpayable A certifiedmoney
Troy.
for 310,000, payable to the order of the County, must accompanycheck
each
proposal. Approving opinion of Clay. Dillon & Vandewater of New York
will be furnished the successful bidder.
Financial Statement
The assessed value of the property of said County subject to the taxing
power of the County is $121,249,896. Population, 1930 Census, 119,781.
The total bonded debt of said County including said
and Refunding bonds, but excluding obligations of said $520,000 Highway
County to be paid
and retired with the proceeds of sale of said $520,000 bonds, is $3,317,700.
The total debt above stated does not include the debt of any other
subdivision having power to levy taxes upon any or all of the property
subject to the taxing power of the County.
Tax Data
Uncollected Uncollected
Fiscal YearTotal Levy End of Year Jan. 19 '35
1931-1932
$1,743.665.15 $41,472.32 $28,019.85
1932-1933
1,655.822.80 36,680.21
24,504.81
1933-1934
1,662,456.68
37,817.52
35,234.17
The amount of the County taxes levied for the current year cotnmencing
Nov. 1 1934, is *1,693.266.36, the levy of which amount has Just started.
it ROCHELLE, Ogle County, III.-BOND SALE-Lewis, Pickett'& Co.,
Inc. of Chicago have purchased an issue of $67,500 4 % water revenue
bonds on a 6% cost basis, according to the City Clerk. Dated
Nov. 1
1934. Due in 1946; optional after two years from date of issue. Interest
payable M. & N. Denom. $1,000. Coupon or registered.
ROCKY RIVER, Cuyahoga County, Ohio
-BOND EXCHANGE
Prank Mitchell, City Auditor, states that the $210,410.60 5%
special
assessment refunding bonds unsuccessfully offered on Nov. 16 1934 are
being used in connection with the prayment of Oct. 11933 principal maturities
on the basis of 15% in cash and 85% in new refunding bonds.
ROCKY RIVER SCHOOL DISTRICT, Cuyahoga County, Ohio
ADDITIONAL INFORMATION
-The $18,500 6% refunding bonds
scheduled for sale on Feb. 2-V. 140, p. 506
-will be payable as to both
principal and interest A. & 0.) at the First National Bank, Rocky River,
and approved as to legality by Squire, Sanders & Dempsey of Cleveland.
The School Board, it is said, has paid all salaries and bills to date. The
bonds now offered will replace a like amount of the $41,507.40 bonds
which matured Oct. 1 1934. Of the $40,595 bonds which matured Oct. 1
1933, a block of $32,500 were refunded, It is said.
ROGERS COUNTY (P. 0. Claremore), Okla.
-BOND ELECTION
-The Board of County Commissioners is said to have adopted a resolution calling for an election on Feb. 12 to vote on $71,000 in 4% semiannual court house and jail bonds. Due in 25 years. These bonds failed
to carry at the general election in November. (An allotment of 997,000
has been approved by the Public Works Administration.)
ST. LAWRENCE COUNTY (P. 0. Canton), N. Y.
-BOND SALE
The $65,000 coupon or registered refunding bonds offered on Jan. 23V. 140, p. 506
-were awarded as 2.80s to the St. Lawrence County National
of Canton. at par plus a premium of $11, equal to 100.01, a basis of
Bank
about 2.79%. Dated Feb. 1 1935 and due Feb. 1 as follows: $5,000.
$10,000, 1945 to 1947 incl. and $15,000 in 1948 and 1949. Other bids1944:
were
as follows:
Bidder
-Premium
Int. Rate
Blyth & Co
2.90%
$3
Manufacturers & Traders Trust Co
30 0
3%
49 .15
0
8
Halsey, Stuart & Co
3
250.25
George B. Gibbons & Co., Inc
307
178.10
Starkweather & Co
101.85
3
St. Lawrence County Savings Bank
412.00
Ogdensburg Trust Co
Par
35i'
o
Financial Statement
The assessed valuation of property subject to taxation in the County of
St. Lawrence. is $75,324,360. The total bonded debt of the county, including this issue, is $1,189,176. The population of the county (1930
census) was 90,960. The total debt above stated does not include the debt
of any other subdivision having power to levy taxes upon any or all property
subject to the taxing power of the county.
Tax Data
Fiscal Years1931-32
1932-33
1933-34
Total levy
$1,396,826.95 $1,375,755.64 $1,328,735.21
Uncollected end of year
8,102.76
11.731.02
10,200.74
Uncollected Jan. 11 1935
5,351.49
8,520.63.
The amount of county taxes levied for the current fiscal year commencing Nov. 1 1934, is $1,381,785.91, the collection of which begins about
Jan. 1.
Jan. 26 1935
ST. PAUL, Ramsey County, Minn.
-BOND SALE
-The $300,000
Issue of coupon public welfare bonds offered for sale on Jan. 22-V. 140.
-was purchased by R. W.Pressprich & Co.of New York as 2Us at a
13. 507
price of 100.186, a basis of about 2.71%. Dated Jan. 1 1935. Due from
Jan. 1 1936 to 1945, inclusive.
BONDS OFFERED FOR INVESTMENT
-ALL SOLD
nounced on Jan. 23 by the bankers that the above bonds. -It was anwatch they reoffered at prices to yield from 1.00 to 2.70%. were all sold.
Debt Statement as at Nov. 30 1934
Gross Bonded Debt
General bonded debt
$29,811,000.00
Permanentimprovement revolvingfund debt 7,400,000.00
Water department debt
6,759,000.00
Total gross debt
$43,970,000.00
Deductions
General sinking fund (cash and securities)- $5,072,706.55
.
Inter-City Bridge bonds
658,000.00
Minneapolis-St. Paul Sanitary Sewer bonds_
886,000.00
Permanent improvement revolving fund debt 7,400,000.00
Water department net bonded
debt
$5,597,689.56
Water department sinking fund
(cash and securities)
1,161,310.44 6,759,000.00
Total deductions
$20.775,706.55
Total net bonded debt
General improvement bonds authorized but
not issued
Margin for future bond authorizations
323,194.293.45
$200,000.00
1,088,921.35
Margin for future issues
$1,288,921.35
Statutory bonded debt limit (10% of assessed valuation) 124,483,214.80
The percentage of the net general bonded debt of the
assessed valuation is
.095036
The percentage of the net general bonded debt of the true
value is
.046238
Statement of Assessable Properly at the Full and True Value
Real estate (1933 valuation)
*354,265,312.00
Personal property (1933 valuation)
Class No.2 subject to 25% of full value__$14,834,180.00
Class No.3subject to 3307 of full value__ 42,774,450.00
Class No.4 subject to 40% of full value_ - 10,084,850.00
867,693,480.00
Moneys and credits
-100% of full value
81,261,000.00
Statement of Assessed Valuation
1933 Real estate valuation
1933 Personal property
1933 Moneys and credits
Valuation
1933 Tax Rate-City purposes
County Purposes
One mill school
State purposes
City of St. Paul, incorporated March 4 1854.
Population, census 1930. 271,606.
$503.219,882.00
8141,556.504.00
22,014,554.00
81,261,090.00
8244,832.148.00
$163,571,058.09
$52.12
17.26
1.00
10.92
$81.30
SALEM, Columbiana County, Ohio
-BOND DEFAULT REPORT
K. L. Webster, City Auditor, states that the purpose of the offering on
Jan. 18 of $78.369.35 507 refunding bonds
-V. 140, p. 173-is to provide
funds for the payment of 50'7,, of the bond principal which was defaulted
during the period from Oct. 1 1933 to Oct. 11934. The balance of 50%.
plus accrued interest, will be paid in cash from funds now available for the
purpose, he added. Interest coupons have been paid throughout tne year.
itial default by the city, as a result of tax delinquencies and lateness of
collections, covered maturities from Oct. 1 1932 to April 11933. involving
$60,800 bonds. This was cleared up on April 1 1933 through an exchange
of refunding bonds for all of the original bonds in default. Mr. Webster
Is of the opinion that the city will receive sufficient funds "to carry both
our general and debt funds through 1935."
SALEM, Columbiana County, Ohio
-BOND SALE
-The $78,369.35
coupon refunding bonds offered on Jan. 18-V. 140. p. 173
-were awarded
as 68 to Ryan. Sutherland & Co. of Toledo. at par plus a premium of $250,
equal to 100.31, a basis of about 5.9607. Dated Oct. 1 1934 and due Oct. 1
as follows: $6,369.35 in 1938; S10.000, 1939 and 1940; 812.000, 1941 and
1942 and $14,000 in 1943 and 1944. Other bidders, also for 6% bonds,
were as follows:
BidderPremium
Seasongood & Mayer
$240.00
Weil, Roth & Irving Co
190.00
Middendorf & Co
135.00
BancOhio Securities Co
50.00
SAN ANTONIO, Bexar County, Tex.
-BOND ELECTION NOT
SCHEDULED-In connection with the report that approval had been
given to the issuance of $500,000 in municipal notes, to be used in connection with the 1936 celebration of the city
-we are
-V. 140, p. 347
Informed by the City Clerk that no bond election has been called. He
states that there is some discussion with reference to the matter but no
action has been taken.
SANDUSKY COUNTY (P. 0. Fremont), Ohio
-BOND SALE-.
The $9,800 coupon poor relief bonds offered on Jan. 22-V. 140, p. 347
were awarded as 2s to Paine, Webber & Co. of Cincinnati, at par plus a
premium of $9.32. equal to 100.09, a basis of about 2.21%. Dated Dec. 1
1934 and due as follows* 11,300, March 1 and Sept. 11935:31.400, March 1
and Sept. 1 1936: $1,400, March 1 and *1,500, Sept. 11937, and $1,500,
March 1 1938. Seasongood & Mayer of Cincinnati offered a premium of
$4.75.
SAN FRANCISCO (City and County), Calif.
-LIST OF BIDS
The following is an official list of the bids received for the two issues of
4% coupon or registered semi-ann. bonds, aggregating $1,050,000, awarded
on Jan. 7 to a syndicate headed by the Bankamerica Co. of San Francisco.
at 103.625, a basis of about 3.59%-V. 140, p.347:
Brown Harriman & Co., Inc.; Weden & Co., and Wm. It. Stoats Co.For all of the bonds $1,085,572.95 and accrued interest at date of
delivery.
R. H. Moulton & Co.; Bankers Trust Co.: The First Boston Corp.; Dean
Witter 3, Co., and Security-First National Bank-For all of the bonds
91,085,390 and accrued interest thereon at date of delivery.
Bankamerica Co.*: Blyth & Co., Inc.; American Trust Co., and R. W.
Pressprich & Co.
-For all of the bonds $1,088,069 and accrued interest
thereon at date of delivery.
First National Bank, New York; First of Michigan Corp.; Darby & Co.,
-For all of the bonds $1,077,184.50 and
and Wm. Cavalier & Co.
accrued interest thereon at date of delivery.
Harris Trust & Savings Bank; Chase National Bank; The Northern Trust
-For all of the bonds $1,082,027
Co., and Edward B. Smith & Co.
and accrued interest thereon at date of delivery.
Halsey, Stuart & Co., Inc.; 13ancamerica-Blair Corp.; Stone & Webster and
Blodgett, Inc., Phelps, Fenn & Co., and Geo. R. Gibbons St Co., Inc.
-For all of the bonds $1,079,977.80 and accrued interest thereon at
date of delivery.
The Anglo California National Bank of San Francisco.; Beller Bruce & Co.;
Kelley. Richardson & Co.; Mercantile Commerce Bank & Trust Co.,
-For all of the bonds $1,077,615 and accrued
Wells-Dickey Co.
interest thereon at date of delivery.
Lehman Brothers; Eastabrook & Co.; F. S. Mosely & Co., and HellmanWade & Co.
-For all of the bonds $1,050,000 plus a premium of
$32.203.50, making a total of $1,082,203.50 and accrued interest
thereon at date of delivery.
•Successful bid.
SANGER UNION HIGH SCHOOL DISTRICT (P. 0. Fresno),
Fresno County, Calif.
-BOND OFFERING-Sealed bids will be received
until 2 p.m. on Feb. 1 by J. R.Schaefer. County Clerk,for the purchase of a
in
Financial Chronicle
Volume 140
$40,000 issuelof school bonds. Interest rate is not to exceed 5%, payable
J. & J. Denom. $1,000. Dated Jan. 1 1935. Due $2,000 from 1941 to
1945 and $3,000 1946 to 11955. Prin. and int. payable at the County
Treasurer's office. A reasonable time, not to exceed 10 days, will be allowed for examination by the buyer's attorneys to determine the legality
of the issue, and the bonds must be taken up and paid for in not less than
five days after notice has been given /that they are ready for delivery.
These bonds were approvediat an election held on Dec. 4. A certified
check for $1.000, payable to the Board of Supervisors, must accompany
the bid.
SANTA YNEZ VALLEY UNION HIGH SCHOOL DISTRICT
(P. 0. Santa Barbara), Santa Barbara County, Calif.
-BONDS
VOTED
-At the election on Jan. 15-V. 140, p. 347
-the voters approved
the issuance of the $65,000 in 4% semi-annual school bonds by a count
of 427 to 126. Due from 1936 to 1955 inclusive.
SA U.NDERS COUNTYACHOOL DISTRICT NO. 72 (P. 0. Mead),
Neb.-I30ND SALE
-A $90,000 issue of 34% semi-annual refunding
bonds is reported to have been purchased by the National Co. of Omaha.
Dated Feb. 2 1935. Due on Feb. 1 1950. optional on Feb. 1 1940.
BOND CALL
-It is also reported that Nos. 1 to 90 of the 4%% school
bonds, dated April 1 1930, are being called for payment on April 1 at
the office of the National Co of Omaha. Due on April 1 1950, optional
on April 1 1935.
SAXTON TSCHOOL T6DISTRYC1', Bed[ford County,iaPa.-firrNZ
OFFERING-I. R. White, District Secretary, will receive sealed bids until
12 m. on Feb. 2 for the purchase of $18,000 4%% school bonds. Dated
Jan. 1 1935. Denom. $1,000. Due $1,000 on Jan. 1 from 1940 to 1957.
incl. Bonds maturing after Jan. 1 1945 are subject to redemption at any
timejat a price of par.
SEATTLE, KingACounty, Wash.
-BONDS CALLED
-H. L. Collier,
City Treasurer, is reported to have called for payment at his office,from
Jan. 10 to Jan. 22. various local improvement bonds and coupons.
SEATTLE,',King County, Wash.
-BOND OFFERING-Sealed bids
will be received byjld. W. Carrell, City Comptroller, until noon on Feb. 15,
for the purchase of an $800,000 issue of police and fireman pay bonds.
Series A, 1935. Interest rate is not to exceed 6%, payable semi-annually.
Denom. $500. Dated Feb. 1 1935. Due in from 1 to 10 years after date,
in amounts as nearly equal as practicable. Principal and interest payable
at;the fiscal agency of the State in New York City, or at the office of the
City Treasurer. The city reserves the right to redeem all or any of the
unmatured bonds In five years from the respective dates thereof, or any
interest date thereafter. The legal approval of Thomson, Wood & Hoffman of New York, will be furnished to the purchaser.
p*Bidders shall be required to submit upon blank forms furnished by the
City Comptroller separate bids specifying (a), the lowest rate of interest
and the premium, if any, above par, at which the bidder will purchase said
bonds; or (b), the lowest rate of interest at which the bidder will purchase
said bonds at par,said bids to be without condition, interlineation or erasure.
Such notice shall specify that, and, all bids shall be sealed, and that, except
the bid of the State of Washington, if one is received, each shall be accompanied by a deposit of 5%,either cash or certified check.
Right is reserved by the city to reject any and all bids, but no bid maybe
withdrawn after the same shall have been filed with the City Comptroller
unless permission so to do be first obtained from the City Council.
14,49aid bonds will be delivered in Seattle, New York City, Chicago. Boston
or Cincinnati, at the option of the purchaser.
.14The bonds shall be registerable as to principal. orlprincipal and interest,
at the option of the purchaser.
SHELBY, Toole County,Mont.
-BONDS AND WARRANTS CALLED
-It is said that on Dec. 20 1934 various sewer, water,sidewalk and funding
bonds and city warrants were called for payment.
SHOEMAKERSVILLE, Barks County, Pa.
-BOND OFFERINGJohnal. Dietricn, Borough Secretary, will receive sealed bids until 8 p.m.
on Feb. 8 for the purchase of $65,000 2(%. 3% or 33j% coupon water
system bonds. Issue was approved by the Pennsylvania Department of
Internal Affairs on Jan. 18. Dated Feb. 1 1935. Denom. $1,000' Due
Feb. 1 as follows: $2,000 from 1940 to 1949, incl., and $3,000 from 1950
to 1964, incl. The bonds due from 1960 to 1964, inch, are callable on anY
interest payment date at par and accrued interest. Bonds of the issue are
registerable as to principal only. Bidder to name a single interest rate for
all of the bonds. A certified check for 2% of the issue bid for, payable to
the order of the Borough Treasurer, must accompany each proposal. Sale
will be made subject to approval of issue by Townsend, Elliott & Munson
of Philadelphia.
SIBLEY SCHOOL DISTRICT (P. 0. Sibley), OsceWnty,
Iowa-BOND ELECTION CONTEMPLATED-it is reported that an
election has been called to vote on the issuance of$55,000 in school addition
bonds.
SMITH TOWNSHIP SCHOOL DISTRICT (P. 0. Langeloth)
Washington County, Pa.
-BIDS REJECTED-The issue of $37,000 not
to,exceed 4%% interest coupon school bonds offered on Jan. 21-V. 140.
p. 347, was not sold, as the bids received were rejected. Dated Feb. 1
1935 and due Feb. 1 as follows: $3,000 from 1936 to 1938, incl. and $4,000
from 1939 to 1945. inclusive.
SOUTHBURY, New Haven County, Conn.
-BONDS OFFERED FOR
INVESTMENT
-The $65,000 2%% highway bonds awarded on Jan. 18
to Charles W. Scranton & Co. of New Haven (not Hartford, as previously
reported) at a price of 101.255-V. 140, p. 507
-are being re-offered by
thejbankers for public investment at prices to yield from 0.75% to 2.60%.
according to maturities, which are from 1936 to 1947 incl. A list of the
unsuccessful bids for the issue appeared in our issue of last week.
Financial Statement (Jan. 1 1935)
Taxable grand list Oct. 1 1933.excluding tax exempt property-$1.845,615.00
Tax exempt property
53.093.00
Grand list for bending purposes
Bonded indebtedness
Less sinking fund
$1,898,708.00
34,000.00
None
Total net bonded indebtedness
Floating debt
Tax Collections
DateOct. 1 1933
Oct. 1 1932
Oct. 1 1931
Tax Levu
$36,932.92
35,940.06
34.511.72
$34.000.00
None
Percentage Uncollected
on Jan. 1 1935
20%
107
84
SOUTHEAST ARKANSAS LEVEE DISTRICT, Ark.
-BONDHOLDERS TO VOTE ON REFINANCING OFFER OF RFC
-The following
report is taken from a lengthy article in the St. Louis "Post
-Dispatch" of
recent date:
"Whether to accept payment at the rate of 33% cents on the dollar or
try to get more over a long period of years is the question that has been
put to the holders of $2,413,500 of bonds of the Southeast Arkansas Levee
District.
"The levee district, being unable to meet its obligations for interest and
bond maturities, was placed in receivership in the Federal Court early in
1932, and subsequently a plan was negotiated with the Reconstruction
Finance Corporation, the Government's huge depression lending agency,
to refinance the debt on a basis that would squeeze two-thirds of the face
value out of the securities.
"In this instance of debt reduction, the RFC would lend the levee district sufficient cash to pay $332.50 for each $1,000 bond and the owner
would surrender the bond. In the transaction, the levee district's debt
would be reduced from $2,413,500 to about $802,488 and its creditor would
be the RFC.
"St. Louis investment firms which either participated in the sale of the
bonds to the public or now represent substantial holders of bonds take the
view that the cash settlement offer by the RFC is inadequate and that the
district, which embraces 730,000 acres of southeastern Arkansas land, is
able to pay its debt in full if the interest is reduced to 4% and the maturities extended over 30 years. They point out that the debt is less than $3.35
an acre."
SOUTHERN NEW YORK REGIONAL MARKET AUTHORITY,
-CREATION OF THIS UNIT PROPOSED-Under the provisions
N. Y.
of bills introduced in both branches of the State Legislature, the above
Authority is created for the purpose of establishing a regional market and
675
local markets in the territory within the following named counties: Steuben.
Chemung, Schuyler, Yates, Tompkins, Tiega, Broome and Seneca. A
governing body would be established to carry out the purposes of the Authority. It is provided that the Authority may finance its activities through
the sale of bonds or other obligations, to and to borrow money from, the
Reconstruction Finance Corporation, Public Works Administration or
other Federal body. Any debts incurted shall be obligations only of the
Authority, with the State and counties comprising the body free of any
responsibility whatsoever.
SPOKANE, Spokane County, Wash.
-The City
-BONDS CALLED
Treasurer is said to have called for payment on Jan. 15 various paving,
grading work and sewer district bonds.
SPOKANE COUNTY (P. 0. Spokane), Wash. - WARRANTS
CALLED-The County Treasurer is reported to have called for payment
on Jan. 3 various school district and irrigation district warrants.
STUTTGART, Arkansas County, Ark.
-BOND SALE NOT CONTEMPLATED-lt is stated by the City Clerk that the $10,000 park bonds
approved by the voters on Oct. 30-V. 139. p. 3031-will not be offered
for sale in the near future as the project has been dropped temporarily...aid
SWEETWATER, Nolan County, Tex.
-BOND SALE
-It is statedlby
the City Manager that the $122,000 4% semi-ann. water revenue bonds
approved by the voters on Sept. 18-V. 139. p. 2086
-have been purchased
by the Public Works Administration. Dated Aug. 15 1934. Due in 1959.
(An allotment of $160.000 has been approved by the PWA.)
- SYRACUSE,Onondaga County, N.Y.
-REFUNDING BILLSIGNED
-Governor Herbert H. Lehman has signed as Chapter 7, Laws of 1935.
the Fearen bill authorizing the city to refund up to $2,174,000 bonds
maturing in 1935.
TACOMA, Pierce County, Wash.
-BONDS CALLED-The City
Treasurer is reported to have called for payment from Jan. 5 to Jan. 12
various local improvement district bonds.
."ITRBORO, Edgecombe County, N. C.
-BOND SALE DETAILS
The $162,000 water works bonds that were purchased by the Public Works
Administration on July 17-V. 139, p. 807
-are stated by the City ClerkTreasurer to have been sold as 4s. Denom. $1,000. Dated April 1 1934.
Prin. and int.(A.& 0.) payable in New York City.
TENNESSEE
-MUNICIPALITIES DEMAND PERCENTAGE OF
SALES TAX RECEIPTS
-We quote in part as follows from a Nashville
dispatch to the Memphis "Appeal" of Jan. 16:
"ik demand that Tennessee municipalities receive 45% of sales tax Proceeds collected within their corporate limits was laid before Gov. McAlister
to-day by a committee representing more than 100 towns and cities.
"It palpably disturbed the Governor. To a delegation headed by J. W.
Anderson, City Attorney of Chattanooga, the Governor promised "immediate study" of the municipal request."
P- TEXAS, State of (P. 0. Auatin)-BOND OFFERING-It is reported
that sealed bids will be received until 10 a. m. on Jan. 31. by George H.
Sheppard, Secretary of the State Bond Commission, for the purchase of
an issue of $1.500,000 unemployment relief bonds. Due from Oct. 15
1935 to 1943.
-At an
rTIGERTON, Shawano County, Wis.-BONDS VOTED
election on Jan. 15 the voters are reported to have approved the issuance
of bonds for the construction of a water works system, estimated to cost
about $50,000. (An allotment of $50,000 has been approved by the
Public Works Administration.)
TIONESTA, Forest County, Pa.
-BONDS APPROVED-An issue of
$10,000 bonds, including $7,400 for funding purposes and $2,600 for sewer
construction, was approved by the Pennsylvania Department of Internal
Affairs on Jan. 17.
TULSA, Tulsa County, Okla.
-BONDS APPROVED
-We quote in
part as follows from a recent issue of the "Daily Oklahoman" of Oklahoma
'
His signature of approval was placed yesterday by Attorney-General
J. Berry King on Tulsa's $100,000 water and sewer bond issue making it
possible for actual transfer of the bond to the successful bidder to take place
at the end of a 30-day protest period.
"The approval came Just three days more than two months after the
issues, $75,000 in sewer and $25,000 in water bonds, had been approved at
the general election. City Attorney H. 0. Bland, who had spent the
ensuing period completing the volumnious transcript of bond issue proceedings, returned yesterday afternoon from the State capital to announce
King's approval.
TUSCAFtAWAS COUNTY (P. 0. New Philadelphia), Ohio
-BOND
SALE
-The $17,000 poor relief bonds offered on Jan. 21-V. 140, p. 174
-were awarded as 2%,s to the BancOhio Securities Co. of Columbus, at
par plus a premium of $47.60. equal to 100.28. Dated Jan. 15 1935 and
due serially.
UTAH, State of P. 0. Salt Lake City)
-SINKING FUND BOND
PURCHASE
-A dispatch from Salt Lake City to the "Wail Street Journal"
of Jan. 23 reported as follows:
"The State Board of Loan Commissioners has purchased for the sinking
fund $1,945,000 in State deficit bonds authorized by the 1933 Legislature
to wipe out a $2,000,000 deficit, $250,000 to be paid each year. Although
authorized two years ago, at a higher rate of interest than at present current, these bonds have just been issued, and the State saves the difference
in interest rates.
"The State Board of Loan Commissioners has purchased $745,000 of its
own public building fund notes, saving the taxpayers $22.350 Per year in
interest."
VAN BUREN, Crawford County, Ark.
-BOND ELECTION CONTEMPLATED-According to the City Clerk an election will probably
be held in April to vote $36,000 city hall bonds.
VINCENNES, Knox County, Ind.
-WARRANT SALE
-The $50,000
temporary loan warrants offered on Jan. 19-V. 140, P. 348
-were awarded
to M.W. Welsh & Co., Inc., of Vincennes as 43/s, at a price of par. Dated
Jan. 19 1935 and due $25,000 July 1 and $25,000 Dec. 31 1935. The
Indianapolis Bond & Share Corp. named a rate of 4.90%.
VIRGINIA, St. Louis County, Minn.
-BOND OFFERING-It is reported that the City Clerk will receive sealed bids until 7 p. m. on Feb. 4,
for the purchase of an issue of $185,000 4% semi-ann. hospital construction
bonds. Due from 1936 to 1942. (An allotment of $294.500 for this
project has been approved by the Public Works Administration.)
VOLUSIA COUNTY (P. 0. De Land), Fla.
-BOND DEBT REFUNDING VOTED
-A news dispatch from De Land of recent date had the
following to say: The Volusia County Commission, after voting to refund
the county's bonded debt, amounting to $3,048,000, entered into an agreement with Stranahan, Harris Co., Inc., Toledo, Ohio, to act as the county's
refunding agent. Under provisions of the agreement, all bonds, some past
due, will be exchanged and the maturity date of the original bonds put back
10 years.
WASHINGTON, Washington County, Pa.
-BONDS APPROVED
An issue of $50,000 funding bonds was approved by the Pennsylvania Department of Internal Affairs on Jan. 18.
WASHTENAW COUNTY (P.0. Ann'Arbor), Mich.
-DRAIN BONDS
REDEEMED AT DISCOUNT
-The Board of Supervisors has authorized
the redemption of bonds of certain drainage districts if they are offered by
the holders at a discount. The offer applies to bonds of the following
districts: Allen's Creek, West Park-Miller Avenue, Eberwinte, Murray
Washington, Pittsfield-Ann Arbor, Pittsfield-Ann Arbor Extension,
Packard Street, Owen Outlet, West Branch of Buck Creek, Territorial
Road and Saline Village Extension.
WATONWAN COUNTY SCHOOL DISTRICT NO. 55 (P. 0. St.
-BONDS VOTED-It is reported that the voters approved
James), Minn.
recently the issuance of $22.000 in school building bonds.
WATERTOWN, Middlesex County, Mass.
-TEMPORARY LOAN
The $300.000 revenue anticipation loan offered on Jan. 2-V.139, p.4158
was awarded to the National Shawmut Bank of Boston at 0.67% discount
basis. Due Nov. 21 1935. Other bids were as follows: Newton, Abbe &
Co., 0.68%; Whiting, Weeks & Knowles, 0.69%; Merchants National
Bank, 0.72%; Faxon, Gade & Co., 0.72%; First National Bank of Boston,
0.775%; Halsey, Stuart & Co., 0.90% plus $15. and Union Market National
Bank, 0.74%.
676
Financial Chronicle
WAYNE COUNTY (P. 0. Richmond), Ind.
-NOTE OFFERING
W.Howard Brooks, County Auditor, will receive sealed bids until 10 a. in.
(Central Standard Time) on Feb. 16 for the purchase of $50,000 43('t %
commissariat notes. Dated Feb. 15 1935. Due $6,250 on Nov. 15
from 1936 to 1943 incl. Prin. and int.(M.& N. 15) payable at the Second
National Bank, Richmond. A certified check for 3% of the issue must
accompany each proposal.
WEST ORANGE, Essex County, N. J.
-The $450,000
-BOND SALE
coupon or registered funding bonds offered on Jan. 23-V. 140, p. 508
were awarded as 334s to a group composed of C. A. Preim & Co. and M.F.
Schlater & Co., Inc., both of New York, and MacBride, Miller & Co. of
Newark, at a price of 96.72, a basis of about 4.16%. Dated Feb. 1 1935
and due Feb. 1 as follows: $20,000, 1936 to 1940. inel.• $15,000. 1941;
$30,000, 1942 to 1947, incl.; $20,000, 1948 and 1949; $15,000, 1950, and
'
$20,000 from 1951 to 1955, inclusive.
0. P. Dunning & Co. of Newark also were members of the purchasing
group. The bankers are re-offering the bonds for public investment at
prices to yield from 2.75% to 4%,according to maturity.
WEST POINT SCHOOL DISTRICT (P. 0. West Point), Cuming
County, Neb.-BOND REFUNDING CONTEMPLATED
-The Board of
Education is reported to be considering the refunding of $16,000 in school
bonds that mature on April 1 1935.
WEST READING, Pa.
-BOND OFFERING
-D. C. Wagner, Borough
Secretary, will receive sealed bids until 8 p. m. on Feb. 5 for the purchase
of $78,000 2j%. 3%, 33j%, 334%. or
% coupon refunding bonds.
Dated Feb. 15 1935. Denom. $1,000. Due Feb. 15 as follows: $5,000.
1936 and 1937; $6,000. 1938 and 1939; $8,000. 1940 to 1946 incl. Bonds
are registerable as to principal only. Interest payable F. & A. Bidder
to name a single interest rate for all of the bonds. A certified check for
2% of the bid, payable to the order of the Borough Treasurer, must accompany each proposal. Issuance subject to approval of Townsend.
Elliott & Munson of Philadelphia.
WEST VIRGINIA, State of (P. 0. Charleston)
-BOND SALE
The $1,000,000 issue of coupon or registered semi-ann. road bonds offered
for sale on Jan. 22-V. 140, p. 508
-was awarded to Gertler & Co. of New
York, at a price of 100.0139, a net interest cost of about 2.79%. on tne
bonds divided as follows: $600.000 as 3s, maturing $40,000 from July 1
1935 to 1950; the remaining $400.000 as 23.4s. maturing $40,000 from
July 1 1951 to 1959 incl.
BONDS OFFERED FOR INVESTMENT
-The successful bidder reoffered the above bonds for public subscription as follows: 3% bonds at
prices to yield from 0.50% to 2.85%, according to maturity, and the 2U%
bonds are offered at par and interest. These bonds are exempt from all
present Federal income taxation and are legal investments for savings
banks and trust funds in New York and other States.
Newspaper reports listed the other bids for the above bonds as follows:
Edward- B. Smith & Co. headed a syndicate which offered 100.001 for
$200,000 as 2s and $800,0110 of the longer maturities as 3s. In this group
were First Boston Corp. and First National Bank of St. Paul.
Chase National Bank, Blyth & Co., Inc., and the Charleston National
Bank bid 100.02 for all as 3s excepting $40,000 of the longer maturities
which were to be 231s.
Halsey, Stuart & Co., Inc.; BancamerIca-Blair Corp.; George B. Gibbons
& Co., Inc.; Burr & Co. and Eli T. Watson & Co. offered par, plus $105
premium for the whole issue as 3s.
Phelps, Fenn & Co., F. S. Moseley & Co., Kean, Taylor & Co. and Mercantile Commerce Bank & Trust Co. bid par for $425,000 as 4s and $575,000 as 23is.
Lehman Bros., Estabrook & Co., Stone & Webster and Blodget, Inc.,
and Bacon, Stevenson & Co., bid $100.003 for 380,000 as 4s and $620,000
as 38.
Financial Statement
Assessed valuation, 1933
$1,785,164,699
Assessed valuation, 1934, advance figures and subject to
revision
1,734,883,659
Bonded indebtedness
x 1919 Virginia debt bonds (original issue 313,500,000)...._ 3,372,600
y State road bonds
78,277,000
z State refunding bonds
4,750,000
Total bonded indebtedness (not including this offer)...- $86,399,600
x $675,000 required to be retired annually, beginning in 1919. y Issued
pursuant to the Good Roads Amendments to the Constitution and payable
serially, last maturity July 1 1959. z Payable serially, $250,000 each year,
last maturity June 1 1953.
The State has outstanding notes as follows:
Issued for general revenue anticipation purposes, due Feb. 1 '35 $100,000
Issued for general revenue anticipation purposes, due Mar.30 '35 600,000
Issued for general revenue anticipation purposes, due Apr. 18 '35 700,000
Issued for general revenue anticipation purposes, due June 1 '35 400,000
Issued for general revenue anticipation purposes, due June 1 '35 500,000
Total
$2,300.000
Population: 1920 Census, 1.463,701; 1930 Census, 1,728,510.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-BOND
SALE
-Jere Milleman, County Comptroller, made award on Jan. 23 of
$200,000 coupon or registered bonds to the Manufacturers & Traders
Trust Co. Buffalo, and Adams, McEntee & Co. of New York. jointly,
as 21(s, at a price of 100.297, a basis of about 2.65%. The.sale included;
'
$150,000 unemployment work relief bonds. Due $30,000 on Feb. 1 from
1936 to 1940 incl.
50.000 unemployment relief bonds. Due $10,000 on Feb. 1 from 1936
to 1940 incl.
Each issue is dated Feb. 11935. Denom.$1,000. Principal and interest
(F. & A.) payable at the County Treasurer's office. Legality approved
by Hawkins, Delafield & Longfellow of New York. The successful bidders
are re-offering the bonds for public investment at prices to yield from
1.50% to 2.75.7, according to maturity. Lehman Bros. entered the
0
second highest bid for the bonds, offering 100.157 for Ms. Westchester
Trust Co. bid 100.05 for the same coupon. Firms which bid for 3s included
George B. Gibbons & Co., 100.51; Peoples National Bank, 100.59; Edward
B. Smith & Co., 100,2899; Field, Glore & Co., 100.257; Brown Harriman &
Co.. 100.3199. Blyth & Co. offered 100.21 for 33.4s. The assessed valuation of property in the county is $1,720,315,634 and the total bonded indebtedness, including the issues now offered, amounts to $104,933,656.
The county reports no uncollected taxes for the years 1931-1934, inclusive,
is said.
WHITE PLAINS, Westchester County, N. Y.
-BOND SALE
The $45,000 coupon or registered, series B, work relief bonds offered
on Jan. 22-V. 140. p. 348
-were awarded as 3s at a price of par to the
County Trust Co. of White Plains. Dated Dec. 1 1934 and due $5,000
on Dec. 1 from 1936 to 1944 incl. Other bidders were:
BidderInt. Rate
RateBid
Peoples National Bank & Trust Co., White Plains 3Ri%
100.52
Citizens Bank, White Plains
Pas
3.85%
Sartorlus &Smith4
100.53
Lehman Bros
4V
100.25
Manufacturers & Traders Trust Co
100.14
4%
George B. Gibbons & Co., Inc
4.20%
100.18
Adams, McEntee & Co
Par
43 %
Financial Statement
Funded Debt (as of Jan. 15 1935) Including this Issue
Total funded debt, except special assessments
$15,189,154.61
Total unfunded debt
*179,200.00
Gross debt
Deductions
-Water debt
Sinking funds(except water)
Tax notes
Total deductions
$15.368,354.61
1,847,800.00
56,297.10
100,000.00
$2,004.097.10
Net debt
$13,364,257.51
* Consisting of $100,000 tax anticipation notes due Feb. 15 1935; $13.000 bond anticipation-notes due May; 9 1935; also $50,000 home relief;
$15,000 work rellef, and $1,260 building repair loans.
Jan. 26 1935
Sinking Fund,as of Dec.31 1934
$49,465.11
Cash
3,000.00
Bonds of this municipality
Other obligations of this municipality-certificates of in101,200.00
debtedness City of White Plains
14.277.62
All other sinking fund assets
$167,942.73
Total
$111.645.63
Portion of sinking funds applicable only to water debt
Taxable assessed valuation of real estate, incl. special franchises: 1934.
$171,721,275; 1933. $176.622,840.
Tax Collection Report
1932
Fiscal Year Beginning Jan. 11934
1933
Tot,ad valorem or gen.prop.tax$3.912,138.76 $44,031,298.37 $4,048,897.61
817,924.26
Uncoil,at end of tax or fiscal yr.. 961.393.52 1,180,173.64
193,068.53
Uncoil,last avail.date Jan.7'35 932,687.43
462,385.46
Principal on bonds maturing: 1935, $815,478.86; 1936, $931,666.59;
1937, $897,654.33; 1938. $1,005.642.05; 1939, $908,629.78.
Population, Federal census, 1910, 15,949; 1920, 21,031; 1930, 35,830
1935. 38.000. Tax payments due first half. Jan. 2; second half. July 1.
WHITING, Monona County, lowa-BONDS VOTED-At the
election on Jan. 10-V. 139, p. 4158
-the voters approved the issuance
of the $20,000 in water works system bonds.
-BOND OFFERING
WILLIAMSBURG, Clermont County, Ohio
George P. Medary. Village Clerk, will rceive sealed bids until 12 m. on
Feb. 4 for the purchase of $5,000 6% fire engine purchase bonds. Dated
Jan. 1 1935. Denom,$500. Due $500 on Jan. 1 from 1936 to 1945, incl.
Interest payable J. & J. A certified check for $50, payable to the orderof
the village, is required.
-BOND EXCHANGE
WINSTON-SALEM, Forsyth County, N. C.
CONTEMPLATED-It is said that the city intends to exchange $1,474,000
434% bonds for a like amount of 4% bonds issued Nov. 1 1933.
-An issue
-BONDS APPROVED
WOODBURY, Bedford County, Pa.
of $7,500 water system bonds was approved on Jan. 18 by the Pennsylvania
Department of Internal Affairs.
-BOND SALE DETAILS
WOODWARD, Woodward County, Okla.
-The $20,000 issue of park, street and water bonds that was reported
-were purchased by the City Treasurer
to have been sold-V. 139, p. 3514
as 4s at par and mature as follows:
$10,000 park impt. bonds. Due $1,000 from 1937 to 1946 incl.
7,000 street drainage and impt. bonds. Due $1,000 from 1937 to 1943
inclusive.
3,000 water works extension bonds. Due $500from 1937 to 1942 incl.
-NOTE OFFERING--Lavvrence
WYANDOTTE,Wayne County, Mich.
J. LaCourse, City Clerk, will receive sealed bids until 4 p. in. on Jan. 29
for the purchase of $50,000 special tax anticipation notes. Dated Jan. 15
1935. Due May 1 1937. A certified check for 3% of ,the issue must
accompany each proposal. Legality to be approved by Miller, Canfield,
Paddock & Stone of Detroit.
-BOND OFFERING
YADKIN COUNTY (P. 0. Yadkinville), N. C.
-Sealed bids will be received until Jan. 29 by W.E. Easterling, Secretary
office in Raleigh, for the
of the Local Government Commission, at his
purchase of an issue of $140,000 4% semi-ann, school bonds. Denom.
$1,000. Dated Jan. 1 1935. (An allotment of$199,000 has been approved
by the Public Works Administration.)
-WARRANTS CALLED
YAKIMA COUNTY (P.O. Yakima), Wash.
-The County Treasurer is said to have called for payment at his office
on Dec. 27 1934 various school district, current expense, indigent blind
relief, soldiers' relief, drainage and irrigation district warrants.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 15 (P. 0.
-BOND OFFERING-Sealed bids will be received until
Custer), Mont.
7 p. m. on Feb. 20. by W. E. St. John, District Clerk, for the purchase of
a $22,000 issue of refunding bonds. Interest rate is not to exceed 6%.
payable semi-annually. Dated April 1 1935. A certified check for $2,200
must accompany the bid.
CANADA, Its Provinces and Municipalities.
RATE
EDMONTON, Alta.-BANK CUTS Bank ofON LOAN-Interest rate
Canada has been reduced
Imperial
on the city's overdraft with the
to 431% from the 5% paid last year. The bank has arranged for an interim
credit of $1,500,000 to finance the city's relief needs pending collection
of taxes.
-The following is a list of the
GRAND MERE, Que.-OTHER BIDS
unsuccessful bids for the $77,000 bonds awarded on Jan. 9 to Banque
Nationale and Ernest Saver& both of Montreal, as 434s
Canadienne
at a price of 98.73, a basis of about 4.58%-V. 140, p. 348:
Rate Bid
5s
454.1
Bidder101.04
98.07
Beaubien & Cie
L. G.
100.72
97.63
Gairdner & Co
101.21
96.63
Hanson Bros
96.01
Mead & Co
99:77
95.56
A. E. Ames & Co
95.16
Dominion Securities Corp
MONTREAL, Que.-NEW TAX PROGRAM DEVISED-The Toronto
"Globe" of Jan. 18 carried the following report:
"Taxation proposals for Montreal to-day emerged from committee of
the city Council considerably changed from the original draft. Tomorrow they will be presented to the full Council and .f approved there
will journey to Quebec for action by the Legislative Assembly and Council.
A $3,000,000 sales tax has been dropped, and in its place an income tax
to yield $4,500,000 substituted. Scale of this tax has yet to be fixed.
"Public utilities and advertising imposts in the original list were dropped:
business levies were whittled so the scale will be 10 to 20% of assessed
rental, instead of the originally planned 10 to 35%, and added dues on
private autos, taxis and bicycles were set aside. In their place will be a
license of $10 for 'No Parking' sign."
-MATURITY
-The $20,000,000 2.25%
ONTARIO (Province of)
-V. 140,
Treasury notes sold recently to a syndicate of Canadian banks
p. 508
-mature Jan. 31 1937.
ST. PASCAL DE BABYLON, Que.-$160,000 LOAN SOUGHT
A bill authorizing the borrowing of $160,000 on an issue of bonds for the
purpose of constructing a new school in the parish has been introduced
in the Provincial Legislature on behalf of the Board of Catholic School
Commissioners of Quebec.
-NOTICE TO BONDHOLDERS
VANCOUVER, B. C.
-G.G. McGeer'
Mayor, has announced that a meeting of the holders of bonds and registered
stock issued by the city and by the former municipalities of South Vancouver and Point Grey, will be held at the city hall in the City of Vancouver at 10:30 a. m. Feb. 11, for the purpose of considering a proposal
of the city to suspend payment of 50% of the interest charges accruing
due on its outstanding bonds and stock, and a request by the city that
the bondholders accept such a proposal pending a readjustment of the
responsibilities, rights and privileges of National, Provincial and municipal
governments in the realms of public service, taxation and finance.
WESTMOUNT SCHOOL COMMISSIONERS, Que.-BONDS OF-The Dominion Securities Corp. and A. E.
FERED FOR INVESTMENT
Ames & Co., jointly, are making public offering in Canada of 434%. 3 0
year bonds of the school municipality at prices to yield from 2.75% to
3.75%, according to maturity. Dated Sept. 1 1934 and due serially on
Sept. 1 from 1935 to 1964 incl.
WINDSOR, Ont.-BOND INTEREST PAYMENT
-The first payment of interest on outstandLig bonds since 1933 will be made by the
city, it was indicated on Jan. 17 by Mayor George Bennett. according
to the Montreal "Gazette." Payment is expected to date from Jan. 1
1935 and will be made from a fund of about $1,000,000 currently on deposit in the bank to the city's credit, it is said.
@FedFRASER