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US. ADM,
U SMART
JAN
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COPYRIOHTCD IN I®36 BY WILLIAM B. DANA COMPANY,
HEW YORK.
lMU<,dW^l&6P.?T«r,0op^
VOL 142.
ENTERED AS SECOND-CLASP MATTER JUNE 23. 1879, AT THE
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NO. 3680
Chartered
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CHASE
THE
COMPANY
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UNDER THE ACT OF MARCH 3, 1679.
NEW YORK, JANUARY 4 1936.
TRUST
BROOKLYN
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OF THE
NEW YORK
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President
BOSTON
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CHASE is
PHILADELPHIA
commercial bank
a
BROOKLYN
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offering
tical
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COMMERCIAL BANKERS SINCE 1852
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and
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OTHER
Incorporated
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LONDON
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BUENOS AIRES
Chicago
Philadelphia
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Representatives in other leading Cities throughout
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I
II
Financial
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Jan. 4 1936
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Established
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1893
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Investment Securities
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CO.
PHILADELPHIA
Commercial Paper
Condensed Statement of Condition December 31,1935
New York
Chicago
ASSETS
And Other Cities
Cash
Hand and
on
on
Deposit in Banks
$105,581,281.60
.
United States Government Securities
(Of these $1,000,000
State and
are
317,406,917.97
pledged)
Municipal Bonds and Bills
NEWARK
25,330,933.11
Stocks and Bonds, etc
Loans and Bills Purchased
15,306,138.00
44,300,99440
Accrued Interest and Accounts Receivable
New Jersey State
1,393,748.92
Investment in
& Municipal Bonds
6,500,000.00
Morgan Grenfell & Co. Limited..
Banking Premises
Newark Bank & Insurance Stocks
6,728,304.12
.
Liability of Customers on Letters
of Credit and Acceptances... .$16,675,352.39
Less
J. S. RIPPEL & CO.
Prepayments
16,395,593.06
279,759.33
Total Assets
$537,943,911.18
Newark* N. J.
18 Clinton St.
LIABILITIES
Deposits'. Demand
ST.
LOUIS
$440,688,151.16
Time.
26,068,725.88
$472,756,877.04
Accrued Interest and Accounts Payable
198,690.67
Acceptances Outstanding and Letters of Credit
Issued
16,675,352.39
Special Reserve Fund
1,000,000.00
Capital
$ 25,000,000.00
Surplus and Partners} Balances
St.
Louis Securities
Stik
47,312,991.08
$537,943,911.18
The foregoing statement is exclusive of our interest in the assets and
Co.
&
22,312,991.08
Total Liabilities
liabilities of the firm of Morgan & Cie., Paris. Our investment in
Morgan Grenfell & Co. Limited, London, is represented by shares,
of which £3,300,000 are 5% Ordinary Shares one-third
paid.
SAINT LOUIS
SO^OUVK st
Licensed
as
Members St. Louis Stock Exchange
Private Bankers under Article IV
Authorixed
as a
Private Bunk
of the Banking Law of the State of New York
by the Department of Banking of the
Commonwealth of Pennsylvania
;
•
.
•
"
,
•
'
l!
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"
•
"
'
January 4, IQ36.
Missouri and Southwestern
Stocks and
Bonds
Smith. Moore & Co.
St. Louis
The First Boston
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Corp. Wire
Exchange
The
DETROIT
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What does "service" mean? The New Standard
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Members Detroit Stocky
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Dictionary
for the accomplish¬
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PUBLIC UTILITY BONDS
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trained
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organization of 270,000 people to give it.
Vol. 142
No. 3680
JANUARY 4 1936
CONTENTS
Editorials
Financial Situation
PAGE
1
.
An Acid Test of Public
Policy
....
13
_
America and the International Outlook
14
...
Comment and Review
Week
on
the
European Stock Exchanges.
__
Foreign Political and Economic Situation«.
5
5
Foreign Exchange Rates and Comment
9
Course of the Bond Market
17
Indications of Business Activity
19
Week
on
the New Y ork Stock
Exchange
Week
on
the New York Curb
Exchange.
.
.
3
78
News
Text of President Roosevelt's
Current
Message to Congress
Bank and Trust
49
Company Items
General Corporation
and Investment News
Dry Goods Trade
State and
16
27
Events and Discussions....
118
149
....
Municipal Department
__150
Stocks and Bonds
Foreign Stock Exchange Quotations
117
Dividends Declared..
78
117
Auction Sales
New York Stock Exchange—Stock
New York Stock
Quotations
85
Exchange—Bond Quotations......84 & 94
New York Curb Exchange—Stock Quotations
100
New York Curb
103
Other
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
Over-the-Counter Securities—Stock & Bond
106
110
Quotations.. 113
Reports
Foreign Bank Statements
Course of Bank Clearings..
8
76
Federal Reserve Bank Statements
General
81
Corporation and Investment News
118
Commodities
The Commercial Markets and the
Breadstuffs
Published Every
Crops
141
...142
Cotton
—
147
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
the Board and Editor; William Dana Seibert, President and Treasurer; William D. Eiggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Bepresentative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. O. Copyright, 1935, by William B. Dana Company,
Entered as second-class matter June 23 1879, at the post office at New York, N. Y., under the Act of March 3 1879. Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per yeas?, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year; $11.50 for 6 months. Transient display advertising matter, 45 cents
per agate line. Contract and card rates on request.
Herbert D. Seibert, Chairman of
Financial
xxrv
Bank of the
Chronicle
/an-4
Manhattan Company
New York
Statement of Condition December 31,
ASSET'S,
.
Cash and Due from Banks and Bankers
U. S. Government
: :
vA;$164,406,073.45
.
Obligations, Direct and Fully Guaranteed
Acceptances of Other Banks
.
.
.
.
84,189,251.42
.
13,201,068.10
16,008,917.52
.
Obligations of the State of New York
Other Public Securities
1935
.
.
.
.
.
.
.
.
.
.
.
.
...
.
.
.
19,068,091.72
.
13,006,979.95
Other Securities
Demand Loans Against
Loans and Discounts
Collateral
.
.
.
66,334,692.56
./
125,659,682.55
.
8,568,546.74
15,611,277.65
Realp]state Mortgages
Banking Houses Owned
3,553,349.71
Other Real Estate Owned
Customers'Liability for Acceptances (less Anticipations)
.
12,541,516.81
.
6,014,427.13
Other Assets
$548,163,875.31
:
,
"
•
,
,
■
.
:
■'
I
,
■
■
/
:
■,
.
LIABILITIES
Capital
............
$20,000,000.00
20,000,000.00
Surplus
5,431,681.01 $ 45,431,681.01
Undivided Profits
Reserve for
Dividend
Contingencies
.
.
.
.
2,133,569.65
.
750,000.00
426,487,675.02
Payable January 2, 1936
Deposits
.
Certified and Cashier's Checks
Acceptances Outstanding
.
.
56,578,129.87
.
.
13,298,641.67
"
3,484,178.09
Other]Liabilities, Reserve for Taxes, etc
$548,163,875.31
On December 31,
secure
1935 of the above assets $10,167,315.70 are deposited to
public and trust deposits and for other
purposes
required by law.
Member New York Clearing House Association
Member Federal Reserve System
■DIRECTORSJ.
Stewart Baker
F. W.
Moore
John C.
Charske
Chairman, Executive Committee,
Stephen Baker
President and
Union Pacific R.
Chairman,
Tiffany & Co.
R. Co.
Treasurer,
•
Honorary Chairman
Walter H. Bennett
President, Emigrant Industrial
Savings Bank
Bertram H. Borden
President, M. C. D. Borden
& Sons, Inc.
Harry I.
Caesar
H. A. Caesar & Co.
F. Abbot
Goodhue
Morgan J.
O'Brien
Counsel to Conboy, Hewitt,
0}Brien & Boardman
President
William V.
Griffin
President, Brady Security &
Realty Corporation
George McNeir
George
Geo.
Stuart Patterson
H.
James P.
McFadden & Bro.
Warburg
Bronson Winthrop
Chairman,
Winthrop, Stimson, Putnam &
Mohawk
Roberts
Carpet Mills, Inc.
The Financial Situation
repeal of the entire New Deal legislative output is
THE President, in delivering onehistory,most in fact
ordinary annual
in of the has extra¬
hardly
messages
if not in
theory opened the national election campaign
of his party.
in
well-remembered
tion
radio
of that
campaigns
leader—of
thoughtful
he
a
is
delivered
militant
this message
In the
account of
fraught
was
unquestionably
with
hazard,
received
an
be
not to
in
diplomatic
We
we
repre¬
should
poses
It
"home
This
least intended
at
message
to have been in
further support
program
part
to
gain
been
bills
introduced
houses
the
which
of
in
deliver his message.
program,
the
verse
nation
to for
policies
nearly
a
seems
re¬
of the
century and
mo¬
what
or
It is
that this has
ment at least to be about
the
the
of
context
he
economic
creed.
come
of
matter
to
doctrine,"
no
however, are
ing situation, although, of
course,
may
definite encouragement.
thought
be
more or
shall be obliged to
"
state of the
given
riations,
upon
oppose
tial
"classical
Administration policies who
a relatively small,
powerful, minority in the business world.
sections
as
we
least
do
has
not
make
recall
can
no
thought it
of
course
and other
occasions.
a
in
appropriate
recent
to include
at
such
"pointing with pride"
the
at
President
so-called gold
profits, and so relatively
near
(January instead of
as in former times)
March
the
is
.
by
funds in
Congress
and be
reconvene
hand to
on
for
date
again to
grant further
case
of need.
in the
quence
the outlook for business
dependent
ton?
as
The
it is
upon
answer
message was
nothing
more
during the coming year, so
is: Just where it
We
are
was
not
before this
able to find
indication whatever of Administrative
was
no
clear
policy in this
generally known weeks
ago,
except possibly that the President evidently intends
to
lead
the
a
political campaign of vituperation during
coming
year
rather than
soothe his critics among
one
that undertakes to
sober-minded business
The
public evidently must await the budget
challenge to opponents to advocate
any
special
upon
conse¬
what takes place in Washing¬
delivered.
document which
of
Just where does this leave
message.
such
partisanship is to be expected
times
to Congress, even though
certain amount of
His
These
pleasant reading, and so far
President
matter in annual messages
substan¬
so
resources
of the
out
outworn
an
are
disposal of the
is
devoted to "the
the President insists constitute but
if
are unex¬
pended balances in existing
~
message
Union," domestically speaking, it was
those who
large
so
appropriations,
It is the truth for all that.
almost in its entirety to violent attacks
over
the
question of relief approp¬
Of real substance there
message.
part of the
we
await developments on
contained in this unusual
As for the
less certain
But it is
that
consequence
as
to
the budget message
yield somewhat more
economist.
be known
is
improved
Such vague
statements,
Secre¬
which
economists
modernistic
only concrete proposal
a
expenditures
small comfort in the exist¬
pleased to term
was
"laissez-faire"
belief that
of
result
a
also
business.
goal at which the Secretary aims than
the methods of social planning he advocates.
That government which is scrupulous to
grant the
individual the utmost
freedom
in
business consistent with ordinary fairplay and elementary justice will do the most
to promote the ends set down in the Secre¬
tary's
"universally
appealing
economic
This
at the
about most
the
universally adhered
half,
of
"classical"
formula."
a
as
some
He
"anticipate"
smaller relief
value it may
sweeping alteration or
the fact
remains, as history has re-'
peatedly proved and as current experience is
again demonstrating,
that no surer way
exists for frustrating all attempts to reach
to
which would
could
practical
the
with
expressed the
willing to accept this "for¬
from
finally enact¬
law
into
modifications.
Yet
both
arrived
derision
to
the
had
Congress before
President
rich" tax bill
ed
in
clear
and
year
of the so-called "soak-the-
The Secretary devoted a considerable part
of the address from which we have quoted
of extending exist¬
to
last
quickly withdrawn in favor
frequently given
official quarters, is the pur¬
for which they seem to be drafted.
is
ought to be
given by him at
time
one
circles.
for a drastic
ing neutrality laws, to give
effect
or
of Congress-—an assurance
likewise
we
us
tax measures
no new
needed,
undertaken, at this session
objective to be reached by elaborately planned
operations by the body politic.
This same
purpose
has been obvious in every other
attempt to draft similar formulae that has
recently come to our attention—except, of
course, those originating in purely academic
consumption."
portion of the
seems
of
Secretary
tary's address that his purpose in construct¬
ing this "formula" is that of setting a goal or
intended
were
be
whatever
for
expression
explaining that the Presi¬
dent's words
are
such generalized ideals, now
already
are
the
have without any very
reservations.
What disturbs
sentatives of the Administ rat ion
week,
York
follows:
mula"
suppose
President
the
placed himself definite¬
ment
New
in
tional democratic processes."
several
foreign countries where
address
an
Our national economic goal must
increased, balanced production of the
things which people really need and want,
(1) at prices low enough so consumers can
buy, but high enough so producers can keep
on
producing, and with income so distributed
that no one is shut off from participation in
consumption, except those who refuse to
work; (2) with scrupulous regard for the con¬
servation of our remaining natural resources,
and (3) by means characteristic of our tradi¬
lugubrious
account certain
importance
be
international
an
situation
time
a
of
matters
two
"It seems to me that a universally appeal¬
ing economic formula might read somewhat
defensive
his
of
course
City early in the
Agriculture said:
far as
attack.
to
In
approached within hailing distance of the concrete.
none¬
But How Reach the Goal?
is concerned,
of
we
more
were
disposed to take forthright action of this sort.
He
as
Much
Certainly
in it if it
ly on record that in his judg¬
challenging his foes to
devoted
much confidence
leader
enough in
the
on
the gauntlet thus thrown down.
up
the
was
little of that heterogeneous
worthy of salvage that the opposition ought
should feel
which left
sure,
so
To-day
program so
leader
be
to
leader without
a
^definite
for
mid¬
disturbed and distraught—but
men
program.
tone, but
well
in
Then he
year.
causes,
theless the aggressive
with
address
but
one,
not to find it difficult in substance at least to take
1934, which opened the Congressional elec¬
militant
a
ments is
The strategy revealed, however, stands
striking contrast to that employed by him in his
summer
fair
a
of ill-considered and often inconsistent enact¬
mass
messages
that
may
men.
message,
presently be sent to
P
Financial Chronicle
2
definite
Congress, and day-to-day developments for
light
a
intends to do about
questions. This, of course,
to what the President
as
number of vital current
is
usually the
in
case
far from clear for
where the President stood
But this year
there is
several weighty issues,
on
light at all as yet except in
no
respect of taxation and neutrality.
Let
no
dent is
one
It was
degree or another.
one
long while early last year just
a
■«
of
presumably without a sweeping program
there
highly important
legislation this
year
questions
which the attitude of the President
upon
is of vital
n
1
prepared to push to the best of their
are
one
The plans
of them.
There
another.
tificates. This action tends to eliminate, if indeed
it has not actually eliminated, a dispute which is
credited with having had much to do with the failure
of the cash bonus plan to pass over the Executive veto
last year. Signatures to petitions have, moreover,
been obtained in numbers sufficient to bring the
question to a vote in the House in less than ten days,
and apparently plans are being laid to use the caucus
qratem to insure a solid vote in favor of the measure,
Meanwhile Senator Robinson is freely predicting
'iat+ a ^h bonus measure satisfactory to the President will be passed in both houses before the end
^
e mon
0
Let Us Keep the Record Straight
The so-called bonus move-
ability and opportunity.
are
rf
1
.
Congress that do have drastic pet measures
they
ment is
If the
community.
extended program there are many
no
•
groups in
that
no
to the whole
concern
President has
are
decided to drop its insistence upon its own ideas as
to means of payment and to support with vigor any
plan calling for cash settlement of the bonus cer-
_
that merely because the Presi-
suppose
others
are
Jan. 4 1936
of Doctor Townsend
that may spring into
Thig bonus
gay
question is
an
old one. Its hazards, not
j-j-g certain destructive effects upon American
prominence and present hazards of the first order
industry and trade, have been often expounded in
of
these columns, and indeed in all places
magnitude
at
I^resident stand
one
can
say
the bonus
on
the
If the
at the moment of this writing.
President is go ng to
this year,
Where does the
issue at present?
No
moment.
any
he has
so-called
strike this menace down again
Few suppose that
time to lose.
no
Townsend
plan
can
support
muster
sufficient to result in its enactment into law at this
and candor prevail.
sense
mon
where comProbably no good
would be served by reiterating these ancient
purpose
and well understood truths at present. At the same
time, there are certain aspects of the matter as it
presents itself concerning which we feel conIn the first
now
strained to place ourselves on record.
of
place, word has been broadcast across the length
'liberalization" of the social security law as a com-
and breadth of the land in unguarded press dispatches that the action of the House steering corn-
session,
but
promise.
there
the
is
danger
ever-present
Many thoughtful people
are
beginning to
the reports emanating from Wash-
grow uneasy over
ington strongly suggesting the possibility of drastic
silver
action
of
a
Is the
seriously harmful sort.
Administration prepared to oppose such a movement,
and thus help give real effect to his breathing spell
assurances
The President has delivered his annual
?
both to Congress and to the whole nation
message
the radio, but we must await
via
further light
on
all
mittee divorces the inflation issue from the bonus
question. Such statements as this may do^ infinite
harm. What is meant, doubtless, is that this action
on the part of Mr. Patman and his associates seems
to remove the likelihood of the issue of fiat currency
a
as
means
of paying the
bonus.
That may well be
true, but the fact, if fact it is, does not and cannot
There will be—
separate the bonus from inflation.
of this occasion to call the rank and file to his aid in
had almost hadhoped can b^-no/ :J
said there
payment of the
,.
«
bonus at this time except by resort to inflation o a
holding the situation in check in this,
very
& ^r
hope that the Chief Executive
!
intended
aPmSt
make use
to
a
hazardous
we
,
,.
,
,
.
„
,
real sort.
The Treasury deficit for the current fiscal year
election year.
No
that
shall
will
Bonus Lines
be
even
Forming
cioseiy approach a balanced budget during the
enormous.
one
supposes
we
FOE some time past it appears to have been taken fiscal for the 1937. The huge deficits of recent years
granted
almost all sides that legislation
have year of most part been financed by placing
for
will be
on
passed requiring the United States Govern-
ment to pay
adjusted
at once to the holders of the so-called
service
certificates
soldiers' bonus certificates)
to
the full face value of these
the fact that
(better
known
as
cash in amounts equal
instruments, despite
they do not mature for ten
years.
The
government obligations in the banks
against ar-
bitrarily created deposits to the account of the government. There is at present no evidence that any
other method will replace this mode of procedure for
financing the deficits to come.
If a cash bonus is
paid at this time without the issuance of fiat cur-
its equivalent, the increase in the deficit
developments of the past week seem to indicate that
rency or
this
thus occasioned will, it is only reasonable to suppose,
be financed just as the deficits of the past and pres-
apparently almost universal assumption has
firm foundation in fact.
ans'
organizations have
upon
of
to
a
definite agreement
political skill and
accordingly expect
one
of the most
a
united front
power.
on
We
the part
powerful lobbies the country has
known, which will exert its influence to the ut-
ever
most
the
The three dominant veter-
come
precisely what they will press upon Congress
with all their brazen
may
a
during
a
pre-election session of Congress when
legislators
are
proverbially sensitive to
organ-
been
have
ent
and
are
being financed,
that is,
Indeed, unless the Administration is prepared to take far more vigorous steps of
through the banks.
an
orthodox sort than it has taken in the past,
there is
no
other method of financing the bonus,
In the second place, the veterans' organizations,
now
united in active support of the bonus program,
have
come
forward with
a
sweeping plan which they
ized lobbies that have shown what is believed to be
assert
political strength.
cash for the time being—an assertion apparently in-
Hardly had this agreement been reached before
Congressional leaders
were
"summoned" (to
use
the
language of headline writers, who often care much
more
for substance than for
the details of the accord.
before
the House
technicalities)
to hear
Not many hours elapsed
steering committee unanimously
tended
will require no more
to
carry
the
than $1,000,000,000 in
implication
to
the
public
that the cost of the scheme is now so reduced as to
We
estimate of
cash cost pending fuller information concerning the
fall easily within the national ability to pay.
are
not prepared to accept this ex parte
plan itself and other correlative matters.
In any
event, the veterans do not undertake to deny that
posits
declines
shadowed
the actual cost to the government
be
3
Financial Chronicle
Volume 142
will undoubtedly
of
$70,485,000 in Treasury de¬
general account, of $3,915,000 in foreign
on
than
$1,000,000,000, for it is obvious that
bank
the necessary
cash outlay has been reduced only by
Although aggregate deposit and note liabilities were
more
the process
simple
either
of postponing
truth
one
is
that
two
or
part of the cost.
a
the
country
billions of dollars
The
afford
cannot
for any
such
deposits, and of $7,344,000 in other deposits.
not much
changed, reserves increased sufficiently to
increase the ratio to
System
the
by
Discounts
77.6% from 77.3%.
$2,483,000
fell
the
in
week
to
project at the present time. The fact that Congress
$4,672,000, while industrial advances were lowered
can
$107,000 to $32,493,000.
to
even
that
seriously consider adding
such burden
any
already being carried by the Treasury is
clear evidence of the madness that has seized
upon
them
during the past two
or
three years of reckless
appropriation and spending.
bankers'
bills
$4,656,000, and
holdings in¬
creased $4,000 to $2,430,731,000.
The current re¬
port also reflects year-end adjustments in the capital
States
United
of
accounts
Federal Reserve Bank Statement
^
ONCE again the plethora ofemphasis in the
idle funds receives
its due and unavoidable
cur¬
rent condition statement of the 12 Federal Reserve
banks combined.
in
excess
of
Reserve
deposits of member banks
Tuesday night by $150,(>00,000, to
of
$2,850,000,000.
Unless
some
an
perfectly
enormous
aggregation of idle credit resources, the figure
destined to
move
forward
seems
rapidly in coming weeks
only to the previous record of $3,310,000,000, but
perhaps far beyond that total.
advance
an
the week covered
ceded
The influences mak¬
amply in evidence during
were
by the available report, and they
likely to continue.
are
Currency in circulation
by $109,000,000, according to the credit
and '
mary,
naturally
marked down by $2,672,000 to $47,-
premises
were
723,000.
Surplus increased slightly under both Sec¬
tion 7 and Section
Reserve for
to
13B, of the Federal Reserve Act.
contingencies
increased $4,171,000
was
$34,689,000.
deposits
reserve
tended
to
increase
of
member
re¬
sum¬
banks
accordingly.
The
Treasury decreased by $70,485,000 its prodigiously
swollen deposits with the Federal Reserve banks on
general account, and here again the funds increased
the member bank
deposits.
Large
the return of
as
The New York Stock Market
aggregate
change is effected in
the official attitude toward this
ing for
Bank
banks.
Reserve
Federal
the
to
security
government
legal requirements advanced in the week
to
not
Open market holdings of
$1,000
dropped
ACTIVE trading and a persistentthe New trend
upward York
quotations developed on
i
of
Stock
ties
despite the uncertain¬
Exchange this week,
that
resumption of the legislative session in
Washington necessarily calls forth.
was
a
The movement
impressive, and it seems a fair assumption that
good deal of buying that was delayed during the
scare of
the latter months of 1935 at length
war
Idle funds have
released.
was
and
over,
again
now
are
accumulated, more¬
approaching record levels.
Optimism pervaded the financial community at the
turn of the year,
trade and
ress
a
owing to good results of the holiday
general expectation that continued prog¬
will be made from the
In these
tively
depths of the depression.
circumstances, offerings of shares were rela¬
and the insistent demand raised levels
scarce
quite generally.
All groups of stocks participated
represent only the beginning of the flow, while the
in the
It
Treasury still has something like $500,000,000 in
no
holiday
currency may
of its normal
cess
System.
have been, the current figures
ex¬
deposits with the Federal Reserve
It is to be noted, moreover, that the Treas¬
in recent weeks has not reimbursed itself for
ury
upswing.
now
will be taken
action
is held fairly obvious that
final
The
session
of last
week reflected
unsettlement in various groups
certificates
last
as
National bank notes return from cir¬
ing to increase excess
ences
tional
•
important factor tend¬
reserves.
With all such influ¬
converging in coming weeks it is evident that
the total of
excess
gold,
reserves
will advance with excep¬
Offsets, such
rapidity.
of
ment
an
are
as
export
an
move¬
only dimly probable and it is
an
trend
we
find
banks
were
$7,553,357,000
on
Dec. 31,
a
reduction of
$492,000 in^ the week covered by the report.
in
cash
vaults
turned from
so
sharply
as
that total
currency
reserves
re¬
moved
to $7,835,351,000 from $7,791,308,000 on Dec. 24.
up
The increase in
the
Treasury
ditions to the
to
increased
circulation,
But
reserves
would have been greater if
certificates for ad¬
monetary gold stocks, which amounted
had
deposited
$9,000,000 in the week.
actual circulation fell to
Federal Reserve notes in
$3,709,074,000 from $3,768,-
income tax Influences
effected
to
establish
session
vanced
to
$6,385,809,000 on Dec. 31 from $6,309,629,000 on Dec. 24. An increase of $157,924,000 in
member banks deposits on reserve account far over¬
But all sales
absorbed
were
readily,
leading issues advanced 1
to 2
In the pre-holiday
Tuesday, further gains appeared and some
on
average
compilations moved
levels of recent years.
close to
the highest
Shares of airplane manufac¬
turing companies were particularly in demand, but
substantial
gains also appeared in oil, motor and
Wednesday was a holiday and
utility stocks.
business
sumed
an
was
on
transacted.
When
Thursday the tone again
trading
was
was
no
re¬
strong, but
underlying note of caution was introduced by the
impending session of Congress.
Some investors
ap¬
parently preferred to await the contents of the sev¬
$109,000,000, it is evident that other forms of cur¬
decreased almost as much as Federal Re¬
Total deposits with the System ad¬
operative.
participated in the movement.
Modest
notes.
were
losses
Much of the
sales, indicating that
Industrial, utility and railroad stocks all
eral messages
serve
of
number
a
480,000, but as the total currency in circulation fell
rency were
easily in that session.
business done consisted of cash
points.
gold certificate holdings of the Federal Reserve
little
But the year-end
slightly downward.
moved forward
for
Turning to the year-end banking figures,
a
Trading
optimism was in full sway on Monday, and prices
and
that
of stocks.
Saturday exceeded 1,000,000 shares, with the
main
obviously pressing requirement that action be taken
restricting the accumulation of idle funds.
of the
ing interest also was stimulated for this reason.
gold acquisitions, and the obligation to deposit gold
culation likewise remains
diminution
toward
extraordinary volume of excess reserves and buy¬
with
trading
classes
of
absorbed
trend.
on
again
a
were
up
the rule yesterday,
substantial scale.
industrial, utility
joined in the
was
to be delivered in the next few days.
advances
Almost all
stocks
and railroad
trend, and occasional profit-taking
easily without disturbing the general
,
.
4
Financial
In
the listed bond market
Jan. 4 1936
impressive demand
at 15% against 15%; Westinghouse Elec. & Mfg.
both sound and speculative securities made its
for
ad-
at 98 against 95%; Lorillard at 21% against 24;
United States Industrial Alcohol at 42% against 48;
steadily, with inquiry reported from institubuyers in all parts of the country.
High-
Canada Dry at 16 against 16%; Schenley Distillers
at 48% against 51%, and National Distillers at 29%
United
appearance.
vanced
tional
an
States government issues
grade corporate bonds showed fractional gains, while
the issues selling at
large discounts from par value
surged forward 1 to 3 points in single sessions. Even
the
foreign dollar section of the market reflected
some
buying.
but
more
In the commodity markets
restrained
throughout the
up-swing
week.
in
was
Grains,
a
cotton
similar
progress
and
other
staples moved higher with only a few exceptions,
Foreign exchange markets were somewhat more
irregular.
but
the
Steadiness prevailed early in the week,
gold
European
yesterday after
a
Chronicle
currencies
turned
Swiss commercial bank applied for
a
three-months' moratorium under
Dividend actions
cumul.
dividend of $7
a
Swiss law.
a new
by corporate entities the present
week included the favorable declaration
Sugar Corp. of
weak
a
by the Holly
share
preferred stock; this action clears
amounting to $5.25
share
a
vides for the current
on
its 7%
up arrears
this issue and pro-
on
quarterly dividend of $1.75
against 30%.
The steel stocks advanced to higher levels this
week.
United States Steel closed yesterday at 49%
against 46%
on Friday of last week; Bethlehem
Steel at 53% against 49%; Republic Steel at 19%
against 18%, and Youngstown Sheet & Tube at 45%
against 44.
In the motor group, Auburn Auto closed
yesterday at 42 against 41%
General Motors at 56%
Friday of last week;
on
against 56%; Chrysler at
91% against 92%, and Hupp Motors at 1% against
2%.
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 24% against 22% on Friday of
last week; U. S. Rubber at 18% against 15%, and
B. F. Goodrich at 15 against 13%.
The railroad
shares made further progress the present week.
Pennsylvania RR. closed yesterday at 31% against
29%
on
Friday of last week; Atchison Topeka &
Santa Fe at 61 against 56%; New York Central
at
the
29% against 26%; Union Pacific at 113 against
107%; Southern Pacific at 25 against 23; Southern
Railway at 15 against 13%, and Northern Pacific
by the Lehigh & Wilkes-Barre Corp. in
reducing the quarterly distribution on the common
ard Oil of N. J. closed yesterday at 52% against 49
share, which becomes payable
other
dividend
of
on
Feb. 1 1936.
unfavorable nature
an
a
One
was
action taken
stock
from
$2
share
a
to
$1.50
share, payable
a
Jan. 22 1936.
Call loans
mained
On
the New York Stock
on
Exchange
re-
unchanged at %%.
the New
York
Stock
Exchange the sales at
Saturday last were 1,140,190
shares; on Monday they were 1,626,940 shares; on
Tuesday, 2,439,935 shares; Wednesday was New
the
half-day session
Year's
were
Day and
2,240,900
shares.
last
a
on
holiday;
shares,
and
Saturday
453,015
on
347,285
were
shares;
on
on
Monday,
shares;
on
Friday, 488,120
,
With the
convening of Congress last evening confronting the market, trading for the week reflected
diminished
concern
that
on
score
and
prices of
equities moved forward in active trading to substantially higher levels. Yesterday the market contmued the advance of previous
of sales exceeded that of
any
month.
than
Prices at the close
the
on
same
day
a
days, and the volume
full session in
on
over
a
Friday
week ago.
were higher
General Electric
closed
last
yesterday at 38% against 37% on Friday of
week; Consolidated Gas of N. Y. at 31% against
30%; Columbia Gas & Elec.
at
14% against 13%;
46% against 44%; J. I.
Case Threshing Machine at
98% against 97; InterPublic Service of N. J. at
national
Harvester
Roebuck & Co.
Ward
&
Co.
at
at
In the copper group, Anaconda Copper closed
yesterday at 29% against 28% on Friday of last
week; Kennecott Copper at 29% against 28%;
American Smelting & Refining at 59% against 59%,
and Phelps Dodge at 26% against 26%.
Trade reports indicate that unusually good genwas done in the post-Christmas week,
and the stock market gained stimulus from the
shares.
a
26%.
Friday, 2,831,410
Exchange the sales
455,645
Thursday, 400,455 shares, and
on Friday of last week; Shell Union Oil at 153%
against 15%, and Atlantic Refining at 29% against
oral business
shares;
Tuesday,
on
Among the oil stocks, Stand-
Thursday the sales
on
On the New York Curb
at 25% against 24%.
623%
against 60%; Sears,
64% against 64%; Montgomery
at
couraging reports.
en-
Industrial indices reflect their
costomary year-end setbacks. Steel-making for the
week ending to-day was estimated by the American
Iron and Steel Institute at 46.7% of capacity against
49.5% of capacity last week and 39.2% of capacity
at this time last
The current recession of 2.8
year.
points amounts to
drop of about 5.6%.
a
Production
of electric energy for the week ended Dec. 28 1935
was 1,847,264,000 kilowatt hours.
Since the week
contained
a
holiday, this
2,002,005,000
kilowatt
was
under the figure of
hours
weekly period, but it
for
compares
the
preceding
with 1,650,467,000
kilowatt hours in the corresponding week of 1934.
Car loadings
of
revenue
freight totaled 466,679
in the week to Dec. 28, the Association of American Railroads reports. This is a decrease of 132,855
cars
cars
from the previous week but
over
the
same
week of last
As indicating the
a
gain of 41,275
cars
year.
course
of the commodity
mar-
kets, the May option for wheat in Chicago closed
yesterday at 101%c. against 99%c. the close on Fri-
38% against 38%; Woolworth at
55% against 5334, and American Tel. & Tel. at 159%
against 154. Allied Chemical & Dye closed yesterday at 159% against 151% on Friday of last week;
day at 61%c. as against 59%c. the close on Friday
of last week. May oats at Chicago closed yesterday
at 28%c. as against 28%c. the close on Friday of
Columbian Carbon at 97
against
last week.
de
93%; E. I. du Pont
against 139%; National Cash
23% against 22%; International
Nemours at 140
Register
A
at
Nickel at
ucts
at
45% against 45%; National Dairy Prod22% against 20%; Texas Gulf Sulphur at
33% against 32
National Biscuit at 33% against
31%; Continental Can at 84% against 84%; Eastman
;
Kodak at 160
against 156%; Standard Brands
day of last week.
May
corn
at Chicago closed yester-
The spot price for cotton here in New York closed
yesterday at 12.10c.
as
against 11.90c. the close
on
Friday of last week.
yesterday was
on
The spot price for rubber
13.56c. as against 13.31c. the close
Friday of last week.
Domestic
yesterday at 9%c., the same
week.
as on
copper
closed
Friday of last
Volume 142
Financial
In London
21%
on
the
price of bar silver yesterday was
pence per ounce as
against 21
pence per ounce
Friday of last week, and spot silver in New York
closed
the
matter
transfers
of
the
the close
same as
against $4.93%
the close
cable transfers
and
6.59%c.
foreign exchanges,
London closed
on
on
as
Friday of last week,
on
Paris
on
cable
yesterday at $4.92%
closed
yesterday at
against 6.58%c. the close
as
curities tended to recede.
stimulated
Friday of
on
last week.
the Bank of
The year-end settlement was effected with
officially at 4%%, against 8% two weeks
earlier, and the result was a general demand for se¬
curities
After the
on
centers, but trading again
suspensions
on
Day. There
restricted owing to
was
less apprehension in all
mar¬
regarding the European diplomatic situation
and
more
of
tendency to take account of such
a
the
holiday trade, which
particularly
was
good in Great Britain. Also indicative of the better
England
997 in the
total of
1,868,565,
verse, on
was a
decline in December of 49,-
official roster
of
the
unemployed, to
the lowest in five
or
Ad¬
years.
Laval
In France
wages.
much
a
more
optimistic
prevailed, largely because Premier Pierre
again
ties last
sustained by the Chamber of Depu¬
was
Saturday after
prolonged debate
a
eign policy. Relaxation of the tension in France
emphasized
rate
an
to
5% from 6%.
indifferent
is much
and
Tuesday by
on
course
The Berlin market pursued
in most
sessions,
industry in the Reich.
ther
gains of the current
day, although trading
in
was on a
excellent
market.
Good
dustrial
stocks,
ites
issues
in the
were
a
good reinvestment
Anglo-American favor¬
foreign section, but French
easily
ahead.
move
because
of
the
was
victory
fairly brisk
British
government issues
strong demand and home rails also improved.
were some
good features among the industrial
little profit-taking was in evidence
a
The international group
whole.
a
modest scale. British
by Premier Laval. Trading
issues, but
as
gains.
uncertain in the
to
in
well.
Mon¬
year-end session at London, and prices again
tended
There
on
and most of the gold mining is¬
advanced
achieved
cheerful
inquiry also appeared for most in¬
likewise showed
were
was
No
as
trading took place on Wednesday,
resumed in the first session of the
new
year, on
Thursday, with British funds still in the spotlight.
stimulated by the favor¬
Industrial securities were
able trend of
employment, and international issues
also continued their advance.
was
firm in the
of the
gains
The
Laval
The London market
early trading yesterday, but not all
were
the last week-end gave a
good tone to
the Paris Bourse in the initial session of the current
week.
Rentes moved upward on
fidence
issues
the spread of
con¬
regarding the future of the franc, but other
were
dull after
an
initial spurt.
on
^
the Berlin Boerse
on
speculative favorites, while a few issues advanced
even more.
Fixed-interest issues also participated
in the
After a good opening on Tuesday,
upswing.
prices tended to drift lower because of sheer absence
business, and closings for that session were mod¬
predominated,
gains
Fractional
irregular.
estly
however, and in a few instances larger advances were
The Boerse was closed on Wednesday,
recorded.
common
resumed
on
the
in
When trading was
with all other markets.
Thursday, small fractional changes were
rule, with declines more numerous than gains.
Little business
ket,
toward
on
the official
private and unrecorded trades.
dull
was
transacted
was
mar¬
the tendency in Berlin for some time has been
as
The tone
yesterday and changes were not important.
The Silver Problem
SOME new aspects of the silver problemarrival
made
appearance this week, with the
their
in
Washington of the Mexican Minister of Finance,
Foreign
se-
conversations
Protracted
Suarez.
Eduardo
were
Tuesday between the Mexican Minister, and
on
Secretary of the Treasury Henry Morgenthau Jr.,
conferences
followed
discussion
another
while
are
Thursday.
to be continued next
The
week, and it is
acknowledged that they concern the monetary use
of
silver, which Mexico produces in great quantities
and the United States is intent upon
accumulating.
No official information has been made available
to the
Mr.
meetings, other than
est of silver
cryptic statement by
producing countries to work closely to¬
gether. But it
one
a
as
Morgenthau, Thursday, that it is to the inter¬
seems
quite obvious that the talks
result of the recent
purchasing
program
are
change in the foreign silver
of the United States Treasury,
which reduced the market value of such silver from
65% cents
an ounce
The Mexican
to approximately 50 cents.
government last Spring found it
nec-
essary,
because of the rise in silver quotations occa¬
sioned
by the American program, to lower the silver
content of its
coinage.
In other countries, also, the
monetary use of silver has been restricted because
of
the American program,
ostensible aims
an
which has
Nationalization of silver in
metal.
as one
China under
decree issued Nov. 3 1935 threatened to
pears
on
the
place
a
a ver¬
market, and it
ap¬
due to that factor that the American buying
policy
caused
was
altered.
To the international mischief
by the artificial price advances, additions
now are
is
of its
increase in monetary use of the
itable flood of the metal
retained.
victory achieved in Parliament by Premier
over
declines
equities alike.
done
was
Large
yesterday.
Monday, but the trend of quotations was favorable
Gains of 1 to 2 points were common in
showed good results
although British banks remained open. The advance
was
Bourse
to holders.
held
demand, since the annual
interest disbursements assured
sues
promoted
year.
Exchange
the
of trade
made in 1935 and the expected fur¬
progress
were
was
issues
Rumors of new financing by
noted in rentes and
there still
in all markets of the
situation, and cheerfulness
The London Stock
funds
as
course
The year-end suspension
of activities occasioned surveys
by the
was
reduction in the bank
a
uncertainty regarding the
economic
for¬
on
international
while
demand,
changes.
Little business
of
the other hand, is the apparent determina¬
higher
attitude
Rentes lost a little
Treasury and a moratorium for a Swiss bank
were
a
tion of British coal miners to strike late this month
for
in
unsettled
Wednesday in observance of New
was
kets
trend in
holiday suspension, trading was resumed
were
the
as
and interna¬
advanced, with only a few exceptions.
quieter scale Thursday.
a
showed few
FIRM tendencies the principal European financial
exchanges in were the rule this week on stock
factors
French equities
of all kinds.
tional issues
sues
lrear's
France, and rentes continued their up¬
swing.
ground, but French bank, industrial and utility is¬
European Stock Markets
the
Tuesday's dealings were
by the reduction of the discount rate of
money
yesterday at 49%c., the
Friday of last week.
In
5
Chronicle
being made by the vacillating policy and it
possible that Senor Suarez journeyed to Washing¬
ton
chiefly to seek information.
Two further possi-
.
Financial Chronicle
6
bilities, discussed in the
tary
ment to
enhanced mone¬
press, are
of the metal by Mexico, and an arrange¬
use
exchange American gold for Mexican silver.
oil
Jan; 4 1936
sanctions
the United States
oil
RESUMPTION of the naval conference atspeedily
week probably will be followed London
next
by
presentation of American views
a
question
limitation
of naval
aims of the United
States
on
the broad
curtailment.
or
be
joined the
moreover,
of little
move
to restrict Italian
the whole scheme would seem
Some European ob¬
practical value.
in these circumstances, predict
servers,
will get around to the application of
sanctions.
oil
Various indications have been avail¬
able that
efforts
some
are
in progress
to bridge the
King Leopold, of Belgium, spent some days in Lon¬
The
desire
continue the
of
American
the
Lon¬
government
to
existing London and Washington pacts
does not accord with British
airing of the differences
Japanese views, but
or
may prove
helpful. Euro¬
governments, in the meanwhile, appear to have
pean
embarked
on a
new
air armaments.
series of conversations
What purport to
regarding
British Ambassador
Phipps,
were
to
Germany, Sir Eric
made at London and Paris.
these disclosures
don
he
depict Herr Hitler
Some of
emphatically
as
this
is
week, and Paris dispatches suggest that
urging
relaxation of the British policy of
a
The Belgian
pushing sanctions against Italy.
ernment stated
officially
the
proposals, but
reports about the Belgian King are very per¬
sistent.
of late in
tions
,.."Iv-"'.'.-1
:,V
Peace terms
naturally have received consideration
Italy and Ethiopia, but available indica¬
suggest that the two countries are so far apart
in their views
as
cable.
on
Terms
to make them
which
the
altogether impracti¬
Ethiopian government
divulged un¬
rejecting British suggestions for renewed considera¬
might be willing to discuss
tion of
officially at Addis Ababa late last week.
a
five-Power aerial defense
ing the conclusion of
official
an
branded
the
German
the
Anglo-German talk
was
government
had been made. It is
of the trend of
a
a
two-
reasonable
as¬
istrative
than
and financial advice from countries
Ethiopian War
Premier Mussolini issued on Monday a
Italy.
ernment, in the course of which it was intimated that
the recent Hoare-Laval
proposals might have been
basis of discussions, if they
even
THREE months have passed since Premier legions
Benito
marching
started the
modern Roman
Ethiopia, and it
upon
now
is evident not
only that the conflict will continue for a long time,
but also that the unsettlement which it visited upon
Hoare-Laval
no
will
remain.
a
longer
some
appears
war
to be a factor in the situa¬
evidence of anything to replace
settlement.
relinquish his post
as
Sir Samuel Hoare had
British Foreign Secretary
part in the discredited peace scheme.
Premier Pierre Laval
it
The statement
added.
was
culties faced
emphasized the diffi¬
by the Italian armies, and it was inter¬
preted generally as a move to calm the ^impatience
displayed by Italians because of the inactivity of the
military forces in Ethiopia.
fortunate,
was more
as
he
was
in the northern area,
bearing down
on
where three great armies
small town of Abbi Addi was
the
the Italian
Ethiopians, indicating that
state that
Ababa
an
Ethiopian attempt to regain
margin of twenty votes, last Saturday, at the end
at the end of this month and render
of
tions difficult.
long debate
British
new
on
foreign affairs. Anthony Eden,
Secretary for Foreign affairs, is
ex¬
right
wing has been forced back. Some reports from Addis
Makale will be made before the "Little Rains"
a
are
The
reported recaptured by
the Italian encampments.
supported in the French Parliament by a narrow
the
were
demands,
Dispatches from the war front suggest that the
it and
because of his
insufficient to meet the minimum Italian
Ethiopians assumed the offensive some ten days ago
no
a
by the British Cabinet. But
concessions of that plan
by
tion, but there is
expedite
The
the extraordinary
huge slices of Ethiopian ter¬
proposal for terminating the
granting to Italy
ritory
affairs
diplomatic
European
other
general statement of the views of the Italian gov¬
had not been overthrown
Mussolini
indemnity by
acceptable to Italy as
diplomatic thought.
The
an
mission, and acceptance of foreign economic, admin¬
offer of
an
time, and there will doubtless be further indications
soon
Ethiopian sovereignty, payment of
They in¬
recognition of
anything but amicable,
report that
receiving careful study at the present
are
withdrawal of Italian troops,
a
Italy, delimitation of boundaries by a League Com¬
sumption, however, that European relationships in
general
clude
peace were
intimations that
the
nonsense"
and also denied the
Power air pact
Anglo-German air treaty.
an
statement
"sheer
as
pact, but as favor¬
gov¬
Thursday that it has
on
not been commissioned to seek peace
be disclosures of
talk held Dec. 13 between Chancellor Adolf Hitler
and the
to
the
that
never
League
diplomatic gulf caused by the Hoare-Laval incident.
don.
In
as a
Unless
known, of course, and it is unlikely that the
well
a
by Italy
be considered
government already are
official statement will conduce to progress at
an
The
supplies,
to
Armaments
might
ground for extending the war to Europe.
ing
Three
military
begin
opera¬
Ethiopian armies are converg¬
Makale, which is the base of operations now
northern Italian armies, and two of the Ethi¬
on
pected to co-operate with M. Laval in further at¬
for the
tempts to find a solution, but that task seems hope¬
opian forces are said to be making good progress, but
for
less
the
time
element in the
the
actual
with
the
problem is
the
Italians until
northern
their
made
From the
next
Not the least important
a
reversal of positions in
military conflict.
a
to have been assumed
now
in
being.
The offensive rested
week ago,
but it
appears
by huge Ethiopian armies
sector, where the Italian
armies
some
developments, the
communication issued in Rome on
Thursday stating
merely that there was nothing new to report.
Press
correspondents with the Italian armies make it clear
that every
expectation now is entertained of a pro¬
struggle, and barracks are being built to
the Italians during the rainy season, which
general international point of view the
house
begin Jan. 20.
oil sanctions
have met defeat. Official Italian state¬
divulge nothing of such
tracted
steps in the current imbroglio apparently de¬
to
ments
greatest advances.
pend upon meetings of the League of Nations which
are
the third may
At that time the question of
against Italy
doubt exists
on
may
be taken
this point.
up,
although
The insufficient
ex¬
starts in
to
months more,
States are
The
last many
adding sharply to their hardships.
Africa, unable to make
military progress in the last two months, con¬
much
mier Laval for their peace
tinues to
may
for the sanctions of the League member
Italian command in
planations furnished by Sir Samuel Hoare and Pre¬
proposal indicated that
May. It can hardly be a comforting thought
the Italian nation that the war
employ airplanes on a great scale for raids
against the Ethiopian armies and people.
A most
unfortunate and deplorable incident developed last
Monday out of this practice.
unit at
Dolo,
Italian
airplanes,
encampment
first
was
though it
even
red
a
quite plainly
was
and the Swedish
cross
The
flag.
wiped out by the hail of bombs, and
reports indicated that eight Swedish
had been
nurses
unusually small
doctors
killed, along with 23 wounded
on
question of French foreign
a
policy.
The
A Swedish hospital
the southern front, was bombed by
on
marked with
and
7
Financial Chronicle
Volume 142
Parliamentary session early this week was
devoted to consideration of the
mates for 1936
ing after
were
approved
budget, and the esti¬
on
Wednesday morn¬
An
session lasting nearly 24 hours.
a
ap¬
parent surplus of about 12,000,000 francs is shown
by expenditures of 40,437,808,000 francs and income
of
But it is noted in Paris
40,449,887,000 francs.
Ethiopians. Later dispatches make it plain that the
reports that this is merely a paper balance which
casualties
does not
only
were
Swedish doctor
one
killed.
The
marked
exaggerated, and Eome claims that
fact
such,
as
remains
that
merely stated that there
hospital, plainly
a
The Italian government
was no
intention of bombing
hospital unit, but added that the continual bom¬
bardment
of
Resentment
Ethiopians from the air is justified.
against the Italians reached such
Thursday, that
on
none
feeling of revulsion and horror
swept through the world.
the
and
bombed in broad daylight and
was
understandable
an
wounded
was
the Italian
pitch
guard had to be placed around
a
legation in Stockholm. In other Scandi¬
navian countries the
in Sweden.
of the
a
feeling
The matter
was
was
almost
play
may
deep as
brought to the attention
League by Ethiopia through
test, and it
as
an
official
pro¬
considerable part in the
a
of
with
accord
actualities, since the system
special accounts for various extraordinary expen¬
ditures
has
statement
New York
"Times"
Premier Laval
effected
continued.
been
that
all
the decrees issued
by
during the latter half of 1935 have
for
the
past year is likely to be about
7,000,000,000 francs,
the
Treasury
saving only of 2,500,000,000 francs, so that
a
the deficit
the two
French
A
reveals, according to a dispatch to the
preceding
or
virtually the
same as
during
It appears, moreover, that
years.
Treasury sold 1,000,000,000 francs of short-term
bonds in
of the legal
excess
francs set in the
The
financial
shifted
the
has
been
problem
of
the next
Parliament, the Paris cor¬
to
over
limit of 15,000,000,000
special authorization of last year.
country
respondent of the New York "Times" observes.
League deliberations later this month.
Germany and Lithuania
Laval
Survives
ANXIETY regarding the bitter antagonism that
Germany and Lithuania,
^
FRENCH political uncertainty has been Premier
allayed
being by
victory which
time
for the
a
Pierre Laval achieved last
a
Saturday, at the end of
protracted debate on the foreign policy pursued
lately with regard to Italy and Ethiopia.
been sustained
had
previously
on
and the further favorable vote
sible the passage
of
ment
the
M. Laval
domestic affairs,
now
has made pos¬
of the budget for 1936 and adjourn¬
Parliamentary session until Jan. 14.
exists
between
largely because the latter country was given nomi¬
nal
sovereignty
find
an
It is
cles.
over
the port of Memel, continues to
occasional echo in
European diplomatic cir¬
reported from London, in
a
dispatch of
Monday to the New York "Times," that the British
government is attempting to ease the difficulties by
negotiating
the
tween
exchange of political prisoners be¬
an
If
countries.
two
this effort
succeeds,
Since M. Laval is committed to the maintenance of
further
the franc without
ment, it appears, recently protested in London and
devaluation, it is
siderable international
able to command sufficient
ment.
which
on
was
will continue when the
opinions differ, quite as they do
evitable in
France, much
such steps
tivities of the French
in¬
to be
The deflationary and budget-balancing
deplored.
ac¬
Premier have not been espe¬
cially successful and the depression remains at its
worst in
France.
Pressure is said to be
increasing
continually for employment of the doubtful expedi¬
The debate in the Chamber of
Deputies last week
on
foreign policy occasioned numerous predictions
by
press
correspondents that Premier Laval would
confidence, but he actually
be defeated in the test of
received
a
with the
request made by England, France and
the
on
to
now
The German Nazis in
situation
in
favorable margin of twenty votes last
Sat¬
over
are
making
use
of the privileged
position accorded them under the Memel statute to
obliterate
all
signs of Lithuanian sovereignty, the
Lithuania called this situation to
report indicates.
the attention of the Powers that
of
Reich
the
Saar
area
Lithuania
voted
the Berlin
a
steps for improving relations between
and
sovereignty,
is
signed the statute
Memel, and the British government apparently
an
early last
are
year
advisable.
After the
to return to German
intensive campaign
was
started by
government to recover Memel. The result
situation
with
highly explosive potentialities.
German Anti-Semitism
people, like those in England, felt keen
resentment
Memel, presuming
by the request, are said
only from Nazis across the border,
Germany. They
urday. The dubiety arose chiefly from the fact that
the French
created
ignore the Lithuanian authorities entirely
and to take orders
concluded that
devaluation.
of franc
ent
ance
port
being compromised through compli¬
are
in Memel.
prove
are
Memel
the
on
It remains the
tampering will
as any
of
Italy for better treatment of the German population
expectation of informed political and finan¬
cial observers that currency
Paris that its interests in the former German
one
again meets is another matter and
advisability of French devaluation.
general
matter of con¬
support at a critical mo¬
Whether that support
Parliament
a
importance that he again
steps will be taken. The Lithuanian govern¬
tion
the Hoare-Laval proposal to
Ethiopia for the benefit of Italy.
defended his actions
stituted
an
on
parti¬
The Premier
the ground that they con¬
attempt to improve relations between
RENEWED anti-Semitism that accompanied the
the emphasis was placed last Sunday
upon
rise of Hitler in
England and Italy, and he assured the Chamber that
the
his Cabinet
respected League of Nations principles
Germany.
and desired
co-operation with Great Britain. When
crticized
he
called for
while 276
a
were
vote, M. Laval received 296 ballots
cast
against him.
The margin
was
of
Germany through the resignation
James G. MacDonald
of
as
High Commissioner of
League of Nations for Refugees Coming from
In
an
able final report, Mr. MacDonald
Germany bitterly and urged the community
nations, through the League
collective
measures
for
or
otherwise, to take
holding the Germany author-
Financial
8
ities in check.
all
pacific
Intercession, friendly but firm and by
declared
means, was
further intensification of
he
to prevent
necessary
repressive
measures
which,
said, threaten not only the Jews in Germany, but
Roman
Catholics
and
Protestants
well.
as
League," Mr. MacDonald said, "must ask for
ification of
rest and
policies which constitute
perplexity in the world,
conscience of mankind and
tion
of
German
and children is threatened
women
The ratio of
this
week
to
£181,369 to other
to liabilities
reserves
27.48%;
week
a
dropped
it was
ago
mod¬
government securities rose £28,510,000 and those on
of
un¬
to the
legiti¬
by the immigra¬
other securities
it
year
35.37%.
was
Loans
on
The latter consists of
£15,303,564.
discounts and advances and securities which increased
£15,154,391 and
count
different items with
BANK
at
2%.
Below
by the Nazi poli¬
show the
we*
comparisons of other
ENGLAND'S COMPARATIVE
OF
The dis¬
£149,173, respectively.
remains
rate
of non-Aryan men,
of thousands
to bankers' accounts and
accounts.
further
Of the latter amount, £58,463,-
£58,644,935.
was
1936
29.79%, while last
The pauperization and
refugees."
exile of hundreds
a
a source
menace
a
mate interests of the States affected
creased
566
Jan. 4
"The
challenge to the
a
Chronicle
years.
STATEMENT
Jan. 2
such
League Commission
private relief organizations can hope to solve it.
nor
The
in
extent that neither the
an
report by Mr. MacDonald received
the German
circles
but it
press,
Berlin that any
in
that
as
rec¬
by the German govern¬
domestic
in
interference
unwarranted
as
notice
no
stated in official
action such
ommended' would be viewed
ment
was
Jan. 2
Jan. 3
Jan. 4
Jan. 6
1935
cies, he added, and the problem now has grown to
1934
1933
1932
1931
£
411,751,000 394 ,731,125 182,074,931 362,599,116 362,859,093
9 ,931,185
15,689,723
17,735,301
12,516,299
9,965,000
167,832,750 154 ,165,403 164,238,445 168,355,389 120,327,070
Bankers' accounts. 130,542,800 117 ,343,357 127,727,487 134,120,092
81,823,788
Other accounts
38,503,288
37,289,950 36 ,822,046 36,510,958 34,235,297
Govt, securities
110,364,499 89 ,336,413 89,881,692 102,081,824 64,890,906
Other securities
55,688,457
36,608,771 34 ,757,755 -39,558,008
63,852,465
Disct. & advances.
19,898,960
23,655,425 24 ,195,414 25,560,169 45,990,482
10 ,562,341
Securities
12,953,346
17,861,983 35,789,497
13,997,839
Res've notes & coin.
33,465,312
48,860,000 58 ,049,989 69,568,745 32,967,817
Coin and bullion
200.609,014 192 ,781,114 191,643,676 120,566,933 121,324,630
24.6%
27.48%
18.22%
35.37%
Propor.of res.to liab.
38.44%
Circulation
Public
deposits
Other deposits
.
Bank rate
2%
2%
6%
2%
2%
affairs.
There has been
ample evidence of late to show that
the
not
exaggerated.
Bank of France Statement
charges of the League High Commissioner are
Hundreds of Jewish business en¬
terprises in the Reich have been forced to close by
the
persecution practiced against their owners, while
One of the
been
have
hundreds
additional
sold
flagrant instances
more
confiscation last month of
a
to
"Aryans."
the virtual
was
huge industrial under¬
taking, the Simson Company in Suhle, Thuringia,
which the German authorities
attempted to justify
of Jews at
the basis of "unheard-of enrichment
on
the expense
one
of the
is
moreover,
to be
tendency in the Reich,
resent report that Jews no longer
a
on
the specious ground
provide
exhausted
Jewish faith
or
by the attacks
means
Nor is
rumors.
for
Nazi
people of the
on
of blood faintly tinged
bringing the total down to 66,296,058,748 francs.
Gold
a
year ago
two years
aggregated 82,124,109,003 francs and
77,098,002,120 francs.
ago
mercial bills discounted reveal
a
The
ratio
Bank's
80.13% last
is
francs, bringing the total
a
to 81,149,325,675 francs.
Bills
before at 82,613,379,420 francs*.
against
advances
abroad,
bought
up
year.
advance of 742,000,000
an
stood at 83,412,395,015 francs
year ago
and the year
2,000,000 francs.
and 79.39% the previous
year
com¬
71.50%, compared with
now
Notes in circulation record
Circulation
French
gain of 302,000,000
francs and credit balances abroad of
creditor current accounts
securities
and
register decreases, namely,
1,000,000 francs, 40,000,000 francs and 628,000,000
A comparison of the various
francs, respectively.
items for three years appears
BANK
with Semitic
below:
OF FRANCE'S COMPARATIVE
endeavor to prevent anything re¬
The
ancestry.
that traveling
of the most effective
one
of anti-Nazi
circulation
venom
The firm is
permitted to act as traveling salesman in
Germany,
salesmen
the
of the
Illustrative
Reich.
are
of the German Treasury."
leading armaments manufacturers in the
THE weekly statement dated Dec. 27 shows a
decline in gold holdings of 1,090,104 francs,
STATEMENT
Changes
for Week
Dec. 27 1935
Dec. 28 1934
Dec. 29 1933
Francs
Francs
Francs
Francs
sembling political activity on the part of Christian
has resulted recently in the
and pastors
priests
—1,090,104 66,296,058,748 82,124,109,003 77,098,002,120
15,561.445
+ 2,000,000
9,953,636
11,003,727
Gold holdings
Credit bals. abroad.
arrests of
a
number of eminent churchmen who
re¬
a
French commercial
bills
fuse to view their duties in the
light prescribed by
9,710,517,900 3,971,087,411 4,739,040,609
1,142,503,045
952,236,452
1,318,641,126
3,251,474,883 3,211,257,357 2,921,269,965
+ 742,000,000 81,149,325,675 83,412,395,015 82,613,379,420
—628,000,000 11,578,138,146 19,076,245,989 15,736,151,010
+ 302,000,000
discounted.,
—1,000,000
b Bills bought abr'd
—40,000,000
Adv. against secure.
the Nazis.
Dr.
Reichsbank
and Minister
Hjalmar Schacht, President of the
Note circulation
Credit current accts.
issue
on
of
Economics, has taken
several occasions with
some
Propor'n of gold on
hand to sight liab.
a
forms of
little
79.39%
80.13%
71.50%
—0.08%
of the extreme
anti-Semitism, but his views
seem
Includes bills purchased
to carry
In France,
b Includes bills discounted abroad.
•
.
.
•
i
•
'
-
Bank of Germany Statement
weight against those of fanatical Nazis.
*
Foreign Money Rates
THE statement forin gold and bullion Deceipber
reveals
gain the last quarter of of 40,000
a
IN bills
LONDON open market 9-16®%%, for short
discount rates against
Friday
on
^@13-16%
were
on
Friday of last week, and 13%% for
three-months' bills
of last week.
%%.
was
ered from
as
against
as
Money
on
At Paris the
7% to 6%
the rate remains at
Bank of
on
13-16%
call in London
open
on
on
market rate
Dec. 31
as
than
this
Friday
was
low¬
Dec: 31 but in Switzerland
2%%.
England Statement
a
now
reserves
rose
£12,-
aggregate £200,609,014
comparison with £192,781,114
a year ago.
Public
deposits fell off £2,180,000 and other deposits in¬
before
at
Gold
a
stood at 79,101,000 marks and the year
386,182,000 marks.
Reserve in foreign
silver
currency,
German banks
and
other
coin,
notes
and other assets register
on
other
decreases,
namely, 18,000 marks, 18,630,000 marks, 9,120,000
marks
year
attended by a contraction of no less
Gold holdings
ago
and
181,690,000 marks, respectively.
Bank's ratio is
£12,756,000 in circulation,
703,000.
in
was
year
Friday
THE statement of the Bank for the gold holdings
reveals
loss of £53,206 in week ended
but
marks, bringing it up to 82,474,000 marks.
now
and 10.9% the previous year.- Notes
tion show
a
total up to
The
2.04%, compared with 2.14% last
in circula¬
gain of 195,204,000 marks, bringing the
4,285,167,000 marks.
Circulation
a year
ago
aggregated 3,900,609,000 marks and two years
ago
3,645,016,000 marks.
An increase appears in
exchange and checks of 607,779,000 marks,,
bills of
in advances of
30,747,000 marks, in investments of
1,036,000 marks, in other daily maturing obligations
of
231,515,000
marks
3,425,000 marks.
in
and
Below
furnish
we
Bankers' Acceptances
of
liabilities
other
comparison of
a
THE market for prime bankers' week. Few bids
little activity this acceptances has
the different items for three
years:
shown very
REICHSBANK'S COMPARATIVE STATEMENT
Assets—
Dec. 31
Reichsmarks
—18,000
Bills of exch. and checks
Silver and other coin..
Notes on oth. Ger. bks
+ 607,779,000
—18,630,000
—9,120,000
+ 30,747,000
Advances
1935 Dec.
1934 Dec.
31
84,157,000
663,631,000
145,689,000
763,451,000
695,416,000
658,619,000
four
six
183,279,000
581,098,000
—181,690,000
Other assets..
559,099,000
Federal Reserve banks'
creased from
Discount
Rates
of
for
rates
Foreign Central Banks
dealers
concerned,
are
own
been in effect since Nov. 25 1935, at
acceptances
count rate from
raised from 5%.
advances
At the
securities
on
was
same
which time it
lowered from
changed at 7%
flight of gold.
as
gold bars
left
was
table which follows:
market
open
DELIVER
180 Days
—120 Days
150 Days
Bid
un¬
renewed
a
for
rates
follows:
as
7% to 6%
precaution against
DISCOUNT RATES OF FOREIGN
are
they continue to fix their
as
nominal
SPOT
eligible bills.
■
Asked
Bid
Asked
Bid
Asked
X
*16
H
*16'
X
*16
J
"
90 Days
\
Asked
s,6
FOR
30 Days
60 Days
Bid
X
Prime eligible bills
Present rates at the leading centers
shown in the
are
a
on
The
rates.
time the rate of
Prime
but the rate of advances
$4,657,000 to $4,656,000. Open market
acceptances, are nominal in so far as the
THE Bank of France on Dec. 31 loweredrate dis¬
6% to 5%. The 6% its has
was
The
holdings of acceptances de¬
10.9%
2.14%
2.04%
—0.10%
running from 1 to 90 days, %% for 91- to
120-day bills, and 1% for 121- to 180-day bills.
Propor. of gold & for'n
curr.to note circula'n
The bill-
212,414,000
378,271,000
301,997,000
+ 3,425,000
months, 34% bid and 3-16% asked; for five and
months, %% bid and 5-16% asked.
for bills
+ 195,204,000 4,285,167,000 3,900,609,000 3,645,016,000
639,833,000
+ 231,515,000 1,031,792,000
983,572,000
Other daily matur.oblig.
Other liabilities
to and
up
3-16% bid and %% asked; for
are
buying rate of the New York Reserve Bank is 34%
Liabilities—
Notes in circulation
Acceptance Council for bills
including 90 days
Quotations of the
unchanged.
are
moderate
a
Rates
American
386,182,000
79.101,000
43,019,000
21,204,000
9,427,000
4,607,000
5,224,000
4,551,655,000 4,065,506,000 3,225,695,000
171,836,000
162,164,000
152,233,000
3,798,000
6,112,000
5,250,000
82,474,000
21,141,000
+ 1,036,000
Investments
appeared and there has been only
1933
30
Reichsmarks
Reichsmarks
Reichsmarks
+ 40,000
No change
Of which depos. abroad.
Reserve In foreign curr.
have
demand.
Changes
for Week
Gold and bullion
9
Chronicle
Financial
Volume 142
Asked
Bid
X
Bid
>.6
16
DELIVERY WITHIN THIRTY DAYS
X
.
Eligible member banks
Eligible non-member banks
.
Asked
%% bid
X % bid
...
CENTRAL BANKS
Discount Rates of the Federal Reserve Banks
\
Rate in
Country
Jan.
vious
Established
3
Rate
Jan.
Austria
3H
Batavla-
4
Belgium
Bulgaria...
6
July 10 1935
July
1 1935
May 16 1935
Aug. 16 1935
Canada....
2X
Mar. 11
4
Jan.
24 1935
4X
Java
4
July
18 1933
6
Jugoslavia
2
hlle
Colombia..
Established
3
Rate
4
Aug. 28 1935
India-
3
Nov. 29
2X
Ireland
3
June 30 1932
7
Italy;.
6
«»«.
1935
Japan
Sept.
July
9 1935
3 1933
4X
June
2 1935
Feb.
1 1935
ax
6
Jan.
2 1934
.
3
*
6X
May 28 1936
6
Norway...
3X
May 23 1933
Poland
5
Oct.
25 1933
Portugal
4
Dec.
13 1934
Sept. 25 1934
5X
Rumania..
3X
Deo.
7 1934
4 1934
May 16 1933
England
2
June 30 1932
Estonia
6
4X
SouthAlrlca
3X
1935
5
Spain
5
July
Sept. 30 1932
5
Sweden
2X
Deo.
1
1933
7
Oct.
13
7X
Switzerland
2X
May
2 1935
r
-
Nov.
13 1935
Dec. 31
1933
5X
10 1935
Federal Reserve Bank
'
•
Established
Rate
8 1934
IX
'
.-
;
Cleveland
Feb.
Jan.
17 1935
May 11 1935
May
2
14 1935
2X
2X
2X
2X
modest
month
now
2
over
loans
the
for
This is
$938,441,652.
was
an
increase
the figure for the end of Novem¬
the New York Stock
Exchange
were
Call
%%
week, whether renewals
or
loans, while time loans for all maturities up to
six months
offered at 1%.
were
commercial paper were
New
No Treasury bills
Rates for bankers' bills and
sold this week.
Course of Sterling
8 1935
2X
16 1934
2X
Exchange
unchanged from last week.
are
Year's
a
DEALINGExchange from day to day, % on 1%
in detail with call loan rates of the
Stock
remained the ruling
new
quotation all through the week
loans and renewals.
movement in time money
There has been
this week.
Rates
no
are now
The market for
has been somewhat firmer
quoted at 1% for all maturities.
prime commercial paper
this week.
Prime
paper
and there has been an
has been in better supply
improved demand.
Rates
few days after the turn of the
Sterling is steady and inclined to firmness in
year.
terms of the
went off
dollar, but the rate against French francs
sharply
on
Monday and Tuesday owing to
sudden advance in the French franc.
$4.93% f°r bankers' sight bills, compared with
range
for cable transfers has been between $4.92%
$4.93% compared
The
a
market
range
a
of
between
ago.
following tables give the
on
mean
Paris from day to day, the
London check
London
open
gold price, and the price paid for gold by
the United States:
MEAN
Saturday, Dec. 28
Monday,
Dec. 30..
Tuesday,
Dec. 31
4
LONDON CHECK RATE ON PARIS
74.968
.74.594
....74.49
Wednesday, Jan. 1__
74.437
Thursday,
Jan. 2
74.473
Friday,
Jan. 3
74.70
LONDON OPEN MARKET GOLD PRICE
are
140s. lid.
Saturday, Dec. 28
Monday,
Dec. 30
141s. 3d.
six months and
Tuesday,
Dec. 31
.14Is. 2d.
with
week
%% for extra choice names running from four to
1% for names less known.
a
of between $4.92% and $4.93% last week.
The range
rate
a
The range for
been between $4.92% and
sterling this week has
and
York Money Rates
holidays and normal activity is usually not
fully resumed until
$4.92% and $4.93%
for both
2X
May
Feb.
-
2
•_
STERLING All foreignis exchangea transactions
exchange now in between-seasons
period.
for all transactions this
were
2
...........t
San Francisco
extremely limited due to the Christmas and New
brokers'
absorbing funds at a rate that bears watching.
new
Kansas City
Dallas
full
of
ber, and it indicates that the stock market now is
on
3 1935
May 14 1935
May 10 1935
December, and the aggregate at the end
of
$92,328,515
loans
19 1935
Jan.
The New
is in evidence.
Exchange issued yesterday its compre¬
tabulation
of the month
of
Jan.
2
2
increased demand for stock and bond
market accommodation
hensive
2
Chicago..
BUSINESS in the Newscale in money market re¬
York this holiday week,
York Stock
2
2X
Jan.
'
Minneapolis
some
2X
9 1935
St. Louis
although
2
'
2
...
2X
2 1934
2
IX
Philadelphia
Market
Feb.
2
Atlanta
on a
:
Previous
B 08 ton
Richmond
mained
"•
Date
New York
4
New York Money
'
•
Effect on
Jan. 3
2
Deo.
3X
>
in effect
the different
DISCOUNT RATES OF FEDERAL RESERVE BANKS
.
3
...
■
now
at
Rale in
5X
4
Greece
Reserve banks:
of paper
4
2 I 1935
Aug. 21 1935
,
classes
6
Oct.
3X
5
various
6
2X
5
Denmark..
4
the
4
2X
Danzig
France
following is the schedule of rates
for
7
4X
26 1933
Holland
The
4X
Jan.
..
rates
3X
6
3.65
1935
Morocco
3 H
Germany
THERE have been of the Federal Reserve banks.
no changes this week in the
rediscount
4X
3'2
3X
4X
Hungary-..
4X
Lithuania..
Finland
vious
4
zechoslovakia
Date
Effect
Country
;;
Pre¬
Rate in
Pre¬
Date
Effect
Wednesday, Jan. 1
Thursday,
Jan. 2__
Friday,
Jan. 3
Holiday
141s. 4d.
141s. 2^d.
Financial
10
PRICE
PAID
FOR GOLD
STATES (FEDERAL
BY THE UNITED
Chronicle
Jan. 4 1936
Three-months'
bills
Holiday
$35.00
35.00
Wednesday, Jan. 1
$35.00
Monday,
Dec. 30
35.00
Thursday,
Jan. 2
Tuesday,
Dec. 31
35.00
Friday,
Jan. 3
11-16% to
%%,
against
9-16% to %%,
were
RESERVE BANK)
Saturday, Dec. 28
bills
and four- and six-months'
%% to 11-16%, against 11-16% to %%
were
on
Dec. 31.
Sterling should
the
dollar.
soon
Under
show seasonal firmness against
conditions
commercial
normal
exchange favors London from about the middle of
January
until the
of autumn
beginning
toward the end of
pressure
Even under the present
August.
abnormal condition of exchange
it is expected that
the usual seasonal firmness will appear
has
persisted during the past four
materially in recent
or
five
is
years
circumstance which
a
should contribute to firmness in
to the
ence
dollar with the
sterling with refer¬
approach of the export
for Great Britain and the
season
The fact
years.
export trade has declined very
import
season
gold
on
offer in the
taken for unknown
for account of
there
day £245,000, and
United States
with
during 1935, which
Hence
1934.
fractionally larger than in
commercial account it may reason¬
on
ably be expected that normal seasonal influences will
favor London from
tourist
now
requirements
and that in the
on
spring
strengthen
greatly
will
the
position of the pound.
According
are
London advices, though statistics
to
lacking at this time to give
a
detailed picture of
the condition of trade at the close of 1935,
of Trade index of industrial
nine months shows the
British
trade
the Board
production for the first
clearly progressive nature of
The
recovery.
Reserve Bank of New York, was as follows:
Imports
$1,538,000 from India
Exports
4,000 from Guatemala
Empire countries and the nations in the sterling bloc
participating
are
in
the
authorities indicate that
United States
have
the
are
a
Net Change in Gold Held Earmarked for Foreign Account
the
are
still struggling to
over¬
depressing deflationary effect of overvalued
currencies.
Chancellor
Chamberlain stated in
no
other leading countries to
a
present indication of
a
of
the
Exchequer
Neville
recent address that there is
setback in British industrial
Recent figures show that unemployment
recovery.
in Great Britain has fallen below 2,000,000 for the
The above
figures
are
for the week ended
day. On Wednesday (New Year's Day)
issued.
On
$575,700
metal,
market
both
movement is
gold in the
for
security
and
investment.
This
largely reflected in the daily purchases of
open
market for hoarding
It is
purposes.
thought that the high volume of Bank of England
note circulation also indicates
In London
progress
a
some
hoarding.
positive sign of faith in the continued
at home is the sustained activity of
security offerings.
cluding large
new
The total of such offerings,
Government
refinancing issues,
ex¬
was
£181,832,000 in 1935; compared with £150,190,000
new
ous.
on
are
becoming increasingly
numer¬
In Lombard Street open market money rates
all bill maturities eased off
following the year-end
Call money on
Tuesday,
promptly
on
Jan. 1
squeeze.
money
was
was
%%.
1%%> after having been quoted at 2%% in
quarters.
at
Two-months' bills
on
Jan. 1
were
9-16% to %%, against 11-16% to %%
On
in demand at
on
some
quoted
Dec. 31.
re¬
were
no
ex¬
There
were no
gold held earmarked
foreign account increased $9,500.
however, that $989,000 of gold
It
was
for
reported,
was
received at San
Francisco from China.
Canadian funds during the
week
13-16% to
quoted in
were
terms of the United States dollar from
a
discount of
discount of 5-16%.
a
Referring to day-to-day rates sterling exchange
Saturday last
sight
was
was
firm in dull trading.
on
Bankers'
$4.93%@$4.93%; cable transfers, $4.93%
@$4.93%.
On Monday the market continued dull
and
was
sterling
fractionally easier.
The
range was
$4.92%@$4.93 for bankers' sight and $4.93@$4.93%
for
cable
transfers.
largely nominal.
cable
and
On
Tuesday the market
Bankers' sight
transfers
$4.93%@$4.93%.
were
observance of New Year's
was
On
closed in
On Thursday sterl¬
Day.
steady in limited trading.
was
was
$4.93@$4.93%
was
Wednesday the market in New York
The
range
was
$4.92%@$4.93 for bankers' sight and $4.93@$4.93%
for cable transfers.
On
Friday the pound continued
steady in light trading.
The
was
range
$4.92%@
$4.92% for bankers' sight and $4.92%@$4.93 for
cable transfers.
Closing quotations
on
Friday
were
$4.92% for demand and $4.92% for cable transfers.
Commercial sight bills
bills at
for
finished at
$4.92%, 60-day
$4.91%, 90-day bills at $4.91%, documents
payment
(60 days) at $4.91%, and seven-day
grain bills at $4.92%.
ment closed at
Cotton and grain for
pay¬
$4.92%.
Continental
and
Other
Foreign Exchange
FRENCHmarket which a sharp recoverythe easing
francs made attributed to in Mon¬
day's
was
of
a
Wednesday, Jan. 1,
Dec. 31, call
There
Nicaragua.
exports of the metal but
Industrial companies are steadily increasing
capital to provide for expanding business, while
undertakings
was
but gold held earmarked for
of gold was received from
in 1934.
their
Tues¬
foreign account decreased $823,100. On Friday $9,500
ing
open
on
report was
from India and
came
from England.
came
of the
ports
no
Thursday $3,455,300 of gold
ceived, of which $2,879,600
first time since 1930.
Foreign funds continue to seek the London
$522,000
Note—We have been notified that approximately $96,000 of gold was
received from China at San Francisco.
London
trade revival, while France and
gold bloc countries
come
The
recovery.
Germany, Japan, and the
among
experienced
None
$1,542,000 total
London authorities
point out that Great Britain is not alone, but that the
gold movement for
reported by the Federal
GOLD MOVEMENT AT NEW YORK, DEC. 26-DEC. 31, INCLUSIVE
34.5% of its total imports
were
on
Thurs¬
on
Friday £432,000.
the week ended Dec. 31, as
for
Empire countries supplied
£180,000,
Tuesday £147,000,
Decrease:
Great Britain and British
On Saturday last
taken
so
At the Port of New York the
the United States.
the
and
on
on
market this week
open
destinations, believed to be
private interests.
available
was
Monday £195,000,
despite the
extreme curtailment in international trade which
that the United States
All the
was
The franc moved
political tension in Paris.
unit well above the
closing price
from
on
to
on
gold export point, whereas at the
Saturday of 6.58% further exports
Paris seemed,
advance
porary
up
of between 6.60% and 6.61%, placing the
range
probable.
Tuesday and
a
There
was
a
further
period of at least tem¬
firmness appeared likely.
The franc future
Volume 142
rate
Financial Chronicle
11
decreed
that
German
banking institution authorized to issue bank
Saturday, while 90-day francs improved to 18 points
notes
legal tender after Jan. 1 1936.
discount
four other institutions issued such notes.
improved greatly.
narrowed
to
from
27.
New York reports
and in the
to
On Monday 30-day francs
discount of
a
The
6% points from 12
Federal
on
Bank of
Reserve
gold imports from Paris this week
coming weeks
shipments
more
are
expected
arrive, but according to well informed opinion
these
shipments had been engaged
when the franc
The situation has
France
days
ago,
far
so
dollar
6% to 5%.
effect since Nov.
The 6% rate had been in
25, when it
increased from 5%.
was
The
count
in order to check the flow of
rate
Paris.
redis¬
gold from
Official Paris reports show that the Bank of
France lost
approximately 16,000,000,000 francs of
gold during the
was
1% in its
and the end of
October, due to fears of complications
inherent in the
Italo-Ethiopian situation.
Between
the
only
Previously
close to
very
Belgium stand at 3,457,200,000 belgas.
new
83.98% and to sight
Ratio of
liabilities is
67.82%.
The
following table shows the relation of the lead¬
ing European currencies still
gold to the United
on
States dollar:
Old Dollar
New Dollar
Parity
France (franc)
6.63
13.90
16.95
Italy (lira)...
Range
This Week
Parity
3.92
Belgium (belga)
6.58^ to
6.62^
16.83^ to 16.88^
5.26
8.91
8.04
Switzerland (franc)
19.30
32.67
32.46
to 32.57
Holland
40.20
68.06
67.81
to 68.03
(guilder)
The London check rate
The greater part of this gold
year.
shipped to the United States between September
be
Gold stocks of the Bank of
Between Nov. 14 and Nov. 26 the Bank of France
made three successive increases of
should
belga is ruling
parity of 16.95.
gold to notes is
improved that the Bank of
Reichsbank
Belgium shows consistent improvement in business
conditions.
Tuesday, Dec. 31, reduced its rediscount
on
from
rate
many
ruling below 6.59.
was
as
the
at
74.70, against 74.84
New York
on
sight bills
on
8.07
Friday
on
Friday of last week.
on
on
Paris closed
to
In
the French center finished
Friday at 6.59%, against 6.57on Friday of
week; cable transfers at 6.59%, against 6.58%,
Sept. 9 and Dec. 31 approximately $839,800,000 of
last
gold
and commercial
shipped from Europe to New York, of which
was
France
supplied $586,100,000, England $164,700,000,
and Holland
$63,100,000.
December amounted to
Arrivals
up
to the end of
approximately $823,400,000.
Should the present improvement in the franc eon-
tinue,
further
a
reduction
in
the
change in its rate for advances
bills and at 16.84 for cable
and
16.84%.
40.21
for
bankers'
transfers,
on
transfers, against 16.83%
Final quotations for Berlin marks
in
sight
Italian lire
gold bars, which
and at 8.05 for cable
closed
with
8.04
at
for
Austrian
schillings closed at
of
exchange
on
from
6% to 5%.
French franc the
The
advance
in
30 day advances was reduced
on
With the improvement in the
other
gold currencies also rallied.
francs, belgas,
units occurred without any
exchange,
10
of France rate to
A further reduction in the Bank
4% will probably be made
German mark
the insidious results
many
not
be
reliable.
and
currency on a
reflect
Reports from Ger¬
the
far
for
seem
daring plans of
balancing exports
determination
parity basis at home
to
keep
appear
the
to have
longer the resourceful head of the Reichsbank
be
able to defend
an
gold mark is largely
a
his
policies.
international
fiction
as
The mark has
not more than five to
are
avail¬
Reichsbank for the maintenance of the
mark.
from this
The
currency.
10% of the total foreign exchange receipts
able to the
The
firmness
scarcity value.
variations, the total gold
has
Jan. 9.
to
prevailing political and
Schacht
his
long ceased to be
free
on
successful, but it is impossible to predict how
much
will
Thus
Minister
imports
been
of the
continues
policies of the Reich.
Economics
and
situation
relating to business and economic indices
to
in
the
quotation results
Allowing for week to week
reserve
of the Reichsbank
long been purely nominal, around the extremely
small
sum
of
There
$32,000,000.
prospect of bringing about
value of
in which payments
discounts of
unrestricted
about
an
seems
hardly
any
improvement in the
registered marks, the form of German
In the last year
against standstill credits
money
are
made.
these marks have fluctuated between
53% and 31% below the parity of the
reichsmark,
the
average
having
been
40% and the current discount being about
46% to 47%.
Toward the end of December it
Greek
2.18.
was
40.22.
sight bills
against
18.82,
0.79%, against 0.80;
18.88, against 18.84; and
18.79;
on
on
Poland at
Finland at 2.18, against
exchange closed at 0.93% for bankers'
sight bills and at 0.94 for cable transfers, against
0.93% and 0.93%.
—4
not expected to show much activity
are
before next week.
economic
real demand for foreign
all markets have been dull for the past
as
days and
The
Swiss, and Dutch
and
Czechoslovakia at 4.14%, against 4.14;
Bucharest at
on
40.21
bankess'
transfers, against 8.06 and 8.07.
continued at 7% as a precaution against a new flight
gold, but the rate
were
bills and 40.22 for cable
comparison
The bank made
rediscount rate is to be expected.
no
bank's
central
sight bills at 6.56%, against 6.55%.
Antwerp belgas closed at 16.83 for bankers' sight
EXCHANGE sterling countries neutral during has
wartlike on the and the Continentals, the
been overshadowed
Scandinavian
which
and
is
they
allied, and
are
display
a
slow to
by the seasonal dulness.
currencies fluctuate
with
consequently steady
are
somewhat firmer undertone.
revive
in
Holland
favor devaluation of the
and
largest and
most
Business
strong elements
guilder.
The devaluation
agitation centers chiefly in Rotterdam.
the
The
sterling, to
modernly
This port,
equipped
the
on
Continent, has suffered seriously from the general
depression in international trade, and its situation
has been
to
aggravated by the endeavors of Germany
divert her
foreign trade to German ports.
The
Colijn government constantly reiterates its deter¬
mination to maintain the
guilder at its present gold
valuation,
but
to
influential
quarters
viation
linking the guilder to the pound after the
manner
or
is
of the
alive
the
under-currents
Scandinavian currencies.
Monetary
conditions in Amsterdam remain favorable
becoming
move
nearly normal.
more
into
the
Netherlands
offered in abundance.
of the year
the bank
3%.
bank
may
make
with respect to the Swiss franc.
an
and
money
is
on
Nov. 13 from
soon
after the turn
a
There is nothing
of Switzerland is in
are
It will be recalled that the
It is believed that
in its rate to
and
Gold continues to
bank reduced its rate of rediscount
4% to 3%%.
in
advocating either outright de¬
further reduction
new
of importance
The National Bank
exceptionally strong position.
ended Dec. 23 showed
The statement for the week
gold stock of 1,386,700,000 Swiss francs.
of
Silver has
The ratio
notes declined from the preceding week by
104.03%. This was due to expansion in
gold to
y
4.10% to
year-end requirements.
circulation for Christmas and
The bank's
ratio to sight liabilities and note
reserve
82.81%
circulation stood at
85.03%
on
Friday of last week; cable
and commercial
67.85, against 67.87;
at
at
at
32.47
closed
for checks and
32.48 and
against
transfers,
checks finished at 22.01
and
cable
at 32.48 for
Copenhagen
32.49.
and cable transfers at
22.02,
Checks on Sweden closed
25.43
against 22.02 and 22.03.
at 25.41 and cable
Swiss francs
against 67.84.
67.83,
bills
sight
transfers at 25.42, against
25.44; while checks on Norway finished at 24.76
against 24.78 and 24.79.
and cable transfers at 24.77,
Spanish pesetas closed at 13.67 for bankers' sight
13.68 for cable transfers, against 13.65
bills and at
and 13.66.
«—
EXCHANGE on the South Christmas countries is
seasonally dull.
The American and New
Year's
in
holidays
countries are
of these
most
generally much prolonged. The prospect'is favor¬
able for steady improvement in the exchange situa¬
tion of the South American countries.
The past
export season has been one
of great prosperity and
evidence that the next export season
there is every
equally favorable to an improvement in the
situation of the major Latin
will be
financial and economic
countries.
American
1934 and 1935 was the
drought which afflicted the
agricultural areas of North America and prevented
loss to the Argentine government after it had fixed
As
great inflow of foreign exchanges not
finances helped, but the government
profits from its exchange monopoly.
result of the
only were the
derived large
These profits
about
$36,000,000.
for
1935
grain prices for farmers.
stated
are
O.
Roberto
finance
minister
Argentine
be
to
Ortiz
a
been
has
the
monetary and business
Chinese
that country on
an
pesos
closed
on
Friday, official
quotations, at 32.87 for bankers' sight bills, against
32.87 on Friday of last week; cable transfers at 32% ,•
The unofficial or free market close was
26.95@27.00, against 27%@27.08.
Brazilian mil-
against 32%.
reis, official rates, are 8% for
and 8.45 for cable
The
unofficial
bankers' sight bills
transfers, against 8% and
8.45.
free market close was 5.55, against
Chilean exchange is
5.55.
new
or
with
"stabilized"
now
sterling at
situation were
The Chinese yuan
reference
pound
the
to
nominally quoted
basis at 5.19, against 5.19.
represents about three-quarters of
of silver.
At this valuation smuggling of
ounce
or
Chinese silver wouki become
unprofitaUe
were
the
At the close
of the year the New Year price was 49% cents,
having remained unchanged since Dec. 24.
Since
Dec. 24 the London price advanced 7.78% to 22%d.
on Dec. 31. With sterling around $4.93 the London
quotation for silver was equivalent to a price in New
York of 49.92 cents per fine ounce, about haif-way
between the Handy & Harman quotation and. the
price at which the United States Treasury has been
buying silver in New York. Washington dispatches
on Tuesday reported that the United States Treasury
had purchased directly from China $7,800,000 of
silver and that the consignment had left Shanghai on
world silver
Dec.
price to be around 45 cents.
Francisco.
San
for
31
sympathy with the tenor of the London
in
more
Far Eastern
the past week or
All the
currencies have been dull during
market.
Closing quotations for yen checks yesterday were
28.83, against 28.80 on Friday of last week. Hong
Kong closed at 32.00@32 3-16, against 32%@32%;
Shanghai at 29%@30, against 29%@29%; Manila
50.05, against 50.05; Singapore at 57.80, against
57.80; Bombay at 37.28,' against 37.28; and Cal¬
cutta at 37.28, against 37.28.
at
Foreign Exchange Rates
PURSUANT to Act of 1922, the Federal Reserve
of the Tariff the requirements of Section 522
Bank is
now
certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world.
We give below a
record for the week
just passed:
RATES
EXCHANGE
FOREIGN
BANKS TO TREASURY
DEC.28
BY
FEDERAL
on
the
Peru is nominal at
RESERVE
UNDER TARIFF ACT OF 1922
TO JAN. 3
1935
1936 INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
ind Monetary
Country
CERTIFIED
Nev York
Unit
Europe—
•
Dec. 30
28
Dec. 31
Jan. 1
Jan. 2
$
%
Jan. 3
S
.188100*
.187425*
.188100*
.188075*
.187725*
.168461
.168607
.168680
.168323
.013375*
.013375*
schilling
Belgium, belga
Bulgaria, lev
.168346
Czechoslovakia, krone
.041396
.041532
.041553
.041553
.041446
.220225
.220008
.220045
.220020
.219966
England, pound sterl'g4.933916
1.929166
=.930000
4.929083
t.927678
.021777
.021731
.021743
.021737
.021737
.065846
.066086
.066183
.066196
.401961
.402245
.402421
.402382
.402114
.009397
.009387
A ustiia,
Denmark, krone
Finland, markka..
France, franc
relchsmark
Germany,
|
.013375*
.013375*
.013375*
.065974
Greece, drachma
.009365
.009407
.009400
Holland, guilder
.678385
.678728
.679478
.679364
.678014
Hungary, pengo
Italy lira
.296125*
.296250*
.296375*
.296250*
.296125*
.080550*
.080525*
.080411*
.080357*
.080344*
Norway,
krone
Poland, zloty
.247875
.247608
.247650
.247637
.247570
.188760
.188260
.188800
.189020
.189240
Portugal, escudo
.044935
.044812
.044833
.044825
.044829
Rumania, leu
.007875
.007862
.007875
.007862
.007862
Spain, peseta
.136460
.136896
.137100
.137139
.136714
Sweden, krona
.254362
.254045
.254133
.254087
.254058
Switzerland,
.325296
.325307
.325389
.325260
.324557
.022837
.022887
.022925
.022987
.022900
franc...
Yugoslavia, dinar
HOLI¬
DAY
Asia—
China—
(yuan) dol'r
.295833
.295833
.295416
.295416
.295416
Hankow(yuan) dol'r
24.76, against 24.76.
.296250
.296250
.295833
.295833
.295833
Shanghal(yuan) dol.
Tientsin (yuan) dol'r
Hong Kong, dollar
.295312
.295833
.295312
.295312
.295416
.295833
Chefoo
—♦—
EXCHANGE on the Far Eastern swings in world
longer seriously affected by the countries is no
silver
The
value equivalent to about 30 cents.
a
contains
yuan
the silver basis.
newly appointed
of Argentina by President Justo.
paper
would
point where smuggling of silver from the Orient
Dec.
Sr.
transaction in silver.
a
again advanced in the world market to a
combination of
*good fortune and strenuous recovery measures by
the Justo administration.
The good luck during
minimum
purchase of exchange on
Argentina has come entirely
depression as the result of a
out of the
equivalent to
was
yield speculators some profit and further endanger
is
67.84, against 67.86 on
transfers
Dec. 23, compared
Amsterdam finished on Friday
Bankers' sight on
at
on
Dec. 14.
when the
Which resulted
China
with
Jan. 4 1936
Financial Chronicle
12
prices since the Shanghai dollar and the Hong
Kong dohar are pegged to sterling exchange.
The
India, rupee
.296250
.296250
.295833
.295833
.322812
.322500
.318437
.311666
.316250
.372495
.372125
.372185
.372225
.372250
Japan, yen
.287740
.287785
.287700
.287700
.287760
Singapore (S. S.) dol'r
.576562
.576250
.576250
.576250
.576250
Australasia—
3.916250*3 912812*3.913437*
3.911875*3 .911875*
Zealand, pound- 3.947187*3, 943125*3.943750*
3.941875*3 .942187*
Australia, pound
New
Africa—
Chinese
national government made the change on
South Africa, pound.. 4.878250* 4.873750* 4.875250*
4.874750* 4.873500*
North America—
Nov. 2 and the Government Council of Hong
Kong
.994829
.999200
.999200
.999200
.277675
.277675
.277675
thereafter
steps immediately
steady the Hong Kong dollar with
crown
to
colony)
took
.277675
.989681
.990187
.991062
.992500
.994750
respect to that of Shanghai.
So long as these two
.328850*
.328600*
currencies continue pegged to sterling
of silver from China cannot have
the smuggling
the serious effects
.992265
.992682
Cuba, peso
(British
.997343
.993828
Canada, dollar
.999200
Mexico, peso (silver).
Newfoundland, dollar
.277675
.999200
South America—
Argentina, peso
Brazil,
mllreis
Chile, peso
Uruguay
peso
Colombia, peso
.328650*
.328575*
.328637*
.083850*
.083916*
.083883*
.084166*
.083883*
.050950*
.050950*
.050950*
.050950*
.050950*
.801500*
.802750*
.802750*
.802750*
.798750*
.569800*
.569800*
.569800*
.569800*
.571500*
*Nomlnal rates; firm rates not
available.
Financial
Volume 142
Gold
authority,
regulation,
industry compelled for a time to accept Federal
codes, the existence of utility holding companies
jeopardized, Federal competition with private indus¬
try established, collective bargaining in wages and
other working conditions imposed upon employers,
banking and credit subjected to Federal
European Banks
Bullion in
13
Chronicle
security dealings taken over for Federal
THE following table indicates the amount of gold
(converted into pounds sterling at par
bullion
•of
exchange) in the principal European banks as of
•Jan. 2
comparisons
1936, together with
of the
as
corresponding dates in the previous four years:
1936
of—
England
France
1934
1933
1932
£
£
£
£
b
.....
Nethetl'nds
30,697,000
63,163,000
70,170,000
71,538,000
69,393,000
15,822,000
7,396,000
6,582,000
52,710,000
98,924,000
46,743,000
Nat. Belg.
Switzerland
_
Sweden
22,080,000
6,555,000
6,602,000
Denmark..
Norway
120,566,933
664,132,046
38,289,400
90,336,000
63,008,000
191,643,676
616,784,017
16,860,500
90,451,000
76,595,000
76,711,000
77,947,000
67,518,000
14,426,000
192,781,114
656,992,872
3,955,550
200,609,014
530,368,470
3,066,650
90,202,000
42,575,000
a
Germany
Spain
Italy
1935
£
Banks
86,053,000
74,180.000
88,962,000
11,443,000
7,399,000
8,015,000
7,397,000
6,573,000
121,324,630
550,904,317
42,867,750
89,879,000
60,848,000
74,880,000
72,946,000
61,042,000
11,433,000
8,015,000
of the Bank of France as reported in the new form
•of statement,
b Gold holdings of the Bank of Germany are exclusive of gold held
•abroad, the amount of which the present year Is £1,057.050.
a
These are the gold holdings
that
will
shortly be laid before it, there is one test which,
better
perhaps than
will measure the
soundness of what the President proposes
inherent
and
other,
any
Congress does.
item of which infringes upon personal
every
corporate liberty and the primary rights and ob¬
or
ligations of State and local governments.
To say, as
has often been said in defense of a pol¬
icy of centralization, that personal liberty and local
self-government, if left to themselves, produce great
portant things undone, and that centralized man¬
Congress is again in session and the
legislation which the Administration desires
further
Here, obviously, is large scale national plan¬
asked.
ning,
which
for
launched
Will the legislation which is
brought forward help to maintain, facilitate or en¬
agement is better because it is
not to the
reserved
which
to the
States
Federal
government if it had been intended that all
formance,
or
their
upon
wish to
welfare, and to depend primarily
exertions for the prosperity they
own
enjoy, be furthered by the various bills and
which
resolutions
Congress and the President pro¬
Will the constitu¬
right of the States to determine for them¬
how they shall act, in all matters not clearly
to transform into laws?
pose
tional
selves
fit
common
some
operations of government.
ness
Federal
ment accounts shall be
formed.
Government
It is
public opinion is
active and
performance to administrative authorities
than before upon
Federal agencies for guidance, op¬
Shall
portunity and support?
other
a
we
look forward, in
words, to rational freedom in the pursuit of
democratic way
of living,
or
at the expense
It
of the
course
Administration, in the nearly three
of its tenure of office, has been one of steady
years
encroachment
local
of personal and local responsibility?
hardly need to be pointed out that the
can
upon
one
perceives
the structure of the New Deal,
deliberate and, on the whole, con¬
a
sistent purpose to
try to
to
the
position of agencies for enforcing
acute, the existence of a national emer¬
pleaded
meet
the emergency
an
in
as a
justification, but what
emergency
a
was
turned out to be only
revolutionary process of Federal
was
intended to continue after
had passed, and which is still adhered
to, with only some reluctant modifications, save at
culture
the minds of the many,
business and
that government becomes a
efficiency prevails as the order of the
day.
It should be clear
is
aimed
enough by this time that what
at, in the kind of planning to which the
United
States has for
jected,
is
the
nearly three
transformation
democracy into
an
of
years
a
authoritarian State.
local variety we are
been sub¬
self-governing
Instead of
to have uniformity.
The
con¬
stitutional distinction between inter-State and intra¬
state
commerce
brought
under
sentially
a
is to be
abolished, and all
Federal control.
commerce
Manufacture,
State matter if there be
any
es¬
such, is to
subjected to Federal regulation, and the relations
centralization which
two
it aside.
only when public opinion is ignored or
employers and employees
the first steps
one or
It is
coerced, and the notions of a few are imposed upon
be
were
to
the determining factor, and an
intelligent public opinion is never uni¬
of
gency was
done
busi¬
a
dealing with matters in which
mold the economic life of the coun¬
plan. *At the beginning, when depression condi¬
tions
a
pattern, and reduce State and local gov¬
a
ernments
the
personal liberty and State or
obligation. Looking over the long list of stat¬
utes which make up
form.
shall we be asked to
acquiesce in further extensions of centralized power
taxes prop¬
itself, however, is not
method of
governments some of the obligations which the Con¬
Washington, and make the citizen more dependent
or
the supervisory functions of govern¬
or
stitution intends
tive and
correctly kept,
outlined in the Constitution, properly per¬
as
posed measures, if adopted, lift from State and local
at
country-wide
erly levied and collected, or appropriations properly
ness.
transfer initia¬
No
planning is needed to insure that govern¬
disbursed,
assume,
in business and
met, and they are equally in place in the purely busi¬
ment,
they shall
Authority, uni¬
pattern.
are necessary
performed and the competition that has to be
are
delegated by the Constitution to the Federal gov¬
Or will the pro¬
or per¬
industry, because of the nature of the operations that
ernment, be safeguarded and the responsibilities of
local communities made evident?
policies
that the people, in their social conduct,
should
own
to the people all powers
the States should be alike in either
formity and efficiency
behalf of their
or
by the Constitution were not accorded to the
and
duty of the people to exert themselves in
efficient, is
more
The Constitution would not have
point.
large the practice of self-government? Will the right
the
of
unemployment insurance
appropriations will now be
and
pensions
age
inequalities in social conditions and often leave im¬
Art Acid Test of Public Policy
Now
old
6,559,000
1,100,435,134 1,248,490,536 1,242,906,193 1,252,384,379 1,100,698,697
Prev. week. 1,100,474,062 1,248,570,813 1,241,854,741 1,252,903,723 1,098,411,415
Total week.
housing initiated, vast programs of unem¬
Federal
ployment relief set going, and a Federal scheme
points where the Supreme Court has set
We have
taken
seen
the whole wide field of
arbitrarily
under
Federal
Federal laws administered
cal
are
to be determined by
by Federal agencies.
public works of all kinds, from the most
Lo¬
neces¬
sary
to the most trivial, are to be subsidized by Fed¬
eral
grants and carried out under Federal direction,
and
anybody who is out of
kind of Federal
a
job is to have
employment offered to him.
some
Plant¬
ing, harvesting and marketing, commodity buying
and
selling, banking and credit operations, security
issues and
transactions, slum clearance and housing,
corporate financing and reorganization, and the pro¬
agri¬
duction
control,
brought
and
sale
under
of
electric
Federal
power
oversight,
are
all to
supported
be
by
Federal
appropriations, and carried on in such ways
government directs. An all-wise gov¬
the Federal
as
at
ernment
of
most
and
Washington is to relieve the citizen of
responsibilities save to obey the laws
his
regulations and pay taxes, and local
ties and the States are to fit their
communi¬
operations to the
We
already beginning to see some of the de¬
are
bilitating effects of an authoritarian policy
marked decline of local
in a
pride and public spirit, and
significant deterioration of individual incentive
and conscience in social concerns. The first thought
a
of most towns
better
paving
cities, when a new school house or
or
or
improved sanitation are proposed, is
community can afford to have it
whether the
willing to pay for it, but whether a Federal
and is
grant that will cover most of the cost cannot
Federal-financed
and there is
of
number
1
a
now
seeking private
notwithstanding
figures of unemployment continue
industries
A vested interest in the administration of
large.
relief has been built up,
panied in
some cases
strations,
been lulled
which
hog raisers and cotton planters has
by the assurance that the Federal gov¬
care of them and tell them what
way
and
States
United
the
is to
completely
pass
rule, it must at all hazards pre¬
the democratic tradition and the democratic
of managing its affairs. It is idle to insist that
it
or
centralized
dictatorship is better. There is no ideal
government, if by ideal is meant something
is
theoretically
and practically perfect.
A
society, however, is the only one in which
individual abilities
have
a
rightful opportunity to
safe¬
guarded, or in which the varied needs and wishes of
a people can be met.
Imperfect as it may be in the
view of the political theorist or the efficiency expert,
it is the form which a people will always insist upon
develop,
or
which
in
having ultimately.
it
is that any
individual rights
are
If history enforces any lesson,
form of authoritarian rule, however
seemingly beneficent
to be
are
course,
tralization
is
or
enlightened, will in time be
governing themselves.
have, then, a test which everyone can apply
day to day as the work of the Congress un¬
cial
which has
order
political, economic and so¬
developed under it will any
America and the International Outlook
It is
the
confused
a
and troubled world that awaits
unfolding of another year.
War, and the Covenant of the League of
promise
a
international
serious
even
For the first time
treaties marked the formal close of
Nations seemed to
peaceable settlement of
controversies
if
such
major European Power is actively engaged
war which the League has pronounced one of
arose, a
in
a
aggression, and every Foreign Office in Europe is
ing to discover whether it is more likely to end than
to
spread. Not for fifteen years have the war clouds
hung so darkly over the Continent. In the Far East
the
imperial expansion of Japan threatens serious
the territorial integrity of China and
political status of Soviet Russia, while
States the difficult
in the United
legislation
which
is
croaches still further upon
States,
or
brought
forward
en¬
the constitutional rights
seeks to extend the Federal author¬
ity to intra-State commerce or manufacture, or in¬
problems of
neu¬
domestic
country in the world that
trality intrude upon important questions of
policy. There is
finds itself at
hardly
ease
a
in its international
relations, and
preparations for war go on notwithstanding the hope
that
war
In
a
may
not come.
situation at once so
perplexing and so deli¬
cate, it is important to disentangle the main threads
and examine their relation one to another. Of these,
the
Italo-Ethiopian thread is at the moment the most
It is not so clear as it seemed to be a
that Italy will be able to subju¬
significant.
month
or
two ago
gate Ethiopia, or that
Ethiopia, even if in the end
partitioning, may not be able to
considerably better terms than at first seemed
The
possible.
problem of a settlement has been
however, by the Hoare-Laval
greatly complicated,
causing
a
Not only did the proposals come near to
rupture in the League, but
their rejection
by both Ethiopia and Italy makes it mone difficult
than before for the League to approve a settlement
based upon a
transfer of Ethiopian territory to Italy
Having refused to ac¬
government competition with private busi¬
without
imposes taxes for Federal support of under¬
cept a plan which seemed to
takings which State, local
carry on
or
more
own way, or
makes
dependent than before upon govern¬
ment for the direction of his
fair
private agencies should
for themselves in their
the citizen
a
dictatorship whose end
longer have a place.
proposals.
for
the road of Federal cen¬
Executive
and
ent Constitution nor the
If
ness, or
whether the country will be
authoritarian State in which neither the pres¬
an
folds and the wishes of the President become known.
creases
or
still farther along
forced
make
of the
far to determine whether
preserved, and their exercise expected as a
of
matter
insist upon
the
return
personal liberty and State and local self-government
it must submit to
from
a
public opin¬
Washington during the next
five months will go
overthrown, if need be by revolution, because people
We
supported as
The reaction of
ion to what is done at
four
point to its mistakes and shortcomings as proof that
democratic
and
be welcomed
to democratic methods.
disturbs the
which
the other hand, what is.
and preserve State powers in full integrity,,
should
democracy is not an ideal form of government, or to
form of
on
trade, get rid of subsidies and other artificial
props,
inroads upon
a
If,
anxiously watching the course of the conflict and try¬
under authoritarian
serve
ciple disapproved.
proposed tends to maintain individual freedom and
the World
demobilize.
Unless
particularly bad if
Supreme Court and preserve, with
The personal ambition of
a
no
be
will
alterations, what the Court has in prin¬
since the peace
Federal bureaucracy has been embodied
demand for economy will find it easy to
do, and
the
of
formal
some
when the relief rolls show
even
ernment will take
to
It
represents ingenious attempts to circumvent de¬
cisions
with organized public demon¬
gratifying falling off.
wheat growers,
it.
condemn
and loud protests, accom¬
being voiced at any reduction of the
are
administrative staff
a
employment,
shortage of suitable labor in a
important
total
the
that
public works has more and more
from
labor
deterred
be
payment of "prevailing" wages on
The
obtained.
should
it
obligation, lift obstructive burdens from industry
pattern which Federal authority has drawn.
not
Jan. 4 1936
Financial Chronicle
14
work, the opportunity
profit from his enterprise,
or
his means of
support, the legislation is bad and public opinion
Ethiopia's consent.
reward Italy for ag¬
plan
penalized Ethiopia for resistance. On the
hand, the narrow margin of support in the
gression, it will not be easy to support any
which
other
Chamber of
Deputies which enables the Laval Min¬
istry to remain in office lessens
that the
slightly the chance
League will insist upon extending sanctions
Financial
Volume 142
to oil.
Such
imminent
and to
a
extension would make
an
possibility than it has at
with
war
war
any
a
more
time been,
Italy, French opinion is strongly
The
complexity of the situation has been further
increased
in
by the realization, particularly displayed
France, that Great Britain, in assembling its fleet
in the
Mediterranean, acted independently out of re¬
gard for its
regarded
of
interests, and cannot properly be
own
The Cov¬
having acted for the League.
as
enant of the
League does not recognize the right of
member State to arrogate to itself the support
any
League policies.
Were hostilities to break out
Letween Great Britain and
League
phasizing that Germany is not a member of the
Italy it would not be
a
however much the League might prosper
war,
if Great Britain
were
successful.
of this fact that weakens
It is the realization
materially Premier Laval's
promise of naval aid if the British fleet were at¬
while
for
tacked,
Premier
Laval
insisted
has
Ger¬
League and is free to pursue its own course.
many's rearmament, however, is a matter of con¬
to all the Powers.
cern
•opposed.
15
Chronicle
By the end of 1936, if present
not halted, the German military establish¬
plans
are
ment
will have been raised to
the
of
nearly full strength,
will have been enlarged by the addition
navy
types of small craft of high speed and unusual
and the air force will rival that of France
gun power,
and
fully equal that of Great Britain.
tional
Great Britain and
with
taken
be
France, sent out on Friday, must
all
reserve,
doubt that the two countries
over
The sensa¬
reports of a military understanding between
but there can be little
are seriously concerned
possible German menace, and that their war
a
plans have Germany quite as much as Italy in mind.
Meantime the Reich
government pursues its policy
discrimination against Jews,
of drastic
apparently
have
without fear of the effect which its course may
German industry and trade, and the appeal
League intervention has
throughout that the League must be supported, his
upon
Ministry might not last long if he ignored the League
of James G. McDonald for
and
been
joined Great Britain in dealing independently
with
What may
fers to
be expected, unless Italy yields and of¬
negotiate, is another
•conditions
peace
proposal, but the
ment will have
position of that country uncertain in the event of a
European war, the restored monarchy in Greece has
satisfy Italy's demand for terri¬
to
yet to prove its stability, and Turkey has again in¬
A
peace
sisted
gression, since if Italy does not obtain territory in
danelles.
Ethiopia it will assuredly seek it elsewhere and
student
will loom.
war
at
ance
wise
least,
the
every
in
appear¬
have to enforce it, which
League would
the
make
would
It must represent,
an¬
concession by Ethiopia, since other¬
a
League itself
an
and
aggressor,
small State would be aroused by the possi¬
bility of having to share
ment would also have to
in the matter of
after the
a
similar fate.
The settle¬
the face of the
save
League
sanctions, for if sanctions fail
now,
unprecedented effort that has been made to
apply them, there is
to that method of
no
likelihood of further resort
If,
procedure.
as
is reported, For¬
eign Secretary Eden is preparing to approach Mus¬
solini with
some
further offer
as
a
basis of negotia¬
may
well tax his diplomatic ingenuity
more
it is hard
happens,
can escape
serious
impairment of its prestige.
sanctions
they
were
are
see
how
the
from its embarrassments without
League
that
to
not at all the
It is clear
now
effective weapon
supposed to be for bringing an aggressor
State to terms,
without the
The actual
significance of the continued
agitation in Egypt is hard to appraise, but
that country
influence in
into the hands of
apprehensive of
a coup
and to that extent plays
Hungary is reported to be
Italy.
which would establish a dic¬
tatorship, and the persistent effort of Lithuania to
bring Memel under its control has lately become so
threatening
bombing of
as
to provoke a British inquiry.
that they cannot be fully enforced
co-operation of non-member States, and
The
Swedish Red Cross hospital in Ethio¬
a
pia by Italian airplanes, although not attended with
the losses of life
first
by Swedish citizens which was at
reported, has inflamed Swedish opinion, and
been stirred
has
Finland
by
a
revival of terrorist
activities.
The advance of
Japanese forces in northern China,
together with the continuance of political and mili¬
tary pressure by Japan upon
severely than it has been taxed before.
Whatever
its exclusive right to control the Dar¬
upon
obviously means a further weakening of British
it
tions, the satisfaction of these contradictory inter¬
ests
The
other danger spots.
possibility of a political overturn in Spain makes the
tory without seeming to reward its successful ag¬
other
the map are
over
settle¬
extremely difficult.
are
sharply rebuffed.
Dotted
/
Italy.
the Chinese govern¬
ment, holds the possibility of serious international
There is no doubt of the purpose of
complications.
Japan
the
detach
to
Mongolian
provinces
from
China; there is no less doubt of its purpose to domi¬
nate northern China and
greatly weaken, if not ex¬
tinguish, the influence of Western Powers in that
country.
The establishment of the State of Manalready menaced Russian access to the
that the irritations and animosities which they create
choukuo has
leave
Pacific, and the acquisition of Inner and Outer Mon¬
a
deposit of international resentment unfavor¬
able to
long-continued peace. It is equally clear that
Britain or
France, neither of which has ever in fact subordi¬
nated its own foreign policy to the welfare of the
action
independent
League
for
or
asked
by
more
either
Great
than formal League approval
anything it wanted to do, may at any time em¬
As
long as the League exists Great Britain
more
than
which
it,
strengthened the suspicion and fear
their
influence
is
regarded by
many
Italy, Ethiopia and the League, the Ger¬
situation
is
the
most
Hitler has been silent about
disturbing.
Chancellor
Ethiopia, thereby
em-
for
plans, but there is no
expecting that the check will be
temporary, for Japanese imperialism is
the march.
American interest in world controversies is as yet
only indirect, but American neutrality is a factor
which may
tance.
smaller States.
man
on
proposals have unquestionably shaken
their hold and
Next to
check somewhat the Japanese
reason
but the Paris
with
disagreement among its members, succeeds
perpetuating some ratio of naval strength, it may
in
clear
and France will doubtless continue to dominate
If
Conference, which as yet has ac¬
complished nothing save to demonstrate the funda¬
mental
League and stir discord among its mem¬
barrass the
bers.
golia will make the menace still more serious.
the London Naval
veys
of
at any moment become of large impor¬
Forecasts of Administration
policy and
sur¬
of Congressional opinion indicate an extension
the
present
grant to the
neutrality legislation to include a
President
of discretionary authority
to
impose
useful
embargo on articles or commodities
an
for
and a mandatory prohibition of
in the form of loans or credits to bel¬
war,
financial aid
Secretary Hull, however, is reported as
ligerents.
to belligerents,
opposing only "excessive" exports
with
presumably, upon the aver¬
restriction based,
a
Strong pressure, on the
of the past few years.
age
the
hand, continues to be exerted to range
other
unreservedly
United States
the side of the League
on
sanctions, regardless of the fact that
in the matter of
addition of that
commodity to the sanctions list, would greatly com¬
plicate the relations of the United States with Italy.
embargo on oil, if it followed the
an
be
cannot
It
States is that of
only wise course for the United
neutrality,
that while the
often repeated
too
neutral policy is only a national peril
a
of the Wil¬
neutrality is not enforced. The history
if
President's annual
message to Congress, delivered at 9 p. m. last night (Jan. 3)
at a special joint session of the Senate and House.
The con¬
vening of Congress at noon yesterday, and the recess agreed
to until the evening is noted under a separate head.
Edi¬
give in full the text of the
we
torial comment
Mr.
of the House of
We
the ground which we have
far, it is fitting that we should pause to survey
air forces,,
as
apparently we must, while in the meantime main¬
taining our neutral position, it should be only in
wise preparation for troubles that may be thrust
upon us, but for whose coming we shall be in no way
the
On
office
4th
country.
Need
attending
the
sively
millions
the scene or the national circumstances
The crisis of that moment was almost exclu¬
In recognition of that fact, so obvious to the
and in the homes of America, I devoted by far the
either
recall
occasion?
national
a
United
the
of
I
1933, on the occasion of taking the oath of
States, I addressed the people of our
March
of
day
President
as
in the
one.
streets
of
address
that
part
critical
called,
I called,
and the nation
of March
what
to
greater
1933 the world picture
days within our own borders.
You
was
that
remember
will
responsible.
spread hope for the bettering
of
us
reasonable
a
increased
expectation
address
that
in
he
world
a
does
of
the policy
who
others—a neighbor
of
neighbors."
there
time—a
and
half
a
to
ideals of
the
policy of the good neighbor
nation
desire for
nor
believe
in, and
with
of the world—Ah!
to-day to
States,
paragraph.
greater
1933
could
temper
in
and
men
Europe
grown
period, but
point
a
of
sion,
On
left
increasing
those
to
solve
the
war,
rumor
nor
and
They
good neighbor:
world might
of the
in
among
should
of
Asia
not
readied
where
to
one
devote
the
to
have
year
the
the
way
peoples.
good-will
earth
the people
the
of
this
during
Americas
of growing ill-will, of marked trends towards aggres¬
of
armaments,
shortening
tempers—a
which
situation
themselves
nations, principally the smaller
content with
and
in
their boundaries and
co-operation
problems, both economic and social.
These
peaceful
to
are
chosen
to
must
remain
of invasion
subscribe
with
their
ones,
neighbors
to
the
or
ever
attack
principles
of
by
the
the
against
rulers
bettering the
of
their
possibility
other peoples
human
race
other
nations—those
which to-day
least, there
dominated
by
must bear the primary,
are
grounds for pessimism.
masses
It is idle for
sympathy with their rulers, that they are allowed
themselves,
us
or
that
they
for
To say
would
no
are
others
opportunity to
change things if they could.
out of
express
have chosen with deliberation will
sympathy and understanding in those
find
will
however,
desirous of peace but
the other in the kaleido¬
scopic jockeying for position characteristic of European and Asiatic rela¬
tions to-day.
For the peace-loving nations, and there are many of them,
the
where
that
themselves
people
themselves
constantly align
on
honestly
are
side
one
or
identify depends on their moving and moving again on
their very
the chess-board
international politics.
of
suggested in the spring of 1933 that 85 or 90% of all the people in
were content with
the territorial limits of their respective nations
I
the world
and
further
willing
were
reduce
to
armed
their
if
forces
other
every
nation in the world would agree to do likewise.
equally true to-day, and it is even more true to-day that world
That is
population.
but
failed
have
why even efforts to continue the existing limits on naval
the years
into
to
show such
come
of the United States
little current success.
We
has been clear and consistent.
earnestness in every possible way to limit world arma¬
attain the peaceful solution of disputes among all notions.
sought with
ments and
to
legitimate means to exert our moral influence
have sought by every
We
discrimination, intolerance and autocracy and in favor
expression, equality before the law, religious tolerance and
repression,
against
freedom
of
been
have
the policy
But
is why efforts to reduce armies have thus far not only
met by vastly increased armaments on land and in
That
That is
air.
the
good-will are blocked by only 10 or 15% of the world's
and world
peace
of
popular rule.
the
In
sonable
field
of
commerce
finance
have,
we
far
so
we
have undertaken to
as we are
a
encourage
more
In
goods.
speculation for the benefit of the powerful and
of the small and the poor.
money-grabbing and
As
a
consistent
a
two-fold
neutrality towards
of
prosecution of
clear
any
calculated
and all nations which engage in wars
First, we decline to encourage
arms,
ammu¬
from the United States.
Second, we seek toby belligerent nations of any and all American products
the
facilitate
to
that
trust
of
prosecution
a
war
in
quantities
over
and
them in time of peace.
objectives thus clearly and unequivocally
these
stated will
between this Congress and the President.
emphasized to you the gravity of the situation which
forward by co-operation
have
I realize that I
confronts
by permitting belligerents to obtain
war
normal exports to
our
be carried
the
importance
This emphasis is justified because of its
people of the world.
civilization and therefore to the
to
jeopardized by the few and not by the many.
who
rich,
policy, the United States is following
implements of war
or
discourage the use
I
a
immediate concern to the Americas.
r,ot
above
of
part
rea¬
the field of international'
concerned, put an end to dollar diplomacy,
world's
the
of
interchange
at the expense
seek
selfish
United States.
Peace is
Peace is threatened by those
The world has witnessed similar eras—as in the
power.
days when petty kings and feudal barons were changing the map of Europe
fortnight,
scramble
mad
when great emperors and great kings were engaged in
or
for
colonial
face
it
we
but
play
But if
era.
the United States and the rest of the Americas
then
must,
a
empire.
not again at the threshold of such an
We hope that we are
can
a well-orderedi neutrality to do naught to
encourage
the contest, through adequate defense to save ourselves from
embroilment and attack, and through example and all legitimate encourage¬
onq^
role—through
ment
and
peace
and good-will.
have
at
peace
to
before
persuade other nations
us
clearly
the
greatest
home and
do
or
the rise
the chief
of
aggression abroad.
large, popular opinion is at
war
to return
autocracy
not spring
to the
from
concern
autocratic
of
of
those
a
affairs
nations
it should
domestic policies.
the
institutions
In the United States,
with
of
ways
in world
If this be true in world affairs,
weight in the determination
democratic nations
continuance
that
proves
and that such threats
to the democratic ideal.
Within
the
assistance
evidence
endangers
devoted
of the people who constitute those nations which
by the twin spirits of autocracy and aggression,
a
beings must and shall learn from and be subject to them.
sentiments,
nations
must
every
if
The rulers of those nations,
vigilant
impatiently reverted to the old belief in the law
and they alone, are
mission and that all the others among the billion and a
to the fantastic conception that they,
or
popular in any nation that chooses to fit this shoe to its foot.
prove
Such
willing to
responsibility for jeopardizing world peace—what hope lies?
preach that the
negotiation or by an
peaceful
fulfil
to
The
those
attain
to
necessary
recognize that these words which f
I
not
means.
Within
definite
rulers
to-morrow
or
fail
patience
have, therefore,
They
either to
and
peace
great
deep in their hearts, follow these peaceful and reasonable aspirations of their
to-day
that
of the sword,
of
of
the
of
same
many
of
pointed
areas
the
affairs
world
of
of that
rulers
Not only
those
in
people
compelled
summer
the
have
men.
other continents many
within
trade, for population or even
fail to
reasonable and legitimate
appeal to the finer instincts
peaceful contributions to the progress of civilization,
the
do likewise.
the
to
on
be
the
Since
remote
themselves, would be
individual
seeking the rectification of injustices spring¬
seeking expansion,
own
objectives by
nition
address
it many of the elements that lead to the tragedy of general war.
has in
power.
from former wars, or seeking outlets for
their
and fervently the lead of
it, they follow blindly
autocratic
seek
Nations
ing
This
American
every
neither
is
comments
my
purposes
has been
must take cognizance
rest
I
affairs..*
more
There
inaugural
an
regret
the
achievement,
this
the policy of the
limit
not
much
good-will
to
or
among
common
there is the rub.
deliver
to world
part
populations
peace
I
With
the
of
8,000 miles from the Arctic to the Antarctic,
to follow,
propose
The rest
the
who
The inhabitants of this vast area, 250,000,000
war.
Were
United
In
part.
their heart that the
all
I
to
understanding
an
strong, spreading more than
wish
in all that
helpfulness,
the Americas is no longer a hope—no
be accomplished—it is a fact, active,
effective.
and
pertinent
takes
war,
who
Recess—lacking
those
has
Americas
than exists to-day in
self-government
among
remaining
objective
an
present,
the
Republics and their neighbor, the Dominion of Canada.
American
longer
At no time in the
in
generation
any
or
understanding,
mutual
of
civilization
decade,
any
year,
spirit
greater
devotion
of
any
modern
of
centuries
existed—in
those nations would change the policies
people in
armaments
of the good neighbor has happily prevailed.
and
four
the
that
the years
tion
of
rights
the
respects
so,
that have followed that sentiment has remained the dedica¬
of this nation.
Among the nations of the great Western Hemisphere
In
21
himself
obligations and respects the sanctity of his agreements in and
respects his
with
was
the good neighbor—the neighbor who resolutely respects
because
and,
disputes could be pro¬
In fact, my only reference to the field of world policy
in these words:
"I would dedicate this nation to the
gressively removed.
policy of
It might be true that the massesof their govern¬
ments if they could be allowed full freedom and full access to the processes
of Democratic government as we understand them.
But they do not have
International consultation and wide¬
of relations between the nations gave to all
that the barriers to mutual confidence, to
peaceful settlement of
and to the
trade,
Message to Congress
That,, unfortunately, is not so clear.
of
find
4th
that
on
image of substantial peace.
an
enlarge the navy, the army and the
must
half of human
ahead.
path which lies
the
covered and
Having, come so
has placed in our hands.
the United States
of
If we
versies with which it has no proper concern.
of the responsibility which the
enter upon another year
about to
are
leave the United States in fact in
fractions may
of world justice.
Representatives:
electorate
be proclaimed and violations of neu¬
may
rights formally protested, acquiescence
demonstrate
Speaker, Members of the Senate and
Mr.
President,
impressive reminder that while
an
in in¬
the
position of a partisan. It is of the highest impor¬
tance, at the present juncture, that the United States,
should maintain its neutrality in fact as well as in
formal declarations, and scrupulously avoid any
steps which may involve it in international contro¬
tral
for
The address follows:
of this issue.
pages
found in the earlier
the address will be
on
is
War
neutrality
Text of President Roosevelt's
Herewith
during the first years of the*
Administration
son
World
1936
Jan. 4
Financial Chronicle
16
people is to prevent
that
as
in
beget
slavery
the world at
power-seeking minority.
i
This
is
no
thing.
new
It
instruments
fought out in the Constitutional Conven¬
was
continued,
under Jefferson, Jackson, Theodore Roosevelt and Woodrow Wilson.
More recently we have witnessed the domination of government by finan¬
cial and industrial groups, numerically small but politically dominant in
the 12 years that succeeded the World War.
The present group of which I
speak is indeed numerically small and, while it exercises a large influence
and has much to say in the world of business, it does not, I am confident,
speak the true sentiments of the less articulate but more important ele¬
tion of 1787.
March
effort
to
I appealed
1933
restore
to
response
Bince then the battle has been
those
to
power
that appeal
whom
to
of
power
they will take the course of every
themselves, enslavement for the public.
weapon is the weapon of fear.
I have said: "The only thing we
fear is fear itself."
That is as true to-day as it was in 1933.
But
Their
have to
such fear
•
and
"Save
us,
poisonous fear that it being spread subtly,
The
the
else
us,
save
and
facts
by the
cleverly
of the
ship between government and people.
by the highest tribunal
of
What
the
were
frcnn the
from
popular
clamor of
the
aim
find
even
an
appeal
confidence.
Restoration of national
third successive year, supports
which agriculture and industry are
returning to full activity.
Under these policies we approach a balance of
the national budget.
National income increases: tax receipts, based on
that income, increase without the levying of new taxes.
That is why I am
able to say to this, the second session of the Seventy-fourth Congress, that
based on existing laws it is my belief that no new taxes, over and above
We
of
people's
property.
economic constitutional
called for.
We had
you in the Congress and I, as the Executive, upon a broad base.
Now, after 34 months of work, we contemplate a fairly rounded whole.
It
to
that to create such
without saying
goes
order
than
more
an
legislative enactment was
single
a
the control
returned
have
Federal
the
of
be
To
made
The
I
unscrupulous money changers who stood
opinion.
I spoke of the rulers of the
in
the
indicted
of
court
public
and
had
I
Yes,
but
1933,
in
itself.
reveals
to
held
I
to
up
that
groups
intent
are
do
special
true character
ideals
their
examination,
popular
As
interests.
seek—this minority
control
business
and
for
use
own
would
is well
power
instilled
their
into
holders
these
gentlemen believe,
they
as
smaller
in
"By their fruits
autocracy in bigger things.
If
Autocrats
consumers.
things,
in
The human race now passes through one of Its great
than
by
faith in the
New ideas,
crises.
righteousness, of charity, of
patience, and of loyalty
.
.
.
However, memoryl brings back this
to your minds, let it be able to say to you:
That was a great moment. It
beginning of a new era.
.
.
.
This world in its crisis called for volun¬
worthy of my generation."
and hopefully, to be
FRANKLIN D. ROOSEVELT.
The
White House,
At
shall know them."
ye
Union
the example and counsel of the brave In¬
seek
they
the
of
Fear not, view all the tasks of life as sacred, have
Issues—a new call for men to carry on the work of
moment
by the principles which many of them have
affairs—autocracy toward labor, toward stock¬
own
State
the
on
message
teers, for men of faith in life, of patience in service, of charity and of Insight.
I re¬
sponded to the call however I could.
I volunteered to give myself to my Master^—
the cause of humane and brave living.
I studied, I^lovedAlflabored, unsparingly
shown
toward
and
this
courage, of
was the
principle that they would instill into government if they succeed
The
end
better
ago:
to you.
new
the people's
against
up"
"gang
democracy."
triumph of the ideal, give daily all that you have to give, be loyal and rejoice when¬
ever you find yourselves part of a great Ideal enterprise.
You, at thLsfmoment, have
the honor to belong to a generation whose lips are touched by fire.
You live In a
land that now enjoys the blessings of peace.
But let nothing human be wholly alien
spread fear and
in vast propaganda to
engage
We aim at the assurance of a
do not distrust the future of
We
life.
national
permanent
"What great crises teach all men whom
finance—to control and often
legitimate and highly honored
and
and
spire Is the lesson:
liberties.
seizing
and the same determination, my words of
days that lie before us in the warm
the arduous
"We face
national unity; with a clear consciousness of seeking old and
with a clean satisfaction that comes from the stern
of
cannot
years
and trustees for great
guardians
purposes
people—they
the
among
business
in
their
they
associations;
discord
in the light of the
recommend to
repeating the world of a wise philosopher at whose feet I sat many, many
that very
upon
of individual stockholders they wrongfully seek to carry the property
the interests entrusted to them into the arena of partisan politics.
and
progress,
faithfully fulfilled.
1933:
4
essential
lead us
groups
They
substantial material
performance of duty by old and young alike.
steal the livery of great national constitutional
They
discredited
serve
determined
still
Rigorously
thing.
in
that we do not retreat.
I have confidence
will not fail the people of the nation whose mandate you have
so
rounded
They seek the restoration of their selfish power.
They offer to
round the same old corner into the same only dreary street.
are
are
anticipate a reduction in our appropriations
repeat, with the same faith
courage
danger they
of
the passing
with
now
back
there
can
we
precious moral values;
abdicated.
forget their damaging admissions and withdraw their abdication.
Yet
we can
light of our
you
March
exchanges
Abdicated?
the
already
of mankind's goods, who failed through their own stubbornness
their own incompetence.
I said that they had admitted their failure
and
Therefore,
citizens who
of those
number
Congress that we advance;
that
I took the oath of office in March 1933.
the
the practices of
the
in
reduction
a
increasing effectiveness of the restoration of popular rule, I
the
people from power and strictly to regulate
that plain when
made
of
spoke
very
to
Therefore, also,
In
We have earned the
nature of the problem that we faced
have invited battle.
we
it necessary to drive some
others.
I
doing,
so
entrenched greed.
logical policies under
relief.
for
in
sure,
of
forward
need.
Washington.
hatred
present
our
present taxes, are advisable or necessary.
;
income increases;
employment increases.
look
City of
to the
government
and
National
build,
We
in
normal
the
institutions, seeking all
burdens, the help of the needy, the protection
weak, the liberation of the exploited and the genuine protection of
the
justified
are
the
and the trustee of the public interest.
essentially democratic
means
income, which shows continuing gains for the
ideal of the public interest.
to the
interest,
the while the adjustment of
the
and can
appeal
build upon
to
was
of the land.
The Congress has the right
prerogatives.
an
partisan
the
to protect its own
were
relationship?
new
Government became the representative
Our
the Congress requires protection until final adjudication
enacted by
as
private and selfish interests, ves,
many
of
clamor
land
those who seek
They
that
of
terms
members
the
You,
government.
The carrying out of the laws of the
spirit of fear.
of
branch, and I, the Executive, contended for and established a new relation¬
history
the United States well understands
Congress of
ready to wage unceasing warfare against
is
continuation
days:
perish."
we
a
expen¬
people who cried in those other
same
that the
confident
am
normal fear; it is a
they distill to-day is not a natural fear, a
as
synthetic, manufactured,
chapter in the
the legislative
new
a
But in the hands of political puppets of an
would provide shackles for the liberties of
Give thero their way and
people.
I
belonged.
rightfully
it
the writing
resulted in
people's government this
In the hands of a
power.
autocracy of the past—power for
new
a
public
economic autocracy such
the
sively
to the Congress and to the people in
of
is wholesome and proper.
power
constitute real American business.
ments that
In
to time
From time
17
Chronicle
Financial
Volume 142
the
Jan. 3
1936.
they believe, that the measures
say
adopted by this Congress and its predecessor, and carried out by this Ad¬
ministration,
Let
hav
be
of
Congress
and
States
for
Shall
we
perity,
shall
approaching
Shall
"The
farmer:
hoe
your
how
dollar
we
we
grown
thereby
gold
with
rising
off
put
you
pay
concern
we
work,
you
That is
your
we
government,
your
city
soup
kitchens?"
"Child labor
to be
solved
to
say
the
an
as
vanced
of
act of
but
is
or
a
local issue
left unsolved
laborer:
to
and
so
are
to
organize,
your
of
and
you
population
loss
of their
speculators?
ment
do with the public interest;
honest
Shall
raise
to
more
by
are
concern
investments and
we
of
of your?"
Shall
we
expose
standards
the
nation
and
to
give
Let
challenges be met.
them say so to the Congress
their
We
in
dissent in
have
their
But
a
been
youth
autocracy
and
even
the
the
does
of the United States.
our
Let them
no
longer hide
Let them define the issue.
affirmative action.
Let them
be specific
faced by this Congress is more menacing than merely
want
to
as
that
return
would be.
to
that
Our
resplendent
individualism
of
economic
which
They realize that in 34
months
we
have built
up
improvements.
from
one
a
to
%.
Lower-grade rail¬
whole, while certain individual
points.
several
This
strength,
attributable to favorable earnings reports, is
reflection of
& Ohio
ern
the expectation
of good industrial
to
new
of the new
year.
con¬
Baltimore
4%s, 1960, advanced 2% to 62%; Colorado & South¬
4%s, 1980, at 64
close
71%.
at
were up
and
New
8; Erie 5s, 1967, gained 2%
York
Central
4%s,
2013,
rose
2% to 76.
The
trend
upward
of
public utility
this week,
bonds has been consistently
but advances in most cases have
been
Highest-grade issues such as Illinois Bell Tele¬
phone 3%s, 1970, and Delaware Power & Light 4%s, 1969,
have
they
"though the advantages under that system went to the ruthless
strong.
a
moderate.
pact—bad
not
gained
mainly
higher as
ditions during the first quarter
a
attack.
the challenge
to
in
price
% to close at 108% ; Union
were
also
govern¬
If this is what these gentlemen want, let
cowardly cloak of generality.
specific
negative
return
prate,
a
the
our
opportunity through such means as the Civilian Conservation Corps?
these
fractional
recorded
have
1947, closed at 113%, up
while
against the manipulations of dishonest
of
and
issues
*
decent
closed
the half-way point between
road bonds
laws to protect them against the
abandon the splendid efforts of the Federal
health
the
no
the repeal
at only
was
Pacific 4s,
in country and in city—"The health and the happiness
children
your
once
States government bonds
having advanced slowly since Sept. 21,
ville & Nashville 4s, 1940, gained
your
if your employer
will not even meet with you to discuss your problems and his, that is none
of our affair?"
Shall we say to the unemployed and the aged: "Social
security lies not within the province of the Federal government, you must
seek relief elsewhere?"
Shall we say to the men and women who live in
conditions of squalor
rails had ad¬
of the year approximately to their high
United
average
The Aaa
respectively.
March,
in
utility and Aaa indus¬
The Aaa
receded from the year's highs made in
Chicago Union Station 4s, 1963, advanced % to 108%; Louis¬
Shall we
relations with
had
year's high and low.
week
starvation wages; something
your
issues, on the other hand, were some¬
close.
High-grade railroad bonds have been in quiet demand this
who have worked all day:
by the jurisdictions of 48 States?"
right
"Your
the children
again advanced further in
these groups
optimistically,
the
the
generosity, will be willing to pay to
mere
say
we
have nothing to
employer
of
by the end
February.
year
to your county a few grudging dollars to help maintain your
Shall
averages
July and
enough to eat—"we will
will turn you back to the charity of
getting
groups
the Baa rails
trading days of the new year.
at the
mixed
trial
is a local one except that perhaps the Fed¬
"Your problem
say:
eral
or
All
two
The 'highest-grade
what
with
Baa
the
77.88, the Baa utilities at 95.48, and the Baa industrials
the debtors:
further
for your rrmney.
the
and
to the several millions of unemployed citizens who
of existence—of
giving
no
to
go
say
now
to the home owners and
say
what
or
we
in part restored,
exception,
Without
year.
Dec. 31 at the year's best averages,
the first
Shall
by advancing to new
of themselves
account
the
at 194.85.
haps they will employ you if the government leaves them strictly alone?"
Shall
on
at
communities and to those men of selfish power who tell you that per¬
your
for
closed
of
medium- and lower-grade bonds
close of the year
good
a
highs
pros¬
day
the
banking?
Shall
content?
are
of interest—we have
rates
home
say
problem
from
former
its
Shall
your
your
Shall
very
withdraw
to
row?"
keep
the
has
and
for.your products
prices
own
you
face
income
the reasonable support and regulation of
"We have reduced
affair?"
gave
Congress will,
have been bringing them back?
we
taxes
the
in
open
balanced budget and of starting to reduce the national debt?
a
the
restore
we
existing
repeal
abandon
we
which
is
way
and that the
restored
because national
that
say
we
The Course of the Bond Market
be
them
of opinion by yeas and
expression
an
are
therefore, repeal the laws under
The
negative.
not
that values
say
we
let
recovery,
to such a proposal.
positive
the United
Shall
promoted
than
to this Congress the complete repeal of these
propose
The way is open
action
nays.
rather
hindered
Let them
consistent.
measures.
been
very
firm, while lower grades, with few excep¬
tions, advanced more than fractionally.
lative
groups
Among the specu¬
Associated Gas & Electric 5%s, 1977, which
Financial Chronicle
18
•
advanced
2% to 35%
;
Electric Power & Light 5s, 2030, which
closed at 77%, up 5%, and
at
71%,
up
Considerable activity also
companies
2%, were very active.
in the bonds
occurred
Standard Gas & Electric 6s, 1935,
of
surface transportation
to
6s, 1965, assented, which closed at 99%, up 3%, and
Third Avenue
to
Railway, Inc., 5s, 1960, which
advanced 5%
The industrial list has been characterized
by general and
impressive strength throughout with many bonds selling in
new
Building issues stood out, with the Wal¬
high territory.
4s,
1945, likewise established
The
foreign bond market
represented
Italian
prominent.
Vanadium
rising from 86%
group,
recent
The
up
11%,
conv.
to 90.
and the
1941,
5s,
led
the
steel
Polish
the Panama
were
at
issues
also
high
have
1
point,
U. S.
120
120 Domestic Corporate*
fairly strong, as
been
with
temporarily
a
bond yield
prices and
averages
given in the following tables:
120 Domestic
Oovt.
Domes¬
by Ratings
Corporate* by Groups
Bonds
tic
YIELD
AVERAGESt
Averages
••
Aaa
107.31
119.27
2-
107.14
119.07
Aa
RR
V.
Indus.
101.97
107.85
112.69
91.96
106.07
114.43
106.07
Stock E xchang
—
Baa
92.53
101.64
107.85
120 Dnme*Hc
by Ratings
Corporate by Groups
P.
106.96
119.07
114.43
105.72
91.67
30— 107.78
106.60
119.27
114.24
105.37
28- 107.74
106.42
118.86
114.04
105.37
27— 107.78
106.42
118.86
114.24
26.. 107.83
106.60'
119.07
114.04
tt
30
VnrvT
r
tic
Averages
Aaa
Baa
RR.
4.39
5.24
4.63
4.29
4.03
6.23
4.39
5.28
4.65
4.29
4.05
6.20
4.67
4.30
4.06
6.23
Aa
3—
4.32
3.70
3.93
2—
Jan.
Close d
e
Dec.31'35 107.87
4.33
3.71
3.94
1—
A
Stock E xchang
4.41
5.30
e
U.
P.
Indus.
signs.
Close d
101.31
107.67
112.11
Dec.31'35
4.34
3.71
3.94
91.11
100.81
107.49
112.11
30—
4.36
3.70
3.95
4.43
5.34
4.70
4.31
4.06
6.35
90.83
100.49
107.49
111.92
28-
4.37
3.72
3.96
4.43
5.36
4.72
4.31
4.07
6.44
105.37
90.83
100.49
107.67
111.73
27—
4.37
3.72
3.95
4.43
6.36
4.72
4.30
4.08
6.43
105.37
90.97
100.65
107.67
111.73
26-
4.36
3.71
3.96
4.43
5.35
4.71
4.30
4.08
6.40
Stock E xchang
25-
120 Domestic Corporate
120
Domes¬
112.31
A
114.63
AU
1936
Daily
3— 107.94
and
which rose quite sub¬
but
prices,
Moody's computed bond
are
advanced a/bout 2
about
(Based on Individual Closing Prices)
1936
107.96
city issues,
MOODY'S BOND
Daily
1
appreciated
volume.
(Based on Average Yields)
Cor v.*
Exceptions are
5s, 1963.
relatively
MOODY'S BOND PRICESt
Jan.
and
rather
whole has been
the
municipal bond market at the end of the year con¬
diminished
Coal issues reversed their
trend, the Glen Alden 4s, 1965, recovering from 87%
which
government
stantially.
The
1945, at 116%,
on
Colombian bonds, which
by
Bolivian,
tinued
6s,
high at 119%, up 1%
new
stable, most price changes being fractional.
Universal
1st
a
points for the week.
Pipe & Radiator 6s, 1936, at 40, up 11%, being particularly
worth
The Union Oil conv. 4s, 1947, made a new high of
88%.
points;
27%.
1936
120, up 4 points, and the relatively new Allis-Chalmers conv.
operating in the New York area, such as New York Rail¬
ways
Jan. 4
Close
e
d
25—
Stock E xchang
e
Close d
1
24— 107.70
106.42
119.07
113.85
105.20
90.97
100.49
107.49
111.73
24—
4.37
3.71
3.97
4.44
5.35
4.72
4.31
4.08
6.41
23- 107.57
106.42
118.86
113.85
105.20
90.97
100.49
107.49
111.73
23—
4.37
3.72
3.97
4.44
5.35
4.72
4.31
4.08
6.45
21— 107.54
106.25
118.66
113.85
105.03
90.83
100.33
107.49
111.54
21
4.38
3.73
3.97
4.45
5.36
4.73
4.31
4.09
20— 107.54
106.25
118.66
113.85
105.03
90.83
100.17
107.49
111.54
20-
4.38
3.73
3.97
4.45
5.36
4.74
4.31
4.09
6.30
19— 107.52
106.25
118.66
113.85
105.03
90.69
100.33
107.31
111.54
19—
4.38
3.73
3.97
4.45
5.37
4.73
4.32
4.09
6.26
18..
107.45
106.25
118.66
113.85
105.03
90.55
100.17
107.31
111.35
18—
4.38
3.73
3.97
4.45
5.38
4.74
4.32
4.10
6.13
17-
—
6.37
107.44
106.07
118.45
113.85
104.85
90.27
99.84
107.31
111.35
17—
4.39
3.74
3.97
4.46
5.40
4.76
4.32
4.10
6.23
16— 107.54
106.07
118.45
113.85
105.03
90.13
99.84
107.31
111.35
16—
4.39
3.74
3.97
4.45
5.41
4.76
4.32
4.10
6.26
107.50
106.07
118.66
113.65
105.20
90.41
100.00
107.49
111.54
14—
4.39
3.73
3.98
4.44
5.39
4.75
4.31
4.09
13- 107.51
106.25
118.86
113.65
105.20
90.55
100.17
107.49
111.54
13—
4.38
3.72
3.98
4.44
5.38
4.74
4.31
4.09
6.23
12- 107.53
106.25
118.86
113.65
105.37
90.55
100.33
107.49
111.54
12—
4.38
3.72
3.98
4.43
5.38
4.73
4.31
4.09
6.17
11
106.25
118.86
113.46
105.37
90.55
100.33
107.49
111.54
11—
4.38
3.72
3.99
4.43
5.38
4.73
4.31
4.09
6.13
4.45
14—
—
107.55
6.26
10— 107.58
106.25
118.86
113.65
105.03
90.55
111.35
10—
4.38
3.72
3.98
4.73
4.31
4.10
6.34
9— 107.62
106.25
118.86
113.85
105.03
90.69
100.49
107.49
111.54
9„
4.38
3.72
3.97
4.45
5.37
4.72
4.31
4.09
6.43
7— 107.55
106.42
118.86
113.85
105.20
90.83
100.49
107.49
111.54
7—
4.37
3.72
3.97
4.44
5.36
4.72
4.31
4.09
6.53
6— 107.54
111.64
100.33
107.49
5.38
106.25
119.07
113.65
105.20
90.69
100.33
107.49
6—
4.38
3.71
3.98
4.44
5.37
4.73
4.31
4.09
6.48
5— 107.53
106.25
118.86
113.65
105.03
90.69
100.17
107.49
111.54
5—
4.38
3.72
3.98
4 45
5.37
4.74
4.31
4.09
6 49
4— 107.52
106.07
118.66
113.46
104.85
90.69
100.17
107.31
111.35
4—
4.39
3.73
3.99
4.46
5.37
4.74
4 32
4.10
3„
107.65
105.89
118.66
113.26
104.68
90.13
99.52
107.31
111.16
3—
4.40
3.73
4.00
4.47
5.41
4.78
4.32
4.11
6.69
2- 107.41
105.72
118.45
113.26
104.51
90.00
99.20
107.14
111.16
2-
4.41-
3.74
4.00
4.48
5.42
4.80
4.33
4.11
6 69
Weekly—
Weekly—
)
6.58
!
Nov. 29— 107.43
105.72
118.45
113.26
104.33
90.00
99.04
107.31
110.98
Nov.29—
4.41
3.74
4.00
4.49
5.42
4.81
4.32
22— 107.48
105.37
118.45
113.07
103.82
89.45
98.09
107.31
111.16
22-
4.43
3.74
4.01
4.52
5.46
4.87
4.32
4.11
6.53
15- 107.52
104.85
118.45
112.50
103.48
88.50
97.00
107.14
111.16
15..
4.46
3.74
4.04
4.54
5.63
4.94
4.33
4.11
6.41
104.51
118.25
112.31
103.32
88.10
96.70
106.96
104.33
118.04
111.92
103.15
87.96
96.85
106.78
110.05
104.33
117.84
111.54
103.32
88.10
97.00
106.60
109.68
103.65
117.22
111.35
102.64
87.17
96.08
106.25
106.84
103.65
117.22
111.54
102.98
87.04
96.39
4„ 106.67
103.48
117.22
111.16
102.81
86.64
Sept .27— 106.73
103.82
116.82
111.16
103.15
117.02
110.98
111.35
8
—
107.67
1_. 107.55
Oct. 25—
107.43
18- 107.13
11
—
110.61
4.12
6.86
8-
4.48
3.75
4.05
4.55
5.66
4.96
4.34
4.14
6.31
1—
4.49
3.76
4.07
4.56
6.57
4.95
4.35
4.17
6.46
25..
4.49
3.77
4.09
4.55
5.66
4.94
4.36
4.19
6.34
18—
4.53
3.80
4.10
4.59
5.63
5.00
4.38
4.22
6.97
11
4.53
3.80
4.09
4.57
5.64
4.98
4.39
4.20
6.85
4..
4.54
3.80
4.11
4.58
5.67
4.97
4.43
4.23
6.90
108 75
Sept .27—
4.52
3.82
4.11
4.56
5 60
4.91
4.42"
4 24
6.64
108 57
20-
4.63
3.81
4.12
4.56
5.64
4.93
4.42
4.25
6.79
4.54
5.61
109.12
106.07
109.49
96.54
105.37
108.94
87.56
97.47
105.54
103.15
87.04
97.16
105.54
Oct.
—
20-
106.39
103.65
13..
107.15
103.99
103.48
87.43
97.62
105.89
4.51
3.80
4.10
4.90
4.40
4.24
6.50
107.53
103.82
117.43
111.16
102.98
87.30
97.62
105.54
108.57
6-
4.52
3.79
4.11
4.57
5.62
4.90
4.42
4.25
6.62
107.60
103.32
117.02
110.61
102.81
86.61
98.70
105.20
108.21
Aug. 30..
4.55
3.81
4.14
4.58
5.68
4.96
4.44
4.27
6.68
23.. 107.64
103.48
16-
6
—
Aug. 30—
117.22
108.75
13-
117.63
110.42
102.98
86.77
97.16
105.37
108.39
23..
4.54
3.78
4.15
4.57
5.66
4.93
4.43
4.26
6.69
108.50
103.48
117.63
110.61
102.81
86.91
97.00
105.72
108.39
16..
4.54
3.78
4.14
4.58
6.65
4.94
4.41
4.26
6 24
9— 108.86
103.32
118.25
110.42
102.98
86.12
96.70
105.54
108.39
9—
4.55
3.76
4.15
4.67
5.71
4.96
4.42
4.26
6 17
2.. 109.06
103.48
118.66
110.42
103.32
85.74
96.23
105.54
108.94
2—
4.54
3.73
4.15
4.55
5.74
4.99
4.42
4.23
6.15
July 26.. 109.05
19„ 109.19
12- 109.00
103.32
119.07
110.42
103.48
84.85
96.08
105.72
108.57
4.55
3.71
4.15
4.54
5.81
5.00
4.4r
4.25
6 12
103.48
119.27
110.61
103.15
85.35
96.39
105.89
108.39
July 26..
19—
4.54
3.70
4.14
4.56
5.77
4.98
4.40
4.26
5.97
103.15
119.48
110.42
103.48
84.47
95.78
106.07
108.39
12-
4.56
3.69
4.15
4.54
5.84
5.02
4.39
4.26
5 91
103.65
119.69
110.42
103.65
86.61
97.31
105.89
108.39
5„
4.63
3.68
4.16
4.53
5.75
4.92
4.40
4.26
5.85
5„
108.95
June 28—
108.99
103.32
119.27
110.05
103.48
97.47
105.20
107.67
June 28—
4 30
5 81
2l„ 108.80
14— 108.81
103.32
119.27
110.05
102.81
85.87
97.94
104.68
107.67
21..
4.55
3.70
4.17
4.58
5.73
4.88
4.47
4.30
6.80
102.64
118.86
109.68
101.97
84.72
96.70
104.33
107.31
14..
4.59
3.72
4.19
4 63
5.82
4.96
4.49
4.32
5 81
85.23
4.55
3.70
4.17
4.54
4.4*
4 91
5.78
7-
108.61
101.64
118.66
109.68
101.14
82.50
94.29
103.99
107.31
7..
4.65
3.73
4.19
4.68
6.CiO
5.12
451.
4.32
5.82
May 3l..
108.22
101.64
118.45
109.49
101.47
82.38
94.14
103.65
107.49
3 74
4.20
4.66
6.01
5
13
4.53
4.31
5.83
101.81
118.45
109.86
101.64
82.50
94.43
103.65
107.85
May 31..
24..
4.65
24- 108.66
4.64
3 74
4.18
4.65
6.00
5
11
4.53
4.29
5.88
108.55
101.97
118.04
110.05
101.47
83.35
94.88
103.82
107.85
17-
4.63
3 76
4.17
4.66
5.93
5.08
4.52
4.29
5.86
10.. 108.61
101.64
118.45
110.05
101.47
82 0'2
93.85
103.82
107.85
10..
4.65
3 74
4.17
4.66
6.04
5 15
4.62
4.29
5.85
108.89
101.81
118.66
110.05
101.47
82.50
94.29
103.99
107.67
3..
4.64
3.73
4.17
4.66
6.00
5 12
4.51
4.30
5.97
26„ 108.61
19..
12.. 108.25
101.81
118.66
110.05
100.98
82.87
95.63
02.64
107.67
Apr. 26..
19..
4.64
3.73
4.17
4.69
5.97
5.03
4.5iT
4.30
5.93
100.81
119.07
109.68
12..
4.70
4.68
4.31
S.ll
108.54
100.17
5-
4.74
I7"
3„
Apr
Stock E xchang
99.68
e
Close d
80.84
94.29
101.14
107.49
StockE xchang
^71
4.19
4.77
e
Close d
6.14
5.12
119.07
109.49
99.36
79.56
92.82
101.14
107.31
3.71
4.20
4.79
6.25
5.22
4.68
4.32
6.23
99.36
118.66
109.12
98.88
77.88
90.83
100.98
107.14
4.79
3.73
4.22
4.82
6 40
5.36
4.er
4.33
6 40
22
107.79
100.49
119.27
109.86
100.17
79.45
93.55
100.98
107.49
22..
4.72
3.70
4
18
4 74
6 26
5
17
4 69
4 31
0 33
15
107.94
100.49
119.07
110.61
100.33
79
11
93.26
100.98
108.03
15..
4 72
3.71
4.14
4.73
6.29
6.19
4.69
4.28
0.16
8..
107.85
101.64
119.48
110.98
101.14
81.42
95.63
101.47
108.57
8—
4.65
3.69
4.12
4.68
6.09
5.03
4.66
4.25
6.12
1_.
108.22
102.47
119.48
111.35
101.64
82.99
97.78
101.64
108.39
1
—
4.60
3 69
4.10
4.65
5.96
4.89
4.65.
4.26
0.03
108.44
102.81
119.48
111.16
102.14
83.97
99.68
101.14
108.21
Feb. 23—
4.58
3 69
4
11
4.62
5.88
4.77
4.68
4.27
6.02
107.49
102.30
119.07
110.79
101.14
83.60
99.68
99.68
107.85
15—
4 61
3.71
4.13
4 68
5.91
4.77
4 77
4.29
6 04
5-
Mar.2g_. 108.07
Fib.23.
15..
Mar.29
—
8-
107.47
101.64
118.66
110.42
100.49
82.50
99.04
98.41
107.85
8..
4 65
3.73
4
15
4 72
6.00
4.81
4.85
4.29
6.01
1-
107.10
101.31
118.04
110.05
100.33
82.38
99.04
97.94
107.31
1—
4.67
3 76
4 17
4.73
6.01
4.81
4.88
4.32
6.12
25.
107.33
102.14
118.04
110.06
100.81
84.35
100.49
98.73
107.49
25..
4.62
3.76
4.17
4.70
5.85
4.72
4.o3
4.31
0 10
18.
106.79
100.81
117.43
109.31
99.52
82.26
99.68
96.23
106.78
18..
4.70
3.79
4.21
4.78
6 02
4.77
4 99
4 35
11.
106.81
100.81
117.63
109.12
99.52
82.50
100.17
96.93
106.96
11
4 70
3.78
4.22
4.78
6.00
4 74
5.01
4.34
6 22
4
105 76
100 33
117 43
108.94
98. 88
81
54
inO.OO
94.58
00 Q6
4
4
73
3 79
4 23
4 82
6 08
4.76
6
10
4 34
0
High 1935 109.20
106.96
119.69
114.43
106.72
91.67
101.31
107.67
112.11
Low 1935
4.34
3.68
3.94
4.41
5.30
4.67
4.30"
4.06
5.78
1935 105.66
99.20
116.82
108.57
98.73
77.88
90.69
94.14
106.78
illgn 1935
4
83
6 4U
6.37
n
35
0.97
High 1934 106.81
100.00
117.02
108.75
99.04
83.72
100.49
94.58
106.78
Low
1934
4.75
3.80
4.24
4.81
5.90
4.72
5.10
4.35
8.00
84.85
106.37
93.11
81.78
66.38
86.61
74 25
96.54
High 1934
5.81
4.43
5.20
8.06
7.68
6.75
6.74
4.97
0.35
4.74
3.79
4.24
4.82
6.11
4.76
5.12
4.35
6.32
5.79
4.42
5.17
6.06
7.52
5.70
6.71
4.97
8.6Q
Jan
Low
Low
1934
99.06
Yr A ao
Jan.
yp
Jan. 3 '35 105.75
f
on
82
4
25
4
13
4
30
~
100.17
117.43
108.75
98.88
81.18
99.84
94.29
106.78
Jan. 3 *35
85.10
105.54
93.55
81.78
66.90
86.25
74.57
96.54
Jan. 3 '34
2 Yrs.Ago
3
*U
0 15
2 Yrs.Ago
Jan.3 '34 100.58
*
These prices are coraouted from average yields on the basis of one "ideal" bond
(4$i % coupon, maturing in 31 years) and do not purport to
level or the average move nent of actual price quotations.
They merely serve to illustrate in a more comprehensive wav the relative levels and
Field averages, the latter being the truer picture of the bond market.
For Moody's iDdex of bond prices by months back to 1928, see the issue
Aotual average price of 8 long-term Treasury Issues,
page 3291.
t The latest complete list of bonds used in computing these indexes
ft Average of 30 foreign bonds but adjusted to a comparable basis wltb previous averages o* 40 foreign bonds
Moody's Daily Commodity Index Advances
Basic
commodity prices exhibited a generally stronger
trend last week, except for top hog prices, which receded
further. Moody's Daily Index of Staple Commodity prices
closed on Friday at 168.0, the highest since Nov. 22, com¬
pared with 165.8 in the week before.
Among the 15 items composing the Index, advances were
registered by nine of the components, namely, wheat, sugar,
cotton, corn, wool, rubber, hides, silk and cocoa.
Silver,
show either the average
the relative movement of
of Feb. 6 1932, page 907.
published in the issue of May 18 19 5.
steel, copper, lead and coffee remained unchanged.
ho£ prices declined.
The movement of the Index during the week, with
parisons, is
Fri.,
Dec.
Sat.,
Dec.
Mon.,
Dec.
Tues., Dec.
Wed.,
Jan.
Thurs.,Jan.
Fri.,
Jan.
as
27
28
30...
31-.
1
2..
3..
Top
com¬
follows;
2 weeks ago,
Month ago,
Dec. 20165.8
Dec. 6
.165.0
Jan.
4
165.7 Year ago,
166.5 1934 High — Aug. 20
Low — Jan.
2
....Holiday
167.4 '35-36 High—Oct. 7-9
168.0
Low
—
Mar. 18-—-
164.9
166.0
158.0
156.2
126.0
175.3
148.4
Financial
Volume 142
19
Chronicle
Indications of Business Activity
STATE
THE
TRADE—COMMERCIAL
OF
EPITOME
railroads to report for the week ended
total of 223,416 cars of revenue freight
on their own lines, compared with 285,147 cars in the pre¬
ceding week and 203,606 cars in the seven days ended Dec. 29
1934.
A comparative table follows:
The first 16 major
Dec. 28 1935 loaded
1936.
Friday Night, Jan. 3
•
pronounced feeling
of optimism in virtually
every important industry.
The
automotive production in 1935 was the largest since 1929,
having a wholesale value, including accessories, of $2,999,500,000.
Predictions are that the automobile output in 1936
will show about 10% gain over the 4,150,000 cars and trucks
assembled in the United States and Canada.
Construction
with
Business entered the new year
a
activity, residential building and plant
behind the
prime mover
All this, together with
recovery.
in the railroad department, makes
an exceedingly bright outlook for the steel industry.
Steel
operations during the past week reflected the holiday period
and seasonal shut-down, but the demand from big consum¬
ers is reported as anything but subsiding.
Steel authorities
have reason to believe that the improvement in the industry
will continue into the first four to
six months of the current
continues on a
The improvement in the electric output
year.
large scale, and this is reflected in a very substantial way in
many other lines, especially electric appliances, which latter
field had a most outstanding year in 1935, the volume of
A substantial improvement in
all records.
breaking
sales
conditions is evidenced.
The volume of security
offerings in 1935 reached the highest level experienced since
1930.
Indications are that this volume will be exceeded in
Business
1930.
Wholesale
Loaded
'
'
:
:
Dec.
Baltimore & Ohio RR
20,612
1,917
Chicago Milw. St.Paul & Pac. Ry.
Chicago & North Western Ry
3,016
2,022
4,812
14,642
36,279
4,179
18,420
54,092
5,783
5,011
23,239
5,188
Lines
International Great Northern RR
1,514
3,679
Missouri-Kansas-Texas RR
Missouri Pacific RR
11,806
New York Central Lines
29,949
3,234
NewYork Chicago & St.Louis Ry.
Norfolk & Western Ry
12,214
Pennsylvania RR.
43,107
_
4,754
4,217
17,039
4,266
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
14,214
17,495
12,890
have
regained approximately 70%
now
Excludes cars interchanged S. P.
LOADINGS AND
TOTAL
Cotton was quiet, but
the world statistical position bullish.
Here
on
It
was
followed
degrees, when at 3
p. m.
snow
continued throughout the
and
York
virtually all large
Eastern cities fought traffic
paralyzation with tens of thousands of men and thousands
of snow plows.
Atlanta, Ga., was struck by a blizzard and
sleet storm which stopped traffic, disrupted communications
caused
snarled
To-day
it was raining in the morning and fair in the afternoon here,
with temperatures ranging from 45 to 51 degrees.
The fore¬
cast
was
for fair, somewhat colder to-night.
Saturday
cloudy, with light rain in the afternoon or night.
Colder
Saturday night.
Fair, colder Sunday.
Overnight at Boston
it was 32 to 53 degrees; Baltimore, 36 to 44; Pittsburgh, 36
to 42; Portland, Me., 26 to 44; Chicago, 34 to 34; Cincin¬
nati, 34 to 42; Cleveland, 34 to 46; Detroit, 34 to 38; Charles¬
ton, 58 to 64; Milwaukee, 32 to 36; Dallas, 42 to 58; Sa¬
and
$2,000,000 damage.
traffic
Jersey
was
heavy winds piled a six-inch fall into high drifts.
as
vannah, 56 to 70; Kansas
32 to
City, 32 to 38; Springfield, Mo.,
36; Oklahoma City, 34 to 54; Salt Lake City, 30 to 38;
Seattle, 44 to 54; Montreal, 20 to 34, and Winnipeg, 14 to 20.
6,754 New Freight Cars Installed in 11 Months
Class I railroads of the United States, in the first
11
installed 6,754 new freight cars, according
to reports just received by the Association of American
Railroads and made public Jan. 4.
In the same period last
period two
Thirty-one new steam
were
26
locomotives
new
months of 1934,
11
three
Dec.
on
1,874.
102 new electric locomotives
1
on
in
locomotives.
New steam locomotives on
1934 totaled 23. and on the same date in
Freight
in
the
as
cars
44,902
to the number on order on
1933 there
order
was one.
No reports
reported
This
was an
acquired
are not
Miscellaneous freight loading totaled
229,135 cars, a decrease of 12,666
above the
week in 1933.
of merchandise less than carload lot freight totaled 151,492 cars,
of 4,947 cars below the preceding week, but an increase of 419
the corresponding week in 1934.
It was, however, a decrease of
below the preceding
cars
week,
but an increase of 41,145 cars
corresponding week in 1934 and 44,919 cars above the same
Loading
a
decrease
cars
above
4,130 cars below the same week in 1933.
amounted to 134,458 cars, an increase of
Coal loading
2,278 cars above
preceding week, but a decrease of 5,160 cars below the
the
It
week in 1934.
week in
was,
Grain and grain
below
cars
however,
an
the preceding
week,
In the Western
Districts
alone,
grain and grain products
loading amounted to
week,
12,080 cars, a decrease of 2,044 cars
3,489 cars below the same week in
ended Dec. 21 totaled 9,108 cars, a
decrease of 2,713 cars below the same
week in 1934.
products loading totaled 29,589 cars, an increase
the preceding week,
1934 and
In the Western Districts alone,
below the same week in 1933.
loading of live stock for the week
Forest
week in 1933.
loading for the
increase of 2,240 cars above the
1934.
week in
cars
of 146
the
but an increase of 4,246 cars above
corresponding week in 1934, and 4,589 cars above the same
above
the same
products loading totaled 29,101 cars, a decrease
week ended Dec. 21 totaled 17,690 cars, an
same
corresponding
increase of 10,948 cars above
1933.
of 2,120 cars
1934 and
9.580 cars above the same week in
11,446 cars above the same week in 1933.
Ore
Coke loading amounted to 7,905 cars, a decrease
preceding week, but an increase of 1,823 cars above
week of Dec. 21, in the number
loaded with revenue freight compared with
year.
of 151 cars below the
the same week in 1934,
above the same week in 1933.
All districts reported increases for the
last
the
of 2,492 cars above the corresponding
above the corresponding week in 1933.
but an increase
week in 1934 and 2,034 cars
cars
below
of 147 cars
loading amounted to 5,774 cars, a decease
the corresponding week
All districts also reported increases compared with
the corre¬
sponding week in 1933.
Loading of revenue freight in 1935 compared with the two
previous years
follows:
1935
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
3,035,153
Four weeks in February
Five
Holiday Week
weeks in March
freight for the week ended Dec. 28
This is a decline of 132,855 cars,
1935 totaled 466,679 cars.
22.2%, from the preceding week, a rise of 41,275 cars,
or 9.7%, from the total for the like week of 1934, and an
increase of 11,914 cars, or 2.6%, over the total loadings for
the corresponding week of 1933.
For the week ended Dec. 21
loadings were 9.3% above the corresponding week of 1934
and 12.8% higher than those for the like week of 1933.
Loadings for the week ended Dec. 14 showed a gain of 6.0%
when compared with 1934 and a rise of 10.0% when com¬
parison is made with the same week of 1933.
1934
2,183,081
2,314,475
3,067,612
2,340,460
1933
1,924,208
1,970,566
2,354,521
7
2,228,737
3,102,066
2,631,558
2,881,924
3,179,447
637,133
551,485
2,025,564
2,143,194
2,926,247
2,498,390
3,204,919
2,567,071
2,632,481
2,885,251
541,992
Week of Dec.
14
615,237
Week of Dec.
21
599,534
580,202
548,478
559,419
531,464
31,051,693
30,420,556
28,765.287
Four weeks in April
Four weeks in
May
Five weeks in June
decrease of
15,703 cars or 2.6% below the preceding week this year.
included
Freight Car Loading Decline 22.2% During
or
Dec. 21 totaled 599.534
corresponding
12.8% above the same week
1933.
Four weeks in January
revenue
reviewing the
follows:
Dec. 1 1933.
and locomotives leased or .other wise
Loading of
as
increase of 51,056 cars or 9.3% above the
above figures.
Revenue
8,709
Loading of revenue freight for the week of Dec. 21 was a
of
1933.
Dec. 1 this year had on order 14 new steam locomotives
electric
new
available
62,150
Loading of revenue freight for the week ended
cars.
Dec. 1 totaled 4,490 compared with 1,771
New electric locomotives on order on Dec. 1 1934 totaled 95.
are
15,886
20,307
week in 1934 and an increase of 68,070 cars or
The railroads,
installed 40 new steam locomotives and
day in 1934 and 125 on tne same day in
The railroads
Dec. 29 1934
20,266
29,151
12,733
The Association of American Railroads in
week ended Dec. 21
preceding week,
electric locomotives.
tne same
and
and
were
Orleans
49,527
and 1,132 cars
New freight cars on order on
on
there
placed in service in tne first 11 montns of this year.
the first
in
years ago,
6,476
Dec. 21 1935
Total.
22,951 new freight cars were placed in service, and,
same
2,681
23,792
3,520
3,178
x4,489
5,851
16,805
22,766
9,956
St. Louis-San Francisco. Ry
2,868
months of 1935,
the
3,559
33,215
5,095
4,168
x6,681
8,246
5,280
CONNECTIONS
RECEIPTS FROM
Illinois Central System
below the preceding
year
26,137
Co.-Pacific Lines and Texas and New
Chicago Rock Island & Pac Ry._
Live stock
in
3,843
8,100
35,177
8,785
9,589
Weeks Ended—
the 30th ult. with a
on
began to fall and
night. The next day nearly half
the country dug out of snow and ice in the wake of a storm
that took scores of live&and cost millions of dollars.
New
of 8
14,194
4,57a
4,79a
5,445
6,708
1,179
1,472
1,862
Dec. 28 1935
the 28th ult. it was down to 13 degrees, the
coldest this season.
low
11,409
41,153
3,894
3,329
3,446
6,459
6,832
7,000
9,017
1,415
1,955
2,618
upward with world consumption on a large
prices turned
scale.
1,470
3,068
9,964
27,005
2,998
4,627
13,209
3,835
11,264
5,300
5,727
6,122
7,867
1,163
1,469
2,108
6,897
29,933
7,209
2,597
28,126
4,215
3,652
x5,599
6,472
(Number of Cars)
Commodity prices
of their depression
Grain markets were more active and stronger, with
13,666
18,465
14,635
11,151
12,233
9,395
1,734
RR. Co.
is now at the highest level since
markets continued active owing to de¬
pleted retail stocks.
Retail business slowed up somewhat,
which was only natural after the big holiday trade.
Stormy
losses.
1935
223,416 285,147 203,606 139,555 166,158 120,471
Total
x
18,412
28,841
21 Dec. 29
1934
28 Dec.
1935
1934
16,051
12,014
13,527
10,247
Chicago Burlington & Quincy RR.
29 Dec.
21 Dec.
1935
14,737
19,144
_
Chesapeake & Ohio Ry
Gulf Coast
28 Dec.
1935
Atchison Topeka & Santa Fe Ry.
activity
weather, however, helped to lower sales.
Received from Connections
Weeks Ended—
Own Lines
on
Weeks Ended—
'
banking
1936.
CONNECTIONS
RECEIVED FROM
(Number of Cars)
during 1936 as the
substantial upswing
the
FREIGHT LOADED AND
REVENUE
rehabilitation prom¬
ises to vie with the automobile industry
a
Four weeks in
July
Five weeks in August.
Four weeks In September
Four weeks in October.
Five weeks in November
Week of Dec.
Total
In the following
table
we
2,446,365
3.084,630
2,351,015
3,072,864
2,501,950
2,534,940
2,842,999
undertake to show also the load¬
ings for separate roads and systems for the week ended
Dec. 21 1935.
During this period a total of 100 roads showed
Financial
20
increases when
; The
year.
increases
compared with the corresponding week last
of these roads which showed
the New York Central Lines, the Baltimore
most important
were
REVENUE FREIGHT
Jan. 4 1936
Chronicle
& Ohio RR., the Pennsylvania System, the Atchison Topeka
& Santa Fe System, the Southern System, the Illinois
Central System and the Southern Pacific RR.
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED DEC.! I
LOADED AND RECEIVED FROM
*
Total Revenue
from Connections
1935
Eastern District—
553
952
1,102
1,545
7; 2 66
1,233
200
231
9,790
1,922
10,004
1,617
'
Ann Arbor
1,486
1,619
Bangor A Aroostook
7,321
Boston A Maine
1,542
7,384
1,288
23
20
29
61
32
927
866
1,003
1,825
Central Vermont
4,315
5,098
6,102
6,398
Delaware & Hudson
8,254
7,659
8,444
6,669
1,498
5,461
5,835
198
194
179
69
72
Chicago Indianapolis A Loulsv.
Central Indiana
Delaware Lackawanna A West.
Detroit & Mackinac
364
286
170
3,509
1,529
3,134
11,554
11,412
3,190
11,755
13,391
Erie
2,153
7,801
1,685
1,104
6,577
1,803
6,961
2,387
152
...
Montour
l> New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western..
N. Y. Chicago & St. Louis
Pittsburgh & Lake Erie...
Pere Marquette
1,681
1,601
153
147
1,211
1,378
7,761
2,896
3,556
1,760
32,612
9,594
2,123
3,768
4,140
4,606
1,270
8,140
2.630
7,696
Monongahela
2,711
3,540
1,888
36,289
9,935
1,972
4,179
5,072
5,783
301
988
175
3,835
1,543
209
37
27
32,321
35,178
35,124
9,826
10,911
1,998
3,391
1,771
11,436
1,816
8,785
8,431
4,107
5,095
4,160
18
17
4,472
4,047
4,571
Wheeling & Lake Erie
Total
447
314
374
134
198
1,051
833
1,226
1,000
487
545
459
897
989
4,643
3,218
4.631
3,000
8,246
3,257
7,321
2,626
135,065
Rutland
Wabash
358
349
1,046
5,188
3,526
Pittsburgh & Shawmut
Pittsburgh Shawmut & North..
Pittsburgh A West Virginia
126,109
125,309
146,426
139,300
AHegehny District—
455
Youngstown.
Baltimore A Ohio
Bessemer A Lake Erie
450
395
726
688
24,841
1,857
24,696
1,298
24,513
13,209
1,528
260
66
7
9
93
999
316
246
1,314
4,915
5,405
10,284
10,505
554
478
5
63
62
348
363
359
33
27
241
159
211
40
17
727
768
857
2,579
3,023
1,036
933
990
51,546
33,215
30,478
•Cumberland A Pennsylvania..
LIgonler Valley
Long Island
895
Union (Pittsburgh)
West Virginia Northern.
Western Maryland
54,092
11,490
8,715
1,006
50,872
12,982
4,034
11,789
5,535
14,723
1,908
14,368
84
98
1
1
3,225
Pennsylvania System
Reading Co
732
Illinois Central System
15,970
9,805
8,332
Louisville A
19,910
14,520
3,871
3,396
Nashville
Macon Dublin A Savannah
3,333
3,062
5,423
5,941
114,405
142
121
144
289
206
1,945
1,609
2,554
2,143
1,359
1,897
1,307
Nashville Chattanooga A St. L.
Tennessee Central
1,631
2,348
422
339
302
640
614
Total.
54,218
47,048
42,260
26,147
23,396
Grand total Southern District
91,830
82,772
76,500
55,318
49,475
1,788
9,017
2,587
7.000
2,535
1,546
8,698
2,497
6,403
2,503
851
106,998
106,110
84,680
80,879
720
591
12,433
17,495
4,113
Milw. St. P. A Pacific.
St. P. Minn. A Omaha
Duluth Missabe A Northern
667
12,890
1,937
A North Western
Great Western
15,902
3,346
12,115
2,181
15,510
3,289
21,265
16,054
18,5,05
6,459
14,489
3,559
5,703
2,997
727
787
715
1,256
70
137
482
291
296
5,767
Ft. Dodge Des Moines A South.
Great Northern
417
3,896
3,791
5,442
4,241
266
256
233
158
123
8,585
8,599
6,627
2,150
2,458
474
Green Bay A Western
559
456
447
347
Lake Superior A Ishpeming
267
Minn. St. Paul A S. S. M
Northern Pacific
229
315
77
83
1,573
4,413
Minneapolis A St. Louis
1,605
4,317
7,935
1,538
3,707
7,316
1,473
2,056
1,402
2,002
2,226
202
8,743
Spokane International
2,213
169
104
60
970
826
70,200
63,579
59,566
38,571
35,951
18,412
16,487
2,413
16,881
2,277
4,627
2.156
4,282
2,729
310
211
167
96
33
14,214
1,698
10,408
13,411
14,037
1,717
6,832
5,909
766
750
2,800
973
897
9,681
2,862
1,476
3,425
3,365
3,010
6,711
2,074
1.157
2,160
6,227
3,092
745
493
299
11
1,313
1,085
810
1,920
1,115
1,807
980
1,964
Total.
92
1,781
1,106
1,029
887
Central Western District—
Atch. Top. A Santa Fe System.
Bingham A Garfield
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois.....
Colorado A Southern
Denver A Rio Grande Western.
Denver A Salt Lake
Fort Worth A Denver City
Illinois Terminal
3,913
3,556
3,273
607
494
36,982
11,881
1,666
9,566
1,888
762
1,695
3
177
312
411
401
859
North Western Pacific
1,843
84
57
138
68
39
15,937
13,244
12,104
4,118
3,177
147
Southern Pacific (Pacific)
197
320
209
213
342
253
348
923
770
11,066
10,793
12,582
6,866
6,093
643
525
512
6
6
1,402
1,532
1,370
1,393
1,059
89,763
81,316
83,114
42,571
36,765
3,222
1,089
10,283
Norfolk A Portsmouth Belt Line
43,672
Total
529
416
493
Elgin Joliet A Eastern
Union Pacific System
20,612
18,420
Virginian
1,940
579
Duluth South Shore A Atlantic.
Toledo Peoria A Western
Pocahontas District—
Nbrfolk A Western
1,795
Northwestern District—
Belt Ry. of Chicago*
Chicago
Chicago
Chicago
Chicago
St. Joseph A Grand Island
Chesapeake A Ohio
396
338
104
110
176
Mobile A Ohio
Mississippi Central
Peoria A Pekln Union
Total
353
397
817
Alton
90
Penn-Readlng Seashore Lines.
1,211
343
1,204
12,899
1,039
1,195
5,364
Buffalo Creek A Gauley*
Cambria A Indiana
Central RR. of New Jersey
Cornwall
1,305
273
1,318
17,996
16,999
Spokane Portland A Seattle
Akron Canton A
587
628
768
314
1,640
19,973
Gulf Mobile A Northern
2,506
Grand Trunk Western
Maine Central
Georgia
Georgia A Florida
6,265
2,093
4,585
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Group B (Concluded)—
12,905
2,618
Detroit Toledo & Ironton
Detroit & Toledo Shore Llne__.
1934
1935
1933
1934
1935
465
524
from Connections
Freight Loaded
Railroads
1934
1935
1933
1934
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
41,662
Utah
Western Pacific
Total.
Southwestern District—
114
3,965
116
l'lS
116
378
241
230
207
222
153
Gulf Coast Lines
3,016
2,619
1,838
1,498
International-Great Northern..
2,022
1,769
1,415
1,955
Burlington-Rock Island
Group A—
Fort Smith A Western
8,230
1,111
8,448
1,083
7,776
1,034
4,814
1,692
4,407
1,411
Charleston A Western Carolina.
334
295
271
790
728
Durham A Southern
133
138
170
255
272
Gainesville Midland
34
42
41
88
84
Norfolk Southern
890
1,003
1,165
1,111
1,063
Piedmont A Northern
427
442
405
953
734
323
308
263
7,261
7,161
6,776
16,221
Atlantic Coast Line...
Clinchfleld
Richmond Fred. A Potomac...
Seaboard Air Line
18,713
Southern System
16,684
2,994
3,653
12,145
2,813
3,249
10,717
156
120
118
676
601
37,612
35,724
34,240
29,171
26,079
Winston-Salem Southbound
2,165
'
298
1,865
198
917
819
1,688
1,401
1,445
1,669
1,422
1,294
1,046
1,048
887
624
125
201
Kansas Oklahoma A Gulf
Kansas
123
148
Alton A Southern
Southern District—
City Southern
Louisiana A Arkansas
Louisiana Arkansas A Texas
124
129
103
285
191
Litchfield A Madison
378
415
421
702
658
Midland Valley
616
649
519
212
167
151
68
78
217
177
4,812
14,642
4,017
4,251
12,434
12,226
2,618
8,100
2,328
6,660
Arkansas...'
Missouri A
Missouri-Kansas-Texas Lines..
Missouri Pacific
21
14
45
43
37
Quanah Acme A Pacific
110
72
135
104
123
St. Louis-San Francisco
7,855
6,805
6,820
3,589
3,017
1,738
5,480
3,705
1,863
2,563
3,563
2,049
2,909
1,205
16,523
13,811
57
58
Natchez A Southern
Total.
1,415
St. Louis Southwestern
2,440
Texas A New Orleans
7,302
1,749
6,410
130
Texas A Pacific
Terminal RR. Ass'n of St. Louis
4,898
2,209
4,135
1,482
242
178
51
31
26
37
28
54,599
46,042
43,883
51,855
43,513
Group B—
204
197
144
Alabama Tennessee A Northern
270
Atlanta Birmingham A Coast
Atl. A W. P.—W. RR. of Ala..
Central of Georgia
641
666
635
772
553
580
3,619
3,023
2,936
1,139
2,346
1,016
2,329
429
197
197
277
225
695
708
783
857
719
589
._
Columbus A Greenville
Florida East Coast
Note—Figures for 1934 revised.
*
600
Previous figures,
a
Not available,
Wichita Falls A Southern
Weatherford M.W.AN.W..
Total.
b Includes figures for the Boston A Albany RR., the
O. C
a
C. A St. Louis RR., and the
Michigan Central RR.
No
Immediate
Inflation
Warns
Expected by Colonel Ayres—
Before American
However,
in
Address
Statistical
Association,
that
Present
of
as
Economists
Discount
Government
Recovery Factor
Serious inflation in the United States is unlikely during
1936, but a continuation of the government's policy of large
expenditures exceeding income would, if continued for
four years, lead to real inflation, Colonel Leonard P. Ayres,
Vice-President of the Cleveland Trust Co., told members
of the American Statistical Association at a
meeting in New
City on Dec. 31. Colonel Ayres said that he believed
Federal expenditures were partially responsible for the recent
improvement in business, but two other speakers at the
meeting declared thajTnormal economic factors had caused
the upturn in 1935, which they described as a step in a major
recovery cycle. They were Lionel D. Edie of New York and
David Friday of Washington.
Both said that the natural
forces of recovery have been stronger than political obstacles
York
and have
Jan. 1:
Spending Would Lead to Inflation in Four
Years—Other
Policies
Continuation
dress, and from the other speeches at the meeting, are given
below, as reported in the New York "Herald Tribune" of
overcome
Colonel
them.
Ayres said that government expenditures, now
greater by $10,000,000 daily than income, are not likely to
be curtailed in an election year. He added that payment of
the soldiers' $2,000,000,000 bonus would add further to
consumer purchasing power.
Other extracts from his ad¬
/
1935, Colonel Ayres continued, differed from the
of creating funds by transferring money that people had
The improvement in
former method
saved from private to
of
to pay
public account.
out of funds actually
more money
The new way, he stated, is a creation
arising from the government's promise
in the future.
"There
seems
continued in
to
why this process cannot be successfully
be no reason
"It keeps the ship of state running even
1936," he went on.
He predicted that with the
and perhaps the bonus pay¬
ment, "We can be sure, except in case of war
that the level of consumer
purchasing power is likely to be well sustained in 1936 and it will be a good
though it consumes some of its
substance."
possibility of continued Federal expenditures
business year."
Colonel Ayres
000,000
a
estimated that the national government is spending $10,-
day more than the national
inflation might be that it
depends
on
have been similar, he
He said one
income.
The two advances recently
pointed out.
More Idle Predicted
In the future, he foresaw the possibility
by the government at the present rate,
consumption,
definition of
is present when an advance in national income
continued government spending.
moderate expansion
,
of continued emergency spending
with further growth of consumer
in capital goods, poor exports and
a
continuing volume of unemployment.
He also
saw
of government
the possibility,
early in 1937, of an increasing tax, limitation
spending, and a consequent sharp down trend of production
and securities values.
If the policies of the present continue another four
Financial
Volume 142
goods and
a
There is
i
the
transitional plan, Mr. Ayres pointed out, between subsidized
have, and a self-supporting economy. He compared
no
we now
present recovery to
excess reserves,
ing if there is
speeds of
with three forward
People are wonder¬
bank borrowing and low interest rates.
yet been
of "more,"
he continued, and the brakes have not
a reverse gear,
He foresaw 1936
tested.
streamlined car,
a
as a
period of the exhilarating doctrine
with more money, automobiles, purchasing power
and income, and livelier
politics,
with the former expressing
of consoli¬
the possibility of a
The hides and leather
The two
were
of the opinion that the rate
Average prices of cattle feed
shocks.
Index of Wholesale Commodity
Slightly During Week of Dec, 31—Above Previous Month
Weekly
Prices Declined
December Average
In
index of
quiet holiday week the "Annalist" weekly
a
with
index
week.
of the
Bureau of Labor
"ANNALIST"
WEEKLY
INDEX
OF
AGO, AND THE
LEVEL WITH A WEEK AGO, TWO WEEKS
CORRESPONDING WEEK OF LAST MONTH
WHOLESALE
Percent¬
14
age
7
age
23
age
Change
1935
Change
1935
Change
1935
COMMODITY
79.2
—2.4
79.1
—2.3
78.2
—1.2
85.3
85.8
—0.6
86.4
—1.3
85.8
—0.6
96.2
95.4
+ 0.8
94.8
+ 1.5
95.7
+0.5
——0.3
73.1
—0.5
products
72.7
72.8
—0.1
72.9
materials
75.7
75.7
0.0
75.9
—9.3
75.7
0.0
Metals and metal products
86.2
86.3
—0.1
86.4
—0.2
86.4
—0.2
Building materials
85.2
85.3
—0.1
85.4
—0.2
85.8
—0.7
Chemicals and drugs
80.2
80.5
—0.4
80.7
—0.6
80.9
—0.9
82.2
82.2
0.0
82.2
0.0
82.1
+0.1
67.5
67.4
+0.1
67.4
+ 0.1
67.4
+0.1
78.8
78.9
—0.1
78.9
—0.1
79.0
—0.3
80.4
80.8
—0.5
80.9
—0.6
80.6
—0.2
Textile products
Variation—1913=100)
Dec. 24 1935
nr**"
Dec. 31
I
1934
122.8
al25.3
114.8
Housefurnishing goods
Miscellaneous commodities
135.6
Farm products
Food products
134.2
120.8
All commodities other than
all8.2
108.0
*118.3
Textile products
Fuels
1935
77.3
Farm
Fuel and lighting
Dec. 31 1935
«'''
Percent¬
Dec.
21
Foods
n
''
Nov.
Percent¬
Dec.
Dec.
Hides and leather products
week.
PRICES
(Unadjusted for Seasonal
series
COMPARISON OF PRESENT
63-cent
A 49-cent decline in hogs and a
tobacco, tin, hides and rubber.
Statistics includes 784 price
importance in the country's markets
and is based on the average for the year 1926 as 100.0.
The following tables compare the current index numbers of wholesale
prices with designated dates of the past 3 years:
flour and butter, cotton and silk,
drop in cattle were the chief price losses of the
•
and housefurnishing goods—
the week. All sub-groups
coal, which declined slightly, remained at the levels of
change.in the general average during
Commodity Groups
Most of the grains were higher,
crude
and pulp
,
weighted according to their relative
said:
THE
no
except bituminous
0.5 point to 129.4 on
24. The "Annalist"
wholesale commodity prices declined
Dec. 31, from 129.9 (revised) Dec.
advanced slightly more than 1 % and
groups—fuel and lighting materials
Two
showed
the preceding
"Annalist"
Leather and other
0.9%.
Automobile tires and tubes and paper
remained-unchanged.
The
reached new
and hides and skins
Hides advanced 2.5% and shoes
products showed no change.
1.5%.
0.8% to a new high for
product group advanced
Both the sub-groups of shoes
rubber increased
of recovery will
slow down, but that recovery is due to natural economic causes such as
regained confidence in bank deposits, easy money and capital goods require¬
ments. Neither felt that the outlook will be changed materially by political
temporary dip.
week.
from the preceding
leather
Friday felt that 1936 might be a year
and metal
materials—decreased 0.1% during the week. Lower
average prices were shown for cotton goods, silk and rayon, iron and steel,
non-ferrous metals, paint materials, and certain other building materials.
Other sub-groups of these major groups except lumber remained unchanged
high levels.
Dip Forecast
Both Mr. Edie and Mr.
groups—textile products, metals
major
three
the
of
Each
products, and building
the year.
dating the gains of 1935,
preceding
week.
great increase in stocks of money.
recovery, as
remained unchanged from the
and pharmaceuticals
and drugs
revival of capital
might be real inflation, he said, with a large
years, there
21
Chronicle
170.3
111.5
111.4
109.7
Building materials
111.7
111.7
products and foods
161.7
Metals
farm
112.1
170.3
85.4
85.3
79.5
129.4
al29.9
76.5
a77.2
b All commodities on old dollar basis._
71.2
Revised,
b Based
on
exchange
quotations
Switzerland and Holland: Belgium included prior to March 1935.
Preliminary,
a
advanced to 129.4 from 128.3 in
November, reflecting the advance that took place near the end of
THE
"ANNALIST"
MONTHLY
INDEX
OF
Dec.
Percent¬
Dec.
Percent¬
Dec.
Percent¬
November,
WHOLESALE COMMODITY
21
age
23
age
24
age
Change
1933
Change
1932
Change
+ 74.5
71.2
+ 8.6
54.8
+41.1
44.3
85.3
75.4
+ 13.1
61.6
+ 38.5
58.4
Hides and leather products
96.2
86.4
+ 11.3
89.2
+ 7.8
69.1
+ 39.2
Textile products
72.7
69.7
+ 4.3
76.0
—4.3
52.8
+ 37.7
Fuel and lighting
materials
75.7
75.0
+ 0.9
74.4
+ 1.7
69.5
Met8l and metal products.
86.2
85.5
+ 0.8
83.2
+ 3.6
79.3
+ 8.7
Building materials
85.2
84.7
+0.6
85.3
—0.1
70.9
+ 20.2
Farm
77.3
products
Foods
Housefurnishing
+46.1
+8.9
80.2
goods...
Miscellaneous commodities
78.1
+ 2.7
73.4
+ 9.3
72.3
+ 10.9
82.2
82.5
—0.4
81.9
+ 0.4
73.5
+ 11.8
67.5
71.1
—5.1
65.5
+ 3.1
63.2
+ 6.8
78.8
78.2
+ 0.8
77.6
+ 1.5
69.0
+ 14.2
80.4
Chemicals and drugs
PRICES
(Unadjusted for Seasonal Varlation- -1913=100)
22
1934
Commodity Groups
France,
prices during the month of December the 'Annalist'
reported:
December average of the index
Dec.
1935
for
As to
Tne
COMPARISON OF THE PRESENT LEVEL WITH THE CORRESPONDING
WEEKS OF THE PAST THREE YEARS
120.1
Miscellaneous
All commodities
*
99.1
98.4
98.4
Chemicals
All commodities
76.7
+4.8
70.4
+ 14.2
62 5
+ 28.6
All commodities other than
Dec. 1 1935
Nov. 1 1935
Dec. 1 1934
Farm products
123.3
120.9
110.6
Food products.
135.5
135.5
118.5
107.7
170.1
169.5
products and foods
118.5
118.5
farm
Textile products
Fuels
All commodities
161.7
Metals
111.5
111.6
109.7
Building materials
111.7
111.6
112.1
98.4
98.2
99.1
in Wholesale Trade During
with Same Month Last Year
Chemicals..
Miscellaneous
85.1
♦
All commodities on old dollar basis..
*
Based
on
85.0
129.4
.....
All commodities
128.3
118.0
76.7
76.2
70.1
exchange quotations for France, Switzerland, and Holland; Belgium
Included prior to March 1935.
Wholesale
Commodity
Prices
Declined 0,5% During
United States Depart¬
Week of Dec, 21 According to
index to 80.4% of the 1926 average, it was stated, and
the advances made since the middle of November.
offset
The
general index is now 0.7% below the high point of the year
(81.0) reached during the week of Sept. 21.
The average
is, however, still 3.2% over the low point of the year (77.9)
reach during the week of Jan. 5.
The Bureau's announce¬
November
reporting wholesale firms
"In November total sales of the
(New York) District averaged 5% higher than
in 1934, which is," states the Federal Reserve Bank of New
York, "a smaller increase than in the preceding two months."
Continuing, the Bank also had the following to say in its
"Monthly Review" of Jan. 1:
groceries,
cotton
October
and jewelry; also men's
and silk goods, sales of which showed the
goods,
gains than in September and
clothing, drugs, paper, and rayon
smallest advances in five or six
Sales of the shoe firms were some¬
months.
higher than last year following a large
what
sales
stationery,
were
increase in October, diamond
and the sales of the reporting
again well above last year's volume,
hardware concerns were slightly
higher than last year, as compared with a
small decrease in October.
The rayon
reported larger stocks on
jewelry concerns
continued to be some¬
and silk, and diamond firms again
hand than last year,
but the grocery, drug, hardware, and
continue^ to show reductions in stocks. Collections
what slower on the average than last year.
P. C. of Accounts
continued:
ment of Dec. 27
Outstanding
P. C. Change
level of
It is 14.2% above the same
Compared with the corresponding week of last year, the current
wholesale prices shows
increase of 4.8%.
an
November 1935
N The commodity
groups
metals
foods,
which averaged lower were farm products,
and
metal
products,
building
than farm products and
processed foods" declined 0.1% during the week.
The present index for
large industrial group of "all commodities other
this group—78.8—is
higher than the
0.8% above the corresponding week of 1934 and
1.5%
The index of the farm
products group fell 2.4% due chiefly to the 5.2%
for
Grains increased 1.6%
drop in average prices of livestock and poultry and smaller decreases
cotton,
apples, alfalfa hay, and potatoes.
eggs,
higher
which
average
declined
stands 8-6%
The
current farm
than counterbalanced
the
foods
-
-
-
+ 8.1
Rayon and silk goods
*
+ 0.7
89.3
87.2
*
+ 12.3
36.8
36.1
41.1
M
36.2
67.9
61.8
40.1
34.4
Shoes
+ 6.8
Drugs
+6.0
—5.0
33.5
30.5
Hardware
+ 1.0
—11.2
47.3
47.4
Stationery
+ 6.1
48.0
53.3
Paper.
+ 3.4
-
-
-
-
—
+ 19.7
+ 8.0
Jewelry
Weighted average.
—9.4
+ 5.0
Quantity figures reported by the National Federation
included in weighted average for total wholesale trade.
*
47.0
47.1
\ 18.5
J
/17.3
55.2
-
+ 18.5
52.9
of Textiles, Inc., not
products index—77.3—now
group.
tallow
slightly higher prices for dairy products, cereal
products and fruits and vegetables, resulting in 0.6%
for
—15.9
+ 8.0
Cotton goods
1935
prices reported for the individual items except corn,
slightly.
above a year ago and is 41% above two years ago.
Declining prices of meats, peanut butter, vegetable oils, lard, and
more
+ 0.6
Men's clothing
1934
Month
,
Groceries
Diamonds
week in 1933.
same
End of
Net
Sales
indexes.
materials, and
Hides and leather products and miscellaneous com¬
modities averaged higher and housefurnishing goods and fuel and lighting
materials remained at the levels of the preceding week.
The index for the
products,
Stock
commodity groups
chemicals and drugs.
with
November
Commodity
prices was well distributed as 14 of
commodity sub-groups and 6 of the 10 major
showed lower average
textile
Collected in
November 1934
The decline in wholesale commodity
47
Oct. 31
Compared with
week of 1933.
the
Compared
as
in the Second
included
During the third week of December wholesale commodity
prices declined 0.5%, according to an announcement made
Dec. 27 by the Bireau of Labor Statistics of the U. S. Depart¬
ment of Labor.
The decrease carried the all commodity
Rise of 5%
Bank Reports
Reserve
Federal
Individual lines reporting smaller
of Labor
ment
York
New
78.5
decline in the index
Compared with corresponding week of 1934 the
38.5% above the same week of 1933.
present food index is 13% higher and is
Weakening prices of alcohol, vegetable oils, and certain
fertilizer materials
recede 0.4%.
Mixed fertilizers
caused the chemicals and drugs index to
Sales of Chain Store Systems
York
Year
Federal
Reserve
During November in New
Above November
District
Ago
According to the Jan. 1 "Monthly Review" of. the New
York Federal Reserve Bank, "total November sales of the
reporting chain store systems were
9.7% higher than last
/
22
Financial Chronicle
the largest increase since April."
following is also taken:
the
in sales since that month, and the increase in grocery chain
the best in
was
a
and
year
a
half.
sales, although
Drug chains continued to report
sales substantially higher than last year although the increase
what
less
1
There
last
than
month,
while
the
candy
year
was
relative-
the composite index for the month's sales
for the first time exceeding the average for the 1929-1931
period, according to the current review by "Chain Store Age."
years,
"Outstanding
snowed sales
slight increase in the total number of stores in operation
a
of chains showed
ago
was some¬
point in five
gains
made
were
by
five-and-ten-department store
the
chains, the drug and the shoe chain groups," that publication continues.
between November 1934 and November
types
again
chains
last year.
ower than
Record
Chain store trade in November reached its highest
The 10-cent, variety, and shoe chain stores all reported the largest gains,
small,
Chain Store Trade Sets High
From the "Review"
year,
Jan. 4 1936
somewhat
a
than did total sales.
store to have fewer units in
1935,
that sales per store for all
so
smaller
percentage increase
over
"Many of these
since
1930, and
bigger business than in any similar month
a
exceeded 1929.
some even
"The state of trade in the chain store field in November, as reflected by
a
The grocery chains were the only type of
the 'Chain Store
and for 1933 it
same
Percentage Change November 1935
Compared with November 1934
Age' index,
advanced
100, from 99.8 in October.
as
operation than last year.
did
concerns
85.5.
was
to 100.4 of the 1929-1931 average
The index for
November
1934
92.9
was
The percentage sales gain in November over
month last year was
the
8%.
"The index figures for each group represented in November
compared
with October figures, as follows:"
Type of Store
No. of
Total
Sales per
Stores
Sales
Store
»
October
November
Grocery.
—2.6
+ 5.3
+ 2.5
105.0
103.4
Ten-cent
+ 1.9
+ 8.4
+ 6.4
Five-and-ten-department chains
Drug
+ 7.4
+ 10.6
+ 2.9
Drug chain group
118.9
115.7
Shoe chain group
114.5
113.0
Grocery group
Apparel group
92.3
92.8
108.0
109.7
Shoe
+ 21.5
+ 21.5
+ 17.7
+ 16.2
—6.2
—20.3
+0.2
+9.7
+ 9.4
+0~.8
Variety..
Candy
„
Total.
+ 15.2
Commenting
December
on
the month started
business,
the review
states
that trade for
auspiciously and that early results gave every indication
that the month would hang up a new all-time recovery high.
Increase
of
Sales
of
Reserve
6.6% Over Year Ago Noted in November
Department Stores in New York Federal
District—Sales in Metropolitan
Area of
Production of
The
New York Dec. 1-24 Above Similar Period of 1934
During November there
increase of 6.6% above
November 1934 in sales of department stores in the Second
(New York) District reporting to the Federal Reserve Bank
of New York, the Bank stated in its "Monthly Review" of
Jan.
was
an
This increase followed
1.
slight decline in October.
a
The Bank said:
The Buffalo
department stores reported
sizable increase in sales
a
Electricity During Month of November
Reaches 8,688,881,000 Kwh.
Geological Survey of the United States Department of
the Interior, in its monthly electrical report discloses that
the production of electricity for public use in the United
States during the month of November totaled 8,688,881,000
kwh.
This is a gain of 14% when compared with the 7,605,730,000 kwh. produced in November 1934.
For the month
of October 1935, output totaled 8,840,721,000 kwh.
Of the November 1935 output a total of 3,246,668,000
over
kwh.
kwh.
River Valley District stores recorded th9ir largest gains in sales since June
produced by water power and 5,442,213,000
by fuels.
The Survey's statement follows:
1934.
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN UNITED STATES
last year,
the largest since March 1934, and the Bridgeport and Hudson
Sales of the reporting stores in Northern New Jersey, Northern New
was
York State, and Westchester and Stamford also made the most favorable
comparisons with
Southern
Syracuse,
stores
a year ago
reported
Sales of the
a
New
York
States,
moderately larger volume of sales than
leading apparel stores in this district
Department store stocks of merchandise
slightly lower than in the previous
October.
KILOWATT-HOURS)
were
a
on
New
following
year,
September
18.8% higher than
hand, at retail valuation,
a
small increase in
The rate of collections continued to average higher this year than
last both in department and apparel stores.
England
Middle Atlantic
East North Central.
West North Central.
South Atlantic
West South Central-
Mountain
a
P. C. of Accounts
Year Ago
Pacific..
Outstanding
Oct. 31
Net Sales
Locality
Stock
Month
1934
1935
+ 0.9
—1.2
50.6
53.7
+ 22.7
+ 5.4
'+14%
+ 10%
+8%
+ 10%
+ 18%
+ 18%
+ 19%
+ 11%
+ 23%
+ 1%
+ 19%
0%
+ 11%
+ 15%
+ 9%
+ 22%
+ 12%
8,208,267,000 8,840,721,000 8,688,881,000
+ 14%
+13%
+ 14%
The average daily production of electricity for public use in the United
End of
Nov.
+ 4.9
Buffalo
Nov. '35
Oct. '35
November
Feb. to
Nov.
New York
November
629,367,000
609,781,000
2,298,051,000 2,271,163,000
2,098,646,000 2,029,593,000
533,207,000
592,450,000
1,031,269,000 1,035,143,000
342,754,000
361,029,000
427,029.000
415,189,000
313,734,000
294,106,000
1,166,664,000 1,080.427,000
'
Total for U. S_
Collected in
Hand
on
October
555,533,000
2,070,009,000
1,862,701,000
524,512,000
934,230,000
334,675,000
432.661,000
321,779,000
1,172,167,000
East South Central.
Percentage Change From
from Previous Year
and State
previous.
year
Total by Water Power and Fuel
Output
in
Changes
Division
Capital District department
and
last year, one of the largest increases ever reported.
were
(IN
in several months, and New York, Rochester,
51.6
States
in
November
daily production.
was
Tna
289,629,000 kwh.
average
which
is
the record
daily output in November
was
average
about 1H%
larger than in October, the normal change is an increase of about 0.6%.
+4.6
47.9
+ 9.6
+ 3.2
+ 1.2
47.6
48.2
The production of electricity by the use of water power in November was
+ 16.6
+ 7.3
—5.9
38.7
44.2
13% greater than in October indicating the end of the seasonal low water
+ 8.4
+ 1.2
+ 3.0
43.2
44.8
Rochester
Syracuse
Northern New Jersey
Bridgeport
+ 12.8
+4.2
+ 1.5
37.9
42.4
+ 9.4
+0.1
—5.0
29.4
+ 3.7
—1.8
Southern New York State
+ 5.0
+0.4
Hudson River
+ 7.7
—2.9
period of water
34.4
Northern New York State
Elsewhere
Valley District.
Capital District
■I#——'
m
-
on
power streams.
the records for 11 montns it is estimated that the total production
about 99,500,000,000 kwh., about 2%
1935 will be
larger than the production of elec¬
m.
tricity in 1929 the
+ 6.7
+0.2
+ 22.9
+ 1.3
+ 6.6
+ 1.3
—0.6
46.6
+ 6.3
+4.8
46.4
year
of maximum production.
49.6
+ 18.8
Westchester and Stamford
Based
of electricity for public use in the United States for the
year
49.0
All department stores
..
•
.
---
TOTAL MONTHLY
PRODUCTION OF ELECTRICITY FOR PUBLIC USE
Produced
Increase
compared with those of
a year
1934
1933
1935
7,631,497,000
7,049,492,000
9%
10%
39%
6%
12%
40%
33%
7.716,891,000
7.442,806,000
7,682,509,000
7,471,875.000
7,604.926.000
7,709,611,000
7.205.757,000
7,830.819,000
3%
16%
40%
5%
15%
44%
46%
4%
10%
3%
8,349,152,000
7,494,160,000
8,011,213,000
7.817,284,000
8,020,897,000
7,872,548,000
8.370,262,000
February
Net Sales
Stock
on
Hand
Percentage Change Percentage Change
November 1935
Nov. 30 1935
Compared with
Compared with
November 1934
Nov. 30 1934
March
April
May
June
July
August
+ 15.8
Men's and Boys' wear
+ 14.1
+ 14.2
Luggage and other leather goods
+ 13.8
—1.1
Shoes
+ 13.4
Toys and sporting goods
+ 12.2
+ 11.1
November
December
—0.2
—3.8
+ 1.7
Silverware and Jewelry..,.
+ 9.4
Hosiery
+8.0
+ 7.7
+ 6.5
—2.1
Home furnishings
+ 3.6
—4.4
Women's and Misses' ready-to-wear
+ 3.5
+ 11.3
Women's ready-to-wear accessories
+ 3.3
+ 2.5
Musical instruments and radio
+ 1.8
—35.3
+ 1.4
—2.2
10%
1934
39%
46%
.
47%
42%
44%
36%
2%
43%
34%
11%
0%
39%
32%
14%
*2%
37 %
33%
13%
5%
32%
14%
5%
37%
34%
39%
7,605,730,000
8%
91.010.274.000
Total
—9.8
+ 5.5
5%
8,058.361.000
+ 7.4
Men's furnishings
by
Power
6.7"*-
40%
-.
37'"
-
+ 8.9
Toilet articles and drugs
Linens and handkerchiefs
8,208,267,000
8,840,721,000
8,688,881,000
__
October
+ 0.1
Furniture..
8.573,457.000
September
+ 3.2
Water
Kilowatt Hrs.
January
stationery
Over
1934
Kilowatt Hrs.
departments
previous in the following
table:
Books and
1934
Over
1935
November sales and stocks in the principal
are
Increase
1935
Apparel stores
Cotton goods
Silks and velvets
—14.4
—18.4
—0.2
Coal Stocks and Consumption
6,438,150 tons
entire
Christmas shopping
period,
Dec.
1-24, inclusive,
total
department stores in the Metropolitan area of New
2.8% higher than in the corresponding period of 1934, whereas
in the first 12 shopping days sales were 2.8% lower than last year, due in
were
part to the fact that in the early part of December last year heavy buying
occurred in anticipation of the sales tax in New York City.
of the figures for the first 24
days of the month, it
appears
sales in the Second Federal Reserve District have shown
the usual seasonal increase
was
over
that December
little
more
than
to have been approximately
Total sales for the year 1935
1^% higher than for 1934,
pared with an increase of 6.4% between 1933 and 1934.
On the basis
November, and the dollar volume of sales
the largest for any December since 1931.
appear
a
as
by the electric
power
utilities decreased 0.8%
Dec. 1 1935 stood at 7,547,475 net tons.
bituminous coal and
were
1,109,325 tons
in
Of this amount,
were
anthracite.
and anthracite decreased 3.8%
1.
The total coal consumed in November amounted to 3,150,940 net tons,
a
decrease of 6.4% in comparison
sumed in
sales of the reporting
York
on
Stocks of bituminous coal decreased 0.3%
As to sales in the Metropolitan Area of New York
during
period Dec. 1 to 24, the Bank, in its "Review," stated:
the
held
from the tonnage held on Nov.
—2.3
For
of coal
November and
—15.5
Miscellaneous
Decrease.
Stocks
—1.2
Woolen goods
x
com¬
decline.
a
October.
Both
with the 3,438,058 tons that
bituminous
In November, there were
decrease of 6.1%
coal
under the 3,270,476 tons consumed in October.
146,234 tons of anthracite used in November
tons
reported
as
were con¬
and anthracite shared in the
3,004,706 tons of bituminous coal used,
was
The
12.7% below th8 167,582"
consumed in the preceding month.
At the rate of consumption prevailing in November, on Dec. 1 there
was
enough bituminous coal in the hands of the electric power utilities to last
63 days and sufficient anthracite for 228 days' requirements.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kwh.
electricity for public
municipal,
electric
use,
or
more
plants,
generating electricity for traction,
works plants, and tnat part
sold.
per
montn, engaged in generating
including central stations, both commercial and
railway
plants
operated
by
steam
railroads
Bureau of Reclamation plants, public
of tne output of manufacturing plants whicn is
Tne output of central
stations,
electric railway and public works
plants represents about 98% of tne total of all types of plants.
The output
Financial
Volume 142
as
publisned by tbe Edison Electric Institute and the "Electrical
includes the output of central stations
plants representing
on
are
fuel
and
consumption
reported
as
of
tables
accompanying
the
in
100% basis.
a
System for November
The Board of Governors of the Federal Reserve System
as follows, on Dec. 26, its monthly indexes of industrial
production, factory employment, &c.:
issued
[The Coal Division, Bureau of Mines, co-operates in the preparation of
these
INDEXES
BUSINESS
reports.]
(Index Numbers of Board of Governors, 1923-25=100) a
Without
Adjusted for
Production of
and power industry of the United States for the week ended
Dec. 28 1935 totaled 1,847,264,000 kwh.
Total output for
gain of 11.9 % over the correspond¬
ing week of 1934, when output totaled 1,650,467,000 kwh.
Electric output during the week ended Dec. 21 totaled
2,002,005,000 kwh.
This was a gain of 12.0% over the
1,787,936,000 kwh. produced during the week ended Dec.
a
Institute's
The
follows:
statement
Oct.
Nov.
Nov.
Oct.
Nov.
1935
1935
1934
1935
1935
1934
p97
'
'
1934.
Adjustment
Nov.
The Edison Electric Institute, in its weekly statement, dis¬
closed that the production of electricity by the electric light
the latest week indicated
Seasonal
Seasonal Variation
Electricity Shows Decline During Latest
Week
22
Federal
of
Governors
of
Board
of
Reserve
The output of those
plants which do not submit reports is estimated; therefore the figures
output
Indexes
Monthly
Reports are received from
only.
95% cf the total capacity.
over
World"
23
Chronicle
' '
:
:
■
■
*
■
General Indexes—
r95
75
p97
97
74
p98
r95
74
p97
96
73
p92
93
81
p95
100
84
Total
p60
48
31
p52
45
28
Residential..
p27
25
11
p26
25
All other
im
84.7
66
48
p74
62
Industrial production, total, b
Manufactures-b
Minerals
Construction contracts, value c—
Factory employment-d
Factory payrolls _d
Freight-car loadings
Indexes
7-85.2
1 74 .5
-
r76.9
7-75.0
59.5
66
64
59
67
73
60
p80
Department store sales, value
Production
-
-
-
11
41
84 .8
r76.8
r83.6
77
74
p91
86
83
by Groups and
Industries—
PERCENTAGE INCREASE OVER 4934
Manufactures:
Dec. 28
Dec. 21 1935
Regions
1935
Week Ended
Week Ended
Dec. 14 1935
7
Dec.
88
49
89
85
113
87
pill
116
91
82
83
102
86
86
108
114
r93
40
125
78
26
pl04
104
92
P100
114
58
52
48
58
59
47
176
Textiles
1935
155
176
156
138
125
148
128
Food products
Automobiles _b
New England
9.0
9.3
10.0
11.9
Leather and shoes..
Middle Atlantic
9.8
8.8
7.9
10.5
Cement
13.6
14.2
14.8
17.9
Petroleum refining
12.6
9.4
10.5
11.8
Southern States
13.3
11.3
14.2
10.6
■Rocky Mountain
20.5
17.5
16.2
17.1
Bituminous coal
12.1
12.5
Anthracite
•Central Industrial
West Central
14.1
14.1
Pacific Coast
Tobacco manufactures
137
-
11.9
.
13.0
12.2
12.0
•
-
140
88
74
p71
65
73
82
p79
p48
48
64
p50
62
65
pl45
140
121
pl43
141
120
44
62
14
37
105
11
83
80
77
83
78
77
75
Iron Ore
35
74
38
68
55
70
57
-
Zinc
FOR RECENT WEEKS
DATA
-
Minerals:
Petroleum, crude
Total United States
45
96
pl07
Iron and steel
Week Ended
Week Ended
Major Oeooraphic
Silver
67
Lead
•
70
Weekly Data for Previous Yean
1934
1935
Week of—
Millions
in
Oct.
5...
Oct.
12...
Oct.
19...
Oct.
26...
Nov.
Nov. 16..
Nov. 23..
Nov. 30..
7._
Deo.
14..
Deo.
21..
Dec.
--12.6
1,639
1,653
--12.3
1,646
1,683,590,000
1,743,427,000
1,767,418,000
1,787,936,000
1,650,467,000
1,895,817,000
1,897,180,000
1,913,684,000
1,938,560,000
1,953,119.000
1,876,684,000
1,969,662,000
1,983,431,000
2,002.005,000
1,847,264,000
9...
Dec.
--13.5
1,867,127,000
1,863,086,000
2..
Nov.
1,583
1,630,947,000
1,648,976,000
1,659,192,000
1,666,864,000
1,667,505,000
1,677,229,000
1,669,217,000
1,675,760,000
1,691,046,000
1,705,413,000
28..
1,663
--12.7
1,424
1,476
1,491
1,682
1,663
1,660
1,499
1.646
1,506
1,653
1,666
1.647
1,652
1,628
1,623
1,655
1,600
--14.6
1,619
1,619
1,622
1,583
1,617
1,617
1,508
1,628
1,533
1,525
1,521
1,532
--14.5
1,608
1,476
-11.5
1,554
1,619
1,644
1,510
--11.7
--13.0
--13.7
--14.2
+ 13.0
+12.2
1,657
1,663
1,554
1,539
+ 12.0
+ 11.9
1.671
1.672
1,676
1.565
1,524
1,519
1,415
Preliminary,
Indexes of production, car loadings, and department store
r
averages,
1.630
1,675
1.727
1,806
from August 1935 to date.
Revised adjusted Indexes, in addition to those shown in
the table above, are:
for August, automobiles 78: for September, automobiles 70,
manufactures 91, and industrial production 90.
c Based on three month moving
1,722
1,714
1,711
1,792
average
1.778
1,819
ment
1,724
1,729
1,747
1,741
1.728
1,713
1,722
1,806
by Federal Reserve Board of Governors.
1,672
1.747
1.748
1,770
1,617
1,718
1,799
1,824
1,816
1,798
b The seasonal adjustment factors for automobiles
of F. W. Dodge data centered at 2d month,
d Indexes of factory employ¬
payrolls without seasonal adjustment compiled by Bureau of Labor
and
Statistics.
Index of factory employment adjusted for
FACTORY EMPLOYMENT AND
AND
MONTHS
1.818
1934
1935
Jan
1,841
1.860
C2TMtY% tJ+i/i TnrliiQtrn
XMTUUJ/ U7h* A fUtlAoll [/
Oct.
Nov.
Nov.
Oct.
Nov.
Nov.
Oct.
Nov.
1935
1934
1935
1935
1934
1935
1935
1934
77.1 7-75.9
66.4
76.8 7-76.4
66.2
65.0
65.5
44.2
93.0 7-90.6
Machinery
Transportation equipment _b 108.6 7-99.5
77.2
93.8 7-93.1
77.9
1,638
July...
Aug
8,078,451
Sept-..
7,795,422
8,388,495
March
.
April...
May...
June...
Oct
Nov...
Dec
Total.
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6.633,865
6,507,804
6,638,424
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
1930
1931
1932
6,480,897
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,638,337
7,762,513
7,048,495
7,600,666
7,382,224
7,544,845
7,404.174
7,796,665
Feb
Nov.
7,435,782
6,678,915
7,370,687
7,184.514
7,180,210
7,070,729
7,286,576
7,166,086
7,099,421
7,331,380
6,971,644
7.288,025
Automobiles, b
8,021,749
7.066,788
7,580,335
7.416.191
7,494.807
7,239,697
7,363.780
7,391.196
7,337.106
7,718,787
7,270,112
7.566.601
80,009,501 77,442.112 86,063,969 89.467,099
85,564,124
covering approxi¬
weekly figures are
Note—The monthly figures shown above are based on reports
mately 92% of the electric light and power industry and the
based on about 70%.
Conditions
trict—Level
of
Activity in
mately Same Level
Dis¬
November at Approxi¬
in October
as
78.9 778.4
57.2
62.2 101.2 7-86.4
r92.3
77.4 114.7 105.0
124.3 113.8
48.4
97.7
51.3
53.1
44.4
67.1 116.0
51.6
54.5
7-91.9 T78.2
55.1
78.5
78.4 7-59.1
45.1
48.6
33.6
52.2
43.9
44.5
35.6
90.9
79.7 7-84.5
71.1
94.6
89.7
82.6
83.3
72.5
90.8
94.8 rl00.5
89.6
69.2 7-81.8
64.1
83.4
82.3
86.6
81.6
66.6
73.8
61.0
97.2 107.3
99.7 107.2 109.0
91.5
97.2
96.1
48.8
55.8
51.7
55.7
Non-ferrous metals
91.8 7-90.8 7*77.1
93.1
Lumber and products
54.6 7-55.4
47.3
56.1 7-57.5
48.6
Stone, clay and glass
56.1
54.6
51.9
56.4
56.7
Textiles and products
96.2 7-96.0
90.2
97.0 T-97.7
94.4
93.6
88.2
96.1
96.0 7-97.3
Leather products
84.1
84.5
Food products
97.4
Fabrics
A.
B.
Wearing apparel
54.8
Tobacco products
57.0
57.4
61.1
59.7
60.0
64.0
48.9
50.5
Paper and printing
97.4
97.8 7-95.4
98.7
98.3 7-96.8
88.0
88.2 r82.7
98.9 7*100.6
90.9
110.6 111.3 105.8 112.8 113.7 107.9
99.1 r100.1
89.1
111.2 rlll.l 113.0 110.1 7-110.9 111.9
98.3 rl02.2
96.8
83.0 7-83.4 r78.1
82.8 7*82.8 7-77.9
71.8 770.8
58.1
84.7 7-83.6 r76.8
84.8 7-85.2 r76.9
74.5 r75.0
59.5
Chemicals & petroleum prods. 110.7 111.3 107.2 112.3 rl!3.1 108.6
Chemicals group except
A.
petroleum refining
B.
Petroleum refining
Rubber products
'
Total, b
Reserve
Federal
Boston
in
70.4 100.6
Railroad repair shops
r
Business
Payrolls
Employment
(THOUSANDS OF KWH.)
1933
Ch'oe
a
Adjusted for Sea¬ Without Seasonal Without Seasonal
sonal Variation
Adjustment
Adjustment
1,806
P. C.
of
(1923-25=100)
1,794
Iron and steel
Month
seasonal variation compiled
PAYROLLS—INDEXES BY GROUPS
INDUSTRIES.
1935
FOR RECENT
DATA
sales based on dally
have been revised
1929
1930
1931
1932
1,752,068,000 1,564,867,000 +12.0
1,827,513,000 1,633,683,000 --11.9
1,851.541,000
1,857,470,000
1,863,483,000
of KUowattrHoun
Ch'oe
1933
Sept. 7...
Sept. 14...
Sept. 21...
Sept. 28...
Revised.
p
a
P. C.
Revised.
a Indexes of factory employment and payrolls without seasonal adjustment com¬
piled by Bureau of Labor Statistics.
Index of factory employment adjusted for
Underlying
figures are for payroll period ending nearest middle of month.
November 1935
figures are preliminary, subject to revision,
b Revised seasonal adjustment factor
seasonal variation compiled by Federal Reserve Board of Governors.
for automobiles used In October and November 1935.
"During November general business activity in New Eng¬
land was maintained at approximately the same level as
that
prevailed in October, when allowances for cus¬
which
The Bank continued:
of Jan. 1.
year
July and October
* * *
ago.
1935,
there had
been
a
*
November in the
In 1935,
3,120 bales in
October to 2,971 bales in November.
In November 1934, the daily average
consumption was 3,295 bales. Although there was a decrease between
There
daily
is
usually
October
little
daily
the
raw
between
in the
October
and
cotton in New England mills.
consumption
average
November
and
change
consumption of
average
however,
daily
average
dropped
from
amount of raw wool consumed
volume in November 1935, was approxi¬
mately twice that for the similar period a year ago.
According to the Massachusetts Department of Labor and Industries, the
total number
of
wage-earners
employed in representative manufacturing
Jby
mills
this
in
■establishments
October
than
1934,
in
has
the
Massachusetts
in
and the
decrease
District,
amount
of
during
employment between
occurred
the
on
inclusive. * *
November
aggregate weekly
average
was
0.2%
less
than
in
payrolls declined 5.1%. The
October and November of 0.2% is less
(2.4%) during the 10-year period 1925-
* *
chusetts
these
cf
was
concerns
Boston
inclusive,
amount 8.2% larger than was reported by
in November 1934. Total net sales of a representative group
$20,547,511,
an
department stores and apparel shops during the period Dec.
1935,
were
2.4%
1934.
Week
larger than in the period Dec.
2-24,
1-24, inclusive,
of
Reports
Wholesale
Slightly Lower During
28.
Dec.
slight decline in the general level of wholesale
commodity prices in the week ended Dec. 28, according to
the index compiled by the National Fertilizer Awsociation.
This index for the week stood at 79.3, based on the 1926-28
average as 100, compared with 79.5 in the preceding week,
80.1 (the highest point in the recovery period) a month
ago, and 76.3 a year ago.
In an announcement issued Dec.
was a
30 the Association stated:
The decline of the composite
of
the
The
component
groups
index occurred in spite of the fact that three
registered
advances
and
only
two
declined.
principal decline and the one largely responsible for the downward
movement of the composite indeiL-Was in the foods group;
and beef declined
sugar,
sharply,
tin and silver caused a
grains,
more
prices of pork
than offsetting the rise in the prices of
flour, potatoes, and apples.
A continued decline in the prices of
slight decline in the metals
timothy hay, light weight hogs,
group.
and lambs
were
The prices of
higher for
the
week but the prices of feedstuffs and heavy weight hogs were lower, with
the net result that the grains, feeds and livestock group advanced moderately.
The
fats
and
quotations
During November the sales volume of 865 retail establishments in Massa¬
Association
Commodity Price Average
There
moderately increas¬
ing tendency in the volume of general business activity in this District,
•and during the five months' period ending with November the level on the
average was substantially higher than that in the corresponding period a
Between
Fertilizer
National
tomary seasonal changes had been made," it was stated by
the Federal Reserve Bank of Boston in its "Monthly Review"
group
oils
group
for lard,
showed
butter,
a
substantial gain
cottonseed
oil,
and
as
corn
a
result of higher
oil.
The
textiles
reversed its downward trend of the past four weeks and advanced
slightly because of higher prices for cotton and silk;
burlap prices were
slightly lower.
Eleven price
series included in the index declined during the week and
23 advanced; in the preceding week there were 22 declines and 21 advances;
in the second
preceding week there
were
36 declines and 18 advances.
Jan. -4 1936
Financial Chronicle
24
WHOLESALE
WEEKLY
COMMODITY PRICE INDEX
Per Cent
or
Identical Mill Reports
Week
Last week's production of 442 identical softwood
Pre¬
rDec. 28
ceding
Month
Year
1935
Week
Ago
Ago
Foods
85.4
86.4
87.7
75.1
16.0
Fuel
69.6
69.6
69.3
Grains, feeds and livestock..
83.5
83.1
84.4
82.0
10.1
Textiles
70.4
70.1
71.6
69.4
Group
Total Index
23.2
8.5
Miscellaneousicommodlties
.
71.7
.
71.7
72.0
69.8
87.4
86.6
77.4
feet, and
feet and
132,075,000 feet,
and
feet
Automobiles-
Building materials
77.2
'
6.2
Metals
83.5
83.6
84.1
and
House-furnishing goods
85.2
85.2
84.8
85.5
Fats and oils
80.5
79.7
80.9
71.6
95.6
"Advance"
81.9
4.0
3.8
94.0
Chemicals and drugs
94.7
94.7
.4
Fertilizer materials
64.4
64.4
65.8
Mixed fertilizers
70.7
70.7
70.6
Agricultural implements
102.7
102.7
101.7
99.7
79.5
80.1
76.3
79.3
All groups combined
100.0
District—Gain
November
Philadelphia Federal Reserve
Retail and Wholesale Trade in
in
in
Compared with Year Ago
as
According to the Federal Reserve Bank of Philadelphia:
business conditions in the Third (Philadelphia)
Reserve
District "generally have reflected a fairly stable rate of
activity in ' channels of production and distribution of
goods." In its "Business Review" of Jan. 2 the Bank stated.
trade sales,
Retail
while failing somewhat to show the usual seasona
Preliminary
holiday trade sales in the few weeks preceding Christ¬
greater than in the same period last year.
Sales at
somewhat
were
than last
wholesale establishments declined in the month, but were larger
freight appear
Deliveries of general merchandise by rail and motor
Industrial production
ber 1932.
has continued to
be about 77% of the
compared with 69 a year ago, 68 two years ago and 62 in
average as
For the year to data the rate of output as
period last
year.
1923-25
Novem¬
measured by productive
the same
activity at factories and mines averaged 8% higher than that in
.
Manufacturing
The market
for products
manufactured in this District has slackened
In comparison
seasonally as it usually does toward the end of the year.
year
sales have been appreciably larger and the volume of
ago,
unfilled orders
about
the middle
of December also exceeded that at the
Shipments of diverse manufactures from this section
time last year.
to other parts of the country
have increased materially since August and by
beginning of December reached the largest volume, with two
since early
1932.
exceptions,
...
whole was well sustained
Output of factory products in this district on the
continued
during November, so that production in the past three months
at the
highest rate since early 1931.
rising almost steadily since the low point reached in
June.
A year ago this
Houston
that its
week
exceeded
New business booked at the lumber mills during the
ended Dec. 21 1935, for the second successive week
contra-seasonal record. Be¬
More complete
figures will probably bring the total orders close to the
highest week of the last half of the year, according to reports
output and continued a good
fewer mills reported.
of the holdiay
the
Lumber
National
Manufacturers
Association from
regional associations.
With 10% fewer mills reporting,
production was 10% below the preceding week, shipments
were 7% below, orders only 1% below.
Reported lumber
shipments were 16% below output, compared with the
preceding week's record of 17% below.
New business
exceeded output by 10%, compared with 1% above during
the preceding week.
All items in the current week are
shown by reporting mills in excess of those of similar week
of 1934, production at these mills being 65% above last year;
new business 40% above; shipments, 15% above.
During the week ended Dec. 21 521 mills produced 189,971,000 feet of
hardwoods
574;
160,935,000
feet;
booked
Revised figures for the preceding week were:
209,079,000
production,
shipped
combined;
softwoods
and
orders of 208,948,000 feet.
Mills,
feet;
shipments,
173,376,000
feet;
orders, 211,721,000 feet.
All
reporting regions but Southern Pine, California Redwood and Northere
Hemlock showed orders above production during the week ended Dec. 21.
All regions reported
and
Pine.
Northern
above corresponding
shipments below production except Southern Cypress
All reporting regions but Cypress showed orders
week of 1934; all but Northern Pine showed shipments
above, and all reported production above last year's week.
Identical softwood mills reported unfilled
lent
of 32
days'
with 22 days'
21
1935.
above
orders
on
Dec. 21 the equiva¬
production and stocks of 155 days'
average
compared
and 163 days' a year ago.
Forest products car
Dec.
cars
the
This
same
loadings totaled 29,589 cars during the week ended
2,120
was
week
cars
above
of 1934 and
the
11,446
preceding
cars
week,
9,580
above corresponding
week of 1933.
wood mills totaled
mills.
21 1935 by 453 soft¬
199,122,000 feet, or 10% above the production of the
Shipments as reported for the same week were
feet, or 15% below production.
Reports from
or
by the company in an announcement in
The company's statement
2.
"Recently
it
Dec. 21
feet
softwood
and
mills
Shipments as reported for the same week were
Production was 9,652,000 feet.
gross
report
stocks
crude oil in Texas,
shipments.
including the East Texas field, with which
to fulfill its contract
commitments,
orders
1935 give unfilled orders
as
feet.
695,391,000
The
feet
437
on
1935, or the equivalent of 32 dyas' average production, compared
and accordingly it has
it to pay a premium above the prevailing
posted price in order to acquire sufficient crude to meet those
requirements.
,
"At the close of the year, it purchased a substantial quan¬
tity of crude on this basis, and its present requirements are
supplied."
No major companies had acted upon the advance as origin¬
ally announced.
In addition to the advance in East Texas,
the company's Dec. 31 statement listed higher prices for
other fields.
Apparently they too, were "canceled" by the
company, according to the second announcement.
A special hearing for Jan. 6 has been called by the Texas
Railroad Commission to consider proposed regulations to
prevent oil waste in the oil fields in West Texas, it was
disclosed in Austin.
The meeting will act upon the readjust¬
ment of allowables in the Yates Field in Pecos County.
Todessa, the first major oil field to cross State lines since
the problem of production regulation became a major concern
of the industry, continues to present a serious problem to
has been authorized
The Humble
by the Texas Railroad Com¬
oil
produced from the Norton well—which is
Standard
Pipe Line Co.'s line, which now serves Louisiana.
The oil, which was run from the well during its potential
test runs, will be charged against the well allowable when the
allowable order for the well is officially issued by the Rail¬
road Commission, it was pointed out.
Just how the allow¬
able question will be settled to give full justice to royalty and
lease owners in both States is a serious problem facing the
run
within 400 feet of the Louisiana State line—through
two control bodies.
An increase of 900 barrels in the daily average allowable
production for Oklahoma for January, in keeping with the
recommendations of the United States Bureau of Mines,
has been approved by the Oklahoma Corporation Commis¬
sion.
The new allowable is 481,000 barrels, to be divided
among the prorated and unprorated pools throughout the
State.
The customary
month-end pinch-back in well production
reduction of 39,250 barrels in the daily average
crude oil production for the nation in the final week of
December.
Output was placed at 2,810,800 barrels in the
American
Petroleum
Institute
report.
This
compared
brought
a
with estimated market demand of 2,540,200 barrels set by
the
Bureau
of Mines
and actual production of 2,440,700
barrels in the like 1934
period.
barrels in Oklahoma pared output
there to 476,850 barrels, which compared with estimated
demand for the State of 480,100 barrels.
Texas producers
cut their production
1,800 barrels to 1,068,200 barrels,
against estimated market demand of 1,005,800 barrels.
California lowered daily production 2,600 barrels to 671,900,
against indicated demand of 513,800 barrels.
Crude oil price changes follow:
A reduction of 16,250
Dec. 31—Advances of 10 to 36 cents a barrel
were
in Texas crude oil prices
posted by the Liberty Pipe Line Co., effective Jan. 1.
up
25 cents to $1.25 for top-grade.
Oak and Bee County crudes,
in Southwest
Texas
were
East Texas
The same top prevailed in Live
the former advancing 36 cents.
Heavy grades
advanced 10 to 21 cents to a new top of 90 cents.
Barrel at Wells
(All gravities where A. P. L. degrees are not shown)
Bradford, Pa
Lima (Ohio Oil Co.)
$2.30 Eldorado, Ark., 40
1.15 Rusk, Tex., 40 and
1.32 Darst Creek
1
Corning, Pa
Western
of 3,381,664,000
unfilled
are
found it impossible to buy sufficient
has
Prices of Typical Crudes per
Unfilled Orders and Stocks
699,980,000
"The facts
post field prices for the current
purchase of crude oil, but it does buy crude from time to time
under contract for cargo
Production was 180,319,000 feet.
Reports from 448 softwood mills on Dec. 21
requirements are filled.
dustry," stated Mills Cox, Vice-President.
S1.00
over
l.oo
,87
1.20
Illinois
of
contended
impression may have been created in the in¬
that this company does not
83 hardwood mills give new business as 9,826,000 feet,
2% above production.
barrel in East Texas crude oil
a
153,584,000
7,351,000 feet, or 24% below production.
identical
In¬
original announcement was misinterpreted and said
"A mistaken
was
Lumber orders reported for the week ended Dec.
same
Jan.
on
mission to
Bookings of New Business at Lumber Mills Continue
Heavy
to
Short
on
Dec. 31 by the Liberty Pipe Line Co., was
on
that all of its current crude
Oil Co.
cause
Act
to
oil control authorities of Texas and Louisiana.
1932 it was 60.
66, two years ago 65, and in November
was
for the
of the 1923-25 average,
has been around 76%
of working days,
number
This bank's index number of manu¬
is adjusted for seasonal changes and
which
activity,
facturing
Index
Fail
become necessary for
seasonally and as compared with last year.
to have been more active
the
of
Schedule
Higher—Daily Average Crude Output Off
Alowable
gain during November, were larger than a year ago.
reports indicate that
same
Companies
An increase of 25 cents
in effect rescinded
Conditions
Business
a
Crude
Posts 26-
Unit
crease—Special Oil Hearing Set—Oklahoma January
prices, posted
with
Price
Increase—New
Cent
Line
76.9
.3
year.
respectively
198,303,000
Texas
Products—East
Its
Rescinded—Pipe
Duration—Major
65.7
.4
1.0
rate of
and orders received
141,786,000 feet.
Petroleum
78.8
it was 108,042,000 feet; shipments were
year ago
a
152,508,000
88.4
77.2
6.7
87.4
6.6
mas
mills was 178,145,000
69.9
12.8
Bears to the
.
production,
the equivalent of 22 days' average
similar date a year ago.
on
Latest
Each Group
with 466,243,000 feet,
(1926-1028=100)
Compiled by the National Fertilizer Association
Kentucky
Mld'Cont., Okla., 40 and above
Hutchinson, Tex., 40 and over
Splndletop, Tex., 40 and over
Winkler, Tex
Smackover, Ark., 24 and over
-
Midland District, Mich
F02
1.13
1.07
.81
1.03
.75
.70
Sunburst, Mont
.*
Santa Fe Springs, Cal.38 & over__I
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Petrolla, Canada
3
1*23
^89
.82
.90
1.10
Financial
Volume 142
REFINED
HOLD
PRICES
PORTS—GASOLINE
GULF
STOCKS
barrel in bunker fuel oil
a
prices
posted on Dec. 31 by the
Standard Oil Co. of New Jersey, eff ctive Jan. 1.
Other
major units met the new price schedule of $1.05 a barrel.
The advance, which has been expected for some time, is
due primarily to the increased transportation rates from
Gulf ports to New York.
Tanker rates showed an increase
of nearly 100% in the final quarter of the year.
No further changes in the retail gasoline market situation
in the Metropolitan New York area developed during the
week.
Prices are holding firm at the lower levels established
by Socony-Vacuum in the preceding week.
Bulk gasoline
prices are steady.
Fuel oils continue to benefit from seasonal
at all Atlantic and Gulf ports was
#
increases in consumption.
terminals.
due in part to a further contraseasonal gain in refinery operating rates, although such a
rise in stocks is normal at this time of the year.
An increase
barrels in holdings at bulk
The heavy increase was
1.1
reporting refineries
point in the operating rates of
lifted the rate to 75 % of capacity, nearly as high as the normal
mid-summer level, despite the fact that consumption usually
on
Dec. 31—Standard Oil of New Jersey
a
met
Brooklyn
Denver
Camden
.17
Detroit
Boston
.17
Jacksonville
daily average of 107,286 barrels, compared with a
barrels for the week ended Dec. 21 and
(Bayonne)
were no
receipts of California oil at Atlantic and
barrels for the week ended
barrel
indicate
that
San Francisco
.172
at the end of the week,
barrels of unfinished
-.04^1
plus....$.04
542,000 barrels.
Average
1934
483,250
144,300
469,200
142,750
62,150
55,800
25,400
65,400
61,150
57,550
26,400
155,800
46,400
419,400
148,250
160,300
49,350
438,100
65,650
Coastal Texas
211,450
65,400
211,400
62,150
56,850
25,450
159,850
48,300
436,350
65,250
210,000
1,068,200
1,070,000
1,064,200
997,500
37,750
128,550
39,150
128,350
38,000
127,100
23,900
85,400
128,000
166,300
167,500
165,100
109,300
28,100
29,500
107,850
46,050
12,950
4,100
57,350
29,500
103,900
44,800
37,900
13,100
4,100
57,200
34,300
98,550
27,700
35,050
12,050
1,974,400
Texas
—S.02J+.02H
I
1,005,800
Coastal Louisiana.
Total Louisiana
.0654
Los Ang., ex..
Richfield OU (Calif.)
.06H
.06Ji
Gulf
.0634
Gulf
.0534-.0534
Republic Oil
.0634
Tulsa
Shell East'n Pet..
.0634
Orleans.
New
ports...
55,650
25,400
160,350
49,550
436,850
-
Total Texas
Texas
.05 34--05 54
Arkansas
Eastern
97,800
Michigan.-.
41,800
35,100
11,500
4,000
55,500
2,026,400
2,138,900
2,175,550
2,147,350
513,800
671,900
674,500
681,450
466.300
2,540,200
2,810,800
2,850,050
2,828,800
2,440,700
Wyoming
Montana
New Mexico.
Total east of California.
Gas Industry in 1935
California
1935 continued
preceding year,
according to Alexander Forward, Managing Director of the
American Gas Association.
Mr. Forward further stated:
The gas industry in the United States in
the improvement which began during the
Total United States
38,900
3,150
44,850
Note—The figures Indicated above do not Include any estimate of any oil
which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS; FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED
supplying towns and cities with
DEC. 28 1935
(Figures in thousands of barrels of 42 gallons each)
of 16,002,000 customers, repre¬
connected to the mains of the
the manufactured gas in¬
served by the natural gas industry.
54,650
176,150
29,500
96,900
42,350
38,700
12,950
4,150
56,750
Colorado
sales tax.
population of 80,000,000 served a total
1935
476,850
146,250
480,100
138,700
1935
493,100
North Louisiana..
Colonial Beacon..$.0654
Manufactured and natural gas companies
Ended
Dec. 29
1935
95
Tank Car Lots. F.O.B. Refinery
Chicago
$.0534-.0534
the
Ended
Dec. 28
Dec. 21
Dec. 28
Southwest Texas
$.80
.07
Review of
Week
4 Weeks
Week End. Week End.
East Texas
.0734
a
Actual Production
B.OfM.
West Texas
Socony-Vacuum
Statistical
CRUDE OIL PRODUCTION
East Central Texas
Tide Water OU Co..
Not including 2% city
potential
daily dur¬
production by companies owning 95.9% of the
Cracked gasoline
charging capacity of all cracking units, averaged 541,000 barrels
•
.0534-.0554
.0534-.0454
Warner-Quinlan Co.
in transit and in pipe lines amounted to
West Central Texas
Terminal
32-36 GO-$.02H-.02Ji
fuel oil.
18,-
gasoline and 105,053,000 barrels of gas and
North Texas
I Tulsa
New York—
Standard OU N. J—$.07
gasoline; 5,337,000
27,930,000 barrels of finished
Gasoline at bulk terminals,
Panhandle
F.O.B. Refinery or Terminal
U. S. Gasoline (Above 65 Octane),
stills
refineries
of crude oil daily were run to the
2,600,000 barrels
operated by those companies and that they had in storage at
Kansas.
.15
St. Louis
.15
I Chicago,
(Bayonne)
capacity of the United States,
daily potential refining
estimated
Oklahoma.
I
Gas Oil,
3,869,000
Reports received from refining companies owning 89.6% of the
{Dec.)
.185
.19
1.65
Diesel 28-30 D
15,964 barrels daily for the four
21 and
Dec.
weeks ended Dec. 28.
2.15
California 27 p us D
I New Orleans C
$1.05
$1.15-1.25 Phlla., bunker C
Bunker C
Gulf Coast ports
of 25,000
This compared with a daily average
for the week ended Dec. 28.
$.169
Minneapolis
New Orleans
Philadelphia
Pittsburgh
Fuel OH. F.O.B. Refinery or
(Bayonne)
134,536 barrels daily for the four
weeks ended Dec. 28.
culations
iNorth Texaa.$.03K-.03^ |New Orleana.$.03«-.04
053^ |Los Angeles
.04 >+.05
|Tulsa
.03H--04
New York
z
for the week ended Dec. 28 totaled 751,000
int. Cal¬
Tank Car, F.O.B. Refinery
Kerosene, 41-43 Water White,
Y.
a
States ports
(Figures In Barrels)
.20
.155
.205
.17
Los Angeles
.16
Chicago
-
Houston
165
Buffalo
bond at principal
barrels,
daily average of 176,857
Imports of petroleum for domestic use and receipts in
United
DAILY AVERAGE
.175
Cleveland
27
Further details, as re¬
ported by the Institute, follow:
Included
$.175
.163
.17
N.
for the week ended Dec.
totaled 2,440,700 barrels.
Dept. of
Newark
N. Y.
1934
advanced bunker fuel oil 10 cents
Other com
Cincinnati
$.168
New York
x
29
increase.
the
Gasoline, Service Station Tax
x
The daily average output
barrels.
$1.05, effective Jan. 1.
barrel at Atlantic and Gulf ports to
panies
the daily
crude oil production for the week ended Dec. 281935 was 2,810,800 barrels.
This was a loss of 39,250 barrels
from the output of the previous week.
The current week's
figure was, however, above the 2,540,200 barrels calculated
by the United States Department of the Interior to be the
total of the restrictions imposed by the various oil producing
States during December.
Daily average production for the
four weeks ended Dec. 28 1935 is estimated at 2,828,800
average gross
ing the week.
the downgrade at this time of the year.
Representative price changes follow:
is
Barrels
The American Petroleum Institute estimates that
There
final week
the aggre¬
gate to 46,472,000 barrels as of Dec. 28, the American Petro¬
leum Institute report disclosed.
Holdings at refineries rose
1,722,000, being only partially offset by a d.p of 335,000
Gasoline stocks staged a sharp increase in the
A gain of 1,387,000 barrels lifted
of December.
of
Off 39,250
IN
CONTRA-SEASONAL GAIN
SHOWS
GAIN—REFINERY RATE
Daily Average Crude Oil Production Again Declines—
AND
UNCHANGED
METROPOLITAN NEW YORK AREA—MOTOR FUEL
An advance of 10 cents
A
CENTS
ATLANTIC
AFFECTS
SCHEDULE
10
ADVANCED
OIL
PRODUCTS—FUEL
BARREL—NEW
25
Chronicle
senting the largest number of consumers ever
dustry and the remaining
6,029,000 were
Revenues of the entire industry,
the preceding year of 1934.
compared with $374,845,000 in
Sales of manufactured gas
1934, a decline of one-half of 1%.
house heating,
for domestic uses, other than
heating, amounted to 225,884,000,000 cu. ft., a decline of 3% for the year.
House heating sales, however,
registered a gain of 29%.
On the other hand, the sales of natural gas for
domestic uses registered a pronounced upturn, rising from 284,482,000,000
cu. ft. in 1934 to 302,120,000,000 cu. ft. in 1935, a gain of 6.2%.
Sales of both manufactured and natural gas for industrial and commercial
such
as
cooking, refrigeration and water
purposes
in 1935 averaged about
10% above the previous year.
of gas ranges
in 1935 continued at a
PRELIMINARY STATISTICS ON THE
East Coast—
of
b Stocks
Un¬
of
Gas
Total
612
P.
C,
612 100.0
C.
ished
finished
Other
and
Oper¬
Gaso¬
Gaso¬
Motor
Fuel
age
ated
line
line
Fuel
460
75.2
Appalachian.
154
146
98
67.1
Ind., Ill.,Ky.
442
424
95.9
350
Kan.,
453
384
84.8
237
836
40
930
565
45
501
560
150
1,530
3,815
4,675
1,495
11,044
4,558
61.7
94.8
Oil
135
12,701
2,006
82.5
Okla.,
Missouri-
330
160
48.5
85
Inland Texas
680
658
96.8
601
91.3
Texas Gulf..
169
163
96.4
132
81.0
8,158
5,041
1,230
4,793
1,118
80
72
90.0
52
72.2
255
La.-Gulf
of
P.
53.1
286
1,527
120
236
43
"120
9,215
614
No. La .-Ark.
97
60
61.9
38
63.3
857
101
100
737
Rocky Mtn.
852
789
92.6
547
69.3
10,313
1,092
1,430
67,970
3,869
3,869
3,468
3,468
89.6
2,600
2,562
75.0 d46,472
5,337
73.9 c45,085
5,343
4,080 105,053
4,205 105,068
California
Totals week:
pronounced upward trend,
Approximately 1,100,000 gas ranges were sold during the year, represent¬
ing a gain of about 250,000, or nearly 30% over 1934.
It is interesting to
note that nearly 75% of these sales constitute relatively high-priced ranges,
incorporating modern automatic features such as oven heat control.
Sales
Stocks
Stocks
Daily
Reporting
tial
Rate
natural gas
while
a
of
Stills
Aver¬
Poten¬
The
companies grossed $353,335,000, a gain of 7.8% for the year,
revenues of the manufactured gas companies were $372,971,000, as
Stocks
Fin¬
to
District
both manufactured and natural, aggre¬
gated $726,306,000, a gain of 3.4% over
Crude Runs
Daily Refining
Capacity of Plants
Of these, 9,973,000 were served by
industry.
GAS INDUSTRY
Deo.
28 1935
Dec. 21 1935
89.6
Amount of unfinished gasoline contained in
naphtha distillates,
b Estimated
at refineries and plants; also blended motor
Includes 26,208,000 barrels at refineries and 18,877,000 barrels at
bulk terminals, In transit and pipe lines, d Includes 27,930,000 barrels at refineries
and 18,542,000 barrels at bulk terminals, In transit and pipe lines.
a
Includes
fuel at
unblended natural gasoline
plants,
c
Per Cent
1934
Change
16,002,000
1,406,782,000
$726,306,000
15,722,000
1,307,723,000
$702,614,000
+ 1.8
9,973,000
357,182,000
$372,971,000
347,453,000
+ 2.8
$374,845,000
—0.5
6,029,000
1,049,600,000
$353,335,000
5,848,000
960,270,000
$327,769,000
+ 3.1
xl935
Gas customers
Gas sales
(1,000 cubic feet)
Revenue from gas
sales
-
+ 7.6
+ 3.4
Manufactured Gas—
Gas customers
Gas sales (1,000
cubic feet).
sales
Revenue from gas
9,874,000
+ 1.0
(1,000 cubic feet)..
Revenue from gas
x
Coal
Production
Shows
Little
Change in
Latest
13.1%
of Mines, in its weekly coal report,
production of bituminous coal showed little
change in the week ended Dec. 21.
The total output is
estimated at 8,385,000 net tons as against 8,179,000 tons
in the preceding week—a gain of 206,000 tons, or 2.5%.
Production during the corresponding week of 1934 amoun ted
The U.
S.
Bureau
stated that the
to
Natural Gas—
Gas customers
Gas sales
Soft
Week—Anthracite Declines
Manufactured & Natural Gas—
sales
Preliminary,
+9.3
+ 7.8
8,344,000 tons.
Anthracite production in Pennsylvania during the week
ended Dec. 21 is estimated at 952,000 net tons.
Compared
with the
preceding week, this shows
a
decrease of 144,000
Financial Chronicle
24
WHOLESALE COMMODITY PRICE INDEX
WEEKLY
Per Cent
production,
Last week's production of 442 identical softwood mills was
178,145,000
similar date
on
a
year ago.
Identical Mill Reports
Latest
Back Group
average
with 466,243,000 feet, or the equivalent of 22 days'
(1926-1828=100)
Complied by the National Fertilizer Association
Jan. 4 1936
Week
Pre¬
ceding
Month
Year
1935
Week
Ago
Ago
Foods
85.4
86.4
87.7
75.1
69.6
69.3
69.9
[Dec. 28
Group
tears to the
Total Index
23.2
Fuel
69.6
12.8
Grains, feeds and livestock..
83.5
83.1
84.4
Textiles
70.4
70.1
71.6
152,508,000
feet and
it was 108,042,000 feet; shipments were respectively
year ago
a
feet and
132,075,000 feet,
71.7
71.7
72.0
6.7
87.4
86.6
Building materials...
77.2
77.4
Petroleum
78.8
and
*
6.2
Metals
83.5
83.6
84.1
House-furnishing goods
85.2
85.2
84.8
"Advance"
81.9
4.0
85.5
71.6
38
Fats and oils
80.5
79.7
80.9
1.0
Chemicals and drugs
Fertilizer materials
94.7
94.7
95.6
64.4
65.8
Cent
Rescinded—Pipe
Increase—New
65.7
70.6
102.7
101.7
79.5
80.1
Duration—Major
76.3
AU groups combined
100.0
Conditions
November
in
Philadelphia Federal Reserve
Wholesale Trade in
Retail and
in
Compared with Year Ago
as
According to the Federal Reserve Bank of Philadelphia:
business conditions in the Third (Philadelphia) Reserve
District "generally have reflected a fairly stable rate of
activity in channels of production and distribution of
goods.
In its "Business Review" of Jan. 2 the Bank stated.
Retail trade sales,
rate of gain during
show the usual seasona
while failing somewhat to
Preliminary
preceding Christ¬
period last year.
Sales at
November, were larger than a year ago.
somewhat greater than in the same
were
wholesale establishments declined in the month, but were larger than last
Deliveries of general merchandise by rail and motor freight appear
and as compared with last year.
year.
to have been more active seasonally
Industrial production has
of the 1923-25
be about 77%
continued to
with 69 a year ago, 68 two years ago and 62 in Novem¬
average as compared
For the year to data the rate of output as measured by productive
ber 1932.
activity at factories and mines averaged 8% higher than that in the same
period last year.
...
Manufacturing
manufactured in this District has slackened
The market for products
seasonally
with a
In comparison
it usuaUy does toward the end of the year.
as
year ago.
sales have been appreciably larger and the volume of
unfilled orders about the middle of December also exceeded that at the
Shipments of diverse manufactures from this section
time last year.
to other parts
of the country have increased materiaUy since August and by
th« beginning of December reached the largest volume, with two exceptions,
since early 1932.
...
Output of factory products in this district on the whole was well sustained
during November,
so
that production in the past three months continued
This bank's index number of manu¬
highest rate since early 1931.
which
facturing activity,
is
adjusted for seasonal changes and
has been around 76%
number of working days,
for
the
of the 1923-25 average,
rising almost steadily since the low point reached in June.
A year ago this
60i
Index was 66. two years ago 65, and in November 1932 it was
Houston
on
Heavy
New business booked at the lumber mills during the week
ended Dec. 21 193-5, for the second successive week exceeded
output and continued a good contra-seasonal record.
Be¬
of the holdiay fewer mills reported.
More complete
cause
figures will probably bring the total orders close to the
highest week of the last half of the year, according to reports
Lumber Manufacturers Association from
regional associations.
With 10% fewer mills reporting,
production was 10% below the preceding week, shipments
were 7% below, orders only 1% below.
Reported lumber
shipments were 16% below output, compared with the
preceding week's record of 17% below. New business
exceeded output by 10%, compared with 1% above during
the preceding week.
All items in the current week are
shown by reporting mills in excess of those of similar week
of 1031, production at these mills being 65% above last year;
new business 40% above; shipments, 15% above.
During the week ended Dec. 21 521 mills produced 189,971,000 feet of
hard woods
and
softwoods
order# of 208.948.000 feet.
574;
combined;
160,935,000
feet;
booked
Revised figures for the preceding week
209,079,000
production,
shipped
feet;
shipments,
were:
173,376,000
feet;
erdera, 211.721.000 feet.
All reporting regions but Southern Pine, California Redwood and Northere
Hemlock showed orders above production during the week ended Dec. 21.
AU ragioitt reported shipments below production except Southern Cypress
Northern
All reporting
Pine.
regions
but
Cypress
showed
orders
above corresponding week of 1934; all but Northern Pine showed shipments
above, and all reported production above last year's week.
Identical softwood mills reported unfilled orders
Hnt of 32 days'
on
Dec. 21 the equiva-
production and stocks of 155 days'
average
compared
with 22 days' and 163 days' a year ago.
Forest products car loadings totaled 29,589 cars during the week ended
Dee. 21
1935.
This
was
2,120
above the same week of
cars
above
the
1934 and 11,446
preceding
cars
week,
9,580
above corresponding
of 1933.
mills.
Shipments as reported for the
Production
2% above production.
699.9S0.000
and
feet
softwood
mills
gross
stocks
of
in
an
impression
was
announcement in
company's statement contended
requirements
may
are
and said
filled.
have been created in the in¬
"The facts
are
does not post field prices for the current
purchase of crude oil, but it does buy crude from time to time
under contract for cargo
"Recently
it
shipments.
found it impossible to buy sufficient
has
crude oil in Texas, including the East Texas field, with which
to fulfill its contract
commitments,
and accordingly it has
become necessary for it to pay a
premium above the prevailing
posted price in order to acquire sufficient crude to meet those
requirements.
"At the close of the year, it purchased a substantial quan¬
tity of crude on this basis, and its present requirements are
supplied."
No major companies had acted upon the advance as origin¬
ally announced.
In addition to the advance in East Texas,
the company's Dec. 31 statement listed higher prices for
other fields.
Apparently they too, were "canceled" by the
company, according to the second announcement.
A special hearing for Jan. 6 has been called by the Texas
Railroad Commission to consider proposed regulations to
prevent oil waste in the oil fields in West Texas, it was
disclosed in Austin.
The meeting will act upon the readjust¬
ment of allowables in the Yates Field in Pecos County.
Todessa, the first major oil field to cross State lines since
the problem of production regulation became a major concern
of the industry, continues to present a serious problem to
Co.
The Humble
authorized by the Texas Railroad Com¬
has been
oil
produced from the Norton well—which is
line—through Standard
Pipe Line Co.'s line, which now serves Louisiana.
The oil, which was run from the well during its potential
test runs, will be charged against the well allowable when the
allowable order for the well is officially issued by the Rail¬
road Commission, it was pointed out.
Just how the allow¬
able question will be settled to give full justice to royalty and
lease owners in both States is a serious problem facing the
run
within 400 feet of the Louisiana State
two control bodies.
An increase of 900 barrels in the daily average allowable
production for Oklahoma for January, in keeping with the
recommendations
of
the
United
States
Bureau
of
Mines,
has been
approved by the Oklahoma Corporation Commis¬
sion.
The new allowable is 481,000 barrels, to be divided
among the prorated and unprorated pools throughout the
State.
The customary
month-end pinch-back in wrell production
reduction of 39,250 barrels in the daily average crude oil production for the nation in the final week of
December.
Output was placed at 2,810,800 barrels in the
American
Petroleum
Institute
report.
This compared
brought
a
with estimated market demand of 2,540,200 barrels set by
the Bureau of Mines and actual production of 2,440,700
barrels in the like 1934
period.
16,250 barrels in Oklahoma pared output
there to 476,850 barrels, which compared with estimated
demand for the State of 480,100 barrels.
Texas producers
A reduction of
their
production 1,800 barrels to 1,068,200 barrels,
estimated market demand of 1,005,800 barrels.
California lowered daily production 2,600 barrels to 671,900,
against indicated demand of 513,800 barrels.
Crude oil price changes follow:
cut
against
Dec. 31—Advances of 10 to 36 cents a barrel in Texas crude oil prices
were
posted by the Liberty Pipe Line Co., effective Jan. 1.
East Texas
Texas were advanced 10 to 21 cents to a new top of 90 cents.
were
as
was
21
25 cents to $1.25 for top-grade.
Prices of Typical Crudes per
9,826,000
same week were
9,652,000 feet.
Bradford, Pa
Lima (Ohio Oil Co.)
Coming, Pa
as
feet.
695,391,000
The
feet
437
—
Mld'Cont., Okla., 40 and above
Hutchinson, Tex., 40 and over
Spindletop, Tex., 40 and over
on
$2.30 Eldorado, Ark., 40
1.15 Rusk, Tex., 40 and
1.32 Darst Creek
1
Western Kentucky
1935 give unfilled orders
Barrel at Wells
(All gravities where A. P. L. degrees are not shown)
feet,
Illinois—.
3,381,664,000
orders
up
153,584,000
Dec. 21 1933. or the equivalent of 32 dyas' average production, compared
company
The
2.
that this company
180,319,000 feet.
Production
unfilled
Jan.
by the
Oak and Bee
week
Shipments as reported for the
report
Crude Output Off
barrel in East Texas crude oil
in Southwest
was
Report# from 448 softwood mills on Dec.
identical
In¬
above the production of the
same
Unfilled Orders and Stocks
of
on
The same top prevailed in Live
County crudes, the former advancing 36 cents.
Heavy grades
Report# from 83 hardwood mills give new business
7.351.000 feet, or 24% below production.
Act
Dec. 31 by the Liberty Pipe Line Co.,
on
"A mistaken
was
feet, or 15% below production.
or
25-
Short
1935 by 453 soft¬
Lumber orders reported for the week ended Dec. 21
ened mills totaled 199,122,000 feet, or 10%
to
dustry," stated Mills Cox, Vice-President.
mission to
National
Fail
oil control authorities of Texas and Louisiana.
Bookings of New Business at Lumber Mills Continue
the
a
that all of its current crude
Oil
same
of
that its original announcement was misinterpreted
reports indicate that holiday trade sales in the few weeks
cars
Schedule
Alowable Higher—Daily Average
prices, posted
District—Gain
Companies
An increase of 25 cents
in effect rescinded
Business
and
Posts
Unit
crease—Special Oil Hearing Set—Oklahoma January
99.7
79.3
Agricultural Implements
70.7
102.7
Mixed fertilizers
.3
Mill*.
Crude
Texas
Line
76.9
70.7
.4
to
Price
'
94.0
64.4
.4
at the
Products—East
Its
88.4
77.2
Automobiles
6.6
v,
69.8
87.4
M iscellaneousicommoditles..
8.5
same
198,303,000
orders received
69.4
16.0
mas
and
141,786,000 feet.
82.0
10.1
feet, and
Winkler, Tex
Smackover, Ark., 24 and over
—
1.20
1.13
$1.00
1.00
over
.87
Midland District, Mich
1.02
Sunburst, Mont.
Santa Fe Springs, Cal.38 & over...
Huntington, Calif., 30 and over
1.23
1.07
.81
1.03 Kettleman Hills, 39 and
.75 Petrolla, Canada
70
over
.80
.82
.90
i.iq
Financial
Volume 142
REFINED
PORTS—GASOLINE
GULF
HOLD
PRICES
GAIN—REFINERY
a
FUEL STOCKS
barrel in bunker fuel oil prices
posted on Dec. 31 by the
ctive Jan. 1.
Other
major units met the new price schedule of $1.05 a barrel.
The advance, which has been expected for some time, is
due primarily to the increased transportation rates from
Gulf ports to New York.
Tanker rates showed an increase
of nearly 100% in the final quarter of the year.
No further changes in the retail gasoline market situation
in the Metropolitan New York area developed during the
week.
Prices are holding firm at the lower levels established
by Socony-Vacuum in the preceding week.
Bulk gasoline
prices are steady.
Fuel oils continue to benefit from seasonal
increases in consumption.
^
: :
'
Gasoline stocks staged a sharp increase in the final week
of December.
A gain of 1,387,000 barrels lifted the aggre¬
gate to 46,472,000 barrels as of Dec. 28, the American Petro¬
leum Institute report disclosed.
Holdings at refineries rose
1,722,000, being only partially offset by a d.p of 335,000
barrels in holdings at bulk terminals.
The heavy increase was due in part to a further contraseasonal gain in refinery operating rates, although such a
rise in stocks is normal at this time of the year.
An increase
at all Atlantic and Gulf ports was
Standard
Oil Co. of New Jersey, eff
point in the operating rates of reporting refineries
lifted the rate to 75% of capacity, nearly as high as the normal
mid-summer level, despite the fact that consumption usually
is on the downgrade at this time of the year.
1.1
of
Off
IN
CONTRA-SEASONAL GAIN
SHOWS
RATE
An advance of 10 cents
Daily Average Crude Oil Production Again Declines—
AND
UNCHANGED
METROPOLITAN NEW YORK AREA—MOTOR
A
CENTS
ATLANTIC
AFFECTS
SCHEDULE
10
ADVANCED
OIL
PRODUCTS—FUEL
BARREL—NEW
25
Chronicle
1934 totaled
29
met
2,440,700 barrels.
ported by the Institute, follow:
a
z
Brooklyn
There were
no
Camden
Boston
barrels for the week ended
21 and 15,964 barrels daily for the four
Dec.
Reports received from refining companies owning
barrel
operated by those companies and that they had in storage at
at the end of the week,
gasoline; 5,337,000
27,930,000 barrels of finished
105,053,000 barrels of gas and fuel oil.
barrels of unfinished gasoline and
Gasoline at bulk terminals, in transit and in pipe
lines amounted to 18,-
542,000 barrels.
Cracked gasoline
production by companies owning 95.9% of the potential
.155
Pittsburgh
.205
ing the week.
i
CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
B. Of M.
Average
St. Louis
..
...
Week
4 Weeks
Ended
Ended
Dec. 28
Dec. 21
Dec. 28
Dec. 29
1935
1935
1935
1934
476,850
146,250
493,100
148,250
483,250
469,200
142,750
62,150
55,800
25,400
160,300
65,400
62,150
56,850
Week End. Week End.
culations
(.Dec.)
2.15
San Francisco-..
.17
165
Philadelphia
barrels daily dur¬
charging capacity of all cracking units, averaged 541,000
...$.169
Minneapolis
New Orleans
the stills
refineries
of crude oil daily were run to
2,600,000 barrels
that
indicate
89.6% of the 3,869,000
capacity of the United States,
daily potential refining
estimated
int. Cal¬
.20
.17
Buffalo
This compared with a daily average of
weeks ended Dec. 28.
Included
.175
Coast ports
25,000
receipts of California oil at Atlantic and Gulf
for the week ended Dec. 28.
DAILY AVERAGE
$.175
Denver.
.17
.17
21 and 134,536 barrels daily for the four
weeks ended Dec. 28.
Dept. of
.163
Newark..
of 176,857
daily average of 107,286 barrels, compared with a daily average
barrels for the week ended Dec.
advanced bunker fuel oil 10 cents
Other com
$.168
New York
z
totaled 751,000 barrels,
ports for the week ended Dec. 28
States
$1.05, effective Jan. 1.
Gasoline, Service Station Tar
principal
Imports of petroleum for domestic use and receipts in bond at
United
increase.
the
the week ended Dec.
Further details, as re¬
The daily average output for
barrels.
,
panies
the daily
crude oil production for the week ended Dec. 28
1935 was 2,810,800 barrels.
This was a loss of 39,250 barrels
from the output of the previous week.
The current week's
figure was, however, above the 2,540,200 barrels calculated
by the United States Department of the Interior to be the
total of the restrictions imposed by the various oil producing
States during December.
Daily average production for the
four weeks ended Dec. 28 1935 is estimated at 2,828,800
average gross
Representative price changes follow:
Dec, 31—Standard Oil of New Jersey
barrel at Atlantic and Gulf ports to
a
39,250 Barrels
The American Petroleum Institute estimates that
.185
...
.19
480,100
138,700
Oklahoma.
.15
..
...
Kansas—
144,300
.172
..
05M
(Bayonne)
Gas Oil, F.O.B.
Y.
N.
27
-.04^
$.04
I
York—
Socony-Vacuum
.07 M
Colonial Beacon..$.06
.07
Texas
Richfield Oil (Calif.)
.0634
.0634
Gulf
Warner-Qulnlan Co.
-
Not Including 2% city
Statistical
.06
063-4
Republic Oil
Shell East'n
z
.95
$.02>+.02H
I
.0634
Pet— .0634
New
.05>+.05H
Orleans.
.05 >+.04%
Gulf ports... .05%-.05%
Tulsa
.0534-.0534
Los
Ang.. ex..
...
1935 continued
preceding year,
Alexander Forward, Managing Director of the
Mr. Forward further
Manufactured and natural gas companies
166,300
167,500
165,100
109,300
28,100
97,800
41,800
35,100
11,500
4,000
55,500
29,500
96,900
42,350
38,700
12,950
4,150
56,750
29,500
107,850
46,050
38,900
12,950
4,100
57,350
29,500
103,900
44,800
37,900
13,100
4,100
57,200
2,138,900
2,175,550
2,147,350
513,800
671,900
674,500
681,450
466,300
2,540,200
2,810,800
2,850,050
2,828,800
2,440,700
Arkansas
Eastern.....
Michigan
Wyoming—
Montana
stated:
55,650
25,400
25,450
159,850
-
34,300
98,550
27,700
35,050
12,050
3,150
44,850
1,974,400
Note—The figures Indicated above do not Include any estimate of any oil
which
might have been surreptitiously produced.
GASOLINE AND
1935
CRUDE RUNS TO STILLS; FINISHED AND UNFINISHED
GAS AND FUEL OIL STOCKS, WEEK ENDED DEC. 28
supplying towns and cities with
(Figures In thousands of barrels of 42 gallons each)
of 16,002,000 customers, repre¬
connected to the mains of the
industry.
Of these, 9,973,000 were served by the manufactured gas in¬
dustry and the remaining 6,029,000 were served by the natural gas industry.
Revenues of the entire industry, both manufactured and natural, aggre¬
a
23,900
85,400
Coastal Louisiana.
California.
Gas Industry in 1935
of the
American Gas Association.
997,500
38,000
127,100
1,005,800
Colorado
The gas industry in the United States in
the improvement which began during the
according to
1,064,200
39,150
128,350
128,000
Total Texas.
New Mexico.
sales tar.
Review
1,070,000
37,750
128,550
Coastal Texas
Total Louisiana.
Tank Car Lots. F.O.B. Refinery
Chicago
$.0534-.05J4
Tide Water Oil Co._
1,068,200
East Texas
North Louisiana..
I Tulsa
32-36 G0..$.02>+.02K
New
Standard Oil N. J—$.07
$.80
Refinery or Terminal
U. S. Gasoline (Above 65 Octane),
65,250
210,000
West Texas
East Central Texas...
Southwest Texas
I New Orleans C
I Chicago,
(Bayonne)
plus
Terminal
$1.15-1.25 Phila., bunker C
'
1.651
Diesel 28-30 D
211,450
65,400
211,400
•
iNorth Texas .$.03 >+.03 J* |New Orleans.$.03H-.04
Angeles.. .04 >+.05
| Tulsa
.03 >+.04
$1.05
BunkerC..
48,300
436,350
65,650
West Central Texas
| Los
I California 27 p us D
(Bayonne)
N. Y.
160,350
49,550
436,850
Texas
North Texas
Tank Car, F.O.B. Refinery
Fuel Oil. F.O.B. Refinery or
49,350
438,100
61,150
57,550
26,400
155,800
46,400
419,400
54,650
176,150
2,026,400
Kerosene, 41-43 Water White,
New York
Panhandle
.15
Loe Angeles
.16
Chicago
population of 80,000,000 served a total
senting the largest number of consumers ever
gated $726,306,000, a gain of
3.4% over the preceding year of 1934.
Daily Refining
compared with $374,845,000 in
1934, a decline of one-half of 1%.
domestic uses, other than house heating,
Sales of manufactured gas for
such
000
as
cu.
cooking, refrigeration and water
ft.,
a
heating, amounted to 225,884,000,House heating sales, however,
decline of 3% for the year.
On the other hand, the sales of natural gas for
domestic uses registered a pronounced upturn, rising from 284,482,000,000
cu. ft. in 1934 to 302,120,000,000 cu. ft. in 1935, a gain of 6.2%.
Sales of both manufactured and natural gas for industrial and commercial
registered a gain of 29%.
purposes
in 1935 averaged about 10%
above the previous year.
1935 continued at a pronounced
PRELIMINARY STATISTICS ON THE
a
Stocks
Stocks
of
b Stocks
of
Gas
Total
P. C,
612 100.0
612
P.
C.
ished
finished
Other
and
Oper¬
Gaso¬
Gaso¬
Motor
Fuel
age
ated
line
line
Fuel
460
75.2
Missouri..
330
160
48.5
85
53.1
Inland Texas
680
658
96.8
601
91.3
Texas Gulf..
169
163
96.4
132
81.0
12,701
2,006
8,158
5,041
1,230
4,793
1,118
80
72
90.0
52
72.2
255
Appalachian.
154
146
94.8
98
67.1
Ind.,Ill.,Ky.
442
424
95.9
350
82.5
Okla.,
Kan.,
453
384
84.8
237
61.7
La.-Gulf
of
Daily
Reporting
tial
Rate
East Coast..
of
Un¬
836
Oil
135
9,215
40
930
565
45
501
560
150
1,530
1,527
120
3,815
4,675
1,495
11,044
4,558
286
236
43
120
614
No. La .-Ark.
97
60
61.9
38
63.3
857
101
100
737
Rocky Mtn.
852
789
92.6
547
69.3
10,313
1,092
1,430
67,970
3,869
3,869
3,468
89.6
2,600
75.0 d46,472
5,337
4,080 105,053
3,468
89.6
2,562
73.9 c45,085
5,343
4,205 105,068
California
Totals week:
,
upward trend,
Approximately 1,100,000 gas ranges were sold during the year, represent¬
ing a gain of about 250,000, or nearly 30% over 1934.
It is interesting to
note that nearly 75% of these sales constitute relatively high-priced ranges,
incorporating modern automatic features such as oven heat control.
Sales of gas ranges in
Stocks
Aver¬
Poten¬
natural gas
while
to Stills
Fin¬
The
companies grossed $353,335,000, a gain of 7.8% for the year,
revenues of the manufactured gas companies were $3721,971,000, as
Crude Runs
Capacity of Plants
District
Dec. 28 1935
Dec. 21 1935
naphtha distillates,
b Estimated
Includes unblended natural gasoline at refineries and plants; also blended motor
a
Amount of unfinished gasoline contained In
fuel at plants,
c
Includes 26,208,000 barrels at refineries and 18,877,000 barrels at
lines, d Includes 27,930,000 barrels at refineries
bulk terminals, in transit and pipe lines.
bulk terminals, In transit and pipe
and 18,542,000 barrels at
GAS INDUSTRY
Per Cent
xl935
1934
Change
Soft
Coal
16.002,000
1,406,782,000
8726,306,000
cubic feet)
sales
Revenue from gas
15,722,000
1,307,723,000
$702,614,000
9,973,000
357,182,000
$372,971,000
Gas customers
Gas sales (1,000
9,874,000
347,453,000
$374,845,000
6,029,000
1,049,600,000
$353,335,000
5,848,000
960,270,000
$327,769,000
Manufactured Gas—
Gas customers
Gas sales (1,000
cubic feet)
sales
Revenue from gas
+ 1.8
+ 7.6
+ 3.4
+ 1.0
+ 2.8
—0.5
Natural Gas—
Gas customers
Gas sales (1,000
—
cubic feet)
sales
Revenue from gas
x
Preliminary.
+ 3.1
+ 9.3
+ 7.8
Production
Shows Little
Change in
Week—Anthracite Declines
!
Manufactured & Natural Gas—
Latesl
13.1%
of Mines, in its weekly coal report
production of bituminous coal showed littk
change in the week ended Dec. 21.
The total output i
estimated at 8,385,000 net tons as against 8,179,000 ton
in the preceding week—a gain of 206,000 tons, or 2.5%
Production during the corresponding week of 1934 amoun te<
to 8,344,000 tons.
Anthracite production in Pennsylvania during the wee]
ended Dec. 21 is estimated at 952,000 net tons.
Compare<
with the preceding week, this shows a decrease of 144,0(X
The U.
S.
Bureau
stated that the
Financial Chronicle
26
Jan. 4 1936
The industry believes that
or 13.1%.
Production in the corresponding week last
amounted to 1,263,000 tons.
Production of bituminous coal during the month of November was estimated at 33,285,000 net tons, as against 37,664,000 tions during October and 30,856,000 net tons during
November 1934.
Hard coal output for November was esti¬
mated at 3,160,000 net tons.
This compares with 4,279,000
net tons produced during October and 4,181,000 tons during
November
1936 will show
higher price level than 1935,
Denmark
France
Germany
tons,
year
a
year ago.
with
Exports of refined
22,647 tons, which
in
a
consumption increasing to about 600,000 tons.
September.
copper
from the United States during November totaled
witn 17,222 tons in October and 17,331 tons
compares
The
countries, in snort tons,
according
and November,
October
for
exports
to
were:
November
October
Belgium
1,408
1,820
-
394
1,900
2,131
3,409
3,238
Great Britain
56
2,147
3,196
1,667
6,387
During the calendar year to Dec. 21 1935 a total of 357,993,000 tons of bituminous coal and 49,578,000 net tons of
Pennsylvania anthracite were produced. This compares with
349,163,000 tons of soft coal and 55,992,000 tons of hard coal
produced in the same period of 1934.
The Bureau's state¬
Japan
British
India.
112
112
ment follows:
Other countries-_____
891
245
17,222
22^647
ESTIMATED
Italy
UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE
___
Netherlands
Poland and Danzig.
Sweden
China and Hongkong
499
429
457
903
701
754
538
_____
__
3,893
2,582
Totals
(IN NET TONS)
During the first 11 months of 1935 tne United States exported 241,376 tons
21
Dec.
1935
14
Dec.
Dec.
1935 d
c
of refined copper, against
Calendar Year to Date
Week Ended
1934
1935
1929
e
Daily
Pa.
which
1,398,000 1,363,000 1,391,000
1,197,000
523,050,000
1,741,000
1,166,000
952,000 1,096,000 1,263,000
210,500
182,700
158,700
49,578.000
167,200
55,992,000
23,700
3,950
902,600
973,500
2,969
3,202
Total for per.
aver__
Beehive
of
imported for refining in bond, totaled 216,804 tons in the Jan.-
was
The foreign market showed little change in the last week.
72,015,000
242,900
188,800
28,400
4,733
27,200
4,533
More re-sale
anticipated.
With the
war
about
scare
Demand
was
Europe recently than
been offered in
copper has
and Important
over,
producers anxious to hold output in check by not raising prices too high under
present circumstances, foreign speculators have turned rather conservative.
coke:
Total for per.
Dally aver__
inactive.
producers
aver__
anthra.:b
Dally
previous.
Nov. period of 1935, against 170,717 tons in the same period of 1934.
Total for per. 8,385,000 8,179,000 8,344,000 357,993,000 349,163,000
r
a year
Imports of unre¬
fined copper, including copper content of concentrate, &c., virtually all
22
1934
Bltum. coal.ra
i
247,180 tons in the same period
Most of the refined copper exported is of foreign origin.
6,367,700
20,946
Quotations
Dec. 31 ranged from 8.650c. to 8.725c., c.i.f. European ports.
on
Lead Buying Fair
Includes
lignite, coal made Into coke, local sales and colliery fuel,
b Includes
local sales, and colliery fuel, and coal
shipped by truck from established operations.
Does not Include an unknown
amount of "bootleg" coal,
c Subject to revision,
d Revised,
e Adjusted to
make^com parable the number of working days in the three years.
a
Sullivan County, washery and dredge coal,
ESTIMATED
WEEKLY
AND
MONTHLY
PRODUCTION
COAL,
OF
BY
(IN THOUSANDS OF NET TONS)
STATES
(The current estimates
are
based
railroad
on
Demand for lead in the last week
ing to
more than
undertone
2,500 tons,
market
and are subject to revision on receipt of monthly tonnage reports from districts and
State sources or of final annual returns from the operators.)
not more than
are
14
1935 p
Dec. 7
1935 p
both
with
own
Colorado
Octl
Nov.
tion and
1935
1935
1934
pected to place
reduction in surplus stocks.
a
The cable manufacturers are ex¬
2
1
6
217
436
71
746
against
78
98
341
442
250
according to the American Bureau of Metal Statistics.
166
154
724
747
578
10
1
1
1
4
3
Indiana
1.168
4,167
4,792
395
1,411
1,536
1,392
tons
October,
in
...
and
125,612
in
tons
November
1934,
Zinc Unsettled Abroad
3,720
390
132,013
4
1,126
358
Illinois
a
business than in 1935.
more
196
1,066
Georgia and North Carolina
some
World production of refined lead during November totaled 148,074 tons,
167
—
As for
brands in the East at
2
Arkansas and Oklahoma
a more
Lead producers are confident that 1936 will see a higher rate of consump¬
Nov.
r
9
able to sell its
was
65
Alabama
con¬
January require¬
New York, the contract settling basis of the
Lead
205
Alaska
The
producers and
The buying last week was quite general in character.
15
1934
firm,
American Smelting & Refining Co., and at 4.35c., St. Louis.
premium.
Monthly Production
Dec.
fair, the tonnage moved amount¬
65% covered, and this should result in
The price held at 4.50c.,
time past, St. Joseph
Dec.
was
good showing for the holiday period.
active trade in lead in the near future.
carloadings and river shipments
Week Ended
a
remained
taking the stand that the metal is fairly priced.
sumers
ments
of the
Interest in zinc again centered in the action of the foreign market.
The
89
80
95
344
304
332
London market showed
Kansas and Missouri
151
174
174
618
717
562
from producers who operate largely as custom smelters.
Kentucky—Eastern
609
668
646
2,925
3,380
2,552
181
176
237
686
760
708
37
36
45
147
172
150
However, domestic producers still have confidence* in their ability to hold
the price here at 4.85c., St. Louis, and the feeling prevails that the unsettle-
Iowa
a
Western
Maryland
17
44
38
70
Montana
73
75
75
352
372
332
New
35
37
28
153
136
115
73
73
55
304
338
490
493
1,760
2,144
1,795
Michigan
13
•*_
Mexico
North and South Dakota
—
Ohio.:
Penna.
bituminous—Eastern bJ
15
1,900
1,924
1,733
/2,746
15,025
3,046
93
102
358
124
369
Texas
15
15
14
69
63
62
both
the formation of
cartel.
only temporary. Consumption of zinc, in the United States,
grades and electrolytic, remains at
common
a new
high level.
a
Tin Trade Quiet
4,181
91
ment abroad is
pressure
It is hoped here
3,120
5,321
Tennessee
irregularity, due in part to selling
that the recent weakness abroad may hasten
210
464
some
Western
/
c
84
92
84
450
418
275
225
205
201
910
1,075
758
31
35
36
160
154
163
1,549
1,453
1,458
5,950
536
501
6,680
1,892
8,544
573
2,324
1,985
122
142
116
568
630
466
5
4
1
Utah-.
Virginia
Washington
West Virginia—Southern d
Northern
e
Wyoming.
*
*
Other Western States
*
Trading in tin
was
inactive
all week.
Prices ruled steady,
tendency slightly upward in sympathy with London.
closed the year
£208.
at
1935 at £218
with
the
Spot tin in London
for standard, with the forward position
per ton
Straits tin, spot, New York, settled at 48.625c.,
with March at
47.275c., and April at 47.125c.
Chinese tin, 99%, was quoted nominally as follows:
27th, 47.250c.; 28th,
Dec. 26th, 47.125c.;
47.300c.; 30th, 47.350c.; 31st,
47.375c.; Jan.
1st,
Holiday,
»
Total bituminous coal
8,278
1,147
8,144
33,285
3,160
37,664
1,512
4.279
4,181
9,275
Grand total.
9,425
9,656
36,445
41,943
35,037
Coal taken from under the Kentucky mountains through openings in Virginia
a
s
30,856
8,179
1,096
Pennsylvania anthracite
credited to Virginia in the current reports for 1935, and the figures are therefore
not directly
comparable with former
b Represents that portion of the State
that Is not included in western Pennsylvania,
c Figures are comparable with records
for 1934 and cover production of Western Pennsylvania es defined by the
NRA
Sub-Divisional Code Authority,
d Includes operations on the N. <fc W.; C. & O.;
Virginian; K. & M.; B. C. & G.; and on the B. & O. in Kanawha, Mason and Clay
counties,
e Rest of the State, including the Panhandle District, and Grant, Mineral
and Tucker counties,
p Preliminary,
r Revised.
* Less than 1,000 tons.
Silver Advances
years,
Moderately in London—Copper, Lead,
Quiet but Firm
and Zinc
Steel
much better account of itself in the last
week, prices in London advancing moderately under much
smaller offerings and some buying from India as well as by
■speculators.
The price in New York was unchanged, with
operators almost certain that the decline has run its course.
Some in the industry believe that an attempt will be made
stabilize
to
metals
the market around the 50c.
level.
The base
inactive in the last week of 1935.
The undertone
remained steady to firm.
Producers of copper, lead, and
zinc look forward to increased consumption of these metals
were
this year,
based on prospects for an even broader market for
automobiles, increased buying for account of the utilities,
and further improvement in building operations.
Without a
change in the marketing policy of the tin group, the price of
spot metal will probably remain at a premium over futures,
according to tin authorities. "Metal and Mineral Markets"
and will
probably be felt until well toward the close of this
Output of finished steel has shown some recovery
a week ago, but raw steel production
has receded further, averaging 47^% as against 483^ %
last week.
Gains in the ingot rate of three points to 59%
in the Valleys and one point to 34% in the Philadelphia
district have been more than offset by losses of six and
one-half points to 47% at Chicago, five points to 52% in
the Cleveland-Lorain district and five points to 40% at
Buffalo.
The "Age" further stated:
from the low rates of
in
Increases
Copper Holds at $ He.
to
a
little less than 3,000 tons,
40,000 tons.
No attempt
well satisfied with
a
was
bringing the total for the month to about
9.25c., Valley, market, which appears to be quite firm.
posite price
..structure.
1935
on
the price
Apparent consumption of copper in the United States during
amounted
to
about
520,000
tons,
according
to
trade
authorities.
been
most
marked in
tin
estimated at 50%.
Spot furnace coke at Connells-
at $13.33
existing quotations at Pittsburgh.
in January,
products
and the "Iron Age"
a gross
ton.
com¬
A consumer
are
In New England, No.
1
advanced 25c. to $10 a ton.
products long delayed price advances may materialize early
according to the latest reports.
Sheets, strip steel and wire
said to be due for upward revision.
An advance of $3
on
cold-finished bars, announced some time ago, goes into effect Jan. 1.
Price irregularities have not
been
entirely disappeared, though they
are limited
Importations of low-priced foreign steel have
mainly to reinforcing bars.
particularly unsettling to the concrete bar market in tne Gulf States.
Automotive consumption of steel nas been
suspensions,
an
adversely affected by holiday
which have ranged from one day to eight days in duration.
January schedules, however,
undiminished scale,
point to a resumption of motor car output
assemblies for the month estimated at
with
February, a short month, also promises to hold close to
The large accumulation of used cars during weather unfavor¬
able to their sale is the
chief present worry of the industry.
Railroad buying continues to
expand.
Fe has ordered 58,000 tons of rails.
The Atchison, Topeka & Santa
The St. Louis-San Francisco has placed
17,600 tons of 112-lb. rails and necessary accessories with the Ensley mill.
Delaware,
The
bearing
are
ton to $3.65, ovens,
for scrap remains firm
In finished
plates.
any
a
heavy melting scrap for export has
but
development is not expected to have
have
purchase of 10,000 tons of No. 1 heavy melting steel scrap has confirmed
previously
The industry looks for a moderate gain in stocks for the month of December,
this
operations
Prices of primary materials are strong.
ville has advanced 15c.
that total.
made to raise tne price, most producers being
mill
Strip mill operations
respectively.
400,000 units.
Sales of copper in the domestic market during the holiday week amounted
finishing
plate and sheets, output of which has rebounded 20 points to 60% and 65%
on
further stated:
473^%
to
week.
The Jan. 2 issue of "Metal and Mineral Markets" states
that silver gave a
Ingot Production in Further Dip
The "Iron Age" in its issue of Jan. 2 stated that holiday
influences are still dominant in the iron and steel industry
Lackawanna & Western has closed for 1,000 tons of tie
The Santa Fe also has issued formal inquiries for 500 box
and 50 hopper cars,
while the Peoria & Pekin Union has ordered
electric switching locomotive.
a
cars
Diesel-
Miami's tentative award of 3,600 tons of sheet steel
Structural steel awards,
markets,
17,555 tons last
20,000 tons, compare With
at
New projects total 16,450 tons as against
week.
13,480 tons in the pre¬
week.
to
steel piling reported in the
"Iron Age" in 1935 are 1,332,002 tons as com¬
The Pan-American Petroleum &
placed
a
a
sizeable program extending over
Chrysler and Pontiac
mentioned
are
week
the next few months.
for
likely to enter the market
as
equipment in the near future.
The
"Iron
Age"
unchanged at $18.84
a gross
ton and 2.130c. a lb.
"IRON
THE
AGE"
are
respectively.
the past few months, which steelmakers
year.
Dec. 30
Due
One month ago
One year ago
beams, tank plates
and hot
rolled strips.
These products make
85% of the United States output.
week
1934
2.124c.
1932
Oct.
2.037c.
Jan.
Jan.
Apr.
1928
2.273c.
2.317c.
2.286c.
1927
2.402c.
Jan.
Dec.
2
Apr.
18
1.926c.
13
7
2
11
4
1929
Feb.
in
pointing thereafter to
Dec.
a
been started
consequence
2.273c.
Oct.
29
2.217c.
July
17
2.212c.
Nov.
9
1
Valley
Chicago,
Valley
and
Buffalo,
its
on
May
14
1935
$18.84
Nov.
5
1934
17.90
May
1
16.90
Jan.
27
1933
16.90
Dec.
5
13.56
Jan.
of the holiday, dropped to 71,000 from 103,600 in the
Finishing
mills
generally
Some steel is
being specified
vania's 10,000 freight cars.
the 115,000 tons required for Pennsyl¬
on
in car loadings and urgent need for
Wabash has purchased 10,000 tons of rails, and New York
equipment.
Central has applied for a Federal loan to buy 35,000 tons.
the
was
active
most
month
of the
December
Although leading producers
on
semi-finished steel for
wire rods
offering
at
announced
increased
the former
extras
13.56
Dec.
6
Jan.
6
7
14.79
Dec.
15
prior to Aug. 20.
Jan.
15.90
Dec.
16
a
18.71
18.21
Dec.
17
18.59
May 14
Nov. 27
17.04
July
24
19.71
Jan.
17.64
Nov.
small producer
orders for first quarter, one
on
Eastern sheetmakers have
Detroit.
on
being made to
An effort is
level.
off-sizes
grades, and have restored the ectras
5
1
holding firmly to the advance of $2 a
are
new
strengthen sheet and strip prices at
Jan.
4
in cast pipe awards, mainly for
year
Public Works Administration projects.
18.21
J
for
books
their
on
Demand from car repair shops is in the largest
volume of the year, stimulated by gains
15.90
1927
orders
substantial
have
for completing fourth quarter contracts.
14.81
1928
back to 60%, sheet
25 snapped
January delivery, while heavy shipments of semi-finished steel seem assured
3
_■
week
Releases for steel and alloy steel bars, and wire also have
mills to 55%.
is
Low
$17.83
1931_...
Steel specifications from
blooming mill.
production immediately following Dec.
ton
High
1929
At Chicago the
pending improvements
Structural shape awards in the week dropped to 17,295 tons.
Philadelphia,
Birmingham.
1930
b8 much the same as last week,
rapid rebound.
a
Because of this sustained demand for steel, strip mill
preceding week.
29
Dec.
furnace and foundry irons at
1932
In the same
steel production will be slower, as the Inland Steel Co.
raw
have
week
last
operations
This week, with the intervention of
39%.
was
has taken off eight open hearths for several weeks
2
1.945c.
2.018c.
Based on average of basic iron at
$18.84
18.84
17.90
One month ago
steelworks
Christmas,
for
the rate
New Year day, the pattern is expected to
Pig Iron
Dec. 30 1935, $18.84 a Gross Ton
suspensions
year
with indications
8
Jan.
1.867c.
4
1931
1930
Jan.
2.008c.
1
Apr. 24
Oct.
3
Oct.
2.015c.
1.977c.
1933
One year ago
last
been especially good.
Low
High
2.130c.
2.199c.
1935
One week ago
to
only slightly from their previous volume, although automobile assemblies,
wire, rails, black pipe, sheets
2.130c.
2.130c.
2.124c.
of
demand from principal
averaged 48%, down four points from the preceding week.
which
Steel
Based on steel bars,
1935, 2.130c. a Lb.
believe will carry far into the
The temporary holiday interruptions, therefore, have been
little significance in the general outlook for rising
as
One week ago
has been imparted to steelworks activity by developments
over
automobile, tractor and farm implement manufacturers declined last
COMPOSITE PRICES
Finished
confidently
continuing gains in 1936.
A fresh impetus
recovery
for pig iron and finished steel
prices
composite
which in point of iron and steel production was 30%
1934, the industry last week was looking forward
consumers.
automobile industry, is expected
Ford is reported to
considerable number of machine tool orders in the past
and is said to have
Both
shipbuilders.
volume in the first half of 1936.
be in substantial
have
order for
Transport Co. has divided an
four tankers, requiring 15,000 tons of steel, between two
Machine tool buying, especially by the
year,
a
new
pared with 1,123,140 tons in 1934, a gain of 183^%.
to
Closing
Dec. 30 stated:
on
better than
plate work, reinforcing steel and sheet
Total awards of structural steel,
the iron and steel
"Steel" of Cleveland, in its summary of
piling to four steel
companies has been disapproved by the Public Works Administration.
vious
27
Financial Chronicle
Volume 142
of
all
electrical
except
sheets,
formed roofing which were in effect
Fluorspar for barge shipment has been raised 50 cents
ton.
They
Pig iron producers have reduced stocks through heavy shipments.
few
have
uncompleted fourth
quarter
contracts,
and
booking some
are
tonnage for January at the $1 a ton advance.
Steel
Scrap
and Chicago.
13.25
One month ago
One year ago
1934
_$13.42
13.00
1933
12.25
1932
8.50
Jan.
11.33
Jan.
Feb.
Jan.
1931
1930
15.00
1929
17.58
Dec.
Mar.
Aug.
1928
16.50
Dec.
1927
15.25
Jan.
$10.33
10
13
8
12
6
18
29
31
11
Apr.
23
9.50
Sept.25
6.75
Jan.
6.43
July
8.50
3
5
Dec. 29
11.25
9
Dec.
3
13.08
July
2
13.08
on
Dec.
14.08
Iron and Steel Institute
The American
Nov. 22
Dec. 30
an¬
received indi¬
having 98.0%
ofHhe steel capacity of the industry will be 46.7% of the
capacity for the current week, compared with 49.5% last
week, 56.4% one month ago, and 39.2% one year ago.
This
represents a decrease of 2.8 points, or 5.6% from the estimate
for the week of Dec. 23.
Weekly indicated rates of steel
operations since Dec. 10 1934 follow:
Jan.
14
32.7% Mar. 18
34.6% Mar. 25
1
35.2% Apr.
8
39.2% Apr.
Apr. 1543.4% Apr. 22
47.5% Apr. 29
Jan.
21
49.5%
May
Jan.
28
52.5%
May
10
Dec.
17
Dec.
24
Dec.
31
1935—
Jan.
7
Feb.
4
Feb.
18
Feb.
25
Mar.
May
52.8%
50.8%
49.1%
47.9%
48.2%
11
Feb.
4
Mar. 11
May
June
June
June
47.1% June
1935—
1935—
1935—
1934—
46.8%
46.1%
44.4%
43.8%
.>44.0%
44.6%
43.1%
6
42.2%
13
43.4%
20
42.8%
27.—42.3%
3
39.5%
10
39.0%
17
38.3%
24
.37.7%
—
heavy melting steel at $11.50,
up
It is
75 cents.
reported Japan has more scrap than it requires and is negotiating with
15
July
22
42.2%
Nov.
July
29
Nov. 11.
Aug. 19
44.0%
46.0%
48.1%
48.8%
Dec.
Aug. 26
47.9%
1
July
8
July
so
that
21
51.8%
51.9%
50.9%
28
5
—
a
than in
slight increase
5
Aug. 12
total 3,828,067 tons, 50% more
6 points to 34%;
Pittsburgh steelworks operations last week dropped
Chicago, 1034 to 50; Cleveland, 42 to 40; Wheeling, 7 to 70; Buffalo, 3 to
Youngstown
47; eastern Pennsylvania, 1 to 3434; New England, 6 to 77.
rose
Detroit held at 88; Birmingham, 56.
3 to 59.
price composites
steady, iron and steel
are
$33.31,
finished
steel, $53.70; scrap, $13.12.
Steel ingot production for the week ended Dec. 30, is
placed at about 49% of capacity in the compilation by Dow,
Jones & Co., Inc.
This compares with 54% in the previous
week and 56% two weeks ago.
U.
47%
S.
Steel
two
is
estimated
42%, against 46% in the week before and
at
Leading independents are credited with a rate of
weeks ago.
55%, compared with 61% in the preceding week and 64% two weeks ago.
The
following table gives a comparison of the percentage of production
the nearest corresponding week of previous years,
together with the
approximate changes, in points, from the week immediately preceding:
Independents
U. S. Steel
Industry
..52.6%
Nov. 18
53.7%
1935
49
Nov. 25
55.4%
1934
2
56.4%
1933
Dec.
9
1932
16
55.7%
54 6%
Sept. 2
45.8%
Sept. 9
49.7% Dec. 23
Sept. 16
.48.3% Dec. 30
Sept. 23.-48.9%
Sept. 30
50.8%
Oct.
7
49.7%
For 11
shown for iron and steel products.
was
1934.
Dec.
Aug.
those
Scrap shipments declined from 145,850 tons to 104,961 tons,
months this year all iron ani steel exports
with
14.—50.4%
32.8% Oct.
35.3% Oct.
39.9% Oct.
July
in October.
"Steel's"
nounced that telegraphic reports which it had
cated that the operating rate of steel companies
Dec.
2
November iron and ste3l exports, 205,242 tons, were 14% less than
Low
High
1935
10,000 tons of No.
Italy to divert some of its surplus.
11.75 [
—
A Buffalo melter purchased
Scrap is strong, but the market is quiet.
fBased on No. 1 heavy melting steel.
.$13.33(
quotations at Pittsburgh, Philadelphia
30 1935, $13.33 a Gross Ton
Dec
One week ago
—6
55
—4
42
39
+2
33
+3
30
—3
28
—2
31
—4
—2
—3
13
1931
12+^
20^
12
—3^
22
—3
18^
—U4
—4^
1930
30
—4
36
—5
26
—4
1929
62
—1
64
60J4
—2
1928
83
85
1927
49.5%
46.7%
—5
70
73
+2 H
-
-
44J4
-
+
234
81
4
+
67
234
+2
Current Events and Discussions
The statement in full for the week ended Dec. 31, in com¬
The Week with the Federal Reserve Banks
The daily average volume of
Federal Reserve bank credit
outstanding during the week ended Dec. 31, as reported by
the Federal Reserve banks, was $2,488,000,000, a decrease
of $31,000,000 compared with the preceding week and an
increase of $20,000,000 compared with the corresponding
week in 1935.
After noting these facts, the Board of Gov¬
ernors of the Federal Reserve System proceeds as follows:
On
Dec.
31,
total
Reserve bank credit amounted to
decrease of $37,000,000 for the week.
creases
cash
of $109,000,000 in money in
and
member
This decrease corresponds with de¬
circulation, $49,000,000 in Treasury
deposits with Federal Reserve banks, and $17,000,000 in non-
deposits and
other
Federal
Reserve accounts and increases
$9,000,000 in monetary gold stock and $12,000,000 in
tional
bank
currency,
msmber bank
were
$2,486,000,000, a
reserve
estimated
to
of
Treasury and Na¬
by an increase of $158,000,000 in
Member bank reserve balances on Dec. 31
offset in part
balances.
be approximately
$2,850,000,000 in excess of legal re¬
Relatively small changes
bills,
Dec. 31
1935
were
as
follows:
Increase
Dec.
industrial
curities.
were
reported in holdings of discounted and
advances
and
United
States
government
se¬
31
1935
$
Bills discounted
5,000,000
5,000,000
2,431,000,000
Bills bought
U. S.
Government securities.
Industrial
advances
(not
(+)
or Decrease
SiTlCti
Dec. 24 1935
(—)
Jan. 2 1935
$
S
—2,000,000
-
—2,000,000
—1,000,000
-
including
+18,000,000
13,000,000
—1,000,000
—35,000,000
Total Reserve bank credit
2,486,000,000
—37,000,000
Monetary gold stock
10,123,000,000
+ 9,000,000
+12,000,000
+ 25,000,000
+1,880,000,000
—38,000,000
5,882,000,000 —109,000,000
5,587,000,000 +158,000,000
+ 348,000,000
+1,497,000,000
—49,000,000
—57,000,000
—17,000,000
+ 78,000,000
$28,000,000
32,000,000
commltm'ts—Dec. 31)
Other Reserve bank credit
Treasury & National bank currency--2,476,000,000
Money in circulation
Member bank reserve balances
quirements.
purchased
parison with the preceding week and with the corresponding
date last year, will be found on pages 82 and 83.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
Treasury cash and deposits with
+10,000,000
Fed¬
3,107,000,000
eral Reserve banks
Non-member deposits and other Fed¬
eral Reserve accounts
-
508,000,000
Financial
28
Returns of
Chronicle
Federal
Reserve
System for the New York City member
Chicago member banks, for the current
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE
IN
CITIES
(In Millions of Dollars)
New York City
Dec.
Assess—
Chicago
Dec. 24
Jan. 2
1935
31
1935
1935
Jan. 2
1935
1935
$
§
Loans and investments—total..
31 Dec. 24
Dec.
S
1935
$
1,576
7,917
7,955
7,346
1,872
1,816
955
895
598
.—
59
59
54
28
25
...
743
746
773
149
148
Accepts, and com'l paper bought
174
170
227
15
15
Loans
127
128
130
16
15
42
42
62
6
6
1,161
1,150
1,160
257
251
213
U. S. Gov't, direct obligations..
3,243
3,378
3,103
1,069
1,025
750
383
382
273
89
90
1,030
1,005
966
243
241
223
Reserve with F. R. Bank
514
608
413
fered
setback when it
a
announced
was
Jan. 1 that Italian
on
airplanes had bombed a Swedish unit of the Red Cross,
encamped near Dolo, Ethiopia, killing 30 patients, hospital
orderlies and male nurses, all Ethiopians, and wounding 50.
Two Swedes attached to the mission were wounded seriously,
according to official reports.
Red Cross officials asserted
that the tents of the unit were plainly marked, but an
Italian reply said that the aviators did not know that they
were attacking a Red Cross mission.
The |Italian attack
was said to be a
reprisal for an alleged outrage by Ethiopian
troops, who had earlier captured an Italian aviator^and
78
Other securities
Negotiations designed to end the war between Italy and
Ethiopia were temporarily discontinued this week.
Mean¬
while prospects of an early termination of the conflict suf¬
10
Other loans
Swedish Red Cross Unit in Ethiopia'
on
—Italy Expresses Regret After Haile Selassie Sends
Protest
to
League
of
Nations—Italians
Also
Charged With Illegal Use of Poison Gas
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
banks and also for the
1936
Jan. 4
Italian Attack
New York City and
Member Banks in
Loans to brokers and dealers:
In New York City
......
Outside New York City
Loans
securities
on
(except banks)
beheaded him.
real estate
on
26
25
—-
others
to
Loans to banks..
......
17
61
19
Obligations fully guaranteed by
United States Government
2,446
2,264
1,501
Cash In vault
57
63
50
39
41
40
Due from domestic banks
77
79
83
232
204
Red
Other assets—net
471
472
763
86
83
97
5,822
5,769
4,727
1,434
1,432
1,184
566
568
598
421
414
383
198
197
735
98
98
2,200
2,125
1,797
521
534
447
411
403
119
4
5
2
Other liabilities
313
313
301
40
41
42
Capital account
1,458
1,458
1,465
225
228
220
United States Govt, deposits...
Inter-bank deposits:
Domestic banks
Foreign banks
.
on
1
....
declared
that
Italians
the
were
gas
"We again protest most explicitly against the criminal acts of the Italian
Government," said the Emperor's note, relayed to Geneva from this field
headquarters city, itself the target of Italian air bombs
hospital and Red Cross tents
The
sives
on
which struck a
Dec. 6.
Emperor charged specifically that Italian fliers, in raining explo¬
on
the southern army
of his son-in-law, Ras Desta Demtu,
Dolo,
near
used poison gas and destroyed a Swedish Red Cross ambulance laden with
sick and wounded.
Other officials said numerous natives
and that Dr.
Province,
wounded gravely.
Dolo,
on
barded, authorities charged.
the Somaliland-Ethiopian frontier,
Haile
was
in the
Selassie's
It
was
bom¬
was
They said the Italians concentrated
concentrations in the environs of the town.
ambulance
gassed in the Monday raid
were
Fride Hylander, Chief of the Swedish Red Cross in Ogaden
was
A large section of
Borrowings
He also
poison
warfare in violation of international
law.
Associated Press advices of Jan. 1 from the Emperor's
field headquarters described this protest as follows:
46
Liabilities—
Cross unit.
carrying
198
Demand deposits—adjusted
Time deposits
,
Emperor Haile Selassie of Ethiopia protested to the
League of Nations on Jan. 1 against the destruction of the
on
troop
indicated the Swedish
midst of the concentrations.
protest
called
the
League's attention to the
previous
"bombardment of the Adowa hospital and Dessye ambulances," and said
Complete Returns of the Member Banks of the Federal
Reserve
System for the Preceding Week
"Italy is pursuing unpunisned in the
As
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the
following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the
Federal Reserve
System for the week ended with the
close of business Dec. 24:
The
condition
leading cities
total
loans
statement
of
investments,
and $26,000,000
weekly
reporting
member
in
banks
101
Dec. 24 shows decreases for the week of $31,000,000 in
on
and
in
reserve
$58,000,000
in
demand
deposits-adjusted,
balances with Federal Reserve banks and
an
Loans to brokers and dealers in New York City increased $9,000,000;
to
brokers
district
and
New
outside
securities to others
York
decreased
$6,000,000; and loans
at
In Associated Press advices from Rome Jan. 2 it was
stated that Italy has officially expressed regret for the bom¬
bardment of the Swedish Red Cross unit, but warned
Sweden against "tendentious versions of the incident."
These advices also said:
The regrets and warnings were voiced yesterday by Fulvio Suvich,
Under-Secretary of State for Foreign Affairs, to the Swedish Minister, a
communique
that the bombardment was in
$2,000,000;
and
New York district and
all
reporting
member
banks.
Holdings
of
Holdings
of
United
$39,000,000 in the
member
banks;
"Other
loans"
decreased
$18,000,000
in
the
all reporting member banks.
at
States
Government
New York
holdings
district
and
direct
obligations
$27,000,000
at
of obligations fully guaranteed
decreased
The communique was issued after receipt of dispatches from Ras Desta
Demtu,
Desta
Deposit balances of other domestic banks increased $10,000,000
in the
Chicago district and declined $53,000,000 in the New York district
and $47,000,000 at all reporting member banks.
A summary
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Dec. 24 1935, follows:
Increase
(+)
Decrease
or
(—)
Since
Dec. 24 1935
Dec. 18 1935
Dec. 26 1934
$
Assete—
Loans and investments—total
$
$
20,939,000,000
—31,000,000 +1,395,000,000
In New York City
918,000,000
171,000,000
real estate
Loans to banks
Other loans
U. S. Govt, direct obligations
fully
+ 184,000,000
2,111,000,000
356,000,000
1,140,000,000
76,000,000
3,392,000,000
8,616,000,000
—7,000,000
—1,000,000
+2,000,000
—3,000,000
—18,000,000
—27,000,000
—169,000,000
—93,000,000
+ 3,000,000
—36,000,000
+ 153,000,000
+840,000,000
1,131,000,000
3,028,000,000
(except banks)
Obligations
+ 9,000,000
—6,000,000
+ 2,000,000
+ 18,000,000
+ 508,000,000
—26,000,000
—1,000,000
—47,000,000
+1.355,000,000
+30,000,000
+381,000,000
guaranteed
by
United States Government
Other securities
Reserve with Fed. Reserve banks.
Cash in vault
Due from domestic banks.
4,466,000,000
386,000,000
2,246,000,000
Liabilities—
Demand
deposits—adjusted
13,785,000,000
4,883,000,000
705,000,000
Time deposits
United States Govt,
Inter-bank deposits:
Domestic banks
deposits
...
Foreign banks
Borrowings
—1,000,000
others
Accepts, and com'l paper bought..
on
who
is
commander-in-chief
on
the
graphic detail
a
merciless attack
in
which
airplanes, after bombing the camp—isolated from military
contingents, according to Ethiopians—descended low and repeatedly raked
it with machine gun fire.
D'esta's telegram said, in substance:
"At 7
a. m.
Dec. 30,
Italian airplanes flew
dropped printed notifications signed
by
the field hospital
over
Gen.
Rodolfo
Graziani,
and
Italian
commander-in-chief in the south, that in violation of the 1929 convention
ian aviator
"Fifteen
over the
daka,
wnom
war the
Ethiopians decapitated
later
the
planes
reappeared
plainly marked Swedisn unit, encamped
wn6re
an
Ital¬
they captured.
minutes
at
on a
1,000
feet
altitude
plane at Malka Di-
it had been for eight days past.
"The Red Cross workers paid no attention to the planes, since
they had
been daily visitors witnout bombing.
"Suddenly projectiles and explosives fell.
tne
One of tne first bombs struck
operating tent, killing two Ethiopians and wounding Dr. Hylander and
assistant, and destroying instruments, medicaments and reserve
supplies.
"Two trucks were demolished.
an
"Then the planes swooped and machine-gunned all tne tents,
killing 28
persons
under treatment.
"The terrain
was
completely torn
up
and it
was
impossible to estimate
the number of bomos that dropped."
Loans to brokers and dealers:
Loans
son-in-law,
Italian
the
reporting member
Outside New York City
on
securities
to
Emperor's
Demtu described in
governing treatment of prisoners of
Time deposits increased $5,000,000 in the New York
district, $7,000,000
the San Francisco district, and $15,000,000 at all
Loans
the
southern front.
United
reporting member banks.
banks.
"atrocity" committed by the
an
of that date from Addis Ababa:
all reporting
by the
States Government increased $2,000,000; and
holdings of "Other securities"
increased $11,000,000 in the New York district and $18,000,000 at all
in
reprisal for
It was reported on Jan. 2 that the Swedish Red Cross
would meet to consider the bombing of its unit in Ethiopia.
An official Ethiopian communique issued on Jan. 2
describing
the incident was reported as follows in United Press advices
acceptances and commercial paper decreased $1,000,000; real estate loans
increased
said.
In "expressing his grief," the announcement stated, Mr. Suvich
explained
on
(except banks) decreased $12,000,000 in the New York
$7,000,000
name of civilization its inhumane
actions," he declared.
Ethiopians.
increase of $15,000,000 in time deposits.
loans
the Swedish ambulance involved in Monday's incident was "plainly marked
and contained a number of sick and injured."
...
5,289,000,000
438,000,000
5,000,000
+ 6,000,000
—58,000,000 +2,366,000,000
+ 15,000,000
+102,000,000
—732,000,000
—47,000,000
+ 974,000,000
+4,000,000
+295,000,000
+ 3,000.000
Ethiopian troops were reported this week to be advancing
the northern front, and were said to be
planning the
recapture of the town of Makale.
Meanwhile Associated
on
Press advices of Dec. 27 from Addis Ababa said that the
Emperor of Ethiopia had disclosed the only terms under
which he would consider peace negotiations.
This dispatch
said, in part:
While it
peace
was
terms,
or
denied officially that the Emperor
had
even
was actually
offering
agreed definitely to the points outlined, the
Geneva delegation was reported able to proceed
on
1.
2.
following basis:
Recognition of Ethiopia's sovereignty.
3.
the
Withdrawal of Italian troops from Ethiopia.
Payment of an indemnity by Italy.
4. Delimitation
of
the
boundaries
colonies in East Africa by a
5.
Agreement
by
between Ethiopia and the
League of Nations commission.
Emperor
Haile
Selassie
that
Ethiopia
Italian
would
seek
foreign, economic, administrative and financial assistance and advice, but
that Italian influence
would not be permitted.
Volume 142
Financial
Chronicle
Tne reported terms differ snarply from tnose contained in tne discarded
Anglo-Frencn proposals,
wnich
would
Ethiopia and
influence in tne soutn.
~
Italo-Ethiopian
-
appeared in
war
+
Harvey D. Gibson, President of the Manufacturers Trust
Co., New York, and Joseph C. Rovensky, Vice-President of
the Chase National Bank of New
York, are planning to sail
on Jan. 22 on the
"Majestic" for Europe to attend the con¬
ferences in Berlin, Germany, which will open Feb. 3 inci¬
dent to the so-called German Standstill Agreement.
This
the
sixth
various
creditors'
nations
and
annual
conference to
committee
German
be held among
representing
delegates
bankers.
the
eight
The
agreement reached at
last year's meeting, which is scheduled to expire on Feb. 29,
next, was referred to in our issue of Feb. 23 1935, page 1231.
♦
Full
Interest
Payments
Resumed
Bonds—Lifting of Transfer
Service
Austrian
on
Dollar
Permits
Restrictions
Bonds Held in United States
on
Including
Arrears, Institute of International Finance Reports
Interest payments have been resumed in full on all
Aus¬
outstanding in the United States, accord¬
ing to a bulletin issued yesterday (Jan. 3) by John T. Mad¬
den, Director of the Institute of International Finance. The
trian dollar bonds
Institute, which is
non-profit research organization con¬
a
ducted by the Investment Bankers Association in co-opera¬
tion with New York University, said:
There has
.
never
the Austrian
on
been
interruption in payment of interest coupons
an
government dollar
bonds.
The provinces,
municipalities
and corporations suspended payment of debt service in foreign currencies
due to foreign exchange restrictions.
tions
all
Austrian
political
bonds outstanding in the United
including
With the lifting of transfer restric¬
subdivisions
and
having
corporations
dollar
States have resumed interest payments
-4..
arrears.
Reviewing recent economic and financial developments in
Austria, the Institute's bulletin points out that "the in¬
creased productivity of agriculture and the development of
hydroelectric power have resulted in a substantial reduction
in imports of foodstuffs and fuel." It continued:
The adverse foreign trade balance of 1934 was the smallest in the history
of post-war Austria.
been
covered
by
abroad, income
Austria's consistently unfavorable trade balance has
tourist
expenditures,
from foreign
Austrian securities
well
as
as
borrowing
emigrant remittances,
investments,
settlement
inquiry]
or
by
the
thefright of
any circumstance
affecting international relations which threatens^to^dis¬
peace.]
We also quote the following from a Montevideo dispatch
of Dec. 31 to the New York "Times":
Harvey D. Gibson and Joseph C. Rovensky to Attend
Meetings in Berlin Incident to German Standstill
Agreement—Will Sail Jan. 22
be
arbitration, judicial
Paragraph 2 of Article XI declares it to'be
the
"Chronicle" of Dec. 28, pages 4087-88.
will
to
bring to the attention of the League Assembly or;,Council
turb international
the
to
29
matter
any member to
vast zone of
a
the
League Council.
given to Italy outright terri¬
nave
torial grants botn in northern and southern
Reference
submit
of
and the sale to foreigners
Alexander Minkin, until last
note to
the
The banking situation, the unemployed problem and the internal political
Government's
charges
that
the
Soviet
legation
a
second
aided
and
abetted the recent revolt in Brazil.
Mr. Minkin specifically denies the charge that the Soviet legation sent
large
of money to Brazil in the form of checks payable
sums
His note asserts
cnecks
no sucn
were ever
issued, and
says
had been they must eventually have been returned to the
on
that
"to]order."
even
if they
Uruguayan* bank
whicn issued, and he tnerefore asks tne government to supply him with
the serial number of
$38,000
checks, their dates and amounts.
of
Gold
City of Sydney, New South Wales, 53^%
Bonds, Due Feb. 1 1955, Drawn for Redemp¬
tion
Holders of City of Sydney, New South Wales, Australia,
25-year 5^% sinking fund gold bonds, due Feb. 1 1955,
are being notified that there have been
drawn by lot for
redemption $38,000 principal amount of these bonds. The
bonds
will be redeemed at their
principal amount on the
redemption date at the principal office of the City Bank
Farmers Trust Co.,
New York, successor fiscal agent.
Interest coupons due Feb. 1 1936 should be detached and
presented for payment through the usual channels.
Municipality of Graz (Austria) Not Intending to Apply
for Permanent
Registration of 8% Mortgage Loan
Gold Bonds, New York Stock
Exchange is Advised
The
Committee
on
Stock
List of
the
New
York Stock
Exchange has been advised that the Municipality of Graz
(Austria) does not intend to apply for the permanent re¬
gistration of its 8% mortgage loan gold bonds due Nov. 1
1954. The Stock
Exchange announced Dec. 28. Exemption
from the necessity of
registration under the Securities
Exchange Act of 1934 expires on March 31 1936 under the
rules of the
Securities and Exchange Commission.
+
Jan.
1
Coupons
(Argentina)
to
Be
Paid
on
External 7%
Province
of
Cordoba
Gold Bonds of 1925
Kidder, Peabody & Co. and First of Boston International
Corp., as fiscal agents for province of Cordoba (Argentina)
external 17^-year
7% sinking fund gold bonds of 1925,
announced
will be
foreign securities held by Austrians.
week Soviet Minister here, sent
Foreign Office to-day, reiterating his previous', denial of the
Uruguayan
paid
dollar face
Dec.
on
30 that the Jan. 1
coupons on this issue
and after Jan. 2 1936, in current funds at the
amount.
strifes have caused extraordinary budgetary expenditures which have not
covered
been
and
new
by ordinary
schillings
revenues,
notwithstanding increased tax rates
The resulting deficits have been covered by foreign and
taxes.
domestic loans.
The
budget
deficit for
1934
amounted to
compared with 241,500,000 schillings in 1933.
as
225,900,000
The deficit for
1935 is estimated at 180,000,000 schillings.
On
April 30
schillings for
1934 the currency
one
was
basis of 5,999.83
the
on
kilogrma of fine gold, which represents an increase in the
value of gold in terms of schillings of approximately 27.25%.
still agreement entered into between the Austrian banks
and
on
came to an
end
The stand¬
(exclusive of the
on
to
creditor
countries
which
also
meet
their foreign
debt
service.
The devaluation of the dollar accelerated the repatriation of Austrian
dollar bonds and materially increased the already substantial amount held
A considerable portion of the Austrian dollar bonds held within
in Austria.
the
country
the
foreign exchange requirements and paving the
has
been
transfer restrictions.
vert their dollar
fiscal
converted into schilling obligations,
way
series
agent for City of Buenos Aires (Argentina)
313^-year 6^% sinking fund gold bonds of 1924,
2-B, Kidder, Peabody & Co. announced Dec. 30,
that the Jan. 1 coupons on this issue will be
paid on and
after Jan. 2 1936, in current funds at the dollar face amount.
Dec. 10 1934,
June 24 1935 the National Bank rescinded all restrictions on transfer
of debt service
As
external
revalued
Credit-anstalt) and foreign bank creditors
City of Buenos Aires (Argentina) to Pay Jan. 1 Coupons
on
External 63^% Gold Bonds of 1924
thus reducing
for the removal of
Most of the Austrian borrowers have offered to con¬
obligations held in the United States into scnilling bonds.
Tenders Invited
by Chase National Bank of Argentine
External 53^% Gold Bonds, Issue of Feb. 1
1928,
to Exhaust
$179,403 in Sinking Fund
The Chase National Bank of the
City of New York, act¬
ing for the fiscal agents, is inviting tenders for the sale to it,
at prices below par, of Government of the
Argentine Nation
external sinking fund 53^% gold
bonds, issue of Feb. 1 1928,
due Aug. 1 1962, in an amount sufficient to exhaust the sum
of $179,402.57, available in the
sinking fund, it was an¬
nounced Jan. 2.
Soviet Russia
in
Protests to League at Uruguay's Action
Breaking
Off
Relations—Denies
Revolutionary
Activity and
Purchases from Uruguay
Orders
Charges
Boycott
of
of
The Soviet Union on Dec. 31 formally protested to the
League of Nations that Uruguay had violated the League
Covenant by severing relations between the two countries.
Action of the Uruguayan Government in breaking off diplo¬
matic relations
was
noted in the
"Chronicle" of Dec.
28,
4089.
Soviet Russia announced on Dec. 31 that it
would boycott all purchases of Uruguayan goods, effective
the following day, and that the Soviet trade organization in
Montevideo would be liquidated immediately.
The Rus¬
sian Minister to Uruguay, Alexander Minkin, was scheduled
to leave for home yesterday (Jan. 3).
On Dec. 29 the Uruguayan Foreign Office returned to the
Soviet Minister the latter's note in which he denied charges
made against his Legation.
Uruguay had contented that
the Soviet Legation in Montevideo was the headquarters
for South American revolutionary movements.
page
trust
Tenders will be received at the corporate
up to 12 o'clock
department of the bank, 11 Broad St.,
noon,
Feb. 3 1936.
$258,369 of Tenders of Argentine External 6% Bonds,
Issue of Feb. 1 1927,
Sanitary Works Loan due 1961,
Invited for
Sinking Fund
J. P,
Morgan & Co. and the National City Bank, New
York, acting as fiscal agents for Government of the Argentine
Nation external sinking fund 6% bonds, issue of Feb. 1
1927,
sanitary works loan due 1961, are inviting tenders
of these bonds at prices below par, until the close of business
Feb. 3 1936, for the sinking fund,
according to
ment issued Jan. 2.
$258,368.93 will be available
for the purchase of bonds,
representing $257,400 to be paid
by the Argentine Government on or before Feb. 1 and
$968.93 unexpended moneys in the sinking fund.
If the
tenders accepted are not sufficient to exhaust the available
funds, additional purchases upon tender, below par, may be
made up to May 1 1936.
Associated Press Moscow advices of Dee. 31 summarized
the contents of the Soviet protest to the
A
note
sent
to
the
League
as
follows:
Secretary-General of tne League complained tnat
Uruguay did not submit its complaints to tne League for arbitration,
to tne
nor
Soviet Union.
Tne note asserted that Uruguay violated Article
and the complaint was
the covenant.
XII of the covenant,
made under provisions of Paragraph 2, Article XI of
*
[Article XII of tne League Covenant provides that if any dispute likely
to lead to
a
rupture of relations arises between two members, they shall
an announce¬
A total of
+.
State of San Paulo
(Brazil) Remits Funds for Payment
of Jan. 1 Coupons on
8% Loans of 1921 and 1925
and 6% Loan of 1928
Speyer & Co. as Special Agent for the State of San Paulo
15-year 8% loan of 1921 and Speyer & Co. and J. Henry
Schroder Banking Corporation as Special
Agents for the
State of San Paulo 25-year 8% loan of 1925 and
40-year 6%
loan of 1928, announced Jan. 2 that
pursuant to the terms
Financial
30
Provisional Govern¬
funds have been de¬
posited with them sufficient to pay 22}^ % of the face amount
of the Jan. 1 1936 coupons of the above loans.
Acceptance
of this payment is optional, it is stated, but if accepted by
bondholders it is to be in full payment of the respective
Berkey ft Gay Furniture Co. (2-1820, Form A-l) of
of Decree No. 23829 of the Chief of the
of the United States of Brazil,
ment
coupons.
has
filed
value
of 1929
City Bank Farmers Trust Co., New York, as special
agent, is notifying holders of State of Rio de Janeiro (United
States of Brazil) external 30-year 63^% secured sinking fund
gold bonds of 1929 due Jan. 1, 1959, that funds have been
received for payment of the coupon due Jan. 1, 1936, at the
rate of 20% of the dollar face amount, or at $6.50 for each
$32.50 coupon.
Coupons should be presented for payment
at the bank.
:/•
"YYY
-
City of Porto Alegre (Brazil) Deposits Funds for Pay¬
ment of 20% of Coupons due Jan. 1 on 73^% Gold
Bonds, External Loan of 1925
Ladenburg, Thalmann & Co., New York, as special agent,
holders of City of Porto Alegre, United States of
Brazil, 40-year 7}4% sinking fund gold bonds, external loan
of 1925, that funds have been deposited with them, on be¬
half of the City of Porto Alegre, sufficient to make a pay¬
ment, in lawful currency of the United States of America, of
20% of the face amount of the coupons due Jan. 1, 1936,
amounting to $7.50 for each $37.50 coupon and $3.75 for
each $18.75 coupon.
In noting the foregoing, an announce¬
is notifying
ment in the matter said:
States of Brazil, such payment, if
Unites
accepted in full payment of such coupons and
bonds and coupons, must be
of the claims for interest
accepted by the holders of the
represented thereby.
presentation and surrender of their coupons
on 4%
due Jan. 1, 1946
Jan. 1 Coupons
cates
Arrears Certifi¬
Hallgarten & Co. and Kidder, Peabody & Co., both of
funds have been received by them
from the Republic of Columbia for the payment of the Jan. 1,
1936, coupons on the 4% arrears certificates due Jan. 1, 1946.
exercise of the
warrants
(Argentina) Banks Merge—To Be
Banco Espanol del Rio de la
Aires
Buenos
Nuevo
as
Filed Dec. 18 1935.
Coastal Minerals Development, Inc.
(2-1821, Form A-l) of New Orleans,
covering 10,000 shares of no par
Myron Turfitt, of New
Orleans, is President of the corporation. Filed Dec. 20 1935.
Sunray Oil Corp, (2-1822, Form A-2) of New York City, has filed a
registration statement covering 263,500 shares of $1 par value common
stock. The stock is to be offered at the closing price at which similar shares
sold on the New York Curb Exchange on the next preceding day or at the
market price on the Exchange at the time of sale, whichever is lower.
R. S. Reynolds, of New York City, and Russell Maguire, of Philadelphia,
are the
principal underwriters, and C. H. Wright, of Tulsa, Okla., is
a
value
stock, to be offered at $10 a share.
common
Bondholders
A
United Press advices from Buenos Aires,
Rio de la Plata
has
as a
result of
a merger
banks
$1,420,000, principal amount of first mortgage 7%
dated Jan.
2 1926, and $1,280,000, principal amount of second mortgage
7% sinking fund gold bonds, dated Jan. 2 1926, of the Mobile Bay Bridge
Co.
Filed Dec. 21 1935.
Fundamental Investors,
has filed
a
on
Inc.
The price at which the shares are to be
the net asset of the trust at the time the offering
1935, the offering price would have been $22.24
the 400,000 shares.
bin, Legg & Co. of Baltimore, Md.,
L.
President
the merger were the
Dec. 21
Assembly bill, the Philip¬
has
filed
registration statement
a
000.
Filed Dec. 23 1935.
Allen Industries, Inc.
(2-1827, Form A-2) of Detroit, Mich., has filed a
Of the stock being registered, 39,600 shares are to be
and any
the public.
to
Philippine Assembly
An additional
10,000 shares presently outstanding is
Continental Steel Corp.
(2-1828, Form A-2) of Kokomo, Ind., has filed a
debentures, to mature Jan. 1 1946.
&
Co., both of Chicago,
are
Commission announced on
filing of 14 additional registration statements
(Nos. 1819-1832 inclusive) under the Securities Act.
The
total involved is $73,833,824.90*, of which $71,094,750
represents new issues.
Continental Steel Corp.
registration
statement
(Docket 2-1825,
included in
1
Release
No. 608).
grouped
follows:
as
Total
Type
7
Commercial and industrial
$7,528,750.00
4
Investment trusts.
23,660,000.00
1
Foreign government..
Certificates of deposit
Securities in reorganization
1
1
:
x Represents aggregate face amount.
represented is $1,974,800.)
covering
_*
39,900,000.00
x2,700,000.00
39,074.99
The market value of the securities
common
Wringer Co., Inc.
registration is pending
•Corp.
*
corporation.
Filed Dec. 23
P. O. Bahten, of Modesto, Calif., is President
Filed Dec. 23 1935.
be
to
offered
at
$10
each.
W. E. Brown, of Tulsa, is President.
value
common
Filed
Dec. 23 1935.
Cane Industries
Corp.
(2-1832, Form A-l)
of Chicago,
registration statement covering 100,000 shares of
of the corporation.
In
In
no par
Filed Dec. 24 1935.
does the act of
no case
filing with the Commission give to any security
its approval or indicate that the Commission has passed on
issue
111., has filed a
value class Astock.
Bror G. Dahlberg, of Chicago, is President
making public the above list the Commission said:
or
that
the
the merits of the
registration statement itself is correct.
The last previous list of registration statements
our issue of Dec. 28, page 4090.
appeared
^
Fund
43^% Bonds
(No. 2-1839, Form
A-2) on Dec. 26 by the Wheeling Steel Corp., of Wheeling,
W. Va., under the Securities Act of 1933, was announced on
Dec. 27 by the Securities and Exchange Commission (in
Release No. 611). The statement covers $35,000,000 of first
mortgage sinking fund 4^% bonds, series A, due Feb. 1
1966.
The Commission statted:
According to the registration statement, the net proceeds from the sale
$14,000,000 to discharge indebtedness to various banks, which was con¬
as to
$9,308,110 thereof to provide funds for the redemption on
$9,037,000 principal amount of first and refunding mortgage
5M% sinking fund gold bonds, series A, due July 1 1948, at 103% (accrued
interest to be paid out of treasury funds) and the balance, together with
other treasury funds, to pay off other outstanding bank indebtedness:
$16,008,900 to redeem on April 1 1936, all the outstanding $15,695,000
principal amount of first and refunding mortgage 4K % sinking fund gold
bonds, series B, due April 1 1953, at 102% (accrued interest to be paid out of
treasury funds);
$2,000,000 for additions and improvements to certain of the plants of
the corporation;
The balance for additional working capital and other corporate purposes.
tracted
Jan. 1 1936, of
as
any
are
redeemable after 45 days' notice, in whole or in part,
on or
thereafter
or on
thereafter
value
or on
before Feb. 1 1946, 105%;
Feb. 1 1951, 104%;
Feb. 1 1956, 103%;
thereafter
or on
Feb. 1 1961,
thereafter
stock of the Chamberlain
$2,700,000 of certificates of deposit used for total.
on
interest payment date, at the following prices, plus accrued interest:
If redeemed
par
Filed Dec. 18 1935.
value common
par
Mining Co. (2-1830, Form A-l) of Reno, Nev., has filed a
stock, to be offered at par.
stock to be exchanged for 8,750 shares of $10 par value class A
Face value of
no
registration statement covering 400,000 shares of 25 cents par value common
(2-1819, Form E-l) of Woonsocket, R. I.,
registration statement covering 25,500 shares of $10
stock and 26,725 shares of $1 par
of
shares
1935.
The bonds
The list of securities for which
American
25,000
Conrad, Bruce & Co., of San Francisco, is the principal underwriter.
D. A. Williams, of Kokomo, is President of the
made known Dec. 30 by the SEC follows:
has filed a
D. A. Williams, of
Filed Dec. 23 1935.
(2-1829, Form A-2) of Kokomo, Ind., has filed a
of the bonds will be applied as follows:
In its announcement the Commission says:
Included in the total is $40,000,000 of three-year 2% notes, due Jan.
The securities involved are
Harris, Hall & Co., and F. S. Moseley
the principal underwriters.
Kokomo, is President of the corporation.
The filing of a registration statement
The Securities and Exchange
No. of Issues
also
Sidney J. Allen, of Detroit, is President of the corporation.
Filed Dec. 23 1935.
was
3937.
Dec. 30 the
of Canada
offered to stockholders
unsubscribed portion of this amount remaining is to be offered
Registration Statement Filed with SEC by Wheeling
Steel Corp. for $35,000,000 of First Mortgage Sinking
Filing of Registration Statements Under Securities Act
Dominion
of $4,200,-
corporation. •
It
defense of the islands in time of war.
The passing of the bill by the
noted in our issue of Dec. 21, page
of the
investment trust
registration statement covering 49,600 shares of $1 par value common stock.
in
Committee.
appropriates $8,000,000 for military purposes.
1939,
covering 3,500
Herbert P. Weierman, of Philadelphia, is President of the
provides for compulsory military training and conscription of
and resources for
Filed
Benjamin Franklin Foundation, Inc. (2-1826, Form C-l) of Philadelphia,
signature in the presence of Major Gen. Douglas
MacArthur and members of the Assembly Defense
all residents
/ llan
1935.
accumulation plan certificates to be offered at an aggregate price
of the Philippine Common¬
Quezon,
pine Defense Act, it was stated in Associated Press advices
from Manila, P. I., Dec. 21.
The advices continued:
act
the principal underwriters.
Melhado, of New York City, is President of the corporation.
registration statement covering 57,000 certificates of participating interests
wealth, signed on Dec. 11 his first
The
As of Dec. 13
$8,896,000 for
Nuevo Banco Espanol del
Defense Act Signed by President Quezon
The President affixed his
is made.
share, or
of four important Buenos Aires banks
participating in
de la Plata, Tornquist's Bank, the Banco del
Manuel
are
a
N. J.
$2 par value,
offered will be based
of Jersey City, and Macku-
Fundamental Group Corp.,
to be offered at $100 a share.
Philippine
of Jersey City,
(2-1824, Form A-l)
registration statement covering 400,000 shares of
capital stock.
Oklahoma-Southern Trust (2-1831, Form A-l) of Tulsa, Okla., has filed a
Hogar
Argentino and the Banco Argentino-Uruguayo.
The new institution will
have a capital of 270,000,000 pesos (about $89,100,000).
Banco Espanol del Rio
Bonds
filed a
of deposit for
sinking fund gold bonds
Committee
registration statement covering the issuance of certificates
of the company.
The
announced.
been
Argentina,
stated:
banking institution to be known as the
new
Filed Dec. 20 1935.
for First and Second Mortgage
of Mobile Bay Bridge Co. (2-1823, Form D-l) of Buffalo, N. Y., has
Protective
East Belt Gold
Dec. 29, it was
registration statement
President of the corporation.
Plata
In
525,000 shares are to be
permitting the holders to purchase
La., has filed
stock.
Known
registered, 800,000 shares are to be
registration statement covering $1,500,000 of 10-year 414% sinking fund
New York, announce that
Four
of common
525,000 warrants for the purchase
and
Of the stock being
share and the remaining
a
being registered.
Columbia Pays
Grand Rapids, Mich.,
1,325,000 shares of no par
covering
statement
offered at
reserved for th8
the stock at
$2.25 a share.
Dwelly Pearce & Co., Inc., of New York City, is the prin¬
cipal under writer, and W. J. "Wallace, of Grand Rapids, is President of the
$2
Holders may obtain pay¬
for final cancellation
at the offices of Ladenburg, Thalmann & Co., 25 Broad Street, N. Y. C.
No present provision has been made for the coupons due Jan. 1, 1932 to
Jan. 1, 1934, inclusive, but they should be retained for future adjustment.
ment upon
stock
common
stock.
Pa.,
the Provisional Government of the
Pursuant to the Decree of the Chief of
registration
a
company.
20% of Jan. 1 Coupons to be Paid by State of Rio de
Janeiro
(Brazil) on External 6)^% Gold Bonds
Jan. 4 1936
Chronicle
or on
Jan. 31 1965, 101%;
and thereafter at
The
100%.
102%;
•
principal underwriters are Kuhn, Loeb & Co.; Lee Higginson Corp.,
and Brown Harriman & Co., Inc., all of New York City.
The price to the
31
Financial Chronicle
Volume 142
Statement with SEC
registrations (under
securities of 1,841
of stocks
and over $16,000,000,000 face amount in bonds.
In addition, there were
1,048 securit'e3 of 601 issuers, representing more than 400,000,000 shares
of stock and over $10,000,000,000 face amounts in bonds temporarily
exempt (or in a few cases, provisionally registered) pending filing on or
First
promulgation of the required forms.
public,
of other underwriters, and the underwriting discounts or
amendment to the registration statement.
names
commissions are to be supplied by
is President of the corporation.
William W. Holloway, of Wheeling,
Pittsburgh, Files Registration
Covering $27,000,000 of 3^}%
Mortgage Bonds
~
West Penn Power Co., of
Securities and Exchange
Commission on Dec. 27 (in Release No. 612) of the filing of a
registration statement (No. 2-1835, Form A-2) on Dec. 26
under the Securities Act of 1933 by the West Penn Power
Co., of Pittsburgh, Pa., covering $27,000,000 of 3^% first
mortgage bonds, series I, due Jan. 1 1966, to be issued in
temporary and (or) definite form. In its announcement the
According
registration
the
to
statement, the net
together with such additional funds as may
plus accrued interest.
The bonds are redeemable after four weeks' notice, in
interest date, at the following
on any
The Commission also noted that
and thereafter at
ment
to
Langley
under examination or pending the
During the period from
Sept.
statements which became effective
100%.
the public, the names of other underwriters,
and the under¬
commissions are to be furnished by amendment to
Pittsburgh, is President of the company.
Electric & Gas Corp. of
Statement with SEC for
$17,500,000 of First Mortgage Bonds, 4% Series
The New York State Electric & Gas Corp. of Ithaca, N. Y.,
filed on Dec. 31 under the Securities Act of 1933 a registra¬
tion statement (No. 2-1851, Form A-2) covering $17,500,000
of first mortgage bonds, 4% series, due 1965, the Securities
and Exchange Commission announced Dec. 31 (in Release
No. 616).
Continuing, the Commission stated:
Filing by New York State
Ithaca, of Registration
the proceeds from tne sale of
$12,324,700, principal amount of tne Bonds, together with other treasury
funds, are to be applied to the redemption and (or) payment of outstand¬
According to the registration statement,
ing bonds as follows:
To redeem on July 1 1936,
$361,000 principal amount of New York State
6% gold bonds due 1952 (second series)
redemption price of * 10 and accrued interest to the date of redemption.
To redeem on or about April 1 1936, $3,440,000 principal amount of
New York State Gas & Electric Corp. first mortgage 5K% g°ld bonds due
1962 (third series) at the redemption price of 106M and accrued interest
Gas & Electric Corp. first mortgage
at the
the date of redemption.
either
order.
increased by 72 to 225 on June
30 1935.
Stop or,refusal orders increased during the period by 42, there
being 91 of such orders in effect on June 30 1935.
As of June 30 1935, there
were 123 registration statements in the process of examination or awaiting
15 of those effective at the beginning
having been withdrawn or placed under stop
registrations withdrawn
The number of
amendment.
estimated
Of
30 1935, securities with
have become effectively regis¬
$805,698,000 represented new securities, while
10-month period ended on June
proceeds of $909,387,000
gross
for
this
amount,
reported
particularly odd-lot transactions on the New York Stock
Exchange) amounts to $10,076,637,186, of which $7,283,039,072 represents the value of trading in stocks and $2,793,343,008 that of trading in bonds.
The New York Stock
Exchange accounts for 83.7% of the value of trading on all
registered exchanges and the New York Curb Exchange is
responsible for another 12.2%.
Under the head of "Complaints, Investigations," etc., the
report indicates that "during
the fiscal year the Commis¬
22 suits for injunction and carried on 3 suits
sion brought
already brought by the Federal Trade Commission.
It adds
brought by the Federal Trade Commission.
It adds:
As of June 30
1935, permanent injunctions had been
Suits involving 72 alleged violators
restraining orders against 19 others.
of the securities
legislation were awaiting hearing.
Evidence of willful violations discovered
1
1936,
April 1 1936, $6,969,000 principal amount of
Binghamton
Light, Heat & Power Co. first refunding mortgage 5% gold bonds (due
1946) at1 the redemption price of 105 and accrued interest t:> the date of
redemption.
To redeem on Aug. 1 1936, $274,200 prncipal amount of the Depew &
Lancaster Light Power & Conduit Co. first mortgage 5% 40-year gold
bonds (due 1954) at the redemption price of 105 and accrued interest to
the date of redemption.
To provide for payment at maturity, by deposit of the amount of principal
and interest to maturity, Of $7,500 principal amount of Chasm Power Co.
first mortgage gold coupon bonds (5%, due serially to April 15 1955).
To provide for payment at maturity, by deposit of the amount of prin¬
cipal and interest to maturity, of $198,000 principal amount of Pitts¬
burgh Gas & Electric Co. first mortgage, gold bonds (due 1939).
The remaining
$5,175,300 principal amount of the issue is to be exchanged
with affiliates of the
now
corporation for an equal principal amount
outstanding, as follows:
$5,000 principal
of bonds
& Electric Corp. first
bonds, due 1962 (third series).
$305,000 principal amou it New York State Electric & Gas Corp. first
mortgage gold bonds, 5% series due 1962 (ninth series).
aW.
$100,000 principal amou.it The Depew and Lancaster Light Pofrer &
Conduit Co. first motrgage 5% 40-year gold bonds (due 1954).
$37,000 principal amount Plattsburgh Gas & Electric Co. first mortgage,
gold bonds (5%, due 1939).
$14o,000 principal amount Lockport Light, Heat & Power Co: first
mortgage 5K% gold bonds, series A (due 1954).
*
$2,000 principal amount Binghamton Light, Heat & Power Co. first
refunding mortgage 5% gold bonds (due 1946).
b
$648,700 principal amount New York State Eiectric & Gas CorpY first
mortgage gold bonds, 4}4% series due 1960 (eighth series): and
$3,934,600 principal amount New York State Electric & Gas Corp.
first mortgage gold bonds, 4>£% series due 1980 (sixth series).
the following
30 days' notice, in whole or in part, at
of
suit for
injunction.
Under the head "Advisory
Assistance" the report says:
Legislation of the character of the Securities Act of
Dec.
1 1940, 105%; thereafter and on
1945, 104%; thereafter and on Dec. I
1955,102%; thereafter and on Dec. 1
Dec. 1 1965, 100%.
The price to
to the
Dec. 1
1950, 103%; thereafter and on Dec. 1
1960,101%: and thereafter and before
the public, the names of tne
underwriting discounts or
it is clear its mandates were
Since the scope
types
1933 and the Securities
within its scope such a variety of com¬
necessarily arise during the
applicability of the text of the
which
that innumerable questions
law to situations which are not
of security
the subject of specific provision but to
intended to apply.
...
of the Securities Act of 1933 extends to various
unique
interests, situations frequently arose, under the Act,
which was offered for sale was such as to
where the nature of the interest
make it difficult to determine
whether a security was involved within the
meaning of the Act, and, if so, who, under the
Act, was the issuer of such
in the case
under
In this connection, problems most frequently arose
security.
of interests in oil,
gas,
and other mineral rights, certificates issued
deposit or trust agreements,
and securities issued in reorganizations.
registration requirements not only
The Securities Act exempts from its
of securities because of their generic character, but
various types
securities which are issued in certain
also other
The
specific types of transactions.
presented questions of par¬
thorough-going
in questions and
of the practical results of the application of such provisions.
The Act also
exempts from registration securities offered in limited amounts where such
offerings meet requirements to be imposed by the Commission. . . .
Numerous problems also arose under those provisions of the Act exempting
certain types of transactions, such as private offerings and dealers' and
brokers' transactions, from the requirement of prior registration.
Other
ticular difficulty,
the solutions of which have required a
understanding of the history of the particular provisions
questions on which advice was frequently sought,
ments of the Act
and the
The
principal underwriters, and tne
related to the require¬
and the Commission's regulations in regard to prospectuses
filing and amendment of registration statements.
advisory assistance rendered by the
importance to the public because
and the resulting
.
the Commission through
addition,
of the newness of the Acts and regulations
guided.
Moreover, it is
the public and
this interpretative service was of definite value.
the Commission benefited greatly from the information
Binghamton, N. Y., is President
ob¬
correspondence and conferences incidental to the ren¬
dering of such service.
From these sources much valuable information
improved and
was
obtained on the basis of which existing regulations were
new
commissions are to be furnished by amendment
.
lack of precedence by which persons seeking to comply
believed that the spirit of co-operation engendered between
In
.
Commission was of manifest
in particular situations might be
tained through the
registration statement.
C. L. Cadle, of
situations
plex
with the law
prices plus accrued interest:
If redeemed on or before
Attorney-General for criminal
In certain cases, in the interest of speedy justice, evidence
criminal violation was referred forthwith for prosecution without bringing
exemptive provisions of the latter type have
-
amount New York State Gas
mortgage 5J^% g°ld
The bonds are redeemable after
in 30 of the cases investigated
by the Commission, was transmitted to the
prosecution.
early period of its administration as to the
To redeem on
May
obtained against
28 defendants and temporary
32 defendants, temporary injunctions against
redemption.
on
deposit.
that from Oct. 1
1934 and June 30 1935 the total volume of trading on National
Securities Exchange
(including some transactions which
are not contained in the usual reports of volume of trading,
likewise
Commission
The
Exchange Act of 1934 comprehends
redeem
voting trust certifi¬
be exchanged for
certificates of deposit, and for securities to
$1,075,000 principal amount of Lockport
Light, Heat & Power Co. first mortgage 5H % gold bonds, series A (due
1954) at the redemption price of 103 and accrued interest to the date of
To
There were 315 registration
effec¬
filed.
during the period and 1,094 were
registrants' or predecessors' securities or certificates of
registration statement.
Harry L. Mitchell, of
153 had been withdrawn, and 97
receipt of amendments.
1934, to June 30, 1935 inclusive, 440
1
additional registration statements were
cates,
principal underwriters are to be furnished by
writing discounts or
to
tive, 49 were under stop or refusal order,
were
Of these, 794 were effec¬
1,093 registration statements on file.
were
$103,689,000 were for securities in reorganization, for
amend¬
the registration statement.
It is stated, however, that W. C.
& Co., of New York City, is expected to be the principal under¬
The price to
there
tered.
1946, 107K%:
1 1961, 105%;
writer.
the
administration of the Securities Act of 1933,
When the SEC took over the
<During the
whole or in part,
prices, plus accrued interest:
Prior to and including Jan. 1
thereafter and including Jan.
The name of the
registered nearly 2,000,000,000 shares
tive at the end of the period,
proceeds from the
be required
for the purpose, are to be deposited with the Chase National Bank of New
York City for the redemption of $8,500,000 principal amount of 5% first
mortgage gold bonds, series A, on March 1 1936, and $18,500,000 principal
amount of 5% first mortgage gold bonds, series G, on June 1 1936, at 105%
,
sale of the bonds,
in effect covering 3,345
were
These statements
issuers.
Announcement was made by the
Commission said:
opening of trading July 16 1935, permanent
As of the
the truth in security act)
regulations promulgated.
With reference to the report a
of tne corporation.
Washington account Dec.
29 to the New York "Times" said:
First Annual
in Effect
Report of SEC Permanent Registrations
July 31, 1935 Covering 3,345 Secuiities of
1,841 Issuers Embrace Nearly
and Over
2,000,000,000 Shares
$16,000,000,000 Face Amount in Bonds—
Reports 22 Suits for Injunctions
Brought
With
seeking
the
a
formative stages
remedy for
the
of its work done,
the
Commission now is
over-the-counter market situation and
allied
problems, such as unlisted trading and segregation of broker and dealer
functions, with the object of bringing about gradually a closer
activities in securities not listed on registered Exchanges.
of
control of
The feasibility
registration of securities now traded in over the counter has teen studied,
of the Securities and Exchange
period from the date of the organi¬
zation of the Commission to June 30, 1935, has been trans¬
mitted to Congress, and was made public on Dec. 30.
The
volume comprises some 81 pages; in the statistics supplied
with the realization on the part of the Commission, however, that this can¬
therein it is stated:
hold different views as to what should be done.
The first annual report
Commission covering the
not
be done over night and that changes which
affect practices of many
years' standing must be sought over a long period.
Wants More
Drafts of reports
Time
for Study
have been made by Commission experts, many of who
The point of view of t
'
•
32
Financial Chronicle
Commission itself
such problems as unlisted
on
trading and segregation,
on
which
it must report to Congress, has not been made
public yet.
It is
understood that the Commission feels that separation of broker and dealer
functions would be impracticable if tried
immediately, and that it will ask
Congress to permit continuation of unlisted trading in securities after the
deadline of June 1 1936, fixed by the Securities Act of 1934, at least until
the Commission has and more time to work out a broad
program that
would make elimination of such
trading practical.
On the subject of
"pegging" prices of securities by underwriters during
distribution,
permitted under the law if it does not reach the state of
now
is expected
is said to
state
chiefly to call for complete reports
may or may
There
such operations.
on
be no intention of promulgating rules
specifically what
which would attempt to
had
made
an
exhaustive study to
determine the extent to
which
"pegging, fixing or stabilizing the prices of securities should, in the
public interest, be permitted" as a preliminary to drafting rules on this
As the problem involves fundamental theories and practices
subject.
a
topic
on
which the Commission has moved slowly.
.
The Public
connection with
the
granting
acquiring of options, the
or
criticised
In
summarizing features of the report a Washington dis¬
patch Dec. 29 to the New York "Herald Tribune" said in
part:
services and other
the SEC
obligations.
had available
$1,545,337 for personal
Of this amount, $264,337
transferred
was
adverse
the
unfriendly
dustry.
derived under the defi¬
ciency appropriation act of 1934, $921,000 under the deficiency act of 1935
and $60,000 under the acts of March 28
1934, and Feb. 13 1935, to cover
the cost of pay restoration.
attitude
counted
for
impounded balance $5,000 under the
There
$1,543,143, leaving
departmental
was
salaries
an
ac¬
temporary departmental
salaries for $27,520, and field salaries for
$98,917.
required $145,060 and rents $86,850.
Purchase of equipment
transferred to
reservs
act of March 28 1934, and
$2,200
for
total
of
estimated
and
actual
miscellaneous
receipts
Staff
At the close of the year the Commission and its staff
consisted of 696
comprising four commissioners and 692 employees, 450 of whom
Permanent departmental employees totaled 488 and
temporary
Permanent employees in regional offices numbered 116 with three tem¬
were men.
85.
porarily employed.
There
were
346 employees subject to the retirement
act.
As
the
to
.
Citing as the most encouraging factor during 1935 "the
reopening of the capital markets, made possible by changes
in the requirements for
registering new issues with the
Securities and
Exchange Commission," T. E. Hough, ViceHalsey, Stuart & Co., New York, in a review
of the bond market during the past
year, said:
President of
The effect of this
was
an
immediate and large scale increase in registra¬
confined,
rates
through refunding operations.
however, very largely to old established companies with
nigh credit ratings and intended to take advantage of
prevailing low interest
opened,
were not in any
true
sense
The capital markets,
revived,
has sufficient basis for confidence to borrow
wnile thus
re¬
will they be until industry
nor
new money
for plant improve¬
ments, replacements and additions.
Of the $2,100,073,852 of
corporate
financing in the first 11 montns, $1,763,241,457 was refunding.
Suggestive
of the form taken, $1,935,974,900 of the total was in
long-term bonds or
notes, $47,730,000 short-term, $116,368,942 preferred and
Mr.
common stocks.
Hough, in his review issued Dec. 29, said in part:
Government Bond Market
The government continues to be the
largest borrower in the market and as
such its operations and securities dominate market
activities.
The gross
national debt is now over
$30,000,000,000, not
including
of guaranteed debt.
about
Tnis compares
$26,500,000,000.
Incurred
for
four
Deficits
successive
of
years,
with the
war
$3,000,000,000
including that
over
time
or
$4,000,000,000
peak in
1919 of
have
more
been
contemplated for
the
current fiscal year.
The most
Approximately 54% of
is tne con¬
such bonds
held by banks in contrast to only about
15% in 1920.
of the increase in the government debt in the current
fiscal
are now
Over 90%
year is reported
to have been absorbed
panies,
some
by the banks.
49 legal
reserve
life insurance
having about 91% of all admitted assets in their field,
two
and one-half billions of
government bonds,
tneir assets.
preceding
This represents an increase of close to
year.
.
.
.
Treasury
maturities
of
now
com¬
hold
whicn is
11.7% of
$800,000,000 over the
$4,794,637,800
next
year,
without consideration of any new financing that
may be necessary to
meet
continuing deficits, suggest the enormity of the problem and the need
handling.
The situation is further complicated by the
for statesmanlike
fact
thatjalmost
basis
into
half of the existing interest-bearing debt is
consisting of short-term bills and notes.
long-term
menace the
Until the
obligations and properly distributed, it
on a
trend
was
Measured by the criteria mentioned at the outset of this discussion, it
would appear that reasonable optimism is
justified for the coming year.
available for investment are likely to continue in large volume,
principally, however, in the hands of institutions and large investors whose
were
sufficient to
and still leave
withstand tne ravages of the past
unimpaired residue.
an
somewhat restricted one,
a
The need of tne
restraints
.
of
as seems
years
probable, the price
market,
long-term
as
elsewhere, is
confidence.
With
a
release from
idle
funds
in
the one hand and the unsatisfied six-year accumu¬
demands
capital
a
on
if,
so
.
in the bond
hamper
unprecedented volume
lation
.
hour
that
several
Thus the market is likely to continue
particularly
on
the
other,
business recovery might easily
genuinely reawakened capital market.
It appears that
19354
on
rather consistently
monetary policy
the
part
of
tjie government,
legislation and mitigation of
(2)
some
cessation of harassing
of the
restrictive measures already enacted,
and
coercive
unnecessarily burdensome and
(3) relief from the encroachments of
the government in fields
properly belonging to private enterprise, (4) a
return to constitutional conceptions of
government in matters of individual
.
♦
Outstanding Brokers Loans on New York Stock Ex¬
change Increased 92,328,515 During December to
$938,441,652—Fifth Consecutive Monthly Rise—
Dec. 31 Figure Also Above Dec. 31 1934
During December outstanding brokers' loans on the New
Exchange again increased for the fifth consecu¬
tive month.
The Exchange reported yesterday (Jan. 3) that
the loans outstanding on Dec. 31 amounted to $938,441,652,
York Stock
increase of $92,328,515
over
the Nov. 30 total of $846,-
gain of $58,178,497 over the figure for Dec.
31 1934, of $880,263,155.
The Dec. 31 total this year is the
highest reported since June 30 1934 when the loans out¬
standing amounted to $1,082,240,126.
Demand loans outstanding on Dec. 31,
according to the
Exchange's report, amounted to $547,258,152, which com¬
pares with $406,656,137 Nov. 30 and $616,300,286 at the
end of 1934, while time loans totaled
$391,183,500 against
$439,457,000 a month ago and $273,962,869 Dec. 31 1934.
In the statement it is shown that
during December $45,688,325 of Government securities were pledged as collateral
for the borrowings as against $35,665,100 in November.
The Stock Exchange's report was made
public as follows:
a
New York Stock Exchange member total net
borrowings on collateral,
contracted for and carried in New
York,
as
of the close of business, Dec. 31
1935, aggregated $938,441,652.
The detailed tabulation follows:
Demand
Net borrowings on collateral
banks or trust companies
(1)
Net
(2)
borrowings
bankers,
on
brokers,
collateral
foreign
$390,523,000
New York
from
bank
Time
$516,491,093
from
private
agencies
or
others in the City of New York
30,767,059
660,500
$547,258,152
$391,183,500
938,441,652
Combined total of time and demand borrowings
Total face amount of "government securities" pledged as collateral for the
borrow¬
ings included in items (1) and (2) above, $45,688,325.
The scope of the above compilation is exactly the same as in the loan
report issued by the exchange a month ago.
Below
we
give
a
two-year compilation of the figures:
Demand Loans
Time Loans
Total Loan
Dec. 30
597.953,524
247,179,000
845,132.524
Jan.
31
626.590,507
Feb.
28
656.626,227
276,484,000
281,384,000
Mar. 31
714,279,548
267,074,400
903.074,507
938,010,227
981,353,948
1,088,226,359
1,016.386,689
1,082,240,126
923.055,826
874,207,876
831,529,447
827,033,416
831,115,348
880,263,155
Apr. 30
May 31
812.119,359
July
276,107,000
31
..
722.373,686
294,013.000
740,573,126
-
June 30
341,667,000
588,073,826
334,982,000
Aug. 31
545,125,876
Sept. 29
531,630,447
299,899,000
Oct.
546,491,416
280,542.000
557,742.348
273,373.000
31
Nov. 30
Dec.
31..
•
329,082,000
616.300,286
263,962,869
575,896,161
249.062,000
1
debt is funded
Feb.
28
573,313,939
242,544,500
Mar. 30
552.998.766
220.124.500
773.123.266
509,920.548
294,644,900
320,871,000
will
continue
.
.
to
.
Apr. 30
May 31
upward,
reflecting
372,553,800
406,656,137
418,266,300
456,612,100
439.457.000
781.221.869
792.421,569
846.113.137
547,258,152
391,183,500
938,441,652
July 31
Aug. 31
Sept. 30
362,955.569
Oct. 31
335.809,469
Nov. 30
31
Dec.
824,958,161
815,858,439
804.565,448
792,541,031
808,589.298
768,934,748
772,031,468
471.670,031
474,390,298
419,599,448
399,477,668
June 30
strong demand among institutionalbuyers and, also, from large individual
by Mr.
31
Municipal Bond Market
price
issued
review
Jan.
stability of the whole business and banking situation.
The
the
temporary
The volume of municipal financing was well over
$1,000,000,000 during
the year, the largest amount since 1931.
Over 25% of the total was
refunding.
.
outlook,
Funds
1933—
disturbing aspect of tne government bond market
centration of such bonds in the banks.
.
general
113,137, and
Halsey,
Capital
Markets
Through Changes in SEC Registration Require¬
ments Most
Encouraging Factor of Year
tions
basic in¬
this
Hough noted:
an
Review of 1935 Bond Market by T. E.
Hough, of
Stuart
&
Co.—Reopening of
v(-
toward
government.
none of which was available for
expenditure by the SEC, being
deposit in the Treasury as "miscellaneous receipts."
Fees from regis¬
tration of securities totaled $160,299, from
registration of exchanges,
$61,660, and from copying charges, $5,739.
persons,
Administration
the
rights, division of authority between State and Federal governments no less
than among the legislative, judicial and executive
branches of tne Federal
$227,699,
on
of
was
on
696
Passama-
the
was
transferred to the division of
disbursements, Treasury Department.
N The grand
the most
among
this much desired eventuality could be
hastened, if not actually realized,
with these requisites:
(1) a return to a sound fiscal and
Within Budget
$955,068 of the total expenditures,
were
undertake
to
particularly substantial gains naving been registered in the second
grade classifications.
result through
Permanent
Decision
...
the
Total expenditures for the period amounted to
nolding companies
Tne price level of utility bonds strengthened continuously during the
priations totaled $1,281,000, of which $300,000
"unobligated balance" of $2,194.
for
developments.
level remains high.
Keeps $2,194
Utility Bond Market
or economic necessity, enlargement of the
powers and borrow¬
ing capacity of the Tennessee Valley Authority and continued direct aid
to municipalities
wishing to engage in the utility business are suggestive of
from the Federal Trade Commission, which
agency was responsible for the
execution of the securities act prior to the creation of the SEC.
Appro¬
was
forced
its soundness
assets
year
was
.
.
fraught with developments, favorable and unfa¬
one
"death sentence"
important
duration of options and the endorsement of options
by Exchange members."
During the fiscal
fact that
during recent sessions, while
vorable, for the utilities.
Continuing tax burdens and pressure for lower
rates, undiminished government competition and harassing and punitive
legislation culminating in The Public Utility Act of 1935 with its much
nection with such options, the registration of
put-and-call brokers and deal¬
reports in
taxes
new
inadequate Revenue Act of 1935
through Congress in its final session.
>
year,
As to
"puts" and "calls," "straddles" and other options, the Commission
reports that its proposed program "encompasses trading practices in con¬
ers,
well justified is indicated by the
was
the hastily drawn and wholly
which underwriters say are essential under the
recognized system of security
distribution, it is
That the latter fear
the legislatures of 45 States levied
quoddy project in Maine despite competent engineering opinion questioning
not be done in "pegging" operations.
In its report for the fiscal
year ended on June 30, last, the Commission
stated that it
buyers alarmed by the growing tax burden and the prospect of increased
levies.
The year has been
outlawed manipulation, the Commission, if and when it issues
regulations,
I'--
/an. 4 1936
334,199,000
349,335,300
Continued
Upward
Market
Stock
Redmond
of
&
Following this, a period of irregularity set
General Business and
1936 by J. C. Harley
Co.—Gains, However, to Be Less
Trend in
Forecast
autumn low of 54.81
for
their
Oct.
stock market trends
courses during the
year 1936," J. C. Harley, of Redmond & Co., New York,
said that "however, the percentage gains over 1935 are likely
to be less pronounced than was the case of 1935 over the
preceding year."
In the opinion of Mr. Harley "the re¬
covery in the stock market during the coming year probably
will not be so striking as that for the last nine months of
1935 because, in the first place, the market at present re¬
flects the broad 1935 advance in business and to a large
extent foretells the improved outlook for 1936."
In part
Given
stocks
,
he says:
realize that the
the rising earn¬
forecasting the outlook for 1936 it is significant to
month
to
month earnings
statements will be set against
Unless the coming year proves to be' one of great
prosperity, the interim earnings will not show such large comparative
gains as did the 1935 figures over 1934.
The principal significance of a
general reduction in these figures during 1936 lies in the negative psycho¬
1935.
trend of
ings
logical effect it
look
have upon stock market traders and
may
investors who
the interim reports as a guide to security values.
recovery in 1936 is likely to be restricted on
upon
Furthermore,
account of
pending, any of which in the process of
solution
may
become an adverse market factor.
Even in their present
undetermined status these problems will tend to be retarding influences
on the stock market.
Generally speaking a few of the disturbing elements
many
problems
uncertain
now
Supreme Court decisions on im¬
action; the usual political unpresidential election; the un¬
certain status of the government's silver purchase program ; the foreign
war
situation; the possibility of monetary devaluation in France.
To summarize:
the year 1936 promises to be marked by gradual im¬
referred
to
be grouped as follows:
may
portant New Deal policies; Congressional
settlement attending
a
bitterly contested
earnings and increased dividend payments, both
making for a generally higher level of security prices.
The immediate
outlook appears favorable for further stock market advance in anticipation
that the excellent earnings of the final quarter of 1935 will continue well
in corporation
provement
into the initial
1935
intermediate
irregular
February
may
coincide with the formation of an
the stock market, followed by
in
top
price
The publication of the favorable
quarter of the new year.
annual statements in
a
prolonged period of
By mid-summer the stock market should be
an advance of broad scale proportions in expectation
of earnings improvement during the second half-year.
movements.
in
position to resume
of
an
accelerated rate
in
are
of New York Stock Exchange Finds
Responding Cautiously to Such En¬
Business
Has Received—Prerequisites
Equitable Taxation Prudent
Management of Fiscal Affairs and Stable Currency
couragement as
It
to
Sound Recovery
Policy
"
Recuperative forces are at work in many departments of
trade and industry and it seems to me that there is substantial
basis for the feeling of hopefulness which pervades the busi¬
ness community at the end of the year," said Charles R. Gay,
President of the New York Stock Exchange, in a New Year's
statement issued Jan. 1.
Mr. Gay further comments as
follows:
time-tested indices
that
businass, while still assailed by doubt, is responding cautiously to such
encouragement as it has received.
It needs additional encouragement if we
are to have a soundly-based recovery.
The prerequisites to such a recovery
are equitable taxation,
prudent management of our fiscal affairs and a
stable currency policy.
It is a wholesome sign that these subjects are now
commanding serious attention.
The temperate optimism being expressed
in many quarters has its inspiration, I believe, in the hope that inevitably
The evidences of
such fundamental
a
expanding activity are reflected In
misled us.
From my observation, I should say
ignored.
cleared away.
uncertainties are yet to be
Howard S. Hoit of Insurance Stocks in New
City Market in 1935—Increase Similar to That
General Security Markets Shown
Review by
York
of
the New York City insurance stock market
1935, Howard S. Hoit, of Hoit, Rose & Troster, New
York, said that the insurance stocks "kept pace with the
In reviewing
in
broad advance in the
general security markets."
Mr. Hoit
continued in part:
In doing this, insurance
stocks consolidated their fine gains of
they outstripped the general market
1934, when
low
stocks (15 fire, 3 casualty and 2 life)
with the 36% appreciation
in the general stock market ("Standard Statistics" averages).
In 1934,
our insurance stock average rose over 46%, compared with a decline of 6%
Our
stock market.
high of 62.06 on Dec. 12, compared with a low of 31.34 on
May 31 1932, and previous high point of 62.65 on Jan. 12
1933.
In his review, issued Jan. 2, Mr. Troster said in part:
The bank stock
market has been especially active
representative general market issues.
registered in the first six months of the
44.53 and after fluctuating between a
June 29 at
52.70.
This was a gain of over 18% for the six months.
Although more irregular, market action in the last half of the year was also
active.
The first major swing was from 53.01 on July 1 to 58.47 on Aug. 13.
Half of the year's advance was
The average opened Jan. 2 at
■
in the last half of the
opening of 44.30, the average rose to the summer
19, a gain of over 29% in one and a half months,
xhis fine gain, however, was unexpectedly lost in September.
In October, the advance was resumed in vigorous fashion.
Rising from
the low of 46.35 on Oct. 9, the average reached 57.54 on Nov. 20 and on
Dec. 12, it established the new 1935 high of 62.06, a gain of 34% in approxi¬
mately two months.
All told, the average has appreciated 36% in rising
from the Jan. 2 opening of 43.74 to present level of 59.40 (Dec. 23).
From the July 1
year.
high of 57.35 on Aug.
,
In
a
characterized by a huge rise in "excess" reserves and continued
this sharp return of bank stocks to popularity seems para¬
several underlying factors indicate, we believe, that
was in belated recognition that bank stocks were relatively under¬
year
low money rates,
However,
doxical.
this rise
valued.
1
-■
"behind the market."
During the first half of
stock market was rising 8%, bank stocks rose
stock market rose 12%,
compared with 4% for bank stocks.
.
J
Consequently, the yield advantage of bank stocks was attractive.
Aver¬
age yield of 16 New York City bank stocks was 5.98% at the close of 1934
and 5.30% at mid-year of 1935.
Second, the uncertainty of pending legislation was removed in August,
when the Banking Act of 1935 in favorably revised form was enacted.
Therefore, with pending legislation removed as an overhanging market
factor, and the "rules of the game" definitely known, bankers are in position
First, bank stocks were
the year,
when the general
From July 1 to Oct. 9, the
little more than 1%.
to look
ahead.
provides for removal of "double
1937.
1
Constitution was
has
been
liability" on national bank stocks
The "double liability" clause in the New
also repealed on Nov. 5.
Thus, the market for
broadened, particularly to fiduciary
Third, offsetting low money
York State
bank stocks
and institutional investors.
rates is the greatly reduced
interest cost of
nearly all demand deposits, which total
over 90 % of New York Clearing House deposits.
The rise in the call money
rate to % of 1 % is encouraging for the future.
Fourth, the prospect of further progress in putting low cost deposits to
work indicates that the extremely high "leverage" should stimulate operat¬
deposits.
ing
No interest is paid on
earnings.
Fifth, besides operating
reserves are
earnings, recoveries from charge-offs and from
and security markets continue
becoming substantial, as business
This is making it possible for banks
to improve.
with preferred stocks or
capital notes to consider the question of retirement of
Should other factors also develop favorably, bank
such senior capital.
shares should con¬
example, that the govern¬
ment will withdraw from those lending operations that can be carried on by
banks.
The problem of the budget and the question of further large-scale
government spending are closely related to the factors of taxes, the bonus and
Hope has been expressed, for
outlook for government
Current
Joint Statement of J.
&
Drexel
to
financing.
Co.—Increase in
Dec. 31—Surplus
P. Morgan & Co. and
Resources from Oct.
1
and Partners' Balances Also
An increase in both
& Co.,
deposits and resources of J. P. Morgan
New York, and Drexel & Co.,
Philadelphia, during
of 1935 is shown in the joint statement of
Dec. 31, issued for publica¬
tion to-day (Jan. 4).
Deposits on Dec. 31 were $472,756,877,
as against $385,564,300 Oct.
1, and resources on the later
date totaled $537,943,911, comparing with $447,342,056.
The statement for Oct. 1 was referred to in our issue of Oct. 5,
the last quarter
condition of the two firms as of
2198.
According to the Dec. 31 statement, cash on
page
hand and on
deposit in banks decreased to $105,581,282 from $135,343,998, while holdings of United States Government securities
rose to $317,406,918 from $195,406,676 Oct. 1.
An increase
was also shown in investments in State and municipal bonds
and bills to $25,330,933 Dec. 31 from $19,909,366.
Capital on Dec. 31 was unchanged at $25,000,000; surplus
and
partners' balances increased to $22,312,991 from
$20,498,915 Oct. 1.
Business
Since
Enters New Year in Most Favorable
Position
Depression Began Says Guaranty Trust Co.
of New York
In
discussing the business situation as we go into 1936,
Survey" finds that "business enters the new
the "Guaranty
During December, the average established the 1935 high of 61.30, the
highest level since April 1931.
Despite this advance, a group of 20 insurance stocks are currently selling
at 15.9 times operating earnings, compared with 20 and 25 times for various
low of 44.25 on March 14 and a
■
present year.
The Hoit, Rose & Troster weighted average
of 17 New York City bank stocks established a new 1935
during 1935, which is in line
^
year.
1
reached their best levels in three years,
said Oliver J. Troster, of Hoit, Rose & Troster, New York,
in a review of the New York City bank stock market for the
Bank stocks in 1935
weighted average of 20 insurance
for the general
Best Levels in Three
-
in rising sharply from palpably
levels.
has appreciated 36%
Stock Market in 1935
Higher
convalescence and there are ele¬
Wise restraints should
be exercised in many directions, but particularly in the field of credit
control.
This is something, I think, which should be kept uppermost in
mind.
I realize that it is not easy, when there is positive evidence of
business revival after so long a period of depression, for people to hold
their enthusiasms in check. Difficult readjustments are still to be made in
the direction of a normal condition of economic life and many overhanging
that are too plain to be
.
.' .
market conditions, insurance
extend their gains during the coming year.
New York City Bank
Years
principles may prevail.
critical stage of our economic
ments of danger
_
Dec. 11.
by Oliver J. Troster—Reports
tinue to do better.
which have rarely
This is
position to
a
of
Review
This act
Gay
insurance stocks
continuation of favorable security
a
by July
President
with the
subsequently made
best sustained advance of the year.
The average reached 56.41 on
26, 58.50 on Nov. 23 and finally broke through 60 in December to
reach the new 1935 high of 61.30 on
Stating that the general business and
bound to continue their upward
"are
in which finally ended
Oct. 3.
on
With this low as a starting point,
Pronounced Than in 1935
In
33
Financial Chronicle
Volume 142
high of 52.71 on June 24, closed
in the most favorable position, from the short-term
point of view at least, that has been observed since the
depression began.
Although many factors of uncertainty
still exist," says "The Survey," "they apply, for the most
year
part, to the longer future, rather than to the months imme¬
diately ahead.
As far as the outlook at the beginning of 1936
is concerned, these unfavorable influences are outweighed
by the tangible progress that has been made toward higher
levels of activity and by the moderate revival of confidence
34
Financial
Chronicle
that has resulted from the removal of some
types of political
interference."
In part, "The Survey" adds:
First, selling
banks
As far
is great
far
not concerned
are
need of control.
policies.
to know where they
connection
evident that public spending on the scale that has
prevailed in the last two
possibility of doubling the required
system
banking system.
but
The present discussion of the
casn reserves
merely reempnasizes the
bank assets and the necessity of placing the banking
some
on a basis where it will be
prepared to meet the demands of business,
the one hand, and, on the other, a withdrawal of deposits,
on
should it be
faced witn that contingency.
As
If peace can be
is not the amount of the cash reserves
reserves
.
maintained
long
and
country,
nationalising futile class struggles, and unsound political inter¬
reserve
be held in check, it is reasonable to believe that
can
bank
frozen character of
how beset the path of recovery are
primarily political, rather than economic.
witn
the general liquidity of the
years cannot fail to affect current business trends, and as
long as such
spending continues there will be uncertainty regarding the soundness and
permanency of any apparent recovery.that may occur.
ference with busines
England, where the amount
It should also be borne in mind that the most
important consideration in
outlook; for it is
if narrow
prevails in this country,
of reserves to be maintained is left to the discretion of the bankers.
solely with the question of the
.
stood in formulating their credit
to the practice in some other countries,
notably
The misgivings arising
.
believe that this
subject to fixed laws and rules governing reserves, in contrast
are
inherent soundness of the
principle of governmental interference and regula¬
tion.
They are related also to the immediate business
Most of the serious obstacles that
we
Frequent resort to this practice would make it
Under tne system of regulation that
bankers
the domestic outlook is concerned, is the extent to which
govern¬
as
requirements of member banks.
reserve
requirements is concerned,
reserve
impossible for bankers
Among the less encouraging factors in the situation, the most important,
mental activity has penetrated the business field.
changing
as
device should be used only on the rarest occasions, wnen it is clear tnat tnere
that has taken place,
particularly in the last few months.
This gain in
confidence is due in part to
multiplying evidence of greater activity at home
and abroad.
Revival is world-wide and has proceeded faster in many for¬
eign countries than in the United States.
from this state of affairs
present holdings of government securities; and second, action by the
Board of Governors to raise the
Not the least Important feature of the
situation, as far as the outlook
for 1936 is concerned, is the
very definite improvement in business sentiment
as
Jan. 4 1936
permitting to "run off" all cr a part of the Federal Reserve
or
the present system of regulation continues to be used in this
as
it
is of tne
requirements
utmost
would probably embarrass some banks.
1936 will bring further progress toward recovery.
tions
the
Board
bankers know
importance that
what their
An abrupt rise in those requirements, even now,
are.
of Governors
However, if under present condi¬
decide
should
tnat
possibilities of an
tne
extreme credit expansion were so great as to call for preventive measures in
J. H. Riddle of Bankers' Trust Co. Finds Banks
Making
Substantial Recovery—Situation Requires
advance, and if in that
to increase
Study
Correct Ills Not Solved by Recent Legislation
to
the Board to exercise its full power at once and double reserve requirements,
constant
and
.
on
spots in our
system have been cleaned up and that future improvements will be effected
as
the
of business
course
if these
paratively low levels.
various
moves
remedial
upward.
measures
It would be unfortunate, however,
and
the
symptoms
and
provided
of
causes
for
Blame
Put
public
relief
without
In 90%
of
of failure, the
cases
were severely critized
by examiners for
before failure, but he explained that the authorities behind the ex¬
aminers could not
||*Mr. Riddle is further reported in the
same paper as say¬
ing that "banking troubles which the country confronts
to-day are fundamental problems of growth in time deposits
which to all practical purposes are
payable on demand and
a growth
away from commercial banking as it used to be
known and the employment of bank assets in
investments,
much of them of a capital nature."
To quote further from
the "Sun":
Mr.
Riddle said
that
the
situation
warranted
careful
ills which had not been solved by recent
legislation.
it
doubtful whether there
was
of the
old
type
were
study to correct
self-liquidating commercial loans in
whole
our
dollars
banking
system to-day.
entering the next period of expansion with fundamentally the
had
we
during the 1920's.
under 49 different
"Superimposed
the form of
have
may
We still have thousands of units operating
this structure is
one
City
Whether supervision will be
more
effective,
whether
the question of how to avoid these evils under the
existing structure, is one
which will require much careful
study.
come
slowly.
It is not
a
situation that
can
From
Only Be Used
on
Rarest Occasions
the
standpoint of immediate financial returns to
bankers, it would undoubtedly be desirable to have steps
taken that would reduce the
supply of surplus funds and
tend to raise money rates, states the
Guaranty Trust Com¬
pany of New York in discussing the problem of excess bank
ahd business recovery.
"But for bankers to advo¬
such steps on this ground alone would be both a selfish
reserves
cate
and
a
short-sighted policy," the trust company says in its
Dec. 30 issue of the "Guaranty
Survey," its monthly review
of business and financial conditions in the United States and
abroad.
"In the
long run, it is, of course, to their interest
that recovery proceed as
continuously and as soundly as
possible," says The "Survey" which continues:
Federal Reserve banks to discount more paper.
Restrictions of the kind of paper eligible for discount at
the Federal Reserve banks do not
provide protection for
Federal
Reserve banks, since some eligible
paper
may
unsatisfactory as ineligible paper, said Mr. Golden¬
weiser, according to the "Wall Street Journal" of Dec. 31,
prove as
which went
reserves
in this country.
Bankers have
long recognized tne potential dangers inherent in the situation and
considered
various
means
of
avoiding them.
The
question
have
assumed
an
official status early this month, when the Federal
Advisory Council trans¬
mitted
a
report to the Board of Governors of the Federal Reserve
System
definitely recommending that steps
be
taken
greatly reduce"
of
member
the
Governors and the
Dec. 18
excess
reserves
"to
eliminate
banks.
Open-Market Committee issued
indicating tnat
a
or
The
at
least
Board
joint statement
of
on
no immediate action would be taken.
by
which
excess
reserves
can
be
reduced
under
existing
law:
satisfactory
a
of regulating tne amount
way
Reserve banks because there is always more
paper available for discount than the system has ever discounted.
Restric¬
good method of encouraging sound banking, Dr. Goldenweiser
a
said.
Banks cannot make
which
is
limited
in
living by specializing in rediscountable paper
a
volume.
Central banking institutions, including Federal Reserve System, should
be
prepared to
bound
are
to
banks
carry
not
periods of extreme
deflation,
Dr.
Had the Federal
Reserve
banks
Gol¬
assets of banks
depreciate regardless of whether the bank is well
or
badly
allowed to
been
types of bank assets, tne recent deflation depression might
more
have reached such
Federal
over
When the national income is cut in two,
managed, he asserted.
discount
depths, he explained.
Government
Control
of
Private
Business
Threatens Economic Freedom, Says First National
Bank of Boston—Sees Social Security Act as Con¬
stituting
"Private
vasion
of
Serious Drain
a
Community Savings
on
enterprise is being threatened by the steady in¬
Government,"
The First National
says
Bank
of
Boston in its year-end New England Letter, which said that
"this is not a recent development but during the past few
the movement has been greatly accelerated.
years
continued
The
which
have
10
of
this
times
much
as
is
movement
increased
in
as
8%
from
The public debt
present.
of
tional
aggregates
and
buildings
more
urged
to
relieve
of
this
tute
cumulative and
The
rities,
the
the
fiscal
about
is
distress
situation
Government
53%
not
and
add
constantly
obtains
1935
of
its
are
of
its
as
agencies
much
as
ning in
now
the total
the
1937,
government
are
Social
lending
loans
unemployed.
public
expenditures
the
sale
of
91%
of
June
the
the
the banks.
same
obligations.
from
the
than
.
.
secu¬
During
new
gov¬
institutions
'held
The Government
banks
but
is
compete with these institutions.
more
a
consti¬
.
Government
aggregate
are
As
$8,000,000,000,
or
using
a
Govern¬
about 40%
outstanding in all the banks of the country.
Act, whereby employees and employers must
Security
contributions to
will
the
from
funds
at
about
requiring annual
productive enterprise.
the total outstanding Federal
obtaining most
only
all
upon
last
30%
or
increased expenditures
for
increasing
of
to
periods public money,
to provide addi¬
facilities,
work
absorbed
as
expenditures
spent
being purchased by
now
and
substantial part of such funds to
mental
lavishly
other
funds
bank
the
issued
1913
$50,000,000,000
prosperous
is
provide
in
and is still mounting due to the
During
crushing burden
bulk of which
year
securities
ernment
than
more
year
debts,
income
during times of depression greatly
result
a
reduce
by governmental
National
the pre-war
being used to
services,
charges
reflected
of
inflexibility of public expenditures.
instead
The Bank
in part:
extent
make regular
The report of the Advisory Council called attention to the two
principal
methods
say:
of borrowing at the Federal
Under
Possible Methods of Control
to
on
Tne policy of restriction is not
The attention of business interests has
recently been focused again on
the growing volume of excess bank
Banks
long
,
Should
Central
Says
the
be remedied overnight."
Guaranty Trust Co. on Excess Reserves and Business
Recovery—Declares Changing of Reserve Require¬
ments
System,
Dec. 30, pointed out (said the New York "Sun")
as this country has not yet learned to avoid
economic chasms, it must learn to bridge them, and ex¬
plained the provisions of the new banking laws permitting
Any changes of magnitude will
doubtless
Reserve
on
as
denweiser said.
more
supervisory agency, in
Deposit Insurance Corporation, however, which
unifying effects.
restrain business expansion in its earliest
or
E. A. Goldenweiser, Chief Economist of the Board of
Governors of the Federal Reserve System, speaking before
the American Farm Economics Association in New York
structure
chartering and supervising agencies.
upon
the Federal
some
same
the same evils of excessive
granting of charters, bad assets, overexpansion of credit and excessive liquidation in periods of stress will develop
again remains to be seen.
The whole problem of the banking structure, or
or
Federal
tion is not
"As the banking structure little
change has been made aside from the
failure of over half our institutions since 1920," said Mr. Riddle.
We are
that
of
He also declared that
than four to five billion
more
seems
to be used by private
Goldenweiser, Economist of Board of Governors
that
did not give the public adequate protection.
or
reserves
Should be Prepared to Carry Banking Institutions
Over Periods of Deflation
lending practices of thoses banks
years
existing bank
♦
attacking
He attributed many of the country's
banking troubles between 1920 and
1933 to the poor quality of bank assets.
substantial progress in
some
|Now, for the first time, the prospect
designed to prevent
as
E. A.
Assets
on
In recent months,
piecemeal legislation enacted
immediate
On tne contrary, business activity,
stages.
difficulties."
our
State of
a
credit at present does
a
business.
Under tnese conditions, it would be unfortunate, to say tne least,
if any metnod of credit control were adopted that was
interpreted by tne
many respects we have merely
the fundamental
of
Tne country has been making strenuous efforts to
depression.
to present itself for some of tne
should lead to complacency and a self-satisfied attitute with reference
to
the future of banking in this country.
In
treated
the
overcome
this direction has been made.
the part of the bankers and the public has turned into confidence
mild degree of optimism regarding the future, he added.
"There is little doubt," he said, "but that many of the weak
use
prices, and the amount of ordinary bank credit outstanding are at com¬
that
a
speculative
or
not re quire extreme measures of control.
Commodore, in New York City on Dec. 30,
the banking system has made substantial
recovery from the chaotic conditions culminating in 1933.
The New York "Sun" in indicating this added:
Fear
by stages and thus keep member banks in
uncertainty that would certainly affect their lending policies.
It is clear tnat commercial
the Hotel
at
its power
use
bank reserves, then we believe that it would be far better for
rather than proceed
J. H. Riddle, economist of the Bankers' Trust Co. of New
York City, addressing the American Statistical Association
observed
the Board should choose first to
case
collect
securities.
an
these
Within
a
old age pension fund, the Treasury, begin¬
contributions which must be invested in
decade
or
two
it
is
estimated
that
this
Financial
Volume 142
form
of
stitute
savings
may
serious
a
drain
exceed $3,000,000,000 annually.
This may well con¬
on community savings which at present
are for the
foundation of
rests.
system
.
.
economic system.
our
.
is dependent upon the main¬
business and government. , Each
Business has its responsibilities of
preservation of our economic freedom
The
of
tenance
a
keep within
honest
between
relation
proper
should
administration
raised.
standards
its proper bounds.
and the passing
work
should
It
its
out
benefit
of
lower
costs on
particular problems subject
own
Reserves
.
.
its proper functions.
collection"
Issued
Federal Reserve
Board
by
of
Governors
of
System Effective Jan. 1
Reference is made in the December number of the Federal
of
Federal
the
Board of Governors
System, late in November, of six
to the issuance by the
Reserve
regulations (effective Jan. 1 1936) "five of which (to quote
from the Bulletin) supersede similar regulations of earlier
dates and contain revisions made to conform to amend¬
ments to the law contained in the Banking Act of 1935, as
well as adjustments based on past experience."
From the
"Bulletin" we take the following regarding the new regular
tions:
V
banks; Regulation H on membership of State banking institutions; Regula¬
I
increase or decrease in capital stock of Federal Reserve banks;
on
Regulation P
tion
Q
holding company affiliates—voting permits; and Regula¬
on
Jan.
effective
become
to
Regulation O, a new regula¬
payment of interest on deposits.
on
officers of member banks, was also issued
These regulations are reproduced on
tion relating to loans to executive
1936.
1
Interest
The revised
Deposits
payable in not less than 30 days were counted as
become payable
The regulation is accom¬
changes of wide interest to bankers and others.
panied by
separate supplement stating the schedule of maximum rates
a
established
The use of such supplements will enable the
by the Board.
Board to change from time to time
of the regulation
Under
banks
both
time
regulation
maximum rate payable by member
the
Under
deposits was 2lA% per annum.
and savings
regulation the Board fixed the maxumum rate payable on savings
the new
deposits and
the
itself.
former
the
on
the maximum rates of interest which may
banks on time and savings deposits without revision
be paid by member
on
postal savings funds deposited in banks on time at 2 H %,
but with regard to
present level,
other time deposits the following
schedule of maximum rates has been prescribed:
On time deposits payable
deposits payable in less than six
in not less than six months, 23^ %; on time
months and not less than 90 days, 2%; and on time deposits payable in less
than 90 days,
The
new
1%.
regulation provides, as did the previous one, that the maximum
rate
payable by
the
maximum
a
member bank on time on savings deposits may not exceed
authorized
rate
be paid upon such
to
deposits by State
banks under the laws of the State in which such member bank is
located.
Section 19 of the Federal Reserve Act, as amended by the Banking
of 1935, gave the Board of Governors
of the Federal Reserve System author¬
ity to define various classes of deposits, including savings deposits.
definition of savings deposits contained in the
tion
Q required that
withdrawal
a
The
previous edition of Regula¬
savings deposits consist of funds accumulated for
"bonafide thrift purposes'/ and
whenever
Act
required
made.
was
that the passbook be presented
The former of these provisions has
been eliminated and there has been substituted a requirement that
savings
deposits shall consist of funds of one or more individuals or of an organiza¬
tion operated primarily for
fraternal,
or
religious, philanthropic, chairtable, educational,
other similar purposes and not operated for profit.
As under the former
the
new
presenting the passbook, and in addition
regulation permits withdrawals without presentation of passbook
where payment
is made to the depositor in person or is remitted by an
instrument payable to the depositor.
The purpose of this provision is to
enable member banks to take care of all cases in which there is a legitimate
existing requirements as to
by member banks,
country, reserve
city, and central reserve city banks, respectively, and 3% against time
deposits at all banks.
The new regulation, however, in accordance with
the authority conferred upon the Board by the Banking Act of 1935 to
change reserve requirements, provides that the actual net balance which
each member banks is required to maintain on deposit with the Federal
7,
which has existed in certain sections of the country of drawing
Reserve Bank of its district shall be
The Board
also given the authority
The
new
tion defines interest
as
a
which
involves
expenses
ing Act of 1933, prohibited
were
regardless of whether such payment, credit, service, or
of value varies with
or
bears
a
The
Act
so
;
Banking Act of 1935 amended Section 19 of the
as
to
permit the payment of time deposits
such conditions and in accordance
prescribed
by
the
other thing
substantially direct relation to the amount
of the depositor's balance.
Federal Reserve
before maturity upon
with such rules and regulations as may be
Regulation Q permits the payment of time
Board.
deposits before maturity in an emergency where it is necessary to prevent
it against
loss or giving financial assistance to
The Board in
bank
and
retained
in
the
bank's files and made available to
examiners
The depositor is also required to forfeit
the amount withdrawn for a period of not
As under the previous regulation, withdrawals
accrued and unpaid interest on
more
are
than three months.
permitted from savings deposits without
ditions set forth in the regulation
notice, subject to certain con¬
which require that all savings depositors be
The regulation
or
permits loans by a bank to its depositors on
savings deposits, provided that the rate
"executive officer" as
the Chairman of the board of direc¬
Vice-President, the Cashier, Secretary, Treasurer,
"The term 'executive officer' means
tors, the President, every
member bank, and, in addition, every other officer
of a member bank who participates in the management of the bank or any
branch thereof, regardless of whether he has an official title or whether
his title contains a designation of assistant and regardless of whether he is
serving without salary or other compensation; but such term does not in¬
clude a director or member of a committee who is not also an executive
officer within the foregoing definition."
and Trust Officer of a
Regulation O also contains definitions of
Mention of the
new
the terms "loan" and "extension
covered by the regulation.
regulations
was
made in these columns
Nov. 30, page 3462.
On Dec. 30 announcement that the
effective date of Subsection (f) of Section 1 of Regulation Q
beyond Jan. 1,
has been deferred
J. H. Cas8 of the Federal Reserve
FEDERAL RESERVE
was
made
as
follows by
Bank of New York:
VORK
BANK OF NEW
[Circular No. 1623 Dec. 30 1935]
BOARD
OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
JAN. 1 1936
REGULATION Q, EFFECTIVE
Extension of Effective
Date of Subsection (f) "Interest" of Section 1
To all Member Banks in the
Second Federal Reserve
This is to advise you
District:
that, pending action by the Federal
Deposit Insur¬
payment of interest on
deposits by insured non-member banks, the Board of Governors of the
Federal Reserve System defers until such date as may be fixed by further
action of tne Board tne date upon wnicn Subsection (f), entitled "Interest,"
of Section 1 of revised Regulation Q, becomes effective.
However, all
ance
Corporation on its regulations relating to the
provisions of Regulation Q, otner tnan
become effective Jan. 1
Subsection (f) of Section 1, will
1936.
J.
CASE, Federal Reserve Agent.
H.
Subsection (f) reads as follows:
(f)
Interest—Tne term "interest" means a payment, credit, service, or
other thing
for
of value which is made or furnished by a bank as consideration
the use
of the funds constituting a deposit
which involves the
and
bank of out-of-pocket expenses (i.e., ex¬
arising out of specific transactions for specific customers and definitely
payment or absorption by tne
penses
attributable
to
such
transactions
as
distinguished
from
overhead
general overhead expenses), regardless of whether such payment,
treated alike in this respect.
of time
it.
Regulation O has defined the term
follows:
circumstances constitut¬
This statement must be approved by an officer of the
authorized to examine the bank.
of violations
meaning of the term "executive
As a condition to such payment, the de¬
great hardship to the depositor.
Any violation of such
their executive officers.
officer" and the
question as to whether or not certain transactions were loans or extensions
of credit within the meaning of the provision of law, the Banking Act of
1935 authorized the Board of Governors of the Federal Reserve System to
define the term "executive officer," and to determine what shall be deemed
to be a loan or extension of credit.
The Act also repealed the criminal
penalties and made it clear that the Board of Governors of the Federal
Reserve System could remove offending officers from office for vioaltions
of the kind described.
The Act also prohibited partnerships in which one
or more executive officers of a member bank are partners having either
individually or together a majority interest in the partnership from borrow¬
ing from or otherwise becoming indebted to the member bank.
Other
provisions granted exceptions which did not theretofore exist; namely,
executive officers of member banks are permitted to borrow from or become
indebted thereto in amounts not exceeding $2,500 on condition that a
majority of the entire board of directors of the bank has approved such
indebtedness, and also to endorse or guarantee for the protection of the
member bank obligations previously acquired by the member bank in good
faith; and to incur indebtedness to such bank for the purpose of protecting
positor must sign an application describing fully the
ing the emergency.
executive officers of member banks from borrow¬
indebted to member banks of which they
prohibited member banks from kaing
executive officers and likewise
loans or extending credit to
absorption by the bank of out-of-pocket
or
Act.
of the Federal Reserve
ing from or otherwise becoming
value
deposit and
by a bank as consideration for a
the payment
executive officers of member
Banking Act of 1935 in Section 22(g)
This section, originally enacted in the Bank¬
banks, is based on changes made by the
The regula¬
payment, credit, service, or other thing of
which is made or furnished
Officers
Regulation O, relating to loans to
by the Banking Act of 1935 to
determine what shall be deemed to be a payment of interest.
the security
of interest on such loans
within
prescribed by law, as the Board shall
checks on
prohibition against payment of interest on demand deposits.
was
changed by such percentage,
prescribe from time to time
injurious credit expansion or contraction.
Revisions in regulations H, I, and P were made to conform to changes
in existing law, an
the regulations were substantially rewritten and sim¬
plified.
In regulation H, among other things, the standard conditions of
membership to be prescribed for State banking institutions admitted to
membership in future were materially reduced in number and were clarified
in the light of experience gained since the previous regulation was issued.
the limits
in order to prevent
savings deposits, thus using them as ordinary checking accounts and evading
the statutory
be carried against deposits
against net demand deposits at
10 and 13%
why the passbook cannot be presented and yet to forbid the practice
reason
within 30 days.
of credit," for the purposes
regulation, withdrawals from savings deposits may
be made by any authorized person
originally
demand deposits when they
regulation makes no change from
new
In order to clarify the
dealing with interest on deposits, contains
Q,
regulation
on
deposits which were
Under the former regulation
provision was declared to be a misdemeanor and the prosecution
came under the jurisdiction of the Department of Justice.
834-867 Federal Reserve "Bulletin".
pages
the expiration of the
tinues to be such until maturity or
Loans to Executive
regulations are Regulation D relating to reserves of member
time deposit con¬
period of notice of
deposit which at the time it was made was a
a
New Regulations of Board
-
The revised
tion
are
amounts "due
vides that
the percentages of reserves to
Regulations
Reserve Bulletin
computing deposits subject to reserve
"cash items in process of
deductible from "gross demand deposuts," rather than from
to banks" as in the previous law.
The new regulation pro¬
United States government, and that in
that is,
New
•
which member banks are
requirements amounts "due from banks" and
The
upon
of Member Banks
reserves
.
preservation of our economic freedom is dependent upon the govern¬
ment's withdrawal from the field of private enterprise and concentrating
The
the
required to
carry with Federal Reserve banks, contains substantially the same defini¬
tions of the various classes of deposits as Regulation Q.
For purposes of
reserves "gross demand deposits," "cash items in process of collection," and
"net demand deposits" are also defined so as to conform to alterations in
the law made by the Banking Act of 1935.
The regulation gives effect to
changes in the law, which became effective upon passage of the Banking
Act of 1935, requiring that reserves be carried against deposits of the
withdrawal.
abuses.
governmental regulation of
proper
the
of
that the volume of production may be increased and living
to the consumer
to
serious
enterprise but by its monetary policies and harassing
economic
whole
the
made
government
Federal
the
has
only
of private
lation it is weakening the very
in excess of the rate of interest on
deposits securing them.
Regulation D, relating to
...
inroads into the
legis¬
Through
confiscatory and discriminatory taxation, attacks upon bigness and the like,
the government is destroying the incentive for business to make profits
thus making it increasingly difficult to accumulate reserves upon which
Not
field
shall be not less than 2 % per annum
productive
invested by savings banks and insurance companies in
most part
local enterprise.
35
Chronicle
service, or other thing of value varies with or bears a
relation to the amount of the depositor's balance.
and
credit,
substantially direct
36
Financial Chronicle
The term "interest" includes the payment
collection
charges
which
absorption of exchange and
out-of-pocket expenses, but does not
involve
or
include the payment or absorption of taxes
upon deposits whether levied
against the bank or the depositor nor the payment or
absorption of premiums
on bonds
securing deposits where such bonds are required by or under
authority of law.
Notwithstanding the foregoing, the payment or absorption of isolated
items of out-of-pocket
expense in trivial amounts and not of a regularly
recurrent
nature,
undue
cause
tne
wnere
friction
or
cnarging of sucn items to
misunderstanding,
payment of interest, provided that tne
not utilize the
obtaining
or
absorption of
advantage
an
will not
customers
be
deemed
would
to
be
a
bank acts in good faitn and does
sucn items
as
basis for
a
bank maintains and makes available to the examiners
authorized to examine
tne bank
record snowing tne amounts of
a
it, tne dates of
sucn
sucn
paid
were
Savings Deposits and Depositors in New York State
Savings Banks Increased During 1935, According
President Stone of Savings Banks Association
to
In
statement issued yesterday (Jan. 3) Harold
Stone,
President of the Savings Banks Association of the State of
New York, reports that during 1935
savings deposits and the
number of savings depositors increased in the
savings banks
a
of New York
State. "The net increases in deposits," he
said,
"has not been large, and is due to the accumulation of
divi¬
dends declared during the year. We believe that this
was
to be
expected, inasmuch as past experience has shown that
savings do not increase appreciably until recovery has con¬
tinued for some time, and people have made
purchases which
had been delayed." Mr. Stone also had the
following to say,
in
Savings banks have felt themselves
regular
which
for
savers,
torn
between
they
purpose
the
natural
desire
chartered,
were
and
to
the
prudent desire not to
accumulate funds which could not be
safely invested
bring a reasonable return for these depositors. The problem of
savings
banking resolves itself principally into the matter of finding prudent in¬
to
vestment
not
outlets
only
which
are
The
for
dividends
funds, and meanwhile of setting aside
but modest
biggest
single
of
source
remains the
mortgage field.
banks
been
have
although
year,
become
of
forced
difficulty
The
to
slower.
property
or
by
savings
of real
out of
earnings
surplus
have
prices
the
has
been
been
and
bank
accounts
investing
estate which
foreclosures
property has
banks
good
reserves
in
amount
acquire
Many
at
to
depositors. * * * *
the rate at which
much
amounts
additions
for the protection of all
the
risen
able
to
still
savings
during
acquired has
earnings
resell
the
recently
substantial
from
this type of
investment have shown gratifying improvement
during the year, which seems
to indicate a distinct improvement in the conditions of
real estate
and
the
mortgage field.
a
type
of
in
up to
$96,613,000.
in this
of work quite
In
order
forced
during the past few
field,
the
and have done
this
division
yielding
of them; namely, management of real
properly and to protect fully the interests
work
profitably.
the
There
aid
has
been
State,
should
these
on
a
have
savings bank had
added
experts
to
no
experience
properties
improved
an
which
continue
the savings banks in
steady improvement,
they can be liquidated
until
tone
hope and
we
to show
in
the
real
believe will
the proper
estate
continue.
market
This
in
has been
said in recent
considered belief is that there
find
that
it
possible
if
by the law
one
group
lenders would
months of
the
mortgage interest rate.
joyed
of
of
of
supply
lenders
and
tried
demand.
to
It
follows
maintain
perfectly logically
artificial
an
rate,
quickly acquire the best mortgages at lower rates,
* * * *
is
the
most
gratifying experiences
the realization of
during
purpose'
have been
the
extent
the difficult times
available to
which
which
which
homes, to
preserve
We believe they will
to
from
served above everything else to maintain
of people.
Our
is sufficient
in
defeat the very aim of the first
group.
One
Secretary of the Treasury Henry Morgenthau Jr., an¬
nounced Dec. 27 that tenders
totaling $79,312,000 had been
received, as noted in our issue of Dec. 28, page 4094, up to
2 p.
m., Eastern Standard Time, that day, at the Federal
Reserve banks and the branches
thereof, to the offering of
$50,000,000,
tide
the
always do
other
and
thus
were
The accepted bids
ranged in price from 99.950, equivalent to a rate of
about
0.066%
per annum,
per annum, to 99.935, equivalent to a rate of about
issued is
bank
savings bankers
they have
we
over
are
have
fulfilled
emerging.
Savings
emergencies and
self-respect of
a
en¬
their
have
great number
so.
Savings, Building and Loan Associations
Dividends of $130,000,000 for Second
Half
earnings,
Morton
Bodfish,
Executive Vice-President of the United States
Building and
Loan League, said on Dec. 28 that some
8,000,000 share¬
holders would participate in the
earnings for the last half
year which has shown the greatest improvement in the earn¬
ing power of the associations since 1930.
A
majority
are
receiving dividends on installment shares of either the sys¬
tematic or optional payment
type, Mr. Bodfish noted,
stating:
A marked pick-up in lending
activity, which nas written more new home
loans onto the books of the associations
during the past six months than
in any similar period since the depression
began, has pushed earnings of the
associations ahead and made it possible for them to
pay a return on an annual
striving to
or
more
There is
pay
per
annum
on
a
basis.
Offering of $50,000,000 or Thereabouts of 273-Day
Treasury Bills—To Be Dated Jan. 8 1936
Oct. 7 1936. On the maturity date the face amount of
the
bills will be payable without interest.
There is a maturity
of similar securities on Jan. 8 in amount of
$50,062,000. In
his announcement of Jan. 2
Secretary Morgenthau stated:
They (the bills) will be issued in bearer form only, and in
of $1,000, $10,000,
$100,000, $500,000 and
amounts or
denominations
No
tender
for
an
less
amount
than
$1,000 will be
$1,000,000
considered.
Each
tender must be in multiples of $1,000.
on
the basis of 100, with not
The price offered must be expressed
than three decimal places,
e.g., 99.125.
more
Fractions must not be used.
Tenders will be accepted without cash deposit from
incorporated banks
and trust companies and from responsible and
ment securities.
of 10%
are
by a deposit
of the face amount of Treasury bills applied for, unless the tenders
accompanied by
bank
recognized dealers in invest¬
Tenders from others must be
accompanied
an
express
guaranty of payment by an incorporated
trust company.
or
Immediately after the closing hour for receipt of tenders
to the
Reserve banks
closing hour will be opened and public
or
Jan. 6 1936,
on
branches thereof up
announcement of the
acceptable
prices will follow
as soon as possible thereafter,
probably on the following
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
morning.
applied for, and his action in
mitting
tenders will be
any
such respect shall be final.
advised of the
acceptance
or
Payment at the price offered for Treasury bills allotted
the
Federal
Reserve banks in
cash
or
other
Those sub¬
rejection thereof.
must
be made at
immediately available funds
Jan. 8 1936.
The
Treasury bills will be exempt,
gain from the sals
taxation,
except
or other
estate
as to principal and interest, and
any
disposition thereof will also be exempt, from all
and
inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.) No loss from the sale or other disposition of the Treasury bills
be allowed as a
deduction,
or otherwise
recognized, for the purposes
hereafter imposed by the United States
or
any of its
possessions.
Treasury
Department
Circular No.
418,
as
prescribe the terms of the Treasury bills and
amended,
govern
and
this
notice
the conditions of their
issue.
Dividends totaling $130,000,000 have been
paid to mem¬
bers of savings, building and loan associations for
the second
half of 1935.
The distribution was
completed Dec. 31.
In reporting this allocation of
reserves.
The average price of Treasury bills to be
A new offering of
273-day Treasury bills in amount of
$50,000,000, or thereabouts, was announced on Jan. 2 by
Henry Morgenthau Jr., Secretary of the Treasury.
Tenders
to the offering will be received at the
Federal Reserve banks,
or the branches
thereof, up to 2 p. m., Eastern Standard
Time, Monday, Jan. 6, but will not be received at the
Treasury Department, Washington.
The bills, which will be sold on a discount basis to the
high¬
est bidders, will be dated Jan. 8 1936 and
will mature on
shall
1935
basis of 4%
accepted.
99.939 and the average rate is about
0.080%
discount
New
0.085%
Only part of the amount bid for at
bank discount basis.
on a
the latter price was
on
Members of
Paid
thereabouts, of 274-day Treasury bills,
The Secretary said that $50,000,000 of
accepted. He added:
or
dated Dec. 31 1935.
the tenders
of any tax now or
of
combined membership of approxi¬
participate in these earnings.
wno
all tenders received at the Federal
potential money awaiting invest¬
mortgages so that no one class of lenders, would
to maintain artificial rates, which must
automatically be
ment in real estate and
rectified
a
of $79,312,000 Received to
Offering of $50,000,000 of 274-Day Treasury Bills Dated Dec. 31—
$50,000,000 Accepted at Average Rate of 0.080%
disposal of the remainder of
the properties which they still hold.
Much
savings and loan associations
State cnartered and 46 of which operate
are
Tenders
their
personnel,
job. With the experience that has been acquired
business
return
throughout the
itself will
banks generally
remarkable
a
of
fair
a
at present 296
are
They have
mately 450,000 persons,
to undertake
years
to most
new
to do this
depositors, and since the usual staff of
this
There
State, 250 of whicn
under Federal charters.
(maturity value).
Savings banks have been
estate.
period
Mr. Minners stated, adding:
These figures bring the grand total of dividends declared
by our asso¬
ciations during the past six
depression years, from 1930 to 1935 inclusive,
part:
serve
One-third of this amount is for the final
of the year,
of tne customers
names
absorbed.
or
1935.
year
items paid or absorbed by
payment or absorption, and tne
for wnom sucn items
associations of
$12,150,000 for the
soliciting accounts
competitors and provided further that the
over
Jan. 4 1936
New York Dec. 28 that the
savings and loan
the State have declared dividends of
while at the
no
for the
time permitting them to increase
standard dividend rate in the
associations, each one
money
capital in that locality to take
it
same
uses the
care
price
which
will
Gold Receipts by Mints and Assay Offices
During Week
of Dec. 27—Imports Totaled
$10,279,037
Gold in the amount of $12,649,456.25
announced
indicated that of the amount received $10,279,036.69
imports,
Savings
Loan
Associations
for
1935
Harry Minners, President of the New York State
League of Savings and Loan Associations, announced in
and
$2,097,640.15
was
new
The amount of gold received during the week of Dec. 27
by the various mints and assay offices is shown in the follow¬
ing tabulation issued by the Treasury:
Imports
Philadelphia
S20.781.05
9,854,800.00
381,395.99
22,058.75
New York.
San Francisco
Denver
New Orleans
Total for week ended Dec. 27
Dec.
Secondary
S105.302.02
78,200.00
32,718.87
18,928.69
New Domesti
$999.53
31,300.00
1,150,670.77
512,281.92
24,098.98
13,530.95
Seattle
$286,970
and
secondary,
attract enougn
of home financing demand and
possible
$12,150,000 Declared by New York State
C.
$272,779.41
domestic.
demand.
Dividends of
was received
by the
offices during the week of Dec. 27, it was
by the Treasury on Dec. 30.
The Treasury
mints and assay
1935-S10,279,036.69
401,553.24
$272,779.41
$2,097,640.15
834.69
of Hoarded Gold Received During Week
24—$10,800 Coin and $276,170 Certificates
of
Receipts of gold coin and gold certificates during the week
of Dec. 24 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Depart-
ment
on
Dec. 30, amounted to $286,970.44.
Total receipts
28 1933, the date of the issuance of the order
since Dec.
requiring all gold to be returned to the Treasury, and up to
Dec. 24, amounted to $135,034,393.39.
Of the total re¬
ceived during the week of Dec. 24, the figures show $10,800.44 was gold coin and $276,170 gold certificates.
The
total receipts are shown as follows:
Received by Federal Reserve banks:
Gold Coin
$10,800.44
Week ended Dec. 24
Received previously
31,036,216.95
Total to Dec. 24
%
,
Received previously..
,
266,456.00
$2,325,600.00
$266,456.00
Total to Dec. 24
Gold Certificates
$272,070.00
101,123,250.00
$101,395,320.00
v/.
$4,100.00
2,321,500.00
$31,047,017.39
Received by Treasurer's office:
Week ended Dec. 24
Note—Gold bars deposited with the New York Assay Office In the amount of
$200,572.60 previously reported.
.
♦
Receipts
Offices
188.22
Ounces
Fine
of the
Treasury Morgenthau began a series of conversations
Washington with Eduardo Suarez, Secretary of the
Treasury of Mexico.
These conversations are expected to
continue next week.
Mr. Morgenthau told reporters on
Jan. 2 that silver producing countries "should work to¬
gether," and he hinted that the United States was considering
international action with respect to the use of both silver and
gold on a co-ordinated basis as a standard of monetary value.
The conversations
between
Mr.
Morgenthau and Mr.
in
Suarez began on Dec. 31.
A Washington dispatch
date to the New York "Times" said in part:
well
During
Wfek of Dec. 27
tesy call" which Mr. Suarez said last night he would pay at
So-called "silver Senators" who
Mexican
are nere were
silver problem presents itself from both
the
stand,
Purchase Act of 1934, of which
the production and currency
After passage of the Silver
was
the original author, the
ment found itself
Denver.
situation it is not unreasonable to suppose tnat
The Treasury's statement of
Dec. 30 indicated that the
receipts from the time of the issuance of the proclama¬
tion and up to Dec. 27 were 58,996,000 fine ounces.
Refer¬
ence to the President's proclamation was made in our issue
of Dec. 31 1933, page 4441.
The total weekly receipts since the beginning of 1935 are
as follows (we omit the fractional part of the ounce):
total
Week Ended—
Week Ended—
Ounces
Week Ended—
Ounces
4
467,385
May
10
Jan.
11
504,363
May
17
Jan.
18
732,210
Jan.
25
973,305
Ounces
1935—
1935—
1935—
Jan.
May 24
May 31
Sept. 13
755,232
Sept. 20
Sept. 27
686,930
86,907
363,073
247,954
551,402
4
Oct.
11
1,505,625
448,440
771,743
321,760
1,167,706
June
7
203,482
Oct.
June
14
462,541
Oct.
18
Feb.
15
1,126,572
June 21
Oct.
25
972,384
Feb.
21
403.179
June 28
Nov.
1
1.146.453
1
1,184,819
1,253,628
407,100
796,750
621,682
608,621
379,010
863,739
751,234
667,100
1,313,754
509,502
310,040
Nov.
8
320,550
Feb.
1
Feb.
8„
Mar.
Mar.
July
8
844,528
Mar. 15
Mar. 22
1,555,985
554,454
Mar. 29
695,556
5
12
Apr. 19
Apr. 26
836,198
1,438,681
502,258
67.704
173,900
Apr.
Apr.
May
3
In
our
12
July
July
19
July
26
Aug.
2
Aug.
9
Aug. 16
Aug. 23
Aug. 30
Sept.
issue of Oct.
receipts during the
5
6
707,095
Nov. 16
Nov. 22
1,430,886
1,139,617
Dec.
6
13
Dec. 20
1,031,666
505,387
Dec. 27
422,188
with the
a
theoretical goal of $1.29 an ounce.
United States purchases in foreign
it became apparent that the Mexican
own
which it acquired at
ington to seek
some
assurances
as
Senator
Pittman,
with silver,
intentions
complications
He characterized Mr. Morgen-
own
lack of foresight.
justified.
Regarding the later conference during the week we quote
the following from a Washington dispatch Jan. 2 to the
"Times":
Conferences
between
Secretary Morgenthau and Mexican
1934.
Francisco Castillo
Najera, led to
a
plea by the American Secretary
silver-producing countries work closely together.
Mr.
Morgenthau talked with the Mexican officials for half an hour
Following the conference there
tions
were
was no
27 Amounted to
Individual Conferences
William
was
made by the Treasury Department on
silver were transferred
of Dec. 27, under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Total receipts since the order of Aug. 9 (giving in our columns
of Aug. 11 1934, page 858) was issued, amount to 113,215,689.45 fine ounces, the Treasury announced.
During the
week of Dec. 27 the silver, according to the Treasury's state¬
ment, was received as follows by the various mints and
assay offices:
though Senator Key Pittman did not regard such a meeting as likely
7,973.00
Philadelphia
16.091.02
887.00
645.39
194.88
169.01
New York
San Francisco
a
New Orleans
a
Seattle
Total for week ended Dec. 27 1935
-
25,960.30
Following are the weekly receipts since the beginning of
1935 (the fractional part of the ounce is omitted):
Week Ended-
Fine Ozs.
considering
a
309,117
May
10
Jan.
11.
535.734
May
17
Jan.
18
75,797
May 24
Jan.
25.
62,077
May 31.
Feb.
1.
Feb.
8.
134,096
33,806
Feb.
15.
45,803
Feb.
22.......
152,331
Mar.
1
38,135
Mar.
June
June
5,252
9,988
9,517
26,002
16,360
2,814
9,697
5,056
16,306
7
14
June 21.
June 28
July
5.
8
57,085
July
12
Mar. 15
19,994
Mar. 22
54,822
July
July
19
26
Mar. 29
7,615
Aug.
2
Apr.
5,163
Aug.
9
5
12
19
6,755
68,771
Aug. 16
Apr. 26
60.259
Aug. 30
May t3
7,941
...
Apr.
Apr.
Aug. 23
Sept.
6--
2,010
9,404
4,270
3,008
5.395
1.425
Sept. 13
Sept. 20.
Sept. 27.
Western Hemisphere before
world meeting.
answering questions relative to the possible outcome of the conversa¬
of the program
message to
declared that the groundwork
had been laid by President Roosevelt in 1934 when, in a
Congress, he proposed talks with some neighbors of the
use
of silver
as a
combination against the sterling bloc
and Great Britain.
It
indicated in press advices from Washington Jan. 2
Secretary Suarez had left that day for New York City
to meet bankers there prior to the resumption of the Wash¬
ington conferences.
Purchases of Mexican silver by the
Treasury Department at Washington were noted in these
was
that
columns Dec. 21, page 3944.
Senator Thomas Sees Silver Conferences in Washington
as
Beginning of World Conference
Senator Thomas
(Democrat) of Oklahoma, on Jan. 1
scribed the Silver Conferences this week in Washington
de¬
be¬
Secretary Morgenthau and Secretary Suarez of the
Treasury as "possibly the beginning of a world
conference on silver."
He commented thus before attending
a dinner at the home of Secretary Morgenthau, with Secre¬
tary Suarez, who was the guest of honor.
From Associated
Press accounts from Washington Jan. 1 we quote:
tween
Mexican
"We should line up Mexico,
Canada, the South American silver coun¬
11.959
tries and those in the Far East to combat Great Britain's
10,817
bloc," Senator Thomas said to newspapermen, adding:
3,742
managed currency
"We could lend those countries gold or silver, fix up a
Stabilization ar¬
4.
1,497
Oct.
11.
18.
2,621
7,377
rangement and then Great Britain would have to come our
Oct.
Oct.
25.
1,909
Word here is that Mexico, worried by market fluctuations, wants
Nov.
1.
1,619
Nov.
8.
Nov. 16.
1,440
2,495
Nov. 22.
8,800
Nov. 29.
1,289
Dec.
Dec.
Oct.
United
It was intimated
monetary standa'rd.
that this might lay a foundation for a
1935—
5.311
11,480
100,197
4
international
appeared that the United States would confer
with the individual producing countries in the
Week Ended— Fine Ozs.
Week Ended— Fine Ozs.
1935—
1935—
Jan.
al¬
until
the political situation was clarified.
Fine Ounces
Denver
First
King predicted a world monetary conference,
H.
States relative to the
Dec. 30 that 25,960.30 fine ounces of
to the United States during the week
to-day.
comment except that the conversa¬
"very satisfactory" and would be resumed on Monday.
Senator
In
During Week of Dec.
officials, in¬
Don
that the
cluding Secretary of the Treasury Eduardo Suarez and Ambassador
Secretary Morgenthau did not cast aside the possibility of an
25,960.30 Fine Ounces
Announcement
to this country's
who have fallen into
thau's silver operations as wise and well
silver conference, although it
Silver Transferred to United States Under Nationaliza¬
I
governments
however, said to day that
by their
so
and perhaps to suggest
evident in the past.
backed currencies have had adequate notice as
in regard to silver, and that any of them
have done
Mr. Suarez came to Wash¬
to the future
closer cooperation in the future than has been
realize on its
In view of tnis
fairly high level.
a
hand a
Even if its producers
selling at profitable levels, the government could not
holdings,
tions with Mexican officials, Mr. Morgenthau
Order
50 cents an ounce,
Government might have on
stock of silver for which there would be no market.
♦
tion
markets were suspended re¬
cently, however, and the world price declined to about
748.396
Dec.
18, page 2518, we gave the weekly
year
higher every day toward
957,288
Nov. 29
reduce the
business
United States pushing the world price
The nationalization looked like a good
deal for the government,
were
Mexican Govern¬
obliged to nationalize its silver stocks and to
silver content of the peso.
still
and curious.
is the only country in wnicn
proclamation of Dec. 21
1933, which authorized the Treasury Department to absorb
at least 24,421,410 fine ounces of newly-mined silver an¬
nually, the Department during the week of Dec. 27 turned
over
422,188.22 fine ounces of the metal to the various
mints.
A statement issued by the Treasury on Dec. 30
showed that of this amount 143,744.38 fine ounces were re¬
ceived at the Philadelphia Mint, 271,072.42 at the San
Francisco Mint, and 7,371.42 fine ounces at the Mint at
When
the Treasury.
the
in the dark to-night as to
official's visit and were concerned
Outside of the United States, Mexico
points of view.
"cour¬
place at least more than the routine
the theory that there had taken
Representative Dies of Texas
In accordance with the President's
scheduled discussions, lent plausibility to
the purpose of future
as
of that
talk to,day,
The cloak of concealment with which both sides covered the
as
real purpose of the
Newly-Mined Silver by Mints and Assay
from
Treasury Purchases Totaled 422,
of
37
Financial Chronicle
Volume 142
6.
2,416
7,131
Dec. 27.
25.960
Morgenthau and
way."
Suarez have been conferring since Monday.
the United
States to boost the price of silver to higher levels.
The
15 cent
drop in the price, since the United States ceased making
purchases in the chief world markets, has resulted, officials said privately,
in
a
3,141
13.
Dec. 20.
Messrs.
deep feeling of apprehension for the welfare of the Mexican miner and
the Mexican monetary system.
In Mexico, the
largest silver producing country, silver was nationalized
following enactment of the American silver purchase act of 1934, which
empowered the United States Treasury to buy the metal either until the
price reached $1.29 an ounce or one-fourth of the country's total monetary
Figures from the time of the issuance of the order of Aug. 9
1934 and up to Dec. 28 1934 were given in our issue of Oct.
19 1935, page 2518.
stocks
were
in silver.
To-night's dinner
Pittman
had
was
indicated
planned after both Senator Thomas and Senator
they wish
to
talk with
Mr. Morgenthau on the
operations of the silver purchase program.
Secretary Morgenthau
Has Series of
Conferences
on
Treasury—
Monetary Base
Silver Situation with Head of Mexican
Possible
International
Action
on
Indicated
possibility of concerted international action relative
world silver prices was indicated this week, when Secretary
The
to
Senator Thomas, in
particular, has manifested a desire to learn the "ob¬
jective" of the Treasury, expressing doubt that the acquisition of silver
was
going forward "enthusiastically."
Senators
Mexico;
Borah, McNary and King; Josephus Daniels, Ambassador to
Dr.
Don
Francisco
Castillo
Najera,
the Mexican
Governor Eccles of the Reserve Board, and Robert
Ambassador;
V. Fleming, president
of the American Bankers' Association, also were among those
invited.
.
The
between Secretary Morgenthau and
referred to elsewhere in these columns.
conversations
Secretary Suarez
are
Foreign Banks in China Surrender Silver Holdings
United Press advices from
Shanghai Jan. 2, published in
responsible speakers for dis¬
cussion of both sides of public questions affecting the national welfare, we
are glad to afford the representative or representatives of the Republican
Party whom you may select the facilities of the National Broadcasting
Company for such discussions from time to time.
If you will designate your
will make
we
Several
foreign
silver holdings to the
to-day transferred their
banks
Central Bank in compliance with the Government's recent
President
,
American and British banks will transfer silver holdings similarly
within
transfer
agreement
Central Bank deposit with co-operating banks of sums
tender notes plus a
equal to two-thirds the value of the silver surrendered for two years.
This is
in part the telegram of William S. Paley,
Columbia Broadcasting System to Mr.
equivalent to a premium of approximately 7%
Republican spokesmen to be chosen by you on some closely following day
at tne same hour of the
the same amount of time over the same stations
night to the Congress
day given to the President for nis address to-morrow
for two years.
Japanese banks did not act, pending instructions from Tokyo.
that we allot to
telegram of Jan. 1 requesting
This is in reply to your
provides a dollar-for-dollar exchange in legal
immediately
Fletcher under date of Jan. 2:
few days, authoritative sources Said.
The
speaker or speakers and advise us
early reservations of time.
We also quote
of the
decree for na¬
tionalization of silver.
Broadcasting
of the National
In accordance with the established policy
Company of making its facilities available to
the New York "Journal of Commerce" said:
a
Jan. 4 1936
Financial Chronicle
38
and to the American people.
set forth by you for
We do not question your
rignt to ascribe to the President political motives for his decision to address
the people of America at tne same time that he addresses their Congress.
On the otner hand we do not believe that you should ask us to base our
allotments of time on sucn interpretation by you or by others.
The ColumWe
great care the reasons
with
have considered
believing this action snould be taken by us.
Eased
by Secretary of Treasury Morgen¬
Qealings in Gold for Industrial, Profes¬
Restrictions
thau
on
sional and Artistic Purposes
oia
Secretary of the Treasury, Henry Morgenthau, Jr., with
the approval of the President, has issued an amendment
effective Jan. 1 1936 to the Provisional Regulations issued
under the Gold Reserve Act of 1934 which amendment will
have effect of
removing
some
of the restrictions
on
dealings
in
gold for industrial, professional and artistic purposes.
The more important changes which will result from such
amendment, it was stated in an announcement issued Dec. 31
by the Treasury Department, are as follows:
Unmelted scrap gold may be acquired, held and disposed of in amounts
1.
exceeding at any one time 35 troy ounces of fine gold without the
not
necessity of holding a Federal gold license.
In view of this amendment the
2.
jewelers,
dentists
and other
to
and arts.
a
Federal
and the amount of such
They Avill
ounces.
now
gold held at any one time did not exceed 25 fine troy
be permitted vrithout the necessity of obtaining a
(a) to acquire for such purpose gold in any form from any lawful source
provided the amount of such gold held by any such person at any one time
does not exceed 35 fine troy ounces.
(b) to deal in unmelted scrap gold provided the amount of such gold,
together with all other gold (except fabricated gold) held by any such
person at any one time does not exceed 35 fine troy ounces of gold.
(c) to dispose of gold filings, clippings, pieces, and the like which result
from the legitimate, customary and ordinary conduct of the industry, pro¬
fession or art in which they are engaged to persons holding appropriate
Federal gold licenses as well as to the United States.
of this amendment
a
large percentage of licenses issued by the
Federal Government to manufacturers, jewelers, dentists and other persons
who
have required
gold for use in industry, profession or art, will also
become unnecessary.
3.
Every person dealing in gold whether or not he is required to hold a
license
is
prohibited from doing business
statements
have
representations
or
heretofore
contained
a
sounding
similar
under
a
name
The
governmental.
provision,
making any
or
regulations
but only with respect to
to export
from the United States fabricated gold articles, regardless of the
value of the gold content of such articles.
such
We
gold articles
may
article is attributable to the gold content thereof.
This will have the effect
of relieving many industrial concerns from the necessity of
with
connection
the
exportation
of
fabricated
filing affidavits
articles
containing
Roosevelt
Addresses
Joint
Session
of
Con¬
proof.
.
.
.
address to the Congress
people, if tne Repuolican Party desires tnat we
the Seventy-fourth
Congress
con¬
vened
yesteiday (Jan. 3) at 12 noon, and after brief routine
organization proceedings adjourned until evening, when the
Senate and House met in joint session to hear President
his
annual
message.
The
President
addressed Congress at 9 p. m. in person, and his words were
carried throughout the country ove: a Nation-wide radio
It was said in Washmgton that the evening hour
unprecedented for the delivery of a general message at
the opening of Congress, although special messages have
been delivered in the evening.
Comment on the President's message, and its text, are
given elsewhere in this issue of the "Chronicle."
Repub¬
lican leaders charged this week that the President's action
in delivering his message at night constituted a political
gesture.
Henry P. Fletcher, Chairman of the Republican
National Committee, telegraphed on Jan. l to the Presidents
network.
was
of the National and Columbia Broadcasting Companies,
asking equal radio time and facilities on some closely fol¬
lowing day for Republican spokesmen to reply to the Presi¬
dent.
M. H. Aylesworth, President of the National Broad¬
casting Company, told Mr. Fletcher on Jan. 2 that the
Republican Party may use NBC facilities "from time to
time" to discuss questions of national welfare and to
reply
to
statements
made by President Roosevelt and other
spokes nen of his Administration.
Mr. Ayl sworth's tele¬
gram said in part:
and to tne
allot time to certain speakers
address as leave them in
exercise of our best
we believe befits tne
circumstances.
On tne otner hand, so that you will understand our posi¬
tion and our reasons for it, I must explain that in the interest of wnat we
for tne purpose
disagreement,
of combatting sucn portions of his
should be glad in fairness and in the
we
judgment to allot sucn available time as
editorial
judge to be good broadcasting, this company cannot accept the principle
that all broadcast activities of the government of tne United States or its
spokesmen
broadcasts at similar time by a
party in opposition to the party to
distinguisn between tne President
candidate for political
United States and Franklin D. Roosevelt as a
tne
office and
snail try to apportion
we
candidates
editorial judgment.
telegram to the broadcasting companies
a Washington dispatch of Jan. 1 to
Fletcher's
noted
time among tne political
witn fairness and witn good
and tneir supporters
was
political
which Mr. Roosevelt belongs.
I hope I have made clear to you that we
of
and are to be mathe¬
in the nature of political activities
are
balanced by similar
matically
follows in
as
the New York "Herald Tribune":
said the Republican spokesmen would be selected
leaders in Congress, Mr. Fletcher said:
In his telegram, which
after
a
conference with Republican
"The
democracy and free speech is fairness.
of American
essence
you grant my request
it will demonstrate that you are in no way
If
influenced
by fear of the party in power.
"The
President is
a
candidate for re-election this year.
The House of
before set
Presidential address.
That was tne memorable occasion in April 1917, wnen war was declared.
"So far as tne American press is concerned it would print tne text of
tne President's message irrespective of the hour of the joint session, and the
members of Congress would quite as readily attend a day session in the
special night session for a
a
regular course.
Asks Ejual Chance
the level of
The second session of
for us to accede to your
not under sucn domination.
We do
"The President's decision to dramatize his message
System
deliver
I am therefore forced to
any otner.
Representatives and the United States Senate have only once
gress—Night Talk, Broadcast Over Nation, Draws
Criticism by Republican Leaders—H. P. Fletcher
Asks Equal Radio Time for Opposition Spokesmen
—Replies of NBC and Columbia Broadcasting
Roosevelt
of
After the President has delivered his
aside their rules to have
President
and we nave
domination of this Administration
would be proof that we are
request
a
comparatively small percentage of gold.
.
not under the
are
challenge the statement in your telegram to me that
Under the present amendment,
be exported from the United States without the
believe devolves upon us
we
discharge.
been under tne domination
never
necessity of filing an affidavit if not more than 80 % of the total value of the
in
keeping of others the exercise of editorial
bility which
seek to
formula would be wholly
programming and to surrender
judgment and responsi¬
and which we gladly accept and
adopt anytning like a mathematical
to
us
disregard other demands of balanced
into the
Mr.
Heretofore persons were required to file affidavits in order to be able
much time to allot
whom.
licenses.
4.
action which they
into the decision as to how
and many other factors enter
the
advocate
nearly as we can judge it;
because public interest in varying issues, as
speakers, the probability of their effecting the
not need sucn
Federal gold license—
In view
either possible or wise
for broadcasting to adopt a mathematical formula of fairness.
This is true
first because broadcasting has many duties and responsibilities besides
serving as a medium for tne dissemination of political discussion and second
amendment small manu¬
professions,
They Avere permitted to do this, without the necessity of obtaining
gold license, provided th9 gold was acquired from licensed dealers
people of
for
specifications of your request
time, I must inform you that I do not believe it is
For
acquire gold in any form, for use in their respective industries,
has always acceded to
President in addressing the
With regard to the
the United States.
to
industry, profession or art in which gold is required have been permitted
out.
or
requests for time to be used by the
to
regularly engaged in an
persons
of
the one hand, and the political parties
regard to wnetner a candidate
Tnrougnout tnis company's existence Columbia
gold will become unnecessary.
Under the regulations in effect prior to this
facturers,
is in office
dealers
great percentage of licenses issued by the Federal Government to
in unmelted scrap
distinguish between the office
Broadcasting System will continue to
President and the government, on
and their candidates on the other without
the
Congress
and to bring down to
political speech his constitutional right and duty to
a
on
the state of the Union is understandable
address
in the light of past
performances.
"It is apparent,
therefore, that the President considers the
and the House
Senate
the
as
only incidentally his audience
Of course,
election.
he has
a
members of
and that he
of his campaign for re¬
will be addressing himself to the electorate as a part
perfect right to do so if the Congress sets
aside tne time it wishes to receive his message.
"We
are
not
objecting to the program outlined but
merely requesting
equal opportunity to place our case before the people with the same
an
facilities, the same stations and, potentially, tne same
audience."
"*
Washington dispatch of Dec. 31 to the "Herald Tribune"
as follows on the President's decision to address
A
commented
a
joint session of Congress at night:
Congressional leaders
which
will
be
were
surprised by the request for the night meeting,
first joint session
the
President Wilson delivered his
to
hear
war message
a
President in person since
in April 1917.
Mr. Roosevelt's previous general messages have
and have
is
been brief and general in language.
expected to follow his
the Capitol he
His
budget
own
It was understood at
precedent in brevity.
would speak only
message,
been broadcast nationally
His message Friday night
a
concerning
half nour.
which there is even greater curiosity,
is still scheduled to go to Congress Monday.
There it may have to com¬
pete with important decisions handed down by the Supreme Court, which
sits
Monday after
a
two-week holiday recess.
Averts
Supreme Court Eclipse
By using Friday nignt for nis general
that
these
decisions.
poor
words
at
least
will not have
message
to
Mr. Roosevelt insures
compete
with
He likewise avoids the Saturday noon hour,
time for a broadcast to the general public.
Supreme Court
which is deemed
|
Boylan of
Roosevelt Discusses With Robert
President
CommodityExchanges—Bill for Control of Latter Considered.
Chicago Board of Trade Practices on
President Roosevelt made known at a press
conference on
discussed with Robert Boylan,
President of the Chicago Board of Trade, the problems of
the Commodity Exchanges. It is stated that the bill to
regulate Commodity Exchanges had been brought into the
talk
only superficially—the United Press advices from
Washington Dec. 27 indicating this, further stating:
Dec. 27 that he had recently
Dr. Lapp said that
Chamber of Com¬
advice and assistance,
prepared certain letters to be signed by the employees, and furnished the
model of the contract which expressly takes away the right of the employees
to join a union and through that union ask for collective bargaining and
the recognition of any union for that purpose."
Asked whether he favored a commodity
bill patterned after the
stock and bond market, Mr.
act regulating the
Roosevelt emphasized that Boylan's call
President
and
nature
they merely sat
that
problems connected with the
There
as
whether the administration
to
certain
commodity business.
these problems were.
Roosevelt or Mr. Boylan
indication either by President
no
was
of an informal
around a table and discussed
Roosevelt did not indicate what
Mr.
was
intended to go ahead during the
Con¬
commodity exchange legislation.
The Commodity Exchange Control bill was designed as a companion law
to New Deal Securities and Exchange act. The measure was one of a group
gressional session witn previous plans for new
designed for passage in the last session which was
of bills
final drive to adjourn
generally anticipated that a new effort to pass
It has been
that some changes
the bill would
Congressional session. It was thought possible, however,
be made in the new
and expected
discarded in the
Congress.
in the draft of the bill might
be made in line with recent
opinions of the Supreme Count.
Industrial Secretary of the Brooklyn
Balleisen,
L.
aided the bag company and "readily gave
Gold Clause in Federal Obligations Sought
Brought by Swiss Holders of American
Securities—Colombian Corporation Seeks Reversal
of Ruling Bearing on International Transactions
Ruling
on
in Actions
securities
Roosevelt
declined comment.
the facts brought out at the hearing,
In discussing
L.
merce,
_
and exchange
39
Financial Chronicle
Volume 142
gold clause provisions of the law, Dec.
witnessed the filing of actions by a number of litigants
to
its obligations
in gold. This is learned from a Washington dispatch, Dec. 31,
to the New York "Times," which went on to say in part:
Among actions brought to-day were thirteen filed with the Court of
obligations who protested the con¬
1934 and President Roosevelt's
subsequent proclamation reducing the gold content of the dollar.
Typical of these cases, all filed bv Waldron Wintzing Post of New York,
was that of Fritz Muller, who demanded for his Liberty Bond $500 in former
Claims
of American
holders
Swiss
by
Reserve Act of
of the Gold
stitutionality
gold coin, or $846 in present equivalent.
It was said that these suits were the first
1917 German Mark Contract
The Roessler & Hasslacher Chemical Co., now out of ex¬
istence, must pay Zimmerman & Forshay, foreign exchange
bankers, $332,812 for not carrying out a contract for German
marks made in 1917 but which could not be fulfilled until
after the war, the Appellate Division of the New York
Supreme Court ruled on Dec. 30. In reporting the ruling the
New York "Times" of Dec. 31 said:
Forshay $332,812
on
the prevailing opinion in a four-to-
Justice Irwin Untermyer, who wrote
decision, held that the
one
chemical company must pay the difference be¬
the 1917 and 1919 value of the
tween
contract was made on
The
mark.
v
March 17 1917 and called for delivery of
than Oct. 311917, but in case wireless
made upon resump¬
tion of wireless. The mark was then worth just above 18 cents. When the
bankers demanded fulfilment of the contract on July 22 1919, the mark was
3,000,000 marks in Germany not later
interrupted by that time the payments were to be
was
The United States went to war April 6 1917.
be remembered that at the time the consequences of war upon
the currency of
participants was not known, as it is at present
the currency of a defeated
either party at
were
known,"
"The history of previous wars had not estab¬
Justice Untermyer wrote.
lished that
nation was rendered worthless.
that time consulted the teachings of
If
Samuel Seabury, who sat in
terms referred
war.
Before that. Justice John
Ford had dismissed the original complaint.
Hasslacher Chemical Co. was dissolved at the
Roessler &
1932 and its assets and business were
"
-
Columbia Supreme Court that the Treasury
had declined to pay more than the face value of six $1,000 Fourth Liberty
Loan gold bonds, John Ogden of Indianapolis asked for a mandate to force
of
District
Notifying the
The bonds belong to the estate
payment in gold or the present equivalent.
of Mr. Ogden's father.
New York State Court of Ap¬
Internacionales, a Colombian corporation,
filed a petition against the Industrial Mortgage Bank of Finland, suing to
recover $5,307.99
on bonds which, with accrued interest, had a face value
of $3,135. The Colombian concern argued that the Joint Resolution of June
5 1933, did not apply to international transactions.
These assaults upon the Administration's gold program are now added
to 20 or more actions pending in the Court of Claims, where two cases have
Appealing to the Supreme Court from the
peals, the Compania de Inversiones
attracted
In
special interest.
the
compliance with
figure
central
submitted
to
case
a
actual
no
Taft,
of these Robert A.
one
Perry,
of the former President, sues to force
son
gold clause of a Liberty Bond. In another John M.
of the Supreme Court's gold decision last February,
try to counteract the court's finding that he suffered
damage.
Brief Calls Act Void
the Swiss
Muller,
Court of Claims, bought his
the
who approached
First Liberty Loan converted 4% bond, March 9 1925. It was re¬
deemable June 15 1947.
But the day after approval of the Gold Reserve Act,
$500
Jan.
30
of the
brief
Post's
Mr.
In
Roosevelt
President
1934,
reducing the
proclamation
his
issued
slightly less than 59.066 of its former weight.
dollar to
filed
on
Muller he held that Section 3
behalf of Mr.
void"
Reserve Act "unconstitutional and
Gold
in
so
far
it "pur¬
as
ported to destroy or alter" government obligations. * * * *
Foreign Debtor Involved
& Co., of which it had been for#
The
wholly owned subsidiary.
time a
presented $100,000 in govern¬
transferred to the R. & H. Chemicals
Department of E. I. du Pont de Nemours
some
end of
totalled
in gold or present
he filed a suit before the Court of
its doors.
Claims closed
only to temporary suspension of wireless and not to
tract
The
This view overruled that of
the case as referee several years ago and recom¬
Mr. Seabury held the con¬
amended complaint.
mended dismissal of the
the government's
Supreme Court
lawyer,
Washington
a
equivalent. His request was refused, and
Mr.
both parties in making the contract.
known by
Kemp,
history, the indications
of war was imminent, the Court held, it was
on
gold bonds to the Treasury and demanded payment
ment
entirely to the contrary."
But since the possibility
Beall
Otis
worth 7H cents.
"It must
attack
foreign interests. The 13 obligations involved
all Liberty Bonds, except one Treasury note.
gold laws made by
One Case in
&
31
payment by the government of
seek to compel
$110,000 and were
& Hasslacher Ordered to Pay Zimmerman
Roessler
outlawing of suits to test
With Jan. 1 as the date for the
the validity of the
brought by the Compania de Inversiones Internacionales to the
case
Supreme Court, while not affecting government securities, is regarded as of
prime interest in connection with the gold laws and regulations.
Atlas Bag
& Burlap Co. Held to Have Violated National
Labor Relations Act
In
intermediate report to the National Labor Relations
on Dec. 26, the Atlas Bag & Burlap Co. of Brook¬
an
lyn, N. Y., is held to have violated the National Labor Re¬
lations Act by forming a company union and by interfering
with its employees in "the exercise of the right of selforganization to bargain collectively through representatives
of their own choosing." The report was filed by Dr. John A.
Lapp, trial examiner, who held hearings on the case. In
the New York "Herald Tribune" of Dec. 27 it was stated
Lapp made four recommendations for future rela¬
between the company and its employees.
If the
that Dr.
tions
company
issue
or
an
bonds
the
fine
From the same paper we take the following:
gold clause
owned
which
of
at
the
the
detriment
question as to just what result Dr.
Lapp's findings will
decision by Judge Merrill E. Otis of the
Federal District Court of Kansas, holding that the National Labor Rela¬
tions Act is unconstitutional.
Mrs. Elinore M. Herrick, Regional Director
have, in the light of the recent
Judge Merrill's decision will not affect the action
of the NLRB, said that
of the Board until the question
of the constitutionality of the Act is passed
by the United States Supreme
on
Dr. Lapp's
recommendations were as follows:
The
of employment or any terms or
conditions of employ¬
ment.
United
enter into collective bargaining with the repre¬
Textile Workers' Union as the representative of a
majority of the workers of
the Atlas Bag & Burlap Co.
Must Drop Company
Union
policies of the Act, respondent cease and de¬
collective bargaining committee of the Atlas
Bag & Burlap Co.'s Employees' Union, cease to recognize said committee
for the purpose of collective bargaining, and cancel the contract entered
into with individual employees and the collective bargaining committee.
"That the respondent file with the Regional Director for the Second
Region on or before Dec. 28 a report in writing setting forth in detail the
manner and form in which it has complied with the foregoing requirements."
"In order to effectuate the
sist
from
promoting
the
country and
collateral
7%
gold
they
were
invested
in
member of the Finnish lega¬
•
Eder,
for
attorneys
neither
that
clause
was
where
a
to
the
Congress
foreign
Compania
nor
the
de
Inversiones
Supreme
Court
In¬
ex¬
debtors.
grant relief to domestic debtors, not foreign
"The public policy of the Resolution
seeking to
the brief in this case says.
benefit of
of
the
domestic
former,
creditors,
not
the latter.
still
less
to
No
the
possible
detriment
conceivable
of
bonds
in
question
are
those
of
foreign
companies
issued
foreign
here and
bought here by other foreign companies.
The action brought
our
issue of Dec.
Suit
rom
the respondent
this
mortgage
28,
by Robert A. Taft was referred to in
page
4100.
~
/
♦
Jmrpose of collective bargaining or other mutual aid orby discrimination
protection, and
discouraging membership in any labor organization
"That
&
argue
Finland,
to
countersigned by
Court.
Respondent cease and desist from interfering with, restraining or coerc¬
ing its employees in the exercise of the right to self-organization, to form,
join or assist labor organizations, to bargain collectively through represen¬
tatives of their own choosing, and to engage in concerted activities for the
sentatives of the
issued in
first
creditors.
''
in regard to tenure
$1,000
public welfare can be subserved by easing the lot of foreign debtors to the
Effect of Finding in Doubt
There is some
Hess
"Congress
for
were
Washington.
debtors,"
is
three
transmitted
They
ternacionales,
tended
around
the principal and interest
guaranteed by the Republic of Finland.
The proceeds of
were
mortgagee.
Hardin
congressional right to outlaw
foreign debtors
gold bonds of the Finnish Bank,
were
bonds
tion
is the question of
case
bonds of
on
revolves
issue
sinking fund
the
holders of gold clause
or
foreign holders.
by
The
debtors
affected.
not
were
the ground that foreign
on
In effect,
asks the Supreme Court to amplify its decision
corporation
Winter
the heart of the
At
refuses to abide by them, the NLRB then will
order which if not complied with, will carry a
prison term.
last
of
Board filed
Colombian
the
Attacking "Over-the-Counter" Control by SEC
Brought By J. Edward Jones—Hearing on Injunc¬
tion Set For Jan. 8
An action
challenging the authority of Secruities and Ex¬
change Commission to Control "over-the-counter" markets
was brought in the District Supreme Court in Washington
Jan. 2 by J. Edward Jones, New York City oil royalty
dealer, who, through his attorney, James M. Beck, former
Solicitor General of the United States, claims that provision
in the Securities Exchange Act to that end is unconconstitu-r
tional.
It was stated in a Washington dispatch to the New
York "Herald Tribune" that In answer to the plea of Mr.
Jones, Justice Jennings Bailey ordered the SEC, Postmaster
General James M. Farley and Attorney General Homer S.
Cummings to "show cause" why a temporary injunction
on
40
Financial
should not be granted Mr. Jones against the
parties. The
injunction hearing will be held on Jan. 8.
In part the dis¬
patch to the "Herald Tribune" also said:
[Mr. Jones'] action comes at a time when the Commission is just
starting its over-the-counter regulation, through requirement that brokers
and dealers be registered in order to continue business.
Mr. Jones did
His
not
register and his
is based
case
on
the fact that he
SEC
the
expects
to
attempt to stop him from using the mails and to bring action against him
for alleged violation of the
exchange act.
'
>.
^ The
SEC
declined
issue
to
formal statement
a
though officals said that sine3 Mr. Jones had
registration requirements went into effect
to
sure
not
on
the Jones suit,
on
Jan.
1,
the
commission is
bring suit, charging the dealer with violation of the act,
trol is
built
Section
on
15
of the
delegated the commission the
al¬
registered and since the
SEC
con¬
operators
from using the mails, if they did not comply with Federal
regulations.
This section, Mr. Beck, in a brief filed to-day, said, is "unconstitutional
"legislate"; because it fails to
it bars
unreasonable"; because it is
it is
cause
delegation to the
SEC
of
the
an
improper
invasion of state rights and generally
an
be¬
stitution.
The brief contended that Mr. Jones has
master
believe that the Post¬
reason to
General will seek to stop his mail and that the Attorney General
will^bring action against him.
It asks for
theiparties, to be followed by
a
temporary injunction against
permanent injunction, which, in effect, it
a
would appear, would restrain the
SEC from enforcing any over-the-counter
rules, until the Supreme Court acts
the law.
on
.
.
.
Mr. Jones is already engaged in one piece of litigation with
SEC in
the
which he challenges the validity of the securities act 1933, as a result of an
SEC suit brought against him.
>
..
♦
Two Utilities Seek Court Action Now
Public Utility
on
Holding Company Act—North American
American
Water
Works
Electric
&
Co.
Co.
File
and
Brief
Federal Court Opposing Motion of SEC and
Attorney-General to Stay Suits Pending Action
by Supreme Court
A brief
•
filed in the Supreme Court of the District of
was
Dec.
on
31
Inc.,
plaintiffs, opposing the motion by the Securities and Ex¬
change Commission and Attorney-General Cummings that
suits brought by those companies to test the Public Utility
Holding Company Act should be stayed for a year or more
until the government's own case against the Electric Bond
& Share Co. is tried in the lower court and decided on appeal
in the United States Supreme Court.
The brief is in rebuttal
to a brief filed a week ago by counsel for the SEC and the
Attorney-General; reference to the earlier brief was made
in our issue of Dec. 28, page 4097.
Counsel for the plaintiffs
state that the government's position, "as revealed by the
defendants' own statement in their reply brief
is
seen
to be completely indefensible, because it stands out
as an arbitrary and high-handed
attempt to deprive these
plaintiffs of their lawful rights."
The counsel for the two
companies continued:
...
(government
to the government
necessary
the
counsel)
admitted
have
that
in the Electric Bond & Share
trial of tne plaintiff's
decision
a
case
will not make
Their sole
cases.
favorable
for
excuse
un¬
their
motion to stay is their assertion that such a decision in tne Electric Bond
&
Snare
will
case
"simplify"
some
serve
as
a
"valuable precedent"
of tne issues wnicn will later
In order
ask
case
otner
a
a
nave to
nas
case,
not yet at issue,
between
been tried below and finally decided
appeal, on tne ground tnat tne decision in tne otner
precedent" wnicn
would "simplify" some of the issues which
admitted
excuse
would be swamped witn
for demanding tnis stay was that otherwise
multiplicity of suits.
a
Tnat
utility companies had been proposing to the defendants
dis¬
excuse
an
We
of the
as
Act, and that the industry
consolidation of the test
presenting
was
for
counsel
these
the argument
upon into one trial in one court.
The
plaintiffs therefore renewed them in
of this motion.
defendants
still
.
maintain
.
open
court during
.
their
attitude
of
em
willingness
even
to
discuss this matter, as expressed by the Attorney-General at the hearing,
we
submit tnat tnere can be only one reasonable inference from tneir
conduct.
tneir
to
confine tne first test of tnis Act to tne single court and
state of facts involved in tne suit they have commenced against the Electric
Bond &
or
Share Co. in the
District Court in New York.
During the
year
two that it will take to get tnat case decided by tne United States Supreme
Court, tne defendants intend, as they themselves announce, to prevent,
can, any other company from having its rights under this Act
if tney
adjudicated,
no
matter how different the facts in its
tne facts in the Electric Bond & Share case.
They art
therefore reduced to the single
.
.
case
may
a test of the Act the
wnicn has been selected by the defendants
as
the sole
test case.
brief.
of tne administration
to
It amounts to
a
naked assertion
tnat
which drove this Act tnrougn Congress
pick tne case wnich tney deem the most favorable
will
by their cases
wnat may
be tn6 result of
more
So far
astonisning request
as
we
can
of constitutional litigation in
nas enmesnf
nas
ever
been
learn, it is witnout parallel
wnicn tne present
d itself.
In the Federal District Court at Kansas
City, Mo., on
Dec. 31, Judge Albert L. Reeves declared unconstitutional
the Guffey Coal Conservation Act,
basing his decision, it is
said, chiefly on the tax clause of the Constitution, which, he
said, did not authorize Congress to impose a 15% tax on
companies that decline to submit to the act.
The findings
of Judge Reeves were given in an action
brought by six
Missouri coal companies for an injunction to prevent Dan
M. Nee, Collector of Internal
Revenue, and other govern¬
ment officers, from enforcing the act.
Judge Reeves said
he would grant the injunction.
In presenting his conclu¬
sions Judge Reeves said:
In this
case
the regulation of coal mining is not an incidental motive to
the tax but its purpose both as stated in the act and
as
stated in the answer
and return of the defendants is to
regulate.
The only apparent purpose
of the tax is to coerce the plaintiffs to submit to
regulation.
Regarding the decision
Kansas City dispatch Dec. 31
the following to say:
a
to the New York "Times" had
Judge
Reeves
Mining
Dec.
on
constitutionality.
The
Company,
Company,
Tebo
12
heard
the
arguments on
plaintiff companies
Huntsville-Sinclair
Coal
Company,
the
are
Mining
Reliance
injunction and
an
Hume-Sinclair
Company,
Coal
Coal
Coal
Minden
Corporation
and
the
Windsor Coal Company.
Makes Point
of the 'Drawback*
"The tax imposed in this case, according to the
evidence," Judge Reeves's
decision read, "is so burdensome and onerous as to
destroy the business of
WhUe it is undoubtedly within the Congressional power to
the plaintiffs.
destroy by imposing
vides for
a
destructive tax, yet, in this instance, the act pro¬
'drawback' of 90%
a
of the tax if the producer will accept and
subject himself to the regulatory provisions of
a
code.
This code is not
designed to facilitate the collection of the tax, but the regulatory pro¬
visions of the code
are
separate and apart and independent of the tax."
The Judge pointed out that the tax "clearly stands
submission to
as a
penalty to compel
national regulatory code."
a
"Under such circumstances," he said, "it falls -within the
principles an¬
nounced in the child labor tax case, 250 U. S.
said:
may
20, 1 C. 38.
The Court then
'Where the sovereign enacting the law has power to
impose tax and
penalty the difference
between
production and
revenue
so when one sovereign can
impose
of regulation rests in another.'
power
regulation
mere
be immaterial, but not
•and the
tax only,
a
Regulation the Chief Purpose
answer
the
case
regulation of coal mining is not an incidental motive
but its purpose, both as stated in the act and as stated in the
to the tax,
and return of the defendants,
purpose of the tax is to
coerc9 the
is to regulate.
'So here the so-called tax is
penalty to
a
Congress wishes them to act in respect of
as
The only apparent
plaintiffs to submit to regulation.
the child labor tax case, Supra, 1 C. 39, the Court said
on
a matter
In
this subject:
people of
coerce
a
State to act
completely the business
Constitution.'
and every one of the objects stat3d in the title of the act is outside the
national
on
and
Congressional
power,
as tne
are
first
officials
entitled
case
whicn
save
only the
power
'to levy a tax
bituminous coal.' "
As
lthe
to
General
Judge Reeves said that "Congress has
make
a
Welfare'
no
specially assigned
power
to
provision for the general welfare."
"The general welfare of the people can only be promoted, and can best
be served,"
of
the
upon
Judge Reeves continued, "by
powers
specifically
granted in
a
the
prudent and salutary exercise
Constitution.
the wisely reserved powers of the States does
Encroachment
not promote
the general
welfare, but would tend inevitably to the destruction of local authority and
would sound the death knell of democratic government.
"The constitutional
under
the
taxes and
authority for this legislation could only be exercised
granted authority
excises,'
or 'to
sively within the police
"There
can
be
under its taxing
no
(of the Constitution):
regulate
"The mining of coal is
commerce among
'To lay and collect
the several States.*
not subject to national authority, but is exclu¬
of the States.
power
reasonable question, however, of the right of
authority, to impose
produced at the mines,
only such regulation
as
an
excise tax upon coal
it may exact such
or
value of product at the mines.
a
"Clearly the tax stands
as
Congress,
it may be
tax upon the fair market
In such event, the Congress could prescribe
might facilitate the collection of such
as a
regulatory code.
a
a
tax.
Penalty Only
penalty to compel submission to
a
national
•
"Each and every one of the objects stated in the title of the act is outside
the national and
on
Congressional
power, save
only the power 'to levy
a tax
bituminous coal.'
"Standing alone, there is
authority under the Constitution to enable
Congress to stabilize the bituminous coal mining industry and promote its
interstate
This line of "argument" is set forth at length on pages 37 to 39 of the
defendants' reply
presented
matter
no
Guffey Coal Conservation Act Held Unconstitutional
by Federal7 Judge Reeves of Kansas City, Mo.—
Tax Imposed Under Law Declared Coercive.
that the utility com¬
excuse
"jockey" and "maneuver" the defendants into accepting "test"
which are less favorable to tne proponents of the Act than the Electric
case
no
Says Tax Is
to
Bond & Snare
great mass
.
panies. by suggesting that the defendants include in
cases
that
say
of equity.
be from
typical factual situations presented by one or two otner companies tnan
Electric Bond & Share, are attempting to "dictate" to the government
and
tne
Administration
It is obvious tnat tney are determined, by every means witnin
power,
special facts and issues
to
court
a
in
even
fair and comprehensive test
ready to arrange with tne defendants
agreed
cases so
a
The defendants, however, did not respond to any of these overtures, and
and
venture
made to
would be
stayed except the two or three cases which mignt be agreed upon by tne
plaintiffs and the defendants
the
arrangement
of the suits, both in tnis Court and otner courts,
whereby all
by tne
"Congress apparently has sought to exercise its authority to regulate
matters purely local under the
taxing power of the Constitution.
Each
appeared wnen it was snown at tne hearing before this Court that the
a
that
of the State government under the Federal
The brief continues in part:
tney
existence is tnreatened
very
tne Electric Bond & Snare case.
would furnish
case
would later have to be tried in tne case sougnt to be stayed.
Tne defendant's first
whose
require dt:termination by tne courts
be tried in plaintiffs'
court, as defendants ask tnis Court, to stay all pro¬
before it until anotner
parties, in anotner court,
"valuable
and
Act
are to be compelled to wait
indefinitely and to suffer tne Act's para¬
lyzing effects upon tneir activities, and are to be denied, for a year or more,
tne right to a hearing and determination of their
cases, although it is
"
on
Act.
on tne
nelp along this delightful scheme, all the other companies
to
and will tnus tend to
It may be doubted wnctner counsel for any litigant have ever had the
a
in
two, so that no other
year or
before tne Supreme Court in time to be
may get
whose rights are invaded
"In this
ceedings in
a
considered by it in rendering its first decision
cases.
hardinood to
of the constitutionality of the
test
a
of facts less favorable to tne contentions of tne
state
a
proponents of tne Act,
by counsel for the North American
Co. and the American Water Works & Electric Co.,
They
Court for
entitled to enlist the aid of courts of equity to help them
are
presenting
case,
in
Columbia
to the Supreme
Act, and
their plan by staying all other suits for
set up proper standards of conduct; because
of the powers given Congress under the Con¬
use
Jan. 4 1936
right to
of the mails for legitimate business; because it is "arbitrary and
use
shall go
exchange act, through which Congress
power to prevent over-the-counter
and void" because it represents a
Chronicle
commerce.
no
It has
no
right to provide for co-operative marketing
of bituminous coal at the mines; it cannot legislate because the
production
distribution and use of bituminous coal is affected with a national
public
interest, and it has no power specifically granted to make provision for the
conservation of the bituminous coal resources.
code and the rather
"The heavy penalty for failure to submit to the
,
The
preliminary declaration in the act that the regulations were 'imperative for
the protection of the normal governmental revenues derivable from such
negligible tax
upon
such submission argue against it as a taxing law.
industry' is suspicious to say the least.
Tax
"The tax constitutes
a
Small Part of Act
a
tax is laid if the code is
its
There is
accepted.
that producers accepting the
20% for some
presumed
the Federal government will soon make, together with the unsatisfactory
condition of the finances of many State and local governments, afford little
reason for believing that acutal reductions in tax rates and the elimination
of tax sources will result in a reduced tax burden at any time within the next
for the country as a
time.
a
a
suggestion in the act itself
code would be 'precluded or estopped from
constitutionality.
These
serve
create
to
a
Secretary Roper in New Year's Statement Sees Founda¬
tion
Laid for
Further Gains in 1936—Reports
feeling that'
10% in Employment as Compared with
with Payrolls 25% Higher—Gains of
20% Cited in Retail Sales—Growth in Dollar
Value of Foreign Trade
Increase of
Year
correspondence with the committee, the reports emanating from the com¬
and
debates
Congress there appeared serious doubt as to
in
the
According to
the evidence, the net profits of the several plaintiffs, as recently computed
range from 4% to not more than 11%.
These figures do not take into
account
1
"It
experienced
have
proper return
a
appears
on
competition.
serious
the capital investment.
that the plaintiffs are threatened with
It is the present view upon the presentation thus
tax is but
and
irreparable injury.
far made that the alleged
penalty to coerce the plaintiffs to submit to an
a
unconstitutional
should
injunction
An
regulation.
unauthorized
therefore be
granted."
♦
:
Minimum Prices
NBCC Orders Producers to Establish
by Jan. 2 Irrespective of Court Action
Guffey Coal Conservation Act—Action
Follows Meeting of Eastern Area
Coal
for
Against
•
Following a two-day hearing of 13 coal producers' district
boards in price Area No. 1 (the Eastern area) before the
National Bituminous Coal Commission, the Commission on
producers to file by Jan. 2 minimum sales
prices. The meeting was held primarily to determine whether
the minimum prices should be established in the area before
the U. S. Supreme Court passed on the constitutionality of
the Guffey Bituminous Coal Conservation Act of 1935.
The
calling of the meeting was noted in our issue of Dec. 21,
page 3946.
Area No. 1 includes eastern and western Penn¬
sylvania, northern West Virginia, Ohio, Michigan, West
Kentucky, Illinois, Indiana, Iowa and part of Tennessee.
Incident to the Commission's order, Associated Press
advices from Washington, Dec. 28, had the following to say:
Dec. 28 directed
Some operators
demanded that a price floor be established immediately.
Others proposed
that the present price war go unchecked until the Supreme Court ruled on
the Guffey Act.
These opinions were expressed by the operators at a hearing
By this order the Commission steered a middle course.
concluded to-day,
that preceded the Commission's order,
the Globe Coal Co., Indiana, Pa., stated the position
those
favoring immediate price-fixing just before the
of
hearing
closed.
in the same boat—they
are
Charles P.
will either have to cut their wages or
O'Neill, Central Pennsylvania producer, on the other
hand,
would "put a premium on litigation."
He
started court actions
against the Guffey Act would not have to comply with a minimum-price
list, and that they could take many markets from complying operators.
Mr. O'Neill agreed with Mr. Dies, however, that the industry was in for
a bad winter if the price war continued.
Prices were reported lower than
said that price-fixing just now
pointed out that more than 50 producers who have
they have been since pre-NRA days, and tumbling daily.
After hearing this argument,
Charles F. Hosford Jr., commission chair¬
said the commission unanimously felt it had no power to
delay price-
fixing, which lies at the heart of the Guffey Act designed to keep up coal
profits and wages.
He directed an advisory operators committee to
a
formula for correlating prices between
submitted
be
district
He said marketing rules
immediately for
lists by
boards
operators'
All district boards were ordered to submit district price
criticism.
'
2.
The text of the
14,
the
to
stay in Washington until
production districts was devised.
This, he said, should take no more than 30 days.
would
Jan.
for
basis
further
for
Guffey Act
was
'
improvement in consumer purchasing based on increased
employment, more equitable price relationships and a larger
value of
Mr. Roper declares that "just as the forces of depression
cumulative in their effects, so the forces of recovery
were
dealing with the paramount problem of unemployment, we
may take courage and renewed hope from the steady expan¬
sion of production and distribution in the past year.
Per¬
haps the most striking conclusion warranted by a review of
the developments of the year is that we now have a broader
Board—Says
Decline Is Not Indicative of Reduced Tax Burdens
Industrial
National
Total tax collections for 1934
Conference
are
estimated at $9,500,000,-
000, according to a recent analysis by the National Industrial
Conference Board.
This is lower than in 1930, when tax
collections reached
a
total of $10,300,000,000.
This decline
of about
8% between 1930 and 1934 does not represent a
decline in tax burdens, since declines in income were pri¬
marily responsible for the decrease in tax receipts, it was
stated in an announcement issued by the Conference Board
Dec. 27, which
continued:
For the period 1932 to
1934 the ratio of tax collections to national income
to the
10% and 12%.
analysis of the relation of taxes to national income, the Conference
depression, when the ratio ranged between
Board's study points out that,
a
amount
moderate
socialized activity.
in excess of
50% would be possible only in a state
reason
to
doubt that it
ratio would involve not only a
could function effectively.
the
of the field of public activity,
imposition of tax burdens on business and individuals that
would prove to be
intolerable.
Present conditions do not justify a
will necessarily result
tax
So large a
progressive narrowing of the field of private
activity and a corresponding broadening
but also
in which private industry
government as a provider of goods and services.
be able to function, if the ratio were above 50%,
While industry might
there Is
other things being equal, a low ratio indicates
and a high ratio a high degree of
of socialization,
A ratio of public income to social or national income
had taken second place to
belief that a rising level of income
in an immediate and marked decline in the ratio of
payments to income, according to
been strikingly shown in
substantial increase
result of steady improvement tnrougn tne
broadening of the recovery process has
This
several tendencies of the past year
in
national income
tne
consolidation of gains
as
a
the Conference Board.
The ratio
which nave brougnt a
previously acnieved and the gradual extension
of the
Whereas in the two preceding years the upward
interrupted by sharp recessions, in 1935 business was
movement.
recovery
movement
was
definitely established on a higner
plane early in the year and this level was
The 1935 increase in production was
needs, rather than on such anticipatory
materially raised in the last quarter.
manufacturers and distributors
purchases by
1934 necessitating a periodic slackening
As
a
frequently evident in 1933 and
of the productive processes while
absorbed.
corollary of these cnanges there vvas a
income distributed during the year,
furtner increase in the national
preliminary estimates indicating a gain
approximately 10% over the $50,000,000,000 total in 1934.
in the amount of the total income actually produced in 1935 was
of
The rise
probably
even larger, thus further reducing, if not entirely eliminating,
the net
business losses which reached huge proportions a few years ago.
The
salutary effect of this important tendency is not statistically measurable
but is nevertheless significant.
The increase in income was widely diffused,
wage earners and farmers receiving large proportions of the accretion.
A substantial increase In employment was effected during tne year, witn
tne major part of tne gain accounted for in the manufacturing industries.
There was also an encouraging expansion of employment in the construction
industry, particularly in residential building.
The latest monthly factory
employment data available show an increase of 10% in comparison with
a year ago, factory payrolls being 25% higher.
The larger relative increase
in the latter instance resulted from the opportunities afforded for more
steady employment.
Wages of factory workers generally were maintained
at the level reached in 1934, when hourly rates were as high as in 1929. . . .
Among the more spectacular increases in retail sales in 1935 were the
increase of about 20 % in sales of general merchandise in rural areas and an
in dollar expenditures
estimated increase of 40%
a
large percentage of which also went to
with the expansion in domestic
Coincident
growth in the
factory
a
for new passenger auto¬
farm communities. . . .
buying, there has been a
dollar value of our foreign trade.
during 1935
was
The major
in finished manufactures, which ac¬
approximately 45% of our total exports, the highest percentage
While exports of agricultural products
since 1931.
did not make so satis¬
increased more than
Expanding industrial activity and
of agricultural products, partly by reason of tne 1934
showing early in the year, such exports
seasonally during tne fourtn quarter.
tne increased imports
drought, nave been two of tne major factors
ports wnich, on a quantity
affecting tne increase in im¬
basis, were tne highest since 1930.
Increased
and desirable corollary to the expan¬
exports, which is tne basic objective of the reciprocal trade
imports are recognized as a necessary
sion
of
our
agreements program.
It should prove a
This program was greatly advanced during
major force in reopening tne cnannels of
Although railway freight traffic lagged
trade.
the year.
.
.
in the general recovery, by midin the cumulative total
October the carriers were able to report an increase
of
corresponding decline in their
firmly under way.
In
as of course in many others, we have formidable problems still
but we find here, nevertheless, an illustration of the tendency of
loadings in comparison with 1934 and a
deficits.
averaged about 20%, a much higher figure than in the years prior
In its
In part, Mr.
to say:
counted for
of
preceding years on which
Roper also had the following
and firmer foundation than in the
to build in 1936."
continued
According to Analysis
In
ever-widening circle.
operate to expand activity in an
increase in exports
1934 Tax Collections Below 1930,
on
foreign trade; and further improvements
our
financial field."
given in our issue of Sept.
♦
and increase in the
in the
harvest; improved industrial earnings;
mobiles,
1667.
page
1936."
gains in
economic
encouraging
Secretary Roper finds that "the production of consumers'
goods during 1935 was at or above the relatively high level
of 1934; there was further improvement in agriculture;
some revival in the
durable goods industries; widespread
(miners') wage scale
I think that you will find that most of the smaller
close up."
man,
new
stocks were being
"We feel that we cannot continue to pay the present
without some relief.
fellows
a
Commerce Daniel C.
based on meeting the immediate
fe: F. E. Dies of
operators
Ago,
year's statement, issued Dec. 30, Secretary of
Roper, reviewing the economic data
1935, available to his Department, declared himself
"impressed by the foundation which has been laid as a
In
constitutionality of the act.
plaintiffs
,
+
comparatively small
"Moreover, the evidence disclosed that in the committee hearings," in
"The
budget-balancing efforts which it is
few years.
and
there existed much doubt in the mind of Congress.
mittee
whole will probably not fall much below
The relief load, the
small and wholly unrelated part of the act.
very
x'he tax for failure to accept the code is ruinous,
contesting'
41
Financial Chronicle
Volume 142
this field,
before us,
believed that this tendency is now
It is
the recovery movement to
President
merce
accelerate.
Parkinson
of
New
Views Business Men
ment—Says
Realization
York Chamber of Com¬
as New Force in Govern¬
of Public
Will Insure Industrial Progress in
Responsibility
1936
still faced by uncertainty and
there is con¬
siderably more justification for optimism in business to-day
than there was at the beginning of 1935," says Thomas I.
Parkinson, President of the Chamber of Commerce of the
State of New York in a statement issued at the beginning
of the new year, made available Jan. 3. Mr. Parkinson says:
"While
we
vagueness
enter the new year
as
to the course of government,
42
Financial
As I
it, the awakening of a new
see
sense
ment and business is one of the
greatest needs of
will progress in
realize that
America to-day.
1936 if the rank: and file of business
they have
a personal
ment and that it is their
Chronicle
of public duty in both govern¬
men
Industry
economic recovery—a lack of confidence that
persists
be made to
can
many radical measures that have
responsibility for the conduct of govern¬
duty to take
well to read and profit by the example of
has just been made available.
Washington—have been drying
We would do
aggressive part in it.
an
demand for bank loans.
Abram S. Hewitt whose biography
increase in
production of the
more
industrial
durable goods.
accomplished.
The
national
one of anxious watchful waiting.
The banks
simply glutted with funds which they cannot safely and profitably use
them than to invest it in government securities.
has
increased,
percentage of it is drawn directly from government
but
too
large
The policy of
a
sources.
new year begins with more
justification for the hope that business
enjoy the aid of government in bringing about recovery.
Similar
hopes in this respect in the beginning of 1935 were not realized by the events
Moreover, business leaders have shown
they have
direct responsibility for the
a
measures and
a
the
the part of business of the
policies and organiza¬
The
dependence of business
forum
for
the
reasonable
adequate and
sound
cannot be too of ten
on
displeasure of government.
in
currency
of
which
business
to
liquidate
Necessary moratoria
soon recover
have
been
silver
taken
and
without
the
our
government
changes which
have
our
currency.
recently shown
more
consequences unforeseen
in
measures
purposes
banking
our
a
a
time
policy that in
our
The sad irony of
people
such
an
in¬
is financing itself
people and out of the savings of
the foresighted and the thrifty.
We are squandering our social
patrimony.
Social Security
We^much of social security, and recently the government has enacted
into law
which the aged and
which
provide such security for the aged and the un¬
The program calls for the accumulation of
billions of dollars, to
will be built
unemployed will be cared for.
very weak foundations if
on
a
fund of tens of
be invested in government bonds, from the income of
dollar in which these bonds
system
This security, however,
by reason of serious inflation the
payable and in terms of which the aged and
are
unemployed receive their benefits becomes highly uncertain in value and
do not involve threats
loses
It is reassuring that leaders in the banking
realization of their responsibility in prevent
vast program to
a
employed.
from unwise or unfortunate
made
benefit.
to
subtle way the government
a
contracts
distinguished
under recent legislation respecting
been
wondering whether the immediate
to the soundness of
world have
ing
escape
seem
for
may
an
Our economic insti¬
No thoughtful person can observe the
by
welfare
from the effects of unwise governmental cod¬
dling of complaining promissors seeking
financial burdens.
business
must be
rain
endowments of public welfare institutions, our schools,
colleges and hospitals
the poor,
for
a
chiefly not out of taxes to be paid by future generations, but out of the
.
and
contracts
from encouragement to delay or avoid performance.
tutions will not
.
now
out of the life insurance of millions of our
government to provide the rules and the
enforcement
emphasized.
.
temporarily yield
will bring great harm upon nearly all classes of
run
flationary policy is that in
plished by government's fear of the displeasure of business than continued
on
long
including those who
realization that
tion of government and we have the
prospect that more may be accom¬
fear
Ml
may
deserving and undeserving unemployed and, in so doing,
bring votes to the politicians who favor it. It is, however,
The
year.
financing through inflation
of checks to farmers, excessive doles, and
unreasonably high wages to both
will
of that
A large proportion
What else can they do with this enormous supply of
cheap money that the government's inflationary policies have piled upon
Increasing payrolls have absorbed
income
Business confidence is low.
in private business.
fields will be necessary before the much desired decrease of
unemployment
is
being threatened in
Their attitude continues to be
operations includes improvement in
of the unemployed, but greater activity outside of the
purely industrial
some
largely by reason of the
are
the usual commercial and industrial
our business and industrial leaders
upon whose initiative alone we must
depend for any enduring forward movement are still afraid to go ahead.
are
sustained
been taken and
up
of
In part Mr. Parkinson also said:
A
Jan. 4 1936
depression and the lack of confidence of the public in the Nation's immediate
a
large part of its purchasing
Social security is
power.
than the value of the dollar in which its benefits
no more secure
payable.
are
-
by inexperienced formulators of governmental
financial policy.
the
H.
Dr.
Despite the rebuffs it has met with and-the hopes it has seen shattered,
however, business to-day stands ready to co-operate with government in
the welding of public policy and private interest into a
permanent plan for
on
good.
common
to
Parkinson, who is President of the Equitable Life
Assurance Society of the United States, takes occasion to
state that "in magnitude of activities, the United States
government to-day is the greatest business organization in
Points to
Urgency of Financing
Banks—Declares Opposition Should Be Directed
Fiat Credit Which Is
In
address
an
"Using the
Going
on
Through Agency
Dec.
on
Banks for
27
delivered under
Inflation,"
Dr.
H.
the
caption
Parker
Willis
undertook to show that "what the government is doing to¬
day is to use the banks as a vehicle for the grinding out of a
circulation medium which has nothing behind it except the
He adds:
To insure its successful operation for the widest
benefit of the people,
collectively and individually, the personnel of its executive, administrative
legislative branches should be well represented by practical men of
possible ability of the government in the far future to tax
and
proven
Willis
of Banks
Mr.
the world."
Parker
Demands of Government Without Further Pressure
out of the people a sufficient amount of wealth with which to
redeem its outstanding indebtedness."
The first and urgent
ability in the business world.
thing,
Kemmerer
Dr.
Against Mounting Government
Debt and Inflation Dangers
Speaking before the Economists' National Committee on
Monetary Policy in New York City on Dec. 27, Edwin
Walter Kemmerer, warned against the mounting National
debt, and stated that "the really dangerous part of the
situation is not
so
debt—as bad
that is—but the rate at which that debt is
as
much
the
present size of
National
our
growing, the uneconomical and in many cases the wealth
destroying uses for which the money borrowed
and collected in taxes is being expended, and the fact that
forces that usually curb excessive government
expenditures
are at present
comparatively uneffective." Prof. Kemmerer
and character
who is Walker Professor of International Finance in Princeton
University, and
National
Honorary Chairman of the Economists'
on
Monetary Policy, also had the
say
in part:
inclusive, they will amount to
an accumulated
pared with
a
total of about 21 billion dollars.
a
deficit for the period of
over
During the first three and
the deficit, which is
now
a
end yet in sight of these
averaging about 10 million dollars
a
day, was
There is
large proportion of these
marks
enormous
was
in 1931.
expenditures has
been
follows in full:
A great deal has been said within the past two
years of the danger of
having the United States issue "greenbacks."
our
own
What is neglected by most persons, however,
danger, what
fact,
we
are
ever
incurred
League of
industrial production has recovered much less
which must eventually
As is
on
the
own
books.
Federal Reserve notes,
processes of
to-day, have the legal tender
bank deposits are not legal tender, but they are
when
destroying
Checks
unhesitatingly accepted;
they are convertible at sight—as they are—into legal tender
how there is any difference between them.
a
been incurred to pay for the production at excessive costs of
unproductive
and little needed public works and to
compensate farmers for
effect upon
notes, which may be greenbacks or Federal Reserve notes, it is difficult to
see
is being steadily flooded with fiat money.
.
same
exchange that is exerted by the so-called' 'greenbacks.''
debt since 1928 by a much
country in the world with the possible exception of Italy.
Hundreds of millions of dollars of our
recently accumulated deficit have
same sort,
banks may issue their credit either by putting out
by granting loans upon securities which give rise to deposit credits
their
and it is
.
policy of the
kind of results.
same
Britain, Canada, Germany, Italy, Sweden and many other countries.
To
accomplish this modest recovery of ours, we have increased our National
.
is that the "greenback"
a
well known,
notes or
on
bring
of the ground lost since 1928 than have the industrial
productions of Great
larger percentage than has any other advanced
From
it may be, is for the future to determine; whereas, in
to-day undergoing the hazards of
quality, and when they are issued they have exactly the
at present there are distinct
monthly by the
determination to put out fiat money was imminent.
previous moment.
on
signs of improvement, the figures published
a
points of view this danger is greater at the present time than at any
some
and
recovery and
Congress has provided for
subject to the decision of the President; and at times it has ap¬
peared that
Although there has been
some
delivered under the auspices of the Economists'
were
National Committee on Monetary Policy, is a member of the
latter's Executive Committee, and Professor of
Banking of
the School of Business, Columbia
University.
His address
with the object of having the nation spend its
way out of the depression.
Nations show that
bring about a reform of these dangerous practices."
Willis, whose address was broadcast, and whose re¬
Dr.
no
The National public debt
By the end of the present fiscal year the
National debt will probably be at least double what it
A
to
can
com¬
accumulating deficits.
about 30 billion dollars.
now
as
half months of the present
greater than it was for the corresponding period of last year.
is
This will
9 billion dollars
deficit of less than 6 billion dollars for the preceding three years
of the depression.
year
insist that the institution in which he is most interested shall
take this situation into most serious account and do what it
the latter,
Each year the total expenditures of the National
government have ex¬
ceeded those of the year preceding and for the three
years 1934 to 1936,
give
pressure upon the banks."
"Our opposition," said Dr.
Willis, "should be directed to the creation of artificial or
fiat credit which is now going on at so rapid a rate
through
the agency of our banking institutions.
He declared it
to be "the duty of every depositor and stockholders in a bank
Committee
following to
said Dr. Willis, "is to find some means of financing
demaiids of the government, without putting further
the
Warns
equivalent to saying that
termed in
past years,
serious
more
largely unused,
effect
as
a
fiat
upon
money
by
Put this in another way,
already in, what has often been
period, and that the country to-day
The
the value of
it witnessed
various other symptoms.
we are
reason
money
that it has not had
is that it has remained
the existence of
excess
in deposit credits, and the latter become potential circulation when
are
and
reserves
The banks buy government bonds, pay for them
they
used.
little pigs, ploughing under cotton, and for not
producing crops and live¬
stock.
The burden of taxation is increased to obtain funds
to
the banks
national wealth out of which the taxes must be
paid.
has nothing behind it except the possible ability of the government in the
destroy the
Although
we
have been experiencing
a
substantial growth of taxes during
the last few years against which the public are
showing increasing opposition,
increase in public expenditures has been financed
chiefly not
out of taxation but by means of
inflationary
our enormous
borrowing from the banks.
In this fact lies the greatest danger of our present financial
policy.
More than half of our total National debt is
to-day held
by
and of the debt flotations from
were
...
our
banks
1931 to 1934 something like
seven-eighths
This
reasons
why our banks
ment securities
are
liberal
well known.
force upon them a reduction of the interest rates
charged for loans,
and investment policies and currency and credit
loan
•with the object of
expansion,
forcing
a
vehicle for the grinding out of a
up the level of
commodity prices.
The business
use
circulatirg medium which
to redeem its
outstanding indebtedness.
themselves to be used in this way?
How far ought the banks to allow
Certainly there
are
few bankers who
like the position in which they are placed and yet, they keep on
buying and
holding the immense issues of government securities which follow
other with
away
regularity, as the
in needless,
or
money
resulting therefrom is wasted
abstract, they feel themselves handicapped
a
variety of reasons.
a
an¬
thrown
or
policy in the
helpless in the face of it for
Perhaps the most cogent of them is the fact that the
government itself owns preferred stock in
and in
one
or
in injurious, public works.
In spite of the fact that the banks do not approve of the
loaded up with United States
govern¬
The various inflationary policies of the
are so
government have been purposely directed to glutting the banks with funds
so as to
as
far future to tax out of the people a sufficient amount of wealth with which
absorbed by the banks.
The
analysis shows that what the government is doing to-day is to
considerable number of them has
boards of directors do not
wish
to do
some
a
6,000 of the present banks,
direct agency of control, so that
anything that could afford
an
excuse
for unfavorable attention on the part of the Reconstruction Finance
Corpo-
ration.
Another important factor in the case is, that the banks are
danger of
their part that would give a shock to the bond market.
any step on
They know that
they to do so, they would merely run the risk of corre¬
were
banks
their
have
capital and surplus resources already
entire
engaged in bonds which they have bought from the government the hazard
would incur through a sharp depreciation of the bonds is obvious.
that they
It
might well be that the government would not require them to "mark
down" government bonds to the current value of the latter, in the event
decisive decline.
a
of
The point is that in such
This is neither here nor there.
wholly engaged in securities whose future was doubtful and which had been
over-issued to such
extent
an
as
to make it necessary to revise
their valua¬
proposed at the American Bankers Association in New
was
during the discussion of the selection of
the
new
maturities to run off,
That is to say, they would,
newly-issued bonds.
have put it,' 'place an embargo on
as some
Orleans
officers a few weeks ago, that
banks should simply allow their present short
without purchasing any
This would
government bonds.''
be
a
to
dispose of its securities to the rank and file of indivudal buyers, just as
positive step
very
as
the effect of it would be to compel the government
during the War when the Liberty loans were being distributed.
it did
many
this latter plan is attractive and would probably be a
ways
method of financing the Treasury as things
the bond issues made in numbers only such as
This
bankers.
In
wise
is
on
the books of the banks, thereby
or not
to that of the so-called issues of
and placed
establishing
a
danger exactly parallel
"greenbacks" against which so much has
That danger has been steadily growing during the
been said in the past.
It
past two years and to-day has reached a height never before known.
might at any time result in what is known as "a government bond panic"
with results
sufficient
absorb
to
without putting any further pressure upon
the
bonds.
excess
If
that
done,
be
can
the
the machinery to sell its bonds directly to the community, the
ment sets up
There would still remain,
better for all concerned.
there is
question whether
way
any
even
in this case, the
of mitigating or reducing the great
dangers that are to-day visible, by reason of the fact that our
classes have $18,000,000,000 of bonds
banks of all
and Treasury notes in their portfolios
and that probably $12,000,000,000 or more
of these holdings are represented
by so-called "deposit credits" which-may, at any time, be used as currency.
System nas strongly urged
Federal Reserve Board should take the
The Advisory Council of tne Federal Reserve
resolution
recent
a
tnat
the
leadership in lessening the number of bonds held by the banks,
for the purpose
primarily
of reducing tne excess reserves of the Federal Reserve Sys¬
This is good advice but, of course, in order to
tem.
of New
make it continously
operative, it must also imply tnat a new way of financing tne Treasury
found which will result in preventing the
The
reserves.
is
further development of new excess
Council has notning to say on this point and
Advisory
apparently prefers to leave the management of tne Treasury without any
Its chief
criticism.
concern
York
In the third place, instead of using a very large amount
City bonds, it
the
tne
of city
quantity
a
in our judgment,
will,
price
city,
uses
This
108,000,000.
of
Other plans
and one-half millions less expensive
because they
are
comparatively small amount—about
bonds which we
not
paying as part
are
within tne debt limit of
come
If the
issued to purchase profitable leases.
plan is successful, these will be the last city bonds issued for transit pur¬
for
poses
old
long time to come.
a
of tne
man
We shall at last have freed the city from this
wnich sits on top of its credit and weighs down every
sea
transaction the
financial
city tries to make.
Further
Improvement in Business Conditions in 1936
for by T. A. Buckner, President of New
Looked
Insurance Co.
York Life
"Improved business conditions and a revival of public
confidence during the past year lead me to anticipate still
further gains in 1936," Thomas A. Buckner, President of the
New York Life Insurance Co., stated in reviewing life in¬
surance developments of 1935. Continuing, Mr. Buckner said:
is witn tne condition of tne banks.
A declining trend in
by the company.
lapses, surrenders and policy loans, together with an increase in repayments
If it cannot be done, then the sooner the govern¬
danger may be averted.
the plan is practicable.
means tnat
In the second place, it is some $44,000,000 less expen¬
dreams.
in annual charges.
of policy loans,
As to tne
It has
given warning in unmistakable terms of the hazards which reside in the
present practice of having the banks establish artificial credits on their
books, tnus doing exactly tne same tning tnat is done when the printing
press is set directly at work and new notes are placed in the hands of the
public.
There is this additional feature of criticism to be noted with regard
to tne present practice—tnat it brings into serious danger tne situation of
evidently reflects
situations of our
Conceivably, other institutional buyers may be found in quan¬
the banks.
This
anything before.
were mere
During the past year there was a moderate but encouraging increase in the
thing, of course, is to find some means of financing
the demands of the government,
place, the companies have agreed to it; and they never agreed
In the first
to
volume of new life insurance issued
What Can Be Done About This Pressing Situation ?
in
plan, Mr. Berle said, compares favorably with any
previous unification proposal.
He added:
highly injurious to credit of all descriptions.
The first, and urgent
for part of the price.
the nouse to pay
on
This
the issue with which
to allow fiat credit to be created
started out:—Whether
tities
back
could be safely financed by the
The solution of it, whatever it may be, does not affect
we
It is
secured by liens on tne transit lines themselves.
be
exactly what you do when you buy a house and give the seller a mortgage
large question involving many incidental problems.
a
will
but which
Still wiser, of course,
stand.
cutting down of the present wasteful deficit to a point at which
would be the
be paid by issuing
of New York; and by assuming
$22,000,000 of underlying bonds on the B. M. T. system; and by
about
sive in capital amount, and some two
tion in comparison with other issues.
It
about $107,000,000 in ponds of the City
the banks would be "frozen," in that they would find their resources
case,
We accordingly proposed that the price should
tnis.
paying the balance in first lien bonds on which the city will not owe a dollar,
sponding depreciation in their own portfolios.
Where
the city has not got any $415,000,000 in casn to pay for all
Of course,
already
heavily overburdened with government bonds that they recognize the
so
43
Financial Chronicle
Volume 142
Cash
an
improvement in the general financial
policyholders.
income continued
large.
There
was
a
heavy demand for single
premium contracts from persons desiring to invest large amounts of surplus
but owing to our more limited opportunities, at the present time,
funds,
for
investing in high-grade securities at a satisfactory rate of interest, it was
found necessary to
on
the amounts
confidence of careful investors in
the
to
lower the limits
we
would accept as
The large demand for single premium policies testifies
single premiums.
the well-managed life insurance
companies.
For
a
<
reversal of the present downward trend in interest rates on
high-
grade securities, we must look forward to the stimulation of general business
with
an
increased demand for capital such as usually follows recovery from a
Real estate and rental values showed signs
period of economic depression.
of improvement.
Mortality during the year was favorable, although automobile accidents
account for heavy death losses.
continued to
crease
There
was
a
of public interest in retirement income contracts and a
towards policies providing insurance
protection
up
continued in¬
healthy trend
to the time the policy¬
holder plans to retire.
With the exception
of interest rates, the general trends during the year
favorable and lead
were
to look forward to 1936 with confidence.
me
point it makes witn respect to tne latter, there can be no doubt.
banks
tne
more
hazardous
exerts upon the
a
and renders the relationship
tnemselves
than
ever
in
addition
to
general currency situation.
the
witn their depositors
effect
that
it
necessarily
Nor does the fact that we nave
deposit guaranty system protect it against the risks that are thus in¬
Tne funds of tne Guaranty system are almost entirely
dicated.
in government
invested
bonds wnicn, of course, cannot constitute any kind of safe¬
guard against risks originating in the fact that the member banks are already
over-full of these bonds.
directed to the creation of artificial or fiat credit,
Our opposition should be
which is
now
going
institutions.
in
a
on at so
It snould
rapid
a rate
through tne agency of our banking
be the duty of every depositor and stockholders
bank to insist that the institution in wnich he is most interested
take this situation into most serious account and do
about
a
Proposed Revision of New York State Insurance Law—
Superintendent
Pink Discusses Problems of a
State Superintendent
In
and
spoke before the annual meeting of the
University Teachers of Insurance
luncheon in the Commodore Hotel, New York, went
Pink,
who
at
a
on
to say:
This inter-State relationship must be close if supervision is to be effective.
On the
bonds to banks
-control
of it,
face
one
48 separate supervisory institutions.
Unification
for New York
difficulties is to be
Plan
Described by
of the
A.
Berle
Jr.—City
Chamber of Commerce
tions
Tells
Chamberlain
State
Only Technical Considera¬
unification in New York
merely technical, and political factors should
not be permitted to interfere with the completion of present
plans, A. A. Berle Jr., City Chamberlain, told the monthly
meeting of the Chamber of Commerce of the State of New
York on Jan. 2.
Mr. Berle said there are three important
are now
arguments in favor of unification.
The principal reason,
said, is the necessity to provide for pressing present and
he
needs
future
the
of
riding
public.
The second is that
make more money than it
unification will enable the city to
does at present.
The third reason is that unification will
Sermit cleaning the Fulton areas in New line in Brooklyn,
emolishment of up great Street elevated York, with the
the Sixth Avenue elevated line in Manhattan,
Second
or
After long
bargaining,
we
are
follows:
reached an agreement with the three com¬
net price (because part of what we are
talking about it some of the companies' debts,
to take over, are
time of
we
as
buying is cash)
$418,000,000. This figure will be reduced further because while
a
being retired.
Which we agreed
My best estimate is that the net price at
closing will be about $415,000,000.
Insurance
State
so
It is the con¬
the insurance world that State supervision with all its
preferred to a huge national bureaucracy.
It is the duty
Superintendent not only to supervise effectively in his
that
telligently with
policyholders will not lose,
the officials of other
but also to co-operate in¬
States in
orderly and forward
an
Superintendent Pink pointed out that "some 830 insurance
are authorized to do business in this State having
assets of upwards of 23 billion dollars." This he added,
"comprises about 80% of the total insurance in this country.
Companies doing about 40% of the business are domiciled
in this State.
These figures will give you some idea of the
importance and difficulty of supervision in New York."
Speaking at the luncheon, of the proposed revision of the
State Insurance law (noted iu our issue of Sept. 28, page
2052) Mr. Pink said:
companies
The insurance law of New York is 75 years old.
Yet in all that period
it has bean revised but twice and on these two occasions the attempt was
much to simplify or modernize the law as to gather it together
not
so
one
basket.
to
the
Every year it is necessary to submit
in
25 to 40 amendments
prolix, carelessly subdivided and gathered together.
parts of it are not understandable.
our
some
Legislature in order to clarify the law and iron out inconsistencies.
The law is long,
proposals
That price works out at a gross amount of about
panies on the price.
$431,000,000, and
of about
and either the
Third Avenue elevated line.
Mr. Berle outlined the unification
own
of opinion of
looking administration of a national business.
Delay Completion of Project
Difficulties in the way of transit
City
the machinery of
But that is the system we have built
and, strange to say, within reasonable limits, it works.
up
sensus
A,
it is somewhat ridiculous to attempt to supervise and
of the greatest nation-wide industries through
♦
Transit
27
some
American Association of
what it can to bring
reform of these dangerous practices, in.the sale of
Dec.
on
National affairs and with the local affairs of other States."
Mr.
shall
and the conversion of the securities into fiat eredit.
talk
bearing on "some of the human
of the practical problems which
confront the Insurance Commissioner or Superintendent
in the discharge of his duties," Louis H. Pink, New York
State Superintendent of Insurance stated that "the Superin¬
tendent is not merely a State officer. He is concerned with
a
relationships
Almost daily
we are
Many
compelled to ask
counsel for advic8 in interpreting it and frequent resorts to the opinion
of the Attorney-General are necessary.
Yet any simplification or
modernization of the law is immediately met by
opposition from insurance circles.
know the law as it stands.
the doubt as to the meaning
solved by the courts.
I
am
Insurance
men are
conservative.
They
Many cases have been fought in the courts and
of many of the sections has been finally re¬
quite in sympathy with the feeling that no need
44
less
Financial
tinkering with the law should be permitted.
Chronicle
On the other hand, it is
the plain duty of the State of New York to
codify, simplify and modernize
the law if it is
to
retain
its
leadership
Several of the States have already
insurance law.
must not
culties could arise
adopted simplified codifications of the
This movement is extending
in
We
are
soon
as
have
we
prepared the tentative draft
Farm
made to submit it to all responsible insurance circles and authorities to
get
their criticism and reaction before
the
Legislature.
force
It is not the purpose of the New York Department to
up-to-date insurance law upon
an
It is rather
our
language, to bring it
that
after
purpose to
recodify the law in simple and concise
Warren,
to date, and to improve it to so great an extent
up
careful examination and study the insurance
and
tion
and
your
modernization
Columbia
University.
teacher of
members to help and advise
of
the
law—Professor
Patterson
W.
insurance, but has written several authoritative .books and is
of the outstanding authorities of the country.
aid
in the simplifica¬
us
Edwin
of
Professor Patterson is not only well known as
a
one
With Professor Patterson's
expect to be able to prepare a tentative draft of the proposed new
we
insurance law through Department agencies alone and with only nominal
expense to the State.
In
v..^'Vv-
Pink also said:
:..jr '
.
'
-
Mr.
part,
-j
='
,
yv-U
Program
Professor
taken
one
by the State for rehabilitation
or
liquidation.
.
.
had little effect upon the business world.
in 1931, 1932 and 1933 and
The failure of
so many
companies
particularly the collapse of the greater part of
the title and mortgage companies made it necessary for the Superintendent
literally hundreds of the leading citizens of the community.
sue
These actions have
a
salutary effect.
to the mind of every director
.
.
.
They have brought home forcibly
Retaliation between States
out of
can
lead only to ill-will.
known what taxation
means
in this country until
It usually arises
premiums.
We have not
The World War
recently.
Europe has been severely burdened for centuries. Now it is
Insurance
must pay a fair
contribution, but it it is
should not be taxed to such
a
social agency and
extent that the burden is hard or unfair.
an
There is
little uniformity at the present time and some States tax premiums twice as
much
others.
as
This
should
be.
not
The
much to encourage fair and equal taxation.
considerable
from tnis
revenue
national
convention
can
do
The 2% premium tax yields
and yet is neither harsh nor oppressive.
revenue
ably all that insurance should bear.
States the
In New York
well
as
as
a
taining the Insurance Department.
Retaliatory taxes
cause
present
complicated legal
many
mission would lead
happier and
a
an
The
problems.
"profound
My personal opinion is that we need not fear the effects of a negative
as to the
constitutionality of the processing taxes and production
I believe that the prices of hogs would rise decidedly, and cotton
and wheat would rise appreciably, without being responsible for an increase
in prices to the consumer; and that agriculture would receive a stimulus
similar to that which industry received by the invalidation of the similar
theory represented by the National Recovery Administration,
i ^Government control of production will probably increase the violence of
fluctuations in supply and price.
Warren said:
Plowing under 25%
of the United States cotton crop in 1935 reduced
From the supply price curves, it
that a 10% reduction in supply could raise prices
enough to compensate a country for reducing its crop by 25%.
the world supply of cotton by only 10%.
does not appear possible
Defends Farm Program
Mr. Wilson in defending tne government's policy of artificially created
scarcity said:
Those who attack the triple A on the ground that it creates scarcity
practically reject the proposition that farmers need profit. They hold in
effect that the farmers alone among the producing groups should produce
without considering prices as long as any one needs their profit.
Virtually
they allege that agriculture commits a crime when it adjusts its output to
the profitable demand.
In
were
Com¬
uniform
in
justifying democratic collective control of farm produce, Mr. Wilson
said:
It is
not only ill-
Insurance
easier life if taxation
in tne midst of any
It is prob¬
is more than 10 times the cost of main¬
source
was
decision
the most of the
will, but because of the different basis of taxation in the various States,
they
AAA Decision
control.
our turn.
Whatever the tax, it should be uniform throughout the States.
Cornell
on
and the depression have made it necessary that we know the tax gatherer
better.
at
On the subject of the government program of plowing under cottoni
~
difference in the taxation of insurance
a
Economics
agrarian movement," and said:
Professor
Uniformity of Taxes
L.
Prices—M.
Prof 7 Warren addressed the
the topic "The Validity of the Fundamental
Assumptions Underlying Agricultural Adjustment," and had
as
his platform opponent, said the New York "Times,"
Milburn L. Wilson, Assistant Secretary of Agriculture, who
asserted that government-controlled adjustment was "justi¬
fied in the midst of a truly profound agrarian movement."
From the "Times" we also take the following:
of every large financial institution the fact
that it is the duty of a director to direct.
.J:;'
in
Policy
the government AAA program.
meeting
No Fear of
.
Rise
Agricultural
Professor Warren denied tnat America
Before the crisis few companies failed and a waste action now and then
to
for
of President Roosevelt's former monetary advisers,
on Dec. 28 the underlying economic principles of
v£U:T.:« .v 'V',
spectacular duties of the Superintendent is to bring waste
more
against the directors and officers of companies which have been
over
Looks
of
Actions Against Directors
One of the
actions
»
criticized
securing the services of one of the
distinguished of
he said, diffi¬
demand and costs
University, author of the New Deal gold purchasing plan
world will stand
back of the Department in advocating and urging its enactment.
The Department has been fortunate in
most
emergency,
At the forum of the American Farm Economics Conference
held at the Hotel Commodore, New York City,
George F.
unwilling or hostile insurance
an
an
because of changing
on
Wilson Defends Government
preparing the final act for submission to
world.
useful in
was
time went
Prof. Warren Criticizes AAA Program—Former Adviser
of President Roosevelt with
Negative Decision on
effort will be
every
as
./■"
going ahead
with the revision of the law.
As
effective standard for the A. A. A. crop adjustment
of production.
New York
all, directions.
permit itself to fall behind in the procession.
Jan. 4 1936
as an
While the standard
programs.
the States of the nation.
among
in the future
serve
a
new
kind of co-operation, a new kind of institution, in which the
first source of authority outside of Congress and the Constitution resides
with the farmers themselves, and the present plans of the Secretary of
Agriculture
and
the
administration
of
the
AAA
for
decentralizing
the
administration of agriculture goes far toward realizing that end.
all the States—as it should be.
Secretary of Agriculture Wallace Defends Agricultural
Adjustment Program—Advocates Increased Bal¬
ance
Production—Declares Capitalism Will Have
to Change Habits
At
luncheon of the American Farm Economic Association
a
Dec. 30, Secretary of
on
agricultural adjustment
Agriculture Wallace defended the
but admitted, according
program,
"Herald Tribune" of Jan. 2, that the
confronting the New Deal was the extent to
which the program should be modified to make it serve more
definitely the principle of balance. His only reference to the
question of its constitutionality (said the paper indicated)
was to point out that it might have to be further modified
to "conform to the legal standards which have come down
out of the past." The further remarks of Secretary Wallace,
to
New
the
question
which
delivered at
were
Economic
York
York
now
Association
City,
are
Saying that he
taken
luncheon of the American Farm
a
Hotel Commodore, in New
follows from the "Herald Tribune":
at
as
the
"speaking more
was
or
less on behalf of the government,"
Secretary Wallace asserted that the task of the nation's economists to-day
to
was
help graft some new glands
on
"Old Man Capitalism," and thus
save
Rules"
The rules
governing the buying and selling of cotton tex¬
revised in several instances, the changes
having become effective Jan. 2.
The changes, together with
other rules also in effect, have been incorporated in a booklet
entitled"Worth Street Rules," which was approved and
promulgated by 11 manufacturing and buying associations,
it was announced Dec. 30 by W. Ray Bell, President of the
tiles
of Cotton Textile Merchants of New York,
agent for a joint committee on the rules.
Included
in the group of 11 are the
Textile Fabrics Association,
the Cotton-Textile Institute, Inc., the International Associa¬
tion of Garment Manufacturers, the Union-Made Garment
Manufacturers Association, the American Cotton Manu¬
facturers Association, the National Association of Cotton
past."
to be
as
.
brought into line with the democratic tradations of the
Manufacturers, the Nfew Bedford Cotton Manufacturers As¬
the Wholesale Dry Goods Institute, National
Association of Purchasing Agents,
the Textile Brokers
Association and the Association of Cotton-Textile Merchants
of New York.
In
The
The "social controls" which
Secretary Wallace advocated, but did not
specificially define, were held to be "more
had
a
a
less
an
as
the passing
the effects of the World War, especially the shift from a
creditor position, and the impact of sudden technological change.
"Old Man Capitalism," Mr. Wallace maintained, "will have to change
some
the
of his habits if he is to live
basis of
a
national
"economic formula"
as
as
long
economical
as we
goal,
would like to
see
him."
For
Secretary Wallace set forth his
follows:
"Increased balanced production of the things which people really need
and want
(1) at prices low enough
so consumers can
buy, but high enough
producers can keep on producing, and with income
so
no
one
refuse
is shut
to
work;
off from
(2)
so
distributed that
participating in consumption, except those who
with scrupulous regard for the conservation of
remaining natural resources, and (3) by
means
characteristic of
our
our
tradi¬
Secretary Wallace read an excerpt from President Roosevelt's statement
of Oct. 25 1935, outlining the high points of the agricultural policies, and
them
up
as
being
"simplification,
production flexibility, and soil conservation."
decentralization,
adequate
a
standard set up
for farm products to equalize the purchasing power of the farmer, would
has been given to this collection of
is done in and about Worth Street.
These rules naturally
classes, which, with appropriate comment,
are treated
1.
Standard Cotton Textile Salesnote as amended to become effective
Jan.2 1936.
under this heading are presented those specifica¬
approved by representative groups within the
Some of these specifications cover the selection of representative
pieces from materials under dispute and methods for testing such materials.
The procedure in
this respect, generally accepted, is included in this
document under "trade customs."
Therefore, these provisions may be
omitted from subsequent specifications unless such procedure is deemed
inadequate.
3. The machinery for arbitration provided in the Standard Salesnote:
under this heading are presented the agreement to be used when it is deter¬
mined to submit a controversy to arbitration, the General Arbitration
Council of the textile industry, its officers, its panel of arbitrators and its
The Specifications:
tions which have been
2.
industry.
rules.
4.
Those
customs
not
practicable or desirable to incorporate in the
but which so generally area ccepted as a basis
Salesnote or Specifications
of trading between houses of high character that they, too, should be set
down in authoritative fashion.
These are designated as "Definitions and
divided into two classes, namely, those which apply to
which apply to a particular section of the
concerning the bag trade are included. -
the industry as a whole and those
industry.
Certain pertinent data
The Salesnote and
Specifications nearly always are considered together,
realizes that the Arbitration Council offers the machinery
their enforcement and that trade customs are the interpretations of
but not everyone
-
Secretary Wallace raised the question whether parity,
Street Rules"
for the reason that the great preponderance of trading to
Trade Customs" and
tional democratic processes.
summed
"Worth
customs
in the order named:
inevitable part of the
Factors bringing about this change he listed
of the frontier,
debtor to
or
nation." The "rules of the game," Mr. Wallace maintained,
changed.
foreword to the booklet it is stated:
name
fall into four general
Wallace Prescribes for Capitalism
maturity of
trade
a
which they apply
.
.
as
sociation,
ships in other lands," but which in the United States "can be used in such
manner
been
Association
"social controls"—planning, which has brought the "rise of dictator¬
a
have
acting
him from "premature senility." The rejuvenating glands he prescribed
were
Revised Trade Rules for Buying and Selling of Cotton
Textiles Issued in Booklet Entitled "Worth Street
for
them which should govern
sellers and buyers in their trading and which in
turn,
should guide arbitrators in
parcel of the
All four are part and
their decisions.
for
To
Value"
of
Measurement
second
edition
of
being prepared by J. R. Edwards, of Cincinnati, Ohio.
It is stated that there is very little change in the first chapter
of the revised edition, but the second chapter is considerably
broadened out.
In addition, the new issue of the booklet
he
1910
hood.
He
Isaacs
was
President
said:
"If all the
conclusion."
economists were
This
was
in their
natural reaction to the multiplicity
a
and disputes based upon
Economists,
States Chamber of Commerce
laid end to end they would reach no
Sibley of the United
Harper
endeavor
They were mathematically unsup¬
More impressive
ported, otherwise they would not have been theories.
theories, could not refute same on
the fact that those who opposed said
the basis of mathematics, at least their
the
As
world.
destroy.
brought forth their theory to
devaluationists
The
buying power.
.
.
.
devalue the dollar
While the commodity
forwarding their
dollar, the climax Was
apply the theory of the fluctuating
managed dollar advocates, were articulate in
and
of
was
Reading
Viscount Erleigh, and a year later he
Reading.
Lord
as
Chelmsford
Reading that he went to India
Viceroy.
as
remained
He
until
stormy period in India's fight for independence,
in
April
1921 to replace
1926, during a
and the first-hand knowl¬
edge of the situation which he gained as Viceroy stood him in good stead
he returned later as head of a commission to investigate India's
when
'problems.
political
♦
Federal Alcohol Adminis¬
trator
expanded, until economists by force of
and thus correct its supposed greater
Knight Bachelor¬
The new Sir Rufus
The next year he was
Cabinet in 1912.
Franklin C. Hoyt Resigns as
which in turn made the gold dollar also fluctuate.
power,
a
position he held until 1921.
In choosing a title he turned
By 1916 he had become
Earl
it
So
Lord
the same year.
parliamentary constituency and styled himself Baron
former
the
a
in
lacked
supposed to
circum¬
had to enlarge their theory to include the total gold base of the
They told us that gold as a commodity, widely fluctuates in buying
stances,
his
Washington
raised to the peerage in 1914.
was
Erleigh.
that the gold dollar was
result, the original theory
a
fluctuate in buying power
dollar
explanations were vague and
conviction of the theories they hoped to
same
science.
phenomena,
economic
certain
explan
to
brought forth a number of theories.
was
of theories
the thought that economics is not an exact
to
was
Attorney-General
Chief Justice,
Lord
Sir Rufus
In 1904
to represent until 1913.
member of Asquith's
a
appointed
inevitable.
Liberal member for the Reading con¬
as
Solicitor-General and received
made
was
became
of
foreword which reads:
a
Parliament
Service at
In
He
As early
retainers.
C.
K.
a
his talents, public office was virtually
of
elected to
a
is
contains
became
man
was
commanding enormous
was
lucrative legal practices of his day.
stituency, which he continued
recently issued booklet
entitled "The Law of the Constant Measurement of Value,"
revised
a
Isaacs
he
long
the most
of
one
he
1898
as
before
and
himself
developed
thing.
same
New Edition of Booklet "The Law of the Constant
A
45
Financial Chronicle
Volume 142
Announcement
made at the White House Jan. 1, (it
was
stated in Washington press advices), of the resignation
of Franklin C. Hoyt as Federal Alcohol Administrator.
The
was
was accepted by President Roosevelt
of Dec. 31.
In his letter of resignation to the
effective
resignation
as
President
Hoyt stated that he was leaving the Federal Alcohol
a number of personal reasons, the
a throat ailment.
He was appointed head
of the Alcohol Administration on Sept. 16 by President
Roosevelt; reference to his appointment was made-in our
issues of Sept. 28, page 2048, and Sept. 21, page 1875.
Incident to the acceptance of the resignation by President
Roosevelt, Associated Press advices from Washington, Jan.
1, said:
■
'
'
Mr.
theory to control the supposed fluctuations of the
Administration because of
reached when accountants attempted to
chief of which is
dollar to the balance sheets of corporations.
Then in 1933-34 the United States Government,
Increased
England, Canada, &c.,
buying power of gold which
and
value
the
automatically de-
&c., without altering its buying power.
Nevertheless it created a new theory of devaluation.
It is unnecessary to
enumerate the other untenable theories.
The public accepts all thes3
pound,
weighted their dollar,
theories as facts.
'
/
"Law of the Constant Measurement
,
Now with the recently disclosed
Value" based upon exact
mathematics which proves the dollar is a
of
"con¬
and finally refutes these
disturbing theories with precision and clarity.
This simplifies economic
economics
stant,"
becomes
an
exact science,
thought and leads us back to straight thinking.
The resignation
was
of regretand thanks
accepted by President Roosevelt with expressions
"for the services you have rendered." "As long as you
this time in order to regain your health, it would
feel it necessary to leave at
not be proper
fcr me to hold you against your will," the President's letter
said.
+
Death of General Hunter
Liggett—Commander of First
World War
American Army During
Lieutenant General Hunter Liggett,
San
Francisco
He was 78 years
30.
Dec.
on
who commanded the
during the World War, died in
American First Army Corps
the
in 1921, was in command of the Army of Occupation
Germany at the end of the war.
During the Meuse-
army
in
General Pershing as com¬
Argonne campaign he succeeded
mander, and directed the final offensive. A brief account
of his military career during the World War follows, as
given in the New York "Times" of Dec. 31:
Going overseas with the A. E. F., General Liggett had command of
the Firty-first Division from September 1917 until January 1918, when
he took
On
command
First
the
over
Oct.
15
the
of
Army
First
Corps.
promoted to the rank of Lieutenant General in
1918 he was
comprising about
Army,
American
250,000
men.
distinguished himself greatly
and British
and the respect and admiration of his own doughboys, who worshiped him.
He remained in command of the First Army until April 20 1919 and
then took over the army of occupation on the Rhine, with headquarters
General
After
Liggett
there until June 2
staying
Coblenz,
General
days
confidence of the high commands of the French
the
and won
at
fateful
those
During
Liggett
came
home,
he
reverted
to
the
rank
of Major
He took over the command of the Western Department with head¬
quarters at San Francisco, and on March 21 1921 he retired. The honorary
degree of Doctor of Letters was conferred on him by the University of
general.
In
he
1924
President of the Association of the Army of the United
was
States.
After more than three
sincerely
to-do
so
Reading—Former Viceroy of India
Occupied Many Posts Under Great Britain
of Reading, died in
Lord Reading had been ill since last
Daniel Isaacs, First Marquess
London
30.
Dec.
on
September. He was 75 years old. His official career in¬
posts as Viceroy of India, Foreign Secretary, Lord
Chief Justice of England, and British Ambassador to the
United States. Recently he had held the old office of Lord
Warden of the Cinque Ports, carrying with it the privilege
of living in medieval Dover Castle on the south coast of
cluded
When you honored me
for
an
for
who has played such a conspicuous part in the life of his own
Lord Chief Justice of England, Secretary of
Viceroy of India.
He represented Great
United States on two occasions during the World War, the
he was here as High Commissioner and Special Ambassador
Britain
Affairs,
Foreign
in
the
last time when
and
1918."
in
The New York "Sun" of. Dec.
30
gave
the following brief
account of Lord Reading's career:
Daniel Isaacs, who was
Rufus
England,
on
Viceroy
October
University
As
a
10
the
son
College School,
lad, he
change,
but
career.
It
ran
away
without
was
a
destined to become Lord Chief Justice of
of India and the first
1860,
of
a
Jewish
Marquess of Reading, was born
Merchant.
He was educated at
London.
On returning, he went on the Stock Ex¬
to sea.
much success, and finally decided on the bar as a
selection.
Young Isaacs quickly made a name
happy
and I assumed, in accept¬
member of such a board.
Later on, however, when the act as finally passed created the adminis¬
tration as a division of the Treasury Department, I was somewhat reluctant
to
accept the position of
seemed imperative that
Administrator under such conditions, but as it
the new division should be organized as soon as
possible to prevent any further weakening of the
I assured you tnat
to
Federal liguor control,
I could and
I would be glad to-help out in any way that
devote at least some months to
working out the preliminary organization
of the Administration.
Since I
have
been in office
toward that end,
carried
on
I feel that considerable progress has been
although our activities, as you know, have been
under somewhat difficult circumstances.
All of the permits to
law had to be issued by Nov. 23
practically all
regulations required by the act have been drawn and either
producers which under the provisions of the
have been passed upon,
the general
I appreciate that
public hearings have been held and
much remains to be done before the administration
of the objectives which
deeply I appreciate the sympathetic support
I cannot tell you how
is
I can report, however, that a
I undertook to carry out have been attained.
and
and which have enabled me to
of the obstacles which faced the administration from the
encouragement which you have given me
surmount many
very
I shall always be glad that I have had this period
start.
interesting service, for most of it has been a
sional day of doubt, and
ciate
your
of unusually
happy one, despite an occa¬
discouragement, but, above all, I shall ever appre¬
thought of me in connection with this
great privilege which was
work and treasure the
accorded me of serving under your guidance.
Faithfully yours,
FRANKLIN
McDonald Resigns
as
C. HOYT.
League Commissioner
Refugees from Germany—Urges League Mem¬
bers
to
Intercede with Reich—Charges 500,000
for
Persons
that I have learned of the death of the Marquess
country as Attorney General,
State
had been amended by the Senate to provide
independent commission of three members,
ing the position, that I would serve as a
said:
is with deep regret
of Reading,
trouDle can
last Summer by suggesting that I should head
the F A A the proposed act
Cordell Hull issued a statement on
Dec. 31 expressing his regret at Lord Reading's death. Mr.
"It
of the f a a, but i am led
the chief of which is a
bothering me for some time. My
only be corrected by a period of
comparative rest.
State
Secretary of
to withdraw from the activities
doctor informs me that this
James G.
England.
Hull
sorry
because of a number of personal reasons,
persistent throat condition that has been
numoer
Rufus
Federal Alcohol
of December 1935.
months of intensive and interesting service, I am
thoroughly organized as a going concern, but
,
Death of Lord
real regret that I present my resignation as
adopted or proposed for adoption.
that time.
California at
It is with very
Administrator, to take effect on the 31st day
made
1919.
President:
My Dear Mr. President:
old, and had
The General, who retired from
been ill for almost a year.
of resignation sent by Mr. Hoyt
The following is the letter
to the
James
are
Being Crushed
G. McDonald
on
Dec. 29 announced his resigna¬
tion, effective Dec. 31, as High
Commissioner of the League
Refugees from Germany.
Mr. McDonald,
occupied that post since October 1933, said in his
letter of resignation to the Secretary-General of the League
that the League and member Nations should intercede in
"a friendly but firm" manner with the German government
to protect "non-Aryan" residents of Germany from racial
and religious intolerance.
He also advocated similar action
of Nations for
who had
by nations not members of the League.
Intercession should
pressed "by all pacific means," he said, but he added
that the problem is an increasing menace to both individual
liberty and international peace.
Mr. McDonald's letter of resignation was violently critical
of Germany, which he said is persecuting Protestant and
be
46
Financial
Catholic groups as well as Jews.
He charged that the Nazi
government is crushing more than 500,000 persons under
accusation other than that
no
they
The New York "Herald Tribune" of Dec.
new wave
to
Membership in Chamber of Commerce
of State of New York
The Chamber of Commerce of the State of New Yoik, at
30 added the
its
monthly meeting Jan. 2, elected the following to
mem¬
bership:
of repression, directed against all who opposed the Hitler
regime, became acute after the recent National Socialist party congress
at Nuremburg, Mr. McDonald
said, and had created problems which the
League had not
even
Commissioner.
Unable to change their "membership of
non-Aryan race"
remotely foreseen when it set up the office of High
M.
Kenneth Frost, Vice-President, Dry Dock Savings Institution.
George C. Turner, Treasurer, Mutual Life Insurance Co.
Inman H. Payne, Vice-President, Cosmopolitan Shipping Co.
/Gardiner Trowbridge, estate management.
John King Reckford, Vice-President, American
by their free will, he continued, hundreds of thousands of Germans, of both
Lead Pencil Co.
and all ages, faced either pauperization or exile.
sexes
Unable to
Nazi restrictions,
groups the
Mr.
Against such
a
Irvin
Start Life Anew
McDonald
own
virtually forbade them the right to start life else¬
problem, he intimated, his office,
"The growing sufferings of the persecuted
minority in
menace
Resigns
created,
as
was
of the growing exodus
Germany," said
call for friendly
but firm intercession with the German
government, by all pacific means,
on the part of the League of
Nations, of its member-states and other mem¬
Texas
as
Gossett
Banking
Named
Commis¬
Successor
'
Governor Allred, of Texas, announced on Dec. 23 that
country, and also, through the
unable to cope.
McDonald, "and the
McCreary
sioner—Zeta
emphasized, forbade these oppressed
right to live within their
ban on currency export,
where.
Mr.
Jan. 4 1936
Five Elected
"Nordic."
are not
following regarding Mr. McDonald's resignation:
This
Chronicle
he
had appointed Zeta Gossett, of Fort Worth, as State
Banking Commissioner following the resignation that day
of Irvin McCreary, of
Gatesville, it is learned from Asso¬
ciated Press advices from Austin, Dec. 23.
It was stated
that Mr. McCreary had accepted the Presidency of the
Farmers' State Bank of Temple, Tex.
bers of the community of nations."
Mr. McDonald's letter, addressed to the
Secretary-General of the League,
at
Geneva, was dated from London, as of last Friday, and was made public
simultaneously in New York, London and Geneva.
It was accompanied
by a 20,000-word
annex offering documentary detail of the Nazi laws and
policies upon which Mr. McDonald based his charge that repression under
the Hitler
regime
than it had been in the early days
was more severe now
of 1933.
Former Harvard Professor
M Mr.
McDonald,
an
American,
formerly assistant professor of his¬
was
tory at Harvard and at the University of Indiana.
His letter offered
of helping refugees rather useless as long as no
attempt
stop the conditions which created the refugees.
that Mr. McDonald found the status of his
than
at
an
integral part of the League,
ineffective.
League officials
It is also understood
Commission,
cumbersome
so
were said to be
being made
was
as
affiliate rather
an
to make it largely
already familiar with the text
of Securities on National Securities Exchanges
High Level During November According to SEC *
According to the monthly tabulation of the Securities and
Exchange Commission, the dollar value of sales on all regis¬
tered securities exchanges in November was the largest since
the Commission began compiling figures on this basis in
October 1934.
In making available the tabulation on Dec.
29, the Commission said:
Total dollar value of sales in November
for his resignation, although it implied that he considered the task
reason
to
no
Sales
to
$2,546,935,909,
1935, and
(including rights and warrants) had
of 17.7% over October.
bonds sold
Mahaffie
Elected
Chairman
of
ICC
to
of all sales
On Dec. 28 Charles F. Mahaffie, a member of the Inter¬
state Commerce Commission since 1930, was elected Chair¬
on
to succeed
Hugh M. Tate.
He assumed his
new
Born
at
office
Olathe,
Kan.,
Mr.
Mahaffie received
Kingfisher College in Oklahoma.
He
named
was
a
an
A.B.
degree from
Rhodes scholar to Oxford
from that State, and after returning to this
country taught jurisprudence
at Princeton University.
He
was
were
named Solicitor
of the
Interior Department during the Wilson
Administration.
After holding various other positions,
he
was
appointed to the ICC by
valued at $296,212,221, a decrease
was
or
(including rights and warrants)
23.1% above October's figure.
$405,138,392,
an
were
Total par value of
increase of 4.6%.
on
23 registered exchanges; 94.5% of stock sales; and for 99.8%
of bond sales.
SEC Extends
March 31
to
Registration
Jan. 1, and will serve in that capacity for one year
under
the Commission's plan of rotating the post.
In Associated
Press advices from Washington, Dec. 28, it was stated:
Stock sales
value of $2,250,676,788. an increase
The two leading New York exchanges accounted for 95.2% of the value
Succeed
H. M. Tait
man
Bond sales
a
Total sales of stock in November
99,863,589 shares
D.
registered exchanges amounted
of 2.0%.
of the letter.
C.
on
increase of 15.0% over the value of sales in October
an
increase of 142.3% over sales in November 1934.
an
Owned
The
or
Leased by
Securities
Temporary Exemption from
Securities
of
and
Secured by Property
Other than Original Issuer
Exchange
Commission announced
1936, the tem¬
porary exemption from registration under the Securities
Exchange Act of 1934 provided in Rule AN9.
This tem¬
porary exemption from registration applies to certain issues
secured by property owned or leased by a person other than
the original issuer.
Dec. 27 that it has extended to March 31
President Hoover in 1930.
5,088
Registration
Brokers
Colonel C. H. March Designated Chairman of FTC for
Fiscal Year 1936
Colonel Charles H. March of Litchfield, Minn., became
Jan. 1 Chairman of the Federal Trade Commission to
serve for the fiscal year 1936.
He succeeded Commissioner
on
Ewin L. Davis, who has served in that capacity
during the
last year.
Under the Commission's custom, the Chairman¬
ship rotates annually. This will be Colonel March's second
term
Chairman of the FTC.
He was appointed to that
expiring Sept. 25 1935, and
was reappointed by President Roosevelt last
September for
a full term of seven
years, expiring in 1942.
Colonel March
served as Chairman during 1933.
as
Commission in 1929 for
a
term
Denied
and
Applications of
Became
Dealers
by SEC
or
S.
Supreme
Court Designates Nelson A.
Potter
The
designation of Nelson A. Potter
contact"
aid
for
the
United
to
igation
throughout the country, became effective as of Jan. 1.
The
Securities and Exchange Commission in announcing on
Dec. 30 that it was notifying each broker or dealer of his
registration, said that the letter sent to each person con¬
tained the following statement as to the meaning of regis¬
tration:
"Registration does not
mean
that the Commission has in any
"press
as
States
Unlike most other Government prcS3 relations
officials, however, he will
permitted to abstract
being the task of making
are
or comment
on
Court actions, his chief duty
sure that the court
records, decisions and opinions
made quickly available to the correspondents.
The designation of Mr. Potter for the
new
post, to which he is to
all of his time, follows the setting aside of a press room in the
with
pneumatic tube connections direct
equipment at hand
ment
was
to
worked out
speed the
through
ents and Chief Justice
a
news
to
new
devote
building,
the court room and telephone
to their papers.
The
new
arrange¬
number of conferences between correspond¬
Hughes and Charles E. Cropley, clerk of the Court.
Mr. Potter, it is stated,
was
for eight years minute clerk
on
the Court's staff.
+.
Chester
T.
Crowell Resigns as Special Assistant
Secretary of Treasury Morgenthau
Chester T. Crowell, author, retired
on
Dec. 31
to
special
assistant to Henry Morgenthau, Jr.,
Secretary of the Treas¬
ury.
Mr. Crowell joined the Treasury Department less than
a year ago.
He assisted in the campaign to promote pub¬
licity for the United States Savings Bonds, so-called "baby
bonds," issued for the first time last March.
financial standing, fitness
merits of
as
Supreme Court was
made known on Dec. 31, the appointment
making him in
effect, it was stated in Washington advices to the New York
"Herald Tribune" the first "press relations" officer
ap¬
pointed by the court in the 146 years of its history. From
the dispatch to the paper indicated we also
quote as follows:
not be
upon tne
any
or
conduct of any broker
as
passed
dealer,
or
or upon
otner matter relating to the business of any broker or dealer.
"A false,
the effect or
of
way
or
security offered by any broker or dealer,
fradulent
or
misleading statement or
witn respect to the registration of any broker or
serve
1—36
Applications for the registration under the Securities Ex¬
change Act of 1934 of 5,088 over-the-counter brokers and
dealers, having about 7,400 offices and 85,000 employees
any
"Press Contact" Official
Jan.
Withdrawn While Under Invest¬
upon tne
U.
Over-the-Counter
Effective
any
dealer
misrepresentation
or
with respect to
meaning thereof constitutes ground for suspension
or revocation
registration."
The Commission
on
Dec. 30 also stated:
Brokers and dealers whose registration statements are becoming effective
must operate
under rules of the Commission prescribing certain standards
of fair practice.
Those who have failed to register under the Act
are
pro¬
hibited from conducting an interstate
the market for which is
business or a business in securities,
predominantly interstate in character, unless those
securities be exempt under the Act.
Applications for registration by 36 brokers and dealers,
Commission added, have been either denied after in¬
vestigation by the Commission, or withdrawn while under
investigation.
A certain additional number of applica¬
tions are being temporarily held up pending determination
of the Commission as to whether sufficient grounds for de¬
nial exist.
Also, the effectiveness of four applications has
been temporarily postponed with the consent of the appli¬
cant.
In addition, a few applications have been permitted
to become effective even though the Commission has found
what it believes may later prove to be grounds for revocation.
Continuing, the SEC said:
the
Three major grounds for denial
(1)
a
are
expressed in Rule MA4.
wilful misrepresentation of material facts; (2) conviction in
with the securities business
within the past
10
years;
their existence, the
Commission
application to become effective.
scheduled
on
nas
are
and (3) permanent
injunction from engaging in securities business in the past 10
grounds, however, are not mandatory and, in
Tney
connection
some cases,
years.
These
notwithstanding
exercised its discretion to permit tne
Some 200 hearings have been held
the question of broker or dealer applications.
or
In order not to interrupt the normal business
of those who, because
of
Commission
has accelerated the 30-day waiting period as to all applications in which its
requirements have been met which were filed through Dec. 21.
Further¬
more, the Commission will proceed with
the expeditious examination of
some 225 additional applications filed since Dec. 21, with a view to per¬
unfamiliarity with the requirements, did not file earlier, the
mitting them to become effective
as soon as
unless
otherwise
ordered
by
Commission.
the
will, however, continue to receive and consider
for^so long
as
Dec. 31
The Commission
applications for registration
He
demanded
The Securities and Exchange Commission
announced
on
Dec. 31 the adoption of a rule
exempting certain acquisitions
by intranstate companies from regulation by the Commission.
Section 9 (a) (2) of the Public Utility Holding Company Act
of 1935, the Commission stated, provides that a person
acquiring securities of a public utility company must obtain
the Commission's approval of such acquisition if, after the
acquisition in question, the acquiring person will be an
affiliate of such company and of another public utility or
holding company by virtue of 5% stock ownership.
The
new rule, 9A2-4, applies, it is pointed out, to certain acquisi¬
tions by intra-state holding companies where the acquiring
company already has an interest in the issuer of the securi¬
ties and they are not acquired from an intra-state holding
company.
are not
protecting the dignity of the House.
The Democratic leaders,
the
President's
•
evening," Representative O'Connor, Chairman of the House Rules
Mr.
"We will, therefore, pass a resolution under the two-
Schall, Republican.
Repre¬
Repub¬
House members of the Northwest Territorial*Celebration
[in the House] with Mr. Byrns appointing
sentative Secrest, Democrat, of
lican, of Ohio, as
Ohio, and Representative Jenkins,
Committee.
Mr.
Byrns named
House
committee of three to inform the President
a
to receive his
ready
was
(a)(2) provided that:
inform you
in person this
prepared to deliver a message
...
galleries heard Senator Overton of Louisana inform
It
was a
ment
when the colorful Kingfish
different scene from that of a year ago
session, creating a buzz of excite¬
by his flashy attire.
formal resolution expressing "profound sorrow" over
similar resolution
A
was
introduced
as
a
result of the death of blind
struck by an automobile.
cracked down with his gavel
At the stroke of noon Vice-President Garner
in the
A few seconds later Speaker Byrns
Senate.
mittee
convened the House.
recessed until 9 P. M., but the House Rules
The Senate quickly
called into session to approve the resolution for a recess
was
Com¬
until
the President addresses the joint session.
Regarding
accounts from
permanent neutrality bill which
A
Press
the new Neutrality Bill, Associated
Washington yesterday said in part:
would give the President broad dis¬
retain existing mandatory
nations was introduced
(D., Tenn.) of the Foreign
cretionary power to embargo war materials and
embargoes on actual implements of war for belligerent
by Chairman McReynolds
in the house to-day
Affairs Committee.
McReynolds said the bill is "satisfactory to the
drafted after lengthy conferences with the
It was
Administration."
President and State Department
officials.
Planning to open hearings Tuesday, the Tennesseean
shall be exempt under this rule unless, prior to the
Mr.
Long's death.
and
(5) The public utility company whose securities are to be acquired is
organized under the laws of the same State as the company acquiring such
securities, and does not engage in any business as a public utility company
outside of that state either directly or through any subsidiary company.
The
Long's career later.
Overton said that he would discuss Mr.
Mr.
Senate adopted a
holding company, is exempt from the
(1) or (2) of Section 3 (a), or by virtue of having filed an application in
good faith for such exemption which has not been denied by the Com¬
mission prior to the time or the acquisition in question;
(2) The acquiring company is not itself a subsidiary of any holding
company, other than one which is organized under the laws of the same
State as the acquiring company and is exempt from the provisions of
Section 4 by virtue of a rule or order pursuant to Section 3, or by virtue
of having filed an application in good faith for such exemption which has
not been denied by the Commission prior to the time of the acquisition
in question;
(3) The acquiring company, prior to the acquisition in question has Jawfully acquired direct or indirect ownership of 10% or more or the outstanding
voting securities of the company whose securities are to be acquired:
(4) The person from whom the securities are acquired is not a holding
company, other than one which is exempt from the provisions of Section
4 by virtue of a rule or order pursuant to Section 3, or by virtue of having
filed an application in good faith for such exemption which has not been
denied by the Commission prior to the time of the acquisition in question;
the Senate
of the assassination of Senator Long last September.
Senator Schall, who was
provisions of Section 4 by virtue of a rule or order pursuant to paragraph
company
"your
Speaker," Representative Bankhead said for the committee,
"Mr.
liability imposed on such acquiring company as an affiliate by the pro¬
a
that the
Ten minutes later the three
message.
sought recognition.
strolled into the chamber for the opening
Exemption of certain acquisitions by intra-state companies,
The acquiring company, if
concurrent session to-night
The House then adopted the resolution for a
without debate.
Hushed
acquiring any security of a public utility company of which such
No
consent
Mr. O'Connor.
...
Business continued
evening."
acquiring company is an affiliate shall oe exempt from any obligation, duty
(b)
tried to make a
"If they
try to talk without directly objecting, I shall object myself and imme¬
diately offer the resolution."
~
'!
In contrast to the disorderly scene in the House, the Senate met for only
a few moments.
Almost the only business transacted was the swearing in
of Senator Benson, Farmer-Labor, of Minnesota, to replace the late Senator
"I won't stand for any delay in objecting," said
Subject to the conditions imposed by paragraph (b) of this rule, any
(1)
House convenes."
O'Connor served notice that any Republican who
political attack by reserving the right to object to the unanimous
and not contrary to the purposes of said Act, hereby adopts
visions of Section 9
balk
which did not
Republican will object to unanimous consent to recess
some
the President has stated he is
tne following Rule:
or
of the White House"
...
schedule, had planned a counter-offensive
thirds rule shortly after the
3 (d) of
appropriate in the public interest and for the protection of investors and
(a)
the regular
convinced that Republicans would try to
prove necessary.
Company Act of 1935, and finding such action
Tne SEC, acting pursuant to the authority granted by Section
the Public Utility Holding
company
to change
exists
committee, having waited on the President, we are happy to
The following is the text of the new rule:
Rule 9A2-4.
emergency
request would be summarily knocked down.
Company Act
consumers,
what
He said that if the Democrats carry out "this order
Committee, said.
Adopted by SEC Exempts from Regulations Cer¬
tain
Acquisitions
by
Intra-state Companies—
Deals with Section 9 of Public Utility Holding
know
to
House procedure.
until
Rule
of
Congress," he said.
"I know that
they may be filed.
writing or personally, it has
"Whether the annual message is delivered in
always been delivered during a regular session and at the convenience
they
possible.
Registration of all brokers and dealers will terminate at midnight
1936,
47
Financial Chronicle
Volume 142
was
introduced
Designed
features
arms,
to
asserted the bill
basis for the committee's work.
as a
replace
the
Neutrality Act,
present
whose mandatory
shipments of
expire Feb. 29, the bill keeps those prohibitions on
ammunition and implements of war to warring nations.
acquisition as to which exemption is claimed, it snail have filed witn the
Commission
person
a
identifying the securities to be acquired and the
statement
from whom they are to be acquired, stating the acquiring
company's
ownership, directly or indirectly, of all securities of the issuer of the securi¬
ties in question,
and briefly explaining the facts relied upon to bring the
acquisition within the exemption provided by this rule.
must be received
Commission
the
to
shorter
trality and Bonus Bills Introduced
Congress opened at noon
yesterday (Jan. 3), the Senate and House convening sepa¬
rately—recessing after brief sessions, to reconvene in a joint
session in the evening to hear President Roosevelt deliver in
person his Annual Message, scheduled for 9 P. M. and
heard throughout the country in a nation-wide broadcast.
It was pointed out on Jan. 2 in a Washington dispatch to
the New York "Herald Tribune" that since a recess of the
House must be by unanimous consent,
House Democratic
meeting of the Rules Committee on Jan. 3 to
have a special rule in readiness to thwart objectors.
A twothirds vote of the House would make effective a rule for an
United
a
Press
accounts
from
Regarding the
new
Washington late
session
yesterday
afternoon said:
-
Bonus and neutrality questions were to
vening of the two houses.
the fore immediately with con¬
The administration neutrality bill was formaUy
Bonus leaders, confident of enacting a measure
this year, debated whether
confidence
More
A
an
by Representative Rich, Republican
administration request
of Pennsylvania, to block
for unanimous consent to recess for Mr. Roose¬
Unanimous
approval of Majority Leader Bankhead's request was forth¬
turn his annual message
Snell had charged that the President planned to
into a "purely political speech."
.
.
.
Mr. Snell explained why
Mr.
Snell said that
he would not object to the night session, however.
he appreciated the fact that the President was
pewered constitutionally to address Congress.
Association of New
in the Association's annual sym¬
to
extension of the
K.
Louis
Chairman of
between
understanding
"new
further
deal"
legislation,
government
and
business.
which others phrase as an
"breathing spell."
Comstock, President of the Association and
the Board of the New York Title Insurance
Co., expresses his views as follows:
Business is in
a
measurably better position than it was a year ago.
It is
has been made
"breathing spell" in which
highly significant that a considerable part of the progress
since
the adjournment of Congress
brought
a
business has been free from immediate threats of new
experimentation.
York City seem at this
for is not
nearly
so
regulative measures
The fact that pre-holiday retail sales in New
writing to have been not quite so large as was hoped
important as the growth that has been made in some
of
industries—for here is where our eventual restoration to pros¬
perity must come.
Business
sentiment
is
better
The
than
a
year
ago.
Public psychology is
All of this means that we are in a position to continue our
advance and perhaps accelerate
depends
ultimate result
business
it considerably if given the opportunity.
upon
Washington.
If we can see definite
Federal budget, if the President and Congress
take positive action to curb national expenditures drastically, if business
can be convinced of the stability of the dollar, and if Congress and the
steps for the balancing of the
velt's address did not materialize.
coming only after Mr.
year
expenditures and steps for balancing the budget.
sympathetic
halt
better.
the soldier certificates.
this
are:
A curb to public
front" or Byrnes-Steiwer
Threats
to
posium on the business outlook for 1936.
A note of tem¬
pered optimism prevails in the survey, which was made
public Jan. 2.
Virtually all of the directors are looking for
better business in 1936 than in 1935.
Among the factors
mentioned as necessary for the development of business
the heavy
Senate.
they should,unite behind the Patman, "united
method of paying
Deal"
Development of
Halt to "New
Essential
Held
Twenty directors of the Merchants'
York took part
and fresh
introduced in both House and
and
Expenditures
Legislation
Confidence
The Final Session of the 74th
evening session, it was observed.
as
National
notice.
Opening of Final Session of 74th Congress—Unani¬
mously Consents to Recess Until 9 P. M. to Hear
President's
Annual
Message—Permanent
Neu¬
leaders slated
Viewed
Such statement
by tne Commission 20 days before such acquisition unless
consents
of Business Conditions by Directors of
Association
of
New
York—Outlook
Better in 1936 Than 1935—Curbing of
Annual Survey
Merchants
Administration
wiU
permit business to remain free of further threats of
unneeded interference, I believe the progress in
We must recognize
ema
very
1936 will be substantial.
played
is why our con-
that the expenditure of government funds has
considerable part in our present improvement; that
48
Financial Chronicle
industries
Burner
have
We can't continue
on
made
more
than
progress
as
ourselves
as
I believe that if
We must proceed on solid
do, by the end of the year
we
looking toward the clear.
to
included
$2,835,943 and for the 10 months ended with October 1934 the charges
$8,411,466.
are
*
might be provided by the early payment of the
bonus would be unfortunate in its after effects.
ground and
heavy industries.
our
government money indefinitely.
False stimulation such
Jan. 4 1936
we
b Includes payments which will become due on account of principal of long-term
debt within six months after close of month of report.
""-c Includes obligations which mature not more than two years after date of Issue.
d Deficit.
will see
V
Arthur Lehman of Lehman Brothers indicates his views
follows:
Postmaster General Farley in Annual Report Indicates
Increases in Revenues for Year of $44,062,136—
While there has already been a decided increase in commercial activities
Expenditures However Exceeded Revenues by $65-,
807,951—Surplus of $4,964,149 Figured with Ex¬
the
clusion from Expenditures of Items Amounting to
1936 should
level
of
maintain
business
is
credit
serve
as
visible during the last two
low.
The
and
more
of industry
re-equipment
should
progress
more
and
accepted should become
the
the
still
economic stimulus to
The barriers to full business recovery lie in the
uncertainties, real and
fancied, inherent in the state of mine of American business
domestic
and
foreign
The
scores.
enormous
and prospective, a natural sequence of the desire
men,
both on
in taxes,
increase
present
in Washington for social
security for all classes is responsible for a feeling of anxiety on the part of
leaders
be
can
in
would
industry
brought
ance on
as
more
to
when
and how
expenditures
the government's
Reasonable assur¬
nearly into line with its receipts.
this point and a more hopeful feeling as to the peace
of the world
definitely increase faith and confidence in the future and accelerate
economic recovery.
Postmaster General James A. Farley, in his report for the
on June 30 1935 (made public Dec.
fiscal year which ended
30) states that for the second successive year the ordinary
operations of the Postal Service were maintained within
the postal revenues and that there was an increase in revenues
for the year of $44,062,136.17, which was the first such in¬
crease since the fiscal year 1930.
Reporting that the revenues
of the Department for the year are $630,795,302, while the
expenditures were $696,603,253 (the latter exceeding revenues
by $65,807,951), Mr. Farley says:
Tne
According to W. Gibson Carey Jr., President of the Yale
Towne
Manufacturing Co., "socialistic tendencies in
government constitute at this time the most important
obstacles to continued recovery and to re-employment in
the United States." Mr. Carey adds:
&
After
sad experience, gradually, but surely,
a
itself to those fair,
of its forms.
Because of this reawakening I look for still better business, which means
increasing opportunity for all
Selected
Income
and
Steam
The
Bureau
of
who wish to work.
men
Balance
Items
Sheet
Class
of
I
mail, and other non-postal and adjusted items,
Commission has issued
a
the
of
statement
Commerce
showing the aggregate
was a net
100%
compensation of postal employees was put back on a
year the
basis through the legislative restoration of salary reductions, and
automatic
benefits
and
administrative
STATES
was
promotions
was
recommended by the Postmaster General and
In his foreword the Postmaster General says:
The primary function of the Post Office
the people
to
generally for
use
For the 10 Months of
1935
1934
1
1934
free of charge reading matter for the
blind, newspapers for delivery within the county of publication, and carries
without collection at the
zone rates
of postage, certain publications entitled
under the law to preferential treatment; provides quarters and other
in post-office buildings for other governmental
Net railway operating Income
Other income
$
$
$
of postage
its facilities.
Second, it handles, without charge, mail matter for the Congress and all
Income Items
1935
Department is to render service
wnich it receives pay in the form
and fees collected from those who
(ALL REGIONS)
of Oct.
the enactment of the
passed by Congress after the close of the fiscal year.
other governmental agencies; carries
For the Month
Further
restored.
also
were
accrued to postal employees through
have
which
UNITED
rendered for hire.
chiefly to improved business conditions, it
has, nevertheless, been augmented by a campaign which has
been conducted by the Department to promote the use of
postal facilities."
A summary of the report also says:
These
THE
are
mail volume is due
steam
FOR
amounting to
surplus cf $4,964,149.31 with respect to that
in the volume of the mail and while this increase in
crease
40-hour week law which
TOTALS
$630,795,302,
According to the report "this very material improvement
Department reflects a substantial in¬
totals of selected income and balance sheet items of Class I
railways in the United States for the month of October.
figures are subject to revision and were compiled
from 143 reports representing 149 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies.
The report in full is as follows:
were
$696,603,253.
in the finances of the
During the
Interstate
were
Taking credit for these non-postal and adjusted items,
$70,772,100, there
part of the Department's services which
Railways for October
Statistics
of the Department for the fiscal year
revenues
while the audited expenditures, including ship and aviation subsidies, free
the public is re-dedicating
sound, constructive and stimulating principles of life
which make up Americanism as opposed to collectivism in any
Letter
Three-Cent
of
Rate—Ocean Mail Subsidies Held Unsound
demand; low money rates and large
should aid business expansion.
reserves
$70,772,100—Continuance
trade;
allowed to lapse
transportation long
continual basis for
a
generally
housing shortage now
an
years.
$
facilities
agencies without receiving
payment therefor.'
75,425,093
12,196,536
49,336,305 397,458,302 393,922,009
13,371,466 128,022,747 143,302,870
Miscell. deductions from income.
87,621,629
1,512,638
62,707,771 525,481,049 537,224,879
17,012,610
1,586,554 14,345,239
velopment of aviation.
Income avail, for fixed charges.
86,108,991
61,121,217 511,135,810 520,212,269
to maintain the gratuitous service and to pay the
Third, it pays, in the form of mail contracts, subsidies for the mainte¬
of
nance
Total income
an
Obviously,
business
Fixed charges:
drew
Rent for leased roads
223,261
11,188,395 111,571,856 111,428,056
42,437,907 422,709,364 423,975,380
2,240,122
2,431,506
233,684
Total fixed charges
53,877,953
53,859,986 536,521,342 537,834,942
Income after fixed charges.
32,231,038
1,003,005
7,261,231 d25,385,532 dl7,622,673
1,002,917 10,023,161
10,022,529
31,228,033
16,253,597
2,458,654
6,258,314 d35,408,693 d27,645,202
15,454,717 161,370,725 158,491,469
1,387,129 15,250,669 13,610,801
Interest
Other
11,437,714
42,216,978
deductions
deductions
Contingent
charges.
Depreciation and retirements
Federal income taxes
Dividend
On
stock.
107,911
1,226,052
58,222,676
stock
990,060
570,636
13,645,380
69,162,566
13,653,311
marine and for
the
promotion and de¬
Therefore,
Post Office
the
subsidies from its normal
of necessity,
Department,
the general funds in the Treasury to make these payments.
on
The
Department estimates its revenues for the fiscal year
$670,000,000.
The expenditures for the fiscal year
1936, it is estimated, will be $760,000,000.
On this point
1936 at
the report says:
This expenditure includes the subsidies for ocean mail and air mail, free
Congress and government departments, &c.,
tional expense
which will be incurred
as
a
as
well
the addi¬
as
result of the new 40-hour week
law for postal employees.
appropriations:
common
On preferred
merchant
business organization could provide the money necessary
no
income.
mail for
Net income, a
American
As to the
has the
of postage
rate
following to
on
first-class mail the report
say:
The present rate of three cents an ounce or fraction of an ounce on non¬
Balance at End of October
1935
1934
local first-class mail
extended
Selected Asset Items—
$
$
Inv. in stocks, bonds, &c., other than those of affil. cos.
735,229,084
804,871,687
Cash
436,285,999
329,476,685
38.936.028
38,467,722
47,592,878
Demand loans and deposits
16,053,106
Time drafts and deposits
Special
deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
.
32,121,928
65,537,324
4,175,391
62,505,289
49,649,215
138,139,656
281,082,105
36,069,056
3,083,189
5,434,039
for
two
two-cent
rate
at
deficit,
fixed by the Act of Congress of June 6
a
years
this
condition
until July
1
1937.
time would unquestionably result in
which
1932.
Under
1935, this rate has been
A restoration of the former
a
large postal
Department is using its utmost endeavor
the
to avoid.
"
Regarding the contract ocean-mail service
following:
we
quote from
the report the
6,299,383
54,646,439
45,457,550
156,371,179
303,664,837
46.425.029
3,885,664
4,248,482
was
joint resolution of Congress, approved June 28
The cost of the contract
mail service during the fiscal year was
ocean
$29,536,733.87, while the cost of Carrying the
would have been
same
mails on
a
weight basis
$3,266,780.61.
While it is generally agreed that a government subsidy is necessary to
provide and maintain
the
Postmaster
an
General
adequate merchant marine, it is the opinion of
that
the
present
method
of
paying
a
subsidy
through the subterfuge of ocean-mail contracts is unsound and wasteful.
Total current assets.
1,130,136,297 1,075,471,876
Selected Liability Items—
Funded debt maturing within six months, b.
A direct
subsidy to
cover
ship operation would
251,969,992
122,657,622
the differential in the cost of ship construction and
seem the
best solution of this problem.
The present
system of subsidies through ocean-mail contracts has failed to produce
an
adequate and uprto-date merchant marine.
Loans and bills payable.c
Traffic and car-service balances payableAudited accounts and wages payable
_
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
345,063,977
80,779,417
225,534,340
56,587,838
.395,235,411
4,647,524
322,791,871
1,879,881
110,563,151
37,963,008
19,117,800
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities.
304,469,998
69,144,933
212,061,210
65,294,212
303,883,333
4,737,470
273,362,903
1,407,296
110,572,591
37,296,815
17,562,115
1,600,164,218 1,399,792,876
After the most careful study and consideration by the Postmaster Gen
eral,
he
is
convinced
that
the
In
.
a
on
October 1935 Income
account
35,856,707
150,335,308
33,728,533
159,276,332
as
reported was increased by credits to operating expenses
of reversal of charges
previously made for liability under the Railroad
Retirement Act.
These credits for October 1935 amounted to
$453,636 and for the
10 months ended with October 1935 the net credit Is
$7,738,061.
For October 1934
the reported net Income includes charges because of the Retirement
Act amounting
inherent
in
our
present
ocean-mail
administering the ocean-mail contracts the Department has, within the
provisions of the Merchant Marine Law and the contracts, effected and will
further effect revisions in service
million dollars if the contracts
very
which will result in the saving of several
are
continued in force, but these savings are
small when compared with the total
expense
to the government in¬
volved in these contracts.
As
a
result
of the information obtained through the
vestigation of the ocean-mail
Tax liability—U. S. Government taxesOther than U. S. Government taxes.
evils
subsidies system can only be cured by legislation providing a new system.
economies totaling
Department is
at
$946,898
present
contracts,
were
made
under
Department's in¬
Presidential order,
effected during the fiscal
year
and the
engaged in making tests of numerous vessels
operated by mail contractors with the view to determining whether these
vessels meet the contract speed requirements.
resulted in substantial
next fiscal year.
These tests have already
savings and will result in further savings during the
Financial
Volume 142
Comment
In
Postmaster
that
awarded
between
Islands, Midway,
dications
service
On
contract.
inaugurated
was
air-mail
would
74th
The
established.
be
appropriation for such a service and the Department
an
a
as
said:
Farley's annual report for 1934 he anticipated
General
trans-Pacific
a
Congress made
later
contained in
transoceanic air mail service is
on
the report, which in part
Nov.
1935, scheduled air-mail service
22
California and the
Hawaiian
via the
Orient,
Present in¬
Guam, Wake, and the Philippine Islands.
trans-Atlantic air-mail service will be established within
are that a
the next 18 months.
The
the
1935, there
was
held in trust for postal-savings depositors the
Outstanding principals
843,748;
accrued
represented
interest,
compared with
The classification of this amount follows:
by
of
certificates
826,044,518.97;
$69,385.60; unclaimed deposits, $19,156.
deposit,
outstanding
savings
81,204,stamps,
...
United States Savings Bonds
In accordance witn tne amendment of Feb. 4 1935, to tne
Bond Act and at tne request of tne Treasury
savings bonds in
placed
of
denominations
$25,
Second Liberty
Department, United State*
$50,
$1,000, were
$100, $500,
on
total of 14,951 post offices, branches,
a
designated,
and stations autnorized to
Since that date, 614 additional offices have been
and stations.
During the period from March 1 1935, to June 30 1935, there were a
amounting
total of 497,609 bonds sold, the sale price and maturity values
$96,365,587.50 and $128,487,450, respectively.
The surplus
figured by Mr. Farley occasioned the following
Washington Dec. 29:
comment in United Press accounts from
"surplus" of last year which caused a
The surplus resembled Farley's
storm of criticism from
This
"non-postal
Republican and anti-Administration circles.
he counted out $70,772,100 for subsidies, free mail and
year
These included ship contracts—which Farley vigor¬
and adjusted items."
ously condemned in their present subsidy form as "unsound
and waste-
full"—aviation subsidies and free mail.
The $70,772,100 deleted from the post
or
further
was
Trust
Co., New York, in its statement
clarified.
However,
tne
/
office books was not broken down
Total
$5,710,100.
detailed report snowed
$29,536,733
collected
$9,588,905 was spent
for domestic air mail.
Tnese amounts alone totaled $71,691,878
allowance for "non-postal and
our
of the
Irving Trust Co., New York,on
31,
as
of that date, were $720,027,981
$249,175,101 against $242,848,789, and
holdings of United
$200,350,615, compared with
holdings of securities guar¬
States Government securities,
$175,035,771.
In addition,
anteed by the United States Government were reported at
$15,019,681 on Dec. 31 as compared with $15,027,620 on
Sept. 30.
Capital stock and surplus were unchanged at
$50,000,000 and $55,000,000, respectively, while undivided
profits were $3,959,819 against $3,022,058 three months ago.
»
The First National Bank
statement
York, in its
1935, shows resources
of the City of New
of condition as of Dec. 31
$584,176,898, including cash of $175,065,704; United States
government securities of $196,439,394, and other bonds,
stocks, securities, &c., of $113,608,297.
Deposits are reported
of
adjusted items."
General
Postmaster
referred to in
witn no
resources
according to the institution's statement of con¬
against $675,205,034 on Sept. 30.
Deposits of the company at the end of the
year totaled $591,306,698, compared with $543,297,499 at
the end of the third-quarter.
Cash on hand and due from
the Federal Reserve Bank and other banks amounted to
Dec.
spent on ocean-mail contracts; tnat $2,566,239 could nave been
if regular rates were charged for free mail, and tnat
of
of Dec. 31 reports
that date totaled
dition
sell bonds at the close of tne fiscal year .
to
as
♦
second, and tnird classes, selected offices of tne fourth class and 815 branches
making
par,
sale March 1 at 14,337 post offices, including all offices of tne first
on
$286,067,432, compared with
deposits of $22,023,309 and
resources
of $27,058,322, compared with $17,217,086 and
$22,025,866 respectively on Jan. 1 1935.
Capital and
surplus amount to $2,000,000 each, unchanged from pre¬
vious years, and undivided profits to $807,721, compared
with $692,462 at the beginning of the year.
Cash in the
vault, on deposit in the Federal Reserve Bank of New York
and on deposit in other banks amounted to $9,042,425
Dec. 31.
Holdings of United States Government securities
condition
of 81,230,976,844.57, an increase of 810,613,191.96 as
corresponding date in 1934.
Trust Co., New York, reports,
and holdings of United States Government
$126,863,500 against $121,263,500. Surplus
and undivided profits were $16,325,145 compared with
$16,651,366 at the end of last September. /
$47,725,348,
securities, at
The Fulton
Postal Savings Deposits
sum
The Corn Exchange Bank
of Dec. 31, deposits of
$246,989,711 Sept. 30.
Total resources are given as $317,392,578 against $278,641,077 three months ago.
Cash in
vaults and due from banks amounted to $68,824,979 against
following is also from the report:
On June 30
49
Chronicle
Farley's report of a year ago was
issue of Jan. 12 1935, page 249.
at
$479,351,272.
Capital, surplus and undivided profits
$100,572,171, of which $10,000,000 was capital and
totaled
President
Fleming of
A. B. A.
to
Radio Conference of Building
Speak on National
Industry Jan. 13
Robert V. Fleming, President American Rankers Asso¬
ciation, will be one of the speakers in the first national radio
conference of the entire building industry to be broadcast
Jan.
13 at
11:00 a. m.,
Eastern Standard Time.
Mr.
Fleming will seek to show how the banks are bringing valu¬
able financial aid to home builders who look forward to
complete ownership.
The program, which will be spon¬
sored by the Johns-Manville Corp., will be heard over 51
stations of the National Broadcasting Co. system.
Trust Institutions for 1935-36
by American Bankers Association
Directory of
Prepared
and
published by the Trust Division
of the American Bankers Association, it was announced
Dec. 31.
The directory, it is stated, presents a more com¬
plete picture of the personnel of American trust business
than it was possible to give in the first directory compiled
a year ago.
The announcement of Dec. 31, issued by the
Bankers Association, continued:
The 1935-36 directors of trust institutions, trust men
trust associations has been
Tbe present
925
more
of
directory shows a total of 6,949 trust men and women, or
It lists 2,853 trust
than were reported in the previous edition.
institutions
having
an
aggregate
capital, surplus, and undivided profits
$4,416,407,878 and total resources of $35,443,238,561, or
tutions tnan
tions
and
were
reported in tne 1934-35 directory.
279
more
composed of 1,356 state-chartered trust companies and
are
1,497 national banks witn trust departments.
total of 3,045 trust departments, representing 1,684 cities
making
are
committees
and
bankers associations and 35 state, county, and city
63 local trust organizations, including 28 trust divisions
of state
associations listed in the directory togetner
cipal officers.
Of these groups,
divisions
were
Committee of the
1935,
as
follows:
the Trust Functions
Illinois Bankers Association; the Trust Division
Association; and the Trust
Dakota Bankers Association.
Association
of
of
The directory shows that 3 new trust committees
organized in
New Mexico Bankers
House
with the names of their prin¬
16 State organizations and 23 city and
associations nave reported tne adoption of uniform scnedules
county
fees for trust services.
and
being
by trust institutions.
There
of the
Division of the North
The Committee on Trusts of the Clearing
Richmond,
Virginia,
which
was
*
funds of the Bank of New York & Trust
Co., New York, including capital, surplus and undivided
profits, as reported in its statement of Dec. 31, 1935, amount
to $16,758,087 compared with $16,298,116 on Dec. 31, 1934.
This represents an increase of $459,970 during the year,
after payment of dividends of $840,000, and indicatesearnings on the stock of $21.67 a share.1' At the end of the year
the bank transferred $1,000,000 from undivided profits to
surplus, increasing the latter figure from $8,000,000 to
Because of this transfer, the undivided profits
$9,000,000.
account has been reduced by $540,029, as compared with the
The total capital
end of 1934.
#
year-end statement of the United States Trust Co.,
New York City, shows total assets of $104,918,962, com¬
pared with $103,838,682 on Sept. 30.
Deposits Dec. 31
amounted to $73,267,394 against $72,479,388 the previous
quarter. Cash on hand and due from banks was $37,228,712,
compared with $44,419,160, and investments in securities
amounted to $28,052,500.
Capital and surplus remained
unchanged Dec. 31 at $2,000,000 and $24,000,000, re¬
spectively, and undivided profits totaled $4,005,479, com¬
pared with $3,915,424 three months earlier.
The
and towns, or
110 more communities tnan were reported in tne first directory as
served
banks
In addition tnere are
included in tne directory 192 branch offices with trust departments,
a
insti¬
These trust institu¬
$80,000,000 surplus, both unchanged from Sept. 30.
On
Sept. 30 total resources amounted to $593,397,998, while cash
totaled $201,801,976; United States government securities,
$197,298,985, and other bonds, stock, securities, &c., $116,557,848.
Deposits on the earlier date were in amount of
$489,298,564.
first appointed in
—-4
Deposits of the National City Bank, New York,
totaled
Dec. 31, according to the bank's state¬
ment of condition as of that date, which compares with
$1,599,594,065 on Sept. 30. Undivided profits at the latest
date were $10,644,279, compared with $12,098,319 at the
end of September and capital and surplus were unchanged.
Cash on hand and due from banks dropped to $527,491,424
Dec. 31 from $575,852,238 at the earlier date, while holdings
of Government securities rose to $510,764,688 from $426,427,216. Total resources on Dec. 31 were shown as $1,880,679,850 against $1,824,654,680 Sept. 30.
$1,652,366,244
on
«
1933, is reported for the first time.
The Dec. 31 statement of the
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
price of seats on the Stock Exchange reached a new
the year when arrangements were made Dec. 30 1935
for the transfer of a seat at $145,000, an increase of $10,000
over the last sale on December 23.
The names of the two participants in the sale were John
F. L. Curtis, deceased to Harold M. Iseman.
Previously, the 1935 high had been $140,000 for a trans¬
action on November 19, and the lowest figure for the year
was $65,000, recorded on April 3.
The
high f
or
City Bank Farmers Trust
Co., New York, affiliate of the National City Bank, shows
resources of the bank at $111,390,182 and deposits of $87,526,709, which, compare with $99,890,491 and $76,344,061
respectively, Sept. 30. last.
The bank, according to the
statement of Dec. 31, holds cash on hand and due from banks
of $36,275,953, and United States Government securities in
amount of $39,771,668.
At the end of the third-quarter
these two items were shown as $37,859,019 and $25,001,594,
respectively. Undivided profits of the institution increased
from $2,800,340 on Sept. 30 to $2,805,961 Dec. 31.
Capital
and surplus were unchanged at $10,000,000 each.
Financial
50
The
retirement
of
New York, was announced Dec. 30. Mr.
offices
of
after
44
service with the firm of Speyer & Co.,
years of continuous
held
Lowitz
MacLennan
Robert
Speyer & Co. in 1891.
Lowitz entered the
For many years
has
he
power
responsible position with the firm and had its full
of attorney. He will receive a pension from the fund
which
Speyer & Co. established for its staff in 1906.
a
♦
The New York State Banking
Department on Dec. 23 gave
County Trust Co., New York, authority to
change its title to Lawyers Trust Co. Approval of the change
in the name by stockholders of the institution was noted
the
in
Lawyers
issue of Dec. 28, page 4107.
our
♦
Harvey D. Gibson, President of Manufacturers Trust Co.,
New
York,
acted upon at
Charles
H.
T.
the meeting of the Board of Directors Dec. 30:
Joseph
J.
John
B.
Vice-President
in
charge
of
the
Assistant
Vice-President
named
McGrath,
named
charge
in
of
the West
43rd
Vice-President.
Assistant
Secretary
Assistant
Vice-President.
Paddi, Assistant
Secretary in
in
charge
of
the
23rd
Street
charge of the Personal Loan De¬
partment, has been named Assistant Vice-President.
Paul
N.
Robins
in
the
Industrial
Department has
been named Assistant
Vice-President.
Richard
P.
Chase National Bank, New York, made
public its statement for Dec. 31 1935.
The deposits of the
on that date (including certified and cashier's checks),
it is stated, were $2,075,121,000 compared with $1,760,129,000 on June 29 1935, and $1,709,792,000 a year ago.
Total resources amounted to $2,350,549,000, compared with
$2,027,704,000 on June 29, and $1,999,050,000 a year ago;
cash in the bank's vaults and on deposit with the Federal
Reserve bank and other banks, $855,638,000 compared with
$528,863,000 and $514,732,000 on the respective dates; in¬
vestments in United States Government
securities, $561,505,000 compared with $573,664,000 and $503,435,000; loans
and discounts, $638,002,000, compared with $639,395,000
and $651,070,000.
It was also stated:
On Dec. 31
in
the
Branch
Loan
Administration
same
4
George K. Reed, a Vice-President and director of Edwin
Bird Wilson, Inc., New York advertising firm, and a former
banker, died on Dec. 22 in Clearwater, Fla., where he had
been recuperating since October from a heart ailment.
Mr.
Reed, who had specialized in financial advertising, was 59
years old.
Following his graduation from Princeton Uni¬
versity in 1899, he was employed by T. Mellon & Sons
(from 1900 to 1903), now the Mellon National Bank of
Pittsburgh.
In 1904 he became Assistant
Secretary of the
of the Colonial and the Columbia National
manager
Bank and Germanic
Savings Bank of Pittsburgh. Mr. Reed
Chicago in 1911 as manager of Rand McNally Bank¬
Directory and Rand McNally Bankers' Monthly.
He
joined the Edwin Bird Wilson organization in 1920 and
went to
ers'
moved to New York
a
few months later.
James
A. Jackson, a Vice-President of the National City
New York, has resigned to become associated with
Lazard Freres & Co., Inc., it was announced Dec. 31 follow¬
ing a meeting of the Board of the National City. Mr. Jack¬
son joined the bank in 1917 as its Western
representative
Bank,
headquarters in
institution's
Kansas City,
head
office
following
year
became
Vice-President in
was
made
in
Mo.
He
New York
in
was
called
on
Dec. 31 1935 were $21,897,000
1935
29
and
$18,839,000 on
Dec.
In the statement of condition of the Manufacturers Trust
Cash and due from banks is given at
over
the September quarter.
1920 and
the
Assistant Vice-President.
an
He
1922.
+
$527,176,000, -
gain of $50,677,000 compared with Dec. 31 1934 and, $200,000,000 increase compared with Dec. 311933. Besides paying
its regular dividend of $3,600,000, the Chemical also added
$1,783,892 to undivided profits, indicating net earnings of
$2.69 per share for 1935 compared with $2.11 per share for
1934, being an increase of 27%. The Chemical Bank & Trust
Co., it is stated, has an uninterrupted dividend record since
enters
upon
its 113tli year.
*
The Federation Bank and Trust
Co., New York, in its
31, shows an increase in
$11,116,696 compared with $9,094,882 on
Dec. 31 1-934 and $10,128,456 on Sept. 30 1935.
Deposits
io e to
$9,243,573, it is stated, compared with $7,275,595 a
year ago and $8,302,534 three months ago.
Undivided
profits at the end of 1935 were $134,073 against $100,180 a
year ago and $127,979 on Sept. 30.
Other items showed the
following comparisons with a year ago and three months ago:
statement of condition
resources
as
an
The surplus and undivided profits account
of
$1,250,000,
approximately
stated in President
the
Gibson's letter
State,
of Dec.
county
and
$185,276 against $220,960 and
city
bonds,
$2,383,844
against
$1,376,710 and $2,164,245.
«
Continental Bank & Trust Co., of New YY>rk,
an¬
nounced this week the opening of an office in
Dallas, Tex.,
the appointment of Carroll J. Hester as their
repre¬
sentative in the Southwest.
being
$1,251,332.
the stockholders on
Dec.
As
9, at the
dividend, net earnings are now added
directly to undivided profits instead of being credited to reserves, as in the
past.
4
S. Sloan
Colt, President of Bankers Trust Co., New York,
made public on Jan. 3 the annual statement of the bank as of
Dec. 31 1935, including comparisons with the end of the
preceding year.
Mr. Colt stated:
total
The
of Bankers
resources
$1,031,668,957
Trust
Co.,
as
of Dec.
31
1935,
were
the same date a year ago.
The
Capital of $25,000,000 and Surplus of $50,000,000 remain the same.
The
as
against $997,326,107
Undivided Profit account
for last year.
year
988,031
a
was
year
ago.
on
$18,386,035
Contigency fund
as
Securities
were
as
against $16,922,710 a
compared with
Deposits of $882,-
Government deposits, which stood at $138,920,980
last year have been paid off during the year.
ment
compared with $12,018,798
$13,966,038
was
Deposits of $910,376,043
ago.
Holdings of U. S. Govern,
$458,595,209 compared with $437,811,600 on
Dec.
31 1934.
♦
The statement of condition of the Guaranty Trust Co. of
as of Dec. 31 1935, issued Jan. 3, shows deposits
New York
of
$1,513,931,163, which for the third successive quarter
reported as the largest in the history of the company.
Deposits were $1,462,789,373 at the time of the company's
are
last
published statement, Sept. 30 1935, and were $1,260,on Dec. 31 1934.
The company's total resources are
$1,847,433,862, as compared with $1,779,579,553 on Sept.
30 1935, and $1,577,090,738 a year ago.
The company's
capital and surplus remain unchanged at $90,000,000 and
$170,000,000 respectively, and undivided profits are $7,398,412, compared with $6,598,517 on Sept. 30 1935, and $7,294,720
a
year ago.
♦
The statement of condition of the Brooklyn
Trust Co.,
Brooklyn, N. Y., as of Dec. 31 showed total deposits of
$113,289,798 against $104,902,125 on Sept. 30.
The latest
showed total cash
on
hand and due from other
banks of $41,310,812 against $33,996,078 three months ago.
Holdings of United States government securities were $23,as compared with $19,218,847.
Undivided profits of
$1,328,453 as of Dec. 31 were shown, against $1,359,938
Sept. 30.
Total resources were $129,409,416 on Dec. 31
against $122,722,836 Sept. 30.
950,984
>
On
Dec.
23
the New York
State Banking Department
granted permission to the Camillus Bank at Camillus, N* Y.,
to reduce its capital stock from $50,000 at a par value of
$100 a share to $5,000 at a par value of $10 a share and
subsequently, on the same date, approved an increase in the
bank's capital from $5,000 to $30,000.
4
Plans
to
reduce
the capital
stock of the Dundee State
Bank, Dundee, N. Y., from $50,000 at a par value of $100
a
share, to $5,000 at a par value of $10 a share, were approved
by the New York State Banking Department on Dec. 16,
which later on the same date approved an increase in the
bank's capital from $5,000 to $25,000.
_—«
The New York
State
Banking Department on Dec. 23
approved agreements for the merger of the Bank of Batavia,
Batavia, N. Y., and the Bank of East Aurora, East Aurora,
N. Y., into The Marine Trust Co. of Buffalo.
The consoli¬
dation is expected to be consummated shortly.
and
*
to
shows a gain for the quarter
increase
exact
time of the declaration of the special
Cash, $3,409,360 against $2,034,683 and $3,206,044rU. S. Government
$185,276; New York
increase of $13,000,000 over the same
Loans and bills Purchased remain practically un,
to
and other Government guaranteed
securities,
$128,577,860, an increase of $24,-
United States Government securities
changed at $168,008,640.
statement
a
now
showing
item three months ago.
to
The annual statement of the Chemical Bank & Trust
Co.,
New York, as of Dec. 31 1935, shows deposits of
The
June
on
064,445
♦
total
$20,851,000
Co., New York as of Dec. 31 1935 deposits are shown at
$565,713,371, which is the highest in the history of the bank.
This represents an increase of $37,000,000 over the last
quarter, and of $65,000,000 over Dec. 31 1934.
Resources
likewise are at the peak with $673,011,720 as against $633,239,942 three months ago, and $604,747,200 at the end of
1934.
In the announcement issued by the institution it was
Colonial Trust Co. of Pittsburgh and in 1908 became adver¬
1827 and
Undivided profits
year ago.
stand at $229,997,961,
Sterling National Bank & Trust Co., New York, has
enlarged its banking quarters at Broadway and 39th Street,
and now occupies the entire floor or almost double the
space required when this
office was opened in January,
1931.
Located in the heart of the city's textile and garment
district, this office now provides, with additional facilities,
every banking service for its customers, including expanded
Foreign and Thrift Departments. Indicative of the marked
growth of the bank in recent years, deposits increased from
$8,053,341 on Dec. 31, 1930 to $19,387,832 on Dec. 31, 1934,
and now exceed $20,000,000.
a
a
31 1934.
000,000
The
the
as
compared with
Department has
V.''-.'
with
1935, the capital of the bank consisted of $50,000,000 pre¬
ferred stock and $100,270,000 common stock and $50,000,000 surplus, the
also stated:
Wilson
been named Assistant Secretary.
tising
the
bank
Empire
named Vice-President.
been
has
has been
office,
Jan. 4 1936
3
——♦
Assistant
Newell,
Rubanow,
office,
Francis
On Jan.
Vice-President.
State office, has been
Street
Securities Department,
Jones, Assistant Vice-President in the
has been named
George
the following promotions which were
announces
Chronicle
4
Directors of the First National Bank in
N.
Y.,
on
Jan. 2 declared
a
Yonkers, Yonkers,
semi-annual dividend of 4%
on
Financial
Volume 142
iV
its
$10
continued:
ment
is
This
July of last
The
than
7,000
be
to
declared
the
since
bank
1933, the two previous payments in January and
16
distribution
amounts to
of
dividend
having been at the rate of 3% each,
year
present
tributions
semi-annual
Dec.
on
to
$12,000,
$9,000 each
the
which
6% for the year.
more
together with the semi-annual
1934, brings
in
or
stockholders, numbering
bank's
the total to
dis¬
$30,000.
Edward B. Vreeland
on
that date from Salamanca, which went on to say:
Mr. Vreeland, who is 78 years old, said he was retiring because
He
was
a
of
age
and
Representative from 1899 to 1912 and was co¬
author of the Aldrich-Vreeland Banking Law.
'
Vice-President
Shawmut Bank of Boston,
to say:
joined the bank in May 1925, as Assistant Vice-President
of the credit department.
was
He
was
elected Vice-President on Jan. 1 1930
also Vice-President of the Shawmut Association and of the Shawmut
was
Bank
Investment
Lee,
with
Trust.
Before entering the
Shawmut organization, he
Higginson & Co., the International Trust Co. and Kaler,
Carney, Liffler & Co., insurance brokers.
v-AA;;:-.Boston of the New
York brokerage firm of Hey den, Stone & Co., and a former
President of the Boston Stock Exchange, died on Dec. 30 at
his home in Winchester, Mass
Mr. Downs, who was 63
years old, joined Hayden, Stone & Co. in 18^2 and was
admitted o partnership n 1906.
♦
Jere A. Downs, a resident partner in
Lawrence
B.
Casey, former Assistant Vice-President of
the Irving Trust Co. of New York, on Jan. 2 became Presi¬
dent of the First National Bank of Plainfield,
oldest banking institution in
F. Feickert, who retired on
that city.
Dec. 31.
N. J., the
He succeeds Edward
Philadelphia National Bank Philadelphia, Pa., had
resources of $452,787,740, which compares
with $419,855,514 on Sept. 30.
Cash on hand and due from
banks was reported on Dec. 31 at $173,321,996, against
$144,150,209 at the end of September.
The institution's
holdings of Government securities rose from $119,998,061
at the end of the third-quarter, to $121,123,266.
Capital
stock of the bank remained unchanged at $14,000,000, while
surplus and net profits increased from $20,144,531 to
$20,641,585.
Deposits also advanced during the quarter
ended Dec. 31 from $370,727,607 to $403,941,318.
Dec. 31 total
banker
wras
Sub¬
admitted to the Philadelphia bar in 1884.
was
delphia Savings Fund Society as Treasurer, subsequently
being made Vice-President and in 1913 a member of the
Board of Managers.
Some ten years later (1924) he was
of the
elected President
institution,
an
office he held until
when he was appointed to the then newly
ago,
years
In addition to his
of Chairman of the Board.
long affiliation with the Philadelphia Savings Fund Society,
Mr.
Willcox
was
of
director
a
the
Street
Franklin-Fourth
National Bank, the
Pennsylvania Co. for Insurances on Lives
Granting Annuities, the Independence Indemnity Co.
the Independence Fire Insurance Co.
and
and
Ohio Savings Bank & Trust
Ohio, are to receive $1,200,000 in the pay¬
dividend between Feb. 1 and Feb. 15, was
announced cn Dec. 24 by Ross Walker, co-ordinator of bank
liquidation in Toledo.
The distribution will bring the total
payment to depositors since the bank closed to 45%.
The
Toledo "Blade" of Dec. 24, from which the aboye information
is received, continuing, said:
Co. of Toledo,
ment of a 5%
Mr.
court,
In its statement of condition
as
of Dec. 31 the Fidelity,
Philadelphia Trust Co., Philadelphia, Pa., reports deposits
of $103,531,993, compared with $106,512,744 on Sept. 30.
Resources are given at $129,894,487, against $132,481,620
while holdings of United States Government securities and
Home Owners' Loan bonds are shown to be $30,178,228,
compared with $24,178,228.
Cash on hand and in banks
amounted to $23,491,497, Dec. 31, against $36,064,344 at
the close of September.
Capital stock and surplus were
unchanged at $6,700,000 and $15,000,000, respectively and
undivided profits were $1,335,362, at the end of the year
against $1,302,412.
4
Deposits of the Pennsylvania Co. for Insurances on Lives
and Granting Annuities, Philadelphia, according to the Dec.
31 report of the institution, totaled $230,655,503, compared
to $233,242,578 on Sept. 30. There has been no change in the
capital structure of the institution. Total resources on Dec.
31 are reported at $254,398,296, against $247,474,606 three
months ago; cash on hand and due from banks amounts to
$85,025,730, compared with $66,277,710 on the earlier date.
Holdings of Government securities are $47,092,744 against
$52,115,322 at the end of September.
The institution re¬
ported undivided profit on Dec. 31 of $2,070,461, an increase
over the Sept. 30 total of $1,733,081.
♦
Federal
Deposit Insurance Corporation announced
of depositors
according to
Associated Press advices from Washington, D. C., on Dec. 24
Dec. 24 it would begin payment on Dec. 26
of the Farmers' Bank, West Louisville, Ky.,
on
16, the announcement said, with deposits totaling
Approximately 300 depositors had funds in the bank.
$32,000.
—4
Frederic
also
Eastburn
Assistant
Murtha, Cashier of the Farmers' & Merchants'
Ohio, has tendered his resignation
according to advices from that
city appearing in "Money and Commerce" of Dec. 21, which
National Bank of Bellaire,
effective the first of the year,
went
on
to say:
He served
as
On
Jan.
1,
elected
was
J. Roland Scott
Estate
named Cashier,
Mr.
Estate Officer and the following were
Warren
and Gustave E. Bliss.
a
in
He
B.
Borneman,
few days to name his successor.
a
accept
Murtha will
was
position he has held since February 1934.
meet
Bank & Trust Co., at Columbus.
was
a
position with
the
City National
in the banking business in Columbus
prior to being appointed conservator of the Bellaire institution.
In
indicating that two Canton, Ohio, banks are planning
First Trust & Savings Bank and the
consolidate—the
to
Central Savings
Bank & Trust Co.—advices from that city,
appearing in "Money & Commerce" of Dec. 28, had the fol¬
lowing to say, in part:
Plans
and
for
Savings
consolidation
Bank
the
of
and the
wculd
tinue
retain
the
operations
Consolidation
name
in
business
Central
the
of the First
Combined assets of
and
property of
Saving Bank &
banks.
Trust &
the First Trust
Trust Co.
.
.
.
have
The consolidated organization
Savings Bank and would
con¬
present quarters.
the capital stock
the two banks would be $3,810,778.32.
provides
for
increasing
to
$300,000.
4
The Cleveland Trust
Co., Cleveland, Ohio, in its s atement of condition as of Dec. 31 reports total asset
of
$337,733,007, which includes cash on hand and in banks of
$93,459,921 and holdings of United States Government
obligations of $53,433,165. Deposits are listed at $303,176,420.
The capital account of the institution was given at
$31,854,985 on Dec. 31, consisting of $1^,000,000 of capital
notes, $13,800,000 of capital stock, and $3,054,985 of surplus
and undivided profits.
4
31 the Central
Cleveland, Ohio, reports total re¬
sources of $146,987,308; cash in vault and with banks of
$23,396,849, and holdings of United States Government
bonds and Home Owners'
Loan Corporation bonds of
$58,404,307.
Deposits are given as $131,385,066.
Capital
is reported at $13,000,000, consisting of $8,000,000 of pre¬
ferred stock and $5,000,000 of common stock; surplus, un¬
divided profits and reserves are reported at $1,535,710.
In its statement of condition as of Dec.
United National Bank,
4
Directors of
the Live
Stock National Bank of Chicago,
111., on Dec. 27 voted to increase the bank's surplus account
by $250,000, raising the same to $1,000,000, we learn from
the Chicago "Journal of Commerce" of Dec. 28, which
also said:
the third increase in surplus voted in
further rise in deposits, w hich are now
David H.
reported at
16 months and follows a
a new
high of $20,000,000.
Reimers, President, said in announcing the action "directors
sistent satisfactory
The current increase has been made possible by con¬
earnings."
4
That the
Upper Avenue Bank of Chicago, 111., has in¬
creased its surplus account was reported in the Chicago
"News" of Dec. 28, which said:
The Upper Avenue
Real
Officers:
institution
conservator of the bank in 1933, and when the
was
directors of the bank will
gain in deposits.
stated:
Real
will
depositors
♦
Thomas E.
i
in charge of the
real estate departments of the Fidelity-Philadelphia Trust
Co. of Philadelphia, Pa., at a meeting of the directors on
Dec. 30, we learn from the Philadelphia "Record" of Dec.
Linford
40,000
The bank closed Aug. 15 1931.
I. Mirkil Co., was elected a Vice-President
31, which
Approximately
said.
regard it desirable to increase capital accounts proportionate to our strong
Wlieeler, formerly Vice-President of William
C.
Walker
receive checks.
This is
which added:
The bank closed Dec.
distribution will be filed in common
approval of the
Application for
pleas
been announced by directors of the two
>
4
Griest,
deceased
The
Oct. 27 1861.
1893, when he returned to his native city to enter the mutual
banking field nine years later.
In 1902 he joined the Phila¬
The
The
elected
illness.
on
sequently he practised law in Florida and Tennessee until
organized he
♦
The
brief
a
Philadelphia
•
on
the company in
with
remain
elected Cashier.
That depositors of the closed
Mr. O'Connell
and
was
E.
Upon his graduation
Georgetown University, Washington, D. C., he studied
An announcement in the matter went on
and Cleveland.
after
born in
created post
of the National
Mass., has resigned from that
institution to become a resident partner of the firm of Soucy,
Swartswelter & Co., members of the New York and other
leading stock exchanges, with offices in Boston, Youngstown
O'Connell,
E.
will
Davis
Henry
Willcox, Chairman of the Board of the Phila¬
M.
26
Dec.
two
4
Joseph
James
law and
Jan. 2
resigned as President of the
Salamanca Trust Co., Salamanca, N. Y., an office he had
held for 45 years, and was succeeded by Edward B. Fitz¬
gerald a merchant, according to Associated Press advices
recent illness.
Vice-President,
Bannard,
delphia Savings Fund Society, and one of Philadelphia's
leading bankers, died in Jefferson Hospital, that city, on
from
4
on
H.
advisory capacity.
an
'
.
l
third
tiie
chartered
was
The announce¬
'
'
Charles
(40 cents per share), payable
value capital stock
par
Jan. 7 to stockholders of record Dec. 16 1935.
51
Chronicle
Maurice
Bank followed an increase of $50,000 in September by
adding a like amount yesterday (Dec. 27), bringing total surplus to $200,000.
Deposits have increased more than $1,000,000 during the year.
♦
Financial Chronicle
52
L. DeBost President of the
William
Union Dime Savings
Bank, New York, announced Jan. 2 that at the annual meet¬
ing of the Trustees, J. Wilbur Lewis was elected Treasurer,
and Millard S. Trotter, Assistant Secretary of the bank.
with the bank since 1911, was
1924 and Assistant Treasurer in
At the present time he is President of the Savings
Officers Forum of Group IV of the Savings Banks
Mr. Lewis, who has been
Assistant Secretary in
Gurney P. Hood, State Commissioner of Banks for North
Carolina, on Dec. 21 announced that checks aggregating
$208,690.58, were in the hands of more than 10,000 deposi¬
tors of the Bank of Huntersville, the Asheboro Bank &
Trust Co., the Merchants' Bank of Durham, the Commercial
Bank & Trust Co. of Gastonia, and the Savings Bank &
Trust Co. of Elizabeth City.
In reporting the matter the
Raleigh "News & Observer" of Dec. 22 continuing, said:
Mr. Trotter has been with the Union
ciation of New York.
Dime
made
1934.
Bank
Asso¬
Savings Bank since 1920.
Jan. 4 1936
The
Durham
bank,
depositors, making
♦—_
which
closed in
1932, made the largest
January
disbursing $99,896.04 in payment of a 10% dividend to
payment,
2,633
fourth payment and bringing to $599,356.73, or 60%
a
the amount paid them.
A
West
"Money &
granting of Fed¬
eral Deposit Insurance it was expected that the new Union
Banking Co. of West Mansfield, would open within a fort¬
Mansfield, Ohio, dispatch, printed in
Commerce" of Dec. 28, stated that with the
The
night.
institution will
new
of the old Union Banking
of
Mansfield.
West
L.
Shoemaker
S.
consolidation
a
Cashier.
He
has
been
in
charge of the liquida¬
tion of the two banks forming the nucleus for the new one.
West
of
Mansfield
business
start
be
will
with
Assistant
Cashier.
The
institution
indicating changes in the personnel of the First National
of Owatonna, Minn.,
the "Commercial West" of
Dec. 21 said:
The resignation of
Harvey M. Johnson
Cashier of the First
as
Bank of Owatonna, and the selection of Julius H.
National
Meyer to succeed him»
made public last week Mr. Johnson has been employed by the Owa¬
tonna bank since
1921, having been Cashier for the past four and a half
He will leave Owatonna when relieved by Mr. Meyer, shortly after
years.
the first of the year, to join the staff of the First Bank Stock Corp. in Minne¬
apolis, with which the Owatonna bank is affiliated.
were
paid by the Asheboro bank, depositors of
total of $58,365.86, or 100%,
•
1935 experienced the record year of its history with de¬
posits, resources and earnings all registering their all-time
high marks, it was announced Jan. 1 by A. P. Giannini,
Chairman of the Board.
In addition to attaining the highest
recorded totals, the deposits, resources and earnings of the
bank in 1935 showed their greatest
comparative gains over
in the bank's history.
We quote the
announcement further, in part:
preceding
any
Mr. Meyer, who was
years
Deposits of Bank of America in the past
year
total of $1,155,265,000 as of December 31,
member of the First Bank Stock
bank
on
the staff of the
corporation's Minneapolis office for the past few months.
of the First National Bank of Owatonna
are
Other officers
on
Total resources of the
$135,096,000
for the year just closed.
R. S. Banfield, President and
Earnings of the bank for 1935 totaled $16,276,000, an amount equal to
$8.14
Officer.
earnings totaled $10,530,000,
♦
increased $176,933,000 to a
1935.
December 31 stood at $1,277,419,000, an increase of
Trust Officer, and Mae E. Brewster, Assistant Cashier and Assistant Trust
a
In 1934,
share on 2,000,000 outstanding shares of capital stock.
or
$5.26K
a
share on the same number of
During 1935 the bank paid $6,000,000 in dividends,
outstanding shares.
Divi¬
including the $1,000,000 extra dividend declared in the last quarter.
The First National Bank of Lead, S. Dak.
(capitalized at
$350,000), and The First National Bank of Deadwood,
S. Dak. (capitalized at $200,000), were merged on Dec. 21
share in
under the title of The First National Bank of Lead.
reserves
The
dends amounted to $3 a share during the past year, as against
1934,
when
a
and
$1.87H a
In addition to
total of $3,750,000 was disbursed.
dividend payments, $6,573,000 of the bank's 1935 earnings was
allocated to
$3,703,000 went into surplus and undivided profits, which
totaled $50,867,000 at the close of the year.
organization is capitalized at $550,000, consisting of
$425,000 of preferred stock and $125,000 of common stock,
and has a surplus of $55,000.
On the same date a branch of
The First National Bank of Lead, located at Hot
Springs,
S. Dak., which had been authorized since Feb. 25 1927, was
re-authorized by the Comptroller of the Currency, who also
said.
authorized the
modernization and equipment loans after April 1.
new
.
which
and the Huntersville institution,
depositors of which received $30,967.12, or 82% in seven payments.
for several years Cashier of the First National Bank of Heron Lake, another
Corp. group, has been
$436,258.36,
1,596 depositors who have now received
money.
Bank of America National Trust & Savings Association
(head office San Francisco), which claims to be the largest
bank in the United States outside of New York City, in
'■'•
»
Bank
was
100%, of their
Final dividends also
a
The
will
'
In
or
3% dividend totaling
58%, paid them.
or
April 1929, will pay.
City institution, which closed in December 1930, also paid
Dwight Ballinger
new
$30,000 capital.
■
the last the bank, closed in
its last dividend to
received
dispatch continued:
was
The Elizabeth
Co. and the Farmers' State Bank
The
will be
represent
The Gastonia institution paid its 4,753 depositors a
$47,365.73, making a total of $1,032,567.92,
dividend
wood and at
new
institution to maintain
a
branch at Dead-
The
recently
organized
instalment
during 1935 amd will expand its
were
scope
loan
department was
made
very
active
materially during 1936, Mr. Giannini
He pointed out that instalment loans in the amount
of $18,000,000
during 1935 in the form of automobile financing, personal loans
and modernization loans, and stated that it is
of lending throughout
1936
planned to continue this type
should the Government cease to insure
even
Spearfish, S. Dak.
' /
•
(Continued
♦
on
page
\
76)
PRICES IN 1935 AT THE NEW YORK STOCK EXCHANGE
The tables
of
on
the
following
show the lowest and highest prices at the New York Stock Exchange
pages
Railroad, Industrial and Miscellaneous bonds and
for each month of the past
year.
The tables
are
stocks and also of Government and State
all compiled from actual sales.
Under
a
securities,
resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been
a new basis^
The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"—that
is, the price included all accrued interest.
Income bonds
and bonds upon which interest is in default are still dealt in "flat."
on
COURSE
OF
PRICES
OF
RAILROAD
AND
MISCELLANEOUS
BONDS
1935.
5
BONDS
January
Low
RAILROAD AND INDUS TRIAL
March
February
High Low
High Low
June
April
October
November
May
December
July
August
September
High Low High Low High Low High Low High Low High Low High Low
High Low High Low High
C0MPA NIES
Abitibi Pow & Paper 1st 5s.1953
Abraham & Straus deb 5 Ms 1943
2984
3234
Adams Express col tr
94
98%
4578
4934
28
3378 4U2 36
40%
37% 28% 38%
30% 3534 26
31% 26% 29% 28
34% 28% 33%
10338 104
103% 104% 10434 105% 103
105% 104% 105% 10334 104% 10234 105
102% 10234 102
102%
g 4s__1948
85
90
89
88
90
88% 88
98
90%
100
9034 94% 92% 94% 9334 9934 98% 99
Coll trust 4s of 1907..
1947
Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st 5s, ser A
1943
108
10734 10734
1943
103
100
>
98
100
100
108
10158 107
102
101% 102
Albany Perf Wrap Paper 6s.1948 40
64% 49
1st
cons
4s series B
68 assented
100%
57%
91
4034
91
103
48%
86%
ioo"
38
102
75%
102
68
Coll &
conv
58
1949
58%
66%
58%
Coll &
conv
5s
1950
22
26
20
23
26
2134
Certificates of deposit
5s Stamped
102%
74
99% 102%
64% 71%
64%
52%
25
13
20
24%
13%
20
1950
90%
106
90%
108
61%
12
9
85
Alpine-Montan Steel 7s
on
1955
_
Amer Beet Sugar 6s ext to.. 1940
5-year 6s
1938
Am & Foreign Pow deb 5s__2030
s
f deb 5s
1953
Amer I G Chem
conv
5 Ms..1949
Amer Int'l
conv
5^8.-1949
Corp
Amer Mach & Fdy 6s
Amer Rolling Mill 5s
Convertible
a
42
44
51
81%
86%
60% 75%
107% 10734
102"
103% 101
44
44% 51
103%
46%
deb
1939
1938
41945
Deferred delivery,
90
51
"98%
44
42
47
4634
46
46% 44% 46
103% 10334 IO334 104%
75
76
7934
79%
66
6484 70
68%
23
27
1934 30
98
c Casi) sale,
* Negotiability
33%
41
50
54
50
56
53% 53% 53% 53%
103% 10034 102% 101
102%
84
7534 79
77% 89
87%
6534 69
67% 7934 75% 7934
22
24% 23% 53
46
55
102"
"
"11% "13% "II" "l3% "I2" "1334 ~13%
89%
87
92
9734
9234
93%
IOH4 103% 103%
"88%
100
100
100% 100% 102% 100% 102% 101% 102% 161% 103 " 102% 103 " 102" 103" 102% 103% l02f2
9912 10034 10038 102
10134 102% 100% 103
100% 100%
49
63
72
55% 6OI4 54
61%
58%
5634 62%
61% 6934
69% 75
69% 76% 68
73% 68
70
80
77
75
85
81
88%
82%
80% 87
8434 88
87% 81
87% 73
6978 73
69%
105% 107l2 106
111
107% 104% 107% 105% 108% 108
109% 107%111
110% 111% 110% 112
H284 112
88
93
88
85% 94
9134 88% 93% 93
95%
93% 96
93% 100% 98% 10078 98% 100
99%
102%105% 102% 102% 102% 103
10838 112
106% 110% 103% 107% 1023410Y
i0234 103% 102%102% 1023s 102%
102% 110% I6§34 112% 166%116% 109%
101
35%
96% 99% 98% 99%
96% 99% 98
99%
53
65
60% 50%
53
56
52% 56
58%
104
108
104% 108
10778 108% 109
109
99% 99% 101
100% 103% 102% 103% 102% 103%
20%
16% "l9% "14% "l8% 17% 38% 32% 39%
91
92
92
92% 91% 94
94
93% 89
l07~ 108% 108 109% 167% 10884 108 10834 108 109 10734 108% 108%
10934
95
98
92% 95
93% 95
97
9334 95%
94% 96
100
99
100
10134 101
101% 101
101% 101% 102
10034 102
10034 102
10078 102
10034 101S4 100% 100»4
10934 113% 110% 11884
87
88% 92
88% 92% 91% 93
91
93% 90
87
91% 89
91
91% 90
88%
13
86
87% 88%
106%107% 107%108%
Allis-Chalmers Mfg deb 5s..1937 100% 10118
100% 101% 100% 101S4 100
Convertible deb 4s
1945
Amer Ice
90
101
102
99% 10034 10134 103
102% 101
66
72
70
73
69% 73%
70% 77
54% 6234 6034 64%
5938 6338 59% 66
14% 18
16% 18
16% 18
17% 20
13% 15
84% 90
105%108
8
Allegh & West 1st g guar 4s_1998 90
90
Allegh Val gen guar 4s
1942 10512 107
Allied Stores Corp deb 4J^s_1950
Amer Chain
89
1948
Albany & Susq 1st guar 3^8 *46 100
Alleghany Corp coll tr 5s
1944
70
Coupon
89%
10734 108%
10034 10034 103
2884
impaired by maturity.
102%
I62" 102% 161% 102%
74"
74% 65
6334 68%
73
70% 75% 6934 72
113% 112%116
111
115
101% 101
103% 100%102
117
120% 118
129%
124%
53
Financial Chronicle
Volume 142
1935—Continued.
BONDS
November
December
June
October
September
July
August
May
March
April
February
Low
High Low High Low High
High Low High Low High Low High Low High Low High Low High Low High Low High
January
Low
Am Smelt & Refg 1st 5s A..1947
1033s
Amer Sug Ref 6s
1937 104
101*2 10238 101
Amer Tel & Tel
102i2 1027g 10238 103
108
10878 108*4 HO
112*8 113
112*8 113*2
112
112
113
112*2
10734 108*4
107*2 109
4s
conv
30-year coll trust 5s
35-year s f deb 5s
20-year s f 5^8
1946
1960
1943
1939
19%5
Conv deb 4J^s
Debenture 5s
Deb g 6s ser A..
5s ser A lnt rets
1975
1944
Am Writ Pap 1st 6s
Anaconda
1947
113
4112
35
38
31
34*4
32
38*2
36
42
72*8
93*2
2258
78*8
97*4
25*2
73*2
92*2
79*2
9534
2412
6378
75*4
7078
8OS4
78
82
80
93
90
96
20
23*8
1934
25*8
93*2
2358
20*2
23*2
Min
Cop
Anglo-Chil Nitrate
s
f
s
Armour & Co (Del) 1st
834
53
102"
5>^8 A '43 103
1955
deb 5s '40 104
list mtge 25-yr 4s s f B
conv
Atch Top & S F gen
89*2
9834
98
26
2458
10134
26*4
2458
25
25
104
104
A'44
1035s
108*2 10538
1944 106" 107*8 105
1952 100*2 10212 10078 103*2 95
Gen unified 4^8 ser A—1964
90
92*2 89*8 92*2 79
Louisv & Nashv coll g 48.1952
79*2 82*2 77
80*2 685s
10-year coll trust 5s
1945
38
Atlantic & Danv 1st g 4s...1948
42*2 35
40*2 30
2d 4s
1948
33
26
305s 3412 31
Atl Gulf & W I SS L coll tr 5s '59
40
47
38
35*4 41
Atlantic Refg deb gold 5s__1937 107*8 10778 107*2 108
10734
Atlantic & Yadkin 1st guar 4s'49
100*2101
10034 101
10834 110*2 108*4 110
113
114
1127s 1137s
II284 114
112*4 114
112*2 117
1093s 115
113
114
11234 113*2
90
6678
74
1941
Austin & N W 1st 5s
Baldwin Loco Wks 1st
53
57*2
45
55
39
105
106
10378 10278 10378 10334 105
108*4 10734 1103s 10734 109
109i8 105
93
100
9634 100
95*2 98
10234
89*4
69
37
31
40
29
24l2
385s
7334
7434
68*2
3378
79
777fi
9512 100
31
34*4
84i4
i
29
42
IO884 107*2 108
39*2
82*2
7414
7134
6834
92*4
9784
90*2
36
79
75
69
75*8
90
797S
755g
93
31
105*4 100
10434 10634 100
101
9534
7258
90*8
27
35
29
73*2
108*2110*2
1097s 107*4 1087g 10734 109
104*8 103
104l2
10338 102i2 103*4 103
104*8 102
10478 102*8 103*2 102*2 103i2 103*8 1037g 103*4 105 '
103*4 104
10412
104*8 104l2 10412 103
106
102*2 104*2
104i2 16212 103
104*8 105*4 103
110*2 108
101
100*8 100
101
109
10634 108
103*4 105*2
108*2111
109*2 111
101*8
10634 108
105*8 10578
105
11134 1095g 110*2
110*4
11034 109
100
102
10712 108*4 107*2
104
105
104l4
110*4 111*4 110*4
11034 11234 112
9334
92l2
9334
f 5s 1940 102
Bait & Ohio 1st g 4s
Southwestern Div 1st 5s..1950
97
Tol & Cin Div 1st & ref 4s A '59
82*s
9912
84
69
76
2000
1
Ref 5s series D
Convertible 4^8
Ref & gen M 5s series
I960 52*4 6078
F
1996 69
76*2
11034
Bangor & Aroostook 1st 58.1943 110
9412
8U2
99
86
60
70*2
42*2 59
60
70*4
11078 111
10134 104
,
>.1951 100*4 101*2
10334 104i2 103*4 104l2
4s
Stamped
Batavlan Pete guar deb 4>$s '42 103*2 114
Battle Creek & Stur 1st gu 3s '89
..1936 161" IOI84
Beech Creek 1st gu 4s
101
937g
775g
75
92*2
3234
26
28
29*2 23*s 27*2 23
26*8
4058 43
4058 44
3934 4278
40*2 43
108
107l2 10734 107
10758 108
10758 108
42
45
3834 42
93
100
9934 100*2
9334 96
9134 9338 94*4
100
101
101
102*2 105
100*2 104
100*4 101
965s 100*4
10412 1013s 104
100*4 103
9578 10234 95*2 10078 100*2 10212 101
62
1
74
703s
62*4 71*2 70
54
64
5558 63*2 60*2 6'
103*4 107*2
101
1073s 106*2 108*2 107*4 109
10634 106
10734 101
78
73
70
74
79
8234
7212 80*2
6412 72*2
63*4 74
9958 98
99*2
97*8 99*2
93*4 955g 9412 9878
94*8 98
96
86
95
98*4
94l2 98*4
88
93*2 97*4
91*8
9512
85
817g 86
81*2 88
87*2 84l2 8678
7534 84
7712 84
54
61*s 69*2 68*2 7334
61*2 6934
6134 5934 63
52*2 6234
40
547g 60*2
485s 5634
46*2 56*4
4834 4412 4934
38*2 47
61
70
55
69*4 73*2
61*2 70
6178 59*8 6378
5212 63*4
113
113*2 1143s 11338 114
113*8 11384
llll2112*2 113
106*4
106*4 105
105*4 16434 105*2 105
10178 105*8 10334 105*8 103
110
104
107
108*4 112*8
103
10478 10778 107*4 10884 107
105
91
93
90
104l2 105*4 103
106
10434 108*2 107
112
66
68
64
64
161*2
102
100*2 IOI84 100
100
101*8 101*8 101*2 101*2 9834 101l2
104
100l2 103*8 103
10578
105*4 100
943g 933g 975s 95*2 9734
93l2 91
77
74
7834
77*2 843g 8212 87
79*4
78
84
81
73
77*2 737g 76*2 74
93
96
95*4 97
9034 92
89l2 93
38
40
4078
29*2 35*2 32
3512 33
28
35
3218 357g
2434 27
25*2 29
49*s 60*s 59*2 62*4
42*8 4334
4334 51
10634 10738 106*2 10634 106*8 106*2 10534 106*4
99
102
103
91
llll2 114l2 110
64
66
66
118
67*2
115
653g
10212 101*4 1015s 101*4 102*2 10134 10212 102
102
100
101*2 100*2 100*2 102
116
65*2
103
9978 101
10238 104
100
7038
Bell Tel of Pa 1st & ref 5s..1948 113*4
115*4 1145s 11734 117*8 119*2 11758 118*8 117*8 118
119
122
120*2 122
12034 12234 120*2 122
7934
31
98
84l2
86
70
737g
5634
70
6134
737g
112
11234
10334 105
10834 110
96*2
1955
Beth Steel 1st & ref
ser
Purch money & imp
29*4
1956
Debenture 6s
Berlin Elec Elev. 1st 6>$s
34*4
A..1942 107*2
5s —1936 103*8
25-yr cons mtge 4^8 D—1960
Big Sandy 1st 4s
1944 1025s
Bing & Bing deb6^s
1950 3412
74
Boston & Maine 1st 5s A C.1967
35*8
353s
34%
35*8
79
68
35*8
76*2
...1955
1961
73*2
6978
793s
68
76*4
74
Boston & N Y Air Line 1st 4s '55
37*2
11*2
403s
66*2
33*2
9*2
715s
40
10*8
11
11
8
10*4
1st Mtge 5s ser
11
1st gold 424s ser J J
Botany Consol Mills 6^8.-1934
Certificates of deposit
38*4
59*2
60*2
59l2
28l2
3734
45
62"
7534
73
77*2
75*2
73
67*2
70
705s
67
62l2
685s
76
7434
7734
77
60
66*4
63*2
70
72
33
31
71*2
3338
26
29*2
70*2
3134
6I4
69*2
32*2
7*2
63
584
6234
3434
10*8
10
10
10*4
10*2
7*8
8
6*2
7*2
6
7
28
97*2
99*2
86
88
72i8
5934
58*4
7558
6234
69*4
55
100*4
72*8 7534
113
113
113*8 114*4
103*2 106*4 103
105*2
6912
107
72*2
110
109
110
105*4 109
65
65*2
101
101*4
-
"71*2
66*2
112
11218 111
3078 32
32
11034 1135s 110*8 111*4
32
33
31*2 33
28*4 2978 29
2934
27
28*4 30
27*4 29
27
32
32
32*s 3284
3234
3134
110
113
10934 11034
114
10358 10284 103*8 1025s 1025g
1003g 100*4 102*2 102*4 104*8 103*2 104l2
109
109*2 10934
109*2 108*2108*2 109
285g
2812
29*4
28*2
33
75*4
805s
76*2
70*2
81*2
7414
33
36
1034
1658
75
7734
7134
28*2
15
15l2
7834
803g
74
31
20
17*2
40
68*4
68*2
678
3634
10*8
9
434
1212
99
9734
87*2
7234
97
98
4U4
37
993s
94*4
86
108
112
112
116
114*4 117
64
65
6534 6534
101% 10134 101*2 102
10134 102
112
11034 llll2 110*2 11212 111
110*2 112
11034 111
109*4 10834 110*4 110
29
305s
2978
29*4 31l2 30
31*4
33
27*2 3134
36
31*4 34
44
29
2412 27*2 27*4
25*2 28*2 25
39*2 32*4 3538 2758 32*4 25*4 2834
27
25*2 28*8 24l2 273s 26*2
2558 27
3134 25*2 275g
393s 31*2 3584
383s
31
34
30
32
35*2 33l2 34
37
36*8 413g 37*4 3778 37*8 38*4 35*2 37*4
10978 11112 10858
106*2 IO884 107&8 112
108*2 111
1065s 108
115*8 108*2 110*8 10512110
103
103*4 10378 10358 104*4 1035s 104*4 10334 104*2 1037g 104*4 103*2 104
104*8 103*4 104
99*8
109*8 109*8 109*2 110*8 108*2
106*4 106*4 106*4 106*4
102&S
43
83*4
97*2
9478
Beneficial Ind Loan deb 6s.1946 107*4 10934 108
3738
75
99
9978 101
1007a°
10312 10434 104*8 105
9938 102
101*8 103
70
73*2 73*4 7634
104l2 107
106*4 108*4
83
80*2 84
867S
98
95*2 9634
119
119*2
11778 119*8 118*4 120
116*4 119
117*8 118*2 118*8 120*2 11578 119
122
1245g 124*2 12658 121
126*2 122*4 12412 122*2 12438 1235s 12534 124*2 12584
96*2
95
I960 11634 120
1951
1959
102%
10434 108
9934101
102*2 104
99*8 101
6834 7434
10434 10738
78*8 81*2
97*4 99*2
94l2 98
83*s 86*4
67*4 72
53*2 58*2
68
72*4
112
113*8
1023s 10434
10858 110
100
101
6 J^s
105*4
111U
11414
11312
102
9ft
2d guar gold 5s
1936 101
Beech Creek ext 1st 3}$s—1951
95
1st & ref 5s series C.;
109*4
100*8 108*2
90
105
95*4 104*2
1948 1005s IO284 100*2 104
Refund & gen 5s ser A
71
1995 70*2 77*2 60
1st gold 5s
1948 10634 10834 10678 109*2
Ref & gen 6s series C
1995 81
86*4 6834 8I84
PLE&WVa Sys ref g 4s 1941
98
100
9978 9934
s
71*4 107*2
87
deb 4%s '39
conv
Berlin City Elec Co
Debenture 6 j^s
1023s 10078 102*4
110
108*4 109
115*4 112*2114
11284 114
114
110*2 10834 110*2
113*4 112*2 I'M
60*2 615s 7078
96
100*2 99
100*4
91*2 97
93*2 88*s 945g
114
100
107*4 1025g 110*2 108*2 113l2 109
96*2 102
10934 102
24
36
3058 35*2 3238 44l2
23*2 2538 2338 26
29*2 29
23
25
32*2 43
31*s 33
2334 25*2 24
28*2
297g 35*4
86
107
10934 10838 110*2 10912 1113s 107*8
110*2 108
107*8 1H*2 10738 111
103
104U 10412 103*4
104
10234 106*2 1023g 10378 102l2 1035s 10212 104
104
1057S 102
102l2 105*4 104
102*2 10534 103*8 106*8 IO2I4 10412 102
103
103*2 10334 10334 10378 1037g IO384
104
100*2 10134 102
10334 102
104
100
103*2 10312 105*4 102*4 104
10178 102
103*8 10334 100*2 104
102*2 100
103*2 102*2 10212 102l2 102*2 100
101l2102
102*2 103*8 103
107
10658
108*2 107*2 110
105
107*2 HO
10834 10412 106*2 10534 107
102
103
103
105
103
104*4 1047S 10338 104*8 10334 104*8 1033g
105
109
11058 110*2 112*2 110
110*4 109
108*2 110*2 109
110*2 10858 110
1105s 109*2
110*2 109*2 110*2 110
109*2 112*2 110
11238 1095s 110*4 109
113*2
1st 30-year 5s ser B
Atl Coast Line 1st g 4s July
ref
79
100*2
9884 100
14
18
12
16
29*2 2I84 26*2
2934 21
1834
15l2
19*4
9*8 11
10*8 llSg
778 10*2
834 10
738
9
69
72
55
60
58
62
5258 55*8
63*4
5934 62
60*2
61*2 6784 6734 73
54
50*2 57*2
5412 5334 56
95
93
95
96
97
95*2 947g 95
9334
91
95*2 92
9412 96
91
91*2 95*2 95*2 93
8734 8734 91
10434
103*2104*2 104*8 104&S 104
103*2 10412 1035s 104*4 10334 104*4 103*4 104*8 1033g 104
103*4 104
103*2 10212 1033s 103*8 105
10578 1053s 10534 1053s 105»4 10478 1053s 10478 10478
1053s 103*2 10634 103l2 10578 104*4 105*4 105
94
95
9084 947g
9134 9412
93*2 96*4 9414 96
1045s 106*4
103*4 103*2 10438 1035810412 10438 105
10434 104
10412 104
10484 1033s 1045s 10334 104*4 103*4 104*4 103*8 1035s 103
Atlanta & Char A L 4 j^s ser
Con
102i2 101*2 102*2 10138
108
110
108
10834 110
1117a 113*2 11138 113*2 111*4
112
113
112l2 113*4 112*2
10734 108*2 108*4 109
10834
112*2 11378 11214 113*4 111*2 113*4 111*4
48
37
37
40*2 3934 51
39*4
11
Stamped
July 1995 1018410334
Conv g 4s of 1909__
...1955 101*2 102*2
Conv g 4s of 1905
1955 101*4 102*2
Conv g 4s of 1910
102
1960 100
Conv deb 4)^8
1948 10634 108*2
Rock Mtn Div 1st 4s ser A-1965 100*4 10212
Trans-Cont Short L 1st 4s '58 107*2 109
Cal-Ariz 1st &ref 4>^sser A'62 1087a 11134
113
Atlanta Knox & Nor 1st g 5s 1946 110
Auburn Auto
100
102
55
gold 48.1995 10678 109
103
July 1995 101
Adjustment g 4s
102*4 100*2 10is4 100*4 102
deb
1950
f deb 7s.'45
Ann Arbor 1st g 4s
July 1995
Ark & Mem Ry Bdge & Ter 5s '64
Armour & Co 1st
1939
Armstrong Cork
23
deposit
or
7 43^8
I
112
32
20*2
;
Am Type Founders 6s ctfs__1940
Amer Wat Wks & Elec—
Certificates
105i8 104i2105*2 1033a 10578 102*8 10334
103*4
104i4 103
103
103*2 102*2103*2 102i2103*2
108*2 109% 10834 110*4 10834 110*8 107*2 10934
111*8 113
11134 11278 112*8 11234
111*2 113
112
113
U134 113
112*8 113*2 112*2 11378
108
107*2 108
106*8 108*2 10658 10778 107
111
113*8 11134 113*4 Ull2 11234 112*4 H234
1936 103*4104
39*2
13
12
72
76*4
73
74
783s
68
715g
18*4
2434
74*8
69*2
2212
13
16
15
13
14
1358
797g
8O84
75
25*2
27*8
26*4
484
q
80
82l2
75
q
678
7*4
6*4
9
9*2
Bowman-Biltmore Hotels 7s 1934
Stmp
as to
pay't of $435 pi red
8
978
978
978
97S
Bway & 7th Ave 1st con g 5s 1943
90
88
88
92
8912 87
Bklyn City RR 1st 5s._1916-1941 84
108*2 10978 10938 110*2 107
Brooklyn Edison gen 5s
1949 108*2 110
106
110
Gen mtge 5s series E_. —1952 108
10934 108*4 10934 109
Bklyn & Man Tr
sec s
f 6s..1968 104*8 106
105
105*8 107*8 106
110
85
82
93
8734 86*2 89
90
915s
89*4 91*2 91*s 92*2 8734 9is4 847g 85
109
1063s 108&S 107*4 109*4 107*4 108*2
108*4 109
107*2 108*2 10712 109
10678 IO884 108
108*2
108
107
108
10834 106*2 10784 106*2 107*2 107
10934 107*4 109*2 108
109*2 107
107*4 107
-.1949
6s series A
58
55*2
Bklyn Q Co & S gu g 5s stpd 1941 55
1st 5s stamped.......
1941
Bklyn Un El 1st g 5s
1950 1005s 1035s 102
Bklyn Un Gas 1st ext g 5s..1945 11434 116
11558
1st lien & ref 6s A
1947 123
123l2 1185s
Conv deb 5s
1950 103*8 105
104*4
1st lien & ref 5s ser B
1957 108*4 110*8 110
Brown Shoe
106
934
9U2
110
s
f deb 3$£s
60
5912
65
62
685s
10434 10234 106
64
60
106
117*2 11678 118*2 118*2
120
123
122*2
120
106
105*2
10558 105
109*2
11034 110*8 111
7034
109
68
10758
10784 106*2 1075s 1063s 107*2
104
1055s
10512 105
67
70
67
68*2 71
70
773g 70
68*2 75
109
108 10934
110*2
109
1197s 121
11934 11834 120
128
1253s 125l2 127
125
1057s
106*8 105*4 1057g 105
1185s
12412
125
106*4 105*4
11034 109*4 110*4 109
120
111
1950
103
1023s 102l2 10158 102*2 102*2 103*4 103
Buffalo Gen Elec 4^8 ser B.1981 10834 109*2 109*4 110*4 11078 lllSg 111
IIU2 110*4 111*8 10934 HOSg
104
105
Buff Roch & Pittsb gen g 5s 1937 104l2 1053s 105
104*2 105*8 104
107
106*2 104*4 105
Consolidated 4>^s
55*4 60*2 58*2 64*2
51*2 59
1951 65*2 7084 5778 6758 5212 62
18
18
18
21
22
21*2
Burl Ced Rap & Nor 1st 5s_. 1934
17*2 18
2U2 24
18*8 21
14
18
18
18
Certificates of deposit
16*2 16*2 16*2
20*8
~7634 85
76
78
Bush Term 1st 4s
1952
76
83
7758 7758 78*2 81
76*2 80
38*s 45
38
Consol 5s
1955
38
51
43
38*2 43*4
37*4 43
40*2 47*8
60
62
55*2 63
68
Bush Term Bldge stpd 1st 5s '60
53*2 63
57*2 60
57
685s 58
83
827S 833g
87*2
By-Prod Coke 1st 5^s A...1945
773s 87*2 81*4 86*2 833s 86*2 8384 86
Calif Gas & El unif & ref 5s.1937 10778 108*4 108
108*8 108*8 108*2 108*8 108*2 108*4 108*2 108*2 10858
1047g 1055g 10412 105
Calif Pack conv deb 5s
1940 103*2 1045s 104
104*2 10378 1045S 10358 105
Brunswick & West 1st gu 4s 1938
Cal Petroleum conv deb s f 5s '39 1015s 10284 102*4
Conv deb sinking fund 5*^s'38 10212 1037a 102*4
234
Camaguey Sugar 7s ctfs
1942
3*4
4%
Canada Sou cons guar 5s A.1962 10834 110*2 10912
Canadian Nat 4Ms.Sept 15 1954 103*8 1043s 10234
Gold 4>4s
1957 110*4 H358 1085s
Gold 4H«
1968 10334
114*4
11534
Guaranteed gold 5s
1970 11634
Guar gold 4%s_.June 15 1955 1147g
Guar gold 4H»
1956 111*2
Guar gold 4^s
1951 11078
Canadian Northern s f 78..1940 1067s
Guaranteed gold 5s. July 1969
Guaranteed gold 5s_.Oct 1969
1946
25-year deb s f 6^8 g
Feb 15 1935
10-year 4 j^s
Canadian Pac 4% coup
Coll
trust
4^s
5% equip trust ctf
Coll
trust
Collateral
a
deb stk
1946
1944
;
1954
1960
gold 5s
trust
4)^8
Deferred delivery,
c
105*4
118
120*8
1197s
11734
11578
11458
1075s
119
122*4
100
101
845s 8778
99*4 10178
1093s IIII2
102i2 10412
9684 9934
Cash sale.
103*2
113*4
11538
11538
113*8
IIO84
10934
10634
121
103
103
5%
1115s
10414
102*2 10178 10284 101*2 1017g 1013g
IOI84 102*4 101*4
102*2 103*2 10134 103
7*8
5*2 15
334
6
3*4
5
108
110
108
109*2
11U2 106*4 HO
103
104
103*8 1037g 1025s
104*8 103
102
10834 110
107
105*8 107
106*2 107*2 106
105% 104*4 105
104i2 105l2 104
70
70
6978 70
72
107" 109*4
107
76"
67
72
109*4 108
75
110*8 IO884 110*4
121
104
104*4 105
103
102*8 102*2 102*4 10214 102*4 102*4
10934110*2 116"
109*4 110
109*2 110*8 109*4 110*4 10834 110
104
104*2 104
104*4 104
104i2 103*2 1045g 103*4 1043g 103
58
647g 61*4 6412 63
667g 60
6312 62
6512 63
155s 17
155g 22*2 19*4
17*4 1834
18*4 20*8
1834 19
19
16
17
17
19*4
16*2 16
19*2 19*2
82
79
81
84
78*2
92*2 80
87*4 89
87*4 88"
39
39
42l2
40*2 35*4 46
4U2 35
47*4
40*2 44
613g 52*2 573s 5512 65*2 58
6434 70
61*2 68*2 55
90
81
86
9412
843g 815s 843g 85
825g 88*2 79
108
109
107*2 107
10812 107*4 108*4 107
108*4 108*4 108
104
104*2 1043s 105*2 104*2
104*4 1047S 103*2 105
1043s 105
10584
103
11034
10412
68
23*2
21
82
53*8
65*2
93*2
107
105*2
101S4 101
101*4
101*4
1017g 101
9*2 1138
12*2
111*4
111
112
8
10
8
7*2
75g
9
884 10
9*4
978
109*2 111*2
108*2110
112*8 113*8 109*2 111*2 107*4 110
102
1033s 10778
10758 10834 107% 109*8
110
11534
113*2
113*4
107*4
11338 115*8 113
109
113*8 11058
110
10978 112
10534
106*4 107
11434 IIIS4 II484
11434 114*2 115*2 1137g 115*8 114
113*4 1128s 11338 11158 11234 11134 11234 109*2 113*4
109
112
11238 11134 113*4 111*4 112*2 11078 112
10558 1043s 1053s 10334 104*2
106*2 105«8 1063s 105
125
122*2 12458 120
124l2 12258 124*2 1227S 124
100*8 100*8
86
82
8684 89
8734
8684 81*2 87
8518 8784
101
101*4 103*8 1013s 104*4
100*2 102
995a 101*2 100
112*2 1113s 112*4
10978 111*2 111*4 11258 111*4 11238 111
103
1047s 101*4 1045s 101*2 10484 10334 1045s 1033410534
9978 101*4
985S 100*2
95*2 99*4
184 98
96*4 9834
maturity.
~76~
104
1185s 119*4 1175s 120*2
11634 120*2 116*2 119
124
1 2558 1263s 126*2
12484 126
105
i0434 10512 104 105*4 16412105*2
10434 105*2 104
10758 IO884 109*4 11038 109*4 109*2 109*4 109*2
10784110
120
102
103
103*4 10234 103*2 102
112*4 108*2 111*2 1085S 1107g 110*2 111*2 109*2 1107S 10934 1107s 108*4 112*2 10258
105
103*4 1045g 103*4 1037s 103*8 10434
113
1147s 112
11478 107
11458 114
11484 1143s 115*2 114
11234 115
116
117
116
108*2
117*8 114
118
1163s 118
II584 11738 11658 118
118*8 115
11658 11734 116*2 11758 116*2 117*4 11434 11678 10778
115*2 117
115*8 118
118
• Negotiability Impaired by
76
108*2 107
1063S 10734
10478 104
10478
6678 6734
6778
106*4 107
105
103*4
103*8
103*4
1233s 124*4 123*8 12412 11658
112*2 10734 112*4
1153s 108*4 113
1087S 113*4
115
1125s 105*2ll07s
110*4 1035s IO884
10878
11034 104
103
1035s
104
11778 122
124
11178 11284 11178 11378
113*4 1145s 113
115*4
113*8 11434 113*2 115
11078 11212 11034 112
108*2 1103s
10834 110
108*2 10984 10878 11078
1028s 103*8
120*2 123*8 12218 123*4
84
88*4
8684 887S 86*4 89*2 82
87*4 81*2 85*4 8334 85
104*4 1015s 103*2
102l2 10384 10234 10384 1013s 103*4 100*2 10278 101
1117s 11234 11158 11284 109
112l2 109*2 11138 111*4 112*2 11178 113
106*2
101*2 1043s 1033s 10434 104
10512 107*4 104*4 107*2 1015s 105
101
1033s 100
103*4
98
101
955g
99*2
98
101
995g 101
54
Financial Chronicle
Jan. 4 1936
1935—Continued.
BONDS
January
Low
Carolina Cent 1st
41
g 4s 1949
Caro Clinch & Ohio 1st 5s..1938 106
February
High Low
March
High Low
41
15
20
109
110
June
High Low
July
October
August
September
November
December
High Low High Low High Low High Low High Low High Low High
15
20
May
High Low
40
Mobile Div 1st gold 5s
25
1946 25
Cent Hud Gas & Elec 1st 58.1957 10334110
1st & ref 3>*s
1965
April
High Low
43i2 4414 45
42i4 42i4
44
44
42
42
45
46
42% 43
108
10718 10678 10778 10714 108
10812 108% 109
108% 109
108% 109
107% IO884 IO784 108% IO784 108% 107%108% 108
108%
6s, series A
1952 10818 10878 107i2 109i2 1085s 10914 10834 10984 109
110
110
10884 110% 109%110% 108
108
109
106% IO884 109% 110% 108% 111%
Carthage & Adiron 1st gu 4s '81
74i2 78
71
77i8 7718
74i2 74i2
77
72
7234 73
75
7434 75
72
73% 70% 70% 70% 7284
Central Branch Un Pac 1st 4s '48
38
39
30
3812 38i2 30
27% ¥0""
27% 29% 2884 36% 28% 31% 28
25
26
29% "25% 28" 24
27
27
30
Central Dist Tel 1st 5s
1943 109i8 109% IO8I4 IO884 10914 10958 108
1095s 107% 108% 107% 108% 107% 108% 108
109
108% 109
108% 108% 108% 109
107% 108%
Cent of Ga Ry 1st g 5s.Nov 1945
46
47
42
39
40
435s
39
43
44
47
46
45
46% 46% 45
4784 48% 51
Conciol gold 5s
26
14
18
"l3" "147; 13% 16% 14
1945 23
"18% 2178
21%
18% 21% "20~ "2284 20% 24% 17
24
22
27»4 25% 29
Ref & gen 5J^s series B..1959
11
7
13i8
7% 11%
9l8
714
8
7%
9%
8% 10%
11
9% 11%
10% 12%
9% 12%
13
17
9% 12%
14%
Ref & gen 5s series C
7
1959
1U4 1412
7% 11
9l2
684
83s
9
7%
9%
8% 10%
9
11
H84
9% 11%
8% 1034
12%
14% 13% 16%
Chatt Div pur money g 4s 1951
17% 19
19
18% 18%
22
23% 22
1st &
con
con
Macon & No div 1st 5s
1946
19
Middle Ga & Atl div 5s... 1947
Cent 111 £ & G Est 5s
"7il2 "8134
1951
Cent New Engl 1st gu 4s_.1961
62
Central of N J gen gold 5s..1987 107
General
1987
4s
93
98
9814 IOO84
Through Short Lt 1st gu 4s '54
Guar gold 5s
I960
Cent RR & Bkg of Ga coll g 5s'37
98
99i2
7712
8U8
s
62i4 65i2
116
1941 115
f 8s
71
Certain-teed Prod 5 J*® A. .1948
7584
60
50
6784 50
54%
10834 101
107i8 10U210384
93
9878
9712 93
98i4
98
98% 101
973s 101
101%
97% 9814 9712 98
9734100
7378 78i2 7U4 76l2 69% 75%
62
52
53
61
6434
53%
114
115
115
115% 114
II6I4
70
107
1940
J 05%
7378
6312
7114
68%
7384
20
22
53
61
94% "94"
97"
59%
51
102% 104% 101
•
117
69
119% 118%120
6934
7284
77
II884 121% 121
75
86%
105
1946 10278 10278
4s '89 105i8 1051s 110
2d
—1989
1941
1949
1949
gold 4s.
Warm Spg Val 1st g 5s
cons
Chic & Atl RR ref g 3s
83%
86
1958 IO684 108i2 107i8
10712
1977 1065s 108
1971 111
1125s 11284
4s
1st & ref 4
44l2
10 H2 103
103
1949 106
10758 10612
Chic Burl & Q —111 Div
Illinois Division 4s
General
50%
J*8 ser B
1st & ref 5s series A
1934
(new co) gen 5s.l951
Chi & East 111 1st con 6s
73l2
105
107
112%
116%
110%
10984
113%
117%
111%
110%
General 4s
4H4
4212
49i8
4834
110% 11284 112
105% IO684
"64"
49
105l2
109
110
109
11412
74
34i8 45
10434 IO6I4
108
10914
10734110
IO6I4 1095s
1098s 1145s
73
75
9
5778
6U2
~70"~ "58"
45l2
50
49l2
53l2
33%
104%
106%
IO684
104%
10878
73%
6
108
40%
105%
109%
110%
106%
40
45%
102% 105
106% 109%
105% 109%
104%107
111% 107% 110%
40
65
18l2
28
1834
2212
1414
27i2
2434
25
2014
68
74
66I4
6712
4234
40i2
15i8
14%
1534
1412
684
1960
28
18
Certificates of deposit
20
2234
1952
31
23
Ctfs of deposit
4578
39
45
43
40
42
17
13l8
1314
17
16
15
34
35%
36
44%
16%
14%
17
1951 105
1584
18
14%
9%
66%
32%
32%
10%
10
10%
16
14l2 1512 10%
7
10
912
4%
105l2 10412 10434 10134
1951
..1951
80%
82%
80%
Chic Terre H & So'east 1st 5s '60
5134
5584
108
45
42
110
3Hs
Memphis Div 1st 4s
Chic Union Sta 1st 4H®, A.1963
..1963
1st 5s series B
Guaranteed gold 5s
1944
Guaranteed
1944
4s
—1963
lstmtge. 4s ser D
series C__
--1963
Chic & W Ind cons 50-yr 4s 1952
1st 6H8i
1st & ref 5~5*s series A
1962
5 H® series
1962
C
1943
Childs Co deb 5s_...
Chili Copper Co deb 5s
1947
Choctaw Okla & Gulf cons 5s '52
Cin Gas & El 1st
1968
4s A
m
Cin Ham & Dayton
2d 4Hs.l937
'36
Cin Indianap St L & C 1st 4s
121
84%
87%
87
65
122
85% 88%
65
68%
121%123
84
80
93% 96%
10184 102
114
119%
108% 112
11034112%
118
119%
110% 112
110% 111%
108
106
118%
10734 106% 11234
11058 112% 11084112%
1155s 119% 11734 119
109
111
110% 111%
110% 10834 110% 110% 111%
108
106% 107
105
10834
107
112%
116%
110%
9034
87%
88
101% 100% 101%
104% 107
104
107
107
110
112% 111
45%
4134 44% 40
42%
102% 103% 102% 103
107
109
1073s 109
1053s 107%
106
10734 104% 107% 104
105%
105% 10734 105
106% 1035s 1053s
110% 112
109% 111% 10758 10934
110
38%
43
38
41
47%
48
54
55
43%
41%
44%
4484
41
47
41% 38% 42%
10334 103% 106
107% 109% 108% 109%
105
107% 106% 108%
104% 106
105%107%
IO884 109% 109% 113%
47
59
45
53
52%
22%
20%
17
23
21
15
20%
16
15%
20%
21
1534
18%
18%
61%
25%
23%
23
12%
15%
69
68%
32%
32%
74
73
77%
37%
35
11%
1034
12
96%
39%
33%
13%
12«4
1384
13%
6%
97
81
82
3334
47
41
41
36
13%
13%
14%
14
7
102
37%
37%
9
11
10%
11
10%
5
80%
110
38
102
....
4078
42%
41
44%
47
42
42%
42%
11234
107% 107%
110
75% 74
74% 74% 74%
85
85
77% 86
74
80
80
75
80
82%
7%
7%
9%
10
7% 1134
10% 1134
9
10% 13
11%
11% 10
13%
13% 1734
6%
7%
8%
6
11
9% 10%, 10
984 11
11
9% 10%
9% 12%
11% 16%
114% II384 11484 113%116
116
116% 1143s 114% 114% 116
114% 114% 11438 114% 114% H684
106% 105
106% 105% 106% 105% IO684 1063s 106% 105% 106% 105% 10584 105% 106
105% 105%
21% I884 21
21
22% 26
19% 27% 23% 26
25%
1834 22% 18% 26% 23% 28
20%
15
16%
18
15
21
21
18
15S4
21
22% 20
20
21% 20% 24% 25% 29%
21
18
21
15% 15%
22% 20% 21
20% 21
21% 22
23% 27%
15% 15% 15%
19% 20
23% 28%
6
5
5
5%
584
4%
6%
5%
684
6%
7% ""5% "¥" "534 "l"0""
9% 17%
578
7
7
5%
6
434
7
5
4%
6
6%
7%
6%
534 10
9% 17%
90%
90
90
88% 90
92% 91% 92%
92% 9134 9384 8934 93% 87% 89% 8884 9234
110% 110% 111%111%
1113411134 110% IIOS4 110% 110%
111% 111%
45% 41
47% 45% 54% 46% "53% 46
4884 40
46% 3434 40% 33% 42% 41
46%
43
4178 39
42
42% 46% 43% 45
42% 39% 44
38
38
41
32% 39% 33
46
51
42% 49% 49% 59
57% 47
53% 42
49% 37
4184 37% 45
44% 49
44
50
46
50
42
57% 5034 53%
37
40
49% 58%
4884
36>34 44% 4434 48%
48
49
53
50
45% 52
5434
42
38
37
58% 52% 58
51%
45% 45
49%
10
13%
11
12%
11% 15
1134 14% 13% 1584
10
14%
14
9%
11%
1584
19%
3%
3
4
4
4%
4%
4%
5%
3%
5%
334
4%
3%
7%
5%
734
45
45%
48
48%
39
42
44
46%
44%
51%
53%
44
51%
56%
46
51
55
62%
19
26
52%
17%
18
24%
24%
16%
1434
9%
48
49%
42
34
39%
29ls
34%
28%
35
34
41
44
39
43
30%
36
37
43%
47%
40
31
34
39
36%
33
40
39
36
34%
39%
33
41
42%
46%
48%
30%
30%
39
41
35
40%
39
45
47
40
18%
9%
17%
50
53
46%
52
38%
4634
38
4584
43
18%
1634
21%
20
18%
14
18
13
20
19
13
15%
13
19
17%
17
20
16
13%
16
18
13
9%
12%
7%
19
10
20
18%
18%
11%
13%
934
13
77%
73%
3584
34%
12%
12%
1234
1234
79
73%
77
73
73
35
38%
36%
1384
31
35%
34
40
30
33
36%
39%
10-%
14%
13
10
10
1534
14
12%
11%
12%
11%
12%
75
38%
34%
17
70%
37%
36
14%
72%
31%
32%
1034
10%
163s
17%
16%
17%
40%
75%
37%
78
40
37
39
35
36
13
11%
38%
15
35%
12%
37%
14
1234
11
12
13
96
13%
12%
584
96%
13
12% 15
12
12% 14%
5
4%
6%
105
99% 105
88% 89
77%
78
75
14
88
85
14%
13%
14%
13
16
33%
1158
11%
12%
8
9%
75
14%
1434
14%
11
13%
10
11% 10
14%
6
5%
7%
5%
7%
434
6
5%
434
7%
105% 103
10534 102% 103
102
103% 1003s 101
101
87
82
84%
77
81%
80
80%
78
81
78
71
76
65
7034
65
74
72
57%
63
94%
1993
108
108
109
103%103%
109
110
109%111
112% 111% 113
113
114% 112%114
112
78
96
97
112
110
38%
41%
4034
44%
44%
40
48%
21%
20%
20%
56%
21
21
21
11%
76
11%
434
40
38%
102
Cin Leb & N 1st con gu 4s..1942 1007s 10078 101% 101%
10234
110
109
109
Cin Union Terml 1st 4Hs A.2020 109
110% 109% 10934 109% 112
109% 1IO84 109
1st M 5s series B
2020 110
11284 110% 112% 112
113% 111%112
111%112% 11134 112%
1st mtge g 5s series C
112% 113
1957 1U34 114
112% 113% 112% 113% 113
112%114
114%
Clearfield Bit Coal 1st 4s ..1940
69% 69%
97
101
Clev Cin Chic & St L gen 4s.1993
9884 100% 89% 100% 89
9584 95
96
General 5s series B
23%
102% 101% 103%
53
2578 45
30% 45% 41% 60%
57
72% 67% 7534 67
74%
c;9
28% 3434 24
30% 13% 26% 14% 29
53
25% 46% 4.9
49% 58
62%
108
109
108% 109% IO6S4 109% IO784 109% 106% 108
108% 109% 10734 109% 10634 107
109
109% 10984 108
106% 110% 108% 109
IO784 108% 10784 108% 108
108% 106% 108
107
108
107% 108
10734 107% 108% 106% 108
107% 108% 107
106% 107% 106% 107%
106
106
105%106%
IO884 109% 107% 10934
111
11318 116
113% 114
II384 110% 111% 110% 111
110% 110%
92
97% 95
98% 9534 98% 96
97%
96% 98% 97% 100% "98% 10"o"34 ~96% 99."
102
1033s 102% 104
103
105
103% 104% 104% 105% 105%107
10584 IO684 105% 106%
103
107
104% IO334 104% 104
105
106
105% 105% 107% 106
58
6012 65%
58% 6358 5184 60% 52
68
66% 68
62% 67
59% 67% 65
79
86
86% 81
80
94
8684 86% 95% 92% 9584 9134 95
96%
37
3«84 41%
39%
107
10312 105 " 105
106
107
105% 107% 104% 1*06% 10418 10Y" 10234 107% 101% 104%
103
103
10234 10284
103
103
102% 102%
103% 103%
103
10278 1027s 103
101%103
102' 102%
101% 102
1960
Income guar 5s
8684
102% 105
4378
Gold
90%
121% 122
110%111% 111% 111% 110% 110% 109% 110% 111
107% 108
107% 107% 107% 107%
4384 46%
103% 105% 104% 106%
107% 109% 10834 10984
IO684 108% 107
108%
105% 107% 106% 108
109
111
110% 114
39%
30%
56
24
Refunding, gold, 4s
1934
Certificates of deposit
Chic St L & N O gold 5s
11234 110% 111
41
53l2
54%
stmp._May 2037
1st & ref 4 J*8 ser C_.May 2037
Conv 45*8 ser A
,..1949
Chicago Rys 1st 5s stpd
Aug 1 1933 25% part paid...
Chic R I &Pac Ry gen 4s...1988
Conv g 4 HI®
53
4512
1st & ref 4}*s
A
41
53
4812
Stamped 4s
1987
Gen 45*8 stpd Fed inc tax 1987
Genl 5s stpd Fed inc tax. .1987
45^8 stamped
1987
15-year secured g 6 J*8
1936
1st & ref g 5s
May 2027
Secured 4H»8 series
4812
49
3H»-1987
1987
Chic & NoWest genl g
22
105
104% 105%
97% 97
99%
46% 40% 47
101% 97%100%
9334
108% 105%
IO684 108% 106% 107% 105%
112%112% 111% 112% 111%
117
118
11884 115
115%
110%111% 109% 110% 108%
110%112
108% 111
107%
107% 108
111&8 1103s 112
Chic & E 111
7%
978
538
7
Certificates of deposit.. ..
7i8
9
638
834
5%
512
6%
117
H284
113i8 116
Chicago Be Erie 1st gold 5s..1982 11U2 11384 114
Chic Gas Lt & C 1st gu g 5s.1937 1033s 10512 104i2 105
1047s 10512 105
Chic Gt Western 1st 4s
1959 32
353s 24i2 34
1984
19i2 25
34
48 stamped
22l2 32l2 1984 24
20%
1959 31
15
Chic Indianap & Lou ref g 6s '47
2U2 2U2 21
2I84
20l2 15%
22
Refunding, gold 5s B
1947 21
21
18
19
Refunding 4s, series C—1947 21
15%
5
1st & gen 5s, ser A
6
8
6i2
8I4
6U
7i2
1966
7
5
1st & gen 6s, ser B—May 1966
834
684
714
534
778
87
Chic Indiana & Sou 50-yr 4s 1956
8984 9U2 90i2 92i2 8678 90
Chic Lake Sh & East 1st 4H® '69 106l2 108
11012 11012 110% 110%
53
38"
Chic Milw & St P gen 4s A..1989
46U 55
34% 47
38
35
Gen g 3 J*8 ser B
36
May 1989 503s 55
49
General 4^8 series C
38%
1989 58is 623s "47% 587; 36
59
Gen 4}*8 ser E
May 1989 58i8 6234 49
36% 4978 38%
39
6484 4912 603s 36% 51
Gen 45*8 ser F
May 1989 62
10
2C12 26
Chic Mil St P & Pac 5s A...1975
1784 24i2
958 18%
Conv adj 5s
6is
75»
4i2
7
234
2000
234
434
6
85
103% 103% 102% 102%
103
106
105
103% 106
108
48
20
19
104% 105"" 10484
97% 93% 97% 96%
58
41% 51% 39%
102% 100% 102% 100
87
92
8734 91
102% 101
102% 101%
102
100% 100% 100%
89% 82S4 87% 83
65
65
63
64
121% 121%124
Potts Creek Branch 1st 4s
Rich & Alleg Div 1st con
19
105
109
10384 10384
102
106
105i2 102U 104% 103%105
10434 10218 105
102U 1045s 104% 105%
11214 11214 113
112%113
112% 113
119l2 116
II8S4 116
118
12018 117
11U8 108
1105s IO884 llOU 109% 111
llUs 108l2 11078 109
110% 109% 110%
10312
102U
1113s
H684
1093s
22
10684 105% 105%
95% 97% 93%
59
52
5284 57
103% 100% 102% 100%
91
95
91
93
8734 91% 88% 91
91%
100
102% 101
102
103% 101%103% 100
100%
100
100
99% 103% 101%101% 101% 102% 100%
78
73% 80
8734
85% 90% 85% 90% 86%
53
62
57%
59% 63
62% 65
65% 63%
50
102% 105
105
Chesap Corp conv 5s__May 15 '47 10312 106U
10-year conv 5s
1944 10 u210234
Ches & Ohio 1st cons g 5s. .1939 HO84 11214
Gen gold 4J*8
1143s 11712
Ref & impt 4 J*8 ser A
1993 IO8I4 1107s
Ref & impt 4>*8 ser B
1995 IO8I4 110i2
20
"8~5% 'sir2 ~85% "83% 9~o"~ "89" "93% ~9f"
97
Champ Pap & Fib deb 4^8-1950
Charleston & Sav 1st g 7s..1936
Craig Valley 1st g 5s
10778 IIOI4 10618 10712 106
19
20
20
66I4
10858 107
Central Pacific 1st ref gu 4s 1949
Central Steel 1st
7878
62%
20
9734
97%
108%
106% 1075s
106
108%
105% 106%
107% 109%
52% 58% 55% 60%
58
107% 108% 107% 1083s 107«4
106% 108% 107% 108% 107%
107%108% 107% 108% 108%
105% 106% 106
106% 106
107% 109% 108% 109% 108%
84
75
61%
IO884
108
109%
107
109%
"96%
98% "96 ~
97~84 "97% 99% 98% loo"
105
106
10434 106
105% 106% 105% 107
106
104% 105% 105
105
106
IO584 10634
62% 66% 59% 65% 6384 68% 68% 76%
98% IOO84 99% IOQ84 100
101% 100
101
103% 105
103% 105 " 104% 16584 103% 105%
103%
102% 102% 102% 102"% 102" 102
102" 102""
103
109
110
109% 110
110% IIO84 110% HO84
1105s 111% 110
111% 110% 111
110% 111%
112% 113% 112
11284 112%113
112
113
78
96%
107
16%
7%
10334
"95"
78
97"" "94"
96" "91%
111
95""
9584
110
78%
97
110
100
101% 96
93
1941 98is 10012 100
95% 97
98
93
99"" 160" 100% "99" 100% "99" 99"" 100 10134
97% 9884 9884 "99"
81
60
71% 68% 74%
series D...1963 795s 85i2 71
6134 72
73
79
79% 76
78% 84% 80% 86
79% 85% 7834 83% 82% 89
Ref & imp 4Hs series E-.1977
7312 7712 61% 72% 50
62% 50% 65
60% 67%
65% 72% 66% 71% 69% 75% 73% 7634
72
76% 71
76%
74% 7884
Cairo Div 1st gold 4s
1939 1C312 10414 103%104% 103% 104% 104% 105
104% 105% 104% 105
105%106% 105% 107
105% 106% 106
106% 106% 106% 106
107
Cin Wab & M Div 1st 4s..1991
89
90
873s 913s £0% 83
87% 93
89% 9234 90% 92%
90% 9184 91% 9234 91% 94%
92
94% 90
92%
91
94%
91
95
St Louis Div 1st coll tr 4s. 1990
88
94i2 94
93% 9034 94
93
96
9184 96
92% 94
94% 96
90
91% 94% 88% 91
90%
90
95%
Sprlngf & Coll Div 1st 4s. 1940
104
104
103% 103%
White Wat Val Div 1st 4s. 1940
95% 95%
95
95
Ref Be impt 6s. series C
Ref & impt 5s
Cleve-Cliffs Iron 1st M 45*s.1950
& Marietta
Cleve
4Hs...
Cleve & Pitts 4Hs ser B.
3 J*8 series B
4Hs
A
General 45*8
10584 105% 105%
1935
103% 105% 105% 105% 105%105% 105% 105%
100% 100%
1942
allO%110%
1942
1942
ser
ser
101% 101%
1938 105
Clev & Mahon Val g 5s..
105
107%107%
1977
A
Cleve Short Line 1st 45*s..l961 104i2 105i8 103%105
103
Clev Un Term 1st s f 55*s A.1972 100
97% 101
1st
8
1st
s
a
1973
f series B
9584
1977» 88%
f guar 45*s ser C
Deferred delivery,
c
.
Cash sale.
97is
9II4
93
84
100% 104
101% 104%
94
99% 92% 99%
86% 93% 85
9184
89% 80
86% 80
86%
97
* Negotiability impaired by maturity.
105
109% 1IO84 105% 105%
109
110
112
112
111% 111% 111% 111%
111% 111% 111% lYl'%
105% 105%
103
104% 104" 105 " 105% 106% 106% 107% 106% 107
104
106% 105" 106
155% 106%
9884 101
9934 104
102% 103% 102% 103% 102
103% 102
103% 102%105
104% 10534
9C34 95% 94% 9984 98% 100
99
98% 100
100% 98
99% 99
9934 99% 101
86
85% 88
9084 90% 94
90% 9284 90% 92% 90% 91% 90% 92% 92
95
55
Financial Chronicle
Volume 142
1935—Continued.
BONDS
December
November
June
October
March
May
August
September
July
February
April
High
High Low
High Low
High Low
High Low High fjOW
High Low High Low High Low High Low High Low High Low
January
Low
Goal Riv Ry 1st guar 4s
Colon Oil conv deb 6s
1945 104
.1938
IO6I4 106i2 10712 107l2
104
4812
84i4
4558
47
4558
65
58
67
66
66%
65
66
65
68
65
68
65
66%
8134
8412
83l2
82
8314
8312
89
88
91%
88%
95
95%
2714
2214
23i2
22
2334
25l2
24
90
287s
88
22l2
9038
8434
2714
2512
2778
27%
31%
28%
3534
35
98
42%
66
95% 100
39% 51%
99l2
98
99%
56
61%
57
62i4
59
62
577g
6258
5134
60i2
50
58
5234
58
48%
52%
50
56%
55
5512
61
5612
6238
5814
62
5212
60i2
7958
79
8912
86I4
86%
863g
90l4
90
89i2
5634
85i4
62i2
69
907g
88
94%
38
49
47
50
46
Colorado Fuel & I gen s f 5s. 1943
Colo Indus 1st coll tr 5s
1934
66%
80
74
78
75
25
34
27i2
Colorado & Southern 43^8.1935
Colo & Sou gen M 4 >£s ser A 1980
93%
96%
7334
89i4
3U2
95
67
65l2
82i2
82i8
80
Columbia G & E deb 5s May 1952
Debenture 5s
Debenture
65
1980
4^s assented
-Apr 15 1952
Jan 15 1961
5s
62i4
"79"
83*"
80
83
7634
8138
Col & Hock Val 1st ext g 48.1948 10214 1023s
Columbus Ry P&L 4j^s—1957
98l2 10U2
Sec conv gold 5J^s
1942 10634 10834
Columbus & Tol 1st ext 4s. 1955
Com'l Invest Tr deb
5J^s—194#
110%1Y2""
Conn & Pasumpsic Rivs 1st 4s'43 100
100%
Conn Ry & Lt 1st & ref g 4 Hs '51 106iS 10618
Stamped guaranteed
—
Consol Hydro Elec Works
106
10634
76i2
915s
93%
85
89
9158
9038
94i2
85
9 U8
90
87i2 94
10934 110l2 10934 10934 109i8
105
105
10578 10512 10678 106l2 107
106% 10714 10612
10578
10112 10512
112
109
112l2 IIU4 11212 11138 112
llllg
11078 1117g 111
11214 111
109
110
112
112
112
112%
IO584 10534
109%
110%11*1*34 1113s 1123s 1101*2 11*2 " 11012llll2 11058 112 " 111 112 111" 112" 111%112 111%112% 11134
101
102
102
103
102i2 10314 1011410114 Ji
IOOI4 IOOI4 101
109
1065s 10658
1075g 1075g 107% 107i2 1075s 107*34 1077S 1077s
106
1077S 108i2 1081*2 108%
106i2 1061*2 10*6*34 106i2 10734 1073g 107l2 1073s 108
l07% 107% 108
77
73i2
685g
79i2
79
88I4
68
79
78%
883s
110
110
5934
98% 99%
965s
93% 99
9734 99%
99
100
94
94
98
100
97
96%
98%
93
9634
93% 9578
98% 96% 98% 97% 99
109
110
IO9S4 11034 109
10834 10934 109% 109%
107
10738 106
105%
105% 10634 105% 105% 105
III84 110S4 111%
97
109%
111
111
112% 111
103% 103%
109% 109%
109
107%
112%
103%
109%
108%
of
Upper Wuertemburg 7s__1956
Consol Gas (N Y) deb
Debenture 4^8
56I4
65%
5^8-1945
1951
Debenture gold 5s
1957
Consol Ry non-conv deb 4s.1954
Non conv deb 4s J & J—1955
Non-conv deb 4s A & O—1955
29
30
31
30
31
29
30
30
31
2934
3158 30
29% 30
41% 37l2 37i2 35l2 3512
106
105
10514 106
10514 IO6I4 105% 106% 104% 106% 10434 106
104%106
IO6I4 10512 106
10512 106i2 10512 1067g l04% 1*06*58 105
106
10834
99
10578 107
1085s 106i2 IO8I4 106i2 108
106% 10734 106% 108
10134 101% 103
107% 108% 108
10234 104% 104i2 107
106
10518 10534 105ig 106i2 104l2 10558 10434 105% 104% 105% 10434 106% 10434 107%
1045s 10534 10412 10612 105
10234 104% 10312 105
19
24
23
23
16
19
17
20
18% 21%
32
2278 25
25i2 30
22ig 2212
3514
20
20
25
25
18
1934 23%
1934
22i2 25
17% 23
2ll2 21%
325s 3234
"25" 2*5* "
2334 24
24
22
22
16
18
18
18
295g 2478 25
19% 21
22i2 25
35
39
39
33
39i2 3534 3734 34% 43% 3634 40% 33% 37%
44l2 3212 36i2 303s 3914 36
31i2 35
33i2 3912 3518 40
33
44
33
35
36
40
33% 37
3558 3914
31% 39
36i4
35% 37%
43% 36% 40%
33i2 39i2
33i2 313s 35
104i2 10334 104i2 10414 105
104i2 10518 104% 10434 10334 103% 10334 103% 10234 103%
104l2 105i8 104
10378 1047S 104
5s.1936
10434
1053g
106i2 104% 105% 103% 104%
Consum Pr 1st 1 & unif 5s C-1952 107i2 10812 108
10014 10634 10534 10714 10434 106i2 105
109i2 107
10934 106i2 108
106% 108%
1st 1 & unif mtge
1965
1950
Consol Coal 1st & ref 5s
29
3334
29
Certificates of deposit
I
103
Consum Gas Ch 1st gu g
103
1965
.1946 9912 10134 IOOI4 103
84
87
90%
15-yr deb g 5s with warr._1943 83
97l2 100
Copenhagen Tel 5s.-Feb 15 1954 95% 98
Crown Cork & Seal s f 6s—1947 106
10634 10534 107
Sinking fund 4s
1950
102
103
Crown Wilamette Pap 6s—1951 10134 103
1st 1 & unif mtge 3Hs
Container Corp 1st
6s-
6s__1940
1950
deb
Crown-Zellerbach
Cuba Cane Prod 6s
Cuba Nor Ry 1st
1942
1952
A..1936
5)^s
Cuba RR 1st 50-yr 5s g
1st Hen & ref 7J^s ser
1st lien
f 6s
8
ser
102
—
1936
B
84is
96i4
101
90
83
87i2
99%
99I4
134
9884
9914
3s
93
10414
1063s 107
9714
38
86
10212 103i2 103
99
9834 9978
12
%
40l2
38
is
4778
30
3778
42i2
32i4
37
283s
33
28
33
26i2
28
27i2
37
42
3978
29
32
3H2
50
40i2
29
30
30
2334
2412
27
Cumberland T & T 1st gen 5s '37 10638 107
106i2
1065s 107i8 106&S 107
89
86
Dela & Hudson 1st ref 4s—1943
90i4
75i2
947s
7458 86%
1935 100
5s
1937
Gold 5^8.
1st & ref 43*s
1st Mtge 4Hs
Del Riv RR Bdge 1st gu g
Denver G & E 1st & ref
1
Stamped
4s'36
1936
Consol gold 4 34s.
Aug 1955
(subject to plan) —
Den & Rio Gr W gen 5s
Ref &
89i2
96's 101
91
96i4
10612
102i2
1065s 10658 104i2
104
955g
101
impt 5s ser B_-Aug 1973
ctfs__1935
Des Moines & Ft D 4s
434».1947
1949 107i2 10934 108% 1095S 107
1087g 10534 1073g 10612107
1083g
10612 107i2 107
1955 108U 109% 109is 110
10812110
110
5s series C
1962 10834 10978 109U110
11114 IO8I4 lids IO8I4 109
IIII4 1123g
111% 109l2 lllSg 10934 112
4348 series D—1961 IO6I0 10914 108
1083s 10934 IO8I4 109
5s series E
1952 108% 110i2 109
IIII4 109i8 111
Des Plaines Vat 1st gu
Detroit Edison Co 5s ser A..
Gen & ref 5s
Gen & ref
Gen & ref
Gen & ref
ser
B
4s
gold 4s
Det River Tun 1st 4J4s
Dodge Bros deb 6s
Donner Steel 1st & ref 7s AA '42 102
103
12%
125s
107i2 10834
IO6I4 107
103
103
27ig
67
67
65
*63*
65
125s 125s
110% 1095s 11U2 10812
1053g 10634 1047g 1053s
109*
103i2 104
30
103
104
1*10% 1091*4 1*101*2
102% 103i2 IO2I4 104
107
107
108
30
"6*3*"
30
30
30
157g
157g
110i2 11134 11134 112i8 110% 112
102i2 1037S 102%
10*3*7s
30
113i2 111
11234 113i2 111
1957 11134 11234
1134
83g 1414
714 10
7>4s--1937
714 11% "71*4 To"
102
10U410114 101%
102I8 102i8
Dlv 1st 4s.1948 102
East T Va & Ga 1st 5s
1956 109
1061*4 108" 106% 107 106
11112 10678 111
108
107■ 107i8 108
1077g 108
Ed El 111 Bkn 1st cons g 4s. .1939 106i2 10714 107
124
125i2 12558
124
124
Ed El 111 (N Y) 1st cons 5s..1995 12378 124
series B
Eastern Cuba Sug s f
East Ry Minn No
6>$sl950
3678
375g
37
4U2
6348.-^1953
363s
37%
40
1st sinking
fund
"37"
40
El Pow Corp (Germany)
36lS
106
106
Elgin Joliet & East 1st g 5s.1941 104% 105% 106
93
92
95
El Paso & S W 1st & ref 5s..1965
92l4 95
Erie & Pitts gen gu 334s B..1940 10178 10178 10214 102 58
1st
1st
gen lien
4s—-.1996
50-year
con g
4s series
A..1953
75
50-year
con g
4s series B..1953
1953
75
conv
4s series D
Ref & impt
5s series 1927.1967
Ref & impt
5s
ser
110% 112% 110% 112% 111% 112%
103% 103% 104
104% 103% 10334 104
10858 108% 10838 107% 107% 06%107%
10812 108
45
45
51
4934 58
53
533s
42% 47%
106
104% 10434 103%104%
10414 105
110% 110i2 110
110%
11178 11234 U0i2 111
12
12i8
1714
12i2 15
12% 16
14%
1478 20
105
105
103
103
10258 1025S
96
106
107
102% 10*6*12
9978 103U
100%
99% 102
108i2 108% 108% 107% 108
10812 1085g 108i2 10834 108
126
12734 12734 125
12658 128
*3*8* * 32
32
325s
32% *31% 3*3*"
375g 3734 *36*
38
38's
38
38i2
37
38
10634 10634 10634 107ig 108
93i2 98
94% 92l4 95
s
76
68i2
7414
f 6s. 1957 112%115
60i2
69U
11378 115i8
105
1947
N Y & Erie 1st 5s
105
Ernesto Breda Co 1st M 7s..1954
"75"
Fed Lt & Trac 1st lien 5s—1942
81
86
763s
8578
7634
88
series..1942
83
86
86
86
1942
7934
86i2
85i4
87i2
1942
30-year deb 6s series B—1954
80i2
89
87
91
6338
7314
95i2
a40i4
5s
International
1st lien
s
1st lien
s
Fiat deb
s
f 5s stamped
f 6s stpd
1946
f 7s.
Fla Cent & Pen
con
90
1943 a38
g 5s
Florida East Coast 1st 4 ^s.1959
38
3738
108i2 1085S 108
97
99i8
99
103is 103ig 106i8 IO6I4 106
106i2 1061? 106
62i4
*7*7*14
10
67
1278
10%
12
707s
76
95i8
4314
96
43i4
38
10858
101
106
106
Certificates of deposit
59
64
Fonda Johnst & Glov
Amended
107% 107% 10634 107%
43
54%
49% 61%
12%
1734
101% 10*3
107%108
125
11%
13%
102% 103%
10734 108
128
33
*32% W
32% 33
32% 33%
108
108% 108
10834 108% 109% 10938 109%
10012 1*0*134 100% 101% 100% 101% 100% 101
100% 10134
106
106i2
105
105% 105% 105
105% 105% 105% 105% 105% 1*05%
32
3214
64i4
53U
6U2
5814
6314
5478
60
52
52lo
8
65
12U
7%
11%
505s
59
5834
32
32%
97%
99%
76%
79%
32
96%
71%
105
"73"
7338
7*7*34
7234
77%
75%
32%
33
98%
9534 98
96% 100
71% 74% 74% 77%
105% 106
105% 105%
73
77%
7134 74
74%
74
7734 72
72% 75
7734
106
6712
67
116
117
53
54
5714
7i2
634
5934
8is
77g
57
714
10i2
6%
1212
9
714
978
5i2
11%
784
12
934
734
9
6%
778
7%
57%
6%
9.
8%
4%
1974
1st & ref 5s series A
104%
60i2 68
66% 7034 6734 71% 62% 6834 63% 70
66% 7134
70%
5938 6784 66
67% 72
62% 6834 63
6934
66% 71%
117
11714 11734 1167s 11734 116
11634 117% 11634 117% 11634 118%
117
II6I4 117% 115%117
114% 116
1153s 116i2 116
114% 115% 115% 11634
11512 114U 115
11434 U67s 115
1087S 1095s
109% 111
109i2 109i2
46
47
83
70% 70%
77
4434 45
*43* 4*7* ~
*771*2 *8*134 80
*76% *77*12 77
95
94
96% *94*
89
93
95*34 9434 95% 95% 96% 96% 99
9638 *9312 ~9~6*3s
85
8658 94
88is
96
95
96
95
96
96
935s 95i2 95
94% 94% 95
88
88
96% 96%
94
9634
93% 9578
93% 95% 94
9634
95% 98
~85% *8*7*14 86% 92 *90% *9*4*" 93's 95
96% 98
101
99
100
95
98% 100%
91
95
9834 99% 99
89
92
973s 973s 9812 98
102% 101% 102
91
94
87
79
86
93
90% 93
88% 92%
90% 90
73
75
85% 88
73is 79
92% 95
84
72
72
58
65
91
93
88
93
90'2
50% 65
90
97
58
64% 64%
68
82i4 90
46
46
44% 44%
47
4534 4534 45l2 46I4
50
a43% 435g 47
50
5234
58
63i4
6312
5234 61
1975 68i2 74I8 6OI4 69i4 52
117
1167s 11714 11514 H638 114i2117
f 6s —1955 114% 115% 115
Genesee Riv RR 1st
375g
98
98%100%
10U2 IOOI4 102
98i2 101
97l2 100
98is 101% 98i4 102
77
77
79
7934
74
80
70
73i2 75
7514
75i2
78%
733s 79i2 72
105
105% 1055s
105
105i8 105is 105i8
104i4 104l2 1045s 105
104i2 104
71
"7*6*14 74i2 76%
65
75i2 "73"
67
72
70i2 75
78
73ig
73i2 76i2
74
75%
7278 7578
65
73
77
70i4 75
78
73ig 70i4 7414
6934 7234
68
74i2 7434
7334 7334
71i2
76
7278 73%
1930
Erie & Jersey 1st s
1255s
37i2
109% i6s% 10934
113% 112% 11334
10834 10934
109
10734 107% 109%
108
97% IOOI4
gold 4s..1996 76
1951 104
Penn coll trust g 4s
Gen
1083s
39ig
series C—1940 10134 10134
g prior
con
cons
107
3778
•
Erie
21
10138
3*8*"
•
Gen guar 3>£s
11U2
63
105%
1053s
30
10812 108
1083s 108
Dul & Iron Range 1st 5s—1937 107% 1073s 107l2 10712 107% 108io 108
43
Dul So Shore & Atl g 5s
375g 44
1937 43
455s 43U 47i2 31% 43i2 3512 38
105
106
105
104i2 106
Duquesne Light 1st 4 348—1967 107i2 10878 107 I8 10984 10514110
1st M g 4)4s
63
30
30
30
26
26
5s..1941
Dul Missabe & Nor gen
72
107
27
27i8
26
23
27i8
1995
1995 12l2 15
1961 10578 108
1940 106l2 107
stamped
Second
70
108
1065s 108
105% 10*6*34 105% 105% 104%
10618 10712 107
106
107
107
109
IO8I4 109
105%106% 105% 105% 104%
110
110
110i2 110
110's 109
109% 109% 108%
1087s 110
in
11214 110
112% 109% 11134 111%
11178 1133S lll5s 113
10934 109% 109% 10834 109% 108%
10914110% 109
IO8I4 110
F..1965
Gen & ref mtge 4s ser
Det & Mackinac 1st lien g 4s 1995
1st
101
10634 107
105% 107
1063S 107% 105
107%
105i2 10678 IO6I4 10634 1055s 106i2 1055s 10612 106i2 10712 10658 107
106i2 107
10434 107
104
105% 10634 106% 107
106% 107%
103
104
106% 10514 10678 10618 10714 105U 1065g 1053s 10634 1065s 107
27
27
24
27
23
27
3034
30i2
29% 21% 24% 2034 28
28
34
23
24i2 27
3134
2534 317s
3014
3U2 39i4
25
27
26
2512 30%
25
31
2534 283g 22% 25
2734 32
34
32i2 2914 2934
25ig 27
21% 28
3414
39% 30
8
7
8
7
12
10
8%
10
IOI4
7%
10
10
12
6i2
734
6i2 12
13%
6l2
81s
7l2 113S
6i2
8
7
9
7i2
9
6%
9%
5%
7
9% 13%
514
634
558
10i2
512
7
5% 11
634
978
5i2
73g
8% 11
16
21
18
20
1834 21%
15
12
15
2134
12i2 1458
15% 18
21% 24%
1234 18
lli2 1334
125s 17
16i2 21
3
3
3
3
3
3
3
3
2i4
3%
234
3
234
278
284
234
234
234
234
234
5s__1951 10214 10334 10434 106
Den & Rio Grande 1st cons
Assented
100i8 lOOU 100's IOOI4 IOOI4
1969 105% 106
4s.1936
Pa tax
as to
101
9934 10234
106i2 10634 10658 107
1st 434s..1971 106i2 107
103
102i2 102
10318 104
1969 102
Del Pow & Light
105
10234 104
10234 104
103% 104% 103% 104% 103% 10434
iou210314 10234 104
94
83
92U
101%
89i4 92i2 9078 94% 92% 97%
9934 99
101% 100
96
100
95
98
92
92
96
95% 96%
96%
9434 94
9534
93i2 96
9414 95U
10514 IO6I4 10434 106
104% 10534 103% 10434 103
105U 106
1033s
10514 106
107
102% 103%
104
105
104
10434 104l8 1047g 104% 104% 104
103i2 10334 10414 10312 105
104% 104%106
101
102
103
10214 102
102%
101% 101
10234 102
100% 10038 102
102% 102
10014101
%
47
51
49
49
55
53
48% 5534
4734 49
46i2 54i2 4618 50%
48% 52%
48
40
41
51
45
48
4234
40% 427g
4334 49%
4U2
50% 44
40ig 37i2 44i2 38
48
40
52
4012 4234 42l2 46
4434 49%
35i2 46i4
44% 52
4112 43
46% 51
39
41
39
47
43
47
39i2 40i2
4534 47
3714 44
39t2 42
44% 46
38
10678 107
106% IO6I4 IO6I4 10638 1057s 1067s 1053s 1057s 105% 105% 10434 105% 104% 10434
107
76
78
7934
835s
80% 84%
76% 81%
75% 80%
837S 77i2 82i2 7634 805s
72% 7734
10038
100i2 lOOig 101
100% 100% 100
95
91
95
95
9438 97i2
96i2 98i2
97%
93% 100
90i2 95
95% 93
90% 95
105
107is 107i8 107
107i8 10638 107
106% 105% 10534 106% 106%
106i2 107
107
106% 107
1035s 104
1035g 105
103% 105
10034 103% 103
103% 103%105
103i2 102i2103
103i8 104
10414 105i2 106i2 106i2 105% 105% 104% 105% 104% 106
105% 105%
10534 10534
105
103i2 10212 104
4
4
54%
50
54%
54
834
7
8%
7
734
5%
7%
534
58
6
35s
54%
7%
6
10%
9%
57%
8%
7%
60%
11%
1034
4348--1952
9
1982
2-4s
5
Proof of claim filed
Certificates of deposit—
Fort St U D 1st g 43^8.
Ft Worth & D City 1st
6%
3i2
3i2
5
4
3i2
3i2
3i2
1941 10is8 1015S 101% 10158
105
5 34s .1961 106i2 106i2
4
378
3i2
3i2
37g
3i2
4
3
4
4i2
3i2
3i2
103
3I2
103
3i2
103
4
4
103
3%
3%
334
3%
5
3%
4
3%
3%
3%
4
3%
3%
3%
4
10334 10334
104% 104%
105% 1067g
103%104% 103% 10~4% 103% 104%
108
109
16734 110" 107% 109% 107%109
107
110
30% 32% 30% 36% 30% 35% 28% 33
32% 34%
82
81
81
80% 82% 82
75
77
1035s 104% 103%105% 103% 104
116% 117%
10434 1067s 104l2 106i2
10834
10914 106i2 108i2 10714 108l2 10738 108I2 108
Framerican Ind & Dvd 734s.1942 IO6I4 110i8 1091*8110" " 106
31
35
35i2
30
4634
3158 3938
367g
25
27i8 3U2 28
Francisco Sugar 1st s f 73^8.1942
30i2 23
78
84
8334 8334
76
76
8234 84
79
79
767s 80
Galv Hous & Hend 5 34s
1938
Gannett Co deb 6s ser A—1943 161" 10*3*" 101%103'8 10234 10384 10314 10412 10334 10534 IO414 10512 10334 10534
117
117
115i2 115i2 117i2117i2
Gas & El Bergen Co con 5s. 1949
62
67
65
54
5734 63
64i8 73
683g
59% "55"
5934 75
56I4 6058
61% 63i2
Gelsenkirchen Mining 6s —1934 "59" *6*4* "
10134 104
10234 10358 100% 103% 100
10Us 102
99
IOI84 10312 102i2 1035S 10278 105
Gen Am Investors 5s ser A..1952
101i2 100% 102
10 684 104
106
105
105
1940 10212 10278
93
8834 9434 86
Gen Cable 1st s f 5 34s A
8934 883s 89i2 87i2 895S 875g 9384 935s 9514
1947 87
General Elec deb 534s
1942 105i2 IO6I4 I057s 1057s 10558 10578 105i2 10534 105i2 105i2 10514 10514 105i8 10518
49
4812 50
45
46
45i2 467S 4584 47% 46 I2 4834 48
Gen Elec (Germany) 20-yr 7s '45
4012 46
48
48
49
49
46
4834
45
47% 47
40
45
46
4534 45i2
Sinking fund deb 6348—1940
4634 485g 48's 4914
4814 49i2
46% 48
4514 44i2 46I4
45% 45
Sinking fund deb 6s
1948 40
Gen Petrol 1st 5s
1940 1025s 103i8 102% 1021?
*6*2"" *56%
5*9* ~ "54" *55" ~
104% 102
103
101
103
98
101
100
10134
Gen Baking deb 5 34s
a
Deferred delivery,
c
(Jasii
sale.
* Negotlauuity
impaired by
maturity.
91
95
93%
97
96% 100
48
48%
47%
48
47%
47%
47
49%
50
50
47%
47%
48
49
47%
48
42
48
*32%
40%
32%
31%
31%
33%
33
33
56
Financial Chronicle
1936
Jan. 4
1935—Continued.
BONDS
January
Low
Gen Pub Serv deb 5Ms
Gen Steel Cast 5
with
1939
March
February
High Low
April
May
June
July
August
October
November
September
High Low High Low High Low
High Low High Low High Low High Low High Low High
High Low
96
91
9434
90%
93
91
981?
98i2 100
92
54
83i4
68
77%
11
73
79
73
81
6%
1314
10
1238
6i2
107g
1038
13
IOI4
1214
12i8
12i8
11
14
21
21
18
18
9li2
88i2
8*4
8%
96
94
94
9%
9%
81%
General Theatres Equip 6s. 1940
Certificates of deposit
Ctfs of deposit stamped
cons 5s
Oct 1945
1734
1734
17
18
17
17
22%
23%
war
'49
Ga & Ala 1st
Georgia Caro & Nor 6s
Georgia Midland 1st 3s
Good Hope Steel & I sec
7
•
714
8i2
8I4
1934
24
24
23U
2314
1946
45%
4034
46
44
4258
1945
Goodrich (B F) Co 1st 6^8.1947 108
Conv deb 6s
1945
Goodyear Tire & Rub 1st 5s 1957
Gotham Silk Hos deb 6s
738
778
44
4234
618
6%
1936
Gould Coupler 1st s f 6s
1940
Gouv & Oswegatch 1st gu 5sl942
4434
109
20
3612
"39"
425i ~35% ~3~6%
108
109
101
10938 108
20
934
36
9914100
103
100i8 10238 102
102% 1Q338
102i2 103
78
87i2 78
8612
7914 8438 7758 82% 8134 85%
11
14
14
1434
1314 1538
16
1658
1478 19%
13
14
14
IU4 14U
15
16
19
1514
16i2
13
36
~35%
37i2
3878
I3I4
15
18
18i2
41
33
34
32
1412
18%
3514
13
18
37%
15
41
40
38
38l2
3314
34
3314
3414
33
34%
1314
12
101
108ig 109
108l8 10834 1081s 109
10778 IO8I4 10734 IO8I4 10784 10838 10778 IO8I4 108
1083s
93
96% 9314 9678 9212 9758 92i2 9634
9412 97
94l2 99
9634 100i8 9634 99i2
9858 10U2 9912 100l2 10038 103%
104
105
104
105
10438 106
10312 10478 10378 104l2 104i4 105
105
104
105
104
104l2 105l2 104
104l2 104
105%
85
90
9338 97% 92
9412 8212 90
88% 88
92
96%
94
9234
951? 9134 94
95l2 9514 99
98% 100
17
23
3412
3634
1712 25% 2112 28
28
1934 29% 28
2412 26
2412 27
26i2 35
3U2 35
34% 51%
Gr R & I ext 1st guar g 4^8.1941
Grand Trunk Ry sk fd 7s..1940 106
107
10412 10412 10578 10712 107
10712 107
108
108
10714 108%
10618 106i8 107i2 107i2 107% 10734
10684 10534 10638 105U 106
10478 106% 104% 105ig 10414 10514 10314 10412 10278 10378 10238 10278
15-year sinking fund 6s__1936 106% 107% 106i2 10678 IO6I4 10658 106% 106% 106
10638 10584 106
10538 IO6I4 10458 10558 103i2 105
10358 104
10384 104
Grays Pt Term 1st gu g 5s
1947
90
90
90
90
__
Gt Cons El Pow (Japan) 7s. 1944
1st & gen sink fd 6)^s
1950
Gt Nor gen 7s C B & O coll A1936
1st & refund 4J^s series A 1961
General gold 53^s ser B..1952
General 5s series C
1973
General 4^s series D
General 4^s series E
1976
1977
87i8 88i2
78i2 81
95
86l2 93
99
102% 10038 104
85% 93
8534 89i2
83
86I4 8012 85l4
75
7934 7378 77i2
7434 795s 74l2 7734
783s
80%
9I84
8712
80
82%
8912
8U2
89
88%
813g
92%
855S
92
94l2
9438
86
90i2
87
82
87
94l2
97
89i2
9934
96
103
75
86'
75
85i4
84
9U2
80i2
69
76i2
76l2
87
85l2
64l2
64i4
7312
63
71
81
78
7312
6234
7112
71%
70i2
82
79
Debenture certificates B
3%
4
66
70
312
6812
58
66
59
Gulf & Ship Is 1st ref & ter 5s '52
66%
4i2
70
6534
4
5
3%
59
61
5378
31?
55
53%
5514
59
50
55%
52
312
38iS
512
95
97
89
90S4
97
89
69
101
98
Green Bay & West deb ctfs A.
Gulf Mob & Nor 1st 5 j^s ser B '50
1st m 5s ser C
1950
"92" 94%
9212 9512
9318 95
925g 94
90
91
84
91
90i8 9034
90% 93ig
96l2 97i2
99% 10034 100% 10234
105 10414 10514 10312 105U 104
105
105i2 104
103% 107%
100
9912 97
101
103
9738 9912
97s8 103
10234 105%
94
92
98
9138 95l2 91
97
9434
9438 9838
101%
85
88I4
86
891? 83
8612
915g 89
92l4
91% 94%
85
89
83
883g
86
8534 9212 87
92i4
91% 93%
38i8
9584
891?
9212
10012
96l2
9914
66%
Stamped
Gulf States Steel deb 5^8.-1942
91
9534
9334 9734 93
Hackensack Water 1st 4s
1952 105l2 106% 10512 10612 107
Hansa S S Lines 6s with warr '39
44
41
46
38% 44
6s (April 1936 coupon on) .1939
Harpen Mining 6s with war. 1949
Havana Elec Ry cons g 5s..1952
Deb 5^s ser of 1926
634
5978
57l2
83g
6I4
60
65
6438
778
72
5734
62
60i2
6978
7
72l2
68I4
8I4
7714
7412
39%
41
42%
4578
49
49%
30%
30
30
28
28
38
29
3634
38
34i2
3512
3514
37i8
36
39
37
38
37
Holland-Amer Line
s
Housatonic RR
5s
f 6s
1947
1937
13
"51"
"95
Illinois Central 1st gold 4s. 1951
1st gold 3-HjS
1951 100
Extended 1st gold 3}^s.__1951 100
13
15
15
13
13
90
104
100%
104
99
100
80
8312
Refunding 4s
1955
83
8638
1952
71
104
104
3^8
70
73
105% 105l2
10258
£5
9658
35U 38
115i8 1185S
81% 8934
2534 32
107% 108
102
73
78
38
3812
85
72
81
671?
7034
68J2
72
69l4
70
70
70
61
66%
65
6734
8934
5912
7478
64
8478
78
7578
7978
6284
7812
90
9634
91
96
93
95ig
76l4
79%
~6~9%
94
"90"
~90%
42i2 53% 44 5034
46% 51%
102
9934 100% 101% IOH4 102
85
8512
9234
67
48l2
9012
9218
89%
92"
77
74
75"
75"
7558
7578
7558
75%
8612
87l4
93
91
825s
8258
80
8934
8512
7238
1963
69
1940 106
37l2
86
40%
65
74
86%
86%
86I4
41
4314
3834
40%
38
3934
37l2
39
38is
104
1950
1st 4)^s
1932
84
89
87
Certificates of deposit-....
Interlake Iron 1st 5s B
1951
82
86
84l2
72
82
75
conv
7% notes
8934
89
7838
87%
87
90%
9014
95
85
87
86%
90
90
94i2
75l2
77
7558
78%
7412
79
72
943s
9834
97
9934
40
9234
91l2
Int Agric Corp 1st & coll 15s
Stamped extended to
Internat Cement
conv
.1942
deb 5s '48
Int & Great Nor 1st 6s A..1952
91l2 97
9914 102
9634
9918 IOU4
33
1st 58 series B
1956
3212
8I4
3134
1st 5s series C
1956
32
41
11%
3814
3712
Internat Hydro Elec deb 6s. 1944
48l2
56i4
Int. Mer Mar 1st coll tr
f 6s.'41
50
53
IntPaplst&refconv5s,A&B_'47
73
7734
Ref s f 6s ser A
1955
Int Rys Cent Am 1st 5s B..1972
1st col tr 6% notes
1941
53l2
1952
7418
73i2
60i2
58l2
7U8
81
8112
64i2
50U
72ig
5018
7212
7512
73i2
5512
1939
68
72
1955
65
s
lstl &ref6^s
1947
Int Tel & Tel deb g 4Ks
Conv deb 4Hs
Deb
5s
Investors Equity deb 5s A..1947
Deb 5s
ser
B with
warr
1948
Without warrants
70
99
100i2
99
10012
100i2
99
Iowa Central 5s ctfs
1938
Refunding gold 4s
1951
James Frankl & Clear 1st 4s_'59
Kal Allegan & G R 1st gu 5s.'38
Kanawha & Mich 1st gu 4s_1990
K C Ft S & M Ry ref g 4s
1936
Certificates of deposit.
97
99
3634
41
35
6s
1957 106
Certificates of deposit
stamped
6s ctfs stamped prin
26
Kendall
a
478
6%
2414
28i2
2434
2418
28%
3338
40
31
5214
56
62
42
54%
7538
56
74
75l2
76
6234
7U4
68I4
10212 103i2 102
103
70
75
75
75
8U2
76
8284
75
8912
37i8
39l2
9914
100
99
23
9834
104
97
9734 99i8 9638 99
103i2 104l2 103
10414 103
38
48
52
55
52
61
46 58
54
53
6OI4
55
74
58
71
6734
72
68
75
78
76
79
7638
51
35%
4912
46l4
51
46
4914
7414
4512
5378
5314
5834
72i8
7512
72
73
72i8
72ig
72
72io
73
76
76
83
5612
8OI4
75
75%
75
76
76
78
7712
81
8214
73
75
69
73
68
70
70
73
73
100
1
100
10012
9838 101%
6I4
1%
803g
100
2812
6712
70
6784
6884
49
57
45
54
69i4
46%
103%
rule.
102
*
103% 102
4l2
34
7912
9912 100
6034
33
534
34
778
3914
10i2
30
7&8
28
2812
43
5712
99
99
9734 99
100%
10414 103% 104% 103% 104%
3612
9i2
3338
3234
5034
6212
8OI4
62
27%
7%
2578
25%
3334
40%
37%
834
3434
35%
47%
62
72
66
70
79
82%
66%
83
94%
74%
58
7
41%
10%
33
40
33
40
4234
59%
48%
78
83
80
76% 80
84
77
8578
827g 85
827g 7934 84
79l2 79
7934 76
7958
75% 80
77% 78%
70
65i4 7212 65i2 7U2 63% 69% 67% 72%
8H2 7334 8312 74
8U4 7334 80
78% 8378
68
76
75
6934 7634
66% 73%
71% 7534
104
10312 103
10138 I02i2 100%102
100
100%
103
10378 103
102
iooi8 10214 102
10034 101%
100
10314
10214 100% 102% 10034 101%
6I4
s4
534
7
1
13g
80
8134 8OI4 8134
10034 101
10078 101
6
7
34
80i2
H4
82i4
166" lOO"
~35i"s 37*12
33
36
%
7978
%
82
78
80%
1%
82%
100
101
101%
102% 162" 102%
3178
37
31
33
36
29
33% 31%
32% . 30
38%
36
11318 113~12 112" 113"38 11034 112% 110% 112"
1II84 11234
70
68
7312 76
7534
7434
7278 61% 69% 65
6984
52
5912 67l2 59
69i4
6212 60i2 64
618s
54% 64
62
(
10734 10634 10712 IO6I4 10714 10558 107% 105%107% 10638 107% 106% 1(
103
104
103
105
104
10438 103i2 105l2 104
10384 104% 10378 1(
42
45
42'
40
40
38
43i8 40
41
40% 42
42
<
41
35
35
37i2 42
3884 39
32% 36
38
<
32
38
2914 2984 30
33
2714 323g 32
32% 35"
35
I
23
29l2 31
25
26i2 2718
24%
28% 28% i
80
85
87
82
92l2 87
90l2 86% 92
91% 9484 92
(
78I4 767g 7914 7812 80
11214 II4"
7378
6038
10714 106i2
10458 10314
42
41
273g
37l2
30
30
77
76l4
79l2
53l2
4914
7314
27
6I4
114
8134
1001?
85
103
103
10U2 IOU4 102
36
33
3OI4 36
37i2
315g 2912 3458 34i2 3512
10434
112l2
76
64
54%
68%
107% 108% 107% 109
18
3812
434
60
109
.
35i2
76
73
55
108
8
8
712
8I4
15
8I4
8I4
19
15%
10534 106
10634 10634
107
107
106i2 106i2
106i2 104i8 10738 10414 IO5I4 10484 10578 105% 106% 103% 106%
106
104
106
10438 IO6I4 104
106
10512 104% 106% 103
92
88I4 8934 875s 92
8934 9412 8984 92% 88
92
87
91
89
867S 88
87
885g 9212 88% 91
90
6578 6378 76l2 71
56i2 54
84l2 70
7778 65
7584
51
63
81
69
74
5U2
6OI4 7412 70
62
73
9458 89
92l4 90i2 9312 903s 94
897S 9678
9034 97
88
88
89
91
9234
8912 92
89% 94%
90% 94%
78
8212 72
7534 75
76
7558 79
75% 77
86%
37
1%
87
67
7
33
6%
87
69%
64%
97
28i2
3812
78
87%
58
32%
3034
44U
1%
34
85
633g
34
32
4%
6334
109
87
58%
99%
27
74
66
32%
32
17g
98'4
9534
2612
9
87
34%
25
82
68
98
3514
3578
5514
59i2
1
7684
75
67%
33%
29
5512
» Under the
3312
100
35
74l2
10U2 10338 102
35i2
32
10U2
~98% 100'" 100
36l4 39i2 3U2 36i2 31
3478
2934
31
35
29
28
34i2 38
32%
105
106
108% 105
10434 10534 10412
111
111
1125g 1127g 114
113i2 111
71
7512 7834
69i2 77
7412
76i8
56
53
w61
60% 70
557g 62
106
109
10534 108
10578 107
105l2
1013410414 IO2I4 105
10212 10434 10358
42
39
4438
4038 4234
40i2 42
3412 3834 28i2 3712 28i2 3134
28l2
100
3234
35
714
7
70%
66
85
27
1942
e Cash sale.
87
27i2
534
74
I62" I02"
75
78
31
2514
6812
4412
87
9884
50
58
53
58
67i4
5314 6034 58l2 7034
58% 67%
64i2 73
6934 73i2 77i2
62l2 6778
57
5512 63%
6138
57l2 66i2 63
63l2
7512 7U2
103
IO2I4
10134 10314 101
99i2 10012 100% 10134 10134 104
99
10012 100% 101% 101% 102% 103
10358 101
10284 10214
102
9912 100i2 100% 10212 101% 103
103i8 102
10212 102
912
158
8334
70
98%
35l2
8i2
3258
104% 103% 103%
90
6
5
31%
66
26
27%
65
103
103
103i2 103% 10358 103% 104%
977g
965g 9784
95U 9734
9734100%
43
4278
4U4 435g 40
39% 43
119
118
119
11834 119%
8612 "8334 "8512 82l2 84l2 79
83%
32
36
3534
28% 32% 29
31%
10938 105i2 109l2 105% 10558 104
105%
102% 10234
712
30
14%
60
106l2 106l2 106i2
30
30i4
35
1943
Co 5 j^s with warr. 1948
Deferred delivery,
8I4
3334
1943
Keith (B F) Corp 1st & ref 6s.'46
Kelly Springfield Tire 6s
1942
6s stamped
3812
27
5
23
3734
4914
67
7l2
978
158
134
805g 8212
100
9934 100
39ig
10714
1961 IIOI4 112
Kan City South 1st g 3s
76
1950
77i2
Ref and improv 5s..April 1950
69
74i2
Kansas City Term 1st 4s
1960 10538 10714
Kansas Gas & El 1st 4Ms
1980 IOOI4 103
Karstadt Rudolph 6s
32
41
1943
Kan City P & L 4^s B
1st mtge 4j^s
31
2512
38
734
32
98i8 103
3912
934
42
Adjustment M 6s series A.1952
9534 9914
97% 101%
30
75
95
9612
85l2
33
"5414
1C4
97
106
106ig
1978 104
106i8 10334 105
104i8 10534 104i8 105
10412 1053s 105
104
1981 10378 10514 10384 105
10514 104ig 10478 104lg 10514 105i8
Interboro R T 1st & ref 5s__1966 8U4 84
83
8812 9314 8834
8734 8412 8834 86% 90
Certificates of deposit—
8712 89
8712
52
61
52
10-year 6% notes
50
56
1932
5684 63
5638 53
5812 65
Certificates of deposit
51
49
56i4 60
56% 48% 55
5134 49
5658 62
10-year
79
70
86
86I4
f 4^s series B
s
33
75
52l2
General & ref 5s series B.1965
Steel
37%
116%
14%
82~12
61
61
68
61
59% 65
6O84 7084
67l2 53
6OI4 67
50
60
59
63
7334 63
4934 56
535g 59
691?
64%
5512 67
57U 65
107l2 106l2 108
107% 108
107ig 1081s 1075g 1081? 1061s 10734 106i2 10778 107l2 10812 108
7838
9678 9738 9638 97i2
95U 97
9714
1936 102
103% 103
103U 102i2 IO284
10314 10234 10234 103
10
Indianap & Louisv 1st gu 4s 1956
1U4
73s
9
10i8 16
Ind Union gen & ref 5s ser A '65 10512 106% 104
106
10512 iris* 106
10514 105i2106i8
1st M
36%
103
8234
Ind Bloom'g'n & W 1st ext 4s '40
Inland
80
6 ll8
6884
57
5978 6434
5934 63%
6778
86
80
83
79
8712
80
84i2 90
89
9778 9458 96
98
9178 95
92% 98
50
50
55i8 4934 5612
55l2 48% 54
5I84 5934
IOU4 10212 IO2I4 102i2 101
102
102
102
102
102
82i8 83i4 85ig 8812 86l2 86i2 84
84
80% 80%
92
92
9012 9is4 9234
9234
92i4
887g 92
86% 88
68
68
6518 68
65% 68
67% 68
67
"9184 92"
"8l"
"97i"s 97*12
1963
Ind 111 & Iowa gold 4s
Ind Nat Gas & Oil ref 5s
8
87
7734
94l2
74
Western Lines 1st gold 4s 1951
Illinois Cen & Chic StL & NO
Ilseder Steel Corp mtge 6s..1948
738
80%
11478 11512 11378 115l4
7612
"72i"2
8634
Springfield div 1st g 3)^8.1951
1st ref 4^8 series C
Illinois Steel deb 4^s
34%
10U2 10U2 10U2 10U2 IOU4IO2
10U210U2
72
76" 72
76i4
76i4
72% 7584
78
7834 76
735g 77
68% 75%
9634
57
81
90
85
87
77
St Louis div & term g 3s..1951
Joint 1st 5s series A
33%
70
70
67
81
82
102
70
8234
72
75l2 64
7514
1955 92% 94% 9078 9378
101
99
1936 100
100i8
1 1966 57l2 63i8 49
59l2
1950 98% 9934 100l8 10034
Litchfield div 1st gold 3s-1951
85
85
1951
38
14
103
102
Refunding 5s
15-year secured 6J^s
40-year 4%a
Aug
Cairo Bridge gold 4s
Gold 3^8
33i2
10458 105U
102
Collateral trust gold 4s__1952
Louv div & terml g 3)^8..1953
Omaha Div 1st gold 3s
1951
734
87l2
82
115
10612 10634 106l2 10612 10612
102
103i2 10314 103l2 102l2
96
98
9578 97
96i4
35ig
41
3984 4478
4012
117
118
11858 11978 118
80
85
85i4
8434 86I4
26
32l2 3034 3418
32i2
108
10914 107
11012 10712
10414 104% 106l2
8M4
16"
17
lines
103
14
99l2 10U8
102
102
102
99ig 100
6834 7838 6734 6912 68
100
Collateral trust gold 4s__1952
Purchased
614
8214
7512
5
71
85
82
9U2 80
Houston & Tex C 1st 5s int gu'37 10412 105
106
106
10434 10434 10438 106
Houston Belt & Term 5s
'37 101
10234 10134 102i2 10134 102
101% 102%
Houston Oil s f 5>^s
1940 85
86% 85
90i4 87% 90% 90% 96%
Hudson Coal 1st 8 f 5s A...1962
43
35
42
4434
401* 44
35% 39%
Hudson Co Gas 1st g 5s
1949 11334 117
11778 118%
11612 11714 117t>8 118
Hudson & Manh 1st & ref 5s '57
87
90
8712 9014 855g 9038 833s 8878
Adjustment income 5s
1957
35% 3814 3534 3978 31
3934
28i2 33
Illinois Bell Telep 1st 5s A..1956 110
111
111% 109
10914 110% 10734 10834
1st & ref mtge 3J^s ser B.1970
con
815g
38
4
5
6
534
:?
4i2
4l2
512
5i2
914
712
115
Hocking Val 1st con 4)^8
1999 11258 114
11458 1163g 114
11234 11712 114
11534 115i2 II714 116i2 11714 11534117
Hoe (R) & Co 1st 6 Hs ser A. 1934
33
42
30
30
3478 39% 35
33
31% 35
36%
34
5
8
86
72
4978 50
49i2 50
50i8 50i8
52
56%
90
94
9312 92i2 96i4 9234 9534 95i2 9834 96i2 9858
97
100
10134 98i4 102
100%
10738 1067g 108
10612 1067g 1067s 10714 10714 10714 107i2 10734 106i2 107
10634 107% 106% 10634
4638 40% 46
41% 44
4214 4214 40 ]8 43
401s 44
38i8 39
38% 38%
26% 37%
30
^1951
6
76
38
.
78i8
6738
77ig 77ig
7714 79
10278 10212 103i8 10214 10358 10238 103
Negotiability Impaired by maturity.
76
7934
10238 10358 103
103%102% 103% IO284 103% 102
103
57
Financial Chronicle
Volume 142
1935—Continued.
December
October
November
September
August
June
July
May
April
February
March
January
Low
High Low High Low High Low High Low High Low High
High Low High Low High Low High Low High Low High
BONDS
Low
1987 10412 105l2 104i2104*2 105*8 106
Kentucky Cent g 4s
Kentucky & Ind Term 4Ms_196i
91
Stamped
1961
9-7*2
Plain
85
91
95
1961
97*4
Kings Co Elec L & P 1st g 5s_'37 IO8I4 10834 108%
Purchase money 6s
1997 14512 14534 146*2
94
98
97*4
Kings Co Elev RR 1st g 4s__1949
111
111
Kings Co Ltg 1st & ref 5s
1954 110
1st & ref 6Ms___.
118*2 120
1954 118
102
Kinney (G R) Co conv 7Ms.l936 100*4 103
1945
4s
trust
Kreuger & Toll cl A 5s ctfs_1959
cons
5s serA_ .1950
Laclede Gas Lt 5s
1934
1939
LackSteel 1st
Ext 5s
Col & ref 5Ms ser C
1953
1960
Col & ref 5Ms ser D
Coll trust 6s
ser
ser
1942
A
Coll trust 6s
B
1942
_1937
Lake Erie & West 1st 5s
...1941
2nd gold 5s
Lake Shore & M Sou g 3Ms_1997
-.1954
Lautaro Nitrate Co 6s
Lehigh C &Nav con s f 4Ms A'54
Cons
f 4Ms ser C
s
98*2
10412 106
77
80
1954
Lehigh & N Y 1st gu g 4s.„1945
Lehigh & New Eng RR 4s A_ 1965
94
9534
94
9734
90*4
96*2
87*8
71
7434
73
80
68
78
57
f 5s
1st & ref 58
1964
70
72
69
71*2
65
69
5678
1st & ref sf 5s
1974
663s
73*2
69
70
65
66l2
57*2
Sec 6%
1938
95*8
gold notes
Lehigh Val (Pa) gen con 4s.2003
General consol 4Ms
2003
con
2003
5s
Leh V Ter Ry 1st gu g 5s
1941
Lexington & East 1st gu 5s_1965
1944
Liggett & Myers Tob 7s
1951
5s
Little Miami gen 4s ser A
Loew's Inc deb s f 6s
1952
95*4
96*8
103*2
95l2 97*2
Long Dock
con
ser
20-year deben 5s.
Guar ref g 4s
Lorillard (P) Co 7s
97*2
897g
403g
51
43
50
44%
5414
45
55
55
60
45*2
105*2 106*4 10534 IO684 106*8 106*2
115*2 117
113*8 115*4 113l2 114
132
130
133*4
13134 13078 134
119*8 120*2
11578 118
117*2 120
32*4
45
503s
39l2
ser
77*2
1st & ref 5Ms ser A
1st & ref 58
...2003 104
B
ser
4Ms
ser
3384
40
90
66*4
58*2
5934
94l2
101
94
38
39*4
2003
C
99*4
1941 106*4
103
1946 102
St Louis Div 2d gold 3s
1980
5s
Southern Ry jt Monon 4s_1952
74l2
"8034
At! Knox & Cin Div 4s.__1955 105
Lower Austria Hydr Elec 6Ms '44
Proof of claim filed by owner.
& Robbins 5Ms_l950
Manati Sugar 1st s f 7Ms
80*2
10234
102*2
102*2
12712
63*2
91
45
95
79
IO284
80*2
l"o¥*2
8I84
91
9334
91
91
68*8
72*2
70
72
69%
96%
71
96*4
68%
67
96%
72%
65
71%
53l2
56%
69%
67
70
67%
69%
66%
69%
62
67*2
52
55
52
55
64
63
92%
99%
64
63
69
6834
66
70
66%
68%
603s
9434
96
64%
94%
95
95%
92*4
99
84*4
31
33
9412
101%
85
35*2
38%
44
107*2
115
133%
12078
91*4
93
102%
98
98%
82
90
85
92
85
88
32
42%
4134
46%
40
42
36%
35
35*2
37%
40%
4834
45
48*4
99
132%
45% 49%
51%
107% 107% 107% 105% 10634
117
11434 116%
115% 117
13278 13234 134% 132% 133%
120
122*2 121% 123% 119
104
40*2
90
82
85
84
9034
96
99*2
97
99*2
90
8H4
88*2
9384
98
104% 10478
78*2 80%
"79"
97
67*2
98%
92
9734
84
88%
82%
35*4
87*2
40*2
81
85
31%
33*2
3734
95
97*4
87% 9334
78% 82%
30% 38
38
44
43
33% 40%
41
49
53
4834
38% 45%
104% 106
102%105% 10412 105
114% 114%
113% 115
131
133% 132% 134% 13384 136
121
119
123
123%
122% 120
9634
86*4
3834
95*2
98%
88
42
46%
84"
11
10
117g
11
13*2
13
137g
12*2
1312
15
13*2
15
15
90
98*s
22
21*8
20*2
12
8*g
13*2
17*2
11478
123
"79% ¥l
82%
¥3%
"l9%
Certificates of deposit
2nd 4s
2013
Manila El RR&L 1st & coll 5s.'53
Manila RR Sou Lines 1st 4s. 1939
4s
..1959
8*8
54l2
9*4
59
12
10*4
1934
585g
5034
12*2
55
123s
54
50
543s
50
Certificates of deposit
54*2
51*4
5434
47
5034
47*4
49l2
41
42
44
4.c:
40*2
37*2
38
94*8
9284
9234
96&8
70
94*8
72*4
41
98
70
70
71
71
68
71
69
69
69
69*2
70
7*2
68%
92
97%
20%
9834
99
35
94
96%
96%
25
97%
30*8
29%
19
34
197g
21%
20*4
15%
53*2
4978
40%
54
105
105% 10534
104% 10534 104
103
103
101% 101
10434 100
10034 101%
103%104% 10034 103
102
100
97% 100*2
103% 100
12934 131
129%130%
12934 132
118
119%
118% 117% 118% 118
73% 77*2 7334 80*2
72% 77%
11134 112% 111%113
111%112
106
105
104% 106%
106% 105
106
106% 107% 106
106% 107
107
82%
84
105
78"
¥l
79
83
77%
81
79*4
105
s
f 6s..__1943
s
f 6s.1947
Market St Ry 1st 7s, ser A.. 1940
Mead Corp 6s with warr
1945
Meridionale Elec 1st 7s
1957
42
52
104% 105*2
102
IO284
98
100*2
9934 10134
129% 130*2
117
119
79% 84%
111% 112%
105
106%
8084
80
86
106*4 106*2 108
107
112% 112% 116%
103% 100% 108
103*2107% 100
9534 106
102% 102% 103
102% 103
97% 99% 9934101% 100% 101% 100
22
22
19% 22% 2034 22%
19% 25%
19% 19%
20% 28%
25
25
22
20
18
22
19
19
20
21
30*2
35
29%
29%
25*2
25%
18
18
20%
21
25
20
25
16%
25
20
23
22%
18%
22
54%
57%
54%
5734
57
20
71%
19
60*8
68%
78%
68
77%
68
72
57
49%
55
51
5334
53
67*4
64*
75%
65
74%
71%
73
64%
44
39
39
38%
40
41
55
55
65
55
68%
5234
9434
95
97*4
69%
687S
69
69%
70%
~70%
7234
75
69
6!
68%
68%
29%
65%
79%
60
62% 52
a91
92% a91
80
73% 73%
61
62%
91
80%
¥0%
61
61
50%
73%
73%
71*4
55*2
73*4
70
73*8
5784
7334
67*4
7334
7512
5912
75
76*4
76%
62
67
56%
9034
64
90%
56%
75
70%
92%
7534
72
63
70
65
70
71
6384
73*4
80%
60%
95
58
77*2
65%
87*2
55
68
72%
74
74
85
82%
93%
92
96*4
71%
86
88
87
92
30%
30%
29%
88*2
91
9134
72%
91%
94%
41*2
94
91%
80
79
95
84%
94
89%
93%
63
63
33
partg3Ms'41
Mfrs Tr Co ctf of part in AI
Namm & Son 1st
103% 104l2
106
Man G B & N W 1st
Marion Steam Shovel
131*2 13334
121% 12284
103
104%
107
108
10734 107% 1083s
106% 107% 105
105
106
105% 106*4 104*8 106*4 105% 107
106
106
107%
10634 104% 106*2 10534 10784 106
104% 10584 104
100
102
101% 10034 102% 102
103%
102% 100*8 102% 100*2 102
106% 107
106% 107
108% 108*2 108*2 10834
104% 104
103% 104% 104
105%
10434 104% 10434 104% 104% 105
78
78
77
80
75% 76
78% 79%
81% 82% 79% 83
111
111
110
111
111
111
111
110*4 110% 111
105
32
21%
69%
68%
26
105
114%115%
90
15"
"9*2 "9*2
Flat stamped modified
87*8
96*4
18*2
40*2
37*2 45*2
105% 10634
104
4178
107%
106
10634 105%106
106*2 106*2 107% 106*2 107% 106*4 108
85
85
84% 85
91
92% 96% 88*4 88*4
93% 91
107*4 106*2 10634 106
88
96*8 91
95*2
97
99
97
93
59%
54%
5234
91%
9734
104
80
96
90
59
106*4
105% 105% 106*4 106
10434 104% 105
103*2 103
103
103
103% 104%
103*8
104% 103*2 105*8
103% 103
129% 130% 129%130% 129% 132%
115% 117% 117% 118*4 11734 118*4
69
75
63
72% 76*2
73%
111%113
111*4 112% 112% 114
106% 106*4 105% 107
10534 106
107*210784 107*2 107*2 107% 107%
106% 107% 107% 108*8 107% 108
77
77
100%
100
21%
100
100
64%
104%
88
1195s 122*4 120
104
76*2
102%
55
131*4 13378 132%
103
75
75%
51
10638 10738 10634
11434
11434 115
8234
83*2 80
109*8 109*8 1085s 108&S
81
102
55
6834 58
111
112
103
103
107*2 107*4
106*2 105*8
12
Manhat Ry (N Y) con g 4s..1990
34%
8758
114
115
10234 103
93
"8*4 "¥*4
1942
coup on
113
59
12784 125*4 127*2
Certificates of deposit
extd
89
88
10538 105*8 105*2 105*8 10534 105*4 105% 105%
103
10412 102l2 104*4 103*4 10334 102
105
10334 103
103*8 103
10234 10258 103*4 103
102%103% 102%
10412 102*2 10412 101*2 103
77
79" "80
86 "
10784 106
107*8 105
1942
Certificates of deposit
1st
89
55*2
McCrory Stores Corp deb 5Ms '41
Stpd Apr 31
106% 106% 106% 106*2 106*2
104 /105
10434 105% 104
103% 104
104*8 105*4 104% 1_0434 10378 104% 103%104
104*8 106
44
50
41% 52% 38
41% 50
64% 41
70
62
73
7334 63% 70
80*2 61*8 76
10034
102*2103*2 100%102% 100% 101*4 100
103*2 102*2 103*8 1017g 102*2 102% 103
Mobile & Montg 1st g 4Ms.'45
McKesson
89
875g
127
129
128% 130
115*2 113*8 115*4 11484 116
59
65
6234 60% 66%
112
111*4 112
llllg 112
110*2 109*4
104
106*4
103*2 10378 104
103l2 10212
107*2 107*4 10734 107*4 107%
107*2 107*2
106
10734 10678 10778
107
105*4 10434
105
1055s 105*2107
107*2 1053s 10634 104*8 106*4 10334 106
10414 10634 104% 106% 104% 105%
10384 106
106*2 104i2 107
99
100*2 10234
104
1023g 100% 112
98*2 IO284
1025s 101
109
109
108% 109
10834 109
106*4 1065g IO784
69*2
Paducah & Mem Div 4s
Gold
75
114
65
107*4
4s_1945 102
1937 10738
1940 104*8
2003 10412
1st & ref
79*2
112*8 115*4
A.'69
Louisv Gas & El 1st & ref 5s.'52
Unified gold 4s
30*4
34l2
39*2
46
104
105
.1951
*
Louisv & Nash gold 5s
92
97*4
101
1938 10478 105
1949 10238 104
1937 102*8 103
1949 IOH4 103*4
1944 127% 128*2
Unified gold 4s
Lo & Jeff Bridge Co gu g
955g
10234
99
1935 10278 10378 103
Long Island gen g 4s
5s
106
94
1941 104l2 10534 103*4 106
A
g 6s
Louisiana & Ark 1st 5s
92*2
94
104
1962
Lombard Elec 7s
9534
98
Leh Val Harbor Term 1st 5s. 1954 103
96
Leh V (N Y) 1st gu g 4Ms..l940
Gen
106
"98*2 "99
10338
102*2 103*2 10278 1037g 103
102*4 103
110% 113% 109
35
37
30%
3134 34% 33
32% 35%
35% 37% 34
2834 31% 30% 37%
2958 3234
2734 3234
34
3U8 34
107
108
106*4 10634 10634 107% 107
105% 10734 106% 107% 107
106*2 108
106
109l2 106
107*2 106*8 10734 106*8 107
100
97
100*4
101*8
102
101*4 102% 101%
101% 101
101 s8 100*2 101*4 10034 102% 100
9934 101*8 100
97*4 99
"9§i"4 100*2 99*2 101*8 98% 100
72
73% 77
72%
75% 80
79% 72% 75%
67*4 81
68*4
6212 7012 65
63
63
70
59*2 65
6834 5912 63*2
72*2 74%
73% 75% 71*2
76% 79% 71% 79
65
67% 80
65
68%
61*8 70
63*2 60
63*4 6934 64l2 68*2 59
75%
71*4 72% 74
73%
75
75
75*8
10134
10134 10234 101%103
102% 103% 102% 10334 102% 103
102% 103
101% 102*4 102*8 103
103*8 101*4 102
102*4 10258 102
99
99
96
100
95
99%
98*4
92
85
100% 98
92*2
90*2
93
90
94
93*2 9312 90
98
97% 100
99%
9438
100% "98% IOO"
99*4 10034 100% IOI84 100% 102% 99
97*8 99*4 99ig 10058 98*4 100% ~9834 100
17%
16% 21%
17% 21
16% 1834
9
10%
14% 12% 19
1034
8*8
10
7
8
73g
10
9*2
8*s
8*4 1078
9934 103
95%
106*8 102% 104% 102% 105
104
106% 104
105% 105
10278 104*4 10212 105
101% 10458 104
10434 104*4 105
105
105
106
106
100*2 103*4
95*2
10534 104
104% 104
105
10378 10412 104
102
106
103*2 104
10438 106
10412 104
56
55
61*4 65
65
67
5984
5984 60
56% 61
64
66'
67*2 67*2 6634 67
7034 73*4
69*2 72l2 67*2 71
104
104% 104%105% 103*2
1954
s
95*4
26*4
LehVal Coal Co lst&refsf 5s_'44
1st & ref
10658 105% 105% 106% 106*4 106% 107*2 105
89
92% 93
95% 88
8134 90
98
101% 99
101*4
99% 99% 100
106
100
99% 99% IOO" IOO"
100% 100
98"%
101
101
102% 102%
99
99
108*2 108*2 108% 108*2 106% 107% 106*2 106%
10834 10838 1083S 1083g 1083s 108l2 10912 108% 10858 108*2 108% 108*2 108*2
151
155
155
150
151
151
149
149
148
149
148%150
147
147*8 147*2 149
J48
166" 102*2 101*4 103
101
103
101*4 102% 102% 103%
101
10034 103
98
102
102*2 16184 io¥
99*2
997g 98
112
114
114% 114% 114% 114%115
113
112
114
113*2 113% 113% 113% 113% 114*4 114% 114
111
118
118
118
121
122
121
122
121
121
121% 121% 121% 121% 117% 117% 117% 117% 118
120
104
103% 104% 103% 103% 103%103% 102% 103
104% 103% 104
104*8 10334 105
10378 104l2 104
103*2 10384 104
95*4
1936 102*4 103
Ki esge Foun coll tr 6s
Coll
86
98
39%
97
101
80%
84
93% 100
98*2 98% 100% 99% 102%
94% 98% 96% 99
93%
84
89
88*2 93*2 90
88*2 813g 84% 81l2 85*2
44
54
45
50
59
/ 55
54%
54%
58% 45
85
71*4 78%
88
98
78% 85
91*4 93
91*2 95
107% 10584 107% 105*8 10634 104% 105%
106
10634 107% 107% 108*8 107
106%
106*4 IO484 106%
Metro Edis 1st 5s ser C
1953 102*8 104*4 10412 10538 10484 105*2 105
107% 108% IO784 108*2
105% 105% 107*4 10634 107% 107% 10734 107% 108*8 106% 108
101*2 101*4 102*2 101*4 103*2 104
9578 99*2 99
1st gold 4 Ms ser D
1968
99% 101
99% 10134
96
9f
97% 100% 98% 100% 96% 9934 98% 100
97
100
97*4 98*2 96*2 98
99% 10134
Metro Wat Serv & Drain 5 Ms '50
99% 101
16
16
1534 16% 10% 12%
14% 14% 1534 17
10
10
11
11*2
10% 10*4 10% 17*2 14% 15%
9*4 10
Met-West Side Elev (Chic) 4s '38
Mex Inter 1st
79%
2
con
g 4s asstd.1977
Miag Mill Machy 1st
8
33
f 7s..1956
33
30%
31
30
30
Michigan Central-Detroit &
100*2 104*4 100*2 102
8838 90*2
103
1005S 10212 102% 104
103*2 100*2 102
1952 100*2 101*8 101
96
95*2 94
96*4
93l2 94l2 94
99*2 95
9312 97*4
ser C
1979
67
70
71%
74
74
Midland of N J 1st ext 5s..1940
72l2 75*2 66% 70
75*2 80
1033s 10234 103% 10234
103% 103
Midvale St & Ord conv 8 f 5s '36 10238 103*8 1027g 103*2 103
91
90
94
95*2 95*8 98% 9534
Mil El Ry & Lt 1st 5s, B
86*4 93
77*2 90
1961
94%
86
8934 95*4 9434 97
9234 89*2 94*2
1st mtge 5s
76*2 89*4
1971
Bay City Air Line 4s
1940
Jack Lans & Sag g 3M8..1951
1st gold,
3M»
Ref & impt 4M8
1st extended
4Ms
Minn & St Louis 5s ctfs
1st
1934
& refund,
Ref & ext
6534
1949
1962
gold, 4s
5s, ser A
4534
5*8
2*4
53
8*8
2*2
1st
5s guar as to
Mississippi Central
int.1938
1946
1949
1978
1st 5s__1949
Mo-Ill RR 1st 5s
A
cons
5178
5*4
6*2
2*4
1
1*2
%
Certificates of deposit
Minn St P & SS Mcons 4s stpd'38
1st consol 5s
1938
49%
1*2
1
49*2
6*2
6*2
1
1*2
1*8
36
5*2
43
5*2
42%
5
46
65
56*2
6534
34i2
58
70
65
1939
1939
Con ext 4 Ms
29%
51
6438
70
65*2
72
75
63
65%
63
62
"40"
40
44
35
43
77
1
30*8
1%
1%
2
1%
1%
1%
33
25*4
27
20
33
37
31
38*2
33%
1912
23
18*2
19*2
19
20
18
19*8
23*2
19
17*4
1834
20%
17%
32%
26*2
37*2
23%
18%
67*2
7178
71%
92%
74
94
73
93
18%
"19"
18
18
23
24
1
1%
1*2
1%
2
2
3434
28%
3934
30*4
30%
27
25*2
26%
37%
25%
31%
31
22
25%
23%
34%
28%
3984
27%
28
37
20
27
85%
81
8434
78%
78
82
24%
26
24%
27%
2534
33%
30
34%
31%
37
66
70%
60*2
67%
64%
75%
70
77
45
36%
38
43
48
4334
57
32*2
38%
50*2
31%
2734
69
38%
44
49%
50
35
39%
41%
42%
18%
2134
21%
54%
46*2
51%
48
33%
27
25%
25
32
984
27%
25%
2434
2484
784
29%
27*2
10%
24%
24%
29
27%
83
8734
83*2
72
89
72
74%
67
74*2
67
73
53*4
46
59*2
4412
48
54
62
48
58
40*2
50
4078
44%
39%
40
1962
Prior lien 4Ms ser D
1978
Cum adj 5s, ser A
1967
Missouri Pac RR 1st 5s, A..1965
Certificates of deposit
40*2
35%
33
4334
33
42
32
43%
39%
50
50
40*4
363g
40
38
45
38%
34%
39
12*4
17%
I2S4
17
25%
42%
14%
28
25
29
23%
25
26%
26
26
2384
1975
8
25%
984
28
25
24
23*2
26
25
9%
2884
26%
26%
2334
8%
2634
2434
25%
4*2
28
25%
5%
25%
2884
General
4s
1st & ref 58
ser
1977
F
1st & ref gold 5s ser G
1978
Certificates of deposit
a
Deferred delivery,
1949
e
27*4
11*4
23*2
23%
Certificates of deposit
Conv gold 5Ms
23*4
25l2
23*2
7*2
25*2
2312
25*2
30
27
1034
30
27
2984
19
22*2
19
21
5%
1934
884
26*4
6
23*2
25*2
6*2
Cash sale.
28*2
27*4
28*2
26*2
77g
27
27
23*2
19%
23*2
24
25*2
23*2
5
7
4
578
19*2
18*2
1984
1878
384
7*2
22%
21*2
22%
1878
5
♦ Negotiability Impaired by maturity.
13%
1434
1234
2034
20%
6%
2O84
21%
21
23*4
20*2
8
23*2
21%
23%
2084
21%
I6S4
29%
27
10*8
29*4
27*4
29*4
1984
1984
21
27
20
21%
7*4
21%
4*s
40%
25
23*2
80%
60*2
12%
I8S4
2634
78%
Mo-Kan-Tex RR 5s, A
20
21%
80
95
Missouri Kan & Tex 1st 48..1990
18*2
16%
78*2
85%
25*4
7984
49%
26
1984
23%
69%
22
14
24%
95
20
20
19
79%
93
26
895S
64*8
"
31
36
95
74
93
28
36%
29
4034
24%
83%
23*4
"l658
30*2
30*2
15%
35
93
2834
36%
26
27
30
36*2
2%
21%
27
75
44*8
4212
15
22*2
%
21
23%
21%
2634
24
407g
1*?.
1*2
19%
20*2
18%
28*4
197g
34*8
25
35
1
1*4
32%
42
3684
23*2
1
•
37
30
42%
25%
24
37
28*2
36
33
39*2
24
6
1
3134
27%
37%
23%
20%
77%
25
34l2
26*2
28
37%
4
5%
1%
*2
1%
1*8
30*4
2378
373g
5978 ' 64
60
33%
4%
93*2
Prior lien 4s, ser B
75%
55
36
8
19
1962
69
61%
4%
93
1959
75*4
30%
5
70
ser
75
5
19*2
75
93*2
1st ref 5 Ms ser B
75%
¥5%
1
*2
1
~29%
57
75*2
"§!"
5*2
17*4
67*2
25-year gold 5 Ms
"29"
4%
5%
%
2
29%
63
47"
65
43%
6438
2212
17*2
7278
1st & ref 6s, ser A
29
102% 103
Milw & Nor RR—
Mil Spar & N W 1st guar 48.1947
Milw & State Line 1st gu 3Ms '41
29%
102% 102*2 10234 103% 102% 103% 103% 103%
101% 103
83% 83%
102% 104% 103% 104*2
105% 102% 103% 102% 103
104% 103
104% 103
95
96*4 98%
96% 96% 97% 96% 99%
98%
96% 9834 97
96%
70
70
59
70
72
69% 70%
64%
76
103% 102% i"o¥" 102% IO284 161% 162% 1018s 101% 101% 101%
9834 101
100*2 103
10214 i~o¥%
99% 100*4 9834 99*2 99% 101
100*4
99% 10034 100% 103
99
9834 100*4
102% 103%
100*2 98*4 99%
99%
102% 102% 103
101
29%
584
12
7%
7
28%
11%
21%
45%
20%
6%
22%
21
20%
24
5984
53
"4% "7%
24
6%
2134
22*2
23*2
24%
20%
23
21
26*2
21
24
2484
29
25
2034
22%
21%
21*2
27%
25
8%
25%
24%
4*2
5%
4%
7*2
584
27«4
784
5
6%
7%
Financial
58
Chronicle
Jan. 4 1936
1935—Continued.
BONDS
January
1st & ref gold 5s ser H
1st & ref 5s
8
June
April
May
High Low High Low High Low High
1980
23%
28%
2512
30
19%
2434
19%
22%
21%
23%
21
19%
21
25
1981
I
ser
2812
26%
25i2
24i2
30%
1934
22%
2034
23%
21
23
19%
18%
21
27
26
23%
19%
20
20%
29%
27
76
76
80
A ugust
December
October
November
September
High
High Low
High Low High Low
High Low
High Low
80
85
85
29%
.1945
48
29
45
:
38% 37
44% a42
10
25
27
25
23
24%
83
75
10
41
4134
40
9
11%
4%
39%
40
40%
11
27%
24%
29
22
25
26
26
21%
21%
27%
25
24%
24%
29
27%
80
76
76
76
77
85
46
12
11
12%
43"
10%
2134
74
45
40
85
74
24
24%
2234
11
27
"81~
a42
10%
26%
24%
23%
23%
23%
46
24
29
26%
70
35%
26
25%
21
85
25
28
22%
21%
20%
80
28
25
78
10
45
48
80%
78
44%
80%
Mortgage, gold, 4s
25
25%
80
-
Small
July
rjOw
25%
2314
22%
of deposit—
Certificates of deposit
Missouri Pac 3d 7s, ext at 4% '38
Mob & Birm, prior lien g 5s.1945
Small
High Low
(Concluded)
Missouri Pacific RR.
Certlflcat
March
February
High Low
Low
Mobile & Ohio—
Montgom Div, 1st gold 5s. 1947
15
16i2
12
Ref & impt 4^8.
1977
9
9
1938
8
9J2
6*8
5% notes
12
12is
7
Sec
12
7%
5%
9
8
85%
638
7%
5%
534
434
7
6%
5
10%
538
5
6
5
6
"
6
"5% "8"
5
81
80
79
85i2 84
82%
80
81%
83% 8134 83
82% 80%
102%
102l2 1013a 102% 101%102% 100% 101% 100% 101% 101% 102% 102% 103% 102%
101
100
1937 IOOI4 101
97% 100
100% 10 Us 100
101
100% 100
100% 100% 102
A.1943 93% 99
103% 103
9834 102% 102
10534 10434 105% 105
107% 105% 107
10534
1962
74
85
67
75
81
75U
74% 86%
80%
88% 87% 94% 94% 98
9334
Moh & Mai 1st gu gold 4s..1991
84i2
Monongahela Ry 1st m 4s A. 1960
Montana Cent
1st guar,
guar 6s.1937 102
1st
gold, 5s
Montana Pow 1st 5s, ser
Deb 5s series A
13
7%
7%
83
10334
103%
101%
107
97%
11
5
81
7
5%
634
—y "g
7%
7
79
83
10234 104
80
83
10234 10434 103%
103
103% 103
101
101% 101% 102% 10158
106
106% 107
96%
104
104
107
106%
96%
96% 100
98
10%
10%
82%
105
104%
102%
108
99
7%
8%
15
10%
10%
85%
79%
10334
10334
102%
106%
105%
104%
103
108
96%
99
Montecatini Min & Agr deb
1937
gold 7s
Montreal Tram 1st & ref A 5s '41
Gen & ref
s
f 5s
ser
A
1955
Gen & ref
s
f 5s
ser
B
s
s
f 5s
99
101
f 43^s ser C...1955
Gen & ref
93
90% 9312
9918 100
7934 7934
96% 100%
89
92
90%
97
98%
99
77
92
77%
77%
94
87%
100% 100
91
76%
100% 100
1955
Gen & ref
89i4
89
7738
7334 7334
74
74
7978 7978
103
101% 103lg 10234 103% 103% 103%
95
9134 94
9512 94
9138 95
94
101
102
94% 95%
99% 102
87
9638
86% 89
9234 95%
94%
98
100% 100% 109
104% 10218 10234 100
10134
107
108
10534 10558 10714 107
108%
106
10214 103
105% 106
10434 105
1955
D
ser
77%
1939 101
Morris & Co l'tsf 4^s
Morris & Essex 1st ref 3 J^s._2000
93%
A.,—1955 100%
B—1955 94
1942
*934 101%
Mutual Fuel Gas 1st gu g 5s 1947 10334
Mutual Union Teleg 5s
1941 102
Namm (A I) & Sons—See Mfrs Tr
Constr mtge 5s ser
Constr mtge 4>£s ser
Murray Body Corp 6^s
1st 6J4s
1978
Nash Chatt St L 1st 4s
9458
9612
Nashv FI & Shef 1st gu 5s__1937
Nassau Elec RR 1st g 4s stpd '51
Nat Acme 1st
1942 86% 90
5—1948 10218 102%
f 6s
s
"57% 59~38
Nat Dairy Prod deb
9514 97
102% 102%
5512
5834
93
96%
5038
56%
95
95
103
16214 105'
105
Nat Distillers Prod deb 4%»s '45
Nat Ry of Mex prior i 4>3s.
Jan 1914 coupon on
Ass't cash war&scr ret No.5 on
7938
75%
76
7734 7734
103%105% 104% 105% 104%
91% 93% 92% 95% 92%
95
96% 95
9634
94%
87% 89% 87% 89
83%
106% 109% 107
111% 111
108%109% 108%110
106
106%
109%110
109
109% 108
108
108
108
1063g 106%
90
88% 92
89% 90% 89
88% 89% 86%
105
103
104
102% 105% 105
104
104
105
51
53
53% 5834 55
58%
58% 6234 59%
95
95
95
99
102
97% 9734 98%
101%
103
104
103% 104
103% 105
103% 104% 103%
99% 100%
9934100% 99
87%
108
108
109
108% 109
109%
10634 10634 107% 107% 107% 108%
8534 86
8434 85%
104% 104% 104% 104%
84
81% 82
85%
102% 102%
61% 56% 61
"54% 59% 56% 58
102% 101% 102% 101% 102% 102% 102% 102% 103%
104
103% 104
10334 104% 10334 104% 103% 104%
100%
99% 10034 100
101% 101
102% 10034 104
105
62%
59%
414
5
3%
3%
412
478
2%
2%
3
578
6%
5
5
4
334
434
3
33g
2%
3%
3%
2%
234
3%
3%
2%
2%
2%
3
3%
3%
2%
3%
3%
4%
3%
338
2%
3%
3
3%
3%
2
2%
2
2%
2%
434
5%
3%
334
3%
3%
3%
3%
2%
2%
2%
4%
2%
234
'5%
4
338
134
3%
4%
4
3%
4
6
4%
534
4^8.1926
Nat RR of Mex prior 1
Ass't cash war&scr ret No.4 on
1951
gold 4s
Ass't cash war&scr ret No.4 on
Nat Steel 1st coll 5s__— —1956 106
mtge s
79%
75%
on__1977
Guar 4s Apr 14 coup
1st coll
79%
1957
Ass't cash war&scr ret No.4 on
1st cons
77%
72
65
73
85% 74% 84% 66
65% 70
65% 75
103
101% 101
101% 100% 101% 100
101% 101
101% 102%
82
8534 86
79% 82
82% 82%
82
82
85% 85%
7838
8134 82
105
10334 105
103% 103% 10334 104% 104
104% 104
104%
95% 89% 93
89% 92% 88% 91% 85% 89% 89% 92
92
92
97% 94% 97
9434
97%
95% 97%
8834 933s
85
89
88%
8634 89
84% 86% 83% 8534
83% 86%
146
141
178
162
201
180
204
140% 133
107
1965
f 4s
2%
2
2
2%
3%
2%
234
3%
2
4
234
2%
2%
3%
2%
234 a2% a2%
3%
4
106
10534 107% 106% 108
10634 105% 106% 105%105% 105
105% 103%105% 10334 104%
104
106
102%103% 103% 103%
105% 10634. 105% 106%
60
63
65
65
Naugatuck RR 1st gold 4s.1954
Newark Cons Gas cons g 5s.l948 113i2 1161S 11534 116% 117%118
117% 118
117%117% 118% 118% 119
104
103
105
Newbury (J J) 5>^s
1940 10334 105
105% 102% 103% 102
102%
78
80
81
New England RR cons 5s
1945 78
70
1945
Cons guar 4s
70
5s
63
1952 115i2118i8 116% 120%
1st gold 4^s ser B
1961 11238 1151s 114% 11734
N J June RR guar 1st 4s__.1986
88% 88%
97~" 95% 101%
N J Pow & Lt 1st 4Hs
-I960 94"
57
New Orl Great Northern 5s_1983
6U2
59% 63%
50
51
52
53
N O & Northeast 4^ s ser A. 1952
New Orl Pub Serv 1st 5s A..1952
55i2 6734
62% 68%
►
1st & ref 5s series B
1955 55% 6712 62% 6834
New Orl Term 1st 4s ser A..1953
8358 86I4
83% 86
22
New Orl Tex & Mex 5s ser A. 1935
2512 24
24%
1st 5s series B
1954 25
2914
2534 28%
28
28
1st 5s series C
1956 25i2 28i2
1st 4Jijs series D
1956 24i2 2712 23% 2734
1st 5}/2 s series A
1954 2512 29
26% 31
104
Npt & Cin Bdge gen gu 4^s '45 102i2 10212 104
N Y Bklyn & M B con 5s. ..1935 102l2 102% 102
102%
N Y Central RR conv 6s
1944 98i4 112l2 104% 109%
Consol 4s series A
1998
853g 877g
81% 87%
59
Ref & impt 4^s series A. 2013
643g 48% 59%
53
Ref & impt 5s series C
707g
2018 64
64%
New Engl T & T 30-yr
New York Cent & Hud 3Hs.l997
30-year deben 4s 1912
1942
Debenture 6s
1935
Ref & Impt
95
97i2
9514
91i4
58i2
9712
9634
94%
9834
96
99
93
98%
6412
48%
8684
4^s series A.2013
87
Lake Shore, coll gold 3J^S '93
86
Mich Cent coll gold 33^jS_1998
N Y Chic & St L 1st g 4s.__1987 100i2
Ref gold 5J^s series A
1974 71
Ref 4>3s series C
1978 60
3-year 6% gold notes
1935 6512
Deposit receipts for 6s_1935
N Y Connect'g RR 1st 43^s A '53 106%
1st guar 5s series B
..1953 108%
N Y Dock 1st gold 4s
1951
59%
Serial 5% notes
1938 44
N Y Edison 1st & ref 6^s A '41 113
1944 108
1st lien & ref 5s ser B
1st lien & ref mtge 5s ser
5934
89i4
89%
86
887g
8834
IOU4 100% 102
77
66%
73
66
55
63%
71%
60
67
107i2 10634 10 734
108i2 108% 10834
68
6334 66
49
134
44
49
113% 113% 114%
1093g 107% 109%
C '51 108% 10978 108% 110%
67
119%122
115% 118
60
65
71
70%
66%
67%
84%
82
87
84%
67%
65
62%
45
119"
50
66%
120
50
50
118% 118%
45
47
il8"
47%
43%
118%
49
45%
120
122
120% 12134 118
12134 119% 122% 121%124
115% 11734 115% 117% 117% 120% 119% 123% 115%121
100% 101% 100
101% 101% 103%
48% 59
48% 52% 51% 55%
64%
63%
82%
64
64
119% 119% 120%
66%
22%
26
15%
21%
18
24
24
24
22
20
2134
27
18%
23%
21%
66%
16%
18%
19%
19
73%
73%
87
18
24
23%
23%
12034 123% 120% 122% 121% 12234 121
123%
116% 118% 116% 11834 118% 120
119% 12034
99% 100
9934 9934
99% 9934
102% 104% 104% 106
104% 105% 104% 105% 104% 106"" 105
106
105% 106
71
57% 64% 64% 70
55% 60
69% 77
7434
72
70% 7434
75%
35
39
39
40
38
49
50% 50%
47
52
70
78
75
80
78
8 534
85
82% 80
74%
83%
87
89%
70
75
74% 80% 78% 8234 79
83% ,77% 85%
84% 88
86% 88
71
80
86
6934 84
74% 7334 79% 78% 82% 78% 82%
79% 8134
19%
22%
2434
23
25%
30%
30
3034
26%
30
29%
26
26
24
27
23
25
22
23%
30
30
30
34
30
33
28
35
30%
30%
33
29%
32%
28%
29%
32%
27%
3134
28%
28
30
27%
31%
29
31%
34
27
29%
27
35
333g
30%
27%
30%
36%
36
34
25
27%
21
25
20
24
34
22%
23
31
29
34
2734 30% 29
30%
28% 35%
36%
101% 101%
107% 107% 107%107%
102% 102% 10134 102
101% 101% 166% 101% 10034 10034
9834 106% 100% 107% 105% 107% 105%110
109% 11134 107% 112
107% 111
106% 108% 107% 11034 110% 114
73% 83
73% 81%
87
80% 83% 80% 85% 85
83% 86
8334 87%
83% 87% 8134 853g 85
89
67
59
43% 54%
4534 55%
67
5234 59% 55% 65
73
6534 70%
63% 69%
67% 73
71% 7534
46% 59%
50% 6034 57% 65
66
73
60% 71%
71% 76% 7234 79%
6934 76% 72% 78%
77% 81%
92
96
92% 9534 94% 9738
9234 96% 93% 95% 93% 95%
95% 98%
94
96
92
95
96
9034 94
92% 95%
95% 97
95% 97%
99% 100
43
59
54% 46
5534 52% 59% 55% 65
67% 6534 70
6634 73%
63% 70
78% 89
79% 86
87
8434 88% 85
86
•
88% 85
88% 8534 8834
88%
88%
79
86
80% 84%
85
84% 86% 8434 8634
87% 84% 87%
8434 86% 84% 86%
100% 102% 100% 101% 100% 101% 101% 102
101% 101% 101% 102% 101% 102% 101% 102%
57
57% 67% 60% 65% 62
68%
62%
71% 70% 74%
7034
69% 73%
63% 70%
47
59
59
4734 56
60
64
55
50% 55% 52% 6134
6334
53% 61
61%
52
43% 62
4334 5734
62
57
58% 57% 70
58% 66% 61% 68
6734
64%
52
60%
106%108
106%107% 10634 10734 107% 108% 106% 108% 106% 107
106% 107% 106% 107%
107% 10834 107
108
107% 1073g 108% 10734 10734 107% 108% 107
106% 107% 106% 106%
161
69
65
62% 67
70
74
67
69% 63% 67% 6734 74% 68% 72
69%
43
49% 52% 47
50
58
51
46% 42% 50%
56
50
49% 56
53%
54%
113%114% 112% 113% 112% 113% 112% 112% 111% 112% 111%112
111
110% 111% 110
108%109% 106%109% 105% 10S34 105% 10734 107
108% 106% 10734 107
109% 106% 10734
109
110% 107
106
109% 107% 108
107% 109
10834 106% 109% 106%108
106% 108
97%
88
95
95%
93%
88%
93%
95%
95%
94%
9734
97%
9634
99%
99
N Y & Erie—See Erie RR
67%
73
84
88%
84
85%
62
86
71% 7534
87% 90
85% 87%
10034 101% 100% 10134
69% 77% 75% 82
59
67
65% 71
82
98
5834 75
73% 7834
106% 107% 10734 108
107% 107% 107% 108
65
68
65% 69
57
53% 58
60%
109% 110% 109% 110%
106
107% 106% 10834
107% 10734 106% 108
N Y Gas El Lt H & Pow Co 5s '48 116i8 119
122
124
11734120% 120% 121% 120% 122% 122% 123
120
12234 12434 121
124% 120% 122
122% 121% 124
122%124
Purch money coll tr g 4s. 1949 10738 11U2 109%112
110% 112
111%113% 11234 113% 112% 113% 113% 115
11034 114
110% 112% 110
112% 112
113% 112% 113%
N Y & Greenw L gtd g 5s
1946 88
90% 87% 90
86
91
85% 90% 87% 87% 82% 85
90
95
97
93
90
94%
88% 93
95%
90
92% 90
98
100
N Y & Harlem gold 3^s_-_2000
99
101% 100% 101%
101
101
102% 102%
102%
102%
102% 103
101% 102
101% 102
N Y Lack & West 4s A
1973
99% 10138 9934 10134
98
99% 10134 "99%102 "
102% ~98% 102 ~ 100
100% "97% 99"
101% 98
97% 98%
93% 97
93% 96%
43^s series B
1973
108% 108% 106
103% IO6I0 106% 107% 108% 106
106
106
106
102% 106
100
102%
N Y L E & W Coal & RR 5^s '42
94
94
97
99
"99" 99"
99"" 98 101
96% 98% "99"
N Y L E & W Dock & impt 5s '43
105
105
106
106
105% 105% 105% 105% 107~ 107"
105
10434 106
104% 105% 105
101
104%
N Y & Long Branch gen 4s. 1941 10H210U2
104%
104%
N Y N H & H non-conv 4s__1947
Non-convertible
3^s
1947
33^ s_1954
Non-convertible deb
39
39
29%
39
28
30
35
3612
37
27
36
29
27%
31
293g
24%
35
27%
25%
30
26
31
40
26
37
26
3634
28
31
31%
36%
47
26%
25%
30%
30%
27%
39%
36%
30
2734
Non-convertible deb 4s__1956
34%
36%
36%
Convertible
deb
3^js
1956
35
Convertible
deb
6s
1948
52
trust
6s
1940
45%
5834
63
27%
24%
32%
40%
!
1957
Non-convertible deb
Collateral
4s__1955
30
37%
52
29%
30%
33
30%
31%
29
36
33
35
25
2538
25
30%
31
28%
30%
28
32%
22
28%
28
33
27
28
32%
28%
33%
27%
29%
31%
30
33%
26
32
21%
28%
24%
23%
29
32
30
34%
2734
31%
3434
2234
30%
35
28%
28%
27%
30%
28%
32
27
30%
34
28%
34%
3234
20
31
31%
30%
29%
29%
23
32
37
36%
28%
29
29%
29%
20%
39%
37
40%
34%
40
3634
44
34%
49%
56
48%
51
45%
48
55
48
42
55%
25
47%
38%
61
35
35%
4734
20%
31%
25%
27%
2734
2834
30
27
30
27
30%
23%
26%
27%
2634
30%
27%
23
26
25
30%
36%
25%
34%
30
29%
33%
40
37
43%
14%
28%
8534
89%
45%
36%
3934
3334
4534
38%
82%
28%
28
81
82%
26
26%
31%
32
99%
9934
98
99
96
99%
26%
30%
21
29
24
16
23%
20%
24
19%
22%
18
49%
21%
40
45
34
31%
36%
29
35
32
30
32
92
24%
28%
95%
95%
8834
87
93%
92
35%
94%
33
93
3234
94
28%
Harl Riv & Pt Chest 1st 4s '54
12%
23%
18
41%
26%
37%
20%
28
27%
38%
12%
43^s series 1927.1967
43%
16%
27%
93%
94%
9234
94
91%
94
90
92
80
90
82
56%
47%
44%
35%
51
45%
49%
38%
42
4734
39%
43
48%
37%
47%
53%
40%
47%
41
38
42
47%
37%
52%
32%
5134
40%
40
39%
41%
34
39
31
8334
82%
Debenture 4s
1st & ref
N Y Ont & Western 1st g 4s_1992
General 4s
1955
N Y Prov & Bos gen 4s
N Y & Putnam 1st
N Y Rys Corp inc 6s
6s assented.
Prior lien 6s
61
50
49
41%
35
1942
gu g 4s'98
con
56%
47
58%
Jan 1965
1965
Assented.
84%
87%
87g
8
85%
8%
87
934
80
9
84%
12
75
9%
76
1034
79%
10%
1138
74
76%
70%
78
7734
86
84%
86
85%
1965
6Hs series B ctfs
N Y Steam 1st 6s
1st
ser
mortgage
1st
mortgage
108% 108% 10834 108% 10834 10834 109%
2
1%
2%
1%
2
2%
2%
1962
1%
134
1%
1%
1%
1%
A—.1947 108% 110% 108
109% 10934 11134 109% 110% 109% 110%
1951 10434 106% 105% 107% 106% 10734 106
107
107% 106
1956 10478 106
106
107
10634 106
105%107% 106
107%
5s
5s
N Y Susq & West 1st ref g 5s '37
2nd
gold
General
60
63
1937
4934
52
1940
43^s
gold(5s
48
51%
50
55
49
"§7%
44
a
1st & gen
Deferred
s
c
17%
33
82
10%
11%
90
84%
11%
83
8234
81%
1134
1134
84%
19
81
10%
16
18%
16
19
19
11%
10%
10%
91%
14%
18
16
18
17
18
19%
88
96
94
95%
93%
96
99
91%
88
52
47%
41%
41%
39%
97%
39%
40
Cash sale.
*
Negotiability
impaired by
maturity.
10834 110
109
85
8234
90
97
90
92% 95
109% 108% 110% 108% 109
1%
1%
9434 96
107% 109
95
*
106% 10834 106% 109
234
2
2%
2%
2% ""2% "2%
108% 109% 108% 11134 108% 10934 109% 110% 110
110% 109% 110% 10934 110%
106
107
106
107
10534 107
105% 106% 105% 10684 106
10634 106% 106%
106
107
10634 105% 10534 105% 107% 106
106% 107% 105
10634 106% 107
53
51
53
54
50% 53%
51% 46% 58
5434
55%
52
52% 54
57%
41
45
44
43
43% 44
45
41% 43
42
45% 43% 46
40
4~7~" 46% 48% 45
41
39% 4834 "45"
45
46%
43
45
45
46
1943
98% 100
98% 99%
97% 97%
95
9934100
f 4^s_1939 109
110% 110
11034 110% 111% 110% 111% 111
111%
delivery,
46
41%
45
Terminal 1st gold 5s
N Y Tel
83%
11%
11%
92%
90
N Y & Rich Gas 1st ref 6s__1951 10734 108% 105%
2
43^s A ctfs._1962
2%
1%
N Y State Rys
33%
30%
101% 101%
1965
series A
33%
17%
26%
2%
99
ill" 111%
111
100
100
100
99
99
111% 110% 11134 110
111
99
110%
l~lT%
100
100
100
110%111% 11034 111%
59
Financial Chronicle
Volume 142
1935—Continued.
Low
High Low
High
Low
58
56
62
1946 59i2 62
1946
17i2
1934 3034
4J^s serl'4& 28l2 32
Niag Lock & Ont P 1st & ref5s'55 104l2 10578 10534 107i2 107
Niagara Shares deb 5}^s
1950 62i4 70is 69*4 7512 69
Norddeutsche Lloyd 20-year
72
sinking fund 6s
___1947 63
73l4 727S 75
52
New 4-6%
4912
«.__1947 44i2 50?8 48
Nord Ry extl s f gold 6j^s_.1950 16414 168i2 16578 171
163i4
12
Norf & Sou 1st & ref 5s A..1961
173s 18U
173s 1934
13
Certificates of deposit
1712
16*2| 187S 16
40
Norfolk & South 1st g 5s
37*2 40
1941 3578 39
Nor & West Ry 1st con 4s__1996 110*2 112
11134114l2 112
Div 1st lien & gen gold 49.1944 1075s 10934 108
10912 10534
N Y Trap Rock 1st s f 6s
6s stamped
N Y West & Bost 1st
Poca C & C joint 4s
1941
100
106i2
1961
81*4
No Amer Edison deb 5s ser A '57
5*^s series B__Aug 15 1963
74i8
7812
87
80*8
85*2
...1969
71*2
795s
North Amer Co deb 5s
Deb
5s series C
High Low
79
84
8OI4 82
80
86
77
80
80
75
83
78
85
.801? 7734 80
78 ..81
79
80i2 8312
76
80
85
78
80
8034
8012
10
15
121? 17U
21
20
12i8 22
191? 23i8
2784
1778 2U2
2314
181? 29
221?
10714 1071? 107U 10734
1073S 108
1071? 1073s 108
106*8 107i2 IO6I4 1061? 1061? 10612 107
108
107is 108
96i2 99
84
90
935s 885S 981? 9?
7834 8512
88I4 9214 9158 941? 90
100
71*?
6934 81
61
185s
72
75
74
78
72
73
77i8 80
7334
52
48l2 48
4718 5034
4914 51
52*2 42
153
157l2 143
15234 135
16934 152i2 16414 139
13
131? 147g
1634
141? 15?s
1334 15
16i4
12l2 1358
1214 15
13's
141?
16i4
13i4 14i2
41
49
50
50
40
45
41*2 45
41
117
1143s II6I4
11434 11212 1145s 1131211638 114
105*s 105i2 10478 105i8
109*S 105l2 106
108
IO8I4
10734 10678 10734 10734 108
107
107i2 106*2 107*2 107
99
102
9634 99
961? 9914
883S 97l4
83
86i2 8458 8914
95
99
9434 97
987S IOOI2
82 *
82*s 95U
8434
7812 84
86
89
98*4 100
983s10112 9934 103
85
88
875S 9912
94
83
93*2 97*2
98i4 9734100
9478
80*2 84
76*2 83i4
A...1974
1974
5s_.1945
Ex Apr'33 Oct33 & Apr'34coup
Stmpd as to sale of Apr 1 Oct 1
40
1933 & Apr 1 '34 coupons..
42
Nor Cent gen & ref 5s
Gen & ref
4J^s
lien
Gen
40
45
1997
4s
7312
7678
2047
2047
2047
5s, series D—2047
8Gi4
89i2
Ref & impt
4^s A
Ref & impt 6s, series B
9878 10234
Ref & imp 5s, series
92
C
96*4
92
96
No Ry of Cal guar gold 5s_, .1938 105
Nor States Pow (Minn) 5s A. .1941 103
105
Ref & imp
ill"
111
110
44
44
42""
44
43
45
45
42
IO8I4 1087s 1081? IO9I4 1083s
108i2 10734 109
10158 106*2 10178 104i2 10212 104i2 10234
73
7478
7414
763s
70i2 74
76*2 71
841?
74i2 7812 7734 85i4
74i2 84is
83i4 87i2
94
99
98
88i2 96*2 8912 9514
9638 10078
86
85i2 9314
9H?
8912 92i2 84i4 88i2 82
85
82
87
92i2 92
83
89
89l4 92i2
73i2
108
107l2 107i2
1st & ref 78, ser B........ .1947 1075s 1095s
.1936 103i8 104
.1937 1025s 10312
....
Gen, gold 5s
102
112
103
103*2 I0V14
15
15
18
~1334 "15"
1334
110
.1943 109l2 111
110U 110i8 112
110
Ontario Transmission 5s... .1945 112
112*2 117*2 1171?. 110
Ontario Power N F 1st 5s.
106
431?
con
Ore Short L 1st
1st
g 4s
1946
Pac G & E gen & ref 5s ser
Pacific Pub Serv 5s
36
A 1942 106
1936 9612
}*2d extended gold, 5s
1938 100i8
1938 953s
Pacific Tel & Tel 1st 5s
1937 10678
Pac RR of Mo 1st ext g 4s
37is 3912
37*2 40
1071?
109
1063s 108l2 106
99l2 1003S
9878 98l2 99
99
100
1001s
101l4
101
97
99l4 97l2 98
9734
107l2 10634 107i2 10634 1071S
112
11H4 112i2 112l2113l2
393s
Ref mtge 5s, series A
1952 111
Paducah & 111 1st s f 4Hs---1955 10512 105*2
6s'40
39l4
3812
Paramount-B'way 1st 5J^s_1951
423s
Pan Am Pet Co(of Cal)conv
Certificates of deposit
"38"
37l4
4534
4534
5834
Certificates of deposit
59
f
8
5^s'68
1953
1944
Parmeiee Trans deb 6s
Paterson & Passaic G & E 5s '49
1937
1942
A..1937
Gu 3j^s, coll tr ctfs B
1941
Gu g, 3Hs, tr ctfs, ser C..1942
Gu, g, 3p$s, tr ctfs, ser D.1944
Pathe Exchange
7s
Paulista Ry 1st & ref 7s
Penn Co col tr 3>£s, ser
1051s 105i4
39"
3578 3578
38*? 35i2 36i4
4912 485S 50i2
48 I2
49
4%s
1941
4*^ s
4^s series B
Penna P & L 1st
con
4^s
50i4
4912
497s
54
537g
4>£s,[series A....1965
1968
15-year secured 6*^s
1936
40-yr secured g 5s
1964
Deb g 4J^s
1970
Gen 4Ks series D
1981
434 s series E
1984
Peoples G & Coke 1st con 6s'43
Refunding gold 5s
1947
General
General 5s, series B
cons
4s
102
100
9834
1940
7534
1st
43^
s
105
1980
9714
951?
33ig
291?
1974
Gen g
1977
1981
4H8 series C
4^s series D
941?
9414
75
7012
88
86
90
86I4
9718
6634
7H2
70
75
71
88
8534
90i4
87
97i8
i6034 lOlTs
10H8 102
98
103
102
1027S 10278 103
10734 IOGI4 107
106
102
1952
4^s, ser A '40
g4*^s, serB
1942
guar g 43^s, ser C
1942
guar g 4s, series D—1945
guar g 3>£s, series E.1949
gu g 48 series F
1953
guar g 4s, series G
1957
guar g 4s, series H—1960
guar g4^s, series I..1963
guar g 4 >6 s, series J..1964
General M 5s series B
4^8 series C...
Deferr9d delivery,
30i2
10758
II284 1123s 113
112
113
112
11134 111
10134 10034 10034
10314
i9i"s 20
21
1125? 1101? 11134
109
1101?
110
10734
10812 107
1105s 112i2
9834 103U
70
7334
85l2
75i4
77i4
9i2
1053s 107
107
6
97l4
107
106
7*2
901?
45g
105i4 105*4 105*2 104
8234 87*2 75
91
69
73
7784
8H4
82
105
9434
9038 9518
9534
10478 10318
10112 104l2 1013g 10434 101
101
10434 10034 1043s 1031?
104l2 101
IUI4 H6I4 1141?
11118 H2l2 11218 116
10314 10434 10314 106i2 10458
10H8105
63
63i4 64
671? 68
6734 72
9358
9978 10234
72
7734
68
434
4
5
538
c
I98I2 109l8
106
109
107i8 1051?
9634
10434
1041?
115&S
IO6I4
64
5i2
6H8
6U4
62
61
981? 100
983g 100
10258 1025g 1021?
1023s 10234 10234
102
IO2I4
10234 10234 103"
10578 10634 1051?
10958 10958 111
10514 106*?
IO6I4 10634
9934 10112 10012 102
112
11212 112
111
11134 111*4
10134 10134 10134
103
10358 1015s
20
15
20
11012 11178
110i2ll278
10712 110i8
116i8 118
110
365s
108
112*4
112
10134
103*2
15*4
11214
11334
111
119
120
10578
102
10234
64
6412
63
105
106
105
1051? 106
94
973g
58
62
5418
60
55*?
58
91*8
97
8434
93i2
87
93*4
13578 146l4 131*2 140*2 139
34
36*2 34
3334 3534
150*2
106
943s
31
3434
102
103
102
1023g 103
96
104
1031?
1151?
10434
601?
4
111
3412
48
69*2
69*2
103
1013s 1013s
10314 103*2 IO214 1035? 104
108
106
10734 10734
i085s
10834
1091"?
9834
111
11134 113
11034 111
108
1093s IIH4 109
11038 111
109
101
IOO78 10134
8712 915s 90i2 93
1035s 105*2 104
105*4
105*2 10578
105*8 IO6I4 105*2 1061?
110
11078 111
IO984 110
11158 11078 1117s 11078 1121?
111
H078 IIU4 111*4 1113s
117
11512 117*2 11512 118
106*410734 106*4 1075s 107
118*4 117*2 1187s
108*8 1081s 109l2
116
11412 114
1013s IOOI4 10078
107
II8I4 119U
1131? 1135s
110
1121?
107
107
108
108
• Negotiability
Impaired by maturity.
10914 10914
113
115
70
778
88
8934
111
118
111
111*4
120
120
112
11134 113*4
49*4
30i2
57
39
24
30
111
89*?
110*2
10334
108
10638 108
75
82
10984110l2
101*2 104
107*2 108
10612 10712
4518 5614
26l4
27
107*2
35*s
30
108*2
75
108"
110
II6I4 117
10912 109i2
II684 115
1181s 115
1151? 115
1167s 115
112
1131? 113
114
1135s 11U2 11312 1123s
11634 1171? 11634
11678 11678 11512
1121? 1155s 11218
113
11514 1115s
1051410684 10514 1061? 106
105l2 107
IO8I4
108*2 108*2
109*2 10912
1171? 1171?
1151?117
1131? II484 114" 1T5I4
11438 IHI4 1151?
1123s 1145s 113
10678 108
1053? 1063s 10584 107
1151? 117
9934
1121? 11034 IIII4 10978 llUs IIU4 1113s 111*8 1113s
II2I4 111&S 11214 111
111
111
110
111
1113s 10978 110i2 110
llUs 112
114i8 1117s 112
109
110i8 1103s 1103s
10978 1097g 11134 1117s
108" 108 "
110
110
1085s 1085^
109^
109l2
110
107
106*2
106
11534
107
75*4
7*4
934
108
1071? 108
96
98
993g
87*8 86
8812
7078
104*4 1047s
105&S 10678
106
983s 9734
10434 104
105
1021?
114
115
106l2 1053s
110*2
115
11612 11634
11134
11178 1117s IIIS4 112
109
11034 10914
1111? 110
101
10078
9834 10012 97
106
108
1067s
105
106
1101? IIH4 110*4 11134 110
82
10414
10412
100
1023g 10278 IOI84 10234 IOH4 10134 1007g IOU4
10234 1031? 10238 103
109
107
10834 107
1081s 106 *s 108
107i8 IO8I4 105U 1077s 107
85
50
10534 10514 1055s 10478 10514
93i8 98
971? 1001? 981? 10H?
10978 10518 106&S
107U 10834 107
108
1057s 1071? 106i2 1071? 10458 10634 10514 106l2 106
57
6012 55
58
61
5934 6234
58ig 63i2 57
37
4034 3734 41
3234 395g 361? 4038 36i4 43
9^
97
22*4 2478
2318 25
2438 277s 2534 2734
9914100
36
10278 10278
103*4 103*4 1043s 10438
1111211358 11134 1133s 113
1013410214 1013S 1017S 10078
IO6I4
1061? 10734 10612 107
108
95
96
967s
96*4
975s
9714
9714
961? 975g 96
104i2 IO2I4 10434 1035s
1031? IO6I4 102
10634 1051? 107
104i8 102*4 1045s 103*8
IO6I4 105i8 1067S 103i8 10578 102
116
117
114*2
114*8 115
H5I4H6I? II6I4 118
116
105
106l2 10714 IO6I4 107*2 105*8
1071? 10534 107
106
69
71
67
7234 69
661? 68I4
67l4 65 -69i4
5
434
5i2
6&s
7*4
41?
8
57g
4i8
434
112
11878
11214
11214
46
117*2 118
10278 1021? 103
102
10234 102
11078 11134
11558 118
1061? 1085s
1121?115
10234 10334 10214 10278
106
10734 10618 1071?
IIH4 11034 11134 11038
1181? II7I4 11914 11758
1127g 11158
1111? 112
110
111
11034
111
109
108
Cash sale.
65
1934 3138 28
1075s 1075s 108
108
108
1071? 1071? IO8I4 107&S 1075s 108
1051? 107
1051? 10434 10514 10514 10534 105
94
8S
90
891? 9438 93*2 9734
78
85
827g 881? 8634 901? 841? 90
831?
84
75
80
781? 84i2 8258 86
72
73&s 79
75i2
741? 80
74
707s 79
88
85*4
80
82
873S 84
82i4
767s 82i2 771? 81
74
7U? 75i2 715g 7714
10812 IO8I4 10958 1093s 11034 11034
10812 108
113
113
113i2114i8 II4I4 II4I4 1173s 11734 11734
110
110
IIU4 110
11U2 Ill
108i2 10912 109
1095s
108
107
109
11078 10914110
11034 108
109
61
mis
109i2
1181s
117
1181? 11612117
1161?118
117is 11834 1181? 11834 11734 1181s 11778 119*2 11812
103
106
102*8 1035S ,10314 10434 101*8
1023s 104
100
IOOI4IOI
100i210134 101*2
1003s 100's 101
10134
102
981? 1001? 99U 1001? 100
98i4 100
77i4
11518 11434 1151?
113&S 113&S 11414 11414 115
1135s 1135s 11418 114is 11518 11518
1111? 11414
116i4 1121S 11^6
1970 III 3s 114"" 113
110
1115s 1141?
113i4 116l4 112
1975 1113s 115
107i2 1041? 106
..1977 10434 10634 105i2 10712 104
General 5s series A
a
102
102
109
Gen
225s
1025g 1025g
10212 102i2 IO2I4 1021?
10U? ion?'
Con
Con
99i2
9734100i8
9914
351?
10212 1025s
1071s 105
1003s 103
57
58l2
47U
108
96l4 1001s 1023s 1061? 108
96
100
103U 1061? 10634 10734
110
112
llUs 11134 111
10834 10934 1091s 10912 109&S 110
111
10918 1097s llOlg 1115s 1113s 112
109's 10914
Con
89
61
1967 1081s HO
4>^s
(Italy) conv 7s
Con
931?
601?
601?
60
541?
Con guar
Con
H8I4
551?
5s series A
P C C & St L gu g
Con
11714
118
543g
82
83
847g 93i2 9234 96
84i2 791? 85
1967 81
1077s 109i8 1061? 10938 10612 109i8 IO6I4 108
1063s IO8I4 10434 1077s
1971 104>4 106i2 106l8 1077s 1063s 108
56
65
72
75
601? 6738
5234 7314
73is 75
Phila & Read C & I ref s f 5s 1973
34
37
49
52
401?
407s
301? 49
50i8 5378
Conv deb 6s
1949
24
247g
2314 24
2314 24
22l4 24
2258 24l2
Philippine Ry 1st 30-yr s f 4s '37
103i8 10334
Phillips Petrol deb 5}4s
1939 101*2 10234 102l8 10278 IO2I4 10314 1027s 104
10834
1073g 10914 108
10878 10712 109
108l2 106
Pillsbury F1 Mills 20-yr 6s
1943 107
99
98
991?
104
104
10412 10412 1021? 104
Pirelli Co
Con
117
118
10512 1041? 106
10034
IOOI4 100
56
1st & ref 4s
Con
118
58
5712
1943 108
Gen 5s, series B
ser
43
1083s 1083s IO8I4 1083s
IO6I4 10714 1051? 10634 1063s 107
1081? 1071s IO8I4 1063s 10758 106i2 107
29
6834
9834
855s
112l2 112*2
11134 113
43
45i8
108
94
72
102
94l4
102
series C
Phila Elec Co 1st
108
34
105l2 1077S 10534 108i2 10458 IO8I4 1045s 10734 106
111
113
11438 112
1153s 109
112&S 11534 109
105
104i8 10458 10334 10414 10314 104
10534 1041? 105
10514 106
53^ s_ 1974
A.1955
1956
Phila Bait & W 1st g, 4s
Phila Co
108
113
1121? 1141? 111
1121s 113*8
11214 113
116
1171? 1173s 119
109is
1071? 107
1085g 108
1143s 11234 11514 11434 11578
7
Pere Marquette 1st 5s ser
1st 4s, series B
107
98I4
68
100
103*8 104
10234 IOOI2 102
40
321?
66 >4
98
1990
Income 4s
Peoria & Pekin Un 1st
38is
5318
5314
g 4s
Peoria & East 1st
43
87
70
9134
881? 99
7512
7134 90
6634 7II4
917g 877g 985s
7134 8912 87
66i4 71*2 6934 75i2
5834 6778
1397? 1337s 139
155
1471? 133. 14534 130U 14Hs 136
16234 114
155
1503s 133
160*4 156*4163
31
34
30
35
28
34
24
22
26
2058 21
195s 2H2 20
187s 21
17*? 20i2
31
26
32
26
32
2712 34
23
317S
301? 32
25i8
2512 2834
26
27*2 24i8 3U2
118
118
118
118
11634 11634 II8I4 H8I4 118
116
117i2 117i2 1177S 118
117i4 117
10314 1033s
lOl" 103
1033s 104
101*2 103
87
89
90
94
8912 8958 881? 891? 87
91
90
91
931? 90
5912
1025g 10414
102
10312
105l2 104l2 1053s 104is 10484
IO6I4 105
1065s 107's 1065s 10714 1063s 10634 10618 10634 10534 IO6I4 105
110*4
IIOI4 109
110
11134 110
IIU4 10934 11134 109
1101? 109i8 IIOI4 1091? 1105s 110
1097S 112
104
105*2
10512
105i8 1051? 1053s 1053s 1051? 1051? 105
54l2
40
40
38
40
4134 4014 4U2 "39*2 40"*? 40
42i4
4134 46
4U? 37
33i2 38
395g 4H4 39*4 53*2
40
46
4134
36
41
3914 4134 40
351? 43
3914 42
3314 38i4
109
10934110
107
107l4 IO8I4 IOSI4 109
1943 107l2 108
112
11358
11034 1095s 113
110l4 110
109is 109
Con gold 4s
1948 108
110*8 11134 11H? 1131?
108i2 108i4 110i4 110l8 111
Sterling stmpd dollars bds. 108
116
1183s 11518 118
119's II5I4 1191? 115
Consol 43^8
1960 114l2 117
Penn RR
4634
100
IOOI4
87*2 8984
92
89i2 92
90*4 931?
8634 90i4
833g 881?
7H2 78
8H4
105
104
10434 104
103
105
1037s 1051? 1053? 105&S 10434 1061? 10314 105
103i2 105
A. 1977 103i2 105i2 10334 105
10514 105*4 10678
1063s 1063g 105
10578 106
104i2 10518
1981
10414 105i2 10414 106*4
104i4 10214 10334 10234 10518 1041? 10558 10434 10578 10514 IO6I4 1041s 106
1981 9834 1003s 100
28-year 4s
Penn-Dixie Cement 6s A
Pa O & Det 1st & ref
6734
6734
106i2 107*4
5134 60
41
43
44
41
45
40
41
4278
391? 4Hs 37ls 421? 4Hs 52
36*2 40
105*2 107l2 104i2 1057S
1051? 1063s 104l2 106
1063s 107*4 10634 107i2 1061? 10714 IO6I4 1071? 10534 107
1003s 10034
97
98l4 9578 97*2 97l2 99*4
101
99
997s 100
1001? 100
10034 1015g 98l2 10034 971? 100
93
94
91
94
963s 963s
97
97
97
100
93
95
95
98
IOU4 IOD4
1952 9934 101*2 101*2 10134 1013s 10212 10U? 102
1053s 10634 10534 10734
10434 106
10434 106
1963
1963
Guar 4s, series E
Secured g
111
43
93
Certificates of deposit
ctfs
111
"41 r8 "44"
f..
s
Proof of claim filed by owner
Park-Lexington
112
IO8I4
1045s
10312
104
120
961?
985S
3578
10638 1063s
5^s..l950
Paris-Orleans RR extl
120
61
Proof of claim filed by owner.
Param't Publlx Corp
120
1075s
112
11134 1121? il2is 113
11134 11214 11134
1101211H2 11034 112
lOUo 1021? 10134 10134 10134 102
IOU4
5^s assented
1951
1st mtge s f g 3s loan ctfs.1955
Para-Famous Lasky s f 6s_.1947
Param't Pict Inc 6s deb
120
120
111
120
55
42
Certificates of deposit
43*2
43i2
453s
4512
10758 IO6I4 1071? 107i4
lOOig 10178 10158
99ig 102
98
10012 1005s
98i2 101
10234
10234 1011? 103
10Cl8 10234 101
98
100i2 100
9978
985S 10034 98
98i4 1031?
9834 10214
32
cons
Pacific Coast Co 1st 5s
113" lfe'i?
14
10
1634
1558 19
14i8
14
16l2
111? 1438
91? 121?
48
50
50
50
47ig 50
113121147s il334 1157s
11334 115
10758 1081? 107
9314
5s guaranteed
con
1125s II6I4
IO8I4 IO8I4
10714 10534 10634 106
107l8 108
.1946 105
10634 10612 107ig 107i4 109
116
119
1161s 1183s 117
11418 118
g 5s... .1946 11414 11458 11534 117
11612 11834 117i2 119i2 117
.1946 1151s 117
115i2119
116i4 119
102
104
104i2 103
1961 10H2 10234 102is 1053s 101
10478 101
Oregon-Wash RR & Nav 4s.
100
99l2 100
96
96
99i8 100
94
Oslo Gas & El Wks extl 5s 1963
9914 8334 991?
96
83
77
85
93*4 91
8958
1941
87
Otis Steel 1st m 6s ser A
6934 915s 82
Ore RR & Nav
121?
102
.1944
Old Ben Coal 1st g 69
1434
1078
U134
112
ion? 10134
1033g 103
102l2 1015s 102l2 1015s 1021? 103
18
18
16
18
17i2
I8I4
175s 175s
15is T5I4 16
113
109
1121? 1133s 111
11134 11058 11134 HH2II31? 112
11212 112ig 1131? 10934 1105s 10834
112i2 112i2 Ill
11038 111
109
108 >s 1065s 1081? 10634
1075g 1081? 108
107i2 1085s 108
111
10258 103
10834 1105S 10978 1111?
...
12
147g
5034
8958
48*4
883S
4612
46l4
4*1
4*»
59
50
50i2 59
381s 40
109
10834 108
1081? Hois 109U 10934 1085s 109i2 1085s 10912 IO8I4 109*4
10434
1041? IOH4 10334 10H8 10312 10158 10314 103
10638 10414 IO6I2 101
75
'
68
72i2 72
6912 7234
715s 7314
711? 73
7634 72i8 7678
81
8312 8912 88*4 93
80
84
8312
897s
8214 8714
8812 86
102*2 108
94
9712 103
96
100
102
9714
9512 9834
102
10U8
89i2 97i2 9634 100*4
92
95
88l8 92i4 8834 90
951? 941? 96
88
90
8934 97i2 9678 100*4
95
931? 953g 897g 941? 881? 91
108
107*4 IO6I4 10714 10618 10678
105l4 10434 10734 106
108
10634 10734
.1941 105*4 107*? 10712 108*2 107*2 108*2 107
101
101
10Hs iou8
.1944
N'western Telegraph 4^8.,
9478
88
94
95*2
8812 9478 93
9234 97
Norweg-Hydro El Nit 5^s.. .1957 88
30
35
33
35*2
1948
43
37
32l4 34
40*4
50*4
Og & L Ch 1st gu g 4s
10534 10534 10612 10612
Ohio Connecting Ry 1st 4s. .1943
111
111
112
11234 1113s 112l2
.1946 109*4 111
110
ill
Ohio Pub Service 7^sA
1st & ref 6s series B
Ohio Riv RR 1st g 5s..
1634
]25g
110
45
14
50
88
1 5734 150i4 160
65
42~
102&8 10434 10212 107
Jan 2047
3s
g,
120
831? 841? 84
8134 85i4
80i8 85
47
4434 471? 44
5134
431? 45
16078 146
1491? 151i4 1501? 1547g 152
45
43
42
120
118
6s...1947 10434 108'4 107
Nor Ohio Tr & Lt gen
Nor Pac prior lien g
110i4 110*4
40
4434
A
ser
High Low
8414
6334
2378
118
Northern Ohio 1st gu g
High Low
December
November
October
September
July
August
High Low High Low High Low High Low High Low H igh Low High
June
May
April
March
February
January
BONOS
116i2
115*8 116""
116i2
11378
Il35s lis?;
11334 113*8 116
107
1061? 107*2
Financial
60
Chronicle
1936
Jan. 4
1935—Continued.
June
March
May
April
October
November
December
July
February
September
August
High Low High Low High Low
High Low High Low High Low High Low High Low High Low
High Low High Low High
January
BONDS
Low
1st
g 5s
....
Port Arth Can & Dock 6s A_1953
8534
53
8534
53i2
54l2
54i2
5634
59i2
5534
60
5218
50%
5134
"58%
47
58
8018
85
79
—1953
1st m 68 ser B
4J^s
Port Gen Elec 1st
50%
50%
1960
98
1st 5s__1935
Gen Elec
5414 59
60
5434 59
60
101%
100% 100
80%
54i2
5414
99&8
1935
5s assented
1950
1st 5s 1935 ext to
45i2
4434
Pressed Steel Car conv 5s—1933
434
52%
5214
55
Providence Secur deb 4s—1957
35
46V8
49
45
51
4212
40U
45
5014
38i4
90
'42
1953
90
35
Porto Rican Am Tob conv 6s
Postal Tel Cable coll 5s
1956
Providence Term 1st 4s
Pub Serv El & G
lst&ref 4^8 '67 10718 109
9U2
107U 10812 10734
53i2
5212
5278
—1970
43^ s
56
6912
60
5312
61
57
53
6I84
58i8
5812
113
6U2
6312
62
113
64
67
6314
67
6012
63
65
75
70
74
6314
66l2
67
67
63
7412
7012
67
6412
67
6012
6238
63
64
65
6412
75
70
75
74i2
109
109
109
109
10934 109
107
114
11612 11612
80
78 is 8212
75
7714 84
8038 78
79i8 82i2 7538 79
75
75
80%
7978 82
"B5" ~6~5~% 6538 69i4 65i4 69i2 68B8 751? 71
80
72
59
7034
7734
65i2 69i2
58i2 65i4
59
10034 104
103i8 105i8 10378 105
102
10458 10534 10512 106i2
107
107i2 10658 107l2 106% 1065S 107is
49
4714 5634
48i4 42
5012 53
4934 5214 4834 53
51i4 54i8
5214
30
30
25U 3414 25i8 32i4 26l4' 307s 2938 38
4634
4434
30i4 37
49
4212 4334 40
4534 4334 4634 45
44
5614 50
5438 48i2 53
22
20
24
22
25
25
2212
8858 90
91%
105
10538 107
1091? 106" 109
IO6I4 108
10778 10434 105
104i2 10434 10658
108
107
114
1135s 11358
5738
53i2
109
1067s 10914 105i2 108
10758 108l2 108
10834 10434 108
106i2 10558 10712 107U 108i2 107
1st & ref 4s
1971 105
101
10214 100i2 10134 101i8 102
Pure Oil s f 53^% notes
1937 100i2 10138 101 102
10212
10058 10258 100
102i2 100
10178 101
9934101
Sinking fund 5tfs % notes.1940
Sink fund 4^8 w w
1950
853S 903<i 8938 9438
8234 89
855S 90
Purity Bakeries s f deb 5s—1948 85iS 90
1st & ref
114
11358 114
11358 1135s
107U 10714
Pitts Va & Char Ry 1st gu
Portland
11034 Ill's II214II4
11034 112
1943
4s '43
60
68
Pitts & West Va 1st 4^s_ —1958
1st m 4J^s series B
c70
—1959 c70
1st m 43^8, series C
1960 5734 68
Pitts Yngs & Ash 1st g4s A. 1948
1st gen 5s, series B—.—1962
cons
110
11038110i2 110
Pitts Shen & L £ 1st g 5s__-1940
IO6I4 10734
10514 10734
10078 10158
1011410214
9438
Radio-Keith-Orph pr pd ctfs for
deb 6s & com stk (65% pd)
11512118
74
77
74
7414
534
Purch money 1st
Revere Cop & Br 1st 6s
Rheinelbe Union
s
Direct mtge g 6s
.1952
m
6s of 1928
111
6s of 1930
1953
..1955
Con
Con
1944
Richfield Oil of Calif 6s
4
Richmond Ter Ry
s.
43
3558
4312
43
32i8
3914
3834
3834
40
41
43%
3834
42
4U2
42
3834
2978
33% 2712
33i2, 27i2
30i2
4214
39
25
34U
40i4
41
1st guar 5s '5
195?
Rio Grande Jet 1st guar g
5s '39
Rio Grande So 1st g 4s
87
2512
66i2
76
3034
3034
287S
3312
30
29
33
32
49
60
86
86
1
77i2
7512
787fl
-1940
1
48
49
52i2
--1948
Ruhr Chemical 6s
38
5l"
51
1947
St Jos & G Isl 1st g 4s
St Joseph
Lead deb 534 s —1941
& P 1st 5s...1937
5s
1996
St Jos Ry L H
St Law & Adir 1st g
1996
2d gold 6s
38
36
36
40i4
33
34
42
42
38
92
1081"
10738 10434 105i8 104:12 10434
10734 10478 107
IO6I4 10714
10034 101i8 IOII4 10U2
10714 108
101
107
108
102
9414
95
99
99
96%
97l2
9914
9612 10238 1021210812 10534 11034
98
1015S
100i2 100
991s 1005s
54
5418
158
39l2
50
9934
51
97
7534 80
9458 9512
105% 106
10514 106
10414 IO5I4
104l8 10412
10618 10634
10414 10478
97
30i2
3034
36i4
337s
34
30i2
3058
35
2934
2912
32
3212
4 us
35
36i2
145
158
73
9414
10512
1057s
1043g
104l2
IO6I4
104
145
78
97
107
107
105
10412
1065s
104U
42
29i2
29
683S
28i2
72i2
297S
72
36
36
16434
3212
34
31
34
35
3134
34
105
106
95
5238
95i2
32
3134
2978
3214
3038
4678
30
3134
30
45
107
10714 10714 10714 10714 107
1063S 10634 106*4 10678
521? 6234
5214 5214
5214 52-% 53
53
5214 5214
92
90
92
9412 94l2 89
901? 88
8914 9018
1
75
75
35
5214
1
1
36
35
Rutland-Canadn 1st guar 5s '49
434 s 1941
1071s 107i8
50i2 5U8
92
Roch Gen & El
Rutland RR 1st cons g
343S
3434
36
1
86
& coll tr 4s ser
cons
29i8
29
2412 29
47% 31
4U? 30
A. 1949 39
10738 1081? 10714 10734 10634 107
534s ser C..1948 107l2 1087? 108 109
108
108
Gen mtge 434s ser D
1977
1085s
Gen mtge 5s ser E
..1962 10712 108i2 10858 108!% 10712 1087s 10712 10834 107
8
10
9i8 11
758 10i8
R I Ark & La 1st 434 s
1258
1934 1214 13i2 10
110
109
114
11478
111% 107i2 110
Royal Dutch 4s with warr.1945 105i2 13612 106
1st
73i2
1
75
41
9934
36
87
.
10438 104l2
60
85i2
1922 coupon).1940
Rio Grande West 1st g 4s__1939
28
46
2514
32
281?,
24l2
46
Rima Steel 1st s f 7s_.
Guar (Jan
3012
194
97
80i2
703s
54
3912
80
108
3734
4212
44
41
36
433t
42
30
Certificates of deposit.
Richmond & Meek 1st g
38i2
3578
36i4
3134
41i2
3934
4034
40
1946
6S...1953
f 7s
Rhine-Ruhr Wat Serv
75
10934 1155s 109i2113l2
106i2 108l2 10714 1091?
10814 10734 1083s 108
10834 108
1083S 10712 1083s 10758 1083g 10734 10812 108
10812 10734 10812
35
36
36
32
37
371? 3434 36
32i2 3358 33
33i2 3514
3318 33i2 33
3412
3412
27
26i2 30
2634 2812 28is 30
30% 32
2678 28
2714 32i2 28i2 35
281?
28l2 2918
40
41
3934 40
3934 40i4 3478 35
39i2 40
3212 3334
3234 3314
3258 3478
3212 3338
37
32
33
3834 4038
3734 37
32
371? 3434 38
3134 3238
32i4 33%
32i2 33
3414
37
35
32
3634 38
3834 4058
37i8
37i8 3178 33%
3214 33i2
32i2 33
3238
3212 3414
38
37
32
3834 401? 37
3734
3434 37i8 31i8 34
321-1
3218 33i2 3212 3314
32i4 3412
'54
July 1948 10714 IO8I4 10734 10812 10734 108i2
s conv
Rhine-Westphalia El Pow 7s '5i
71
118I8 119
7558 80l2
105
134
161
70
5414 70
52
72
69l2
6334
93
97
96i4 98
98i4
105
107
106
107
106
10438 1065S 105i8 106i2 105
105
10612 1061s 10678 10478 10678 10478 106i2 10478 10578
101
10334 102
10414 1037s 10478 10334 10414 103% 104l2
102
104
99i2 99i2
991? 100% 10212 10212 102
102l2 104
Without warrants
1043s 104
10458 104% 104lg
106
104l2 1055g 105
107
10612 1051s 10634 10618 10634 IO6I4 107
Republic I & S s f 5s
1940 10314 10514 103i2 10434 10314 10458 10378 105
95
9912 1021? 100i2 1031? 102
9434 100i2
97is
104l4 10378 1053s 10414 10538 104i2 105
Ref & gen 534 s ser A
1953 98i4 102i2 95 101
Gen mtge conv 4J4s A
103i2 1037s
1950
1025S 110i2
Rep Steel Corp 434s ser A.. 1950
4514 4514
31
30
41
30
30
32
26i2 30
1941
97
100
9612 9934
9658 99i2
97i2 10012 9812 10018
Read Co Jersey Cent coll 4s. 1951
105
107U 10558 10714 10518 10612
Gen & ref 4^s ser A
1997 106i2 108is 106 108
10514 IO6I4
Gen & ref 4>£ s ser B
108i2 IO6I4 10812 105i8 107i8 10558 107
1997 107
104
99
10234 104
99% 102i2 IOOI4 1033s 101
IOOI2
Rem-Rand deb 534s w W...1947
Debenture g 6s
7612
7512
107i8 107i8 107l2 107i8 107i2
5814 67
6II4
6I84 64
363g 32i4 3734 3312 383s
64
60
87
5412 53
11
1978 197s
2212
13l2
104
95i8
9U2
107
114
61
68
8234 62
77i8
6038 76 I8
27
35
2512 2834
35i2 29l2 35%
10978 107
10714 106i2 108i2 10658 107
111% 1113s
11034
109
106% 1091? 107
10334 I68I4 109
10
13
14
IOI4
IOI4 15
1U2
118
11234 113
115i8 11514 1121? 118
3218 3234 32l2 32l2
3638 32i8 33's
34
30
34
24i2 30
1812 285s
30
22
35
34
3638 34
363S
107
105
105
107
10514
10458 10334 104i8 1035s 104
10312104
8934 8934
106i8 IO6I4
109" llfa4 10658 110
10534 10812 105i2 IO6I4 105i8 105i2
96
IOU2 103
102i2 104
9912 IOOI4 10038 102
99i8 98
IOOI4
87
88
86i2 86i2 8634 88I4
8734 90
8OI4 8OI4 8U2 82
8058 85
103
105
105
1
79
8258
8212 77
28
3478 30
3314 3314
10634 108
10812 109
108i8
11034
107
108i2 10812 110
1083s
10
10
1234
1212 117s
116
11434 11534 1161s 118
35%
30
34
30
33i2 32
32
32
3412 3534 34
106
1061s 107
1063s 107
10478 105
103i2 10418 104
74
80*4
30
3712
105*4 107
112is 1121s
108i2 10812
1214 15i2
111*2 114i2
32i2 32*4
27
34
2978 37i2
1061s 1061S
10338 103i2
St Louis Iron Mt & Sou-
4s. 1933
Certificates of deposit
St L Peo & N W 1st 5s
1948
St L R Mtn & P 1st 5s stpd.1955
St L-San Francisco pr 1 4s A 1950
River & Gulf div 1st g
1950
Prior lien 5s ser B
Ctfs of deposit
1978
A
s ser
stamped
St Louis Southw 1st g 4s
2d g 4s inc bd
1st term &
70
5618
60
64%
4634
691?
1534
14i4
15i2
14i4
13i2
121?
80
1989
ctfs__Nov 1989
1952
unify 5s
1990
Gen & ref 5s ser A
65
1334
1714
1234
18
12
15'8
18
13l2
1214
1034
978
76i4
561?
12i2
1112
161?
11
Certificates of deposit
434
6334
64i4
13
Certificates of deposit
Cons mtge
67
52
64i8
4634
6378
1378
77
14l2
78i8
60
60
4912
53
4434
38
64i2
6234
56
6412
59
6412
62i8
66
701?
58
6312
5814
61
54
61
69
67
68
6D4
66
63
63
59
60%
45
461?
37
37
39
30
37
30"
38
65
7U2
737g
71
14
12
11
1234
934
13
11
123«
1U2
13
117s
9i2
9i2
70l8
11
14
15
IOI4
8i2
77i2
81
1034
84l4
83
8038
97g
8i2
712
7812
Ills
8
1214
12
1412
1312
11%
10i2
10l2
13i8
12i2
9i2
834
70i2
1034
978
12*4
10
13i2
1U2
1312
12
14
12
11%
7714
125S
115S
1312
1212
1134
107g
84
7514
12
9
7312
145g
121?
15
73
10
7U2
1134
10l2
1178
75
1234
11%
51i2
7212
14i2
13i2
15
1334
13i2
12%
85
43
67
4838
6978
1058
912
IOI4
978
38
8i2
5114
74i2
12
10i2
45
10
4112
6712
934
37
65
4134
723g
54
64
61
63i4
5758
61
62
5758
6612
5D8
63
63
61
60
5358
4812
53
96
92
94
98
5U4
9578
9758
635s
5334
96
6212
52i4
9514
60
41
55l2
4514
5412
6378
6334
934
687S
1212
1U4
IU4
80
*35%
42%
734
712
10%
8
7&8
64
60
4U8
50
34
40
27
36
"3934 46~5s
3034
40
9
734
70
4938
45i2
38
91
7812
52
54
4478
9212
9
71
958
938
62
12
978
958
80
67
60
71
IUs
1034
84
661?
64i4
54i2
98
99
IOI4
9i8
11
50
98
60
69
61
9i2
8i2
1612
15
17
1414
1314
6558
3512
72l2
14ls
123s
14i2
13i2
1212
40
11
15
76
17*4
16
18i2
17
16
79
8U2
66
76
5812
53i2
61
40
58
60
33i8 53
44
4978 2312 3978
100
1005S 10058 101
100i2 10034 100i2 101U
100
9212 9418 9134 93l2
78l4 79
8612 9178
93
94
94
98
85
79
80
92
99
95l2 9512 95
953s 96
98i4
9334
9412 93
10214 10214
10312 104l2
'68 101i2 102
12
11
16
IU4 1212
ifs 16
1314 1458
1214
1U2 13
1538
15" "I8I4
lli8 13
16i2 1758
1U4 14i4
13i2 "12" "l6
St P & K C Sh L 1st 434s---1941
108
10834 10738 108i2 105
1081s 10412 1073S 106l2 10778 10734 10938 1061? 10834 106i2 10734 10634 10734 107
10714 IO8I4 IO6I4 10918
St Paul Min & Man 5s
1943 106
103
104
10214 102is 10338 10312 104i8 10338 10434 103i2 1041? 104
10214 10278 10134 10212 101
103i2 104
Mont Ext 1st gold 4s
1025s 10414
1937 10238 10258 102
9934 102
IOU4 1011? IOU2IOD2 102
10134 l0034 1015ft
9934101i8 100
1021? 102
10234 103
103i2 103U 1035s IO2I4 104U
Pac Ext sterling guar 4s_1940
St Paul City Ry
Cable 5s..1937
Guaranteed 5s
1937
St Paul & Duluth 1st cons 4s
115
11434 H8I4 115
ref 5s. 1972 113
74i2
8434 8258 85i4
4s
1943 82
1952 10034 103 I2 101% 10714 105
109l2
S Fe Presc & Phoen 1st 5s..1942 108 "110"
"35' ~3~5~
Schulo Co guar s f 634 s
1946
Stamped (July'33coupon).
Guar s f 634s ser B
1946
35
36i«
Stamped
110
Scioto V & N E 1st guar 4s. 1989 109is 109i2 11038 115
17
17
18
13i2
1712
Seaboard Air L Ry 1st g 4s. 1950
St Paul Un Dep 1st &
S A & A P 1st guar g
San Antonio Pub S 6s ser A.
17
Certificates of deposit
Ctfs of deposit
Adjustment 5s
Refunding 4s
stamped..
—1949
1959
20
17
cons
253
Certificates of deposit
4s...1933
Atlanta & Birm 1st
3%
7
9
8
1945
6s ser A
Seaboard All Fla 6s A ctfs..1935
1935
534 s-1948 8212
f deb 5s—1952 103%
Shell Union Oil s f deb 5s..1947 102%
Shinyetsu El Pow 1st 6J4»-1952 76i2
Series B ctfs of dep
Pipe Line
s
Deb
s
f
7s.__.1935
58
1951
Siemens & Halske s f
45
634s
Sierra & S F Power 1st 5s..1949
Silesia Elec Cor
s
f 634 s
1946
10334
30
517S
Sinclair Cons Oil 1st 7s ser A '37 10278
1st lien col 634 s ser B
1938 103i*s
Skelly Oil deb 534 s
1939 9834
Sllesian-Am Corp col tr 7s.. 1941
1178
10
6
34
"29"
~3o"
"29"
16U
7i2
534
9i2
714
17l«
4
14i4
13i2
2i2
4i2
458
5
3l2
10
2i4
2%
35s
2i4
234
35ft
80
8834
83'2 88
104i8 103i2 10412 103i2
10212
10278 IO2I4 103
77
81
80i2
81
60i8
6334 6238 65l4
50
4314
4834 5034
109
10734 1067s 110
3 U8
3634 3614 39l2
60
4518
5558 56
104
10314 10334 IO2I4
105
I03l2 10434 10334
101
102
100% 99
Gen
cons
10434 10434
1963 112
gu 5s
112
108i2 110
1085s 1097s
82
92i2 90
9234
64l2 6938
6634 72i4
So Pac Co Cent Pac coll 4s. 1949
77
81
78i2 8312
1st 434 s (Oregon Lines) A. 1977
61
67
Gold 434s
1968 6534 69
6158 67
Gold 434 s with warr May 1 '69 6478 69i2
63°8 687s 6OI4 66l2
Gold 434s
1981
103i2
San Fran Term 1st 4s
195011003a IO3I4 102
Southern Bell T & T 1st s f 5s '41
Southern Colo Pow 1st 6s A. 1947
a
Deferred delivery,
c
Cash sale.
37
34
36
32i4
28
34i2 34% 36"
114
11312
11218 1131? II2I4 1131? 113
14
11
14
13i2 1112 lli2 11
14U
131?
21?
534
514
634
61?
14
3
234
12i2
12%
121?
127s
3
3
4i2
412
"4i2 "534
4
8i2
2i4
234
5
10
338
314
89
841? 81
10514 10318 104
10338 10258 10312
83
8U2 84
62
76
63
50l2 43i2 46
110
10834110
31
3414 30
50
54
59
10338 102
1025S
104
10412 102
102i8 101l2 102%
10
12i2
12
12
212
414
4'2
43s
414
878
3i8
3i2
87
10458 10458 10378 10414
113
115
114l2115
10834
10812 1097g 107
96
9734
9212 96
6012 6778 6U4 68l2
7838
73% 795s 75
56i2 64l2 5714 6534
55i2 64
5634 6534
56
6314 57
6534
991» 1037«
IOU2 104
• Negotiability Impaired by maturity ^
2i2
5i2
41?
534
5
934
41?
4i8
92
1134
1078
2i2
414
4i2
478
458
912
3i2
3i2
86
10312 104i8 10312
10234 103i2 10234
82
8678
67l8
69i4
4 U8
4414
110
111
86i2
6812
4U4
111
26i8
30
2578
53
57i2
57
102
10212 10158
1017S 102i2 10158
102
10234 102
Socony-Vacuum Oil deb 334s '50
So & North Ala con gu g 5s. 1936
35
3214
117
II8I4 117
11812 117i2H8i2 118i2 11914
90i4
87
8614 907s 83i2 87
8512 90
90
106
10912 107
IO8I4 IO8I4 109
109l2 10658 1087s
1187s 11734 11834
89
86I0
10934 107
4812
4914
50
48
48
50
42
50
43's
47i2
4712
48
40
50
45
110
48
4958
42i4
45"
11314 111
50
50
52
5012
4978
52i2
5412
51s4
55
51
55
1113s
16is
13%
"1414
1338
1214
14i2
1414
1534
13
15
12
13
13i2
13
13i2
12
13
12
12
11
12
16
16
16i8
1634
"2% "3"
534
538
634
8
812
7l2
1658
3%
Sharon Steel Hoop 1st
Shell
1512
1512
20
Certificates of deposit
1st &
17
18
Stamped
117
116i2 118
1171? 11512 117
85
79
83i2 81
88I4
83
7512 80
106
1085S 107
10834 108
107i2 1047S 107
112
11238
109i2 1H12112
11778 115
66I4
76l4
63i2
63
63
10314
55g
5
612
"414 "47s
4i8
55s
458
IOI4
3i8
212
4i2
234
5i2
414
638
534
538
lli2
16
438
4
4
9014
89% 98"78
104ig 103i2 10434
10378 10212 1035g
86
88
8758
69
67is 67i4
42
4U4
4314
112
1h34113
2734
28l4 29
60
58l4 5912
102is ious 1015s
10 u8 1015s
102
103
103l2 102
2l2
4i2
334
T
'¥"
6
514
7
414
12i4 16
13i2
3i2
4
3i2
35g
334
3'2
961»
9612 98 i4
10234 105
1027s
102% 10414 1021s
85
87
85
6712
3714
67i2
4018
6U4
3914
111
113
111
28
30
30
5838
61
6OI4
2
234
2i4
438
5i2
514
5
5
4
7l2
514
7i8
414
6I4
6's
147s 12i2 155s
3
4i8
334
3i2
3i2
3i2
99i2 98*4 10078
1035s 10278 104i8
10334 102% 104
87
8434 88
6134
66i2 58
40
41
42*4
11134 111
11134
30
29
3014
71
67i2 72
55
5478 57
51
54I2
60
60
56
60
55
55i2 5658 6012
111*4 11134 112
11258
15
17
15i2
17i8
13i2 1312
16l2 1778
1234 18
16i2 187s
5034
5514
12
16
1514
2
334
3
5
9
6I4
6is
414
8
558
IOI4
8
185S
478
914
7i2
1078
412
14i2
912
714
934
17i2 15% 18
4i2
3i2
5i2
3
3i2
414
434
IOOI4 103
10212 1037s
103i2 10414 10314 105
103
104
102*4 10358
84
86
83 i8
8458
58i4 59
5914 6U2
42
4212 4014 4212
112
llli8 112
113
29i2 30's 2918 3014
7U2 82i2 73i2 8112
3
10078 ious
1007g 101
10234 103i2 10278 10314 10214 1027g
10058 101i8
104i4 10414 10414
103
104
113
114
11512 113
11478 11434 115
10812 10734 10934 10734 10914 108
110
106
10812 106i8 107i4
997g 95
983S
98i2 10038 9914100i2 99
102is 10012 10134
71
7234
78
8334
77
81
7714 82
76
8134
7914
8U2 7978 857g
8312 86i2 84
87i2
8412 8684 82i4 8434
67
70
7534
72
75
7334 76i8 7212 7512
69i2 733g
697s 67
755g
7358 76
7i84 76
7U2 75
6884 7358
70
6612 75l2
7238 757s 70i2 75
7U4 7434 68
7312
104
106
105
104i<i 10534 105
105*4 l/02io 1061? 103U 104*4
104'8 10418 104
11412
107%
9312
212
52
IO2I4 103
1015g 103
101
1027g 1027s 105
10212 1027s
114*4 11434
107l2 10812 10714 108is
101
7512
82i4
103
81
101*4 103%
78
825S
88
8558 85
77i2 75
777s
7234 77i2 75
78
7212 77
73% 77%
103% 10612 105%107
73i8
Financial Chronicle
Volume 142
61
1935—Continued.
June
December
March
May
October
November
September
January
July
August
February
April
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BONDS
Low
South Pac of Cal 1st con gu 5s'37
107% 10734 107%107% 107% 107% 106*2 107%
100*2 100*2
107*4 1073s 107*2 107*2
South Pac Coast 1st gu g 4s. 1937
4s stamped
97
1955
Sou Pac RR 1st ref gu 4s—1955
9134 94%
Southern Ry 1st con 5s
1994 100
1031$
Devel & gen 4s series A..1956
5784 62%
81
Devel & gen 6s
1956 75
Devel & gen 6J^s series A. 1956
8134 86
....
Mem Div 1st gold
5s——1996
St Louis Div 1st gold 4s__1951
5s__1938
gold 4s 1938
East Tenn reorg lien
Mob & Ohio col tr
Southw Bell Tel 1st &ref.5s'54
Spokane Internat 1st g 5s. 1955
Standard Oil of N J 5s
1946
4*^s._1951
Stand Oil of N Y deb
Stevens Hotel 1st 6s ser A..1945
...1942
Studebaker Corp 6s
Certificates of deposit
deb 6s '45
3^8
—1950
Syracuse Ltg Co 1st gold 5s. 1951
Studebaker Corp conv
Swift & Co 1st
m
Tenn Cent 1st 6s A or B....1947
1951
Tenn C I & RR gen 5s
Tenn Copp & Chem
89
9678 1027fi
38
58
55*4
783s
81*2
95*2
89%
9434
93%
86*2
38*4
46*2
99*2
46
62
64l4
85
90
82
95*2
90*4
39*4
44
56*8
60
38
52
47
9U2
93*4
97*4
95
94
92
95
90
1944
993s
91
94
96
100
1087s 110*8 110
100*8
93*2 99
110% 110*8 111
10912 110*2
103*2 104l2
4^8.1939 108*2 109*8
1st con gold 5s
1894-1944
Gen ref s f gold 4s
1953 10134 104
92
96*4
Texark & St Smith 1st 5^s A '50
10434
Texas Corp conv deb 5s—1944 103
8412 8634
Texas & N Orleans cons 58.1943
Texas & Pacific 1st gold 5s.2000 115*2 117*2
8934 93*2
Genl & ref 5s series B....1977
89% 93*2
Genl & ref 5s series C...—1979
Genl & ref 5s series D
1980 8934 93*2
89*2 93
Tex Pac-Mo Pac Ter 5J^s er A '64
55
583s
Third Avenue 1st ref 4s....I960
16112
105
83*2
94
94
96*4
11112 1125s
~
102
85
104
104
90*2
10334
1041? 103*2 10412 103
87
83% 835s
83*2 84
115
117
120
1153s
118*2 113
79
90%
7934 88
89*2 93
89*4 9234 7958 89*4
7934 87
87
885s 92*2 7912 89% 80
93
98*2 93*2 99
9234 9578
83
56
5878
5414
56*4
51
55
Adj inc 5s tax ex N Y
1960 24*8 26*2 24*8 25*2 23*4 2512 1858 23
10134 10034 103
10134 102
Third Ave RR 1st gold 5s—1937 100*4 102*8 101
6}^ 8.-1922 100*4 101*8
7S--.-1955 88*2 90
(N J)
Prod
Toho Elec Power 1st
44
37
44
28
42*2
58
49%
57*4
35*2
35%
73*2
56
56%
80
8878
89
8934
92%
90*8
9234
98% 102
100% 101%
98*2 100% 99% 102%
112
111*4 112
11234 11234 113% 113%
103% 105
10334 106
88
92
87% 94
102% 103% 102% 104%
84
89% 88*4 9234
114
117
115%117
87
88% 87*2 90%
86% 88
8534 91%
86*4 88
85% 91
100*4
95% 99% 97
53
56
50*2 53%
20
2234
19% 21%
101% 10134 10034 101%
111
93%
95
93%
72
7834 82
81%
76% 74
76*2 79
79*4
765s 79*8
10078 10078 10038 10078 100*8 100*2
Tol & Ohio Cent 1st g 5s.. 1935 10034101
101
101
101
101
101
10034 10034 100%
Western Div 1st g 5s
1935 101
Gen gold 5s
—--1935 100*4 10034 100*2 101*2 166% 100*4 100*4 100*4 100% 100%
series-June 15 1953
1st m 6s %
Tol W V
1960
85*8 90
& West 50-yr g 4s—1950
103
& O 1st gu 4s ser C.1942 103
88
100
96*4 98
Trenton Gas & Elec 1st 5s_1949 112*4 112*4
Toronto Ham & Buf 1st 4s. 1946
80
77
6^s '43 70
6s—1940 10034 102*4 100
Tfaux-Traer Coal conv
Trumbull Steel 1st s f
Tyrol Hydro Elec Pow 1st
85
Uligawa Elec Pow s
85
85*2
91
100*2
1945
f 7s
(Mo) g m 5s. 1957
(111) 1st 5^8*54
Union El Ry (Chic) 1st 5s..1945
Union Oil Cal 6s series A..-1942
Deb 5s with warrants Apr 1945
Union El L & P
89*8
9858 10034
81
87*2
93*2
90*4
883s
96
87
9234
87
"82*4
9378
90*2
885s
84
843s
88%
87
89
90
873s 89*2 89
1093s 107*2 10834 107*4 10834
104*2 106*4 106
106*2 1055s 106*2
13
14
13l2
13*2 13*2 14
116*2 117*2 117
1183s 117*2119
105
10334 105*4 104
10234 10458
107
110
111%
10778
106
1967 10414 10578 104l2 106*2 103*4 106*4
4^s
11558 117
1st & ref 5s
—...----2008 117*2 118*4 11634 120
40-year gold 4s
1968 99*2 102*4 100% 103*4 1Q0*8 103*4
104
106*4
10534 107
United Biscuit of Am deb 6s 1942 10534 107
Debenture
5s
—1950
89*2
(Del) 5s...1953
Can gen 4s '44
United Rys St L 1st g 4s
1934
U S Rub 1st & ref 5s ser A-1947
United Steamship 15-year 6s *37
United Drug Co
90
88
93*4 87
1073s 108*2 108*2 10858
93*2
United N J RR &
f
28*2
90*2
28*4
95
9234
95*2
98
39*4
39
38*2
38*2
35*8
38*2
38*2
121
24
3734
1953
121
121
43
42*2
41
121
21
31S4
40%
27*2
40*4
76*4
41
723s 82*8
& ref 5s. 1944 65
5s
1944 6978 79*2 74% 85*4
Utica Elec L & Pow 1st s f g 5s'50
118*2 117
118*2
Utica Gas & Elec ref & ext 5s '57 117
24*4 28*2 2734 3514
Utilities Pow & Lt deb 5^8-1947
31*2
Deb 5s with warrants
1959 20*4 23*2 23
Utah Lt & TraC 1st
Utah Pow & Lt 1st
88*2
92*2
3%
412
4
—1942
4
6
1942
110
.
Va Elec & Pow
88
88
ser
95
85%
100
101
98
104
111%11134
114*8 116
105%106
87*2 94%
10334 104%
93
99%
116% 118
90
69*2
98*4
3234
108
7
94%
86*4
85%
85%
8034
1st 4*^8
.
34
----
5*^8
1st lien 50-yr g term
4s...1954
1941
5s
90
94*4
334
6*4
11034 11034 112
53*2
56
53*2
5578
53
49i2
50
48
49
77
77
79
99*2
39
85
106
17
19*2
90*2
29*4
2534
27%
26*s
91%
9434
93
95
9134
9934
9934
33*8
38*2
33
37*2
36%
36*2
9934
34%
34%
32%
89%
89*2
98%
52%
2034
101
94%
100*8 101
98*2 10034
111
100% 102
98% 101*4
111% 110
102
95*4
111
115% 116*4 114% 115
103
10534 103*2 105
87% 90
86% 90
10334104% 103%
99
100
101% 102
83
100% 100%
80*2
65*2
20
21%
98
101*8
101%103% 102% 103% 103%104
97
98% 97% 99% 96
99%
109%110l4 10934 110% 110% 111%
115
115% 115
115
116
103% 104% 103% 104% 104%
76*8 86%
79% 83% 83%
104% 103%103% 103
103% 103
100
99
98*2 99%
98*2 99*4
115
113% 114% .114*4 115% 115%
93% 90*2 93% 89*2 93*2 93
92%
89*2 92% 89*2 92% 92
93
90*8 92%
8934 92*4 91%
101
101% 103% 104
104% 104
58%
56*2 59*2 5634 6834 54*2
25%
20*2 23% 21% 23% 21%
102
101% 101
101% 102
100*4
116%
106
89
103%
99%
117
98
97
95%
105
58*2
23%
102%
93
94%
93
94%
94%
95*4
93%
94%
90*4
94
80%
82*2
80%
81%
77%
81
78*2
82%
78%
80
97%
91*4
98%
92
97%
88
98%
97%
90*4
98%
98%
91%
99
92%
99
99% 100*2 102*2
100*8 100*4
9034
94*2
90
91
91
100*2 102*2 101% 102% 100% 100%
118
85*2 88
88*4 88*4
86*2 88
101%103% 102
103% 102*2 104
86
88% 76% 8834
81% 85
85
88%
77
26*4
95
9984
88% .79%
79%
96
118% 118% 117% 117% 118% 118%
83
88
87
90
87% 88
103% 103% 104% 102% 104%
75
81% 77*8 81% 81% 84
103
71%
71%
80
80
79*8
118% 117
80%
117%
94
96% 92% 94%
106*4 105%106*2
105% 106% 105% 106*2
105
24
24
118
119
112%
110%
10434
104%
114%
101*2
106%
115% 114% 118%
111
112
113%
105% 105% 108
105% 105
106%
115% 115% 117%
103% 102
104%
106
107
107
17
17
118% 120
91
95
90% 95
90% 94
89% 92% 91% 95% 94*2 99
110% 112% 11034 112% 111
111*4 109%110
109% 111%
27
35
28
28
"27" 28
28% 31
28
28
98"
97
100
99
9434 98% 95% 98% "96"
101
100*4 103%
100
99% 100
99% 101
99% 100
101
101*4 101
35*4
35
34%
107
3*8
4
,■
3*4
2%
2%
2%
334
234
234
8
2%
638
32%
34
33
34
32%
"23"
35
29%
32*4
32%
95%
96%
98%
96
59%
57%
83%
64%
61%
87
7%
16%
8*2
1334
9%
12*2
3
9*8
107
3*2
10%
Certificates of deposit
2%
10
107
107
3%
11%
2%
3%
107
2%
9%
11%
4
9%
11%
"9% Yl"
105% 107
105% 105% 104% 105*4
107% 105*2 107*2 105*4 106*8 104% 106% 104% 104% 104
104%
112% 109% 11134
10734 106% 108*4 106% 107
105% 107
58%
64
101% 10034 101% 101
100
97
98
65
65%
101*4 100% 101
97*4 101
60*4
100
101
60*4
"48"
100
100
102
57
62
62
62
71%
67
67
58
83%
57*2
62%
5734
5934
57
57%
100
101
65
70
63
19*4
15*4
16*4
19*2
1534
1688
17*8
19*2
15
17
with warl935
33
38
36*2
99%
45%
48 %
83
83%
12%
16
13
19%
17
21%
13
15
17%
1634
16
12%
14%
13%
13%
1634
15%
17
14%
17
14%
16
13
13 %
15*2
19%
18
19*2
17
18
21%
19%
2034
18
20%
15
17
20
13
14%
15
17
15
2034
16%
205s
22%
20
17
17%
1934
16
13
19
20
19%
35
45
42
47
47
50
47
52%
57
23%
21
19
20%
20
22%
20*2
22
19%
19%
19%
56
83%
20*4
52%
99%
66
56
45%
1734
12*4
16
~
Y<T% "l2" "151?
50
1712
16»8
10*2
1134
155s
"12"
Ye"
~Il«4 T5~78 "12*4 Ye"
36*2
44
66
56
58
83*2
99% 100
67% 69
54%
85
1558
17*4.
10*2
33*4
37
43
48*2
11
1534
15%
14%
15*4
17
20*2
19*2
19
23%
22
29
28
17%
20
21%
25
18%
23
21
29
25%
27%
17
19
25
25
26
2834
18
22
21
28
26
30
20
20
22
24
26
29
28%
27
18
23
18*2
21
21
22%
25%
52
20%
22
20%
23*2
19*4
56%
58
77%
71
90
90
27*2
102%
90
106%
19%
20%
18%
36
3634
43
43%
47
47
45%
51
75*8
70
51%
56
76
69%
38
47%
47%
57%
56
63*2
63*2
68%
5734
62
70
70
86
81
81%
94
95%
65
59%
61%
66*2
68
86
81
85
90
50
51*2 56*2 48*2 5334
25
29
2978
2678 29*4 24
104
105
107
107*2 105*2 107
57%
5584
6684
60*2
64
80
74%
78%
89*2
84
32
29
32
31
21
84%
32%
83
25%
83%
36%
79%
30
6684
3484
64%
62
81
21
28%
25
46%
52
38
47
31
47%
31%
36%
31%
38
35
41%
38
35%
36*2
35%
3834
37%
36*8
46
Deposit receipts
Warner Bros Plct deb 6s....1939
53*2
Warner-Quinlan deb 6s_._.1939 27
Warner Sugar Ref 7s
1941 106
Warren Bros Co deb 6s..—1941
36
60*2
423s
34
41*4
33
38
82*8
35
33% 39*2
104% 103*2 104
42
Deposit receipts.
c' 'Mb sale.
58%
86%
24%
21
23
65
Without warrants
6J^S deposit receipts
1935
1st sinking fd 6s series A. 1945
63
99*2 100% 100% 101
99
101
99% 100
100% 101% 101
105
68
67% 73
72% 71% 79
77% 83
111
112% 111
112% 111% 112% 111*4 111%
104%105
104*2 105% 103*2 105*2 103%104
93*2 95% 94% 95% 95*2 98% 96
98%
73
73*2 78
76*2 75% 82% 82% 86
64
65
60% 60%
82
48*8
65
99
102
54
100
63
48%
17
16*2
series D
1980
Certificates of deposit
Ref & gen 5s
107
11138 112*8
10*2
4p£s series C..1978
Deferred delivery,
92%
53%
70
73
83%
48
48% 59% 54% 73% 66% 89% 83
87%
103
103% 103%104% 104% 105
104% 105%
118% 12134 118%120
118% 118%
117%118
64
69
66
60
67
~72" 7~5""
68*4
6634 73
114
120
119% 119% 115%119
119% 120
118% 120
13
15
17
Ctfs of deposit
a
52*8
55%
99%
"88"
107
90
93*2 89*4 92
109% 112
11034 112
87%
34%
34%
79
& gen 5J48 A. 1975
s
42
98%
88%
52%
67%
70*4
46% 53
101*2 104
94
95
93% 96
92% 95
92% 95
89*2 96*2 92% 95
94% 96
108
105% 106*4 106%107
104% 107
104% 10634 105
106% 104% 106
101*4 106
105*8 106*2 105*4 106% 105*2 106*2 105% 106% 105%106
104% 105*2
20
14% 23
25*2
20% 2134
20*2 22
119
121
120*4 120
119% 120
11934 119
119% 120% 118% H9%
118*2 120
102
102%
102*4 103
109%116
112
113
110
11034 112*4 111
110% 111% 110%113
113*2 110
110*2 112%
108
106
106
107% 105% 106% 104%107
107*8 10534 107*4 106
103%105%
104
105
103
104% 104
106% 104*8 106*2
105*2 105% 108
105*2 106%
104%
113
115
116
114% 11334 114% 113% 115
113% 115% 113%114
113% 114%
101% 104% 101
101% 101%103%
100*8 10234 100*2 102*2 101% 103% 102% 104
107
104% 104*2 103% 104% 103% 103% 10534 108*8 105% 106% 106
106%108
54
5s(Feb'32 coup)B'70
6^
82%
101
101% 104% 101%102
102% 101
101%
20
21% 19% 20%
18% 19
18% 22
113*4 116% 114
91
90% 94
93% 90
9334 90
93
93*2 91
90%
100% 9834 100% 99%
56
58
56% 59
24% 23*2 25*2 24
56
993s 100
54*2
Ctfs of deposit
Walworth deb
97
84%
44
55
35
34
36
34% 35% 32*4 33% 33
33% 34% 33
33%
35
33
36
33
35% 35*4 33
33%
33% 33% 33% 33
34
33
34% 32% 33*8
33% 3532% 33% 33% 34% 33
35
33%
135
135
140
138
134
120
134
120
120
141% 135
125% 126% 132
134% 134
"24" 27"
27
16
24
26
28
27%
17% 24
18% 27% 24*4 27
3134 28*2 30% 23
35
35
35
35
36
40
32*8 32% 32% 33*2 32
32% 32
38% 413s
38% 39
32%
88
87% 92
86*s 89%
87&8 91*2 88% 91%
88% 94
82% 8434 85
93% 96%
81*2 85
86
98
8584 8834 86% 89%
88% 93*4 87% 91% 87% 91*2 89
94% 94
81*2 85% 82
116
118
116*4 116*4 117% 117% 117
116*2 116*2 116
121
118
121
120*2 122
120*4 122
122%
119% 121
39
50
32
49*2
46*4 52
66% 48% 65% 45
52% 5034 63%
42*2 37-% 41
40*2 37
44
63
48
61
61%
41% 50
29*4 37*4
34% 3834 34% 37% 35% 46*2 43% 48*s 47
78
83
80
83
80
80
85
83
66
87%
7534 82%
84% 7434 82
83*4 88*2
92*2
106% 107*4
34
102*4 102*4
3
3*2
98*2 100
4s..1939
Omaha Div 1st g 3*>^ s
1941
Tol & Chicago div 1st g 4s 1941
Des Moines Div 1st g
Ref & gen
97%
50
58
49%
68%
77
73
77
75
79
79
72% 72
79
7234 70
78% 75
73% 77% 76
77%
95
98*4 95
95% 98% 95% 98
97% 99
50
37*2 35
41% 37
50%
40*2 36
57%
110% 106% 109% 105% 108
105% 106% 105*4 105%
9*4
9% 11% 11
14%
13*4 16*4
12% 16%
69
71
84
66% 71
63% 68% 64
70~34 66
1st consol 5s
1958 81
82*4 8378 7678 7678 "70"
112
111
111%
111*2 113
110*8 11234 110% 111% 111*8 112% 111% 112% 111
Virginian Ry 50-yr 5s ser A. 1962 1103s 113
104% 10434 104% 105*4
105
106
105% 103% 105
104*2 105*4 105
104*2 105*4 1053s 106
1st mtge 4J^s ser B
...1962
93
95% 9334 95% 93% 95%
92*2 95
8934 95%
Wabash RR 1st g 5s
935s 96*2 89*2 95
1939 93*8 96
73
81
73
79*2
64
72
74%
66*4 69% 67
57% 69
2d gold, 5s
70*2 74
1939 72*2 75
Ref & gen
43%
57*2
59
95%
79*2
36*2
48%
105
B
Wabash Ry ref
37%
47%
118
93
88*2 94
87% 91
103
102
103
102*4 102
86
92
85% 90*2 81
1st & ref 5s A
Det & Ch Ext 1st g
87
9334
101"
100" 10Y"
107% 107
107*4 107
1954 105*4 10678 106*2 107*4 107*8 107% 107
106*2 107*o 106*4
..—1955
112
114
111*8 112% 112%
111% 113
Secured conv 53-^s
111*2 112*2
—..1944 110*8 112
4s series A
1955
58
58
56*2 57
Va Iron Coal & Coke 1st g 5s '49
5758 60
101%
102% 101% 102
IO284 102*8 10278 101
Va Midi general 5s
1934 10238 10238 102
94
96% 100
97*2
95*8 96*2 9584 9534 96
Va & Southwest 1st gu 5s—2003
5s
69
98*4
81
4
Am conv 5s*41
Vandalia consol gold 4s...-1955
Consol 4s series B
T7
Vanadium Corp of
July coupon off
Vertientes Sugar 7s ctfs.
"56% 95~3a
9858
37
6)^s ser C—
6*^s series A.
Vera Cruz & P asstg
86
28~
3034
3534
S f deb
Unterelbe Pwr & Lt 6s
~30
98
A.1951
1951
-.1947
Un Steel Works (Burbach) 7s '51
Univ Pipe & Rad deb 6s..1936
8
42
96%
112% 112% 112% 116% 117
4s. 1947 10778 1097* 108%111%
10478 1085s
....2008 104U107
United Steel Works
847s
101
97*2 10078 101
11734 11734 115% 115%
101
78
1947
12-yr 4s conv deb
1st & refunding 4s
81
81
80
Union Pac 1st & Id gt g
Sec
41
81%
40*8
48%
50*2
5sA'53
Union Elec L & P
Gold
85
10134 100*4 102
92*4
85
1935 coupon on
Trl-Contin Corp conv deb
90
89*4
7^s'55
7^s May 1 1935 coupon on...
Guar sec s f 7s
..1952
7s Feb 1
78%
3534
3^8
Ref & impt
Tol St L
"97%
"95% 98""
Ltd
Co
Light
90
51
59
54% 60
4912
4878
57*2
83
83
79
81
92
79% 80
92*2
79
72
76
82
80
75*8 75% 72% 79
88
88
83*2 78
97
99
102
100% 99
102% 102*2102% 102*4 103
9934
101*8 101*8 100
40
45
41
45
29
42
41
57
41*4 44
61% 67
51*2 65
107
109
108*4 108% 109% 107% 10884
109*8 111
.109*2 11034 109*8 11034 .107
6
7
6*4
7%
8*4
912
6%
7
6*4
7*4
7*4
83s
6*2
7*2
10178 10234
103
103
104
104
103
104
104
10358 103
104*4 102
10334 10412 102
13
14*2 15*2 16% 18%
15*2 16
135s
18% 21%
15*2 16
13*8 15*2
44
49*2 38
47*2 31
39*2 31*8 34*4
32
39
38
47
43*8 49
31*8 3334
39
43*4 39
4334
41*2 46%
415s 45*4
4412 48
103%104%
116
117*2 118
118% 118% 118% 11834 119
119% 121
119*8 118
118*8 118
63
57
61
59*2 63
55*8 63
55*2 5934 59% 60*2 59
54*4 58
117
113
117
115*2 115
119% 118
121% 12034 12134
116*2 116
116*8 117
Ter Assn of St L 1st g
Elec
9834
77
8378
Tenn El Pow 1st & ref 6s—1947
Tobacco
98%
90
9734
81%
deb 6s
series B
Tokyo
94
10534 106% 106*2 106%
97
* Negotiability Impaired by maturity.
40%
53
60
30%
2834
31
31
"90" iio~
111
89%
32%
44%
42%
v*
Financial
62
Chronicle
Jan. 4 1936
1935—Concluded.
BONDS
December
March
June
April
November
August
February
May
October
July
September
High Low High Low High Low
High Low
High Low
High Low
High Low
High Low High Low High Low High Low High
January
Low
Warren RR 1st ref
Wash Cent Ry
gu3*^s __2D00
1948
1945
1st 6 4s
3Hs
Wash Term 1st gu
1st guar 40-yr 4s
91%
93*4 93*4
91*8 94
10358 10358 10378 105
1945
Wash Water Pow 1st ref 5s_1939 105
107i2 10758 107% 108*8
117*8 117*4 117*2
10838 110% 11038
Westchester Ltg 5s stpd gu.1950 115*4 116
West Penn Pow 1st 5s, ser A 1940 108*2 110
..1963 114*4 116*2 115*4 II784 11734
1st sec 5s series G
1956 108*8 109
10834
1085*8 110
1st mtge 4s series H
1961 105*2 10634 10778 10778 10778
West Electric 20-yr deb 5s--1944 104*2 106*4 105*4 106% 10538
1st 5s, series
E
"West Maryland 1st gold 4s__1952
87*2
92*2
91*4
96*4
8934
10458 105
105*8 10534
10678 10678
108*2 110
108*2 107*4 108
11834 11834 120
119*4 118
111*2 107*8 HI
106*2 108*4
119*4 1185s 120
118*2 120
109
HU2 108
107*4 108*2
10834 108*4 109
109*2 108
10534 107
106*2 1055S 107
95
91*4
94
93
9434
91
92
94
92*4 92
104i2106
106*2106*2 106
10934 110
120
121
5*^s A
1977
120
122
106
10734
122
107*2 109
107
109*8 106*2 109
10634 10578 106
106
9334
97
_
.*
4J^s gold. 1950 8458 86*4
1936 100*2 10212
1951
865s
89*2
--I960
Westphalia Un El Pow 6s..1953
West Shore 1st 4s guar
2361
Registered
2361
8584
8834
35*4
4134
83
853s
78
81%
30-year 5s
Wheel & L E ref
4J^s
Refunding 5s
84
88
87% 82
90*2 88l2 91*2 8858 94
102
101
102
102l2 100
10134 101
10058 102
86
89
91
91
82l2 90
92*2 90*2 96
80
89
94
9034 88*2 91
86*4 88
87*2 83
40
36*2 37*2 36*4 37*4 3634 37
43*2 3634 41
78
83*8 86*4
74% 85
74i2 80
78*4 82
817s
81
80
78
70*4 73
823S 72
73*8 76*2 74
84
101
88*2
A..1966 10414 104*4 10334 104*4 104l2 104*2 103
ser
1966 104
B
ser
Wh & L E RR 1st
con g 4s..l949 102*4 10212 10212 10334 104*4 106*2 1047s
10238 101
Wheeling Steel Corp 1st 5f^s '48 100*4 103*4 101
103*4 101*8
1st & ref 4*^s ser B
96
92*8 9434 93*2 9538 93
1953 90
White Sew Mach 6s (w w)__1936
80
80
65
65
81*4
Without warrants.
72" ~78% 77*2 80
66
75
81*4
64
70
72
76
70
71
Participating sinkfund6s '40 65
Wickw Spencer St Corp 1st 7s '35
Ctfs of dep Ghas Nat Bk
812 10*2
734
9
838
10*8 12
9
7
Wickw Spencer St Co 7s ctfs '35
9
18*4
812
10*8 13
45
Wilk & East 1st guar g 5s__1942
36
47
41
36*2
46*8 48
Wiilmar & S F 1st g 5s
1938 102% 10234 103*4 103*4 104
10434 10212
Wilson & Co 1st s f 6s ser A. 1941 108*4 1093s 109
110
10878 110*8 1085S
1st mtge 4s scries A
1955
Winston-Salem S B 1st 4s..I960
1045*8 10458 1045s
Wiscon Cent 1st gen g 4s
1949
1234
7%
12% 13*2 10
9*2
778
8
Certificates of deposit
10*4
7*2
8
9*8 10*2
6
Sup & Dul div 1st 4s
1936
4i2
6
•"45s
634
734
5
Certificates of deposit
5
412
5*8
Youngst Sheet & Tube 1st 5s '78 94*4 9834 9238 95*4 9134 95
89*2
1st mtge s f 5s series B
1970
9434 99*4
92*2 95*2 91*2 95
89*2
DEALINGS IN FOREIGN GOVERNMENT
BONDS
Feb 1 1935 & subs
cou p
on
Sinking fund 6s__Apr 15 1948
Apr 15 '35 & subs coup
on
1963
5s
Antiociuia (Dept) col 7a A. 1945
External s f 7s ser B.....1945
32
37
31
3334
81*2
83*2
85
77*2
80
79*4
76*2
76*2
97
106*2
104l2
108%
3834
38*8
10634
10312
103*4
104
10414
33*2
86
81
103
10434
108
1063s 108*4 10734 109
103*4 107*4 106*4 107
108*2 106*2 108i2 1065s 107
103
105
104
103
103
103*4 103
10334 105
10434 103*2 105
104l2 103*4 10438
97
101
9658 99*2 97
100*4 101*2 100*8 101*4 100*4 102
99*2 99
101*2 102*4
96
96
96
81*4 87% 91
9134 94
9534 96
96*2
88
92
92
94
93
95
87
95*8 9634 96
96*2 96*2 98*2 97*8 99
84
82
83
86
82
88
74*2 73*4 77
78*2 82
79*2 89
83*2 85
103*4 104
10678 108
103
103*2
102% 103*8
107
85s
8*2 10
8
10
834
40
46
39
104
103*2 103
10334 103
109*4 10834 109*4 10858 109
1078
10
38*2
8*8
758
36*2
8*2
10
9
" 6~"
7
92
95
92
7*2
95*4
95*4
8*4
7*8
10
8
7
6*8
W
108
108
8*4
10*4
95S
8
5*8
7
6*2
92%
95"
9234
95
9418
94%
108
9
103s
7%
634
7*8
5*4
4
SECURITIES
99*2
91*2
15
19
834 16*4
13*2 1634 14l2 1638
1634 227s
18*2 16
16
85s 15*2 12*4 1538
1878
13*8 16
1678 22%
1334 18*2
4134 46*2 4U2 43*2 4112 4734 4534 50
4334 4778 42
47*4
1043s 105*2 10434 10578 105*4 105*2 105*2 10534 106*8 106*4 1065s 107
108*8 10858 10778 108*4 1073s 10734
98*2 99% 99*8 9978
98~
105*2 107*2 108*2 108
98*2
87
AT
105
1134
9
7*8
5*8
99"
97
99
99
97*2
99
99_"
105%108 "
13*2 1734
12
16*2
7*2 11*4
107
9
"9*2 To%
1034
8
634
~6% " 7~34
534
97*4
97*2
534
99
99
834
9
734
7*8
7*2
6*8
1434
11
10*4
734
8
9
98~
100*4 99i2 10134 101*2 104*2
98*2 100*2 100
101*2 101*2 10434
N. Y. STOCK EXCHANGE IN
1935.
2634
2734
21
24*2
21*4
23
21*2
23%
21%
22%
22%
24*2
21%
21%
21*4
2184
14*4
18*2
16*4
18*4
27*8
32
27*4
19*2
2434
21
22
21%
23%
20*4
22%
22
23*4
21%
2134
20*2
16*2
17
16
18
16%
91
95
9634 "90%
94*2
91*4
94%
934
92*4
95*2
94
95*2
94
22%
95*2
93*8
96
95%
97%
97
18%
97*2
8%
8
9134
27*4
9634
9*2
1134
9
1038
90*2
758
9*2
8%
9%
7*2
8%
9*2
834
9
9
9*2
9
9*8
7
9
634
107*8 115*2
88
108
8934
96
98
9*4
9*2
10*4
2nd aeries trust recta
1957
Extl
1957
C
1945
f 7s series D
f 7s 3rd series
9*2
10
9*8
--
3434
1957
s
95
96*2 95
97*2 94i2 96*2
105*2 103*2 105*2 104*4 10534 104*4
104
105
104*4 1045s 104
106
107
106*2 10734 105
107*2 10658
33
27*2 35
3138 26*8 29
28
26
29
35
32*4
31
105*8 10458 105*4 105*8 10658 106
9938 102*4 100*2
9934 96*4 99*2
103*8 102l2 103*2 103*4 10358 103
99i2 103*4 102*4 10414 10234
100*4
99
102
101*2 103*4 102*4
100
32
33
32*2
32l2 3334 3212 33
80
7778 81
7834 8212 79*4 81
75
77
765*
7378 78*2 75
78*2
9412 9778 9538
9578 98
10378 10434 103*2
1025s 105
10534 106*4 10534 106*4 10534
10638 108*4 106*8 107
10634
29
3034 35
31*2 34
3212 3378
30*2 34
285S
103*2 105
104*4 105
104l2
98
93*4
9638 99*4
10138 103
10238 103
102*4
99
95*4 99*2 98*2 100
93
97
100
973S
9812
33*2
1945
a
ser
106*2 10858
110*4 10978 110
2634
3434
Extl 7a 1st series
Extl
f 7s
109*2 110
March
June
August
October
November
December
February
May
September
April
July
High Low
High Low High Low High Low High Low High Low High Low High Low
High Low High Low High Low High
11*8
9*2
10%
s
109*2 109
..1947
Agrlr Mtg Bank s f 6s
Extl
109
January
Low
Akershus (Dept)
119
120
10358 103*2 103*2 1023s 10378 10234 10278 102l2 102*2
103*4 10334 103*2 104
103*4 103*4
104
1966
4s series D
110*2 1103s llOSg 1103s 11134
120
96*2 100%
15-year gold 6j^s
11078 11138 112
llOSg 1113S 110
121
118
12034 122i2 118*2 12258 119
121
■
Fund & real est
110
107*2 1073s 110
106*4 108
108*4 106
1073s 108*2 10738 108
122
118*8 119*2 119
12038 119
118*8 119
116*8 119
11658 119
108
109*8 1065s 10834 106*4 10758 107*8 108*8 107*2 108*4 105*4 108
West N Y & Penn 1st gold 5sl937 106*8
Gold 5s
92
93*2 93*2
9234 9234 9134 9134
106
106*8 105*2 10638 105
1055s 10558 10558 106
107
96
98
102
9934 97
99*2 99
9978
99*8 103
106*2 10678 106*8 10678 10578 106*2 10578 106*2 10534 106
107
General gold 4s
104
108
1943 102
10434 106*8 106*4 10834 106
103*2 10434 104% 105
29
Western Pac RR 1st 5s A—1946
26*2 32l2 25
32*4 37
33%
2934 27
29*2 28
34*4
25
jAissoDtcd
26
33
34
31*2 36«4 29
2934 27
2834 27*2 34i2
102
West Union Teleg coil tr"5sl938 101*2 10238 101*2 102*2 101*2 10234 IO2I4 103
10234 102*4 104i2
1st and ref
80
80
91%
10
978
Antwerp (City) extl loan 5s '58
98*8 126
Argentine Govt Pub Wks 68 '60
9534
94
734
9%
8
9
7
8%
6%
8
7
7%
8%
8
9
7*4
8
8
634
834
7%
8»4
7
8
8
7
734
9*2
734
7*2
6%
6%
884
7
734
6%
8
6%
8
7
9
9*4
8
934
7%
7*2
8%
7
7%
7
784
6%
7*2
6*4
6*4
9634
9634
8*4
7%
9
7*2
9*8
8
8
934
9*8
7%
9
7%
9*2
8
884
9*2
8*4
9%
9%
7*8
8%
9
8*8
734
9%
934
9*2
8%
934
9%
9*2
7*8
9
734
7*4
634
9*2
9%
9%
7%
8%
834
8%
7*4
9*2
7%
7%
9*4
9
7*2
9
7
8*2
8*2
6%
7%
9*2
8*4
102
9%
7%
9*4
98*2 100
91*2
94%
90*8
93
91*2
95
92
95
93*2
96*4
94
97*4
1959
91
94*2
90
93*8
91*8
95
9134
95*4
94
96*2
94
1959
91*4
913s
91*8
9458
90
933s
91*4
95
92
95*4
9334
96%
94*2
9338
91*2
95
92*2
95*2
93*2
96%
94*2
90*4
9038
90
93*4
93*4
96*2
9458
94*2
90
93
93%
93%
93%
93%
9334
93%
94%
90*2
97%
97%
97*4
97%
10
734
7%
7%
8%
9%
8*2
9%
98% 100
97
99*2
7%
100%
7.
8
94*2
97*2
7*8
8*8
9834 100*2
94
96*4
98%
98%
94*2
97*2
94
9684
94*2
9734
94*8
98%
98*2
94%
97*2
9634
97
94*2
9734
9334
94*8
94%
95*4
9458
96*4
94*2
94*2
97*2
94
97
9734
94
96*2
94*2
97*2
94
96*2
9434
97%
94*2
97*4
94
97%
95
9134
96%
93*2
95
91
92
94
99
7*4
96%
95*4
97%
98
7%
7
98*2
6%
8
98% 101%
97% 9834
98%
97%
99%
9734
96%
9634
98%
9734
97%
97
98*2
97%
95
9734
9634
98*2
9434
97%
97
98*2
95
9734
97
9734
9734
97%
97
98%
98%
9634
98*2
98%
98%
98%
9884
98%
98%
98%
93
96
7%
99
8
99%
Argentine Nation, Govt of—
S f 6a of June 1925
Extl
s
f 6s of Oct 1925
S f g 6s series A
....1957
1958
Extl
s
f 6s series B.
Extl
s
f 6s of May 1926...1960
f 6s (State Ry)
Extl 6s San Wks(Feb'27)
Extl
s
1960
1961
'27)1961
9158
94*2
94*2
90
91
90
93
87*8
90*4
85*2
88*2
973a
981x
971a
Argentine(Rep) Intl 5s '09 1945
July 15 1955
Australia 5s
Extl
s
June 1957
f 4Hs of 1928
1956
93
90%
91*2
91*4
91*4
92
95
95
92
95*4
93*2
9634
95*4
92*8
95
96%
95
91%
95
9334
93%
95
91%
95
9334
96*4
96*4
90%
85*2
90
90
92
97
97
9634
96%
96%
96%
9634
96%
9634
98*2
98%
98%
977a
Pub Wks Extl 5 Ha
Extl 5s of 1927
91
1962
Pub Wks extl 6s (May
Austrian
91
94
97
101*4 104*2 102*8 10334
10138 104*2 102*8 103*2
96*4 97*4
9558 96%
1013,4 102*9
1015a 1023,
90%
84*2
95
98
103*2
98
103%
92% 9634
1005« 1015a
97%
97%
93*2
93
98*4
95*2
1005a 10119
1003a lOllo
90
s
f 7s
1943
International
s
f 7s
1957
89*2
95*4
91
95*2
81
96
8534
94*4
92
95
92%
96
95
97
90
9634
89
Bavaria (Free State) 6Ha__1945
31*2
3534
35
37
31
34*2
31
32
30
31
30
31*4
30
31*2
29
30*2
30%
External
s
f 6s
External
s
f 7s
1955
1955
Stabilization loan 7s
Bergen, City of (Nwy)
External
Berlin
1956
5s
f 5s
s
...I960
(Germany) 6Ha
External
1950
1
f 6s
s
1949
1958
Bogota (City) extl s f 8s
1945
Bolivia (Rep of) extl 8s
1947
External sec 7s
.L..1935
Extl
s
f 7s
1969
Brazil (U S of) extl 8s
Extl
s
Extl
s
1941
f 6Ha of 1926...1..1957
f 6Hs of 1927
7
Cent Ry 30-year 7s
1957
1952
Bremen (State) external 7s 1935
Brisbane (City) 8 f 5s
S f gold 5s
20-year
1957
1958
f 6s
s
1950
Budapest (City) extl
s
f 6s.1962
Unmatured coupons on
103
106
93*4 10734 98*2
105
102
10334 107*2 93*4 106
97%
113
115*2 101*8 11734 102
110*8 113
97
106
110
110*4 108
110*8
9934
97&S 99%
98%
9578 9634 96
95%
94
93
95
95*4
98*8 97*4 99
31
27*4 36*2 35*2 38
33*2 27%
2738 36*4
35*4 38*2 29
3434 26%
15*2 17*4
12% 15
17*2 18
1134
638
7*4
5&8
6*2
6*4
678
5*4
4
4
6*4
5*8
5*4
63s
5*8
4
4
5
6
5*4
638
5*4
28
2838 3978
30*4 33*4 28
32%
23*4 31*2
25*8 2838 23*8 26*2 24
24
23*4 3134 25*4 28*2 23% 27
24
26
25
31*4
2838 24
26%
3358
41
105*2 10734
37%
4n2
9558 96%
953s 97*4
9538 9738
95% 97*4
10034 102*4 100*4 101S4
49*2 4934
53*2 53*2
323s 39*4
37*2 39
37
89%
85%
97
101*2 101% 108% 106%
101*4 10034 107*2 104%
113*4
108*2 10834 119
105*2
104*2 103*2 109
99*2
96*4
98*2
98%
97
98*4
98*2
31
25%
28
25*4
28%
22%
27*4
14%
13
14*2
23%
13%
534
484
98*4
6
5*8
4*2
4*8
4*4
4
7%
5*2
684
434
25%
31%
29%
31
2534
22
26*2
2034
27%
23*2
24*4
2434
24*2
26
21*4
37%
39%
37*2
39*2
37%
95*2
96
40
96
100*4 102
101*4 10234- 102% 10334 102*2 106% 101% 104*2 10034 105
98*4 102
104% 106% 104% IO584
9838 102*8 101
101% 101
10234 102% 103% 102*2 106*2 101*2 104% 10034 104% 104% 10634 104i8 106
96
98
95*4 97
96% 98*2 95*4 99*2 95
92*4 9638
97%
94% 98*2 97% 99% 98% 99*4
(Govt)
Belg(Kingo) 25-yrext6Ha 1949
9734
9734
94%
2034
87%
93%
92
93%
87
93
91%
93
101*4
98*2
99%
99*2 100
101
92*4
92*2
105
108
107% 105% 109
106
103*4 105*2 100% 105*4
110
115
115
110*2 113*2
107% 107% 109% 105*2 108%
100
100
100
99*2 101
98
100
99*2 99
9934
27
27
2634 27*4
28*2
24*2 22% 25%
21% 25
12
14*2
1434
13% 1584
6
9*2
7*4
9%
734
8
8
6*2
5*4
634
6*2
5*2
6%
8*4
7%
25
23
30
27
2634
18
23%
19% 21%
20*4
19
17% 20*8
23%
2134
25*2 19*4 22
18*2 20%
40
3934
94*4
94
94
94
101% 101
40*2
96%
96%
102
32%
92%
92%
100
--
----
38*2
97
97
102%
85
89
88%
32%
3034
3134
104% 107*4 104%108
107*4 110%
100*8 104% 101
10534 104*4 108
11034 113% 11184 114
113% 118%
105*4 10734 104*2 108*4 10734 109%
99
100
"31%
32
"
109
110*4
106%109%
11634 119%
107
108*2
100*4
98
94%
90*8
31
92%
31*2
27*2
24%
28%
27
11%
5*8
5*8
5%
23*8
1834
102
99*2 101*8 101
28*2 28*8 29
2734
24%
27%
1334
9%
12%
7*2
6
634
7%
5*2
684
5%
6
5%
100% 101
28% 29*2
27%
27
28
9*2
13
H84
6*4
7
6
534
5*4
13*4
8%
784
2634
634
5%
6
5%
734
26
28
26
30
26
27%
19%
21
19%
2434
23
21%
21%
20
24%
23
2034
25%
21%
21%
21%
31
32%
9534
31%
35
18%
26
2134
2134
18%
2134
1934
20*2
31*4
37*2
3134
89
34%
94*2
23
90
94
93*2
94% 9534
93*2
90*4 94% 94*4 9534 94% 96
9934 10034 100*4 102
101*4 102% 102% 103
88*2
-
--
3338
37%
35
39
36
38
84
87
84*s
91
91
90*2
92
98
34*8
95*4
90
94%
91%
35%
94*4
36%
90
32%
86*2
35%
85
90%
93
91
92*2
76*2
91
36*2
96
91%
92*4
71
73
34*2
90%
37*4
32%
9J%
34
34%
36*2
35%
94
95%
94*2
95%
95
91
95
91
91%
92
93
90
92%
9034
92%
92
70*2
7534
71
73
90%
7034
9284
77%
6034
55*2
91%
90%
7234
56%
*37%
Extl
s
f 6s
ser
C-2
1960
84
85
83
83
85
86
82,
83
83%
9334
86*2
Extl
s
f 6s
ser
C-3
1960
83
85
82*2
83*2
85
86
82
84
85
8934
88
92
90*2
68*2
70*2
68
70
66%
67
66%
69
75
56
6134
60*4
52
59*4
53*2
75*2
58*2
77
58
69
61
77%
64%
75*4
6134
58
6134
56%
60
54
59
6734
57*2
72
69*2
71
68*8
70
67
70
73
76
78
78
78
78
74
74
71
73
75
76*4
623g
55*8
58*2
52
59*2
53*2
57
59
65*4
61
65
63
65%
56%
61
5634
60*2
5534
58%
57%
59*2
69*2
54%
59
16
18%
16
14*2
16*4
14*4
17%
15%
16
1334
15
12
12*4
12%
14%
15*4
17*2
13*2
16
15
16
13*2
15*2
Buenos Aires (City) extl 6H 8*55
Buenos Aires (Prov)extlsf 6s'61
Stamped
External
s
f 6H«
Stamped
Bulgaria (Klngd)
1961
f 7s
off
s
July coupon
s f 7Hs Nov 15 1968
17*2
18*2
1738
18
18*4
18*4
7H» May coupon on..1968
18
19
1738
19
Caldas, Dept of (Col) 7H«-1946
Canada, Dom of, 30-yr 4s..1960
12
14
11
1952
1936
4Hs
10-yr 2H8
12*2
8%
11*2
107*4 105
107*8
111*2 113*4
103*8 103*2 103*8 103*2 103% 103*2
104*2 105*2 105
110*4 1123s 11034 113
60*8
62*2
59*2
59*2
5384
11*8
13*2
55
58*2
10*4 ,12
57*2
41*2 46*4
39*2
16*2
16*2
13%
14*8
----
9
----
14%
43%
42*2
47
9*4
35*2
42%
10*2
38%
42%
10*2
8*4
36%
38%
29%
12
12
-
13*2
9*4
11
70
13%
-
-
15%
m
12
13%
"l2" "l4~~
12
9%
9
8% 10*4
11*4 12%
9*8 1134
10
11
884 .10%
9
103g
107
107
105
108*2 107*4 108*2 107*4 108*4 102*2 108
101
105% 101% 10434 10434 IO684 105% 106*2
11034 112% 11234 114% 113*4 114*4 113%114
111*8 114*4 106
111% 108
111*2 110% 112% 112
113
102% 102% 101% 102*4 101%101% 101% 101% 100%101% 100*2 100%
10234 103*8 102% 103
100% 100*2
8%
5334
10*8
52
50
39*2
8%
53
10
50*2
9%
54
53
10*2
9
40%
32*2
36
54
4534
48
43%
12*4
40%
10*2
12*4
35
39
32
31
33*4
32%
29*2
31%
32%
32%
35
41
35%
39%
31*4
37*4
43*2
734
35%
32%
32%
38%
38
40
37
loan....July 15 1960
44*8
47
43*4
50*2
4634
4038
46
32%
32%
41*2
Oct 15 1960
41*2
29%
35
28%
32%
28
31%
30*2
26*4
30*2
9*8
36%
26%
26*4
55*4
49
55
36%
49%
38
43
35
38*4
35
39%
38
39%
37%
6s Farm 'oan
58%
Aug 15 1945
Cent Agrlc Bk (Ger) s f 7s. 1950
Farm loan 6s series A...1938
a
18*2
16*2
....
----
17*2
Carlsbad (City of) s f 8s
1954
Cauca Val (Dept) Colom 7Hs'46
6s Farm
6434
93
1967
Stabiliz'n
30-year gold 5s
58*2
74
99
Deferred delivery,
r Cash sale.
55
29*4
4234
34
38
29
28
26*4
30%
40
32%
9*2
44*2
44*2
7%
38%
40*2
32*2
10
35
43%
958
39
33*4
33-%
38%
Volume 142
63
Financial Chronicle
i
GOVERNMENT SECURITIES AT
DEALINGS IN FOREIGN
NEW YORK STOCK EXCHANGE IN 1935—
December
November
October
June
May
March
July
August
September
February
April
High Low High
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
January
Low
BONDS.
External
s
f 6s
External
s
1534
12%
1334
12%
15
12%
12%
145s
13%
14%
13i2
10%
12&s
113S
135s
12%
1438
1234
14%
12
13%
11%
13%
15%
1034
10%
125s
135s
12%
13
14%
11%
13%
11%
15
13
15%
11
10%
125s
13%
12
1334
13
14%
125s
14%
14%
1234
12%
1138
1138
12
Jan 1961
Sept 1961
13
13%
13%
13%
12%
1234
15
14%
1434
1458
11
13%
1234
12%
15%
15
1234
143g
13%
13%
1214
15
13
15%
10%
11%
1034
12%
113s
133s
12
1358
13
14%
1234
14%
12%
143g
12
13%
11%
13%
12%
12
133s
12%
1234
14%
12%
14%
12
13%
12%
13%
12
1234
14%
14
1234
12&s
14%
12%
135s
13%
14%
12%
14%
11%
13%
113s
13%
13%
f 7s 1942
_
1334
'
Ry external 8 f 6s
/Extl
s f 6s
External s f 6s
1962
External sinking fund 6s 1963
'57
Chile Mtge Bk 6>£s June 30
of 1926..June 30 1961
......1961
Guar g s f 6s
1962
6s
Chilean
1960
munlc 7s
cons
5s'51
Chinese Gov Hukuang Ry
Christlania (Oslo) s f 6s___1954
Cologne (City) Ger 6V$s._.1950
Colombia (Rep
12%
12%
12%
15%
13%
15
13
1538
15%
14
127S
14%
1078
1034
1034
11%
1318
1214
12l2
934
1434
14
1434
HI4
13
14
11%
13
13
13
1234
13%
1258
1414
11
13
1212
1#4
11
12%
10
11%
10% 12
40
42%
47
4314 45%
10078 100% 10258 IOI84 102%
3158 36
30% 32%
27% 3478
99
11
12
11%
11
437S
12
1138
11%
14
12
13%
1238
1338
12
135s
11
12%
11
12
11
1234
13
12%
13%
12%
133S
12
13
11%
12%
11%
13%
10%
12
12
11
12
13
11
12
10%
10%
11%
10%
12
1234
12%
10%
36%
115s
3734
10%
11
103s
11
10%
35
36%
39%
42%
39%
12
12%
115s
39
10058
28%
11%
333s
99%
2334
2734
24
27%
27%
21
27%
2638
28%
273g
2734
27
2734
21
24%
2138
21%
17
17
18
20%
18%
2034
17%
13%
20%
18%
20%
15
15
17
13%
17
17
13%
15
15%
15%
92%
17
17
303s
37
2934
3234
24%
2734
24
27
2358
2334
27%
2158
243g
243g
21%
24%
6>$s___-1947
23%
2414
23
23%
20
20
20
21%
21
21
20%
21
20
21
2358
2212
24%
18
23%
18%
20
20%
22
19%
21
20
205s
21%
20%
1946
24l2
24
2234
Sf 7s of 1926
20%
21
S f 78 of 1927.
1947
2358
25%
23%
25
18
24
19
20
20
22
20%
25
22
22
20%
21%
21%
21%
27%
Copenhagen (City) ext 58.1952
90
88
91%
86
86
90%
88%
91
83
91%
825s
81%
87%
89%
85%
8634
8234
87%
82%
84%
82%
86
46
46l2
46i2
487s
40
49
46
87%
49%
91
85
90
1953
7s_.1957
89%
8234
19%
19%
1434
1434
1434
85%
49%
52
48%
50
50%
53%
49
51
50
52%
50
50
4234
3834
4234
4458
47%
42
4438
4258
473S
44
48%
60
60
60
60
59
59
52
52
53
53
78
3034
on
Jan 1 1935 coupon on
Colombia Mtge Bk
4 Hi 8
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Nov 15 1937
f 7s
Stamped
Cordoba (Prov)
Costa Rica
Argen 7s.. 1942
30
3358
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94
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28
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86
91
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92%
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31
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20
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90
93
90
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95
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1944
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78 May 1 1936 coupon
1949
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1949
1953
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77
78
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23%
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'59
1951
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gold 5 ViS
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1955
1962
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102
103
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108
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98
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24
Czechoslovak (Rep) extl 8s
19
31%
18%
37%
17%
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80i2
2534
78'4
June 30 '45
External 4!^s
30-yrs f 5^s
95%
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93
98
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100
3634
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34
44
48
55%
63
60
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62
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64
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62
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66
66
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64%
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1940
595s
61
60%
61
61
54
62
64
55%
63
55
61
60
62
61
67
65
66
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61%
63
60
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54%
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60
61%
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66
65
67
63%
39
43
42
4258
33
34%
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26
26%
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46
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94
94
96
96
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94
94%
93
95
93
96
94
'
1st ser 5Hs of 1926
59%
60%
60
61
60%
Dresden
(City) extl 7s
1945
El Salvador(Rep)Customs 8s '48
35
41%
435s
435s
42%
65%
64
43%
65%
Certificates of deposit
Estonia (Rep of) 7s
56%
62
59%
60
49
59
95
9458
95%
f 5VS®
s
1940
1967
1945
90
84i2 91
103i2 105% 105
1950
Finland (Rep of) extl 6s
External sink fund 7s
a
f 6
8
1956
External
s
f 5Mis
.....1958
External 6V$s ser
B
A...1954
1954
Frankfort (City of) sf 6 V*s 1953
French Repub extl 7H«—.1941
...1949
External 7s of 1924
101%
105%
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93%
70
65%
95
Q4.
45
68
60%
64%
62%
65
29
35
29%
3334
97
94
108
106
46
95%
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100'% 10078 100
External
Finnish Mun Ln 6V£s
10
103
433g
.68
71%
72
65% 6334 67
64% 67
65
29
32%
31%
2d series
38%
'32
Stamped ext to Sept 1'35
Dominic KepCust Admr 5>$s'42
I
93%
89%
59%
54
87%
59%
51%
(Republic)—
Cuba Rep of 5s of 1904
Extl 5s of 1914 ser A
Extl
36%
41%
Stamped
s
11%
42%
26%
25%
25%
Extl
12
12%
12%
12
13
13
12%
13% 12% 13
12% 14%
11% 13% 11% 13
12% 13%
11% 13% 11% 13
12% 135s
1034 12
10
10% 12%
10% 11%
10% 10%
105s
41
45% 37% 42
437s 45% 42
4334
100% 10034
101% 10134 101% 101% 10034 101
26
27
27
31
27% 28
31% 32
1034
12
14%
14%
14%
14%
14%
14
14%
of) 6sof *280ct'61
April 1 1935 coupon
Gold
12%
12%
12%
12%
12%
12%
1238
14%
12
13
1218
f 6s
S f 6^8
133s
17
12i2
16%
15
15%
I960
Feb 1961
Chile (Rep) 20-yr extl 8
IO6I4 106%108
105
100i2
10434 101% 103
102i2 103i2 102
101% 103
100
10034
9978 100%
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100
100%
10034 10114 10038 101
24
27
27
32%
3212 3514
26I4 35%
184% 188i2 1855s 190
190
18134 185% 183
168%190
175
183
175%188
177
184
101% 10234 102
107
106% 1073s 104% 10534 10434 106
104
102% 104
22
24
24% 21% 23%
167% 18134 172
165%186
173
179% 174
169%185
102
10334 102
103
10434 10634 105
102
1033s 103
103% 103% 10434
26.
27
26
27
27%
24% 25%
24% 26%
24%, 27
176
171
178
170% 177% 169%175% 171
176% 172%176
180
180% 176% 180
176% 175
171% 176% 170% 17734 173
German Govt International—
35
32i2
37%
27%
34
26%
30
2434
2878
24%
26%
22%
25%
21%
2534
22%
28%
3934
45%
43U
473s
37
45
3538
39%
34
36%
34
3734
32
37%
30%
34
33
38%
33%
32
3334
26%
28%
27%
30
41
37%
3134
42
2634
3334
35%
283s
30
2734
35-yr
stamped.....1965
5^s unstamped...
1965
German Rep 7s stamped.. 1949
7s unstamped
1949
37%
34%
3734
35%
40%
423g
45
44
45%
91
91
93%
26
Germ Prov & Communal Bks—
(Cons Agric Loan) 6 34s..1958
Graz (Municipality) 88
1954
Only unmatured coups on
Gt Brit & Ire (UK' 2ll-yr5HiS '37
4% fund optional 1950 £.1990
Greek Govt
s
45%
45
48%
38%
46
4158
97%
1964
7a
sec
39
106
108% 104% 108
98% 101
116% 110% 1157s 112% 115
113% 1163s 114
all4all7% 1085s 113% alllall5
11534 119
86
3758
39%
39%
39%
37
38
40%
102
102%
38%
40%
42
39%
42%
40
41
95%
39%
29%
32
2934
33
28%
31
975s 101
95%
95
95
34%
35
35
25%
28%
28
30%
28%
36%
85
86%
82
84
83
85
8358
87
86
90
90
Hamburg (State)
2634
35
32
36%
27
323s
24%
27%
24%
25
24
16
29%
31~34
37
"26%
1968
78 part paid
1968
Haiti (Repof) customs6s..1952
1946
Heidelberg (Ger) ext 7 4a..1950
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4234
94
106%111% 10734 111% 106% 108
a 1137s 116
al09%all3 all3all5
27% 30
25
24% 26%
28% 233s 26%
26%
23
23%
20% 25%
23% 25
24% 24% 26
27% 27%
29%
91%
9234 95
92% 94%
91% 93
90
25
2434
91%
26
18
22
24
25
90
91%
90
22%
24%
2234
2034
23%
22
37
91%
36%
29%
25
part paid
6s
40%
112% 11334 11234 114% 112
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11734 106 all4
113% 116% all5all6% 116%all7% 114
33%
37
1968
f
Secured 6s
6s
4134
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25%
31
101% 103
27%
31
102% 103
28% 28%
101%103%
161%
102%
161%
103
102% 10234 102% 103% 10234 104% 103
27%
26
28
26
27
23
24
24
23%
23%
103% 103% 103% 10334 104
26
28%
23%
24
104% 104%
Hungarian Munlc Ln 7 4s. 1945
Unmat'd coups attached..
34
38
34%
38
29%
36%
30%
33
32
34%
32%
335s
32%
33%
2934
30%
30
33%
24%
29
29
31
30
3334
32
37%
35
36
33
35%
30%
32%
32
33
33
33%
32
32
30
30%
27%
32
25%
25%
28
28
30
33
32%
32%
33%
29%
30
29
30%
25
27
30
30
32%
29%
30
27%
30
25
27
28
30
27%
27%
40
42
38%
39%
34%
38%
34%
34%
34%
37%
34%
5584
88
88
86%
86%
82%
85
48
64%
96
55%
44
57
45
62
50
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55
4434
43%
56
43
£9%
47%
58
97%
9934
96
98s4
97%
99
9734
8384
85%
83%
87
86%
88%
86%
997s
89%
External sink fund 7s Sept'46
Unmat coups attached
Hunu Land Mtg Inst 74s.1961
S f 74» series B
February
Irish
33%
a32
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42%
coupon on
95
ser
1947
8612
1952
80
f 6 4s..1954
90
B
Japanese Gov ext
Extl
s
f
54«
1965
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s
Secured sfg7s..
44%
34&s
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3234 33% 32% 32%
49%
44
44
36%
37&S
40%
37%
39%
9412
113% 113% 113% 114
79%
s
f 7s..1947
Lower Austria (Prov)sec74s'50
Unmatured coupons on
Medellln (Munlc) extl
35
43
32
With Oct 1 '35 & sub cpns.
~38~
Vila
115
98
9l2
778
Assenting 5s of 1899
Assenting 5s large
1945
4478
345s
37%
3034
35%
29%
32
29
31%
41%
43
397S
41
36
38
37
99
97%
99
97
106
100
IOI4
8%
85S
9%
634
5
5%
5
9
534
634
8%
734
778
77s
534
10
11
9
1134
8%
11
9%
978
87S
938
6%
7
558
7
5%
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11
6I4
8
Assenting 4s of 1910 large..
Assenting 4a of 1910 small..
5i2
612
5%
5%
4%
5%
434
7
5%
7
478
5%
4
4%
35s
6I4
1958
off
External 6 4 s ser A
3334
41%
35%
4034
28%
34
26
28%
25
27%
25
26%
36
31
32%
31
31
3034
31%
31
98
7%
584
100
317s
100
100
100
100
834
9
9%
7%
9
7%
8%
6%
414
5
4%
5%
5
5
85g
634
Montevideo (City of) g
Extl a f g 6s series A
7s._1952
1959
New So Wales (State) ext 5s 1957
External a f 5s
Apr 1958
Norway (Klngd of) ext s f 6s '43
External s f 6s
.....1944
f 6a
1952
f 5 4s
1965
s
External
5s
Mar
Munic'l Bk extl
a
1963
1967
f 5s
Municipal Bank extl a f 5s *70
Nuremburg (City) extl 6s..1952
Oriental Develop Co g
Extl deb 54s
s
f 5s
ser
85
78%
85%
685s
8034
69
7934
18
19%
18%
1878
1534
17%
1658
183s
19i4
177s
19%
155s
18%
167s
18
40
42
39%
42
38
42
36%
33
36%
37%
3534
3834
3312
36
73s
8%
103s
1038
8%
8%
5%
434
434
734
6%
69%
6%
6%
5%
734
75s
5
5%
4%
4%
5%
5%
458
8%
7%
6%
8
5%
7%
8%
8%
4%
5%
4%
3%
4%
4%
4%
4%
3%
4
3%
4%
3%
7%
4%
4%
3%
8
8%
4%
4
7
6%
7
4
6%
8%
5
6%
4%
4%
4%
5%
5
684
3%
4
4
478
4%
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3%
3%
434
378
57S
534
7
6%
7
7
434
5%
4%
7
53
41%
54%
44%
734
58s4
"434 "
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5%
634
~8% Tl%
9
11
6
6
77
71%
74%
50%
71%
39
59%
42
5234
15
173s
14%
15
14%
15%
14%
15%
13
14%
1334
14%
13%
17%
14%
16%
15
17
14%
14%
15%
13%
1434
13%
14%
38
31
345s
38
3734
36
40%
14%
41%
13%
41%
17%
4278
42%
35
35
3l34
33
29
33
34
40%
36%
13%
40%
14%
34%
14%
32%
104
10534
103%
9934 103
98% 10178
101
101%
101
98
100%
3434
6s..1953
77%
81%
1958
74&s
A..May 15 1963
99
105
43
38
Stamped
35% 36%
9634 9978
9634 101%
103% 106
103% 106%
101%104%
9938 102%
36
38
37
38%
38%
39%
40%
1578
4684
43%
103%
103%
108%
108
9834 100% 100%
9884 100% 100%
98% 100%
10634 104% 106% 106
105% 106% 104% 10634 105%
105
104% 106
107
101% 103% 100%103% 10184 1033s 101%
102
1037s
100%101% 100%101% 1005s 1015s 10034
101%103
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100% 10234 100
100% 10078 100% 100% 9934100%
10078 101
99% 100
10034
10038
100
10138 100% 10078 100
IOI84 101
22% 24
28
23%
2338 25
3134 25% 2678
34% 3534
82
87% 90
81
83
843s
84% 88
84%
775s 81
102%
100% 102% 101
100
102%
102% 101
1035s 10534 105%107%
28%
Oslo (City) 30-yr s f 6s
1955
Panama (Rep) ext s f 548.1953
Extl
834
8OI2
11
834
6%
100% 100%
6%
8%
40
1959—
September coupon off
s
85s
534
7%
18
Milan (City, Italy) extl 64sl952
Mlnas Geraes (State of)—
40-year
534
1954
Treas 6s assent 1933 large...
ftmall...
External
3684
112% II284
56% 72
31
37
1954
1904
Assenting 4s of 1904
coupon
65%
4
6 4s 1954
64s Sept
53%
38
41%
lfex!co(U S of) ext 5s of *99 £ '45
of
65%
115
97
Mexican Irrigation 4 4a...1943
4s
50%
1957
All unmat'd coupons on
Leipzig (Germany)
35
25
Italian Cred Consort 7s A.1937
sf 7s
35
34
25
91
sec
32
77%
1951
Italian Pub Utii extl 7s
31%
32
45
115
115
116
115% 115%116
115
114%115
111% 11134 113
108%110
8134 50% 69%
79
91
81% 91%
823S 89% 81% 863S 60
89% 94%
91
80
90
68
93%
94
95
96
98
94
87%
98%
95
96% 99
63
76
82% 63
81
84
75% 51
77% 82
76
86
84
8884
89
75
49% 70% 42% 55%
83% 70% 74
63% 79% 63% 76%
83%
767s 85
97
100
99% 100
95% 100
9634 100
97
91% 94% 9278 965s
90% 93%
8 934
85
86
84
81
8834 88
89%
87%
80 1
82%
84%
78% 81%
8412
...I960
Free State 5s
Italy (Klngd of) extl 7s
Extl
29%
33%
1961
Hungary (King of) af 74s.1944
975s 1003S
99% 100%
97% 100%
104% 106
105
8358 855s
76
79% 85
79% 78
79%
75% 78
100
100
101%
102
100S4 102
9984 102% 1005s 102
105%
102% 105
104%105% 105
106% 106% 107% 102% 106%
45
40
44
51«4 44% 58%
41
4678
45
46% 49
42
53%
4884 43
36% 42
36% 43
42
42% 46
76%
102
10184 100
102%
99% 102%
9834 100%
98
99
104
102
105
101%
100%
98% 103% 102%105% IOI84
106%107% 106%
104
106% 104
106%107% 106%
107
105% 105% 107
103% 101% 102% 101%103% IO284 104% 102%105% 103
105%
102% 102% 104
102% 101
102% 103% 102% 104%
102% 101
10034 102
102
101% 102
101% 103
102% 103% 10238 1043g
101%
107
104
106% 104% 105% 105%107
102% 102% 102% 102% 102% 102% 102% 102% 103
100% 101
26
27
24% 25%
26%
24% 25%
2578 26% 26
26%
85
83
84% 83% 87
82% 87% 82% 84%
89% 84
78
80
79% 82
7734 80
7934 83%
77% 80
81% 84
1027g 101% 102s4
100% 102% 100% 103% 100% 101% 100% 102% 101
107
105% 106
103% 10434 105% 106
105% ld6% 106
105%106
66
69
58
59
54% 58% 50% 54%
553s 70
53% 56%
51
54
48
60
56% 59%
5034 47
51%
19% 54% 47
Pernambuco, State, ext 7s. 1947
September
a
coupon
off
Deferred delivery,
...
r
13%
Cash sale.
155s
14
1584
143s
15
14%
157s
13%
15%
13%
1*
13%
14%
14%
13%
11%
12%
12%
12%
11%
14%
12
14%
Financial
64
Chronicle
Jan. 4 1936
DEALINGS IN FOMKGN GOVERNMENT SECURITIES AT NEW YORK STOCK EXCHANGE IN 1935—Concluded.
BONDS
March
June
April
May
December
February
July
October
November
August
September
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
Low
Peru (Rep) ext e f eec 7e..l959
Natl Loan extl e f 6«_
1960
Natl Loan extl a 16s
1961
Poland (Rep of) gold 6a
1940
Stabilization loan a f 7a. 1947
Extl a t g 8a
1950
Porto Alegre (City of) a f 8a 1961
June coupon off-.-.
Extl guar a f 7^a
July
S f gold 6s
1952
Queensland (State of) extl 7s'41
External a f 6a
1947
Rhine-Main-Danube 7s sA.1950
Rio Grande do Sul 8s
1946
Apr'32 Oct'32 Oct'34
s
coup
f 6s
May
coupon
off
...1968
June coupon off
Extl a f 7a of 1926
Extl
1966
off
f 7a munlc loan...1967
a
a
f6H*
1953
coupon
off...
Rome (City of) extl 6Ha...1952
Rotterdam (City) extl a f 6sl964
Roumanla 7a
1959
August coupon off
Saarbrueclcen (City) 6a
1953
San Paulo (City) (Brazil) 8s '52
a
a
21
16%
16%
17%
15%
17
16%
19
19
19
19%
19
12%
16
14
15%
14%
1734
15%
16
100
99
33
37
28% 34
28% 37
33%
3312 3634 29
28*4 36
108%110
10714 10914 106% 109%
108
109
103% 108%
10584 108
38*2 4178 4114 4312 3738 41%
21
22l2 2212 23
18
18
22%
22%
1914 2312
17*2 1712
15% 1978
1684 1978
18% 22
18s8 1888
16
17
21
19%
19% 20
14
17
14% 16%
16% 1284 14% 12
13%
13% 14
13% 16% 14% 15
99
100
9934101% 100
101% 104% 105
103
9934 IO584 99% 100% 98
100% 100
9984100%
26
29%
2434 26%
2434 2584
23% 25% 22% 26% 25% 27% 26% 28% 27% 28% 28
29%
25% 29%
24% 2684 24% 2534
23
25% 22% 26% 2434 2684 26% 28%
29%
27% 28% 28
10638 110% 10734110
10734 109% 108
110% 106% 110% 105%109
10634 109
108%111% 108% 111
104
107
105% 107
108
110
110
106% 108% 107% 10834 106% IO884 105% 107% 105% 107% 108
38
38
38% 39%
38
39
36%
38% 3834 32% 33
32% 35%
3234 36% 34
32% 34
18%
19%
1734
19
16%
17%
16%
17%
14
16%
15%
17
16%
17
16%
18
1584
17%
16%
17
14%
16%
13%
15
13
15%
12%
13%
12%
14
13%
14
12%
1584
12%
14
16"
14%
15%
14%
15%
1284
14%
13%
14%
13%
14"%
1384
16%
13%
15%
17
1534
16%
15
16%
1334
14%
13%
16
13
14
1234
14%
12%
14%
14%
15%
13%
15%
1734
1914
15%
18%
17
19%
15%
17
15
1634
15%
15%
14%
1534
14%
15%
13%
1434
14%
17%
14%
17%
I6I4
I8I2
1334
70%
2212
1678
14%
16
20
1958
18"
2112
19
17is
2212
16
1978
19
1678
18
831s 8714 7934 8678
130% 120
1241s 139i8 122
20% 20%
'33% ~3~6~% 34
35% 30%
78
78
70% 71% 63%
14% 17
13% 16
16%
13% 15%
12% 14% 12% 13% lis4 13% 12% 14%
12% 15%
1234 16%
71
78% 73% 76%
51
81% 71% 81%
73% 40% 62% 4434 53
40% 65% 44% 56
46% 60
120% 112% 115% 112% 114% 113
125% 112
112
112
112
112
110
111
H584 112% 113% 111%114
35%
70%
60
29
34
63% a64
29%
33%
36%
55
50
50
16%
34
33"
50
a64
31%
16%
16%
16%
13%
16
14
15%
14%
34%
30%
25%
26%
23%
24
26%
27%
26%
27%
14%
14%
16%
25%
23%
19
19%
19%
15%
19%
17
17%
17
19
1978
16%
18%
14%
16%
15%
16%
14%
16
14%
1634
13%
16
11%
14%
12%
12%
12%
14"%
13%
15
12%
14%
30
29%
29%
25
28
27%
29
25
27
25
28
23%
2634
23%
24%
23%
27
23
27%
22%
26%
22%
22%
20
20
2384
20%
23
20
23%
18%
2034
17%
19
17%
18
17
18
15
18
14%
16%
15
16%
15%
20
15%
17%
1914
1738
20
21
19
21
16%
20%
16%
18%
16
17%
14%
15%
15%
1634
1334
16
1234
14%
14%
15
14%
17
14%
15%
17
1950
coupon
off
20
18%
21
15
18%
15%
17
14
16
14%
16%
15%
16%
13
15%
13
14
13%
84%
5734
87%
79
85
75%
78%
72%
79
76
79%
74
15%
81%
57
63
57
81%
5784
73
5734
84%
63%
60%
38%
37%
48%
16%
82%
13%
85%
55%
14%
77%
57%
65
54
61%
55%
56
53%
61
39
55
54
64%
61%
63%
53
30
3484
29%
34
73%
63%
32%
1968
coupon off
Secured
18
217s
18%
f 8s
f 6s
a
July
2134
20%
f 8s 1936
a
July coupon off
Extl
20%
1957
External water loan 7S..1956
September
14% 18%
16
18
16% 20% 16% 20% 17% 21% 16% 18
14% 16%
14
10%
11
13
984 15%
12
17% 14
15% 14
14%
1334 1434
17%
11
14
14
11
12
9% 15%
12%
17%
15% 1384 17%
14%
1384 14%
75% 80% 79
80
80%
80
83%
78% 79%
78% 8284 78
81%
75% 7934 78
99% 109
103% 114% 108
114
109
104
115% 106
105% 101% 104% 104
109% 101
86% 9234
91% 92%
92% 96% 76% 95% 87% 92
85
91% 9O84 93% 91% 9334
9%
27U
May coupon off
San Paulo (State) ext
July coupon off
External
16
9%
16
f 6Ha of 1927
a
22
1334
19
May coupon off
Extl
1934
99
2084 91
9984 103
1001210312
16
April coupon off..
August
22
1884
17
June coupon off
Riode Janeiro (City) a f 8s.1946
External
8I2
8%
76*2
1888
...
Prague (Greater City) 7H« '52
Pruaaia (Free St) ext a f 6>$a *51
External
1212
1384
934
9'
8%
8%
.1966—
off
coupon
13
14%
1334 12% 13%
738
934
7%
9%
978
7%
7%
9
9%
978
71
73
78
79%
73% 80
7978
126% 10834 119
126l2 111
114% 12034 120
88
92
9034
9012 9512 7978 94% 83
12
f 7s
1940
Stamped
33
3684
55
50
54
44
51
52%
4934
51%
46
35
2734
35
40
30%
36%
29
36
29
30%
28%
69%
42
36
74%
61%
3034
5314
51
55
51%
54%
3978
38%
42%
35
39%
3434
25
1962
34%
62%
50
56
47%
52
29%
33%
34
33
35
29%
32%
30%
38%
30%
3334
28
44%
47
40
42%
40
42%
28%
28%
30
29
29%
28%
30%
29%
32%
29
31%
28
30
29
29%
26%
65%
36%
32%
74%
32%
30%
71%
56
60
29%
32%
30%
41%
31%
32%
31%
41%
41%
35
35
35
37
35
36%
38
38%
35
35%
3634
3634
34
73%
70
33%
33
36%
42%
25%
44
3834
33%
39
36%
34%
35%
33%
29%
80
2934
28%
26%
29%
24
27%
25%
2934
24
25%
"25%
27%
"23%
25%
25
31
32%
61
63
3712
4378
3412
22i8 28
68I2 7112
493s 55
170
17512
All unmatured coupons on
November 1935 coupon on.
2534
Silesia (Prov) extl a 1 7s
1958
Sileslan Landowners Asan 6s'47
Solssons (City) 15-yr. 6s...1936
55%
1971
87
67
50% 55
172% 161%171
2834
28% 32%
68% 73%
50% 51
159
164%
28%
25
27
22%
25%
72%
73%
72%
75
70
75
69
72%
67
71%
68%
71
70
72
43
46%
46%
50
4784
50%
44
4784
43
47%
49
50
158
99% 101%
96%
94%
7534
80%
97% 100%
7934 81
90
90
86
87%
86%
91
99
90%
98%
96%
98%
95% 100
98%
99%
163%163% 01630163
97% 100
80%
82%
82%
86%
86
87%
75
82%
72%
86%
74
81%
70%
83%
72%
86
82
84
80%
83%
10%
97%
10%
11%
99
10
10%
6834
69%
66%
6934
67
68%
67
76
7712
1214
7478
78
7734
79%
9
11%
9%
10%
97
9634
99
98
96%
90
72%
8334
10%
91
80%
9%
9834
8434
1034
98%
76%
8%
7934
1034
95
94%
91%
92
95
98%
83
79%
70%
71%
7734
80%
69%
7734
10
10
97
98%
110% 109
101% 87%101%
9534 100
99%
99%101% 101% 103
83
82% 80
80% 82%
71
72
70% 73%
72
81% 80
82%
78% 81%
9%
8%
9%
8%
9%
99
98% 100
99% 100
9634
82
110%
89%
107
7438
12
Trondjhem (City) 1st ext 5s '57
Upper Austria (Prov) 7a...1945
Only unmatured coups on
160% 160%
96%
107
Tokyo (City) loan of 1912 5s '52
External a f 5H* guar...1961
Tolima (Dept) extl 7a
1947
158
51% 52
163% 164%
100%
87
9978 102l2
74i2 77
67
7114
29%
169
"98%
1946
February coupon off...
Sydney (City) s f g5Hs
1955
S^js
55%
46
27%
1951
All unmatured coupons on
Nov 1 1935 coupon...1962
Taiwan Elec Pow
40
49%
48
54
38
Saxon State Mtge Inst 7a..1945
S f gold 6J4s
Dec 1946
Serbs,Croats&Slov (ting) 8s'62
Styria (Prov) extl 7a
3684
5112
48
80%
54i8
4912
.....
Extl 7s seriea B
3834
49
9114
62
Saxon Pub Wk« (Ger'y) 7s. 1945
Gen ref guar 6^s
81%
58%
52%
3584
33%
7612
Santa Fe (Prov Arg Rep) 7a 1942
14%
77%
54%
50%
32%
95
97%
95
104% 105% 105% 110
104% 104
110
105
110
.
97%
108% 109
98
100
110
8%
97%
External sf6Hs June 15 1957
Unmatured coupons
82
External
Extl
a
98
98
1946
f 6s
84%
4378
35
3478
4738
4118
41
3834
3534
36%
80
83
83
43%
38
37%
83'
36%
1960
Uruguay (Rep) extl 8s
8214
f 6s
May 1 1964
Venetian Prov Mtge Bk 7a.l952
Vienna (City) extl 6a
1952
a
IOU4 108l8 107% 107%
96
84% 92i8 92
6514 69
68% 73%
80% 8478
Unmat coupons attached
Warsaw (City of) extl a f g 7a '58
Yokohama (Cltv» extl 6b 1961
Deferred delivery,
a
100
34%
39%
37%
34%
37
99%
38%
95%
36%
35%
34%
37
74%
36%
76%
99
99%
38%
34%
34%
44%
40%
3934
73
99% 101% 101
103%
3834 41% 3934 42%
38
37% 40
41%
38*
40%
37%
37
39%
37
39%
39%
37%
39%
38
42
37%
39%
38
39
75
76%
78
70%
72%
51
61
51%
51% a53
86%
71%
87%
90
72%
8934
90%
74%
90%
80
87%
67%
7334
71
66%
69%
84%
89
83%
86%
84%
67%
8234
88
71
90
84%
8234
85%
93
96
86%
93%
86
89
63
7334
65
70%
85
81%
84%
67%
83%
72%
81%
88
—Paine, Webber & Co., investment bankers and members of the leading
commodity exchanges, with offices in tewnty cities, have ad¬
mitted to general partnership four men who have occupied executive posi¬
tions with them, two of the new partners being resident in New
Frank H.
one
York, one
Francis
new
ners
39
39
38%
3884
37
3734
36%
36%
053
53%
88%
67%
88%
89
69%
68%
71%
83
86%
82%
86
Boston office for the past nineteen years.
Maurice M. Wheeler has been
111
at
Butler
South La
has
been
Salle
now are
Arthur
M.
Betts,
to
William B.
Nichols &
for many years
formerly controller of United Gas & Electric En¬
Glenn G. Munn, resident in New York, has been
Co., Inc..
announces
organized the Rubberset Brush Co., and Robert
Credit", and
Institute
of
as a
"Encyclopedia
lecturer
of Banking
on
of Banking
and
Finance"
and
"Bank
banking and general economics for American
and several universities.
Don M.
Craft,
the new
Cleveland partner has been associated with the firm since 1927 and for the
past several years has been manager of the investment department in that
office.
the
admission
to
partnership
of
Kenneth
Ward-Smith, who has been with the firm for the past
with Shields & Co. for
one
year, was a partner
Ward-Smith.
year, was
Mr.
previously
of Lindley & Co. for seven
Before entering the banking field, Mr. Ward-Smith
Southern Bell Telephone Co.
was
During the World War he served
with the
as a
Major,
unassigned, under General Dawes
charge of the bond department; Benjamin E. Bampton,
a
member of the
who
was
a
associated
with
Theodore Prince
copartnership under the
members New York Stock
name
&
Co.
for fiftoen
years
have
of Pflugfelder, Bampton & Rust,
Exchange, to transact
a
general bond brokerage
business with offices at 61 Broadway, New York
—Francis H. Richardson has become associated with
Southgate & Com¬
pany
and will take charge of the bond department of their Boston office.
Formerly he
was
associated with the New York office of Rhoades & Com¬
Mr. Richardson, who will write a daily bond letter for the firm, at
time wrote syndicated articles on bonds for the Consolidated Press and
pany.
one
was
a
financial and political writer for the Ottawa Citizen, Toronto Star
and the New York Evening Post.
The part,
that Harold G.
of its
Real
Estate
more
Russell,
recently re¬
Q. Jennings, who since
Department,
have been elected
Frederick T. Fisher has
vice president and has opened independent offices.
Equitable Securities
Corp.
have established
a
bond
corporate
Tillier.
Mr. Tillier has been actively identified with Wall Street
through¬
out his entire business career, which started in 1915, having been associated
with several prominent investment
a
banking and brokerage firms.
He is
former member of the New York Stock Exchange.
—Gilbert C.
Demorest, under the firm
name of Demorest & Co., has
bond business formerly conducted by W. O.
Gay & Co. of this city.
Mr. Demorest has been associated with Gay &
having been a partner for the last eight years.
William M.
Co. for 15 years,
Unbekant will be associated with Mr. Demorest
will make his office with the
—Touche,
York,
F.
new
for
as
a
partner.
Mr. Gay
firm.
Niven &
announce
Co., Public Accountants, 80 Maiden Lane, New
the admission to partnership of C. Herbert Gale, Carol
Hall, Jesse F.
firm
many
Kaufmann,
years
and
C.
Alvin
Koch,
new partners
will
continue
George
J.
Lehman,
and
have been associated with the
their
activities
in
the
offices
to
which they are at present attached.
New York Stock Exchange for the past seven years; and Adolf H. Rust,
formed
head
George C. Ludolph. All of the
—William H. Pflugfelder, formerly a partner of Theodore Prince & Co.
m
as
—-The
years and served as Treasurer of the Guaranty Co. of New York for two
years.
been
succeeded to the municipal
—E. H. H. Simmons & Co., members of the New York Stock Exchange,
announce
They also
department in its New York office under the management of William J.
He has previously been associated with Bonbright, Herrick & Co.
and R. B. Keeler & Co., Cleveland.
has
resigned
chief statistician and economist of the firm since 1928 and is widely known
author
partnership.
with Eagle Pitcher Lead Co. and who
1933
the
92%
Stevenson, Francis P. Butler, Walter W. Crawford and John H. Quinlan.
vice presidents and directors of the
corporation.
as
38%
38%
54% a53% a53%
37%
Chauncey B. Borland, John A.
connected with the New York office since 1922 in the corporate underwrit¬
gineering Corporation.
40
38
St., Chicago, announce that
admitted
ing department, and
was
101% 101%
37%
39%
the retirement of Robert M. Curtis from their firm.
in the firm
—
Boston partner, has been chief clerk of the
Peabody
announce
in Cleveland.
Brown, the
100
39%
373.4
—Alfred L. Baker & Co., members of New York and Chicago stock ex¬
NOTICES
changes, with offices
in Boston and"
85%
100
"37%
Cash sale.
r
CURRENT
stock and
al03 103
—Edward A. Purcell and Francis J. Purcell have retired from Peter P.
Co. and, together, with Frank O. Graham and Felix F.
McDermott &
Purcell,
a
announce
the formation of Edward A. Purcell & Co. to transact
general brokerage business.
The
in the New York Stock and Curb
way,
new
firm, which will have membership
Exchanges, will be located
at 120 Broad¬
New York City.
—Auchincloss, Parker & Redpath, members New York Stock
Exchange,
that Charles R. Dickson has been admitted to general
partnership
announce
in their firm. Mr. Dickson is
a
member of the New York Stock
Exchange
and will represent them on the floor of the Exchange. He was
formerly with
Tucker, Anthony & Co. for 15 years and floor member of that firm for the
last five years.
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5391
Financial Chronicle
66
NOTICES
CURRENT
—Norman H. Blake has opened offices at
New York representatives of Alex. Brown
of which B. Howell Griswold
& Sons, Baltimore.
founded
Alex. Brown, whose sons established the firms of Brown
New
1800
Mr. Thomas
by
years,
Brothers & Co. of
him in the
of
Mr.JBlake has been with the firm in Baltimore for the past four
prior to which he
was
was
& Webster and
York, Boston and Philadelphia, and Brown, Shipley & Co. of London,
England.
&
new
with
bankers,
investment
Rochester and New York City, have opened a Boston
for many years
J. Dana Thomas,
vice president.
as
with Blodget & Co. and later with Stone
Blodget, Inc. and with Hammons & Co. Associated with
office
are
Francis T. Hederman, sales manager, also formerly
Blodget & Co., Joseph J. Greer, formerly manager of the trading depart¬
ment of the Old
sales manager of the Guaranty Company of
Inc.,
Pomeroy,
office at 75 Federal Street, in charge of
The firm,
in
Hutton
offices in Buffalo,
2 Wall St., this city, as the
is senior partner, was
Jan. 4 1936
—Schoellkopf,
Colony Trust Company, and William C. Paulson, who is
assistant treasurer.
,
,
New York for 12 years.
—Farr & Co., 90 Wall St., New
-—Joseph Ward Hunter has become associated with E. H. Rollins & Sons,
Inc., in the municipal bond department of their New York office.
Hunter started his municipal bond career with
was
since
been
affiliated with the wholesaling and
retired
Mr. Sterling has been
as
&
Co',
announce
the admission of Russell
R.
Hires,
1914 to
in the business of underwriting, distributing and dealing in invest¬
D. A. Hawley, H. J. Huller,
bond
The offices of the new firm will be in
Co.
Cleveland.
has
partner of Davies, Thomas & Company from
was a
partner of Roosevelt & Son from 1931 until the dis¬
a
Ohrstrom
L.
—G.
Nourse
Joe C. Anderson and T. D. Morrow.
Mr. Brown
1929, and
continuance of the security
—Hawley, Huller & Co., announces the formation of a partnership to
Principals in the firm are:
J. Maurice Wynn and James A. Longwell have
general partners and have become special partners in the firm.
their firm.
John Nuveen & Co., established in 1898, is one of
Union Trust Building,
sugar-producing and re¬
—Foster, Marvin & Co. have admitted Irving Brown to membership in
trading of municipal bonds in Chicago
the oldest municipal houses in the country.
the
Sparks
partnership in their firm.
—Ray T. Sterling has become associated with John Nuveen & Co. of
ment securities.
Sugar Companies," containing statistical information
industry of the United States, Puerto Rico, Cuba, Hawaii,
Archibald W. Austin, James B. Borden and Frederick Winterberg to general
Chicago in its wholesale and trading department.
engage
W.
—J.
associated.
for the past ten years.
the sugar
fining companies.
associated until 1930 when he became a partner in Dahn &
In 1932 he formed the firm of Knight & Hunter with which he
Hunter.
has
on
distributing the 14th edition
are
and Philippines, together with reviews of leading
In 1926 he left to join the First National Co. of Detroit,
January 1919.
with which he
of their "Manual of
Mr.
Hemphill, Noyes & Co. in
York,
&
business by them on December 31
Co.,
Chicago
become associated with
department.
and the
Mr.
Nourse
Continental
office,
them
was
as
announce
manager
1933.
that
L.
Clifton
of their municipal
Gertler &
formerly connected with
Illinois Bank of Chicago.
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS.
1935.
November
December
June
October
September
July
August
March
May
February
April
January
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
STOCKS
Low
Abraham & Straus..
3634
112
110
112
100
called
111
113
-*
Express.
100
Preferred
*
Adams-Millis
112%114
527g
6%
8434
7%
89
5%
87%
30
33%
29%
678
89
31%
10%
111% 113
t per thare $ per thare $ per share $ per share $ per share $ per share
42
42
36
42
48
48
48
50
50
52% 46% 52
11134 113% 114
115
55
61
112% 115
116
113
114
73
70
74%
8%
95%
32%
96%
114% 112
114
111%
112% 114
25
Acme Steel Co
Adams
3634
111
100 110
Preferred
Preferred
.
Par S pur that* $ per share $ per thare $ per thare $ per thare $ per thart
36
35
32
35
34
36
36
37% 35
3634
*
4%
87
28%
9%
4%
7%
4%
534
88%
87
32%
11%
28%
9%
5%
89%
31%
54%
51
55
53%
6
62%
7%
5
7
87
90
5%
87%
6%
89
89
91
31
32%
28
32
30%
32
11%
7%
90%
30
9%
91%
31%
56%
7%
92%
303g
12%
12%
6%
65%
9%
94
61%
6%
92%
95
35%
14
32
35%
8%
10%
37%
67% 72
9% 11%
95% 100%
34% 35%
17
20
10%
11% 14%
13% 17%
10% 1158
10% 1178
19% 24%
8%
9i8
11%
5
8%
11% 13%
7
12%
14%
11% 18%
678
16% 18%
9%
678
8%
16% 20%
5%
6%
5%
6%
7
7
7%
8
x7h
7%
8
6%
7%
7%
7%
8
7%
7%
8%
8
7%
7%
8%
8%
7%
164
165
173
147% 140% 152% 143
120
162% 171
118% 136% 128% 145% 140% 149% 140
Air Reduction Inc
* 10912 11534 110% 114% 104% 112% 110
1
1
1
1
78
1%
1%
1%
1%
78
1%
2%
1%
78
1%
2%
1%
%
1
1%
1%
134
1%
178
Air-Way Elec Appll Corp
*
74
74
Alabama & Vicksburg Ry Co. 100
14
15% 17%
15% 17%
13% 16
13% 16%
17
16% 17% 15% 17%
16%
18%
Alaska Juneau Gold Min
10
*20%
15% 18
16%
16% 18%
18% '16
8
Addressograph-Multigraph ..10
Advance-Rumely..
*
5%
634
*
Affiliated Products
186
Albany & Susquehanna RR.100
A P W Paper Co
*
2
3l2
J Alleghany Corp
1%
178
Pref series A $30 warrants. 100
5
7
3%
Pref series A $40 warrants.100
4%
6%
3
Pref series A $30 ex-warr__100
5
638
3
2%
1%
278
2
5%
4%
434
21
23
2134
2234
3%
4%
4%
1%
%
1%
1%
1%
1%
2%
2%
1%
2%
1-%
1%
4%
4
8%
5
7
1%
4%
3%
3%
2%
1%
3%
3
3
2%
3
2%
3%
4
9%
12%
10
3%
10%
3%
10
9%
11
27
25
30%
25%
2%
37g
2
3%
3
1%
2
2
22
22%
22
26%
78
25
278
3%
2%
%
2%
6%
Steel
1%
78
2%
1%
4
2%
1%
$2.50 prior conv pref
Alleghany
187
2%
%
1%
3%
3
3%
1%
4
4
30%
3%
1%
4
6:
2%
1%
6
2%
3
3
13%
4
4
3
1%
4%
2%
10%
3%
14%
13%
9%
14
17%
12%
5%
12%
13%
32
14%
14%
19%
4%
14%
10
10
24%
33%
25
29
26
28%
25%
29% z27%
29%
28%
32
3%
7%
7
4%
6
4%
i
Alleghany & W Ry 6% gtd_.100
13334 14034 125
* 13234 141
100 12334 125i8 124%127% 125
Allied Chemical & Dye
Preferred
Allied Mills Co Inc
*
162
127
164
173
159% 173
157%165
126
127% 125
126% 125%129
*
Allied Stores Corp
140
152% 143% 154% 151
135% 132% 146
125
127% 125
127% 122% 127% 123% 126
5%
preferred
100
*
3%
*49
1518
1738
20%
10
17%
3i8
28i4
4812
47i2
1312
50
Allls-Chalmers Mfg Co
43
50%
1534
1778
12
16%
13
18
17%
20%
17
26
4%
73%
23%
4%
57%
5%
61%
60
7%
73%
6%
6534
22%
27%
25%
29%
25%
5%
7%
5%
73%
29%
67%
25%
Rights
Alpha Portland Cement
Amalgamated
Leather
1
50
Preferred
Amerada Corp
*
358
31
56%
57%
17
18%
14
3078
3%
32%
26%
53%
57
50
17
27g
2%
17%
16
17%
3%
17
3%
29%
26%
33
28%
18%
3%
31%
51
64
61%
70%
56%
52%
19%
2%
2%
17%
2%
18%
3%
t 30
63%
41%
70%
48
17%
18%
2%
3%
28%
61%
44%
26%
28%
67%
49
29
15%
3%
17%
4%
27
31
65%
48%
26%
71
16
3%
28%
62%
17%
4
33
68%
15%
2%
158%168
145% 164%
126
128
123% 127%
22% 27%
7
7%
7%
9
8%
71% 74% 70% 74
75%
37% 32% 37% 32% 37%
1
1%
1%
1%
17
22
19
18
3%
32%
31
22%
4%
38%
35
40
62%
50%
27%
61%
76
70%
77%
70
80
19
27
29
3
3%
4%
55
49
54U
42
54
50
45
42
56% 50
53
55%
52%
14
19
32%
30% 27
37% 37% 47% 39% 44%
18%
22% 22% 27% 22% 2738
63
70
60
62
65% 60% 63
65% 65
59% 62% 60% 65%
64%
64% 67%
52% 50% 61% 57
37
21
25
21
34% 38% 31% 36% 31
29% 37%
35% 41% 39% 42%
27
American Brake Shoe & Fdy.
26% 25% 32%
29%
25% 27
27%
26%
129
121
122
128% 126% 128% 127
123
125
125% 128% 126% 128% 126
Preferred
100 119
124% 122% 126
125%128
122% 120
12214 120
144
112
146% 138
149% 140% 148
136% 146% 137
137% 145
American Can
25 110
129% 141%
118% 114% 123% 116%128% 120
11778 111%123
156
155
158
160
159
168
165
159% 159
164
160% 157
160% 160
Preferred
159% 161% 157
100 15134 155
153% 157
156% 157% 157%
20
24
18
13
10
16% 25%
20% 25
17
13% 17%
23% 23% 32% 29
American Car & Foundry
16%
3378
137g 18%
20%
11% 14
14%
*
55
65
30
28
32
57% 45% 54% 45
53% 64% 58
Preferred
100
39% 34% 40% 39% 57% 48
32% 39% 25% 33
37l2 4538
Amer Agric Chem
American
(Del)
*
Bank Note
Preferred
57%
8
Preferred
Chicle
8
9
12%
8%
12%
40%
38
55
57
60%
56%
13%
85%
10%
38
72
69
66
73%
72
76%
75
84
80
91%
30
30
278
25%
6%
3
30%
10%
2%
278
3%
27%
10%
3%
27
10
3
22%
7%
278
23%
7%
63%
84%
75
90%
8778
93%
*
!
1178
Am Coal Co of Alleg Co (N J)..25
American
Colortype
"3%
10
American Comm'l Alcohol
20
27
33%
Amer Crystal Sugar Co..
10
678
57%
8i8
67
7%
cum
2d preferred
100
6% 1st preferred
American Encaustic Tiling
*
Express Co
Preferred
2i8
4i4
($6)
Amer-Hawalian
4
17
A.
*
Steamship
10
American Hide & Leather..
Preferred
*
100
New
6%
13%
1U4
4%
21
5%
20%
8%
17
13
534
2534
91
34%
3%
23%
12%
34%
"3"
4%
2%
4%
1%
278
2%
3%
1%
2%
2%
4
4%
2
17
23%
14
,5
7%
20
2%
13%
10%
4%
20%
11%
478
24%
3%
19%
378
12
9%
2%
17
5%
1478
12%
4
21%
3
1678
5%
12%
8%
3%
18
378
19%
6%
15%
10%
478
24%
"3%
22% 25% 24% 27%
11% 17%
12%
15%
115
123
92% 120% 108% 127% 114
22%
27%
9%
15%
%
4%
2
5%
?8
438
1%
5
%
5%
3%
16%
5%
13%
9
4%
21
4%
22
8%
19%
10%
6%
27%
3%
4%
1834
29%
7%
9%
22
3%
25
7%
78
1%
7%
150
4%
4%
26%
175
25
5%
28%
4%
32%
312
2878
37%
*
534
International
Corp
Preferred
100
*
Preferred
100
Amer Machine &
Amer Machine & Metals
6
2034
11%
50
56%
2334
37%
20%
6%
6
14%
5
478
18%
51
2278
6%
5
7
6%
6
30%
3%
33
4%
1%
32% z29% 30%
4%
3%
4%
36
34% z36%
5%
4%
6%.
9%
5%
33%
11
30
42
29
10
17
10%
25%
11%
4%
34%
18%
9%
27%
26
38%
10%
10
13
4%
5%
22%
4%
22%
5%
25%
4%
24%
5%
39%
preferred
$5 preferred
Amer Rad & Stand Sanitary
Preferred
American RollinglMUl
1438
47
18%
21
19%
4%
21%
23%
9%
19%
7%
4%
9%
20%
18%
5
14
17%
4%
13%
6
5%
16%
80
81
80
84
25
26
3%
12%
10%
1334
14%
12%
16%
12
15%
13%
24%
1%
10%
8%
28%
2
Safety
Razor..
*
American Seating
American Ship & Commerce
*
American Shipbuilding
*
67
4%
%
22
American Smelting & Refining * 34%
Preferred
100 122%
2nd preferred
100 109
American Snuff.
25
63
100 127
Preferred
Foundries
*
100
Preferred
a Optional sale,
14%
88%
c
15
86%
28%
95
8
101
15%
30
3%
28%
2%
3
14%
21%
18%
3
93g
93g
2138
108
30%
4%
27%
23%
1538
3%
2%
12%
41%
20%
7%
7%
18
105
27
3
19%
17
13%
12% 18% 16
12%
12%
11% 13%
12%
147
150
149%
140
139% 145
17%
17% 21
19%
16% 19%
68
75
73% 77% 77
75%
5
6%
6%
8%
5%
6%
34
3%
33
7%
33%
2%
35%
3%
22
32
6%
9
31
37%
2%
20%
7%
3%
25%
2%
93%
4%
5%
24%
13
33
15%
78
84%
24%
110
88
30%
115
93%
24
72%
Cash sale,
x
Ex-dlvidend.
y Ex-rights,
29
33%
110
113
85
91
5%
28%
35%
28
13%
18%
16%
19%
79%
1%
87%
2%
8%
86
92%
37S
1
1%
6
8
8%
7%
5
7%
6%
37%
14%
35
28
8%
12%
5%
39%
35
26%
10%
24%
13%
29
22
12
15%
13
8%
33%
13%
28%
14%
3%
31%
678
40
35%
2%
38%
16%
9%
18
9
4%
678
1%
8%
9%
32%
9%
29%
2%
18
33%
2%
21%
7%
9%
2%
18%
55
28%
10%
9%
2%
15%
2%
13%
2%
18%
4%
2%
15%
18%
50%
47%
58
50
56
15%
49%
24
22
24%
22%
24%
9%
r
22%
6%
9%
26%
7%
30io
10%
22%
1278
26
12%
14%
4%
36%
43%
31
1%
14%
7%
2
14
50%
24%
9%
9%
4
33%
36%
3%
20%
9%
3
11%
5%
6%
35%
39%
33%
2%
1678
37
9%
3%
20%
11%
2%
18%
18%
27% 23% 2678
74
70% 75%
33% 2778 31%
9% 1178
10%
10% 12%
10%
9% 11%
10% 12%
28% 26
31% 28
32%
126
130
127% 130% 126
28% 28
36
36% 35
60%
60
29%
28
8
8
9%
8%
8
7%
8%
7%
19% 24% 22% 24% 23
18% 21%
116
118
110% 115% 113
109% 106% 109
28% 29% 28% 29% 28
28%
28% 29
4%
4%
9%
6%
8
3%
4%
5%
I
7%
9%
7%
9
23
40
33%
26%
32% 49% 33
32% 45% 41% 4678 39% 46
23%
19% 28% 25% 41% 27% 34
27% 39% 34% 40% 3278 39
16% 18%
14% 17%
16% 18%
15%
15% 18%
17% 22% 20% 25%
151
150
159
158
158
154
158
152% 152%152% 156
152% 155
19%
18% 24%
22% 25% 23% 27%
23% 29%
28% 32% 28% 31%
90
94
91
91
83% 83% 95% 87% 92
93% 9178 95
93%
8
9%
8% 12%
11% 14%
18
12% 15%
15% 19%
2178
8%
8%
20%
12% 14%
10%
134%136
134%
18% 23%
15%
66
6978 7478
4%
6%
5%
4%
1%
21
24
26
20
20
25
22% 24% 23% 25
26%
20% 24
24% 22
24% 21
23% 22
24% 22
317g 37
3234 39
40%
46% 59%
31% 45% 40% 47% 40% 44% 40% 44% 41% 47% 44% 51%
56% 63%
135
144
124% 123% 126% 124
138% 137% 140% 135% 140% 140% 143
140% 133
125% 121
137% 137
139%143
114
103
112
113% 116
110% 104% 107
116% 107
117% 108
112% 111%114% 103% 114%
105% 116% 111%117
66
69
67
76
66
72
73% 75% 70% 75% 71
63% 69
713s 74% 72
73% 70% 73
70% 72
125
131
138
130
130
133
137
135
133
137
138
140
137
136% 140
138%143
141% 132
136% 139%
15
12
17
17%
15%
13%
16%
16% 19%
18%
15%
19%
20%
12% 14% 12% 153g
14% 20%
1978 25%
88
92
x90
99
106 I 96
93
91% 106
109
92
98% 97% 103% 104
92% 94% 91% 94% 91% 94%
138
20%
4
11
36
334
*
2
2%
12%
80
25
6%
37%
*25%
100 135
7%
10
16%
10
6
33
3
*
30%
2%
13%
*
72
31
4%
36%
3%
40
9
1%
32
32
29%
32
* *24
..100
$6
No par value,
2
7%
434
*
6% conv preferred
American News, N Y Corp
American Power & Light..
American Steel
5%
%
%
*
32%
37%
4
*
Voting trust certificates
American Metal
4%
35
16%
x20
Foundry
31%
478
634
«4
t Amer La France & Foamite..*
American Locomotive
87
3
30%
*
105% 110
175
11%
20
4%
22
14%
15%
16%
120% 121%135
72
76% 76% 86%
1
1
1%
1%
7
7%
878
8%
9
1538
16%
2S
100
Preferred
•
107
87
50
new
American Ice
American
2
3
5%
American Home Products.....1
i
91
92%
1
6% preferred
Amer
17%
90%
89%
150
*
preferred
14
79
93
74
*
Preferred
2nd
3%
100
American & Foreign Power
15%
81
89%
32
3%
100
American-European Securities *
American
9%
96"
10
71
934
85
67%
87%
32
*
100
American Chain
American
53
15%
48%
t Companies reported In receivership,
22%
56%
134
257g
64%
142
101% 106
69% 71%
132% 134
21% 2478
109
113
b Name changed from American Beet Su?ar C)
Financial
Volume 142
67
Chronicle
1936—Continued.
November
October
September
June
August
May
July
March
April
February
Low
Low
High Low High Low High Low High Low High Low High
High Low High Low High Low High
January
STOCKS
Low
37%
* 3712 43
59
65
56%
55% 64
55% 69
70%
67l2 60
Sugar Refining...101) 61
134
140% 134%
128
132% 12934 135% 127% 137
...100 126l2 130
1978 23
1934 2234
19%
22%
18% 20%
American Sumatra Tobacco
*
18l2 2438 20
98% 10734 102% 11334 11078 123% 120
10634 10234 106%
American Telep & Teleg
.100 103
81% 87
82%
79
7234 79% 72% 82
8434
7734 81
American Tobacco
25
75
84% 83
89% 84
81
7434 8J%
86% 78% 82%
Class
B
American Stores..
American
Preferred
25
......
........
.*
Amer 'Water Wks & Elec
1st
preferred
*
Woolen
100
Preferred
t Amer Writing Paper Co Inc..l
96 preferred.......
*
Amer Zinc, Lead &
Preferred
Anaconda
4i2
634
1318 193s
1234 a;1478
57i2 60
7i2
9I4
3S12 45'i8
U8
134
6i2
438
Smelting...1
4
--25
38
............
.....50
Copper
*
Anaconda Wire & Cable
434
334
11%
10
,
53%
534
37
1
334
3%
38
IOU
16l2
*
1238
1878
9%
17
1578
* 103
Preferred
412
*
Corp.......5
*
.100
Armstrong Cork Co
Constable
Arnold
Artloom
Corp
4%
63s
.100
81%
70i8
13%
95
70
31
55%
86%
Dry Goods
1
preferred.............100
preferred
100
25
3034
Atlantic Coast Line RR Co..100
Atch Topeka & S Fe Ry Co. .100
4478
28%
37%
7% preferred
Associated
1st
2nd
Associated OH
5% non-cum preferred
4%
70
70
14
16
14%
11% 17%
1078 137g
12% 1478
1234 15
101
100% 104
98
105
96% 101
108
100
102% 107
8
9
10%
8
9
8% 10%
9%
634
6%
6%
6%
4978 43% 49% 40
4234 3834 4134 40% 5178 £48% 52
46% 49% 44
120% 120%
119
117
119
117
118% 120% 120
120% 120
1217s 119
122%
105
104
108
105% 103% 105% 105% 108% 10734
107% 106
£l01%104% 103
5%
434
4%
53s
4
37g
4%
4%
4%
334
4%
334
334
334
59
68%
64% 67% 6434
59
64
61
597S 6434
6634
6338
60% 63%
100
102
100
10234 101
100
100 £102
100
102
100
9934 9934 100
44% 41
25% 2834
28% 31% 30% 37% 33% 40% 40
9%
734
7%
8
8%
6
6%
4%
5%
7%
434
678
6%
5%
434
9%
8%
8%
5
97g
8%
7
87g
5%
634
7%
734
5%
634
678
90
90
88%
74
72
15
1834
1334
13
8%
934
15% "12% 1784
13% 14%
8%
97g
834
14%
106
106
88
106
109
10834 106% 109
94
£100 106
91% 90
93% 101
92
50
57
83
9034 88% 93%
76
86
89% 84
50% 58
5978 7834
38
38% 38%
31
38
3734 38
33%
40% 38
34% 38% 38% 38% 39
5284
503s 4734 55%
54% 44
39% 43% 40
55% 48
4878 47% 57% 48
9%
8%
80%
94%
5934
50
50
50
2934
30%
52%
2934
30
3534
42%
31%
43%
82
66%
80
32%
19%
26%
30%
36%
67%
19%
39%
75%
24
934
1434
109
13%
104
734
76
71
82%
25%
21%
24%
78%
21%
91
87%
90%
86%
90%
8434
25%
21%
24
22%
28
23%
88%
27%
Prior
6%
734
2934
5%
21%
*
Aviation Corp of Del (The)
New
Baldwin
5
3%
4
3
6
4
6%
*
12%
4484
121
109
.
.
88
20%
2578
84%
25%
87%
3134
5%
69%
101
5034
9%
9%
88%
18%
108
v
100
44
60
87
92%
28%
35%
22%
15
3%
111
111
4%
5
15
27
5%
7%
6
22%
111
5%
18%
111
6%
22%
111
5
7
6
185s
24%
21%
7%
2734
6%
25
7%
36%
878
7
32%
878
5%
3%
5%
3
4
3%
43s
5%
35%
3%
6%
2634
1%
6%
1%
8%
2
1»S
1%
134
7
44%
6
8%
14
51
63
50
4%
5%
9
8
39%
35
45%
878
35%
14V8
1578
42% 1/35%
19%
4378
1-64
8%
6%
3634
10%
52
4634
6%
40
V%
41
8%
6
4134
38
4%
3
4
3%
2%
234
7
734
42%
6%
40
40%
3
634
39%
83s
43
6%
38%
684
8%
40
39%
4
3%
2%
18%
12%
41%
10%
4834
42%
3%
O
3%
37«
3%
2
.4%
334
3%
2%
3%
19
334
3%
28%
1578
1978
3%
2%
24%
8% 157g
7%
9%
2478 20% 2478
9
10%
22%
10%
23%
Preferred
...100 22
14
15
18
10
13
10% 12
8% 11%
12%
17%
10% 1378
7% 10%
9% 15
1078 14?s
....100
12
16
18%
10
12
18% 23
14%
14%
15%
1534 2234
12% 16%
11%
1034 17
9%
4% non-cum preferred
100 13% 177s
107
110
107
109
102
108
109
102
105
104% 104
10534 10734 105
109% 107% 110
102
10034 102
Bamberger (L) & Co pref
100 101
40
4334
43
38
41
44% 46
41% 4478 44
43% 49% 43% 47
39
40
4634
36% 38%
Bangor & Aroostook RR Co..50 37% 42%
114
113%
112
115
112% 11434 112
114% 113% 115
111% 114% 114
114%115
110
106% 111
108% 110
7% preferred
100 108
8%
6
5% '10
378
434
5%
334
3%
478
6%
4%
4%
4%
5%
3%
3%
434
Barker Bros
3%
*
4%
5%
34
65
55
35
51
77% 72%
61
34
35
50
37% 32
33%
67%
34% 35
34% 37
Preferred
..100 32% 4034
13
50
2
8
8%
42
u
234
2%
10%
3
Locomotive Works
103%
5
5
11% 17%
7
5% 15%
6
6%
6
7
7
5%
578
7%
8
14% 197g
6
834 18%
8%
8
8%
8%
8%
6
8
7%
83S
7% 10%
9
834
7%
8
6%
9%
22
25
20% 23% 22% 25% 23% 27%
22% 28
235s 27% 2134 26% 22% 25% 21% 2278
25% 21% 23%
2334 25% 23
45
48%
48% 43
41
44% 37
33
40
3234 38% 35
3734 46% 40% 47% 41% 46
3734 41
38% 41%
37% 43
114
112
111
113%
113
115
113% 112
112
114
113
110% 112% 110
107
110% 110% 11134 110% 112
10934 107
10634 109
2234
._....*
A
—
82
Rights
Austin, Nichols & Co
1634
14%
106
534
.
83
7%
111
...
Automobile
5%
48
called
Atlas Tack Corp
Auburn
100
...
....
4
81
1138
*
*
Preferred ;
334
....
4%
92
9%
5
.....100
5%
4%
55
86%
7
Refining...........25
Preferred
70%
*
Preferred
Atlas Powder....
4
534
4%
70%
5%
Atl Gulf & West Ind S S Lines.♦
Atlantic
4%
4
70i8
1U8
87%
6334
52% 58%
50% 5438
136%
136% 140% 124
2534 277s
23% 26%
144
160%
160% 150
99
104% 89% 9934
107
102
92
102%
141
139
137
134
139
134% 141
137
139% 138% 140
140% 137% 140% 137% 140% 135
13534 138% 138
5
10%
5%
584
4%
4
4%
3
5%
37g
4
3%
4%
434
534
4%
3%
434
3%
4%
2%
23% 38%
14
21% 26% 22% 27%
16% 23
10
21%
1134 16%
15%
1234 14% 12% 167s
9
1334
16%
18% 217g
18% 2234
12
14% 1934
1478 18%
10% 1334
19%
1234
11% 14%
10% 1378
13
10%
7% 11%
94
90
90
94%
82
76
80% 91
72
80
64
56
5934 66% 67% 73% 68% 74%
48
58
68%
9 *
978
9% 1034
8% 10%
7
7
77g 10%
8%
734
9%
6%
738
7%
8
5%
6%
4%
61
6834
61% 647g
40
54% 64%
45
51% 405s 46% 42% 48% 44% 5034 45% 61%
35% 39% 37
40%
1
2%
1%
%
1%
1
%
h
1%
1
34
%
1%
1%
%
%
%
%
%
138
5
1134
578
4%
3
5%
3
3
378
5%
3%
47s
478
3%
4%
3%
278
234
5
358
2%
578
4
5%
4%
3%
5%
3
47g
4%
3%
378
47g
3
4%
35s
4%
4%
334
3%
4%
45
39
49
34
48
45% 4834 42% 46% 39% 47% 43% 47%
31
36% 46
36
40% 40
31
38
2434 30
22
20% 26
1834 23%
18%
13% 18%
15% 20%
135s 16%
137s 16%
8
9% 1438
10%
1134
30
25
26
28% 36% 34% 37
23
19
25
20% 28
1934
18% 22
16%
18% 23
16% 18%
19%
14
12%
16%
14%
16%
17% 15
17%
101
109
106
105% 10734 105
10712 103
6
6
5
4%
3%
5i8
38
38% 39% 39%
41%
Archer-Daniels-Midland
• 36 0 3914 ~3634 40%
121
120
118%
Preferred
..100 II8I4 H8I4 118% 118% 118% 118%
101
105
97
98
106%
101% 106%
9978 102
Armour (Del) preferred__...100
3%
5
45s
3%
3%
434
5i8
6!8
5%
Armour of Illinois
5
56
55%
61%
16 conv preferred...
* 6412 703s 66% 6934 60% 69%
99
95
99
101
104
108
85
110
102%
Preferred
...100
Anchor Cap Corp
Andes Copper Mining Co
High
I per share $ per share
35
36% 32% 36 :
13134 137
.100 129i8 131
Preferred
I American Type Founders..
Preferred
...10ft
American
share $ per share S per share $ per share
35% 3634
39% 36% 39%
38% 36
54
63
59%
51% 57% 5234 57% 50% 56
135
135 £137
140%
1317s 1387S 131%138
140
2234 26%
23% 26
22% 27
21% 20% 2278
136
142
145% 135% 146
130% 124% 132% 131
96
97% 102%
10234
91
89% 98% 97% 99
10434
105% 100
98% 101% 99
9334
91% 100%
S per share $ per share 1 per
Par % per share % per share $ per share $ per share
34% 38% 36% 38% 36
40
3334 39% 33% 35
December
High Low
Baltimore & Ohio RR
478
4
5%
4
5%
5%
36% 31% 40
15% 18
17%
25%
23% 21
110% 108% 110%
45% 40% 4534
114
116
115
13
15%
14%
88
80
85
............
Barnsdall Corp.....
5
*
Bayuk Cigars Inc
1st
6%
40
40%
100 10 734 108% 10734
preferred......
16% 18
100 100% 102%
Beatrice Creamery....
Preferred
....25
16%
20
*
"73"
78
~ "72"
Beneficial Indus Loan Corp
12%
12% 13%
11234 114% 11334
1434 17% 14
15%
1534 17%
*
Best & Co
*
Beldlng-Hemlnway Co
Belgian Nat Rys part prev
...
Bendlx Aviation Corp
5
34
37
34
34%
7734
26%
1378
26
*
29%
69%
22%
1078
*
21%
23%
18
Bethlehem Steel Corp..
....*
7% preferred
100
Bigelow Sanford Carpet Inc
*
Blaw-Knox Co..
...
Bros
64%
18%
10%
104%
...100 103% 108
35
Blumenthal & Co preferred.100
4034 36
Preferred
53
10
5978
53
Bon Ami
90
97
90
Class
Borden
5
I
(The) class A
*
94%
97
95
97
96
24%
22
24%
39%
22
3334
5
5
2534
4078
6%
%
1078
2534
23%
25%
28%
31%
7%
28%
4%
%
33%
29%
25%
34%
32%
334
4%
31%
4%
35%
6%
6%
478
1%
%
34
%
1%
9%
h
8%
26%
31%
50
Bridgeport Brass Co
*
6
1%
1%
30%
25
29
8%
28%
31%
27
30%
27
33
34
31%
3234
42
37%
39%
38
94
34%
2%
22%
44%
96%
31%
90
95
9434
96
47
4934
43
49%
58%
49%
58%
53%
57%
*
Brlggs Manufacturing
Briggs & Stratton
5
Co
Bkiyn & Queens Transit Corp.*
25%
23%
33%
2%
24%
29
2434
26
36% £33%
2
3%
*
90
Brooklyn Union Gas
*
48%
3178
43%
95%
52
Brown
*
57
58%
96 preferred
Bklyn-Manhattan
*
...
*
Transit
56 preferred series A
Shoe, Inc
Preferred
Bucyrus-Erle Co
preferred
5
100
Budd (E G) Manufacturing
*
7% preferred......
Rights
100
Budd Wheel
*
Bulova Watch
*
Class B
5
6%
534
12
4%
5%
33
26
3%
4%
4%
478
15
1
1
334
26%
*
*
100
434
8%
1
3%
25
11%
1%
h
%
93
3834
43
40%
42
25
26
45
4934 47
6%
734
1%
1%
14% £13%
41
45%
45% 43%
25%
57%
2734
4978
22%
53%
534
1%
38
40%
2478 ,2678 .
61% 70%
6%
87S
234
1%
15
16%
4834 54
46
49%
40% 42
<3
5
78
1
13
14
38%
45%
37%
3534
35
1%
19%
2%
42
97% 100
■
5734
8
1%
15%
14
49%
36
4234
9934
20%
25%
42
46%
41%
79%
34
2
65%
6%
2%
15%
46
44%
36%
3%
26
2%
21
22
39
234
99
6734
55%
41% "55
3434 ;4134
2
2%
22% 25
41% 43%
96% 99%
54% 63%
■
4634
100
9778 99%
66%
65% 71% 62
61% 59% 62
61% 6334 60
59% 63
121% 1217s
121% 121% 121%122
121% 125
534
9%
4%
634
37g
5%
3%
4%
7
6
634
5%
7%
5%
7%
6%
12
934 13%
10% 14
13%
12% 14%
88
84% 89
83% 88
82% 91% 86
5
15%
13%
1%
60
40
37%
42%
37%
4134
%
%
%
%
1
155s
15%
158
1334
1
13s
6%
5%
6
10
5S
14%
%
3%
15%
6%
3%
17%
15%
64%
5%
734
1%
1434
50%
134
17%
55%
48
55
40
£4134
9634
2%
23%
407g
3%
32%
3%
32%
4434
39%
97
99%
54%
59%
98%
50%
60
62%
....
....
60
5%
38
43%
99%
57
63%
....
9%
....
11%
7%
11%
634
13%
8%
8
16%
15
87S
1784
89
9434
90%
100
11%
53
...25
52%
1334
53
11%
11%
13%
934
85%
8%
81%
9%
97%
3
2
*
33%
36
34
36
c Cash sale.
10
14
18%
%
%
6
8
9%
7
167s
20%
2%
26%
1%
25
1%
5%
684
18%
1%
8%
1978
12
2%
%
234
2
14
%
%
13%
15%
14%
18%
15%
16%
187s
5934
49
55
49
59
56
1934
6034
56
60
36%
33%
3578
33
30%
36%
31
%
338
34
%
35%
%
534
22%
11%
47s
578
19%
8%
27
54
54
54
4%
14
%
.
3
1
3%
1934
36
%
%
3
3%
22%
11
107S
10
12%
50
50
51
51
51
52
11
10%
30%
11%
33
10%
11%
30
34
y Ex-rlghta.
19%
20
8%
54
9%
10%
93s
33%
34%
3378
234
1134
35
5%
6%
16%
14%
1%
10%
Ex-dlvidend.
%
%
%
50%
32%
1%
17
17s
9
30%
1034
237s
%
1%
9%
10
23%
134
7%
734
19%
1%
1%
2
50
958
9%
11
%
1%
%
12%
9%
3434
s
1834
234
14%
2%
%
8
11%
32
16%
4
134
33%
11%
7%
7
68%
1
84
27g
14%
11%
13%
1434
127g
14%
20%
24%
134
20%
1%
24%
34
%
1%
%
9%
10
134
1%
1
6%
42
....
938
1
3
8
3%
834
....
%
4
2%
%
X9
3%
7%
69%
%
1%
1734
39%
1138
%
1%
9%
2%
7%
\*
45
34
%
5%
9%
1
2
534
12%
%
2%
3%
19%
%
16%
36%
334
16
5%
6%
51
46
1
6
42
6%
%
%
!
17%
1%
17
5%
10%
1%
13%
42
5%
6
6
155g
4234
15%
32
18
6
48%
1%
h
14%
13%
438
35
6%
%
1%
7%
18%
h
%
234
10
1%
%
1158
15S
5%
4
1%
3g
1%
5%
10%
1%
1%
%
11%
134
50
9
5%
6
2%
8%
18%
1%
3
1
%
3%
40%
1%
134
7
11%
5%
40%
4%
5%
4%
14%
lc
3
4
30
5%
34
%
O
8
14%
Optional sale.
4%
2834
9%
12
20%
51
3%
2534
4
%
52
45S
29%
4
%
Canadian Pacific Ry Co
a
96%
4434
23%
62%
59%
125
123%125
5
3%
4%
8%
6%
7%
15
11% 13%
89
£82% 85
4%
1334
%
Canada Southern Ry Co....100
value.
56
5
%
3%
10%
14%
par
60%
334
10%
1
4%
11%
16%
No
56
3%
1%
%
3%
9%
1334
•
65
4%
16%
%
Cannon Mills
55%
4%
14%
1%
36%
5
99%
58
3%
22%
2
134
*
Canada Dry Ginger Ale
97
54
234
14%
134
1%
I
»
4034
9978
38
4
14%
178
678
Packing
Campbell Wyant & Can Fdy
20
1%
4%
11
I9
2
Zinc-Lead
Calumet & Hecla Cons Corp__25
21
3%
2%
3%
3%
4%
14%
*
...
23
978
1534
3%
10%
*
Preferred
3%
5
3234
13%
3%
1%
.100
14
32%
1%
22%
40%
125
94%
40
26%
100
31%
42
30%
1%
98%
45
24%
97
97g
33%
38%
3358
33
2%
95
42
26%
100
.
t Bush Terminal Co
Butterick Co
11%
8%
6234
9%
37%
3-%
2434
4%
4%
27
%
33%
4%
29%
4%
6
1
11%
31
95%
1%
15%
234
Bush Term gtd pref ctfs dep.100
Butte Copper & Zinc
5
....
4734
97
30%
1%
66
534
5%
71
1%
15
2934
125% 125
4%
5%
458
5
5%
6%
10%
7% 1238
71%
69% 75
.....
4%
10%
Burroughs Adding Mach
Byers (A M) Co
....
69
7%
California
124
*
7% debenture
54
13
1
t c
2%
20%
36%
74
100
Callahan
57% £60
40%
10%
2
t c
Preferred
1%
15
64
12
...»
v
"5% "6%
*
B
20
124
...»
Co
Burns Bros class A
Class
*
10
7% preferred....
v
24%
3678
100
Brunswick-Balke-Collendar
Class A
....
2434
3934
4%
%
99
21%
23%
t Botany Consol Mills A
Bristol-Myers
9
8%
9%
50%
98
95%
15
....
100
Bullard
8
45
97%
21
Boston & Maine RR Co
Conv
10%
58%
10
(The)
Borg-Warner Corp
-
8%
*
B.
Co
8%
7%
Bohn Aluminum & Brass Corp.5
w
9%
41%
....
...50
Beech-Nut Packing Co
Boeing Airplane Co
6%
....
Beech Creek RR Co....
Bloomingdale
12
1434
9
9% 10% 10% 13%
10%
8% 10%
5%
50
39
6684
48
42
42% 51% 49% 55
£45% 43%
4834 42% 51% 45
37% 42% 38
44%
110
111
115
115
111% 11234
111% 110% 113
109%112% 10934 1123* 110% 113% 111
111% 10934110
10934 108
19
17
16
14
15
20%
1634
16%
1578 1678
1534 18
15% 1778
15% 1634
14% 16%
1534 19
18%
107
100% 107
107%
104
105
105
10434 105
103
1053s 105% 107% 106%108% 101
104% 104
33%
33% 33% 33% 33% 33
95
91
90%
88% 9434 87
95
75" *73% 76% "77" 83% II" 84% 84% 90 "88" 92" "89" 9~2~" 89
13
137s
13% 1434
1234 14%
1134 13%
12% 14%
11%
12%
11% 1278
12% 1334
11% 1178
11% 13%
13%
80% 81%
81% 83%
79
85
88% 90% 85
83% 7934 80%
87%
85% 85% 85% 86
117% 85
11334 100
197s 2334
18% 23% 20% 24% 20% 23
1534
14% 18
16% 197s
12% 163s 14
13% 15%
11% 15%
I684
20% 2234
16
1834 217g
16
17
18% 19%
18% 19%
17%
17% 19%
1634 1734
18% 18%
15% 16
16%
50
35
48
51
54% 57% 4834 56%
47
5678
50
34
387S 37% 40% 3978 48
36% 35% 38
38%
45
52 t
3934 51%
41% 34% 40%
23% 2734 24% 28% 24% 27% 26% 3734 3434 39% 36
33% 21% 27%
63
121% 114% 121%
70
86
59
95
69
70
10334 96% 102% 97% 109% 109
63% 71
5534 65%
7334
24
22% 2478
27%
18% 27% 2234 27
1734 21%
18% 22%
18% 2234
15% 20%
24
17% 207s
1434 18%
16 •
13% 17
14%
10
12% 14%
10% 12%
12% 14%
10%
1134 14
12%
11%
10% 13%
13
9% 11%
23
22% 227s
207s 23%
21
20
20% 2134 21
20% 2034 20% 2034
16% 16%
17% 20% 20% 2378
21
114
111% 111% 112
112
112
108
108
110% 111% 110
111% £ 111 112
106
109%111
108% 108
109%
106%
84
83
79
41
85% 90 V
70
43
53
58% 49% 55
82% 80
72% 60% 63
36
28% 37% 36
1278 22%
1234 15
7
8
12% 16%
7%
13% 16
8%
6%
85s
7% 11%
10% 16%
6%
7%
9%
45
51
46% 527S
48% 55%
50%
43% 48% 45%
4934 57% 54% 58% 51% 56% 4634 55% 39% 48
6%
7
9%
34
%
10%
5%
1534
234
28
7
9%
24%
3%
2%
134
20
%
17%
26%
2%
878
19%
3%
1%
20%
64
58
66
38%
33
1%
2%
1%
5%
7%
6%
13%
2
84
17
15
%
15%
51%
34
1834
1734
58
57
32%
36%
34%
%
84
%
1
%
5
684
6
5%
23
29%
434
2534
83g
56
1334
12
56%
11%
8%
934
3634
3684
40%
\ Companies reported In receivership.
87s
33%
1434
....
"~9~
38%
36
26
12%
....
1
6%
33%
17%
....
12%
10%
12%
40
37
40
Financial Chronicle
68
4
1936—Continued.
STOCKS
December
November
October
March
June
April
February
May
July
September
August
Low
High
High Low HlQh Low High Low High Low High Low High Low
High Low High Low High Low High Low High
January
Low
$ per share $ per share $ per share $ per share $ per share $ per share % per share $ per share $ per share $ per share $ per share $ per share
12*4 14
12I4 14
43s
5%
558
658
6i4
5%
678
8I4
10i8 1234
534 ,7%
63g
9
13ig
834 105g 10i2 1278 11
44
35
37
34
37
43
46*8 48
43
45
467g 45ig 48
34% 35
3734 40
3212 35l2
3984 41i2 40
45i2 44
Carolina Clinch! & Ohio Ry.100 84i2 84I2
87
87
86
86
8214 82i4
8714 88
88
91
"85" 86" ~ "§534 "90"" 89l4 92
92
94
Stamped.
100
90
90
90*4 90*2
89U 92
87i4 90
9434
"9134 95" 93
92i2 93
7
8*8
Par
Capital Admin Co Ltd class A.
-
Preferred class A
1
.
10
Case (J I) Co
100
5134
61
52i4
63
4534
57%
4638
5734
7% preferred
Caterpillar Tractor
100
92
99
93
95
84
91
40%
3758
2858
44
3234
365g
4234
2934
8312
38i8
2
*
36%
2858
278
178
100
2538
19io
3
2
23g
17g
2i2
178
47g
178
258
1%
134
H4
1*4
134
1838
15is
20%
11%
197g
434
2938
»
2234
2458
22%
2678
100
47%
55%
123g
40
48
10
100 102
109%
*
Co
*
Voting trust certificates
Preferred
New
new
5%
3538
45g
*
Century Ribbon Mills
*
Preferred
Cerro de Pasco Copper
Certain-Teed Products
9%
10%
_3958 45~"
*
3858
47
*
5%
27%
5%
39%
6»g
33%
6%
4478
4l2
27i8
5%
30%
434
38
478
44i8
42%
178
4538
100
100
2
25g
4034
1%
168
4438
1%
212
100
134
1*%
4
100
Cab
5
Chesapeake Corp
»
Chesapeake & Ohio Ry Co
t Chicago & East 111 Ry Co
6% preferred
Chicago Great Western
25
Prelerred
2i8
JChic Milw St Paul 8c Pac
*
2i4
100
Preferred
358
438
Chicago & North Western Ryl 00
100
Chicago Pneumatic Tool
8
*
6
*
Preferred
22
Chicago Rock lsl & Pacific. 100
7% preferred
100
6% preferred
100
Chicago Yellow Cab
*
423g
3812
1
1
'"1% "l58
13g
134
37ig
3
434
558
10&8
738
26i8
2%
2
2
278
438
3%
6%
558
5%
2034
134
10i2
7
25
15g
1
2i4
134
*4
84
25g
2ig
234
378
4i8
458
6i4
534
2212
5g
20
1
2
4%
4
212
214
258
Hg
3%
3
10%
10
2i2
2i4
10ig
25l2
312
2812
5
1%
11%
10
26%
5
2934
534
12
7i2
12%
9
12
5
35l2
42l2
355g
423g
31
*
20
21
20l2
91
90
2H2
93%
21
87 *
90
10
Chile
25
*
Preferred
100
City Investing
City Stores
43
41l2
114
78
34
134
134
2
2
5g
1
118
234
134
4
4l2
434
67g
718
21
26
4134
84
4414
li4
li2
78
s4
n2
7g
is4
2i2
2»4
3x4
1
19U
78
114
2H4
43
1
1
-
4514
78
318
37g
13g
20
1
1*8
33s
512
718
8
3414
384
6is
612
714
28i4
3434
6l4
2438
191a
78
1
1*4
13s
4714
45
1
n2
1
IBs
1
Ho
n2
7g
2i2
H2
2ig
1
Hg
58
25g
15S
1
1*8
78
Hg
234
418
234
234
3i4
234
214
234
234
234
19U
34
n4
138
358
67g
34ig
2934
34l2
28i2
33i2
li4
34
3
267g
1
n2
26ig
7g
2l2
13S
214
6
5i2
934
4414
8is
36i2
114
214
134
3414
178
3
314
884
93g
47l2
1
134
1
158
214
534
8i4
25g
3
75g
H2
17g
2
23g
5
578
12
41
47i2
1*4
1
378
312
2'4
158
314
33g
4414
10i2
2678
5i2
n8
178
112
2i8
134
178
3314
22i8
96
-
4ig
14i2
387g
24
93i4
98&g
1
12
314
14
4i2
4i2
*
*
Class
*
A
Class A voting trust ctfs
Clark Eauipment
C C C & St Louis pref
143g
1*4
1
li4
84
13g
278
2ig
17g
234
212
10
10
~25i"2 27"I2
2578
275s
5i2
16s4
1*4
114
9U
2614
4i2
1612
112
li2
2
2
13
365g
3l2
14
412
358
2i8
21
1512
11
12
12
2734
53g
2534
30
19
1734
57i2
175g
25
6234
197g
85
9H2
6934
45g
312
48
605g
20
5084
24U
16
9438
98x4
88
21l2
9812
3x2
3734 4938
2338 2478
96i8 100
434
4138
78
7g
H2
*2
H4
*2
438
*
5
*
13%
7g
678
6%
15
%
4
3%
13
5g
6
14
3i2
12
3i2
5%
14
"12% "14*14
4
534
"25"
412
2134
5934
14
2784
53S
2514
745g
18*2
8534
414
12l4
1314
1214
1434
13i2
I8I4
307g
81
2758
83l2
3584
80
28i4
80i2
New
w
Class
20
28
25
28
26
27
122
126
125
125
199
2O8I4 207
222
*
& Aikman
Preferred
*
100
*
t Colorado Fuel & Iron
*
Preferred
55i2
28l2
preferred
100
*
conv
pref
334
3l2
4i8
56*2
57
12
512
28i2
1958
25s
20
1034
15
7
lll4
13
67
75
34U
40
778
69%
3434
*
55
100
5% preferred series B
734
46
47
B__
51
39l2
4458
29
301A
50
,
47
25
A
521-.
561A
25
preferred
100
5M% conv preferred
7% 1st pref receipts
Class
2912 33
10978 112
100
A receipts
Class
B
receipts
1st pref receipts
Comm'l Investment Trust
Commercial
Solvents
*
57
565g
573g
5338
57
5458
563s
434
2314
18
12l2
11
11
7l2
11
1012
934
5334
III4
7U2
9i2
7934
1512
IH4
10
65g
775g
72
8OI4
41
3912
4538
40l4
433a
7612
415g
9034
62l2
714
7
58%
5134
4714
3*4
33s
6
83g
1258
205g
48
5434
12io
14
12*4
2634
29
27
31*4
6
5
7
21
25
21
26
69
8834
90
12
7514
15l2
80
82ig
14*4
634
237g
805g
7434
80
133g
70*2
9
26
8378
1578
76*2
37
63g
l*g
234
25g
1G*2
3l2
5i4
478
6i2
412
18*4
15i4
183g
89
87
87
34i4
32
35l2
84i2
84i2
16
2338
20t2
2634
21*4
83
83
80
83
"33"
45"
40
437g
3834
48*2
87
83
83ig
83
83
85
2758
48
55l2
l2
5
3l2
1534
14
H4
8
1234
95g
H2
1034
17
118
7
13
23g
14l2
2034
110
12314 126
230l2 227
215
23
20
22
122
112
113
114
116
115
245
236
245
243l4 278
275
2412
5412
56l4
5512
57
H4
1®8
10i2
II4
912
1412
23g
2
3
1312
10ig
1012
1834
1612
12l2
lll2
I6I4
19
1712
127g
12
135g
80
93
89
94
85
Z9212
53l2
6834
68ig
81
625g
8
8i2
16
14
5634
2034
24
5418
56l4
55
57i2
56
34
307g 5784
1187g 120*2 120*2
296
298*2 296
75
57i2
74*4
93
55*2
583g
450
14
12l2
1634
18
21
212
1212
1612
3
3'8
214
37g
1212
2134
18
16
1734
4i8
22i2
19i2
1734
20l2
1%
2378
138
1
li4
29%
32
4058
*
Congoleum-Nairn Inc
*
Congress Cigar
*
714
32i8
9%
34U
3578
734
3478
10i2
42
9
Connecticut Ry & Lighting. 100
*
1H4
10
10
87
94
85
98
92
77
6414
73
607g
68i2
6234
7314
14
lHg
14
10i2
1534
13
15
48*2
12*2
7414
86l2
78
86
8H2
90
90
85*g
69l2
475g
7184
69l2
48ig
76ig
58
85*4
7634
8H2
505g
14
17
12
12
15l2
73
7212
76
51
4912
31
46
40
47
714
7l2
215g
Consolidated
*
19
2258
*
78i2
134
7l2
82
*
*
175S
84
31
57g
27
28
3838
2334
21I4
1%
3738
6
44
9U
6
67
62
48
60
45
734
6I4
214
834
100 110% 112
42l2
30ig
5512
30i4
68
63
100
Textile
2%
*
B
84
20
Container Corp class A
m2
414
*
New..
3H4
978
37
2H2
13g
1878
2112
185s
203g
7g
1
15g
427g
40
463s
118
43i2
477g
18i8
612
7
28
33
9
10
26l2
35
48
8
3134
10i8
32ig
465g
B
*
15
21
13
13*2
101*4
8912
79*2
17*2
96*2
725g
49%
50
14*2
90*2
83
4334
51
78
100
Preferred
46i4
6234
20
Continental Diamond Fibre
Motors
7
2.50
Continental Insurance
5
31
1
Continental Oil of Delaware..5
Corn Exch Bank Trust Co
Products Refining
Preferred
20
25
34
1634
4414
62i4
100 149
Coty Inc.
*
Cream of Wheat ctfs
*
5&S
3578
Crosley Radio
*
12%
par value.
a
67
6i2
83g
67
76
6434
4634
70l2
68
71
493g
48ig
5338
537g
10
10
•"
1|3L,
Il234
11518
12ig
3634
13
32i2
4812
37i2
50i2
19U
li4
2212
46
533g
"35"
T7T0
134
1212
36i2
4914
7l2
"
115" 119*2 114" 116" no" lTe'ig no" 112*4 ii6"xl"l4"i8
183g
13s
47
8
10
3358
46i2
203g
27s
65i4
9
18*2
n2
5212
8i2
377g
32
14
337g
15i4
45
38'4
53
56
55
13i2
3512
13l2
49
56
70i4
113
98
102
44i2
5812
83g
193g
23g
71
9i4
4H2
15
42
5512
934
583g
812
3712
1458
65i2
112
105
16i2
H2
55i2
812
34ig
13i2
2612
4478
73g
2Hs
2ig
57
113
175g
2ig
64
834
3978
22*2
3
8l2
93S
5%
183g
157g
72ig
134
73g
6_34
22%
197g
80
278
Us
i358
10*2
9%
40%
4534
14i2
145g
21*2
16
26*2
24
15*4
28%
7
9
70
70
71
70
70
68
71
68
70
68
69
66
71
67
70
64
8U2
71
80
74l2
78l4
74
7534
75
78i2
76
78
76i4
8012
70
77
69
76*2
75
75
74
75
77
77
17'
79
79
79
72l2
434
1734
2478
312
1414
4i4
163g
334
1514
2458
1612
16
47g
1738
295s
1512
2912
5ig
18*4
3412
578
734
9>4
678
7
734
80
*"4i"s ~"5~58
20i2
167g
185g
16
20i2
75
82
1914
82i2
15g
678
2478
96i4
2
812
2i2
3i2
314
38
lll2
4
458
6I4
6i8
U2
612
3%
78
1234
5i8
4
4&g
634
5%
6%
Optional sale.
1
25g
12
958
35g
314
34
12i2
414
4l2
84
512
1
12
9i2
7g
50s8
6738
858
34
1
463g
54
50
52
48i4
1
52
64i2
7312
9i8
33%
13s
1878
6412
7&s
2878
84
72
69
74ig
8
27g
73g
2314
4
5
x2
84
1034
3i8
33A
834
278
5
6ig
5ig
9
87g
58
758
9i2
84
12
78
5034
7114
55
79
1034
8ig
315g
30
3212 287s 33
3518
1
1S4
Hs
78
lh
®4
1
17
20
19
23
19%
17%
15i8 175g
46
4612
4812 4134 47
44l2
4212 44l2 43
62
68
6678
67
62ig 6578
63lg 6884
747g
157
158
151% 150% 154
158
161
163
165
678
538
6%
4%
53s
414
534
4l2
6
3658
36% 39&s 3734 397s 3684 38
365g 3714
13
1458
1584
12i2 147g
13ig
10i8
1434
1634
c
Cash sale.
21%
3
70*4
11
435g
16*2
20
32
10*2
64*2
73*2
76l4
314
1414
2134
"*8%
4%
1558
2
58
23S
62
72
""7"
91
95
94ig
134
1«4
2!g
15g
758
734
1012
8I4
IO8I2 109% 109i2 110
HOig llll2 109
11078 110
25g
19%
70'g
43'g
11*4
67*2
8%
105g
58*g 6538
110*4 112*2
98*2 102%
834
8ig
43g
758
4
16ig
2638
87g
712
4i8
4
57g
8*4
5*4
9
62*2
69
" 6~" "5*4 "~6~*4
18
195S
20'g
17% 19*2
26
255g
3078 29*2 3434 2934
33%
100
98i4 IOIS4
9734 100U 98x4 ioos4 10034 105*8 X102 105
99l2 98
2
4ig
3i2
438
2
33g
4
3i2
4i2
3*g
5*2
434
638
75g
9
812
8ig
978
778
9
912
712
914
10*2
9% 12*4
110
11014 1101211HS 109
11012 110i2 110i4 112i2 109*2111*2 109
IIIS4
100*2 101%
35g
378
414
412
414
3i2
5
312
478
3*2
458
4%
8%
12
5o
3g
1
5g
1
5g
1
34
13g
%
1%
12
914 113S 10
1012
10i2 1312 113g 1734 16*4 19*4 17% 23%
3
4
37g
338
412
312
512
438
73g
634
8*2
7
9
27
22
558
*
Continental Can
158
363g
1478
36i4
4984
20
Continental Baking class A
71
3634
*
new
Cons RR of Cuba pref
8
56
42i4
41
z73
53S
19%
^Consolidated
35l2
34%
95s
30%
100
*
8% preferred
7
225g
"7134 82"
1
Gas
19%
74
100
Consol Film Industry
Preferred
$5 preferred
Consol Laundries Corp
Consolidated Oil Corp
534
5
29
2212
16J2
1334
lHg
62
~~8% To"%
100
Prior preferred (614)
Prior pref ex-warrants
6"
44
100
Consolidated Cigar
Preferred
3*4
19
17*2
1714
22
17*4
14l4
62%
*
Preferred
4% preferred
33g
63
59i2 63
48i2 4312 477S
30U
821A
303o
Slip
3019
317h
32i2
54
56
Z555R
571A
56
58
5S34
5512 5512
305g 3134 x30% 3134
305s 32
325g 30i4 30i4
110
112
112
llUg 113
116l2 111
II8I4 10934 11134
112
112i4
32
32
32
32l2
573g 60
413g
Conde Nast Publications
Commonwealth & Southern.*
Continental
2*4
238
1234
287g
4l2
32
32
3212 3212
11714 11914 1175gll758
58
72
64
56i4 6134
5614 60
6634
6312 61
7H4 60
62J4 68i4 6334 683g 67
111
* 11378 11512 11458 115
111
11234 112i2 113
11134 11418 11134 11234 11134 11234 11212114
11312 111
*
9778 9914 985g 1023g Z9934 102i2 99
*
Convertible preferred
*
$4.25 conv pref ser of 1935
4i2
5914
10
Credit
preferred
Preferred
2
40
612
100
Commercial
Preferred
9
33*2
1%
2*8
4*4
334
1934
*
Preferred
No
2ig
2
*
Columbia Gas & Electric
*
1
238
23s
30
1618 18ig
I8I4
16% 175g
165g 19
1612 173g
153s 17i8
I6I4 18'4 1634 1918
17'8 1884
1712 19'4
17*s 21
lSig 1714
103
103
105
10212 101
10512 103ig 10414 104
10338 10414 10358 10414 10378 104l2 10478 10614 104
10634 105
107*4
10334 104
9
1238 1534
1178 1434
1212
13
912 115S
177g 253g 2434 2834
1034 153S
195S
2518 33l2 285S 4034 3712 4634 41% 50
79
85
77
x81
71
79
97
6934 7734
78
88
107
107
103i4 10712 10612 108
109*2
10H2 9634 100
87l2 98i2 98
7
8
7
7
634
7
634
7
8
634
7%
8*8
634
7i8
8l4
8i2
634
7i2
738
8
97g
9*2
634
7
17
100
New..
Corn
13g
234
4
1638
19
Columbia Pictures Corp v t c_. *
Class
14
450
100
2nd
preferred
Columbian Carbon
Class
8212
48
25
100
Colorado & Southern
L)4%
1
13g
358
53*4
1S4
3*4
2
5%
100 101
Colonial Beacon Oil Co
1st
5338
1*4
1134
25ig
72l2
*
Collins
7%
4
2958
*
Preferred
Class
44
2
1
A
Colgate-Palmolive-Peet Co
$2.75
80
2434 27% 24
2512
2334 26
122
II8I4 12112 122
1135g 116
176
* 16178 178l2 171
209
17578 20H2 190
Coca-Cola Internat Corp
1st
80
80
80% x82
50
(The)..
3H4
7g
n2
178
434
1034
l*g
2*8
h
..100 112l2 114
Co
23g
n2
25g
Hg
5*4
234
z35
2
33S
312
814
14
5
83
*
3i4
83l2
4ig
89
Graph Bronze Corp (The) 1
Cleveland & Pitts 7% gtd
50
Coca-Cola
3i2
3i4
Cleve
Preferred
2
4978
53
1
lx4
7g
5s
5
100
Special gtd 4%
Cluett, Peabody & Co..
1134
44i4
•
412
1212
Us
134
10
27i2
312
12&s
2212
912
10
26
5
Voting trust certificates
97g
40i4
443g
453g
4478
100
New
43i4
4534
"Tig
1
1
35
178
3
234
29%
Chlckasha Cotton Oil
Chllds Co
Copper
Chrysler Corp
City Ace & Fuel
17
55
58
6234
59*2
26
26
29
2778
25*2 275s
27%
2414 28
2414 2678 25
2612 24l2 27
24l2 27J4 2418 27
48
44
56
34
36
38
42
55*2
49
54
40
4012
39
44
52
47U 54
39i8
62i2
5912
8*g
884
7
8ig
914
6&g
9
7i4
9*g
6i2
7i2
678
734
6I4
714
6I4
834
734
6i8
734
101
103
100
102
102
101
102
102
102
102i2 102
9614 100
102
10212 10212 100
102i4 1017s 102
57
6234
50*4 6584
4014 45
4H2 6334 525g 607g 52i2 5914 55i2 60i2 5314 593g 55
62l2 5434 6034
4
734 1538
512
7i2
634
8i2
3&g
458
514
4ig
514
414
63g
558
7
414
434
514
6i2
62
68
23
26
65*4 88*4
54
30
5914 68
2434 30
2612 3158 26
65i4
2834 4934 44
56i4
7
5
5
5
7
18i2
15% 21
734
438
4i2
514
434
5
434
7
38
36
44
45&s 4434 6II4 5584x61*4
4234
427g 40
405g 44
"4ii"4 45" 43i2 4734 "44% z47 " 42
1
J Chic Ind & Louisv pref_.._100
Chicago Mail Order Co
5
Preferred
18
24
2
334
2%
4%
5g
100
7% prelerred
14
"l6i"g TiT "I6I4 20"*2
100
Central RR of New Jersey
19&g
9934
*
_
Preferred
Central Agulrre Associates
Checker
20i2
111*4 92*4 103
4938 5734 56
6958 64
7334 70i4 8H2 76x4 10434 97
123
12334 12612 115
11634 125
8814 10134 i00i4 104l2 106l2112
IIOI4 118
55
60
50
58
54*4 57*4
5514
41lg 495g 48i4 5514 51l2 55l2 50
2634 30*g
2534 3H2 2714 305g
1978 2634 2438 285g 2534 30i2 2534 2934
3
412
6x8
3i2
414
3l2
4&s
358
6
414
212
4
3i8
434
28
33
23i2 3334 25l2 33
28l2 3914 3234 3834
61
4978
3i8
2512
Celanese Corp of America
J Celotex
50U
8814
43
92i2
447g
2338
x
Ex-dividend.
84
53
714
Hg
60
34
59
1
66I4
6i2
34
934
138
1
62I4
6734
57
758
n4
64i2
88I4
1
5338
8434
13ig
834
Hs
6414
9534
734
1
63
103s
15g
67
9
138
64
23%
11%
1%
69
8512 8212 9Hg 82
88I4
83i4
9H2 9914 81*2 92
10
II84
0l8 1034
1014 14*4
16
123g 143g
18
1758
16% 20*2
3234 37i2 36i2 40ig 39
4238
38
42
3712 41
4134 4412 x4l% 44%
1
78
78
1
1
Hg
2
1%
Hg
13g
1*2
234
2
25s
19
193g 217g
217g 1934 22i2
1878 213g 19
2414 2378 2834 26*2 35
55
4434 48i4 48
5514
6034
5H4 5914 53
575s 56*2 61*2 6034 6984
6712 7634 69
783g 65*4 7134
60
60i4 677g
6834 67&8 7384
67*2 71%
158
162
16312 165
151
158i2 16HS 149
155
148i4 156
157*s 157
161
4i2
5
414
558
4i2
512
412
53g
414
6*4
5*4
634
534
7%
365s 38l2 3758 39
37i2 38I4
37
37i8 38
37ig 38
3734 37
37B8
1334 1512
13l2 147g
13ig 15is
1134 1414 1234 17»S 16
1734
165g 1938
7314
y Ex-rights.
t Companies reported in receivership.
Financial
Volume 142
69
Chronicle
'
*
v
'
1936—Continued.
Low
High Low
High Low
Mav
April
March
February
January
STOCKS
High Low
High Low
November
December
October
September
July
August
Low
High Low High
High Low High Low High Low High Low High
June
High Low
$ per thart $ per than
Par $ per ehare $ per share $ per share $ per share $ per share $ per share $ ver share $ per share $ per share $ per share
42
487? 4134 47U
32i2 35*2 32*4 36*4 31*2 42*4
31*2 36
3134
24
28
* 2358 2638
23i? 261? 247? 2912 29&8 337? 30
46
46*4 48
45
46
47*8
45*4 46
*45
45
4714
47*2 45*4 473? 457? 4634
Preferred
* 43ij> 4412
45U 4/84
4414 45
4414 45
97
*99
100
91*4 945? 97
83*2 85*2 8912 89*4 92
76*8 76*? 81
83
86
Crown Willamette 1st pref
74i? 7412 7714 77*4 76l2 80
55?
7i4
55?
658
913
45?
5*8
4
4*2
334
514
4*?
3*2
43?
3i2
4
3i2
37?
Crown Zellerbach ▼ t c
43?
3i2
53?
4*?
434
3i?
29
38
28
24
23*4 26*2 25*2 31
22*2 27
1834 25
1758 20i2
1734 20*4
14
16i2 2034
Crucible Steel of America.__100
1914
201?. 2514
181? 2314
10514
85*2 85*4 9612 97
83
73
76
61
54
81*2 86*2 84
57
59
59*2 61
68
60
62
51
Preferred
4712 60*?
....100 6334
1
1
138
1
ll4
218
1*4
1
1
13?
1
13?
13?
1*8
1
15?
1
1
13a
1*2
Cuba Co (The)
1*8
15?
11?,
1*2
*
7
884
10
8
7
884 14
7*2 10
6
9
67?
5i2 10
63?
6i2
5
; 73?
5
634
Cuba RR preferred
57?
63?
514
51?
......100
658
55?
634
558
678
7
5*2
7
63?
57?
5*2
6
8i2
51?
6*s
55?
734
7
67s
75?
Cuban-American Sugar Co...!*'
538
65?
53?
55?
67
60
57
6818
71
59
52*4 68
79
59
60
59
79
7284 65
80s4
42
48
Preferred
577? 617?
571?
58*4
100 401? 47
42
37
4134
41
*39*4 4234 40
40
435? 40
4212 397? 41
41
41
417?
45
4234
46
4212 40
411?
Cudahy Packing
'
50 441? 471?
18*4 2484 205a 2278
15*2 20
1734 203?
17*4 20
18*2 2234
18*4 197?
18*4 20*2
19 ,
18
15
Curtis Publishing Co
16l2 20
227?
18i2
20i2
Crown Cork & Seal
.
.
.
.
.
...
(The)..
Preferred
1
7% pref
8% preferred
Cutler-Hammer, Inc
Davega Stores Corp
Deere & Co
758
...1
Cushman's Sons
95
9312 101
3
2&8
....
Curtiss Wright Corp
Class A
98i2
8912
64*8
2i2
214
234
6I4
812
7l2
991* 10414 IOH4 10514 102*4 104i2 10234 105
3
2
2
23?
2*8
2*4
2i8
234
9
678
9
684
75g
20i4
241?,
305?
83
73
2O84
16
19
8
77?
265?
7
8I4
31
75
82
80
70
70
*70i4
61
61
20
I8I4
6i8
22
19
213?
2384
6i4
6
2912
2518
3034
2314
6*4
285?
26
19
2014
20
2084
20
2212
2H2
2312
2214
Deisel-Wem-Gilb Corp (The) .10
Delaware & Hudson
100
35
431?
397?
2312
313?
27
3138
28
15
191?
I8I4
11
3034
143?
2434
Del Lackawanna & Western..50
291?
1234
1138
147?
13i8
1514
234
13
33*4
16*2
82
80
Detroit
334
100
68i2
434
1*2
67
78
21?
158
7014
7634
65
12
Det Hills & Southw RR Co..100
^100
4
8
77
234
11
65
70
71
71
70
28®4
26*2
305?
28*2
27*?
6U
3314
25*2
2734
36
331?
403?
16*4
21?
93*2
1434
7*4
684
67?
17*2
37?
3U
834
178
21?
*94l2
357?
834
85
75
63
6318
4012
36
47
8
2
2i8
734
4914
1012
5434
27
2784
1878
24l2
41i8
1858
5
42
3734
5534
28
27
28
49i2
2678
5834
28
2H4
3412
1434
40*2
30*2
36*2
3314
3912
3512
175?
1234
15*2
1438
1714
15i8
3*2
23?
89
9^8
37*2
267?
40
458
12U
*95
37*2
41
7
101b8 104
75
71
243?
....
1212
90
2
8
6
7i2
103*2
2i8
434
3i2
234
2*4
130
98*4 116*2 116i2 12012 116
3
35?
6
_
92
95
90
234
1212
6
..100
Detroit & Mackinac Ry
Preferred
91
86
378
934
45
12
1*2
334
77
212
234
7014
45
pref. .100
Edison
92
778
9
1914
20
25
Denver Rio Gr & West
724
87*2
85
7*8
234
234
9*4
88
....
96*2 104
3*4
7*2
72"
1334
285?
2234
7
658
10438
3*8
2*2
2634
29
77?
95
105
101
85s
81*4
20*4
6*2
27*4
2412
8312
7*4
81?
65
17
78
17«4
80
23
Preferred
7
75
65
1714
758
...
100
2
9i2
64
7314
*
*
5
94
234
8
79
76
100
...
98l4
23?
101?
.
.
-
.
•
.".
.
.
5*?
4
3
6
5
7
9
11
39
5*4
46
5«4
40
19
4434
42i2 3784 4U2 36*2
118
120
120
117*4 119
116
115
117
1st preferred..
120*2 118
120i2 118*2 118*2 117
11718 119l2119i2 118
1161? 114i2116i2 115
.....100 116l2 117
37
40
36i2 3978
38*2 3778 41
Diamond Match
277? 291? 277? 295? 293? 323? 3H4 32i2 3H8 3234 32*4 36*4 35*2 *4034 37*2
..._* 261?. 2934
36
37
38i2
40
39*2 38l4 39
35
401? 39
4H2 38i2 39*2 38*2 3934 39
39*2 39
3714 3412 3612 35
Participating 6% pref
25 343s 36
33
38i2
Distill Corp-Seagrams Ltd...
37i8 4212 4012 4478
37*2 4034
36*2 39*? 36*4 387? 38*2 4134
Dome Mines, Ltd
41l4
36i2 425? 4034 43l2 *3812 43
34i8 391? 3512 401? 38
8i4 10
884
818
914
9
67?
7*4
87?
684
8i2
Dominion Stores, Ltd..
634
7*2
93?
684
784
85? 103?
113s 125?
8I4
9*2
8i2 121?
*
34
35
29
323? 35
588s
203? 243?
Douglas Aircraft Co Inc....
17i2 2H?
1914 26*? 2312 2734 2234 265? 24l2 293? 27*2 325? 29*4 33
*
2078 2434
29
31U
24
2078 26*2 25i2 32
18
21
19*2 2234
Dresser Mfg Corp class A
20*2 2334 22
167s 23
151? 1834
1412 16l2 13i2 1634
*
14i2 157?
1284 17
1512 17i2
125? 1334
8
Class B
7
784
87?
83? 11*2 10*? 1334
7
634
73?
8*2
95?
6i2
714
638
684
714
12
S4
58
1
38
38
*2
*2
Duluth S S & Atlantic
*4
5?
*4
*4
*4
*4
.100
38
3?
1
h
1*4
138
*2
*4
Preferred
*2
*2
34
3S
*2
100
38
*4
*4
*2
*2
*2
*2
5
758
638
8U
3
634
2
3
4*4
3
3
5*2
Dunhill International Inc
4
35?
"2*4 ~2~12
234
4*2
314
51?
3l2
41?
3*2
3i2
15
I6I4
15
14
1478 1534
15
19
15
14
16
17*2 15
14
13
17*4
15
15
1234
17
151?
Duplan Silk
*
135? 1534
171?
Devoe & Raynolds class A_.
40
*
503?
3834
42
36
38
40
....
38
41
— .
.
46
39
....
...
Preferred
Eaton
*
*
Schild
*
Electric Auto-Lite (The)
Preferred
100
Electric Boat
__3
5
...
Elec & Musical Ind Amer shs...
Electric Power & Light
.♦
57 preferred
$6 preferred
*
Electric Storage Battery
...*
X Elk Horn Coal Corp......
*
...........50
Preferred
Endlcott-Johnson
$5
conv
$5.50
$6
Erie RR Co..
1st
584
4i8
6&8
20i4
784
29
563?
5234
145?
178
17
15
181?
14l2
...»
18
18
*
5
5
5
101?
1314
8&s
....100
100
106
Erie & Pittsburgh RR Co.
Eureka Vacuum Cleaner
Products
27?
17
...
50
1714
13
1
5
l-H 01
12
19
227?
Exchange Buffet Corp........*
334
58
60
601? 581?
128
13014 13012 12818 132
2
2
134
2*2
1*8
17
17
201? 14
21*? 2114
21
15
17
22
177?
2H?
21
18
22
225?
15l2 17
6OI4
130
2i4
5
5
51?
5
5*?
5
5
8I4
IOI4
13
71?
10
8
10*?
8
14
8i2
684
11
97?
12
9
93?
7*8
69i2
1034
1984
33?
75s
22
11*4
1534
3
484
2
334
1*2
6*?
253?
2
3
2
3
2
17
201?
I8I4
241?
20
231?
7% preferred
100
Federal Light & Traction.... 15
72
80
91
8534
91
89
5?
53?
734
...»
48
55
56
Smelting..100
50
50
45
70
70
61
61
58
45
100
Federal Screw Works.........*
Federal Water Service A
...*
Federated Department Stores.*
31?
4l2
4i2
33?
1
13?
7?
19
20&s
18
5
7l2
52
58
6
7*2
H84
*
47?
1014
884
207?
1
*
135?
684
1534
4*2
213?
Federal Motor Truck
10i2
11
1*8
Federal Mining &
Preferred
95?
12
6I4
65?
77?
484
778
183s
4
74
51?
1118
83?
67?
5
15
2
.
.
...
334
.
.
7
101
938
7*2
17?
684
19
2334
895? 100
834 12*4
76
34
514
4*2
9*2
127?
87?
101?
14
87?
42
.
.....
4l2
1
1*2
78
5
634
484
638
27l2
7*2
1514
18i2
2
3
1*8
45?
62
71
61
65
59
59
62
65
82
95
83
83
75
75
238
31?
2i2
3*2
H?
78
16is
1*8
1
1*4
18
16l2
18
3*4
1*4
19
17
79
79
6
7
1
73?
31?
13?
17
2112
21
2*4
214
2
1
1*4
17
18
75?
678
22
29l2
26*?
52*?
2318
2912
21
26i4
5834
27
245?
19*2
49
45
51
*8
s4
1
1
ia4
1*4
61*2 6434 625? 65
129l2 128*2 131*2 12912 132
6
634
8I4
43?
73?
*2
38
34
1*2
66
1078
1434
714
678
2258 3458
2OI4 3184
5184 5612
i2
84
1*8
134
61*? 65
129i2134
6I4
77S
638
478
35*4
38*4
47
42
50
4H2
47
40*2
50
4812
48
42*4
52*4
47
50
5*2
63?
512
55
55l2
63s
45
43
53i8
7i2
11*8
143?
978
13
393?
9
12
734
9*2
13
834
17
115?
584
Ills
1534
1034
135s
1912
1312
L
8534 8584
73
12U 1334
1134 1314
141? "lis? "135?
18i8 37
30i4 40i8
173? 20*4
17*2 213?
4
35?
6
438
5l2
4*8
3*4
2*2
2
1
1*2
112
358
1*2
13?
1*4
5
8i2
678
734 15
7*4
73?
53?
32
28l4 3912
25*4 24
23*4 2584 22
118
128
127*4 142l2 «115 125 '■
116*2 120
15
21&?
15
18
1812 213g
19*2 18
80
83
82
75
7912 83
85
75
73
"1234 "1478
20*2
234
78
53?
82
55?
514
12
134
712
23*2 20
23i2 22
26*2
110
120
112
9934110
116*2
11
13*2
12*? 14l2 1434 1934
73
75*2 763? 81
78*2 *85
61?
H78
6I4
6*8
17
18
5*4
914
65?
934
54
63s
10*2
55?
4
13*4
72
514
21?
78
884
6*8
1034
14l2
12
15812 172i4 153843:16334
166
634
105?
13*2
177?
65
678
151
684
70
1412
37
7*2
5*2
40
4's
6*?
73?
57
414
20i2
1*4
412
61
55?
38
18i2
15?
534
8
2534
32
1212
61?
Preferred
29l2
57?
91?
115s
315?
10i2
I6I4
2i4
75?
152
143
149*? 146
14912 *147
155
153
159
154i2 16 H2 15512 164
17*4 21*2 21*4 233? 21*4 247? 23*2
4
5
434
73?
45?
4*4
5*4
57?
193? 231? 215? 261? 2414 283s 2684
235?
Ill
112
111
110
110*4
108*4 1111* 110
47?
784
53?
8*2
584
434
7*8
9*?
7
534
65?
55?
57?
634
67?
618
414
27?
4*2
314
23?
3*2
35?
7*2
22
12
1484 24i4
165?
151?
19*2 32
12*2 2084
19*2
135?
103? 14
16*2 28
*4434
4412 407? 433? 4234 4734 45*2 48
3s
38
58
34
3s
34
*2
*2
1
84
58
1*8
84
78
178
1*8
65l4 63
65*4 63
6384 63
65*? 64
128
130
132
127
1311? 129
129*2 *127*4
3*2
35?
23?
3*8
2*4
3*2
77?
4l2
30
37*2 31*2 41
3484
26i2 215? 31
27
23l2 31*2 30*2 37*2 31*2 41l2 36
70
1214
10i2
1612
125?
93?
Fairbanks Morse & Co
47?
197?
70
23l4
414
13?
25
...
51?
9
7
Co
Preferred
45?
7
100
Fairbanks
58
8i2
14
5
Co
534
177? 207?
171? 181? 1714 20*2
4
45?
37?
63?
314
4i2
314
1934
19l2 241? 195? 23*4
231? 28
110
112
107
1081? 1073s IO8I4 108l2 11034 109
5
4*8
55?
37?
47?
37?
47?
61?
434
734
6I4
75?
83?
61?
67?
714
8U
6i2
3
3
2i4
23?
23„
234
1*8
2*8
1*2
7
3
6
6
8
834
684
81?
612
6
6
5
6
63?
77?
684
21?
7U
45
46i4
4014 43*4 40i2
491? 451? 4734 39
*2
l2
7?
b8
*4
38
7?
*2
1
1
1
**
7?
58
13?
7?
84
165?
231?
12714
preferred...
Evans
334
7i2
17l2
151?
preferred
2nd
1212
8
160
155
160
160*4 155
158l2 158
30
29
265S 29l2
257? 305? 27
7
8*
5
678
7*4
8*»
6*2
32*4 29*? 3834 3212 3778 325s 38
112
IIO84 113
1103s 11314
113*2 110
*
...
12
161
23?
Equitable Office Building
638
7
155
...*
preferred
12
55?
14914 138
...50
preferred
114
20
151
preferred
cum
112
116
110
11412 116
123*2 13634 13514 146l2 135" 13973
12978 13178 130
*128*2132
13H2
II2I4 114
11312114
11134 114
135
5U
...100 12584 128
Preferred
113
*
112
109
113
1137?
10512*122*2 116*4 135*4
127
130*2 127*2 130
*11312114*2
114U115
noi211734 llll2 12318 115l2 12214 11934 146
150
155
1451? 143i2 147
14912 155
8
57
Engineers Public Service
A
110
1051? 101*4 108
13012 12784 131
5
63s
...100 141
Manufacturing Co
Eitlngon
....
108*2 110
6
Eastern Rolling Mills Co (The) .5
Eastman Kodak Co of N J
....
35*2
"
....
-
445?
355?
.
Preferred
103
103
103
103
10912 10912 106
100
Dupont de Nem (E I) & Co...20 921? 993?
917? 991? 865? 931? 881? 991? 95i8 *10212 9512
128
128
131
128U 12984" 1283?
130
6% non-voting deb
106 12714 129
1267s 128
107
104
106
104
Duquesne Light 1st pref
10584 105l2 1121S IIH4 H2l2 110
100 105
19
20
Durham Hosiery Mills pref. .100
171?
18
22
23
22
A
...
43*2
42
2*2
1*4
3*4
3*?
25
12*4
...
71
6*2
25?
1*2
21
....
75*4
7*2
3*2
23?
24
60
66
65
67
60
6978
79
90*?
85
85
8212
634
90
6*2
27?
7*2
37?
1*2
2*2
2434
21
6I4
75?
314
4I4
25?
334
2434
20l2
2
2214
2
8I4
414
3i8
2384
Fidelity Phenix Fire Ins Co
of New York
2.50
Filene's Sons
..._*
Preferred
100
Firestone Tire & Rubber
Preferred series A
First National Stores
10
100
......*
Florsheim Shoe class A._.___..*
$ Follansbee Bros........
Food Machinery
New
223?
41?
63?
2314
1334
701?
734
171?
13
77
6884
151?
72i2
65s
914
23
25
105?
131?
3514
45
25?
215g
25i2
2OI4
214
26U
2014
3i2
29
2U4
234
29
2178
33?
31
23
21
25?
283s
23
3*8
35i2
34i2
2i2
23
3
42l2
20*4
2*2
405?
22i2
45?
47
.*
*
..*
Fourth National Investors
1
201?
...100 120
preferred...
111?
38l4
33
225?
25
131?,
11
143s
13
66
65
72
69
10
6I4
2234
87S
8I4
251?
1034
3612
9
36
101?
97?
6038
434
1934
85?
3014
67?
24i4
26
203? 233?
1714 23i2
1207? 117
117l2 114
1165?
2H2
....
*
1634
24
81?
12
191?
85?
221?
101?
15
*
434
784
*
17?
21?
1«8
17?
1
ll2
1*8
*
83s
8
9
7
81?
7
General American Investors...*
Preferred
*
634
8434
351?
1534
91?
75?
61?
76«
67s
57?
851?
38l4
187?
85
5i2
85i4
87i2
8514
325?
3514
33
1134
1434
pref..
2nd
preferred
Gabriel Co (The) class A
Gamewell Co (The)
Gen Amer Transport Corp....5
General Asphalt
10
General Baking Co
Preferred
5
734
* 115
83?
348?
1484
77?
118
L18
87l2
3734
1634
914
L25
7
17
73?
121
85?
125
5*4
612
17
55?
13
7i2
121
5*4
67a
*5
u
24i8
10i4
1534
74i2
85?
27i2
163?
45?
2134
234
56*?
53*2
17*?
897?
15*4
81*4 100
95
34
317?
3534
3334
65
59
147?
135?
165?
15
17*4
15
73
75*4
85
77
90
80*2
30
3384
163?
31*?
16*4
63?
2434
28
141?
157?
31?
2634
143?
437?
2484
6^3?
60
23
234
49*2
1234
25a
0
25
22*2
434
49*2
2214
68
^
2312
33?
23*2
3
45
10
...
Fox Film Corp class A
*
Franklin Simon preferred... 100
Free port Texas Co
10
Fuller Co prior
19
25?
2014
conv
conv
2234
_..*
preferred
Foundation Co
6%
221?
....
Corp....._.__*
Foster-Wheeler Corp
7%
45
43
45U
355s 393? 38*s 41*2 37*2 413? 38*2 42*2 42
3234 37
31l2 35
341? 30i2 325? 28i2 3H2 285? 33
25
25
19
> 20
19
*195s 24
16
18
17
22*4 25
18l2 1812
2134 24
?,3lj>
112
110
114
111
112
112
112
llli2
110
110
111
111*2 1137? 110
107
109
11234 110
106U 110
11034 107
107i2 110
1584 18i2
18i2 25i2
13*2 163?
153?
14*4 1534
13l2 1534
145? 151?
14*4 16*?
131?
155?
171?
1334 15i2
1314 1584
1534 181?
92
91*2 95*2 9514 9678 9634 10278
94*4 95
907? 96
93i2 95
9434 96
943?
94's
917? 945? 85
84l2 91'4 907? 9478
53
49*2 443s 4934 4478 4834
52*2 45
5534 50
587? 48
5018 4614 48&s 4534 51l2 50l2 57*4
4914 56
47i2 5212 46
3034
1934
ifc
33s
28l2
28
5i2
6534
61
334
39
1934
303s
484
7934
39U
22
30
96
111
36i8
32
34
70
6334
237S
103
43?
32
1734
15i8
17*4
67i2
20
22*2 28*2 2634 3058 26U 305s
265?
2784 227? 27
28i2 2412 27
122
125
122
122
121
118*2 124
115i2115i2 112l2115*2 116*? 116*? 11834 12012 121
25
42
35
55
21
26
26
18
20
24
17*2 27
27*2 24
18*4 26
183s
9
11
47l2
7
8*? 10*2 1034 2312 19
65? 11
85?
8*2 11*8
6*2
10i2
712
2
2
1
2
538
2*2
3*?
4I2
13?
25?
78
1*4
78
25?
78
1*8
1*2
7
10U 12
7
1012 1314
834 11*4
87?
75s
784
9*2
8*2 1034
87?
8*2
95?
10
9
914 1034
984
1078
7
8*4
734
9*2
10*4
614
67?
83?
8i2
8*4 10
98
100
100
94
100
99
90
981? 100
97*2 97*2 94
88i2 95
99*2100*? 96
44
38
37
33
36
38
45*2 44
35
433? 42
48l2
343? 387?
3984 38*4 42
16
1834 2212 20
175? 205?
19*4
2212
1434 191S
175? 20i2 165? 19*?
1534
153? 19
13
8
8
87? aril
11*4*133? 1138 12l2 11
125?
834
91?
103? 12i2 11*4
812
140
143
142
137
138
143
127
125
131
134
146
13734 144
128*2 131*2 128*4 133
8
678 103s
6
6
75?
6*8
65?
8iS
9l2
7*2
7*4
67?
67?
6i2
634
8*4
39
39
48
41
243s
41
60
52i8
247?
59
51
57
51*2
....
General Bronze..........
..5
General Cable
4
2
6
478
63s
3
53?
33?
4*4
27?
434
37?
514
314
3*4
4*2
6I4
*
2i2
2*4
3*2
6*s
314
27?
21?
5
10
5
4
5
6*2
*
7
57?
117? 14*2 1284 1812 15i2 1838
55?
77?
91?
6i4
634
812 14
1234 153?
6I4
76
32
65
21
24
35
19
7334
36*2 3IS4 40
26i4
4612 28
36*2 49
4312 48*2 4312 59*2 59
100 24i4 271? 23
56
52
58
46*2 54
563?
5314 57
5234 57
5712
55i2 51
5534 601?
6414 51*2 60*2 55
501? 577? 50
* *525? 63i4
135
143
131
139
142
142
143
135
135
141
140
145*2 139*2 14384 141
141l2 138
1411? 142
100 127i2 13412 127l2 133l2 130
2134 25
231? 2684 23«4 27*8 25*2 2984 28*2 33
31*? 36*s 353s 407s 35i2 3884
30*? 35
* 201? 243? 221? 25i4 *207? 233g
11
IHS 11*8
111?
11*32 11*8 11*32 11*8
10
34
33
355s 33*4 35i2
3134 34*2 325s 34*? 32
*
34*? 37*2 36*2 377? 335? 37*4 30
347?
3234 3434 331? 35i2 3214 35
1
3s
84
Ds
38
*4
*2
58
s8
38
7S
*2
*2
»4
1
*4
1*2
84
*
38
*2
s8
*4
h
11
12
11
12
13
12
8
11
12
10
10
1514
13i2 15
1312
14*4 121? 1512 10
..*
12i2 133s 12
Class
A
7%
preferred
General Cigar Inc
Preferred (7)
......
General Electric...
Special...
.......
General Foods
Gen Gas & Electric class A
Conv preferred series A
Preferred A (7)__
Preferred
A
*
No
par
a
578
....
12
1534
61
Optional sale.
14
16
57i2
..*
Edison
value.
71?
_..*
(8)
General Italian
6
613?
c Cash
6134
sale.
....
16
161?
16
18
16
551?
43
45*?
1134
13
18
~
37
37
18
5518
14
11
....
n New company.
11
*
Ex-dlvldend.
11
y Ex-rights.
15
18
11*2
"35"
44" "32"
32
X Companies reported in recelverhslp.
13
18
Jan. 4 1936
Financial Chronicle
1935—Continued.
December
November
October
September
August
June
July
May
March
April
February
January
Low
High Low
Low
High Low High Low High Low High Low High
High Low High Low High Low High
STOCKS
$ per share
S per share $ per share $ per share $ per share % per share
Par $ per share $ per share $ per share $ per share $ per share $ per share
68
71% 64% 69
67
6 384
70% 6734 6934 66% 69% 68% 72%
61
64i2 66
70
60
6212 5978 65i4 6U2 65
120
119
120% 118%*120%
119
119
119%
*117 118% 117% 117% 117% 119
116
11834 116% 118
11718 116i2 1181s 11778 118
—100 116
53% 59% 53% 57%
43% 54%
32% 39% 38 ■ 45% 4178 47
287S 3312
29% 34
General Mills
Preferred
277s 3178
265s 30
29% 3314
30la 34i4
115% *11334117%
11234 117% 112
113i2117
*10712 113 110l2112i2 11U2113
12
12% 1312
10
1234
13% 13% 12% 13%
1H2
1U8 1H2
113s 13
General Outdoor Adv A———*
3%
3%
334
4
334
4
334
4
314
4
314
314
314
338
Common
*
30% 29% 34%
22
255s 29% 27
2478 2212 27
17% 2414
1834 2234
General Printing Ink........
105
106
105
106
97 38 100
10412 106
97% 105
95
99i8
Preferred
93i2 97
2%
3%
1%
2i2
1%
2%
U2
2
li8
134
1%
238
1%
238
General Public Service
*
28
24
23
30
3334
1912 2434 21
1558 23
30
24i8 27i4
General Railway Signal
* 26
97
100
108
100
80
95
100% 103
89
90
85i2 88
80
91
Preferred
100
1
2
1%
134
1%
134
34
1
78
U8
U8
H2
General Realty & Util Corp—1
U4
1®4
17
21
23
17
2538
24% 20
16
1434 16i2 15
16i2 183S
1978
Preferred
18
19% 23%
17
19
1834 21%
19%
17
17l2 1978
2014
General Refractories J
16s4 2OI4
*
17
20
17
185s 21
19% 23
1734 19%
19i8
1638 1978
16i8
1978
Voting trust certificates....*
20
14
19
40%
15
17
1512 22
16% 20
I6I4 26
General Steel Castings pref.._*
2234 32
12
13% 15% 1478 1634
1412 1438 1534 *13i2 165s
13i8 14l2
Gillette Safety Razor
1314 15i8
—*
77% 87% 77
86% 84% 89%
78i2 87U
7312 78
Conv preferred
70l2 7578 7334 77
2%
3%
258
338
2i4
314
2%
278
3
2i8
234
212
314
Glmbel Bros
*
378
25
25
39%
18
21
19l2 2234 20% 2778 23
7% preferred
100 23% 2714 2112 2312
26
27% 31%
2878
26% 32
25l2 29
Glidden Co (The)
2334 2714 233s 2778 2434 27
J
107% 109% 107% 109
109% 106% 109
105i2 1083s 105
7% prior preferred
100 10478 107l2 10512 108
7g
1%
Rights
1%
2
"1% "2% ""1% "2%
3%
2%
4% ""lis
"35s "434
31*2 "4"
J Go be 1 (Adolf)
5
15
16% 17%
14% 16
1734
14i2 17
1478 173s
1534 18
1578 18
Gold Dust certificates
*
General Motors
Preferred
10
Corp—
v.5)
-
11684 119%
115
118
117%120
11834 116% 119
17
21
13% 18
11
13% 16%
14%
12%
4%
6%
3%
5%
3
3%
3%
4%
3%
35
37% 35% 41% 40% 42% 40% 42
31% 38
105
107%
107% 108
105
106
105%106% 106% 109
3%
4%
3%
4%
3
4
2%
3%
2%
3%
35% 33% 39% 3784 41%
31%*34% 30
3078 3434
104
107
109
107
108
106
108% 198% 108% 109
2
3%
1%
2%
1%
2%
1%
2%
1%
2%
25
30% 33
31% 39%
33%
22% 31% 26% 32
24% 29% 28% 33%
21% 2478 22% 26% 21% 26%
116
11
3
35
Gold & Stock Telegraph
Goodrich (B F)
100
""5% Tl78 "9" Tl
46%
5412
45
533s
40
978
49i2
*
2U2
8434
458
2678
92
20l8
79i2
2458
88
1534
74
5%
3i8
434
*
Goodyear Tire & Rubber
preferred
*
Gotham Silk Hosiery
Preferred
—*
Graham-Paige Motors
1
100
2l2
6%
1
3%
100 *44
Granby Cons M S & P
21
23
23
Part paid receipts
*
*
100
Great Western Sugar
Preferred ;
*
2134
17
23
18i8
20%
3012
1012
1314
26%
100 119
17
72
20%
8134
16%
75%
19
78
18%
75
76
4%
29%
2
8%
3
19
25%
3
3:
22%
30
1%
8%
31
334
3
378
3
2412
20
21
2
834
1%
7%
384
203s
2%
14%
22%
23
1%
2i2
1734
19l2
30
32l2
10
26
11
9%
*
4%
100
...
1%
21%
64%
21%
*
7% 1st preferred
Hackensack
100
Water
Preferred
A
25
..........25
*
5
55
Printing
10
Hamilton
Watch..
Preferred
*
Hayes
..100
........100
2
Co....
25
called
Furnace
*
B
Household Finance part pref. 50
Houston Oil of Texas
100
Voting trust certificates
25
Howe Sound Co
5
49%
16%
17%
90%
8%
75%
7%
634
29%
26%
49%
111
11%
14%
62%
76%
68%
82
23%
88
9%
77
4
13%
20%
82%
18%
21%
16%
20%
19%
81
87
75
82%
80%
6%
48%
184
11%
8%
66%
4%
13%
3%
20%
8
7%
5%
44
54
1%
10%
12%
2%
3
3%
17%
23
19%
26%
2%
2%
15%
2378
30%
67%
2%
12%
9
72%
2%
*8%
3%
3
3%
17
20%
1784
29%
35%
31
24%
87%
10%
85
3%
9%
4%
22%
34%
9%
3%
4
9%
678
64%
67
7%
66
30
24%
27%
5%
1378
5%
16
5%
6%
19
22%
1%
5%
13
16%
1%
4834
55%
1%
24%
30
28
50%
2
1%
66%
2
2934
60%
1%
73
25
32
6
178
6%
18%
9
7
8
26
21
25
21
30
20
28
24
26
22%
24%
8%
68
65"
65"
53
66
67
79
7434
80
75
85
27
29
28
29%
29
30
28%
29%
34
2784
31%
29%
32
33%
32%
34
3284
33%
3134
34
434
4%
10%
88%
6
4%
1078
12%
58
7
2
28
234
43%
5%
10%
54
46%
1%
28
60%
5%
21
is4
55
30
53
33%
56
7%
9%
1%
24
54%
53
36
43s
6678
3% " 4%
65% 7078
53g
4
714
6%
66
56
6%
66%
71
105
105% 103% 104% 10312 107
14%
16%
3%
4
4%
4
8%
7%
70%
934
81
82
96
105
107
50
26%
70
74%
1%
26
28%
75
95
66%
1%
73%
2
30
31
25%
30%
&
Q
8%
7%
5
66
1%
11%
31% 28
34%
33% 28
31%
87
102% 100% 108
29
30% 30
30%
32% 34
32% 35
29
24%
70
107
106
108
9%
11%
105
11%
5%
95
95% 97
106% 104%105%
5
8
1078 13
96% 105
6%
13
103
14% 13
106% 110
*102 105
103%
100% 100% 100% 104
28
24
26
257g 25
20 "
25%
18% 2034 "l8% 20% 20% 2*3% "22% 24% 24
187g "17"
117
119
116
116
116
118
118
111
116% 120
112
112
109
111
*106 HO84 110
105
105
99%101% 101%102
12
10
10% 13%
8
1078
9
9% 12%
127S
13%
7%
9
77s 12%
6%
75s
7
6%
67g
5%
67S
578
103
105
106
106
110
*103 109
106% 111
10778 100
105
82
85
84i2 92
90% 9978 97
85
81% 86% 81
1
1A
3a
%
%
%
%
h
%
1
%
A4
u8
"8
3
6%
4%
4%
2%
234
3
"*2% *2%
2%
2
4%
4%
584
27g
4%
3%
6%
4%
478
37g
178
2% ""1% "2%
178
3'8
2%
3% "1% ""2%
378
3%
111
105
95
111%
117% 111%
97% 110% 10178 111% 111
117% 104
89
94% 10334 99
85
90
94% 87% 94% 89
20
"
50
3%
434
36
25%
63%
30
25
27%
48
2512
31%
338
6358
414
6%
63%
55
33
50
2534
31%
5%
70%
534
130
130
11
12%
77%
12
73%
122
340"
391%
36%
7%
8%
31
16
130
132
16
76%
125
12%
12%
71
75
123% 125
131
137
136
150
130
338* 379" 365"
31
7%
51%
56
14%
17%
14
15%
2%
338
43
52%
2%
44
9%
13%
12%
8%
9%
2%
13%
17%
..100
19%
...100
54%
23%
57%
378
10%
12%
278
9%
16
9%
8%
1678
18%
50
54
8%
—..10
2%
30%
33
2%
30%
65
69%
65%
Corp
._*
Ingersoil-Rand
*
.....100 109
6% preferred
*
5078
20
278
1
4%
12%
Steel
Inspiration Cons Copper
Inc
t Interboro Rap Tran v t C..100
internat Rys of Cent Amer_.__*
4
2%
118
109
55%
378
4%
15%
438
5
5
100
15%
18%
..*
2%
5%
..._.*
....
Preferred
Rubber
lnterlake Iron
.....*
Agricultural....
*
preferred
100
Internat Business Machines
Ltd
*
1
International
Cement..
._..*
International
Harvester
*
7% preferred
....100
.25
Int Hydro-Elec series A..
51%
2%
4%
13%
3%
3%
16
2
3
50%
4%
2
7
10
3
3078
6%
54%
9%
1%
43%
278
6%
6%
78
1000
stock ctfs ser A
9%
53
10
Leased line stock
35
49
100
Internat Carriers,
2078
63%
59%
27%
3334
48
25%
30%
.__*
6% preferred series A
Prior
17%
22%
9%
3%
1734
934
3%
48%
15
6
67
2%
Illinois Centra]
Certificates.
41%
1%
2
6%
45
*88%
"7% *10% "10% *13%
1234
25%
31%
5%
...100
Preferred
Internat
14
58
5%
Hudson Motor Car
Insuransharcs Ctfs
44%
10%
58%
4%
10%
1534
412
22%
30%
4%
414
Hupp Motor Car Corp
intercontinental
7%
12
4%
8%
50
4018
138
21
67
32
100
Hudson & Manhattan RR
Inland
2334
21
155
15934 160
13%
71%
125
19%
77%
127%
80
73% 80%
75% 78
73% 81% 77
*
104
114%
107
105% 106% 10778 108
..__* 104
6%
8%
534
7%
7%
7%
8%
9%
..*
8
634
6%
8%
8% 10
9% 11
5
Holly Sugar Corp
*
Homestake Mining
100
Houdaille-Hershey class A....*
Indian Refining
Industrial Rayon
20%
22
21
.....
Chocolate
sec
4
40
23
73%
*
125
100 124
Powder
Hollander (A) & Son
RR
134
23
100 142% 142% 147% 150
.._*
....
preferred
Class
21%
"l6% *19% "17%
25 127
Preferred
Holland
4%
1%
7%
51
18%
90
7%
1378
112
104%
30%
121
14%
113%
_
*
7% preferred
Conv
9%
15
14
104
1
......
Hercules Motors..
Hershey
6%
4%
11
105
*
Helme (G W)
Preferred
36
1%
20
14%
67
100
2%
24
75
*
Body
Hercules
35%
23
4%
6
* 101
Hanna (M A) Co $7 pref
$5 preferred
preferred
Havana Electric Ry
Preferred
1
1%
63
100
Harbison Walker Refrac..
Hazel-Atlas
30
....100
Hahn Dept Stores
Preferred
6% preferred
Hat Corp class A
35
19
100
Gulf States Steel
Hall
1%
...100
Gulf Mob & Nor RR Co
Preferred
1%
7%
2%
15%
5%
35%
16%
88
31%
10%
5
Sugar
5%
334
18%
92%
7%
27% 33% 32
22% 29
32%
24
31
35
3734 33% 38%
33% 31% 33% 28% 34%
33% 35% 34
26% 313g
30% 35% 31
11
12
11% 13
14% 13% 15% 14% 16
1178
1034 12%
13% 12
10% 11%
9% 1178
12
18% 22% 20% 27% 22
27% 26% 33% 31% 35%
16% 1434 21% 20% 2234
10i8 1358
9% 13
113s 17
1784
28% 30% 27% 30% 28% 34% 29% 33%
28% 31
27i8 303s 29% 32% 2878 3078 2734 30
28i4 3178
3134
293s 27
131
135
131
133
134
131%138
129% 134
139%
132% 140
131% 133
125
123U132
130%135
12314 128
127l2
12612
3514
1278
34
Preferred
22%
85%
6%
48%
2
11%
4
21
29%
2038
21
Guantanamo
78
4734
Green (H L) Co.
Greyhound Corp (The)
1834
82
41
36
15%
87%
4%
2%
3%
2
2%
3%
3%
4
2%
16% 22
18% 20%
*15% 17%
15% 17
115% 116% 115% 116%
117% 117% 115%116
104
105
51
2078
45
2%
3%
17%
117
55
-
16l2
178
15%
117
46%
42
30
18%
90%
59
65
60
40
64
35
48
42% 49
38% 37% 45% 42
30% 33%
31% 37% 34
107
110
107
110% 107%111
107% 109% 107
""7% "884 ""7% ""93 "8%
4834
70
17
3
8%
3%
36%
30
19% 16%
93
*87%
4%
5%
%
23%
Rights
(W T)
35%
1%
514
2i4
"7% "
118
116
120
43
21
2%
7
3%
2034
234
678
378
""778 " "912 ""§" "9"
47%
334
38
117
111%117
117
81
25s
44
214
534
114
41
23
*
<*
Conv preferred series....
Granite City Steel
Great Nor Iron Ore Prop
Great Northern Ry pref
40 s8
50
314
714
5
2934
Grand Union Co trust ctfs
Grant
"712 ~
100
7% preferred
1st
116l2116l2 *11358 11612
1147a 116
Preferred
40
•
1634
86%
.........
'
High
High Low
Low
380%
372" 400"~
57
33%
7%
5634
1334
12%
234
2%
33
8%
49%
45
40%
1478
71
15%
3
56
3%
334
8%
7%
8%
9%
634
87S
2%
34
178
12%
3%
12
10
15
18
45
40%
51
....
40
8%
4%
6%
2%
3278
70%
2%
24%
60%
2%
31%
2%
24%
2%
2634
66
66
77% *75%
46%
2%
52%
46%
234
434
54%
9%
1178
2%
23%
127
120
55
3%
478
16%
4%
3%
18
2%
4
3%
434
834
2%
14%
3%
3%
12%
16%
178
4%
234
3%
2
2%
2%
10%
1%
434
160
139% 140% 140% 140% 138
162
158
19%
234
2%
2%
27%
24
28%
88
82
95
127
127
127
2%
26%
8934
130
64%
58%
65%
65%
4%
278
3%
234
634
12
5
159
159%
14%
6%
12%
6
5%
1134
2%
2%
9%
1%
3%
10%
9%
3
178
4%
27g
....
3
4%
1378
2
14
234
«
3
12
2%
3
934
2
2%
30%
2%
26%
2%
31%
29%
96%
92%
97%
96
33%
2%
83"
89%
2%
33%
137
5%
120
129% 137%
160
160
160
158
83%
3
2%
5
6%
6%
6%
14%
3
13%
3%
2%
19%
3%
3
13
12%
15%
2%
8%
3%
2%
2%
29%
2%
36%
2
"87%
4%
6
18%
2%
2%
100
114
130
104
130
5
6%
7
4%
5%
578
5%
4%
6%
5%
5%
3
4
5
334
2%
3%
2%
4%
3%
3%
3%
4%
334
28
31
31
27% 32
37%
36% 26
41%
3334
42% 36% 42
36% 33
184
183
17678 1847g L79
157% 175% 171%184% 168
149%153% 151% 161% 15134 161
4
5
67g
/5%
5%
7%
5%
434 *6%
5%
4%
4%
3%
4%
6%
6%
30% 2678 31
28% 327g 28% 31%
27% 33
26% 29% 2278 26% 23
27% 25
50% 56%
35% 40% 38% 44% 37% 46% 44% 53%
37% 4378 38% 43%
34% 40
146
140
152
135
149%
145% 147
145% 148% 143
139% *137% 140i,i 139% 142% 140
2
1%
134
2%
2%
4%
1%
1%
2%
134
2%
27g
1%
2%
2%
2%
4
1377g 135
159%
187g
53%
3%
47g
334
160
138
130
160
141
25% 22% 27% 25% 33% 30% 36%
24% 21% 24% 22
25% 22
82
85
90
78
85
80
8034 86
88% 82% 87
88% 85
85% 82
125
131
123
128
127% 125% 128
122% 124% *123 127% 125% 127% 126
122% 128
121%121% 121% 121% 121% 121%
78
78
80
75% 78
74% 8~o"
"76% 79"
7834 81%
77% 80
*76Vg 79
79%
112
112
116
108
112
118
112
114% 112
114% 116
109%112
115% *113 116
30%
1178 15%
16% 24%
22% 27% 26
9%
14% 19%
7%
9% 14%
7%
978
8
8%
7% 10
8%
9%
9%
8%
7% *8%
8%
9%
8%
7%
9%
7%
19% 23%
398~ 4~i*2" 400" 409 ~ 390" 405 ~ 380" 385" 385" 409% 392" 402% 390" 448" 428 495
40
42
39
34
38
40% 42
41% 39% 41%
39% 41%
33% 37
37% 42
12
27% 31%
11% 14%
1434 18%
17% 20%
19% 23%
20% 25% 25% 30%
15%
73
71% 71%
60% 62% 62% 63
62% 68% 64% 67% 66% 66% 67% 70% 70
12
13% 17%
14%
13% 16%
13% 15%
12% 14
4
6
7
3
7
2%
2%
3%
2%
'
2%
2%
2%
2%
2%
3%
48
48
53%
54% 52% 58% 51% 60%
5134 4734 50% 44% 49
45% 53% 49
3
3%
3%
478
234
278
3%
4%
234
3%
3%
5
3%
3%
3%
4%
8
9
8 34
7
10
8%
8% 11%
834 10%
11%
9% 13%
7%
734
8%
7
7
8%
12% 17%
14% 16%
14% 17%
7%
9%
9% 11%
8%
10% 1478
1S4
1%
1%
2%
2%
2%
1%
2%
178
3
3%
1%
2%
3%
1%
1%
11
1234 15%
13% 16
12% 16%
14% 20%
18% 22%
10% 12%
15%
13% 17%
22
15
21
16
23%
18%
1934 22
18% 22% 21% 34% 31% 38%
24%
23%
49
52
53
52
54
60
56
56
53% 55% 52% 55% 52% 54
54% 59%
8
7
6
6
9
12
7%
878
15
6%
9%
6%
8%
8% 13
5%
17%
73%
4%
7%
140% 139
2%
3%
30
34%
*112% 121
130
95%
7%
6%
23%
3%
2%
14
2%
8%
88%
3%
2%
99
125
~98%
108
5%
534
8%
6%
5%
18%
2284
2%
2%
12
17%
2%
2%
3%
3%
4%
2
1%
3
27%
115
5%
7%
97
5%
31%
120%
128
106%
7%
6%
6%
6%
22%
16%
18%
3%
278
3%
7%
3
2%
3%
11% 17%
16% 20%
2%
2%
2%
2%
2%
6%
6%
7%
,7% 11% 10% 13%
2%
2%
3%
3
378
3%
3%
4%
28
32% 27
38% 27
37%
32% 28
177
187
171% 183
178% 182% 177
190%
6
5%
6%
7%
6%
8
27
30% 26% 31% 31% 36% 3l"
35%
53
60% 54
6038 56% 65% 59% 627g
140
147
143% 147
154
145%151% 151
11%
178
2%
9%
2
3%
4
2
3
3
3
3
2%
3%
2%
2%
2%
234
178
3%
6%
4
278
2%
2%
2%
5%
3%
5
3%
5%
Internat Nickel of Canada
*
22% 24% 22% 24% 22% 24% 2378 27% 27
31% 31% 40% 39% 47%
29% 27% 287g 26% 28% 27% 29% 287g 31% 29
125
Preferred
1287S 130
129% 124% 127
—100 125%125% 125
126% 126% 130
12378 126
123% 127
1257g 126% 124%126
125% 130% *126 132
2
3
134
Int Paper & Power class A
178
2%
1%
2%
178
1%
1%
2%
2%
1%
134
1%
1%
278
3%
2%
*
178
2%
4%
3%
5
1
1
1
Class B
*
1
78
34
78
1%
78
%
1%
%
%
%
%
1%
1%
1%
1%
1%
2
1%
2%
3%
1
%
1%
Class C
34
*
78
%
%
78
%
%
%
%
%
%
1%
34
78
%
1%
1%
%
2
1%
2%
7
7
Preferred
.....100
9% 12
6%
934
9%
8%
9%
4%
7%
5%
578
7%
9% 12% 10% 16%
13% 18
13% 20%
18% 287g
24
26
Internat Printing Ink
2734
24% 22% 24% 22
21% 2334 22
2534 *25
2838 25
35% 35% 42% 40
* 21% 23% 22
30% 29
4234
101
104
104
108
105
106
108
Preferred
105
...100
98% 9978 99
99% 10034 101
105% 104
106% L04% 107
103% 105
108% 107%110
29
31
International Salt
* 29
,*31% 29% 30% 29
3234
3234 36% 32% 34% 31% 36
29% 31% *29% 30% 25% 29
25
25% 28
27
44
International Shoe........—*
*45% 43% 45
42% 44% 42% 46
4434 47
*45% 46% 45% 48% 46% 48% 45% 47
45% 48
47% 49% 47% 49
17
16
18
22
19
international Silver........!00
21% 23
21% 28
17% 1834
22%
19% 25
22% 18
25%
19% 21
23%
17% 23%
17% 20
75
69% 72
57
60% 6834
70
73
6734 74% 62
70%
6234 68
66% 71%
64% 70%
68% 78
77
7% preferred
100 70
56% 64
Internat Mercantile Marine
*
...........
'
....
•No
par
value.
a
Optional sale.
c
Cash sale.
x
Ex-dlvldend.
y
Ex-rlghta.
X Companies reported in receivership.
71
Chronicle
Financial
Volume 142
1935—Continued.
December
November
October
September
August
June
July
May
March
April
February
Low
Hioh
Low
High Low Hioh
Low
Hioh Low High Low• High Low High
High Low Hioh Low High Low High Low High
January
STOCKS
Low
$ per share % per
Par % per share $ per share I per share $ per share % per share $ per share S per share
85S
10l2
—1®°
75
8478
65s
Coal............1
———————1
34
Interstate
Preferred
6I4
Intertype Corp
Island Creek
Preferred
—
110
Preferred
RR 7% gtd.100
Jones & I aughlin Steel pref.iOO
Kansas City P & L 1st pi ser B_*
Kansas City Southern Ry__100
..._100
Stores.—$ 12.50
Preferred
Kaufmann Dept
pre!..100
tKelly-Sprlngfleld Tire.
5
6% preferred..
Kelsey-Hayes Wheel cony cl A.l
Conv class B—
1
pref series A..*
7% preferred
—1
10C
*
-♦
preferred
—
Kress (S H) & Co
Kroger Grocery & Baking
8%
J00
Laclede Gas
.._...-.--l®0
Preferred
49
57
52
46i4
—7
7l2
8
,
334
65s
85g
6ig
9
19
16
38is
55i2
205g
2978
28
3114
25i2
1034
13i2
115g
15
2114
14l4
193g
2712
247g
2814
133g
I8I4
1178
1934
153g
2458
2234
145g
21
117g
1214
1414
1358
1512
23i2
135g
1334
14i2
8638
1534
10
1014
105g
50
......—--50
Preferred
*
5
(The)
Lehn & Fink Products Co
Corp
Libboy-Owens-Ford Glass....
Libby McNeill & Libby
9078
90
92i2
91
94
86i2
1858
24
2238
26%
2278
2678
263s
2912
27
303a
12
17
15
16
161ft
19
21
47g
3314
4
358
25
27
21&8
2012
35s
4
4
2
60
60
60
4l2
334
3%
43g
3514
17
17i2
16
18
17
27i2
30
25g
334
34
28
19
35g
18l2*21
6lg
43g
5
3l2
29
39i2
5
32l2
41
34
612
30l2 285S
25
273s 26is 2734 2412 273»
243g 237« 253g 25U 26i2 2558X2714
10514 109
10734109
111
X10914 111 108% 111
109i2 10914 11112 110
107
3
55
19
373«
22
24i2
109
106
106i2110i2 103i2113
378
314
153g
2i2
3
2l2
....
....
65
3i4
65
3
5
3
70
70
70
358
3i2
80
75
6
63s,
75
*8*0*
75
75lS
80
7634
6912
61
63i4
56lg
63
5912
60
653g
6312
24i4
29
28
3014 *30%
27
31
2512
2534
27
2214
79
28
76%
2338
64l4
32%
6214
24l2
647g
25l2
60
2612
60*8
2534
58
23i2
563g
2314
6II4
2834
21
20
12
16
12
17
20
14
19
15
2314
21
27
I8I4
22
16
21l2
20
22
271*
15
18
19
20
2618
30
1914
26
20
275g
30
27
40
41%
46
4012
40i2
36
40
26
2212
24l2
684
812
6
26
8
11
2378
24%
28U
213g
22
28i2
22
44
2458
35
2634
28ig
28i2
27
45
31
26
40
28
6
8
28i2
9
1034
1278
12i2
7
8i2
1112
24
5'2
9i2
2634
25
2778
6i2
5
53g
10&8
173s
14
1514
105g
133g
13
96
92
99
98
98
98i2 100
6I4
1012
5
75g
178
lll2
278
8U
112
2
6i8
lh
10
1212
8i2
25g
IH4
6i2
87g
6U
6912
74
6912
7434
67i8
70i2
15i2
28i2
15U
I7I4
3234 x26i2
17'8
30i2
14i2
21i2
27
673g
15ig
215g
2i2
16i2
9i2
14
26
534
10
1134
8
2
15i2
99
H2
8
5l2
7538
74
534
117g
14
985s 100
8I4
65g
14i2
15
8934
734
2
6U
75
16U
1484
1534
1434
27h
2334
297s
2714
26%
22i8
5%
6%
6%
11%
9%
984
14
15
100
814
80i2
I6I4
3H2
8%
778
218
2
93g
80
9134
1078
1538
29
38
23
2112
2H2
12
834
90
714
11
1034 1334
9934IOOI4
9U
1113
99l2101 \j
8i2 1034
2I8
234
958 11&8
89l2 9538
100%
678
7
7
914
14
12
101
158
85g
lh
7914
2214
100
147g
102
612
2
59%
1078
3%
13%
95
7i2
1%
934
87
1334
11
1234
10l2
38U
123s
*34
6%
34
4038
3738
638
7i2
8
938
9U
212
12
94U
1378
4914
95g
28
26
7l2
10i2
1212
9934
8is
2i8
11
9058
123g
4412
8i8
24i2
8
7h
1314 lih 141*
1414
I6I4
153S
*106i2107
103
8
1034
IOI4
3
2i4
314
12l;> 15l2
1534
8958 9512
9534
24
2278 2514
22
2358 2234 2358 23
217g 24
22i8 2414 2178 2314
111
116
111
114l2 114
112
noi211334 113% 118% 117i2 120
9414 10634 106
95i2 105
112
115
122
116i2 1123411634 112
113
105
10834 113i2 109% 118%
9334 10734
95i2 IO6I4
159
159
160
164l2 158U 16438 158i4 161U 160
160
160
167l2 157
156i2 157i2 15812167
21
23
105
107i2 103
*
89
2034
1934
109i2 10378 107
Liquid Carbonic
Loew's, Inc
9U8
17
24
102
*
*
88
19i8
21
102
Lily Tulip Cup Corp
Locomotive, Works—
Link Belt Co
96
17
12
2358
152i2 156
....-.----------100 15112154
Lima
95
92
91
88
21U
28l2
25
B
1234
93
1738
1934
-2*
Liggett & Myers Tobacco
1314
88
1834
23
*
-5
Life Savers Corp...
167g
90
22
65
lh
165g
1434
117g
314
267«
3
h
60
IH4
—
.-..-----100
Valley RR Co
.50
Valley Coal
6
4i2
3314
3
2914
2534
1934
lh
75g
163g
56l4
80
1714
22
17U
*471*2 ~5~6~~
80
2214
947g
45
85
133s
165g
10U
145g
42
80
16
84
109
H4
30
9018
231?,
18i8
4
13g
26
70
2034
95
3i2
.76
2014
273g
1714
155s
106i2 112
71
17%
257S
H4
I8I4
9212
111
69
934
19U
28
19
95
2014
69
105g
193g
9034
28
65ig
17
8
I6I4
22i8
13'2
314
217g
24
13
334
38
19
10i8
15
334
20»8
2II4
163s
4I2
I8I4
4
""l3g
127g
1884
19
118i2 12014
9i2 14i2
1634 22
7
13g
3
i"
1538
20
701*2 "91*
*9*3""
83%
1181a 118i2120
534 10
65g
13
4
11
'
1834
65ig
5l2
78
6
4
1912
64
58l2
8i2
7
15ig
1714
114
13is
6
10i8
118
*6% "*8~~
147s
29
26I4
9912 8712 9512
88i2 85
12412 122l8 126l4 12214 12612
76l"2 8*4*14
761*2 "84T4
83
114
59l2
54
15%
77
38
7i2
53g
.58l4
share
14
1278
135s
113
113
per
12
878
6
11
2434
2778
115
54
per
.....
63
5
16
27
6434 77l2 71
655g 6078
124
12534 12214 125
125l2 124
49
1^4
12i2
183g
*58* ~60~h
67
38ig
8
17l2
58l4
1173s 118
6
1312
68
52
-
-
~13~12
115
205g
23g
834
-
13«4
155s
75i8
10%
24i2
114
8
1338
11
-
25
114
1734
ll4
9
26%
12%
28
16i2
34
34
2714
IOI4
1314
747S
88
10l2
10
17U
638
86
1234
lli4
1478
13
16%
90
11
93g
10
7i8
lh
123s
81
13i2
27l2
10&8
19ig
4U
7ig
10
165g
878
1612
84l«
73
73
"5834 7378 "70* 8214
5514 60
120
118
118
118
117U118
8
6
5
5
638
6I4
612
8
914 1338
9l2
1034
814 101s
11
12
1678
14l2 14
12lg
10i8
34
8i2
Preferred
Preferred
mmimm
63i2
12
9
105s
44
55
61
52
64i2
6ig
95g
70h
share $
814
1178
13
share %
per
share $
95s
1258
984
14
95g IH4
858 10i8
93g
28
27
31
25i2
29i2 25
110
110
120l2 11312116
I20i2 116
58
66
55
60
54
53l2 59
118
*834
8
11
I0h
914
9i2
95«
50
13i2
8i2
1634
1238
1034
75g
75
87S
71
130
6OI4
9i8
515g
5378
38i2 4634 403s 483g
12234 124i2 124
12334 12234 125
117i2124i2 120
122
130
634
45
55
120
30i2
1134
.
1155g 11558 115U 116i2 117
—-
-
Lehigh Portland Cement
Class
57
5358
73
56l2
2678
Bryant
Lee Rubber & Tiro
\
11212115
mmmm
...........
(The)
Lane
Lehman
29
119
458
-10
100
Kresge Dept Stores
Lehigh
7h
34
118
33
8% preferred
Kresge (S S) Co..
Lehigh
mm
115
16i8
10i8
Kennecott Copper..
Kimberly-Clark...------—
(G R)
Kinney
Lambert Co
77s
6i8
mm.
16i8
Keivlnator Co..
Kendall Co part
34l2
57
1534
Kayser (J) & Co
Keith-Alt»ee-Orpheum
12
75
*7*"
31
—* 4834 5738
1®® 12112 125
Johns-Manvllle
i
"*61*4
111
JoUet & Chicago
9
12i8
8I4
6i4
9U
778
558
x75
10
.
36
54
—
Jewel Tea Inc......
914
712
978
1234
*
Department Stores.*
International Tel & Tel
2212
1914
17
187g
1678
185g
17
19l2
1678
16i2
2084
1312
1634
16
18
16
17
18
20i2
28i2
325s
19
23
40
19U
18is
175g
1812
24i2
1612
24
181S
2014
1714
4284
173s
2034
16
34
18
1512
2078
3378
19%
233a
28
2412
3978
3278
2H2
35i2
1812
247g
43
3578
_
13i8
4884
1038
2958
111{»
1278
435g
87«
26i2
47
1181s 104
10
29U
llll2
10412 11312
16412
163l2 160
119
175s
225g
40i2
3234
2334
27&S
4278
19l2
23i2
40
223g
2578
4134
3712
547g
10712
2%
43«
40%
26i2 34
2514
19i2 2H2 20
1718 21
20i2
19i2 22
363g 3412
2934
2934
3312
30% 3478 29
24I2 2734 2758 30i2 2734 3178 29
25U 30
3078
50l4
48
55i8
45U 4034 50
4234 41
38
375g 417g
42i4 38% 44% 39
35ig 3914
32l2 36i8
3112 3438 3114 3678
106i2
108
*10378 107i2 1045s 10512 10538 107i8 xl05i210834 10578 1065s
10634 105
1065s 108i2 106
104i2 10314 107
102i2 1045g 102
Preferred —...............
2
2
238
112
25g
13s
15g
1%
1%
1
1%
1%
1»4
1
H2
lh
Us
n2
13g
lh
.1*4
134
1U
Loft, Inc
2h
2ia
314
lh
2i2
15g
23g
214
1%
138
134
lh
lh
178
1*4
15g
178
2h
H4
1*8
H4
158
23g
Long Bell Lumber A
*
38
4078 38i4
36i2 39
3714 41
35
33
33i2 35
34i8 4H4 3914 415g 37% 41
34i2 36i4
33i2 35U
Loose-Wiles Biscuit Co
25 34i2 36
11978 122
121U 126% 12H2 126
12634 130
126i2 127
126
127i2 127i2 126^4 130
127i2 129
1st preferred........-----100 126
112
10778 IO8I4 10734 107»4 108
5% preferred-..---—100
25U 26l2 23i2 25%
2414 26i8 2334 26
22
25%
20% 243s 24
1978 215g 20
1878 2114
18i2 203g
213s
193s 2078
Loritlard (P) Co
-10 19
145 *14978
145
135
13984 138
14434 134i2 140
124
133
139
133i2 140
139l2 13812 140% 139
133
12614 133
Preferred
..........---100 13012 I35t2 130
h
1%
So
5o
84
H4
12
78
58
58
3s
78
84
1
32
lh
34
13g
h
1
lh
13g
34
178
^Louisiana Oil
-*
15 !
9
7
7
9
13i2 11
IOI4
8
734 1034
6%
87S
lih
834 13
412
87g
8h
75g 123s
714
6H% preferred
......100 IOI4 14i2
20
2H4
1978 22
1834 2H2 18i2 2034
1734 19% 18l2 23i8
I6I4 19
Louisville Gas & Elec A
.* 12i2 14ig X12U 1314 1038 13i2 13i2 163s 15i2 17U
6434
46i4 455g 62i8 56
40i2 4634 40
38
4434
34
4212 40
4134
41l2 39
4512 39
40
4034
4414 34
47i2 39
Louisville & Nashville RR...100
x23
25%
17
143s
16J2
14ig 1712 I684 23% 20% 2434 22i2 26l2 235s 26i4 2314 25l2
Ludlum
Steel-...-.-.-.--.—-1 1512 I8I4 14l2 1712 1284 1512 13
1241s 130
130
135
12784 132i2 127
107
104
116% 124% 120
96
110
110% 120
10378 110
997g 100
Conv preferred
...
* 90l4 10112 99i2 103
*
Rights
—
MacAndrews &
Forbes....—10
preferred......-—---100
6%
Mack Truck Inc
36l4
40 84
512
634
6i8
7ig
—10
50
185s
Co——.——-*
100
—100
100
7% preferred
7% preferred—...
Bros—
t Manhattan Ry Co 7%
Modified 5% gtd
gtd—100
100
Manhattan Shirt—..—.....25
Maracaibo Oil Exploration
1
Marancha Corp—...........-5
Marine Midland...........—5
Market Street Ry Co
100
100
Preferred
preferred...—.——100
preferred-...
100
Prior
Marlln-Rockwell Corp (Del)
—
Marshall Field & Co
Martin Parry Corp
—
1
*
*
1912
22I4
2H2
31l2
57g
20
3784
6I4
2214
30i2
6i2
2214
2
13g
2
1
197g
1?8
13
934
163g
7
Us
2
19ig
23i2
1858
22
3714
34i2
41
37
437g
7h
67g
30U
Class
4
612
32
5
h
25g
11
18U
11
lh
414
414
5i2
5
6I4
434
3
33s
3
3i2
1212
32
1912
14l2
16i2
1214
22i2
75s
2412
7h
2
32
28i2
334
4
1
1
20
22
95g
634
9
6
Mead
77g
8i4
5
lh
20
5
1*2
24i8
113s
712
8
103g
7
5714
69
66
%
4l2
27g
634
6
1034
ll2
H4
24l4
738
10
914
63i2
7U
67
8
5U
714
29
27U
3078
2914
7U
6i2
31
60
65
8h
42
4558
41
99
9414 IOOI4
97
IOI4
9ig
87g
4458
105
812
638
8
6I4
73g
44i2
39i2
45
3514
41i2
8914
1%
30i2
9lg
4
10%
178
33
5
3034
28
44i2
88i2
84
3l2
8%
13s
285g
8%
6
4
38U
90
26i8
87g
7
9H8
"1*5*^ "i2r2 "1*414
88
lh
22h
6h
97
39U
1%
%
7
43
7
2334
1378
4
814
8i2
87s
1434
2%
53%2
8%
67g
8i2
834
295g
84
lh
Ids
Melville Shoe Corp
Mengel
Co
—
Merch & Miners Transp
437s
1%
5i2
H4
8I4
6
4i2
7
658
5
277g
28i4
35s
1278
24is
28
5
Petroleum—10
*
3
Copper..
Mid-Continental
28
Co—--
Mesta Machine Co
45"84 "42"
13s
333s
938
5l2
32
29ig
30lj?
2938
87g
9314
93
94l2
113s
9334
"1*314 *12*
9984
66
2734
1414
15s
1912
234
20l8
17i2
2i8
83s
12
234
9i2
134
65s
878
1%
67g
134
8i2
12
212
8i2
134
78
2®4
1012
is4
4012
17
16
3
53%
35g
28i2
2534
565s
4%
36%
3
55
99
178-
1212
138
3684
12is
2%
4234
1414
218
3834
878
10l2
14
4&S
8i8
6is
838
7i2
11
32
30i8 3338 31l4 3378 2912 32%
151
156
147l2150
14784 154
148
53
5574.
5734 52
545g 49% 5414
20
15i2 17%1278 153S 15
1434
54
497s 5334 4914 50
503s 49
3334
103i2 103
112
111
1214
112i2 113
1412
1155s
1434
378
11
25
22
2534
243s
/ 27
26
2714
25
253g
22
2738
32
2778
31
28i2
31
28
3138
30
3538
2634
27
28
27i2
278
28U
4i8
27U
33s
2734
2738
37g
IH4
1134
lOig
85g
12i2
123g
10
1378
1178
3i8
IH4
934
60i8
64
61
8712
8784
95
9312 102
67
78
78
8384
81
91
89
IO684 108U 108
110
108
314
123g
13'8
61l8
58
62
60
7234
105
106
105
212
912
8I4
3i8
3ia
23
1112
4U
39
2534
c
32
j
8i8.
5914
33i2
37i2
4138
37
425g
37l2
6034
5n2
23l2
2414
2512
30
3234
3534
3238
39i8
5
8I4
617g
127g
16
3
;
31
7
7
10
12%
3i8
1038
15%
19i8
16
100% 11212 109
5
(
51g
5is
6is
14
17
10
15i2 20i2
97s XI4I4
115s
21
247g 2014 2314
19i2 24
19l2 2434
1978
110
110
115
116l8 109% H478 110i2 113
115
478
55g
6'8
1034
106
10634 110
Cash sale.
x
Ex-dlvidend.
v Ex-rights.
98ig
98
*11114 108
6
'
85
called..
Optional sale.
55i2
2712
6OI4
30
42
4&s
61l2
27i2
438
64
37
35
28
61
53
5312
25i2
9712
65i4
5834
534
60i2
3018
30
100
Milwaukee Elec Ry & Lt pref 100
Mlnneap-Honeywell Reg Co
*
6% preferred series A
*
97g.
10
2334
378.
45%
9
*14*" *111*4 "l3% "161*2 "1434 "l27g "l4%
9934110
25l2
27U
2&S
1034
lOU
33s
2512
65
a
59
23l8
191*
234
55
2134
15is
8%
,
57g
4H4
2434
414
31
137g
value.
IS4
1214
27i8
112
6
13s
30
114
66i8
7
1%
3512
11%
7
Ills
712
4434
*4378 46"l2 *4478 4~8*U *4458 "53""
3
70
par
4412
378
5
1112
No
IH4
3784
11
335s
62
Preferred
55%
6%
884
56%
12i2
9'
878
512
li4
7i2
IOI4
22
3
13s
2934
9%
2034
2212
334
Midland Steel Products..
preferred
9l2
33
58
30
1434
134
8
"*81*2 *9%
1
1®4
5%
64%
25g
23
28
Metro-Goldwyn Pictures pref 27
Miami
"42"
558
38i2
* "4l"
4
'
100
Preferred
45
148
148
148
150
14684
146l2 148
518s
4612 5212
40&S 44i2 4134 4634
1178
714 12ig
lli2 1434
738
8i2
4578 50i2 48
5034 4734
3912 4312 4212 46
48
50
50
55
55
49%
49
50
4712 X485S
40
4212 46
4H2
4214 4412
102
103
103
10034 102
100
10H2 100
93
973410112 9834 102
9734
9534 103
3078 35i8 325s 3412 31l2 34%
35
29
30% 32
32
3512 32l2 3514
29U 333s
13
1478
10
1034 14
III4 1438
1214
9
9
934
8h 13
7h
113g
1012
1284 143g
113s 14
1034 133s
978 lll2
93g
•73S
8h 1212
8i2 10i2
83s 10
85
100
105% 111%
98i2 104
91
65
76
70
75h 8412 82
74ig
"l2" "l*3i2 1214 15l2 1478 I684 1512 1984
8
7h
9i«
912 14
8i2
8>8
8i4
37
403g x34i8 37i2 3334 4014 37i2 417S
40
4058 447g
4314 *3734 41l2 347« 39
119
126
124
131
118
123
118
122
127i2 II8I4 126
10H2116
10934 11612 113
9
1034
678
9
734 IOI4
6
6
638
838
6
634
77g
7»a
678
578
5412 5034 543g
eo re J? 42
32
3678 45% 3914 533s 49
3638 3212 3714 34l2 3834
38is 40
40i8
65g
87i2
89ig
35i2
7
53,32 53,32
73s
8%
84
1
....
*91*4 T3*l4 "*8i2 *1*0*58 **958 "l*2"i2 "97s *1*3*14
85i2
5714
33
97l2
*
Preferred
♦
3178
9
12ig
4i2
478
5218
834
Corp
'
1st
28
13
1 "l2*
100
32
48
273g
1234
'
5
III4
9i8
52
I95g
734
h
214
255g
35
1%
534
h
34
37
534
h
mm mm
434
203s
15
2
8%
h
914
37
17%
12%
ll2
534
H2
458
6*8
8l2
33is
33
55g
3
47g
wummm
3214
187g
12i2
23g
534
lU
4l2
514
6
5518
36%
118
584
1>4
7
65S
6
15s
5
47
1058
5%
512
3g
1
4l2
514
h
812
734
5%
5%
3214
1
6i2
512
11
5
4i2
178
li4
3i8
16
6h
7
1
618
29
51l8
9
333s
%
1
45g
1784
4612
50
10
35
515
1
11
53g
4234
—
42%
81S
31l2
4%
33
63g
37
pref
8%
3478
H4
8I4
33s
10
1
9012
7i2
Stores..
45%
31
912
14ta
29
4l2
378
Vs
2214
59
h
1134
10
13g
Plate..—.——*
McKesson & Robblns
5
Conv pref series A......
50
conv
325g
19
'mm-mm
"131*4
22
514
81*
3658
$3
41
6%
7
lh
6U
33s
10
1
Co—*
Mclntyre Porcupine Mines
5
Preferred
38
%
38
41
40
3778 4312 3934 42
4212
4278 4534
4178 46
127
125
127
124
128
127U
127
130
12812 129
12512 128%
1834 24% 205s 24l2 2H2 255s 20U 2534 2H8 2658 2434 3084
5
214
434
578
McGraw-Hill Publishing
McLeilan
lh
llSg
15g
7i2
178
lh
9i8
McKeesport Tin
84
6U
11
65g
1J2
28i2
984
100
29
li4
514
"341'S "3*6*12
217g
1314
178
5i2
6
78
4i2
36
17l2
*
6% preferred
65g
36
7S
7h
1U
578
*
B
287g
7j8
13g
13g
10
2334 2712
2Qh 3038
275s 32
Mathleson Alkali Works....--*
150
148
14512 148
7% preferred.....
100 136 143 14412 148
36l4 4134
357g 4114
3934 44
May Department Stores....—10 4H4 44
7
7
63s
6i8
7ig
5&S
65g
512
Maytag Co (The)
*
4012 42l2
3912 3778 43
Preferred with warrants
* 33
3658 35
41
37
34
36i2 4212 41
$3 preferred ex-warrants
* 32l2 35
89
90
92
90
x8878 90l2
$6 1st preferred
* 84i2 91
t McCrory Stores A
130
*126
126l2 130
78
25
McCall Corp
4334
515
458
} Manati Sugar
2nd
46
4414
Mallinson (H R)
Mandel
4212
4318
38t4
Magma Copper
Mahoning Coal RR Co
40
45
43
437g 4514
11712121
116i2 116i2120
11312 11312 113
2078 25
2512 28is 2412 2678 2034 24l4
40
Inc.—
•
Square Garden v t c—*
Macy (R H) Co
Madison
x27
105
10H2xl0358
109%
108
109
85
xl26 147% 140
128
96i2 103l2 100
108
10634 108
107l2 IO884 106l2 109
105U 10514
t Companies reported in receivership.
150
10878;
Financial Chronicle
n.
4
i
1935—Continued.
October
March
June
September
July
August
May
February
April
High Low High Low High i
High Low
High Low High Low High Low High Low High Low High Low
January
'aw
mber
High
——
I VtT share % per share $ per share S per share $ per share. S per share
4%
534
34%
%
4178
%
4%
33%
%
5%
40%
%
1
1
1%
1%
2
2
2%
3
1%
134
1%
2%
378
31
484
36%
%
~T
%
4%
35%
%
%
"1%
1%
1%
5%
42
%
1
1%
13a
2
5
3
6%
3
1%
278
1434
4
2
16%
13%
55
60%
12%
2%
56%
2I84
60%
25%
60
64%
%
2334
25%
30%
61
65
61
%
24
%
28%
66
2284
%
17%
28
"9% "11% "8% To%
9
9
12%
3678
48
59
7%
9%
7
56
2%
3»4
2
2%
1
1%
1%
4
2%
3
2
21?
2%
13%
2%
11%
1%
12%
284
13%
5%
12%
2%
334
1%
1%
1%
2
2
1%
134
11%
1678
1%
12
57%
48
3
3%
2%
3%
784
6%
8%
2%
6%
184
1%
1
2%
15%
14%
16%
1%
134
1484
6734
26%
61
65%
2434
77
57
64
65
1
28%
64%
65%
1%
28%
12
3%
7%
1%
2%
3%
7%
1%
1%
58
23
%
2484
70%
24%
6034
62%
28%
8%
8%
10%
9
56%
6I84
57%
10%
61
14%
584
6%
30
8
30
32
15%
5%
7%
278
27%
32
1434
18%
19%
27%
7%
8%
24
5%
684
434
z31
'
12%
17%
22
6%
8%
14
1434
6%
32%
15%
18%
4%
584
7
7%
13%
14
9%
3234
33
11
13%
11%
18%
9%
39%
14%
15%
4%
7%
17
18
15%
157g
15
1834
17
15%
2%
4%
1%
21%
24S4
27%
3334
22%
25%
31
155
80
21% 124%
6%
7%
1
1
%
%
46%
50%
12
14%
41
47%
978
11%
2284
43%
23%
45%
26
48
111% 110
6
5%
23%
14%
884
1284
8
28%
2134
13
25
6%
24%
I684
9%
18%
3%
1%
17%
4%
3434
29%
2
25
28%
7%
5%
784
638
8%
13%
13%
22
28%
51
47
112
112
5
6
6%
15
1%
17
1378
14%
1%
2%
25%
20
5%
4
28%
2678
167
7
8%
1578
1584
24%
145
22
19
13%
17%
15%
12%
6
9%
15%
9%
2%
6%
4
112
7%
IO84
2%
5
16%
7%
23
734
9
7478
3634
71
84
79
31
3734
5534
64%
63%
%
3284
3134
60%
6134
63
63
56%
6234
%
3334
84
28%
27%
%
2634
34
■
9
12
10%
75%
7234
17
934
37
14%
22
33%
7%
734
678
15%
27
10%
13%
7934
50
63
64
78
39%
11%
13
1784
884
16
9
14%
11%
10
9%
1134
20U
20
6%
878
8%
62
16%
19%
7
5%
2O84
15%
7%
13%
6%
26%
18%
9%
1534
8134
21%
22
2138
47%
16%
14
17%
16
20%
39%
16%
39
40%
38%
14%
47%
23%
8%
19
10%
9
14%
7%
16%
22%
17
8%
10%
10%
884
18>s
19%
18%
9%
10%
26
14
11%
32% 29% 35%
1
149
148'4 143
16% 18% 16% 20%
18% 16% 18%
15% 17% 1534 18%
17% 1434 16%
108% 108% 108% 110% 108
109% 108%112
1%
20%
2584
30%
3%
57g
25
16%
7%
25%
159
137
9%
h
%
64%
16%
66%
9
934
27%
58
114
8
7
8
5
7%
26%
21%
9%
20%
5%
2384
7
27
25%
2584
22%
8%
135
128
1
£106 108
108
108
106% 108
2
I84
2%
2%
2%
3%
2%
24
22% 28% 23% 2684 21% 31%
28% 31% 2784 33%
2784 25% 2984
175
19%
9%
19
2%
7%
130
11%
23%
6%
11%
6%
9%
I884
4
9
124
136
29% 27
29%
1
190
182% 179
160% 156% 160% 1
1
140
131%135
11%
8% 1034
%
%
a4
%
%
%
71% 66% 74%
19
15% 18%
70
7234 64
9% 11%
10%
11
9% 10%
3234 30% 4134
61
55%
58
114% 113% 114%
5
5%
6%
7%
28%
25
27%
1934
11
23%
4%
1484
3%
7
8
10%
127
120
6
%
8%
2%
10%
14%
%
%
33g
434
4
6%
2%
8%
4
678
%
%
%
%
%
99
6
78
3%
1
5
8%
12%
5%
%
%
12
16%
50
87
50
85
22%
3034
97
35%
1%
6
1%
57% 174%
39
72%
81%
12%
81
84
90
95
31%
1%
34
984
165
2%
-9%
4
%
%
1
6%
5%
784
9%
72
70
75
71
77
70
90%
32%
%
1%
10%
75%
92
90
36%
1
34%
%
39
57
31%
16%
3578
2
28%
165
2
9%
3%
20
60%
3-%
69
10
94
2178
38%
2%
91%
93
"86%
15
20
13%
32%
1078
4%
25
26%
19%
36
1%
9%
3%
278
64%
58%
86%
16%
38%
134
37
3734
1%
2
28
9%
3%
%
884
11%
10%
75
83
69
86
95
80
43
1
34%
94%
40%
1
1
70
95
79
40%
1
37%
%
384
684
3
%
%
72
84
9%
76%
8134
434
9%
3%
%
1
1%
9%
1%
13%
%
%
97%
8%
16%
684
1%
1%
14
80%
90
4%
8%
%
1134
1%
11%
82
75
92%
84%
95
99
96
36%
38%
36%
1
1
100
84
40
1%
4
5%
12%
z20
10%
4
23
20
9%
1%
10
15%
20
3%
36%
1%
20
9%
178
17
38
1%
22%
12%
2%
22%
40
40
40
1%
25%
1%
29
11%
1
134
29
14%
2%
1
12%
1%
1384
22%
14%
17%
37%
1%
25%
1034
1
2
16%
23%
6%
284
13
68%
51
70
83
84%
80
84
85
96
9884
92%
97
102
36%
1%
39%
1%
"""% "l"
99
99
99
99
1934
17%
43
19%
44
184
13%
41
16%
41%
1%
71%
7234
72
115
117
11934
11% 116
7
8%
7%
884
7%
4
5
4%
5%
3%
11
1034
11
11%
11%
84
%
%
1%
%
8
12
9%
8%
6%
is4
"l6% "12" "~9% "ll "
1%
16%
20%
8
9%
16
2%
%
1%
14
4%
1734
334
1%
1%
17%
3%
15
2%
%
h
13%
4%
15%
3%
1%
i%
16%
2%
14%
2%
78
%
10%
3%
15%
3%
1%
%
16
2%
12%
2%
3%
14
84
%
1%
8%
12%
6
34
3
11
4%
84
%
8%
334
12%
534
1%
%
11
278
11
4%
12%
4
5%
78
%
8%
1%
%
10%
3%
11
13
3%
%
%
8
4%
4%
?8
%
1134
1S4
21%
c
Cash sale.
x
Ex-dlvldend.
y
Ex-rights.
1
28
54%
6%
:02
4%
24%
17%
21%
51%
2
51
26
2978
9%
11%
12
16%
22»4
25"% "
2%
22
10%
92
12%
4
12
17%
4%
1%
1%
12%
634
9% 12
90% 10134
11% 14%
81
10%
884
13%
14
14
17
11%
100%
1634
.07
1
11%
24%
24% 1
17%
85%
54
¥»" i
1734
3%
7%
334
30%
56
18%
21
1
.38
1
10S4
678
11S4
134
20
"l0%
82%
u78
5%
3%
%
%
10%
5
sale.
2
106
44%
1%
78%
84
3%
500
22
1%
95
104
110
112
102
112
91
10984 115% 110% 115
90% 97
126
126
138
130
13534 138
120% 12034 127
134% 132
134% 133% 13434 135
8
9
8% 10%
7%
10%
834
9%
7%
7%
9
684
8
11%
9%
4
4%
3%
434
4%
384
4%
3%
4%
4%
5%
4%
5%
7%
5%
11% 11% 11%
11% 11%
11% 11%
11% 11% 11% 1134
11% 11%
11% 12
%
34
1%
34
1
84
84
%
%
1%
%
78
%
1
1%
5
14
8%
9% 11
9% 12
8%
11% 1584
19% 13
15% 12% 18%
78
"l78 "
99
16%
77
72%
-
2%
78
7%
15%
70
96
62
4%
75
6%
13%
1
"l% '
4%
2%
1%
1234
1%
1%
9%
4
4%
6% 12%
334
4
8%
8% 13%
3%
3%
4%
378
334
4
4%
5%
4%
95
85
100
99
75
77
76
97% 101
7
6%
8%
5%
6%
534
6%
8%
9%
7%
7%
6%
5%
'4% "7"
5%
6%
6%
12
18% 21% 17
I684 19%
16% 19%
20%
1334 15
18% 22
13%
11% 14%
1334 20%
123
122
125
109
125
112
117
122
36
108
12484 124
123% 124% 120% 123%
10634 110
109% 114
5
5
5
17%
4%
6%
534
5% 12%
10% 17% 15
1234 I684
5%
6%
7%
5%
4%
6%
37
31
33
44%
84% 76
82% 76
84%
2234 46
32% 3934 25
40% 40
76% 66
42% 39
45
48
48
52
52
38
42
41
45
38
44
47
38
52%
4934 4984 50
45%
115% 115%
114%114%
80
95
103
104
90
93% £l2284
9334 99% 87
83% 87% 8534 9034
84% 93
89% 9534 94
14
14% 16% 14%
17%
14% 15%
2
1
2
2
1
2
2
2
2%
1%
134
1%
2%
1%
134
1%
2%
1S4
1%
2
4
4
4
5
4
5
8
438
384
6
684
534
3%
4%
5
3%
6%
6%
5%
5%
2
1
2
2
2
2
2
3
234
2%
4
2%
2%
2%
3%
1%
278
2%
384
234
18
22
13% 14%
13% 14%
13% £16%
20% 2534 23% 25% 23% 2834 25% 28% 25% 29
I6S4 18%
19
40% 51%
21% 23% 20% 23
3834 44% 39% 44
23% 23
28% 27% 32% 30% 36% 32% 40%
15
12
17
21
13
12% 15
17%
14% 1784 15% 17%
16%
13%
12% 15%
13% 16%
13% 14
4%
75
5
1334
3%
99
2034
44%
1%
26
1178
1478
4%
"93"
~i§%
10
97b
36%
9%
17%
21%
58%
114% 1
10%
92
95"
10%
1134
40%
5%
34
13%
16
72
5%
91
18%
1%
'4
8334
1978
96%
10%
*95" "94"
11%
%
96%
2%
166% 175
15%
3684
1%
23%
11%
]
13812 ]
[27
125
3%
82%
2%
]
161
28%
65
169
29
205
3434
190
187
16934 176% 176% 186% 185
185%193
196% 1
105
106
106
104
103% 105
105% 107% 105
106% 106% 108
18
18% 2134
13%
14% 18%
16%
18% 24%
25%
16%
19%
50
53
5234 49
48% 53% 48% 53% 49
44% 49% 47
3
3%
4%
3%
4%
334
4%
2%
2%
3
3%
3%
76
92
7784 83
8984 93
91% 97% 92% 96% 94% 9734
7%
778
161
100% 101% 100% 101% 102% 10584
9
11 s4
12
15%
10% 13
37% 42% 35% 40% 40% 4834
40%
2%
3
%
%
76
13%
4
66%
9%
334
478
1
3
3334
3412
11%
22%
10%
158
174
10
r3%
%
%
8%
4%
8%
684
78
97%
8
15%
5%
2%
%
4%
8%
3%
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%
99
70
101
12%
4%
7%
3%
19%
li3i4 1
9%
30%
24%
114% 114%
"% ""
36% '
15212 1
22
16%
16%
18
121%139
15%
77%
1434
7%
734
~16% "
12%
1134
67%
17%
73
27
28% 33% 27% 32%
31%
146
149
14834 148
150%152
134
2334
38
14%
13%
65
18%
17%
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126
43%
55
63
82
14%
3
120
120
%
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37%
30
50
234
13
77
12%
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60%
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17
14%
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116
118
5%
684
~14%
70
7
5
20
"12% "14%
7434
18%
4
5%
%
58%
72
17
1%
9434
40%
77%
2834
13%
20
23
94%
34%
57%
64%
%
52%
2%
18%
15
2%
25%
21%
21
21
24%
16%
1034
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17%
578
7
11%
1%
16
23%
4%
2is4
12
1
684
18%
6234
63s
1634
2%
4%
1%
16
63
4
334
1534
3
5
11%
1%
2%
84
2%
2
2
15%
3%
8
18%
166
18%
7
26%
20%
119% 120
19% 122
16%
784
34%
11
1%
27% 23% 27
21
32
26%
32%
32% 24
181
185
175
175% 170
175% 170
162
159% 161
160% i!58%162% 158% 161% 162
135
140
136
138% 137
13284 136
14012 140
77s
934
8%
784
9%
9% 14%
978
9
1
%
%
%
%
1
%
%
%
%
%
%
6834
64% 62
49% 45% 5078 45% 50% 48
16
20%
15% 17
15%
1678
13%
19
15%
65
63
71
61
77%
70% 68
55% 76
9
10
934
11
9% 1034
10%
1078
10
10% 12
10%
9%
12%
11% 10% 11%
24% 27% 27% 31%
24% 2378 24% 24% 26% 21% 25
50
52
47
51% 60
59% 61
£52%
51% 53%
52%
110
115%
112% 112% 115% 115
113% 112% 118% 112% 117
2
3%
8
784
1534
17
24%
2434
24
29
23% 27%
153
165
167% 151
154
158% 157%
154% 157
125
131
131
122% 125
5
x7
4%
6%
684
1
1
a4
84
%
%
%
38
%
3g
4384 50
40% 45
41%
9
11
13%
10%
10%
41
36
47
42% 38 '
x8%
!
8%
884 10%
29%
25
28%
168% 150
45
13%
12%
1778
17%
15%
20
13%
6%
24% 27
22% 27%
2684 2978 23% 27
30%
148
151
146
141% 143% 142% .150
145% 142
42
39
13%
15
7%
2
14%
9%
9%
1534
1%
1%
12%
384
68
61
...
2%
65
15%
%
1%
11%
51%
55
%
16%
"7% "l0% "~8% "9% "8% "9%
51
50%
1%
2%
%
24
53%
%
%
2%
134
10%
7%
1%
2%
1
2
2%
6%
1%
10
49
10%
56
45%
%
56%
14%
184
2%
13%
55% £60%
24% 28%
%
5%
3%
8%
1%
1%
1034
3%
55%
%
61%
%
22%
2%
6
5%
6%
14%
2
10%
4%
40%
%
5%
%
11%
3%
784
1S4
2%
10%
5
4834
4%
39
share
t per share $ per share $ per share $ per share
4
4
4%
5%
3%
684
5%
4%
334
1
5%
16%
4%
2%
7%
X Companies reported In receivership.
3%
1%
4%
2%
478
6%
21%
5%
'
4%
"7% "
73
Chronicle
Financial
Volume 142
1936—Continued.
1
November
October
September
August
June
July •'
May
March
April
February
Low
High Low High
High Low High Low High Low High
High Low
High Low High Low High Low High Low
Low
$ per share S per share $ per share $ per share :
Par S per share % per share % per share. $ per share t per share $ per share I per share
1214
1234 145g 12i2 14's
1234 15
1258 1478
123g 14l8
125s 147g
10% 15
978 1U2
8i2 IU4
10i2 12i2
8U 1034
1
Us
1*4
78
u4
1
Us
84
78
1*2
1
84
1®8
78
u4
158
1U
Peerless
Us
62's
214
3i2
45s
314
334
512
3
25l2
253s
20
23i2
18
1934
24
17U
30lo
*
363s
30
34
3312
11212
11034 llli2 11112112
18
21&S
1784
20i8 2378
-.-1
3
234
7U2
76
67
69
u2
u4
7612
74
70
81
75
80
7512
80
77
21s
212
2i8
1712
12
1434
1412
22
25
22
13i2
27l2
10i2
25l2
2H2
2978
28i4
1784
3134
30
24l2
165s
17
17
20
18
21
1712
22
21
24
25
2U2
40l2
2912
19
1834
1938
17
17
175s
734
18
17l2
14U
9U
I8I4
1158
15
1634
1434
I6S4
14
1512
14
1512
1012
9
8
93s
87g
16i8
28i4
14
I6I4
23
28
48
48
z395s
3
4
212
6
6
5
334
478
4684
395s
2l2
5
....
1(
Preferred
Phillips
Petroleum
.....
4
2i2
42
38
11
11
8
60
68
60
6OI4
14U
16
1412
1578
6
47g
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75
Pitts C C & St Louis RR Co..101
°4
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h
514
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78
3312
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315s
7512
17
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18
16
1938
18
3214
36
3478
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38l2
6712
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45
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70
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58
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44
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2
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238
334
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4538
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2
3934
3714
....
6
8
7
61g
60
5312
63
157s
414
1558
1914 xl9i8
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23
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334
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8
8
68
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76
71
22
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293g
25
50
56
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60
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84
38
384
78
34
35
33
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75
72l2
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15
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11
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1
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7
8
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73g
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2
3
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114
1
1158
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684
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12i8
6
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.....
......
2912
54
48
563s
9
11
11
1714
6% P
Purity
658
784
61
53U
57g
495g
7
6
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714
56
934
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\
834
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4
50
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2014
35U
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19
6212 i5U2
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21
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35
43i8
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55s
5334
l«t
35i2
17s
39 I8
2
33i2
87g
884
1U4
7134
78
73
70
preferred
preferred.....
74
77g
34l2
70
684
57
93g
53s
434
5512
4784
158
55l2
5Us
2ig
195s
438
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9i2
2i2
1
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84
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123s
734
74
81
79
863s
76
93
70
75
70
78
77i2
8934
Us
13
12
7is
6% pref ctfs of deposit.
23g
334
3
363s
47
285s
3i8
12i8
3712
41
49
40i2
47
28
37
3112
3378
115s
3712
40i2
40
6
7
5i2
684
36
37
5
9
34
50
27
1
u4
1U2
1
103s
884
75
914
8634
83
76
87i2
82
6
8
15
14
17
88
13
978
414
14i8
4814
47«4
1678
1512
13
13
15
814
81
86
75
82
83
92
235s
20U
223s
17l2
22
1834
233s
82
21
147g
515s
Reynolds (R J) Tobacco cl B..
A
46l2
5634
13i2
1478
12U
14
47
4918
56l2
5912
43is
5534
13l2
48l2
61
123s
Rhine Westphalia El Power..
634
7
23U
2934
Ruberold Co (The) cap
26
25
323s
30 U
32
5t2
175s
3i2
Us
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2i2
20
15
46
38l2
106
110
108
(6).
11234 110
6
684
24U 2812 2334
4
2ig
3i8
13U
16i2 20i8
110
Preferred
6
55
5812
5978
5s
78
x2
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Preferred
1*2
2678
478
40*2
22i8
37g
21
414
33
1S4
4512
734
75s
95s
4l2
4478
par
value.
a
56l2
167s
48U
56l2
23i8
505s
6U
514
2534
32
2912
19
54
25
19
678
612
2434
32is
26i8
3518
Optional sale.
1
32U
2
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44
49l8
778
9
758
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14i8
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10
4*2
4512
47
e
3i2
1534
158
3
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2
1
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1134
1
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25i8
36
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15
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7S
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1
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14
6
3i2
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60
9
303s
42i2
2ig
1»4
214
1034
10l8
458
112
10i2
1214
11
13
95g
1234
IOI4
1214
84
13s
93g
6
2U
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13l2
93s
23s
1412
414
578
4
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9
8
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1284
4
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31s
165s
65s
5512
5912
284
95
991s
93
1784
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158s
634
8l2
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123s
13
778
10l2
5514
56U
553g
56i4
5412
68
81
76
87»4
8II4
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133s
56ig
92
5l2
30U
40l2
41
38
107g
35
40
35
39l8
39*8
40
41
37
63l2
36i2
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5412
36l2
Ids
58i2
15s
13s
145s
1134
10i2
1078
15s
1012
127g
35
7U
H2
14
11
1078
10
9514
9478
9312
11
8
334
2U2
6
26l2
34
x3612
40
4212
365s 36&S
812
57
10
6412
478
2478
3314
431s
35l2
9
534
29i2
3934
431s
3634
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28
33
3914
36i2
912
67
72
17s
14i4
278
18
88
6312
83i2
2514
23
865g
24U
72
25s
1
3
10
17
15
18
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15i8
14
17i2
72i2
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78i4
23i2
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99
100
94
678
17
87S
20
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17
84
9
19
78
22l2
101
10234
15
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2034
17i8
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193s
705g
8U2
82
97
83
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78i2
714
175s
88
86
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1284
28
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314
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9
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434
86
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15
14
19
17
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16
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27
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28l4
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43
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45l2
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30U
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86
5
5
31s
334
2338
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134
1934
48
52
51
55
59
60
59
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13
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12
28
27
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43
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314
4034
5
412
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84
20
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512
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134
214
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13
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84
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78
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1334
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1
11
78
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11
16
109
115
108i2 10412 115
2078 263s x24i4 263s 24i2 32
2134 2378
2O84 24
113U
11214 111
107
108l2 10818 IIOI4 110
108ls 107
20
22U 2514 2234 2734 2434 2912 26U 3134
2378
54
57
56i8 585s
5318 57
54
55
54&s 57
56i2 6484
58U 65U 6434 67
6OI2 6084 5714 63
11
1134
91
93
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23?s
103
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314
414
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127s
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115s
6834
83
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8
2
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27
25
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20
3
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84
1
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1214
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1
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12U
215s
20
7g
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2
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81s
9
83
65s
53s
203s
2414
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Us
2214
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1&8
734
3
114
8
3
1234
20ig
33
4812
102
10
2534
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27g
12
18
2U2
18
2 U8
17
16
12
12
21
12
42
413s 3234 40"«4 32ls 35i2 3I84 3514 315s 3534
3634 40 84 3734 4U4
3712 ,4234 39
37U 41
107
109U
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IIOI4 10712 110
106
110
110
108
11314 10912113
IIU4
10712 110
10812 10434 108
109
113
IIU4 10934 1123s
110
114U 109
114
112
113
112
114
IIU4 114l2 112
11134 llOU 11234 11034 114
113s 135s
10l2 13U
9i2 1278
1034 12
95s 1134
834
838 lUs
934
914
7»2
784
95s
812
8ls
6i2
35
3784 52i2 48i4 56U 4818 5414
33U 42
2914 333g 30
225s 2578 2334 283s 2334 3014
26i2
2784 22
278
4
3i8
418
334
212
2
314
2i2
238
35s
23g
2
25g
Us
23s
23s
Us
234
134
33s
1534 1834
9
8
IU4 1412 1334 18i2 14ia 175s 1478 1858 1714 20
137g
IU4
812 1U2
1714
10l2 14
84
90
70
65
65i2 68i2 6312 70l2 69&S 91
68i2 68
60
58
60
57
65i2 69
613s 607s 68
1
78
1U
3s
38
h
8s
5s
«8
*8
x4
h
h
3s
*2
x4
3S
h
h
34
3s
2
3
1
2i2
34
U2
1
158
7s
u2
1
1
84
5s
1
84
84
84
84
34
34
333s 2934 3678
315g 30
29i2 27
3314 27
30i2 28
3578 28i2 3234 27
26l2 2034 2334 23i2 3Us 29
3
414
3i2
4
4
3
27g
3U
33g
4
4
3U
3x4
312
3x8
37s
3i2
378
312
4&s
378
697s 63&s 68
6U2 59
543s 618s 53
413s 3684 435s 4134 52l2 52U 5978
3534 33i2 383s 37
3778 31
35s
4
31s
4i8
2
3U
2
2l2
278
234
2i2
138
15s
134
u2
u4
Us
Us
U2
15s
u2
70
64i2 6912
66I4 66
52
585S 6478 61
45
55l2 65
41
40
5U4 57
47
46l2 45
4912 46
15
137s 17
934
1U2 11
105s 1214
934 111
9
83s 1018
884 10
9i2 11
9i8
8I4
93s
75g
105s 1278
912 1238
IOI4
83s
8
984
81S
75S
914
8U
73s
77s
73s
9U
7x4
834
714
83s
7U
225s 2534 2U2 2484
11
9
9
105g 1778 155s 183s 16U 2 U8 I8I4 24
934 1134
1U2 10
1112
127g
43s
534
4i2
5i2
4
5
5ig
4i8
53s
4l2
384
33s
514
45s
33s
384
378
414
4i2
47g
3U
41lo
43
43
49
x4112 4618 40i2 46
46
4212 45
4512 50
465s 48i4 45i2 4814 44
4678 46i2 48
21
16
3912
Preferred
afeway Sto
No
62
13
2034
23g
13
17i8
49U
1212
44&s
5514
13l2
22
14
13
14
12
Si
13
2
13s
I84
Preferred
*
53
I6I4
19
'
15
Preferred
612
6t2
217g
59
stock.
414
St Louis
55i2
47
10712 107
101
2
I6I2
31s
6OI4
14i4
2i2
12
234
82
86
21U
10
4912
134
50i2
2284
16
7i2
17
86
6
11U
3884
17684
42
23g
1514
Us
59
47
278
1278
8I4
493s
9
14
137g
4814
47i2
33s
684
44
36'4
34i2
175
1414
314
12
3l2
6I4
1712
27s
1112
3914
3984
55
•
lUs
40l4
176
2»4
16
74
7434 77l2
2134 225S 22is 23
10134 10134 10312 103l2
278
378
278
314
338
16i2 197g
18i8 165s 195s
64
69
7414
69i2 7634
6884 65i4 7312 70i2 7634
98l» 101
1912
6i2
82
8812
24i2
2U2
Class
11
82
8
14
A.
100
1C0
110
35s
15l2
49l2
6
Class
653s
5i8
357b
7
934
13s
58
3618
412
11
8
76l2
147g
734
555s
40 I2
9i8
9
93s
13l8
6t4
543s
183s
3U2
15s
1484
1»4
8i2
8
71
3612
33
1
1*4
7
534
4258
1*4
812
3514
175
35
533s
7U4
143s
684
42
3734
30
5U8
13l2
7
54
38
35
1
734
1*4
34
6i2
Us
45
6334
2i2
20*2
38U
42ig
35
2512
25s
175
ll2
78
119
39
545g
39l2
51
116
5678
37
25
15
3734
u4
8
7s
IOI4
72l2
50
51
52'4 4614 5112 441s 48U
5334
11812 120
120
11934 121
11612 11634 117
39
437s 38's 453s 425s 5684 4134 465s
104l2
98
98
9912 991s 10212 101
100
995g
9912 98is
115
117
1095s 1115s 109l2a:lll 111 xll2i2 11234 II6I4
110
132
130
12984 13018 129
121
12314 121
12414 121
124l8
145
148
137
140
140i8 137»4 140,8 13914 14512 14412 147
zlll 112l2 1103s 113
113
112
113
11278 11278 113
113
3834
37
32l2 387S 35
41
46
30i2 4U2 2912
4714
123s 17
9
IU4 1314
712 1218
784
912
8U
914
114l211978
112
88
89
92
IO8I4 116
89
93
9O84
5334
56
2
212
153s
11
40
54
23g
13s
1034
120
5534
19
7s
514
15s
2
1478
54
3978
5U
15s
IOI4
3
33
45s
534
42
179
4
175
4
401S
55s
9
179
38
12
4
36i8
33s
Us
714
Us
33
3is
20is
234
lUs
39l2
358
31
8
2U
78i2
37i2
3
7ig
4
7s
19
IOI4
9
77
9i2
3478
3x8
78
57g
8I4
4
36
1
3i2
15U
40
9i8
9
3614
7ls
17
5% prior preferred.
2i2
85
34
33xs
69
lli2
80
375s
78
93s
$6 preferred.......
212
13U
40i2
4278
80
33l2
8I4
58
93g
12534 13312 136
11U2 11134 11134
3914
383s 4134
8
914
7U 1018
9U2 8612
71U 61
65
6712 6812
125g
lUs 14
13U
5
6
578
684
2
no
80
3434
3S
1034
405s
8318
7578
10
80
33s
734
36
30i2
5914 a?685s
12
1484
78
9
105
98
10
15s
2i2
15
25
3512
1234
h
35g
10
31s
6412
58
35i2
10
5484
812
884
33s
3g
314
678
218
33g
75
75
1018
30
4S4
76l2
23g
1012
37i2
35U
384
712
73
914
75i2 x74i4
2914 27U
7l2
834
3
2ig
54
46
13s
18&s
35
578
10
734
4334
Us
173s
30l4
4012
3814
U4
378
85s
36
37i2
36
412
39
11
1st
3934
35
6i2
37l2
2nd
38i2
365s
38i2
3512
5l2
1
2nd
41s
5Us
414
234
u2
5312
44l2
u2
185S
1»4
16i2
297g
40
35
5
278
5084
2l2
334
23s
5U
58i4
4914
153s
lUs
134
912
97s
112
8512 X9814
1212
3x8
1678
45i8
85i4
43s
Us
111
86
74
87s
9912 10518 1053s
1165s llUs 11714 11734
484
B
81
74
u4
131
87S
Preferred
79
43
71
984
120
65s
4212
44
76
1
7
108
53i2
24
22i2
3978
2618
44
8i2
86
73
178
15
3l8
107g
90
83
7
45
1%
3034
104
77
lx4
12
49
48
45
507b
48i4 50
495s
455s 49
4914 45
119 z12034 11812 120
119
11812
116U 117i2 118
120i2 117
35
25
26
3934
2414 30i2 2784 3478 32
203s
27U 20i2
71
73i8 87l2 86U 9U2 8714 96l2 96
623g 71
64i4 73i8
94
109
x85*a 9178
93
851s 95
100
1073s 107i2 120
IO8I4 10212 106
112
105
105
100
99
102
10U2 100
44
34
413s 47l2
46i2 50
46l4 5278
6I4
39
49
10l2
13s
79
7% preferred....
preferred
7h
180
u2
12
665s
8%
4434
179
177
24l2
3278
6558
35
35
6l8
2678
I2
434
1
3434
655s
II6I2H6I2
8I4 1278
9ig
....
28l2
177
&S
3534
335s
....
8
3s
3U
s4
117
2414
812
70
38
4578
423g
115
6
58
4i2
x4
234
58
325g
175
175
12
13g
2ig
10l2
5%
6i2
1
lOU
134
27l2
lU
34
7U
27
7i2
li2
12
23s
22ig
178
75s
U4
1334
B.
III4
1612- 157s
265s
24
714
9
19l2
43s
34i2
"eis
7
2612
1
212
4534
60
5
176
"5I"2
33s
5114
IOI4
438
8
77g
2912
32
512
2284
31
8
32
10i2
32
27
2i8
14S4
2i2
37i2
3
Class
1334
53
15s
57
60
2
Poor & Co class B
238
1534
2434
2l8
6
5
8
............
378
U8
35g
2i2
46i4
8i4
10
3o
°8
ID
34
33
2
93g
1U2
2214 20i2
z4014
44
7618 74l2
19lS
68
U
172
172
35
32
Oil
438
214
5312
72
3314
7612
42
32
32
1434
1&8
Plymouth
23g
1058
57
5
334
1
----
68
414
334
"~7o
'8
12
434
6i2
65i4
110
100
678
2512
2i8
6%
185s
3518
®S
3i2
34
173
Pitts Ft W & Chicago pref...
11«
.
h
478
30
....
135s
x57
1
9i4
27
58
38
6
8I4
preferred
3
10
1512
2
512
54I2
1334
934
28
2
i'8
3S
3134
9
55
55
55s
7g
Pirelli Co of Italy A
1234
23i2
38I2
514
55
Preferred
6%
8is
75s
378
134
35U
512
Phillips-Jones Corp
143g
33t2
6434
54
16
14
1914
28is
45
143g
1212
22
13
417g
11
3514
1378
10&8
11
12
21
21
12
Brewing Co.
7%
34i2
6234
25i2
46l2
1312
914
14
2734
18
1334
23
52
40l2
28l2
12
23
15
26
25
17l2
36
214
17
Pfeiffer
84lS
74
8134
80s4
65i8 76l2
63i4 72i4
5714 66
103l2 10312 10312 10312
107i2 10S12 107i2 108l2 *1033sl08
412
6
57s
53s
438
414
6i8
514
3
4
418
6l2
4ig
338
3
412
3
314
4i2
4
5
5U
334
414
314
4i8
3i2
4
4i8
312
4i2
35s
3l2
434
334
414
33s
378
29U
2414 2U4 3034 26
21
2258 19
24
22
2784 21
22
21
22
2334
18
2712
2034
27
3078 295s 3212
26
263s 30i8 2434 283g
2914
223g 27
20l2 2378
18
2178 20i8 2238
2058
33i8
3 Us
353s 3184 34i2 31
3634
3612 32
3212 3384 32
36
3178 3612 3U2 36
39&s
39l2
115
113
116i2
L1634 1083S 11278 111
114
II684 115
113
111
I14l2 115
116
11412 113
II6S4 113
34
42
4184 351s 413s 3784 43i2
36i2 4312 36
3I84 43I4
21
3312 2938 347s
2412 22
2212
3
4
4
238
238
238
238
23s
238
23g
2lg
2i2
2l2
2is
6734
32
12
8U
77
71
19
185s
27
Preferred
14i4
15s
72
6734
78is
914
1612
15
preferred.
7414
8484
66i2
83
6784
7918
7414
8434
69
10912 10912 10778 110
234
2^2
4
Preferred
71
u2
66
643a
109
138
6878
18i2
2U4
1
Peoples Drug Stores Inc
64l2
74
68U
7% preferred series A.
Pennsylvania RR Co
Us
70
6478
108
Preferred
Prior
December
January
STOCKS
4234
Cash sale.
19
.
x
Ex-dividend.
y Ex-rights.
t Companies reported in receivership.
12
17
18
2312
74
Financial
Chronicle
Jan. 4 1936
1935—Continued.
STOCKS
March
June
December
February
April
May
October
November
July
August
September
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
Low
Sheaffer (W A) Pen Co
Shell Transport & Trading
Shell Union Oil
For % per share $ per share $ per share I per share $ per share $ per share $ per share $
per share S per share S per share $ per share $ per share
*
31
30
31
31%
30% 30% 29% 34%
25
25
22
23
20% 2412 23% 23%
£2
26% 34% 35% 35% 34% 37
35
38
38%
35% 36% 33
33% 38
37% 39
*
7
9
6%
7%
5%
5%
6%
9
6%
7%
7%
11%
9% 11%
11%
11%
8% 10%
13% 16%
8% 11%
11% 15
Conv preferred....
100
Silver King Coalition Mines...5
Simmons Co
Simms Petroleum
Preferred
1538
25
60
Sloss-Sheffield Steel & Iron. 100
Preferred
17l2
75
9
8%
978
15
1678
8
64
20
29%
66%
71
10
63%
8
6312
21%
3434
29
100
....
Smith (A O) Corp....
Snider Packing
7%
61%
15%
28%
612
100
...
69%
8%
7%
9
10
...
Skelly Oil Co
7834
11
IOI4
1834
6834
878
*
6
8%
13%
7%
60%
17%
8
66
79
78
97;
87%
8%
6%
15%
19%
"
17%
13
18
13
8
14%
84
8%
79%
9%
69
9
7%
92%
16%
90
97
90
13
14%
12
13
10%
11%
5%
9%
89%
87%
9
17
11%
7%
14%
9%
1578
10%
91%
87
90
<
5
15%
9%
86
98%
14%
16%
6%
11%
98
89%
11%
13%
5%
9%
94%
13%
92
92%
15%
6%
11%
13
21
16
22
20%
2378
17
21
22%
33
28
39
34
40
24
30
27%
35%
30
34%
29
35
33
50
44
53
50
68
1738 1978
1678 18%
17% 20
15% 18% 16% 19% 1638 18% 16% 18%
16% 21
18% 23%
13
11
Socony Vacuum Oil Co Inc
15
12
13% 1478
14%
13%
12% 14%
13% 15% 12% 14%
13%
10% 13%
10% 11%
Solvay Am Inv Corp 5M% pf_100 107% 109
109
111
110
111% 109%111% 110
111% 110% 111% 111% 111% 111% 111% 111
111%
...
South Porto Rico Sugar.
Class
20
*
8% preferred
25
20
25
21
132
140
139
23%
100 134
Southern California Edison
Southern Dairies class A
136
22%
11%
12%
10%
13%
13%
15
18%
15%
12
19%
16%
20%
33%
13%
......100
8%
10%
26%
16
19
1%
12%
7%
1%
100
1%
13%
8%
7%
538
*
B
*
Southern Ry Co..
Preferred
25
23
24% 28% 23% 226%
26
23
27% 24
25% 22% 24%
25%
23% 25%
26%
149
147
150
148
148
139% 139% 148% 145
135
152
143% 147% 143%145
140% 143
25
27
15% 1478 1678 16
19
20%
18% 20%
21% 20% 23%
23% 25%
21% 26%
3
5%
5%
5%
5%
5%
2
2
1%
1%
1%
1%
1%
18
14% 18%
16%
15% 1978
17% 20%
25% 21% 25%
19%
17% 21% 18% 21% 16
11%
9% 12%
7
8% 15%
8% 11
5% 10
12% 15%
9%
8% 10%
7%
9%
7
10
15% 11% 15% 11% 14%
12%
12% 20% 17
9% 14%
13%
11% 14%
21%
25
27
26
26
15
26
27
22
16
26
33% 30
22% 28
33%
5%
6
7%
6%
7
5%
6
6%
6%
8
7%
5%
6%
8%
""6% "7%
48
54
55
55
54
46% 63
68
70% 64
57% 59% 68% 64
55% 65
85
78
91
87
94
67% 65
84
107 ~
81% 88
91%103% 103
84% 91%
93%
6
3%
4
5%
4
4%
358
5
3%
4%
7%
6%
4%
4%
7%
5%
8%
3%
4%
4%
3%
3%
3%
3%
6%
6%
4%
5%
4%
8%
4%
5%
8%
138
1234
Southern Pacific Co
Mobile &
24%
140
11%
100
15%
100
Ohio ctfs
33
Spalding (A G) & Bros
*
1st preferred
.100
Spang Chalfant & Co pref.il00
Sparks Withington
__*
Spear & Co
*
6%
47%
70
33
36
42
61
59%
934
._.._*
11%
*40%
36
72%
3%
25%
5%
4
478
4%
5%
6%
34%
8%
9%
33%
934
Spicer Mfg Co
Spiegel-May-Stern Co
'•
6*4% preferred stock...
45%
61
3%
5%
5%
5
4%
65
8%
Conv preferred A
45%
66
74
*
46%
7
100
7% preferred
Spencer Kellogg & Sons
Sperry Corp (The) v t c
5
534
5
26%
6
62
66
4%
....
11
26%
46
50
64
10
10
12%
28
68
79%
65
65
70
72
70
70
70
70
72
72
70
72
76
81
33
36
65
35%
32
35
33%
36%
10%
11
32%
9%
33%
9%
35%
12%
14%
47%
32
35%
13%
13%
46
32%
12%
34%
32
13%
11%
35%
13
9%
10%
37%
1078
36%
35
41
37
41%
39
77
'
8%
33%
35%
10%
11%
44%
43%
68%
46%
54
51
60%
53%
62%
7%
9
8%
12%
9%
9%
.100
Rights
Standard Brands
17%
Preferred
123
Standard Comm Tobacco.
1
^Standard Gas & Electric.
'
mi*
ii*
$4 preferred..
$6 preferred
19%
18% 14% 17%
13%
125
129
126% 126
4%
2%
3%
2%
3
1%
378
3%
3
4
478
1%
3%
7
9%
4%
8%
7%
6
8% 12
9%
8%
1%
1%
1%
1%
1%
112% 113% 113
115% 113%
29% 31% 27% 30
29%
2334 24% 23
24% 23%
28% 31
29% 32
26%
38
42
35% 39%
37%
13
13
15%
12% 14
60% 64%
60% 64
61%
16%
123
126
3%
3%
4%
10
478
434
534
1234
16
1%
Stand Oil of California
*
Stand Oil of Indiana..
Stand Oil of Kansas
III25
10
Stand Oil of New Jersey..
..25
Starrett Co (The LS)
—10
Sterling Products Inc
*
Sterling Sec Corp class A...
2934
24%
32%
25%
30
30%
40%
13%
5834
1%
43%
1534
6078
178
5%
36%
9%
*
4%
::»•
36%
Stewart Warner Corp...... —5
678
Stone & Webster
*
4
*
134
1%
5
334
Preferred
.......
Conv 1st preferred
X Studebaker
....
Corp.......
New
1
Preferred
100
.....
Sun Oil
*
Preferred
100
Superheater Co (The)
*
Superior Oil
1
Superior Steel
.......100
..........
Sutherland Paper Co..
Sweets Co of America
50
Swift & Co
25
10
Swift Intern at Ltd
*
} Symington Co
Class
Tennessee
Texas Corp .The)
Texas Gulf Sulphur
10
Texas Pacific Land Trust ctfs.l
Conv
100
Mfg
9%
1%
1%
116
113%
3378 33%
25% 2478
28
30
42%
43
14%
15%
60%
67
1%
1%
1%
3%
3%
3%
36
38
37
*
19%
33
3%
8%
36%
4
21
%
15%
1734
52%
*
6
7% preferred
.100
Thermold Co
.......1
Thompson (J R)_.
Thompson Products...
Thompson- Starrett
Preferred
25
*
...
44
48
44
47
81
66
74%
71%
104
*
*
.....100
105% 102% 102%
14% 15% £14% 15%
12% 14%
128
129% 125
123%129% 125
5% 11%
9% 12%
4%
6%
7
4%
6%
2%
5%
5%
6%
6%
8%
6% 10
3%
8%
7%
15% 18
19%
16% 26%
9% 18
14
5%
2
3%
7
16% 20%
21%
18% 28%
9% 19%
1%
2%
2%
1%
2%
2%
2%
112%113% 112
113% 112%113% 111
114%
32
32
33%
37% 36% 38% 36% 40%
25
26
24% 28% 26% 28% 26% 33%
22
20% 21% 20
22% 30% 26% 29%
42
50
42% 45%
47% 50% 47% 52%
32
17% 25
21% 27% 26% 32% 29
63
62% 64%
66%
65% 68
63% 65%
1%
1%
2%
2%
2%
4
5
8
5%
6%
10
8%
4%
6%
41
48
41% 43%
44% 50
11% 15%
13% 18%
16% "l7% 16% 18%
9%
1%
9
10%
8%
3%
478
378
5%
4%
6%
5%
8%
6%
10%
6%
8%
3
4
2%
3
2%
3
2%
2%
2%
4
3%
4%
3%
6%
%
%
1%
1%
7%
1%
634
2%
3%
2%
6%
7%
6%
4%
4
2%
7%
5%
21%
5
6
18%
20%
36
30
35%
11
8%
4%
%
%
%
%
%
%
%
1%
1%
1%
2
8
9
7%
5
4
7%
4%
7
4
16%
29%
3%
9%
19%
33%
22
203g
3278
4%
30
4
1778
28%
3%
1%
8%
5%
23%
1%
7%
2%
8%
9%
5%
20%
19
33%
3%
36%
4%
11
9
11
10%
11%
61%
334
4
20%
5%
14%
2%
21%
24
16
19%
m mm
m
—
7
6
82
70
7%
82
15%
5%
3%
1038
4%
19%
32%
3%
4%
21%
36%
4%
5%
12%
11
14%
8
6%
%
12%
10%
4
19
20%
35%
5%
18%
33%
4%
6%
33%
534
11%
9%
11%
9%
35%
5%
17
2%
13%
17%
17%
50
52
52
19%
54%
6
6%
75
75
5%
3%
3%
16
19
5%
13%
16%
1%
2%
6
10
8%
9%
7%
8%
84
-
Trico Products
—
_
•
_.*
....
Truax-Traer Coal..
75
75%
75
81
71
77
._*
.......
39%
4%
42%
36
40%
38%
41
5%
5
6
4%
3%
*
Truscon Steel Co
-—10
5%
75%
2%
2%
17%
5%
14
5
4%
4%
5%
5%
4%
6
78
5%
76
3%
3%
3
2%
20%
19
6%
16%
14
1%
17
8%
84
5%
2%
2%
17
6%
80
6%
3%
7%
2%
7%
8%
11%
%
1%
32%
%
%
6
5
8%
7%
3%
18%
1%
*
57
* 127
7% preferred
Union Pacific RR Co
57
2%
59
127
•
<N
61%
3%
18
2
127%129
1%
5334
130%
45
50%
45
49
34
44
48
44%
15
16%
45%
1434
49
25
16%
15%
111% £94% 106
8834 82% 85%
26%
2434 2534
15%
11% 14%
6%
5%
6%
82%
100 100
Preferred
100
w
United Air Lines Trans
i
v
85%
*
Union Tank Car
Corp
5
3%
22%
1%
*
Union Carbide & Carbon
Union Oil Co of California
United Aircraft
4%
25
*
Union Bag & Paper
24%
1234
5%
834
5
t c w i 5
United Amer Bosch Corp
United Biscuit of America
Preferred
*
*
24%
100 113
United Carbon
._*
46
United-Carr Fastener Corp
United
*
2%
*
23%
*
11
9
8%
24%
9%
25%
79%
20%
9%
4%
7
26%
22%
117% 115% 117% 114%
50
47% 53
47%
*
Corp
Preferred
United Drug Inc
Dye wood
Preferred
United Electric Coal
United Fruit
par
.10
100
value.
..*
33%
6
9%
4%
18%
30%
8
6%
10%
8%
7%
23%
33%
9%
10%
6
<1%
6%
22%
29%
5%
33%
30
7%
9
9%
10%
18
24
22%
28%
19%
18
35
*35%
59
59%
9
10
8
38%
60
12%
40
57
28%
57%
35%
56%
26%
58%
11%
23
57
44%
60%
12%
91
90
90
91
61
12%
95%
7%
85
4
4%
4%
2%
2%
3%
3
20%
5%
14%
24%
6
13%
6%
15%
3%
20%
2
2%
2
85
6%
18%
2%
18
18% 18%
12
9%
10%
11%
10%
9% 11
87% 95% 94% 102% 98
102% 98
100%
40
35
41
28% 28% 28% 32% 37
103
105% £l04%105% 105
106% 106% 106%
5
6%
5%
6%
6%
5%
5%
8%
29% 33%
31% 36% 31% 40% 39% 50%
7
4%
7
5%
5%
5%
6%
6%
9
9
7% 10%
10%
9%
9%
9%
6
8%
7% 10
9%
8% 10%
7%
3%
2%
3%
4%
3%
4%
3%
4%
69
82
80% 76
78% 82% 81% 92%
.
7%
38%
4%
3%
41
38%
6
5%
4%
4
7%
5
6%
15%
40% x36%
6%
4%
4%
4%
6%
75
5%
7234
a Optional sale.
3
1%
29%
21%
13%
10
8
5
82
70
7%
75%
5
71%
c Cash
2%
2834
12%
6%
71
6%
81
sale.
1%
20%
9%
4%
65
3%
75%
x
39%
37%
4%
4%
6%
5%
4%
5%
3%
23% 25%
6
7%
16
18%
2%
3%
20
23%
9% 10%
99%103%
37% 42%
106% 106%
8
9%
47% 51%
3%
4%
24
26
7%
16%
20%
2%
y
Ex-rlghts.
4%
2%
2%
24%
7
8
24%
2
3
17
10%
97% 100%
101
43%
7%
48%
7%
9%
56
54%
8%
11%
10%
7%
7%
9%
9%
5%
8
9%
11%
9%
9%
4%
11
6%
9
91%
93%
88
5%
19%
8%
39
6%
7%
3%
28%
18%
8%
~8% "9%
99
100
40
7%
90
93%
40
9%
64%
9%
12%
15
7%
96
11
94%
6%
2%
27%
8
60%
9%
12%
12%
6%
93
11
95
10%
8%
4%
29
8%
26%
3
23%
2%
3%
18% 27
10% 12%
100%104%
43% 43%
9
58
11%
72%
13%
15%
26%
8
23%
3%
100
10%
4%
28
8%
25%
5
25
28
11
15%
99% 102%
40
48
10
13%
67%
15%
8%
62%
11%
13%
12%
6%
97%
91
14
14%
16
8
95%
39%
5%
90
4%
5%
4%
6
4%
7%
16
26
4%
6
16%
24%
3
3
3
4%
3%
3%
3%
2%
3%
3%
3%
3%
22
24% 19% 22%
19% 23
18% 22
19% 24%
25% 21%
2
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
2%
58%
69
54% 63
60% 67
62% 69% 67
69% 65
65%
130
133
129
133
130% 128% 133
130% 133
126% 128
29
36
35
30
45% 30
30
31% 31
35%
35% ~30%
54
62
47% 45% 52% 51% 61
63%
61% 65%
65% 63%
16%
15% £18%
17% 20%
16%
18%
17% 18%
17% 19
17%
95
88
101
109
99%
84% 93
93% 106
96%107% 98
84
90
80% 84
84% 86% 85
87
89% 90% 86% 90
25
24
25
23
23% 25%
22
23% 26%
26%
22% 25
12%
10% 13%
11% 14%
13% 17%
11% 14%
15% 19% 17%
5%
5%
6
4%
5%
6%
5%
6%
5%
6%
8%
7%
9
9
9
10
7% 11
9%
9% 15%
12% 15%
11%
25
25% 21% 25
20% 23% 21
23% 26%
21% 24% 20%
113
116
117
118
118
117% 113
114% 114
114% 117
114%
53% 50
53%
52% 60%
53% 60% 55% 61% 55% 63% 61%
18%
2%
4
2%
3%
2%
3%
2%
4%
3%
4%
3%
6%
25% 24% 30%
28% 33% 31% 39% 35% 39% 36% 44% 37%
10%
9% 11%
9% 10%
8%
9%
8% 10%
8% 10%
9%
5
8
7
5%
9%
11%
8%
9%
11%
8% 13%
8%
65
65
80
80
85
90% 79
79% 81% 79% 83% 82%
5
3%
4%
3%
5%
3%
4%
3%
4%
3%
5
334
82
80% 88% 84% 92% 84% 90% 73
90% 65
73% 66
Ex-divldend.
7%
19%
85
22%
6%
17
2
20%
1075
24
23%
4
22%
10
8%
8%
30%
33%
8%
11%
8%
25%
19
25
*
Ulen & Co
15%
9%
23%
13
100
Underwood-Elliott-Fisher
11
10%
1934
20%
80
5%
2%
Twentieth Cent Fox Film Corp *
Preferred
1
.*
Twin City Rapid Transit
Preferred
17%
66
18
2%
5%
17%
55%
2%
2
21
13%
4
14
18%
52
4%
17%
3%
19
18%
3%
1934
15%
54
3
19
17%
16
5
6
14
52%
5%
4%
21
17%
....
Preferred
15
129
4
3%
87%,
87% 84% 88%
Tidewater Oil
*
27% 27% 27% 27% 2634 27%
5% conv preferred
100 100% 103% 100
102% 101% 104%
Tlmken-Detrolt Axle Co
6
10
7%
5%
6%
4%
5%
Timken Roller Bearing...
32
* 33% 3634
35% 28% 33%
Transamerica Corp
5
*
5%
5%
5%
4%
5%
Transcont'l & West Air Inc
5
7%
8%
Transue & Williams Steel Fg_.*
6
6%
8%
7%
6%
5%
Tri-Contlnental Corp
3
3
2%
*
334
3%,
1%
6% preferred...
No
12%
123
10%
100
...
Tidewater Associated Oil
*
15%
47
62
70% 64% 84
103% 103% 103% 105
7%
1%
%
2%
2
2534
51
Third Avenue Ry Co
...100
Third National investors.....1
United
10%
41%
35%
18%
1%
2%
3%
3%
8%
14% 16%
122% 126
2%
3%
4%
3%
4%
4
5%
5%
12%
9% 12%
11
14%
14%
1
1%
1%
1141
114% 112
3878 32% 36%
27% 25% 26
28% 27
27%
50% 45% 49%
16%
14% 1738
60
67
63%
1%
1%
1%
4
3%
4%
41
38% 40
3%
12%
47
12%
12%
1050
438
._.......*
preferred
The Fair Co
>
2%
3
15%
130
61
62% 73
71%
101% 103% 101% 103%
6
8%
7%
9%
15% 16%
13% 15%
125
128
128% 125
3
4%
334
5
3%
4%
4%
9%
4
5%
5% 1138
10
14
14%
25%
11% 16%
15% 27%
%
1%
1%
1%
112% 112% 112% 113%
32% 35
31% 35%
25% 26%
25% £28
22
23
25% 26
45% 48% 45
17
16% 20
18%
63
61% 67
67%
1%
1%
1%
1%
3%
4%
4%
5%
40
42
41% 43
10% 13%
11% 13%
11
44%
81
33%
12%
15
100
Texas & Pacific
Thatcher
4%
%
*
Old...
6%
234
10%
43%
75
35%
11%
13%
-3l"
66
234
978
5%
21%
35%
4%
10%
.25
Texas Pacific Coal & Oil
8%
36%
7%
%
21
%
...
1%
3%
7
67%
2%
834
5
..........5
Corp
1%
3%
36
2123
3%
4%
478
10%
12
11
42
11%
10%
13%
71
68% 60% 66% 62
69
66
71% 75% 70
69
£71
67
75
77
69
75% 68
71% 65
72%
117
120
115% 118% 118
118% 118% 121
118
118% 121
119
118% 119
117%119
117%119
118% 120% 118
120% 118% 121
14
14
15
16%
14% 16
11% 13% xll
18
17%
16% 21% 18% 20%
24% 23% 26% 22% 26% 24% 29% 26
30%
1%
178
1%
2%
1%
2
2
178
3
2%
3
2%
2%
1%
2%
2%
1%
2%
1%
2%
2%
2%
2%
3%
5
7%
9%
6%
838
7%
6%
7%
6%
7%
6%
7%
7% 10%
8% 12%
9% 12%
10% 12%
9% 12%
9% 11%
18% 20% 17% 23
20% 22% 21% 25
5%
3%
3%
3%
3%
3%
4%
7
9
3%
4%
4%
438
534
4%
9
6%
7%
6%
7%
15
16
15% 17%
15% 16%
15% 20% 18% 21
19% 22%
13
65
*
Telautograph Corp..
178
4
2%
._*
A
3%
36%
13%
16%
130
3%
2%
prior preferred
nil* 11%
Standard Investing Corp. "i
♦
1%
Standard Oil Export pref__ II100 111
113
$7
111
105% 110%
89% 102% 103
10
10% 13%
10% 12%
13%
16% 19%
12% 18%
16% 20%
5
4%
5%
4%
5%
14
17
15% 20%
10% 16%
103
111
107
89
103
116%
42
58
39% 44%
55% 65%
63% 70% 64% 68%
59% 64
47
46% 50
68%
26
30
20% 28%
23% 37
11% 13% 12% 14%
10% 12%
111
111% 110
111% 112
111%
4%
7%
3%
5%
18%
15%
24%
27%
3
3%
25
21%
2%
71%
1%
69%
128
36%
32
69%
63%
18%
17%
86%
86%
20%
17%
104
89%
23%
20%
10%
13%
22%
114%
68
19%
5%
41%
11%
13%
5%
7%
18%
28%
5%
39
4%
82%
130
38%
72%
20%
99%
88%
23
21%
8
10%
12% 15%
20% 24%
111
113%
63
71%
17% 19
3%
6%
36
42%
4%
6%
18%
27%
4%
37%
3%
79%
5%
8%
4%
6%
24%
21%
32
12%
29
8%
5%
7%
24%
33%
11%
71
57
5%
82%
3%
4%
81%
87%
133
133
36
73
44
125
125
42
49%
69% 73%
20% 24
94% 107% 104% 111%
85
88
87% 90
22% 24% 21% 23%
19% 22% 22
30%
9% 13% 11% 13%
14% 20
17% 19%
23% 24% 2334 2434
111%115
112
115
70% 78
67% 72
69%
75%
20
21
19
24%
5%
42%
22
12%
11%
7%
45%
11%
14%
12%
86%
84
24%
7%
45%
1334
20%
86
84
90
89
96
5%
4
5
60%
70%
5%
73%
4%
60%
5%
6934
75%
X Companies reported in receivership.
9%
9%
11
10
4%
67
6%
41%
1034
-
75
Financial Chronicle
Volume 142
1935—Concluded.
.
November
December
October
June
July
August
September
May
March
April
January
February
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
STOCKS
Low
$ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share t per share $ per share S per share
17
15
18
15
18l2
17*8
165s 1778
137g
123s 14
125g 15*8
14*4 157g 145g 18*4
11*8
lis4 1278
9*4 11*2
938 1178
107
103
106*2107*2 107*2 U0
1073s 109
95
89
89
10138 103*8 102*4 104
10358 1073s 104l2 106*2 105
92l8
91*4
87*2 95
734
3
65s
684
5*2
534
25g
35g
27g
3*2
7*4 11*4
35g
3*4
2*8
278
t United Paperboard Co__._100
234
258
3*8
2*2
3*8
2*8
258
258
2
United Piece Dye Works
3*2
5
25s
27g
134
37g
1*4
*
578
2*2
434
3l2
2*4
234
Preferred
15
10
32
32
20
1412 1834
13*8 14
100
16
14*8 20*2
33*2 18
6
5
6l2
United Stores A
538
6*2
55g
45g
55g
634
478
5*2
37g
55s
4l2
4*8
434
67g
458
3*2
7*2
5*2
5*8
334
334
POT
United Gas Improvt Co..
Preferred
*
*
...
Preferred
...»
60
65*2
48*2
61
*
52
59
53
58
Universal Leaf Tobacco
Preferred
100
J Universal Pipe & Radiator...1
Preferred
U S Pipe &
1st
..100
Foundry....
preferred
20
*
...
U S Distributing Corp
Preferred
*
100
...
51
13484 136l2 133*4 138
36*2 40
37*4 40
2
2*8
1*4
138
13
12
18
1684
18*4 22
17*4 1934
20
19U 20*4
2038
2
2
258
2*8
Universal Pictures 1st pref..100
10
9
10
7
76
61
78
72
64
72
59
78 |
60
46
55
60*8
5334 64
6038 60*2
6034 64
50*8
66
62
64l2 73*2 645s 72l2
63*8 65
55*4 6312 56*2 6584
5758 6684 5884 6278
5634
51*2 58
159
157 *159*2
150
143
150
148
152l2 151*2 154*4 154
151*2 153
145*2 145
147*2 152
14034 137
39
73
50
31
30
35*2 30*2 32
35*4
33*2 40
3534 29
33*2 36
65*4
365s 39*2
36*2 4034
1
1
1
1
13s
1*2
1*2
78
1*2
134
138
1*4
1*4 > 178
15g
1*4
1*4
1*4
178
1*4
11
12
13
12
12
10
13*2
15
93g 1384
14
193g
13*2
14l2
14*8
9*2 1634
15*4
18*4
1938
21
18
16
19*4 2134
1934 225g
183s 213s
167g 20*4
21*4
1758 203g
18*2 205g
15*2 18*2
1434 177g
21
21
21*4 2038 21*8 203s 21*2 21*8 2I84
21*2
20*2 21
2034 21*2 2034 21*4
20*8 2034
1958 2038
1
1
27g
3*4
3*2
2*4
2
3*8
2*4
1*2
1*2
?8
2*8
2*8
134
58
78
284
1*2
134
9
15
18
5
7
7*4
193s
6
8
15*2 2038 16
8
6*4
6*2 1434
7*4
9*2 17*4
6*2
48*2
137
'
U S &
-
100
*
Co...
20
...
7% preferred
U S Hoffman
U S Leather
100
Machinery
U S Industrial
5
Alcohol
*
*
t c
v
t c
v
*
Prior preferred
v
t c
U S Realty & Improvement..
U S Rubber
8% 1st preferred
*
100
U S Smelt Ref & Mining
Preferred
50
50
....
U S Steel
100
7% preferred
100
U S Tobacco
*
.....
Preferred
...
..100
....
Utah Copper
*2
*2
38
*4
12*2
484
3g
*4
638
14
12i2
6
11
125g
7*4
Utilities Power & Light cl A...1
Vadsco Sales Corp
*
Preferred
100
4978
4978
1*2
4978
*4
15*8
158
1
48*2
51*4
51*4
51*4
51*4
2*8
17g
138
3%
1578
1*4
l®8
205g
117g
15l2
20*4
17
98*2
98
1027g
98
37
34
365s
35
5
1158
12lS
11*4
1458
12
14i2
9U2
93l2
91
94
91
94*8
1*8
58
19*4
11*4
13*4
9234
5
3418
35*2
35
36*8
35*4
37*2
35*2
1*8
78
18
Vick Chemical Inc
*4
13i2
634
48*2
40
40
1*8
2
4978
100
7% 1st preferred
13*2
32*4
1
s8
2134
16
134
34
*2
1978
20
1912
1358
I684
84
19*2
1534
78
1438
%
24is
12
1378
21*4
105
2
3*4
258
4*4
34
%
2
78
81
85*8
159
10*8
5058
938
15l2
70
934
1558
42*8
10434
7278
5058
*160
13
16*2
24i8
1958
104
"i458 "195s
38
25
2212
108
106
36*2
3734
70
36*2
984
i;485g
8
9 9%
13*4
153g
67*2 7134
8*2 11*2
143s 1684
39*2' 48
9134 1H78
*70
71*4
4418 49
110*2 116
119*4
138*2 136*2 140
165
1613s 164
2
3*4
S8
78
3*8
1*4
25g
1*8
37g
2
20*2
27
10i
85
9312
96
81
81
863.
15
71
76
A...
Preferred
8U"2
B
.........101
24*8
29
34
5612
17
2038
16
1834
18*8
2134
I.lOt
Ward Baking class A
Class B
20
105
110
95
8434
92
92
97
95
100
98
102
101
4
4
4
3
4
2
1033,
10412 102
4*2
3*4
3*4
2
74
65
81
73
83
1*4
18g
23,
134
1«<
1«4
134
17g
134
7*:
5*8
6*;
4*8
5*4
4*2
5*4
27*4
297g
28*4
307g
31
28
3034
114
115
114
U6*fc
117
115
1*2
*
5&s
57;
578
656
5
1*2
15
1»4
1*4
28i2
35s
32
32S4
4
18
247
28*2
2*4
14*2
30«.
3
*
1734
2884
283g 33
25l2 3234
2884
114
106*2 106
110*2 111
110*2
40
43*4 41*4
3658 39*4 37*2 41
23*2
105
2134
17*2
1*8
18
78
*
4%
6*.
3i2
*
Foundry & Pipe
3*8
73*2
797g
1*8
15g
3*4
1*2
5*2
13s
2*4
mmmm
120
13s
1*4
134
75
71
2
2*2
1
13g
5
5*4
26l2
29*2
117
116
2h
....
mm*
5
— -
57g
1*8
134
mmm*rn
70*4
115
1*8
2*4
2*2
—
7*4
77
116*1
13g
mm**
534
243.
100
2*4
33g
1?8
2*2
6*2
83g
3
2*8
3
778
2*8
7*2
10*4
83s
9
134
1*4
134
13s
2
15s
2*4
134
2*4
784
7
1*2
32*8
8*2
17t
7
134
1*4
37*4
3*4
21*2
43
43g
334
23*2
11*4
2412
*
100
......
Wells Fargo & Co
14
28
30
3*,
258
16*4
«4
191;
1
35
338
21*8
28*4
34
78
4*2
55g
1234
16*4
26
21
27
778
8*.
8
22*2
4*2
13s
53g
268,
39*2
6*6
3
21
4*6
26*;
34
4*.
27
19*2
4084
4*2
125s
*8
2*2
10*4
2384
3
1
1*8
5*4
•
834
5
6
.*
'
preferred
....»
West Penn Electric Co A
*
53g
412
90
90
....
1*4
1
Wesson Oil & Snowdrift..
35s
110
.
mm—
m
23s
8*8
118*2 117*2 119
3*4
27g
4*4
10*4
.
8*8
15g
9*2
2*8
13s
37*2
42
2*4
41
114i2 117
334
734
134
116
63g
25g
44
11878
4l2
10
-
"22"
-
-
-
2378
37
378
24
34
3*2
10*4
2238
5*4
40*;
78
47g
13*6
243g
38
434
33
43*4
57g
34
41*2
1*8
3*2
534
9*4
205s
17
40*4
78
2*2
8*8
2584
3678
8*2
4636
55s
22
6*8
9*2
214
43*2
83S
4812
6
11
3
47
103g
52
15g
5*4
39
1
58
376
25g
8*2
205s
11
32
8*8
4734
3912
7*2
45*2
78
48g
58
1*4
1
3*2
5*4
16*4
2534
14
16
2134
25
30*4
73s
12
10
24
215s
9*2
5058
5
Webster Eisenlohr
68
412
32i2
47g
29
37
31l2 28*2
119
112
120*2 115
117*2
no
103
10534 107
108*2 110*2 108
112*2
4
3
458
734
4*4
2*4
4*2
6*2
18
33
2534 26*2
76
69
76
72*2 67
7234 80
80
11519117
116
116*2 1151o116
117*2 11734
2
2
3*4
1*4
2*8
1®8
278
1*4
3
23s
334
5*2
2*8
414
584
23s
4
25g
2*4
134
4*4
438
8
97g
8*2
738
9*4
87S
73s
95g
28
3134
28*2 30*4 2812 3218
30*8 33*4
2934
120
103
29
3284
26*4 28*4
2778 31
11678 118
117*2 11734 117*2 11878 117
23s
278
63
68
43g
3*2
23*4
25*8
45
*
Waukesha Motor Co
Preferred
115
It
100
1*4
28*2
-
5*:
*
2*8
•
2
.
221;
17*2
1153* llfils
1
1*2
1*8
3
2
24
no
110
3*4
preferred
conv
23
104
1*4
S3.85 conv preferred
J Warner-Qulnlan
Bros..
$4
19
95
37,
Warren
Warren
37,
101
278
.......5
3*4
17g
45
2034
32*2
111*2
44l8
13g
37*2
70
278
18*8
31;
2734
*
Conv
3
96
178
f Walworth Co
7% preferred
234
24*.
284
*
.......
Warner Bros Pictures
3
258
987,
612
lot
6>3 % preferred
384
18*4
18
63*2
1091,1 109*
"D4 "ih
Waldorf
System
Walgreen Co
3
93
2*2
4
10<
Preferred
27*
100
....
10<
...101
...
37,
3*2
24*4
987g
151,
72*2
....
ioi
Detinning
278
96*2
10(
Preferred
7% preferred
JWabash Ry Co
43
312
23*4
Virginia El & Pow 6% pref.
»
Virginia Iron, Coal & Coke..10*
Vulcan
45g
35s
*
7% prior preferred
25g
23
58
63
100
Vlrginia-Carolina.Chemical
6% preferred..^
165
8i2
42
23
H
.
103
38*8
15
94
87
Vicks Shrevep & Pac Ry Co.. 100
5% preferred
393g
13*4
91*2
52
49*2
78
23*8
23
29
15
96
........
......10
Vanadium Corp of Amer
Van Raalte Co
*4
143g 1734
155s 19*8
19*8 25*2
21*2 237g 2034 26*4 25
9
10
7
11*2 11
6
878
65g
8*8
8*2 12*2
10*2 13*4
734
412
84
84
84
89
90
87
82
76
87
73
73 ■
8784
88*2 89
80
80
82*8
76*2 84
65*4
65*4
65
48
41
5534
66*2 84l2 7634
47
6434 74
4934 59*2
53*8
4934
56*4 63*2 62
4358 48*2 40*2 46
158
160
157
154
153
151
143
148
15478 157*2 153
156*2 152
Xl53*4l58*2 158
147*2 146
145*2 147*2 146
9
93g
858
6
5
758
75g
7*4
678
6*2
658
65g
5*4
7*2
634
6*4
5l2
558
7*4
6*8
5*2
45l2
467g 38*2 44*2
4I84 48*8 42*4 49
40*4 46*4
393s 44l2 40
36*2 4438
3634 45*2 36*4 41
35*8 4034
8
8
7
93g
9*2
85fi
65g
8*4
7*8
6*4
5*2
6*2
7*2
6*2
678
55g
4l2
558
6*2
5*4
3*8
13
8
11
157g
13*2
9
10
12*8 1434
12*4 14*2
13*8 16*4
1258
137g
11*4 1334
11*2 14*4
984
7*2
66
70
65
67
53
67*4
53
68*s 72
57
57
6334 66
68*4 73
6O84 64
55*4
65*8
57*2 59*4
4
5
5
7
6*2
7*4
634
57g
47g
538
63g
4l2
3
478
3*2
438
3*8
5*s
434
6*8
4i2
14
11
12
14
14i2
115s 15
14*4
13*4 15*2
U38 133g
13*8 16*8
17*4
10*2 13
13*8 16*8
9*8 14*4
37
35
31
403g
38
3634
31*2 397g
35*2 285g 33*4
3458 40*4
2834
35*2 4238
26*4 32*4
3158
24i2 345g
92
106
95
10078 9234
10412 93
112l2 1015811134 96
124l2 105*4 117
106*2 124U 10834 122
106.
10034 12284
71
72
73
67
66
64
69
65
69
67*2 73
7034 7334 70
70*2 697g 73*4
69*2 71
6278 65*8
33*4 437g 41*8 46*4
42*2 4884 4138 477g 457g
30^8 35*2 305s 343g
3558 40*8
28*8 337g
3U2 3858
27*2 33
94
84
85
11212 10578 110*2 106*2
91*2 84i2 88*2 87*2 100S4 98
113*2 107
7534 89
79*4 89
7358 81
137
134
135
135
131
137
135*2
130
a: 12634130*2 128
14034 131*2136*8 132
135&8 13134 134
119*8 12312 124
155
165
155
165
165
150
150
160*4 160*4 160*4
159*4 160*8 165
14934 152*4 150
150*2 150*2 155
15l2
7*2
13i2
*
Preferred
Class A
I4
»
Foreign Secur Corp
U S Gypsum
■«
'
U S Express..
U S Freight
1
4
4&b
4l8
85
....
"l'
1*8
3012
3558
33*4
39
31
7512
74
75
7434
53
4334
48
34
43s
5
4
5*8
4*8
47g
43s
57g
434
6
1
1*8
1
13s
1*4
1*4
1*4
1*4
43
40*4
397g
45
39
433s
39
83
80*2
82l2
67
77
79*8
6778
81
7312
78
5*4
343g
305s
3378
30*2
78
75
78
75
80
1*4
36*2
7978
62
54
61*2
57*2
69
64*8
1*8
6*2
85
85
1*8
37*2
4U2
5112
76
4612
5*4
85
31*2
7584
37*4
72
*1
1
80
1*4
54l2
84*4
70*2
83
538
4l4
6
734
85
85
1
3
4784
817g
55*2
84*4
84
91
"1*4 " 2"7g
43
'
80*8
877„
50*4
8384
91*4
94
97
81
90
87
70
64
75
99*4 91
85*2 93
68*2 67*4 76
83*2 78
48*2 58*2 3978 52*2
92
85
78
86
91
36
64
7584 85
66*2 74
76*2 69
48l2
58*2 6884
50*2 62*2 567g 61
42l8 50
West Penn Power pref 7%__100 10412 10634
119
119
117
120
116
117*2 120
117*2 1203s
11778 114
117*4 120
116*2 120
111*4 110
116*2 119
107*2 U034 106
6% preferred
100
95
102
95
99
U384 110*2 U4
112l2 IU84
102*4
102*4 102*4 110*4 109*2 1135s 109*4 112*2 *112 11334 112*2 114
111*2 113*2 112
Western Dairy Prod A
*
2
2
2*4
I84
2*4
138
1*2
2*8
15s
1*8
Class B v t c...
♦
78
*>8
*2
58
f8
*2
*2
%
38
*2
h ""2
*2 ~~~38
**8
*2
*2
7% preferred
6% preferred
.100
57
60*2
100
49
53
Western Maryland Ry Co
2nd preferred
100
8
978
634
100
10
1058
9*4
1134
Western Pacific RR Corp
Preferred
100
388
138
3*4
Western
Union
..100
7*4
8*4
778
238
24i8
7*2
3178
205s
26*2
27
21
25
18
22
50
3584
40*4
36»8
41
325s
385s
50
91*4
99
90
94
94
*
1184
1378
11
13*4
10
97*2
11*2
29
31i8
30
30
30
32
20*4
23*2
18*2
21l2
I6S4
197g
18
18
18
22
.....
Wheeling & Lake Erie
100
Preferred
Wheeling Steel Corp
25
100
3
Motor
50
*
White
*
Spr tr ctfs
Sewing Machine
Conv preferred
Wilcox Oil & Gas
...»
20*4
18
19*4
14*4
16*2
46*2
58
55
57
49
678
13*2
1*4
185s
10
16
24i2
21*4
22*2
134
238
178
6
1*2
658
2*4
*
34*4
3434
*
$6 preferred
7
584
2534
100
...
10
Worthington Pump & Mach.100
7% preferred A
100
6% preferred B
100
Wright Aeronautical Corp
»
Wrigley (Wm) Jr
*
6*4
25*2
9434
434
33g
1*4
2*2
337g
23*2
3*2
3*8
43*4
4184
513g
44
275g
25
28*8
233s
675g
64*4
11434
55g
134
3i2
95S
83s 10*8
83g
7*2
153s 1912 15*4 I984
163s
25g
134
258
134
1*2
4
5
3
534
4*4
4*4
578
52*2 4434 643g 6134 77*4 67*4 75*2
27
3584
21*2 278s 26*2 35*8 31
80*4 73
9I84 885s 9884 885g 98*4
123
120*2 126
118*2 114*8 1195s 120
17
19*8
30*2 27
31*2 26
33*8
347g 33*8 37*4
35*2 37*4 36*2 38*4
19
25
21*4
2258 2512 22*2 23*2
33
30
31
35
35*2
93g
67g
127g
1*4
15*2
2*4
32
19
2278
4034
97*2
97
12
11*8
13
11*8
12*2
1134
19
16*4
19*2
33
32
34
32
32
32
365s
31*2
3512 x33
21
18*4
21*8
1778
21l2
18*2
20*2
I884
22*8
25
25
25
27*2
27*2
30
29
30
35
35
35
40
40
16*2
1984
16
17*2
16
243g
22*2
26*4
57
70*8
63
66*2
115g
64l2
83
82
90
10
11S4
103s
12*2
18
15
17
13*2
1534
22*2 26*4
86*2 x90*4
10*2 1418
13
155g
57*2
9*2
17*2
178
7*2
2
35*8
5
378
68
75
67
7434
58
66
5412
53*4
5578
5158
x60
16
1938
IIS4
55*8
1634
53
21*2
778
13*2
15s
7*2
15g
35*4
4*8
50*4
105
20*2
43*2
53*2
109
102
12
25*4
978
5234
109
6534
117
16*2
23g
14
158
134
1*2
9*2
8
9
8*2
284
15*4
is4
2*8
53s
62
114
rnmmm
6
2*4
134
2*8
35*2
57g
35*2
478
2
119
mmmm
163s
18*2
35
mm m
41
m
v.*.
47
50
22
2784
2784
87
92l2
165g
94
39
117g
125s
134
97g
1534
2*4
50
32*4
10212
15*2 1834
133s 15*2
3*4
1*8
10*2 14
44
45
28
31*2
975g 101*8
173s 19*2
14*8
258
1278
23g
134
145s
1034
2*8
13*4
2
23g
2*8
2*2
2
2*4
2
27g
23g
5*4
57g
434
534
538
75s
678
9*4
16*8
484
20*8
3*8
8
1034
13
35*2
55g
878
37
163g
7^3,
4
7ftlo
60*4
71*9
*2
65
7034
69*4
74
66*4
7058
61*4
68
7419
717a
1
A'S
57
613g
57
65*4
63
60
6338
62
56
60
52*8
57*2
18*4
15
17
19
60*2
16*4
63*2
14*2
60*4
163g
65*2
5678
7Q
20
1678
19*2
16
2U2
4938
20*2
46*2
25*4
21
24
•
u°4
#
0*2
4478
35
40
25l2
34
1384
28*2
3478
31
4U4
3934
46*4
38*2
44*2
39
4412
53
5838
28
28
23
20
25
24
30*2
33
32
36*8
30*2
3412
3112
34
40
36
515s
4412
48
52*8
44
48*2
48
44
5378
41*4
5234
42
48
46*4
5112
46
5134
47
52*2
47
5034
47
58
51
68
75*2
22l2
3*4
785s
79
80
82
7834
82*s
75
79
7434
79
76
80
76
7958
747g
79*2
21*4
1938
2334
2334
25*4
2434
35
3i2
65g
5*8
35*4
834
31*2
3*8
29l2
434
31
3*8
31*2
6*8
35
25g
2434
4*8
88
1838
23*4
18*2
234
31l2
2134
1434
78l2
215g
234
81
20
36*2
1978
7478
1734
234
34*4
8234
4
20*4
35*2
7334
1778
234
38*4
30*4
61
33
4H2
33*2
36
28
47
43
45*2
15s
378
38*4
41
38
42
34i2
19
21
1834
15s8
20
18
a
355g
784
11*2
75g
125s
1*2
24l2
17*2
7% preferred
100
Young (L A) Spring & Wire...*
Youngstown Sheet & Tube
value.
35
6
23
par
234
28*4
93s
1434
25g
1234
2934
79*2
No
37g
85g
7*8
10*2
1*8
99*4
75
100
7*8
138
2
2034
5M% preferred
134
35
Yale & Towne Mfg Co
__25
Yellow Truck & Coach cl B...10
Zenith Radio Corp..
Zonite Products Corp..!
48*8
678
14i2
158
10
3434
15g
2178
43*8
"1434 "1778
7*2
1
2*4
35
884
13
138
28*4
51
*
Woolworth (F W)
2
5*2
313s
93*2 100
6
8*2
34
4
7*8
11
134
28
22
1278
22
5
Wilcox-Rich Corp class A
Wilson & Co..
83g
1138
1*4
234
20
9278
10*2
30*2
1734
56
9*2
258
7
11
134
25
18
White Rock Min
*
334
83g
11*8
....
100
Preferred
6l2
8*8
13«
258
2278
185s
345g
2
3484
Westvaco Chlorine Prod
Class A.
Preferred
5*2
7*2
1*2
25g
24
*
Westinghouse El & Mfg
7% 1st preferred...
White
6
9*4
•
28i2
Telegraph.. 100
Westinghouse Air Brake
Weston Elec Instrument
Class A
2*2
4*4
3*2
18*8
2178
46
56
*
134
1
4
Optional sale.
CURRENT
24
19*2
....
2*2
478
13
13s
378
478
3
x
35g
37
14
15g
4*8
1678
38*2
138
3*2
....
2
sale.
3*4
17
....
1*2
c Cash
22
4434
1*2
458
Ex-dividend.
1*4
3
658
9*4
35
33
40
37*2
55
56
76
70
76
67
85
81
96
73g
80
26 84
2378
1458
29
27
3234
31*4
353s
34
38*2
35*4
40
43*4
4258
53*8
177g
17*4
24i2
283s
24
28
36*2
3434
4678
4584
47
69
75*2
735s
28*2
84S4
23
41
79
98
98
23s
2684
75*2
334
38*2
2784
35S
534
43g
27g
438
3*2
43g
4
1778
1*2
258
2*2
3*2
55g
5*8
4*2
412
10*4
55g
978
53g
100*8
1434
6*4
995s 105
1234
1434
5*2
784
J Companies reported In receivership.
y Ex-rights.
NOTICES
7
—William B. Scarborough and August H. Schenck have become members
of Toerge & Schiffer and John Davison has retired from the firm.
—Howard E. Morris has been admitted
as a
general partner of Maloney,
Anderson & Block, and Otto S. Fuerst has retired as a general partner.
—Russell.
announce
Berg & Co.,
Investment
Counsel,
75
Federal
St.,
the retirement from the partnership of Henry DeC.
Boston,
Ward.
—Shear Bros.
& Co., 39 Broadway,
comprehensive analysis
—E.
on
New York City, have prepared a
Erie & Suburban Ry. 1st 5s of 1941.
Roland Parry has joined Lancaster,
manager
Havens &
O'Brien,
of the retail department of its Wall Street office.
Inc.,
as
ITEMS
ABOUT
BANKS,
COMPANIES,
TRUST
(Concluded from
&c.
52)
page
recently by the Bank of America National Trust & Savings
Association (head office San Francisco).
The announcemeht continued:
Petition of the citizens of Weaverville resulted in bringing
banking service
to that city through a branch of Bank of
branch will be opened soon
metropolitan
America.
The
after the first of the year.
building will be constructed to house the Westwood Village branch
Bank of America.
Establishment of this branch near the University
A
of
new
of California at Los
Angeles is in conformity with the branch banking in¬
stitution's policy of providing branches near
versities throughout the
Co.
and the
the campuses of leading uni¬
last April.
*
2,
following
partners: Albert Z. Gray, Lucius Wilmerding, C. Douglass Green, Nelson
S. Bartlett, Rodman B. Montgomery, Harry T. Byrne, Charles I. McLean,
general partnership under the same name was formed by the
Robert
Hitt and Henry P.
R.
The sixty-first annual statement of the
Banque Canadienne
amounted to $915,790 (against $935,823 last year), which
$224,070, the balance to credit of profit and
when added to
loss brought forward from the previous fiscal year, made
$1,139,860 available for distribution.
From this sum the
following appropriations were made:
$560,000 to take care
of dividends; $30,000 contributed to pension fund; $167,000
to pay Dominion and Provincial government taxes; $30,000
written off furniture and fixtures account, and $125,000
representing provision for payment to the Treasurer of the
Province of Quebec, under Statute 14 Geo. V. Ch. 3, leaving
a balance of $227,860 to be brought forward to the
present
fiscal year's profit and loss account.
Total assets of the
institution are given in the report at $132,574,256 (compar¬
ing with $127,195,648 on Nov. 30 1934), of which $90,322,729
are liquid assets, or
equal to 75.44% of the bank's liabilities
to the public, while total deposits (savings and current) are
shown at $112,993,914.
The institution's total liabilities
to the shareholders (capital, rest fund, dividends and un¬
divided profits) are shown at $12,372,706.
CURRENT
York Curb Exchange, Boston Stock Exchange,
Inc.
This house is
an
Its main offices will be at 44 Wall St., New
distribution' of high grade municipal and corporation
bonds and stocks, with principal offices in Detroit and New York.
and Percy
respectively, the firm
of Kuhn, Loeb & Co. recognizes not only the personal responsibility which
these men have shown over a period of years but also thier character and
ability as executives. Heretofore they exercised joint power of attorney
for the firm.
Single power of attorney will continue to be exercised by
conferring single
Detroit and New York financing.
Martin Beckhard, in charge of the Foreign
"Mr.
Siegman,
well
as
Kuhn, Loeb for 54
for
will continue residence
of the firm,
partner
Mr.
of
the
Hornblower
in
Detroit,
and
Huston
F. Norman Lillig,
a
partner, until
member of the Detroit office henceforth will be associated with
The firm also
announces
the occupancy of
offices in Detroit which will be located at 645 Griswold Street.
bank.
The
S. McMillan
as
Walker's partnership is
effective
St. Louis, announces
the
Shawmut
T.
that Joseph
will be admitted as a
Corp.
With
the
of Jan. 1
dissolution
Previouc to
1936.
Executive Vice President of
was
of
that
Mr,
organization.
Bank.
He
joined Hornblower & Weeks to take charge of the-New England investment
Walker
was
appointed
a
trust officer of the National Shawmut
division in September 1934.
ENGLISH FINANCIAL
The
MARKET—PER
reported by cable, have been
as
CABLE
daily closing quotations for securities, &c., at London,
as
follows the past week:
Sat.,
Silver,
per oz.
p.
fine
Tuts.,
Wed.,
Thurs.,
Fri.,
Dec. 28
Gold,
Mon.,
Dec. 30
Dec. 31
Jan. 1
Jan. 2
Jan. 3
d.
21%d.
22^d.
Holiday
22%d.
141s.2d.
Holiday
141s.4d.
22 l-16d.
21d.
141s.3d.
140s. 1 Id.
oz.
141s.2%d.
8634
86 15-16
86%
Holiday
Holiday
Consols,
106
106%
Holiday
10634
10634
Holiday
11734
11734
Holiday
11734
11734
234 %
86%
Holiday
British 3%%—
British 4%—
1960-90
The
States
price of silver
on
the
same
per
ounce
(in cents) in the United
days has been:
Bar N. Y. (forxN. A.
elgn)
U.
8
4934
Holiday
50.01
50.01
Holiday
50.01
77.57
77.57
77.57
Holiday
77.57
60.01
Treasury
(newly mined)
x
4934
4934
4934
60.01
U. S. Treasury
77.57
Not avilable.
COURSE
Bank
OF
BANK
CLEARINGS
clearings this week will again show
pared with
an
increase
com¬
Preliminary figures compiled by
a year ago.
us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
Jan. 4), bank exchanges for all cities of the United States
from which
i\ is possible to obtain weekly returns will be
12.9% above those for the corresponding week last
Our
a
year,
preliminary total stands at $6,356,645,569, against $5,same
week in 1934.
At this center there
gain for the week ended Friday of 12.7%.
parative
summary
Our
com¬
for the week follows:
Clearings—Returns by Telegraph
Week Ending Jan. 4
Per
1936
1935
$3,261,872,955
245,966,509
313,000,000
222,000,000
75,834,893
69,400,000
112,496,000
91,806,542
98,347,243
68,096,667
48,777,595
30,188,000
$2,894,598,577
217,290,838
278,000,000
181,000,000
57,820,607
65,200,000
99,318,870
91,483,159
74,060,278
51,956,317
48,411,259
25,238,000
$4,637,786,404
717,751,570
$4,084,377,905
625,011,624
+ 13.5
$5,355,537,974
1,001,107,595
$4,709,389,529
922,949,523
+ 13.7
$6,356,645,569
New York
Chicago
-
Boston
Kansas
City
at, Louis
-
-
-
Detroit
Cleveland
Baltimore
New Orleans
Mr. McMillan attended Princeton University
of vhe institution, as a salesman
Twelve cities, five days
Other cities, five days.
Total all cities, five days
,
class of 1929, and became
connected with the Mercantile-Commerce Co., then the investment affiliate
in September 1929.
$5,632,339,052
+ 12.9
Cent
+ 12.7
+ 13.2
+ 12.6
+ 22.7
+ 31.2
+6.4
+ 13.3
+0.4
+32.8
+31.1
+ 0.8
+ 19.6
was
He
remained in this capacity until his recent appointment to Chicago, where he
will represent the bond department as correspondent.
All cities, one day
Total all cities for week
+ 14.8
+ 8.5
In June 1934, when
business and the bond department of the bank
organized, he was made Asst. Manager of the municipal bond division.
The bond depart-
ment of Mercantile-Commerce has been active in the field of municipal
bonds
and bonds of government agencies, and maintains correspondents in New
York and Kansas City, Mo,
—Harris, Upbam & Co., members of the New York Stock Exchange
the admission to general partnership of George G. Bass, Irvine O.
announce
Hockaday, Richard L. Kennedy Jr., and Richard S. Perkins, all of whom
with the firm.
have been associated
Mr. Bass, who has been in Wall Street for many years, was formerly a
partner of Russell, Miller & Co. and before that was with Hayden, Stone &
as
joining Hornblower & Weeks, Mr. Walker
Chicago correspondent of the
He will make his offices in the Field Eldg., 135 So. LaSalle St.
the company ceased
Weeks announced
Broadway.
—The Mercantile-Commerce Bank & Trust Co.,
the appointment of John
&
firm.
Pittsburgh
new
number of years."
Walker Jr., present New England sales manager,
member
Inc., will be resident in New York City.
New York office is at 120
a
—Following the retirement of Henry Hornblower on Dec. 31 as senior
San Francisco
a
associated with
has been
Mr. Stewart joined the firm in 1906 as a boy
years.
Philadelphia
Jerome E. J. Keane, formerly president and chairman of the board of
this time
Department.
Beckhard,
Mr.
as
and has been syndicate manager
Rawls, of New York, formerly president of Bertles, Rawls & Donaldson.
'
of attorney upon Simon Siegman
power
M. Stewart, office manager and syndicate manager,
Keane
& Company was organized in 1933 and has since been increasingly active in
the New York organization.
York, with branches in
outgrowth of the former firm of
Keane, Hignie & Co., for many years an important factor nationally in the
Co.,
and Commodity Exchange,
Boston and Houston.
632,339,052 for the
NOTICES
—Announcement is made of the opening of a New York office by Keane
Higbie &
The new
Exchange, New
partnership will have memberships in the New York Stock
is
Keane,
Mr. Kidder, a new partner, is
Kidder.
grandson of the late Henry P. Kidder of Kidder, Peabody & Co.
Nationale (head office Montreal) for the fiscal year ended
Nov. 30 1935 is now available.
Net earnings for the period
and
of the
—Following the dissolution of the firm of Gray & Wilmerding on Jan.
a new
W. L
underwriting
merged with Harris, Upham & Co.
of James H. Perkins, Chairman
a son
—Kuhn, Loeb & Co. have issued the following statement:
eightieth annual statement of the Bank of Toronto,
Toronto, Ont., Canada, covering the fiscal year ended Nov. 30
1935, shows liquid assets of $71,499,902, equivalent to 64.45%
of all liabilities to the public, of which $20,228,212 is repre¬
sented by cash, bank balances and notes and checks of other
banks. Reflecting improved business conditions in the Dominion, total deposits show an increase of $7,551,753 to
$101,265,479. On the other hand, loans by the bank reflect
a slowing up in all classes, commercial loans showing a de¬
crease of $572,087 during the year under review. Reductions
in loans, however, together with the marked gain in deposits,
is reflected in an increase of $12,405,468 in the bank's security
holdings, which are shown in the report at $47,942,184. The
profit and loss account of the bank, according to the Toronto
"Globe" of Dec. 27, from which the foregoing is also learned,
shows net/profits of $806,391 (a decrease from the previous
year of
$16,107) after providing $232,743 for provincial
taxes, $80,000 for staff pension fund, and making appropria¬
tions to contingent accounts out of which full provision for
bad and doubtful debts has been made. After writing $100,000 off bank premises account, and setting aside $600,000
for dividends at the rate of 10% per annum, there remained
$106,391 to be carried forward, bringing the profit and loss
balance up to $843,565 at the close of the year. Total re¬
sources of the institution are shown
at $126,918,925, com¬
paring with $120,161,618 at the close of the preceding fiscal
year. The Bank of Toronto is capitalized at $6,000,000, with
rest fund of $9,000,000 and undivided profits of $843,565.
& Company of Detroit.
Mr. Kennedy was formerly a partner
National City Bank of New York.
"In
,
Mr. Perkins is
with
Hockaday was formerly
Mr.
Bureau.
McGreevy & Co. of Kansas City.
State.
The
-
Boston News
of Boettcher-Newton & Co., which was
Plans for opening new branches in Weaverville, Calif.,
and at Westwood Village, Los Angeles, were announced
new
Jan. 4 1936
Financial Chronicle
76
Complete and exact details for the week covered by the
appear in our issue of next week.
We cannot
foregoing will
furnish
them to-day, inasmuch as the week ends
to-day
(Saturday) and the Saturday figures will not be available
until noon to-day.
Accordingly, in the above the last day
of the week in all
cases
has to be estimated.
In the elaborate detailed statement,
present further below,
results
for
the
week
however, which
we
able to give final and complete
previous—the week ended Dec. 28.
we are
For that week there is
an
increase of 16.7%, the aggregate
Financial
Volume 142
77
Chronicle
of
clearings for the whole country being $5,058,866,197,
against $4,334,015,314 in the same week in 1934.
Outside
of this city there is an increase of 17.0%, the bank clearings
at this center having recorded a gain of 16.6%.
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals record
a gain of 17.3%, in the Boston Reserve District of 11.5%
and in the Philadelphia Reserve District of 13.0%.
In
the Cleveland Reserve District there is
improvement of
18.9%, in the Richmond Reserve District of 12.8% and in the
Atlanta Reserve District of 23.2%.
The Chicago Reserve
District has enlarged its totals by 12.0%, the St. Louis
Reserve District by 17.3% and the Minneapolis Reserve Dis¬
trict by 9.4%.
In the Kansas City Reserve District there is
an expansion of 24.6%,
in the Dallas Reserve District of
25.3% and in the San Francisco Reserve District of 21.7%.
In the following we furnish a sumtnary by Federal Reserve
an
districts:
Week Ended Dec. 28
Clearings at—
Inc. or
strict
Seventh Feder al Reserve D
$
Chi cago—
48,842
+ 74.4
29,486
67,845
307,962
+24.9
100,990,706
2,194,239
1,239,475
857,816
i
12,249,000
2,387,225
4,238,640
13,733,184
72,994,144
1,588,146
719,873
+38.4
463,163
50,456,295
48.254,083
+51.3
1,217.007
675,160
308,215
1,936,227
343,400
566,867
9,783,000
10,119,000
85,193
_
Arbor
Detroit
Grand Rapids.
Lansing
Ind.—Ft.
—
1932
$
%
384,746
Mich.—Adrian.
Ann
1933
Dec.
$
$
Wayne
Indianapolis
Terre Haute
Wis.—Milwaukee
8 753 000
566,860
645,897
—0.2
3,732,061
+ 24.2
9,057,263
176,699
3,948,809
1,758,631
2,486,030
9,300,970
4,248,932
11,052,988
535,423
5,299,518
1,937,946
+49.3
+ 35.2
+40.3
b
b
Waterloo
Chicago
447.516
—44.6
239,961,548
+ 1.1
Peoria
509,052
+ 30.1
1,875,568
518,604
725,817
+ 36.2
908,246
Decatur
396,662,101
354,043,350
+ 12.0
755,570
Springfield
Total (19 cities)
+45.7
+ 25.1
497.464
3,744,440
1,525,061
b
b
247,843
242,491,969
662,346
2,554,759
HI.—Bloomlngt'n
802,755
+ 25.2
799,260
Sioux City
+ 72.2
'
7,163,561
2,718,323
la.—Ced. Rapids
Des Moines
+ 38.1
577,269
921,604 + 159.2
'
South Bend
Rockford
SUMMARY OP BANK CLEARINGS
1934
1935
b
221,647
159,264,086
385,195
1,779,565
341,573
654,644
711,275
172,637,677
397,876
1,376,773
305,835
1,020,731
243,849,359
256,750,608
Inc.or
Week Ended Dec. 28 1935
1934
1932
1933
Dec.
S
1935
%
Eighth Federa 1 Reserve Dls trict—St. Lo uis—
Federal
Reserve
1st
Boston
2nd
New
S
Diets.
12 cities
223,811.596
S
S
185,423,276
191,930,205
2,935,254,186
2,708,095,747
Ky.—Louisville.
Mo.—St. Louis
York. 12
"
3,113,912,364
3rd
Philadelphia 9
"
311,906,220
237,250,429
270,360,378
Tenn.—Memphis
4th
Cleveland..
5
"
226,841,929
190,804,729
+ 18.9
162,883,799
153,760,295
Richmond .6
"
101,261,354
89,764,628
+ 12.8
80,120 761
78,382,975
6th
Atlanta
10
"
124,245,736
100,817,125
+23.2
95,194,662
Chicago ...19
8th
St. Louis
b
1
+ 16.5
64,000,000
+ 15.6
15,086,030
58,600,000
16,079,218
+23.8
10,428,052
8,384.358
66,954,334
7th
b
b
59,500,000
22,744,100
69,300,000
26,293,732
16,625,770
111.—Jacksonville
6th
b
b
Ind.—Evans ville.
+11.5
2,654,536,520 + 17.3
275,931,611 + 13.0
200,640,907
"
396,662,101
354,043,350
4
"
112,581,502
Minneapolis 7
10th Kansas City 10
"
"
76,546,174
11th Dallas
6
"
50,508,662
Fran.. 12
"
203,294,661
9th
12thSan
243.849,359
256,750,608
+17-3
+9.4
94,170,185 +24.6
40,302,236 +25.3
167,041,723 +21.7
117,293,898
+12.0
95,971,460
79,822,082
63,642,441
Total
Ill cities
82,851,245
71,314,031
36,206,209
30,437,245
150,334,611
129,719,143
Total (4 cities).
Ninth Federal
Minn.—Duluth
.
_
Minneapolis
5,058,866,197
4,334,015,314
+16.7
4,352.833,060
4,097,117 016
2,065,902,068
1,766,356,650
+ 17.0
1,499,086,577
1,464,964,698
N. D.—Fargo...
S. D.—Aberdeen
32 cities
245,335,563'
285,821,480
112,581,502
95,971,460
b
308,000
79,822,082
83,392,343
2,747,397
+ 17.3
328,767
225,058,908'
+16.5
187,930,550
We now add our detailed statement showing last week's
figures for each city separately for the four years:
trict—Minn eapolis
+46.2
2,337.914
+5 3
45,815,313
Reserve Dis
3,418,642
48,259,190
19.838,221
1,448,236
2,030,617
38,298,630
12,456,001
1,139,833
-
42,045,144
17.564,531
+ 12.9
1,274,303
381,181
+ 13.6
15,375,387
1,138,575
348,921
407,608
212,394
2,333,484
+26.4
+ 70.1
+ 12.1
267.445
2,616,456
Mont.—Billings
Canada.
b
b
+21.5
56.019,712
St. Paul
Outside N. Y. City
b
298,000
83,392,343
69.990,940
13,429,360
b
362,000
Quincy
1,729,572
1,474,029
76,546,174
69,990,940
+9.4
63,642,441
56,019,712
481,863
483,566
.
Helena
Total (7 cities).
Tenth Federal
284,214
Reserve Dis trict—Kans
as
City
'
Hastings
Lincoln
Inc. or
1935
1934
1933
Dec.
1932
First Federal
Mass.—Boston..
520,909
417.792
1,318,226
+ 11.4
514,127
340,629
Lowell
New Bedford..
578,308
1,271.597
9,796,381
2,543,178
+ 15.5
+ 1.2
7,887.400
+23.5
+ 29.0
197,963
+ 11.5
185,423.276
191.930,205
Feder al Reserve D (strict—New
York-
0,256,795
4,401,011
580,788
21,631,620
New Haven
N. Y. Albany...
4,014,503
BInghamton...
Buffalo.......
847.009
Elm Ira
7,547.848
671,494
22,500,000
—40.8
549,229
482,114
27,000.000
...
Jamestown....
New York
+ 26.1
517.230
+ 20.0
21,857.255
364.044
+ 50.9
405.736
+ 18.8
420,097
337,623
2,992.964,129 2,567,058.664
Rochester
Syracuse
Conn. —Stamford
Northern N J..
+ 18.6
+ 29.1
2,130,210
1,793,880
246,950
320,494
—1.6
+ 17.3
2,935,254,18d
2,708,095,747
211,530
+21 1
172,277
+49.4
+ 1*7
492,826
225,000,000
+ 9.6
715,773
Mo.—Kans. City
St. Joseph.
Colo.-Colo. Sprgs
2,030,423
1,320,019
301,000.000
267,000,000
974,317
888,775
N. J.—Trenton..
2,285,961
899,545
1,271,290
3,586,000
Total (9 cities).
311,906,220
240.319
__
b
+ 12.6
1,859,005
Total (10 cities)
c
Canton
r
c
Cincinnati
+ 26.5
1,111,586
849,372
+24.6
82,851,245
—2.3
+20.6
+23.3
+ 6.4
+ 38.1
3,066,000
+ 17.0
6,838.000
275,931,611
+ 13.0
237,250,429
270,360,378
c
c
c
c
+ 16.3
1,156,741
970.077
+ 19.2
b
..
Total (5cities).
Galveston
831,832
+ 30.7
+28.5
599,051
27,973.278
+34.6
4,268,701
3,069,000
—22.6
2,026,000
1,532,015
+29.7
1,339,179
1,385,630
40.302,236
+25.3
30,206,209
30,437,245
Twelfth Feder al Reserve D istrict—San
Wash —Seattle-
Spokane
Utah—S. L. City
Cal.—Long Beach
Pasadena
Sacramento
San
10,944,695
2,411,227
1,925,973
3,188,183
95,498,241
+ 31.9
+ 32.2
+30 8
b
+ 12.4
+ 19.1
b
c
c
33,614,695
44,060,202
6,434,700
763,873
b
c
c
34.766,142
49,415,145
5,136.600
679,048
b
+ 24.0
78,010,329
63,763,360
Total (5 cities).
220,841,929
190,804,729
+ 18.9
162,883,799
153,760,295
.
12.603,197
11,032, 95
2,064.059
2,097,096
2.019,186
3,088,439
+ 34.1
+90.3
+ 17.9
San Jose
1,395,561
803,197
1,053,876
+ 15.1
+44.4
91,925,040
1,288,299
767,508
901,225
203,294,661
167,041,723
+21.7
150.334.611
924,548
Santa Barbara.
Total (12 cities)
+36.3
Grand
total
4,114,546
75,560,849
1,080,854
129,719,143
717,438
821,065
(111
5,058,866,197 4,334,015,314
+ 16.7 4,352,833,060 4,097,117,016
Outside New York 2,065,902,068 1,766,356,650
+ 17.0 1,499,086,577 1,464,964,698
cities)
Week Ended Dec. 26
IfOdTl/Toy8 u»"**
Inc. or
1934
1935
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
$
$
Canada—
100,859,857
80,066,312
40.026,367
12,274,347
16,154,856
3,867,950
1,982,547
3,684,417
4,408,114
1 370.940
St. John
85,970,697
76,963,731
31,353,570
11,961,271
343,340
108,277
1,660,000
1,692,000
+ 12.2
26,350,547
964,968
24,503,207
653,238
+ 12.4
40,470,130
+ 16.8
10,566,839
+ 56.4
200,971
128,485
2,645,000
30.876,997
876,158
1,988,000
+ 33.0
28,077,506
+ 10.0
780,859
45,702,701
13,086,977
W.Va.—Hunt'ton
3
60,382,206
86.535,64k
55.574,905
+ 27.7
34,391,079
10,921.117
3,663,644
3,741,786
1,589,746
3,173.741
27,801,654
+2.6
4,069,901 +296.9
3,903,227
1,809,165
—0.9
3,135,764
+ 17.5
4,093,697
1.383,793
—0.9
+ 9.6
3,310,214
1,215,407
1,194,010
+ 7.7
+42.1
1,460,169
1,027,439
2,102,145
—7.4
3,903,003
—31.3
2,355.142
+ 24.6
247,712
468,579
+20.1
1,016,689
382,904
703,449
1,857.517
3,010,194
2,303,089
—9.8
562,573
1,097,249
+ 7.9
+ 18.1
223,487
Brandon
235,709
341,198
'
Leth bridge
Saskatoon
S
78 166.056
+4.0
1,947,174
2,681,078
2,934,605
Reglnia
1932
%
+ 17.3
London
Edmonton
Reserve Dist rict—Richm ond—
1933
Dec.
Victoria
S. C.—Charleston
15,243,365
4,133,000
251,579
14,043,422
10,003,177
2,107.243
+ 81.3
1,522,642
Francisco
Montreal
83,299,116
Richmond
18,602.882
5,260,000
330,184
—5.2
17.673.666
23,317,082
14,463,467
3,154,209
2,581,933
0,067,800
112,598.406
1,902,576
416,635
22,641.039
4,127,941
1,866,000
SCO—
+ 20.7
8,761,000
372,634
675,740
Ore.—Portland..
Franci
23,013,470
27,777,198
8,309,000
Yakima
_
103,788,904
Va.—Norfolk
501,803
71,314,031
30,538,551
4,330,838
50,508,662
.
Ft. Worth
v
Pa.—Pittsburgh.
Fifth Federal
405,335
District—Da Has—
1,080.934
39,232,726
5,828,391
2,374,000
1,986,611
.
Dallas
893,298
2,817.000
40,680,920
57,678,316
8,176,300
Mansfield
Youngs town
94,170,185
Eleventh Fede ral Reserve
Texas—Austin
1 480 337
+ 38.8
47.300,568
64,854,516
9,741,200
Celveland
Columbus
117,293,898
1,823.734
711,154
929,195
Feder al Reserve D Istrict—Clev eland-
Ohio—Akron
)
—38.2
Pueblo
Toronto
Fourth
+35.4
377,576
813,516
20,732,476
2,298,850
2,106,986
63,647,092
2,526,890
63,226
88,132
1,367,621
14,671,466
1,712.182
2,730.005
47,855.630
1,918.631
1,283.915
—85.6
Wllkes-Barre..
1,387,901
20,043,752
1,927.899
1,599,942
65,032,327
2,184,287
324,998
321,220
Stockton
174,516
a269,717
181,660
1,705.912
260.000.000
al,594,146
198,496
883,707
330.769
a230.194
Lancaster
York
28,919
b
+37 5
Reserve Dist rict—Philad elhia—
Bethlehem....
Chester..
Scranton
16,036,835
22,845,271
+47.8
..
2,623.419
14,208.414
28,356,563
26,049,002 + 122.7
223,861
Philadelphia
Reading....
347,144
—12.5
18,107,562
17,868,530
58,020,245
492.089
4,870,972
228,568
._
Wichita
La.—Shreveport.
4.732,879
2.437.687
2,888.057
2,192.047
Total (12 cities) 3,113,912,364 2,654,536,520
Third Federal
Pa.—Altoona
—2.6
*200,000
6,863,498
1,516,027
6,565,233
2,919,624
7,016.000
331,823
+ 16 6 2,853,746,483 2,632.152.318
5,709,975
3,426,282
2,830.288
J.—Montclair
Newark
+ 1.6
2,114,380
28,066,335
2,245,449
2,541,139
78,464,815
2,689,410
521,573
+1.6
+ 31.6
424,692
2,668,140
+23.4
223,811,596
Hartford
R.I.—Providence
N.
+4 0
—13.2
168,000.000
512.443
268.276
Total (12 cities)
Worcester
Second
333,278
448,187
2,837.307
260,757
1,517,503
200,040,907
N J3.—Manches'r
2,462,826
1,292,342
11,316,094
2.574,579
9,742,200
/330.970
.
+ 4.9
392,249
2,472.817
979,614
8,066,142
2,450.934
6,139,000
257,178
Springfield
1
S
1,558,342
162,000.000
479.073
204.591
423.336
—0.2
173,029,155
490,130
*
+24.7
1,315,331
192,817,281
River
—
$
%
Reserve Dist rict—Boston
Me.—Ban{ur.___
^ Portland
Conn.
$
72,117
57,109
1,537.573
502,365
Omaha
Kan.—Topeka
$
Fall
73,285
75,147
Neb.—Fremont-
Week Ended Dec. 28
Clearings at—
1,005,644
383,844
649,531
453,640
424,318
9,748,401
3,199,695
3,519.253
1,561,123
3,059,348
4,110,525
1,158,705
1,067,253
1,704,092
3,073,147
2,091,969
266,956
349,176
1,140,096
C.—Wash'g'n
Total (6 cities).
51,374,180
15,288,048
101,261,354
89,764,528
+ 12.8
80,120,761
452,288
37,769,311
Brantford
948,848
13,421,879
Fort William
549.391
707,042
—22.3
New Westminster
Md.—Baltimore.
D.
Moose Jaw
612,081
+ 53.3
Medicine
288,857
586,120
399,296
200.277
+44.2
619,566
—5.4
525,521
538,289
501,680
+2.9
487,388
439,819
1,100,615
1,783,403
—7.2
812,312
+31.2
1,746.887
736,391
1,968,453
78,382,975
Hat
Peterborough
Sixth Federal
Reserve Dist rict—Atlant
+ 22.8
8,611,022
+ 24.5
+ 15.3
33,200,000
22,300,000
980,262
661,259
716,062
+21.2
557,869
294,995
14,347.000
15,341,019
12,272.000
13,353,576
+ 16.9
+ 14.9
12,666.000
12,286,472
7,248,073
7,178,298
1,203,697
977,677
+ 23.1
810,625
646,981
12,426,283
45,700,000
1,164,406
867,151
Nashville
...
Augusta
Macon
Fla. —Jacksonville
Ala.—Blrm'ham
.
Mobile
b
Miss.—Jackson..
b
3,637,597
b
b
102,771
128,668
—20.1
140.435
107,050
30,470,127
23,551,608
+29.4
22,284,380
19,607.000
124,245,736
100,817.125
+23.2
95,194,662
66,954,334
Vlcksburg
La.—New Orleans
b
+ 32.1
510,477
1,021,327
Sherbrooke
1,605.221
7,305,451
1,985,908
10,121,716
36,700,000
1,009.910
2,623,282
Tenn.—Knoxvllle
Ga,—Atlanta
a—
Kitchener
Moncton
2,340,109
221,336
651,293
Kingston
Windsor
Prince Albert
+ 34.9
179.208
427.064
574,282
417.094
424,283
157,221
209,563
+ 5.6
195,441
202,715
—14.7
385,669
763,230
483,530
657,709
411,314
653,681
447.460
—20.2
Chatham
526,148
530.481
477,578
395,954
+20.6
520,369
386,892
413,675
Sarnia
Sudbury
641,916
789,048
—18.6
568,734
420,043
285,821,480
245,335,563
+ 10.5
225,058,908
187,930,550
Total (32 cities)
—0.8
301,570
L
Total (10 cities)
a
Not
Included
In
functioning at present.
totals,
b No
* Estimated.
clearings
available,
c
Clearing
House
not
78
Financial
THE
CURB
Jan. 4 1936
Chronicle
EXCHANGE
shown
a
on
the New York Curb Exchange have
firm tendency this week and a very
number of the trading favorites have
The
gains
utilities,
there
were
among
no
1934
1935
1935
1936
Exchange
substantial
2,144,520
933,790
75,783,794
60,027,441
$17,413,000
344,000
182,000
$12,643,000
$1,141,044,000
780,000
257,000
17.851,000
13,169,000
$952,758,000
35.914,000
25,237,000
$17,939,000
$13,680,000
$1,172,064,000
$1,013,909,000
Stocks—No. of shares.
Bonds
Domestic-
the public
specialties and air-craft shares,
oils,
New York Curb
moved to higher levels.
and while
fairly well distributed
were
Calendar Year
Week Ended Jan. 4
Sales at
Price movements
Foreign government...
Foielgn corporate—
—
sensational advances, the upswing was fairly
Total
-
steady throughout the week, several of the market leaders
breaking into
new
high ground for the
NATIONAL BANKS
The volume of
year.
business has been fairly large each day, the turnover
reaching
The
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
around 450,000 shares.
Irregular price movements with
lower levels
day.
There
utilities and
a
strong tendency toward
CONSOLIDATION
apparent during the brief session on Satur¬
were
were
occasional exceptions
among
Capital
Dec. 21—-The First National Bank of Lead, South Dakota, pre-
the public
ferred stock, $300,000; common stock,
Dec. 21—The First National Bank of Deadwood, South Dakota,
specialties, but most of the issues that have
on
losses for the
day.
Fajardo Sugar (43^ k.)
strong stocks and registered a gain of 3 points at 146.
ican Hard Rubber
The losses included
point to 78.
amended, under the charter of The First National
Bank of Lead, Charter No. 4631, and under the corporate title
of "The First National Bank of Lead," with capital stock of
$550,000, consisting of $425,000 of preferred stock and $125000 of common stock, and surplus of $55,000.
A branch of Tne First National Bank of Lead, located at Hot
1918,
Amer¬
improved 1% points to 343^; Babcock &
Wilcox, 13^ points to 76, and Parker Rust-Proof (4b),
among
others Fisk Rubber
.Dec. 27—National Bank of Commerce of Lincoln, Neb—
Commerce Trust Co. of Lincoln, Neb
Consolidated to-day under the provisions of the Act of
2834; United Shoe
BRANCHES AUTHORIZED
of Deadwood, Lawrence County; City of
VOLUNTARY LIQUIDATIONS
DIVIDENDS
Per
Name of
Adams (J. D.)
Amerada Corp., common (quar.)
American Alliance Insurance (quar.)
Extra
Week Ended
of
Shares)
EXCHANGE
Saturday
Monday
Tuesday
347,285
453,015
455,645
Wednesday
Thursday
Friday
400,455
488,120
Total
Domestic
$2,361,000
2,712,000
3,347,000
Government
Corporate
$103,000
44,000
112,000
HOLI DAY
-
46,000
56,000
$2,508,000
2,802,000
3,515,000
HOLI DAY
3,818,000
5,175,000
48,000
37,000
2,144,520 $17,413,000
$344,000
$44,000
Total
9,000
27.000
3,875,000
5,239,000
$182,000 $17,939,000
1 Jan
10
15
Jan.
15 Jan.
5c
15 Jan.
6
Dec. 31 Dec. 30
2 Dec. 24
Jan.
Jan.
$1
$3H
15 Dec. 30
Feb.
1 Jan. 20
15 Dec. 31
Dec. 31
Dec. 31
Jan.
Jan.
20
30
30
30
23
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
20
15
15
Jan.
15
Jan.
15
15 Jan.
2
Feb.
1 Jan. 21
15 Dec. 31
Feb. 29 Jan. 15
Dec.
1 Nov. 15
Jan.
1 Mar. 14
1 Mar. 14
_J
40c
35c
Apr.
Apr.
hU
Jan.
^/o
50c
50c
Feb.
1 Jan.
15
Feb.
1 Jan.
Feb.
Feb.
1 Jan.
20
20
SIM
Bonus
Jan.
1
15 Dec. 31
2 Dec. 31
1 Jan.
20 Jan.
20 Jan.
Feb. 20 Jan.
20
Central Illinois
Security preferred
Corp., $1K pref. (quar.)—
Chipman Knitting Mills, 7% preferred (s.-a.)—
Chain Store Products
Jan.
Jan.
Jan.
2 Dec.
19
20c
Feb.
1 Dec.
31
Feb.
1 Dec. 31
S1H
Voting trust certificates (quar.)
6% preferred (quar.)
$1
SIM
h%2
SIM
20c
Clinchfield & Ohio Ry. (quar.)_
Stamped certificates (quar.)
Celluloid Corp., 1st preferred
Central Franklin Process Co., 1st & 2d pref—
Central Hudson Gas & Electric Corp. (quar.)Carolina
Jan.
2 Dec.
27
15c
Feb.
1 Jan.
20
37Mc
$3H
SIM
$1H
Columbia Rail, Power & Eight Co., 6% pref.(qu)
$1.62
6*3% preferred (quar.)
$1M
Commonwealth Telephone 6% pref. (quar.)_—
7Hc
Community St. Con)., class A
S1H
Connecticut River Power Co., 6% pref
h87Mc
Consolidated Public Service, 7 % pref
75c
75c
Trust (quar.)
(quar.)
Corporate Trust Shares, original series
Accumulative series (modified)
Series AA (modified).
Accumulative series
Series AA
Cuneo Press (extra)
—
Cypress Abbey Co
Dayton Power & Light, 6% preferred (monthly)
Deposited Bank Shares series B-l. bearer
Dec. 31 Dec.
Jan.
2
Jan.
(semi-ann.)
Cincinnati Postal Terminal & Realty .preferred-
Curtis Mfg
11
Jan.
12c
Brown
3
14
Jan.
$1 M
40c
Fence & Wire Co., A (s.-a.)_
Busy Bee Hosiery, Inc., 7% preferred (s.-a.)—_
Calamba Sugar Estates (quar.)
7% preferred (quar.)
Calaveras Cement 7 % preferred
Calgary Power, common (quar.)
Preferred (quar.)
Canadian Bronze Co., Ltd., common (quar.)—
15 Jan.
Dec. 24 Dec.
Feb.
1 Jan.
$1
$1H
Bridgeport Hydraulic Co. (quar.)—
3
Jan.
(P)
Bishop Oil Corp. (quar.)
—
Bloomingdale Bros, preferred (quar.)
Preferred
Foreign
2 Dec. 26
31 Jan.
SIM
2 He
Corn Products Refining (quar.)
Foreign
Jan.
Feb.
5c
37 He
25c
87 He
(quar.)
Preferred, series A (quar.)-——
Cincinnati Northern RR.
15
Jan.
lHc
Biltmore Hats, Ltd
(quar.)
1 Jan.
14
Dec. 31 Dec. 20
Feb.
1 Jan.
10
Feb.
1 Jan. 10
50c
25c
20c
25c
75c
7i$5M
Preferred-
Preferred
Holders
$1H
-
Bandini Petroleum
Corn Exchange Bank
(Number
Jan. 3 1936
CURB
(Par Value)
15c
(extra)
American Cities Power & Light, A (quar.)
American General Equities, inc. (quar.)—
Anglo-C anadian. Telep. A
Anheuser-Busch, Inc
Arlington Mills (resumed).
Atlas Powder, preferred (quar.)-—
Aviation & Industrial Corp., class A
Baker (J. T.) Chemical Co., preferred (quar.)—
.
Feb.
Jan.
15c
SIM
American Arch Co.
Stocks moved briskly
YORK
15c
Extra.
Beneficial Industrial Loan Corp.
Common (extra).
When
Payable of Record
m$l
$IH
Mfg. (quar.)_
Albemarle Paper Mfg. 7% pref. (quar.)—
Allied Chemical & Dye Corp. (quar.)
list.
Bonds
Share
Company
Advance-Rumely (liquidating)
Alabama Fuel & Iron Co
Alaska Juneau Gold Mining (quar.)
Exchange, the stock market and all
of the commodity markets were closed on Wednesday in
observance of New Year's Day.
The curb market continued to move upward on Thursday
as the trading opened for the first session of the New Year.
Public utilities, specialties and some of the oil shares attracted
considerable buying and a number of the popular speculative
favorites moved above the top prices for 1935.
American
Cyanamid A was one of the strong features of the day and
forged ahead 324 points to 3134. Mead Johnson (3) scored
a gain of 3 points at 87.
Smaller advances ranging from
fractions to a point or more were apparent throughout the
NEW
are
The dividends announced this week are:
The New York Curb
THE
Wash.
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.
ferred issues.
AT
30,000
R. R. Jones,
Absorbed by "The Old National Bank and
Union Trust Co. of Spokane," Wash., Charter No. 4668.
Sprague,
Dividends
before the session ended. Trading was active, the price
fairly firm throughout the day and the volume of sales
approximated 456,000 shares.
Oil stocks were also in
demand, Humble Oil scoring a gain of 224 points and touch¬
ing its highest level for the year.
New tops were registered
by General Tire & Rubber stocks and several of the utility
shares showed substantial gains, particularly among the pre¬
Stocks
Wash.
Dec. 27—First National Bank in Sprague, Wash
Effective
Dec.
14 1935.
Liquidating agent,
K|:
trend
TRANSACTIONS
50,000
Absorbed by "The Old National Bank
and Union Trust Co. of Spokane," Wash., Charter No. 4668.
Sunnyside,
group
DAILY
Wash
A. G. Fleming,
Dec. 27—The First National Bank of Sunnyside,
Effective Dec. 14 1935.
Liquidating agent,
■
forward on Friday under the leader¬
ship of the public utility shares and the specialties.
The
gains were not particularly noteworthy, though there were
a few scattered issues that registered advances of up to 3
points.
These included among others Celluloid pref. 324
points to 4324. General Tire & Rubber 234 points to 92,
Hecla Mining (20k) 234 points to 13J4. National Power &
Light pref. (6) 6 points to 8334 and United Gas pref. 224
points to 85. As compared with Friday of last week, prices
were higher, Aluminum
Co. of America closing last night
at 89 against 8534 on Friday a week ago, American Cyanamid
B at 2924 against 2824. American Gas & Electric at 3834
against 3634. Commonwealth Edison at 97 against 9524.
Creole Petroleum at 2124 against 2034. Electric Bond &
Share at 17 against 16, Fish Rubber Corp. at 724 against
624. Ford of Canada A at 2534 against 2324. Glen Alden
Coal at 17 against 1534. Gulf Oil of Pennsylvania at 76
against 6924. Hudson Bay Mining & Smelting at 24 against
2134, Humble Oil (New) at 6424 against 5924, Lake Shore
Mines at 5224 against 5124, Sherwin Williams at 126 against
12134 and South Penn Oil Co. (1.60) at 3534 against 3224.
Spearfish, Lawrence
County.
Certificates Nos. 1215A and 1216A.
Aircraft issues led the upward movement on Tuesday
and a number of substantial gains were recorded by this
•
300,000
100.000
Dec. 21—The First National Bank of Lead, South Dakota.
Location of branches:
Both in the State of South Dakota: City
the
..
— -
Nov. 7
1918. as amended, under the cnarter and corporate title of
"National Bank of Commerceof Lincoln' * (Charter No. 7239),
witn common capital stock of $300,000 and surplus of $300,000.
public utilities, rubbers and building stocks,
and while the gains were not particularly noteworthy, the
upward movement was fairly steady.
Oil issues were also
in good demand and forged steadily upward.
The best gains
of the day were Aluminum Co. of America, 2 points to 88;
American Hard Rubber, 7 points to 41^4; Dow Chemical (2),
2 points to 97; Duke Power (3), 2 points to 73; General In¬
vestment Corp. pref., 2 points to 42; General Tire & Rubber,
334 points to 85; Gulf Oil of Pennsylvania, 4% points to
72^4; Humble Oil (1), 234 points to 6124; Ban American
Airways, 234 points to 4834 Singer Manufacturing Co.,
5 points to 335 and Western Auto Supply (A-3), 2% points
to 39.
„
Springs, South Dakota, which was authorized since Feb. 25
1927, was re-authorized for the consolidated bank.
Machinery, 134 points to 8434. and Great Atlantic & Pacific
Tea Co. (7b), 1 point to 126.
The tone of the market was moderately firm on Monday,
many of the more active of the trading favorites showing
substantial gains at the close.
Dealings centered largely
around
as
„
1
pref. (6), 2 points to 54; Thermoid pref., 1% points to 673^;
United Light & Power pref., 1% points to
Act of Nov. 7
Consolidated to-day under the provisions of tne
of the
was one
200,000
preferred stock, $125,000; common stock, $75,000
the side of the advance closed with net
recently been
$350,000
$50,000
$1M
5.2500c
5.1040c
5.1040c
5.7452c
5.7490c
30c
50c
Jan.
Jan.
Feb.
10
10
31
20
31 Jan. 21
15 Jan. 14
2 Dec. 16
1 Jan.
15
Jan
2 Dec. 14
15 Dec. 31
Mar.
2 Feb. 15
Jan.
2 Dec. 20
Feb.
1 Jan. 23
Jan. 20 Jan.
6
Jan.
Jan.
15 Jan.
6
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Jan.
15 Jan.
1 Jan.
2
Feb.
1 Jan.
20
Jan.
2
Feb.
2c
Jan.
50c
5c
15
15 Dec. 31
-
-
79
Financial Chronicle
Volume 142
Deposited Insurance Shares, A
Diamond State Telephone (quar.).
District Bond Co., Los Angeles, 6% preferred—
Dravo Corp., 6% preferred
Eagle Lock Co. (quar.)
Eastern Bond & Share series B (quar.)
Eaton Manufacturing (quar.)
6Hc
50c
37Hc
h25c
Springfield City Water Co., pref. A & B
Preferred C (quarterly)
State Oil Corp. (resumed)
Tide Water Oil, special
Toledo Light & Power Co., pref. (quar.)
Union Buffalo Mills, 7% preferred—
1 Dec. 20
1 Dec. 31
Jan.
15c
Feb.
25c
Feb.
15 Feb.
1
Feb.
15 Feb.
31 Dec.
26
15
West New York & Penna. Ry.
Federal Mogul
10c
(resumed)
Fiberloid Corp. (quar.)
—
$3
SIM
2Mc
7% preferred (quar.)
Financial Shares Corp.
Insurance
Feb.
25c
Insurance
1
1 Jan.
15 Dec.
Preferred (semi-ann.)
Wisconsin Telephone Co..
31
3
Jan. 15 Jan.
Dec. 31 Dec. 20
Dec. 31 Dec. 20
Jan.
Below
of
Washington
15 Dec. 31
Jan.
2 Dec. 24
2 Dec. 19
&
Georgetown (s.-a.)
Franklin Process (quar.)
Freihofer Baking Co., 7%
Jan.
80c
(s.-a.)
Co.
50c
7% preferred (quar.)
Jan.
Jan.
Apr.
July
1 June 24
SI X
Oct.
Feb.
2 Dec.
1 Jan.
Extra
Hartford Electric Light (quar.)
Hatfield-Camp Creek Coal Co., 5% pref. (qu.)
Hawaiian Commercial Sugar
Quarterly
_
Hercules Powder Co., pref. (quar.)
Hightower Oil & Refining (monthly)
6% preferred (monthly)
Holly Sugar, 7% preferred _ 7 % preferred (quarterly)
Home Dairy Co., Inc., class A
Holyoke Water Power (quar.)
Incorporated Investors (semi-annual)
—
Industrial Credit Corp. of N. E.
Extra
68 Xc
15c
75c
60c
Feb.
Intertype Corp., 1st preferred.
Jones (J. E.) Royalty Trust—
Series A participating trust certificates
Series B participating trust certificates
Series C participating trust certificates
Kalamazoo Vegetable Parchment Co
Quarterly
Quarterly
Quarterly
Kekaha Sugar Co. (monthly)
;—
Knott (A.J.) Tool & Mfg. Corp., 7% pref. (qu.)_
Koloa Sugar Co. (monthly)
Lake Erie Power & Light, 7% pref. (quar.)
Landers, Frary & Clark (quar.)
Latin-American Bond Found (s.-a.)
—
_
15
26
Feb.
15 Feb.
5
Jan.
15 Jan.
Feb.
15 Feb.
31 Dec.
21
Dec. 31 Dec.
21
Dec.
5c
7i$5M
SI X
7i50c
S3
25c
1 Jan.
1 Jan.
15
Feb.
15 Jan.
5
Jan.
2 Dec.
31 Jan.
27
31 Jan.
2 Dec.
7
16
2 Dec.
16
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Apr.
S2.62
$2.25
$5.72
5
4
Jan.
Jan.
871?
Amer. (s.-a.)
Insurance Co. of North Ami
3
Jan.
6Hc
(quar.)
15 Jan.
1 Jan.
2 Dec.
32c
7% preferred (quarterly)
15
7
2 Dec. 16
15 Dec. 31
1 Mar. 16
Dec. 24 Nov. 30
Dec. 24 Nov. 30
15c
Dec. 24 Nov. 30
Mar. 31 Mar. 21
June 30 June 20
15c
Sept. 30 Sept. 20
15c
Dec. 31 Dec.
Jan.
2 Dec.
21
1 Dec.
28
25
15c
20c
$1M
Jan.
50c
Jan.
31 Jan.
%IX
37 He
2Hc
Jan.
2 Dec.
31 Dec.
Dec.
Jan.
2 Dec.
2 Dec.
24
24
20
31
31
12Hc
Lefcourt Realty, convertible preferred
Lehigh & Wilkes-Barre Corp., com. (quar.)
Lerner Stores (quarterly)
Lincoln Telephone Securities, $2 class A—
6% preferred (quarj
Lincoln Telephone & Telegraph (quar.)—.
Loew's, Inc., $6H pref. (quar.)
Loraine Telephone, 6% pref. (quar.)——.
Los Angeles Gas & Elec., pref. (qu.)
Macfadden Publications. $6 pref
McLellan Stores Co., 6% pref. (new)
McKales, Inc.. increased fs.-a.I
Maine Gas Co., $6 preferred (quar.)
Manchester Gas Co., pref. dividend omitted.
Manning, Maxwell & Moore
Michigan Public Service Co.—
7% preferred—
6% preferred
Mill Creek & Mine Hill Navigation RR
Monarch Mills (semi-annual)
Morris Plan Co. of Savannah (s.-a.)
—
Narrow Fabric Co., 6% 1st pref. (s.-a.)
National Automotive Fibres, cl. A (qu.)
15 Jan.
8
Jan.
22'Jan.
15'Jan.
13
Jan.
Jan.
Jan.
10 Dec. 31
10 Dec. 31
SI X
Jan.
10 Dec.
31
sim
Feb.
15 Jan.
31
S1H
Jan.
38
Feb.
Jan.
2 Dec.
15 Jan. 31
15 Dec. 31
24
45c
Jan.
S1H
Jan.
15 Jan.
6
50c
Jan.
2 Dec.
27
Feb.
$1.31 X Feb.
S1.12M Feb.
$1M
$4
Jan.
Jan.
12Hc
62 He
Jan,
Jan.
Feb.
Feb.
Feb.
Jan.
31
15
15
9 Dec. 30
2 Dec. 26
31IDec.
Dec. 31'Dec.
Jan.
9 Dec.
Jan. 15 Dec.
Dec. 20 Dec.
1 Jan.
31
31
30
31
10
10
10
2 Dec.
14
Dec.
Feb.
SIM
$1H
12Hc
1 Jan.
1 Jan.
1 Jan.
15 Dec. 30
1 Jan.
1 Jan.
16
16
15 Dec. 31
50c
Dec. 31
40c
—
Nichol File Co. (quar.)
North American Edison Co., pref. (qu.)
North Central Ry. Co. (semi-ann.)
28
1 Jan.
20 Dec.
$2
75c
(qu.)
6
50c
TiSlH
S1H
25c
Newberry (J. J.) Realty Co., 6>6 % pref. A
6% preferred B (quar.)
New Brunswick Telep. Co. (quar.)
New England Grain Products (extra)
Jan.
$5
SIM
2 He
$1H
Extra
Mount Carbon & Port Carbon RR. (s.-a.)
Mutual Investors Trust Shares
(•Class A (extra)-.
National Life Assurance of Can., pref.
New Bedford Gas & Edison Light Co
Jan.
hbOc
Extra
Jan.
Mar.
Jan.
2 Dec.
2 Feb.
20
15 Dec.
31
15
Northern Indiana Public Service—
7i87Mc
•-
-
Jan.
hi be
7% cum. preferred
6% cum. preferred
5H % cum. preferred
Jan.
7j68MC
20c
Old Colony RR. (quarterly)
—
Pacific American Fisheries, 5% pref. (qu.)
Pacific Commercial Co., Inc. (semi-ann.)
50c
_
-
PhiladelDhia Electric Co.
1 Jan.
Dec. 31 Dec.
Feb.
20c
Feb.
(quar.)
Philadelphia & Trenton RIi. (quar.)
Phillips Jones Corp., preferred (quarterly)
Pioneer Mill Co. (monthly)
Pittsburgh Bessemer & Lake Erie, (s.-a.)
25c
Feb.
$1,125
Feb.
$1
Jan.
62 He
75c
Jan.
$1H
7Hc
Penna. Illuminating Corp. (extra)
(quarterly)
Penmans Ltd.
Preferred (quarterly)
Penn Traffic
*
14 Dec. 31
Dec. 31 Dec. 31
Dec. 31 Dec. 28
6
Jan.
15 Jan.
Feb.
Feb.
Feb.
45c
Feb.
S2H
Jan.
$1 X
Feb.
20c
Jan.
75c
Apr.
35c
15.4c
Printz-Biederman
Public Service Trust Shares, ser. A reg
Series A coupon
Reading Co. (quarterly)
Reliable Stores, first preferred
First preferred
Rich Insurance Co. of N. Y. (quarterly)
Ritter Dental Manufacturing, preferred
Richmond Insurance Co. of N. Y. (extra)
Rochester American Insurance (quar.)
Extra..
Rochester Capital Corp
Roos Bros. Inc. (Del.), $6M pref. (quar.)
Russell Motor Car Co.. 7% pref. (quar.)
7% preferred (quarterly)
San Antonio Public Service, 8% pref. (qu.)
7% preferred (quarterly)
Schuyler Trust Shares, ord. reg
Shaler Co., A (quarterly)
Shareholders Corp. (quar.)
Sharp & Dohme, preferred A (quarterly)
Southern California Edison Co., Ltd. (quar.) —
Southern Franklin Process 7% pref. (guar.)
1 Jan.
1 Jan.
20 Feb.
2 Dec.
10 Dec.
15 Feb.
1 Jan.
1 Jan.
1 Jan.
10 Dec.
15
20
10
27
20
5
21
Jan.
31
2 Dec. 14
2 Dec. 24
15.4c
50c
h$5H
h$ 5 Vi
10c
M2
Feb.
31
31
16
July
15 July
15
Feb.
1 Jan.
11
27 Dec.
1 Jan.
2 Dec.31
2 Dec. 31
31 Jan. 20
15c
Jan.
Jan.
2c
Jan.
75c
Jan.
Affiliated Fund
Air Reduction Co., Inc.
(quar.)
Alabama Great Southern
$1
Feb.
$1
$1
$1
SIM
Feb.
Jan.
Jan.
Jan.
15c
SIM
Feb.
50c
Jan.
30c
Feb.
c
c
Co., $1.40 conv.
pref. (quar.)
Jan.
40c
Feb.
.
Feb.
Jan.
$2M
Jan.
50c
1 Jan.
15 Jan.
6
6
15 Dec. 23
1
15 Jan.
1 Jan. 15
28 Jan.
31 Jan.
Jan.
Jan.
8
15
15
31 Jan.
15 Dec.
31
10
10
16
75c
July
6 Dec. 28
2 June 20
Jan.
6 Dec.
July
2 June 20
Feb.
1
Feb.
1 Jan.
$2H
$3 H
Feb,
Jan.
28
15
50c
7% preferred (semi-annual)
Voting Machine (quar.)
Ouarterly
Barnsdall Corp. (quar.)
Automatic
Jan.
Feb.
1 Dec. 31
6 Nov. 29
6 Nov. 29
1 Jan. 15
Jan.
15 Dec. 14
87Hc
12Hc
12Hc
Auto Finance (quar.)
Jan.
15
25c
15c
5c
Extra
SIM
Bayuk Cigars. 1st pref. (quar.)
r$lH
Bell Telephone of Canada (quar.)
SIM
Bell Telephone of Pennsylvania pref. (quar.)—SIM
Blnghamton Gas Works, 7% preferred (quar.).
$1.56 X
6M% preferred (quarterly)
$4
Boston Insurance Co. (Mass.) (quar.) —
25c
Bower Roller Bearing (quarterly)
r 50c
Brantford Cordage Co., 1st pref
$i
Brewer (O.) & Co. (monthly)
$1
Monthly
$1
Monthly
37Hc
Brewing Corp. of Canada preferred
8d.
British American Tobacco, ord. (final)
lOd.
Ordinary (interim)
2H%
British Columbia Elec. Ry. 5% preferred
r37c
British Columbia Power Corp., Ltd.* A
$1H
British Columbia Telep., 6% preferred
75c
Brooklyn-Manhattan Transit Co., (quar.)
1st pf. (qu.)
California-Oregon Power, 6% pref
7% preferred
Canada Light & Power Co. (semi-annually)
Canada Northern Power Corp. (quar.)
7% preferred (quar.)
preferred
Canadian General Investment (quarterly)
Canadian Industries. A & B (quarterly)
Preferred (quarterly)
Carnation Co., 7% oreferred (quarterly)
Central Illinois Public Services—
$6 preferred
6% preferred
Central Kansas Power Co., 7% pref. (quar.)—
pref
—
27
11
3
Columbia Pictures Corp.
Semi-annual
20c
Jan.
15 Jan.
15 Jan.
20c
Jan.
10 Jan.
4
SIM
$1 X
Feb.
1 Jan.
15
Commonwealth Utilities Corp. 6H %
1 Dec.
1 Dec.
31
Conigas Mines, Ltd
mi
Feb.
Feb.
31
Consolidated Chemical Industries A (quar.)
(LosAng.),8%pref. A (qu.)
(quarterly)
pf* C (qu.)
Commercial Discount
Consolidated Cigar, 7% pref.
.j pi
Prior preferred '(quar.)_
30
50c
Jan.
1 Dec.
2 Dec.
21
Jan.
15 Dec.
1 Jan.
31
Feb.
Consolidated Royalty Oil
Consolidated Traction N.
Feb.
15 Jan.
20
Jan.
10 Dec.
27
—
(quar.)
$5 preferred (quarterly)
10c
87 He
1
Mar.
1
Jan.
Jan.
_______
1 Mar. 20
25 Jan.
15 Dec.
25 Tan.
25 Feb.
2
20
20
20
Feb.
Mar. 25 Mar. 20
15 Dec. 31
Jan.
17 Dec.
Jan.
21
17 Dec. 21
Jan
15
Jan.
15 Dec. 31
1 Jan. 17
Jan.
Feb.
—
15 Jan.
2
2
15 Apr.
29 Feb.
15
Feb.
Jan.
$3
SIM
Jan.
hi be
Jan.
30c
(N. Y
(quar.)
J. (semi-ann.)
Continental Insurance Co. (semi-ann.)
Feb,
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
r$l
$1M
Jan.
Feb.
10c
Jan.
r$l
rSIM
Jan.
Jan.
15 Dec.
31 Dec.
1
16
17
1 Jan. 15
15 Dec. 31
15 Dec. 31
15 Dec. 31
25 Dec. 31
15 Dec. 31
1 Dec. 27
1 Jan. 15
1 Jan. 15
15 Dec. 31
15 Dec. 31
31
Dec.
10
SIM
Apr.
15 Dec. 31
1
$1
SI
Jan.
15 Dec.
Jan.
SIM
Jan.
Jan.
15 Dec. 20
15 Dec. 31
15 Dec. 31
12Mc
Jan.
Jan.
Jan.
Feb
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
SI
Jan.
SIM
c2H%
c2H%
—
(quar.)
(semi-annual)
Feb.
Feb.
Feb.
Apr.
Jan.
15 Jan.
30c
Jan.
12c
Jan.
1 Jan.
15 Dec. 31
15 Dec. 23
15 Dec. 20
Apr.
Chesapeake & Potomac Telep. Co., of Balti. City
SIM
Cumulative pref. (quar.)
50c
Chicago Mail Order (extra)
50c
Churchill House Corp
Cincinnati Newport & Covington Light & Trac¬
SIM
tion (quarterly)
$1,125
$4H preferred (quarterly)
Cincinnati Postal Terminal & Realty, 6H%
SIM
preferred (quarterly)
.
Jan.
Jan.
20c
Jan.
17Mc
SIM
12Mc
37Mc
Jan.
SIM
SIM
25c
SIM
,
10
10
SIM
87 He
75c
6% preferred (quarterly)
2
Feb.
Jan.
r$l
Extra
2
1 Jan.
Jan.
Hi?
Canadian Fairbanks Morse 6%
Jan.
Feb.
Jan.
7*87 Mc
50c
—
Canada Southern Ry. (semi-ann.)
Canadian
Dredge & Dock
Jan.
Tune 20
$1
Y.) (quar.)
Buffalo, Niagara & Eastern Power,
$2
Mar. 20
1
30c
*
Bruck Silk Mills (quar.)
SIM
1
July
SIM
(quarterly)
,•
Preferred (quarterly)
Brown Fence & Wire (initial)
Central Power Co., 7% cum.
_____
Apr.
SIM
Preferred
Special
1 Jan.
25 Jan.
1 Jan.
Jan.
SIM
$1H
14
45c
Extra
Austin, Nichols, prior A
Consolidated Gas
11
24
15 Dec. 14
10 Dec. 31
37 He
preferred (quar.)
Topeka & Santa Fe, preferred (s.-a.)—
Augusta & Savannah RR
_
24
1 Jan.
15 Dec.
35c
Atchison
7 % preferred B
15 Jan.
15 Jan.
Jan.
30c
SIM
50c
1
15 Dec. 31
Feb.
37ii
2
1 Mar. 21
15 Dec. 31
$2M
$2M
(semi-annual)
(semi-annual)
Buffalo Insurance (N.
25 Jan.
15 Jan.
Feb.
i
Common
Asbestos Mfg
15 Dec. 31
27 Jan. 22
11 Dec. 19
Jan.
Jan.
$11!
(quar.).
20 Dec. 31
15 Dec. 31
Apr.
10c
Teleg. of N. J. (quar.)
(quar.)
—
American Factors, Ltd
American Gas & Electric Co., pref. (quar.)
American Ice, preferred
American Light & Traction
Preferred (quarterly)
—
American News New York Corp. (bl-mo.)
American Rolling Mill (quar.)
6% preferred B (quar.)
American Ship Building (quar.)
American Smelting & Refining (resumed)
First preferred (quar.)
Second preferred (quar.)
American Telephone & Telegraph (quarterly)_Amoskeag Co
Associated Telephone
Jan.
15c
Preferred
Preferred
Jan.
7i$l
American District
Preferred
Jan.
15
15
10 Dec. 27
10 Dec. 20
_
25c
Extra
American Coal Co. of AUegany County
Feb.
3
RR., preferred
Albany & Susquehanna RR. (special)
Alpha Portland Cement
Altorfer Bros., preferred
Aluminum Goods Mfg. (quar.)
Aluminum Industries (quar.)
American Asphalt Roofing 6% pref. (quar.)
American Can (quar.)—
5c
17
Jan.
10c
City investing Co., common—
Clinton Water Works, 7% preferred
3
Feb.
10c
Adams Express Co., (resumed)
Addressograph-Multtgraph (quar.)
1 Feb.
1 Jan.
Mar.
25c
Administered Fund Second
Holders
When
Payable of Record
$1M
,pref. (quar.)
Abraham & Straus. Inc.
25c
37Hc
SIM
Jan.
Share
of Company
10
Mar. 16 Mar. 16
Dec.
SIM
Jan.
announced in previous weeks
6% cumulative preferred
Dec. 31 Dec. 16
15 Dec. 31
Jan.
15
Jan.
This list does not include dividends an¬
week, these being given in the preceding table.
Central Republic Co. (initial)
Chain Belt (quarterly)
1 Jan. 20
2 Dec. 20
1 Mar. 14
15 Dec.
13 Jan.
Jan.
S1H
SIM
preferred (quarterly)
15
Jan.
—
15
31
SI
Pacific National Fire Insurance
Pacific Public Service, 1st preferred
Pan American Airways
j,
Parker Rust-Proof (quarterly).
Paterson & Hudson River RR. (s.-a.)
14 Dec. 31
14 Dec. 31
Jan.
$2
Northwestern Title Insurance Co. (qu.)..
Oahu Railway & Land Co. (extra)
_
26 Dec.
Dec.
Jan.
7i$lM
Abbott's Dairies (quar.)
Jan.
2
Dec.
S1H
paid.
Name
25c
h50c
10c
Extra
Jan.
Per
18
1 Sept. 25
Dec. 30 Dec. 26
3
Jan. 15 Jan.
—
-
31
2 Dec.20
2 Dec. 20
b5c
26
20c
7% preferred (quar.)_
Goodyear Tire & Rubber Co. of Calif., 7% pref
Great American Insurance (quar.)
31 Dec.
Dec.
c85c
(s.-a.)
give the dividends
we
and not yet
nounced this
1 Dec. 23
1 Mar. 25
SIM
7% preferred (quar.)—<_
Jan.
h$ 1M
h$ IK
SIM
$1 M
preferred
Frost Steel & Wire Co., 7% 1st preferred (quar.)
Fuller Brush Co. 7% pref, (quar.)
Dec.
Jan.
Universal Trust Shares
Dec.
20
75c
$3H
$1M
$1H
(semi-annual)
12Hc
Extra
Firemen's
Southern Weaving Co.
Preferred
2
1 Jan.
Dec. 31 Dec. 31
2 Dec. 31
Jan.
2 Dec. 24
Jan.
Feb.
Payable of Record
Share
of Company
25c
Emporia Telep. (Kan.), 7% preferred (quar.)—
Eureka Pipe Line (quar.)
Excess
Name
Payable of Record
Holders
When
Per
Share
Company
Holders
When
Per
Name of
Feb.
Aug.
Mar.
Jan.
15 Dec.
15 Dec.
15 Dec. 31
30
6 Dec.
4
15 Jan.
7 Dec. 30
2
15 Jan.
3 Jan.
2 Feb.
Jan.
Jan.
25c
Jan.
15
10 Dec. 31
1 Jan.
Jan.
23
3 July 23
10 Dec. 31
10 Dec. 31
Feb.
5c
15
15 Dec. 31
15 Dec. 31
Mar.
$2
31
20 Dec.
Mar. 16 Feb.
1 Dec.
Feb.
60c
31
15 Dec. 31
1
15 Feb
1 Jan.
2 Feb.
Feb.
20
15
15
15
17
27
25 Jan. 15
15 Dec. 31
10 Dec. 31
10 Dec. 31
.
80
Financial
Per
Name of Company
Continental Oil of Delaware
Continental Public Service A (s.-a.)
Crane Co., preferred
Creamery Package Mfg. (quar.)
Crowell Publishing Co., 7% pref.
(semi-ann.)__
Crown Zellerbach. preferred A and B
Crum & Forster
(quar.)
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Feb.
Jan.
Jan.
Apr.
Apr.
Apr.
Jan.
Jan.
Jan.
j_
10
15
Feb.
60c
30c
12^c
43 He
8Xc
43 He
8 He
Jan.
Jan.
4
4
4
Jan.
20 Jan.
Mar.
1 Feb.
3
Jan.
SIX
Jan.
15
15 Dec. 26
15 Dec. 31
25c
(quar.)
15 Jan.
15 Jan.
$1**
Jan.
15 Dec.
31
Jan. 15 Dec.
Feb.
3 Jan.
31
15
8c
Freeport Texas, preferred (quarterly)
Froedtert Grain & Malting, pref.
(quar.)
Fyr-Fyter Co., A (quarterly)..
Gardner-Denver (quar.)
Preferred (quarterly)
General Cigar, preferred
(quar.)
Preferred (quar.)
General Electric Co., common
General Mills, Inc., com.
(quar.)
General Motors, $5 preferred
(quarterly)
General Stockyards (quar.).
Preferred (quarterly)
Georgia RR. & Banking (quar.)
Gillette Safety Razor Co., $5 conv.
pref. (quar.)
Glen Aid en Coal
(quarterly)
Globe & Rutgers Fire Ins.. 2nd
pref.
Gold Dust Corp.
(quar.)
Green (H. L.) (quar.)
six
30c
Feb.
25c
25c
Jan.
Jan.
SIX
SIX.
SIX
Feb.
Mar.
6
1 Jan. 15
15 Dec. 31
20 Jan. 10
1 Jan. 20
2 Feb. 20
Junel'36 May 22
20c
Jan.
75c
Feb.
SIX
Feb.
Feb.
Feb.
25 Dec. 27
1 Jan. 10a
6
1 Jan.
1 Jan. 15
1 Jan. 15
Jan.
15 Jan.
25c
$1^
S2X
SIX
Feb.
1 Jan.
25c
Jan.
20 Jan.
6
1 Feb
Jan.
14
$615
Mar.
2
2
Feb.
Feb.
Jan,
Jan.
15
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
15
75c
(quarterly).
Feb.
S1H
Extra
SIX
S2X
$334
S1H
SIX
six
hs ex
SIX
Gulf State Steel f'o.. 1st preferred
Gurd (Chas.) preferred (quar.)
Harbison-Walker Refractories Co., pref.
(quar.).
Harrisburg Gas, 7% preferred (quar.)
Hat Corp. of America preferred
Preferred (quar.)
...
Hershey Chocolate (quarterly)
Conv. preferred (quarterly)
Conv. preferred (extra)
Holly Development (quar.)
$1
$1
Feb.
Feb.
Jan.
Jan.
Jan.
Feb.
lc
(monthly)
15c
12 Xc
—
Horn & Hardart Co. (N. Y.)
Household Finance. A & B
(quar.)
(quar.)
Participating preferred (quar.)
Hutchinson Sugar Plantation
(monthly)
Idaho-Maryland Mines (quar.)
40c
75c
87 Xc
10c
5c
$1
Insurance Co of North America
(semi-ann.)
Extra
Interallied Investors Corp., class A
50c
(s.-a.)
Machines (quar.)
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
35c
Jan.
SIX
3%
Jan.
30c
International Harvester (quar.)
International Milling Co., 5% pref.
(quar.)
International Nickel Co. of
Canada, pref. (qu.)
International Printing Ink
31
Dec. 31
Feb.
1
Jan.
Dec.
Feb.
Feb.
Feb.
Feb.
15
Dec.
Jan.
75c
10
15
Dec. 31
Feb.
Jan.
Jan.
Jan.
15 Jan.
15 Jan.
15 Jan.
7
10
10
25
25
25
15 Dec. 31
10 Dec.
31
10 Dec.
20
1 Jan.
11
15
15
5
10
Dec. 31
Dec. 31
Dec. 31
Nov. 30
15 Dec.
31
15 Dec. 31
15 Jan. 10
10 Dec.
10 Dec.
20
20
15 Dec. 30
15 Jan.
4
1 Jan.
2
1 Jan. 13
35c
Jan.
Jan.
Feb.
Feb.
SIX
Feb.
hl2c
50c
Jan.
Jan.
Jan.
15 Dec. 31
h87Xc
Jan.
20 Dec.
31
h81Xc
Jan.
Jan.
20 Dec.
31
h75c
10%
Jan.
75c
Jan.
six
six
(quar.)
(quarterly)
Investment Foundation. 6% preferred
Investors Fund, C
,
50c
50c
Jan.
hS 2
Apr.
h$ 2
July
SIX
six
six
Jan.
25c
SIX
$1 H
SIX
SI X
1X%
SIX
1 Jan.
25c
Feb.
75c
Jan.
10c
Feb.
Jan.
Feb.
13
15 Dec. 31
15 Dec. 15
20 Dec.
31
10 Dec. 24a
15 Jan.
2
15 Dec. 24
1
1
6
Jan. 15
Feb.
1
Jan. 28
Jan. 15
Jan. 15
Feb.
1
Feb.
1
Feb.
1
Feb.
1
Jan.
Feb.
$2
SIX
621!
50c
Jan.
Feb.
Feb.
20
Jan.
1 Jan.
6 Dec.
1 Jan.
15
20
1 Jan.
10 Dec.
1 Jan.
15
2
10
Jan.
10 Apr. 30
31 Dec. 31
15 Dec. 31
Jan.
15
Feb.
1
Mar. 31
June 30
Jan.
15
Jan. 15
Jan. 15
Jan.
6
Dec.
20
Mar. 20
June 20
Dec. 31
Dec. 31
Dec. 31
20 Jan.
9
Jan.
Jan.
15 Dec.
Jan.
Feb.
15 Dec. 31
1 Jan. 15
Jan.
15 Dec. 31
Feb.
Feb.
Feb.
Jan.
Jan.
Feb.
Jan.
Jan.
Feb.
13
17
4
1 Dec. 30
7 Dec. 31
10 Dec. 31
10 Jan. 20
15 Dec. 20
20 Dec. 31
31
15 Dec. 20
15 Dec. 30
Jan.
(quar.).
1 Jan.
1 Jan.
19 Jan.
Jan.
Jan.
20 Dec. 31
20 Dec. 31
15 Dec. 20
6% preferred (quar.)
Northwestern Bell Telephone 6X% pref.
(quar.)
Jan.
Jan.
20 Jan.
Ohio Brass
Jan.
Jan.
6
15 Jan.
25 Dec. 31
Jan.
15 Dec. 31
1 Jan. 20
Jan.
Oahu Ry. & Land
(monthly)
Oahu Sugar (monthly)
Preferred (quarterly)
Old Colony Insurance Co.
(Boston)
Feb.
Quarterly.
Old Colony Light & Power Assoc
6% preferred (quar.)
Onomea Sugar (monthly)
Otis Elevator (quar.)
Preferred (quar.)
Paauhau Sugar Plantation
(monthly).....
Pacific Finance, 8% preferred A
(quar.)--.
6 J* % preferred C (quar.)
7% preferred D (quar.)
Pacific Gas & Electric Co., com.
(quar.)_._.
Pacific Lighting (quarterly)
Preferred (quar.)
Parke Davis, stock dividend
Parker Pen (quar.)
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
15 Dec. 31
10 Dec. 21
1 Feb. 15
Jan.
Mar.
June
Sept.
Feb.
13
1 Jan.
20
Mar.
2 Feb. 20
Mar.
2 Feb. 20
Jan.
15 Dec. 31
L Mar 25
Apr.
Jan. 25 Dec. 31
Feb.
Jan.
Jan.
Jan.
Jan.
Feb.
Extra
Feb.
Plymouth Cordage (quar.)
Jan.
Extra
Jan.
Plymouth Rubber, preferred (quar.)
Polygraphic Co. of America, pref. (quar.)
Power Corp. of Canada,
6% pref. (quar.)
6% non-cum. pref. (quar.)
Jan.
Jan.
Jan.
Jan.
Mining (quar.)
Jan.
Extra
Jan.
Shares
(semi-annual)
Jan.
(quar.)
Jan.
Prudential Investors, $6 pref. (quar.)
Public Service Corp. of New
Jersey—
$134
6% preferred (monthly)
Quaker Oats (quar.)
Preferred (quar.)
Railroad Employees Corp., A & B
(quar.)
Rickel (H. W.) & Co.
Extra
Jan.
31
2
7 Dec. 31
15 Dec. 31
15 Dec. 31
15 Dec. 16
15 Dec. 16
15 Dec. 31
15 Dec. 24
15 Dec. 31
31 Jan.
Jan.
2
20 Dec. 31
9 Dec. 19
Apr.
Apr.
15 Dec. 31
Jan.
...
1 Mar. lO
1 Mar. 10
Jan.
21 Dec.
Jan.
...
Jan.
Jan.
Jan.
-
San Diego Consol. Gas & Elec.
pref. (qu.)
Second Twin Bell Syndicate
(monthly)
Jan.
Security Storage Co. (quar.)
Seeman Bros., Inc., common
(quarterly)
Common (extra)
Shawinigan Water & Power (quar.)
Sheaffer (W. A.) Pen Co., $8 pref.
(quar.)
Original preferred (quar.)
Series C. 5X% preferred
(quar.)__
Southern Calif. Gas, pref. A
(quar.)__
Preferred (quarterly)
Jan.
Feb.
16
15 Dec. 20
15 Dec. 20
15 Jan.
2
31 Dec. 31
15 Jan.
2
15 Jan.
2
15 Dec.
31
15 Dec. 31
10 Jan.
6
1 Jan.
Feb.
1 Jan.
15
15
Feb.
15 Jan.
20
Jan.
20 Dec. 31
3734c
Jan.
349*c
Jan.
3734c
37 Xc
Jan.
15 Dec.
15 Dec.
15 Dec.
15 Dec.
20c
Feb.
Co.—
Southern Canada Power Co. common
(quar.)__
pref. (quar.)
Southern Counties Gas Co. of Calif., pref.
(qu.).
England Telephone (quar.)
Southland Royalty (quar.)
Extra
20 Dec.
15 Jan.
15 Dec. 31
29 Feb.
1
20 Dec, 31
20 Dec. 31
Jan.
Corp., 6% preferred
Milling Co. (monthly)
cum. par tic.
7 Dec. 10
1 Dec. 27
1 Dec. 27
20 Dec. 31
Jan.
Jan.
(semi-ann.)
2 Jan. 10
10 Dec. 31
2
15 Jan.
10 Dec. 31
Jan.
Feb.
Jan.
A & B, extra
Preferred (quarterly)
Reading Co.. 2nd preferred (quarterly)
Remington Rand, new 5% pref. (quar.)
$6 preferred (semi-ann.)
Rex-Hide, Inc. (quar.)
Rich's. Inc.. 6)4% preferred (quar.)
1
1 Dec.
Feb.
Petersburg RR. (s.-a.)
Procter & Gamble, 8% pref.
1 May 15
1 Aug. 15
15 Feb.
Feb.
Philadelphia Co. (quar.)
Philadelphia Electric, pref. (quar.)
Philadelphia & Trenton RR. (quar.)
Philip Morris & Co. (quar.)
Phoenix Finance Corp., 8%
pref. (quar.)
Pittsburgh Ft. Wayne & Chicago Ry.—
7% preferred (quar.)
Pittsburgh & Lake Erie RR (s.-a.)__
Southern New
1 Jan. 15
1 Jan. 15
15 Dec. 31a
15 Jan. 20
Feb.
Jan.
$6.60 preferred (monthly)
$6 preferred (quar.)
Pennsylvania Salt Mfg. (quar.)
6%
5 Dec. 31
1 Jan. 15
Feb.
Feb.
Pennsylvania Glass Sand Corp., preferred..
Pennsylvania Power Co., $6.60 pref. (mthly.)..
Premier
10
15 Dec. 27
15 Dec. 27
Jan.
Quarterly
Premier Gold
6 Dec.
20 Jan.
Jan.
Quarterly
9
1 Apr. 20
6 Dec. 19
19
May
Parker Wolverine
Southern California Edison
17
24
1
May
8% preferred (quar.)
Mutual Telep. Co., Hawaii
(monthly)
National Biscuit (quar.)
National Cash Register (quar.)__„
National Distillers Products
(quar.)
National Fuel Gas (quar.)
National Lead, preferred B
(quarterly)
National Power & Light, $6 pref.
(quar.)
Nevada-Calif. Electric. 7% preferred
(quar.)
NewarkConsol. Gas 5% gtd. (s.-a.)
Newark Telephone Co. (Ohio),
6% pref. (quar.)
New Jersey Zinc (quar.)
New York Telephone, preferred
(quar.)
Niplssing Mines
Norfolk & Western Ry., adj. pref.
(quar.).
North Central Ry. Co.
(semi-ann.)
15a
14
28
1 Jan.
Jan.
Teleg. (quar.)..
20
17
1 Jan. 15
15 Dec. 31
15 Jan.
Jan.
Jan.
20
15 Dec. 31
15 Dec. 31
1 Jan.
1
Feb.
Jan.
Dec.
Jan.
1 Jan. 15
20 Dec. 31
15 Dec. 31
Jan.
Extra
Jan.
15 Dec. 31a
15 Dec. 31a
15 Dec. 31a
15 Dec. 28
15 Dec. 31
10
17
10
15 Dec. 31
15 Dec. 31
15 Dec. 31
1 Jan.
15 Jan.
Feb.
Jan.
26
15
15
Feb.
Jan.
St. Croix Paper (quar.)
Dec.
15 Jan.
1 Jan.
24
San Carlos
Jan.
Holders
Mar. 15 Feb.
Feb.
1 Jan.
Feb.
1 Jan.
(quarterly)
Northern Securities Co
Northern States Power, 7%
pref.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
(initial)
Mountain States Telep. &
Mutual System (quar.)
Jan.
Jan.
Jan.
Jan.
Samson
Feb..
$1.10
$2
27c
Jan.
Jan.
2
25c
30c
$15*
sex
Feb.
Feb.
Dec. 20
40c
87 Xc
New stock
50c
18 Xc
1936
Payable of Record
Jan.
15
15 Dec. 31
1 Jan. 20
Mar.
2 Feb. 15
1 Mar. 14
Apr.
Feb.
1 Jan. 17
#15*
Magma Copper Co
Magnin (I.) & Co. (quarterly)
Mahoning Coal RR. (quar.)
Massachusetts Investors Trust (quar.)
Massachusetts Lighting Cos., $8 preferred
(qu.)
$6 preferred (quar.)
Massachusetts Utilities Assoc. pref. (quar.).
Massawippi Valley RR. (s.-a.)
McCall Corp., common (quar.)
McColl Frontenac Oil Co., 6% pref.
(quar.)
McKesson & Robbins, preferred
(special
New $3 preferred (initial)
McLellan Stores, pref. A (resumed)
Merchants Refrigerator Co. of N. Y., $7
pref—
Mine Hill & Schuylkill Haven RR.
(s.-a.)
Mohawk Carpet Mills (quarterly)
Monogram Pictures Corp (quar.)
Monongahela Valley Water Co., 7% pref. (qu.)_
Montana Power, preferred
(quarterly)
Montgomery & Erie RR (semi-annual)_.
Montreal Light, Heat & Power
(quar.)__.
Montreal Telephone Co.
(quarterly)
Montreal Tramways (quar.)
Motors Products, old stock
1X%
...
30c
25c
25c
Preferred (quar.)
Greenfield Gas Light, 6% preferred
(quar.)
Guarantee Co. of North America
Lexington Telephone Co. 6X% pref. (quar.)
Lincoln Printing, preferred (quar.)
4
4
h25c
Foundation Trust Shares, series A
Leonard Custom Tailors Co
Jan.
Jan.
Jan.
Jan.
30c
6% preferred C
Jardine Mining Co
Jewel Tea (quarterly)
Johns-Manville Corp., common
Johnson Publishing, 8% preferred
8% preferred
Joliet & Chicago RR. (quar.)
Joplin Water Works, 6% pref. (quar.)
Ransas City St. Louis & Chic. RR.,
pref. (qu.)_
Kaufmann Department Stores
(quar.)
Kentucky Utilities. 6% pref. (quar.)
Keystone Steel & Wire preferred
Klein (D. Emil), preferred
(quarterly)
Kroger Grocery & Baking 7 % preferred (quar.)
Lane Bryant Inc. 7% preferred
(quar.)
Lazarus (F. & R.) Co., 6X%
prer. (quar.)
Lee Rubber & Tire Corp
Lehman Corp. (quar.)
15 Jan.
15 Jan.
15 Jan.
15 Jan.
Jan.
Jan.
12ili
(quarterly)
31 Dec. 20
4
15 Jan.
Dec.
Jan.
50c
New stock
31 Dec. 15
1 Mar. 11
1 Jan. 16
10 Dec. 31
10 Dec. 31
Apr.
_
First National Corp. of
Portland, $2 cl. A.
Fishman (M. H.), pref. A & B
(quar.)
Food Machinery, new
25 Jan.
Dec.
(quar.).
Extra
1 Jan.
6
6
Sept. 30 Sept. 15
25c
Extra..
10
15 Dec. 31
4
15 Jan.
4
15 Jan.
1 Jan. 28
Mar. 31 Mar. 14
June 30 June 15
Class A & B common.
Little Schuylkill & Navigation RR. & Coal
Lord & Taylor. 2d preferred (quar.)
1 Jan.
1 Jan.
Jan.
Jan.
Jan.
Feb.
Firemans Fund Insurance
(quarterly)
Firestone Fire & Rubber
Link Belt
15 Dec. 31
21 Jan. 11
6
20 Jan.
6
20 Jan
Feb.
Baltimore, 7% pref.
Preferred (quar.)
Liquid Carbonic (quar.)
15 Feb.
1
25 Jan. 10
15 Dec. 31
1 Mar. 14
1 Mar. 14
Jan.
Special
;
Filene's (Wm.) Sons
Finance Co. of America, A & B
(quar.)..
7% pref. (quar.)
7% pref. A (quar.)
Iowa Electric Light & Power,
7% pref. A
6 X % preferred B
8
10
Jan.
6% pref. (quar.)
Fidelity Phenix Fire Insurance (semi-ann.)
Preferred
20 Feb.
20 Jan.
Feb.
„
Farmers & Traders Life Insurance
(quar.)
Fibreboard Products, Inc.,
8
6
20 Dec. 31
20 Mar. 31
31
15 Dec
Feb.
$5 pref. (quar.)
Electric Household Utilities
Electric & Musical Industries preferred
EI Paso Electric Co.
(Texas), SB pref. (qr.)_.__
Ely & Walker Dry Goods, 1st pref.
(semi-ann.)_
2nd preferred
(semi-annual)
Famise Corp., common (initial)
Fansteel Metallurgical Corp., $5
pref. (quar.)..
$5 preferred (quarterly)
$5 preferred (quarterly)
$5 preferred (quarterly)
Stock dividend
15 Jan,
15 Jan.
Apr.
pref. (quar.)
International Business
3
50c
Preferred (quar.)
15 Dec. 31
15 Dec. 31
6 Dec. 20
1X%
m
Extra
Jan.
Preferred B (quarterly)
Edison Electric Illuminating of Boston
Electric Bond & Share Co., $6
Honolulu Plantation Co.
Hook Drugs, Inc. (quar.)
6
4
15 Jan.
Jan.
Economical-Cunningham Drug
Extra
6
20c
$1.63
7% cumulative preferred (quar.)
6% cumulative preferred (quar.)
5% cumulative preferred (quar.)
MacAndrews & Forbes Co., common
Jan.
Driver-Harris Co
Duplan Silk (semi-ann.)
du Pont de Nemours, debenture
(quarterly)
Duquesne Light 5% preferred (quar.)
Eastern Gas & Fuel Assoc.
prior pref. (quar.)
6% preferred (quar.)
Eastern Township Telep. Co.
(quarterly)
East Pennsylvania RR.,
6% gtd. (s.-a.)
Preferred (quar.)
2
When
Share
Lone Star Gas
6 X% preferred (quar.)
Louisville Gas & Electric Co.—
15 Jan.
15 Jan.
Jan.
(semi-ann.)
Dictograph Products (resumed).
Dome Mines Ltd. (quar.)
Quarterly
Dominion Textile Co., preferred
(quar.)
Dow Drug (sDeeial)
7% preferred, class A.
24
Name of Company
Jan.
Jan.
Detroit Edison Co. (quar.)
Extra
Detroit Hillsdale & Southwestern RR.
(S.-a.)__
Detroit River Tunnel Co.
at
1 Jan.
15 Jan.
15 Jan.
Feb.
Jan.
Cudaby Packing Co., common (quar.)
Darby Petroleum (semi-annually)
Finance Co. of America
6
31 Jan.
15 Dec. 30
25 Jan. 10
10 Jan.
1
Jan.
Extra
Per
Payable of Record
4
Jan
Holders
When
Share
Chronicle
Jan.
Jan.
Jan.
Jan.
Jan.
Jan,
20
20
31
31
15 Jan. 31
15 Dec. 20
15 Dec. 31
15 Dec. 31
15 Dec. 31
15 Dec. 31
/
Financial Chronicle
Volume 142
Company
SIX
$1H
quar.)
7% pref.
South Pittsburgh Water,
6% preferred quar.)
Spicer Mfg., preferred (quar.)
Spiegel. May. Stern. 6H% preferred (quar.)...
Standard Coosa-Thatcher Co., 7% pref. (quar.).
Jan.
Feb.
15 Jan.
1 Jan.
15
Jan.
15 Jan.
15
50c
Jan.
SIX
Jan.
27 Dec. 26
15 Dec .£31
20c
Jan.
15 Dec. 20
Preferred
37 He
Feb.
43 He
(quarterly)
Stetson (John B.) preferred
Stony Brook RR. Corp. (s.-a.)
Suburban Elec. Security Co., 6% 1st pref. (qu.)
Superheater Co. (quarterly)
Feb.
Feb.
Jan.
1 Jan.
15 Jan.
Feb.
12Hc
Jan.
25c
Feb.
Apr.
15c
(quar.)
90c
Feb.
25c
Thatcher Mfg. Co., conv. pref
Tide Water Assoc. Oil, resumed
Jan.
2 Mar. 14
15 Jan. 31
3
15 Jan.
$1 X
preferred (quar.)
(quar.)
Feb.
10c
Jan.
Jan.
2H%
pref. (s.-a.)
2Hc
United Gold Equities of Can., std. shs. (quar.).
7Hc
United Investors Realty Co., class A
United Light & Ry. Co. (Del.)—
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
58 l-3c
7% preferred (monthly)
581-3 c
7 % preferred (monthly)
581-3 c
7 % preferred (monthly)
53c
6.36% preferred (monthly)
53c
6.36% preferred (monthly)
...
53c
6.36% preferred (monthly)
Jan.
United Fruit Co_
__
United Gas & Electric Co., 5%
United Molasses (final)....
United New Jersey RR & Canal Co.
*SS
(quar.).,.
(quar.)
.
(quarterly)
United States Smelting, Refining
Preferred (quarterly)
50c
621!
i
Preferred (quarterly)
United States Pipe & Fdy Co.. com.
1st preferred (quar.).
37 He
12Hc
30c
$5
87 He
(quar.)
& Mfg
25c
United Verde Extension Mining
15 Dec. 27
15 Dec. 19
15 Dec.
15 Jan.
31
Jan.
Jan.
10 Dec.
13
Feb.
1 Jan.
15
Mar.
2 Feb. 15
1 Mar. 16
1 Jan. 15
Apr.
Feb.
3
2 Feb. 15
1 Mar. 16
Mar.
Apr.-
15
Mar.
1 Jan.
2 Feb.
Apr.
1 Mar. 16
Feb.
15
Jan.
17 Dec.
10 Dec.
15 Dec.
20
6 Dec.
17
Jan.
6 Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Telegraph (resumed)
Chemical Bk. & Tr. Co..
Guaranty Trust Co
Cent. Hanover Bk. & Tr.
90,000,000
32,935,000
21,000,000
Corn Exch. Bk. Tr. Co.
15,000,000
First National Bank
Irving Trust Co
Continental Bk.&Tr.Co.
10,000,000
50,000,000
4,000,000
Chase National Bank...
150,270,000
Manufacturers Trust Co.
Fifth Avenue Bank
25,000,000
Title Guar. & Trust Co..
10,000,000
Marine Midland Tr. Co.
5,000,000
141,201,000
5,756,000
30,645,000
140,562,000
14,980,000
38,427,000
82,497,000
14,768,000
20,917,000
3,405,000
422,000
42,531,000
287,000
7,000,000
8,250,000
16,330,000
81,937,000
294,469,000
68,245,000
76,277,000
3,184,000
22,120,000
1,680,000
40,454,000
614,955,000
731,404,300
9,060,146,000
Totals
3
Jan.
15 Dec. 27
31 Dec. 31
10 Dec. 31
6
1 Jan.
Feb.
SIX
Feb.
1 Jan.
6
Jan.
15 Jan.
10
six
Jan.
15 Dec. 31
20
1 Jan.
25c
Feb.
25c
Mar
2 Feb
25c
Apr.
Feb.
1 Mar. 20
Jan.
62 He
20
1 Dec. 31
31 Jan.
31
closed for this dividend,
corrections have been made:
Transfer books not
c
The following
Water Oil, declared a special div.
under the Tide Water Assoc. Oil Co. in the
Tide
reported
of 85c.
Previously
Dec. 28th issue.
div. on the conv. pref. stock, opt. series of 1929, of Com¬
mercial Investment Trust Corp. has been declared payable in common
stock of the corp. at the rate of 5-208 of 1 share of com. stock per share of
conv. pref. stock, opt. series of 1929, so held, or, at the opt. of the holder,
in cash at the rate of $1.50 for each share of conv. pref. stock, opt. series
d A reg. quar.
of 1929, so held.
Payable Id stock«
b
*'
<.
■
* •
of
f Payable in common stock,
g Payable in scrip, h On account
accu¬
1 Payable in preferred stock.
m Advance-Rumely,
liquidating stock div. of H sh. of Allis-Chalmers
stock on each share of Advance-Rumely capital stock held.
n Lincoln Printing, pref. div. of 1-5 sh. of pref. stock for each share
mulated dividends.
div. payable five days after
Tung-Sol Lamp Works pref.
o
held.
surrender of
old stock for new.
p
Anheuser-Busch, Inc., stock div. of one
Anheuser-Busch held.
share of Borden for each 20
/.
shares of
Canada
Payable In Canadian funds, and In the case of non-residents of
deduction of a tax of 5% of the amount of such dividend will be mades McKesson
& Bobbins pref. special div. is payable upon delivery of
r
Condition of the Federal Reserve
The following
Bank of
York
New
shows the condition of the Federal Reserve
close of business Dec. 31 1935,
Bank of New. York at the
in
week and the corresponding
comparison with the previous
date last year:
Dec
31
1935 Dec.
24
1935
'an. 2 1935
$
$
and due from
U. 8. Treasury.*
Redemption fund—F. R. notes
Other cash*
3,320.993,000 3,175,704,000 1,868,966,000
1,499,000
1,920,000
1,792,000
54,360,000
;
45,911,000
55,586,000
3,377,145,000 3,223,535,000 1,926,051,000
1,427,000
Total reserves
Redemption fund—F. R. bank notes
Bills discounted:
Secured
8. Govt, obligations
fully guaranteed
U.
by
direct «fe (or)
1,533,000
market.
Industrial advances
2,714,000
4,739,000
4,247,000
1,781,000
1,982,000
7,754.000
826,000
55,908,000
498,307,000
187,668,000
Bills bought In open
2,323,000
2,416,000
1,738,000
7,741,000
Total bills discounted.
832,000
2,198,000
3,030,000
Other bills discounted
519,692,000
12,500,000
& Tr.
Pub. Nat. Bk. & Tr. Co.
Jan.
Jan.
12
(quar.)
a
1,434,000
55,623,000
5,314,800
7,825,200
21,651,600
7,745,600
5,433,500
New York Trust Co
Comm'l Nat. Bk
15 Dec. 31
15 Dec. 31
Jan.
Assets—
69,874,900 cl,738,561,000
46,417,000
3,377,200
<2737,203,000
63,748,200
500,000
Bankers Trust Co
Jan.
$2
Average
361,221,000
25,431,700
41,881,200 al,374,264,000
427,500,000
49,711,100
176,613,400 61,329,911,000
428,124,000
10,297,500
726,559,000
61,523,900
225,539,000
16.726,200
469,327,000
91,767,600
475,327,000
58,021,900
41,734,000
3,711,500
20,000,000
Jan.
4
15 Dec. 20
15 Dec. 20
Deposits,
Average
10,747,300
6,000,000
20,000,000
127,500,000
Jan.
35c
6% preferred C (quarterly)
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Ymir Yankee Girl Gold Mines
Gold certificates on hand
National City Bank
1 Jan.
(s.-a.)
Time
Deposits,
S
Bank of Manhattan Co..
15
Feb.
present stock in exchange for new preference.
t Payable in special preferred stock
u Payable in U. S. funds,
w Less depositary expenses,
z Less tax.
y A deduction has been made for expenses.
15 Dec. 30
3
1 Jan.
Profits
Members
Bank of N. Y. &Tr. Co.
10
Jan.
Oct.
20 Dec. 31
15 Dec. 30
Undivided
Capital
10
10
20 Oct.
10 Jan.
$1 X
Westinghouse Air Brake Co. (quar.)
West New Brighton Bank (Staten Island)
West Penn Power, 7% pref. (quar.)
York Railways
10
50c
(quar.)
6% preferred (quarterly)
Wichita Union Stockyards, 6% pref.
Wisconsin Gas & Electric Co.—
20 Jan.
Apr. 20 Apr.
July 20 July
a
Net Demand
and
*Surplus
•
Jan.
17
20 Dec. 31
6 Dec.
MEMBERS OF THE NEW YORK CLEARING HOUSE
WEEK ENDED SATURDAY, DEC. 28 1935
House
Jan.
25c
(quar.)
Western Union
17
ASSOCIATION FOR THE
Clearing
Preferred
26
Jan.
Jan.
(quar.)
Western Pipe & Steel (Calif.), 7%pref. (s.-a.)—
Western Power Corp., 7% pref. (quar.)
...
19
Jan.
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF
$4
Feb.
$1H
7i58 l-3c Jan.
Waldorf System, Inc., com. (quar.)
Warren Foundry & Pipe
Western Grocers, Ltd. (quar.)
5 Dec. 31
1 Jan. 16
Jan.
$2
75c
Special
15
$2.14
United Biscuit of America,
United Shoe Machinery
10
2
15 Jan.
1
$1 k\ June 15 June
Jan. 15 Dec. 31
$1 X
Dec. 17
o
Tung-Sol Lamp Works, preferred
Twin Bell Oil Syndicate (monthly)
United Securities
27
1 Jan.
1 Jan.
1X%\ Jan.
Toronto Elevator preferred (quar.)
Troy & Greenbush RR. Assn. (s.-a.)
Tuckett Tobacco, preferred (quarterly)
United Bond & Share
4
15 Jan.
15 Jan.
Feb.
15c
pref. (quar.)___
Feb.
SlVs
Swift & Co.
1
6 Dec. 31
1 Jan. 15
Jan.
$1H
7
7
7
1 Jan.
1 Jan.
Feb.
1.42 H
43 He
______
Preferred
Tex-O-Kan Flour Mills
Jan.. 15 Dec. 31
50c
(quar.)
Co. of Canada (quar.)
1
Preferred
17
10 Jan. 31
15 Dec. 14
20 Jan. 10
SIX
SIX
SIX
SIX
12 He
6% pf. (qu.).
Preferred (quar.)
Preferred (quar.)
State Street Investment
(special)
Tacony-Palmyra Bridge, 7H%
Telan to graph Corp. (quar.)
3
75c
(resumed)
Standard Oil Co. (Ohio), 5% cum. pref. (quar.)
Standard Wholesale Phosphate & Acid.
Stanley Works, preferred (quar.)
Extra
Upper Michigan Power & Lt. Co.,
Utah Power & Light, $7 preferred
Vulcan Detinning (special)
1 Jan.
Feb.
50c
Universal Leaf Tobacco
2
$1H
$1 X
Standard National
Steel
Jan.
(quar.)
2
15 Jan.
15 Jan.
Jan.
Payable of Record
Share
Name of Company
Payable of Record
Share
Holders
When
Per
Holders
When
Per
Name of
55,842,000
498,307,000
187,668,000
475,234,000
741,883,000
741,817,000
777,818,000
U. S. Government securities:
Bonds
Treasury notes
Treasury bills
Total U. S. Government securities.
141,018,000
161,566,000
4
official reports:
National, Nov. 1 1935;
companies, Sept. 28 1935.
Includes deposits in foreign branches as follows:
a
C$74,987,000; d $29,252,000.
•As
per
State, Sept. 28 1935; trust
$223,030,000; 6 $77,082,000;
are
not
of
a
members of the New York Clearing
following
are
the figures for the week
Foreign loans on gold.
The
House.
ended Dec. 27:
756,091,000
265,000
5,483,000
166,040,000
10,781,000
27,956,000
277,000
300,000
4,990,000
140.314,000
12,173,000
27,893,000
137,698,000
11,437,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
CLEARING HOUSE WITH THE CLOSING
WEEK ENDED FRIDAY, DEC. 27 1935
784,873,000
754,392,000
Total bills and securities.
"Times" publishes regularly each week
number of banks and trust companies which
The New York
returns
Other securities
6,765,000
30,488,000
INSTITUTIONS NOT IN THE
OF
BUSINESS
FOR
THE
NATIONAL AND STATE
4,342,062,000 4,165.273,000 2,899,039,000
Total assets.
BANKS—AVERAGE FIGURES
Liabilities—
681,462,000
814,388,000
807,718,000
actual circulation
25,460,000
actual circulation net
1,746,808,000
Deposits—Member bank reserve acc't.. 2,747,431,000 2,552,621,000
58,926,000
351,694,000
330,925,000
U
8. Treasurer—General account...
6,408,000
12,677,000
10,542,000
Foreign bank
124,948,000
177,133,000
165,156,000
Other deposits...
F. R. notes in
Loans,
Disc, and
Other Cash,
Including
Investments Bank
Manhattan—
.
Grace National
Sterling National...
Trade Bank of N. Y.
Notes
Res. Dep.,
Dep. Other
Y. and
Banks and
Oross
Elsewhere
Trust Cos.
Deposits
S
$
N.
S
$
21,075,100
17,170,000
4,029,514
535,000
4,854,800
3,500,000
282,673
1,656,037
91,600
$
2,518,500
2,295,000
347,909
24,935,300
20,494,000
5,378,477
Brooklyn—
4,780,000
Peoples National
TRUST
678,000
145,000
407,000
5,508,000
Loans,
Disc,
and
Cash
N.
Y. and
Capital paid in
Surplus (Section 7)
$
Banks
and
Gross
Trust Cos.
Deposits
$
$
%
8,394,500
3,325,000
646,967
2,124,527
62,454,300
54,353,300
7,663,599
10,532,289
*7,481,900
*837,338
1,394,862
1,817,200
38,017,600
United States
66,254,972
*3,574,300
*7,820,300
15,373,880
1,216,500
Lawyers County
17,721,500
30,496,900
18,961,110
71,598,943
3,516,000
35,831,000
84,000 111,119,000
7.443,313
33,058,394
Empire
Federation
Fiduciary
Fulton
137,344
Brooklyn—
Brooklyn
King County
•
79,528.000
28,886,546
8,679,590
10,879,342
l,337"96o
Ratio
of
total reserves
Contingent
10,958,000
to
deposit and
83.1%
liabilities combined
82.5%
liability on bills purchased
to
make
Industrial
vances
73.6%
246,000
for foreign correspondents
Commitments
1,396,000
ad¬
...
9.948,000
9,997,000
3,905,000
19,109,900
Federal Reserve as follows'
Empire, $6,109,800; Fidu¬
$3,354,900; Lawyers, $6,999,500.
Includes amount with
ciary, $568,560; Fulton,
2,141,723'
1,727,000
4,342,062,000 4,165,273.000 2,899,039,000
Total liabilities
F. R. note
$
Manhattan—
;
Dep. Other
Elsewhere
Investments
3,254,054,000 3,094,125,000 1,937,090,000
135,778,000
130,087,000
160,139,000
59,606,000
51,001,000
51,006,000
49,964,000
49,964,000
50,825,000
773,000
7,250,000
7,744.000
7,510,000
7,500,000
8,849,000
Total deposits
Deferred availability items..
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
COMPANIES—AVERAGE FIGURES
Res. Dep.,
F. R. bank notes in
•
"Other cash" does not Include
Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x
These are
certificates given by the
from the Reserve banks
U. 8. Treasury for the gold taken over
when the dollar was on Jan.
31 1934 devalued from 100
being worth less to the extent of the dif¬
ference; the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
oents
to
59.06 oents, these certificates
82
Financial Chronicle
Jan. 4 1936
Weekly Return of the Board of Governors of the Federal Reserve System
The following is issued by the
Board of Governors of
the Federal Reserve
showing the condition of the twelve Reserve banks at the close of business
results for the System as a whole in comparison
sponding week last
with the figures for the
The second table shows the
year.
seven
on
System
on
Tuesday.
Thursday afternoon, Jan. 2,
The first table presents
Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes
the Reserve Agents and the
Federal Reserve banks.
The
and liabilities separately for each of the twelve banks.
resources
the
preceding weeks and with those of the corre¬
between
The comments of the Board of Governors of the Federal Reserve System
the returns for the latest week appear in our department of ilCurrent Events and Discussions."
upon
AND LIABILITIES OF THE FEDERAL RESERVE
COMBINED RESOURCES
Dec.
31
1935 Dec.
ASSETS
Ooldotfs.
on
24
1935 Dec.
18
1935 Dec.
11
BANKS
1935 Dec.
4
AT THE
1935 Nov.
$
hand & due from U.S.Treas.x
Redemption fund (F. R. notes)
Other oash »...
-
.
Total reserves..
CLOSE
27
OF
1935 Nov.
BUSINESS
20
1935
DEC. 31 1935
Nov. 13 1935
Jan.2 1935
$
7,553,357,000 7,553,849.000
17,563,000
17,444,000
219,896,000
264,550,000
+7.553,852,000 7,520,349,000 7,410,351,000 7,266,651,000 7,161,648,000 7.124,156.000 5,124,339,000
U7.633.000
233,371,000
17,487,000
235,413,000
17,524,000
17,668,000
225,445,000
227,249,000
18.595,000
234,585,000
18,598,000
242,110,000
19,060,000
253,091,000
7,835,351,000 7,791,308,000 7,804,856,000 7,773,249,000 7,653,320,000 7,511,568,000 7,422,356,000 7,377,336,000 5,396,490,000
Redemption fund—F. R. bank notes
1,677,000
Bills discounted:
Secured
by
8.
U.
Govt,
obligations
1,541,000
3,131,000
3,782,000
3,373,000
3,634,000
3,286,000
3,084,000
2,360,000
3,008,000
3,200,000
Other bills discounted
2,832,000
2,500,000
2,922,000
5,569,000
3,497,000
Total bills discounted.
4,672,000
7,155,000
6,920,000
6,106,000
5,368,000
6,032,000
5,422,000
9,066,000
7,092,000
4,656,000
32,493.000
4,657,000
4,671,000
32,696,000
4,679,000
32,790,000
4,675,000
4,674,000
4,677,000
32,395,000
32,634,000
4,674,000
32,562,000
5,612,000
14,315,000
direct and (or) fully guaranteed
Bills bought In open market.
Industrial advances
U. S. Government securities—Bonds
Treasury notes
-
Total U. 8. Government
seca
--
181,000
181,000
on
3,548,000
itles.. 2,430,731,000 2,430,727,000 2,430,175,000 2,430.171,000 2,430,181,000
2,430,179,000 2,430,244,000 2,430,172,000 2,430,681,000
Other securities
Foreign loans
32,689,000
3,544,000
216,172,000
215,615.000
216,176,000
215,116,000
396,088,000
219,948.000
225,753,000
219.940.000
230,001,000
1,641,597,000 1,641,597,000 1,641,602,000 1,639,097,000 1.630,725,000 1,651,757,000 1,646,009,000 1,644.009.000 1,507,118,000
572.958,000
572,958,000
572,958,000
675,958,000
527,475,000
579,508,000
558,482,000
558,482,000
556,162,000
....
Treasury bills
32,600,000
3,022.000
181,000
181,000
181,000
181,000
181,000
181,000
gold
Total bills and securities...
2,472,733,000 2,475,320,000 2.474,643,000 2,473,927,000 2,472,800,000 2,473.700,000 2,473,083,000 2,476,785,000 2,457,700,000
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
665,000
27,445,000
603,789,000
47,723,000
38,094,000
Uncollected Items
Bank premises
▲11
other
assetti
—
Total assets
665,000
22,010,000
602,470,000
50,395,000
38,732,000
650,000
641,000
19,477,000
20,039,000
657,595,000
50,308.000
554,980,000
50,304,000
38,290.000
44,766,000
644,000
18,550,000
543,286,000
50,279,000
531,236,000
50.278.000
645,000
23,945,000
599,082,000
50.274,000
43,413,000
43,329.000
42,518,000
645.000
20.038.000
641,000
805,000
22,139,000
27,988,000
696.940,000
530.474.000
50,220,000
49,160,000
42,057,000
44,534,000
11,025,800,000 10980,900,000 11,046,381,000 10,917,344,000 10782,292,000 10.630,794,000 10,611,903,000 10,666,118,000 8,508,828,000
LIABILITIES
V. R. notes In aotual circulation.
3,709,074,000 3,768,480,000 3.698,393,000 3.653,741,000 3.648,243,000 3,626,782,000 3,570,416,000 3,562,087,000 3,215,661,000
F. R. bank notej In aotual circulation
26,363,000
Deposits—Member banks' reserve aooount 5,587,208,000 5,429,284,000 5,436.894,000 6;039,613,000 5,905,115,000
5.788.991.000 5.781,642,000 5,745.948.000 4,089,552,000
U. S. Treasurer—General account..
614,255,000
632,794,000
24,031,000
543,770,000
42,672,000
50,458,000
125,594,000
53,768,000
77,772,000
Foreign banki
32,850,000
28,935,000
32,716,000
31,849,000
39,109,000
18,954,000
29,396,000
--
43,787,000
Other deposits
225,896,000
—
Total deposits
Deferred availability Items.
Capital paid In
591,556,000
130.512,000
145,772,000
24,233,000
34,869,000
Reserve for contingencies...
▲11 other liabilities
3,975,000
Total liabilities
of
total
248,110,000
248.062,000
244,335,000
237,782,000
—26,131,000
232,142,000
222,758,000
170.971,000
6,385,809,000 6.309,629.000 6,350,514,000 6,343,555,000 6,231,231,000 6,124,328,000 6,093,638,000 6,072,609,000 4,405,071,000
Surplus (Seotloti 7)
Surplus (Section 13-B)
Ratio
233,240,000
555,054,000
130,469,000
144,893,000
23,707,000
650,308,000
130,471,000
144,893,000
30,698,000
23,457,000
30,700,000
17,970,000
17,645,000
555,360.000
130,440,000
144,893,000
23,457,000
30,701,000
35,197,000
547,149,000
130,437,000
144.893,000
23,457,000
30,701,000
533,284,000
130,436,000
144,893,000
23,457.000
30,700.000
16,914,000
26,181,000
601,723,000
130,306,000
144,893,000
23,457.000
30,700,000
16,770,000
682,195.000
527,887,000
130.363.000
146,773,000
144,893,000
144,893,000
23,457,000
8,418,000
t30,699,000
tl9,815,000
30,816,000
2,946,000
11,025,800,000 10980,900,000 11,046,381,000 10,917,344,000 10782,292,000 10,630,794,000 10,611,903,000 10,666,118,000 8,508,828,000
reserves
to
deposits
and
F. R. note liabilities combined
Contingent liability
77.3%
77.6%
77.7%
77.8%
77.5%
77.0%
76.8%
76.6%
70.8%
bills purchased for
on
foreign correspondents
674,000
Commitments to make industrial advanoes
27,649,000
27,745,000
27.691,000
28,084,000
+27,719.000
28,002,000
t27,486,000
27,373,000
3,718,000
3,761.000
784,000
3,566,000
7,116,000
5,266,000
712,000
41,000
251,000
231,000
118,00v,
1,138,000
162,000
847,000
1,417,000
275,000
307,000
84,000
1.114,000
707,000
755,000
74,000
5,368,000
6,032,000
5,422,000
9,066,000
7,092,000
10,213,000
Maturity Distribution of Bills and
Short-term Securities—
$
$
1-15 days bills discounted
2,115,000
16-30 days bills discounted
81-60 days bills discounted
185,000
4,673,000
568,000
1,154,000
4.399,000
64,000
264,000
206,000
1,173,000
4,672,000
7,155,000
6,920,000
6,106,000
176,000
1,628,000
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted.
1-15 daysbllls bought In open market...
16-30 days bills bought In open market...
81-60 days bills bought In open market...
61-90 days bills bought In open market...
Over 90 days bills bought In open market
192.000
1,730,000
2,006,000
615,000
532,000
656,000
859,000
489.000
1,768,000
1,958.000
644,000
761,000
532,000
515,000
2,869,000
1,328,000
808,000
721,000
2,350,000
403,000
1,144.000
754,000
1,376,000
1,571,000
713,000
1,471,000
156,000
2,981,000
1,084,000
4,656,000
4,657,000
4,671,000
4,679,000
4,675,000
4,674,000
4,674,000
4,677,000
5,612,000
1,674,000
1,512,000
1,651,000
334.000
1,565,000
1,530,000
1,512,000
373,000
435.000
1,665,000
295,000
683,000
829,000
684,000
812,000
936,000
29,166,000
1,053,000
29,069,000
1,072,000
28,556,000
987,000
773,000
845,000
29,087,000
1,529,000
339,000
653,000
927,000
29,152,000
28,998,000
29,017,000
29,220.000
1.425,000
12,562,000
32,493,000
32,600,000
32,696,000
32,790,000
32.395,000
32,634.000
32,562,000
32,689,000
14,315,000
259.000
980,000
493,000
advances.
1-15 days U. S. Government securities..
16-30 days U. S. Government securities..
31-60 days U. 8. Government securities..
61-90 days U. 8. Government securities..
Over 90 days U. S. Government securities-
Total U. 8. Government securities
■«
250,000
2,086,000
f
I
777,000
$
1,609,000
2,090,000
886,000
1-90 days Industrial advances
Over 90 days Industrial advances..
f
260,000
94,000
698,000
1-15 days Industrial advances
16-30 days Industrial advances
81-60 days Industrial advances
indujtrlal
302,000
56,000
986,000
Total bills bought In open market
Total
$
4,592,000
207,000
94,000
1,041,000
1,221,000
418,000
664,000
1,524,000
363,000
749,000
49,000
142,000
137,000
27,750,000
34,250,000
91,024,000
25,570,000
90,084,000
32,550,000
33,830,000
23,360,000
31,450,000
J 12.050,000
29,675,000
25,070,000
27,250,000
25,425,000
111,110,000
34,250,000
33,830,000
33,300,000
63,618,000
62,743,000
57,280,000
68,343,000
59,320,000
50,495,000
56,925,000
139,300,000
83,239,000
120.384,000
70,643,000
122,169,000
124,344,000
67,343,000
62,743,000
62,618.000
76,993,000 .175,230,000
2,189,300,000 2,183,768,000 2,183,974,000 2,188,009,000 2,164,756,000 2,164,521.000 2,156,609,000 2,107,462,000
2,189,224,000
2,430,731,000 2,430,727.000 2,430,175,000 2,430,171,000 2,430.181,000 2,430,179,000 2,430,244,000 2,430,172.000 2,430,681,000
** it
1-15 days other securities..
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Total other securities.
181,000
181,000
181,000
181,000
181,000
181,000
I181,000
Federal Reserve Notes—
Issued to F. R. Bank by F, R. Agent
Held by Federal Reserve Bank....
4,047,052,000 4,062,539,000 4,022,187,000 3,966,374,000 3,942,712,000 3,897,108,000 3,874,197,000 3,863,624,000 3,518,366,000
294,059,000
337,978,000
323,794,000
312,633,000
294,469,000
303,781,000
301,537,000
270,326,000
302,705,000
In actual circulation
3,709,074,000 3,768.480,000 3,698,393,000 3.653,741,000 3,648,243,000 3,626,782,000 3,570,416,000 3,562,087,000 3,215,661,000
Collateral Held by Agent as Security
for
Notes Issued to Bank—
Gold ctfs.
on
hand & due from U. 8. Treas.
By eligible paper..—
U. 8. Government securities
Total collateral.
•
a
on
"Other cash"
These
Jan. Si
are
1934,
previsions of the
3,970,843,000 3,976,843,000 3,960,843,000 3,909,843,000 3,863,843,000 3,824,343 000 3,779,343,000 3,773,843,000 3,314,200,000
2,716,000
5,199,000
5.044,000
4,404,000
3,882,000
3,744,000
4,494,000
7,511,000
5,523,000
127,500,000
127,500,000
110,000,000
109,000,000
121,100,000
125,900,000
124,500,000
109,100,000
243,100,000
4,101,059,000 4.109,542,000 4.075.887,000 4,023,247.000 3,988,687.000 3.937.937.000 3,909,125,000 3,905,854,000 3,562,823,000
does
not
include
certificates given
these certificates
Gold
Reserve
by
Federal
the
being
act
of
U.
Reserve
3.
notes,
t Revised figure.
Treasury for the gold taken over from
worth less to
193a.
the
extent
of
the
difference,
the
the
Reserve
banks
difference itself
when
naving
the
been
dollar was devalued from 100 cents to 59.06 oents
aoorooriat«*d as profit Dy
the
Treasury under the
83
Financial Chronicle
Volume 142
Weekly Return of the Board of Governors
WEEKLY STATEMENT OF RESOURCES AND
of the Federal Reserve System (Concluded)
CLOSE OF BUSINESS DEC. 31
OF THE 12 FEDERAL RESERVE BANKS AT
LIABILITIES OF EACH
1
Two Ciphwt (00) Omitted
□old certificates
on
7,553,357,0
17,444,0
264,550,0
Oinw cash.*
Total
7,835,351,0
reserves
,i
Dallas
$
S
I
San Fran
J
Minneap. Kau. Citv
St. Louu
$
$
%
189,173,0 128,870,0 401,044,0
515,847,0 231,954,0 173,298,0 1,342,261,0 226,121,0 136,744,0
2,891,0
516,822,0 3,320,993,0 370,230,0
681,0
849,0
540,0
799,0
522,0
2,869,0
1,283,0
1,055,0
1,168,0
1,792,0
16,231,0
2,995,0
6,659,0
19,000,0
8,229,0
18,000,0
30,342,0
13,649,0 12,057,0
19,226,0
54,360,0 34,078,0
32,719,0
209,022,0 136,210,0 420,166,0
536,128,0 246,886,0 188,224,0 1,373,125,0 244,920,0 145,513,0
552,536,0 3,377,145,0 405,476,0
hand and due
from U. 8. Treasury
Redemption fund—F. R. notes..
$
$
%
%
RESOURCES
*
$
Chicago
Atlanta
Clesetand Richmond
Phila.
New York
Boston
Total
Federal Reserve Bank of—
1W5
Bills discounted.
Sec. by If. 9. Govt, obligations
1,541,0
61,0
.
832,0
250,0
10,0
128,0
33,0
13,0
69,0
3,0
25,0
45,0
2,198,0
307,0
3,131,0
direct A (or) fully guaranteed
Other bills discounted
>
13,0
41,0
15,0
~~4~2~0
550,0
12*0
38,0
41,0
18,0
42,0
619,0
12,0
25,0
126,0
328,0
1,780,0
1,111,0
'
4,656,0
2,941,0
...
U. 8. Government securities;
s. Govt, securities.
12,956,0
80,028,0
9,420,0
74,346,0
24,434,0
10,014,0
73,132,0
64,596,0
242,064,0
21,373,0
88,002,0
741,883,0 177,120,0 218,025,0 116,716,0
94,209,0
355,689,0 108,200,0
75,568,0 107,344,0
181,0
78,975,0 199,331,0
754,392,0 184,750,0 220,296,0 121,409,0
95,340,0
358,160,0 108,697,0
77,260,0 109,418,0
80,893,0 200,795,0
24,198,0
47,0
17,0
69,0
63,0
25,0
24,0
80,0
4,0
18,0
265,0
3,0
50,0
3,411,0
1,644,0
4,978,0
2,027,0
166,040,0
54,129,0
48,099,0
23,283,0
80,345,0
24,737,0
34,088,0
411,0
27,956,0
6,525,0
1,324,0
2,918,0
863,0
2,284,0
38,094,0
40,928,0
4,830,0
3,801,0
4,826,0
405,0
2,451,0
215,0
19,607,0
1,524,0
761,0
29.417,0
67,045,0
3,113,0
1,248,0
16,071,0
1,531,0
427,0
2,706,0
1,461,0
608,0
5,483,0
1,506,0
2,030,0
343,0
10,781,0
In actual circulation. 3,709,074,0 316,739,0
Deposits:
Member banx reserve account.
Treasurer—Gen.
acct..
Foreign bank
Other deposits..
790,266,0 159,725,0
165,767,0 112,539,0
5,587,208,0 326,489,0 2,747,431,0 274,326,0 334,461,0
1,603,0
13,184,0
10,518,0 39,294,0
330,925,0
543,770,0 46,872,0
1,048,0
1,077,0
2,765,0
2,881,0
10,542,0
2,095,0
28,935,0
6,166,0
2,427,0
3,514,0
10,175,0
165,156,0
225,896,0
3,245,0
Deferred availability items......
591,556,0
130,512,0
9,430,0
52,388,0
190,0
3,580,0
292,0
Surplus (Section 7)
inrplus (Section 13-b)
145.772,0
9,902,0
2,876,0
1,713,0
101,0
24,233,0
Reserve for contingencies.
34,869,0
All other liabilities
3,975,0
8,849,0
1,727,0
5,186,0
3,361,0
786,0
757,0
2,037,0
892,0
2,234,0
14,044,0
25,903,0
3,757,0
15.513,0
21,350,0
4,655,0
3,420,0
1,391,0
7,576,0
501,0
546,0
970,0
1,003,0
1,287,0
155,0
131,0
12,048,0
2,606,0
1,514,0
222,0
257,0
698,0
7,057,0
79,603,0
754,0
3,113,0
873,0
8,646,0
327,631,0
848,370,0 183,761,0 107,138,0 172,746,0 131,663,0
1,007,0
13,406,0
2,132,0
3,000,0
431,0
96,228,0 168,793,0 123,816,0 287,367,0
4,856,0 24,183,0
2,275,0
3,155,0
2,340,0
14,371,0
12,328,0
14,517,0
76,064,0 279,624,0
3,376,0
21,336,0
4,168,0
5,616,0
44,760,0
4,590,0
56,330,0
12,299,0
40,293,0
160,139,0
51,006,0
50,825,0
7,744,0
65.359,0
Capital paid in
27,0
2,999,0
33,947,0
3,916,0
3,613,0
1,142,0
21,694,0
26,679,0
3,773,0
10,198,0
3,783,0
9,645,0
841,0
1,256,0
1,361,0
231,0
26,0
1,021,0
2,039,0
166,0
239,620,0 657,003,0
312,248,0 1,821,919,0 383,051,0 242,053,0 358,126,0
11025 800,0 784,821,0 4,342,062,0 641,360,0 819,926,0 423,611,0
Total liabilities
dep. A F. R.
to
note liabilities cowbined
advances..
_
"Other Cash
does
iRt
inoiude
federal
Reserve
Fsderal Reserve notes:
Held by Fed'i Reserve Bank
In actual circulation.......
by
Agent
i
$
$
Iisued to F.R.Bk.by F R.Agt.
138,0
66.5
65.6
69.2
1,353,0
593,0
4,580,0
RESERVE NOTE STATEMENT
Dallas
San Fran
%
Minneap. Kan. CUv
S
%
$
$
%
I
1
$
$
St. Louis
Chicago
AUanta
Cleveland Richmond
Phila.
New York
Boston
Total
2,256,0
66.8
notes
FEDERAL
Two Ciphers (00) Omitted
Federai Reserse Agent at—
156,0
498,0
2,289,0
1.639,0
861,0
9,948,0
3;338,0
27,649,0
_
70.6
SO.8
67.8
67.8
73.2
71.2
83.1
79.5
77.6
Committments to make industrial
held
3,360,0
851,080,0 163,304,0 110,562,0 141,690,0
807,718,0 271,870,0 352,515,0 181,523,0 156,385,0
182,455,0 121,356,0
6,385,809,0 378,701,0 3,254,054,0 297,900,0 380,034,0
Total deposits
Ratio of total res
1,449,0
358,126,0 239,620,0 657,003,0
819,926,0 423,611,0 312,248,0 1,821,919,0 383.051,0 242,053,0
11,025,800,0 784,821,0 4,342,062,0 641,360,0
LIABILITIES
Collateral
47,173,0
15,439,0
47,723,0
:
Total resources
•
17,435,0
16,033,0
47,293,0 136,674,0
15,649,0 45,222,0
665,0
premises
9.
25,623,0
27,445,0
Uncollected Items
U.
8,240,0
26,479,0
...
notes of other banks
notes
128,0
1,146,0
10,209,0
19,070,0
2,472,733,0 161,323,0
....
All other resources
R.
61,0
1,589,0
603,789,0
Due from foreign banks
F
87,0
392,0
181,0
Total bills and securities
Bank
577,0
1,853,0
16,848,0
55,908,0
498,307,0 120,857,0 149,491,0
39,415,0 49,464,0
187,668,0
securities
Fed. Res.
165,0
928,0
.
2,430,731,0 157,671,0
Treasury notes
Total n
175,0
4,460,0
444,0
1,784,0
25,0
216,176,0 14,420,0
1,641,597,0 107,636,0
572,958,0 35,615,0
Bonds.
Certificates and bills
Other
484,0
6,768,0
1,738,0
7,741,0
343,0
32,493,0
Bills bought in open market.
Industrial advauces...
378,0
3,030,0
368,0
4,672,0
Total bills discounted
58,0
43,0
4,047,052,0 346,973,0
337,978,0 30,234,0
928,859,0 288,626,0 370,830,0 194,630,0 178,580,0
13,107,0 22,195,0
18,315,0
16,756,0
121,141,0
896,413,0 171,816,0 115,463,0 150,726,0
9,036,0
4,901,0
8,512,0
45,333,0
83,687,0 320,449,0
7,623,0 40,825,0
3,709,074.0 316,739,0
807,718,0 271,870,0 352,515,0 181.523,0 156,385,0
851,080,0 163,304,0 110,562,0 141,690,0
76,064j0
938,706,0 290,000,0 376,440,0 176,000,0 133,685,0
25,0
45,0
10,0
343,0
1,307,0
19,000,0 47,000,0
911,000,0 169,632,0 106,500,0 135,000,0
83,000,0 294,263,0
940,013,0 290,343,0 376,450,0 195,045,0 180,710,0
911,000,0 172,640,0 116,533,0 152,599,0
279,624,0
se¬
a«
curity for notes issued to tks:
Gold
certificates
hand
on
and
due from U. 8. Treasury
3,970,843,0 356,617,0
Eligible paper...
U. 8
343,0
2,716,0
Government securities..
Total collateral
127,500,0
4,101,059,0 356,960.0
Weekly Return for the Member Banks
8,0
33,0
599,0
3,0
3,000,0
10,000,0
17,000,0
1,500,0
30,bbo"6
84,503,0 324,263,0
of the Federal Reserve System
of Governors of the Federal Reserve System, giving the principal
banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors oi
the Federal Reserve System upon the figures for the latest week avpears 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.
yrbe statement beginning with Nov. 6 1935 covers reporting banks In 101 leading cities, as It did prior to the banking holiday in 1933, Instead of 91 cities, and has
also been revised fhrtber so as to show additional items.
The amount of "Loans to banks" was Included heretofore partly in "Loans on securities—to others" and partly
in "Other loans."
The item "Demand deposits—adjusted" represents the total amount of demand deposits standing to the credit of individuals, partnerships, corporations,
associations. States, counties, municipalities, &c., minus the amount of cash items reported as on hand or in process of collection.
The method of computing the item
"Net demand deposits," furthermore, has been changed in two respects in accordance with provisions of the Banking Act of 1935:
First, it includes United States Govern¬
ment deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted
from gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits' *
not comparable with those shown prior to Aug. 23 1935.
The item "Time deposits" differs in that it formerly Included a relatively small amount of time deposits of other
banks, which are now included in "Inter-bank deposits." The item "Due to banks" shown heretofore included only demand balances of domestic banks.
The Item
"Borrowings" represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources. Figures are shown also for "Capital
account," "Other assets—net," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets not otherwise specified, less cash items reported as on
Following is the weekly statement issued by the Board
Items of the resources and liabilities of the reporting member
hand_or in process of collection which have
ASSETS AND LIABILITIES OF W
been deducted from demand
EEKLY REPORTING MEMBER
Boston
Total
Federal Reserve District—
New York
|
deposits.
,
BANKS IN 101 LEADING CITIES, BY
Cleveland Richmond
Phila.
ASSETS
Loans and
20,939
investments—total
Loans to brokers and
1,146
8,822
dealers:
1,114
Atlanta
DISTRICTS. ON DEC. 24 1935 (In Millions of Dollars
St. Louis
Chicago
1,750
617
528
Minneap. Kan. Citv
604
2,708
393
San Fran.
Dallas
467
628
2,162
9
2
2
1
In New York City
918
4
900
9
14
13
3
6
3
2
61
2
24
4
171
30
Outside New York City
148
224
68
47
222
32
41
902
43
153
60
2,111
5
6
5
30
10
23
20
2
173
28
42
12
356
1,140
188
21
65
368
68
21
245
6
15
85
38
76
2
42
2
5
2
10
7
280
1,292
3,609
170
178
146
349
116
Obligations fully guar, by U. S. Govt.
Other securities
3,392
8,616
1,131
3,028
Federal Reserve Bank..
Loans on securities to
others (except
banks)
Acceptances and
com'l paper bought.
Loans on real estate
Loans to banks
Other loans
Cash in valut
Due from
109
209
5
—
1
--
129
130
132
361
154
237
170
736
299
182
95
74
39
41
142
288
245
73
78
341
4,466
258
2,337
189
237
17
33
18
10
65
12
5
11
78
13
105
209
131
150
428
133
103
286
175
193
37
29
235
123
>
160
Domestic banks
Foreign banks
Other liabilities
Capital account
155
107
59
1,518
746
58
I
15
48
45
117
47
135
52
100
122
107
54
70
«
356
180
19
83
542
95
113
41
43
121
29
975
366
300
2,072
383
271
328
758
6,230
739
452
911
252
664
190
171
755
171
119
122
964
145
299
1,031
16
31
103
15
11
8
705
129
....
719
244
116
367
189
264
■
226
46
55
32
33
299
206
192
1
Inter-bank deposits:
Borrowings
300
22
1,390
deposits—adjusted
deposits
818
412
1,186
20
13,785
4,883
Time deposits
United States Govt,
'
152
384
2,246
domestic banks
Other assets—net
LIABILITIES
Demand
-
386
U, S, Govt, direct obligations
Reserve with
20
•
171
5,289
225
2,186
282
438
9
404
5
11
1
1
6
9
5
2
6
300
82
57
89
76
322
Umm
5
5
804
27
328
23
17
33
9
45
3,518
229
1,596
223
331
87
84
342
.
*
84
Fimncial Chronicle
TjOrp
k
,
Jan. 4 1936
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Jan. 3
Sfinmirh
Figures after decimal point represent
point,
,
a
one
32ds of
more
or
«
PUBLI8HED WEEKLY
WILLIAM
B.
Int.
DANA
COMPANY, Publishers,
int.
Rats
Maturity
Bid
Asked
Rate
Maturity
Asked
Bid
William Street, Corner Spruce, New York.
June 15 1936
Deo.
United
York
States
Government
Securities
the
on
New
June
Exchange—Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
Quotations after decimal 'point represent one or more 32ds
of a point.
—
15 1940—
Sept. 15 1936—
Dec.
15 1940...
Mar. 15 1940
June
15 1939
Sept. 15 1938
—
100.24
100.26
Feb.
1 1938—
2 X%
104.24
1K%
1K%
1K%
1X%
1X%
1X%
2X%
2X%
15 1939...
Mar. 15 1939
Stock
1 H%
100.22
100.24
Deo.
15 1936—
101.12
Apr.
15 1936
2X%
2K%
102.20
101.10
101.6
101.8
100.25
100 27
June
15 1938—
2X%
105.16
105.17
101.4
—
104.26
102.22
Feb.
15 1937—
3%
103.9
103 11
100.22
Apr.
15 1937—
103 25
Mar. 15 1938—
3%
3%
103.23
101.11
105.18
105 20
103.7
103.9
Aug.
102
102.2
104.25
TRANSACTIONS
101.6
100.20
101.9
104.27
Sept. 15 1937—
105.5
106 7
AT
THE
NEW
1 1936
3X%
3X%
STOCK
YORK
EXCHANGE.
DAILY, WEEKLY AND YEARLY
Daily Record of U. S. Bond Prices Dec. 28
Dec. 30
*Dec.
Jan. 1
31
Jan. 2
Jan. 3
i
.
High
115.1
115.5
115.7
Low-
115.1
115.6
115.7
Close
Treasury
4^8 1947-52
115.1
115.5
115.7
Total talet in $1,000 units...
1
[High
115.9
115.9
115.9
115.10
4
12
102
110.30
110.30
111.4
111.4
110.27
111
111
.Close
111.2
Total sales in $1,000 units...
9
21
High
105.19
105.22
105.28
105.29
106
Low.
105.17
105.20
105.24
105.25
105.31
105.29
106
4Ks-3Ks. 1943-45
Close
105.19
Total sales in $1,000 units...
High
1MB. 1946-50
Low.
109.2
ales in $1,000 units...
■
Low.
■
Low-
Bond
$7,068,000
8,283,000
11,736,000
Sales
$1,017,000
1,365,000
1,434,000
$9,026,000
10,313,000
$941,000
665,000
620,000
1,927,000
HO LI DAY
...
13,690,000
HOLI DAY
2,240,900
2,831,410
12,867,000
16,404,000
1,168,000
1,142,000
1,848,000
15,962,000
19,394,000
10,279,375
Total
$56,358,000
$6,126,000
$5,901,000
$68,385,000
3
Calendar Year
Sales at
109.10
mm mm
109.4
109.9
New
109.7
mmmm
109.8
'mmmm.
202
mmmm
106.15
106.18
106.24
York
Week Ended Jan.
Stock
Exchange
106.24
1936
1935
1934
1935
52
mmmm
106.15
106.18
106.17
106.18
106.23
148
150
102.28
102.31
103.2
mm
102.31
103.2
102.25
102.25
102.27
102.31
102.27
102.28
102.31
103.2
21
82
High
102.31
102.30
103.2
Low.
102.26
102.28
103
Close
Total sales in $1,000 units...
102.29
102.29
103.2
45
41
33
mm m m
381,635,612
323,836,634
$5,901,000
6,126,000
56,358,000
$17,334,000
7,732,000
35,265,000
$673,944,000
378,026,000
2,287,488,000
$885,058,700
602,268,000
2,238,905,000
$68,385,000
Government
$60,331,000
$3,339,458,000
$3,726,231,700
-
State and foreign
Railroad & Industrial..
102.30
40
4,688,912
102.30
Close
Total sales In $1,000 units...
10.279,375
Bonds
106.22
26
Stocks—No. of shares.
106.21
105.15
11
m mmmmt
Close
8a, 1951-55
109.4
109.4
Total
States
Bonds
41
109.9
10
Total sales in $1,000 units...
High
6
United
For'n Bonds
1,140,190
1,626,940
2,429,935
Wednesday
Thursday
Friday
6
1
High
8MB. 1943-47
29
mmmm
State,
Municipal <&
Bonds
Tuesday
111.6
56
105.24
6
109.4
109.2
Close
Total
105.22
15
109.2
111.4
14
Railroad
and Miscell.
Monday
111.4
110.30
Stocks,
Number of
Shares
Saturday
111.6
110.29
110.30
i
Jan. 3 1936
35
Low.
is, 1944-54
'
•
.
Week Ended
115.11
115.7
,
,
8B, 1946-48
12
Total
28
103.3
103.5
103.1
CURRENT
103.2
103.3
103.3
19
NOTICES
—The stock exchange house of Sadler & Co. of
Chicago announce that
66
mmmm
107.29
107.31
108.2
Roy S. Van Borg and Thomas J. Harper have become associated with them.
Low.
mmmm
mmmm
107.29
107.28
107.31
Close
mmmm
107.29
The present firm of Sadler & Co. was organized three months
ago by Fred D.
mmmm
107.31
107.31
Sadler, August C. Sievers and John W. Billings.
High
8KB. 1940-43
Total sales In $1,000 units...
m
mmmm
High
107.30
107.25
108
Close
107.30
1
mm
108
Low-
8KB. 1941-43
108
128
:
32
108.9
108
—Harry Simon and Bertram F. Fagenson, member New York Stock
Echange, have become general partners in Fagan & Goetz.
Albert B.
Fagan has retired, but will make his headquarters at the firm's office.
mmmm
108
108.7
mmmm
108
108.8
■
Total sales in $1,000 units...
210
High
103.29
103.28
103.29
104.2
104.3
Low.
103.26
103.26
103.28
104
103.30
Close
103.26
103.28
103.28
104
103.30
8KB. 1946-49
16
<
Total sales in $1,000 units...
40
35
High
103.28
103.30
Low.
103.28
103.26
Close
Total sales in $1,000 units...
103.28
103.30
25
53
High
108.16
108.17
8 Kb. 1949-52
8KB. 1941
3
mm
m
HOLI¬
7
DAY
60
22
10
104.2
104.4
mmmm
104
104.2
mmmm
104.1
104.2
—Hayden, Miller & Co. of Cleveland, announce that Galen Miller,
Theodore Thoburn and Ralph S. Schmitt, who have
long been associated
with them, have been admitted to general
partnership in their firm.
mmmm
'
'
—Eli T. Watson & Co.,
tistical reports on 103
'
151
37
108.22
108.25
mm
108.20
Low.
108.16
108.12
108.20
108.18
108.22
Close
108.16
108.17
108.20
108.22
108.25
Total sales In $1,000 units...
2
14
1
17
6
105.8
105.10
105.17
105.19
105.5
105.7
105.11
105.16
105.18
105.7
105.10
105.17
105.19
105.18
High
■
Total sales In $1,000 units...
*
83
100
High
2KB. 1955-60
99.28
99.30
Total sales in $1,000 units...
10
100
Low.
Close
<
as
10
14
100.2
99.29
100
140
100.5
100.5
—Announcement is being made that Edward F. Beatty and Samuel Y.
Son & Co., Philadelphia.
100.5
100.5
100.1
42
104
High
100.31
100.30
101.1
101.3
100.29
100.29
101
100.31
101.4
Close
sales in $1,000 units...
Federal Farm Mortgage
i High
100.29
100.30
101.1
101.3
101.5
259
215
73
337
311
102.16
102.17
102.20
102.28
Low.
102.13
102.17
102.19
102.22
102.26
102.13
102.17
102.19
102.28
102.26
7
1
7
13
7
announce
that Lovett Abercrombie.
102.29
1 Close
Total sales in $1,000 units...
Federal Farm Mortgage
—George V. Rotan Co. of Houston
who has been associated with them since their
organization, has become a
member of their firm.
101.6
Low.
—F. Eberstadt & Co., Inc. announces the election of
Clayton DuBosque
vice president and director.
Mr. DuBosque was formerly a partner in the
Gibbon have been admitted to partnership in the firm of W. H. Newbold's
100.7
100
99.31
1st 6s and
(Pittsburgh) 1st 6Ms.
firm of DuBosque, George & Co.
105.22
Low-
Close
8KB. 1944-46
Inc., 60 Wall St., New York, has prepared sta¬
East 57th Street Building (New York)
Terrace Court Apartments
J
2KB. 1945-1947
_
Tota
8KB. 1944-64
-
100
351
236
—Willis O.
elected
High
-
101.3
101.3
101.6
101.8
101.15
Low.
101
101
101.4
101.7
101
101
101.6
101.8
101.15
Total sales in $1,000 units...
Federal Farm Mortgage
11
6
14
3
41
of
the
Motion
Picture
Producers
&
Distributors
of
America, Inc.
—Emile Z. Weinberg, Lester V.
admitted
een
as
Murphy and David D. Winthrop have
partners of Quaw & Foley, members of New York Curb
Exchange.
101.14
Close
8s, 1944-49
Bright, Vice-president of Pathe Film Corporation, has been
director
a
—Homer & Co., 40 Exchange
circular
containing
1935.
a
Place, New York, have prepared
a
specia
review of the high-grade railroad bond market for
1
High
_
.
-
■
101.17
101.19
101.19
101.30
Low.
101.16
101.15
101 19
101.28
Close
8s. 1942-47
—E. Michael Growney and John B. Hillyer, Jr. have been admitted
101.17
101.19
101.19
101.30
4
7
6
175
general partners of H. L. Wisner & Co., members New York Curb Exchange.
Total sales In $1,000 units...
Federal Farm Mortgage
High
2Kb. 1942-47
100.6
100~.l 7
100.10
$1,000
100.6
100.10
mmmm
100.17
100.18
100.6
100.10
mmmm
100.17
100.18
units...
1
10
High
100.27
100.28
101
Low.
100.25
100.25
100.29
C1086
100.26
100.27
100.29
Home Owners' Loan
8b, series A
3
Total sates »n $1,000 units...
114
19
99.21
99.21
99.17
99.18
Close
99.19
Total sales in $1,000 units...
41
i
99.23
8Kb. series B. 1939-49..' Low.
'i
101.4
101.8
101
since
—Jack Kunst,
formerly with C. F. Childs & Co., and J. R. Williston &
Co., has become associated with Mohr & Fredericks.
101.2
101.4
51
High
Home Owners' Loan
3
I
"
"
1944-52
—Stephen T. Kohn, who has been associated with W. J. Wollman & Co.
leaving college, has been admitted to the firm as a general partner.
100.18
Low.
Close
Total salesin
101.4
31
230
99.26
99.29
99.20
99.21
99.25
99.20
99.22
99.25
99.27
63
69
290
148
\
FOOTNOTES FOR
•
bonds.
only
Transactions in registered bonds
1 Treasury
340 Treasury
sales
of
Ex-dlvldend.
Ex-rlghts.
»
were:
3^8. 1941-43....
2yss, 1955-60
Cash sale.
V
coupon
New stock,
x
includes
"
14
103.23 to 103.23
iqq
55
to 100
"
United States
PAGES
t Companies reported in receivership.
Deferred delivery.
r
table
STOCK
a
♦.Deferred delivery sale.
above
NEW YORK
Bid and asked prices, no sales on this day.
n
Note—The
as
Treasury Bills—Friday, Jan. 3
Adjusted for 25% stock dividend paid Oct. 1 1934.
Listed July 12 1934; par value 10s. replaced £1 par, share for
share.
Par value 550 lire listed June 27 1934; replaced 500 lire
par value.
Listed Aug. 24 1933; replaced no par stock share for share.
Listed May 24 1934; low adjusted to give effect to 3 new shares
exchanged fo»
1 old no par share.
"Adjusted for 66 2-3% stock dividend payable Nov. 30.
Adjusted for 100% stock dividend paid April 30 1934.
58
n
48
Bid
Asked
Bid
Asked
41
42
Jan.
8 1936
0.15%
May 20 1936
Jan.
15 1938
0.15%
May 27 1936
Jan.
22 1936
0.15%
June
Jan.
29 1936
Feb.
6 1936
Feb.
0.15%
11 1936
Feb.
19 1936
Feb.
1.
26 1936
Mar.
4 1936
Mar. 11 1936
Mar. 18 1936
u_.
Mar. 25 1936.
Apr.
1 1936
3
1936__
June 10
_
1936--
June 17
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
1936
June 24 1936
July
1
July
July
8 1936
__
1936
15 1936
.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Aug. 9 1934
Co.
replacing
no par stock.
Former name,
Listed 8ept. 13 1934; replaced no par stock share for share.
Listed June 1 1934; replaced Socony-Vacuum Corp. $25 stock share for
share.
The National Securities Exchanges on which low prices since July 1 1933
were
made (designated by superior, figures In tables) are as follows
'
New York Stock
12 Cincinnati Stock
22 Pittsburgh Stock
0.20%
2
New York Curb
» Cleveland Stock
28 Richmond Stock
>
0.20%
New York Produce
4
New York Real Estate
14 Colorado Springs Stock
15 Denver Stock
8
24 St. Louis Stock
» Salt Lake
City Stock
Baltimore Stock
Aug. 12 1936
Aug. 19 1936
0.20 Vo
0.20%
Aug. 26 1936
0 20%
Apr. 22 1936
0.20%
Sept.
Sept.
0.20%
0.20%
48
Sugar
0.20%
0.20%
6 1936
48
name
0.20%
5 1936..
8 1936
May
48
87
Beet
From low through first classification, loan 75% of current.
From last classification and above, loan of 55% of current.
Listed April 4 1934; replaced no par stock share for share.
Aug
15 1936
May 13 1936
American
44
July 22 1936
Apr.
0.20%
0.20%
0.20%
Adjusted for 25% stock dividend paid June 1 1934.
'Listed under this
July 29 1936
0.15%
0.15%
0.20%
Apr.
Apr. 29 1936
Adjusted for 100% stock dividend paid Dec. 31 1934.
Par value 400 lire; listed Sept. 20 1934; replaced 500 lire
par value.
Listed April 4 1934; replaced no par stock share for share.
,
2 1936
9 1936.
Sept. 16 1936
0.20%
Sept. 23 1936
0.20%
0.20%
Sept. 30 1936
.
18
Detroit Stock
Boston Stock
"
Los Angeles Stock
i
Buffalo Stock
18
Los Angeles Curb
■
California Stock
•
•
«
Mlnneapolis-St. Paul
Chicago Stock
28
New Orleans Stock
'•
Chicago Board of Trade
21 Philadelphia Stock
»»
Chicago Curb
28
27
28
28
M
"
San Francisco Stock
San Francisco Curb
San Francisco Mining
Seattle Stock
Spokane Stock
Washington
85
Volume 142
Report o/ Stock Sales—New York Stock Exchange
AND YEARLY
DAILY, WEEKLY
Occupying Altogether Nine Pages—Page One
the day's range, unless they are the only transactions of
NOTICE—Cash and deferred delivery sales are disregarded In
sales In computing the range
No aooount Is taken on such
the day.
for the year.
July 1
HIGH
AND
SALE PRICES—PER
LOW
SHARE.
Saturday
Dec.
$ per share
19
22%
7%
160% 167
2%
25
*29
30
7
7%
3%
38
2,000
13%
13%
26
27
27%
29
28%
32
33%
32%
36%
*20%
3%
50%
51
65
40
65
42%
135% 136%.
135
85
*34
45
8%
28%
17*4
116
86%
*87
*34
*34
45
29
29
18%
17%
9
8%
29%
18%
8%
66
54%
5,900
Amer Agrio Chem
44%
7,600
American
65
65
45%
64%
33%
31
65
32%
*110
116
*110
88
88
*34
45
34
34
8%
29% New Year's
19%
28%
9%
29
9%
28%
18%
19%
91%
1%
9%
92
92
7%
30%
18%
28%
11*4
23%
91%
92%
2%
1%
*8%
6%
*91%
1%
92%
11%
12%
1%
9%
7%
30%
12%
24
20
26
9%
7
28%
29
*9%
7
29
12%
*13%
13%
13%
5%
5%
6%
6%
38%
36%
37%
36
36
36%
39
36%
2%
2%
2%
2*4
36%
2%
9%
7
7%
10%
25%
10
10%
10%
24%
25
25
*72
73
29%
11%
*10*4
29%
29%
72%
29%
72%
29%
11%
11%
11%
11
*19%
10%
25%
72%
29%
11%
11%
11%
11%
29%
8%
44
44%
38
36%
23
23%
*152
155
38%
24%
38%
23%
24%
30%
30%
30%
91
91
91
24
20%
24%
20%
24%
20%
24%
60
60%
60
60%
136%
*103
104%
70
70
*134% 137%
24%
23%
*104% 110
33
33%
53%
50%
124
124
23%
*23%
153% 154
95
95%
97%
97%
140% 140%
135% 136% *135% 136%
104% 106
104% 105
71%
70%
70% *71
*132% 137% *132% 137%
24%
24%
23%
24%
*10434 109% *104% 109%
33
33
32%
33
53%
54%
53%
54
126
126
129% 130
23% 24
23%
23%
155%
154% 155% 155
97%
97
96%
100
100
99
140% 140% *139
8
97%
101%
141%
8%
37%
3,700
4,900
American Ioe
11
11%
26%
26%
14,300
4,600
61%
45%
37%
24%
45%
38%
25%
44%
38%
25%
100
19,900
600
46%
6,100
38%
4,700
27% 120,950
'
20
31*8 Apr
3
136% 136%
106%
Feb
4
1,400
*136% 137
105
70%
105
70%
*105
70%
70%
500
800
24%
25%
24
24%
8,600
34%
53
54
130
130
24%
24%
155% 159
97%
98
99% 100%
*140
7%
141
8%
140
8
140%
8
800
12,500
1,900
8,500
500
3,500
101
101
47%
For
48%
102
*95
48%
footnotes
50%
see
page
95
50
84
*36
102
50%
*41
2834
134
9%
434
47%
30
4,500
3,000
3,800
1,600
100
70,200
37
37
37%
1,200
16%
16%
17%
12,500
10434 10434
120
100
100
No par
100
5018 Deo 26
Dec 28
124
18ia Jan 29
987, Mar 18
26
100
Common olass
72ia Apr 3
74*4 Mar 21
1291s Jan 18
26
Tobacoo
B
Lead A
*100% 115
50%
49%
2,600
*96
49%
115
50%
100
6,700
oonv
10%
597g
37
461!
70ia Feb 16
6
102
2778 Nov 14
11
987,
160i2 Nov 29
IO414N0V 19
107
Nov 18
141
Nov 19
63ia
647,
105
2ig
40
103%
13*4
100%
05%
07
107%
8
Dec
9
8
1
Deo
6
7*8
17*s Jan
4
1078
13%
80
84
preferred
(Del)
Armour of Illinois
$0
9
37
par
Cap
Co
10%
32l2
Deo 12
140iaMay
7D4
48*4
100
52
2514 Nov 14
Jan
100
30
10i8 Apr
1078 Sept 25
9012 Oct 2
3% Mar 21
97
6734
43
Mar 13
Mining
Anaconda Wire A Cable—No
100
66%
57
Mar 20
Preferred
Anaconda Copper
100
66%
71
6
8
2%Mar 15
30
66%
8
June 26
31
1
*8 Mar 29
No par
Preferred
A
May
II7I4 Aug
144
26
47S Mar 13
35ia Mar 18
tAm Writing Paper
7%
30%
60
Mar 19
48
par
100
No
Woolen
Preferred
Armour
17*8
28is
Mar 13
par
Mar 15
7ig Mar 13
117
400
16
9
3
No
1st preferred
2is Mar 18
9
Archer Daniels Mldl'd—No par
56,500
7
Smelt.-.100
100
Preferred
1,000
538
2ia
Jan
IOI4 Dec 14
38i2 Dec 16
2234 Deo 31
94U Nov 12
1034Septl9
6834 Nov 19
2*8 Deo 16
1134 Dec 16
678 Deo 5
49
Aug 21
No par
tAm Type Founders
Am Water Wks A Eleo ...No par
Zinc
13ls
86
64*8 Dec
43
3,500
4%
2
20%
113
12%
105% 105%
33*8
91s
10
lllls
7
4
47%
*121
96*4 July 25
Mar 14
12%
5
32*8 Nov 16
3
11*8
2178 Deo
12
4634
106"
Us
9*4
1071a
12%
3212 Dec 30
12%
434
21
lOis
8*8
88
46%
106
20*4
49% Aug 12
4U2 Aug 12
25is Dec 31
159
Sept 28
100
12%
104%
63
100
45
*104
03
July in
Preferred
Anohor
130'2 Nov 12
36i4 NOV 25
9*8 Nov 8
143
Feb
41s
127,
Feb 20
No par
8U
12%
126
Amer Telep A Teleg
Amer
3
70
Preferred
Amerloan
12*8
3
Jan 10
No par
$0.60 conv preferred..-No par
Andes Copper Mining
10
15%
*121
107% rl06% 106% *106% 107
4%
5
4%
5
4%
64%
65*8 *65% 66%
64%
64%
134
9%
2,220
33,100
12
100
Am Sumatra Tobacco
Amerloan
14is
85is
No par
Amer Steel Foundries
4*4
9
03
Amer Sugar Refining
4%
29%
101*8 Dec 11
3
32
26
7,500
9%
44
121
100
53%
54%
129% 130
24%
24%
158% 159%
9634
97%
99% 100
1,100
Mar 14
100
Snuff
Amerloan Stores
4%
29%
No par
2nd preferred 0% cum
2,100
434
44
4%
*
1%
26
134is Mar
Preferred
American
34%
33%
9%
29%
*121
*121
1%
Amerloan Rolling Mill
Preferred
*10434 109% *10434 10934
34%
100
Preferred
Preferred
*132% 136% *132% 134%
44
*106
8*s Mar 13
101s Mar 13
Amer Smelting A Refg
600
*121
No par
Amer Shipbuilding Co...No par
4,500
*102% 104% *10314 104%
12
12
12
*11%
42%
42%
41% 42
SB preferred
Am Rad A Stand San'y.. No par
101s Mar 13
1,840
15,800
9%
6334
36%
36%
15%
16
103% 103%
12%
12%
43% 44%
No par
28
59%
9234
15%
$6 preferred
58
9%
62%
37
2
Jan
Us Mar 13
25%
9234
15
Jan
No par
25%
9%
30
72
*24
preferred
60%
63%
15%
100
Amer News, N Y Corp.. No par
Amer Power A Light
59%
9%
36
No par
4% Apr
4ij Apr
25%
/
62%
35%
14%
Amer Metal Co Ltd
par
Amerloan Seating v t o...No par
*92%
4%
No
American Safety Rasor ..No par
63%
29
27*4 NOV 20
7514 Dec 9
3314 Nov 18
12*8 Dec 5
1214 Dec 5
32'4 Deo 5
600
92%
9%
*40
Mar 19
100
15,400
48,500
62
29%
Mar 13
No par
91%
32
92%
9%
44
9
32
No par
Preferred
24%
92%
*4%
4i2
91%
31%
30
92
28%
26*4
11*8 Nov 22
21%
31%
157
2234
*40
25*4
17«
14%
92
20%
*152
33
29
24*4
47, Jan 17
37*4 Feb 16
20^2
30%
*89
157
22%
44
38is Nov 22
Amerloan Locomotive
oonv
22*a
3
1% Oct 10
14% Oct 17
4i| Mar 18
100
Preferred.
Armstrong Cork Co
Aug 22
48
12*8 Dec
31
9%
3%
4%
217,
26%
10
7
64
3
314
3%
40%
40%
31%
54
85
2
70*s Jan 10
110
Jan 30
25*8 July 19
5034 Deo 30
par
10
Dec
3
3
1
No
86%
0is Jan
109
55isMay
Jan
3*4
100
No par
.100
1
27g
3
12214 July 19
314 Apr
Apr
7
86
*8
214
1
Aug
54
4%
9
52
7*4
12%
35ij
A or 26
6
pref
new
pre!
Jan 16
109
7
7%
*
13
17ls
25
101a
28
Nov 29
13*4
80
11
..1 C 29ig Apr 12
No par
non-cum pref
Amer Internet Corp
0%
0%
38% Aug 12
15i8 Oct 5
678 Nov 29
40
1
16*4 Mar 18
06
Mar 14
41s Mar 12
*152
31%
28%
,
29
22%
92%
4%
4%
*40
Oct 14
30%
32%
2
9%
4%
Oct 15
28
4
4
13is Mar 15
22
1%
3
.60
18% Mar 13
30
9%
Leather...... ..1
0% conv pref
No par
22%
1*4
8I4 Apr 18
Voting trust ctfs
32%
9%
01s
par
37s
10U
8U
Amer Maoh A Metals
22
10
Aug 19
Amer Maoh A Fdry Co ...No par
36%
9
87}
11*4
17
1,000
130%
2*4
2
3% Mar 14
12
Mar 30
par
6,300
8%
0%
»4
11*4
4,700
*35%
72
Aug 12
2,300
*118
32
914 Dec 27
914 Aug 17
12
35%
8%
Sept 13
20*4
0lS
42
29%
130
2ls
51,
Mar 15
75%
8%
41
Mar 13
11%
30%
1%
1%
9%
*4May 24
2*4 Apr
29
35%
2
20*4
9234 Deo 30
378 Dec 9
75
130
22
135
12%
11%
2,000
20
2
19i8 Dec 31
6
2
Aug
29%
30%
2
914 Dec 31
75
8%
62%
Amer Hawaiian S S Co
Amer Hide A
4014
14
Amer Home Produots
3%
19%
$0 preferred
431a
.10
No
No
preferred....
19
8
Nov 21
2
par
No par
37
22%
9%
63%
1%
9%
4%
No
3%
19%
33%
9%
No par
Amer A For'n Power
37%
8
9%
No par
Amer European See's
2,300
21%
62
72
Amer Enoaustlo Tiling
5,600
90%
9
0% 1st pref
3,100
11%
26%
0i2 Feb
67*s Jan
100
41s
14
June
35*4 Nov
22i| Mar 18
100
41
*19%
12
32
4
34U Aug
2*s Mar 14
...10
20
10
pref
13%
29
7%
2nd
80
(AUegbany Co)26
Alcohol Corp
Amerloan Crystal Sugar
27%
21%
21%
90%
Am Coal of N J
2nd
30
7%
*29
96
29%
"
*135
115
8
Mar 20
Feb
11%
20%
25%
60
20%
Jan 11
00
11%
91
20%
23*4
58%
38
29%
31%
92
Chicle
73%
25%
30%
100
No par
preferred
7%
40
10%
39
30
8
Preferred
300
10
3314 Dec 27
Jan 30
No par
Chain
41
26
157
92
1201s
191s
25ls
'
3
45%
*152
155
155
120
Dec 31
05
251* Mar 13
100
Nov
3378 Dec 31
Mar 13
10
No par
Preferred
42% Dec 31
181% Jan
100
Preferred
American Car A Fdy
37
8%
45%
38%
46
45%
26
Can.
American
1,000
3%
2014
lUa
9014
Amer Colortype Co
13,400
20
70
80
14
6%
6%
67*4 Feb 16
149*8 Oct 22
168
May
3
13%
6%
30
(
40
39
Jan 15
12%
30%
29%
29%
*130
132
132
*129
129% *130
*34
35%
35%
35%
35% *35
8%
8%
8%
8%
18
841s
19is
26
27
110
26%
*19%
18
IDs
Nov 14
2U4
Dec 30
96
39
13%
6%
39
37
3
21s
Deo
80
88
26%
13%
6%
12%
26
*13
9
40
6
7,100
31%
IDs
21s
129
Am Oomm'I
600
10*8
ID*
Jan
8,300
17,700
10*8
6
Mar 29
2,300
43,100
4% Dec
8%
2514
49
75U Oct 21
3778 Oct 26
22*4 Nov 20
~
"3%
47*8 Nov 14
60
30
19%
10%
26
72%
29%
11%
11%
19
19
9%
7%
180
3%
Nov 20
9
13is Jan 12
(Del) ..No par
.10
Note..
30%
12%
29%
26
13%
13%
5%
36%
1%
9%
12%
26
1%
160%
122%
5i2
21
American
410
118%
117
*
48i< Jan 11
41i2June
...
Bank
American
16,800
107ia
Sept 18
Oct 31
24*8 Deo 26
119
5,500
10
94
1®4
10
7%
173
139
2212 Dec 20
3it Mar 13
100
7%
92%
1%
Mar 18
122ia Apr 18
2 is Mar 14
20
June 25
Preferred
*,
9%
28%
19%
125
Am Brake Shoe A Fay...No par
2,300
Day
91%
2%
*9%
6%
preferred
1,500
88
23%
Jan 11
200
116
88
Closed—
8,100
13,200
1~8~~
Dec 31
1
60
Preferred
40
132% 134
64%
3,700
14%
1314
32
43
210
*163% 165
34
34%
34
32%
Exchange
9%
28%
1838
Amerada Corp
126
14%
8%
No par
100
43%
2
Jan 12
Mar 13
4,500
126
4
1*4
33U Dec
6>s Apr
Mar 13
4334
43
2
6*8
14
54
126
5%
10%
14% Deo
12
7%
1%
4%
1418 Deo
No par
Leather Co..
Amalgam
7%
*4
Mar 27
Alpha Portland Cement.. No par
AUls-Chalmera Mfg
78%
-
64%
Stock
1,700
37%
78
33%
90
45
86%
8%
55%
*163% 165
33%
*111
125
*110
*32
133% 134%
65
33
33%
32%
32%
116
85
3%
37%
79%
43%
126
136
62%
60%
3%
U2
2*8
4
1*4 Mar 28
June 17
900
42%
164% 164% *163% 165
31%
33%
30%
31%
59%
3%
43
165
68%
38%
21%
21,700
21
*65
132% 134%
30
36%
22
3%
126% 126%
165
36%
28%
1314
3*8 Deo
x49
pref
8%
10%
2%
118
74
9
21
No par
9%
1%
Deo 11
4
100
6%
2
Sept 26
74
7%
01%
*4
0
2*8 Deo
*2018 Jan
11%
8%
4%
47t
80*8
14*8 Deo
2
No par
Allied Stores Corp
0%
3ia
2s, Mar 21
pref.-No par
Allied Mills Co Inc..
Nov
34%
6
*4 Mar 30
100
warr
2 H% prior oonv
19,100
20%
52
43
*125*4 126%
30,400
without
A
*85
10
li2June
No par
No par
100
100
Allegheny Steel Go
No par
Allied Chemloal A Dye...No par
Preferred
..100
500
36%
79%
41
27%
7%
7
Pref
1,100
78%
52%
40%
41
125*4 125%
Pref A with $40 warr
4,200
160
72%
37%
Corp
Pref A with $80 warr
6,600
71%
38
65
65
65
t Alleghany
1,400
72%
*72
51%
42%
42%
*110
29%
33
26%
7%
79
51
42%
A P W Paper Co...
11%
0
70%
-
•
27%
7%
72
37%
20%
3%
*36
26%
400
11,700
159
42%
29*4
68%
32%
3%
4%
14ia
173
*4 Apr
74 Sept 20
13% Oct*"
10
Alaska Juneau Gold Mln
111
20*8 Dec 31
8*8 Feb 11
6% Sept 20
104% Mar
Air Way Eleo Appliance.. No par
16,200
4,000
14%
12%
12%
79%
65
15%
15%
14
11%
12%
50%
41%
40
14%
*3%
2%
14%
13%
3
Ino
43
89
21
05
4ij Mar
Alabama A Vlcksburg RR Co 100
2%
11%
71%
Advance Rumely
16,200
3%
10%
11%
79%
Jan
15%
11
*30%
79%
8
3%
2%
12%
71%
37%
21
3%
38
80
10
No par
15%
123% 123%
20%
*3%
3%
*33
15%
124
37
Address Multigr Corp
81%
159%
71%
4,800
11,600
35
89
100% Dec 23
3714 Nov 26
24% Dec 11
June
No par
124
20*4
3,100
28
2%
29%
32
155% 157%
♦123% 125
24%
27%
25
7%
7%
7%
84*4 Jan
No par
30
116
4% Mar
100
MIIUs
15%
»
par
No
Express....
Preferred
No par
*77
81%
Apr
Adams
3%
2%
Adams
410
Air Reduotlon
158
37%
70*4
36*4
*20
18,400
15%
*3
June 25
Oct 23
74*4 Nov 15
1178 Deo 9
Jan 1.
61
Affiliated Produots Ino
124
71
High
$ per share
52i2Nov 20
82
110
26
_
2,900
2,800
30
154%
24%
7%
Spersh
100
Acme Steel Co
2,600
124
29%
Low
$ per share
No par
Abraham A Straus
Preferred
900
7%
7%
154
152% 152%
123% 123%
24
24%
Highest
8 per share
Par
171% 172%
2
2%
25
10%
Low
Lowest
10
52
10%
10%
25
*45
2
2
*77
81%
15%
2%
11%
10%
*10
10%
Shares
7%
7%
2
1%
3
2%
11%
9%
9%
10%
24%
$ per share
168% 171
169
*77
15%
3
2%
10%
7%
167
81%
14
14%
3%
*3
23%
19%
2
2
*77
v
35%
23%
20%
7%
34%
19%
7%
xl66% 166%
81%
14
11%
7%
2
2
♦77
Week
*112% 114
*112% 114
70
69%
70
69%
11
11%
11%
10%
100% 100% 100% 100%
34
34
33%
34%
24
23%
24
24%
20
20%
20%
19%
100% 100%
23%
19
69
11
10%
10%
100% 100%
*35
35%
19
7
69
69
*68
$ per share
50
*45
$ per share
46% 46%
*112% 114
52
*46%
50
*40%
*112% 114% *112% 114
67*8 67%
10%
10%
100% 100%
35% 35%
22% 22%
the
Jan. 3
MPf
$ per share
$ per share
Range for
Year 1934
1935
EXCHANGE
Friday
2
Jan
Jan. 1
Dec.
30
Thursday
Wednesday
Tuesday
31
Monday
Dec. 28
1933 lo
100-skars Lot»
On Basil of
YORK STOCK
NEW
for
JUT
Dee. 31
Range for Year 1935
STOCKS
Sales
NOT PER CENT
70%
New York Stock
86
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 2
CENT
Sales
Tuesday
Wednesday
Thursday
Friday
the
7S4
*8%
*8814
1334
784
8%
14
*104% 108
110
42
42
56%
57%
913429%
*14
26
48i2
*11212
48l2
19
19is
4278
41%
Jan. 3
$ per share
$ per share
8
778
8i4
8%
88I4
8i8
8i2
8
*8i4
*89i4
14%
1434
15
*104% 107
*98
110
60
44
44
59
5858
9112
68
r91%
29%
11%
*14i4
26%
*4712
91%
30%
13
I6I4
27%
2978
1338
*14i4
2714
48%
4812
*11212
19%
187S
4334
4212
*112%
19
43
8%
*100
102
Par
2,000
600
20
5,100
101
101
"""166
46
250
4414
46
60
59
613g
9084
6038
9212
3H2
1334
60
92
93
94
3034
3H2
14
14
100
16
1534
16
200
277g
4812
2734
2914
48U
38,000
2,600
21,000
3034
3018
1312
133S
17
*15
27%
27i8
48l2
48
*112l2
....
19
48
27,500
2,900
10.500
Arnold Constable Corp
Artloom Corp
1,000
8I4
8%
4538
8%
*42%
8i2
4638
8I4
*43
Associated
6%
7%
1834
19
4278
4158
4214
5
5
5i8
438
418
438
478
4%
37
36%
16
22
110
110
4114
114
42
41l2
114
1312
*82l2
*11414
14
14
1412
6378
64i2
*111
18
1714
1778
110
107
*
3534
"s|r2
13%
*83%
2234
"§834
86
13
13i8
*83l4
2278
23
2134
2134
5014
5034
2158
4934
4984
60
51%
120l2 121
15
1838
107
*107
100
36
88i2
*23
14
85
14l2
1434
6434
*111% 112
112
*107
42
115
*84
1312
85
121
2334
1538
2358
1514
8%
4314
2,200
43%.
478
5
5i8
478
414
4i2
4%
434
39
42
38i2
38i2
1638
1678
163g
1714
2214
2278
23i8
2378
11012 110i2 *108i2 11478
42
42
4178
42l4
*11414 115
*114i4 115
*1338
14i4
*133g
1334
85
86
86
85i2
14l2
1478
1412
1434
66
653g
67
6684
*11U2 1117s
llll2 11178
18
1834
1834
1934
3634 38i2
I6I4
1634
2134 2234
110i2 11012
1638
21l2
9
4534
3534
89
*88"
89
131s
13i8
*83*4
86
86
2312
2178
50l4
13i2
227g
2312
2314
50i8
5338
2158
50i8
51l4
52
121l2
24i4
*107
*
29,200
23,600
5,100
28,700
4,000
50
2,000
10
300
13%
*83i4
Atlas
8,300
100
7,600
22%
23%
50%
27,500
53 I2 101,600
900
122% X2278
3,000
1,200
23,100
23io
16i2
*20
113
*112
113
*112
113
*112
113
94
*91
93
38
25%
6778
7%
*1%
15i2
52%
r47
41%
4%
*32
1912
5314
93
9312
3878
2534
70i2
7i2
134
1534
3934
25l2
70
714
1%
15%
53^8
r48i4
5312
48
41 s4
42
434
4038
9912
9912
54
54
34
34l2
4118
*62
434
63
9%
8%
1634
*97%
2%
12%
13
2212
1%
9912
5414
63
6314
934
87S
1734
934
834
17
9
914
9312
238
127g
13i2
2278
1%
r93
9314
2i2
13
238
1284
1314
23
1%
78
*758
73g
25ig
2i4
7l2
25i4
214
17i2
167S
234
1%
1834
61l2
3312
278
1
1
1834
60i2
34
3414
100
1314
2438
1%
Powder
15
Mar 18
117
*ll4
17,500
17,500
48
500
42
800
258
117
1038
1878
17,200
10%
94l2
68,500
15,600
60
200
234
1278
3
27,800
13%
22,100
1338
2434
13
13
24
24%
*ll4
900
5,300
32is
16i2
55
234
9%
18%
*278
1%
3
2,600
90
*8884
91
7%
ea.
*98% 103
5334
54%
8
*8834
734
97i2
98
*115l2 117
5734
2878
2958
19i2
20%
58i2
5812
2512 2534
117
778
97
*45
49
9
*83g
*10114 103
54
55
58%
2834
91
59%
29%
,19%
20
*57%
7,000
200
4,300
35,100
3,600
58%
2678
48%
9%
26
4778
834
103
5234
300
2,400
800
2,000
105%
5434
14,600
21,700
1478
15%
1434
1538
14%
88
89
2214
88l2
25
89
21
25
26%
59%
59
6OI4
51
51
5112
59%
51%
1%
r2%
ll2
25g
3
3
H2
H2
1%
160
1478
88%
19%
58%
50%
1%
2%
1%
2%
112
*234
1%
1%
4%
7
31
1®4
3%
3
4
ll2
3
1%
4%
Co...
No
Buoyrus-Erie Co
7%
6
preferred
100
No par
7% preferred
Rights
Budd
100
Bulova
No
7
134
178
3
314
3078
178
3%
20
54
54%
54
54
15s
1%
1*4
4
4%
3i2
33s
3%
19io
1878
1984
434
*6
*30%
1%
314
778
20i2
4
4%
1
307g
1%
4i8
3%
1934
I84
4%
334
20
3
3%
77g
197g
54%
*1%
4%
3%
20%
2,000
No par
No
1~8O6
5,100
13,100
par
100
B1 gu pref otfS-..100
5
23
80
May 16
20% Nov
108%June
33% Sept
95
Sept
1434 Nov
16
18
24
8*4
65
27
54
12
•
12
67% Nov
21
52
Dec 31
21%
121% Nov 16
27% Sept 30
44*8
17
2378 Aug 16
114
Deo 27
90
Dec 26
22% Dec 31
59%
Jan
100
July 18
4734 July 17
2734
70%
878
234
17%
5538
Nov
8
Dec 30
Dec 17
6
16
66
28
6%
3384
68
38*4
18
11%
384
Dec 10
%
Nov 20
8%
6%
10%
Oct 26
55
Oct 26
42
Dec 31
5% Dec
38
1484
Nov 14
Deo
25
4
4
4684 Aug to
100
Jan
984
1*8
14
26*4
69%
Mar 18
Aug
8
71% Aug 13
43
53
Mar 11
6334 Aug
41
3% July
5
4% Mar 14
8% Mar 15
6234 Mar 22
3% Mar 15
23
Mar 14
8% Mar 13
% July
9
% Mar 20
3
Mar 16
13% Mar 14
1
Apr
8
5% Apr
3
10
Mar 28
2
11% Deo 1
878 Dec 14
1734 Dec 31
100
3%
3%
6
Dec 31
47
984 Nov 22
3
97% Dec 16
16
3
Nov 25
%
24t
Jan 25
%
1
1% Nov 27
97«
28
Jan 23
Nov 23
3
10%
3% Jan 21
10% Jan 22
2
22% Jan 21
4%
*4
Packing
No
Zinc-Lead
Calumet A Qeola Cons Cop
Campbell W A C Fdy
Dry
Jan
3
%
Jan
7
11*8
32
66
Dec
6
32
par
30% Aug
% July
Southern
Ginger
26
No par
Ale
5
100
Canadian Pacific
26
Mills
Preferred
I84
20%
par
No par
Preferred
Canada
1% Mar 12
%June 3
11% Mar 14
1
No
No
par
1
8
2% Mar 13
7% Mar 13
8% Sept 27
50
Apr
9
8% Oot
30 June
2
1
3% Nov 22
42% Feb 18
1%
6%
33%
17%
16%
Jan
3
%
Oct
8
2%
Nov
2
6
Dec 30
56% Oct
5
1334 Jan 9
40% Oct 15
8%
44
8%
22%
1
4% Mar 21
14
Nov
6
32% Feb 25
82% Feb 27
48
Nov
7
26
88
Aug 29
60
95
Clinch A Ohio Ry..l00
100
July 18
70
35
100
No
83% Apr 11
126% Nov
par
36% Jan 16
19% Apr 26
No par
(Celotex
No par
Co
Deo 21
8% Deo 5
111% Nov 16
Celanese Corp of Am
5% preferred
100
Agulrre Asso
Mar 20
7
4534 Mar 18
1
certificates
Tractor
85
No par
60
358s
6
56%
56%
93
8
15
23
38*4
7
17%
17%
447i
16% Nov 30
21% Nov 18
16%
Nov 29
6234 Nov 21
55
55
Central RR of New Jersey.—100
34
Mar 18
62% Aug 17
Century
12% Jan 16
100
6% July 31
96% Mar 14
Cerro do Pasco Copper
No par
38% Jan 15
Certain-Teed Products
No par
Preferred
preferred
100
Cab
6
No
par
25
100
3% Mar 13
23
Preferred
100
100
pre!
5
No par
Preferred
Mar 12
4% Mar 27
36
Mar 12
37% Mar 12
1
82%
92
12*8
Jan
2
75
82
65 % Deo
7
2384
30%
44%
15% Dec 31
88% Deo 31
2%
10%
3%
17%
35
Dec 31
4%
4%
109%
21
61% Nov 27
63% Deo 4.
12*
29%
37%
1
110%
7%
16%
34
487,
39%
1%
48%
78
1%
8
1%
3%
1*4
884
5%
1% Feb 28
2% Jan
Jan
7
5% Deo
2
1%
Mar 30
9
19%June 7
% Mar 29
X35
Nov
7
884
3
Jan
3
%
2
4%
84
1
20
7,300
Chloago Pneumat Tool...No
5478
134
4%
384
Mar 13
3,900
1,800
2,300
(Chicago Rock Isl A Pacific..100
7% preferred..
100
6% preferred
100
21%
2,200
Chicago Yellow Cab
No par
6%
%
>4 Mar 29
No par
18*4
63
5%
2%
l%June 28
3% July 1
4% Mar 14
par
I884
34
3% Deo 18
100
100
8
Apr 26
78June 3
Chloago A North Western... 100
Preferred..
May
% Feb 28
6% preferred
100
Chloago Great Western..... 100
Chicago Mail Order Co
(Chlo Milw St P A Pao
02%
86*4
Jan
29
Ribbon Mills...No par
70
"6~~
Nov
22% Feb 13
Corp
Chesapeake A Ohio
(Chic A East 111 Ry Co.
4%
100
Carriers A General Corp
Case (J 1) Co
Conv preferred
1%
10
A
Preferred
Mar 14
9,900
1,900
1,400
57#
6634 Dec 31
115
43
8
3%
14
100
Co
(Chic Ind A Loulsv
~
par
100
Chesapeake
1,000
90
No par
Copper A Zinc
7,200
2%
Nov 18
2%
4%
Byers Co (A M)
19,400
1%
88
2
Debenture.
7%
29%
15% Nov 25
1434 Nov 29
24% Nov 16
Burroughs Add Maob
(Bush Term
5934
400
91%
Deo
384 May 13
preferred
Central
30%May 25
1% Apr 18
14
May
86% Mar 15
No par
Caterpillar
86
116
...No par
Co
California
25% Deo
110% Dec 16
49% Aug
14% Nov 22
B
Callahan
Sept 11
2% Mar 21
Burns Bros class A
Bush Term
18
7%
7%
9%
No par
Watch
Bullard
8% Apr 30
24% Feb
23% Jan 17
% Sept 11
Wheel
5284
1%
900
par
10
Budd (E G) Mfg
Cheoker
*6
3l8
734
1978
158
*1%
620
par
Preferred
4,100
*303g
734
20%
304
Shoe
No par
StDd.
5,100
119
88
84
26 preferred series A.._No par
Carolina
8%
99%
19
page
5
Brooklyn Union Gas
Canada
27", 700
par
Bristol-Myers Co
(Butterlck
940
pur
Brooklyn A Queens Tr._.No par
Preferred
No par
Bfclyn Manb Transit
No par
Butte
60
1434
For footnotes see
No par
Brlggs Manufacturing...No
Brlggs A Stratton
No
1,800
700
87
312
*1S14
Maine
(Botany Cons Mills class A...50
2,200
37,800
55
1334
5434
A
Bridgeport Brass Co
430
I8I4
54
3«4 Mar 27
%June 6
2,200
13%
7%
100
Boston
1978
87
27«
278
28% Jan 15
7%
81
714
2058
10
380
4734
58
258
Borg-Warner Corp
8%
26%
314
10%
*85
25%
47%
27g
Deo 27
Mar 29
Class
6,900
Jan 31
38
400
8,8,00
90
21
410
13%
*4634
58
7i8
20i4
No par
16
1
87
98
39% July 10
No par
1%
4734
13
6% Mar 18
...5
Capital Admlnls ol A
84
6I4
2534
28% Mar 13
6
B
13
58
6i8
31%
1578
*53i2
lli8
*39i2
8
103% Jan 22
Borden Co (The)
Cannon
8i4
1634
258
1%
1978
*78
*85
1%
-.100
Br
Bon Ami class A
800
25%
1%
pref
Co
Bruns-Balke-Collender...No
*4634
4
Co
Airplane
Aluminum A
600
13
*5
Blumentbal A
10
200
87
3034
100
40
47
7
16% Juno 19
40
2534
4
9% Mar 14
40
40
47i2
8i8
31
14% Mar 19
25,400
20%
4
par
1134
19%
*5
65«4 Mar 18
Jan 30
No par
16%
19
3014
1%
2l2
284
100
preferred
1%
Dec 10
2234 Dec 26
15% Mar 13
21% Mar 18
Blaw-Knox Co
284
6% Jan
40
7
34
Blgeiow-Sanf Carpet Ino.. No
27%
11% Mar 13
No par
Class
Jan
79
No par
Bohn
Jan
5% Dec 26
15
No par
Boeing
14
63
4
Deo
117% Mar
24% Oct 21
Sept 19
Best A Go
6438
*90
Feb
11% Mar 18
Benefiolal Indus Loan
Brown
10
Oct 10
Nov
Bethlehem Steel Corp
11%
30%
5O84
5
1178
57%
59
Aviation
6,100
29
50i4
*ll4
79
300
18%
14
100% Jan
72
7%
15
2
1434 Dec 23
37% Mar 14
107% Jan 11
Beech-Nut Packing Co
....20
Beldlng Hemingway Co.-No par
Bendix
June 21
5% Mar
33
2,700
9%
82
50
3178
57
5714
25
100
2,800
11534 11534
.
Creamery
Preferred
11,500
30
58
Beatrice
100
99%
53%
4734
96
preferred
99%
13
73g
1st
5,900
13
1%
100
4H8
*934
106% Mar 18
3% Feb 25
par
% oonv preferred
4034
200
4734
9434
8%
*100i4 103
5278
5358
24
95
No
34
6%
57
25l2
238
1234
1338
9~78
Brothers
1,000
*6334
36% Mar 12
100
434
35%
53%
9% Mar 13
100% Feb 21
60
Preferred
34%
29%
1834
*55
*85
100
1%
*100
~
100
100
34
6%
31%
1534
*53%
5584
*46
17
5334
9i8
Preferred
6
7
1% Feb 26
7% Apr
7% Mar 13
J00
Bamberger (L) A Co pref
Bangor A Aroostook
34%
11
*88%
7%
7U
94
1638
5338
*100
Baltimore A Ohio.....
Barker
75
2»4 July 10
100
335g
57
*887S
*134
1634
5314
1788
Preferred
68
11
91
*158
163g
52i2
*47i2
4134
63i2
9i2
958
I8I4
6%May
35%May
No par
Works
67
*53%
*85
8%
54
Loco
Baldwin
34
3134
175g
87
734
2
54
par
No par
_.
64
34
30%
*1212
*4634
8
6312
9i2
87g
No
A__
1%
22%
70%
1%
2038
647g
%
*85
6912
22,200
11,200
1,400
*98
Day
Nichols
Prior
Aviation Corp of Del (The) new 3
18
Sept 19
19% Deb
45% Oct 21
'64 Dec 23
21%
17%
234
6%
32%
17%
40
370
2678
70%
40i4
Austin
20%
48% Nov
No par
I.
w
3
6
May 16
115
Auburn Automobile
8i2
26i8
234
834
185g
278
Us
2134
%
3912
1314
4734
3934
26
*33
28
20% Oct
32»4 Apr
106% Jan
Mar 13
8i2
2578
2i2
6%
3134
39
170
3938
4%
19%
Jan
17% Deo
1978 Deo
4
8i2
2534
238
58
17.
3,000
26i2
7034
*47%
4134
par
100
1
6I4
11
94
49l2
4134
434
36i8
4034
99i2
53%
37%
No par
1
%
5712
94
10
92,800
3934
*412
...No
1
6%
I6I4
*53l2
10%
54
94
*33
*98
54
|
100
212
Closed—
34
9i8
I8I4
60%
Exchange
405s New Year's
1
738
2458
2%
7%
*1638
Stock
42
434
92
2334
53%
8
54
4814
92
2214
54
35»4
Atlas Tack Corp
Preferred-
2558
6912
134
1658
92l4
24i4
2214
53i2
*92i8
3934
9314
3934
2658
70i2
714
167g
9978
1
*92
a:40%
912
9
*90
92l2
22%
5334
26
Deo 31
Bloomlngdale Brothers...No par
22
*112
Deo 24
60
92% Dec 13
Belgian Nat Rys part pref
"""700
523s
22
1912
25
Beech Creek RR Co
50%
*20
44
66% Mar 28
19% Apr 3
Mar
No par
27" 700
22
29% Feb 21
3584 Mar 28
6
Bayuk Cigars Ino
20
23%
1618
36
5
23
23
44
Deo 19
100
Refining
7%
Sept 18
Mar
Preferred
18% Nov 19
109
3
3,300
1414
*20
54
100
6384
100
No par
W I SS Lines
Barnsdall Corp..;
86
22
1834
5314
25
100
278
3%
2
Nov
3
80% Apr
48
190
Atlantio Coast Line RR
200
89
*20
*91
Oil
Preferred
90
Mar 12
100
Atch Topeka A Santa Fe
At G 4
Apr 25
7% Mar 13
t per sh
9% Deo 9
978 Oct 21
3s4 Mar 15
70
1
Low
S per share
6
Mar
100
40,300
100
12014 122i8
23i2
23%
1578
16i2
16
10
3534
*88"
Dry Goods
1st preferred....
2d preferred
Associated
4
par
100
Preferred
19
*834
*42%
4612
No
Highest
2 per share
5
Preferred
Atlantic
*11212
1858
4112
4378
*44l2
1935
Lowest
Rts
*42i8
Jntv 1
1933 to
Dec. 31
EXCHANGE
Shares
8is
8i4
8is
*89i4
15
15i2
15i2
15i2
*10412 107
*104i2 107
*89
110
*41%
18
25%
Jars. 2
$ per share
*98
12l2
-
Jan. 1
$ per share
*104i2 107
*98
9112
28%
1112
Dec. 31
$ per share
778
*8%
88%
1438
YORK STOCK
Week
Dec. 30
$ per share
Range for Year 1935
0« Basis of 100-iAar* Lots
STOCKS
NEW
for
Monday
Jan. 4 1936
20
Dec 12
1
7
11%
7
19
8%
13%
Jan
4
6% Jan
7
1%
3%
3%
10% Jan
8
20% Deo 30
3%
3%
5*4
3%
6434 Deo 30
14%
14%
28*4
84
1*8
2%
6%
84 July 9
1% Mar 30
4% Deo 10
1% July 22
9% July 19
Jan 10
1%
1%
2
1934 Dec 31
9%
9%
2% Jan
4
9
15
28
97,
9%
8
<16
87
New York Stock
Volume 142
July 1
HIGH
AND
SALE PRICES—PER
LOW
STOCKS
Sales
NOT PER CENT
SHARE,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 28
Dec.
30
Dec. 31
Jan. 1
Jan. 2
Jan. 3
29
6*4
*2378
90*4
1312
70*2
*37*2
4i2
25i8
29
29*8
7
25
29
29i2
r7
7
*24
25
7i8
*24
91l2
1334
9238
92
14
71
93*8
1378
70*2
71
14i4
7378
*41
*40
5
5
25*4
m
4512
*8218
4534
87
*43
46"
54
50
*120
124
*120
86
87
88I4
56
20'4
56
56
1978
2018
51*4
*5534
1978
*108
109
109
109
8
27
25
25
17ig
18*2
18l2
20
15
1534
16
18
*11
884
4%
14
14*8
94
93
4l2
14%
*9312
95
40
40*4
40
42%
43 I8
48l2
48l2
*47
4878
*4712
13
1312
13*8
m
89*4
81
8984
*6534
>
•
•
4414
45
*11014 113
5878
IIOI4 HOI4
58i4
9912
20*4
234
68*4
*6
9934
2H4
3
6834
9i2
4158
42*4
16
1514
*2S34
9
*63l2
71
*1512
1634
16
29
9l8
6684
29
55
918
9%
6312
72
71
71
72
56
*5584
4734
*107
1712
18
18
313»
313s
102
102i2 10212
434
434
434
434
101
*6I4
*4
678
78
22
1*8
1*4
,
22i2
lli2
1*8
2234
23i8
11%
1*4
11*8
101
ll2
IOI4
6i8
112
IOI4
6i8
59
59
37
37
2078
21
*101*8 101*4
4
4%
10*8
11
lllo
1112
73
73
*71
110
5%
3,700
52,000
10234
5i8
434
12
67s
13.1
22%
III4
1%
*6734
85
Closed—
86I4
1
*6i4
1478
678
15
*113
*20
*684
1553s
♦156U
28i4
7i2
3578
*11038
1384
63s
6
31
27*2
78
63a
1534
214
13714 13812
131
115
*11234
25l2 *20
7
7
156
156U
158
158
285s
29
784
778
36
3684
*11038
112
14
137s
6*8
6i2
6
6I4
31
323s
288s
28
2U
£343s
131
6612
7
7
878
*103
112
11
634
65
9
3834
108
li2
11
678
6634
£4078
2118
4138
2218
1015s 10158
4l2
434
1112
1238
85
878
37i2
103
158
12
634
27
2278
3712
16i8
*4%
:
'
\
V:
478
129
129
7
9
19i2
*4078
21
42
For footnotes see
2,780
6,500
Ills
83
8l2
55
38
1638
1678
13,100
*434
5
9
18l2
*41
38
4112
*8i2
834
834
Mar
45U
49
70
No
Preferred
par
No par
Consolidated Gas Co
—No par
Preferred
No par
new
Oonsol KR of Cuoa prei.
iOO
{Consolidated Textile
..No par
Container Corp of America
20
.
Continental Bak class
Class
a..
No par
No
B
par
100
Preferred
20
.—5
Continental
Motors
1
Continental
Oil of Del
5
Corn Products Refining
Ooty
25
100
No
Ino
par
15?i
72U
lit
6I2
108ia
Feb 20
Feb 23
Mar 12
Mar 13
Feb
6
IOOI2 Deo 19
2ia Jan 25
*s Aug 10
22
Deo 28
41a Mar 13
5g Apr 1
4614 Jan 28
*16
*s8
*1
634
1538
17
3658
38l2
*1103s 112
38%
14
1434
684
684
63s
678
684
5
684
15l2
«4
U
2*8
Deo 31
12U
15*4
22*4
40U
55if
40 U
01
78*8 July 10
May 23
3U
9
7*8 Deo
397g Mar
23
28
36U
7
8
17i|
48
Dec 21
18»4
"
35lf
44 U
47
84
3U
9'8 Dec 18
14
17
38*8
30
44
71
h
3U
Deo 11
3
8U
2U
3»»
iou
97t
38
14
H
625s
38U
43 U
95*4
pref ...100
6I4 Mar 15
73
Mar 23
par
No par
No par
61
5
6
100
Hudson
Western...50
5% non-cum preferred
100
No par
Devoe A Reynolds A
75
47
5U
5U
1 2 <4
Nov 15
73
75U
91
Nov
61
64U
90
8
11
7
1012 Deo 14
6
22»4 Mar 18
68*4 Nov 15
28
Sept 5
5l|
10U
IOU
34 <s
iou
10U
19U
19
June
Jan 16
187g Deo
2
23ia Mar 26
11
Mar 13
Ha Feb 27
Mar 13
Aug 12
W
24i2 Deo
43 if Jan
19is Jan
5
4»S
73 U
14
38*4
lU
Dec
130
Dec 28
55
6
Jan 17
2
19
Dec 31
18U
35ia Aug 28
55 U
8
2
7
120i2 July
8
89 U
99
33
Deo 24
84is Jan 15
41
Ha
8
21
275g
3
38U Deo 9
4458 Deo 10
28U
25
13ia Mar 15
32
No par
6*8 Mar 18
UJune 13
UJune 21
17i2 Deo
2
8U Deo 10
19
Aug 6
1,000
600
Duplan
Silk
1
No par
100
DuPont deNemours(E.I.)ACo.20
0% non-voting deb
100
100
Duquesne Light 1st pref
Durham Hosiery Mills pref.. 100
5
Eastern Rolling Mills
June
6
12*4Ma?21
103
Mar 20
86&S Mar 18
1267s Feb 8
104
Feb 18
12
Nov 29
3*4 Mar 13
2,700
Eastman Kodak (N J)—No par
HOia Jan 16
30
6% cum preferred—
100
Eaton Mfg Co
...No par
141
8,545
5,000
Eltlngon Schlld
No par
(The)
5
100
Preferred
3
Boat
Eleo A Mus Ind Am shares
Electric Power A Light —No par
par
No par
Jan
4
16*8 Jan 16
314 Mar 27
19*8June 1
107
Jan 23
37g Mar 15
5*8 Sept 21
li« Mar 15
23
11
14U
8U
4
You
82
Douglas Aircraft Co Ino —No par
Nov
0
H7,
6
3«s
Dec 11
U
58
u
U
116
2
12«4
92
Nov 16
146ifNov 20
132
Oct 28
115
Aug
31
3
13
92
103
104U
110
128
85
90
12
21
7
3'a
172U Nov 18
164
July 26
30*8 Oct 23
8*8 Nov 1
38*4 Oot 21
113'aSept 25
14*4 Deo 26
65U
8*s Feb 18
71f Aug 17
UOU
100
5
Jan
iU
2's
11U
237,
597s
27U Deo 10
8
2
20
8
1*8 Deo 12
1
28U
34U
87g
Dresser (BR) Mfg conv A— No par
12*8
117
21
Nov 19
41'aMay
400
International
7
10
2
70,900
Dunhlll
13U
84
6
6»4
100
3U
63U
Ills
100
•••«•
80
11
29
34*s Jan
Preferred
•
23U
20
Participating preferred
26
Distill Corp-Seagrams Ltd No par
Convertible class B
8U
2
26ia Jan
Duluth S 8 A Atlantic
21>t
50*8 Jan
5»s Oct
1141a Mar
No par
2U
384
9U
100
Mines Ltd
£95
8
Mar 13
June
2
4^ Dec 31
1214 Dec 31
Dec 27
16
-No par
preferred
Diamond Matob
Electric
65
29 <s
40ig Jan
Jan 28
5,600
6*8
Dec 31
105t4 Deo 16
2 >8 Dec 9
58*s Dec 31
70,700
388
lSU
20
Auto-Lite
86 U
18*4
32
40
Nov 20
100
87
Diesel-Wemmer-Gllbert Corp .10
Eleo
»7f
4
6*4May 29
12,000
84>a
150U
3*8
19*8 Dec 12
4878 Nov 16
17ia Mar 12
100
60ia
135
133
165
No par
ii"666
11U
36 U
20 >a
$6 preferred
3178
6
23*s
69*4 Dec 12
35
SUMay 13
—1
Dominion Stores Ltd
200
2*8
13 u
$7 preferred ———.No
3114
64U
14U
17,200
34
32
64
56U
35 U
21,800
35
78
44U
37
47ia Jan 2
24*4 Nov 25
105UJ'ine 13
48,200
29i2
5g
44U
80*4 May 13
43",200
3234
"Vu
3
14i2
678
7
3434
2U
Vu
Deo 27
Preferred
9
403s
6U
U
Mar 15
No par
uome
""866
mmmm
2'a
«8
16
Davega Stores Corp
3,700
*1103s 112
6i2
Jan
14U
112*8
100l2
Deo 27
51s July 22
89ia Mar 14
2
Mar 12
preferred
1st
108
37
No
Cutler-Hammer Ino
3,300
II4
lis
159
160
156l2 158
*155U 165
*155U 165
2914
29l2
2914
2958
83S
Cushman's Sons 7%
A
103
No par
A
Delaware Lack
Jan 28
6
170
*11434
834
10
100
-
Packing
uelaware A
Mar 15
1
2034
1393s 140i2
13914 14012
*13078 131% *13078 13H2
*114i2 115
*114i2 115
*20
*20
26i2
26i2
8
8i8
7U
83s
838
Class
3iaMar 18
4*8
Hi
7U
...60
Preferred
Oudahy
Jan 15
14
100
1U
6U
6
148U Oct 8
4'g Mar 13
90
*71
X71
20
471» Apr 12
—No par
6%
47U
4478 Dec 11
2*4 Nov 29
2
17
114
118
684
1538
684
RR
69
18U
20i2 Deo 11
65
*1
*11484
Cuba
12U Dec 31
112ia Oct 28
lOHg Deo 18
8U Dec 10
1*8 Nov 21
2318 Deo 30
i 178 Deo 26
l78 Dec 24
6U
20*8
157g
287a Mar 13
*4 Jan 2
151a Mar 14
41^4 Mar 11
60
Oct 2
100
Cuba Co (The)
34*4 Nov 20
1051s Nov 20
6*8 Deo 6
1*8
10*8
99U Nov 20
100
Preferred
15s
784
7ia Jan 16
22ig Feb 16
62t| Jan 15
7
Jan 15
100
*16i4
*58
33l8
4134
13U
80
100
24,400
5U
7212 Oct 23
3i4May 17
14UMay 31
ex-warrants
Detroit A Mackinac Ry Co.. 100
100
6U
100
1
pref
Oonsol Film Indus
530
38
68
747g
10
20
55
76
Detroit Edison
500
61
24
68i2Sept 20
IH4 Nov 25
45U
Denv A Rio Gr West pref
1,600
141|
32
31
700
38is
36U
7U
714
145g
45 U
400
41l2
22
161a
9
July 19
sou
Preferred
*129i2 134i2
13*8
Jan 24
Deere A Co..
7,700
fly *4
fi
Feb 28
200
2,700
11 If
74
6,900
14,900
Deo
82
8i2
25
39l2
3*4
17«s
Oct 30
11
1
5714
27U
38
1384
Mar 14
36*4
1
6
71
49
...
10*4
Mar 28
8%
"l",466
233s
*37l2
*15
30
70
27
678
34%
3134
84.
83
46l4
»4
Nov
2178
1158 109,000
15«<
7
16,800 Curtis Pub Co (The)
Preferred
1,900
lOlU 10112
438
45s 148,500 Ourtlss- Wright
21&8
658
page
7iS
69U
9778
Jan
69
pref
25,500 Cuban-Amerloan Bug*#
1,380
Oct 15
Nov
3
62
Crucible Steel of Amerloa
3,400
105
61
114
100
Crown Zellerbaok v t c—No par
413s
145g
33i2
30I4
178
1278
91
100
10,700
300
841a
No par
preferred
"5", 200
66i2
38l2
34%
4178
*3714
33i8
103
*117l2
*11712
38
9is
3884
1151a Jan 29
237i
mm
-
35*4
Prior
Preferred
41
65s
3078
Nov 20
43>a Jan 4
74ia Mar 13
61a
34
145s Nov 19
19U
110
»
45*4 Nov 20
24
6U
22 U
21i2 Nov
7
No par
3714
11U
mm+m
Preferred
Consolidated Cigar
Corn Exchange Bank Trust Co 20
200
1L912 Aug 10
72
Aug 15
Feb
Crown Cork A Seal
634
14
100
Preferred--
Dec 17
Mar 15
$2.70 preferred
No par
Crown W'mette Pap 1st pfNo par
65s
145g
Cigar
Congress
2,300
1
156%
Congoleum-Nairn Ino
4534
47U
1
160
Ine.—No par
45i2
2914
2834
2914
7?8
778
8%
38
37
37i8
112
♦1103s 112
>4 Mar 6
29ig Jan 4
67g Mar 18
1134 Sept 24
23ia Mar 14
55
160
No par
IIOI4 Deo 27
97?8 July 29
I6I2 Oct 3
357a
29%
156
$6 preferred series
Conde Nast Pud.
7
No par
5734
2878
40U
2
Oct 23
56I4 Feb
No par
30i2
160
185s
No par
Trust
Crosley Radio Corp
5458
156
Oct 18
39ia Jan
110
preferred
invest
Cream of Wheat ctfs
*29i8
7i2
58
6)4 %
Co mm
10
Credit
Commercial
4,200
3414
4234
9i2
57l2
25
71
2,900
9i2
115
78U
41
18U
54i2
27iS
2338
3834
I684
138
13934
*13078 131l2
52
37
*46%
77 U
45
33s
670
*100%
30
58
6
31
1784
4658
33 <4
11
35 is
37
47U
13
65s
IO84
Dee 11
175s
46i4
40*8
7
7
15*4 Oct 30
37
*46
16U
5
9012 Dec 31
Mar 15
17
*100%
5
Deo
17i2 Dec
lOlUNov
83
Continental Insurance..——2.60
7,400
2212 Deo
21
31
5,800
11,500
44,300
17",300
32
3*8 Mar 13
3512 Mar 13
37
*8l2
*113
115
*20
2714
2%
35
6684
69
69i2
69i2 £68%
*158i2 163
*16014 163
6
612
684
6i2
66%
9
8U
111,
100
Cont'l Diamond Fibre
43U
5
100
3,900
19
94
35s
No par
preferred
Continental Can Ino
42
l|
series A.
Preferred
9,800
193s
29
74
6
5
9
Jan 21
Dec 31
5ia
Columbia Uaa A Eleo
6,300
1,500
Jan 15
69'4
978 Nov
28'«
4812
134
67%
15S
8414
5312
684
7
9
10
9
50
8,100
6714
Feb 26
18U
102U
Dec 23
109
67
9*8
68is
4812 Deo 27
pref--
oonv
113s
5312
2734
2314
38i4
16%
15
7
63a Mar
9
Dec 261
50
60 U
9
66
16,
No par
$2.75
11
46
—
10*4 Feb 28
46 if
9
....
40
Preferred
~
Mar 14
Dec
46
110
mmmm
497a Dec 10
19,800
*63
15
100
,—100
JOO
5
21
MM
4014 Deo 27
225s
70i2
*113
100
585s Dec
J07I4 Dec
95
**2H4
9
Deo
247a
90
May 2U
—
No par
22
46i2
684
612
*1434
la Mar 13
3,300
46
17I4
6>4 Jan 10
13,300
42i8
238
35%
66
1214
*5g
Tl8
1%
69*4 Mar 13
Beacon Oil
78
*63
*16
1714
**8
*1
100
No par
Preferred-..-
8U
84
53
*113
13784 13978
»130l2 131
*114
*16
10114
7
19
34%
46
I6I4
16i8
1534
4
4
r4
4
312
3*8
*128
128
*12734 132
12912 130
7
*6
7
*5i2
7
*512
19
17
17
17
*1434
17
43
*40%
40i2
*3912 40*8
40i4
11712 11712 11714 11714 *11714
38
3734
3734
37*8
3734
*3712
38
365s
*36*8
36%
3712 *36*8
35
345s
353g
34i8 34i2
34i2
42
4212 42%
41% 4212 *4114
8io
87s
83s
*858
8i8
8l4
5414
5378
583s
5H4
523S
5138
*29
29
29
*29
30i2
30i2
9
5,100 Oonsol Laundries Corp—No par
53g
No par
1234 146,000 Consol Oil Corp
400
8% preferred———
100
1111211112
4614
834
27
1,900
103
46l4
834
2214
3678
No par
1
3
Mar 13
101
514
1238
4HS
Day
85
1
102
85
19l2
70
16
7
78
23%
115s
134
68i2
84
87
1
5U
12i2
11112 llli2
*100
IOII4 *100
♦85
2284
"~2~,300
1812
*63
37%
15ia June
Jan
100
20
52*4 Deo 24
{Colorado Fuel A Iron—No par
Prior
578
3178
70
**8
558
31
47
2734
73
110
*71
18
87
16
*70i8
18U
305s
47
27*8
2234
3578
584
40
190
3178
*101% 102
18
I8I4
3178
*63
27i2
22*4
3512
15ig
300
4,900
934
67
*85
912
No par
A
9
70l2
47l2
984
5378
27l2
2314
36
15i2
53
93
27
87
*834
52*8
126
No par
*63
*834
52*8
Aug 19
No par
1,240 Connecticut Ry A Lighting. .100
*85
*47
July 27
7212 Nov 16
633s Apr 20
3,900
7034
*10212
*100l8
878
87s
878
87S
37L
38
3712
363s
*103
104l2
10412 104i2
1%
112
ll2
1*2
11
*1078
10*8
1112
6%
684
6I4
67s
6484
64i4
68%
6H2
37
3812
40i2 41
21
21%
213g
2214
10158 1017s
10134 102
4U
4is
414
458
1078
20
110
li.Nopar
17
103s
+ m mm
101
No par
w
44
10
19
9
40
43i8
*67
1878
36
78
38
*16i2
914
1834
884
3514
70U
31
16%
67
1812
46
300
3H2
914
65%
18i2
46
2,200
93s
200
15s
60
4314
9%
90*4
2758
70
9%
19U
42
43
4378 Z4178
42U
2%
2i4
214
214
23s
3484
32»4
34l2 35
335s
66
6584
6584
6312
64i2
69
683s
687s
6S78
6914
163
*160i4 163
*160l4 163
6
6
584
578
6I4
37
37
37i8
37i8
37i8
18
1712
1678
1778
1714
46
4634
46
45i4
4614
46
69i4
69
21*4
Oct 31
697s
9i2
33i2
68i2 New Year's
46%
27e
2U
8«4
71
June 25
Conv preferred
200
.No par
900
$4.25 conv pf ser of 1S35 No par
9938
No par
2134 84,400 Commercial Solvents
No par
149,900 Commonw'lth A Sou
3
18
86
4514
2034
31
67
*46
*9918
200
6,800
18i8
85
*101
99%
"7",200
6 la
71
Aug 23
92lj
52
U
,
100
(The)
Collins A Alkman
5%
30%
67
1778
1,000
1734
86I4
37
51,000
81
30%
67
534
1434
9012
1812
85i4
683s
14
90l2
*70
3
37U
3U
48
16
6714
*160i4
900
35
27^8 Dec 18
89
67
638s
Oct 29
34*s
87
Columb Plot Corn v t 0
44i8
12
48'2 Dec 12
2,700
48
60*s
Deo 26
preferred
Colonial
175*
29U
17U
6la Nov 18
2
115s
26I4
June 25
Columbian Carbon v t 0 —No par
48
Nov
27»8July
80
425s
-
17
78
23i8
1134
Class
37
7
30*4
10U
48
Colgate-Palraollve-Peet— No par
6%
Oct
3U Apr 30
12i4May 15
3»4
9
Nov 25
80
Cleve Graphite Bronze Co (The) 1
Cleveland A Pittsburgh
50
1,500
43%
3
No par
100
Equipment...
6984 Sept 10
35
97
22i8
278
2478May 24
100
May
3
22
48%
1438
8
9634
44i2
81
12
19
21i2
85*8
63
25
*987s
67
I8I4
16,900
27
90i2
93 78 Dec 24
Preferred
1,070
2,290 Colorado A Southern-.
2,800
4% 1st preferred
810
4% 2d preferred
45I4
4614
4584 47
11034 110% *11038 114
60
59U
6OI4
60%
*11012 111% *11058 11114
84is
4314
214
325s
24
2214
14
Stock
1H2
100
9
23
18l2
96i2
Exchange
22*8
11
150
10714 10714
*
34
2384
90%
78
*4
100
3578
*70
101
*100i4 101L *100
7
678
678
678
*4
12,000
34
4358
HSg
Ills
ID4
una im2 *11112 111*4 *11112 lllSg
*100
4812
48
53s
*48
Mar 12
5
Coca-Cola Co
200
19i8
49
31
...100
new
Cluett Peabody A Co
6,900
5
16
Stores
Clark
26
Oct
Dec
19U
3is
4
9
Feb 23
High
$ per thare
15
31*4 Dec 12
3U Mar 15
inn
Preferred
City
Sept 17
25
par
No
Fuel
Preferred
56
55s
9612
Ioe A
$ per share
5
8,100
3178
21%
2H2
19l2
I8I4
96l2
4312
12L
11
9
4%
City
Low
9 per sh
9
par
Chrysler Corp
8* 600
56
1978
10484 10434
109
*5
29
"2",600
1912
4812
10
Highest
$ per share
25
No
Co
Speo'l grt 4 % betterment stk 50
56
1934
Oil
Cotton
Co
Copper
C C C A St Louis pref
87
54l2
*10484 105
434
3,000
*120i2 125
89
89%
56
19%
71
30*8
4534
*82is
56
91
8I4
"i'ijoo
—
*45
46
87
8734
*68i8 110
534
5l2
5l2
*5%
*75i2
5'2
26i2
*43
55
1414
*65
*68i8 110
11
,
1634
26U
26%
*75l2
*120% 125
20%
430
Chile
City Investing Co
514
514
89
81
*1512
16i2
3H2
9%
2914
6318
*6818 110
514
512
17*4
18
30i4
3078
102
10214
434
17
74
*82iS
46
45l2
44i2
46l2
IIH4 HH4 ♦llOSg 113
69I4
58is
5812 5912
*110i2 11H2 ♦llOi2 HHa
99
99l2
9812
9914
21
2114
2178
20*4
3
3
284
278
70
70i2
6834
7034
912
93s
*8%
938
42i2 43
4212 425s
16
74
*40
*4584
90l2
*70
81
74
87
14
8934
*75
15i2
46
8978
1378
*8812
15%>
26
26
109
8I4
414
2512
20U
18i8
*15i2
94i2
834
8I4
414
27i2
4
92%
514
*10434 10512 *10434 105i2 ,*10434 1053s
477«
49l4
47i2 4878
47i2 483s
*108
Chllds
40
9112 119,900
3,600
1558
*40
124
88l2
*5512
1978
88i2
1,500
9012
*43
*120
Chickasha
7%
2534
7278
74
•
5334
5312
124
1,300
7
*24
26
Low
Lowest
Par
Shares
15%
*43
*43
29%
714
$ per share
29
29
90%
15
mmrn
4534
*82is
87
7U
26
5
*80
m
*2 884
mmmm
2534
2578
*80
$ per share
$ per share
29i2
714
2534
933s
5
5
25
*80
4514
*82is
$ per share
Range for
Year 1934
1935
Week
$ per share
to
Dec. 31
EXCHANGE
the
$ per share
1933
Range for Year 1935
On Baau u] 100-*Au;» uoU
STOCK
YORK
NEW
for
120
10
4U
1078,
30 if
12
79
116
120
147
12U
22
19
3U
6
115s
10
31
75
80
110
3
44
3
7
2U
4U
9
1U
3U
9
Mar 13
34*8 Deo 31
3
6*8
21
2ia Mar 13
31*4 Deo 31
2U
6
19
3
88
New York Stock Reco
HIGH
AND
LOW
SALE PRICES—PER
Jan. 4 1936
July I
SHARE,
Sales
NOT PER CENT
STOCKS
fnr
JUT
Saturday
Monday
Tuesday
Dec.
Dec. 30
Dec.
28
$ per share
53
53%
%
%
1%
*61%
*133
$ per share
Us
62
135
*6%
44
714
31
53%
138
134
7l2
45*4
134
77«
%
62
Jan. 2
Jan. 3
7%
Shares
%
*1%
*62%
.
■
1
1
*133
7%
55
*47
55
66
*56
66
*52
66
*54
6%
1U8
*167S
01*
6*8
1U4
11*8
658
11*4
17
17
17
*10%
11
rlU2
6%
12
17%
*10%
1U2
134
36*4
*414
*1*4
12%
37*8
5%
2*4
1U2
37l2
1U2
38
119
*12l8
1214
38%
37
*414
2*8
IU4
3714
12%
56
*11%
200
134
Endioott-Johnson
No par
800
)
%
r
%
50
100
55
95H preferred
$6 preferred
634
6%
12%
17%
1134
12
2,000
3,600
2,600
7
1284
18%
Engineers Publio Serv
"
82
2%
IU4
37%
11*4
38
86
*20i8
*11014
24
101*4
46ls
29
4
77
27l2
109
3%
13%
38%
125
2058
82
64
61
85
*82
7
109
21%
7*4
4t8
2*4
*121
21%
12%
40
5
First preferred
Second preferred
12%
39
12%
13%
38%.
3734
124
130
277
27*4
109
900
12%
38%
43g
3%
100
300
790
1,830
Preferred
3,600
21%
21%
21%
84
84
85
*60
64
*60
6334
100
827g
*80
88
734
77g
784
7%
7%
4%
484
5%
27g
2%
3%
21%
21%
21%
42
43
43
43%
*20%
22%
*20%
22%
*110% 111% *110% 111%
Z2478
26
25%
26%
102
102
10134 102
46
46
4634
4634
*29
297g
*29%
29%
4%
434
43g
4%
40
40%
40%
4034
297g
30%
29%
30%
33i8
109
111
*110
33
33
34
32*4
111
33%
34%
35%
.100
69
29
*62
1
69
*62
69
*62
2912 29341
29%
30%
16018 *122
160% *122
160%
55
55
55
52
53%
45
46
47l2
46i2 47%
29l2
*122
54
44
*3l2
1U2
358
3%
12i2
1214
10*8
r99%
4718
*21%
12%
10
10*8
*99
47*8
9912
47*8
21
21
12
334
12%
10%
378
12%
10%
*99
99%
47%
No par
Federal Screw Works
No par
No par
Federated Dept Stores—No par
Fidel Phen Fire Ins N Y
2.50
Fllene's (Wm) Sons Co
No par
16% Mar 29
281* Mar 14
16
Apr 9
Federal Water Serv A
6H%
21,500
1,100
4,000
500
4,500
300
9,200
180
100
preferred
...100
IO6I4 Mar
Firestone Tire A Rubber.....10
4,100
1258
12%
*13158 143
*13158 143
81*
8i2
8%
8I4
5i2
5*4
534
*512
16
1612
1658
1634
*71
71
71
72%
5312
*5318
53*8
53%
*141
143
37
*141
37i2
33*8
3278
78
*4
13
11
14
14
15l2
*15l2
*33
*10S8
20
575s
66*8
66*8
118l2 H8l2
5538
5618
120
117
117
117
•18*4
514
19
5%
6778
56
18l2
514
4734
22%
12%
141
8%
5%
9%
5%
17
72
5334
*
33%
337S
78
Exchange
54
141
"37%
Closed—
141
38%
34
New Year's
1
%
12
Stock
17
72
37%
*4
*11
*33
141
143
3714
3338
4
13%
10%
11
11
15%
*12
*15%
*33
6778
r66%
*120
56%
mm
41
41
41
41
41
107
105
105
106
358
3914
358
3912
212
35i8
2978
2*4
36
3014
46l2
16l2
46l2
16*4
89
89
4
*312
40
378
40
*99*4 108
258
284
•
37g
40
40%
*9934 108
284
278
100
Fuller (O A) prior pref
No par
234
3
3
37
37
37
3834
32
33%
34
36%
3834
35%
3%
40
36
45%
46
46
46
48
1678
17%
17
47%
17%
8834
7%
47%
17
17%
1784
12,400
*88%
8884
7%
400
17,500
2,500
6,200
7
7*8
69l4
6914
7
70
89
18884
7%
70%
7%
74
47
89
*88%
7%
74%
7%
74
75%
7
74
74
4678
48
4778
4834
10712 10712 107
*107% 108
107%
4
4
378
3*4
4
378
187g
19i8
19iS
1934
19%
1978
*115*4 116
*115*4 116
*11534 11578
3%
4%
438
434
19%
20%
19%
20%
*11534 115% *11534 115%
*104
*105
*104
1318
135S
7812
7778
22*3
84*4
958
7714
23
85i2
9*8
78
21*
918
3%
185s
278
9*8
3*4
18*4
32
32
*31
33*8
29*4
1512
32l2 33
30
30*8
*134!2 137
29
15*8
*45
50
26i4
26*8
*81
90
67*4
1*4
68*4
1*4
26
812
2512
8is
♦28I4
*2712
108
2912
28
108
*30l4
30l2
*35
3512
578
13l2
♦111
48
1312
7712
2278
8512
9*8
775s
2l2
914
358
19%
3238
*31*4
29i2
15*8
33i2
30*8
48
107
*106
4884
107
48%
109
14%
14%
14
14%
14%
80
82
80%
82
24%
23%
24%
23%
2434
87%
9%
87
81%
23%
89%
87
8634
80
9%
278
234
3
9%
19%
33%
32%
9%
334
19%
33%
32%
30
31
1534
9%
3%
19%
16
334
33
32%
2934
1534
9%
79%
2%
9%
334
80
3378
33%
31%
32
89
9%
9%
79%
*77%
3
2%
9%
9%
4%
2034
4%
21
33%
34
34%
*32%
3034
32%
31
17%
32%
31%
32
34%
3178
33
16
33%
31%
16%
31%
137
*135
137
50
50
50
26%
26%
2678
90
90
90
71%
178
29%
72%
178
26%
8%
7334
70%
2
2
2
2
2934
2934
9%
32
9%
69%
*1*4
*26
9
9
26%
9
30
30%
30
30
28
28
29
29
*105
107% *105
107%
30% 30% *2978
3034
*35
*35
35%
35%
6
r6
6
13*4
112*4
*13l2
137,
112
6
112
13%
*110
6
137g
112
3
9%
137
*81
9%
79%
4%
21
*45
26i8
2458
89%
33
1
23,000
No par
General Baking..
$8
5
preferred
No par
32%
17%
33%
32%
5,700
65,000
2,600
2,500
120
21,100
8,100
6,300
3,300
*117
122
13
*113
1314
115
For
rll8
133s
113
footnotes
118
103% 103%
29% 30%
*117
13%
113
ee
13%
113
page
84.
122
13%
113
2
400
Mar 14
General Cigar Inc..
7%
No
preferred
par
100
.....No par
...No par
Gen'1 Gas A Eleo A.
No par
80
70
27
26%
27
90
89
90
72%
70%
71%
2%
31
pref olass A.......No par
$8 pref olass A
No par
Gen Ital Edison Eleo Corp
General Mills
No par
Preferred
100
20
Nov
3058 Nov:
112%
Deo:
12%
484
No par
No par
Gen Public Service..
Gen Railway Signal
No
Oct
597* Feb
80
Feb 5
Jan 22
Mar 13
Mar 13
Jan
2
*4 Apr
2
14*4 Mar 20
No par
16*4 Jan 30
No par
Glmbel Brothers..
5%
Nt par
Preferred
100
146
11%
73
87
30
43%
12
0%
..No
par
100
oodyear Tire A Rubb
1st preferredfotbam
Silk
No par
No
Hose
No
Preferred
par
par
100
raham-Palge Motors
ran by Cons M Sm A Pr
1
108%
5
10%
2
Conv pref series
12
14%
33
24%
59%
97
127%
10
•
4078 Nov
3778 July
27
97
04U July
1451* Oct
10%
25%
28
80%
28
18
Aug:
18
Apr
61*4 Feb
684
51
120
Nov 21
21
Dec 17
7
Oct 16
41* Nov
8
Oct
3*8 Deo
0%
10%
25%
73%
90
1%
15%
23%
90
5
%
1
6
8*4 Deo
,
75*4 Deo 19 1
10
20
17%
7%
45%
48%
8%
47
2%
13%
10%
12
15%
O
80%
83
4*4 Jl
1%
49i2 Deo 21
1047, Jan
1% Apr 26
14*sMay 2
HU*May 3
22
Nov 25
14%
10
120
June 29
06%
90%
105
77
77
Dec
6
Mar 15
15*4 Mar 13
70
Apr 11
21* Apr 4
20
Apr 3
l%June 25
514 Mar 19
214 Mar 15
14*sMay 20
par
18is Mar 29
Part paid rets
.—..No par
22*4 Oct
26
2
Mar 26
914 Mar 19
95* Mar 12
20*8 Jan 15
Preferred
92
18
62%
18%
41%
53%
2%
04
86%
3%
11%
38%
71%
4%
1%
1%
4
4
7
2%
4
3
14%
23
35*8 Nov 25
3314 Nov 22
38i4Sept 7
2234
18%
28
25
7»4
9%
40%
15%
32%
35%
118%
8%
12%
25
4
99
Deo 31
mmmm
102
Deo 31
3478May 20
13%
8%
40
31%
gi
rnmmm
25
35i8 Deo 18
May
77
8
Jan
50
9%
23
120
20
"
9
Deo 20
1358 Nov 29
16
28%
107%
5%
29*4 Jan
5
6%
30
15»4
41* Oct 25
140
Jan
3%
147,
72
7%
26%
7
Jan 10
1012 Deo
85
2
119
6
Deo 31
267* Jan
Apr 12
255s Nov 26
100
Dec
14i2 Deo 31
82
3%
20%
23%
2%
„
5%
45%
101%
10%
14
•
21
10
8%
7%
9
Aug
2
10
3918 Deo 7
3312 Dec 31
93
S
80
2
7
40
109
3%
61%
41U Dec 11
111
42
8%
10%
Nov 19
Mar 27
04%
118
3
July
18
51
24%
89%
8%
42% Nov
109
22
02%
103
22%
84
6I4 Deo
109
21
13
50
32
100%
"
5938 Nov 18
19% Aug
70i* Jan 4
2i* Mar 13
11
7%
14
61
1
No
6%
2%
4%
14
Nov
23
Mar 14
100
rand Union Co tr otfs
14%
100
4
76
10i8 Jan 15
Apr 13
14
71* Mar 13
Preferred
23%
100
12
23*8 Feb
Prior
preferred......—..100
tGobel (Adolf)
5
5%
64%
258,
U«4
6%
4812 Deo
6
No par
Gen Steel Castings pref ..No par
Gillette Safety Raior
No par
Conv preferred
No par
20
I
15*4 Jan 15
1
$6 preferred
45,
8
19
Mar
par
Gen Realty A Utilities
General Refractories
195s
1%
7
%
175*
93i*
li*
15*s
No par
Preferred
6
%
50%
33%
0%
100
96 preferred
160%
14
%
116
Jan 3
General Motors Corp...
10
205s Mar 13
$6 preferred
...No par *1071* Jan
Gen Outdoor Adv A
No par
10
Mar 20
Common
No par
3
Aug 9
Genera] Printing Ink
03
21%
113%
17%
Nov
17%
20
5%
32
10%
34
2,000
21
18,800
4,800
29%
108
3034
35
35%
6%
*110
17
27
8%
805s
21
•
*2934
6%
0%
17%
22%
Oct 16
11
40
14
55
2%
16%
21
14 Feb 25
8
9,300
137
29
4612 Nov 16
1271* Jan
201* Jan 15
30
Sept 17
No par
11,200
32,000
137
108
44%
Jan
Mar 26
1,500
*40
9%
30%
Deo
Mar 20
4
19
3,800
70
*27
8%
5
100
5l" 500
137
2634
8%
5% Mar
No par
No par
preferred
cum
Jan 10
115
5
Class A
7%
14%
112
31%
*28%
30%
*100% 108
*30
3034
*35%
6%
6%
1438
14%
*110
112
*103% 104
30% 31%
104
104
*118
120
3,700
30
300
100
120
13%
13%
*11384 117
31
13%
115
3184
120
13%
115
34
Feb
6
46is July 17
1
Preferred
100
19
100
>ulf Mobile A Northern
4
Fob
1
Feb 16
Mar
7
Apr
3
Preferred
100
6
12
Mar 29
110
Preferred
..——100
48
Mar 29
100
[aokenaack
3,800
500
60
Water
—25
2114 Jan 15
285s Deo
95
160
3,700
50
(M
$5 preferred
No par
No par
42
83
26%
26
27
31
Preferred
at
Corp of America ol A
0*4%
preferred
100
1
100
Deo
Deo
4
Oct 28
UI2N0V 16
Jan
2
108
1001* Sept 26
105
Mar 15
Deo 30
June
3
Nov 20
30% Dec 31
121
Deo
5
99*4 Jan
51* Feb
6
14% Deo 23
81
6
113% Deo 26
Feb
7
0
15%
112
10
81
20%
4
101
.
7%
5
47
Jan
Co $7 pf—No par
arblson-Waik Refrao
3%
7%
4
19%
61* Apr 30
20
59
%
30*4 Deo 10
1,000
14,100
%
12
8
03
mmmm
12
Mar 19
100
18
25%
4
Preferred
mmmm
3
108
2,300
10
18
5
16%
36*4
35
...25
25%
»
11% Dec 12
3414 Deo 9
3312 Nov 25
Jan 18
preferred olass A
9
Deo 24
74i2Novl4
2*4May 13
43%May 14
30
7%
anna
*103U 104
*10314 104
28*s 28*4
28*4 29%
325s Mar 12
11*4 Mar 15
7»i Mar 29
17%
10%
84*4 Jan 10
6
10
2
"10%
Mar 30
No par
Gen Amer Trans Corp
General Asphalt
S0 conv preferred.
*40
*81
2
Jan
51* Mar 13
Preferred
30,000
*135
!
70
55
Gen Amer Investors
6,300
230
30
100
104
15%
83
19%
34
31%
9,500
1,800
35%
23
87
8%
125
7
*105
14%
8134
9%
77%
48%
110
120
23%
16
4*4 Mar 13
7gMay 21
Voting trust certlfs
45l2
1678
r 89
31
Dec
101*
Mar 13
15
No par
No par
20
3134
20
z85
July
6**
112i*June 27
No par
19%
35
6
(The)
19
30i2
2% Mar
$6 2d pref
Gabriel Co (The) ol A
56%
35
4
16%
20%
Feb 21
Qamewell Co
20
............
1
3014 Apr
1714 Mar 18
w
97
108
5%
%
Fkln Simon A Co Ino 7% pf—100
Free port Texas Co....
10
30
*107
5%
2
8*8 Mar 15
19
108
98
2%
1
No par
19
*107
02
2%
111
w
General Foods
800
50
'«
8i* Deo
41* Jan
3 *8 Aug
25
Aug
45% Dec
25
Sept!
62
1
...No par
Fourth Nat Invest
Conv pref series A
67%
107
30
90
10
120%
55%
56% 107,500
*117% 118% £118% 118%
1,000
18%
18%
19%
1,600
20%
5%
5%
534
6
2,100
41
41
400
*40%
41%
106
106
*106
50
106%
900
384
3%
334
334
40
39%
40%
3,500
40%
52
97g Mar 15
60*s Mar 15
25gJune 7
19*4 Mar 21
6,300
67
11%
34%
40
25%
16,600
56%
4
33
79*4 Deo
34
m
>mmm
4
i
20U Jan 15
General Cable
30
18%
115
Aug
Apr:
May:
114
12%
7
Food Machinery Corp...No par
Foster-Wheeler
No par
Preferred
No par
5,400
4,100
1,300
-mm,--
Deo
2158Nov
95
3%
4%
09%
Genera] Electric
56%
67%
11%
125
2%
1
3%
r
92%
1
*33
Deo
15
59,770
%
10%
71%
100
.No par
General Bronse
20
14%
27%
3
63
7,200
600
7
9
2
12%
14
5534
106
*99*4 108
10
23
08
44%
14
67
41
*105
3334
1
8,700
13,600
8,300
28%
9
19
Preferred series A..
First National Stores
3834
*120
mm
57%
117% 117%
I884
1884
5%
57g
18%
5%
34%
200
14%
50
Florsheiih Shoe olass A...No par
iFollanBbee Bros
No par
14
*12
Day
66%
118
143
38
6,900
8%
684
50
25%
*33
56%
6634
120
*141
3838
580
9%
13
*13
19
56%
141
750
2,100
25%
10%
24%
5
7%
13%
07%
Preferred
270
13
4%
8%
2
841* Apr 8
44*8 Nov 20
*15%
20
20
3784
33%
%
~~5~666
mm
12
13%May
6
24%
%
15
72
Federal Motor Truok
11
2
3
285
6,800
27,500
1,200
2,200
23%
11
19i* Dec
13i* Deo
8
4,700
67
*62
2934
30%
2934
30%
*121% 160% *121% 160%
51
52
52
52%
42
44
42
43%
4
4
378
4
12%
13%
13%
13%
10%
10%
10%
10%
*97
100
97
97%
47%
47%
47%
49
22
2234
22%
23%
12%
12%
12%
12%
*1277g 143
*127% 143
9%
984
9%
934
6
584
578
6%
17
17
1734
19%
70%
71
71%
75%
*55
56%
5634
5634
100
47%
22%
12%
22
67%
40
10%
6%
Deo 16
Jan
1%
10%
Jan
391* Deo
5** Mar 15
48
Preferred
128
1
1
115
No par
Dec;
8I4 Nov
85*4 Nov
6% conv preferred new. -.100
Federal Light A Trao
15
Fox Film class A....
*62
6% Mar 12
69i| Feb 18
10i* Mar 19
15 May
7
2
Apr 30
&8 Mar 26
Jan 11
Federal Mln A Smelt Co
120
I
Apr 3
54
Apr 1
3*4 Mar 23
2
July 6
7* Feb 25
112
112
34%
651* Nov
712 Deo
Mar 19
Preferred
03
:
4
Foundation Co
3318
Nov
17
85
*80
784
4%
2%
21%
4%
4%
2%
234
21*4
21%
21%
44
43%
43%
23
23
*20%
111*4 *110% 111%
25i8
2478
25%
102
*101% 10234
47%
46%
47%
30%
2934
2934
4
4
4%
77
n39
39%
29
30
29%
'
55
100
110
61
141* Feb 7
15i* Mar 19
41* Aug 8
71$ Mar 20
8i| Mar 26
No par
Fairbanks Morse A Oo
4001
124
20%
*8234
5
5
Exchange Buffet Corp...No par
Fairbanks Co......
.....25
3,700
8478
50
3%
45
Nov
.100
Eureka Vacuum Clean....
Evans Products Co
27,100
4%
3%
109
r4
7712
28
125
*80
2%
212
*21
2U4
243
44%
23
*20i8
111*4 *110i4
2412
23%
102
101*4
4634
46*4
29
*29l4
4
13
38%
82
714
4
44
1378
3834
20
*4
7«s
4
214
21%
3%
12%
38%
*4%
3%
*82is
64
*80
5%
*60
1934
82%
*60
40%
50
14
1%
%
1
112
134
100
52
84
45
>
Mar 19
14
No par
Erie
Sept
125*4 Jan 10
Us Mar 16
No par
No par
Equitable Offloe BIdg
700
12
No par
No par
66
High
9 per share
« 33%
)
$5 oonv preferred
*46
9 per 1 h
% Mar 29
100
1,200
Low
Low
S per share
% Apr 1
52*4 Jan 16
Preferred
10
7%
47%
50%
Highest
S per share
39
Mar 21
No par
Corp
47%
12%
17%
*4%
119*4 *12U4 125
*1912
12%
39
5i8
2%
Mange for
Year 1934
......50
8% part preferred
*50
*53
17
300
7%
*46
6%
12%
Eleo Storage Battery
tKIk Horn Coal Corp
2,300
1,800
6334
63
*133
47%
50%
6%
%
Erie A Pittsburgh
*12
1933 to
Dec. 31
Lowest
Par
1%
54%
%
*1%
8
47%
12%
17%
1134
54
%
1%
64
*7
47
48
Range for Year 1935
On Basis of 100-skar, Lots
STOCK
Week
g per share
134
47
46*8
*49
YORK
EXCHANGE
9 per share
*54
54%
54%
%
*1%
*61%
62
*6118
NEW
the
Friday
Jan. 1
58
U2
Thursday
9 per share
$ per share
5378
*133
44
48
53i2
*%
*u8
Wednesday
"
3%
3%
20
77
100%
3%
3%
9%
117S
25
03
84
101%
mmmm
12
13
82
87
1%
14%
1%
19%
mmm
24%
100
7%
92
89
New York Stock Record—Continued—Page 5
Volume 142
July 1
SALE PRICES—PER
Saturday
Monday
Dec. 28
Dec, 30
Dec. 31
Jan, 1
8 per share
61*
614
$ per share $ per share
5*8
514
5i2
6l8
120
1181* 118i2 rll8
118l2 120
Jan
$ per share
Friday
Thursday
Wednesday
STOCKS
Range for Year 1935
1938 to
Mango for
NEW YORK STOCK
On Basts of 100-share tots
Dec. 31
Year 1934
the
SHARE, NOT PER CENT
Tuesday
■
Sales
for
HIGH AND LOW
EXCHANGE
120
Week
9 per share
5%
5%
Shares
*136
*121
4,500
1,500
120
138
♦110
120
120
131
*131
138
1301* 1301* 131
♦151*4 157*4 *151*4 157*4 *151*4 157*4
3614 3614
35*4 3614
35*8 3512
♦865* 89
86*8 87
•86i2 89
130
*125
130
130
78
78
*78
78l2
781* 78l2
*115
118
118
*115
*115*4 118
2912 2978
29*4 29*4
29l2
30*8
9
9
9
9
87g
*834
22
231*
21*8 22i8
23*4
23S8
•477
500
4U4
29*8
*67
492
41i4
29%
73
61*
492
*41%
29*4
*67%
4U2
4U2
29*4
30
5214
312
6I4
5212
3*4
52l2
*60
6*4
52*4
3%
3%
♦9l2
10
*97S
16i8
16*8
16
21*
2i8
10*4
1612
2U
2014
34i2
6%
78i2
*115
30i8
9
23%
*480
487*8 495
67*8
6*4
53
3%
♦10
31
•
..
■
,
6*4
52*4
i>:.
*1014
16%
34
2%
19*8
*32i2
33U
10%
1012
2U
205g
3314
59
53
58
59
59
*59
12
12
12
13
13
*1212
45s
4
4
29*4
II5I4 11612
29
19
29
*126
3014
115i2
115
612
678
17
99
97i2
6%
*6*4
1712
♦3%
*2i2
1714
6*8
7
7l8
18
18
31*
*2i2
3%
1914
1914
2*8
20
2*8
2*8
13
12*4
1314
2i«
12*8
37*
3
4
3*8
34
3
3
191g
2*8
13i8
378
3612
4
36
34
177
33s
20
4
177
4*4
30*8
116%
4I8
30
117
*126
36
7
34
3
7
*2*4
2i2
13*8
414
1314
2i2
Hershey Choool&te
591*
*149
155
3U
41*
44i2
35
35*8
35
60
34*4
6078
61
6OI4
Mining
100
No par
Class B
2%
14%
4%
35%
35%
178
*149
3*8
S?4
4i2
*414
3*4
2l4
45
130
*127
45
*127
4
27%
40
130
378
40
1*4
154lg *149
153i2
312
3i2
3i2
5
r4%
4%
45*4
45i8 45*8
2
1*8
26*4
40%
109*4
25i2
4714
18%
109*4 109*4
25
25i2
47*4 4778
1714
1712
5912 6912
12*8 1278
13
13i8
♦82% 837b
15
*13*8
26>4 26*8
*126
378
2
214
Vs
28U
*378
2i2
1*4
1*8
26 s8
28i8
41*4 *38
109*4 *10814
25i2
2578
47*4 *4712
19
18%
60
60
127b
13U
82i4
13ifi
13U
82i4
*13*8
*2614
385s.
38%
39%
6214
61% 627b
*149
153i2 *150% 153%
35s
3%
334
4%
4*4
5%
4%
4*4
45
4478 45*4
45i2
1
"
\
125i2 125i2 *126% 139
*4
4*8
4%
4%
2l2
2i2
2%
*2%
134
1*4
1*4
26
25i2 2714
26*4
40
40
40l2 40i2
126
4%
2%
1*4
27%
41%
*107
26
Stock
26%
47%
20%
617s
47*4
20
Exchange
15
607b
1278
1314
82*4
*14i2
607b
13*8 Closed13*8
82*4 New Year's
14*4
2714
*2714
28
13
13i8
82
15
*27i2
Day
47%
20
*62%
13%
13%
*77
15
15
277b
277b
60
153
~78~
78
*118
♦
153
"79%
1U2
11*4
18
1714
17l2
28
28I4
*80
85
♦
120
12
12
*118
17*4
28i4
*80
2814
12U
♦18i2
17*4
28*4
85
♦18
*80
19l2
17*4
*113%
♦
95
94%
*122*4
*
153
~807s
81
*118
120
*
_
*118
300
13
13
135s
13
14%
1914
20
19%
21
1
Insuranshares Otfs Ino
Certificates
Preferred. .............. 100
120
300
10
24
14*4
*85
27*4
*1814
5
27i2
24i8
1478
887b
28i2
19i2
5
36
37l2
245s
24*4
27*8
23i2
15
70
«> m
w •
-
•»
830
...—100
Preferred.
.......
IOC
Preferred...........
Preferred
...
.....100
*86
18
29
85
28
~28~
24*4
24
15*8
14*4
28%
2478
15%
~27% 28" "3" 200
15
89
28*8
18*4
514
3512
24*4
r86
28*4
287b
*85
86
512
3778
247b
*5
4
36*8
247b
i
19%
512
3712
2 5lg
•1051s 107*4 *10512 106*4 *106
♦5
*5
5i8
5i8
SSg
90
♦7378
761*
25*4
*22U
26
19
5
36l2
247B
22
71*
1318
15
57g
*5
*72
90
*72
*75
*75
26I4
24*4
26%
*2258
77%
26*4
23U
42*8
*39
7614
265g
24*4
447b
26l2
2314
2212
*678
22*4
22*8
23
22%
8
*678
8
■7i8
1314
13i2
13*4
15
15
29
29
110
47S
88
75la
*40
14
♦37
14i2
15*4
1412
15*2
15i2
*1007* IO6I4 *1007g 106*4
8%
8*4
23g
8*8
107
8l2
2*8
1314
8*4
2i2
13*4
95l2
*72
77%
26*8
22%
*37
42%
227s
7%
15*8
16%
22%
*7%
14*4
16%
107
107
87s
2%
,
8*4
2%
14
*2*8
*1258
947b
11*8
95
95
12
11*4
12
12
12
44
44t4
9i2
44
47
49%
912
29ig
10
4714
934
95%
12%
48%
10
10
2*8
*13
912
*28
291*
*110
*1081* 112
95
109
109
111
111
160
160
161
161
29%
19%
5%
38%
25
13
5
1
Preferred..........
Jones A Laugh Steel pref.—100
Kansas City P A L pf ser BNo par
—
77%
267g
25
447b
227b
8
15
167b
107
9%
2%
14%
96%
12%
497b
10%
29%
*2814. 29%
109
11012 110l2 107
110%
11012 11U2 109
*156
164% *156% 164
1641* 164i2
111*4
3,300
27.500
Class B.
..............
....1
Kelvlnator Corp........No par
20'
300
7%
preferred
100
...
Kresge Dept Stores—....No par
Preferred.......—.......100
No par
-.No par
9,700 Kroger Oroo A Bak
80 Laclede Gas Lt Co St Louis —100
5% preferred
.........100
.No par
6,900 Lambert Co (The)
200 Lane Bryant
No par
6
17,000 Lee Rubber A Tire
5,700 Lehigh Portland Cement.....50
40
7% preferred
..........100
60
7,800 Lehigh Valley RR
2,100 Lehigh Valley Coal
.No par
200
Kress (S H) A Co
Preferred.................60
2,700 Lehman Corp (The)—..No par
1,500 Lebn A Fink Prod Co..—.....6
23,300 Llbbey Owens Ford Glass. No par
8,800 Llbby, McNeill A Llbby.No par
400 Life Savers Corp. ——..—.. 6
2,000
700
4,200
Liggett A Myers Tobaoco——25
Series B
...........35
2414
401*
351*
501*
20l2
24i2
40*4
20l2
24*4
3512
3512
2478
4U2
35*4
5Ug
50U
5U4
41
2012
20ig
25is
4U2
20ig
25%
41%
36*4
5178
3712
52*4
*10612 10712 ♦106l2 1071s ♦106% 107ig
2
2
2
31*
*39
2
3i2
39*4
318
39*4
*10712 109
237a
24
*14314 146
13*4
201*
56
13*4
20l2
57
*2414
%
*40*4
♦127L
A A 1
*4
40
40U
2ig
3i2
405s
108% 108l2 *108% 110
24
2378
2414
24ig
14512 14512
♦143U 146
21
5812
14
14
14i4
21
♦13*4
207b
58*4
24*4
21
59
25
25
130
*8
43
3U
*129
24*4
130
130
2
312
*8
12
x40
♦1261*
129
40
%
39*4
*1261*
For footnotes see page 84»
60
2514
129
*4
39*4
201S
2578
41%
37*8
20%
2712
41*4
39%
52*4
20
27*4
41*4
20%
2878
43%
39%
54%
107%
38*4
52lS
52*4
♦10612 107i2 *10678
2%
2%
2%
2%
3*8
3*8
SSg
41
41%
405s 41%
♦1081a 110l2 *108% 110%
24*4
2414 24%
24%
146
146
*14314 146
*13
2012
5712
2418
*127
58
3912
♦12612
13%
2078
13
2078
14
2078
58
58*4
59*4
2478 25%
25U
130
*129% 130
%
*4
%
40
39% 39%
*126%
40
131
Deo 26
104%
11
Jan
2
22*8 Deo
9
495
2,300
200
9.600
130
120
1,100
3,000
4,100
Biscuit
.No par
25
6% preferred.....—.—100
(P) Co
10
Lorlllard
7% preferred.........—100
1 Louisiana Oil
—No par
Preferred
........100
Louisville Gas A El A ...No par
Louisville A Nashville.
100
Ludlum Steel..—............1
Cnnv
6.200
No par
Rights...................
700
Maoanarews A Forbes.—..10
300
0%
preferred
preferred
.100
4
12%
6%
6
24%
9%
13%
887*
15
21
60
40
48*4
7%
2%
19%
66
6
»«
38% Deo
5914 Deo
15
4%
Deo
2%
5*4 Deo 13
36*8 Oct 21 *'18%
121
Nov
6
45
7
130
July 18
105
46% Mar 22
21* Feb 27
108
Nov 18
26
Jan
109
Mar
4
1
Oct
2
26
24%
4%
32%
73*4
116*4
34%
56
67*
2
5%
5%
17%
2
2
8
1*4
2%
6%
201* Deo 21
6%
7%
22*4
5
Jan
1%
154
4
2
3%
18%
23%
3
6%
37%
131
164%
4%
18%
23%
1%
2%
1%
»
2
14%
21
9%
6
29%
115%
101
130i2Nov21
12%
37*4
407g
137
110
110
D
4*4 Aug 19
61* Oct
47% Deo 7
5
ll7*
15
10
125*4
1901* Deo 11
2
2%
4
7
Jan
6
4%
7
1%
Jan
3
13** Deo 24
8
21i* Jan 15
981* Jan 2
105
2%
8
7i* Deo 10
235* Sept 11
4*s Jan 25
12
15
18
15
20
15
11
15
11
7
13
49%
7%
2%
2%
8*s Oct
42*4 Jan 25
June
2
130
7
1%
3i8 Deo
2*8 Dec 10
287* Deo 24
%
7*
%
%
2*4
4%
8%
247*
9
9
26%
5
Deo
42*4 Deo 20
6%
3%
65
66
2
36%May 14
20
21
32
4214 Mar 19
16
July 19
565* Deo 23
56* Mar 13
87*May 8
70%June 27
6i«Mar 13
241* Oct 22
491* Nov 20
38
38
60%
4
16
19
46*4
78
Oct 19
40
59
84%
14
Deo
6
165* Sept
9
26
Deo
110
Jan 22
49
Mar 13
110
28
16
Nov:
86
Jan
37
93
Apr
6** Mar 12
71* Feb 6
15*4 Jan 17
6
Mar
*s Apr
Apr
6
7
4
4
Jan 25
3%Mar
1
IOI4 Aug 27
84
Mar 21
13*4 Mar 13
Mar
5
2*8 Oot
4
10
23
16%
Mar 29
6
3
Mar 13
11* Mar 13
5i*May 1
071* Mar 28
101* Oct 1
2H* Mar 30
6% Sept 10
21
Mar 14
94U Apr
93*4 Apr
3*4
1
6%
6
10%
12
137*
20
5%
1%
55
»•
10
97*
2%
3
7%
21%
94
23%
18%
7%
12
D
113
Apr 9
61* Nov 22
13%
41
10%
41
13%
22*4
99%
2
Z114
101
2%
7%
12
19
66
27*4
36
321* Aug 12
19
23%
66%
83%
27% Deo
12
20
63%
19%
27
60
19%
4%
22%
31%
46
9
Aug 20
281* Jan
8
Jan
3
9
141* Deo 28
17** Jan 7
5%
Aug
Aug
6
6
167%May
4
20
73%
90
5
9%
1%
2%
4
5
58*4
64%
78
10%
-
11%
22%
23%
437*
21
*
2%
64
Deo 12
26
Sept 18
17%
73
110
74%
111%
129
123
162%
16
26%
16%
11%
16%
207*
36%
72
33%
107*4
14 <>4
w8%
6%
34
7%
46
Feb 19
130
May 13
3
2*4*4
mmmm
15*4
22%
2130
102
*4
3%
7%
23%
s
10%
37
3
1
1
33
19%
35%
105
1%
12
21
37*|
62%
19%
8%
50
*8 Dec 19
877* Nov 4
24
16%
1
135
5
16%
71%
73%
66
.
21%
-w
14%
13%
11%
16%
19%
43
14%
14%
7
73
1U* Jan 7
3U Aug 14
15*4 Nov 26
95*4 Nov 18
1714 Jan 25
49U Oot 28
10** Nov 19
29% N<
6
11
9
Deo 13
107
122
8
16
67*
9%
4
Feb
2%
11%
)5%
13*4
.
113
20
3
%
Nov
Mar 15
Jan
5
2%
6*8 Deo 18
120
Mar 29
1
18%
37%
4%
5
30** Deo
21
4
12*4 Mar 26
14%
19%
27%
15
4*s Deo 17
114 Mar 13
Apr 25
41% July:
Deo
107*4 Nov 27 112
26% Nov
181* Mar 26
2149% Deo 12
124
Apr 5
l1* Jan 7
*8 July 16
15
Deo
4i*June 19
23
Aug 19
10** Mar 18
90%
10%
Oct 13
83
34
977*
6%
901* Oct 23
2** Jan 17
22
Aug
3II4N0V
28UNOV
18% Jan
96
July
30
5
171* Mar 13
241* Mar 13
8U4 Feb 7
102
Feb 1
77
977*
Nov 12
89*4 Jan
40
45
2OI4N0V 18
80
81* Mar 14
10*8 Mar 14
21
136
Deo 12
661* Apr 5
22%May 16
May 13
66%
110
45
Oct 31
5
67%
89
115
Feb 19
80
3
90
33
101
N
Jan 11
21*8 Oct
10
39
87
May 21
Mar 22
6%
24%
26
2
12
16%
81%
85
42
191* Mar 27
17*4
3%
21%
36%
Aug
19*4 Mar 13
1031* Apr 26
7%
4*4
12014 Deo 11
14i* Deo 10
22
100
20*4
1201* Apr
130
84
5%
2*4
Aug
4
HSU Mar 20
3*4 Mar 13
50
Jan
90
Feb 19
130
Deo 10
991* Nov:
1261* Deo
381* Marl
1171* Mar 1
9,800
Loose-Wiles
6%
57%
2%
2214 Deo
13*4 Deo
151* Oct 16
13i* Mar 14
Long Bell Lumber A
20
29*4
91* Mar 14
1611* jan 30
8,700
4,200
87g
54
12%
2%
35%
26%
No par
..No par
..........No par
Loft Incorporated...
No par
9%
1%
Nov 25
34
2%
43
6%
17*
Nopa t
Preferred..
2%
9
Preferred..—..........—100
......
U
7
00*8 Deo 9
51* Jan 21
13
£480%
%
Lima Looomot Works
2,700 Link Belt Co__.
....No par
8,000 Liquid Carbonic
-No par
19,600 Loew's Incorporated
810
43
17*4 Jan
73*4
105%
10%
8%
200
•
4*4
6%
37* Jan
*4 Apr
Lily Tulip Cup Corp
400
83
6%
»
Deo 31
Nov 19
7
126%
48%
4
4
12%
81%
111
44
July 17
30*4, Deo
5%
59
80
81*4 Jan 19
118
967*
5
01* Mar 14
6% Mar 26
800
1
*20
Jan 15
2*4 Feb 27
6
0% preferred.........No par
Kelsey Hayes Wheel uonv.olA._l
20 Kendall Co pt pf ser A... No par
No par
33,000 Kennecott Copper
500 Kimberly-Clark.........No par
...No par
1,400 Kinney Co
Preferred.
.........No par
1,030
9,500 Kresge (S S) Co............. 10
88
*28
2914
112
109
1314
95*4
88
106% 106%
5%
90
*22l2
♦107
24%
25%
75l8
*72
23l2
4U4
2214
7i2
*10078 107
8i8
8I4
214
2*s
12i2 13
9314 937b
1U2 11*4
43*4 44i8
914
9i2
37
38
*106i2 106*4
106*4
514
15
*40
28*4
19%
5%
29%
19
26
*72
*85
88
28*4
2914
--
*19
19
par
1
Island Creek Coal
Kansas City Southern....—100
Preferred................100
1,800
1,100 Kaufmann Dept Stores |12.—60
6
1,900 Kayser (J) A Co..
Keltb-Albee-Orpheum pref—100
18
24%
16%
par
4,500
*80
15
26
par
9,100
*28%
23*4
Us Mar 13
43
3% Mar
227* Mar
841* Mar
135
Jan
1% Mar
17*June
22U Jan
1237* July
li* Mar
3* July
%May
4i* Mar
par
Jewel Tea Inc...........No par
27*4
24%
27i2
24i8
15%
9i* Mar 15
1491* Jan 16
par
Oot 16
73
2
par
.....100
tKelly-Sprlngfleld Tire
27i8
100
Jobns-Manvllle
No par
Preferred................ 100
Jollet A Chic RR Co 7% gtd.100
29
18%
par
800
85
18
28*4
par
90
42
July 31
315* Deo 18
Jan
5%
361* Deo 26
49
..1
1,000 Intertytw Corp........ .No
*80
I8I4
......
par
Deo 31
807* Mar 14
6% Mar 13
Mar 21
..
85
29
5
41* Mar 30
21* Mar 16
23i*May
001* Mar 13
1,900 International Salt......J.No pat
2,000 International Shoe.... ..No par
100
2,100 International Silver..
160
7% preferred....... .....IOC
..No par
95,900 Inter Telep A Teleg
2,400 Interstate Dept Stores.. ..No par
120
20
Feb
40
-.10
1,200 Inter Pap A Pow ol A.. ..No par
Class B—.......... ..No par
1,100
Class G———. ..No par
3,500
100
Preferred...........
16,600
2,500 Int Printing Ink Corp.. ..No par
„
80%
6% Mar 29
191* Deo 17
838
Leased lines.............100
Preferred..
•
95%
6*4 Mar 15
RR Seo otfs series A.... 1000
Indian Refining
12,800 Int Hydro-El Sys ol A..
10,400 Int Mercantile Marine. ..No
44,800 Int Nickel of Canada.. ..No
'
*
4
Jan 25
April
12,600 International Cement.. .No
9,600 Internal Harvester... —No
62
153
"79"
81*8
120
~
-
62
61
1247s 125
153
lor*
81
*118
18
♦11312
*59i2
94i2
114
60 ~
*59
59
59U
92i8
94%
9434
95l2
122U 12214 *12214 125
94*4
♦12214 1241*
*
114
*113l2
60
92*8
73% Apr
104
15
No
5,500 Interoont'l Rubber
28,600 Interlake Iron..........No
No
4,700 Internal Agrlcul
Prior preferred
900
700 Int Business Machines...No
"
*11312
9
1*4 Oct 14
9%May 21
li*May
414 Mar
25* July 11
90
26*4
47*4
207b
63%
14%
13%
83%
15%
2778
26*4
Feb
No par
10
110
110
26%
4758
21*8
6178
13*4
13*8
82i4
8
8*4 Mar 15
310
178
Jan
Mar 12
2,100 tlnterboro RapldTran v t o ..100
80 Internal Rye ol Cent Amer_.100
3%
35i2
61%
3512
61*4
163
No par
No par
Conv preferred..
Internal Carriers Ltd..
34l2
123%
...No par
5,400 Inland Steel......
20
2,800 Inspiration Cons Copper
20
4
4l8
*35
36i4
176% 176i2
37
4
2%
13*4
2%
14
1
800
20
4
rl76% 176*4 *176*4 180
17%
*3
3i2
21
120
3,900 Industrial Rayon........No par
No par
2,900 Ingersoll Rand
iTeferred—
100
7
17%
*3%
4
June 19
-
103% 104%
6*8
6%
18
20
170
*126
-
162
Houdallle-Hershey ol A —No par
300
4%
30%
117% 118
117
1421s Jan 10
100
Homestake
550
13
30
18
20
59%
30%
7
*3i2
34
59
*4
7
1812
3i2
2078
4*8
146
Preferred.......... ....100
1,000'
..No par
15,100 Hudson Motor Car
53,800 Hupp Motor Car Corp....... 10
17,000 Illinois Central............ 100
300
0% pref series A.
100
1%
*12%
101*8 103l2
6%
6i2
99i2 100*s
6i2
65s
99*s
6*8
7
116
33*4
*125
*126
97
*4*8
297b
1978
101
Voting trust otfs new
25
25,200
6,200 Howe Sound Co .............5
100
2,100 Hudson A Manhattan
12%
16%
20%
13
18*4
*3U2
♦585a
♦II84
♦312
1
94
Household Finance part pf—.60
Houston Oil of Tex tem otfs.-lOO
4%
10*4
16%
1%
10%
16*8
188
2078
33*4
5912
16%
1*4
197b
4
900
54
4
4
74
June
700
7
6*4
52*4
67g
54i8
4
65
141
122
14,900
6%
120
6
$7 cum preferred......... 100
42
1%
2
Jan
N» par
4,400
6
3,800 Hollander A Sons (A)...
No par
11,600 Holly Sugar Corp
30*4
72%
High
% per ohare
Jan
Holland Furnace
23%
1
85
11
100
5
61* Oct
45
Low
127
71
400
Spirit
25
-
Ns par
500
4178
30%
*697B
72%
W)
—No par
200
30*4
9%
23%
500
(G
Low
t per share
25
Haiel-Atlaa Glass Co
Preferred
78*4
9%
95s
23*4
500
3
Hayes Body Corp
Helme
Highest
f per share
13s Mar 1*-
Hercules Powder
400
118
30%
30%
42
*65
531*
3*8
118
Par
2,300 Hercules Motors
130
78*4
7812
118
30
.
*121
130
41*8
41%
3014
73i2
7
200
*132i2 138
♦151*4 157*4 *151*4 157*4
35
35%
35i8 35*4
88
88
871* 87i2
130
Lowest
Jan .3
2
$ per share
514
5i8
1936
60
21
so"
87%
96
97
78 Deo 19
42%
111%
Jan. 4
New York Stock Record—Continued—Page 6
90
1936
July 1
HIGH
AND
SALE PRICES—PER
LOW
Dec.
Tuesday
Wednesday
Thursday
Friday
the
Dec. 31
Jan. 1
Jan. 2
Jan. 3
$ per share
$ per share
$ per share
$ per share
Shares
28 >8
28%
28%
30
30
3034
2934
45%
46%
46
47
10
10
10
47%
9%
3434
1%
48
9%
3434
1%
46%
10
7%
*9%
*56%
8
9%
58
*33i2
*1%
6%
834
*55
33%
1%
634
834
1"
*1%
*6%
1%
*6%
9%
56%
21%
18%
2%
9%
1%
8
20
20
56%
21
2034
18%
*18%
2%
9%
2%
9%
1%
8
21
*20
7
834
58
20%
*18%
33%
1%
7
3412
1%
42
*2%
42
1034
*8%
29%
*2%
*41%
11
11
3%
52
1634
8%
3434
1%
7%
10
*56%
1,400
134
900
7%
734
9
10%
1,360
10%
10%
*56%
58
21%
21
21%
8,900
19%
19%
1934
1,800
2%
2%
900
9%
9%
9%
2%
9%
7,800
*1%
*6%
*1%
*6%
1%
*1%
1%
10
Market
20
20
20
2%
3%
42%
*2%
2%
7
7
20
43
43
600
12
12%
10
30%
12%
13
8,000
*8%
10
30%
10
*834
10
11%
*8%
11%
9%
*8%
30
30%
30
30%
30
30%
Maytag Co..
52
Preferred
No par
50
19
19%
19%
4038
39%
*114% 119%
9%
9%
9%
39
38%
3834
12%
12%
12%
*96
33
38%
38%
39%
5%
18%
534
5%
19%
19%
22%
22%
*33
32
1,200
MoCalJ
13%
13®4
6,500
{McCrory Stores olassA.-No par
1334
*110
1834
*56%
140
234
5
4%
16%
5%
13%
1%
3%
13%
2%
22
88%
38
21%
87%
38%
38%
46%
48
48
5%
1334
23s
13%
1%
49
334
3%
3%
112
112
110% 111
60
148
142
142
200
6%
61
*38
1%
3%
234
17%
Stock
14%
14%
7934
23
14%
4
1438
1434
1434
15%
15%
15%
3,400
80
80
80
80
80%
80%
81
*21
23
*20
42%
1838
21%
13%
*158
2834
204
2834
~
*28%
205
204
978
138
1
18%
18%
74%
7234
9%
9%
*%
%
*%
72
71%
10
10%
*%
1%
%
36
5
13%
14
rll9
1
*12%
119
90
22%
23%
7% oum pref
Nat Cash Register..
22
22%
55,900
Nat
211
105
105
26%
53%
26%
53%
684
7
*96%
98
*3%
*96%
4%
98
1,700'
5001
10%
*%
834
5
2%
234
13%
*2%
12%
National Tea Co
5834
*
For footnotes see page 84
98
9%
11%
1134
37%
59
11134 112
6884
16,800
33%
34
33%
33%
2,100
28
64,700
29%
1734
1734
1734
19%
2,300
36%
38
37%
40%
5%
5
14
I
*118
1
*
15%
120
14%
*118
1%I
90
1
*
6
16»4
123
1
I
390
4,100
"9",800
York
New
Investors Inc
8%
9%
8%
9%
9,900
5%
5%
234
234
1234
534
234
6
2,100
5,600
N Y Railways pref
*67
89
9034
"""396
100
100%
210
7
98
*3%
*94%
7%
98
69%
4%
97
900
1,100
50
32,100
600
7%
50,700
600
*1)4%
97
M
36
M
*8% Mar 13
ll*s Jan
43% Jan
Jan
109
61%
118%
11%
10%
36%
10%
4
0%
30%
497]
16
81
80
100
112
0
25
/ 3%
4
M
113
Mar 11
28%
9
12%
18*8
Deo
5
6
9
45%
207i
Deo
4
97,
10
43%
6% Deo
5
2
2%
4
6
101
108
16% Dec 16,
139
June 12
9
%
May 22
781]
9
0
100
2%
5%
2%
%
N
1% Deo
99
100
6% Nov 25
No par
334 Dec 17
1
2% Nov 18
16% Jan
7
87
Oct
June
Norfolk A Western...
100
158
Adjos <4% pref
North American Co
1U0
99
108
No par
9
28
351
65
1
2
..No par
No German Lloyd Amer ahs
57
60
Jan
7
92% July 15
102% Deo 23
2% Deo 9
218
Deo 131
*S
24%
10%
4%
%
9%
1%
227a
51
72
73
99%
79
90
1097]
4%
%
1%
101
77
82
Nov
8
9
Deo
4
81
7% Deo 26
2
10% Nov 26
99
Aug 20
11%
69
138
Nov 21
87%
....
June 18
102
1%
90
%
6%
32
108%
83
8% Jan 4
16% Aug 13
%May 3l
96
100
No Amer Edison pref.
13
11%
19
M
50
18%
7%
11%
69
Central
00
9
35g
Nov 20
51
Northern
z8%
5%
100
North Amer Aviation
88%
33
21%
4%
No par
No par
Southern......—100
Preferred
9
Apr 23
Deo 6
Deo 27
Dec
1
68%
10
9
II
2%
84%
39
2
17 1st preferred....
{Norfolk
33
2934 Deo
No pur
preferred
preferred
122
4
13% Deo 9
4134 Oct 21
50
{N Y N H A Hartford
7%
100% 100%
*3%
4%
6%
9
N Y Steam $6 pref
*67
1%
1%
1%
1%
210
210
210% 212
*105% 10634 *105% 10634
26%
27%
26%
27%
54
54
*53%
53%
8334 Nov 14
20% Aug 17
77% Aug 17
100
N Y Shlpbldg Corp part stk
69%
17u
15%
100
il",400
89
89%
100% 100%
3278
185
122
*4
Preferred stamped
234
10%
or
87*4
*8
100
N Y Ontario A Western
3%
14
8
Dec 31
6%
Lackawanna A Western.100
4%
13
31%
%
100
Dock
"_4%
*1»4
28%
34 Nov 29
No par
A
4%
Conv
37,
5
10
%
100%
No par
"4%
*2%
I
3
16
*8
1
Y A Harlem....
IN Y
....
4%
26
Preferred.
N
18%
....
99*4
100
...
Central
York
321] July
18
....
z!06
1% Nov 29
No par
Brake
Preferred series
N Y
90
Air
80
49%
148%
23%
100
N Y Chic A St Louis Co
1,670
120
Y
New
11,300
5
N
11%
*
181
12
12
8%
13%
140% July 30
14% Aug 17
No par
Newport Industries
20%
129%
2
Jan 26
4% Mar 15
7% preferred.
100
{New Orleans Texas A Mex..100
10%
34% Nov
121%
Newberry Co (J J)
10%
22%
46%
146%
121%
900
10%
2834
May 31
AT# par
10
5%
4% Jan 17
2
...No par
10%
108
Dec 18
Dec 31
Dec 31
Nov 6
Aug 19
8%
6%
l62%May 23
Nelaner Bros
*9%
2734
21
3
3434 Feb 16
Apr
23%May
158%
23%
22%
113%
206
450
59%
*111% 112
17
3
14
14% Dec 31
36% Nov
6
Jan 18
Natomas Co
10%
10%
11%
33%
82
Jan 18
800
38
25
12%
19*4
160
5,900
12%
39
8%
25
3,800
9%
3%
100
Corp
3,620
12%
209
208% 209
*105% IO6S4
105% 106
2634
27%
26%
27%
54
54
53%
53%
6%
7%
7%
6%
98
98
*96%
98%
*3%
4%
*3%
4%
National Steel
9%
*134
208
%
74%
....
18
10
11
146
No par
76%
75
62
7
100
B
National Pow A Lt
Nat Rys of Mex 1st 4% pf
2d preferred
21%
12%
69%
89%
89%
100% 100%
1%
1%
*%
7334
%
16,800
1
75
3
*67
10341
A
Preferred
""130
139%
16%
....
....
14
100
...
0%
9%
9%
13%
100
Lead
Preferred
20%
11%
*36%
1%
2%
National
76
1434
4%
Nat Enam A Stamping...No par
20%
9%
14%
8%
*34
100
19%
5
5
1
par
No par
74%
*
5
4
Preferred
Natl Distil Prod
National Supply of Del
Preferred
27%
17%
35%
90
2%
6,100
14,000
33%
28%
17%
36%
121
10%
10%
No
1
7
141% Mar
13% Mar..
12% Mar 21
108
Sept
100
Sept
7% pref class B
100 zl06
{Nat DepartmentStores..No par
1% Mar
*161%
*%
74
1034
284
31
2834
204
139% 139% *138
1
834
98
28%
*204% 206
2834
10%
8%
12%
3,100
1,270
27,250
204
139
"3%
*2
31%
30%
*161%
100
No par
22% Apr
7% pref class A
29%
33
*65
69%
*65%
69%
8984
89%
89%
89%
*100% 102% *100% 102%
138
*1%
rl%
1%
*206
29
206
10
Prod
Dairy
Apr
1
Biscuit
6%
44%
....
19% Jan
14
23~666
384
5
Nashville Chatt A St Louis ..100
National
"3%
*2%
11
27,500
*9%
1
No par
No par
Aome
1
10%
31*4
271] Jan
8
14% Deo 31
Myers F A E Bros
Nash
Motors Co
71
h
47% Oct 25
80
34%
9
*
10
33%
10%
1%
1%
*
Sept
62
No par
33%
9%
*119
No par
33%
9
5%
14%
new
Murray Corp of Amer
National Aviation Corp...No par
11%
11%
36%
36%
58%
58%
11034 112
36
*4%
3484
Preferred
69
1
National
3134
**
33% Dec 23
15% Dec 31
16% Oct 22
1534 Nov 25
8134 NOV 26
26% Deo 13
21% Nov 22
6
390
"234
22%
l%May
% Apr
7.50
13,300
9%
11%
36%
36%
59
59%
*58%
59%
111
11184 *110% 111
*9
*9
10%
10%
10%
1034
10%
10%
34
33
33
33%
2784
26%
27%
27%
17%
17%
rl7%
*16%
11%
/ 37
60
...No par
Wheel...
Mull 1ns Mfg Co Class A
Class B
26,000
73%
1934
Motor
15%
234
12%
9434 Nov 14
56
No par
13%
32
10*4
15%
..—
When Issued
24%
3034
9%
7
Nov
Deo 10
Motor Products Corp
15
30
1%
2%
68
13%
3134
I
1%
>4
23%
""2%
6
4
5
55*4
14
10
84
Jan
1
60
15
107%
14
65%May 24
Essex
A
2334
107% *_
12
7%
....
4% Deo
3
23
Mother Lode Coalition...No par
13%
*108% 109
4*8
01
14%
22%
1%
....
2%
5%
03%
22%
23%
1%
10%
85%
14%
14%
33%
21%
3%
5%
39
32,100
22%
1
4
1%
*4
1%
%
9
5%
41
17
18%
*
%
%
20
43%
*108% 109
15%
15
15%
1734
*153
1%
34%
43
*153
66
107
24
18%
~
85%
so
87
1%
July 10
16% Deo
1
44
20%
68
*
Feb 25
43
-
44
6%
40% Dec 10
17%
-
21%
66
10
23
•
0%
No par
A Co
43
%
74%
1934
74%
*%
73
7234
19%
74%
9%
11%
22~600
1
20
M(mainswear Ino
19%
14*4
6%
No par
310
22
4
Mar
100
Mills...
18%
*161%
139% 139%
10
19%
Carpet
4234
2234
22%
23%
22%
22% *22%
21%
20%
21%
21%
21%
22%
*108% 109
*108% 109
*108% 109
*
108
107%
107% 107%
234
2%
2%
258
"2%
"~2%
30
30
30
30% 3034
30%
31
31
30%
3034
30%
3O84
*161
19%
preferred
600
*
29
*2734
*203% 204
*20
23
100
25%
9%
8*4
Morrel (J)
300
1,400
*157
4%
2%
2%
12%
3,400
2,900
29,800
3234
8%
62%
%
62%
Pacific
*20%
2%
9%
Mont Ward A Co Ino
M orris
61%
15%
33%
2%
*1%
h
16%
3234
4%
*60
%
63%
3134
32%
8
Monsanto Chem Co
14%
13
3%
Mobawk
15%
13
90
4,000
3134
21%
13%
1
3,200
21%
15%
13
3%
4T
Conv
15%
13
*88
{Missouri
32
22%
120
1,500
1434
*21%
12%
12%
31%
120
90
A
17,900
2%
15%
42%
18%
21%
13%
13%
12%
3%
21%
Preferred series
15%
14%
14%
17%
5
2%
15%
42%
34
5%May
1
July
15
2%
4%
2134
2% Dec
% Apr
1
33%
2%
»
2
100
5%
15%
100
11
52
25%
«4 Nov 21
% Mar
42
8%
24
22
•
Nov 18
68
Mar
....
40
6% Nov 25
31
....
....
3
7% Nov 25
3% Mar
100
Mo-Kan-Texas RR
32
17%
Deo
111% J line 19
92%
....
20*4
4% Dec 12
1734 Dec 31
9,400
14%
19%
x
1% Mar
790
5,600
6
14%
20
Jan
2% July
Minn Mollne Pow Imp! ..No par
Preferred
No par
3%
32
19%
150
Jan
10% Apr
100
18%
15
22%
20%
58
100
534
1434
1984
60% Mar
105
No par
18%
6% pref series A
9%
3%
8
No par
*3
3%
18%
32
*21
1984
634 Oct
6
....
*
20% Dec 31
24%Sept 20,
116% Oct 9
No par
7% preferred
4% leased line otfs
Mission Corp
61%
*31
7
Minn St Paul A 88 Marie... 100
*60
62%
17%
500
%
63
9%
42%
1
%
3
42% Dec 31
5
8% cum 1st pref
100
Minn-Honeywell Regu...jVo par
10%
11%
33% Deo
22
10
Midland Steel Pred
4
9%
Jan
800
3,500
62%
Jan
3
20"
6
Copper
4
Dec 13
3%
*1%
3%
51,300
1,600
62
Miami
12%
60%
2
1%
3%
91%
%
Mesta Machine Co
Mld-Contlnent Petrol
03%
96%
{Minneapolis A St Louis
1,700
4834
Day
Merch A Mln Transp Co .No par
5%
4%
100
%
39%
60%
1
12%
3%
79
%
7%
62
38%
89%
41
par
100
preferred
7%
1%
88%
7%
62
7%
6234
%
89%
21%
Closed—
No par
r\ o
36 pref series A
11
971
Mengel Co (The)
32
1%
3%
115% Deo 14
1434 Dec 26
97% Dec 30
65% Nov
6
838 Nov 14
6034 Oct 21
urn
Melvnic Shoe
92%
1%
28%
15%
8% Apr
No par
Mead Corp
32*4
67%
40
No par
1
8*4
86
Nov 20
30,900
4834
42
*36%
238
Exchange
$3 conv pref
MoLellan Stores
46%
10
1034 Dee 10
33% Nov
6
50
39%
17
9%
11%
5%
7% Mar I
108% 108%
107% 107%
80
14
*%
7034
18%
74%
4,000
*31%
14%
*14%
14%
31%
139
22%
48%
*34
*%
22%
38%
%
9%
23%
3,800
48
61%
139
32,400
6
39% New Year's
%
*159
20%
41%
48%
*60%
*155%
20%
89
%
60%
*41
41
5%
20%
38%
61%
19%
15,700
42%
88%
%
60%
*21
40
*31%
534
5
McKesson A Robblns
290
21
*60%
*79
57%
22
38%
48%
*60%
61%
8,500
*141
3%
3%
1734
5%
14%
2%
3%
21%
90%
3
2%
16
16
17
8%
22%
140
*234
5612
58%
"7",700
300
62
8
par
Mclntyre Porcupine Mines
20
100
*6l
8%
Co ...No
Pub
6% conv pref ser A
14%
20
41%
5%
20%
19%
23%
2234
*110% 111%
145
13%
*
131
67% Feb
136
4%
«4
14% Deo
14% Dec
McKeesport Tin Plate...No par
*96
13%
*31%
5%
108% *107% 108% *107% 108%
634
6%
6%
6%
6%
6%
60
60
59
5984
*58% 60
%
%
*38
*%
%
*%
rl
138
1%
1%
1%
1%
284
2%
1234
3,400
22
7
7
111% Dec 31
1934 Deo 23
45% Sept 28
100
preferred
110
49
27
35%June 17
6% Apr
12%
40%
24
June 17
Mar
:
4
9
7% Apr
No par
B.
MoGraw-Hlll
3,200
99%
*106
2%
234
18,900
13
8
42%
112
.9%
39%
12%
33
112
9%
3734
62
33
300
13
*61
40%
5%
9,500
41
10%
1234
59%
534
41%
118% 118%
39%
9%
*94
56%
600
40%
Corp
Conv
39
8%
56%
1,300
200
13%
112
19%
*1834
1834
40
*106
*115% 119%
62
62
41
13%
1334
112
*94
7%
*140
*110% 111%
32
14%
*90% 100
....
103
28
32
738
*55
No par
No par
103
13%
13%
97%
62%
97%
62%
7%
61%
7%
56%
33%
8
1334
*97
«•
Oct 11
33
19%
23%
SO
3%
55
32
14
14
23
4
32% Jan
84% Jan
103
111% 111%
1834
I884
40
40%
*115
119%
10%
9%
39
38%
1234
12%
Nov
8*4
14%
Class
20
Oct 11
Prior preferred
80
105%
5734 Nov 20
54
Preferred ex-warrants ..No par
103% 103%
Nov 16
156
Jan
136
Jan
3134
r31%
1334
13%
1384
300
Department 8tores
2%
23%
Dec
4%
82
8*1
7
11
9
12%
1
17
33% Nov 22
10
No par
40
14%
100
Preferred
May
3,700
*114% 119
14
No par
2,500
%
3%
2%
8%
3
3
12
45% Deo 14
14% Nov
7
Mar
%
2
2
9
9%
8%
%
3% Deo 13
Mathleson Alkali Works..No par
17%
103
19%
22%
20
Deo
1%
9
2334 Dec 10
Mar
No par
53%
103
14%
Marshall Field A Co
17
32%
13%
13%
13%
13%
1334
13%
13%
111
*106
rlll% 111%
*3034
1
53
103
"l4"
10
3% Mar
No par
Sept 11
1% Deo
100
*150
*315g
13%
*94
10
Jan
100
preferred
preferred
17%
103
32
4
.....100
53
105
87
5%
155
*103
3
20%
1%
5
17%
*48
21%
10%
1
9% Dec 11
52%
50
.
19% Nov 25
3
May 23
10
1
17%
53
1%
10
100
Explor
53
*5034
484
25
OH
150
*48
13
29%
17%
50
2%
15%
10*4
53
52
2%
10*4
150
*48
143
30
17%
*50
*138
131
53
50
22
41
155
50
56%
3
20
Marlln-Rookwel)
10
155
7
8*4
1
17
*150
%
3
52%
*150
52%
17%
50
7%
"5,660
%
02 %
*28%
14
Martin-Parry Corp
43
15%
May 24
Prior
2nd
12%
41%
2%
12% Dec 11
66% Oct 16
Preferred
60
43
*48
61%
3%
22
35%
3
Manhattan Shirt..
290
*2%
18%
30%
2%
29
100
Maracalbo
10
20
3%
43
43
11%
8
20
High
S per share
1
Midland Corp (Del) ...5
Street Ry
100
Marine
9% '
Lorn
No par
Mod 6% guar
2%
Low
S per it
share
guar —100
Preferred
Mandel Bros
{Manhattan Ry 7%
18%
50
13%
1,000
80
58
:
-..10
100
Magma
21%
2%
50
9%
38%
12%
6% Jan
Copper
IManatl 8ugar_.
50
39%
30% Apr
Ino
Macy (R H) Co Inc
1,200
per
3034 Dec 31
5714 Nov 18
11% Dec 12
3734 Deo 6
2%May 14
18% June
No par
Trucks
6,300
*48
*18%
No par
Mack
27,900
10
36%
134
35
1%
Highest
$
f per share
Madison Sq Gard v I 0—No par
30%
47
*9%
35%
2934
18%
2%
9%
1%
734
,
18%
Par
.
46%
31%
47%
8%
52
31%
Lowest
1
22
21
29%
155
*150
IvOO
Week
$ per share
$ per share
Range for
Year 1934
I U'Jfi
30
Dec.
28
to
Dec. 31
lOO-ikur* uots
STOCK
EXCHANGE
Monday
Saturday
YORK
NEW
for
1933
Year 1935
8TOCK8
Sales
NOT PER CENT
SHARE,
39
7%
71
10%
89%
187
100%
25%
84
45
2%
47%
74%
7%
81
8%
10
92%
Volume 142
New York Stock Record—Continued—Page 7
91
July i
HIGH
AhID
LO W
SALE
PR ICES—PER
SHA RE,
Ni0T
PER
STOCKS
Sales
CEiNT
NEW
for
Morndm1
Saturday
Dec.
28
Dec.
f i per share
23'8
24i4
2438
*5158
*2212
214
2538
13i8
1312
2ig
*215g
13ig
2478
2*8
50
*49
*11614
3%
*314
87g
834
*4
Pr-f/
2
24*8
52
52
253g
2*4
25*4
2*8
25*4
1378
14
1414
2*8
25*4
137g
2534
1914
107
26*4
26
2034
8*s
2478
107
8
8*4
25
123
122i2 123
17
16i2
*86i2
89
*87
*49
50
50
163g
*116I4
312
52,600
Otis Elevator
—
-
-
90
90
900
*49
51
110
*116*4
134
15
-
»
-
3*2
334
3*2
934
10*4
978
4%
4
434
3034
31
3158
31
3134
31
3158
5H2
15U
5H2
15i4
52
51*2
51*2
51
52*2
1634
153g
18
1134
678
678
20
17
1*4
1734
76i2
93s
7714
76
76i4
77
1H2
11%
17
17
1J8
1%
*16i2
1234
1314
7
634
1%
14
7
15g
134
19*2
19
19
18*2
19
78
78*4
80*2
80
82
10*4
10
1034
103g
1034
76%
77
80
79*4
81*2
80
8134
115s
1734
4%
1158
1178
193s
43g
1258
12*4
1234
1938
*18*2
19*2
600
4I2
43g
4%
4*8
4*8
5%
77g
8
1234
4*8
7%
1234
1*4
4i2
4
712
7%
1212
1278
12i2
Us
l*8
*1
66i2
7738
66i2
7734
*67
43g
4*2
4
378
8I4
8
4*8
8*8
1234
*118
1*4
13*4
1*4
13
1*8
69
78
79
5
5
5*8
5*4
1,000
4i2
53g
5*8
53g
19,800
4,600
Penn-Dlxle
25,100
434
414
414
2714
414
27U
28
4*2
2834
303g
31
307g
3138
53i2
*30i2
115
12i4
*54l2
*15i2
123s
45
45
82
*80
17'8
25
33g
*234
*734
8i2
23g
66I2
214
66I4
12l2
14%
1334
83
*80
*32
*80
4
4
4
30
6H2
6434
65
r55
55
16l2
15*2
1278
13
17%
17
25%
26*8
44*2
44i2
80
4
*234
3%
7*2
238
z68
12*2
Closed—
12*2 New Year's
83
*80
39*2
*9
9%
978
97g
*9*4
7234
34
72i2
7*2
1*2
1%
3534
3534
138
*35
1-38
60
*33
3534
*50
10
*914
*914
*33
37i2
34
1*2
3534
35i2
*50
*7
60
*50
1034
*35
3712
54l2
56l2
5612
2134
5412
21
21
*15S
2's
*138
12
12i8
1214
lli2
*1H4
11%
*378
43g
1'4
9U
5812
21*4
2*8
1234
1U2
9*2
4
4
1'8
l's
9i8
9i2
*15g
1234
1158
*4lg
*1*8
9*4
138
338
3%
33g
3*2
33g
24i2
2434
*24l2
2434
4412
4514
45i8
4578
253g
45"g
*119
-
44i2
•
^
*
45%
117
117
129
129
rl29
129
*147
149
*147
134
13
12*4
4*2
138
934
155g
14l2
147g
102
14&S
26
45*2
45*2
17,300
1,000
3*4
10
240
2%
7034
13*2
2*2
234
5,400
8,600
*12*2
1334
83
*80
83
*9
15
397g
*9*4
73
77*2
40*2
42,300
9%
100
30
73
1*8
9*2
9
1178
7,200
1*2
1%
134
8,100
3512
35*2
1%
3538
*50
70
*50
1*4
10
103g
1*4
138
10*8
10,400
800
35%
70
11
934
934
*95g
*34
*34*4
37*2
37*2
*176*4 181
*176*4 181
10*4
97g
97g
10*8
49
54
55*2
53*2
*178
*134
2*8
2*8
167g
*15*4
*15*4
16*2
4
3
334
378
61
61
60*4
613g
24
21
23
23*2
134
134
*134
2*8
12*2
127g
12%
1278
12
13*2
12*2
127g
478
478
4*8
47g
—
—
„
560
380
300
14,100
46
465g
165g
116
15*4
1434
12*9
12*4
5434
5434
84i2
8734
85
861?
851?
86*4
83*2
5
100
11212 112*2
37*4
38*8
21,400
17*2
74,300
115
116
*102
103
1,090
1,000
9,800
11634
14%
15
12*2
5434
5478
87
15*8
127g
5434
88*4
90
13*4 252,400
9,200
18
84%
16
16
1958
20
84i8
*8358
23
23
♦
117
23
*
195g
85
87
23*4
23i2
117
18
*16
*
117
47g
"~478
1778
8478
183g
1858
1838
847S
1814
84lg
85i2
85
8734
~~47g
20
1934
86
8634
87
8634
8684
88
15
1534
153g
16
*36l2
39
30
114
31
*111
54
5434
3014
5434
60
60
60
11
*lli4
297fi
11
I8I4
1834
1834
*31i4
3314
*313g
115
88
*113*2 115
3134
31*2
32
114
*113% 117
30*2
3014
*29*2
90
15*2
*36
90
1578
3834'
90*4
15*4
*35
113
113
*107
32
33
32
*113*2 115*4 *115
2934
30
30
48
48
40
Dec
31'
11
13%
3
Mar 21
3
4%
100
50
July
8
26
*4 Apr 27
100
2S4 July 24
No par
%July 16
Pfllflbury Flour Mills
No pat
31
Pirelli Co of Italy Amer shares.
Pittsburgh Coal of Pa
7
100
100
6% preferred
Pittsburgh United
Apr
8
65% Aug 26
100
Mar 14
26*4June
6
5%
10*4 Dec 11
78*2 Nov 22
1*4 Nov 25
44
%
1%
Nov 23
2*4
4%
10%
1*4 Dec 13
%
*4
18
18%
34%
70% Jan 26
05%
70*4
87
•127S Aug 13
4434 Aug 13
7
8
38
Nov 16
7%
20
20
5*j Mar 13
10
Dec 31
4%
4%
65
Oct
I
15*4
16*4
Mar 21
141*4
3%
19*i
4
16*2 Dec 31
0%
8%
3*2 Sept 11
1%
1%
26%
097,
10
27
4
62
Nov 18
24%
678June
4
25
Nov 25
078
Plymouth OH Co
6
0*2 Mar 15
13
No par
0*8 Mar 15
1234 NOV 20
No par
100
11%
43
1*4 Mar 20
10*4 Apr
24*j Apr
No par
18%
42%
109
1%
100
Preferred
141*1
2
1
2% Nov 25
Pittsburgh 4 West Virginia ..100
Plttston Co (The)
No par
Procter 4 Gamble
13%
04
60
Aug 21
1
*20*4
*4
22*8 Mar 1?
26
Class B
747,
|80
Feb 14
172
100
Preferred
21
7
Mar 21
1
1% Mar 19
9
JaD
147,
1%
'4
4%
7
Nov
7
1
0%
3*4
39*8
1*4
6
6*4
6%
22
33%
44*h
*02%
*17%
%
63% July 23
121
a%
*0%
33%
4*4 Deo 5
26% Dec 23
Jan 12
%May 14
423s
10%
0
2% Nov 12
6*2May 14
ju
1%
7*4
6
Dec 31
578 Nov
6
1
0%
2% Aug 30
10%
6
"
101
Jan
2
No par
203s Mar
5
46*4 Nov 18
20%
26
46
No par
62*8 Feb 20
73
Mar 14
104*2 Deo 28
69%
07
84
117
Deo 12
73
78
97%
5% pref (ser of Feb I *29)-.100
Pub Ser Corp of N J
...100
115
85*8 Mar 18
Mar 14
Dec
6
84
88
148
Dec
9
99
*05
6
113
July
7%
preferred
100
8%
preferred
100
100
Pub Ser El 4 Gas pf J5__.No par
Pullman Ino
No par
Pure OH (The)
No par
99
Jan
132
52%
30j
837,
87*,
9
Dec 31!
29*2
35*4
678
0*8
Jan
100
29*2 Oct 11
57g Mar 21
49% Mar 18
preferred
100
65
Purity Bakeries
No par
Radio Corp of Amer
No par
4
Mar 13
13% Dec 18
60
50
Mar 18
62% Jan 2n|
92
Dec 18
preferred
Preferred.'
B
.....No
June 25
8«4 Feb
1
35*4 Mar 12
17
106
119%
'04%
0*%
14%
11978 Dec 12
49
49
SO
103
33%
3<%
63
Dec 16
1734 Oct 15.
0%
8%
19%
4
4%
9%
22
28*4
60%
13%
15
46
33*1
29%
41%
39%
20
700
55*2
5634
60
60
60
12*2
20*2
*11*8
19*2
11*4
1034
11
19
2334
23%
25*8
*31*2
33*4
*3134
33*4
32
32
No
•
Metals Co
11
Aug I"
3%
6
72
Nov 13
20%
36
3
Oct 25
I
1%
6
7
6%
8%
38*4
20*4 Dec 12
6*4
0
:3%
par
A
1
Aug 22
Oct 15
98*2June 10
2*4 Mar 13
9
Mar 16
18
88
Nov
Nov 27
4
2
2034 Nov 20
9
10%
26%
19
33*>
07%
78*2 Oct
2
95*2 Nov 22
5*2 A pr
3
75
Apr
9
17*8 Apr 29
Nov 14
mm
—
~
♦«
3
5"
14%
♦«
10
11%
28*i
40
90
15%
27*4
115
Nov 26
32
Dec 31
43*8Mar 26
10
5614
.
78*2
Dec U
16
10
A or 22
6%
37*8 Dec 30
31*4 Deo 12
101
'20"
98%
5% Dec
97
Apr 17
uV"
1
12*4 Mar 20
..
21%
Mar
28** Mar 18
13
14
00*4
69
25*4 Nov 19
110
1
.
Roan Antelope Copper Mines
69
21*8
Mar 12
June
113% Dec 24
1,000 Rhine Westphalia Eloc 4 Pow
5,200 Hitter Dental Mig
No pat
100
7
June 10
100
Reynolds Spring
Class
4%
2
100
No
11,600 Reynolds (R J) Tob olass B
70
1%
4
10
5H% oonv pref
800
Deo
1*4
21|
Mar 26
No par
Preferred
p.
Jan
3i8 Apr
..5
A
8,800 Reynolds
32i2
5534
Class
230
114*2
55*4
Co
0% oonv preferred
100
0% conv prolr pref ser A.. 100
1,300
6
5,900 Revere Copper 4 Brass
1534
60
4
1,800
91
Oct
20*8 Apr
8
(Robt)
6
6
10
1
37
557g
1*4 Mar 13
100
Preferred
Rels
11,900 Reo Motor Car
59,700 Republlo Steel Corp
20*8
8738
60
No par
1st
300
preferred
..100
1
16,300 Remington-Rand
600
$0 preferred
25
Prior preferred
-1,000
25
Renns 4 Saratoga RR Co...100
5
30*4
preferred
par
par
400
24
117
{Radlo-Kelth-Orpb
1,500 Real Silk Hosiery
2%
60
*11*4
7,
27
5538
1834
Deo
28
55i2
12*8
48%
85
6
60
33
*1%
10*8
1434 Dec 27
1
Mar 12
38
101
19*8
15i2
114
2378
¥>%
37
11312 113io
3034
30i4
85*2
*
0*4
10
43*8 Nov
15*2
237g
3*4
Apr 17
20%
85*2
85
a:68% Dec 31
i
4%
1*4
b
Preferred
Preferred
0
1*4
3
9
Apr
197g
101*2
04%
33
15*2
"47g
8734
*110
*23
37
49
36
17*2
5
14i2
3718
*84
*
4% Jan
*
13*4
24%
60
20*4
"47g
5
35
3612
1978
85
"478
5
*15
203g
8558
2334
Nov 27
18',
11*4
21*2
38*4
9(
Nov 12|
Nov 29
«.«»•«»
.....60
10*4
20
10
Dec
2
1st preferred
71
1912
July 13
M
2d
*70
*16
Dec 16
100
*10*8
*2
14%
19%
28%
45%
85%
4%
300
10*8
23g
I77g
8*4
37
71
97g
9%
7%
39%
*36*2
*2*4
43
9*4
60%
37
71
13%
a
Dec 31
23
41
214
12
Dec 28
14
19%May
14*i
*36*2
10*4
51%
30%
*393g
72
18
11%
3634
2*4
38
14%
29 7*
4112
10*4
8
12
2
Mar 22
No pat
437,
2
9*4
Nov 22
35*4
5*2
63*2
1334
Apr
00
112%
7|
6
*39
72
Mar 12
19%
43%
41
2l4
4
19%
80
17*4
7
30*4 Dec 31
*36l2
*36i2
934
10%
80
5*4
16*2 Mar 13
35*2
3938
73
»
D,
27,
297g Mar 28
37
214
17*
2*4
6*2 Aug 21
50
30
36
934
Feb 27
Pierce Petroleum
0%
47,
Reading
295S
*70
No par
Preferred
oonv
1
Raybestos Manhattan ...No par
5*8
30*4
36*2
214
July
1,600
297g
36
912
2
38% Mar 5
i% July 26
3*2 July 30
134 Mar 21
60
Pleroe Oil Corp
8%
2
81%
4,600
2934
35
3634
%
134NOV 30
81
9%
534
47g
2938
3434
3634
8*4
May 2H
38*2
5»8
29i8
3412
5*8
.2934
16
07,
.
2934
478
5*4
478
*1
13,800
39,900
2834
73
23
50
Hosiery
8% preferred
1634
Oct
1234 Mar 15
26
100
Philips Petroleum..
600
17
10278 103
12I4
9l2
11
No par
preferred
117*4 117*4
100
8*4 Dec 30
64
Mar 15
7
7% Mar 14
13*2 Oct
6
{ Pressed Steel Car
500
46't
*1
10*1 Mar 13
4,100
150
«•
2%
5
13
334
131
m «•
17
2
Apr 26
4% Dec
34*2 Nov 23
64*4 Dec 31
*4 Feb 28
131
5434
*2
9*4 Mar 13
4% June 13
*146
1238
*70
2*8 Feb 20
No par
150
17
6
...100
60
$5 preferred
*11034 112*2
37*2
3678
Feb
{Postal Tel 4 Cable 7% pref -100
131
mmmrn
m
1
Porto Rio-Am Tob ol A—No pat
131
41%
■
'
11
43% Aug 17
Phillip Morris 4 Co Ltd
..10
Phillips Jones Corp
No par
600
2%
7
mmmm
9*4
11034 Mar 28
No par
Phila 4 Read O 4 I
10,600
12
39% Apr
30
600
*147
8
67
21%Nov 14
7
preferred
467g
*11678 117*4
01»
71%
7
1,500
.
%
Nov 22
0
0%
2*4
10*4
*2
14*4 Sept 18
9%
0%
2%
8078 Dec 16
12
Sept 19
10134 Sept 19
20
*6%
110
8*4
4
1734 Mar
{Philadelphia Rap Tran Co
*10438 105*2
46*8
178 Dec
108*8 Oct
8,100
*120
46*4
104% 105
6
»
Deo 31
100
1%
1,600
Oct 22
>03
37
9
Mar 11
107g
6,600
7%
84
09
99*4
12*4
Poor A Co class B
48
Dec 31
14
21
19
12
08 %
*
20%
9,800
25*4
3%
2
17*4
Pittsburgh Sorew 4 Bolt.. No par
1,350 Pitts Steel 7% oum pre!
100
300 Pitts Term Coal Corp
100
190
Jan
Deo 14
142*2 Dec 19
5
Mar
17*4 Mar 12
45,500
9,800
37
32*2 Dec
Pitts Ft w 4 Chic pref
47
5434
41
preferred
Phoenix
23%
20*4
6
82%
Preferred
25
12ig
3634
-
49
5412
*36l2
-
3%
257g
3*2
1234
*37
—
200
48
5434
5
393g
0%
12%
19
Nov
1U
No par
Pfelffer Brewing Co.
7%
1
12
5
1,000
....
8
100
1434
71*4
1
78
1161? 116*2
rlOO
70*2
934
*73*8
5434
33
Pet Milk
7%
a
12*8
56
5*2 Aug 6
30*4 Nov 22
Phelps-Dodge Corp
Philadelphia Co 6% pre!
83
25
147
16*2
116*4
*99
102
*99
2638
46*2
17*4
2634
3938
105
147
1638
116
115i8 115i8
17
8*4
•1*4
3
Petroleum Corp of Am
17*4
17,900
8,200
48*4
*11034 112l2 *11034 11212 *11034 112*2
35
357g
35i2
3614
36i2
3734
157g
14*8
3*2
25*2
*11634 117*4
*12912 131
149
15i2
1378
*120
4534
46*2
1043s 104i2 *10334 10412 *104
116i2 11612
60*4
2134
*120
*120
4514
Day
60
*9l»
1034
40
37*2
*17634 181
*176i4 181
*176*4 181
10
8i2
8I4
85g
9*4
9*4
44
44
44
45
44i2
491?
134
134
134
134
*134
2*s
15
16
14i2
14i2
16*8
16*2
3
3
234
234
234
*2i2
*20
200
*80
75s
758
13s
700
16*4
8*4
1
71
-
6*8
3%
31% Dec 31
10(
59
*15%
1334
3*4
3*2
%
18
10
Preferred
*50
334
6
100
16&S
8*4
>*4
•
"l
1
74*4
Prior preferred
$0
114%
07
5
100
-
56*2
100
5% Deo
00
5
61%
•
72*2
7s
7l2
J
978
r7234
34
64i2
65
82
Dec
97
60
44%
Pere Marquette
8*8
2i2
67*4
12*2
Exchange
685g
12*2
83
391?
34
Peoria 4 Eastern
1,100
2,500
97
*1
35*2
'
8i2
23g
675s
383g
78
1,000
30
*27g
8*8
23g
4
29*2
*79
10
47
7
100
26
Stock
378 Deo
26
30
7*2
Nov 12
1734 Nov 13
8
9
28
4
115*2 Mar 29
129
19%
3%
44%
No pat
*79
80
3
a
Preferred
*45
2634
45
7
8 484 Sept 18
6*
17
173g
17% Sept
108
3
2*4 Mar 13
57*4 Apr
People's G L 4 O (Chic)
4
92
loo
Cement
56*2
14
pat
04*2 Feb
Preferred series A
*1534
135g
15*2
par
Penn Coal A Coke Corp
10
66*4
61
300
32*2
28
20
21
18
478 Oct 3
8*4 Feb 28
»4 July 12
No par
7,000
30
1
par
No par
43
42
4
29
38l2
34
*634
*32
33*8
32*4
Penlck A Ford
6,700 Penney (J C)_.
79
*114*2 116
43
29
35g
38
*7212
32i2
4058
3278
313s
31%
*114i2 116
4134
83*s
26
445s
*234
734
214
66i8
40*2
33*2
6134
61
17i8
25i8
*80
2834
31*4
30
35s
165s
12i2
1714
5
32
32l4
*11412 116
40%
*28
54
»1512
33
115
40
5
43g
400
6934
92
No par
Pennsylvania
Peoples Drug 8tores
412
414
78*2
9*4 Aug
11
May
2*4 Mar
34 Apr
8
69
Nov 30
67
10
1,300 Peerless Motor Car
1*4
68
*67
7U8 Dec 10
8
Aug 28
...a
787g
5
125
21
i2June 20
0it Mar 12
100
12,700 Park Utah C M
31,100 Parmelee Transporta'n...No
No
18,900 Patbe Film Corp
8,700 Patlno Mines A Enterpr -.No
July
14%
12%
123
3% Mar 13
Jan
9
95
11%
2
10*4
"0%
70
6
June 19
Jan
"3%
6%
12
111*2 Jan 14
034 July 11
1
new
0
IS7,
484
Mar 18
70
lou
ino
78
4%
60
Park-Tllford
68
78%
434
59
1*4
13
51,100 Paramount Pictures
First preferred
Second preferred
Mar 2?
1
40*4
8%
8
19
No par
69
77i2
3278
3278
*11412 II6I2
3912
3S34
4%
*3%
2512 2738
13*4
8
5,900 Parafflne Co., Inc
Mar 26
13*8 Mar
No par
No par
5
3*2 Apr 22
par
12,700
20,300
19%
12*4
19%
378
1
No par
56,200 Packard Motor Car
6
1,500 Pan-Amer Petr A Trans
4,800 Panhandle Prod A Ref__..No par
840
8% conv preferred
in<
19
43s
Aug
4%
29
70
Dec 31
Dec
Mar 12
43
1%
8%
16*4
3*2
Nov 26
115s Nov
26% Deo
36U
33
20
Dec 21
14
100
3
Dec 13
107
14%
1%
Dec 31
55
80
26
No
Jan
32it
14*4
27*4
2034
92
114*2 Mar 23
No par
No par
13%
4
Mar 12
10
preferred
Jan
HiOk
S per ikare
33
25*4 Dec 26
52*2 Dec 11
2*4
Low
Low
$ per is
22*4 Jan 16
38
5
Pacific Coast
3,100 Pacific Mills
170 Paclflo Telep A Teleg
8% preferred
15,300 Pao Western Oil Corp
77
7
26
Pacific Amer. Fisheries Ino
•»
95g
2714
30]s
100
Olass Co
Jan
3
4
4*4 Mar 14
__loo
Preferred
Owens-Illlnols
2d
19l2
934
100
No par
10,000 Pacific Gas A Electric..
2,600 Pacific Ltg Corp
76%
984
lli2
1734
414
37g
75s
2714
2978
Prior preferred
Co
Outlet
Jan 10
4*4 Apr
11*8 Apr
No par
1st preferred
76ig
934
100
170
4*4
16*8
16*8
16*4
*118
118
120
118*2
*13534 142*2 *13534 142*2
14
1334
13*2
14*8
7
7
678
678
17
17
17*2
17*2
134
*1*2
1*8
1%
21
19
203g
4*4
Preferred
820
10*4
*438
5
560
/ 4
6034
1434
12
5,700
4,000
15
z30%
17i2
mmm-mm
138*2
75
100
39,400 Otis Steel
17*4
4%
1H2
6%
80
-
5H2
15U
16*4 Oct 2
3*2 July 23
No par
Preferred A
Mar 20
9*4 Mar 18
new.No par
Omnibus Corp (The)Tte.. No par
8,100
'
11912 *116l2 119l2 *117
119*2
*135l2 142
142i2 *13534 142
r20
Oliver Farm Equip
25*4
3078
15
50
No par
No par
61
*137
Preferred
Ohio Oil Co
Oppenhelm Coll A Co
15*8
*4i4
13*8 Mar 28
357g Jan 18
1*8 July 12
1,200
16%
133
lou
8*2
50
15
Northern Pacific
900
30%
*115
4,200
90
128
10
9
9*2
20
143g
27*2
*123
Rang* for
Year 1934
HtoMest
S per short
Telegraph
..50
Norwalk Tire A Rubber —No par
69,200
17
*116*4
127l2 128
15
15*4
3*4
334
15
253S
8*4
2478
lUU-*Au?» uots
% per share
Northwestern
21*8
25*4
123
20
2,700
23g
20*2
8*4
2478
30,000
52
oj
Lowest
107*2 107*2
21*2
107
25*2
oust*
1936
Par
253s
14*8
2534
14i4
On
Shares
2*8
26
20*2
107
2438
*51*2
1933 to
Dec. 31
Range for Year 1935
STOCK
Week
3
$ per share
25*8
53
YORK
EXCHANGE
the
ay
Jan
$ per share
25*4
127l2
1434
Jan
Jan. 1
$ per share
2i8
*2158
2*4
50
127
1514
1434
*212
*83S
2458
Thurs /tmt
Wednesday
*5158
53
*11614
127
126
31
$ per share
2434
25
2434
2512
1712
181S
1734
1914
107
10634 10634 *106
8
8
*734
8%
25
2414
2478
2514
123
123
*122l2 123
16
16
1534
165g
8914
8914
*8612 8734
*48
lay
Dec.
30
$ per share
53
*5178
Tiipq
35
«
9%
101
0
"0%
68% Nov 23
39*4
39%
63*4
67
66*4
ST
«27g
12*2
23
Nov 12
<7
12*2
11*2 Dec 19
13*2 Mar 13
6*4 Mar 26
217* Feb 25
20*2 Dec 31
ft
5
20
33
Dec
#
ft%
20
10
i<>%
33%
For footnotes see page 81
4
r
'v
New York Stock Record—Continued—Page 8
92
/*»• * »»
July I
H101H AND
SA LE
LO V
PR ICES—PER
NOT P.m CENT
SHA RE,
STOCKS
Sales
4U Uft,
Tuesc ,uy
lay
rr euntmuuy
Thursday
Dec. 28
Dec. 30
Dec. 31
Jan. 1
Jan. 2
Jan. 3
$ per share
$ pet share
$ per share
$ per share
$ per share
$ per share
1®4
*77fi
10
*47% 47*2
IOO84 IOI84
7%
7*2
2234 23%
1*4
1*4
2
I84
9
*7%
*1412
18
*14*2
4738
100
473g
102
734
22%
7«4
2284
1*4
1*4
178
32
8134
*109% 110
♦111
111*2
12*2
12i2
6038
51*2
3*8
2%
1584
1534
84
8438
1
%
18
32*2 33
109*8 109*8
111*2 111*2
12%
5034
27S
I684
♦83
13
*x52
78
2
36%
384
6478
36s
6378
334
6478
65
16%
17
11
67*2
I6S4
11*4
384
6734
11
11%
23
23
23
23%
♦41
42
29%
29%
3712 37*2
15%
15*2
110% 110*4
11*2
118a
193S
187S
6
5*8
I9I4 19*4
434
5
42
r42
30
*37*2
111
16%
85
3378
39
16
15%
109*2 IO984
1178
1134
19*4
187S
5
5*8
20
19*2
♦115
118
T 116*4 116*4
♦60
62*2
62*2 *58
6778
6578 *66
*65la
63
63
6212 62*2
26
25*2
2638 26*2
14*4
137s
135a
137g
48%
48%
101
*95
784
8
24
23%
1%
238
7%
*14*2
32%
1%
2*4
77g
♦14*2 18
33*4 3334
108*2 109
I684
78
434
734
3
2
4%
2
13*8
5034
34*4
334
334
23%
1%
3
2
6358
35s
67i2
16%
734
51*4
34%
384
2
34
48
100
78
2%
36
3%
65*4
334
64%
16l2
11%
2278
47g
*42%
3384
39
2478
25
26*8
*150
*150
24*2
2412
23
23
13%
13*2
18
18
30
30
*30*8
8*4
*8
838
7*2
7*8
65
784
7*8
81
*81
♦33
34
33*4
33*2
45
69
♦100
15
125
125
10*8
56s
834
16
167s
1278
*45
46
46*8
70
70
70*2
102*8 *101*4 102
15*2
153s
15*4
16*8
13*4
10*2
578
9*8
12%
126
*124
10*2
5%
9
10*2
6
9%
6
9%
24
24
24
25
25
2684
2*4
27*2
2*4
27
28
28
114
♦113
*2*4
114
39
31
38%
3078
29*2
49*4
31*2
65
65
65
38*s
30*2
♦23*4
48&s
344
978
•49*4
1768
14*8
9*2
378
10
50*2
1778
14%
934
69
69
119
119
26
26
278
10*4
*23
3084
29%
4884
30%
3%
984
*49*4
18
,
14%
9%
*70*2
*118
2684
57
*52
57
60
1
%
2%
*3%
4
*3%
4
65%
64*2
65*4
378
6734
1634
11%
2278
4
4%
68*2
1,600
1634
11%
19,900
67
*66*2
167g
11%
23%
47g
43%
34%
16*4
11*4
22
*478
*42
33%
38%
39
11%
1934
5
1978 20%
116*4 116*4
62
6578
8
8
25*4
25*2
4*2
2778
4%
♦23*8
1438
1434
99*4 100
»44i8
48
4*2
*24
14%
12*4
64l2
13
13
15*4
7*8
91
91
4%
7*8
22*2
3184
10*4
2234
3184
10*4
70
71
4*2
83
47g
7*8
412
86*4
♦125*4 133
48*2
70*8
22*8
4884
71%
22%
8*4
25*2
4%
27%
15
14l2
15*4
7
*92
Exchange
71
22*2
778
133
48*4
717s
23%
Mobile A Ohio stk tr otfs ..100
...
8
7*4
100
784
*684
*81
8
7
100
34*4
1778
13%
34*2
17*8
1334
34*2
1678
13%
$44*8
44*2
45
45
69
6934
104% *100
15%
1584
69*4
104%
126
124
*110
934
11
6*4
10*4
124
10%
6*4
9*2
1778
1434
1584
10%
678
10*2
25
26
26
25
28
2834
27
2834
*2*4
2%
*113
113%
40*8 40»4
3234 33%
*25
2934
6134 5234
*30
65%
3%
934
32
65*2
378
934
50
50
18%
187S
15%
14%
9%
97g
2%
113
2%
113
40
40%
33*4
*23*4
5184
31%
3384
287g
52*2
31%
66
66%
3%
3%
9%
*48
18*4
15*8
984
97g
50
18%
1578
978
72*4
118
29
1st
100
preferred
20
4,300
16,900
17,900
2,800
14,000
900
Standard Brands
100
Preferred
Stand Oomm Tobaoco
33
8
10%
43%
r60
578
8%
8%
30*4
8*4
29%
33%
8*8
33%
7«4
10*2
1078
28%
43%
28
4134
♦60*4
60
11
11
*10%
*96*4 100
9%
9%
3%
3*4
27% 27%
*7%
8%
2434 25
13%
67*2
28%
8*4
137g
147g
1584
7*4
94%
*
1478
7%
95
*125
133
14
17%
16%
7%
94%
)
■
55
48%
72%
48
23*2
24
2384
72
5
*125
133
48*2
72%
24%
......
48
48%
2,400
71%
7284
24
24%
17,000
20,000
1
*
45
15
Apr
121%
8
3
1%
3%
17
4%
17
11% Aug 17
1«4
4«4
10
6
11%
33
%
26%
96%
26%
23
Apr 6
40% Dec 31
38%
%
94%
116
3
35%
127
2%
26% Dec 31
28% Deo 31
2% Nov 18
% July 17
41*4
76%
....
17*4
12*2
120
9
12*2 Dec 14
9*4 Aug 17
15
13
19
7*4
3
11%
0
31%
1%
114
42%
15%
45%
47%
60%
4
Deo 27
1
10
Deo 28
2%
1
36
50
Deo 27
28%
4%
»G
No par
Preferred...
No par
Convertible preferred
50
Stewart-Warner
..........5
Preferred
100
.50
25
....
{Symington Co
..No par
..No par
Class A
No par
Telautograph Corp
..6
Tennessee Corp
Texas Corp (The)
..
6
25
Texas Gulf Sulptnr
No par
Texas Pacific Coal 4 OH
10
Texas Paolflo Land Trust.....1
Texas 4 Paolflo Ry Co
Thatcher Mfg
100
...No par
No par
93.60 oonv pref
The Fair
..No par
100
Preferred
Co
1
Third Nat Investors.....
93.50 cum pref..
Mar
Oct
Mar
32
5
*11
Apr
1% Jan
2
25
8
9
8% Mar 6
15
Sept 16
32% Deo 17
*4 Apr 15
1*4 Apr 29
6*4 Sept 20
9%
834
30%
8684
8% Jan 15
14
Apr 12
8
61
60
May 4
5*4 Apr 10
61% Jan 7
2% Mar
100
16
Mar 15
29
No par
Transue 4 Williams St'l.. No par
Trl-Contlnental Corp
No par
6% preferred
......No par
No par
10
Twin City Rapid Trans.. No par
Preferred..
100
...
...No par
Under EUlott Fisher Co ..No par
Preferred....
100
*4
%
i'l
1*4
6*4
3*s
16%
22%
2%
1%
7%
3*8
19%
5%
15%
6%
29%
30
43*4
7% Mar 18
Jan
84
26%
4%
28%
4%
7*4
8
104% Nov 18
48
8
46
10
15*4 Nov
3% Mar 13
Aug 28
24% Oct 3
2%June 5
18
Mar 18
8*4 Nov 18
24% Deo 13
33*2 Deo 13
12% Nov 29
13
l*8June 10
53% Mar 29
.
73
Deo 24
4*«
1
87*4 Deo 10
133
Apr 5
May 28
Jan 16
75^*4 Nov 20
No par
29
44
14% Feb
6
22%
95
Deo 31
13%
3
6%
78
1%
5%
8%
.
.
.
.
1%
6
1
86
102
9%
..
..
....
8%
39
4
58%
128%
29
60% Jan 22
24 '
.....
4*>
....
%
8%
.......
3%
24%
8%
41
5*8
60%
13
1
125
3%
1%
Deo 26
5% Nov
14%
87
40
24
61
,
5%
64%
4%
1%
6% May 16
20%
24
4%
7*4
8*4 Nov 25
•97% Nov 2
Apr
11
24%
8
7%
21
6
22%
1%
17
"43%
Dec 30
4
1% Mar 13
10
1%
17
3
3% Oct 14
69
4%
lb
16
9%
8%
13%
4%
Dec 31
83
2%
4
13
*?
18
60
2*1
2
6%
12
43%
52%
12%
4
Dec 31
14
5% Mar 14
8
19
4
13% Deo 31
72% Nov 18
Mar 15
Mar 15
Mar 15
Mar 12
Mar 29
13%
38%
Deo 31
15% Dec 31
6%
)-%
Deo 31
mm
2%
6
Nov 15
5
Union Carbide 4 Carb—Vo par
25
....
5
28
5>4
•
....
2634 Nov 22
Apr 23
8%
----
8
17
Union Oil California....
Union Bag 4 Pap Corp
3*8
11
31
19
7
14
31
27
7
13% Mar 13
1% Mar 15
18%
19%
8% Nov 29
5% Jan
15>4
»
Oct 16
Jan
4%
584
•
10*2 Dec 26
7
11%
1%
25%
1*4
Jan 9
Deo 26
Nov
74%
118
4%
»
12% Oct 19
1
100
9
Sept 30
Deo
Feb
9*4 Oct
12%May
28*2 Deo
44% Deo
16% Mar 13
28% Apr 4
3*4 Jan 2
13%May
Deo
10%
13%
....
51%
too
*11
9
2234 Deo 31
33% Deo 18
1*2 Nov 27
6*4 Deo 2
Mar 15
4
96
3*2 Deo 13
12>4 Aug 27
Mar 18
5
Mar 23
30% Dec
7
4%
3%
42
121
3
38%
2*4
Nov 21
50*8
1%
2%
77
4
17% Oct
Feb 18
18% Deo 31
15% Dec 31
1034 Nov 25
6% Mar 0
2% Mar 14
2% Apr 17
60% Mar 20
115% Jan 10
6
No par
Preferred
'
33% Deo 31
2
June 28
Tide Water OH..
'
15
2
No par
Tidewater Assoo Oil
Ulen 4 Co
27% Mar 15
100
20th Cent Fox FUm Corp .No par
Preferred
No par
133
130
4
Mar 15
Jan
Oct 21
105*8 Nov
19% Jan
1% Mar 15
4% Mar 15
111
18
84
27
26
18
NOV 22
5%
6
48
734
64*2
33>s
Nov 12
Trusoon Steel..
1,900
3%
Oct 22
8
2%
68
1,500
500
8*4 Dec 19
8% Oct 18
68% Jan 15
1% Mar 19
3% Mar 28
10
4,000
10,200
2%
13
41
8
5%
66
6
2384
32%
10%
86
74
30
6
Truax Traer Coal
71
30%
20
27%
2,300
86
30*4
Deo 11
26
15,900
6,900
9,300
87
Nov 22
39%
17%
16*4
7%
94*2
5*4
71
41%
4734
5
31%
23%
Transamerloa Corp
No par
Transoon 4 Western Air Ino... 5
70
14
5
19
Tlmken Roller Bearing
1,100
7
15
33%
Thompson (J R)__
26
7,800 Thompson Products Ino.. No par
44,200 Thompson-Starrett Co
No par
8,700
33%
36*2
52% Dec 31
32*2 Nov 16
14,100
10*2
68*4
22*8
5*2
Dee 4
Deo 4
Nov 22
93*4 Feb 14
35,500
32
4
par
63,000
10»4
Jan
132
10%
14%
11%
15%
14
32
12S4
12*4
12%
10
3
4
18% Deo 31
800
500
115
112
8
Deo
3584 Mar 18
12% Mar 14
Third Avenue
60
107
Dec 23
Nov
20
Tbermold
44,800
1,400
27
15%
6
19%
24%
36*4 May 11
par
19'4
20
Nov 13
68
55
12%
9%
23
9,200
1,000
8%
Standard Oil of Kansas......10
4,900
700
"
42
....
3%
20
7*4 Mar 14
13%
167g
1578
7*8
94%
77g
23%
48*4
71%
40
18%
15*8
108%
8% Mar 14
12%
8
*125
400
27%
15
2
16
31
67
23%
*85*4
400
11*8
12
86
1
100
17*8
68*8
Standard OH of New Jersey...26
Starrett Co (The) L 8
No par
Sweets Co of Amer (The)
5,800
4,000
6
61%
76
Oot
par
1,600 Superheater Co (The)
No par
1
25,300 Superior OH
100
4,700 Superior Steel
1,000 Sutherland Paper Co......... 10
18,400
7,600
35,300
6
42
par
.....No par
Tlmken Detroit Axle....
10
5
5%
8
157g
100% 101
5
434
3378
15*2
3178
32-
484
578
32
8%
30*4
10% 11*8
29*4 30
42% 43
6O84 6034
IO84 1034
*96*4 100
9*8
9%
5*8
6*4
28*4 28*4
8*4
9%
2434 26%
5%
578
30
30*2
784
22%
7%
23*4
85
25
8*4
5
5
71
29%
42*2
6034
11*8
Sl5%
1578
*100*8 101
*46*8 55
1284 13*8
66*4 67%
1578
10%
IO84
*27*8
*8%
24%
5
7*4
2934
33*2
784
8
9%
30
22%
3184
10%
70*2
4%
84%
30%
3378
5%
5
7*4
8*8
9%
28
7*478
578
8%
3*4
4%
*93
578
8%
*94*4 100
2778
15%
1*8
7*4
No par
Standard OH of Indiana..
26
Swift Internat Ltd
1*4
12%
24*8
4%
2
Standard OH of Calif
Swift 4 Co
*1
89
8*8
1
25*2
16*2
21%
3384
834
70*2
Apr 2
69% Apr 3
3% Mar 13
3*4 June 25
43% Mar
10134 July
12%Sept
122%June
2% Mar
1% Mar
49
***•
8
39
par
13%
13%
7%
6
1*2
...
7*2
67
30%
96 cum prior pref
2,400
1,200
4,300
3,700
7,700
47,500
*7
18
62
9
26%
11%
6
45%
Oct 21
No par
Preferred
iV, 500
3
5*2
"
81
1
{Standard Qas A El Co..No
33*4
1*4
6%
834
*6%
22%
33%
28%
19
Mar 23
10,800
.No par
74,500 Stone A Webster..
29,700 {Studebaker Corp (The) new-.l
No par
1,200 Sun OH
210
----
65
No par
No par
1,400 Sterling Products Ino
3,600 Sterling Securities ol A
2,000
7%
19
7
152
4
42
No par
97 cum prior pref
No par
No par
1,800 Stand Investing Corp
400 Standard OH Export pref
100
54,000
56,400
1,100
99,200
38*4
30
100
Preferred
700 Spenoer Kellogg A Sons ..No
93,500 Sperry Corp (The) v t o__
....No
1,400 Splcer Mfg Co
390
Conv preferred A
No
3,100 Splegel-May-Stern Co
No
6 >4% preferred
100
56,300
4
4%
28% May 24
Mar 14
5
Spang Chalfant A Co Ino pref. 100
No par
17,100 Sparks Wlthlngton
500 Spear A CI0.............N0 par
10
.
Feb
Nov
15»4May 24
10% Mar 13
12>4 Mar 18
5% July 8
7
July 8
15
July 23
par
40
23
For footnotes see page 84
200
1,800 Spalding (A Q) A Bros...No
120
6*8
16
84*2
Southern Railway..........100
Preferred
.100
33
1578
4%
132
25
...100
5%
3*4
24
27
31
16
112
Jan 30
20
.........100
Preferred
No par
Southern Paolflo Co
22%
16
71
So Porto Rico Sugar
27,400
18,000
8*2
46% Nov 30
15% Apr 3
10% Aug 30
107% Jan 15
Dec
Dec
Dec
Nov
Deo
30
Mar 12
15*8
21%
65
IO84
1*8
534
8*4
24
100
4
9
20*2
116*4
65*2
70%
68%
Mar 20
A%
4%
6%
6
5%
51%
12
3%
»
38%
2*8
81
1*8
Apr 26
1884 Jar
Jan 22
Southern Calif Edison
34
19%
100
preferred
Nov 14
3*8
20%
2*2
Dec 31
2
1
1
%
20*2 Dec 31
Mar 15
6% Jan 15
No par
Snider Packing Corp
No par
So cony Vacuum OH Co Ine
15
*4
16% Dec 10
11*
484 Oct 24
Smith (A O) Corp
60%
19
6
6
6
13
41
30
39
60
30%
37*4
Dec 27
2584 Nov
8
3
16
Nov 19
12% Dec
17*8
1»4
8
17
584 Nov 25
50
July 23
34*4 Dec 31
100
Iron
A
4%
70
Mar 14
100
113%
12%
88%
30
8% Feb 15
—25
8,300
36,100
105
New Year's *124
14
32
......
65
15%
Day
Petroleum
108
98%
5%
17*8
4% Jan 26
63% Mar 21
No par
10
33*4
13*4
14*2
7%
-
Simmons Co
7*4
23%
12%
95
.
2584
105
69%
Closed—
7*4
67
10*2
48
34
.
No par
57
84%
69% Nov 20
4ig Nov 25
6
20% Jan 2
5% Mar 19
Conv preferred
100
Sliver King Coalition Mines...6
38*4
2
3% Mar 12
40% Nov 12
29% Dec 28
.
31%
3
Deo
6*8
90*8
Nov 26
1*4 Dec
4%
80
2
3
Apr 3
7% Mar 13
7*4 Mar 14
9
Jan
36% Dec 31
40
No par
No par
Shell Union OH
91
Mar 12
l*8May
1
25
34
Stock
2234
33*4
12%
*10*4
7084
4%
*126
8%
.
6,800
67
734
*684
10
13%
14%
478
7*4
22%
84
34
28*8
31
Sbarpe A Dohme
No par
Conv preferred ser A
No par
She&ffer (W A) Pen Co .No par
Shell Transport A Trading...£2
7%
Jan 15
Mar 12
No par
Sh&ttuok (F G)__
Sharon Steel Hoop
46
Jan
113*4 June 29
11412 June 19
13% Dec 9
56% Nov 2
4*8 Nov 25
20% Jan 18
%June 29
% Aug 1
2084 Mar 12
2% Oct 14
Solvay Am Invt Tr pref
105
*81
26%
28%
65%
r4%
7*4
22%
3134
171,300
66
48
12*2
14*4
3*4
27*2
350
1,300
7,800
105
100
64i2
15
8%
6%
48
12
1438
*32
11
100
1278
14*8
15*8
6%
28*8
26% 27*4
27*8
*150% 153
*150%
25*2
25*4
25%
23% 24%
2384
14
1378
14%
19%
19%
1978
««••»«■
45
64
65
27
Jan
3,700 Skelly OH Co
Preferred
1,000
*110% 111% *110% 111*2
65
99*2 100
45
7078
13
65
..1
3*8
1178
28
♦26*2
8*4
24*4
70
65
27*2
12
4
4
2
Preferred
23%
28
26%
70*2
67*8
28*4
14%
23% Nov 29
Mar
Apr
Servel Ino
Sloss-Sbeff Steel
20
No par
Seagrave Corp....
SI mm a
1%
8
8
Second Nat Investors.........1
11%
5*2
8*4
8%
29%
10
15,300
1,000
8,100
55,800
3,700
90
65*2
2634
14*8
50
1
6
100
16
27%
6
4
Preferred
84
Jan 12
No par
No par
{Seaboard Air Line
10*4
8
Nov 29
22
Seaboard Oil Co of Del—No par
6
4%
15*4
1%
3
100
Scott Paper Co
39%
....
3
14
I84 Apr
......
23
5*2
8*4
8%
29%
3284
778
10%
*3
64
*58
Preferred
28%
25
3
Apr 15
Apr
..1
Stores
High
% per share
2
31% Deo 27
IM84 Mar 11
109
Oct 1
No par
12
5*4
♦8*8
3*8
111*8
11% 1178
20*4
22%
5%
5*8
19% 20
*11578 118
Sohulte Retail
25% Deo
Low
6
84June
6% preferred
100
7% preferred..
.......100
No par
Savage Arms Corp
Schenley Distillers Corp..
.6
23%
1*8
10
16
*110
500
1,510
10% Mar 13
12
Safeway Stores
28%
2
Deo 16
1
3
1*4
6O84
11*8
95*4
......
Deo 28
10
6
11%
23*4
1*4
43
5*8
43*8
33*2
102
Apr 18
...........100
Preferred
48% Deo 31
Nov 20
3
100
3*4
11%
23%
33
97
62
22
5,000
7,600
2,500
29% Mar 12
...100
1st preferred
{St Louis Southwestern
21,000 Sears. Roebuok A Co
290
Low
S persh
82
.......10
100
3
*6%
22%
978
3*8
26*4
5*8
700
Highest
9 per share
Francisco
2884
3*8
1
•
1134
20*2
36%
Lou's-San
*28%
34
♦95
38*2
800
19,700
{St
28%
33
11
34
2%
St Joseph Lead
28*4
7*4
22%
6084
43%
16
15%
110% 111
65
126
5
67*4
16*4
11*8
2034
484
43%
3278
*38*2
15%
118
10%
10*4
26*2
42*4
*60*4
*10*2
95*4
9%
6,100
65%
3%
118
23%
10*2
2634
4334
1
6534
334
118
3*4
2878
32*2
7«4
1
*2*8
35%
35*2
119
11
32*4
7%
1
2%
36*4
2%
367g
384
119
2178
3278
28*4
31*4
7*2
10*4
26*8
42*4
*60*4
*10l2
7,300
2,900
*52
119
23*4
8%
15,300
3%
66
72
278
5%
8*4
8%
2834
13*4
4934
500
72
33
56s
13
72
22
8%
13%
51*4
72
♦6*8
21&8
327g
8
170
72
10*2
23*4
*6
240
111
72
3*8
7*4
6,700
110
17
2*4
2*4
114
*111*4 114%
40%
40*4 407s
32%
3284 33%
29%
2884 2834
51
50%
52%
30%
31*4
31%
65
65*2
65%
4
378
3%
10
984 10'
♦50
50*2
50*2
18
18*8
187g
14%
14% 15%
934
984 10
27
33*4
...
*15%
2%
10*2
23*2
33
♦V
17%
34%
18%
14%
44
45%
69% 7034
10234 10234
15%
15%
10%
23
*14%
16%
*13*4
*124
510
48%
3*4
*33*2
17%
1578
13
3,500
9*2
3%
107*2 *105
107*2
784
7%
77g
7*2
7
634
678
684
81
2%
3%
*16%
*105
81
900
111
12*2
26
♦80
33%
1%
109
50
3%
25%
64
23
1,600
1,100
7,500
8
Lowest
Par
1,100 Royal Dutch Co (N Y shares)—
Ruberoid Co (The)oap stk No par
Rutland RR 7% pref
100
884
24*4
110
13*8
.
64
64
108
*60*8
♦105
8
48%
100
8*2
23%
*1%
2%
111%
51%
26%
*150% 153
247B
2434 25%
2384
23% 24%
137B
1384 14%
19
19
1934
34
♦30*2 34
8*4
8*4
8%
---
24*4
2234
1278
17%
2%
48%
100
Range for
Year 1934
9 per share
Week,
111
26%
14
14*4
♦110*2 111*2 *110*2 Hl*2 *111*4 111*2
25
8%
24%
1%
193a fo
Dec. 31
1935
Shares
109
111
15%
16*8
109*4 109*4
1134
11*2
19% 20%
5
5*8
20% 20*4
116*4 116*4
62% 65%
*66
677g
63
48%
100
Range for Year 1935
On Basis of 100-skare Lots
STOCK
EXCHANGE
the
Friday
YORK
NEW
for
Scaur uuy
»■
89%
60%
34
35%
11%
60%
20%
11%
New York Stock Record—Concluded—Page 9
volume 142
93
July 1
HIGH
AtID
LO W
SALE PRICES—PER
SHA RE.
Saturday
Dec. 28
Dec. 30
jl
Dec.
per
275s
127g
*17
2418
*113
28i8
NEW
24i2
114
♦.
1314
*17I4
24l2
18%
*114
24l2
114
115
69
69
69
69
23
23
23%
678
23%
7%
43%
1278
684
4178
1234
7%
42
43
1278
19i2
19%
12®4
1938
93
93
94
4%
63%
17%
108
69
'
*2314
7
43%
127g
66
66i2
67%
1758
17%
1778
66%
17%
108i8 108%
109
103s
978
5%
534
55s
584
55s
72
♦70l2
65%
65l2
157
*56*4
1»2
57
50
13
13
20%
*21%
*2
1%
73
66*4
157
5514
*70i2
67
2O84
*20%
1312
203g
21%
234
z21%
21%
*2
258
90i4
225g
905s
23i2
30i4
143g
18i2
28
29
13i2
183S
1438
18i2
2458
2434
484
1734
109
10
67%
7
56,900
437g
7i8
4414
13
133s
195s
9534
47g
6714
578
72i8
6878
1834
19
9412
9412
United Biscuit
434
2,200
66l2
6738
173s
1778
8,900
26,700
United
55
55
410
20%
r2U8
*2
2
178
2i4
28,100
15
17
1634
1834
22i2
24
23l2
24
21
2H2
234
*2i8
16»2
16%
1684
1712
3914
3878
393s
1378
9U2
84i2
3734
1334
1384
14
*91i2
93
1334
91%
81%
82
8312
*163
165
♦162% 165
*162% 165
8%
85s
884
*8%
r8i4
8l2
42
42
4284
43%
427g
4278
8
884
834
834
8%
8&S
14
14
14
13%
1312
13i2
*71
*71
7134
7534
71%
71%
11
1078
10l2
10%
1012
11%
163s
1634
1584
16%
1514
15i2
"
V
■
"...
■
.
175g
3938
*2114
*214
33,500
215s
2,000
284
17
1738
480
38
38i2
8,000
5,600
14
14
14
93
*91
93
86
87
5,800
165
*163
165
85'
*163
87s
9l2
914
9i2
4334
437g
4258
8i2
«
4314
834
9
87S
14
14l2
14
145g
7534
*71
-«
7584
1134
II84
127s
27,500
163s
1734
1738
I8I4
80,700
133*4 Feb
100
29
No
Freight
USA Foreign Seour
11
par
Mar 14
3i2 Oct
15
44%
4412
9134
93
4478
47l2
92
93
47i8
9234
112
112
114
*136
140
138
138
138
455s
463s
*16034
234
1%
*38
4634
*16084
278
138
6912
47%
m
m
— m
*68
4i8
3318
66
414
3334
118
*116
112% 112i2
4
4
*2134
*75%
*133
3
3"i4
13s
13g
1*2
*3758
203s
*63
414
33%
66
414
3534
35%
115
115
112U
112l2
4
4
*2114
7934
80
116
5%
*10
2i4
4634
93*
*46
4%
9%
31&S
2134
27%
*212
93a
93s
*93g
9l2
107S
10%
2%
r2ig
46i2
93g
634
49%
1%
434
*46
*1384
22i2
28%
634
Ha
458
*63g
5ig
5%
1018
2>s
4678
9%
*10i2
2l4
*4634
503g
*46
1%
434
15
23
293s
U4
44
45
*8214
8258
80l8
13%
4
4
4
%
4
11
39% Dec 31
63%
34%
34%
Jan 11
165
143
5
5
Feb
6
Deo 19
63
Jan 22
3
Mar 13
32
88
11834 119
11434 11434 *11312 11434
838
87g
85s
8%
17
16%
*15i4
1614
3334
9414
125
214
34i8
9584
125
5
z34%
945s
126
*3084
31%
3U2
*37%
39%
*37%
22%
22i2
227g
3384
3384
*33
50
*45
*45
3034
31
327g
2%
5i8
7414
3478
96%
126
31%
40
9634
*87
834
17
5
74
3478
9684
7
Z912
912
*914
9i2
33
3278
*10i4
1078
100
2i2
23s
47i2
23g
4712
50
1,000
1,300
10
10
10
10i2
76,000
50
50
50
50's
5214
700
1%
Us
n8
45g
17io
18
3,300
24ig
2414
2514
25,
257s
293g
28
2914
8is
4,900
4,800
7,200
7
7
29
8
29%
67%
67%
119i8 Jan 4
149*4 Feb 11
140*4 May 16
81*4
99
140
124%
126
150
"134
134
l7s
400
46i2
45's
4584
3,600
80!s
80
80i8
800
6
68
80
80
Dec 17
60
76
80
Apr
1,000
900
5i2
7514
36i4
5i2
7434
55s
76i4
35i2
36
96
973g
96i2
98
3,200
21,300
17,800
26,200
*3712
*44
23
3214
.
-
.
.
233s
187S
1914
1534
4%
4%
45g
20i8
1934
20%
234
3
278
3
8%
8%
8I4
8iS
8i2
7714
55%
2314
7784
7778
777g
5518
50%
55%
56%
55
*22%
23%
23%
2334
23l2
57
57
583S
*45
48
*4512
61
64
26i8
*44
98
18ig
39
2412
*33
98
4%
39
50
323g
17l2
258
3314
34
31
153g
100
*123i2
45S
434
19i2
27s
19l2
814
8i2
34
5,000
20
27
May 10
36
62
8
11734
3%
584
4%
Dec 18
Nov 27
Deo 5
Dec 10
95
95
112
9% Nov 19
33% Dec 14
120
Apr 24
1
•
•
2*8
8%
1
•
1%
1*4
1%
6%
37*
4
87*
15%
22%
297*
84%
116fj
2%
4
5
6
1%
1%
47
Deo
7
&s Mar 15
2is Mar 15
77g Mar 20
7
par
Mar 14
85
Apr 29
1
Jan
5
24
52
Deo
6
6% Jan
17
32
Aug
1
%
2%
7
6
77*
Sept 19
30% Dec
3
13%
9
90
Feb 18
3
37*
3%
13%
8
287*
13%
Nov 26
90
65
60
%
*4
15%
.No
par
72
Jan 29
84% Oct 31
49
62%
West Penn Eleo olass A.. .No par
34
Mar
6
6
91% Dec 30
99% Nov 8
34
397, Mar
397*
44%
51*4
36
45
88%
Conv
preferred
Preferred
...
....1...
...
Penn
Power
100
Preferred
Westlnghouse EI A
100
.No pur
Westlngh'se Air Brake
2
Nov 29!
1934 Dec
3% Jan
23* Feb 26
205* Mar 14
18
90
Weston Eleo lnstrum't.. .No par
.No
A
Mar 27
par
Westvaoo Chlorine Prod. .No par
410
Wheeling A Lake Erie Ry Co-100
6% non-cam preferred ....100
*97
98i2
500
19
197g
30,500
15U
1534
2,700
White Rk Mln Spr otf
434
9,900
White Sewing Machine.. .No par
19i4
4,200
10
29
Feb
5
Mar 18
Jan
4
16*4 Mar 13
18
Jan
3
25
Mar 14
7%
77%
3534
9834
Preferred
Motor
.No par
89%
110%
78*4
105
6%
7%
7%
17%
9%
23
7
1%
2%
23*
4%
17%
20%
15*4
29%
607*
Jan
»
157*
277*
86
277*
Dec 30,
77
82
95
33% Dec 26
38% Dec 20
25% Nov 19
35% Sept 9
5
0
126
50
Dec 31
Nov 19
Nov
29%
147*
27%
18
24%
29
21
24
36
11%
11%
29
34
34
57
15
28%
12%
21%
51%
1%
1%
4
2
102% Nov 13
1
11%
5*4
34%
67*
19% Dec 11
Jan
9
434 Dec 31
20% Dec 30
8
3
*234
3i8
1,200
83s
87g
25,000
79i2
2,606
par
6
Jan 11
1
Mar 14
1
2
34
Feb
5
35%May 27
227*
27%
Wilson A Co Ino
3
7
9% Nov 22
31%
3%
11%
4*4
par
37* Apr
25is Feb
100
58
Apr
2
79
51
Conv
Wilcox Oil A Gas_.
Class
77%
54%
22l2
56
4634
56%
4678
60
63
55ig
62
*7784
78
48
68
78%
3478
785s
557g
78
5484
55io
255s
62i2
247g
25i2
57
60
6184
27,700
7,100
1,620
48
51
481S
50i2
1,600
64
68I4
66
67
1,230
*78
78i4
78t4
7834
35
35
35
3,000
10
*78
77%
3378
78l2
78%
78%
35
34
35
3434
884
9%
873s
45%
8712
9%
87%
8612
88
87
87
88
45
45
4534
47is
46l2
47l2
47l2
89i4
48i2
467g
46
46 U
45
46i8
447g
45io
*85
4514
44
46
*105
110
4578
105
105
1338
1384
1384
7%
1338
7
9
7%
73s
9
9%
*10512 110
13%
7%
For footnotes see page 84
3412
87g
9«s
*106i8 110
1384
133g
734
784
14
8I4
884
107
13l2
8is
107
1334
9
600
.No
preferred
No
A
$6 pref
A
35
B
Jan 15
65%June 18
25% Nov 19
61
55%
I3'|
31%
31%
53
51% Nov 21
20
j
351s Mar 13
68
12
23%
167*
42
Wright Aeronautical
Wrlgley (Wm) Jr (Del). .No par
73*4 Mar 13
82*4 Apr ^50
47*4
54%
76
11%
14
22%
7%
20
Apr
4
Dec 31
9
35% Nov
50,800
1,450
Yellow Truok A Coaoh ol B...10
25*June
3H2May
6
8
96
3,700
34,900
Young Spring A
43,800
41%
11%
25
17*4 Apr
200
9
32%
Nov 21
25
4,300
12%
37.
68
11*4 Mar 12
.
Worthlngton PA W '
Preferred
8
Nov 22
25is Mar 13
Woolworth (F W) Co
Preferred
3% Dec 13
Jan
15%
16*8
12%
32% Nov 14
24'a
47%
15
WHoox-Rlch Corp class A .No par
258
19
8%
7
Nov 18
14U Mar 28
125* Oct 4
114 Mar 15
70
80
x68%
78*4
46is Jan 12
67* Mar 15
.No par
Wheeling Steel Corp
2%
3534
7434
4
4
120% Deo 20
11434 Dec 28
10% Dec
325* Mar 18
Mfg
preferred
White
Jan
li8 July 19
Western Union Telegraph
Class
95
92
71s Mar 30
preferred
Western Pacific
1st
Mar 14
6is Mar 15
Western
2d
36
104is Jan 17
pref,,
preferred
Maryland
6%
100
..100
preferred
81
3
15
-
8%
517*
1
21
A
734 Nov 22
3%
16
2*4
16
12
9
1% Dec
6%
12
24
2%
10% Dec 10
47*
80
1%
6% Nov 25
4
2U Mar 15
9
83
Deo
4
3",300
458
80
3%
16%
Deo
100
.No
7,400
50
65
2
15
3
205g Aug
3134
3134
60
734 Nov 14
Nov 20
33
55% Nov 20
West
4,800
84
30is Jan 15
360
214
59*4
.No par
117
II8S4 11834 xll7
11314 11314 *11184 114
9
912
87S
9i8
18
26
57%
11
25i8 Dec 19
Elsenlohr
Wesson OH A Snowdrift
6%
32
par
Wells Fargo A Co
60
*12312
par
.No
pref
Waukesha Motor Co
290
2»s
10
Mar 14
6
par
.No
Bros
Convertible
330
17i2
.No
Warren Fdy A Pipe......
903g
2i2
7
14ia Mar 13
13.85 conv pref
9734
17
5
f Warner Qulnlan
92i2
*214
514
73i2
35is
1
Jan
H4 Feb 28
28is Jan 12
Preferred
90
167s
May 22
5%
10
112% Dec 16
.
Dec 31
178
1U Feb 28
.No par
Warner Bros Pictures
Webster
1
1
26i4June
Class B_
Warren
5
1%
98
120% Oct 31
4
Feb 19
114
.
37
June 22
1*4 Mar
par
4?s Dec 31
4
109U Feb
.No
12%
Aug
4i8 Mar 15
preferred.
Co
Ward Baking class A
4%
63
100
6X%
14
70
..,.100
Walgreen Co
Nov 14
11%
3*4
9
63is Mar 29
t Walworth
1%
22%
31*4
Dec 17
2
Waldorf System
*4
36%
Jan
1
7
1%
19%
33
1
1
5%
7,
24%
15
A
99%
x84%
72is Jan
t Wabash
597*
23%
17i2June
Detlnnlng
65%
54%
Dec
5% prel
61%
141
%
19%
9
9
114
2ia Mar 18
85
24%
96%
54%
Nov 18
63
7% preferred
Virginia El A Pow <6 pf. .No par
Virginia Iron Coal A Coke...100
«
24
44% Dec 13
68
preferred
Nov
21% Jan
Feb 20
Virginia-Carolina Chem ..No par
3
4% Aug 13
2
IH4 April
IH4 Feb 7
prof
Aug
56% Nov
i2Mar 15
19U Apr 11
par
May 28
9714
180
165
Mar 15
1
.No
91
92
«.
271*
34
89
-
50% Nov 18
119% Nov 20
5
97
—
100
Vlck Chemical Ino
9414
3584
98%
27is Mar 18
735g Mar 18
Van Raalte Co Ino
96
Slg
753s
51%
Vanadium Corp of Am.. .No par
*87
2%
53%
7334 July 14
Preferred
90
17
124% Apr 25
241s Mar 14
U 8 Tobaooo
97
9
9134 Dec 28
3
50
Preferred
H2
*33
15
285g
778
*80
*80
"l%
50
147g
2,100
70,600
1714
34
14%
114
534
5i2
16
434
*33
19
l's
55g
153g
*45
r97%
20
107g
50
193s
2,200
97,600
*23s
473g
934
34
19
33
118
*10i4
2284
9758
3234
*116
118
300
2U
47%
9%
17%
62?s Jan
Preferred
12*4
11
3
Preferred B
107g
*4%
143s
9758
1878
145s
2,900
4i2
*16%
1834
l'ooo
5io
658
33
98
2~i2
19*4
#0
Jan
U S Steel Corp
Preferred
Vulcan
4
117*
Dec 31
Preferred
6%
7
45
3
10%
64%
5%
45
51%
48
1st preferred
U S Smelting Ref A Mln
Preferred
"
"
5i2
32
31
90
578
126
305s
20
55s
126
3058
190
320
514
*2
*3712
225g
2278
200
2t2
*2
*116
6
II884 119
113l2 114
*214
14,000
4%
17%
9i8 Mar 13
'
53g
414
3112
97%
19l2
1512
434
*96%
*118
~~2h
5
118
36
347g
115
11478 1147g *112
112i2 1135g *11212 114
678
67g
*412
*4i2
27
2634
2634
*22i2
79
78
77i2
77i2
284
Realty A Impt
U 8 Rubber
78
146
82
3%
11% Dec 31
7is Mar 16
8
6
115
3%
9% Sept 18
16% Sept 18
73
Sept 11
3H, Mar 16
,.
110
10% Nov 7
50% Nov 20
35i8 Mar 13
v t 0
4%
4
14
60
7
19%
27%
15%
Nov
Common
15,000
45g
11
Nov 29
Vlcks Shreve A Pac Ry Co pf.100
68
4i2
4
Nov 27
Class A v t 0
1st
33
.
15
Maob Corp
Prior preferred v 10
7%
73
*63
47g
36i4
*91i4
95
725s
*66
9412
91%
434
7234
73
68
45g
*91
91
87
223g
*66
8H4
95
3H2
10
300
82%
94
*37i2
215g
3134
4512
80is
91
2's
2214
15s
44
3
24
15%
16%
1%
12
87
preferred
10,200 Utilities Pow A Lt A
2,800 Vadsco Sales.
3i2
ih
7g
4%
96
100
46%
%
40is Mar 12
Preferred
317g
46
93
2%
4%
7134
5
400
27,900
4,400
45%
*80%
90
119
65g
"2%
*80
4334
8934
11934
29
*1'4
43
*88
U8
4%
*1414
2314
658
*80
~~2%
9%
139
3U
*118
414
32
22ig
283g
Closed-
*3i8
*116
9%
115
414
32
139
H2
35
*118
118
47
47g
5
5
Stock
Exchange
37
434
32
538
10,200
*63
"234
r2%
90,400
314
41
31
112% 11212
4
434 New Year's
*21i4
2634
Day
79%
7912
1163s *116
*80
*134
*113
4984
11714
*11012 11314 *110i2 11314
43
*42
4278
427g
68
*2ig
434
15
1%
4i2
*13
*63
43s
49
116
*16034
3i8
1%
80
434
1397g
*16034
*16034
3%
*118
412
*2%
*914
315S
200
13g
25
"~2%
2
49,200
9,200
69i2
27g
25
*118
94i2
6812
48is
46
*6412
92
11534 11634
138
37%
*3712 4434
37i2
19
1934
197g
2034
1918
19is
31%
3178
3178
3212
30%
307g
*noi2113% *noi2113% *110% 11314
43
*42
43
42%
4212
42%
73
73
73
*57%
*57ig
*57i8
54
505g
9478
69i4
4978
47
111
*66
5H2
94
*68
48
94%
68l2
473s
4834
11434 116l2
69l2
63
140
4%
6
'
*67
40%
112%
167*
37
108%
4is Mar 12
6514 Mar 26
...
8%
8%
76
20
U S Industrial Aloohol.. .No par
U
54
.No par
Preferred
U 8 Gypsum
U S Leather
2134 Dec
20% Oct
99%
1%
46
22% Dec 31
7
86
2%
2% Jan 18
193s Mar
7%
20%
2%
Nov 25
73
75*4
77
1
3
18%
107*
11%
82%
73i2 NOV 29
9 X"59i2 Deo 19
3
SgJune 24
July 26
1914 Jan
par
.No par
S
7%
Aug
3%
87.
377*
59
9%
Oct 28
5
.No
U S I) 1st rib Corp
Preferred
U S Hoff
78
69*4
3
49%
Nov 26
7is Jan
4
3
14*4 Mar 14
U 8 Pipe A Foundry
1st preferred
50
9
III4 Deo 23
93g Oct 19
Preferred
U
110
7g Oct 16
1
tUniversal Pipe A Bad..
200
1112
,...100
Dec 11
7is Jan
50%
mmmm
8%
2*4
92*4May 14
18i2 NOV 8
6%
29%
120
2%
21%
9%
3%
1%
Mar 15
51
.No par
Universal Pictures 1st pfd
-
3,100
4,200
2,500
3,500
•
*71
-
.No par
.
Preferred
36
5%
20*4
96
87is Mar 15
2i8 Jan 28
107
20%
*
15%
17
21%
1334 Dec 21
20i2 Dec 31
Mar 21
3is Apr
46
Apr
No par
Preferred class A
100
86
*
100
Universal Leaf Tobaooo
3,790
par
.No par
United Stores olaaa A
200
55
15g
.No
...
10,100
54
158
Fruit
25*4
8
46*4 Nov 21
3U July 18
60is Oct 1
9U Mar 18
.
89
104%
Nov 16
5
734 Nov 21
4is Mar 13
10
,
65
6ig
52
78
1337*
16%
8%
3%
19
9
7
24% Dec
3
8*4June 14
Preferred
United Electrlo Coal
534
50
1
Jan 28
Us Feb 27
20*4 Mar 13
tUnited Paperboard
1,200
Oct
46
par
90
71*4
7
Nov 20
26is Jan
118
Aug
20i4May 10
.No par
600
75
20
United Corp
Preferred
2,400
68'a
Oct 16
Mar 13
Mar 13
High
< per share
82%
627*
13*4
8%
8%
lllis Jan 10
90i2July 3
26i2 July 17
30% Dec 31
1334 Dec 26
Mar 14
17i2 Oct
70
1478
2258
21%
234
No
978
157
Mar 29
111
Carbon
978
*68
Mar 28
7
Preferred
United
10912 109i2
*70i2
82is
79ia
2OI4
97S
4ia
.No par
United Gas improve
Preferred
157
13s
Low
S per sh
U nlted-CarrFastener Corp No par
120
412
157
14
Highest
% per share
United American Boaoh. .No par
9,800
25,400 United Drug Inc
3,900 United Dyewood Corp
*155
3884
13%
1
157
38
82%
2,700
200
97g
38
93
10
70
235g
17
13U
115
70
*2314
55g
72i8
6778
73
2,700
235g
7i8
44i8
13i2
934
57g
200
6984
66i2
1734
175g
*109i2 110
17
815s
♦114
115
Low
Lowest
S per share
4,500 Union Paolllc
Preferred
1,200
.No par
1,600 Union Tank Oar
69,600 United Aircraft Corp
48,000 United Air Llnee Tranap y I e_.5
253g
1834
*16
*9U2
110i2 113i2
90i8
2234
*9314
45s
67
Range for
Year 1934
1935
Par
*155
1%
1%
13
43i2
13i8
95
414
157
7
44
19i2
rl038
65l2
693s
*2314
7ls
95
978
72
*18i8
2458
*114
1912
97*
157
13
24
1933 to
Dec. 31
Week
90i8
225g
277g
695s
STOCK
Shares
10918 in
114
95
45g
108
Jan. 3
$ per share
13U
20%
438
438
Jan. 2
$ per share
1
Jan.
$ per share
YORK
EXCHANGE
the
Friday
Thursday
cunvzuuy
107% IO8I4
897S
897g
223s
223g
303s
2878
1384
13i8
*1714
18%
24&s 2484
29
1278
28l8
13%
18%
31
$ per share
share % per share
108
107% 1085s 107
90
90
90
89i2
23
223g
2I84
*21*4
[$
vr
MC.OU.W//
Range for Year 1935
On Basis of 100-sAar* Lots
8TOCK8
Sales
CENT
NOT PjER
for
Mom
Yale
A
Towne
Mfg Co.
Preferred
par
18
Mar 18
Youngstown Sheet A T_. .No par
13
Mar 16
5H
Wire.. .No
100
preferred
Zonlte
Products
Corp..
38is Apr 11
lUMay
Zenith Radio Corp
1
258June
6
7
8
9% Dee 27
2%
25
Dec 30
13
47%
22*4
12%
•»
28
10%
Nov 20
53% Deo 7
46% Dec 30
105
2*4
75
12%
33*4
30
34
59*4
14*4 Nov 25
1%
1%
4*4
734 Dec 31
2%
3%
7*4
New York Stock Exchange—Bond Record, Friday, Weekly
94
bonds was changed and prices are
1909 the Exchange method of quoting
Jan. 1
On
now
bonds.
transactions of the week, and when selling outside o
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only
regular weekly
shown in a footnote in the week In which they occur.
range are
T. STOCK
Week's
5«
BONDS
N.
Bid
Week Ended Jan. 3
U.
S.
Oct
3 Ha
1947-1952 A O
4s
15
.
BQ 60
1935
No
Ft
Low
N,
1935
Low
154
113.6
117.7
106
106
102.28
106.28
External 5s of 1914
97
111.6
108.24
112 8
External
109 2
109.10
265
107
110.25
106.24
335
103.38
107.29
♦Public
S
Sept 16 1951-1955 M
June 15 1946-1948 j
June 15 1940-1943 j
Mar 15 1941-1943 M
June 15 1946-1949 j
Deo 15 1949-1952 J
102.25
103.2
183
100.20
104.10
102.26
103.5
204
100.20
104.10
D
107.29
108.2
161
104.15
107.25
108.9
289
104.14
108.28
103.26
104.3
114
101.26
106.11
103.26
104.4
266
101.15
105.9
108.12
108.25
40
104.18
108.28
105.22
257
D
A
Aug 1 1941 F
Apr 15 1944-1946 A O
Mar 15 1955-1960 M S
105.5
99.28
100.7
833
Sept 15 1945-1947 M S
100.29
101.6
1,105
102 24
98.26
s
Mar 15 1944-1964 IVf
8s
May 15 1944-1949 MN
J
Jan 15 1942-1947 j
3s
10213
35
101.14
101.15
75
99.16
101.15
101.30
192
100 6
S
Mar 1 1942-1947 M
102.29
101
100.18
17
1st
May
Aug
1
State A
100.25
1944-1952 MN
1939-1949 F A
1
2HS
Akersbui
Aprl1
(Dept)
ext 5s
♦AntlOQUla (Dept) coll 7a A
♦External a f 7s ser B
♦External a t 7a ser C
Extl
a f
97%
6%
0
6%
6%
6%
10%
7%
18
6%
6%
10%
6%
6%
0%
9%
17
100
74%
88
t4
90%
12
98%
98%
35
98
98%
27
98i8
98%
28
44%
90%
98
98%
98%
93%
98%
15
44%
26
44%
90
44%
90
45
90
98%
98%
(Cons
Agrlc
1958 J D
1946 A O
1947 M N
♦Bogota (City) extl a f 8b
♦Bolivia (Republic of) extl 8s
1958 j
♦External sinking fund 7s
extenal 8s.
1941 J
D
♦External
s f
6 Ha of 1926
a f
6)48 of 1927.
1957 A
1967 A
O
♦External
♦7a
—1952 J
(Central Ry)
♦7Hs unmatured coupons
Budapest (City of)—
♦0s July 11935 coupon on
«12%
81
29
93% 110%
93% 109%
a
4
4
8%
26l2
21s4
27%'
21
21%
23
22%
45
18
18
22%
67 (
17%
17%
22%
19
18%
18%
89%
31%
31%
31%
19__ j
1940 j
*28
J
*27
a
'37 m
1947 m
*83
S
S
54
J
1952 J
f
1954
103
51
32%
39%
40%
84
99
36
82
95
36%
29%
82
92%
77%
54
55%'
59
25%
69i2
70
2
27%
07
32%
56
39
25%
52
05%
13
13%
15
12
12
18%
N
13i2
13%
2
12
12
19
J
O
9l2
IO6I4
J
j
1001s
9612
-July 15 1900 J
Oct 15 1960 A
J
O
.Apr 151938 A O
f 7a
1942 M N
.
*35
8I2
3538
3278
33
10%
106%
112%
100%
96% I
43%
9%
37%
33%
33%
"27
8%
j
8%
80%
101
19
99%
100
10
98%
96%
42%
7%
29%
-
"16
19
96%
42%
96%
62%
13%
7
12
17
10%
15%
14%
14%
0%
10%
119
14%
14%
67
6%
10%
38
0%
1034
15%
15%
15%
15%
13i8
6%
s
f 5s
♦Nuremburg (City) extl 0s
47
5
13l8
Munlolpal Bank extl
46%
65%
35
63
13iS
External sink fund 5s
26%
20%
27%
10%
13%
ll3s
14%
105
12%
68
7%
10«4
D
11%
13
33
9%
11
1901 A
O
lli2
42
7%
10%
f 0s.
1962 M N
1112
21
7%
10%
♦Chilean Cons Munlo 7a.--
1980 M S
11
12%
12%
11%
25
5
9%
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 0H8—1950 M 8
Colombia (Republic of)—
♦0s Apr 11935 coupon on—Oct 1961
O
♦6s July 11935 coupon on__Jan 1901
J
40%
42%
17
22
33%
27%
8
18%
20%
92
18
18
20%
70
1778
37
♦Colombia Mtge Bank 0Hs
♦Sinking fund 7s of 1928
17
17
5
17%
13%
13%
16%
17
3
12
13%
85
24%
24%
25%
94%
91%
59%
56%
For
footnotes
1947 A
O
1940 M N
page
27
0
22
1947 F
A
17
17
1
1952 J
D
92%
93
21
13%
60%
89
89%
20
65%
1953 M N
see
1967 F
A
1957
*88%
52%
1937 MN
*66%
1937
12
52%
i"j
75
26
13%
81%
44«4
3834
*58%
1942
1034
"29%
70
50
15%
14%
1484
14%
14%
12%
25
35
25
25
35
30""
11
31%
92
136
65%
60%
101% 104%
37%
34%
49%
108% 116
50%
94%
1
68
68
99
4'
44
44
89
6
40%
40%
86
5634
85
77
90
07%
77%
89%
23
25
43
29%
30%
60
31%
102
97
"37.
8%
6%
6%
*5%
634
3
4
*9
9%
4
4
q
j
100
44%
100
10%
8%
4
9%
9%
15
4%
6%
1134
9%
5
5 >8
6%
11
*
--i
"4%
4%
"5% "5%
d
"5%
5%j
4
3
4%
4%
4%'
4
3%
3%
*6 >
4%
53
3%
5%
4%
3%
3%
5%
4%
1
J
j
1959 M
30-year
Panama (Rep) extl
♦Extl s f ser A
s
s
1952 J d
1959 M n
|
9
8
7
7
8
8«4
48%
55" "200
39
39
14%
14%
14%
1
13
13
19%
4
13%
13%
19%
27%
31%
46%
46%
10
43%
43%
102%
102%
12
f
6s
85%
a
o
1943 f
1944 F
A
a
107
106%
106% el07
O
103
104%
32
d
10234
103%
8
1903 m S
1970 J d
102%
102%
102%
26%
84%
32
102%
80
13
103
15
1958
1952 F
—1953 m
101%
10134
a
26
S
84
79%
102
——
1953 J d
1903 m n
1947 m 8
1959 M 8
»Nat Loan extl s f 0s 1st
d
ser-—1900 j
♦Nat Loan extl s f 0s 2d aer
1901 A o
25%
19
7
36
66
1951
35
223%
35
23%
2
13
I7ij
30%
38
17%
(City)
extl
A
0Hs
98
103
27
22
22%
3o«4
5
64
90
69%
77%
74%
73
99
85%
103%
j
67
8
24%
40
70
44!
27
30%
60
12%
12%
15%
12%
12%
79%
109%
14%
1138
11%
78%
106%
j
93%
291
1434
J
*1338
1952 m N *100
28%
28
110
109
*
A
o
1438
f
A
12%
7%
173s
434
60
63%
12%
5,
12%
22
12
*.
6
28%
71
83%
99% 120%
79%
96%
12
22
77%
M.
"
109
*35%
21%
17%
03
1
110
1947 f A
1950 M s
15%
7%
47
28%
O
11%
12
5
32|
15
O
8%
23 j
103
1941 A
J
70
14%
102% 107%
7
30
163
95
d
1952 A
17s
♦7s May coupon off
♦78 Jane coupon off
76
80%
58
O
1940
♦6 Ha Aug coupon off
1963
Rio Grande do Sul (State of)—
♦8s April coupon off
—1940
♦0s June coupon oif
1968
81
78%
1
106
o
0Ha—1951 M s
Rio de Janeiro (City of)—
♦8s April coupon off
55%
70
7s
87%
83%
66
106
1901 J
1966 J
Prague (Greater City) 7Hs
•Rhlne-Maln-Danube
88
4
46%
43%
96®4 105
9«34 105%
103% 108%
103% 108
100% 105%
99% 104%
98% 104%
29
89
1966 J
♦8s June ooupon off
♦7 Ha July coupon off
Rome
1951 M N
1940 a
1947 A
Stabilisation loan
ir 7a
Externa) sink fund g 8s
Porto Alegre (City of)—
♦Prussia (Free State) extl
♦External s f 0s
40%
75%
Poland (Rep of) gold 6a
a
73%
73%
56%
5Hs—!
Queensland (State) extl
25-year external 0s
25
2
A
♦Stamped
Pernambuco (State of)—
♦7s Sept coupon off
♦Peru (Rep of) external 7s
•
1434
1967 f
1958 M n
1956 m n
47
98
22%
22%
10534
22% 37
22% 30 #4
31
-
94
105% 111%
1
45
83%
103% 110
32%
43%
—
I
13%
1134
18%
14
14
1238
28
13%
1134
10
16%
14%
32%
12%
12%
12%
23%
22
1
A
O
16
J
D
13%
14%
14%
1960 M n
—1967 J
1952 a
D
o
52
4
16%
1434
65
24
15
15
58%
|
1234
20
12%
181 j
40 %
I
19%
21
21%
40% 87%
32%
Rotterdam (City) extl 6s.
.—1904 m N *110
120
92%
110
139%
99.
NOTE—Sales of State and City securities occur very rarely on the New York
Bid and asked quotations, however
by active dealers in these securities, will be found
25
1
—
36%
18%
♦7s Nov 1 1932 coupon on
♦7a May 1 1936 ooupon on
24%
25%
38
"~3
24%
25%
1952 A
1906 j
26%
21
1901 J
♦External sink fund 7s
♦7s
stamped
60%
1—-
—
——
20-year external 6s
30-year external 6s
40-year s f 5Hs
Oslo (City)
26
67
J
off
58%
34
12
10
Septcoupon
Oriental Devel guar 6s
Extl deb 5 Hs
734
128
Jan 1901 J
Cordoba (Prov) Argentina 7a
Costa Rica (Republlo of)—
3
J
}"'d
♦Montevideo (City of) 7s
♦External s f 6s series A
New So Wales (State) extl 5s
External s f 5s
Apr
Norway 20-year extl 0s
100% 103%
7
•
15%
1312
131s
13is
♦0 Hs
108%
114%
14%
O
A
4 His
31
q
J
j
♦fSmall
Milan (City. Italy) extl 0Hs
a o
Minas Geraes (State
of, Brazil)♦6Hs Sept ooupon off
1958 m S
14
28
37
1960 A
♦Ext sinking fund 0s
Sept 1961 M S
♦External sinking fund 0s
1902 M S
♦External Blnking fund 0s
-1963 M N
♦Chile Mtge Bk 6Hs
1957 J D
25-year g
95
36%
16
9%
♦ITreassof'13assent (large).I
65
36i2
Feb 1961 F
♦Cordoba (City) extl a f 7a
♦7« stamped
82
22%
78
5414
*31
d *10034
d
7
J
♦Assenting 4s of 1910 large.
♦Assenting 4s of 1910 small
29%
66%
51%
A
♦Sinking fund 7a of 1927
Copenhagen (City) 6s
33
25%
20%
M N
♦Assenting 4s of 1904
1936 F
a
39%
37
15
38
♦4s of 1904
97%
97
Aug 15 1945 F A
♦Carlsbad (City) a f 8s
1964 J
J
♦Cauca Val (Dept) Colom 7Hs._ 1940 A O
•Cent Agrlc Bank (Ger) 7s
1950 Wl S
♦Guar
20%
115
♦Assenting 5a large
♦Assenting 6s small-—-—
75
10-year 2Mb
♦Sink fund 0Hs of 1920
♦Guars f 0s
119
27%
24%
23%
20%
07
9
33
36%
♦Medellin (Colombia) 0Ha
1954
♦Mexican Irrlg Asstng 4 Ha
1943
♦Mexico (US) extl 6s of 1899 £—1945
♦Assenting 5s of 1899
104
4Hs
♦Ry ref ext a f 6a
8
a
41%
1900 A
♦External sinking fund 6a
27%
16%
9
3
97%
112
♦Ext sinking fund 6a
25%
25%
31
1952 M N
•Chile (Rep)—Extl a
32
25%
87%
6s
6s
106
*
o
85%
♦Caldas Dept or (Colombia) 7HB-1940
♦Farm Loan 6s aer A
106% 110%
22
39
68%
1961
6s
96%
135
29
70
lu0%
I31
j..
89%
68
92
"83
30
52%
100
3
70
*28
88%
33
9178
108%
99%
22
*93
48%
84
1900 MN *111
d
59%
1951 j
sec a f 7s Ber B
95%
11
38
49
34%
25
♦Lelpilg (Germany) a f 7a
1947 f
Lower Austria (Province
of)—
♦7Hs June 1 1935 ooupon on__1950 j
8
39
98%
23%
30%
35
a
♦7s with all unmat coup- —1957 a
9%
7%
—
26
——
18
5%
4
37%
4434
98
*95%
a
106%
106%
n all4% all5
Extl
5%
*3578
9734
44
a
38%
1901
Canada (Dom'n of) 30-yr 4a
a f
38
21%
1961
♦0Hs stamped
♦Farm Loan
25%
20%
9%
on„
5a
99%
Bulgaria (Kingdom of)—
•Sinking fund 7s July ooup offl.967 J
♦Sink fund 7 Ha May coup off—1968 M
s f
22
9%
a f
35
1961
f 6 Hs
♦Farm Loan
External
110%
4
13
80%
*
d
1990 m
Italian Publlo Utility extl 7a
Japanese Govt 30-yr a f 0 Ha
102
123
104
25
alnking fund 5 Ha
1905 m n
Jugoslavia State Mortgage Bank—
97
93
86
2134
2114
37%
32
47%
37%
16
39%
rnmmm
♦7Hs February coupon on—1944 f
101% 119%
91
62%
3
9
21%
26%
26%
38%
o
1954 M n
Italy (Kingdom of) extl 7a
Italian Cred Consortium 7s A
95
-—I960
♦0s stamped
♦External
a"
31
37
7%
1900
C-3
21%
*27
98%
20%
88%
13
8
el
1956
•Buenos Aires (Prov) extl 0s
94
j
3212
94%*
1962
Buenos Aires (City) 6 Mb B-2
External a f 6a aer C-2
2834
♦Hungarian Land M Inst 7 Ha—1961 M n
♦Sinking fund 7Hs aer B
1901 m n
Hungary (Kingdom of)—
1950
Sinking fund gold 5a
20-year a f 0s
2634
*25%
1958
1935
Brisbane (City) a f 6a
ser
D
109% 190
D
f"
1957
♦5 Bremen (State of) extl 7s
External a f 6s
O
127%
1905 j
♦7a unmatured coupon on
737,
92«4
22
1909 M
•Brail) (U S of)
126
1
Helslngfors (City) ext 0 Ha
1980 a
Hungarian Cons Munlolpal Loan—
106%
98
106%
92%
99%
6%
J
♦External secured 7s
9
104%
80%
27%
84%
172%
179%
104%
9
28%
20
o
11
27
70%
5
26%
24
16
70
6
26%
24%
31%
"4
3
10434
*23%
42%
28i4
107%
26
J
A
1950
♦External sinking fund 6a
107
104%
j
93%
O
02
97
98%
9878
A
65%
33%
4o»j
33%
1
26
*9212
108
1956 M N
1900 M s *100i2
651s
2
94
6234
o
j
Stabilisation loan 7s
♦Bergen (Norway) ext at 5s
•Berlin (Germany) a f 0Ha
36
43
94
a
78
V
67
43%
"43"
94%
24
109%
108%
118%
108%
*
22%
10418
118
25%
z22%
84%
108
25%
171%
1937 f
99%
98
j
10
*92
41%
D
29
o
77%
1949 M S
29
Haiti (Republic) a f 0s ser A.——1952 a
30
1965 J
f 6a
64%
99%
36
1955 J
a
66
36
98%
96
External 30-year a f 7a
External
61%
30
2
179%
Loan)
Irish Free State extl
Belgium 25-yr extl 0Hs
40
6
98%
104%
104%
99%
4
72
67
"7
64
90%
95
3158
10914
♦Bavaria (Free State) 0Hb
70
63
90
KMI4
20
96%
39
68
90
1045 F
(Govt) a f 7s
82%
.
39
44
1957 j
External g 4 Ha of 1928
61
44
J
1955 j
70
44%
1957 M S
1966 M N
Publlo Works extl 6 Ha
Australia 130-year 5s
External 5a of 1927
94%
101%
62%
62%
1904 mn
96
98*8
98
101%
93
d
♦7s part paid
♦S f secured 6s
98%
17
26
98
98% 105%
75
D
90
25
79%
16
1949 j
t4% fund loan £ opt 1960
♦Greek Government a t ser 7s
126
98%
98
95%
15
1941 j
-
♦8s unmatured coupons on
Gr Brit A Ire (U K of) 6Hs
10
98
S
108
77
105%
103% 108
101% 104%
21%
35%
106% 190
6Ha——1958 J
Gras (Municipality of)—
•
9%
6%
6%
9938
98i4
42
14%
95% 107%
26%
11%
13
1
2
8%
77%
"66%
O
♦German Rep extl 7s stamped-.1949
♦
7s unstamped—
1949
German Prov A Communal Bka
11%
6%
8
3
1960 M S
1961 F A
1961 M N
1962 F A
Ry)
Extl 6s Sanitary Works
Extl 6s pub wka May 1927
Austrian
90%
6%
6%
7
D
-1958 j
1960 M N
aeries B
1 6a (State
a
64
7%
1967 M
6a of May 1926
External
8
7
1959 A
f 6b aeries A
External 6s
32
7%
21
45
o
1640 A
33%
16
7
1960 A
1959 J
6a of Oct 1925
a
14%
7%
Antwerp (City) external 5s—--.1958 j
Argentine 6a of June 1925
.-1940 A
5Hs of 1920
-—I960 M s
♦Frankfort (City of) s f 6 Ha-—.1953 m n
14%
"
19%
10%
93%
j
15%
17
8%
100%
100%
*
J
4
10
o
j
10
7
f 7s 3d aer.__„_1957
a f
98%
77
23%
8%
1932
j
1907 j
1945 M s
101.8
A
f 7a 2d aer
a
Extl
9712
712
*7%
7i4
98%
01
60
104%
101%
j
1948 j
102.16
1957 A
a
♦External aec
Argentine Govt Pub Wks 6a
ser
84
8
3834
9%
100
a
90
2'
91%
100
o al00% al00%
♦Certificates of deposit
Estonia (Republic of) 7s_—
Finland (Republic) ext 0a
External sink fund 0Hs
96 20
17%
99
Hioh
94% 101
101
68%
83%
01%
36%
o
♦El Salvador (Republlo) 8s A
99.16
18
—1957 A
♦External aec
External
16%
17
A
1946
1945 j
♦External a f 7s 1st Ber
5 Ha
German Govt International—
♦5Ha of 1930 stamped----
1946
♦External a f 7a ser D
gold
French Republlo extl 7 Ha
External 7s of 1924
1948 A O
1963 M N
J
1945 j
coup on
z91%
J
102.24
98.24
^Foreign Govt, a Municipal*
♦Sink fund 6s
a
101.20
100
City—See note below.
Agricultural Mtge Bank (Colombia)—
♦Sink fund 6a Feb. coupon on__1947 F
1
1945 mn
611
99.29
1
99%
1935
Low
102.20
445
101.8
99.17
9934
9934
♦Dresden (City) externa! 7b
104.5
Home Owners' Mtge Corp—
3s series A
9934
—1955 F
1962 a
2d aeries sink fund 5Hs
3%S
S
M s
5 ♦Stamped extd to Sept 1 193o
Dominican Rep Cust Ad 5Hs
1942 m S
101.28
Low
A
1952 a
-—1942 j
External g 4Hs—Apr 15
Deutsche Bk Am part ctf 6s
99.28 101.5
No.
1945 j D
1959 M n
Sinking fund 8s Ber B
Denmark 20-year extl 0a
106.19
Fioh
1953 j
Jan 15
wks
External
1935
Low
5 Ha
June 30
♦Cundlnamarca 6 Ha
Ciechoslovakla (Rep of) 8a— ——1951 a
108.23
S
D
Range
§1
for Year
05 WJ
1949 F
4 Ha
loan
1933 to
Dec. 31
1949 f
ser A
Sinking fund 5 Ha
106.15
D
June 15 1943-1947
Range or
Friday's
Bid A Asked
Foreign Govt. & Munlc. (Coo.)
Cuba (Republic) 5s of 1904
1944 m
115.11
110.29
S
M
EXCHANGE
D
Mar 15 1948-1956 M
2H»
8TOCK
Week Ended Jan. 3
Hioh
Federal Farm Mortgage Corp—
.
T.
^
<»
BONDS
Range
for Year
115.1
15 1943-1945 A O
Deo 16 1944-1954 J D
3 Ha
3Hs
3s
3s
3 Ha
3Ha
3Ha
3 Ha
3 Ha
Treasury 3H»
Treasury 2Hs
Treasury 2 Ha
.2 iS
Asked
e
July 1
Week's
?
to
Dec. 31
105.17
—Oct
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
dfc
Low
Government.
Treasury 4Hs
«s
Friday's
t
No account Is taken of such sales in oomputlng the range tor the year.
July 1
1933
Range ot
EXCHANGE
Jan. 4 1936
and Yearly
"and interest"—except for income and defaulted
Stock
on
a
Exchange, dealings in such securities beine almost entirely over the counter
subsequent page under the general head of "Over-the-Counter Securities '
Wilt's
BONDS
If.
Week Ended Jan. 3
►•(ft.
Range
Dec. 31
for Year
1935
1935
Bio*
8i4
A
LOW
No.
Low
24%
17
Altl4
Low
N,
♦Saarbruecken (City) 6a
*25
1953
1952 M N
36%
27%
27%
78
♦External 6 Ha May coupon off 1957 M N
*15
19%
J
§ »8s July ooupon off.
♦External 7s Sept coupon
J
12%
1234
11%
3
22%
9
11%
197,
M N
{Baldwin Loco Works 1st 5s... .1940
15%
22%
17
19
12%
14%
23%
1534
1434
82%
10
12%
21
19
12%
10%
13
44
61
65
25
32%
32%
14
32
33
8034
1942 M S
*61%
64-%
•Santa Fe (Pror Arg Rep) 7s
♦Stamped
♦Saxon Pub Wks (Germany)
F
7S..1945
A
...1951 M N
♦Gen ref guar 6Ha_.
7s......1945 J
D
*32%
1946 J
Serbs Croats A Slovenes (Kingdom)—
D
34
♦Saxon State Mtge Inst
♦Sinking fund
614s
g
F
♦Sllealan Landowners Asan 6s ...1947
-
A
Sydney (City)
s
1st gold 5s
727f
91%
Ref 4 gen 6s series C
73%
P.LEAWVa Sys ref 4s
Southwest Dlv lBt 3 H-Ha
.1941 M N
52
47%
70
Tol A Cln Div let ref 4s A
.1950 J
.1959 J
J
29%
42%
Ref A gen 5s series D
.2000 M
28
40
Conv *Hb
.1960 F
Ref A gen M 5s ser F
S
35
65
34
34
62%
24
12
23%
30
23
23%
71%
15
17
22%
36
24
42
65%
75
25%
43
*88%
F
A
102
.1948 A
July
July
...
.1996
60
19%
6
.1951
158
175%
47%
88
101%
Beech Creek ext 1st g
76
95
103
Bell Telep of Pa 5s series B
117
96
103
18
87%
Belvldere Delaware
58
74%
63%
66%
76
Beneficial Indus Loan deb 6s
80%
11
69
74%
80
♦Berlin City Elec Co deb 6 His
s
♦External
s f
9%
100
100
A
...1964 M N
6s
1952 A
2
8%
1
9%
63%
AND
Ala Gt Sou 1st cons A 5s
1st
cons
4s
ser
Coll A
conv
♦Coll A
52%
52%
70
38%
38%
62%
52%
521,
65%
J
101
cons
J
m
J *101
—
.1959 F
A
C29
.1955 A
O
28%
6 Hs.. .1956 A
J
O
32
J
104
Underg
Beth Steel cons M 4Hs ser D__. .1960
1
41
63
74%
63
80%
90
43%
98%
226
16%
61
47%
4
85
96%
99%
50%
80%
50%
100%
7
56
5
1st M 5s series II
102
74
38
—
— •
Allls-Chaimers Mfg conv deb 4s. .1945 MN
•Alplne-Montan steel 7s...
1956 M S
117
11934
*
38
44%
S
M
-
10-year 5s
conv
Anaconda Cop Mln s f deb
{♦Ann Arbor 1st
g
1st M
s
f 4s
ser
B
29
2
28%
2
24%
24%
3
27%
30
84
99%
104%
Adjustment gold 4s
Stamped 4s..
A
O
1934
90
A
80
92
59%
80%
38
60%
34%
59%
60%
76%
26
50
59%
24
30
18%
23%
22
18%
534
40%
27%
23%
1934
22
S
M
1941 J
1949 J
Brooklyn City RR 1st 5s
Bklyn Edison Inc gen 5s A
15-year sec 6s, series A
Bklyn Qu Co A Sub oon gtd 5s
1941 J
1st 6s stamped
J
F
A
1950
MN
1945
Bklyn Union El 1st g 5s
89
5
0
4%
08%
108%
107%
10
103
107
72
102%
107%
107%
216
104%
J
J
1952
J
1968 J
.1949 J D
1941 MN
8
*6%
89
J
105
107%
J
Gen mtge 5s series E
Bklyn-Manh R T sec 6a A
22
*
71
70
*75"
mmmm'
-
mm
m
m
108%
109%
27
119%
120%
5
0
4*4
82
7
93
100% 110%
106
110
86%
104% 107*4
98
104
52%
57%
72%
103%
106%
105%
65
71
05
77%
100% 110%
114*4 121
104%
105%
~"l5
1st Hen A ref 6s serins B
1957 M N
1950 F A
109%
109%
10
Brown Shoe s f deb 34a
105%
105%
3
Bruns A West 1st gu g 4s
1938 i
J
88%
101% 103%
Buff Gen EI 44s series B
1981 F
A
ii6~
110%
6
96%
108*4
111%
S
104%
104%
6
91
103
107
142
50
51%
15%
15%
24
14
14
21
39
70
92%
53%
70
94%
8
Bklyn Un Gas 1st oons g 5s
39%
94
841x
.1947 MN *124%
92%
100
109% 118%
87
97%
1937
Gonsol 44s
1957
f t^Burl C R A Nor 1st A coll 5S..1934
Buff Rooh A Pitts gen g 6s
76%
88%
111%
113%
142
76%
101
101%
149
65
S
120
753
S
100%
127%
100%
1
100%
D
109%
110%
55
113
113%
52
101%
100%
113%
107
103
12
105
100%
117
A
11234
114%
114%
113%
41
100
111
114
O
89
93
155
20
31
107%
97
9934
16
58
637,
100%
114%
43%
272
80
80
114
102%
118% 128
1 as
lOO
1
1
93
mm,
104
103% 106%
107% 111
104
105%
105% 109%
69%
M
M N
63
66%
103%
O
21
22
10
*18
♦Certificates of deposit
100% 104
107% 110%
81%
"""§
J
4*8%
52%
49
10%
35
O
58%
61%
39
31
52%
MN
116
103%
102% 129%
85%
80%
A
1952
O
J
{♦Bubo Terminal 1st 4s
104%
91%
92%
9
54
77%
A
MN
*18
J
105
J
111% 114
111%
A
A
Canada Sou oons gu 5s A.......1962 A
Canadian Nat guar 44s
1957 J
J
102%
105
O
114
8%
O *111%
108%
2
85
107
70%
109
103% 105%
61
1%
79
100%
15
113%
109%
""35
91%
102%
113%
11%
-
—
-
2%
S
J
112
4034
41
18
4
J
1964 M S
..1939 J D
1955 F A
J
..1950 J
O
Nov
1995 M N
70%
72%
*95
104%
95%
106%
9434
106
78%
75
90%
242
15
103
1955
107
118
115%
9
120%
115
1
90%
96%
108%
115
D
11178
113%
7
94%
105
F
Guaranteed gold 44s
A
109%
110
104%
104%
J
98% 100
73
50%
J
104%
105%
104%
105
105%
88
103
J
86%
102%
103%
10
J
113%
113%
2
108
29
100%
101%
24
64%
95%
49%
2
19
40
46
J
49%
D *107%
106
109
J
D
106%
111%
100
108%
J
106
D
*27
J
g4s
D
J
Cart A Ad 1st gu
D
108
72%
_
109%
"16
6
72%
100
103%
F
A
*47%
109%
105%
56
88%
104%
110
MN
25%
29%
7
79
100%
A
O
14%
17
Trans-Con Short L 1st 4s
1958
110%
110%
10
89
A
O
14%
16%
J
♦ChattDivpur money g 4s....1951
♦Mac A Nor Dlv 1st g 6s
1948 J
D
J
*
24
J
J
*
i
J
*22"
25
M
S
105%
"""§
105%
87%
4
99%
110
86%
98% 100
100
110%
J *10134
104
J
105%
106%
7
Atl Coast Line 1st cons 4s July
1952 M
S
96
97%
70
71%
84%
85
19
81
82
148
112
112%
118
118
86
♦Ref Agen 5s series
113%
C
1959
61%
90%
71%
103%
92%
Cent 111 Eleo A Gas 1st 5s
1951
57
08 %
84
{♦ Jent New Engl 1st gu 4s
1961
*22
51
23%
68
103%
70%
24
107%
103%
78
39
109%
39
22%
12
10578
107% H2%
1087« 114%
95%
89%
24
29%
108
108%
1944 J
1944 J
«07%
105%
J
105%
1962 M 8
1946 J D
101%
D
1965
Atl Knox A Nor 1st g 6s
89%
104%
113
J
104%
Atl A Charl A L 1st 4Ha A
1st 30-year 5s series B
81%
99%
109
J
106%
78
62%
66
96%
1948
*102
114%
106%
Rocky Mtn Div 1st 4s
...1960
103%
116% 125
90%
100%
74%
91%
21
103%
101%
5
48
1197,
117*4
103% 1157,
107%
94%
73%
75%
59
30
111%
123
M S>
104%
75
1
91%
111%
110
122%
J
J
Canadian Pao Ry 4% deb stk perpet..
97
87%
102
1067« 111%
101
106%
84%
117
113%
29%
7%
76
11034
J
Sept 1951 M S
1
*104%
1955
90%
115
A
J
43
27
25
20
10
O
F
J
44%
20%
98%
3%
97
104
19%
20%
66
113%
A
169
Cal-Arla 1st A ref 4Hs A
82%
75
D
50
283
Conv g 4s issue of 1910
5%
45
80%
1950 J
62
113
25
48
Conv deb 4 Hs
,
99% 104%
102% 110%
Debenture gold 5s
14
70
28
....
39%
39%
41%
55
229
64%
101
Conv gold 4s of 1909
Conv 4s of 1905
24%
13
70%
71%
A
24%
«J
49
1995
1995
m
44
J
32
102
24%
Atch Top A 8 Fe—Gen g 4s
mm -
27%
1936
92%
109%
2
99%
(Del)
mm
107% 113%
1st Hen A ref 6s series A
8
483
1945 M N
Armstrong Cork deb 4s..
mm—
27%
Conv deb g 54s
98
4s.. .......1995 Q
82
79%
93
9
4J48.1950 AO
Ark A Mem Bridge A Ter 6s..
Armour A Co (111) 1st 4 Ha
mmmm
89
80
102
41
♦Anglo-Chilean Nitrate 7s
mm'
62%
1975 M N
coll trust
mm
99% 104%
1940 A
{♦Am Writing Paper 1st g 6s
♦Certificates of deposit
mm m'm
—
64%
4
.1944 M
1947 J
*
7
*37%
78%
80%
7478
22%
22%
O
A
Amer Water Works A Eleotrlo—
Deb g 6s series A
126%
13
24
91
56
1965 F
{♦Am Type Founders 6s ctfs
116*4
41
62
100
103%
64%
1943 MN
J
1939 J
Convertible debenture 4 Ha
Debenture 5s
103%
32%
-
20-year sinking fund BHa
113% 120%
47%
317
J
—
;
„
98
95
103
83
239
90
108%
98%
38
25
108%
9938
1946 J
...1960 J
102
66
D *109
1st g 4 Hs Mr JJ
1961
{Boston A N Y Air Line 1st 4s...1955 P
109
104
44%
*88
90%
100
96%
54
30
41%
1
109%
103%
101
20
15
a55
38
30-year coll tr 5s
35-year s f deb 6s
100
-
mm
32
..
26
103%
Am Rolling Mill conv deb 4^s._1946 M
Am Telep A Teleg oonv 4s
1936 M
891,
m— *
'
1967 M S
1955 MN
*58
1949 M N
J
1949 J
mm
32
1950
50
Am Internet Corp conv 6Ha
103
•
8
D
Blng A Blng deb 6 Ha
47%
Amer I G Chem conv 5 Ha
m
100
—
.1951 J
...
90
*108%
D
m
88
14
83
98%
.....1953 J
m
68
11
126%
80
1960
American Ices f deb 5s
118
64
124%
O
51
...1949
Am A Foreign Pow deb 5s
103
60
""26
51
055
S
103
30
....
119%
}{»Bowman-Bllt Hotels 1st 7s
A
101%
94%
100%
112%
119
52%
39%
98%
1940 F
2030 M
114%
100%
*98
8
88
1
110
74%
J
1944 J
80
Sugar 6s ext to Feb
94%
18
101%
Big Sandy 1st 4s
Alleg A West 1st gu 4s
.....1998 A O
Alleg Val gen guar g 4s
1942 M S
Allied Stores Corp deb 4t4s._
1950 A O
Am Beet
7fli,
3
28
41%
71
1960
57
265
109
42
89%
♦5s stamped
61
*64
34%
84%
75%
5s
76%
74%
25
109
34%
1946
6s
conv
62
109%
30%
71
1944
77%
109%
60
J
33
1948
Alb A Susq 1st guar 3 Ha
tAlleghany Corp coll tr 5s
64
99%
D
26%
7
85%
1943
B_
♦68 assented
59
95% 104%
101
89
114%
104%
109%
26%
D
♦Albany Perfor Wrap Pap 6s....1948
94%
100%
113%
27
A
1943
54
101
0314
86%
93% 100%
80
99%
75%
88
103
39
93
1947
111
87
J
38%
92%
...1948
78
J
3734
*53%
....1952
82%
109%
O
Stmp as to pay of J435 pt red
Coll trust 4s of 1907...
52
216
40
INDUSTRIAL
Adams Express coll tr g 4s
90
142
♦Debentures 6s
100
COMPANIES.
Adrlatlo Elec Co ext 7s
100% 108%
95% 105
A
I {♦Botany Cons MHIb 84s
♦Certificates of deposit
RAILROAD
103%
76
75
37%
O
♦{{Abltlbl Pow A Paper 1st 5S..1953
10534 108%
95%
62%
37
1958 F
1961 J
Yokohama (City) extl 6s
101
1
76%
♦Deb sinking fund 6 Ha
12%
8%
91
Vienna (City of)—
♦6s Nov ooupon on..
Warsaw (City) external 7s..
Hio*
7
99
75
39%
1952 MN
Venetian Prov Mtge Bank 7s
128
73
Boston A Maine 1st 6s A C
F
1946
.1960 M N
f 6s
57
.1946 M
♦Berlin Eleo El A
♦External
62%
106%
103%
73
3Hs._. .1943 J
16
33
♦Uruguay (Republic) extl 8s
35%
.1948 1
.1960 A
81
1957 M N
35%
60
.1936 J
3Ha
82%
73%
1981
...1947 M N
12
S
.1936 J
71%
1st 5Hs
35%
62
A
M
Beech Creek 1st gu g 4s
2d guar g 6s
81%
O
42%
23
99%
87%
.
-m-m
J
A
External s f 5 Ha guar
♦Tollma (Dept of) extl 7s
Trondbjem (City)
J
1971
J
4s stamped
.1951
Batavlan Petr guar deb 4Hs._. .1942 J
Battle Crk A Stur 1st gu 3s
.1989 J
.1952 M S
Tokyo City 6s loan of 1912
D
.1943 J
.1951 J
BaDgor A Aroostook 1st 5s
1st A ref 6s series C
Taiwan Elec Pow s f 5 Ha
27
23
1935
Low
61%
70%
50%
A
1955
27
27
74%
107%
83%
99%
23%
.1946 F
f 5Hs
21
O
35
Soissona (City of) extl 6s.......1936 MN *163%
Styrla (Provlnoe of)—
♦7s Feb ooupon off
31
102
D
.1948 A
.1995 J
28
1
34
41%
34%
103
O
.1995 J
29%
-
Low
104%
Refund A gen 6s series A
Bait A Ohio 1st g 4s
Con ref 4s
1962 M N
1962 M]N
.1958 J D
♦8s Nov 1 1935 coupon on
♦7s Nov 1 1935 ooupon on
Silesia (Prov of) extl 7a
-
No.
104%
17
7
Bio*
99
J
38
74%
33%
;
Range
for Year
1935
101
13%
16
O
♦External 6s July coupon
♦Secured sf 7a
.....1940 A
J
13%
1634
15%
1334
22%
i
1933 to
0
0QCQ
32%
61%
10578
Atlantic Refining deb 5s
.1937 J
Auburn Auto oonv deb 4^s w 1. .1939 J
Austin A N W 1st gu g 6b
.1941 J
30
1936
J
off... 1950 J
off ...1956 M S
J
off
1968 J
J
0
AsM
39
J
.1959 I
Atl Gulf A W I SS coll tr 5s
J
.1948 J
23%
San Paulo (State of)—
♦External 8a July coupon
.1948 J
2d 4s
20*t
30
A
Dec. 31
3*
Friday's
Bid
Low
High
Sao Paulo (City of, Braill)—
♦8s May coupon off
A.
Atl A Dan 1st g 4s
2334
...1959
Haugi or
sr
EXCHANGE
8TOOK
Week Ended Jan. 3
Roumanla (Kingdom of Monopolies)—
♦7s August coupon off
T
July 1
Wiik'i
_
2?
BONDS
1933 to
si
Friday's
Foreign Govt. &Munlc. (Court.)
m
July 1
Hanoi or
EXCHANGE
STOCK
y
95
New York Bond Record—Continued—Page 2
Volume 142
"39
22
108
mmmm
--mm
39
51
13
13
29
6%
7
17
7
0*4
17%
16%
237g
19
20
17%
19
15
....
16
19
19
104%
104%
16
25
105%
For footnotes
see
page
95%
9634
89%
131
89%
100
F
A
98%
100
46
43
J
J
40%
46
72
39%
397,
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67*4
J
J
97%
98%
44
yu
97%
108*4
J
General unified 4Hs A
1964 J D
LAN coll gold 4s
Oct
1952 MN
10 yr coll tr 5s
May 1 1945 MN
J
87
88
11
78
847S
987,
99
BROKERS
BOND
Railroad, Public Utility and Industrial
Bonds
Vilas & Hickey
New York Stock
Exchange
49 WALL STREET
Telephone
—
Members
-
-
HAnover 2-7900
—
Private Wires to Chicago,
—
New York Curb Exchange
-
-
A. T. & T. Teletype
NEW YORK
NY 1-911
Indianapolis and St. Louis
71%
New York Bond
WUk't
BONDS
Y» BTOCK
Rangt or
EXCHANGE
dk
Low
Cent Pae 1st re! gu g 4e
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A
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1028s
100*2
86*2
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Central Steel let g b 18b
Certaln-teed Prod 5 Mb A
1937 M N
07
1941 M N *11878
1948 W
g 95U
Champion Pap A Fibre deb 4Ms—1950 M S IOH4
Charleston A Sav'h 1st 7fl
con g
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123
100
98
193
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1958 M
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1977 F
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113
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.
112
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112
104
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15
1982 M N
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11634
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103
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1947 J
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28
108
112
84
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90
105
1027t 105
1051s 112341
87
10514 108
Copenhagen Telep 5s Feb 15
99
107
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Crown Willamette Paper 6s
Crown Zellerbaoh deb 6s w w
Cuba Nor Ry 1st 5 Ms
105*8 1097g
104
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107U 1145s
11318
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1734
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1949 M N
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Aug 1 1938 25% part pd
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(♦Refunding gold 4s
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(♦Secured 4Mb series A
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01
Ir;—
1952 M 5
deposit
1900
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June 15
lnc gu 5s
1961
1900
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M N
1961U
June 16 1951
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Ohio T H A So East 1st 5s
1903
018
30i2
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18
10
7112
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73
103*8
10834
100
95
100
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637S
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80
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79
1951
106
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1963
1963
74
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1907
68
1976
67*2
1966
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11078
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N Y A Erie RR ext 1st 4s
3d mtge 4 Mb
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1947
-I—
1141a 118*8
1121s 117*4
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105
1938
44
45
1942
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100
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1964
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1946
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43"
83
81
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83
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....
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((♦Proof of claim filed by
(Amended) 1st cons 2-4s
98
1942
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30-year deb 6s series B
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12'8
12
..1952
owner... MN
9
9
4
4*8
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41a
9
1982
((♦Proof of claim filed by
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Ft W A Den C 1st g 5 Ms
Framerlcan Ind Dev 20-yr 7 Ms
(♦Francisco Bug 1st s f 7Ms
owner.
MN
1941 J
1901 J
J
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J
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.. 1942
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1949 J D *118*4
79
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1952
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1940
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1961
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105
1969
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1st mortgage 4Mb
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1971
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75*4
99*4
*106*4
104*2
Ed Elec (N Y) 1st oons g 6s
1995
♦El Pow Corp (Germany)
6Ms__1950
42*4
34i2
110*8
.
1043s
1943
*36
110*2
J
J
1937
East T Va A Ga Dly 1st 5s
Il956
Ed El III Bklyn 1st cons 4s_..___ 1939
112
J
51
Del A Hudson 1st A ref 4s
Gold 5 Ms
♦(East Cuba Bug 10-yr b f 7Mb ..1937
East Ry Minn Nor Dly 1st 4s ...1948
1758
108
J
J
47
107
1967 W
J
23*4
107
2020 J
Ref A Impt 6s ser D
1903
Ref A Impt 4Mb ser E
1977
Cairo Dly lBt gold 4s
1939
Cln Wabash AM Dly 1st
4S...1991
St L Dly 1st coll tr g 4s
1990
Spr A Col Dly 1st g 4b
..1940
W W Val Dly 1st g 4s
1940
15
1937
1007s 103*4
109
III84
J
47
Cumb T A T 1st A gen 6a
Dul A Iron Range 1st 6s
Dul Sou Shore A Atl g 5s
82
1941 J
52
46
6534
19
97*a
1993 J
28
112*g
104U
887g
1993
13*8
104*4
*10234
*110*4
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Ref A impt 0s ser C
29
52
1936
B
Detroit River Tunnel 4Mb
Donner Steel 1st ref 7s
*102
Cievc Clu Chi A St Li gen 4b
ser
37
13*4
48*8
1942
*29
Cleve-Cllffs Iron 1st mtge
4Ms—1950
1st lien A ref 6s
15
51
1930
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49
1901
39
40U
*4H8
4514
100*4
{
66
5412
1952
30
10878
1940 J
102*8
60*2
1942
30
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102
100
101*4 106
97*4 103
12*a
19371J
1936 Q
1942 N
2020 J
.Aug 2
1940
92
102*2 103*4
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112*8
1962|M N
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Cin Union Term 1st 4Mb A
1st mtge 5s series B
75
1996
108*2
99*2
106*8
106*2
O
106
♦Second
108
1968 A
10384
3878
19471J
CIbHAD 2d gold 4MB
c I St L A C 1st g 4s.
102*2
103*8
105*2
20
107
....1962 M S
1943 A O
97
1950
105
991| 104*4
83
101*8
20
108*4
.1962 M S
1st A ref 6Mb series C
Chllds Co deb 6s
Chile Copper Co deb 5s
(♦Choc Okla A Gulf cobb 5s
cm G A E 1st M 4s A
49*1
«93«
*30
10734
«•
1954
68
♦28
107
T,
103
105
10478
101*4
1996
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1062
103
1043s
104i2
10034
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1995
J
J
£ 8338
J
»
73*4
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61
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J
1963 J
4s
106*2 108*4
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1944 J
1st mtge 4s series D
106*2
1951
♦Det A Mac 1st lien g 4s
D *102*8
D *80*2
..19441J
108*2
39
1903 J
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con
O
19
22*8
36*2
36*2
10278
24
1905
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Gen A ref M 4s ser F
.
----
1934 A
♦Cony g4MB
cn»o A West Ind
_
\\ A
1988 J
10584
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108*4
(♦DesPlalnes Val 1st gu4Ms
1947
I Detroit Edison gen A ref 5s ser C 1902
Gen A ref 4Mb series D
1901
4414
47i2
I6I4
M
M
1987 M
1930 M
1987
41*4
104l2 1007s
99
10834
102*4 107*4
16
35*4
17*s 32*4
10484
10834
1940
Cuba RR 1st 5s g
1st ref 7
19
...1943
warr
(♦Des M A Ft Dodge 4s otfs
443s
•Cony ad] 5a
Jan 1 ...2000 A
(♦Ohio A No West gen g 8Mb—.1987 M N
♦General 4a
1987 M N
♦Stpd 4a non-p Fed ino tax—1987 M N
1987
106ij 111*4
33i2
68*s
.4278
1989 J
♦Gen 4Mb Beriea O—May 1 —1989 J
♦Gen 4Mb aeries E_.May 1 ...1989 J
♦Gen 4Mb Beriea F..May 1 —19891J
(♦Chic Mllw St P A Pac 5b A
1975 F
♦Gen 4Mb stpd Fed lnc tax
♦Gen 5s atpd Fed lnc tax
16b8
9334
15-year deb 5s with
Hioh
29
80
73
173s
29
1909 J
50U
10U| IO6I4
107
27
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♦Chle M A St P gen 4b Ber A
♦Gen g 8Mb ser B May 1
110
33U
10584
1085s
IO8I4
29
16*8
108
1935
Low
I884
*20*8
*2038
33*2
3378
10278
1965
85
J
15*4
1st Hen A unif mtge 3Ms
1st Hen A unlf mtge 3Ms
Container Corp 1st 0s
9018
1947 J
J
♦1st A gen 5s serlefl A
1900 W N
♦1st A gen 0b series B.May .—I960 J
{
Chic Ind A Sou 50-year 4b
1950 J
*
92*2
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114*8
112
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104i2
108*2
1053s
Debenture 4Mb
1951
124
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...1957
90121 (♦Consol Ry non-cony deb 4a—igs4
♦Debenture 4s
102
1965
♦Debenture 4a_.
1045s
....1965
♦Debenture 4s
119121
I960
11234 (♦Cons Coal of Md 1st A ref 5s..1950
♦Certificates of deposit
1131#
120la Consumers Gas of Chic gu 5b ....1930
112
Consumers Power Co—
91*4
881s
A
*29
...
102*a
102
83
..1951 M N
114
63ij
10184
for Year
Bid
Low
68i2
94
....
\ 105*2
1971 F
I (Chicago A East 111 1st fla
(♦C A E 111 Ry (new to) gen 5s
♦Certificates 0! deposit
42
*2100*2
42l2'
r1949 a
1949 J
——1949J
IlllnolB Dlrlslon 4a
General 4b
20
*107i2
8 *110
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Chic Burl A Q—111 Dlv 8 Ms
High I
52
*11218
1941 M
a.
Range
Friday's
•5
65
*109
J|
Rangt or
EXCHANGE
49
119U
1989 J
1989 J
BTOCK
Week Ended Jan. 3
67
IIO84
111*2
11858
1108s
1111s
1940 J
1940 J
Potta Creek Branch let 4a
R A A Dlv 1st con g 4b
Y.
90
102M
J9931A
1996 J
Low
W.
97«s 1033s I •Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
97ia 102ig I
1960
09U
90i2| Consol Gas (N Y) deb 6 Mb
1945
1944 J
Re! A Impt 4Mb ser B
BONDS
1935
05M
63is
101
llVl2
D
Range
for Year
Low
104
114"
1939 M N
1992 Wl 8
6b
to
1935
^
General gold 4 Mb
Jan. 4 1936
Wuk't
\Dec. 31
AtUd
1947 W «
Chesap Corp cony 5b
10-year oonv ooll5a
Chea A Ohio 1st
1933
Friday's
Bid
Week Ended Jan. 3
Record—Continued—Page 3
July 1
..
1949 J
((♦Gen Theatres Equip deb 0s...1940
♦Certificates of deposit
♦Certificates of dep stamped
(♦Ga A Ala Ry 1st cons 5s..
((♦Ga Caro A Nor 1st ext 0s
A
103*8
J
89*4
O
1734
18
mrnmm
_
*51*8
1945 J
1934 J
J
J
183s
*13*8
20
33
90*4
22*2
2134
2134
50
32*8
31*2 50
49*2
31*8
90*8 10378
22
0*«
19*4
66
1S38
18*8
11
18
O
33
1947 J
J
108*8
108*4|
1945 J
D
104*8
Goodyear Tire A Rub 1st 6s
1957 MN
Gotham Silk Hosiery deb 0s
1930
103*2
104*4
100*2
Gr R A I ext 1st gu g 4 Ms
1941
Grand Trunk Ry of Can guar 68.1930
Grays Point Term 1st gu 5s ....1947
Gt ConB El Pow (Japan) 7s
1st A gen s f 0Ms
Great Northern gen 7s ser A
1st A ref 4Mb series A
General 5 Ms series B
General 5s series C
33
10434
70
78
100*2
6
56
D
6234
34!
*97
103*4
*75
107*4
921a
1031a
82*a
19«4
18
24
44*4
109*8
104*8
106
100*2
17
58
10034
101
101
103*38
104*2 108*2
103*4 107*8
*108
1
94
0*8
217
18*2
♦Good Hope Steel A Ir sec 7s. ...1945 A
((♦Gould Coupler 1st s f 0s.....1940
Gouv A Oswegatchle 1st 6s
1942
64
458
20
Goodrich (B F) Co 1st 0 Mb
Cony deb 0s
76
84
85
90
...1944
93*2
....I960
1930
8412
10234
103
362
82
103*2
1901
107
108
59
90
108
1952
1078s
102*2
108*2
10378
50
75
109*2
21
69
105
96*4
95*2
97*2
77
03
98
9734
174
62*4
97*8
1973
General 4Mb series D
...1970
General 4 Mb series E
...1977
94
97
8534
78*8
93*s
97
Record—Continued—Page 4
New York Bond
Volume 142
July 1
Week's
ta
BONDS
T.
STOCK EXCHANGE
July 1
1033 to
Range
*0
Dec. 31
for Year
Asked
OQOQ
1935
1935
Bins
No.
Low
Week't
.
Bid
Week Ended Jan. 3
A
Low
Feb
♦Green Bay A West deb ctfs A
1940
1950
1950
Febl962
B
Gulf Mob A Nor let 5 He
Stamped
13
2
A
O
I
J
*59
J
*59
D
102%
J
108%
1942
1952 J
Steel
....
50
82
56
82%
80%
49%
69
66%
66%
Little Miami gen 4s series A
Loew's Inc deb s f 6s—
57
Lombard Eleo 7s ser A
49%
49%
_
40
103%
108%
90
60
5
♦6s (Oct 1
♦6s (Apr
1939
1939
'33 coupon on)
'36 coupon on)..
20-year
Hooking Val lBt cons g 4 Hn
♦Hoe (R) & Co
A
...1949
1999
1944
1st mtge
♦Holland-Amer Line 6s (flat)
1947
(♦Housatonlc Ry cons g 5s
J
J
115%
43%
Houston OH sink fund 5^8 A
Hudson Coal 1st s f 5s ser A
IVI N
33%
91
1
115%
9
64%
54%
86
35
10
101%
F
A
80
81%
100
63%
78%
A
O
32
34
144
25%
25%
104%
82
103%
1
102%
1951
A O *102%
.1951
M 8
*75%
1st gold 3s sterling
1951
A O
78%
Collateral trust gold 4s
.1952
MN
80%
Refunding 4s
1966
J
J
*68
Purchased lines 3 Ms
1952
M N
66%
Collateral trust gold 4s
1953
MN
89%
Refunding 5a
1956
J
J
102%
15-year secured 634s g
1936
F A
63%
40-year 4 %■
Aug 11966
J
D *102%
Cairo Bridge gold 4s
1960
1
J
*86
Litchfield Dir 1st gold 3s
1961
J
J
91%
LouIsvDlv6Termg3MB
1963
F A
70%
Omaha Dlr 1st gold 3s
1951
1
J
102%
1
1st gold 3)4b
Extended 1st gold 3 Ha
1961
1951
1951
1951
Joint 1st ref 5s series A
♦Ilseder Steel Corp mtge 6s
1963
1940
1948
Ind Bloom A West 1st ext 4s
Ind 111 A Iowa 1st g 4s
1950
(♦Ind A Louisville 1st gu 4s.....1966
Ind Union Ry gen 6s ser A
1965
Gen A ref 5s series B
1965
Inland Steel 1st 434 ser A
1978
1st Msf 434i ser B
1981
*98%
100%
*82%
67
90
mmmm
97%
75
J
D
J
85
D
A
O
71%
66%
108%
98%
89%
108%
F
A
32%
32%
A
O *102
99
J
J
63
49%
6
101%
5
70
52%
49%
52%
183
73%
J
31
-
89%
mmmm
99""
78%
73%
109
106
9
23
23
7%
8%
23
2478
6%
8%
24%
71%
35
50
78%
67%
68
35
47
50%
27
37%
75%
65
82
90
98
j"~D
36
33
33
39%
99
50
71% 101
Market 8t Ry 7s ser A.April
1943
A O
194
1940 Q J
IVI N
101%
A I Namm A Son 1st 6s
_
Marlon Steam Shovel s f 6s
96
104
106%
Metrop Wat Sew A D 634b
98%
106
107
{(♦Met West Side El(Cblc)4s
1968
1950
1st g 4 34s series D
F
A
102%
103
25
80
102% 106%
♦Mlag Mill Maoh 1st s f 7s
J
89%
86%
94%
92%
62%
65%
82
19%
50
84%
57
60
2
20%
48%
81
1st gold 334s
45
A
O
100%
10134
17
74
95% 108%
96
101%
F
A
*12
..1938
M S
29
D
J
62
74
M N
"37"
J
9
25
40%
131
11%
85
4%
86%
97% 104%
25%
43%
4%
11%
37
39
86
23
23
43
J
J
38
38%
16
23
23
42%
A
O
44
48%
190
A
O
59
J
D
102%
103%
92
67
1961
1971
77% 103%
J
J
10278
103%
9
56
76% 103%
((♦MllwANor 1st ext 434s (1880)1934
1st ext 434s_—
1939
Con ext 434S
1939
(♦Mil Spar A N W 1st gu 4s
1947
(♦Mllw A State Line 1st 334s
1941
(♦Minn A St Louis 5s ctfs
1934
♦1st A refunding gold 4s
1949
J
D
74%
1st mtge 5s
28%
28%
56%
♦Ref A ext 60-yr 5s ser A
37
46%
73 *
M St P A SS M oon g 4slnt gu
62%
IVI
"58"
77"
3
55
55
65%
34%
8
J
J
37
33
30%
30%
60%
64%
53
64%
4
4
*50
4%
M N
70
6%
8
*1
1962
1938
1938
*2%
3078
35%
%
5
J
"55
2
F
M
8%
%
26%
446
1
26%
37
31
42%
69%
68
9638
1st
30
19%
cons
6s
19%
47
30
93%
51
J
92
82
cons
6s gu as to Int..
1938
3934
31
35%
36%
31
31%
1st
14
77%
60
J
75%
J
20
26
34
16
...1946
M N
*76%
80%
MN
*87
94
mmmm
F
A
*80
85
mmmm
mmmm
'
70
83
1st A ref 6s series A....
49%
74%
89
25-year
43%
68
81%
1st ref 534s series B
1st Chicago Term a
45%
J
74%
76%
81
37
50
76%
J
86
88%
120
42
A
78
80%
193
40
58%
65%
88%
80%
A
O
100%
100%
6
82
99
100%
8
82
99
1%
22
84%
36
%
66%
74
70
97
A
O
100%
S
M
1
D
O
O
35%
40%
O
34
84%
F
A
101
3
101
f 4s
29%
29%
38%
24
28
28
21
96
J
J
107
D
105
S
41
73
84%
105%
38
105%
42
64%
103
70%
100%
6
O
13%
32
45
82
215
42
51%
52
52
13
30
10
"
26
42
25%
32
40
25%
38
23
23
31
67%
95%
94
95
2
44
102%
102%
2
68
107
J
107
8
80
J
J
89
89
5
73
J
J
*98
100
80
93
J *100
8
1834
2034
36
15
j
j
81%
82
30
51%
67%
36%
37
6
73%
77%
309
57%
60%
121
48
5034
54
51%
54
90
28%
3234
2578
29
25
25
884
11
290
5%
6%
2534
29
407
19%
19%
30
25%
7
18%
26%
24%
27%
16
18%
19%
18%
8%
28%
397
3%
18%
3%
27%
29%
27%
148
19%
19i«
30
19%
19%
18%
19%
26
19%
18%
27%
69%
76
83
MN
40-year 4s series B
Prior lien 434s series
D
101% 103%
104% 107%
77
95%
95
101%
99
102%
(♦Mo Pao 1st A ref 6s ser A
♦Certificates of deposit
...1962
1978
Jan 1967
1965
♦General 4s
♦1st A ref 6s series F
1976
1977
♦Certificates of deposit
♦1st A ref 6a series G
1978 MN
♦Certificates of deposit
♦Conv gold 634s
♦1st A ref g 6e series H
1949
1980
6
MN
A
2534
O
4% July
(♦Mobile A Ohio gen gold 4s
♦Montgomery Dlv 1st g 5s
1938
1938
1947
47
*
11
80
4%
8%
10%
46
5
6
85
86
35
70
79
85%
MN
105%
10
102%
102% 105%
104%
30
87
J
105%
1043s
1043s
100% 104%
97% 103
J
107%
108
31
77
93% 108
99
42
50%
67
100
94
1937
J
J
D
102%
J
J
109
1
102%
110
M
8
30%
47
115
110
106%
117% 122
100% 105
77%
109
109
113%
37%
33
75
10%
102%
52
90
97% 102%
74
28
46%
59%
81
73
36
46
69
80
26%
1st guar
gold 6s
Montana Power 1st 5s A
Deb 5s series A
1943 J
...1962 J
J
97
D
O
F
A
101%
72%
F
A
71%
F
A
F
A
74%
*74%
J
102
J
J
100%
J
D
99%
J
100%
100
71%
76%
75
75
77
77
1
mrn
102%
71%
m
4
74%
m
101% 103%
3
61
85
11
79
97% 102%
7
100%
21%
1478
104%
Deb g 7s
1941
1955
Gen A ref s f 6s series B
1956
Gen A ref s f 434s aeries C.....1955
Gen A ref s f 5s series D
1955
Morris A Co 1st a f 434s
1939
Morris A Essex 1st gu 334s
...2000
Constr M 5s ser A
Constr M 434s series B
Mutual Fuel Gas 1st gu g 6s
J
20%
22%
505
4%
J
J
96%
99%
88
77%
95% 106%
Mut Un Tel gtd 6s ext at 5%
J
J
96%
98%
75
80
95% 106
A
...1955
1955
1947
103% 105%
55
73%
O
*104%
105
S
56%
57
5
103%
52%
A
96
96
2
64
87%
97%
F
A
64%
65
10
33
55
80
F
A
63
64%
F
A
62%
J
J
98
F
A
82%
85
J
J
72
5
31%
51
64%
6
32
52
73%
98%
14
73
91%
98%
36
79
84
104
75%
78%
99
M N
31%
37
146
30%
30%
M N
34
39%
131
33
33
50%
54%
M N
37%
43
37%
37%
60
*80
81%
66
79%
A
65
65
102%
A
76
102%
88
96% 103
70%
77
86
72%
82
63%
73%
85%
78%
70%
74
82
*
86
*""
A
A
*
J
10414
J
903s
M N
89%
MN
84
M N
109
104%
82
92
70
1941 M N *108%
Son—See Mfrs Tr—
85%
Nash Chatt A St L 4s ser A
1978 F A
Nash Flo A 8 1st gu g 5s
1937 F A *103
5734
Nassau Elec gu g 4s stpd
1951 J
102%
Nat Acme 1st a f 6s
1942 J D
F A
103%
Nat Dairy Prod deb 534s
1948
104
Nat Distillers Prod deb 434s
1945 M N
106%
85% 95%
8834 102
101
90i
77
86
65%
109%
109%
95 "
96%
83%
103% 110
89%
102
78
81%
97
102% 105%
60%
62%
86% 103%
102% 106
99
104%
Namm (A I) A
F
2
4%
*7134
1937
Gen A ref s f 5s series A
J
M
2
Montecatlnl Mln A Agrio—
Montreal Tram 1st A ref 6a
A
9
878
"U%
J
100%
,
30
88
S
Monongahela Ry 1st M 4s ser A..1960
1937
mmmm
30%
M S
Mohawk A Malone 1st gu g 4s... 1991
""17
7%
M
Mont Cent 1st gu 6s
mmmm
83
19%
1938
notes
145% 155
94
103%
~
78
11%
1977
5%
106% 108%
125
27%
♦Sec
118
103%
30
19
♦Ref A impt 4 34s
103
103
20
19
73
64
16%
10%
10%
155
J *111%
J *118%
36%
20
10
*376
A
106%
A
11%
104
27
F
O *104
F
244
29
*76%
MN
M S
O *150
J
62
25%
FA
A
J
37
89%
31%
27%
28%
24
1981
M S
66
18
50%
28
♦Certificates of deposit
♦Mo Pao 3d 7s ext at
12
50%
31%
27%
28%
11%
*26%
♦Certificates of deposit
♦1st A ref 6s series I
2834
27%
26
85%
85
1
*76
1990
1982
39%
114
78%
74%
109
105%
110%
61%
m
2434
Mo-K-T RR pr lien 6s ser A
1%
85%
3
18%
15%
1959
Mo Kan A Tex 1st gold 4s
103%
%
(♦Mo-Ill RR 1st 6s series A
103%
78
112%
75%
68%
107%
112%
73%
1949
1978
1941
634s
2%
1%
1
65%
A
58
58
J
1961 J
99
*12
58
"7l"
8
m"b
page
80
J
J
see
100% 105%
93%
99%
ft,
M
foornotes
100% 104%
83%
90%
60
30
For
84%
3
1940
72
20
46
83%
92
10434
59
91% 100%
86%
*80
70
Mllw El Ry A Lt lat 5s B
100%
93%
"102%
10434
2
33
8
94%
99%
J
S
17%
2
29
54
97
84%
J
M
M N
9%
1%
29%
29
64%
82
*34
Qeneral cons 5a.
9
14%
334
99%
84
M N
98
102% 108%
67
59
67%
50
41%
77
"16
99
57%
*28
1954
1954
41%
108"%
J
11
MN
C
32
49
84%
100
O
55
J
Cons sink fund 434a Ber
10234
79% 102%
A
93
J
Lehigh C A Nav a f 434s A
63
47
J
94
A
1997
55
60
108"
1940
1961
1952
1979
Ref a Impt 4 34b series C
88%
J
Lake Sh A Mich So g 834a
41
44
s
1956
City Air Line 4s__
93%
A
Kinney (G R) A Co 7 34 % notes.
8
37
IVI
1977
Mid of N J 1st ext 6s
A
1961
.....1961
.
Jaok Lans A Sag 334a
♦Cum adjust 6s ser A
Keith (B F) Corp 1st 6s
83
100
Michigan Central Detroit A Bay
81%
86%
M N
4s..
99%
J
♦Mex Internat 1st 4s asstd
1961
81
O
1953 J
56%
35
36
*96%
J
1957 A
40
30%
7%
D
1941
(♦Man G B A N W 1st 334s
1945
91
9%
7%
8
Metr Ed 1st A ref 5s ser C
90%
88%
32
21%
4
71
AO
Meridionals Eleo 1st 7s A
87
34
"25"
*22"
Mead Corp 1st 6s with warr
23
35
12
4
100%
43%
11
70
103% 107%
A
Plain
53
23
80%
79
J
Stamped
46%
103
61
32
S
81% 116%
93% 103
116%
68
103%
M
99
84%
51
103%
O
86
104% 108
44%
49%
O
♦Certificates of deposit
80
2
66
A
4s.
25
83%
111
77
79%
23
1948
56%
*60%
107
(♦Iowa Central Ry 1st A ref 4s.. 1951
55
23
104
32%
104
F
Kentucky A Ind Term 434s
88
105%
74%
108%
*72%
21%
A
102
54%
92
5
1959 IVI N
I
J
*107
1943
82
82
M N
*105%
mm
103% 107%
98% 104
106% 109
1939
J
1947
74
1953
J
J
104% 108%
103% 107%
98%
80%
16
10238
a""o
1942
1st ext 4s
7
—
81
Manila RR (South Lines) 4s
7
m
107%
88%
9
Manila Eleo RR A Lt s f 6s
95
m mm
103
6
M
J
mm
107
116
AO
(♦Manhat Ry (NY) cons g 4s —1990
♦Certificates of deposit.....
♦2d 4s
2013
22
_
102
59
86%
10834
88
A
75%
108%
111
2034
72
J
Kansas City Term 1st
F
♦Certificates of deposit
J
1941
K C Pow A Lt 1st mtge 434s
J
1942
{(♦Flat stamped modified
1
J
Kan A M 1st gu g
111
1941
{(♦Stmpd Oct 1931 ooupon
♦Certificates of deposit
J
B.....1972
Without warrants
*7934
S
♦Certificates of deposit
J
1947
Investors Equity deb 5s ser B w w
8
M
84%
107% 114
1
105
105
ivi
Mfrs Tr Co ctfs of partlo in
1956
1944
1st coll trust 6% g notes
1st lien A ref 6 34s
65%
A
1941
lnt Rys Cent Amer 1st 5s
86%
60
F
J
A B
65%
88%
92%
87%
1948
f 6s
80%
78
(♦Int-Grt Nor 1st 6s ser A......1952
A O
♦Adjustment 6s ser A
July 1952
J
J
♦1st 58 series B
1956
s
73%
66%
74
1951
Internat Paper 5s ser A
98% 102%
62%
coll tr 5s—
Stamped extended to 1942
lnt Merc Marine
42%
70%
61
mm*.
Internat Hydro El deb 6s
42%
mmmm
1932
♦1st g 5s series C
212
V—
94%
102%
mmmm
mmmm
deb 5s
102%
89
82
lnt Agric Corp 1st A
conv
74%
82
75%
♦Certificates of deposit
lnt Cement
70%
*78
1932
Interlake Iron 1st 5s B
11
25
*70
m*
7% notes
90
J
♦Certificates of deposit
conv
76%
J
♦Certificates of deposit
{♦10-year
71
57
J
(Interboro Rap Tran 1st 5s.....1966
{♦10-year 6s
66
52%
J
1940
Illinois Steel deb 434s
104
IVI N
Proof of claim filed by owner—
McKesson A Robblns deb 6348—1950 IVI N
A O
{(♦Manatl Sugar 1st s f 734s
1942
77
76
1963
1st A raf 434s series C_.
10238
58
86
100
107
112% 119%
5
106
*106%
58
(♦IMcCrory Stores deb 534s
"67"
56
1
38%
98
99% 102
83%
86%
5
98%
169
87%
11278
106%
1941 A
1946 f
104%
A
♦Lower Austria Hydro El 6 34s—1944
103
99
'~U
118
108
66
12
108
j
56%
72%
*104%
j
1955 m N
67
91%
106%
110
13178
A
St Louis Dlv 2d gold 3s
66
mm
112
Atl Knoxv A Cln Dlv 4s
12
m
80%
J
South Ry Joint Monon 4s
41
„
F
2003
Padueah A Mem DIv 4s
106%
83
65%
O *129%
117
A
A
102
85
76%
-
104%
97% 105%
125% 132%
103
83
100
85%
100%
8
1980
1946
1952
80
70
105
56
IVI
Gold
90%
39%
78
71
106%
100
92%
102% 104%
102%
mmmm
104
87%
8
2003 A
Mob A Montg 1st g 434s
103%
98%
"~6
99%
1st A ref 4 34s series C
113% 120
103% 106
38
80%
98%
1083s
104%
107%
1st refund 634s series A
1st A ref 5s series B
76
38
m N
M N
Unified gold 4s
104
9
12
10234
1969 J
ser A
Louisville Gas A El (Ky) 5s
44%
103%
8prlngfleld Dlr 1st g 334s
Louisiana A Ark 1st 6s
115% 123%
104
10534
D
1951
5s
104%
10134
35
J
Wee ter ■ Lines 1st g 4s
111 Cent and Chic St L A N O—
101
89
O
Gold 334a
Guar ref gold 4s
136
130
81%
4434
*104%
10234
D
J
IVI
M N
61
1
St Louis Dly A Term g 3s
deb 5s
HigT
102% 107%
113% 117
8
J
J
51
A
47%
1938
1949
1937
1949
1944
1940
2003
100
..1961
Illinois Central 1st gold 4s
10378
O
1937
mmmm
1970
Illinois Bell Telep 3 Ms ser B
103%
A
Louisville A Nashville 5s
40%
120
103
1
Louis A Jeff Bdge Co gu g 4s
101%
MN
117
5
108
15
36%
119%
104%
24
122%
96
100%
J *104
J
134
108
M N
1941
1952
Lorillard (P) Co deb 7s
104% 106%
D
J
133i2
I2D4
1952
1946 iyi e
90%
mmmm
11434
A
13
12%
mmmm
64%
J *105
.
p m
11434
O
64%
30
32
47%
IVI N
Feb 1967
♦Adjustment Income 6s
26%
.......
*15
M N
J
1957
Hud A Manhat 1st 5s ser A
O
A
1941-
Hudson Co Gas 1st g 6s
"~Io
*38%
1937
1940
1962
Houston Belt A Term 1st 5s
27
J
1937
1937
H A T C 1st g 6s lnt guar
42
27
J
37% 46%
26% 29%
49%
33%
112% 117%
30
46%
37%
*38%
O
mmmm
89%
A
1962
Long Island gen gold 4s
Unified gold 4s
103%
105% 108,
95%
89%
....
1951 F
5s
90
1935
Low
Low
No.
O
1944
Liggett A Myers Tobacco 7s
63%
Qanea SS Lines—
♦Harpen Mining os
8*4
106%
for Year
1935
Hiab
O *105%
Leh Valley Term Ry let gu g As..1941 A
A
Lex A East 1st 60-yr 5a gu—...1965
60
-
deb 5Hfc
Hackensack Water 1st 4s
States
60
3%
3
LOW
Range
t<
Dec. 31
Friday's
A iked
•nA- Bid A
EXCHANGE
Week Ended Jan. 3
88%
90
J
Gulf A SI lBt ref A ter 5s
9
90
8%
O
A
38%
1933
Rang* or
11
BONDS
T. STOCK
W.
High
Low
26
....
M N *106
J
C
let mtge 6e series
Gulf
70
*55
Feb
♦Debentures ctls B
Greenbrier Ry let gu 4s
2
3 w
Range or
Friday's
Sc
88
32
"58
"16
50%
3
91
104
74
65%
74%
104%
42
99
102%
108%
July 1
BONDS
.
N. T
STOCK
1933
EXCHANGE
Week Ended Jan. 3
Lorn
1957
♦214
3*8
Nat Steel 1st coll
s
-
g
—
4
lit
418
4*8
3*8
3
1965
106*4
58
*50
—
r%
Newark Consol Gas cons 6s
♦New England RR guar 5s..
1948
1945
1945
102*8 1O012
45
44U
1221a
*119*4
D
1952
1961
"
*118
1986
NO a NE 1st refAlmpt 4
HB A ...1952
{New Orl Pub Senr 1st 5s A
1962
First a ref 6s series B__
1965
New Orleans Term 1st
gu 4s
{(♦N O Tex a Mex n-C lno 68
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881s 100
94
1964
88
69*4
87
158g
31*8
1*10714
N Y Cent RR conr 6s
Consol 4s series A
1944
11188
88*2
Ref a Impt 4 Hs series A
Ref a impt 6s series C
N Y Cent a Hud R1t M 3
Hb
2013
7312
79
36
76
2013
36
34
20
1964
36
1978
187g
1946
30
18U
2712
1966
891
65*8
*28
53
651a
*2114
3112
1936
77
35
8714
8018
1966
82*81
NAG Bdge
gen guar
IHb
1998
1998 '
1998
1937
101*2
80*4
—2013jA
3Hs
N Y Chic a St L 1st
g 4s
Refunding 5Hs series A
Ref 4Hs series C
1974
♦J3-yr 6% gold notes
♦Deposit receipts for 6s
1935
1935
1st guar 6s series B
1953
102
84*2
73*2
100*8
1951
105*2
123
11378|
92*2
2000 M N
1942 M N
1943 J
" *104*4
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4s
N Y A N Eng
(Boat Term) 4s
1939 A
1941
n-o deb 4s
100*4|
94
1947 M
1954 A
C|
1956 J
♦Cony debenture 6s
♦Collateral trust 6s
1940 A
♦Debenture 4s
1957 M b
1956 M
JI
1967 J
^
1Q55 J
(
i993 A
1
...1965
—
1965
1947 M
£
105*4 110*2
108
111*4
104*4 107*4
110
£
mortgage 6s
1951 "* b
1st
mortgage 6s
1956 M N
106*4
N Y Westoh AB 1st
J
A
5578|
A
47
1946 J
ser
03
183s|
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9
S *116
1974 M
9
{♦North Ohio 1st guar g 5s
1945
cpns-
8938
5218
171
19*2
Nor States Pow 6s
1st A ref 6s ser B
ser A
.
see
page
3Hs coll
tr A
1941
1942
102*4
1952
120
6978
65
74
28-year 4s
Penn-Dlxle Cement 1st 6s A
1963
-
May 1 ..1948
cons g
4s ster! stpd dollar
92
99*4
*108
105*4
106*4
*103
100*2
31*8
1'7
7678
7418
93
88I2 108
100*4
100*4
108*8
108
106*4
105*4 108*2
1O1
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-
_
101*8
35
1943
*108
112
112*8
1947
112
112*8
88
19*4
102
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105*4 108
*96
1946
98*4
107
111
94*2
108
111*2
96*8
108
114*2
113*2
1187s
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114*| 1'0*2
80 ^
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1984 J
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1974 F A
1990
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1956 J
1st 4s series B
1980
M
1943
M N
1974
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105*4
115*2
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7412
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98*2
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Phlla Bait A Wash 1st
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88*s
88*2
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toe
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115*4
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107
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1971
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1977 •»
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1950
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for deb 0s A com stk
(05% pd)
—
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.1941
Reading Co Jersey Cent coll 4s..1951
Gen A ref 4 Ha series A
1997
61*4
75
47
47
75
119" '"1
97
107
92*4
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114
1940
1953
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80
11
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313
3
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66
74
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47
79
10438
1952
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.....1955
Rio Grande Juno 1st gu 5s......1939
1939
♦1st con A coll trust 4s A......1949
35
91*2
108*4
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96
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112
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171
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76
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41
♦Certificates of deposit...
Rlchm Term Ry 1st gu 5s
*0-'»4
119
11^
° +10714
1941
1950
♦Direct mtge 08
1952
♦Cons mtge 6s of 1928
1953
♦Cons M 0s of 1930 with warr..1955
({♦Richfield Oil of Calif 08
1944
{♦Rio Grande West 1st gold 4s
75
61*4
41
4
1953
5s—1933
{♦Providence Sec guar deb 4s....1957
♦Rhine-Ruhr Water series 6s
♦Rhine-Westphalia EI Pr 7s.
108
°
cony g
f deb 6s
110
113*8 118*8
113*8 117
21
116
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108*2 112
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98
o
1948
110
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N
lib
...1970 * °
115 8
1975 *°
116
1977 J
*
106 4
1957
99
111
it}
M N
1949
100
11278
120
1121J
75
104H
108*8 112l2
75
111
J* J 103 4
}09 2
F A
1953
Port Gen Elec 1st 4Hs ser C
1960
1st 5s 1935 extended to
1950
Porto Rlcan Am Tob 00nv
0s__. 1942
s
45*8
26*4
10/
•*
1902
ser
89*,
112
108*2 1135s
105
100
o
1945
4Hs
61*4
104*2
107*2
51*2
30*2
1952 « «
1942
General M 5s series A
Gen mtge 5s ser B
8{♦Pressed Steel Car
087»
123
111
°
1981
1967
111*4
120^8
*
A
1977
Ref A gen 5 Ha series A
1953
Republic Steel Corp 4Ha ser A..1950
Purcb money 1st M conv
5H3.1954
Revere Cop a Brass 6s ser A...-.1948
♦Rhelnelbe Union Bf 7s
1946
68
105
-
111
115
101
ma
-
75*2
106*2
71*2
93*2
103
106*2
104H 10678
98*8 1O012
1965
Rensselaer A Saratoga 0a gu
Repub I A 8 6s s 1...........
105*2
-
78
104*4
101*4
1968
Peoria A Pekln Un 1st 5 Ha
ser
65
94
99*4 104*2
100
101*4
50
118*4
1936
Refunding gold 6s
Peoria A Eastern 1st cons 4s
♦Income 4s.
April
Marquette 1st
97*8
36*2
1187S
108*2
1960
Debenture g 454s
General 454s series D
Gen mtge 454 s ser E
Peop Gas L A C 1st cons 60
Pere
63
111*2
4s—...1943
Consol sinking fund 4 Hb
General 4Hb series A
General 6s series B
Secured 0Hs
Secured gold 5s
54*2
53*2
98*4 I02*«
98
81*2
84H
100
10212
104*2
10758
105*8
*109*4
*11212
Consol gold 4s
—-
95
104
1948
Pennsylranla RR
100
10V78
104*8
81**
83*4
104
92
1941
Pa Ohio A Det 1st a ref
AHb A..1977
4Ha series B
1981
Pennsylranla PAL 1st 4Hs
1981
38*8
59
104*4 110*8
108*4
105*2
75*4
95*2
Apr 11938
99.
*104*4
101*4
Gen A ref 4Hs series B
1997
Rem Rand deb 5 Hb with warr
-.1947
5Hs without warrants
1947
82
1948
*103
158
104
71*2
118
100*4
1944
*102
1944
Guar 3 Hb coll trust ser B
Guar 3Hs trust ctfs C
Guar 3 Hb trust ctfs D
Guar 4s ser E trust ctfs
69
94
*102*4
*104l8
1937
1948
82
1957IM N
116
76*8- —
Purity Bakeries
I08l2
10458
74*8 103*2
108
1941
Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s
footnotes
1942 M
1944
f 7s
81*4
100*4
....1941
.
Northwestern Teleg 4Ha ext
Norweg Hydro-El Nit 5Hs
For
1949
♦Paullsta Ry 1st ref
79
107*8
1938
Ohio Indiana & West 5s
Parmelee Trans deb 0s
Pat a Passaic G a E cons 5s
s
17*2
23
10778
100
2047
Ohio Public Service 7
Ha A
1st A ref 7s series B
1953
79
2047
.
otfs
107*2
108*4
9978
2047
:
54*8
8434
109
101*8
130*4 163
1956
61
*61*8
108*4
104*8
53*2
33*4
1971
78i»
*61
25*8
25
♦Providence Term 1st 4s
Pub Serv El A G 1st A ref 4s
Pure OH Co s f 4Hs w w
18*4
♦Stmpd
as to sale Oct
1933. A
♦Apr 1934 coupons
Nor Ohio Trao A Lt 0s A
1947
North Pacific prior Hen
4s
1997
Gen Hen ry A Id g 3s Jan
2047
Ref A Impt iHa series
A
2047
93
1968 M
1st gen 5s series B
113
57
91
49
106
121*4
113
84
-
50*4
110*2 117
9*2
101*8|
1974 M
Apr'SS-Oct'SS-Apr'ai
10
104
Aug 15 1963 F A
Not 15 1969 M n
957g
.1955
1st gen 53 series C-_
1st 4Hs series D
35*8
11578
107*2
104*4
102*4
AI
1957 M
135
50
O
F
42
160
104*2
1955
Paramount Pictures deb 6s
Parle-Orleans RR ext 5 Hb
{♦Park-Lexington 6Hs
08*t
80
99*4
4878
f g 3s loan ctfa
Pitts Y A Ash 1st 4s
62*4 100
48*41
17
1996 0
1961
Ref A impt 60 series B
Ref A Impt 6s series C
Ret A Impt 6s series D
Nor Ry of Calif guar
g 6s
8
100
10*18 108
Nortb Cent gen A ref 6s
A.
Gen A ref 454s series A.
♦Ex
♦1st M
105
1*105*2
♦Certificates of deposit
Paramount Broadway Corp—
Port Arthur Can A Dk 6s A
1st mtge 6s series B
--
1941 J
C
*05*.
111*4
-»
1941 M N
No Am Edison deb 5s ser
A
Deb 5Hs Ber B
Deb 6s
107*?
104
51*a
109
83
D
60
113*2
52
97*2
111*41
Nlag Lock A O Pow 1st 58 A
1955 A O
Niagara Sbare(Mo) deb 6Ha
1950 M N
♦Norddeutsche Lloyd 20-yr s f 6s. 1947 M N
New 4-6%
1947 M N
Nord Ry ext sink fund
6Hb
1950 A O
I {♦Norfolk South 1st A ref 5s
1901 F
A
♦Certificates of deooslt
§ {♦Norfolk A South 1st g 6s
36
104*8
1946
N A W Ry 1st oons
g 4s
Pocab CA C Joint 4s
North Amer Co deb 6s
09*4 102*4
25
109
03
37*4
1943 M N
1939 M N
14 Hs ..1946 J
ser
20
55
104*4
Gen 4 Ha series C
Pitts Va A Char 1st 4s guar
♦Pitts A W Va 1st 4Hs ser A
1st M 4Hs series B
1st M 4Hs series C
104*« 1075s
55
1937 J
1937 F
1940 F
10278
53
103*4
4)
106*21
General gold 5s
Terminal 1st gold 6s
N Y Telep 1st A gen s f 4
Ha
N Y Trap Rock 1st 0s
6s stamped.
1*2
109*2
48
let
N Y Susq A West 1st ref
5s
2d gold 4Hs
94
96*8
104*4
Series J
—
1951 W
65H
109*4
Series G 4s guar
Series H cons guar 4s
Series I cons 4Ha
1965 J
N Y A Rlcbm Gas 1st
0s A
N Y Steam 0s series A
102
Ref mtge 5s series A
1952
Paducah a Ills 1st s f g 4Hs
1955
§ {♦Pan-Am Pet Co (Cal)cony 6s. 1940
Series E 3H8 guar gold
Series F 4s guar gold
{♦N Y Rys Corp Inc 6s_..Jan ..1965 A p
♦I110 6ft assented
Prior Hen 6b series A
Pr. lien 6s assented
106
104*2
99*4
96*8
104*8
Series O 4Ha guar
Series D 4s guar
I
N Y A Putnam 1st con
gu 4s
'20
101
Pacific Gas a EI gen a ref 5s A ..1942
Pao RR of Mo 1st ext g 4s..
1938
♦2d extended gold 5s...
...1938
Pacific Tel a Tel lBt 6s
1937
Pirelli Co (Italy) cony 7s
Pitts O C A St L
4HS A
Series B 4 Ha guar
4s_._1954 M b
June 1992 M f
{♦N Y Providence A Boston
4s..1942 A
119
77*4
Philippine Ry 1st sf 4s
1937 J
Plllsbury Flour Mills 20-yr 68—1943 A
♦
N Y O A W ref g 4s
General 4s
111
115*8
107"
1946
Cony deb 6s
1948 J
1st A re! 4Kb ser of
1927
♦Rarlem R A Pt Ches 1st
105
114*8
90**
A... ...1941
Phlla Elec Co 1st A ref 4
Ha
1st A ref 4s
Phlla A Reading O A I ref 5s
1965 J
♦Non-cony debenture 4s
♦Cony debenture 8Hs
83*4
100
1131?
1963
General g 4Kb series C
General 4 Ha series D
Phlla Co sec 5s series A
1947 M
♦Non-cony debenture 3 Ha
♦Non-cony debenture 3Ha
♦Non-cony debenture 4s
108*4 117*2
107
101*1 104*8
*65
O
101
101
106
*104*8
M
103
97
93*4 1027a
100
'085g
103
*100
124*4
115
98
95
103
1972 M N
I16»*
102
94*2
1973 M N
110*4
107*8
82*4
92*2
102
114*8
109*8
106
122*2
60*4
109*8
113*4
N Y Lack a West 4s
ser A
4Mb series B
N Y L E a W Coal a
RR 5HS
N Y L E a W Dock a
Impt 6s
{♦N Y N H A H
78*4
108*4
10678 108*4
595s
7478
106*4
21
109
94*2
1961
ser
98
42*8
1949
Hb
71
52
109
106*2
1946 M N
82
435a
82
1948
Purchase money gold 4s
N Y Greenwood L gu
g 6s
N Y a Harlem
gold 3
57
47
106*2
N Y & Erie—See Erie RR.
N Y Gas EI Lt H a Pow
g 5s
90
887s
100*8 102*1
109*8
1944
75*2
*8
>
57
.1941
75*4
8178
98*4
99*2
i
90
88
65*4
1938
Hb A
1st Hen a ref 6s series B
1st Hen a ref 5s series C
76
*10778
1951
N Y Dock 1st gold 4s
Serial 6% notes
N Y Edison lBt a ref 0
*4
*j
98*4
109
1963
1946
1946
13*4
99
1946
Pacific Coast Co 1st g 5s
Penn Co gu
100
69%
96*2
75*2
1978
N Y Conneot 1st gu
4Hb A
114*4
90*4
8678
1942
Ref a Impt 4Hs ser A
Lake Bhore coll gold 3Hs
Mich Cent coll gold
102ij 107ia
97*4
99l2
72*2
89*8
1997
Debenture 4s
106
48*8
87l4
1953
♦1st 5s series C
♦1st 4 Ha series D
♦1st 5Hs series A
47l2
81
43>8
70
116*1 124
112*8 12318
105*8
73*2
47*4
1983
1945
Ore-Wash RR a Nay 4s
Oslo Gas a El Wks extl 5a
Otis Steel 1st mtge 6s
10
1478
112*2
113*2
110*2
120*2
1943
High
100*4 104
101*8 104U
87
113H '.201s
*99*8
I960
66.
103
....1944
Ontario Power N F 1st 6s
Ontario Transmission 1st 5s
Oregon RR a NaT com g 4s..
1935
Low
90
1936
1937
Ore Short Line 1st cons
g 6s
Guar 8tp6 cons 6s
*47
♦Consol guar 4b
New England Tel A Tel 5b A
1st g 4J4s series B
N J Junction RRguar 1st 4s
N J Pow a Light 1st
4HS-.
New Orl Great Nor 5s A
47«
12
3*8
105*8
on
4s
Ohio Rlrer RR 1st g 5s
Qeneral gold 6s
{♦Old Ben Coal 1st 6s
8
1964 M N
No 4
f 4s..
{♦Naugatuck RR 1st
3*2
*3
♦Assent cash war rot No 4 on
♦Guar 4s Apr '14 eoupon
1977
♦Assent cash war ret No 0 on
Nat RR Mex pr lien IHb
1926
♦Assent nash war rot No 4 on
♦1st consol 4s
1951
war rot
Range
for Year
1935
Nat Ry of Mex pr lien 4 Ha
♦Jan 1914 coupon on
♦Assent cash
fo
Dec. 31
3
31*4
3178
31*8
29
25
19H
24l|
QQ
104*8 107*4
*52*8
54
45
48
60
*90
96
70
85*2
"38
60*8
102
24*2
60*8
24*2
95*2
82*4
47*2
79*8
32*4
81*s
41*2
Volume 142
New York Bond Record—Concluded—Page 6
BONDS
H.
T.
STOCK
EXCHANGE?
Week Ended Jan. 3
*933
Friday's
Bid
A
t-
BONDS
Range
Dec. 31
No
Low
10534
10°78
80
10b
112's
100*2 110
108*2
20
89*2
13*2
11412
6
75s
f {*R 1 Ark A Louis 1st 4Kb
1934 M
P
1278
1946 A
O
11412
•Ruhr Chemical s t 6s
1948 A
O
*32*4
Rut-Canada 1st gu g 4s
1949 J
194) J
J
33
35
J
33
36*2
25
.1947 J
J
107*4
107*4
1
.1937 M N
103*2
103*2
5
70
96
.1990 J
J
*75
89
64*4
80*2
90
.1996 A
O
*76
80
70
80*4
85
Rutland RR 1st
4 Ms
con
1
—
"19
903s
?5s
15*2
106*|
136
32i8
18*2
32*8
38
18*2
40*4
22
22
61
103
107
is
O
Union Oil of Call! 6s series A
A
.
St Jos Ry Lt Ht A Pr 1st 6s_
...
St Lawr A Adr 1st g 6s
2d gold 0s
12-year 4s
M N
...1933 MN
•Certificates of deposit
♦Prior lien 6s series B
1960
y~j
♦Con M4Hs series A
1978
♦Ctfs of deposit stamped
{♦at L S W 1st 4s"bond ctfs
ivi's
.
1989 MN
113
United Biscuit of Am deb 5s
United Drug Co (Del) 5s
UNJ RR A Can gen 4s
5
104*4
44
706*
99*2
106*4
98*2
12
105*8
105*8
O
S
—1934 J
.
1950 A
1953 M
—1944 M
—
J
*25
—1947 J
J
101*4
—
S
-
-
m
i
107
mm
♦Un Steel Works Corp 0 Ms A.. —1951 J
♦Sec. s f 0Ms series C
—1951 J
•Sink fund deb 0 Ms ser A
.1947 J
D
33
33
D
33
33
16
J
33
33*8
18
74
9*4
18*2
Un Steel Works (Burbaoh)7s
O
17*8
15
9*4
17
1578
145
9*4
7*4
7*4
10
14
139
7*2
7*2
15
10034
71
U S Rubber 1st A ref 5s ser A
54
69
United 8 8 Co 16-year 0s
8
30
30
17
37
00
5018
77*4
1734
85
26
40
40
200
33*8
33*8
172
10078
04
23*2
23*2
60*2
64*4
5412
101
101*4
104l2
J
1968 J
D
{♦St Paul E Gr Trk 1st 4Ms
1947 J
t'Bt Paul AECBhLga 4Mb—1941 F
J
A
16
St Paul Minn A Man 6.........1943 J
Mont ext 1st gold 4s
...1937 J
J
106*4
D
104
104
1
...1940 J
J
104
104*4
6
85
1972 J
J
11778
11778
1
90
...1943 J
1962 J
J
89
90
73
65
J
108*4
10878
12
70
4s
tPaclflc ext gu 4s (large)
St Paul Un Dep 6s guar
10
J *10034
21
46
78*4
79
457g
*103*4
84
21
3
19
91
11
108
19
92*s
45
80
101*2
•
«
-
•
11
-m
18*4
104*2 10***2
104*4
101
99*4 104*4
113
119*4
—1961 A
t♦Universal Pipe A Rad deb 0s —1930 J
♦Unterelbe Power A Light 08. —1953 A
s f
ooupon
gu
Santa Fe Pres A Phen 1st 6s
..1942 M S
Schuloo Co guar 0Ms
.1946 J
95
*50"
J
Stamped
75"
s f 0 Ms series B_,
Stamped
1946 A
60
O
60
58
Guar
60
60*2
Scioto V A N E 1st gu 4s
1960 A
~
20
32*4
60
28
60*2
29
28
1734
*15*2
*3*4
17*8
4*4
6*4
778
6*8
834
8*4
A
■20
*16
O
A O
1949 F
60
90
*16
1960 A
♦Certiis of deposit stamped
♦Adjustment 6s
Oct
57
29
1
*16
O
34
26M
48
1989 M N *11238
St ♦Seaboard Air Line 1st g 4s
•Certificates of deposit
I ♦Gold 4s stamped
0*4
...1959 A
O
♦Certificates of deposit
♦1st A cons 0s series A
...1946 M S
♦Certificates of deposit
JI ♦All A Blrm 1st g 4s
...1933 M S
*17
11
18
13*2
17*8
10
1078
20
2
27
4*4
4*4
6*8
10
3*4
10*2
172
4*2
3*4
4*2
117t
9*2
95
3*2
1
8*2
3*2
8*2
18
44
2*4
3
2*4
17
Sharon Steel Hoop s f f Ms
Shell Pipe Line s t deb 6s
O
3*2
43s
1936 F
♦Series B certificates
A
3
3
...1948 F A
1962 MN
43
35
103*2
104
17
86
10338
29
78*s
1962 J
D
*84*4
87
58
102*8 104*4
70*2
88
...1936 J
J
5934
5934
39
68
70
1951 M S
42*4
42*2
1125s
30
39
50*14
Shlnyetsu El Pow 1st 6 Ms
f 7s
0Ms
Sierra A San Fran Power 6s
103*4
1949 F
A
*112*2
1940 F
A
30
30
..1941 F
•Silesia Elec Corp s f 0Ms—
SUesian-Am Corp coll tr 7s
A
75
75*2
8
1015s
10
8644
14
80
103*4 113
257S
25?s
4
33
45*8
102
29
80
98*4
50
1005s
Skelly Oil deb 6 Ms
1939 M
Socony-Vacuum 0113Ms
1960 A
O
1045s
105*4
South A Nor Ala cons gu g 6s
Gen oons guar 60-year 6s
1936 F
A
O
*102*s
*114*2
103*s
1903 A
South Bell Tel A Tel 1st
1941
107*s
107*2
32*8
126
98*4
40*4
O
43
42*2
41
120
422
13
141*4
10
1
32
32
41*8
61
60 *j
05
»078
99
51
55*4
69*8
98*4
D
63
64*4
160
20«n
24*4
60 »4
61*4
245
18
20*4
90*2
97
59
94*4
99
100*4 107*4
85
102
A
59*4
1941 A O
85*4
1955 F A *107*8
M N *107*8
J
J
2*4
J
1
D
....
—1949 M
-
20
2*4
—
....
78
10738
41
63
*100*8
J
103
—1958 A
O
1
63
9
105
8178
41
111*8
12
98
99*8
128
F
Det A Chic Ext 1st 6s
Des Moines Div 1st g 4s
A
85
86*8
9
J
*66*8
J
—1947 M
4s
{♦Wabash Ry ref A gen 6 Ms A —1977 W
♦Certificates of deposit
II197t
9
110*8
113
103*4
100
57«8
89*2
48
57 ?s
98*8
86
63*2
65
98*| 102
7178
45*2
50
77
12*4
12*4
11
13
mm
27
mm
100
3U2
9
28
93
2878
*27*2
28*4
O
28
30
147
29
1
31*4
K
K
O
V
O
97
10*2
28*4
11*4
30
11
137,
29
11*4
10*2
100
1212
48i2
12*2
30
44
18t,
30*8 110
206
5914
59*4 111
179
24
48*t
100
72
116*4
103*2
12
11*4
7
107
104*2
31
12
34
27*2
98
62*4
80l2
3078
2834
170
31*4
25*2
53
10*2
0 al06*2 al06*2
4
29
O
,mrnm
♦Without warrants
84
89
38
IIl98(
♦1st sinking fund 6s ser A
105
63*8
70
{{♦Walworth deb 6Ms wltL warr_193f
♦6 Ms deposit receipts
♦Certificates of deposit
1027,
94
55
45
♦Certificates of deposit
♦Ref A gen 5s series D
99
757«
rnmrnm
A
4
4*2
4
""2
10558 107
00*2
70
rnrnmrn
29
—1977
ou
72
•Certificates of deposit...
4Mb series C
105*8
60
.mrnm
.....
3«4
J
—1941 A
•Ret A gen 5s series B
*
O
J
,
2
4
50
*100*4
*67*2
*56*8
S
*87*2
S
28*2
1941 J
.
Omaha Div 1st g 3 Ms
Toledo A Chic Div g
107
4
1»4
3
84*2
104*2
1954 J
M N
63
91
rnm mm
80
111*8
1902 M N
..1902 M N *103
.
«
—
13*8
—2003 J
.
-
106*8
S
M N
•'
9*2
-1955 MN
A
gen 5s
103
103*8
39*2
82*2
KM*2
100*8 105
99
102*8 10444
89
112
110*2
13
103*2
100
110
♦Deposit receipts
Warner Bros Plot deb 0s
—1939
117
...1947
So Pac coll 4s (Cent Pac coll)
1st 4Mb (Oregon Lines) A
D
79*2
8
1968 M 8
1909 M N
75*s
75
1981 MN
74*2
1977 M
Gold 4Mb.
Gold 4Mb
Gold 4Mb..
San Fran Term 1st 4s
10
00*4
82
66
46
0O*j
152
65
73*2
88
78
280
44
783s
113
43
50*2
5512
78
7734
389
60
77i2
86*2
1949 J
81
1960 A O
10634
1937 MN *106*2
J
*97
1937 J
107
So Pao of Cal 1st con gu g 6s
So Pao Coast 1st gu g 4s
So Pao RR 1st ref guar 4s
1965 J
13
108
42
80*s
103*8
83S4
7778
9912 107
100
1O012 10778
95
100*2 100*2
89
99*8
985s
IOO"
225
97
97
1994
1st 4s, Stamped...
J
J
90*2
95
174
74
77
103*8
51
1965
Southern Ry 1st oons g 5s
Deri A gen 4s series A
Deri A gen 0s
00*8
97
84
M S
31
11*4
i0*j
33
27*2
,102*2
48*2 106*8
81*8
Warren RR 1st ref gu g 3 Ms..
Washington Cent 1st gold 4s
Wash Term 1st gu 3 Ms
1st 40-year guar 4s
S
31
33
52
21
21
S
40*8
44*4
73
30
31
53
43*4
28
35*8
35*8
42*2
80
80
2000 F
A
105*8
A
S
*107*2
*110*2
*120*8
105*2
120*4
D
106*2
1939 J
—1950 J
J
„
__
D
M
J
S
M
6s series G
J *107
1
1st mtge 4seerH
Western Maryland 1st 4s
....
94
105*8
—1948 Q M
1st
1952 A
O
76
79
1
91
40
94
....
122
103*8 106*2
94
111
86
1007*
98*8
105
1007,
112
103*4
115*4 122*8
38
100*4
106
120*4
1
1017s
114*4 122
106*2
7
101
105*4 HIM
106*2
110
90*4
97
95*4
176
61*2
111*2
105*2 110*4
87*2
9«
*
J
J
105*8
107
18
66
90
J
J
104
104
2
100
104
10/
A
O
108
108*4
10«78
—1940 M
S
1st A ref 6 Ms series A
West N Y A Pa 1st g 6s
Gen gold 4s
♦6s
77
*93~
A
1945 F
Wash Water Power s f 6s
Westchester Ltg 6s stpd gtd
West Penn Power ser A 5s
*
F
—
_
{♦Western Pac 1st 6s
89*2
%l
41*4
1939
♦Deposit receipts
sec
87*2
M
t♦ Warner-Qulnlan Co deb 6s..
♦Warren Bros Co deb 0s
1st 6s series E
f 6s
Southern Colo Power 0s A
33
23
102*4 105*4
102*2
32*4
27
97*2
{Wabash RR 1st gold 6s
♦2d gold 5s
1st lien g term 4s
10
5*2
4*4
10378
*
"28*2
—1942 J
1st mtge 4Mb Berles B
♦Ref A gen
20
6
4
32*4
mmmmm—
Va A Southwest 1st gu 5s
1st cons 5s—
8
1947 M N
Shell Union Oil 11 deb 6s
103
2*4
2*4
478
9*4
101*4
32*4
96*8
97*4
—
Va iron Coal A Coke 1st g 6s
20
10*4
10*4
2
1936 A
{♦Seaboard All Fla 6s A ctfs
109*8 116
10
mmmm
|
'
{♦Refunding 4s..
9078
100*4 109*4
108
112*8
84
"89
58
74*2
103*2
98
A
4Ms..
ser
90*«
5
D
F
♦Vertlentes Sugar 7s ctfs
Virginia Midland
35
50
85*«
—1947 J
off
Virginia El A Pow 4s
1 12*2
O
4s series B
♦{July
99
25*4
—1944 F
Debenture 6s
;
Vanadium Corp of Am conv 5s
Vandalla cons g 4s series A
Cons
'
—1944 A
_
Virginia Ry 1st 6s series A
8 A A Ar Pass 1st gu g 4s
San Antonio Publ Serv 1st 6s
._
Utah Lt A Trao 1st A ref 6s
Utah Power A Light 1st 5s
Utll Power A Light 5 Ms
♦{Vera Crus A P 1st
180
104
—1937 M N *100*8
.
51
..1937 J
...1937 J
6s
—
10«*8
87
107*8
15*4
27
8*2
9*4
54*2
52
63
120
1047g
97*|
-
8*2
26*s
St Paul City Cable cons 6s
119
99*2
m
,
1534
45*s
113*2
108
117*2
1037S
9*4
J
s
99
117
D
163
3678
s f
103
9*4
J
♦Debenture
103*4 108*8
81
388
♦1st terminal A unifying 6s.... 1962 J
♦den A ref g 6s ser A
...1990 J
s
10778
80*i
17
48
♦{Siemens A Halske
94
50
24
75*2
J
con g
84
1067g
38*2
Not 1989 J
•2s g 4s ino bond ctfs
Guaranteed
113*4
108
1968 J
9
39
25*2
13
110*1 l'?1
109*2 118*4
69
727g
10*4
'OK
109*t
65*8
78*2
52*2
42i2
315g
—..
....
15
13
....
109*8
100*2
34
14*8
12*8
15*8
•Certificates of deposit
St Paul A Dulutb 1st
19*2
75
J
104*2
101 *4
120
38*4
J
}""j
94>s
99*4
119*2
11*2
1966 J
pr lien 4s
High
4
106
14
1948
A ....I960 J
{♦St L-San Fran
1935
Low
37
106*4
65*8
St L Rocky Mt A P 6s BtD I
Low
Range
for Year
i93o
No
Hiok
67
114
193'
Dec. 31
113
—
June 2008 M 8
if ♦United Rys St L 1st g 4s
•Certificates of deposit
{♦St L Peor A N W 1st gu 6s
0
QQ CO
107*4
105*8
Union Pao RR 1st A id gr 4s
J
1947 J
1st Lien A ref 4s
June 2008 M 8
Gold 4Ms
J
—1907 J
Gold 4s
St Louis Iron Mt A Southern—
♦{Rlv A G Diy 1st g 4s
F
,.
deb
conv
5
AtUiI
A
105*2
10512*17i2
119*4
116*8
J
_.
—
104*8
O
—
1st Hen A ref 5s
St Joe A Grand laid 1st 4s
Bid
Low
Union Elec Lt A Pr (Mo) 5s.
..1957 A
Un E L A P (111) 1st g 6Ms A
—1954 J
{♦{Union Elev Ry (Ohio) 5a... —1946 A
in
Friday's
fe
m
•ift.
Hioh
90
J mtt
Raw or
8TOCK EXCHANGE
Week Ended Jan. 3
Royal Dutch 4b with
warr__
Y
1935
Low
10534
N.
for Year
1936
Asked
Low
Rooh GAE gen MOHb ser C
1948 VI S
10558
Gen mtge 4 He aeries D
1977 M S *112l4
Gen mtge 6s series E
...1962 m e .108U
Wtsk's
July 1
Raw or
fcs
na.
99
,
Wttkt
ser A
Assented..
35*8
35*2
16
78
102
37*8
35
23
25
38
19
85*2
36
67*t
J
106
3778
106*8
1950 MN
103
103*4
mmmm.
Western Union coll trust 6s
J
Funding A real est g 4 Ms
16-year 0Ms
25-year gold 6s
25
101*2
106*2
38*4
38*s
>06*4
82
103*2
100
*03*8
F
A
103
103*4
31
92
J
D
103
104*4
66
71*8
82*2 104*4
104*8
110
72
80
104*4
1950
O
56*4
637
28
28
62*t
♦Westphalia Un El Power 0s.. ..1953 J
J
103*4
32*8
32*8
16
27
31
43'i
..I960
O
71
141
35*a
81
West Shore 1st 4s guar
2361 J
J
84*2
86
99
60
74*2
80*4
Deri A gen 0Ms
Mem DIt 1st g 6s
...I960
o
75
299
35*2
35*8
35*8
86
J
J
81
81
22
...1990
J
82
82
1
00
69
92*8
St Louis DIt 1st g 4s
EaBt Tenn reorg lien g 5s
Mobile A Ohio coll tr 4s...
...1951
J
*75*4
63*4
69l2
88
.1938 M S
1938 M S
S'west Bell Tel 1st A ref 5s
1954 F
97*4
56*2
775s
97*4
73
95
103
49
29
29
67
15
104
105*4
J
{•Spokane Internat 1st g 5s
1965
Staten Island Ry 1st 4 Ms
1943
i {♦Stevens Hotels 6s series A....1945
"ll2
60
105*8
A
*13*4
1434
"19*2
"20*4
0
D
J
1930
1960 M
8
12
J *100*2
Swift A Co 1st M3M8
J
Registered
Wheeling & L E Ry 4s
RR
84
105
39
8578
22
White Sew Maoh 6s
39
8934
98*4
10534
101*2
101*2 10534
Parti 0
s f
M S
with
1947
O
Tenn Coal Iron A RR gen 5s
1961
J
Tenn
1944 M
Copp A Chem deb 0s B
Tenn Eleo Pow 1st 0s ser A
Term Assn of St L 1st g 4Mb
1st cons gold 5s
Gen refund
s
74*2
♦1195s
8
1037s
75
120*2
104*2
1947 J
D
1939 A
O *10978
A
116*2
101*8
9
110*2
1944
f g 4s
43*4
J
1953
94
116*2
97
88
00
54ia
64*4
113
1953 A
105*4
105*2
6
121*4
—1936 J
J
J
wan-
J
warrants
deb 0s
'—1935
853s
mm
83
102*4
70
100*4
00
90
41
10278
82*8
104*4
109
105
103*8
66
90*2
99*2
7
45
06
90
3
42*2
04
99*2
91*2
20*8
23*4
49
21
23*8
45*4
133
42*2
D *107*8
107*4
J
MN
J
5
mm
107*2
33
103
99*8
{♦Wlckwlre Spencer St'l 1st 7s —1935
♦Ctf dep Chase Nat Bank.
J
♦Ctfs for 00iA ref conv 7s A
107*2
*32*8
102*8
*98*s
103
...
90
MN
Will A S F 1st gold 6s
—1938 J
91*2
104
Wilson A Co 1st M 4s series A..
90
104
Winston-Salem S B 1st 4s
108*t 112
98
109*2 110*2
101*2 100
71
O
104
70*4
D
-
---
---
-
6
43*8
4*4
3t|
83
8*8
2278
7
2278
30
50
75
99
"I
J
...1948 J
..
Wllk A East 1st gu g 5s
Tenn Cent 1st 0s A or B
8
D.....1966 M S *10378
1st consol 4s
Without
13
ser
Wheeling Steel Corp 1st 5 Ms
1st A ref 4 Ms series B
96*2
•Studebaker Corp conv deb 6s
Sunbury A Lewlston 1st 4s
1945
105*4 111
0
1038
M
30-year 6s
Texarkana A Ft S gu 6 Ms A
1960
A
64*4
1944
O
103
877g
103*2
30
Texas Corp cony deb 5s
Tex A N O con gold 6s
158
93*a
1943
J
99
99*2
2
64
83
100
Texas A Pao 1st gold 5s
Gen A ref 5s series B
...2000
D
116*2
11734
4
82
113
120
1977
O
96
65
79
O
9378
29
53l|
79*2
37
64
07
79*2
95*4
89*2 105
38
50*2
1949 J
♦Certificates of deposit...
mmmmmrn
—
J
99*2
mmmm
....
1378
12*2
♦Sup A Dui div A term 1st 4s..1936 M N
8
1045s 108*2
62
15*2
7*8
75s
17*4
21
16*2
•9
98
83
178
100*4
1 *106*2
J
7*8
7*8
5
4*2
4*2
'6*2
11*4
*
97
98
J
..
102M 107
98
9978
98
..1979
99*4
98*2
27
Gen A ref 6s series O
Gen A ref 6s series D
1955 J
{♦Wis Cent 50-yr 1st gen 4s
80
Tex Pao-Mo Pao Ter 6Ms A
D
94*2
1904 M S *105*2
Third Are Ry 1st ref 4s
1980 J
1900
J
•AdJ ino 6s tax-ex N Y.Jan ...I960
O
Third Are RR 1st g 6s......... 1937 J
Tobo Eleo Power 1st 7s A.......1955 M
J
S
*92*2
94*4
5634
62*2
117
21&S
28*2
757
185s
100*4
1013S
11
85*4
96*4
76*8
1025, 104*4
591a
1st 0s dollar series
1953
Tol A Ohio Cent ref A impt 3Ms—1960
1950
Tol W V A Ohio 4s ser 0
1942
Toronto Ham A Buff 1st g 4s
Trenton Q A EI 1st g 5s
88*2
95*4
conv
Trumbull Steel 1st
s
785s
7934
48
57lf
72
8.53s
D
9858
100*4
235
97*4
97*4
7s
mmmm'
J
103*4
mmmm
Sheet A Tube 6s.
—
1978 J
1st mtge s f 5s set B
A
O I
*7*2
04
4
9
66
105
10478
4
9
----
106
63*4
89la 10412
50
63*4
89M 104*4
r Cash sales not included in year's
range,
a Deferred delivery sale not Included in
year's range,
n Under-the-rule sale not included in year's range.
{ Negotiability
Impaired by maturity,
t Accrued interest payable at exchange rate of $4.8665.
O
96
00
81
96
103
103
$ Companies reported
as
being In bankruptcy, receivership, or reorganized under
Seotion 77 of the Bankruptcy Act, or securities assumed by such companies.
99
A
103
M
...1949 M
_
..
16s
s f
D
J
97
101*4
8 *11934
10T*4 "~2
12084
J
.1953 J
..1948 M N
117*8
10234
1955 M N
*82
8378
1952 f
*79*2
84
.
1945 M
21
*108
D
1940 M N
6 Ms.
•Tyrol Hydro-Eleo Pow 7 Ms
♦Guar sec s f 7s
UJlgawa Eleo Power
J
1946 J
Trl-Cont Corp 5s conv deb A
Truax-Traer Coal
J
Youngstown
185s 201a
100*4 103
70*4
Tokyo Eleo Light Co Ltd—
Toi St L A W 1st 4s
♦Certificates of deposit...
{♦Wor A Conn East 1st 4Ms.....1943 J
A
8
117*2
101*8
""4
*90
94*4
82
112*2
36
103
94*2
"~I6
07*a
45*1
43*8
69*8
*
Friday's bid and asked price.
e
Cash sales in which
Elec. Pow.
Corp., Dec. 30 at 32.
Greek 6s pt. paid, Dec. 30 at 20
94
104«4
75
90*2
96*2
Norway 6s 1944, Dec. 30 at 108.
St. Lou. S'west 2d 4s, Dec. 30 at 46.
90
71*s
87
computing the range, are shown below;
Bogota 8s 1941, Dec. 30 at 12.
Bolvla 7s 1958, Dec. 30 at 6M •
112*4 118*8
112*2 118*8
70
♦ Bonds selling flat.
account Is taken in
Berlin City Elec. 6Ms 1959, Dec. 30 at 28
90*4 102*8
100
no
1
Deferred delivery sales in which no account is taken In computing the range, are
given below:
Costa Rica 7s May 1932 coupon, Jan. 2 at 23.
Cuba 4Ms 1949, Dec. 30 at 91.
NOTICE—Cash and deferred delivery
he regular
the only transactions of the week, and when selling
No account Is taken of such sales In computing the range for the year.
sales are disregarded In the week's range, unless they are
In the week In which they occur.
weekly range are shown In a footnote
In the following
Jan. 4 1936
Exchange—Weekly and Yearly Record
New York Curb
100
extensive list we furnish a complete record of the
transactions on the New York Curb Exchange for
Saturday last (Dec. 28 1935) and ending the present Friday (Jan. 3 1936). It is
from the daily reports of-the Curb Exchange itself, and is intended to include every security, whether
which any dealings occurred during the week covered:
the week beginning on
July
Week's Range
High
Par Low
Wire v t o com
ill"
12}*
163*
25*
3H
1,100
3,900
"in"
35*
2%
30 X
27
AlabamaQt
5*
35H
1
375*
Ala Power
71
75 X
64
66
Warrants
-
Southern.-.60
$7 pref
♦
preferred
---*
Algoma Consol Corp com. *
7% preferred..
—:*
SO
Mar
12}*
Dec
Feb
52
Dec
Mar
3}*
Mar
30}*
Dec
British Col Power cl A—*
Feb
5*
Deo
Brown Oo 0% pref
805*
Deo
Brown
25
37
Jan
70 H
Dec
Bruce (E L) Co com
■16
H
Feb
3i6
Dec
5*
Deo
23}*
Nov
32
Mar
95
Nov
Burco Inc eom
114
Nov
Mar
6
95*
7H
Mar
11
900
17
17
Mar
59}*
Nov
Butler Brothers
37
46
69H
8
50}*
2X
Apr
91
Nov
4}*
4}*
com__l
100
700
1
7
Apr
6H
Feb
57
41
Jan
5}*
76
Common olaas B
"27" ,"27"
"166
X
16 H
Jan
May
28
July
87H
Mar
47
14
45}*
235*
55*
31}*
46}*
5}*
31}*
650
Class B
3,000
H
J*
12 H
20 H
285*
29}*
12,400
25
1
Amer Cynamld class A.. 10
Class B n-r
10
Amer Dlst Tel N J oom__*
7% Conv preferred..100
Amer Equities Co com—1
Amer Fork & Hoe Co com *
A Foreign Pow warr
oom...*
Preferred......
*
American General Corp 10c
Amer Gas A Elec
Oct
Aug
Deo
Nov
29
Mar
Oct
6}*
28
Nov
26
250
30 X
Jan
42}*
Nov
600
1454
145*
Jan
24}*
Nov
200
00
09 X
Jan
104}*
200
165*
245*
Mar
52 3*
Nov
Dec
525*
325
26
30
Mar
57
15*
500
X
174
Jan
X
Aug
Mar
3X
Nov
1,200
25*
65*
Aug
9X
Dec
"«6
700
X
X
Aug
1
IX
15*
500
"16
5*
Mar
15*
June
516
5,*
300
3}*
3}*
24
16}*
3}*
355*
1,875
200
Feb
35*
Deo
15 H
Sept
225*
Oot
1H
Nov
Mar
4}*
May
Jan
14}*
Deo
1H
2
Nov
45*
17
Jan
195k
Deo
July
33
645*
Jan
95
27
67
Feb
873*
85*
41 X
Oct
19}*
Aug
45
Nov
4}*
Apr
12}*
Nov
6}*
Aug
Feb
42}*
111}*
Nov
Nov
8H
Nov
1,750
4H
Apr
200
10}*
12 5*
Mar
245*
Oct
5,800
75*
16
75*
Mar
19
Deo
17 H
Feb
28}*
3H
3H
Apr
10
5*
Mar
26
100
Amer Meter Co
*
"is
»16
9,700
19
2}*
23}*
100
25*
83
51,600
415*
45*
7.800
rl8}* rim
1
15*
200
Amer Pneumatic Service.*
2}*
Amer Potash A Chemical.*
23}*
Corp com *
2}*
*
795*
*
37}*
6
45*
5H
Mar
20}*
Jan
2}*
*
12 H
Apr
H
Mar
11
44
44
1,000
Feb
7H
4
$7 dlv preferred
*
1,200
5*
155*
Dec
Cent 4 South West Util.l
1H
15*
15*
1H
9
14 H
19
20
Mar
245*
185*
195*
100
X
X
Mar
5H
55*
5,300
3X
45*
June
203*
6X
Oonvpreferrsd
Deo
Centrifugal
Deo
ubarls Corporation
Ohesebrough Mfg
Jan
15}*
May
Pipe
•
175*
1
115
25
Nov
•
25
25 H
Chllds Co pref
34}*
Aug
Jan
273*
10
Apr
38}*
5*
3*
Jan
82~66o
X
Mar
463*
17,900
6X
X
OX
45*
400
"33*
•
44
Cities Serv P ft L 17 Dref.»
5*
5*
Mar
•
42}*
"423*
50
5*
5*
2}*
Feb
Mar
314
35*
Aug
Deo
Deo
City Auto Stamping
•
City A Suburban Homes 10
10}*
113*
1,100
Claude Neon Lights Ino—1
Clove Elee Ilium com
•
916
485*
''16
T.366
49 H
1,000
Cleveland Tractor oom...*
7
2,000
125*
145*
15*
25 }*
Arkansas P A L $7 pref--*
105*
10
Art Metal Works oom....6
1,000
1X
41}*
3}*
05*
13
7H
July
Deo
Jan
90}*
Deo
Mar
12 H
Oct
Eleo Industries
105*
£1
105*
700
55*
Feb
11
Deo
$0 preferred
Cllnchfleld Coal
1
1
1
1,400
Class A
i
1}*
6,500
X
H
$5 preferred
*
X
45*
'64
6}*
1,600
1H
332
X
14,400
'64
100
H
30X
31}*
200
H
85*
114
114
100
Option warrants
X
Assoc Laundries of Amer.*
*
Associates Investment Co *
*
"ilk ~iox ~6~206
61
•
11}*
12 X
5*
Deo
Colt's Patent Fire Arms.25
Dec
5*
Deo
36}*
Oct
2J4
Jan
Conv 5% pref
100
Columbia Oil ft Gas vtb.. *
Apr
18
75*
Oct
15*
5
43H
Mar
21}*
15*
23}*
53*
Jan
50
Jan
185*
75
IX
131
May
X
4314
X
Aug
65*
55*
65*
Oct
65*
Mar
X
X
June
♦
16
35}*
Commonwealth Edison .100
Deo
4
8H
Aug
7
Mar
2H
Sept
54}*
2,975
10
25
Jan
56
Deo
95
950
32
32
Mar
100
Nov
1
13*
3,300
X
X
Mar
42 X
42}*
Dec
46
97 X
5*
1,200
80 H
47 x
Jan
985*
Nov
5*
27,800
5*
20}*
Aug
Sept
Dec
Commonwealth ft Southern
9J
X
Warrants
Nov
July
Community P ft L $6 pre' ♦
Community Water Serv..*
1H
2
Como Mines
15*
13}*
X
700
Mar
8H
1
I'¬
14}*
Nov
Oom do Shoe Machinery..]
ll}*
Feb
Conn Gas ft Coke Seo $3 pf*
Consolidated Alroraft
1
Jan
63*
X
May
2
Sept
25*
Apr
Oct
183*
Mar
July
47
Sept
June
18
8
400
135*
3*
X
32,700
13
Aug
Nov
00
2
885*
14
May
13*
51
54
45*
4
4,100
Mar
Mar
13H
IX
IX
Jan
2H
2,200
320
51
49
"i«
.
Columbia Pictures new...*
Dec
20
Tobacco—
10
#i«
Apr
15*
SH
15*
June
Mar
75*
47
43
Jan
Nov
Columbia Gas ft Eleo—
Nov
4H
35
•
Mar
3 X
35*
*
Colon Oil Corp oom
63*
3
Cockshutt Plow Co com..*
Cohn A Rosenberger
42}*
6X
Aug
Aug
43
Mar
4,000
33*
Aug
Mar
Mar
7M
3,400
2
3
332
45*
X
6
X
3
2
Aug
13*
Jit
7H
•
2H
105*
AUg
H
29
1,100
75*
Maoh_*
HMOO
3,400
3}*
Warrants
H
2
Oct
Sept
2
300
52
Feb
22
18
"1214 ~13}*
•
1X
'64
1
13
Atlantic Coast Line Co..60
Apr
Mar
Mar
6
330
45
100
10m
Club Alum Utensil Co
Assoc Gas A Eleo—
•
12X
65*
14
Apr
35}*
Mat
4H
Mar
May
19H
157
Nov
""400
35
Cities Servloe oom
35}*
7
250
Chloago Rivet ft Maoh..»
100
115
105
350
Mar
12}*
9
100
175*
120
1H
1H
275
■is
4
4}*
71
2
100
Conv pref op ser '29..100
Aug
35*
3H
10
$3 preference A
343*
33 H
423*
5,100
Atlas Corp common
Mar
19
295*
♦
13,100
*
Atlantlo Coast Fisheries..*
2
18
100
preferred
♦
X
Telep $1.50 pref
2
0% pref without warr 100
»
900
*
2,050
X
7%
o
Preferred B
5*
35*
35*
75*
•
203*
Preferred
57H
Arkansas Nat Gas oom
Mar
Preferred BB
25*
60
2H
Mar
Nov
1,400
Mar
>1.
?
Nov
4}*
106"
1
465*
1
1O0H
45*
105}*
"16
3}*
3}*
Aroturus Radio Tube
73
Jan
400
Jan
Angostura Wupperman_.l
*
Appalachian El Pow pref.*
Apex Elec Mfg Co com
17}*
Oct
20}*
D
Nov
155*
Mar
63
11
Dec
45*
May
115
15
85*
6,600
1
Feb
485*
92}*
Oct
May
3,200
Cent States Eleo oom
Dec
111}*
Oct
24H
8
Dec
63
Chief Consol Mining Co..l
Anglo-Iranian Oil Co Ltd—
Am dep rets ord reg_.£l
Mar
09 X
1,500
""§25
415*
1H
May
10 X
50
435*
465*
Mar
Mar
90
97 X
7
8H
40
40
*
Chicago Flexible Shaft Co 5
11H
81
375
15
Amsterdam Trading
American shares....-.*
3H
"466
109
44
Oct
3}*
10
75
111}*
'"95* "15"
Cent Maine Pr 7% pref 100
Cent P A L 7% pref
100
Jan
7H
3
100
30
86
45*
3,800
11
Nov
8
5*
50
6,400
Is preferred
•
Cent Hud GftEvte.. •
"u May
1
450
18
10}*
7 % prior preferred—100
Celluloid Corp oom
15
42
"'166
115*
•
7% 1st partlo pref—100
Feb
19
1
105*
185*
of America
Mar
20}*
Amer Maracalbo Co
Celanese Corp
1H
18}*
7}*
Corporation
Castle (A M) A Co
Catalln Corp of Amer
"85"
400
"89"
18}*
*
*
•
10
1
Carrier
6X
0
*
$6 preferred
105*
80H
20
Class A oommon
Nov
Nov
23*
13*
1H
34}*
26
Atlas Plywood Corp
11H
100
16H
Amer Laundry Maoh...2fl
Associated Rayon com
Jan
Mar
Nov
45*
57 H
600
Deo
V t c common
13}*
45*
12,100
Deo
Common
15*
10,900
Oot
15*
15*
45*
3,400
10
Nov
7X
6X
6X
.
Nov
3
225
4}*
38}*
110
108
15*
15H
33
Amer deposit rots
300
105*
X
§}*
27H
20
•
*
Nov
Dec
Automatic-Voting
105*
15 X
Feb
»i« May
35* Mar
*16
3X
26
Jan
2X
Class B
116
1
Nov
25*
Convertible ciass A
Apr
100
Nov
1
111
98
Dec
2H
30
2
Carolina P ft L $7 pref
Dec
Preferred
Feb
914
Carnation Co oom
7
Common class A
Feb
25c
Oct
30
Anohor Post Fence
20
8X
£1
Marconi
Carlb Syndicate
Dec
7
preferred
Canadian
Nov
4
Preferred
5*
5*
5
30
30
Axton-Flsher
Oct
15*
non-voting
109
550
Amer Thread Co pref.
B
Jan
Apr
2,400
Assoc
Dec
18
20
Canadian Indus Alcohol A*
Mar
8}*
Associated
125*
Oct
H
Amer dep rets pref shs
76
42
1st
Dec
15*
£1
Am dep rets B ord shs £1
15
305*
Am Superpower
Jan
125*
17 5*
5
'16
85*
30
preferred
9«a
243*
...10
73}*
100
$2 preferred—
1
Amer Hard Rubber com.50
Amer Mfg Co eom
Oct
Carman ft Co—
Class A
Amer L A Tr oom
Dec
6H
900
714
Nov
505*
Am dep rots A ord shs.
Deo
76
9H
46
*
5
Apr
33}*
30
Cables ft Wlrelees Ltd—
Deo
1H
1
X
*
S3 preferred
$5.60 prior pref
Am Cities Pow ft Lt—
200
5
45*
Dec
Deo
Warrants...
Mar
Amer Capital—
10c
10c
13
15*
5H
Calamba Sugar Estate..20
Class A oom
28}*
Sept
Burma Corp Am dep rets.
Apr
Jan
1H
5
D warrants
Dec
5
2H
C warrants..
Nov
June
4
July
2}*
40
Cable Elec Prod v 10—
16}*
Mar
Jan
July
21}*
'
200
*
$3 conv pref..
54
100
295*
1013* 1033*
51
52}*
*
700
315*
-175*
24
200
Oct
24}*
Nov
Feb
Dec
June
395*
50
pref 25
21
Buff Nlag ft East Pr
15}*
95*
preferred.......100
0%
Buckeye Pipe Line
10
15}*
30
*
Bruck Silk Mills Ltd
46
109
100
Mfg--*
*
Ltd eom
*
Aluminum Ind com
16
2X
1
3H
82
165*
Apr
2
2
400
l"750
*
5H
Dec
35*
155*
29}*
7H
Gorman Distillery. 1
$51st preferred
*
Bulova Watoh $33* pref..*
Bunker Hill ft Sullivan..10
,3i6 Nov
2}* Nov
Mar
June
21}*
'is Aug
X
May
"is Feb
12 H
Jan
1,650
amer
35*
11H
100
Brown Fence & Wire B—*
43
Jan
*16
»!6
26 X
265*
245*
ord reg-.lOs
Am dep rets
Apr
'16
24H
800
28}*
dep rets ord reg__£l
Am
41H
100
14 X
16
British Celaness Ltd—
30
200
'
28
ord hearerfl
Am dep rota
Jan
Nov
High
Low
12 5*
British Amer Tobaooo—
June
Dec
Range for Year 1935
14H
15*
26
200
16
H
Low
1,600
185*
♦
40
316
316
Shares
High
16}*
*
coup
30
89
110}*
American Beverage
Dec
4
Amer Oil
Registered
75
85}*
American Book Co
15
Brit
175
*
0%
July
Nov
14
400
Aluminum
Nov
12 H
21«
preference
Goods
465*
113
H
21H
0%
Jan
Feb
103
18 H
H
-
Aluminum
85*
5
5
2,500
2,400
6,000
1935
Par Low
High
Low
66 H
Invest—*
Alliance Investment com.*
Allied Mills Ine
*
Allied Products cl A com 25
Allied Internatl
Aluminum Oo oommon—
Week
(Continued)
"48" ""260
"~47"
*
*
Conv pref
Range for Year 1935
3H
Agfa Anaoo Corp com
1
Ainaworth Mfg Corp—.10
Air Investors com
Low
16
*
Class B
Shares
Dec. 31
compiled entirely
stock or bond, in
July 1
1933 to
for
STOCKS
1935
OH
20
Adams Mlllls 7% 1st pf 100
Aero Supply Mfg cl A
*
Acme
for
Sales
of Prices
1933 to
Dec. 31
Week
of Prices
STOCKS
Week's Range
1
Sales
outside of
5,600
80
93*
8
46
46
ILX
14*166
18
1
7
6
Jan
Aug
Dec
Deo
Consolidated Automatic
*
745*
warr.
15*
Baboock A Wilcox Co
Baldwin Locomotive
425
77
15*
18 H
11
Bell Tel of Canada...
.100
Bell Tel of Pa 6X% pf.100
Benson A Hedges oom
*
Conv pref
Blokfords Ino
"MOO
25*
1
com
121"
„*
4}*
♦
Black A Decker Mfg Co..*
Blauners Inc
•
Blue Ridge Corp com
l
45*
400
1*
Merchandising pref
Consol Copper Mines
Consol G E LAP Bait
Dec
3H
60
Apr
5t*
Juno
142}*
Deo
Feb
4H
100
14
23
1,800
135*
14}*
£.600
15*
3>*
2,200
1
1
500
28 H
2
100
5
15*
*
43}*
18
185*
4X
Boback (H C) Co oom
*
...100
55*
42}*
42}*
20
Botany Consol Mills com.*
5*
5*
100
6
1,700
6}*
21,700
020
84 X
1,800
45 X
Consol Mln ft Smelt Ltd.2f
Consol Retail Stores
6
Mar
15
Deo
lor
0
Cont G ft E 7% prior of 1( 0
Continental Oil of Mex___l
8H
Feb
15}*
Deo
30}*
Nov
22
Apr
Deo
Nov
16
Nov
Mar
15H
Nov
Mar
4H
Nov
Copper Range Co
Cord Corp
May
116
"
i~66o
"45*
Mar
25*
Jan
June
38
H
Dec
23 H
46
Dec
Cooper Bessemer oom
88
«
11
5*
Dec
65*
Nov
218
2
June
345*
Jan
1
1
Feb
30
Mar
105*
33
35X
6,600
55*
13,600
55*
6X
3,200
Mar
13*
Deo
Apr
65*
Dec
Apr
95*
Dec
Jan
35}*
Nov
3
3
July
63*
Dec
a
23*
Mar
65*
Dec
1
IX
Mar
OX
Dec
105*
12
900
1,700
45*
X
2
>
22
10
Mar
56
Dec
32,000
X
3*
June
13*
X
5*
Nov
OX
Dec
115*
Mar
14H
July
X
Mar
X
275*
Aug
IX
4}*
9X
4,600
dep rots ord reg..£l
14H
14H
100
235*
27}*
120}* 120}*
12,600
5
7
Mar
25
32
87
Feb
Courtaulds
Dec
Nov
Nov
35*
l
Preferred
3
89}*
Deo
Nov
2X
100
Cosden Oil oom
53*
100
Deo
X
»
Feb
05
Feb
29
5
$0 preferred A
Dec
Nov
250
6X
1
6
90
300
5X
Common
Jan
Jan
2X
•
Deo
1
625*
1345*
X
2
•
$3 pref A
Jan
885*
"2H
Securities...*
Jan
195*
H May
Continental
5*
12H
Corroon 4 Reynolds—
35 H
5
38
f
Consol Royalty Oil
16
23
12
*
5H
825*
33}*
4}*
25
Dec
*
5
com »
8% preferred w w
15*
35}*
Blumenthal (8) ft Co
7% 1st pref.
Jan
Deo
77
May
123
14
35*
45}*
$3 opt conv pref
May
15*
35}*
21}*
3
Feb
50 "109}*
121
*
Bliss (E W) A Co com
15
15*
104V*
*
oom
$2.50 conv pref
Mar
X
Baumann(L) ACo7 % pfdlOO
Bellanca Aircraft
28
1,100
X
'l6
Dec
Ltd—
5
300
3
3
June
Borne Scrymser Co....,25
14
16
300
6
6
Mar
16
Dec
Bower Roller Bearing
25}*
27
1,400
16
Mar
355*
Oct
Cramp (Wm) A Sons Ship
Jan
Crane Co oom
Bourjols Ino
•
6
4}*
'6
55*
& Eng Bldg
Bowman Blltmore Hotels
7% 1st pref
1H
100
BraillllanTr Lt A Pow
*
95*
10}*
1,400
7X
Bridgeport Maohlne
Brill Cap class B
*
•
13}*
IX
145*
5,400
5*
•
25*
32}*
Class A
7% preferred
100
Class
•
IX
A
For footnotes
15*
1,400
35*
3,200
38
500
30
H
14
23
1H
7X
35*
H
see
page
105.
73*
Jan
Aug
Jan
Mar
1
Jan
23
Nov
55*
6H
22 H
Brlllo Mfg Co oom
Am
24 H
Apr
Nov
3
105*
14H
15*
Nov
35*
38
7H
28
Corp
Preferred
25
100
5
Crocker Wheeler Elec
*
Deo
Croft Brewing Co
1
Deo
Deo
Crowley Mliner ft Co
*
Crown Cent Petroleum..1
Aug
Crown Cork Internatl A
Nov
X
100
Creole Petroleum
Dec
8
120
Dec
Dec
22
20,400
65*
10
Mar
235*
Nov
9X
12X
35,600
35*
4
Mar
10
July
X
1H
24,500
20
X
X
Oct
IX
2X
2H
Feb
9
""l5* "2X 116" 580
5*
5*
Feb
23*
700
5X
75*
Mar
115*
115*
12
Jan
Nov
Dec
Nov
New York Curb Exchange—Continued—Page 2
Volume 142
July
Week's Range
STOCKS
Sales
Dec. 31
Par Low
Press
Shares
High
644% preferred
Low
__
July
5
Aug
Greenfield Tap A Die
1544
30
Feb
x3944
Dec
Grocery Stores Prod
— —
0934
87
Feb
i07
6
Davenport Hosiery Mills.*
De Havilland Aircraft Co-
m —
m —
— —
—
—
844
700
Jan
Gulf Oil Corp of Penna._26
68
"l6
70H
844
Dec
Gulf States Utll $6 pref ..*
82
82
8
June
16
Jan
Jan
1544
Apr
144
134
4
May
300
734
11
1134
800
Aug
May
Apr
2
Feb
20
Feb
1034
Jan
18
Nov
34
934
700
11
20
34
20
7
11
July
834
Aug
244
134
11
Nov
104k
Apr
1144
2744
Doehler Die Casting-...»
Dominion Steel & Coal B25
Dominion Tar A Chemical*
29
4X
—
300
1134
1,600
100
434
100
•
95
98
700
Draper Corp
*
6544
66
3534
Driver Harris Co..
10
7% preferred
100
-mm—-
Dublller Condenser Corp.l
Duke Power Co
— — —
Mar
2844
Deo
"16
..
*
344
460
434
18
10544
July
Feb
Jan
34 June
Auc
244
Mar
54
Oct
36
4344
1,300
434
444
200
144
700
%6 preferred series B
17 preferred series A
2544
♦
Easy Washing Mach "B"_*
Economy Grocery Stores.*
Edison Bros Stores com..*
3844
Elsler Electric Corp
Elec Bond A Share 00m
634
244
•
Oct
2044
3
33X
5
1544
17
IX
74
Apr
Dec
144
Deo
16
Deo
1244
Feb
834
•
6644
7634
69
•
1,700
1,900
6,100
7844
5
Jan
•
H
1
7% pref stamped
100
7% pref unstamped..100
Hydro Electric Securities.*
36 X
37
2X
Common
1
Deo
Imperial Tob of Canada.6
Sept
Jan
39 H
Nov
X
Jan
Aug
Dec
244
10 H
Deo
244
244
Mar
9
Deo
234
Feb
20
Aug
244
1,000
44
44
Mar
oro com.
Empire District El 6% .100
Empire Gas A Fuel Co—
100
1
rl4
1
Elgin Nat Watch Co.-.16
—
rl4
— — — —
— — — —
100
42
4044
1244
Dec
10
Aug
Jan
23
July
14
Jan
3134
40H
Oct
46
525
734
734
Mar
5044
Dec
46
50
125
8
8
Mar
52
Deo
4544
47
800
8
8
Mar
51
Deo
8%
100
47
55
834
Mar
Empire Power Part Stk..*
20
20
56H
22H
Emsco Derrick A Equip. .5
10c
—
m — — —
—
—
—
—
—
9
4
m — —— m —
244
Apr
June
12
1
8,200
244
144
Jan
30
134
60
33 yi.
Mav
H
Nov
Deo
Nov
1434
Dec
2H
Sept
38
Feb
European Electric Corp—
warrants
Evans Wallower Lead
•
100
5
400
34
si«
34
44
100
34
3
44
44
2
250
644
Fairchild Aviation
1
1834
634
21
15,900
••
2,500
744
344
Apr
Aug
244
0
Feb
234
175
Fajardo Sugar Co
100
Falstaff Brewing.
1
444
434
Fanny Farmer Candy
1
1344
1344
1,900
Fansteel Metallurgical
FED Corp stamped
*
17
1744
300
*
mm,
Fodders Mfg Cooom
*
Fed Compress A Warehse.*
"26
Ferro Enamel Corp com..*
"2844 "3034
1
Film Inspection Maoh
*
Fire Association (Phlla.) 10
First
National
Stores—
7% 1st preferred....l00
FIsk Rubber Corp
34
34
2,200
34
"16 June
34 Nov
9
Nov
2044
60
Petroleum.*
'
11644 117
Fllntokote Co cl A
•
40
4244
Florida P A L S7 pref
Ford Motor Co Ltd—
dep rots ord reg.£l
Ford Motor of Can el A..*
Class B
•
834
2334
2844
28H
Deo
2844
Nov
1034
Feb
32
Deo
18S
Sept
Sept
26
Aug
Oct
44
57
JaD
112
Jan
X
X
8144
Jan
16
444
1144
4544
Oct
88
Jan
Dec
Nov
434
744
Mar
944
Jan
844
General Alloys Co
2334
June
32 X
Jan
2544 June
39X
Oot
*
conv
244
pref B
*
Gen Pub Serv SO pref
Corp
j
com
Kolster Brandee Ltd.
Kreuger Brewing
Lackawanna RR of
34
7044
'*2
~1X
4744
92
1334
1344
9744 103
88
Preferred
•
2
Goochaux Sugars olass A.*
Class B
73
Nov
Oot
1344
Deo
47
Deo
Oot
»
"844
"300
•
Deo
50
Nov
144
2444
Mar
40
1334
May
May
Deo
Oct
24
Jan
1544
Deo
244
Dec
234
Dec
1044
Apr
28
May
Dec
UX
44
May
334
044
316
900
44
44
200
34
44
34
400
144
144
Jan
2434
2434
50
1134
1134
1834
944
2044
20
700
H>34
1244
Mar
1034
900
4 44
644
8
844
3
7)4
Deo
Jan
7
♦
a'"
Lockheed Air
22
1,200
*
stock
7% 1st preferred
100
26
see
126
2644
page 105.
490
115
121
128
110
120
12244
27
400
12544 13044
1944
Nov
Aug
Mar
13J4
Aug
1544
Jan
14,700
16 X
28
Mar
644
39 J4
May
29 X
IX
X
~28~X ~28X
15
16X
X
X
1
X
Packing
new
Masonlte
Sept
Mar
26
Nov
20
Mar
140
Jan *135
Aug
July
27
Deo
May
Apr
44
3544
Aug
3X
1,000
1,100
2X
Jan
1
June
2H
May
X June
14)4
Apr
Jan
3X
44
Nov
X
«16
'is
60
60
May
60 X
60 X
X
100
X
83X
"~x "144
"LOGO
X
X
83>a
H
July
75
Mar
75
~~2% ~~2~x
"2:606
X
~18X "19
""266
X
9X
IX
X
5X
Nov
Deo
1
Dec
Mar
110
Nov
Mar
Aug
244
Nov
3
May
"is
IX
Jan
*16
Oot
644
44
Nov
15X
1,100
4)4
10
69 X
73
32 X
45)4
xllX
10
Apr
444
Mar
12)4
1644
Dec
78
Oct
58
Mar
X
644
80
Jan
1
Oct
444
Jan
2734
844
7
5X
*16
2,400
1.600
107X 107X
50
7
*16
7X
1,100
9
Apr
44
10X
40
Jan
7644
91X
3X
Feb
Mar
2X
Dec
15
77 X
X
75
5
40
3,100
7X
8X
10
17 H
Feb
19
1034
5%
444
Dec
1744
3
14 X
7,100 "90o
3,200
444
•
May Hosiery Mills—
$4 pref w w
Nov
844
Mar
1044
6
2
2
Mar
38
48
Jan
9244
125
32
37
Jan
Nov
300
Aug
Nov
10X
8X
59
""260
9X
•
6X
Deo
4X
J tux
2X
Nov
8344
844
1144
344
26 X
Mar
41X
July
5X June
July
2144
Oct
10 X
6544
Nov
3344
Jan
15
2,000
63 X
2X
IX
•
14,300
~33X ~34%
50
12
2144
47
OX
8
4
4
IX
144
Mar
1
144
Jan
June
8X
Oct
Deo
Apr
Oct
Nov
17X
200
1,200
1,100
61
8X
3X
63 X
IX
5X
57X
IX
6X
58H
100
1
1
4,900
3
344
250
88
41
Jan
60
Deo
22
4044
Feb
44
Mar
1544
944
Nov
60)4
Dec
17
1
3X
1
244
2
X
7)4
Corp oom......*
1°83|
380
2,800
7X
*
Massey-Harrls com
•
Mayflower Associates....*
X
69 X
68
9
100
Nov
78
4X
7
...
Deo
Mar *100
72
54
26
7
Jan
Nov
•ie
""366
Jan
95
May
1
~~3~X "4
Oct
10)4
400
■
144
3644
Aug
300
2,600
4,800
Apr
6
X
7X
Nov
22
5X
22
Nov
9234
Jan
5
500
Deo
80
Apr
15
200
125
Aug
175
H
Deo
Nov
Aug
Feb
Mar
X
17
Deo
18
4
Apr
2944
43
X
8
27
Mkr
X
15X
8
Deo
8
"566
X
Aug
Aug
44
Mar
June
10
'32"
444
Deo
Aug
35
20
30~
Nov
Jan
88
Mapes Consol Mfg
•
Marconi Internat Marine—
American dep receipts.£1
Deo
Mar
'ie
22
'""366
100
Jan
Jan
3744
544
144
Apr
76X
76X
86
75%
.
ww
Deo
Nov
X
42
71
9H
Lucky Tiger Comb G M 10
Lynch Corp com
....5
Mangel Stores Cor p
444
2144
1134
IX
75
70
•
ioo
Margay Oil Corp
Marlon Steam Shovel
Maryland Casualty
25
July
35
X
»
Louisiana Land A Explor
0H% pref
Jan
X
X
35
2
Feb
2X
1
5,800
4
Pref class B
Loudon
Deo
Nov
16
100
Feb
Apr
Great Atl A Pao Tea—
Gt Northern Paper
Nov
144
Long Island Ltg—
Mass Utll Assoo vtc
Varnish
*
Gray Telep Pay Station..*
•
Corp_""""l
Lone Star Gas Corp...
1
Mfg Co—
Grand Rapids
34)4
Aug
X
3X
AII*
.......
7% preferred
72
10
May
...
Common
89
244
""906
w«»N» — + m
44
Development..
Deo
Jan
10
9,000
.....
*
1>re!w,th warr-.lOO
Deo
Apr
V10 agreement extended
$S preferred
103
1
200
""234 "234
Nov
62
Apr
Aug
May
July
Gorham Ino class A com.*
1544
4834
8934
Feb
89
544
*
l
134
22
534
1734
15
uoldfleld Consol Mines. 10
Gold Seal Electrical
Deo
Mar
34J4
50
544
Globe Underwriters Inc..2
New common
Loblaw Groceterias cl
Class B
35
...»
Coal
Aug
*12
5844
*
•
com
29
2X
6,500
'
650
87
Aug
77
July
1
Lion OU
Lit Brothers
71
34
47
230
Feb
8
Mar
100
Develop...25
Deo
Nov
3444
100
6,125
144
May
10)4
2)4
IX
6X
Aug
8%
X
1
7X
•
15H
144
Apr
Jan
Feb
3X
6
52 X
42
Jan
'is
34
2,000
Jan
24
20
200
Oct
Mar
•is
60
60
"
144
8134
35 preferred
8
15
100
71
1344
4744
6% preferred A
100
Georgia Power S0 pref...*
544
Nov
Nov
2,825
1,800
1,900
IX
51
Leonard Oil
*16
3
IX
IX
634
8844
52
1
640
5X
73
Deo
1,600
332
34%
73
l
12
50
'16
3X
Nj'Ioo
Lehigh Coal A Nav
350
144
42
1144
12 X
12
Deo
Apr
1144 Mar
444 June
Deo
Mar
23
8%
U%
3X
33%
98
1844
34
34
1,000
13
13
40
July
Jan
55
X
11*
13X
Oct
8
3844
18X
76 H
98
Lake Shore Mines Ltd...!
Lakey Foundry A Maoh.
1,100
Apr
Mar
84X
100
8
"If]
Koppers Gas A CokeCo—
0% preferred
100
Kress (Sh) A Co pref.. 100
Lane Bryant 7% pref 100
Lefoourt Realty com
l
3,300
General Tire A Rubber. .26
For footnotes
Knott
•
...10
Aug
14
General Telephone com .20
S3 convertible pref
*
com
Klein (Emll)
Klelnert Rubber
May
1844
•
Gen Rayon Co A stock..*
Non-vot
V t c pref A
_*
Kansas G A E 7% pref. 100
Kingsbury Breweries
i
4X
11)4
.....
Gorham
Naumburg ..2.50
Jones A Laugblln Steel. 100
Kansas City Pub Service—
17H
234
1734
1
Warrants...
Gen Outdoor Adv6%pfl00
Glen Alden
100
Preferred
•
10 conv pref olass B
(A O)
preferred
Jan
944
12
31X
3X
X
8
74X
Warrants
Jersey Central P A L—
644% preferred
100
6% preferred
100
Apr
1,400
244
3X
48
•
Lerner Stores common
Gen Investment 00m
Gilbert
1
244
Gen Gas A Elec—
16
Irving Air Chute
1444
Ltd—
Am dep rota ord reg..£l
Gen Fireprooflng 00m
•
300
1
1444
150
1644
23 X
2244
1444
'1.
244
1634
9X
800
Kirk land Lake Q M
Ltd..l
Ford Motor of France—
preferred
400
38X
5X
•
Kings County Lighting
7% pref B
ioo
Klrby Petroleum
l
Feb
Jan
61
American dep rots .100
Froedtert Grain A Malt—
13 X
36X
5X
'16
Aug
117
42X
1444
May
i
Deo
Oct
Mar
2844
Mar
Jonas A
5
Sept
Oot
Mar
50
15X
7
Nov
Nov
11k
3,800
4,200
834
Oct
Nov
1044
2634
May
11X
100
7%
344
28,400
2244
20)4
350
Dec
444
354k
•
734
Jan
Mar
19X
13%
22X
Dec
3,300
62
944
15 X
6
2
1834
844
6
54
Oct
10 X
600
18X
1334
425
]
100
100
15,200
Investors Royalty com. .26
Mar
110
20
8
9X
•
Iron Cap Copper com...10
Iron Fireman Mfg v t C..1C
Mar
31
«
Nov
13
134
X
10
81
81
Nov
5344
2,300
744
1944
744
40
33 X
Nov
27
1534
Nov
4144
Jan
32
July
1944
1,700
Oct
Jan
Interstate Hos Mills
•
Interstate Power S7 pref.*
634
27
Flat Amer dep recta
Fldelio Brewery
Deo
Nov
Jan
Holding A Inv__*
27 prior pref...
Warrants
9)4
5
400
6
344
40
14
1
Class B
159 X
234
— — — —
"2744
Oct
Jan
13%
1
Internat'I UtilityClass A
Jan
244
144
_
Mar
34 H
IX
Internat Mining Corp...I
Warrants
Jan
244
51
IX
10
10
50
200
V to common
Dec
634
71
59
800
148
145
2X
26
230
Italian Superpower A..
Ex-oell-O Air A Tool
Aug
3X
Registered
International Products.
Internatl Safety Raior B_*
45
834
Nov
26
3X
International
100
ie
Oct
42
3 X
Dec
100
33
144
Apr
344
Internet Hydro- Elec—
Pref {3.50 series.
12
...100
50
Mar
Aug
•
Class B
Nov
744
95H
7% preferred
250
64
X
26
_.*
Non-voting class A
Internat
0H% preferred
■
2444
Jan
Industrial Finance—
Nov
Jan
6
644
mm—---
—
10
7% preferred
100
Insurance Co of N Amer. 10
International Cigar Maoh •
Jan
Mar
£i
Aug
1
34
Britain and Ireland
Indiana Pipe Line
2H
40
34
•
10844
Jan
Indian Ter Ilium Oil—
Aug
78H
1
Jan
UX
44
20 X
17
Ind'polls P A L 6 X % pf 100
Mar
234
2034
Deo
344
34
102 X
Im per leal Tobacco of Great
Dec
09
150
744
20)4
9X
19
2534
744
20H
Jan
Jan
100
34
Industries
Apr
Jan
600
Feb
34X
Aug
244
6
20
IX
2,600
37
100
Deo
34
11
37 H
37
preferred
25 H
3744
94
35X
6%
Mar
234
544
18
2X
125
Amer deposit rets
£1
Imperial Oil (Can) ooup._*
Registered
•
2044
10
36 H
Aug
25
94
July
*16
20 X
7,500
3
35
Aug
Shareholding—
$0 conv pref ww
•
Elec Shovel Coal $4 pref..*
16X
7X
"~5X "1% """366
Hy grade Food Prod
6
Hygrade Sylvanla Corp..*
Nov
'
Option warrants
Feb
26
144
11,700
1,125
9
6
Jan
5X
22 X
150
SH
1944
1034
734
*
244
2
83 X
si
1,900
Jan
Mar
944
1
Co
6434
]
Common.
Nov
16
1
Class A
Elec P A L 2d pref A
1244
68
Nov
2
Elee Power Assoo com
UX
Jan
15X
20
16,200
18,450
59
2444
344
X
16
250
24
20H
Imperial Chem
44
60,200
*
Eleotrlo
34X
108
108
100
Oct
3
6
3,400
8X
3,700
»
.
7% preferred
Hud Bay Mln A Smelt
Feb
6
»i«
Illuminating Shares cl A._*
5
1544
IX
3X
13
IX
1644
244
8
100
3844
x
95 preferred.
Gen
June
3
July
4
5
500
200
2044
36 preferred
Conv
7
14X
34
4
200
7
19
«
1,600
2534
2444
2544
*
Am
2H
1344
0634
5344
34
SO preferred
1034
14X
300
71
2544
334
334
144
7% preferred
Oct
Apr
Nov
3644
3944
Option
2
Huylers of Delaware Ino—
105
Mar
East States Pow com B_.*
00m
2,1
22
Oct
Apr
334
Eastern Malleable Iron...5
Pipe Line
500
18
Humble OU A Ref
44
244
Jan
300
50
Deo
53
200
60
59
60 X
IX
3X
22
*
Nov
6)4 June
4 44 % prior preferred.100
6% preferred
100
744
Jan
07
344
800
8
Mar
37
Nov
2
1,200
1044
734
Oct
3X
4
Hormel (Geo A) A Co...*
Horn A Hardart
»
Mar
12
Jan
744
Holt (Henry) A Co cl A._»
9144
37
7
Mar
14
Oct
44
6X
3)4
Nov
3
16
100
Hollinger Consol G M...6
Holophane Co com
»
38
34
"1:266
Illinois P A L $6 prer._.__*
...»
Common
Eureka
Sept
17,000
3,600
Feb
East Gas A Fuel Assoo—
Equity Corp
May
87
2X
Deo
Mar
13
734
10
Eagle Piaher Lead New .10
preferred
74 44
Jan
52 X
Mar
62
33
*
6% preferred
Nov
Mar
55
X
52 X
22
7
Duplex Razor—■
S4 prior pref ww
Duval Texas Sulphur
%
50%
40
10
Chemical
5X
8044
944
275
Mar
43
1,300
2H
70
Oct
Mar
mm——mm
........
X
15,300
•
Jan
12
100
75
Durham Hosiery class B..*
High
1044
Nov
X
Aug
48 X
6X
I*
•
Dec
444
70
48
"16
72
10
1,100
Feb
3)4
1044
nx
Hires (C E) Co cl A
52
— -
Mar
X
26
Heyden
3634
52
30
39
4X
X
1H
1
Heola Mining Co
Dec
12
mm, —-mm
-----
— — —
Dow Chemical
b-lectrographic (
Harvard Brewing Co..
Haseltlne Corp
2444
444
234
334
70
— —
Low
3X
300
6X
5X
•
Hartford Electric Light .26
Hartman Tobacco Co
*
1044
3
-----
——— —
Low
1,000
Am dep rets pref.__8sb.
Mar
(W L) Shoe Co—
7% preferred
Eleotrlo
l
-
21
1744
Dominion Textile Ltd com*
Durham
Investors.
Helena Rubensteln
Distillers Co Ltd—
£1
Shares
Range for Year 1935
Handley Page Ltd—
Nov
'i6
1935
Gypsum Lime A Alabast.*
13
144
*
1933 to
Dec. 31
25
234
Oct
4
—mm—
*
Amer deposit rots
844
X
X
c26
Dec
1S16
»16
4
m
7X
Dictograph Produots
2
Distilled Liquors Corp.. 6
Douglas
Guardian
High
8
•
v t
4
9,100
2,000
mmmmm
Derby Oil & Ref Corp com*
Preferred
— —
144
944
Hall Lamp Co
Am Dep Rets ord reg £1
Detroit Gray Iron Fdy___5
Diamond Shoe Corp
134
8
■
-
'516
744
50c
Petroleum com
Par Low
High
Low
600
40
100
Cusi Mexican Mining
Darby
39
Sales
for
oj Prices
(Continued)
134
I*
com..
Range for Year 1935
1
Week
STOCKS
1935
Cuban Tobacco 00m vtc.*
Cuneo
Week's Range
1933 to
for
Week
of Prices
(Continued)
101
Julg
1
350
8X
*
McColl Frontenac Oil com*
8H
McCord Rad A Mfg B__*
MoWllliams Dredging..
7X
54.X
8X
9
62
2,500
2,200
1,850
12
IX
•
12X
56
Feb
Oot
Feb
Mar
1244 Sept
344
2144
Apr
Jan
19
8)4
3)4
7244
2
744
Oct
Nov
Deo
Nov
Aug
Nov
Jan
New York Curb Exchange—Continued—Page 3
102
July
Week's
Par Low
84
5
Mead Johnson A Co
Mercantile Stores com
7% preferred
44%
03*% A preferred
40
10<
Mesabl Iron Co
5%
2,200
Mexico-Ohio
Oil
rl%
23*
2
•
200
"is
rl%
»
Michigan Gas A Oil..
Mloblgan
July
Jan
3*
2,800
273*
95
6,000
313*
June
49%
15,200
%
13*
Mar
4%
Paramount Motor
1
100
33*
33*
Mar
6
Parke. Davis A Co
*
3%
5%
43%
5,050
193*
323*
Jan
473*
July
17
June
273*
Nov
39
Sept
80
Nov
Nov
493*
3*
;
Parker
com.
Nov
Mar
«i6 May
Parker Pen Co
Patchogue Plymouth Cp_*
Pender D Grocery A
»
Nov
Jan
90 4
May
Nov
%
Jan
23*
13*
Oct
33t
May
%
Mar
13*
June
8
June
2,500
%
Mai
33*
Deo
1,500
11,600
3,000
1,200
3*
Mar
,5ts
Nov
If
5%
400
23*
33*
•
%
3*
3
2%
Feb
Middle States Petrol—
Class A v t c__
Class B
Rust-Proof
Middle West Utll com..."
%
56 conv pref ser A w w_. *
Certificates of dep...'
2 %
3
2%
2%
*1.
'm
%
H
3*
A pi
33*
Oct
»i«
A pi
33*
Nov
Jar
5is
Aug
Midland Royalty Corp—
Class B
4
73*
Nov
113*
Dec
4%
5
Mar
223*
Dec
18H
35
Jar
483*
Dec
Philadelphia Co
"22"
Minnesota Mining A Mfv
"266
"22^
12
7% pf 100
88%
Jar
1
Miss River Pow 0% pfd 100
Mock Judson Voehrlnger."
OH
81
2d preferred
'
Molybdenum Corp.
775
43
650
10%
]
Montgomery Ward A
Montreal Lt Ht A Pow
81X
39
Moh A Hud Pow 1st pref."
"
30%
143
"
Preferred A
Mtge Bk of Columbia—
American Shares
Deo
87
87
100
41%
53 3*
Jan
893*
Nov
Phila Elec Co 55 pref
Phoenix Securities—
Common
]
43*
383*
93*
»
com
Pleasant Valley Wine Co.]
Pond Creek Pocahontas..*
263*
143
Dec
Dec
{
*
12
12
.
1%
2
44
r43
12
72
Jan
Deo
Prentice-Hall Inc
110
Dec
116
Apr
Pressed Metals of Amer..*
2
1%
23*
283*
13*
293*
May
300
Feb
443*
193*
2%
1,900
9,400
%
200
3\
1%
700
U
2%
83%
5%
300
77%
5%
2%
2%
'l6
%
800
21%
23%
4,200
2
11
8%
12.6(
10%
3*
Jan
Nov
9
June
20
Nov
35
Mar
Mar
20
Nov
65
Mar
23*
Dec
Mar
80
Nov
Feb
1
Nov
3*
Mar
13*
Jan
13*
Dec
463*
Feb
23*
843*
Aug
1%
Dec
23*
43*
Dec
53*
Apr
2
43*
Oct
93*
Mar
'is
Nov
3*
Jan
%
143*
Nov
3*
163*
Aug
21
21
35
Feb
V6
75
83*
83*
0%
300
0%
%
'""166
%
90%
113
3*
Apr
Oct
23*
Jan
Dec
9%
May
Feb
103*
13*
1133*
Dec
May
Nov
Nov
Mar
0
31
103*
11%
Neptune Meter class A... *
2%
_.»
10
10G
15%
12%
2%
60
July
513*
Aug
90
Feb
1133*
Nov
3,700
2
43*
Apr
14
Deo
700
33*
63*
May
13
Oct
100
1
23*
Dec
180
12
53*
63*
June
12
35
Mar
60
2
Feb
100
35
'""266
New Bradford OH
13*
100
53*
33*
Jan
Dec
Oct
Aug
102
June
111
Oct
.2b
693*
70%
TJoo
473*
49
Apr
70
Nov
New Mex A Arls Land
)
1%
400
%
1
New Haven Clock Co
*
9%
1%
9%
100
13*
75
Newmont Mining Corp.lt
73
76
New Process com
25%
25%
3,400
34
100
103*
*
N Y Merchandise
31%
105
NYPrALt 7% pref...l0(
56 preferred
*
N
Y
Shipbuilding
11
12
550
37
16
300
9%
16
Quaker Oats
0%
Deo
Reed Roller Bit
Reeves (D) oom
3%
Aug
353*
Nov
Reliable Stores
Dec
69 %
Apr
Mar
133*
Jan
22
Aug
May
121
Mar
43*
Sept
77%
Aug
Mar
Oct
*
~34?*
"I"206
73*
83*
Mar
2%
2%
6,300
13*
2
July
4%
4%
600
3*
Jan
82
345*
Oct
3%
11,000
3,600
3*
Mar
3
43*
Mar
18
243*
Jan
3*
75
3%
4%
500
3*
*16
%
~3"300
134
'u
Nor Ind Pub Ser 0% pfdlOO
100
103
50
10
16
37
43*
413*
68
Aug
Nov
Dec
30
50
Ohio Edison 56 pref
Ohio OH 0% pref
lot
1043* 104?*
111?* 1113*
Ohio Power 0% pref...100
Ohio P S 7% 1st pref-.100
Ollstocks Ltd oom
"l2k "l3"
6
Outboard Motors B oom.*
Class A conv pref
1%
11
•
Overseas Securities
•
5%
Pacific Eastern Corp
l
4%
PaclfloG
AE0% 1st pf .25
53*% 1st pref
26
PaolfloLtg 50 pref
»
20
Pacific Tin speo stk
•
I
pref
20
For footnotes see pane
5
Steel..Ill*
RyanConsolPetrol...
♦
.
10
preferred
Salt Creek Consol OH
Salt Creek Producers
105
83*
27
83*
"3"
4
13*
103*
2
3*
•i6 June
,si6
Nov
'14
'ia June
%
Nov
Dec
Dec
Deo
Jan
103
8
Nov
Jan
183*
May
10
19
Jan
70
Feb
1033*
Nov
89
Jan
Jan
90 %
A pr
Feb
1073*
1113*
1043*
May
863*
273*
Nov
20
Nov
403*
Nov
33
Sept
3*
11}*
200
0%
4%
29%
27
800
u
%
13*
13*
3,100
1,000
17
300
M
103*
725
"
003*
183*
93*
3*
Mar
4
Jan
13*
Apr
2
203*
13
23*
123*
6
Oct
Nov
Deo
Nov
Nov
Nov
Mar
55*
Deo
Jan
293*
Nov
183*
Jan
71
Feb
107
Deo
70
Oct
70
Nov
10
25
Jan
473*
273*
Oct
Dec
034
Mar
334
103*
Aug
8
103*
Oct
25
%
34
Feb
33*
3*
3*
Feb
4
125
3%
""33* ""566
43*
13*
1,400
23*
113*
23*
53*
17,100
1,300
_H»
oom
Manufacturing
40
40
850
42
2
034
Apt
3*
3*
M
Dec
9
3*
34
A pi
July
Deo
Jan
Nov
433*
8
Oct
Oct
3*
Dec
133*
4,'*
Deo
23*
Dec
13
Deo
Deo
23*
43*
143*
23*
5
143*
23*
Deo
85
Apr
5%
1033*
Nov
6
39
8
8
33*
13*
43*
6
Mar
9
4,700
23*
2,800
23*
July
Aug
Deo
34
Jan
200
%
13*
Apr
33*
Deo
4,800
%
13*
Aug
5
Dec
8
8
200
Aug
153*
Deo
73
2
3*
Feb
3*
Apr
2334
Aug
May
26 34
May
1,100
233*
83*
443*
Nov
25
9
Oct
4
Nov
23*
%
33*
33*
%
%
Mar
0U>*
Mar
36
1
3*
643*
Apr
Dec
100
300
300
763*
163*
1,300
"3% "~3k iolsoo
3*
63*
#
84
Jan
Oct
05
43*
1
10
Savoy Oil
80
Mar
13
500
•
643*
Feb
53*
Deo
43*
25
27
100
Mar
600
UfiO
%
'16
383*
383*
63*
Dec
3*
32
03*
Sept
25
17
3*
23*
85
3*
43*
173*
173*
Mar
1,100
7,.
Deo
Nov
Aug
Mar
1
10
74
Jan
Deo
Deo
4,200
•is
63*
Sept
73*
Mar
73*
May
2
2,400
3*
Jan
13*
Nov
»16
13*
293*
293*
300
323*
323*
""l25
Schulte Real Estate com..*
Oct
734
100
17
International.__I
Schlff Co
Jan
133*
]
Scovllle
1%
49
111
13
113*
10
Dec
—70
46
23*
4?4
Nov
63*
PacifioPAL7% pref..100
13*
""166
1%
Nov
2"300
29%
263*
106J* 1063*
53*
Dec
3,300
com
5
80
400
'
53*
503*
213*
143*
Mar
Apr
Mar
4
716
Mar
9
Feb
Jan
453*
813*
*
Nov
Nov
Nov
034
*ia
Petroleum Co.__._l
conv
13
6
43*
....__
Root
73*
4
'«
18
253*
Mar
3*
June
3*
17'
Jan
333*
Jan
3*
Deo
193*
Mar|
36
38
Oct
Scranton-Sprlng Brook
Water Co 86 pref
Seeinan
Corp
Bros
*
General
Segal Lock 4 Hardware
Selberllng Rubber com
Selby Shoe Co
Selected Industries
Common
85.50 prior
*
*
»
Amer dep rec
Sentry Safety Control
Seton Leather oom
j
pref
13*
2,800
250
2%
Mar
3*
433*
Mar
3*
Mar
3*
4,200
23*
13*
14,600
79
85
Mar
1
l
153*
Oct
28
Jan
Dec
334
50
15*
23*
34
Aug
May
Oct
Jan
Apr
81
34
1,100
*
26
100
Sberwln-WHllama of Can.*
Simmons Boardman Pub Co
Convertible preferred._*
34
38
48
Mar
86
Nov
37 3*
650
763*
463*
Mar
853*
Nov
7
5
193*
1%
49%
121
Mar
23*
Oct
23*
Sept
23*
Jan
%
83*
900
3*
3*
Nov
33*
33*
Jan
Mar
3*
1,300
83*
Deo
53*
2,200
400
1%
1434
13*
1434
May
1,700
34
34
Apr
Mar
1%
3*
1
com..26
0% preferred A A
%
84
600
313*
31
27
27
25
200
£
Shattuok Denn Mining
5
Shawlnlgan Wat 4 Power. •
Shenandoah Corp com
!
conv
13*
13*
23*
46
lno^"
Allotment certificates...
Selfrldge Prov Stores—
83
38
23*
453*
siocklllllac
Sherwin-Williams
38
•
*
Ino
_
«»
4
43*
Jan
143*
900
30
92
Feb
100
Safety Car Heat 4 Light 100
St Anthony Gold Mines..]
71
35%
Ohio Brass Co ol B com.. •
3*
2,200
St Regis Paper com
03*
1,000
Nov
87
3*
3*
Oct
3
'JMOO
10%
Nov
Nov
Apr
Dec
43*
"2lk "23"
olass A10C
Engineering..*
Novadel-Agene Corp.... •
Feb
97
July
Dec
Jan
453*
83
18
3*
453*
Jan
May
Nov
'is
2
Nov
July
163*
Richfield OH pref
26
Richmond Rad com
Rochest G 4E 0% D pf 100
Rogers-Majestic class A.
Roosevelt Field. Ino
6
'
Northwest
'
Deo
5234
147
Reybarn Co Inc
Securities
102
102
14134
53*
Northern N Y Utilities
100
Apr
Jan
21
Nor European Oil com... 1
Feb
28
Feb
203*
Nor Cent Texas Oil Co.. 6
10
78 3*
9
•
63*
7%
42
47%
54
Dec
132 3*
3
Nor Amer Lt A Pr—
3%
Feb
516
Rustless Iron 4
23*
1
46
1734
93*
63*
Nov
Mar
6
37%
Nov
393*
95*
3*
Nlplsslng Mines
]
Dec
15
*
2
Noma Electric
56 preferred
38
Jan
127
Royallte OH Co
Royal Typewriter
NUes-Bement-Pond
North American Match..*
No Amer Utility Securities*
98
Jan
6
*
Rossla
'
Mar
8
Co-_.HI.*
Nov
Nov
3*
75
5
80 •100
Russeks Fifth Ave
"34"
Dec
Sept
30
Relter-Foster Oil
Apr
Feb
82
103*
100
142
Deo
263*
763*
Nov
23*
Jan
(Sept
135
*
7i«
34
Mar
83
Feb
Dec
12 3*
8
"♦
103*
2,800
434
43*
8
Dec
142
Class B
Jan
7%
Mar
May
8
130
Raymond Concrete PileCommon
*
Mar
7%
f>
Jan
75
*
3*
Class A preferred....100
Dec
•
Class A
Feb
463*
3*
193*
13*
100
com
preferred
Quebec Power Co
*
Ry 4 Light Seour com
•
Rainbow Luminous Prod-
23*
1,300
3*
1,275
3*
1%
Apr
10?-*
2,225
23*
1%
Deo
100
54
7,600
'16
Apr
203*
si6
270
253*
14,200
S
%
Deo
Nov
14
473*
Red Bank Oil Co
May
3
34
Nov
38
20
533*
1133*
23*
Deo
12
*
Reynolds Investing
3
Jan
25
353*
*
preferred
Rice Stlx Dry Goods
118
July
June
H
500
10
80
Deo
55
'
com
2,400
85 preferred
Oct
Niagara Share-
Nor Sts Pow
15,
pf_*
Pyle-Natlonal Co
6
Pyrene Manufacturing..10
81.20
8%
Class B opt warrants
7% 1st preferred
Northern Pipe Line.
123*
54
Deo
20
It
preferred..
3*
123*
6% prior lien pref.__100
Pub Utll Secur 87 pt
Puget Sound P 4 L—
98
100
118% 119%
4%
4%
Class A opt warr
7%
500
77
83 convjrtlble preferred ♦
Raytheon Mfg v 10
50c
Niagara Hud Pow—
Common
934
81
107
43*
31
38
Jan
12
38 3*
81
Jan
43*
113*
July
Jan
9*4
3*
100
01 Vj
12
Mav
13*
100
7% pr L pref
313*
100
6J4
23
Jan
Dec
Public Service Okla—
69
190
Deo
3*
100
633*
20
98
N Y Wat Serv 0% pfd.. 100
Class B common
6% preferred
7% preferred
_
9%
1
»
N Y Telep 03*% pref.lOt
N Y Transit
I
Common
preferred
*
Public Serv Nor 111 oom..*
Common
00
Deo
Corp-
Founders shares
N Y Steam Corp com
153*
100
16
17%
106
90%
Feb
43*
59
6% 1st preferred
Jar
25
33*
2534
JaD
8
93*
Pub Serv of Indian 87 pre! *
Jar
13*
15
N Y A Honduras RosarlolG
23*
May
33* May
843* Mar
%
Dec
Aug
May
Oct
20%
*
Nelson (Herman) Corp... 6
Nov
%
734
634
400
2,100
86 preferred
Pub Serv of Colo—
8*
Nelsner Bros 7% pref_-10u
N Y Auction Co com
17
%
Prudential Investors
July
%
Sept
993*
13*
100
3*
Deo
73 3*
18>»
13*
10
550
Dec
Sept
\ or
1U3*
113*
3*
1,000
%
.
61
40 %
Prosperity Co Ino B com.*
30
%
83*
Aug
Feb
61
30 H
780
250
20
163*
183*
3,500 »
1,300
"1% "1%
New Jersey Zinc
123*
Mar
Aug
Nov
Oct
May
Properties Realisation—
10
pref. 100
Nebl Corp oom
New Eng Tel A Tel
19
1
Dec
11%
650
10%
%
Union Radio Corp.-l
7% preferred
Mar
5
63*
Voting trust otfs.33 l-3r
Propper McCaJlum Hos'y *
Nov
11%
National Sugar Refining.
Nev Calif Eiec com
83*
234
*
14,200
Conv part preferred...*
National Steel Car Ltd...*
.
83*
700
73*
25
363*
13*
243*
1
N estle-Le Mur Co cl A
2,700
Jan
500
23
13*
1316
1%
National Refining com..25
Nat Rubber Mach
1st pref
Jan
1
%
11
29
Nat Mfg A Stores com—*
National P A L 50 pref..
Nebraska Pow 7 %
%
s
363*
143*
2
83*
4>*
4,000
1,600
*
Mar
12
i"700
1
Sepl
48
"3k "4%
Lambert Co
%
Feb
1,340
Premier Gold Mining
0
Nov
Feb
Apr
993*
23*
Pratt 4
Corp of Can com..*
43*
13*
2734
834
8
Deo
10%
1%
.*
pf
•
Nov
37
July
Nov
%
preferred
Transit
34
1634
33*
700
Jan
1133*
Jan
29%
1543*
Power
1123*( Nov
Mar
1403*
150
Warrants
90
23*
Jan
434
*
Deo
3334
Dec
233*
National Investors com..]
National
1,800
Providence Gas Co
Common
Oct
14
2
Mar
National Container Corp—
National Fuel Gas
433*
Mar
29
3*
200
1%
i
Nat Bond A Share Corp..*
893*
Feb
4
50
263*
100 9
2
Apr
31
900
23*
Oct
623*
73*
713*
37
73*
683*
r943*
1053*
Producers Royalty
Nat Tea Co 63*%
37
103*
26J*
105
1
«
Potrero Sugar oom
Powdrell 4 Alexander
103
34
73*
*
Deo
Jan
Jan
4
800
10
313*
National Baking Co com.l
Nat
43*
393*
Jan
62%
"
S3 conv pref ser A...1C
803*
21
»
400
1,500
*
Pittsburgh Forglngs
1
Pittsburgh 4 Lake Erle.50
Pittsburgh Plate Glass..21
63*
%
Nachman-Sprinfllled Corp*
Nat Service common
40
13
Pitts Bessemer A Le RR.50
Jan
100
oom
170
64
39
•
Oct
43*
"
52 conv pref
633*
»
100
Nov
3%
1 on
1
oom
Deo
1163*
353*
Apr
Mountain Sts Tel A Tel lOt
Murphy (G Ci Co
107J*
Jan
Apr
1063* 1063*
93*
Dec
1,600
Nov
73*
3*
28?*
203*
93*
43*
27 3*
Apr
7%
Dec
Feb
Mountain Sts Pow com..*
Mueller Brass Co com
Nov
93*
77
Pltney-Bowes Postage
Meter. „
3*
2,800
43*
70 3*
Nov
33*
5%
1(
Mountain Producers
11
Mar
743*
July
May
3*
4%
July
13*
723*
143*
300
1
70
53*
13*
423*
44%
1*4
Mountain A Gulf Oil
Nov
23*
25
144 3*
Feb
125
90
July
65
Dec
"""170
Jan
183*
12
1C0
July
17
0
Pines Wlnterfront Co
5
Pioneer Gold Mines Ltd..)
*40
Nov
413*
65
Nov
Jan
1073*
Feb
100
83
May
Mar
Apr
79 3*
24
F*h
18,200
Mai
23
7
534
5
Dec
3%
Pierce Governor com
263*
Oct
Nov
43*
118
oom
Pie Bakeries Inc
123*
403*
83*
83*
33*
Nov
10%
Moore Corp Ltd com....'
Feb
Nov
Oct
Fet
24
183*
20%
"166
"36K ~383*
Moody's Invest Service.
Nov
123*
34
66 3*
Mar
Mai
73*
127
60
3*
108
Apr
Dec
Deo
118
Jab
9
2h
300
243*
883*
July
Feb
103*
303*
9
5,900
11%
140
1«
82
65
Nov
883*
Miss River Fuel rights
1H
Deo
•
Peppered Mfg Co..
Perfect Circle Co
25
Nat Leather
1,950
*
800
55.60
19
*
4 8%
Natl Beiias Hess
10%
Deo
50
20%
8% preferred
200
*
Pa Pr A Lt 17 pref
S0 preferred
Penn Salt Mfg Co
48%
Minnesota PAL
5
1
203*
"1. Mai
4%
39
43*
]
'
"it
24 m,
3,100
4%
Pennroad Corp v « c
Pa Gas A Elec class A
»
Mining Corp of Canada.
""166
100
Pa Cent Lt & Pow J2.80 pf *
$5 preferred
*
Midland Steel Prod
'
37
•
Peninsular Telep oom
Preferred
Mldvale
Co
«
78%
37
*
Pa Water A Power Co
52 conv pref
4
75
Penn Mex Fuel Co
▼ t o
•
10
30
High
49%
33*
5%
43%
Oct
53*
80
Low
46
^
..."
Preferred
Low
Hiati
Amer Airways
10
Pantepec OH of Venes...l
%
16
Shares
Par Low
Range for Year 1935
Pan
Dec
1%
300
%
53*
Sugar Co
1935
Nov
6
Jan
8
'l6
40%
Dec. 31
Nov
90%
Mai
Edison—
preferred
1933 to
for
Week
High
Apr
13*
93*
%
200
40
3*
»
Low
55
70
1,100
Sales
of Prices
(1Continued)
83*
60
"~4% ~~4%
Week's Range
STOCKS
Range for Year 1935
13*
200
53*
21
10(
Merrltt Chapman A Scott •
50
Low
300
3,000
87
20 %
*
1935
Shares
High
•
Memphis Nat Gas com_.t
Dec. 31
1936
1
July
1933 to
for
Range
of Prices
(Continued.)
Metropolitan
1
Sales
Week
STOCKS
Jan. 4
20
2%
493*
126
1083* 109
163*
163*
Jan
6
Dec
Nov
Nov
12
1234
3,900
5
3234
84
Jan
223*
23*
493*
1283*
320
s
90W
106
Aug
113 >4
Mar
Dec
183*
Deo
Jan
103*
Dec
200
25
143*
143*
8
Dec
Deo
July
1
Sales
for
Dec. 31
Week
1935
Par Low
High
Shares
C)
A
Dec. 31
1935
High
Par Low
High
Low
235
Mar
Deo
Feb
743*
Oct
Jan
72
40
153*
Insurance... ...8
21
223*
650
5
53*
400
24
243*
300
Universal
Deo
793*
29
23*
300
Universal Pictures com.
May
...
1
Universal Products
Utah Apex Mining Go.
Corona
1
12,900
83*
6
Feb
243*
Oct
J
1%
2
3,200
1
1
Apr
3 V*
Oct
4
H
4%
4,000
13*
33*
Ap
53*
Nov
5% original preferred.26
Preferred B
25
353*
363*
75
27 3*
27%
300
25
25%
26
800
"
400
•
1,20
53*
46
43*
193*
Typewriter v»o com...*
193*
100
33*
94
94
133*
53*% pref series C
■3
Soutbn Colo Pow cl A... 25
33*
Southern Pipe Line
283*
Jan
393*
July
163*
173*
143*
34
15J*
JaD
Jan
283*
265*
Oct
Oct
45*
Aug
135
Deo
6
3*
43*
213*
Oct
1
JaD
Mar
6
343*
Deo
Nov
66
Dec
Virginian Ry
3*
June
3,800
43*
323*
353*
2,300
1631
343*
50
Apr
J*
July
"16
16
Am dep rets ord
reg._£l
Square D class B com
1
Class A pref
*
Stahl-Meyer Inc com
*
1,200
»«
70 r
17
50
'0
2.40
29
33*
600
13*
13*
Apr
3*
200
3*
3*
293*
Aug
Mar
23*
53*
103*
Aug
July
23*
3*
33J*
50
33J*
23
1
*
Stand Investing *5.50 pf_*
Standard Oil (Ky)
10
33
1,900
21
4,200
13 h
113*
26
373*
213*
113*
300
7H
213*
223*
100
953*
23*
89
Preferred
23*
3*
10,900
»,6
43*
2,200
1
•
.10
•
Stein (A) A Co com
•
preferred
*
Stuts Motor Car
•
473*
"V
""0"
52
33*
1
43*
53*
63*
353*
33*
Technicolor Inc oom
•
163*
Teck-Hughes Mines
1
353*
33*
183*
5
43*
70
100
Tenn Products Corp com*
jar
Deo
W 111ms Oil-O-Matic Heat. *
Nov
33*
Deo
Wil-lcw Cafeterias Ino___i
103
23*
3
Producing
*
Texas P A L 7% pref..100
pref
June
%
63*
Dec
Jan
5*
Sept
10
Mar
23*
40
Mar
'
Mar
"53* "~63*
*
Jan
25
June
Sept
19
Sept
23*
Mar
323*
2
Feb
89
1
5,200
Apr
•
Woodley Petroleum
3,000
3*
500
2134
10,200
H
73*
9,000
1,600
33*
75
>
*16
23*
20"506
673*
~4~666
33*
63*
Deo
194f
Deo
1st 4 ref 5s
1961
Aug
43*
100
1st 4 ref 6s
1st 4 ref 5s
1956
Deo
...1968
1st 4 ref 43*s
1967
Jan
53*
Deo
Feb
7b 3*
July
July
July
5*
Jan
Am Pow 4 Lt deb 6s..2016
45*
Dec
Amer Radiator 4J*s..l947
Oct
Am Roll Mill deb 5s.. 1948
Jan
Amer Seating conv 6s. 1936
Appalachian El Pr 58.1966
Appalachian Power 6s. 1941
Feb
5
104
May
63*
695*
Nov
Mar
733*
Deo
Feb
43*
Nov
Mar
13*
Deb 6s
2024
2
Jan
35
Dec
u8
JaD
403*
Mar
80
65
745*
Mar
107
28
Jan
60
153*
Feb
22
155*
12
99
Jan
63*
005*
102
Dec
Nov
175*
Sept
633*
Dec
105
3
June
65*
7
7
July
173*
23*
3
Apr
133*
5*
TIOO
5*
105*
2,000
23*
-,323*
400
"53* "63*
7~200
""k "Ik
9
31
5*
23*
Sept
June
18
263*
2
Jan
323*
625*
Nov
625*
33*
9
Jan
63*
Mar
28J*
10
24
283*
73*
293*
1,000
17 H
73*
7,800
55*
65*
Aug
13*
23*
1,500
J16
3*
Mar
1025* 1033*
97
983*
963*
97
13,000
Nov
Mar
23*
July
80 3*
102
Oct
Jan
107
Jan
1053*
Nov
Jan
72,000
643*
1013*
July
13,000
55
883*
8354
8354
Jan
1013*
30,000
4734
73
Jan
955*
83
74,000
443*
«63*
Jan
90
108
38,000
9254
1055*
Jan
108
July
July
July
Sept
33,000
59
97 *
Jan
1043*
86
87
813*
63
Dec
35*
135*
15,000
15*
15*
July
5^
Aug
13,000
73*
73*
Mar
173*
July
1063* 1075*
79,000
89k
Jan
605*
1025*
Dec
106
Feb
94>>
Apr
105
Dec
913*
935* 172,000
2,000
1025* 1025*
55,000
1035* 1035*
64
383*
973*
62
Jan
107
Oct
965*
Oct
Deo
1003*2101
35,000
41
74
Jan
1013*
1055* 1063*
16,000
64
101
Jan
1003*
99
1053*
Feb
109
58
843*
Jan
1135*
Deo
50
Jan
"3"666
"Il2k He""
Deo
Mar
Dec
24
Jan
Associated Eleo 43*s.. 1963
Associated Gas 4 EI Co—
735*
293*
Feb
985*
6454
Nov
l09~
48,000
12
143*
Mar
Dec
7
Jan
Jan
34
Nov
Conv deb 53*s
1938
333*
38
68
Jan
104
Nov
Jan
109
Oct
Conv deb 43*s C...1948
Conv deb 43*s
1949
263*
83
16,000
303*
303* 171,000
32
143,000
32
101,000
Apr
1
4,200
13*
Tri-Contlnental warrants..
15*
2
800
3*
3*
5*
....1950
1968
Registered
Triplex Safety Glass CoAm dep rets for ord reg__
Trl-State TelATel 6% pf 10
100
213*
63*
6
233*
11
143*
....*
3*
Mar
Oct
45*
23*
Nov
213*
Deo
11
Aug
9
Jan
Sept
*
2,800
1950
Assoo T 4 T deb 53*s A '55
Assoo Telep Utll 53*8.1944
Certificates of deposit¬
ee
1983
t*
Apr
105*
July
29
Nov
3H
Apr
Dec
12
Nov
Baldwin
133*
"83* "93*
133*
23*
193*
2
16
4
3
Dec
Mar
May
83*
Oct
15
Dec
4
Sept
263*
93*
Nov
Deo
21
3*
June
3*
June
'16
Tioo
60
Rayon 5s
23*
4,800
500
""3*
assoo
1977
Ctfs of deposit
Atlas Plywood 53*s_.1943
3*
Un OH of Calif rights
Conv deb 63*s
93*
700
133*
15
163* July
103* June
3
2,900
243*
3
3
10
»
Apr
73*
113*
"
Tublze Chatillon Corp_._l
Tung-Sol Lamp Works...1
80o dlv pref new.,
*
2
63*
213*
*
1
3*
Jan
3*
Jan
33*
4
8
35*
June
5
Apr
143*
73*
...
United Chemloals com...*
*
163*
3,200
400
8
23*
18
*13* "l3*
3*
33*
United Dry Docks com ._*
United Gas Corp oom
1
79
•
3*
5*
3,700
,S16
43* 102,700
85
2,900
"w
*i«
3*
916
3*
843*
33*
warrants
United G A E 7% pref. 100
United Lt A Pow com A..*
86
33*
Common olass B
*
53*
*6 conv 1st pref
*
283*
83*
Products...*
25*
213*
1,000
J*
,
6
64
46
163*
Mar
Apr
Mar
6s with warrants... 1938
6s without warr
1938
Mar
Jan
15*
13*
43*
84
5*
Mar
35*
1
7
33*
33*
Feb
Mar
3
3
H
18,300
25
29
20
.*
Jan
Jan
53*
3,500
United Profit-Sharing..-.*
"13* "l3*
""loo
10
United Shoe Maoh oom.25
"84~
53*
Preferred
23*
Jan
Oct
3*
3*
73*
6
"""475
"85
43*
251
194
Mar
Feb
1S16
*
Deo
9
143*
Jan
33
Nov
28
28
5,000
Nov
z76
77
13*
*
*
10
13*
333*
U S Radiator Corp com...*
5
100
31
U 8 Rubber Reclaiming..*
1
Un Verde Extens!on...50c
For footnotes see page
323*
323*
Apr
89
Nov
232,000
303*
Nov
98
6,000
97
Buff Gen Elec 5s
1989
Gen 4 ref 5s
14,000
77
Canada Northern Pr 5s '53
1023* 1035*
Canadian Pac Ry 6S..1942
1105* HI
Capital Admlnls 5s
1953
Carolina Pr 4 Lt 5s... 1966
99
111
Light
6e
1943
5s series E
5s series G
1968
4
1981
1956
1st 4 ref 43*s ser F.1967
1053*
105
Apr
110
.
*16
143*
303*
Mar
13*
35
1,500
450
'*
13*
1,600
475
16
15*
10
5
Apr
June
July
2
55*
39
3*% series H
15*
1954
Chic Dist Eleo Qen 43*s '70
Chic Jet Ry
May
Chic Pneu Tools 53*8.1942
Nov
Chic Rys 5s ctfs
Nov
Cincinnati St Ry 53*s A '52
Aug
3*
Feb
3*
3*
Mar
15*
Jan
23*
2 3*
Oct
43*
June
3*
53*s ex-warr
1957
Aug
1,800
100
43*s series E
Nov
Nov
500
33*
Jan
May
1033*
Deo
10,000
71
97
Apr
35,000
98
106
Mar
va
Jan
36,000
66
883*
Jan
1053*
Nov
46 J*
835*
Jan
1003*
May
Aug
1133*
22*666
109
112
106
Aug
723*
89
Jan
39
Mar
443*
June
106
Apt
1093*
Mar
Dec
Deo
1015*
945*
995*
Deo
42,000
46
673*
Jan
943*
Nov
933*
Cent States P 4 L 63*s.'53
805*
15*
385*
Aug
Jan
Nov
Dec
Apr
Jan
913*
1093*
Jan
613*
Mar
109
Jan
Aug
70
Jan
Cent States Eleo 5S...1948
5*
May
1065*
29
71
Cent Power 6s ser D..1967
413*
3*
106
102 k
67
Cent Pow 4 Lt 1st 5S. 1956
893*
Aug
Aug
763*
Jan
200
803*
49
Jan
2,100
Jan
463*
Aug
2
783*
Oct
915*
60
60
5*
53*
235*
1075*
Jan
54,000
332
Oct
138
Jan
36,000
Jan
Mar
Jan
30,000
1003* 1013*
933*
945*
993* 100
Jan
Mar
1205*
102J*
693*
Apr
Apr
July
July
Central 111 Pub Service—
Oct
Apr
Sept
3*
5*
120
99
'12
5
1183*
Jan
l073* 108" "81666
3*
103*
Feb
1123*
335*
3*
3*
763*
453*
3854
94 5*
1053*
Cent Ohio Lt 4 Pow 5sl950
63*
3*
973*
102
10254
995* 154,000
Cedar Rapids M 4 P 5s '53
Deo
1043* 105
Deo
100
813*
1153*
2,000
1073* 1073*
Aug
Deo
(MOO
Apr
Mar
2,000
14,000
903*
1956
13*
13*
303*
1093*
1113*
102
90
Cent German Power 6sl934
2
8
21,000
1075* 1075*
1
1
105.
Deo
36,000
"895* "66k ~2~8~,666
Oct
July
53*
323*
3
90
78
3*
3*
•
Mar
693*
3*
6
783*
78
80
h
"213* "24
•
Dec
47
75
303*
100
U 8 Int'l Securities
Deo
78
97
100
27,500
13*
783*
Jan
953*
'516
3*
1
33
Jan
943*
Cent Maine Pow 5s D.1956
316
*
Jan
20
4,000
4,000
8,000
403*
3*
U 8 Foil Co class B
143*
20
1334
77
753*
Oct
13 3*
76 J*
Jan
3*
Nov
12,000
36
*
44
20,000
25
Warrants
Mar
283*
883*
U 8 Eleo Pow with warr_-l
143*
78
Jan
200
II
Nov
273*
70
383*
Nov
79
'32
383*
25
38
77
Aug
Deo
Mar
Jan
3,000
Cent Arls Lt 4 Pow 5s 1960
9
Nov
13
Apr
47
•
39
675*
1343*
Broad River Pow 5S..1954
Jan
Mar
60
134
Birmingham Eleo 43*s 1968
Dec
15*
12
34
Bethlehem Steel 6s__. 1998
Deo
53*
113*
383*
2,000
83*
251
393*
10,000
116
Cent
ref...£l
United N J RR A Canal 100
Mar
753*
783*
116
Boston Consol Gas 5s. 1947
United Molasses Co—
123*
75
i960
313*
45
Nov
11
4,000
1st M 5s series B...1957
Birmingham Gas 5s..1959
Deo
Sept
Nov
37
353*
Deo
1
27,100
37
Mar
34
Sept
,5i«
88
Feb
11
1,000
5s series C
Aug
Deo
Sept
Nov
13
303*
1145* 115
1155* 1165*
1st M 5s series A...1956
Deo
40
Apr
Mar
Deo
275*
275*
303*
453*
95*
934
Bell Telep of Canada—
Aug
8
Mar
3*
3*
30
700
313*
83*
35
16
8,300
Mar
26
Loco Works—
Blnghamton L H 4 P 5s '46
United Aircraft Transport
Omted Corp warrants
-
683*
700
35*
5 J*
2
17
Mar
Oct
Mar
July
203*
33*
7% preferred
3*
91,000
1,800
United Stores v t c
Mar
Nov
35
400
Nov
183*
22
116,000
'SI6
1st pref with warr
345*
623*
550
61
Tonopah Mining of Nev..l
Trans Lux Plot Screen-
U S Lines pref
U S Playing Card
225*
Oct
165*
Jan
123* Aug
'u June
58
Deb 5s
U 8 Finishing oom...
Sept
99
Conv deb 5s
Class B
Feb
13*
55
Apt
U S Dairy Prod class A
15*
Jan
98
Apr
Preferred
2,700
r3
5*
Preferred
53*
395*
133*
Am El Pow Corp deb 6s '57
Amer G 4 El deb 5s..2028
1H
Am dep rets ord
43*
363*
Amer Com'lty Pow 63*s 63
Feb
13 preferred
'16
June
27
Dec
Milk
3,300
1035* 1043*
3*
United
3*
106
'i6
Option
'16
Aluminium Ltd deb 5s 1948
3*
Pref non-voting
123*
Aluminum Co s f deb 5s '52
'16
13 cum A part pref
123*
Nov
300
Warrants
200
6,500
1941
Feb
58
3*
Union Traction Co
203*
173*
195*
333*
Dec
3*
5*
Alabama Power Co—
20
com
9,200
175*
19
313*
Nov
*16
23*
3*
9
BONDS—
Abbott's Dairy 6e
109"
Union Gas of Can
"Ik "Ik
195*
45*
233*
43*
7% preferred A
100
Tonopah Belmont Devel.l
Union Tobacco
100
45*
3*
""loo
18
183*
343*
325*
100
Union American Inv'g
2
33*
Arkansas Pr 4 Lt 5s.. 1956
•
Unexcelled Mfg Co
Mar
13*
13*
35*
60
Am dep rets dof reg..£l
Class A
6
11
63*
383*
223*
5*
Am dep rets ord reg..£l
Trunz Pork Stores
21
Feb
Mar
Tobacco Securities Trust
Common
Jan
Oct
76
'""loo
"rl'% "r8 3*
July
20
3,600
4
Nov
Aug
June
76
43*
150
67
Nov
88
Mar
H
115*
33*
Jan
Deo
23*
Dec
2
H
223*
48
45
j
deposit rets
Dec
33*
Woolworth (F W) Ltd—
Amer
Jar
Deo
Oct
3*
Oct
»
Yukon Gold Co
18 3*
44
4
?i«
300
Nov
23*
Mar
3,300
Nov
103*
Apr
13*
Feb
8
83*
5f
Wrlght-Hargreavea Ltd..'
2.10
3734
65
Tobaoco Prod Exports...*
Toledo Edison 6% pref
173*
65*
483*
Aug
18
5*
43*
Wise Pow 4 Lt 7% pref 100
Feb
15*
Mar
33*
83*
Wilson-Jones Co
Dec
3*
35*
25*
35*
Jan
Nov
Aug
Aug
1,000
*
Deo
33*
4 V*
6,000
•
2
22
795*
13*
Mar
93*
73*
Williams (R G) 4 Co
preferred
Nov
Jan
May
213*
20
West Va Coal 4 Coke
Conv
Aug
67
10<
273*
3*
•
Todd Shipyards Corp
Apr
53*
134
3<>
75
.100
Tobacoo Allied Stocks
Oct
101*
23*
""166
703*
"4% "43*
Texas Gulf
Thermold 7%
Deo
July
100
433*
3*
h
Chlorine Prod—
preferred
Oct
3
Apr
84
100
14J*
108
7%
Aug
Oct
55*
Ry
663*
28
Nov
"313*
7% pref 10(
1st 4 ref 5s
...1
Texon Oil A Land Co
Maryland
7% 1st preferred
Western Power
Mar
89
Taggart Corp com
_•
Tampa Electric Co com..*
Tenn El Pow 7% 1st pf
Western
Mar
53*
Syracuse Ltg 6% pref..100
Tastyeast Inc cl A
Aug
Aug
Apr
34
200
52
5
43*
523*
1
3.200
Western Cartridge pref.lOfi
35*
12,800
25,000
Western Auto Supply A__*
Deo
Mat
3*
200
23*
1
May
Westvaoo
23*
200
233*
Western Air Express
Nov
12
Jan
Jan
16
35*
3,250
13*
1%
)
Western Tab 4 8tat v t c_*
3*
600
23*
1
24
May
Oct
3*
223*
Wayne Pump oom
Wenden Copper
15*
1
West Texas Utll $6 pref..*
4*,
1
10
16
100
*
Apr
100
Co..l0c
Oct
Dec
*
preferred
Dec
1,400
483*
53*
17
353*
Cumul
»16 June
5
""166
17
63*
163*
Nov
43*
1
13*
13*
•
*
Swiss Oil Corp
1
Nov
275*
July
5*
Mar
5,100
13*
183*
Walker (HIram)-Gooderh'n
Oct
200
22
22
Sullivan Machinery.... .*
Swiss Am Elec pref
W alker Mining Co
Deo
993*
7%
Stroock (S) A Co
SwanFlnch Oil Corp
Dec
Apr
3*
3*
6
Mining
3*
36
8
Aug
Dec
July
13
3*
3*
5*
423*
9t*
23*
Stlnnes (Hugo) Corp
Sutherland Paper Co
•
H
3
4,100
Stetson (J B) Co com....*
Sunshine
•
Class B
Walgreen Co warrants
3*
1
Sunray Oil-...
Waltt4 Bond cl A
Oct
A pi
80
"23* ""23*
*
Sterling Brewers Inc
$3 conv preferred
*
J16
"133* ""500
"ir
100
Sterchl Bros Stores
Sun Investing com
Oct
.*
5*
h
32
Steel Co of Can Ltd
6 3*%
3*
8
1
preferred
Oct
Waoo Aircraft Co
Wahl (The) Co com
33*
235*
Mar
1,700
2
Standard Silver Lead....!
Starrett Corporation
44
40
Sept
113*
763*
900
H
23*
*
Jan
3,200
33*
3*
•
Common class B
Oct
Sept
Mar
Mar
73*
113*
96
5% preferred
Standard PAL com
Apr
18
50
Standard Oil (Ohio) com 26
6%
3*
_
Standard Oil (Neb)
May
May
H
"16
4 Worts Ltd oom
Co—
•
Conv preferred.
Apr
42
293*
393*
293*
Standard Brewing Co
*
Standard Cap A Seal com_5
100
Deo
30
100
Vogt Manufacturing..J.. •
3*
'if
bear.£l
Dredging
5
Petroleum
203*
5*
9
Venezuela Mex Oil Co.. 10
Veneiuelan
Dec
Jan
84
1,600
Va Pub Serv 7% pref. .100
443*
63*
Common
15
H
9
63*
83*
H
Sept
Spanish A Gen Corp—
Standard
1
100
7% preferred
45*
Jan
I3f
_-l
Utll Pow 4 Lt com
Jan
25
So'west Pa Pipe Line
Jbd
33*
5
Southland Royalty Co
JaD
1,100
3*
3%
H
33*
Conv preferred
3$
77
325
78
77
Priority stool:
Utility <fc Ind Corp
33*
Southern Union Gas com.*
South PennOll
l
104
100
..100
.10
Southern N E Telep
26
17
60
700
43*
33*
Utility Equities Corp..
Son Calif Edison—
Am dep rets ord
9
Utlca Gas & Eiec 7% pf 100
Aug
7
5*
200
47
High
Low
13*
33*
2
1
'«
Utah Radio Products..
1
«
700
lift
Utah Pow <fc Lt 17 pref.
Sonotone Corp
So Amer Gold A Plat
33*
Range for Year 1935
Low
Shares
8
..2*1
United Wall Paper
Deo
45*
2
100
*
336
•43*
Universal Consol Oil... ..10
Smith (A O) Corp com...
(L
(Concluded)
119
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Sioux City Q A E 7% pi
1933 to
for
of Prices
STOCKS
Range for Year 1935
Low
95
335
333
100
Singer Mfg Co
Sales
Week
Week's Range
1933 to
of Prices
(Continued)
1
July
Week's Ranoe
STOCKS
Smith
103
New York Curb Exchange—Continued—Page 4
Volume 142
80
101
Jan
106
Oct
104
Dec
"2T666
72
953*
Jan
Jan
923*
5654
373*
72
883*
17,000
47,000
813*
833* 205,000
635*
85,000
373*
5954
25
26
Mar
653* 103,000
47,000
733*
253*
253*
Mar
29
1043* 1043*
985*
63
705*
105
106
109
1093*
59
Dec
985*
Deo
Deo
Jan
923*
Jan
845*
Aug
66
Nov
485*
Jan
673*
713*
35,000
62
9234
Jan
1053*
6,000
90
Nov
Deo
Jut>
4 Union Stk
Yards 5s
6s series B
Citl es Service 5s
Conv deb 5s
1940
1927
1053*
Jan
110k
14,000
513*
87 H
Jan
1033*
713*
863*
733*
87
77,000
43
663*
Jan
80
7,000
403*
58
Feb
8954
Aug
93
703*
6,000
47
663*
Feb
93
Aug
285*
305*
Mar
703*
Dec
2854
295*
Feb
705*
Deo
1025* 1025*
1955
92 3*
...1966
683*
1960
683*
79,000
703* 413,000
May
Deo
June
New York Curb
104
July
Week's Range
BONDS
Sales
of Prices
Week
Low
Cities Service Gas 5%s '42
Cities
Servloe
Gat
High
97%
$
99 M
48%
1043
Low
63%
Cities Serv PALIHi 1032
e%s
i0*p
1st M 6b series A
1953
Indianapolis Gas 5s A.1952
1st M 6s series B...196*
1st 4%s series C...1066
D..1957
1st M 4s series F
1981
3%s series II
1966
Com wealth Subsld 6%s'48
1961
4 %s series C
6s series D
1962
Jan
Jan
113%
113%
Nov
Nov
104%
94%
98%
Jan
113
Nov
Interstate Nat Gas 6s. 1936
Jan
106
Dec
Aug
104
Deo
Jan
105
July
104M
65M
17,000
54
85
46,000
83M
51%
Mar
73%
4,000
119%
Jan
126%
Power 5s..1957
Debenture 6s.___._1952
Interstate Publlo Servloe
Deo
Oct
08%
"
i",66o
108
108
104 M
106% 202,000
102
108
Aug
106
May
110
5s series D._..
July
103%
Jan
109%
Jan
106% June
110%
114%
Oct
113
May
90M
Jan
122
July
11,000
88%
106%
Jan
112
6s series A
July
87 H
108% 108%
83
51
87
107M 107M
44,000
88
Jan
4%
106%
Jan
100
Sept
109%
100
"84% ~86% 594",000
102%
103 M
1940
102
Cuban Telephone 7 Ha 1941
90
102 M
90
X
100
Dec
33
42
Jan
24,000
77%
13,000
60%
1,000
"losk 106"
103% 104
108
22,000
29,000
2,000
95%
104%
Oct
108
98M 100
49,000
105%
22,000
101% 104
141,000
61%
Mar
Aug
96%
92%
56%
Jan
Jan
Jan
89
1960
105 %
110
Sup
Deo
1947
1961
1948
104
98%
1969
92%
94
3
Jan
7%
Apr
Jan
7
Apr
2%
Apr
101% 102
'~28% "30" ~2~9~656
76
101%
85
2,000
1967
Eastern Utll Invest 6s. 1964
104%
10
10
22
33%
Aug
Dec
Kimberly-Clark 5s... 1943
Koppers G A C deb 5s 1947
Sink
1%
Apr
103% May
108% Mar
June
32
Feb
76
102
102 M
2,000
55
85%
Jan
103
102% 103%
13,000
64
89%
Jan
104%
Deo
1960
79
'
81%
69,000
105% 105 %
5,000
91
Jan
106%
25
90%
Jan
106%
Deo
5 Ms series E
Jan
98%
Dec
5 Ms series
81
Dec
54
Jan
40
40
Dec
78
100
Jan
1,000
1,000
65
65
34%
Aug
Apr
98
24
10,000
58
96%
Jan
104
38%
45%
Aug
1%
1%
Feb
31%
Jan
69
106%
1965
75 M
75 %
38%
38%
102% 103%
Farmers Nat Mtge 78.1963
Federal Sugar Ref 6s.. 1933
Federal Water Serv 6Ha'64
r2
75
r2
78%
4,000
44,000
Finland Residential Mtge
Banks 6s-5sStampedl961
Mills 5s.'48
Firestone Tire A Rub 5s *42
104% 105
Gatlneau Power 1st 5s 1956
Deb gold 6s June 151941
Deb 6s series B
1941
General Bronse 6s
19*0
General Pub Serv 6s ..1953
Gen Pub Utll 6 Ha A. 1966
General Rayon 6s A..1948
Gen Vending 6s ex war '37
Certificates of deposit...
Gen Wat Wks A El 5s. 1943
Georgia Power ref 5s..1967
Georgia Pow A Lt 5S..1978
81
'81
97%
99
77%
a30
24%
r23
86
Apr
Dec
105%
Mar
Oct
48
76
Jan
44%
68%
63%
Jan
92%
100%
93%
Jan
91
Oct
99%
84%
98
100%
81
a30
25
25%
84%
96%
87%
81
82
98%
23,000
4,000
12,000
37,000
4,000
7,000
17,000
84,000
165,000
17.000
71%
78
60
69%
65
59%
81%
Mar
54
74
Mar
2
4
Jan
25
Jan
24%
Deo
64%
40
66,000
53
60,000
7,000
15,000
2,000
5,000
4,000
9,000
81,000
8,000
69
Gulf States Utll 6s
1956
44
6s series A
1977
1947
1938
Hood Rubber 534 s
105% 105%
72%
74%
23,000
23.000
1986
Houston Gulf Gas 6s.. 1943
6 Hi with warrants. 1948
Houston Light A Power—
1st 6s ser A
1953
31%
102%
Feb
107
Jan
17%
Mar
105
Apr
62
94%
87%
Jan
108%
Jan
98
104%
60
July
37
June
Jan
105
97%
14,000
29%
76
Mar
105% 106%
103%
13,000
3,000
91%
103%
79
101%
80
42
78
84% 101,000
106%
2,000
101% 102% 56,000
98% 100
39,000
94%
96% 215,000
88
85%
38,000
fl06
95
6 Ms series B
1953
98%
96%
99%
1951
86
88
6,000
3,000
35,000
105%
91%
28:606
Indiana A Mich Elec 5s '66
Jan
106%
1st Hen A ref 5s
For footnotes
1950
65
65%
6,000
1963
63
64%
17,000
see
page 105.
18,000
76
103
Feb
105%
56%
62,000
54
91%
Jan
21,000
64%
75
Jan
18,000
3,000
67
98%
Jan
6,000
Aug
55
64%
63
105
Nov
109
60
Mar
85
107%
Jan
46
69%
Jan
66%
Jan
67
Jan
102%
99%
95%
89%
96%
99%
88
88%
23%
22
99
107%
36%
35%
Jan
99%
94
107
94
Jan
37~,666
61%
79
104
22%
60
July
35
109%
107%
Jan
14,000
104%
110
Dec
104%
88%
July
_
77
33
"91% "93"
Dec
Jan
105%
108%
75
Oct
Mar
Aug
Feb
Feb
May
Deo
Apr
Dec
37
Aug
96
June
71:600
70
82
96%
54,000
80
87%
92%
94%
101% 102
3,000
83
67
22,000
70
33,000
9,000
63
11 000
46
24% 793,000
78
1,000
29,000
4%
Jan
53
62%
Jan
Oct
108%
Jan
106
Jan
95
95
106%
69
68%
Nov
78
Oct
Mar
102%
3%
Jan
Deo
90%
Jan
104% June
Jan
105
Oct
Jan
107%
93%
Oct
66
11,000
67
56,000
54
79%
23,000
58%
105
98
May
89
100%
102%
94%
105
58%
94%
20,000
8,000
47%
106%
101%
41%
67 %
106% 106%
9,000
94%
57%
93%
7%
18.000
105%
5%
105
Jan
Oct
24%
Nov
82
July
98%
104%
Jan
Jan
Aug
Deo
Deo
93
Nov
93%
July
'
10,000
1,000
notes
'
2
June
98
100%
71%
Jan
104% May
Jan
101
Apr
"74%
86
60,000
18,000
74%
74% 112,000
86,000
86%
90
71,000
72%
77
100,000
68%
70
52,000
102% 102%
4,000
107% 108
21,000
105% 106
46,000
102% 103
43,000
108% 108%
4,000
104
104
mmmmm
mmmm
108
108"
108
108
89% 89%
100% 100%
1,000
m
m>
mm m
m
61
42
3%
52%
107
97%
99
105% 105%
105% 105%
105% 105%
103% 103%
101
101
50
50
50%
51
Ogden Gas 5s
194o
Ohio Edison 1st 5s....1960
Ohio Power 1st 5s B..1952
103
1st A ref 4 %s ser D 1956
105
97%
99
103%
106
106%
105% 105%
*
105%
29,000
83,000
54,000
5,000
1,000
13,000
9,000
7,000
6,000
3,000
61,000
15,000
36,000
3,000
6,000
107
Deo
Deo
Jan
90%
Deo
Mar
19%
Nov
Jan
111
May
Jan
118%
Nov
Jan
107%
Jan
87
109%
Deo
Nov
Deo
Mar
79%
Nov
48
Mar
Mar
79%
79%
Nov
47
46%
64% Mar
67% Mar
85%
90%
Deo
50
60
60
74%
Deo
Nov
25
56
30%
77
Aug
Jan
74%
Nov
Deo
Jan
103
Deo
103%
Mar
108
Deo
73
89%
Jan
106
Deo
68%
85
Jan
77
99%
99%
Jan
Oct
103%
108% June
103%
81
96
63
5,000
100%
47%
Feb
33%
4,000
55
102% 103
101% 102%
34
61%
3%
107%
!01%
Oct
106%
33%
104
1,000
50,000
14,000
91%
85
1,000
1,000
107
89
Jan
Nov
Apr
90
71
Deo
102%
102%
67
m
11
Nov
91%
93%
70%
83
1940
107%
54
1954
1966
Mar
35
5s. 1948
1970
104%
2,000
87
71
.1959
93%
97,000
85
62
Jan
106% 106%
71%
I194U
2
Mar
83
1950
1942
38
Jan
107% 107%
102% 102%
2,000
97%
99
30,000
87%
89
41,000
17%
19
274,000
109% 109%
6,000
1948
i960
5%%
Nov
Jan
22%
78
104% 104%
104% 105%
98%
99%
N'weetern Elect 6s...1045
N'western Power 6s A .1960
Certificates of deposit...
N'western Pub Serv 5s 1957
July
Jan
5s
No Ohio PAL 5%s.. 1951
Nor Ohio Trao A Lt 5s '56
No States Pr ref 4%s_.1961
Sept
112
deb
6s series C
Mar
Nov
Jan
104
104%
106% 106%
91
93%
2022
4 %s series E
Deo
Jan
1957
5s series D
Nov
107%
1937
A '57
Nor Cont Utll 5%s...l948
No Indiana GAE 0s_1952
Northern Indiana P 8—
Nov
Jan
Jan
_
No Amer LtA Pow
5s. 1936
5%s series A
1956
Deo
68
ww_
Nippon El Pow 6 %s.11063
Sept
60
A...1951
B
5s series A
Deo
58
series
ser
1st 5%*...
19(J2
N Y A Westeh'r
Ltg 4s 2004
Debenture 5s
1954
Niagara Falls Pow 6s. 1950
Aug
Deo
Deo
45
44
107
108%
107%
Jan
Deo
I960
Corp 1st 4%s '67
N Y state GAE
4%s.l980
'
102%
75%
Jan
48
Oct
Jan
Feb
103%
106%
May
Sept
6s series A
May
108%
62%
95%
105%
Dec
Aug
105%
N Y Central Eleo
5%s '60
Apr
Jan
65
Dec
Aug
108%
107%
S X £e.°n £ 011,0 *%8
N Y PAL
Jan
50
Apr
Sept
64
Jan
Nov
Jan
Debenture 5%s
July
Sept
114
108
54%
101
Nov
June
Mar
New Orl Pub Serv—
5s stamped
Jan
Jan
42%
32%
"1,660
109%
103%
104%
105%
82%
87%
106% 106%
87
Apr
Nov
Sept
94
Conv
Deo
42
Feb
70
1957
105
95%
70%
Conv deb 5s
New Eng Pow Assn
Nov
104
111%
93
91%
104%
85%
New Amsterdam Ga
5s '48
N E Gas A El Assn 5s. 1947
Mar
105%
82%
95
Jan
Feb
5,000
Nelsner
99% June
100%
60
Jan
102
101%
15,000
Bros Realty 6a '48
Nevada-Calif Eleo 5s. 1956
Nov
107
100
5s series O
6s
41%
Aug
Sept
86
62%
46%
82%
72
105%
107% 107%
1944
6s series A
Feb
93
Idaho Power 6s
1947
Illinois Central RR 6s 1987
111 Northern Utll 5s...1957
Indiana Servloe 5s
51
40
12:660
Nov
Jan
Nebraska Power
4%s_198l
108%
109%
Oct
52% May
63
Aug
107%
Jan
105% Nov
103% Deo
111% July
106%
Feb
77%
Apr
12,000
"57"
July
100
Jan
Deb 5s series B
2030
Nat Pub Serv 5s
ct£s..l978
Jan
Deo
Hi" "i"66o
Nov
105
Jan
72
5s
Feb
July
114"
95
Jan
69
88%
62%
Nassau A Suffolk
Ltg 6s '45
Nat Pow A Lt 6s
A...2026
Aug
Aug
101%
42
Indiana Gen Serv 6s.. 1948
Indiana Hydro-Eleo 6s *58
95
106%
"56"
Jan
73
35%
Missouri Pub Serv 5s. 1947
Feb
Jan
1,000
Dec
*0
Miss River Pow 1st
6s 1951
Missouri Pow A Lt
6%s '55
Sept
Jan
1946
Sf deb 5Ms ..May 1067
93%
105%
Aug
47
Indiana Eleotrle Corp—
6s series A
1947
93
87
105
July
29,000
Narragansett Elec 5s
84
97
107
39,000
Munson S 8 6 Ms
80
40%
1st A ref 5 Ms ser B.1954
1st A ref 6s ser C...1956
Nov
60
Jan
90%
Jan
28
1951
'53
Jan
100
93%
Feb
65
105
ser A
Jan
26
97
56%
105%
55
1981
6s series B
Oct
70
Aug
92
1st A ref 5s
i4'66o
1st 4 Us ser E
1949
Jan
Apr
Dec
Nov
Jan
87%
1957
Nov
10,000
103
Ref A Impr 5s
May
Sept
108%
103
5S
Dec
Mont-Dakota Pow 5 %s '4
July I Montreal LHAP Con—
31%
..1978
Hygrade Food 6s A
100%
86%
83
deposit...1936
6s ex warrants
Aug
July
104% 104%
103% 105
1st 4%s ser D
Hungarlan-Ital Bk 7 Ms '63
Hydraulic Pow 5s
1960
70
Jan
37
1986
7S
10
101%
84%
86%
100
24
65
Hamburg Eleo 7s
1935
Hamburg El Undergrouna
A St Ry 6Ha
102%
93%
66%
31%
Jan
Jan
98%
4 Ha series B
1961
Backensack Water 6s. 1986
Hall Print 6a stmp
98%
63
56%
81%
Jan
wo
77%
Mississippi River Fuel—
Dec
38%
105
66
Miss Pow A Lt 6s
Dec
81
2
Jan
80%
61%
Mississippi Pow 5t...1956
.
Jan
67%
89
43
100%
Jan
Nov
Jan
83
56 M
58%
105% 106%
104% 105%
99%
98%
99
Jan
Dec
87 %
1947
Apr
1962
Midland Valley 5s
1943
Milw Gas Light
4%s.. 1967
Mlnneap Gas Lt 4%s.l950
Minn PAL
4%s
1978
Nov
61%
80
100% 100%
91
92%
105M 105%
108% 108%
Apr
5s ofts of
Deo
30
Gobel (Adolf) 6%s...l93d
with warrants...
Guantanamo A West 6s *68
P A L 6s A..1048
Middle States Pet 6
Ms '45
Middle West Utilities—
Deo
30
93
Gulf OH of Pa 58
1943
5s series F__
Deo
23%
30
Guardian Investors 58.1948
Memphis
6s with warrants
Nov
90
Gesture! 6s x-warrants 1953
Gl Nor Pow 5s stmp__196t
Great Western Pow 6s 1946
1956
logo
78
103
63%
Oct
107%
115%
101%
MeCord Radiator A Mfg—
89
60
Jan
Dec
62%
1941
5%S
55%
Jan
2% May
61
Gillette Safety Rasor 6s '46
Glen Alden Coal 4s... 1965
Grand Trunk Ry 6 Ha 1936
Grand Trunk West 4s. 1950
7s with warrants
Mass Gas deb 6s
Jan
2,000
34,000
27,000
July
July
93%
106%
100
73%
Apr
7,000
99% 100%
93% 215,000
92%
88
89% 25,000
90%
93% 125,000
105
70%
102%
46
105% 105%
Manitoba Power 5 % s. 1951
Mansfield Min A Smelt—
Mar
Fla Power Corp 6%s.l979
91
106
50
2,000
104
"103%
July
85
18,000
108
Jan
Jan
100%
105%
91
Florida Power A Lt 5s 196y
1942
F
Metropolitan Ed 4s E_ 1971
'104% 155%
Apr
101%
50
Louisiana Pow A Lt 5s 1957
LoulsvUle GAE 4%gO 1961
Oct
98% Mar
102% June
86
First Bohemian Glass 7s '67
Gary Eleo A Gas 6s ext.'44
15
55%
105%
77
65
55,000
1943
6s
Deo
European Eleo Corp Ltd—
x-warr
mm
1947
67
Ercole Marelll Elec Mfg—
1953
-
1061
46
41
06%
43,000
103% 103%
103% 104%
105% 106
104
1942
56%
3,000
62,000
Feb
15,000
7,000
102% 103%
103% 104%
58
106% 106 %
97 M
99 M
66%
45,000
~io§% 116"
Long Island Ltg 6s... 1945
Los Angeles OA E 5s 1939
El Paso Nat Gas 6 Ms. 1943
With warrants
94
Lone Star Gas 5s
Deo
El Paso Eleo 5s A
77 M 580,000
92
Lexington Utllltles5s.l952
Llbby McN A Llbby 5s '42
Nov
71
Elmlra Wat, Lt A RR 6s '56
fund deb 5 Ms. 1950
!
Laclede Gas Light 5%sl936
Lehigh Pow Secures..2026
Deo
Eleo Power A Light 6s. 2030
-
3,000
104%
98
2
—
4,000
m m
106%
1055
1%
European Mtge Inv 7s C'67
~l06%
mm -
20,000
m
5 %■ series F
2%
Fairbanks Morse 6s.. 1942
115% 115%
101% 101%
1st mtge 5s ser H..1961
15,000
1967
«.
6%a series D
11,000
6 Ha A ex-warr
Mar
65,000
104%
103% 104% 108,000
Nov
4%
Erie Lighting 5s
4,000
104
102%
4%
1988
June
Jan
3%
6 Ha
57
Kent uoky Utilities Co—
July
3%
%
M
Empire Diet El 5s
1062
Empire Oil A Ref 5%s 1042
Oct
91%
Jan
Apr
June
May
67%
Mar
95
35
Nov
%
83%
Aug
48
Nov
%
Nov
55
Dec
48
106
16,000
Deo
39
Nov
105%
35
Jan
24,000
July
102%
101
Jan
94,000
Jan
%
Nov
106
Jan
Oct
JaD
49,000
83
%
105
Jan
Nov
101
57
99
Aug. 1 1952
.Aug 1 1952
Jan
Nov
83%
106% 107
5%s'56
Kansas Power 5s
1947
Kansas Pow A Lt 6s A.'65
Saierles B
1057
Deo
Certificates of deposit.
111 Pow A L 1st 6s
Wat
4 %s series O
Detroit Internat Bridge—
Certificates of deposit.
Dixie Gulf Gas 6%S..193T
86
100
56%
87%
Jan
41%
76
99%
88
82%
5s series I
Det City Gas 6s ser A. 1947
91
56
Jan
38%
Jones A Laugh lin Stl 5r '*9
Kansas Gas A Eleo 6S.2022
Deo
104%
67
Aug
52
5s series B
Deo
61%
107
Jan
Aug
72
Jersey Central Pow A Light
Nov
103%
38
86%
106%
Jamaica
Jan
Apr
60
92
55
Stamped
Mar
Jan
102
87
37
.26%
Jacksonville Gas 5s...1942
Nov
65
65
104
Jan
62
39
Deb 6s without war. 1963
Deo
105%
83%
47%
57%
Isarco Hydro Eleo 7s. 1952
Isotta Franshlnl 7s
1942
Italian Superpower of Dei
Deo
42
72
105% 105%
101% 102
Dec
41
87,000
1961
Iowa Pow A Lt 4 %s..1958
Iowa Pub Serv 6s
1957
Deo
104%
Jan
5,000
3,000
14,000
6,000
4,000
100
Apr
100%
Jan
53,000
105% 105%
104% 105
108
Jan
Apr
38
30,000
100
Jan
Feb
67
100% 100%
without warrants
Nov
101%
87%
81%
79%
Iowa-Neb LAP 6s...1957
Nov
86%
35
1944
89
31%
Mar
89
69,000
23,000
85
1947
w w
43
82%
70%
69%
1958
6a series B
103
.
81
1956
4%s series F
Invest Co of Amer—
83%
53%
101%
Interstate
Aug
112
57
Jan
4%
70
Firestone Cot
Apr
"56%
56
109
17,000
27,000
2,000
6 Ha
104%
68%
109%
"55'
1952
105%
88
Deb
Feb
E
series
35,000
International Salt 5s.. 1951 rl06% 107%
21,000
International See 5s.. 1947
99%
99% 108,000
Interstate Irn A Stl 4 %s'46
102% 103%
16,000
95M
Duke Power 4 % s
Dec
1957
32
Deb 7s
Oct
47%
7s
95
6 Mis
46
49
Feb
87
6s 1st series B
46
47
113%
28
Derby Gas A Eleo 6s__1946
14:666
77%
85%
80%
Aug
1st A coll 6s ser A..1946
Denver Gas A Eleo 5s. 1949
Oct
33%
Conv deb 6 %s w w
194*
Consol Pub 7 %s strap. 1939
Delaware El Pow 5%s__'59
41%
1955
Consol Gas UtII Co—
Cuban Tobacco 6s
Deo
41%
6 Ms series O
69%
98%
3,000
Oumberld Co PA L 4%s'66
4%
Dec
79%
5,000
Aug 119*0
Mar
68
11,000
112
Crucible Steel 6s
1%
Feb
21,000
122
lt 5s
1%
27%
132,000
112
Crane Co 6s
4,000
27%
33
106
122
Cont'l Gas A El 6s
4%
67%
104
1939
Consumers Pow 4%s__B6s
1st A ref 5s
1181
Dec
3
Feb
4,000
8,000
Gen mtge 4 %s
.195*
Consol Gas El Lt A P (Bait)
1st ref s f 4s
1981
,
Aug
105%
Interoontlnents Pr 68.1948
International Power Sec—
Consol Gas (Balto City)—
5S
105 %
Jan
26%
113
1956
Conn River Pow 5s A 1057
Jan
97%
26%
Connecticut Light A Power
7s series A
80
78
Deo
Deo
86%
86%
80%
High
68
49,000
103%
16,000
Low
17,000
105%
Jan
126M 126M
Community Pr A Lt 6s 1967
Low
95
105
84%
112
110%
110%
$
High
94
Range for Year 1935
A '5?
ser
7s series F
111M
112M
110%
110M
105M
103%
103 %
63 M
1935
Low
Deo
65
Commerz A Prlvat 6%s '37
Commonwealth Edison—
Dec. 31
Week
High
99
Jan
Ind polls P A L 5s
103% 103 M
7,000
65 M
67
143,000
67
65%
50,000
1933 to
for
(Continued)
Low
86,000
Sales
of Prices
BONDS
Pipe
Line 6s
1st 4%s series
Range for Year 1935
1935
1936
4
1
Week's Range
Dec. 31
,
Jan.
5
July
1933 to
for
(Continued)
Exchange—Continued—Page
1
99%
81%
25%
18%
71
61%
62%
49%
104%
106%
105%
112%
Apr
Feb
44%
Mar
20%
99%
Mar
77
69
65
100
69
106
Jan
Sept
82%
100%
76%
71%
101%
71
Jan
90%
Jan
Jan
June
Deo
Dee
Nov
99%
Deo
Deo
Nov
108
Oot
Jan
108
Sept
Jan
106
Deo
104
July
88
Jan
97
Sept
Jan
28
Jan
72
Jan
73%
96
Jan
88
Feb
53%
107
103%
Jan
Oot
Mar
91
103
28
83%
90
May
102% June
Jan
Jan
8%
8%
47%
97%
104%
103%
109%
Jan
97
63%
110
Jan
Apr
Oct
103%
50
Oct
Deo
Deo
49%
99% Deo
105% July
Oot
106%
Jan
108%
106% May
July
Sales
for
Dec. 31
Week
1935
Low
Service
series
C
1053
5s
series D
1054
534 s series B
1061
Okla Gas 4 Eleo 58—1950
series
A
1040
90
Okla Power A Water 6s '48
Oswego Falls 6s
194?
Paoltlo Coast Power 5s 1940
111
1,000
92% 93%
107
107
105%
12,000
3,000
18,000
6,000
11,000
3,000
90%
70%
60%
99%
100%
Jan
105%
Nov
Jan
107%
Sept
Toledo Edison 5s
63
Tlets (Leonard) 7%s_1946
1962
68%
99
Jan
105%
Sept
90%
Jan
104
June
Ulen Co deb os
40
48
Jan
91
Deo
45%
65%
Jan
96
Nov
99%
107
Deo
1043
5,000
2,000
36,000
6,000
16,000
118% 119%
1957
1960
106% 107%
106% 107%
97%
98%
1st A ref 4%s P
Pac Invest 5fl
ser
A...1948
Pacific Ltg A Pow 5s..1942
PacificPow A Ltg 5S-. 1955
Palmer Corp 6s
1938
Park A TUford 6s
1936
Penn Cent LAP 4%s 1977
66
Jan
120%
July
6s series A
101
Jan
6s series B
Jan
Dec
4%s
69
87
Mar
99%
110
Jan
117
July
Apr
87
Nov
85
62
92%
84%
93%
Jan
101
57
Jan
100%
July
105%
97%
52.666
51%
74%
Jan
98
June
July
3,000
45,000
39%
66%
Jan
105
Deo
6s series A
61%
Jan
Deo
8s series A
4,000
66%
103% 104
1968
series B
Jan
June
Oct
99%
97%
107
105% 105%
113
113%
107
106
106
11,000
1981
85%
103%
1979
Phlla Rapid Transit 6i 196?
4%
111%
110%
87
Phil Sub Co G A E 4%s'5?
107% 107%
Peoples Lt A Pr 5s
Phlla Electric Co 5s.. 1966
Phlla Eleo Pow 5%s..l972
87
Pledm't Hydro-El 6%s '60
42
45%
Piedmont A Nor 5s... 1954
103
103 %
1949
Pittsburgh Steel 6s... 1948
Elee 6S..1953
27
27
1939
Portland Gas A Coke 6s '40
104% 104%
79 %
80 %
Potomac Edison 5s___ 1956
105% 106%
Poor A Co 6s
1961
4 %s series F
Potomac Elee Pow 6S.1936
107% 107%
102% 102%
89%
31
109
89
July
89
Oct
8%
Aug
104%
110%
Mar
100
107%
Deo
Apr
112
75%
Jan
106%
July
90%
109
35%
Nov
93%
105%
Jan
105
Jan
108%
Apr
June
98%
Nov
35%
69
89
Sept
Mar
Jan
75%
79
89
25
25
80
98%
Apr
65
67%
99%
93%
Feb
Jan
107%
107%
101
102%
Nov
105%
1961
5s series D
.1957
Pub Serv Subsld 5%s.l949
88%
Feb
~~7~66o
102
Deo
Oct
71
Jan
76
July
Nov
June
70%
Mar
90%
Aug
Deo
106%
Jan
133%
90%
58%
89
Jan
107
81
Jan
104
52%
80%
Jan
103
July
52%
80
Jan
102%
94%
93%
79%
55%
53%
50%
Jan
105%
103% 104%
101% 102
Nov
Jan
105
Deo
Jan
102%
Deo
Jan
89%
Nov
Jan
85%
Jan
81%
40%
86%
88% 169,000
87%
82%
78%
84%
80%
43,000
80.000
5,000
36%
1st A ref 4%sserD_1960
1968
Queens Boro G A E 4%s '68
6 %s series A
1952
33%
Nov
13%
St Louis Gas A Coke 6s '47
102
L A P 6s B '52
1966
Hauda Falls 5s
14%
102%
Buenos Aires
109"
"8", 000
101
Dec
83
Oct
Oct
32%
Dec
25%
Aug
34%
Mar
*eb
Feb
105%
May
109%
June
64
88
109"
Jan
Mar
111%
3%
101
30%
1937
6
113%
43%
June
Aug
14%
105
92%
Jan
107%
Jan
126
Sept
111
108
30%
Aug
July
June
Jan
42%
Feb
1935
1936
Soripp (E W) CO 5%S.1943
Seattle Lighting 5s... 1949
1948
1948
Shawlnlgan W A P 4%s '67
..1968
19
18%
17%
102% 103%
65%
98%
107
66
99
107%
99% 100%
100
101
1,000
8,000
9,000
6,000
9,000
6,000
14,000
7,000
7
11
Jan
10%
Feb
21%
Sept
66%
96
Jan
103%
Nov
17
28%
Jan
4%
96%
96%
Nov
Deo
67
Deo
100%
101
Jan
107%
Deo
83%
90
Apr
101%
Aug
63
90
Apr
100%
Aug
61
1970
104% 105%
6,000
73
98
Apr
106%
July
1970
99% 100%
8,000
63%
91%
Apr
101
Aug
6,000
38
47
Jan
63
Aug
Nov
Sou
Carolina Pow 56.1957
58
97%
96%
10,000
41
73
Jan
99
101% 102% 116,000
37%
64%
Jan
102%
100% 101% 104,000
68,000
100% 101%
96%
96%
Oot
101%
Deo
96%
96%
Oct
101%
1960
1 1960
Sou Calif Gas Co 4 %s 1961
Sou Counties Gas 4%s.'68
Sou Indiana Q A E 5%s *67
Sou Indiana Ry 4s....1951
Ref M
3%s May 1
78%
97%
Jan
106%
July
104
"5"666
75%
96%
Jan
105
108
1,000
96%
105%
July
110
Jan
25
Mar
53
81
Feb
102%
66
80%
Feb
101%
Nov
40
63%
Jan
94%
101%
51,000
92
93%
21,000
9,000
Stamped
'61
Southwest G A E 6s A. 1957
6s series B
1957
S'western Lt A Pr 5s..1957
1946
So'WkJt Pow A Lt 5s.2022
S'western Nat Gas 6s.
1946
Staley Mfg6s
1942
Stand Qas A Eleo 6S..1935
Certificates of deposit
S'west Pub Serv 6s
103% 103%
60
93
Jan
104%
62%
Jan
104%
Aug
71%
Jan
98%
Deo
Jan
95%
Aug
92
93%
13,000
25
90%
92%
15,000
1,000
16,000
62,000
32,000
86,000
43,000
37
69%
63
60
Jan
102%
55
77
Jan
102%
83
103
July
49
106
104
May
108%
July
91
104%
Jan
109%
July
90%
Mai
75
96%
Jan
103%
June
62
73
Jan
99%
July
45
68%
Jan
95
July
40
56%
Jar
88%
July
30
Nov
2", 000
106
4,000
37%
37%
Feb
69%
48
48
Oct
68
5
Mai
92%
104%
Feb
106%
76
100%
Jan
107
Dec
Nov
4%
37%
37%
71
Feb
69%
7s
99
Jan
106
96 %
Jan
106%
46%
63%
Jan
99%
Oct
60
84
Jan
105%
Nov
41
63
Jan
89%
Dec
21
47%
Oot
68%
32
Feb
67%
59%
01%
Jan
105%
Nov
106%
IU3%
Mar
108
May
21
Dec
108%
61
94
Jar
106%
Dec
100% 102
15,000
52
76%
Jifc>
102
Nov
100% 102
25.000
51
76
Jan
102%
Nov
106
106
96%
JaD
106%
107
1,000
1,000
38,000
78%
107
63%
95%
Jan
107
70
94%
Jan
104%
103% 103%
11966
57%
58%
28%
31
Mar
67
82%
Jan
98
85
Jan
99
Aug
34
Jan
25}
27}
54
Apr
66
June
57%
June
Dec
70
6
6
Dec
11
Jan
30
32
Dec
55%
Jan
Aug
cl
32
33%
7,000
8,000
10,000
32%
32%
96
97
89%
89%
22
49
Feb
92%
May
98%
Jan
61
2,000
30
68%
86
Apr
93%
Jan
36%
1952
54%
Aug
23
23
Aug
21%
22%
Aug
23
30%
21
21
r32% r32%
26
26
17,000
21,000
2,000
6,000
10%
10%
2,000
4%
deposit..
7%
6,000
1,000
5%
Mar
11%
7%
11%
3%
1958
10%
10%
"T% "6% ~~3~666
10%
8%
26%
10%
8%
Sept
Aug
Nov
52 %
Jan
"70% "71% is, 000
23%
44%
Jan
13
13
13
28
28%
27%
28%
of
off
1958
E
1951
ser
1951
1951
11%
Oct
24
Jan
13
Oot
24%
10%
Dec
13%
JaD
Jan
82%
94
Jan
31,000
6
1958
14%
Feb
9%
7s
9%
9%
Aug
14%
Feb
10%
10%
Sept
15%
Jan
10%
Parana (State)
Oct
Nov
10%
14
Apr
"5",000
"16% "II
Rio de Janeiro 6%a—1959
11%
3,000
12%
Coupon off
Russian Govt
6 %s certificates
1919
1%
2%
2%
5%s
1921
2
5%s certificates
192?
2
2%
♦
rule sales
ange.
•'
54
not
a
11
11
43%
Oct
68
Dee
In
year's range,
r
for
for
stook
Amer.
yearly range are shown below:
yearly range are shown below:
Bohack (H. C.) 7% 1st pref., Dec. 30 at 43.
Hydro Elee. Secur. Corp., Dec. 30 at 5%.
Indian ter. Ilium. Oil cl. B, Dec. 30 at 3%.
26
34%
May
47
5,000
25
29%
May
63%
Sept
1,000
9,000
59
86
Jan
105%
Nov
56
85%
Jan
105%
Deo
'
New York Stock
12 Cincinnati Stock
June
108%
Feb
2
New York Curb
33 Cleveland Stock
Apr
109%
July
3
New York Produce
1+ Colorado Springs Stook
103%
106
Unde;
year's
dividend.
Cash sales not included in weekly or
Kolster Brandes, Ltd., Dec. 30 at %.
Utah Pow. A Lt. $7 pref., Dec.
Abbreviations
Deo
Usea
Above—"cod,"
31 at 45.
certificates
"coos," consolidated
"n-v," non-voting stock
"x w,'
of deposit;
"cum," cumulative; "conv," convertible; "m." mortgage;
"v t
Feb
Julv
Seating 6s 1936, Jan. 3 at 101%.
Standard Telep 6%s..l943
51
Aug
12%
split-up.
Price adjusted
16
45
11%
year's range,
n
Cash sales not Included In
5,000
105% 105%
105
105%
Mar
Mar
Deferred delivery sales not included In
46%
(Hugo) Corp—
10
Ex-dividend.
46%
48%
9%
5%
5%
63%
Oct
Jan
Nov
14,000
97%
68% 332,000
66
JaD
60
2,000
Included
Jan
4%
Jan
Deferred delivery sales not Included in weekly or
Deo
Aug
Jau
43%
~i",666
Price adjusted
82
s
z
5
46
1961
No par value,
he
54
1948
7s
Sept
18
1946
Santiago 7s
%
%
1946
7s Stamped
1
1
44,000
32,000
4%
4%
Sept
%
%
69,000
Aug
Sept
1
1
11,000
2%
2%
6%s...l919
97%
Jan
Mar
82%
11
69
Mar
Jan
Aug
6%
7%
Issue of May 1927
Issue of Oot 1927
Mtge Bk of Chile 6s... 1931
97
25%
23%
Jan
21%
97
25%
Apr
35%
Nov
Mtge Bk of Bogota 78.1947
Deo
64%
Jan
26
15%
21
18,000
1947
4s stamped
Dec
64
38
Oct
20
64%
of 111 4%s '68
1st 4%s
..1970
Syraouse Ltg 5%s
1954
5s series B
1967
Tennessee Eleo Pow 5s 196b
Tenn Public Seiwlce 6s 1970
Ternl Hydro Eleo 6%s 1963
Texas Eleo Service 5s.l96(
Texas Gas Utll 6s
1946
Texas Power A Lt 6a. 1956
Registered
6s
2022
Oct
15%
1937
1957
Super Power
Oct
Sep«
Nov
15
15
Standard Investg 5%s 1939
7-4% stamped...1936
7-4% stamped...1946
Mar
97
..1948
Mendosa 7%s
Dec
Stlnnes
Feb
July
64
13,000
7s
Medellin 7s
Dec
30
Stand POW A Lt 6l
Oct
12,000
1947
coupon
Dec
71%
69% 174,000
47%
64%
12,000
Aug
83
75
«
15,666
1956
Certificates
Maranho
Dec
67%
170,000
Oot
100
105% 106%
1953
Deo
68%
5s ex warrants
Dec
103% 103%
56%
Secured 6s
Oct
1951
Debenture 6s. Dec
Dec
100
External 6%s
1952
German Cons Munlo 7s '47
Mar
.1935
Debenture 6s
Jan
Deo
Dansig Port A Waterways
Aug
Certificates of deposit.
ConvOs
62
55%
6s series A
Nov
7,000
4,000
67%
52%
26
5s
Aug
60
45
99%
101% 101%
103% 104%
69
71%
Jan
26
Santa Fe 7s
98%
103% 103%
55
1,000
14,000
Danish 5%s
Dec
25
101
Unstamped
Dec
45
106%
92%
95%
6,000
59,000
104
103
9,000
89% 253,000
86%
33
34%
24,000
14,000
105% 105%
Prov Banks 6s B...1951
Nov
59,000
Sou Natural Gas 6t...l94«
S'western Assoc Tel 5s
Jan
16%
Cent Bk of German State
Aug
108
58%
98%
Coupon off
104
55
Nov
60
105%
Jan
(Province)—
7%s stamped
Cauca Valley 7s
Deo
Nov
Southern Calif Edison Co—
Ref M 3%sB July
Nov
106
Mtge Bk of Denmark 5s '72
Southeast PAL 6s...2026
Without warrants
Sept
103%
Jan
105% 106%
99%
97%
Lima (City) Peru 6%s..'68
1st 4 %s series D
58
103%
Jan
98
16%
Dec
21%
1st 6s series C
Sheridan Wyo Coal 6s 1947
Jan
98%
60
92
Hanover (City) 7s
1989
Hanover (Prov) 6 %s_.194t*
Rohutte Real Estate—
19
99%
60
1951
Baden 7s
23
6,000
29,000
20,000
60
1947
Oct
91
"27% "5",000
107% 108
Dec
1934-1949
With coupon..
20-year 7s
Deo
28%
27%
Ruhr Housing 6 %l—1959
Dec
100%
20-year 7s
105
100
Ruhr Gas Corp 6 %s.. 1953
76%
Nov
AND MUNICIPALITIES—
107
31%
4,000
Feb
93%
Agricultural Mtge Bk (Col)
105%
82
112
30
93%
FOREIGN GOVERNMENT
Jan
22%
112
82%
26
96%
91%
83%
7s stamped........1952
2,000
10,000
Rochester Ry A Lt 5s. 1964
95
Wise Pub Serv 6s A... 1957
Yadkin Rlv Pow 5S...1941
York Rys Co 5s
1937
Jan
65%
74
4%s series B
195*
Apr
i"o",666
74
B_.'58
5s series F
86
100% 100%
Safe Harbor Waters%s '7v
Wlso-Mlnn Lt A Pow 5s '44
Wiso Pow A Lt 5s E..1956
102
Reliance Managemt 5s 1954
...
51%
103
Wheeling Eleo Co 5s..1941
Wtoo Eleo Pow 5s A...1954
101
l03%
Rochester Cent Pow 5s 1953
103
Ry A Elect 4a..1951
85
61%
103"
Nov
I67""
194f
88
104% 105
84
75
167"
i960
Nov
July
55
18,000
31,000
Mar
July
60%
39%
92
91%
95%
95%
West Newspaper Un 6s '44
West United G A E 5%s '56
July
109%
Deo
31
10,000
62,000
18,000
15,000
9,000
6,000
106
90%
West Penn Traction 5e.'60
West Texas Utll 5s A. 1957
Deo
53%
101
18,000
36,000
10,000
99
106
Wasn Water Power 5s. 1969
West Penn Elee 5s
203d
July
62
Jan
Wash
Sept
Jan
Mar
78
106
May
118
Deo
Deo
Jan
29
Ward Baking 6s
1937
Wash Gas Light 5s... 1958
Feb
42
29%
103%
29
77%
80%
28
60
7,000
5,000
16,000
Nov
Feb
26
21% 23%
106% 106%
106% 107
Dec
99
July
26%
83% 120,000
101% 102%
102% 103%
104% 104%
us with warrants...1954
Oct
Jan
34
Puget Sound P A L 6%s *49
1st A ref 5s series C. 1950
Bervel I no 5s
43
Waldorf-Astoria Corp¬
Jan
72
5s series C
Second Int'l Sec 5s
42%
Dec
83%
1st ref 5s ser B
Feb
Jan
Oct
Dec
32%
1,000
53,000
29,000
4,000
6»
Julv
67%
35
105
75
35%
32%
32%
Valvollve Oil 5s—
193 Vamma Water Pow 5%s'5?
Va Public Serv 5 %■ A. 194f
Nov
July
32%
4%«
1944
Utios Gas A Elee 5s D. 195^
5s Series E
1952
Feb
44%
98
Mar
116
35%
Utah Pow A Lt 6s A..2022
114%
Feb
107%
Jan
20,000
98%
104
Mar
96%
104% 105
75%
77%
Jan
May
~~7~66o
49
80%
Jan
78%
101% 102%
102
102%
1959
Apr 1
72
1%
7,000
1,000
7,000
64,000
27,000
1945
1974
5%s
Pub Serv of Oklahoma—
ex-warrants
108%
Sept
6%% serial notes... 1939
6%% serial notes.. 1946
41
102%
6s
Apr
105%
108%
6%% serial notes..1937
6 % % serial notes
1938
41H
107
102
6s with warrants
104
Un Lt A Rys (Del) 5%s '52
United Lt A Rys (Me)—
July
109
53
109
107
Saxon Pub Wks 6S
92%
4,000
5,000
32%
3,000
33%
76
79% 189,000
47,000
78% 83
101
100
13,000
Sepi
Sept
82%
1978
1980
F.1981
San Joaquin
108%
Feb
33%
114%
41
31
1966
San Antonio P S 5s
Nov
Deo
32%
Jan
110%
15,000
30,000
2,000
132% 132%
1956
..
Oot
105%
U 8 & Brit Internat 5s 1948
U 8 Rubber Co—
Vo'666
98%
6s series 0
With warrants
102
45
Dec
1%
8,000
33,000
3,000
1,000
24,000
8,000
2,000
3,000
66%
89%
98
64%
1st A ref 6s....
Quebec Power 5s
Jan
United Lt A Pow 6s... 1976
Pub Serv of Nor Illinois—
1st A ref 4%s ser
Nov
75
113% 113%
106%
68
Pub Serv of N H 4 %s B *57
Pub Serv of N J 6%pet ctfs
A %s series E
Nov
77%
Dec
90%
108
13
Stamped
....
PowerOorp(Can) 4%s B*59
Power Securities 6s...1949
Prussian Electric 6s.. 1954
4%s series D
78
Aug
73%
94%
99
Jan
56%
1947
Potrero Sugar 7s
Apr
54
73%
105% 105%
Jan
105% May
89
1,000
9,000
34,000
33,000
106% 107%
96
97%
Pittsburgh Coal 6s
Pomeranian
42%
"4"666
78
95
103
86% 100,000
50,000
104
7% 444,000
19,000
112%
22,000
112
1957
6s series 0
33
"73% "73%
100
60
11,000
2,000
99%
1st s f 6s
6%s
„
Peoples Gas L A Coke—
4s series B
Nov
1973
.1950
B... 1959
Penn Pub Serv 6s C..1947
5s series D
1954
Penn Water Pow 58—1940
4%s
81%
1952
35
104%
Jan
102
Feb
Sept
Jan
1949
2,000
108
July
JaD
United Industrial 6%s 1941
57%
35
Penn Ohio Edison—
6s series A zw
40%
45%
United EI Serv 7s x-w.1956
Jan
United Elee N J 4s
2,000
94,000
Deb 6%sseries
Feb
105%
1957
111%
171",000
96
32
19
1967
100%
109%
109%
Deo
82%
84%
86%
102% 102%
100% 100%
99% 100%
197J
98%
1954
82%
101
1979
5s
Penn Electric 4s F
Jan
79
1944
102
1st 6s series B
Jan
76%
Union Amer inv 6s a .1948
Union Eleo Lt A Power—
Paoiflo Gas A El Co—
1st A ref 4%s E
67
54,000
95,000
2,000
Stamped ctfs of deposit..
Jan
99%
64
1944
68 2d stamped
NOV
100
56
49
22,000
35,000
96%
107% 107%
78%
79%
73
73%
Twin City Rap Tr 5%s '5*
63
High
LOW
Low
25
96
97%
6s stpd.193?
Tide Water Power 5s. 1979
Nov
Jan
Range for Year 1935
1935
%
High
Low
High
Low
Thermold Oo
109
105%
106
106
104% 105%
103% 103%
Dec. 31
reek
{Concluded)
Low
109
105
for
BONOS
Range for Year 1935
Co—
6s
6s
High
Sales
July 1
1933 to
of Prices
1933 to
of Prices
(Continued)
Public
Week's Range
1
Week's Range
BONDS
Ohio
105
New York Curb Exchange—Concluded—Page 6
Volume 142
c," voting trust certificates; "w i," when Issued; "w w," with warrants;
without warrants.
The National Securities Exchanges on whloh low
prices since July 1 1933 were
follows:
made (designated by superior figures in tables), are as
22 Pittsburgh Stock
.23 Richmond Stock
97
106%
28,000
48
81%
Jan
100%
July
4
New York Real Estate
18 Denver Stock
24 St. Louis Stock
25 Salt Lake City Stook
40
76%
Feb
85%
July
8
Baltimore Stook
,6
Detroit Stock
26
8an Franolsoo Stock
36%
36%
Nov
75%
Feb
6
Boston Stook
17
Los Angelea Stock
27
San Franolsoo Curb
60
85%
Jan
101%
Deo
7
Buffalo Stock
'•
Los Angeles Curb
28
San Franolsoo Mining
12
13%
Jan
8
California Stook
19
Minneapolla-St. Paul
29
Seattle Stook
66
94%
Jan
Deo
9
Chicago Stock
29
New Orleans Stock
30
Spokane Stook
104% 104%
2,000
104%
Dec
34%
105%
104%
Deo
106%
5,000
15,000
99,000
10,000
43,000
Dec
10
Chicago Board of Trade
31
Washlngton(D.C.) Stoat
104
3,000
83%
Jan
104
Deo
11
Chicago Ou«"b
87%' 89%
78
80
43
46
99% 100%
34%
105
35
104%
61
21 Philadelphia Stock
106
Financial
Chronicle
Other Stock
Unlisted Bonds
asked
Bid
Aldenfls.
1941
1941
ilt
3
Brlerfieid Apt Bldg ctfs
1937
1941
Ask
31
17
18
18
10
Park Lane Corp 6 %s.. .1964
3
6
Pennsylvania Bldg 6s—1939
26
22
3
2d Unit Ino units
6
4th Unit Inc units
8
8
Baltimore Stock
..1
39
Louisville, Ky.
Baltimore Stock
Jan. 3, both inclusive,
Week's Range
Par Low
Corp
___.*
Line(Conn) 50
com v t
High
20%
Shares
34
%
165
2%
23
33%
83%
85
117
114
168
*
1
ni6
10
12
16
18%
Mar
36
%
1%
7%
23%
Aug
"l%
Fidelity A Deposit
20
85
89%
3%
Fid A Guar Fire Corp... 10
Finance Co of Am cl A—*
43
43%
158
9%
36
9%
100
15%
%
10%
t c._25
25
1,120
16
117
Vs
6%
Sept
87%
Real Estate Trust Co.. 100
55
55
U S Fidelity A Guar
2
Western National Bank.20
14%
15%
34%
3%
5
8,650
1%
5
Feb
16%
Nov
Oct
1%
11%
Apr
Automatic Washer
Dec
Bastian-Blesslng Co
5
1%
33%
14
Jan
90
55
15%
Dec
34%
Dec
2%
Jan
5%
24
28
May
Bonds—
Dec
113
Wash B A A 5s flat—1941
8
$200
93
107
Feb
16
31,000
2,500
2,000
13
13
Nov
13%
13%
2%
18
8
1%
113%
18%
Nov
19%
Dec
Dec
Jan
8
Boston Stock Exchange
6,950
100
28%
400
29
12
29%
30%
14%
8%
42%
17%
pref
Dec. 31
Week
1935
High
2
2%
y
1st preferred
50
Amer Tel A Tel
100
5%
5%
23%
23%
153% 155%
Shares
Low
390
145
25
10
Boston
A
100
Albany
iuo
Boston Elevated
100
98
2
Common stpd
Preferred
98
Nov
175
88
88
Mar
122
Sept
501
55
58%
CI A 1st pref stpd...100
Class B 1st pref stpd. 100
Class B 1st pref
100
CI D 1st pref stpd.-.100
Boston Personal Prop Tr_*
Brown-Durrell Co com... *
Calumet A Hecla
25
Copper Range
26
130
4%
25
8
8%
""§16
12
h
Common
*
Adjustment
Eastern S S Lines
Mar
Apr
25
Nov
160%
Nov
71%
Aug
6%
Dec
July
Dec
8%
Dec
Feb
3%
26%
Aug
Mar
Dec
39
3%
3%
Apr*
11%
7%
12
22
5%
5%
Apr
12
8
115
3
12
4%
Nov
8
Feb
14
92
6
6
Mar
15
Dec
14%
15
55
8%
9%
Jan
15%
Oct
3
4
6%
5%
6%
6%
9%
Deo
July
Edison Elee Ilium..
Rights
Employers Group
6%
Dec
4%
63%
68%
Aug
July
100
34
35
216
5
Jan
38
Nov
3%
8%
54%
17%
3%
8%
54%
537
155
General Capital
ijUietteSafety Raaor
•
Helvetia Oil Co tr ctfs
*
34
1,128
2,415
58,021
14%
97%
14%
97 H
565
""«%
11 %
18
'l6
*
NY N Haven AHartfordlOP
North Butte
*
Northern RR (N H)—100
RR
100
...25
%
Oct
5%
Jan
10%
Deo
30c
39
38c
51c
51
Pennsylvania RR
60
Pond Creek Pocahontas..*
29%
22%
Qulncy Mining
65c
80c
footnotes see
page
109.
1
8,381
20%
76
2%
20c
10
83
1,055
1,150
39
11%
Jan
23
Feb
May
2%
41%
88%
Mar
120%
2%
Oct
8%
20o
Apr
1
24%
103
Feb
39
Dec
835
%
17%
%
17%
795
10
19
650
9,100
»16
%
Jan
2
Nov
12%
3%
Mar
Feb
350
112
72
Sept
Aug
Deo
June
Mar
Deo
27
Jan
1%
Oct
Oct
2
1%
42
200
5
18%
28,300
1
1
5
Eddy Pap Corp (The)
oom*
46%
27
Jan
36%
31
350
1,050
8%
1%
10
58%
5,150
18,650
9%
9%
May
%
%
\ pr
104
3%
104
17%
21%
3
3%
3%
3
95%
780
1,450
97%
8
8
4%
4%
39%
43%
110%
110
4%
24
6
27%
119%
19%
3%
9%
Vs.
%
Jan
2
Mai
5
7
Mar
*2
83
Jan
120
Oct
108%
Deo
Jan
3%
19%
Nov
21%
Nov
Nov
Nov
90
220
90
20
2
2
2%
2%
8%
8%
4,250
1,000
10
30
130
104%
%
6
23%
30
*
Kats Drug Co oom
1
Ken-Rad T A Lamp oom A*
Ky Utll Jr
6%
cum
pref
preferred
Keystone Stl A Wire
60
...100
eom
.
*
50
70
8%
May
May
Jan
43%
125
6%
27%
%
3
1%
10
Jan
4%
20%
4%
Jan
10
13%
Jan
31
12
3%
4%
150
10
2,150
1
Feb
18%
12
5,000
*
Sepr
Sept
6
3%
102
1%
8%
70
3
102
Feb
July
6
9%
9%
%
2
23
31
Oct
Jan
Dec
40
ft
12%
17%
29%
8%
4
13%
Nov
20
8%
9%
9%
Oct
Dec
Nov
98
6%
1
450
8%
19%
3%
iMI>
250
6
100
Oct
Jan
6,500
3%
10%
20%
3%
23%
29%
6%
9%
8%
12%
18%
Jan
5%
Dec
Nov
% May
6%
17
22%
35
20,500
4,450
108
3%
9%
80
10
121
108
Mar
1% June
81
200
31
Iron Fireman Mfg v t o..
Kalamazoo Stove com
Nov
Jan
Oct
13%
15%
39%
11%
111 North Utll Co pref.. 100
Interstate Pow $7 pref
*
Nov
12
30%
2%
Dec
Deo
4%
29
16
25
A pi
7
39%
11%
com A*
41
3
2n%
18%
(Geo)
Aug
Jan
10
30
Hormel A Co
Nov
40
100
1,400
16%
30%
com. 10
Heileman Brew Co G cap. 1
Horders Inc com
•
Nov
12
45
30
Harnlschfeger Corp
51
25%
23%
34%
Elec Household Utll cap.6
Elgin Natl Watch Co
16
FitzSlms A Con DADcom *
Goldblatt Bros Inc oom .*
Great Lakes DAD oom..*
Hall Printing Co com...10
Jan
Nov
Nov
Jan
14
4%
Jan
Jan
100
20
._
Illinois Brick Co
1%
32%
Jan
De Mets Inc preference
Dexter Co (The) com
Deo
Aug
2
450
8%
34
'
Houdallle-Hersney Cl B_*
July
H
10
Aug
Dec
310
280
23
1%
21%
8
Mar
107% 107%
Dec
1%
50%
21
iJOo
443
16
*
200
447
Jan
Feb
*
Oct
8
13 y*
%
Class B
Aug
45
IUH
Dec
7%
Class A
%
1%
125
Jan
Apr
%
Deo
19%
619
Dec
Aug
17 %
11%
Dec
6%
Godehaux Sugars Inc—
1&8
22
36%
4
Nov
6%
2%
4%
10
44
35
Nov
171
Oct
%
31%
24%
26
Feb
Mar
17%
18%
1%
1%
37% 42
117% 120
3%
4%
pref
com
Gen Household Utll oom.*
Mar
33
A
Dec
• 2V4
20c
10%
Cumul cl
20%
24%
7%
46
Jan
Apr
23%
25
.in<
Gardner Denver Co com..*
General Candy A
20c
10
..
Dec
Dec
Jan
Oct
Dec
320
25
100
Apr
5%
9%
1,260
100
...
55
60c80c
Linotype—*
New Eng Tel A Tel
100
Apr
35%
17%
Maine Central—
Preferred
July
Mar
Jan
%
72c
Mergenthaler
76o
4%
33
Mar
35%
16%
25
Mass Utilities vto
2
Aug
Nov
1
isle Royale Copper
Loew's Theatres...
159%
21,,S 22^
Nov
5
850
Dayton Rubber Mfg com.*
Oct
...
Preferred
Cudahy Packing Co pf 100
Curtis Lighting Ino com..*
Oct
...
Oct
33%
17%
9%
4
6
01%
600
o
Oct
36
22
100
Dec
54
100
Preferred
Cord Corp cap stock
Crane Co oommon..
6%
76c
30%
650
•34
»
5
4%
Jan
1
100
Feb
37%
5
Oct
14%
05
100
6% prior pref A
Continental ttteei—
Common
Mar
63
75
17%
100
Common
July
701
*
Deo
Jan
16
Congress Hotel Co com. 100
Consumers Co—
1%
4%
70%
13%
60
4%
Club Aluminum Uten Co.
CommonwflHltn Edison 100
8
2
Jan
6%
41
Chic A No West Ry com 100
Chic Towel Co conv
pref..*
Chic Yellow CaD ln«
cap.*
Cities Service Co com. _.*
Decker & Cohn
892
11 W
34
com..5
2%
511
com
Chicago Mall Order
1%
43
preferred
*
Economy Grocery Stores.*
•
2%
60
4
Nov
17%
59%
1%
7
•
3
110
207
2,151
3%
40%
58%
2d
Old Dominion
Jan
100
Eastern Mass St Ry—
1st preferred
For
2
12%
Fuel Assn—
6% cum pref
100
* % % Prior preferred 100
Old Colony
4%
8%
6%
1%
4
3%
23
Oct
May
«
50
100
_iuo
East Gas A
6%
5%
82
116% 117
63% 65
6 %
June
98%
26
—100
stpd
Prior preferred
*
Chic Elec Mfg A
*
Chic Flexible Shaft
oom._6
Dec
60
2,034
98
100
2%
Oct
Dec
Jan
4,950
250
24%
Jan
1%
28 %
1%
47%
20%
Cherry Burrell Corp com.*
Chicago Corp common
•
High
Mar
12%
98%
Boston A Maine—
Common
%
2
Bigelow-Sanford Carpet Co
Preferred
Low
%
1,150
1,250
Mar
2%
1
»
Preferred
Stocks—
Par Low
Amer Pneumatic Serv Co—
26
Range for Year 1935
12
Oct
14
1
Preferred
for
2
16%
Central State Pow A Lt
pf *
Chain Belt Co com
*
1933 to
of Prices
9%
4,700
*
Prior lien
sales lists
July
Sales
Oct
Central S W—
inclusive, compiled from official
Week's Range
Oct
7%
1,450
3,700
*
Common
36%
Nov
70%
Convertible preferred..*
Dec. 28 to Jan. 3, both
Nov
3%
67%
16%
8
6%
10%
1%
17%
54%
Nov
Mar
Jan
480
42
Jan
1%
% June
2July
8
ueni ill Pub Serv oret
•
Cent UlSecur common...1
Dec
23%
lo
6%
5
3%
Castle A Co (A M) com.. 10
Central Cold Storage com20
Aug
Oct
Apr
Nov
%
2%
*
com
37
7%
3%
2%
6%
B
Jan
Dec
36%
08%
3
Class A
Class
7%
22%
•
6%
Jan
50
9%
5%
3
Nov
29
3
com.*
12
127
1,600
1,100
30%
9%
3
pf *
Butler Brothers
113
14%
16%
6
com
conv
30
Brach & Sons (E J) com..*
Brown Fence A Wire—
Bruce Co (E L)
—
*
Berghoff Brewing Co
1
Blnks Mfg Co A conv
pref *
«org Warner Corn com. 10
Baltimore City Bonds—
4s paving loan
1951
Balto Transit Co 4s flat '75
A 5s flat
1975
4%
4%
1
com
Bendlx Aviation com
Dec
Mar
common..6
Automatic Products
Nov
Dec
6
Co
New common
Dec
53
55
Jan
A
Associates Invest Co—
Nov
50
185
50
Armour
Nov
25
Nov
1%
3%
5,300
Dec
15%
Dec
3,450
5%
Dec
21
6%
1%
90
10
%
May
3% May
1% Mar
600
26%
43%
12%
5%
41%
22%
25
Jan
21
Mar
150
Jan
%
Jan
12
21%
Asbestos Mfg Co
High
60
5%
6%
5% May
% June
Low
8%
21%
26
Sept
Sept
Sept
Range for Year 1935
5
30
Allied Products Corp cl A.*
Amer Pub Serv Co pref. 100
90
26
1,237
Low
490
Advance Alum CastlngB..6
Dec
Feb
11
4
2,010
34%
1%
19%
3
108
Shares
6%
6%
8
15
24
Aug
Aug
Sept
Jan
%
14
1935
Stocks—
Par Low
High
Abbott Laboratories com."
97% 101
Adams (J D) Mfg com
*
17%
17%
Adams Royalty Co com..*
6
Dec
34
90
5%
33
33
25
41%
22%
1
12%
87%
Dec. 31
Week
July
July
101
24
_
Jan
Jan
3%
15%
1,935
New Amsterdam Casualty5
Penna Water A Power com*
1933 to
for
Dec
Feb
53
1%
%
1%
Nov
1
Sales
of Prices
Oct
23%
104%
11%
1%
2d preferred
25
Merch A Miners Transp.
*
Monon W Penn PS7% pf25
60
Dec
both inclusive, compiled from official sales lists
Week's Range
Sept
9c
75
pref
Jan
28
St., CHICAGO
Nov
91
480
non-cum
Jan
Nov
SECURITIES
July
20
1%
4%
7%
45%
2
Jan. 3,
to
High
Mar
785
.
Eastern Sugar Assoc com.l
Preferred
1
Low
%
267
6%
4%
Jan
9%
6%
May
Chicago Stock Exchange
Dec. 28
'
18
310
33
100 ,113
7'
15%
607
246
22
Common
2%
Mar
Sept
Jan
1
Paaf H.Davis
11%
214
%
*
v
2%
4%
Mar
Deo
Members:
New York Stock Exchange
Chicago Stock Exchange
New York Curb (Associate)
Chicago Curb Exchange
Range for Year 1935
Low
Preferred
25
Consol Gas E L A Pow—*
1st preferred
%
4%
23
37 So. La Salle
1935
2
Houston Oil pref
Mfrs Finance com
2%
Jan
Listed and Unlisted
1933 to
Dec. 31
20%
c*
Davison Chemical Co
40%
1%
Sept
Deo
16
1
Sales
*
5% preferred
Sept
28c
%
3%
28
CHICAGO
Exchange
for
31
Atlantic Cst
1st preferred vtc
Black A Decker com
Nov
4%
88%
Deo
28c
100
100
compiled from official sales lists
Week
of Prices
Balto Transit Co
4%
27
35%
80%
"lb"760
9%
5%
28
*
Jan
Jan
9
%
9%
Dec
1% June
778
%
Dec
95%
70
%
"43c" "57c"
15%
Jan
12%
%
47
64
Dec
M»r
2%
9%
260
1,218
July
12
69
36
50
4%
85%
39%
39
»
Broadway
York, Pa.
July
Arundel
187
6
Venezuela Holding Corp..*
Waldorf System ino
»
Members New York, Baltimore and Louisville Stock
Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Stocks—
Feb
2% June
NEW YORK
Hagerstown, Md.
to
8
16%
Exchange
BALTIMORE, MD.
Dec. 28
6%
2%
25%
100
STEIN BROS. &> BOYCE
Established 1853
25%
Utah Metal A Tunnel
12
6
Oct
8
2,016
4
High
Mar
1%
835
11%
84%
Low
13%
1%
92
1
Range for Year 1935
165
2
14
Preferred
Utah Apex Mining
10
50
16%
90
5
barren Pro» On
6. S. Calvert St.
Low
26
Warren Co (S D)
on
Shares
HiOh
16%
1%
10%
*
'
U Shoe Maoh Corp
5th Unit Inc units..
Orders Executed
1935
Par Low
Union Twist Drill Co
United Gas Corp
3*8
Lincoln Bldg Corp vto
Tudor City—
■
m
9
Dec. 31
•
Torrlngton Co
Beaux Arts Apts Inc units..
61
(Concluded)
Stone A Webster
Stocks—
City A BuDuroan noiueo...
-
17
14%
1
1933 to
for
Reece Butt Hoe Mach__10
Reece Fold Mach Co
10
Shawmut Assu ir otts
*
21
40
Dorset 6s c«fs
Stocks
Bid
79 Madison Ave Bldg 5s '48
2124-34 Bway Bldgs ctfs—
Unlisted
80 Broad St Bldg 6%s_1950
fith Ave A 29th St, Oo»r> fts'48
Lincoln Hotel Props 6%s '41
Sales
of Prices
Week
Unlisted Bonds (Concluded)
5
17i?
Carnegie Plaza Apts
Bldg 6s
Week's Range
Exchange
quotations, Friday, Jan. 3
46
Berkshire (The) 6s
Exchanges
July
New York Real Estate Securities
Closing bid and
Jan. 4 1936
Apt
18%
14%
8%
17
Feb
32
Jan
18%
39%
Feb
5%
1%
Jan
15%
Jan
Oct
13%
7%
Dec
Nov
Deo
Deo
Dec
Dec
Oot
Deo
Nov
Oct
Oct
Deo
Oct
Jan
28% May
3%
6%
650
8%
17%
3,000
12%
17
Mar
600
3%
4
May
7%
Oot
10
4%
6
May
11%
Nov
1,050
8%
5%
Oct
8%
Nov
.
Oct
11%
Jan
24
Oct
30%
Deo
May
150
10
10
Sept
200
16
16
July
20
Mar
31%
Deo
10%
Deo
12%
Deo
Nov
5,650
2%
6%
200
3%
5
Sept
10
42%
60
Jan
102
Dec
Jan
25
Aug
18
20
27%
44%
28
300
3%
13
n
Feu
30
45
210
7
15%
Jan
60
33
33
200
19
31%
Sept
40%
12%
3,300
Jan
10
72%
74
77
1,850
7U
13%
40%
82%
80%
Deo
81%
13%
37%
81%
May
36
50
110
7
1%
5
8%
3
6
Jan
72%
Aug
22
Mar
Deo
Oct
Nov
Deo
Dec
Volume 142
Financial Chronicle
July
1
Week's Range
Dec. 31
1935
Shores
Low
Par Low
High
Kingsbury Brew Co cap._l
Salle Ext
Lawbeok
llnlv
X
.5
corn
IX
2*
2X
29
Corp6%cumpfl00
July
1933 to
for
Week
Stocks (Continued)
Sales
of Prices
La
Low
Stocks (Concluded)
High
*
*
July
2*
Jan
330
*
*
Jan
3*
Dec
200
25
21
Oct
46
Nov
3*
3*
*
28 *
28*
10
9*
10*
4,600
preferred
Common
*
preferred
300
*
*
July
3
6
6
Mar
10*
9
u
4,200
40
260
8X
43
1
2
Nov
3*
5
50
4
4
Feb
6*
Jan
54
20
20
Sept
27*
107*
14*
Nov
100
Champion Coated
23*
Cincinnati Ball Crank pref*
ino
230
1
9
Jan
Cincinnati Street Ry
-.50
Cincinnati Telephone. --50
Cincinnati Tobacco Ware50
86
9
9
Cin Union Stock Yard
*
23
23
25
16*
*
6
6
39
5*
5*
7*
30
Dec
5*
Jan
47*
Dec
5
5*
500
2
3X
Mar
Nov
7X
7*
500
3
3*
sept
6*
8*
X
Packing—
*
7
Deo
.100
*
Churngold
....
_
Oct
33*
34
100
20
26
Mar
8*
41*
July
36
38
160
2
9
Mar
41
Nov
27 X
28*
57*
2*
750
3*
18*
JaD
31
Nov
50
12*
22*
Jan
57*
Dec
MoOrsw Electric com...5
McWllliams Dredg Co...*
57 X
Manhattan-Dearborn com*
IX
Mapes Cons Mfg
1,350
o2X
2,960
cap
*
Marshall Field common.. *
22
23
13
3,850
Masonite Corp com
Mer A Mfrs Bee cl A com. 1
60 %
63
Prior preferred
5X
26
*
«*
2
8*
3,500
26
70
Dec
1*
Jan
20
20
July
Nov
33
Oct
60
*
Oct
4
Apr
Mar
22
22
550
6*
*
6*
*
200
10H
<
Jan
14*
Nov
68*
6*
Nov
27
Nov
Oct
Mlckelberry's Food Prod—
Common
*
Gibson Art
*
29
*
600
2*
*
*
2*
Apr
Oct
Middle West Utilities*
30
*
X
2X
*
3
20,900
4,450
'16
*
Jan
*
Aug
*
*
Mar
3*
Oct
Midland United Co—
Common
*
X
Conv preferred A
*
IX
54
2*
2*
60*
62*
Nash Co
July
9
Jan
ox
Mar
23
Dec
7*
July
10
Oct
16*
Jan
31
Nov
151
7*
200
3
29*
7
pref.*
Modlne Mfg com
3*
2X
220
*
38
39*
550
*
50 X
51*
40
7
8* May
Oct
7
Aug
9
325
27
Feb
46
182
4
10
Feb
23
Dec
Apr
94
Dec
7
20
7
22*
93
5
50
65
20
20
6
10
10* June
26*
102
18
26*
102
IX
6
i
19
11
*
16*
17
32
Aug
Aug
105
Jan
*
2
July
Jan
27
Jan
365
Nov
7
10
43*
53*
2
1
Dec
ox
10
15
5
Feb
Nov
33*
10
116
100
Dec
-
*
15
6
23* May
75
304
2*
27
US Playing Card...
U S Printing
ox
16
Dec
2*
Nov
Dec
20
July
May
*
4*
*
46*
46*
70
12
27*
Jan
7* May
49* Nov
34
34*
60
14*
29*
Jan
39
B_
*
Apr
2
Dec
*
Apr
2*
AUg
Mar
2
Dec
Junf
4*
in
Western Bank
*
_
Preferred
*
>
Nov
5*
48*
Rapid
*
1*
Nov
7*
Nov
8
46
Dec
20
Dec
28
Aug
2
27
Aug
1
1
100
8
Feb
21
91
4
*
*
*
*
Jan
6
25
2*
230
Dec
8*
Apr
Nov
5
61
Procter & Gamble
Jan
240
5
Jan
23*
*
Apr
IX
Nov
9
7
2 50
*
2
230
43*
50
Magnavox Ltd
*
H
Nov
May
176
2*
23
*
Kroger
*
X
103
43*
40
*
100
Jan
93
A...
180
100
6% prior lien
7% prior lien
7% preferred A
Dec
*
430
*
1*
Utll—
Jan
1*
140
Randall A
pref A
Nov
2*
176
20
Nov
*
-.12
Julian & Kokenge
Kahn 1st pref
Meteor Motor
Common
Sept
72*
1*
62
50
100*
Mar
23
7
Hatfield prior pref
Hobart class A
1
10
271
6
9
Goldsmith
101*
317
86*
7*
22*
*
Little Miami Guar
2
1
conv
ion
Fyr-Fyter A
7*
34
230
5*
_
Dow Drug pref
Formica Insulation
*
com
7
5
com
McCord Had & Mfg A
High
2
5
Cincinnati Gas & Elec. .100
39
Refining Co com.*
Hart
Low
2
Deo
30
10
Lion Oil
Miller A
Low
*
*
Prior preferred
Nov
Nov
4*
Feb
2*
•
50
com
Loudon
Midland
Shares
High
Range for Year 1935
23*
104* 105*
13*
13*
1*
1*
101
101*
Lincoln Prtg Co—
conv
1935
Crystal Tissue
*
Cumul
New
Dec. 31
CNO&TP
Common
Llbby McNeil A Llbby..lb
Lynch Corp
1933 to
for
Par Low
American Products
1st preferred..
Lindsay Light
Sales
of Prices
Week
2,400
30
1
Week's Range
Range for Year 1935
Leath & Co—
7%
107
2*
Oct
4
May
Nov
7
16*
Jan
39
42*
Jan
54
Sept
5*
20*
304
6
2
242
6
21*
4*
6
3
Jan
5
5
25
Jan
10
Sept
7*
May
25
Jan
Dec
6*
Dec
20*
*
.50
Monroe Chemical—
Preferred
Nachman Sorlngfleld com*
nx
12
650
National
*
30*
31*
610
*
X
X
*
1,150
*
*
Aug
*
160
*
*
Feb
38*
40*
3,450
IX
IX
200
*
Mar
1*
6
1*
26*
Feb
5*
Dec
Mar
Ohio Listed and Unlisted Securities
Jan
5
Battery pref
«
4*
M
22
19
ar
Jan
14*
Nov
33
Nov
Members Cleveland Stock Exchange
Natl Elec Pow—
1 Class A
7%
com
cum preferred... 100
Natl Gypsum cl A com..5
National Leather com
10
Nat'l Republic Invest Tr—
Cum conv preferred
*
National Standard com...*
Nat'l Union Radio com_.l
30 X
Noblltt-Bparks Ind oom__*
North Amer Car com
*
31X
Northwest Banoorp com..*
Northwest Eng Co com..*
Northwest Utll—
7%
preferred
h
1,410
1
650
42*
Dec
Aug
37
Aug
*
Apr
1*
34*
Nov
Feb
2*
Mar
5*
Oct
8*
5*
Jan
11
Jan
20*
Nov
11*
Nov
*
10
650
Ma,
Aug
18*
17
50
1,650
10
4*
12*
6,800
1*
2*
15X
17
2,750
3
Conv preferred
_*
Parker Pen (The) com__10
8
40
1
1*
50
25*
2
3
Mar
Jan
9*
27*
100
3
4*
May
10
21*
4
Dec
10
30
700
28
28
20*
17*
100
fl
8
Mar
39*
200
21
31
Feb
44
2X
3
1,150
*
Jan
4*
Nov
2*
2*
200
IX
IX June
1,550
1*
1*
4*
4*
Apr
*
Sept
Oct
53
•
Common
56
60
53
100
0% preferred
7% preferred.
103
2,350
55*
103*
550
9
16*
16*
Jan
58*
56*
230
28
61*
Jan
105*
Nov
73*
Jao
115
July
JaD
141
Nov
Jan
Oct
Oct
30
38
135*
400
106
128
144*
200
111
133
Feb
148
July
17
Dec
30
Jan
U2X 114*$
100
9*
Quaker Oats CoCommon
130
♦
Preferred
141
100
Rath Packing Co com
10
22 X
50c
24
450
17
Raytheon Mfg—
Common v t
910
6% preferred vto.....5
2X
IX
Reliance Mfg Co com..10
14*
Rollins
14
2*
1*
15*
14*
36
37
150
4
8
Jan
64*
64*
150
30
33
Mar
9*
190
15*
40
3*
101*
130
70
39*
4*
14*
300
X
c
Hosiery M
conv pf*
Sangamo Electric Co
com
*
Sears Roebuck & Co com.*
*
*
200
9
30
Apr
3*
Dec
2*
Dec
*
Jan
9 i
Feb
16
Oct
Apr
18
Nov
*
1,400
8*
9*
38
Dec
65*
Dec
12
Aug
•
Sivyer Steel Cstgs com
9
15*
*
Sou Colo Pow A com-___25
3
S-west Gas A El 7% pref 100
Standard Dredge—
100
Common
*
3*
14
Convertible preferred..*
Swift International
15
Swift & Co
25
32*
21*
3*
*
3*
1
*
*
Viking Pump Co—
Preferred
23*
9*
8
Thompson (J R) com...25
Utah Radio Product com.*
Utll A Ind Corp com
Convertible pref
33*
3*
3*
1*
3*
*
Mar
18*
Oct
Mar
3
54*
Jan
102
*
3*
Mar
17*
Oct
27*
14*
Sept
36
Feb
May
23
*
6*
*
Mar
*
*
1,000
1,000
11,100
1,250
1,300
1,000
1
Jan
1*
5
*
*
1*
19*
•
11
4*
«
1,250
*
41
41
30
21*
Common
*
18
300
5*
Class A
*
17*
33*
33*
550
Mar
Mar
Sept
Nov
4*
Oct
Deo
Nov
8*
5*
Nov
Mar
1*
Aug
Mar
4*
Aug
Wahl Co com
Walgreen Co
.»
5*
•
31*
common
34*
Jan
41
Nov
15
Jan
20
Aug
31
Stock purchase warrants
950
*
1,700
5*
33
15*
Jan
*
900
Wleboldt Stores Inc com.*
21*
22*
450
9*
Wllllams-OU-O-Matlo com*
WlsconslnBankshares oom*
10*
11
1,000
2*
8,500
1*
*
141
Ward(Montgom)& Co cl A*
4*
Yatcs-Amer Mach pt pf.*
Zenith Radio Com
1*
*
oom
141
13*
5*
4*
13*
26*
June
35* June
Deo
6*
Deo
33*
*
Oct
Jan
1
*
20
Apr
1*
143* May
127
56
3,400
1 U
Jan
11
Feb
23
Deo
2*
Mar
14
Nov
2
June
*
3,300
* May
1*
Anr
1933 to
for
Dec. 31
Week
1935
Shares
Low
Stocks—
Par Low
BLDG.,
14
14
Nov
24*
2,263
17
17
Dec
*
12*
360
3*
4
Jan
39*
40
232
17*
39
63*
73
Apr
Sept
15
15
Mar
34*
50
Apr
67
5
Apr
23
3*
Apr
Prior
preferred
*
City Ice & Fuel pref...100
Cleve-Cliffs Iron pref
*
Cleve Elec 111 $4.50 pref..*
Cleveland Ry ctfs of deplOO
Cliffs Corp vtc.
*
73
73
25
53
57
108
108
Dow Chemical
pref
100
Federal Knitting Mills...*
61
19*
21*
6
25
118
118
10
Foote-Burt
*
*
36
Interlake Steamship
9*
Jan.
23
23
22
5*
Dec
3*
Nov
14*
ox
Laundry Mach—20
19*
page
Jan
37
Dec
24
Nov
Dec
20
20*
Mar
38
Dec
6*
Lamson & Sessions
*
4*
457
2*
2* May
McKee
*
4*
20*
15*
4*
21*
15*
30
5
9
110
6
12
—
1
National Acme
National Refining
25
100
Preferred
National Tile
*
Nestle Le Mur cum cl A..*
*
Ohio Brass B
6% cum pref 100
12
220
5*
18*
20
100
Jan
11*
24*
Oct
5*
22*
Nov
Jan
Jan
4*
11
17
Jan
1*
Jan
3*
Feb
3
Mar
20
3
5*
Apr
14
2*
Mar
7
65
5*
815
67*
8*
91
40
40
Sept
6*
1,253
1
1
Mar
2*
2*
20
1
2
Sept
29*
29*
105* 105*
10
.10
19
Jan
5
48
96
Mar
4*
55
Oct
Dec
June
15
2*
1
2
2*
515
14
1
3
,10
14
Dec
56*
11* Nov
10* May
104
575
•12
Dec
July
Feb
10
12
Nov
103
Apr
23*
90
Nov
6*
11
10
*
Dec
91
8
34*
Medusa Portland Cem
May
57*
44*
22
6* June
Nov
Dec
Dec
X
8*
Apr
May
Nov
Jan
5*
33
105*
Sept
Nov
Packer Corp
*
9*
9*
100
10
Dec
*
22*
56*
24*
330
3*
10*
Jan
Patterson-Sargent 1
19
Apr
28
Nov
57
116
38
46
May
60
.._*
Richmond Bros
8%
cum
Dec
2*
5*
780
1
1
June
3
Jan
5*
26
3
3
Aug
9
Nov
1
13*
14*
306
8*
9
Jan
14*
102*
Dec
*
pref
S M A Corp
102
102
25
60
95
Jan
83
83
10
25
25
Apr
*
10*
10*
*
17
17
42
50
19
19
200
Trumb-Clfs F cum
Truscon Steel
2
6*
100
Seiberling Rubber
pref. 100
7% pref. 100
Vlchek Tool
Weinberger Drug Inc
White Motor
150
1
2
Oct
83
Dec
Feb
12
Dec
7
12*
Jan
17
Dec
6*
19
Dec
19
Dec
Watling, Lerchen & Hayes
Members
New York Stock
Exchange
Detroit Stock
Buhl
New York Curb (Associate)
Exchange
Building
DETROIT
Telephone
Dec.
28 to Jan.
Randolph 6630
Exchange
3, both inclusive, compiled from official sales lists
July
Dec. 31
109.
High
ox
20*
Low
1933 to
for
Dec. 31
Range for Year 1935
1935
Shares
Sales
of Prices
1933 to
for
1
Week's Ranje
1
Sales
Week
Range for Year 1935
Stocks—
Par Low
*
For footnotes see
Jan
Mar
*
Metropolitan Pav Brick..*
Miller Wholesale Drug ._.*
Murray Ohio Mfg
*
Feb
100
Nov
Exchange
Week
of Prices
Amer
5
8
27
*
*
CINCINNATI
July
Week's Range
Stocks—
Mar
16
98
35
40
4
130
104
Mar
3*
10
104
85
29*
160
OX
3, both inclusive, compiled from official sales lists
Aluminum Industries
36*
200
10
36
Detroit Stock
to
2
Kelley Isl Lim & Tras
(A G) class B
Dec
Nov
45
System—First Boston Corporation
Cincinnati Stock
28
,1*
5
56*
9
Greif Bros Cooperage A__*
Halle Bros..
5
100
5
2,030
6
56*
Nov
15*
24*
13*
245
241
60
Fostoria Pressed Steel
Preferred.
1
2,016
Commercial Bookbinding *
Stocks and Bonds
Dec.
High
100
19*
11*
Specialists in Ohio Listed and Unlisted
Wire
Low
15
1
Members Cincinnati Stock Exchange
TRUST
High
15
Allen Industries lac
BALLINGER & CO.
UNION
Range for Year 1935
Airway Elec Appli pref-100
Ohio Brass
Vortex Cup Uo—
24
1
Sales
of Prices
Jaeger Machine
Slgnode Steel Strap CoCommon
July
Week's Range
Apex Electric Mfg
Public Service of Nor 111—
Common
Exchange
3, both inclusive, compiled from official sales lists
Oct
2X
2X
*
Jan.
Nov
17X
*
28 to
Nov
Pines Wlnterfront com...6
com
Dec.
Aug
Jan
Potter Co
(The)
A. T. & T. CLEV. 595
Deo
Mar
li
30X
(The) Co..*
com
Telephone CHerry 5050
Dec
32
28
27
Gas A Elec com...*
Prima Co
Union Trust Building, Cleveland
Nov
Cleveland Stock
7H
25X
ox
27 X
.100
Oshkosh Overall Co com..*
Penn
*
32*
3X
Prior lien preferred.. 100
Perfect Circle
33
X
6
6
*
1*
135
195
Low
5*
2
5*
10*
12*
I
Par Low
High
Auto City Brew com
High
July
11
Sept
Mar1
24
Oct
1
1*
Baldwin Rubber A
*
42 *
2*
44*
Bower Roller Bear com
5
25
27
1935
Shares
Low
Low
High
1
1
Sept
2
Jan
2,925
6*
6*
Mar
44
Dec
325
5*
Mar
35
Oct
36,257
16
July
High
53%
Par Low
Stocks (Continued!)
*
Brlggs Mfg com
Burroughs Add Mach._
53%
26%
24 H
25%
6%
1
'
25
Feb
53
NOV
Aviation Corp (Del)
14
Apr
57%
NOV
Bethlehem Steel
*
545
26%
1,125
6%
Continental Motors com ._*
2%
2%
6H
570
%
Det & Cleve Nav com.. .10
*
Detroit Forging co- »—
4%
3H
8H
4%
Hi
Det Mich Stove com...
Det Paper
*
Mar
Nov
Packard Motor Car
*
6%
6%
100
Mar
2%
8%
24%
Radio Corp of America
Seaboard Oil of Del
*
12%
13%
2,200
*
36
36%
300
2%
127%
5%
Nov
Tide Water Assoc Oil
*
15
15%
400
Dec
Warner Bros Pictures
5
10%
1,700
Feb
1%
Mar
2%
55
65
Mar
1
1
Feb
242
1
5
12H
12H
100
1
3
18%
20%
9%
10%
7%
629
_
Federal Screw Works com *
General Motors com... .10
-.1
14%
Aug
Feb
3%
Mar
3% Mar
2% June
22
7%
16,498
22H
3%
'
JH
1
26%
Mar
20
U%
8%
4%
Jan
58%
Nov
Philadelphia Stock Exchange
Oct
PHILADELPHIA
NEW YORK
Oct
1415 Walnut Street
30 Broad Street
845
2H
6H
Mar
31%
Dec
Mar
17%
Oct
24 H
761
Mar
5%
7H
6,577
27%
6%
Nov
1
c
4
1,150
2,150
1%
5
100
16
2%
6%
%
"10
%
5
Motor Wheel com
-5
Murray Corp com
Mid-West Abr
.10
II*
6,070
21
%
%
1,605
1
622
1
4,382
3,347
1,522
7
3
21
Reo Motor Car com
Rickel (H W)
102
2
17%
680
11
2
*
River Raisin Paper
5
4%
5%
6%
6
6%
24
16%
12%
16%
Timken-Detroit com... .10
1
5%
6%
*
2%
2%
10
*
com
Tivoll Brew com
Universal Cooler B
*
24
..1
13
1
Walker & Co Units
"«6
Wolverine Brewing com _.l
—
1H
Mar
14%
Mar
21 %
Aug
6%
7%
Jan
47
July
Sept
80
Nov
19
Dec
Bankers Securities pref..50
2%
Mar
Dec
Bell Tel Co of Pa pref..100
2%
Feb
5%
5%
Dec
Budd (E
6%
Nov
2%
Jan
20%
Jan
1%
7%
4%
1%
Sept
55c
1
3
6%
%
5,786
Nov
Week
Low
3%
Bandlnl Petroleum—..-1
3%
54%
33%
6H
7
...50
8%
9%
%
%
Oct
%
July
B'way Dept St 1st pref. 100
17
Aug
Mitten Bank Sec Corp.
Preferred
.25
25
Pennroad Corp v t c__
*
50
RR
Mfg
Phila Elec of Pa $5
pref.
Phila Elec Power pref
Phila Rapid Transit
7%
.
50
*
25
.
50
50
preferred
Phila & Read Coal & Iron. *
Range for Year 1935
May
Oct
6
Dec
Jan
97
10c
1,000
60
42
71
100
15
Philadelphia Traction._ .50
4%
22%
3
Mar
10
Nov
Jan
1%
Apr
Nov
Dec
*
108
11%
Jan
Westmoreland Coal
*
7%
Dec
Mar
23%
Jan
3H
Nov
Feb
105
5
109%
%
%
*
20
Jan
6%
18%
*
2
3H
9%
2,004
3,420
'
269
'
87%
Feb
100
%
%
0%
33
4%
6%
5%
July
12
7%
82 H
Feb
5,800
90c
1.10
Feb
%
15
4%
4%
Mar
7%
7%
308
4%
7%
Nov
58%
300
6%
19%
July
51%,
Mar
58%
15%
Nov
Dec
Nov
Oct
10%
21
flL
«
1 Jan
26
Sept
Jan
2,200
10,500
3%
15%
Jan
Nov
110
July
36
916 May
Bonds—
3%
15%
1.40
1.05
'
19%
11%
2%
4,200
H
22%
4%
26* "4"
""566
7
Apr
Jan
Jan
2%
27
460
Sept
4
Mar
1
"
15%
4%
Mar
5%
200
9
9
10
340
275
10
July
5%
16%
Apr
Mar
ctfs 4s '45
10
Mid-Western
Jan
22 H
Jan
14c
38c
Jan
80c
Dec
9c
'9c
Oct
80c
Feb
90c
1.10
Jan
Dec
10c
8%
400
2%
17,300
50c
60c
Feb
112H
5%
130
73 H
81.
Jan
8H
2%
114%
2,500
1%
5
Jan
7%
Apr
1,550
3,000
19c
26c
Jan
75c
Dec
2%
2%
Dec
3%
Dec
75c
1
Mt Diablo Oil M & Dev-.l
2%
3
32c
32c
900
21c
Pacific Clay Products
7%
8%
1,100
2,000
2%
*
10
18
19
6%
9
100
10
13%
Pacific Gas & Elec Co...25
31%
13%
31%
25
29%
19%
29%
19%
400
51%
51%
105% 105%
11%
13%
100
100
700
26
800
2
3
10
26
Deo
Dec
Jan
Aug
Week's Range
Sales
1933 to
Jan
14
Aug
of Prices
for
Dec. 31
July
30%
Dec
Feb
Dec
Stocks—
Mar
55
Nov
A S Aloe Co
66%
72
Jan
Jan
7%
5
Jan
1%
Aug
13%
3%
Dec
33
15%
Mar
5%
Mar
16
lc
lc
2,000
lc
lc
Oct
50%
Columbia Brew
32%
com
35
35
3H
Dec
Ely & Walk D Gds 2d pf 100
Falstaff Brew
Ham-Brown Shoe com
July
102
Hussman-Ligonier com
475
210
10%
12%
8
9%
4%
14
120
24%
8
10
4%
com
12%
13%
Mar
25H
Dec
Mo Ptld Cement com
28%
Mar
40%
Dec
National Candy com
Jan
21
Sept
Mar
14
Dec
Feb
120
Nov
71
30
'
27
500
4,400
Mining-
80
11H
15
Jan
1.20
2
Jan
5
5
July
50c
55c May
23 %
Dec
9%
Nov
10
5%
Dec
Dec
*
1st preferred
100
Nlch Beazley Airpl com..5
_
National Oats
com.
32
32%
tCity & Suburban 5s c-d...
25
25
t United Railways 4s_1934
25%
25%
26c
Nov
July
13 He
Jan
Stix Baer & Fuller com
Jan
Wagner Electric com
Nov
Dec
98%
20%
99%
Mar
160
160
10%
15
Sept
3c
4%
13%
10%
13%
10
6c
3c
4%
50
10
6c
1,000
50c
50c
*
1,000
243
230
102
5,000
3%
11
10%
9%
116% 116%
100
St Louis P S pref A
*
Scruggs-V-B D G com
25
1st preferred
100
Scullin Steel pref
*
S'western Bell Tel pref. 100
2d preferred
7%c
3%
22
*
Rice-Stlx D Goods com—*
22%q 22He
7%c
38
102
.
4H
4
102
Jan
5H
4%
6%
Deo
July
Jan
Deo
Deo
42%
4%
Mar
Aug
9%
49%
8%
4%
Apr
6%
Deo
11%
16%
Nov
Nov
Dec
Oct
26%
28,100
5,100
1,600
Intl Shoe
Jan
2
July
3% June
6%
25
22%
3H June
Nov
2
47%
8%
Preferred
77
2%
6%
Key Boiler Equip com
Oct
120
Sept
2%
47%
8%
Oct
26%
4%
2%
2
*
28%
Jan
4%
70
5
*
Jan
11
102
Laclede-Christy Clay com*
Feb
8
Deo
1
16%
200
35
3%
17%
Jan
Aug
150
29
80
20
2%
300
14%
75
20
9%
15%
»
Dec
10
150
6%
26
1
33
9%
15
26% Nov
39% June
1,300
2,300
Feb
6H
Mar
Mar
24%
40%
17%
22
*
5%
10%
107
9
*
1%
10%
22%
38%
17%
Nov
100
95
300
107
Dec
62
225
2,400
108
105
Mar
2%
11%
26%
June
53
4%
25%
35%
27%
25%
High
95
41
4%
2%
11H
125
3%
Low
40
25 1
*
1
com
Oct
24%
1,200
1,600
Low
25
Dec
Nov
2c
32 H
5
Mfg pref
Century Electric Co
Dec
46
5%
Aug
63
*
100
Burkart
117
High
191% 104
63
*
Brown Shoe common
13
Apr
100
Dec
25
Jan
Par Low
pref
106%
200
27%
Shares
Range for Year 1935
1935
Nov
8%
20%
29%
19%
15%
35%
1
Week
Feb
67%
Sierra Trading Corp...25c
both inclusive, compiled from official sales lists
36c
8
285
*
St. Louis Stock Exchange
Dec. 28 to Jan. 3,
22
2,600
50H
44
Dec
Jan
21c June
52
45%
16
116
Dec
2%
9%
10%
88
*
Mo.
Telephone Central 3350
13%
1%
1,800
116
2%
316 North Fourth St., St. Louis,
20%
12%
18%
7%
100
New York Curb (Associate)
Chicago Board of Trade
St. Louis Stock Exchange
19
«
all
Securities
Dec
10c
New York Stock Exchange
May
2c
on
and Southern
MEMBERS
Jau
9%
lc
6
80c
'
Feb
113H
Business Established 1874
Enquiries Invited
Deo
9c
5
Mar
I. M. SIMON & CO.
Nov
67Hc
2%
Nov
20
110H May
Nov
Dec
26
104 %
ST. LOUIS MARKETS
Dec
104H
2
700
Dec
Dec
59%
13%
10H
25
111H
9
9
10% $20,000
2,000
9%
Dec
1,600
1,500
18,000
9,500
9c
60c
Mng.lOc
Calumet Mines Co
10c
Zenda Gold Mng Co
1
Dec
1
Feb
21
112
Black Mam Cons
June
'
18
111
Inc»_.2
E16%pfl00
Los Ang Investment Co. 10
*
Co.50
Calif
25
Universal Cons Oil Co...10
Van de Kamp's Bakeries..*
Wellington Oil Co
1
1%
9%
61
131
401
Feb
Elec & Peoples tr
2%
15%
Los Ang Industries
Union Bank & Trust
1%
9%
Dec
Aug
Nov
Mar
Phila Elec (Pa) 1st 5s. 1966
Lockheed Aircraft Corp_.l
Union Oil of
Mar
9%
Peoples Pass tr ctfs 4s_ 1943
8
*
Mar
1%
3%
%
3%
4
Dec
Lincoln Petroelum Corp._l
Taylor Milling Corp
Transmerica Corp
31%
1%
8%
17%
Aug
1
preflOO
100
*
29 H
Dec
Nov
3,130
*
Nov
20
Standard Oil of Calif
Jan
Nov
%
5%
50
Traction
United Gas Impt com
Preferred
16 %
9c
So Counties Gas 6%
103 %
374
2%
10%
%
1
Tonopah Mining
Union
12%
18%
Southern Pacific Co
4c May
33
*
preferred
5 H%
preferred
Mar
Apr
Mar
*
6%
70
42 H
90
Nov
Nov
July
Hancock Oil A com
Original pref
Mar
30 %
6%
G'year T & R (Akron)
*
25
25
..25
25
Aug
Mar
121%
6%
10M
24%
Signal Oil & Gas A com
So Calif Edison Co
2
%
1%
17%
Jan
7%
10%
22%
Security Co Units
Shell Union Oil Corp
'
Feb
Westmoreland Inc
18
*
*
H
1%
17%
2
Apr
US Dairy class B
700
Golden State Co
Republic Petroleum Co.. 10
San Jo L & P 7% pr preflOO
Sec-First Natl Bank
20
Jan
'i6
1,700
2,400
Gladding McBean & Co..*
Globe Gr & Mill Co
25
Pacific Western Oil
Apr
18H
14%
12%
300
*
%
%
113H
29
2,900
Preferred
Nov
Mar
'16
H
14
13%
*
1%
2%
4%
32%
117%
115H
34%
4%
5
17%
Oct
1
10%
6% 1st pref
Aug
«
60
28
10
Pacific Lighting Corp
Dec
8%
11%
100
Feb
26
Pacific Indemnity Co.-.10
33 %
Oct
%
17%
6%
22
Preferred A
Feb
4%
5%
29%
31
1
200
Pacific Finance Corp
59
21
5
892
120
57 He
1
4
56%
Menasco Mfg..
Nov
Dec
Nov
%
Oct
3
460
1
Nov
29 H
Jan
30
1.05
3%
55%
Mascot Oil Co—
9%
3%
14%
Mar
3%
120
8c
22
1.00
460
Los Ang Gas &
Sept
Tonopah-Belmont Devel.l
7%
20
16
1
Mar
%
2%
33%
32%
2%
7%
2%
10%
3%
100
14
Airpl & Motor
Deo
40% May
2
50
3,460
236
1%
1% S
5,390
3%
3%
3,006
29%
31%
253
116% 118
52
114% 115H
8c
26
31
*
Emsco Der & Equip Co...5
Farmers & Mer Natl BklOO
Foster & Kleiser Co
10
Klnner
Nov
4c
22
Dougals Aircraft Inc
Jade Oil Co
86
Apr
2%
11%
Motors
4
1%
*
*
*
*
25
General
124%
Tacony-Palmyra Bridge..*
High
Sept
July
41
14
30%
Claude Neon Elec Prod—*
District Bond Co
1
2%
3Hc
15
*
25
Central Investment
100
Chapman's Ice Cream
*
Citizens Natl Tr & S Bk_20
Cardinal Gold
Deo
Apr
114H
Oct
Oct
1%
1% May
210
10c
Buckeye Union Oil pf v t cl
Byron Jackson Co
California Bank
Preferred
Jan
24
15%
^-33
24
Lehigh Valley
42%
Feb
33H
367
Deo
4,000
6%
Consolidated Steel
%
2
666
53%
33 H
Lehigh Coal & Navigation *
lc
lc
10
Consolidated Oil Corp
i
Horn&Hardart (NY) com *
6%
99% 100
Barnhardt-Morrow Cons.-l
Bolsa Chlca Oil A
'
477
Dec
11
3H
3
5,602
4,054
Electric Storage Battery 100
Low
2
300
43
86
83
1100
Barker Bros pref
'
2%
13%
Dec
Scott Paper ser A 7% pf 100
High
Par Low
Stocks—
10%
2
High
32%
1935
Shares
12H
109%
Dec
1933 to
Dec. 31
8%
*
5%
Nov
tJuly 1
for
121 % 122H
32%
236
24
*
G) Mfg CO
Rights
msmim.
1,311
34%
24
1 Range for Year 1935
Low
100
32%
12%
3%
2%
Inclusive, compiled from official sales lists
Sales
*
Budd Wheel Co
Penna Salt
of Prices
Low
21%
Angeles Stock Exchanae
Week's Range
Shares
High
Mar
13H June
H July
12
27
Stores
American
Pennsylvania
Jan. 3, both
1935
Mar
Apr
%
4
200
Dec. 31
Par Low
Stocks—
May
17%
4%
260
1,520
22,534
2,510
1933 to
for
Week
7%
1
Sales
of Prices
Oct
40
2%
1
July
Week's Range
Nov
Apr
both inclusive, compiled from official sales lists
Nov
3H
28 to Jan. 3,
Oct
5
33
10,420
1
15%
15
*
7H
Dec.
2
1,796
8,965
3,700
100
24
Philadelphia Stock Exchange
Dec
Oct
4%
1% May
7% July
2
565
25
"ie Jan
Jan
2H
39
77%
17
5
% July
1% June
2%
19%
2
45
77
II*
Pfeiffer Brew com
20
3
3%
43%
Parke-Davis & Co
6H
10H
2
5%
5%
6%
6
1
19%
14%
19%
to
Deo
Deo
York Stock Exchange
New
Dec
30%
16H
Mich Sugar com
Dec. 28
Mar
7
29%
10%
24%
x>
Los
2%
Dec
*
Wolverine Tube com
Deo
Deo
15%
10 %
4%
12%
McAleer Mfg com
Warner Air Corp
36%
Apr
7
.10
Scotten-Dillon com
Nov
8H
32
1% June
3H June
Feb
Hudson Motor Car
com
13 %
3% June
3H
Lakey Fdry & Mach com
Packard Motors com—
2%
7H
Apr
Members
Dec
1
*
Preferred
'
Mar
DeHaven & Townsend
Nov
124
11%
B__
Kresge (8 S) com
21H
7H
Dec
Oct
40%
Mar
2%
4%
4
26
22
Established 1874
Oct
1,061
lio
Hoover Steel Ball com..
1
Oct
5%
11H
Hall Lamp com
Parker-Rust-Proof
Mar
5%
%
3
*
Houdaille-Hershey
10H
1,597
3,035
2H June
2
15%
2%
Oct
1,004
3
9%
9
100 '
39
Deo
1
5
0%
2%
5%
Graham-Paige Mtrs com.l
3%
8%
30%
55%
4%
55%
Goebel Brew com
Apr
Dec
Mar
6%
2%
620
7%
Ex-Cll-O Air com
5%
39
3%
5%
Nov
7%
10
1,506
*
Federal Motor Truck com *
Federal Mogul com
Dec
2%
29
Eureka Vacuu
Oct
3
29
Eaton Mfg com
Dec
17%
%
7%
3,660
8
*
200
5
Montgomery Ward
8%
Prod com... ..1
5%
3
*
Cord Corp
23
Jan
Nov
Nov
Dec
Mar
Cities Service
2%
52 1
%
%
Oct
4%
1%
1,194
2,525
3%
800
5%
50 %
Mar
Mar
Oct
2%
1,160
23 H
88 %
200
129
3%
21H
25 %
655
2H
2H
127
100
Detroit Edison co^>
2%
1
Jan
Feb
12
High
|
>
100
Mar
31
22 H
Low
500
50%
5
1935
Range for Year
Low
Shares
High
50%
%
91H
22%
25
•
H
4
4
3,895
90%
6H
1935
5
5
10H
380
431
21
23
Dec. 31
Par Low
Stocks (Concluded)
High
Low
Low
Shares
Consolidated Paper com .10
Crowley Mliner com...
1933 to
for
1936
Range for Year 1935
Capital City Prod com.
"5
Chrysler Corp com
Diesel-Wemm-G 11 com. lio
Sales
of Prices
Week
Dec. 31
Week's Range
1933 to
for
of Prices
1
July
1
Sales
Week
Week's Range
Stearns
Jan. 4 1936
Financial Chronicle
108
20c
102
20c
30
30
120
100
6
8H
100
25c
10
6%
70
10c
6H
Apr
8H
Nov
116
50c
Dec
11H
8H
July
92
Apr
10c
Oct
1%
1%
Jan
7
Jan
6
17
460
40c
123% 124%
80
115H
65
7H
95
6H
2
Aug
7
4H
60 %
2
4%
50%
Jan
H
Oct
119
May
8H May
12 %
119
50c
Feb
Nov
Dec
15
Apr
12%
Dec
102
1%
5%
50%
2%
125%
Dec
Jan
Nov
Dec
Sept
Deo
10%
Jan
Jan
34
Dec
Bonds—
Unlisted—
American Tel &
Tel
Atlantic Refining
For
footnotes see
100
25
page
154% 159%
220 1
27%
100 '
27%
109
$1,000
25
25
Dec
29
Feb
1,000
18
25%
Dec
32 %
Aug
109
Financial Chronicle
Volume 142
1
July
Week's Range
Sales
1933 to
of Prices
for
Dec. 31
Week
1935
Pittsburgh Stock Exchange
Dec.
28
to
Jan.
3, both inclusive, compiled from official
Sales
for
Par Low
1935
Range for Year 1935
0%
Par Low
pref. 100
High
7
100
2
2
Armstrong Cork com
48*
50*
928
Blaw-Knox Co
15
16*
1
3*
Columbia Gas A Elec Co.*
13*
Carnegie Metals
—
Consolidated Ice
pref.. .50
Devonian Oil
4
1
1
16*
16*
5
7*
Dec
Parafflne Cos
com
*
Mar
50*
Dec
Plg'n Whistle pref
*
Mar
Nov
90c
1*
Jan
17*
5*
3*
3*
Mar
15*
Oct
1
1
Dec
3*
Mar
16*
Dec
9*
6
'
10
.10
Duquesne Brew Co
8
3
10*
1
3*
Jan
8
5*
Jan
8*
Apr
preferred
Roos Bros pref
100
7*
7*
7*
829
8
450
4
4
100
2
2
Jan
5
Nov
pref... 100
15
5
8
Apr
17
Dec
Shell Union Oil
*
*
3*
15*
Jan
Southern Pacific Co>._100
23*
Electric Products
16*
355
1 *
1*
6,500
Harb-Walker Refrac com.*
28*
340
Koppers Gas A C pref.. 100
98*
31*
98*
__1
Ft Pittsburgh Brew
*
Lone Star Gas Co
lis
Mesta Machine Co
9*
38*
*
Mountain Fuel
Supply.
Natl Flreproofing pref.. 100
4*
Pittsburgh Brew Co pref.*
18*
1
10
42*
Nov
Mar
100
Preferred
Sept
100
com
So Pac Golden GtA
*
B
Mar
11
Nov
Spring Valley Water Co..*
Jan
42*
Dec
Standard Oil of Calif
4*
Nov
5*
Nov
Telephone Inv Corp
Thomas-Allec Corp A
*
80c
80c
Pittsburgh Forging Co. -.1
Pittsburgh Plate Glass. .25
7*
8*
*
Pittsburgh Steel Fdry__
"5
Plymouth Oil Co
Renner Company
Nov
San Toy Mining Co
Jan
2
*
32
III
W'house Elec A Mfg...
150
10
4
Feb
500
65c
34*
36
95*
97*
146
Nov
9
Jan
6%
100
100
preferred
Transamerlca Corp
Jan
*
5*
Mar
'
12*
Mar
16*
25*
8*
Dec
Jan
4*
Nov
13
1*
*
*
*
4
Mar
38*
Nov
33
Jan
42*
Dec
1*
7*
83*
4*
1*
1
4*
11*
'
3*
Oct
14*
Mar
104
Feb
Mar
13*
Nov
Dec
Nov
Nov
Dec
22*
5
Jan
16* May
6*
1,096
Feb
4
21
27
Oct
9
Jan
28
28
94,943
5,490
1,740
1,495
300
Oct
3
Jan
5*
Dec
26*
>
7*
26
Nov
1
43*
300
5c
6*
Oct
9
Nov
Jan
305
Dec
Jan
28
Oct
14*
230
179
10*
7*
Apr
3*
Dec
18*
Dec
31*
Dec
2
STRASSBURGER & CO.
Jan
Nov
Jan
36
55c
Dec
18*
32*
Mar
1*
35*
Nov
Mar
98
Nov
18
27*
*
5*
100
101*
8
*
'
130
Western Pipe & Steel Co. 10
15*
»
29
Wells Fargo Bk & U T.100
May
1
15*
3
1,612
Jan
Apr
H
100
33
60c
•
10
61
Deo
Nov
Feb
18*
1
50
1*
Aug
Nov
1*
16
July
9
18*
12*
Jan
75c
75c
2,688
May
2c
8
1,155
32
9
2c
11,747
23
1* June
6*
5,500
3*
2c
1
*
24*
10
Oct
125
W "house Air. Brake
22*
Feb
United States Glass Co.
Brewing Co
12*
25
25
1
United Engine A Fdry.
Vanadium Alloy Steel..
*
Union Oil Co of Calif
Union Sugar Co com
Universal Consol Oil
7
3
36*
26
Dec
1
18*
29*
Jan
200
Nov
7
*
30
16
14*
100*
9*
80
2c
Dec
15
3
2*
*
Apr
260
1
85
115
Mar
900
1
20
41
Mar
1
14*
Dec
Dec
40*
40
14
13
1
Dec
16*
525
Dec
1*
110
5
79*
220
5*
30*
4*
1
Dec
Dec
Dec
16*
4,260
7*
12*
Shamrock Oil A Gas... __*
Victor
2
2*
79*
6*
Apr
3
14
Standard Steel Spring.. II*
4,034
Jan
913
2
2*
47*
2
1,055
300
10*
Dec
80 *
3
3
1,314
1,301
2,240
25*
2*
..1
Ruud MfgCo
7*
99
94
Pittsburgh Screw A Bolt ._*
Nov
122*
*
*
1,286
Mar
15
15
1,135
21*
Jan
Mar
7*
49
4*
15*
24*
3*
*
Tide Water Assd Oil com.*
23
36
690
M
.
3*
1*
6*
*
4*
24*
4*
730
1*
28
Schleslnger(BF)&Sonscom*
4*
8*
1
1,180
5
Mar
73
54
121
2*
16*
12
2,221
833
Dec
1
1
1
70*
21
165
18*
19*
81*
81*
35
34*
104* 104*
*
preferred
*
Rainier Pulp & Paper Co.*
Dec
Nov
Feb
Feb
Apr
4*
30
5%
6%
Dec
122*
21*
855
5
106*
Jan
1*
68*
239
2
Jan
70*
*
17
2,693
81*
5
Ry Equip & Realty com_>*
Oct
Jan
76 *
2
*
Class A_
Follansbee Bros
395
Mar
17
13
2,460
14*
Pacific Tel & Tel com->100
2
1*
995
High
Low
Low
Shares
7
71
*
.
2,917
1,371
4*
18*
19*
118* 120
(Preferred (non-vot)...*
Stocks—
Arkansas Nat Gas
150
4
High
Low
19
66*
»
482
106
Pac Pub Ser(non-vot)com *
Range for Year 1935
Low
Shares
52
104*
*
preferred.
High
51*
Pac Light'n Corp com....*
1933 to
Dec. 31
Week
of Prices
Stocks (Concluded)
1
July
Week's Range
sales lists
133
STREET
MONTGOMERY
Jan
SAN
FRANCISCO
(Since 1880)
Members: New York Stock Exchange—San Francisco Stock
Unlisted—
Penroad Corp v t c
3*
20
3*
2
1*
Apr
1*
4*
Nov
Exchange—Chicago
Curb
Francisco
Exchange—San
Board of Trade—New York Curb Exchange (Associate)
Direct Private Wire
Bonds—•
Pittsburgh Brew 6s...1949
Shamrock Oil & Gas 6s.
*
._
106
106
2,000
86
95
95
1,850
95
Apr
95
107
Sept
Dec
102*
95
Dec
San Francisco Curb
Dec. 28
to
Jan.
Slock
New
Municipal and Corporation Bonds
of
Trade
Chicago
Stock
Exchange
New York Curb Ex. (Asso.)
Sales
1933 to
of Prices
for
Dec. 31
Week
1935
San Francisco Stock Exchange
San Francisco Curb Exchange
PRIVATE
LEASED
Los Angeles
Stocks—
Par Low
Alaska-Tread well
High
Shares
35c
45c
11,500
'
Portland
New York Coffee. t
Seattle
Beverly Hills
Honolulu
Stockton
Fresno
28
to
Anglo Nat'I Corp
*
15*
16
260
Argonaut Mining
5
14
14
220
♦
13
13
161
16*
21
5*
2,655
14,55
6*
2,536
Honolulu
San Francisco Stock
Dec.
Amer Toll Bridge
Commodity
Tacoma
Sacramento
Sugar Ex.
Exchange, Inc.
Stock
Exchange
Atlas Corp
Oakland
New York
Amer Tel & Tel
ion
37c
Atlas Imp Diesel B...
Aviation Corp
Exchange
.5
B ancamerica-B lair
Jan. 3, both inclusive, compiled from official sales lists
1
6
Bunker Hill & Sull
..10
51
*
Calif Art Title B
July
1
Week's Range
Sales
for
Dec. 31
Week
1935
Shares
A
1933 to
of Prices
Low
'*
5
3
_
Cardinal Gold
Range for Year 1935
2.00
*
Chanslor & Lyon A...
Cities Service
*
1.10
16
High
Alaska Juneau Gold Min 10
14
14
Anglo-Calif Natl Bk S F.20
17
17*
4*
24*
4*
Assoc Insur Fund Inc...10
Atlas Imp Diesel Eng A..5
Bank of California N A. 100
Byron-Jackson Co
Calamba Sugar com
24
20
Calif or nlalCopper
21*
10
4
*
13*
*
3
26
1*
8
65
120*
143
3*
7*
395
21*
450
15*
17*
4
*
225
1
1.800
26*
California Packing/^orp..*
34*
1,580
Caterpillar Tractor
58*
59
CaludeNeon Elec Prods..*
Clorox Chemical„Co
*
13*
17*
Cat Cos G A E 6% 1st
pflOO
Cons Chem Indust A
*
Crown Zellerbach v t c...*
>8 *
9
*
91*
94*
115
DI Giorgio Frt Corp com 10
3*
32*
3*
300
33
Preferred B
*•$3 preferred
Eldorado Oil Works
100
*
24*
16*
25*
16*
15*
100*
5*
Sept
Guggenhime pref
Feb
1
Nov
Hobbs Battery A
Jan
30
Nov
Aug
Jan
Aug
Jan
Jan
99*
Dec
26
527
r
Aug
27*
\
42*
59*
16*
Nov
37
July
17*
Feb
Fireman'8 Fund Insur...25
*
10
com
Galland Merc Laundry
General Motors
*
common
Golden State Co Ltd
*
40*
1.3*
r48*
.34*
\ 5*
10
*
Hawaiian Pineapple
Home F A M Ins Co
10
Honolulu Oil Corp Ltd...*
Honolulu Plantation
20
*
a com
Langendorf Utd Bak A...*
Nov
Dec
48*
55*
35
6
11*
2,165
1,568
105
Nov
33
Nov
25
10
com
22
29
29
119*
ilO*
9*
8
pf 100
Lyons-Magnus Ino B
Magnavox Co Ltd
*
2*
47
21*
26
Lockheed
18
372
3
*
„
533
27*
*
Leslie-Calif Salt Co
Libby, McN A Libby
*31*
22.22*
5
2,415
*
r4
2,937
113
2*
2*
9*
11*
3*
f
20
1,360 ^10*
5 2«17*
827
3*
315
15*
200
1 *
21
26
400
113
2*
2*
8,365
1,075
Jan
525
5*
Jan
12*
71*
July
20*
Jan
Jan
Jan
Feb
Jan
6*
6*
Mar
13*
14
24c
7,230
15c
14c
3.00
5,756
1,675
*
38*
38*
10
*
4.10
4.10
15c
,1
§6% preferred
• 5*% preferred
100
100
«t
90c
5*
Oct
81*
Jan
6*
Jan
Mar
Mar
72
Mar
Jan
15*
39*
Apr
13
28*
com
*6% 1st preferred
5*% preferred
'
13
5
350
4
15
13
25
30*
31*
2,076
'
25
25
29
29*
3,625
1,176
2
*
Paclfio G & E
10
1,963
3,139
29*
13*
13*
12*
26*
20*
1*
12*
18*
16*
2
Dec
Nov
Deo
Nov
Jan
15
Nov
Feb
31*
Nov
Jan
Oct
18
Jan
29*
27*
57*
Mar
Jan
36
Nov
18c
Oct
33c
Mar
Jan
7*
Nov
15*
4*
42*
13*
7*
4*
13*
2*
5
690
2,699
30
5
5
620
1
65
Nov
5*
Nov
42*
Dec
11
Dec
July
Aug
3*
4
2
17*
Feb
43
•
2
1,159
Jan
Mar
7
2*
100 1
4
Oct
7*
Oct
6
Apr
Mar
13
Dec
Dec
Deo
1,130
*
6*
2*
6*
Aug
10
331
35c
90c
Mar
6.50
Oct
18
19
100
Mar
23*
Nov
11*
24*
11*
25*
26
27*
27*
37
37
..25
_.
*
9
6*
1,000
997
54
454
6*
30
25
'
25c
45*
115
3.50
3.50
45
45*
...5
9*
Western Air Express._ ...1
4*
Mar
19
Apr
27
Nov
10*
10*
Mar
™
14*
16*
17*
Jan
16*
Jan
26*
28*
14*
17
Jan
37
1
1*
1
27*
1,350
Oct
Nov
Aug
17o Sept
7*
45*
Dec
Jan
49*
7*
July
27c May
Nov
2
Jan
71
Nov
5
Aug
14
Dec
3*
14*
3*
2071*
4*
Oct
Nov
4.50
16c
4
62
10*
5*
Dec
8*
2
100
.
..25
2*
6*
2,000
20c
45*
Pete
Co
350
305
25
,1
Vica
9*
1*
32*
1*
30
Aug
30*
5*
No par value,
/Flat,
a Price
e
Cash sale
x
Ex-divldend
v
Ex-tights, z Listed,
Oct
t In default.
adjusted because of stook dividends, spllt-ups, Ao.
r New stock.
J Low price not including cash or odd-lot sales.
The National Securities Exchanges on which low prices since July
made (designated by superior figures In tables) are as follows:
1
1933 were
Oct
Nov
1
New York Stook
*
New York Curb
» Cleveland Stook
" Richmond Stock
1
New York Produce
»« Colorado Springs Stook
** St. Louis Stook
♦
New York Real Estate
" Denver Stook
M
Salt Lake City Stook
•
Nov
4*
13*
20*
20*
20*
3
United States Steel... -100
Oct
10
Sugar
Nov
Nov
9*
12*
Occidental Ins Co
B
Nov
14*
6*
75
25*
preferred
preferred
United States
Nov
26
1,014
4,815
Dec
*
So Pac G G pref
United Corp
July
14*
25
15*
28*
Paauhau
9*
2*
14*
14
71
38*
5.50
.
♦
5
69
Mar
Dec
7*
15*
29
Deo
4
71
*
7*
114*
3*
69
Dec
22*
15
1
18c
8
Waialua Agriculture.. ..20
Jan
Nov
3.30
2
2*
West Coast Life
Mar
15c
Dec
4.50
Nov
10
Dec
320
10
Oliver United Filters A
Nov
38*
12*
11*
72*
North Amer Oil Cons
*
Nov
Apr
Aug
2
Nov
Mar
*
♦
Oct
2,118
20c
3c
2.20
125
12
Nov
11*
9*
8*
5o May
3c
2*
15*
5c
17
500
4*
11*
11
Dec
21c
13*
6*
*7* May
Natomas Co
Feb
Dec
78c
7*
4*
Silver King Coalition.. ...5
So Cal Edison
..25
32* May
Jan
*
Deo
Jan
Jan
28o
1.85
Oct
20c
Preferred
6%
Feb
100
Aug
Jan
*
Jan
Jan
7*
♦
4 5* Mar
1 * {May
*
13c
66c
45c
5c
100
31
Oct
Nov
10c
3
100
13c
2.75
..10
.
40c
47c
11,825
78c
'
3,150
1.85
5*%
2
com
56*
Dec
13
No Amer Inv
53
Nov
1
160
14
*
Sept
Nov
3
95
Oct
1
6*
12
75
3.95 May
Park Utah Mines
5
17
27
10
Nov
*
29*
47*
22*
861
Nov
2.90
*
11*
1,680
Nov
70
2.50
Pacific Western Oil
Mar
13*
13*
Aug
2,600
Dec
*77*
Nov
35*
Apr
48
4*
3.35
14*
36
13
5
17
Dec
42*
Mar
33*
Dec
"
Jan
35
3,161
190
Schumacher W Br
Marchant Cal Mch com. 10
Sept
18*
71c
Richfield Oil pref
Riverside Cement
Nat Automotive Fibres..*
74
Dec
1.85
Pacific Eastern Corp.. .--1
Pac Ptld Cement pref. .100
22*
1
Nov
Aug
14
98*
Pac Amer Fisheries... ...5
Dec
P
51*
46
14
Dec
Aug
Dec
Nov
26
40*
135
June
Nov
36
14*
f 40*
50
15c
15*
Dec
Jan
Dec
20
30
Mar
Jan
Apr
85
50c June
Occidental Pete
i
Deo
1.75
Dec
June
2,885
1.45
O'Connor-Moffatt
i
31*
50c
38
10c
18*
102
2*
100
Nov
1.10 June
27* Nov
2
75
3*
11* Dec
r
50c
OahujSugar
i
Ap
Jan
50
Mountain City Corp..
2
4*
338
12*
4*
27*
175
10*
8*
75c
145
Montgomery Ward
July
Oct
Jan
28
32
516
50c
15c
*
Nov
27*
24*
Mar
Dec
Nov
1.70
Menesco Mfg
96
Mar
2*
22*
53
14*
114*
4 4
8*
17
Dec
98*
Dec
Dec
139
Nov
75c
75c
2
50c
1
M J & M & M Oil
101*
Nov
18
324
524
11*
11*
16*
...1
Preferred
Kinner Airplane
Kleiber Motors
9
1
2 40
14*
4
15c
Italo Petroleum
95
*
Dec
Dec
July
2.00
1.60
*
2
Apr
5
2*
Nov
3.15
Intl Tel & Tel
Mar
*44
*5*
364
15*
i 47
*
B
L A Gas & Elec Corp
4
IT
145
7
51
98*
Packard Motors
808
2,849
27*
Hale Bros Stores Inc
Hunt Bros
77
'55*
Gen Paint Corp A com...*
B
77
39
Food Mach Corp com
New
Foster & Klelser
14
]100
Dec
Oct
Dec
5*
51
1.00
Dec
Nov
*
Radio Corp
Emporium Capwell Corp.*
Emsco Derrick A Equip. .5
3
*
Idaho-Maryland
50*
150*
i13
5*
2.00
♦
B
1" 3*
1
12*
il6
100
72
17*
11
40
7,849 '*>3*
27
465
16*
100
48*
72
65
77
•
Oct
20
*
21*
M
48*
Foster A Klelser pref.. .100
*
General Metals..
*
Jan
56*
Ewa
Aug
Great West Elec-Chem
Nov
27
Plantation.4!
Nov
Gladding-McBean
14*
100
Feb
July
July
13
340
85
Nov
10
6
Oct
26
3,328
52c
77
Sept
29*
420
52c
*
22*
6*
18*
310
105*
Columbia River Packers..*
Crown-Will 2d pref...
26*
36*
30*| 30*
187
Jan
Jan
15
2
11
5*
*
100
Apr
»
184
19
2*
30
18*
13*
65*
it
1,925
Jan
1.00
*
610
17*
31
95
*
Jan
*
10*
10
7*
2
1.80
Jan
16*
92
Preferred A
Aug
1
*
Dec
July
47c
1.75
70c
19
*
16
Nov
1
102* 102*
104
Crown Williamete
Dec
4*
18*
500
36
17*
17*
435
14*
36
Cons Aircraft
20
Jan
1.80
21*
4
705
*
1*
2,053
16*
25*
33*
Calif Cotton Mills com. 100
Oct
12
*
60c
*
Jan
400
1.35
3*
1
Coen Co's A
High
Jan
14
7*
182
14*
Calaveras Cement Co com*
1
452
1,580
2,881
24
17*
176
*
20
7% preferred
140
Low
Mar
7*
2.00
16
Claude Neon Lights...
Par Low
Stocks—
Nov
21c
85
14
80c June
160
20c
365
2.25
13*
*
J
High
Oct
Mar
99
98*
3
10
51
15c
10c
334
35c
Exchange
York
Low
Low
100
155* 159*
25
.
Cotton
New
Range for Year 1935
Board
Chicago
WIRES
San Francisco
1
July
Week's Range
Exchange
Dean Witter &. Co.
York
Exchange
3, both inclusive, compiled from official sales lists
Members
Baltimore Stock
'«
Detroit Stock
M
San Franolsoo Stook
•
Boston Stock
n
Los Angeles Stook
«
San Francisco Curb
7
Buffalo Stock
'»
Los Angeles Curb
11
San Franolsoo Mining
a
California Stock
i*
Mlnneapolls-St. Paul
»
Seattle Stook
•
Chicago Stock
*»
New Orleans Stook
M
Spokane Stock
Washington (D.C.) Stock
'•
11
»* Cincinnati Stook
Chicago Board of Trade S1 Philadelphia Stook
Chicago Curb
" Pittsburgh Stook
>7
Jan. 4 1936
Financial Chronicle
110
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Ask
ma
Province of Alberto—
11948
92
4%B
-Oct
1 1966
Prov of British Columbia—
87
Jan
6s.
..Feb
4Ks6s...
July
4%fl
Oct
15 1936
12 1949
1 1963
614s- .....Jan
3 1937
5s
1 1942
May
1 1959
..June
1 1962
102
Oct
—
Sept 15 1943
6s..__
6s
9934 100l2
9812 9912
96
4s
97
..,
.
.
.
.
15 1965
Jan
414S.-
Province of Quebec—
Mar
2
414s-
Aug
1 1941
June 16 1964
Deo
2 1969
Prov of New Brunswick—
102
10312
104l2 10512
IO6I2 10712
June 16 1936
..Apr 15 1960
Apr 16 1961
10034 101i2
108i2 10912
4148—
107
514s-
Nov
4%s—
Oot
4%s
6s
5s
4%s—
4Hs...
414s.
15 1962
Mar
1 1060
K*
103
IIO6I2 10712
1950
110
11034
1 1958
107l2
May
1 1961
110
1 1936
May
100U 101
IOOI4 IOII4
10034 IOI84
5S..— .....June 15 1943
108
15 1946
1 1951
9412J 9512
107l2 108i2
114
Stocks
(Concluded)
Par
100
Canada Packers
115
Canada
Week's Range
Sale
of Prices
Low
High
Price
520
*
83%
100
Steamships
•*
'~~8%
Canada Wire A Cable A__*
...
Canadian Bakeries pref 100
Canadian Canners
1st preferred.....
5
89
100
*
Con v preferred
Canadian Car.....
6%
7%
*
Preferred
25
Canadian Dredge
Can Indust Alcohol A
B
25
Canadian Wineries
_
Cockshutt Plow
Bonds
Consolidated
100
Cosmos Imperial
Preferred.
&
New York
Bid
33%
1%
15%
9%
97
4314
9812
91
93
90
9114
3U2
3214
Int Pow A Pap of Nfld 5s '68
Lake St John Pr & Pap Co—
6%s__
Feb 1 1942
6>4s—
Feb 1 1947
MacLaren-Que Pow 5>4s '61
7%
13%
26
5
11434 11512
1960
6s
March
1 1960
British Columbia Tel 5s 1960
Burns A Co 6%s-3%8„1948
Manitoba Power 5>4s__1951
10412 10512
Brit Col Power 514s
Maple Leaf Milling 5>4sl949
Massey-Harris Co 5s.. .1947
10312 104i2
10214 103U
10434 106
Calgary Power Co 5s
1960
IOOI4
Canada Bread 6s
1941
10612
105
Canadian Canners Ltd 6s '60
105l2
Canadian Con Rubb 68.1946
10514
Canadian Inter Paper 6s '49
80
Can North Power 6s... 1963
103
Can Lt A Pow Co 6s
100l2 10112
1949
Consol Pap Corp 5%S—1961
/3U2
IO8I4
10414
8312
Dominion Canners 6s.. 1940
Dominion Coal 5s
.1940
Dom Qas A Eleo 6%s__1946
1949
Dominion Tar 6s
102
Donnaoonna Paper 5%a *48
Duke Price Power 6s.
1966
60
East Kootenay Power 7s '42
Eastern Dairies 6s
1949
Eaton (T) Realty 6s...1949
Fam Play Can Corp 6s. 1948
Oct 1 1951
102
104
Northwestern Pow 6s.-I960
51
General Steelwares 6s..1952
100
Great Lakes Pap Co 1st 6s'60
Smith H Pa Mills 5>48.1953
87
Certificates of deposit
103
'
U
51
-
52
52
10284
9U2
89
90
11957
97l2
.1943
92i2
Certificates of deposit
9212
101
Quebec Power 5s......1968
94
104
3d Secur'les Ltd 5 >4s
9334
101
'52
West Kootenay Power 6s '56
4814
10412 10512
.Oct 2 1954
77
78
6% preferred
.100
Atla-Pacific Grain pref .100
7>*
27
*
100
Bell Telephone.
3%
143
*
Blue Ribbon com
6%% preferred
,
50
Shares
7%
Brazilian
*
Brew A Distill
*
British-American Oil..
*
Low
550
2.00
Oct
Dec
103% 105
45
99
Oct
105%
32%
Feb
47%
Dec
25c
July
July
80c
Aug
18%
Dec
45
46
12,108
40c
15
18%
170
7
67
90
59
Oct
19
1,491
17
Oct
17%
374
16
Oct
19%
18%
1.60
2.00
2,265
Oct
1.65
4%
110
~~6%
4%
5%
6%
4,143
2,089
Dec
67
18%
40c
Dec
July
Mar
Dec
1
July
5
Mar
3%
Mar
Nov
146
147
Jan
180
175
180
Oct
11?*
Jan
Mar
Dec
149
Nov
Jan
185
Nov
16?*
7
50
14%
Oct
22
655
4%
July
7%
Nov
7 >4
105
6
Dec
8%
Feb
79%
3>*
80
3%
96
75
Aug
150
3
Dec
26
26
85
21
Oct
26
85
85
5
70
May
91
19%
20
905
8
Mar
20%
Dec
29
29
90
27
Jan
31
Dec
16?*
95
118%
93
135
*
6%
7%
7
.
3%
26
*20"
29
88
4%
Jan
June
Deo
Dec
Jan
.100
30
30
5
20
Feb
32
Nov
100
104
14
70
Jan
104
Dec
9
9
50
5
June
11
75
77
60
62
June
90
Jan
*
7
7
7
15
4
July
7
Nov
20
pref
25
July
100
20
20
20
Dec
56%
60
836
42
Mar
49
50?*
326
41
Apr
8%
8%
100
7
Oct
9%
Standard Steel
9%
9%
6
2
Mar
6,353
4
255
2
May
Aug
4,053
23
Oct
16?*
Jan
_*
'59%
25
50%
.*
8%
*
9%
8%
*
Preferred
Tip Top Tailors
3%
32%
17%
3%
Twin City
Union Gas
United Steel
Oct
77
com
*
*
7
—100
57
(Geo) com
*
32
17%
6?*
55
14%
*
14%
2%
3%
33%
18
7
834
160
54
57
14%
2%
636
40
I
Apr
2?*
20
13?*
2?*
Apr
Sept
Dec
58%
Dec
49
NOV
12% June
12%
Nov
10
Nov
5
35%
18%
6%
Jan
Nov
Mar
Dec
57
Deo
17
Sept
Jan
5%
Oct
53
118
148
150
278
122
Oct
185
190
76
141
Oct
51%
203
205
27
157
Oct
66% May
Jan
169%
201% Feb
208% Mar
100
199
199
201
251
153
Oct
203
Jan
.100
271
271
271
10
245
Oct
305
Jan
100
165
163
165
86
133%
Oct
173
Jan
Toronto..
100
225
225
7
230
May
137 %
87
138
61
118
Oct
150
87
32
82
Oct
103
Feb
18
53
Deo
75
May
16
175
Jan
204
Feb
2
105
May
121
June
50
...100
52%
149
100
100
...
205"
52%
& Trust—
100
.....
138
100
87
Landed Banking
100
63
National Trust
100
192
53 %
192
.50
115
115
Toronto Stock
Jan
Dec. 28 to Jan. 3,
Feb
Exchange—Curb Section
both inclusive, compiled from official sales lists
Friday
Jan
Last
Week's Range
for
Sale
Oct
15
Jan
of Prices
Low
High
Shares
Mar
95
Aug
7
Feb
145
Dec
Bruck Silk
4
Deo
Brewing Corp.
3%
145
30
9?*
10%
1.30
40
65
8>*
85
155
2%
195
118%
July
Apr
15
1%
Oct
61
18?*
4>*
5
Par
Stocks—
Biltmore
*
Hats
19% May
29
Feb
Jan
41
Nov
8,176
1,235
*
Preferred.
*
Sept
10%
Nov
Canada Vinegars
50c
Jan
1.65
Nov
Cdn Wire Box A
*
14%
2%
25%
28%
28%
Apr
Apr
16% May
Consolidated Press
Jan
32
Deo
Apr
Apr
39%
39%
6%
Deo
Deo
Deo
5
6
l,0i20
7
June
36
17
Apr
38
895
5
Oct
8%
64%
40
6?*
60
193
13%
6%
34
49?*
Oct
Deo
Jan
Jan
100
*
Dom Tar A Chemical-—*
Preferred.
100
Hamilton Bridge
*
21>*
Preferred
*
No par value.
13
6%
32%
26?*
21>*
7
33*
100
/ Flat price
5
15%
170
15
Dec
2%
13?*
6%
34
27
21%
7%
1,136
1
Oct
85
33%
5%
4%
4
25
High
Apr
32
57
Low
13
30
2%
Range for Year 1935
Week
55
29%
85
Corrugated Box pref
Dominion Bridge
Sales
,15
*
5
Oct
110
10
30
2%
—*
*
38
24,854
Price
*
Canada Malting
27%
7%
39
5?*
Dec
17%
Jan
3%
27%
5%
Dec
10
67
Sept
3%
26%
39
14%
17%
4
9%
38
12
10
29
93
58
July
35
Nov
38%
.100
11
Dec
6
Jan
987
Sept
Aug
80c
38
Preferred—
Jan
4
1.15
5%
11
15
1.30
6%
58%
Dec
10
100
*
6
147
Standard Chemical
High
July
120
*
60
125
io>*
-50
Dec
Royal
official sales lists
35
preferred—
5%
7%
13%
1,160
*
Canada Permanent
15%
B
Feb
Oct
Oct
100
Huron A Erie
32
Canada Cement
Jan
530
Aug
Jan
Imperial
18>*
4>*
Canada Bread
3
4%
July
Nova Scotia....
35
Preferred
55%
Dec
10
490
2,085
715
92>*
3%
4
July
51% June
17
Preferred
Montreal
*
*
32%
72%
Oct
59
*
Canada.
Building Products A..
__25
Burt (F N)---
B C Power B__
23% June
102
2
30
27
1st pref ..25
Dec
.100
Canada Bud
Brant Cordage
13%
10
Toronto Mortgage
1,552
11?*
140
Mar
7%
Range for Year 1935
1.45
11
.100
Preferred
Beauharnois Power...
Feb
160
27
6%
27
2
*
Beatty Brothers
45%
*
Week
♦
Associated Canners...
Jan
3%
94
Dominion
WA. 3401-8
for
of Prices
Low
High
1.15
Jan
10
14
"ml
100
Commerce
<"
Sales
Week's Range
Sale
1.45
Jan
July
Dec
1
156
*
Dec
18%
12%
479
*
May
6
13
1
*
100
Dec
Aug
Nov
Banks—
Exchange
Last
Price
3,325
2,822
Nov
38%
28
Photo Engravers
Porto Rico pref
Loan
*
1,700
108
98
Walkers (Hiram) com
Preferred
New York Curb (Associate)
Par
855
---
Canadian Commodity Exchange, Inc.
Stocks—
610
12
Steel of Canada
STOCK BROKERS
Abitibl
72
4,207
Jan
Nov
20%
27%
-
Duncanson, White & Co.
Friday
193
96%
Zimmerknit
Dec. 28 to Jan. 3, both inclusive, compiled from
220
Oct
Jan
100
Preferred.
Toronto Stock
Mar
Jan
Mar
9%
17%
...100
A
Westons
King Street West, Toronto.
Mar
13
Western Can Flour
15
6%
28
Preferred
105
99
Members Toronto Stock Exchange
1,115
1,610
Nov
6
98
Moore Corp com
Simpson Ltd B
9912 10012
78l2
10534 10684
WinnipegElec Co 5s... 1935
6s
Oct
_*
Preferred
Russell Motors..
94
102
111
/4734
2%
*
McColl-Frontenac Oil
Riverside Silk A
103i2 10414
id Grain Grow 5s—1948
200
7%
15%
100%
29%
*
*
Pressed Metals
1005s 10034
104
13%
-
103l2
8512
l03%
100
Pantepec Oil
8912
Provincial Paper Ltd 5>4s'47
Preferred
Page-Hersey
97
Price Bros A Co 6s
6OI2
Maple Leaf Milling
Massey-Harris coin
Ont Equitable
10514
-
15
2.00
*
Jan
Dec
Nov
10
---
-
Oct
13%
B
B...
Ottawa Valley Power 5 >4s'70
Power Corp of Can 4>4s 1959
103
14
67
Loblaw Groc A...
National Sewer Pipe A
National Grocers
Ottawa Lt Ht A Pr 5s__ 1957
Deo
*
Oct
8%
7
40c
.
17
Oct
6%
11
Jan
42%
13%
11%
-
Ottawa Traction 5)4s.. 1955
5s
7%
13%
9
-
5014
■
Nova Scotia LAP 5s..1958
8312
77l2
9314
-
IO6I4 10684
Montreal Tramway 5s.1941
New Brunswick Pow 5s 1937
9912
103
Eraser Co 6s unstamped '60
6s stamped.........I960
-
/4934
'8038
84i2
180
Jan
Jan
13%
*
Laura Secord
10412 10512
1939
value) 3s
200
Oct
Mar
Jan
9%
8%
5,131
......
102
5s
91
83l2
77
Minn A Ontario Paper 6s '45
Montreal Coke A M 5>4s '47
par
10414 10434
__
Gatlneau Power 6s....1956
106
8512
11178 11214
32l4
Cedar Rapids M A P 5s 1963
76
Aug
Oct
6%
94
10
5
Int Utilities B
/49
8784 8884
10412 105
33l2 34
5
4%
6%
7
*
Lake of the Woods
Montreal L H A P ($50
Canada Cement Co 6%s '47
Canadian Vlckera Co 6s 1947
McColl Frontenao Oil 6sl949
93
Montreal Island Pow 5%s'57
80
*
Internatl Milling pref-.100
Int Nickel com.
*
80
7812
6%
60
100
55%
15%
B
/40
/91
596
3,335
160
*
Imperial Tobacco
42
Sept
1%
13%
26%
65
56%
55
Internatl Coal A Cake
10U2
July
4%
4%
10%
19%
10
65
_
Sept
75
14% Apr
Jan
102%
13% Apr
3% Apr
14% Sept
6% July
5
Aug
19%
106% 107%
33% 35
4%
4%
15%.
15%
8%
9
50
—*
s
3%
110
175
*
Hunts A
Bid
A ft
125
331
184
17%
1%
13%
24%
64%
Gypsum
/42l2
Dec
11%
125%
Gen Steel Wares com—
Utility Bonds
Dec
36
10
Ford A
Preferred—
23
Aug
133
16
Jan
Nov
420
"l%
Goodyear Tire
Industrial and Public
7%
11%
13%
190
.25
_
Hinde A Dauch.
11%
'
2%
July
15
206
*
Fanny Farmer
Private wires to Toronto and Montreal
15
6
Nov
82%
10
188
25
Easy Washing com
Inc.
35
203
17%
Eastern Steel Prod
Co.,
115
190
100
Dominion Coal pref
Dominion Stores
14 Wall St.
10%
9%
14%
10%
19
Distillers Seagrams
Dom Steel A Coal B_
May
Sept
July
204
*
Smelters..25
Consumers Gas
Gundy
8
110
30
15
44%
11
10 %
*
Consolidated Bakeries
Wood,
14%
11%
2%
*
50
10
Dec
520
240
42%
15
Canadian Pacific
S>
15
*
June
120
89
6%
High
450
10
5
4%
Low
Shares
43
44%
10%
10%
*
cua.
82% 83%
111% 111%
7%
8%
22% 22%
85
,
Range for Year 1935
for
W
620
520
43
Canadian Oil
Canadian
Sales
Last
Preferred
Feb
4%a..
Exchange
Friday
Canada Life Assur
Provlnce of Saskatchewan—
Province of Nova Scotia—
414s. .—.—Sept
Ask
10412 10478
11034 IIH2
11412 11512
11414 11514
1
Province of Manitoba—
Toronto Stock
ma
Province of Ontario—
93i2
8812
60
4%
25
29 %
18 %
Dec
Nov
Oct
4>* May
22?* May
8?* May
305
29
Apr
36
Nov
13
24
Sept
29
50
15
Apr
May
Dec
65
5
Dec
105
30
Jan
446
620
1,240
8
5%
Oct
21%
7%
90
24% Mar
3% June
34 %
42
Jan
70
345
3
July
10
19
July
490
45
7?*
5%
33
Dec
July
Dec
Mar
Mar
Jan
Jan
111
Financial Chronicle
Volume 142
Canadian Markets—Listed and Unlisted
Toronto Stock
Week's Range
Sale
{Concluded)
Honey Dew pref
Humberstone
Imperial Oil
20%
*
4
~34%
Mercury Mills pref
100
Montreal Power.
*
._*
pref
32%
16%
5
National Steel Car
3.25
Ontario Silknit
*
Preferred
6
Apr
32%
20
28
July
*
11%
*
2
Oct
6
Apr
25
Nov
45
Mar
Sullivan Consol
28%
Mar
30
5
33%
35
9,927
7
10
31%
33
220
16
16%
75
3.25
305
10H
1%
*
6
5%
20
19%
1.15
*
Waterloo MfgA
*
"1%
Sale
2.70
Mar
25c
*
4~89
4.88
4.99
6,180
Texas-Canadian.
*
1.84
1.45
1.85
26,465
1.50
Jan
Feb
Toburn
1.27
1.27
1.30
970
Gold
~
1
Gold...
Wayside Consol.,
70c
July
Jan
Nov
Jan
1.75
Feb
32
Mar
129
15% May
29
21%
108
25
131
3
400
2
Oct
1%
1%
115
1
July
Nov
5.30
Dec
Feb
1.41
Nov
1.00
Aug
1.45
12c
Apr
Jan
19%c
22c
7,701
Oct
30%c
Jan
1.60
1.82
89,455
80c May
1.93
Dec
1.30
1,20
1.30
10,711
50c
1.22
Dec
16Hc
15%o
17c
29,800
7c
Jan
24c
Mar
*
1
*
3c
3c
3c
3,500
1%Q
July
lOHc
3Hc
3c
3Hc
6,000
2%c
Dec
7c
Jan
7.85
7.65
7.85
4,430
6.90
Aug
9.90
Mar
44c
July
9
23
Jan
55c
_.50c
2%
May
3.70
21c
44c
44c
1,100
26c
July
85c
Mar
1
Waite-Amulet
Oct
5%
14% May
67c
*
Nov
80
Sept
1.69
12%
6% June
White Eagle
W i ltsey-Coghlan
,
Wright-Hargreaves.
.
.
Ymir Yankee Girl.
July
Jan
Jan
%
June
Jan
4%
2%
Toronto Stock Exchange—Mining
Curb Section
Jan
both inclusive, compiled from official sales lists
Dec, 28 to Jan. 3,
Sales
Friday
Range for Year 1935
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Low
Shares
High
Sales
for
Aldermac Mines
High
Shares
Low
High
7%c
1
3%c
Central Manitoba
Week
of Prices
*
Canadian-Kirkland
Range for Year 1935
1
14c
14 He
6,900
13c
Afton Gold
1
63c
5,750
38c May
Ajax Oil & Gas
1
58c
55c
58c
4,060
40c Sept
Alexandria Gold
1
2c
lc
2%c
93,900
%c
Dec
Aug
26c
Mar
77He Sept
1.09 Mar
2Hc
58c
Jan
Cobalt
9,055
50c
55c
11,700
90c
Dec
74c
78c
4,355
50c
Apr
90c
Dec
2,535
11.50
Jan
24 %
Dec
14%c 14%c
500
12c
Nov
33Hc
Jan
3c
4c
89,500
2c
Oct
7c
Apr
lc
lHc
38,500
4,000
He
Jan
3c
Jan
6c
Apr
14c
Dec
14,000
23,000
39,700
He May
4Hc
Jan
28Hc
Dec
Kirkland-Townsite
1
LakeMaron
*
Malrobic Mines
1
95c
94c
96c
3,450
94c
Dec
1.19
1
1
21c
54,650
6Hc Sept
32c
Jan
Astoria-Rouyn
3c
3HC
11,500
Oct
8c
Mar
Bagamac-Rouyn
1
7c
5Hc
7 He
92,825
3He July
14c
Jan
Barry-Hollinger
1
4He
7,850
2Hc May
8 He
Sept
*
4Hc
38%c
4c
Base Metals-..--..
37c
41c
18,700
94c
Apr
Aug
Hudson Bay Mining.
.
24
20%
14HC
24
20c
24c May
Sept
Ashley Gold.
Oct
78c
*
8Hc Mar
1
Apr
Dec
50c
-
Jan
Arntfield
8c
50c
*
Home Oil
2Hc
Dec
6Hc
*
Foothills Oil
19,500
4.75
Jan
Oct
Aug
49c
3 He
Oct
3c
lMc
lHc
3Hc
3.60
Dec
4Hc
3Hc
1,781
Dec
14c
35c
Nov
4.40
3Hc
July
1 He
35c
4.15
Apr
lc June
3c
3Hc
5,200
4.20
4c
12c 15Hc
11c
48c
60c
*
3c
4He June
16,700
112,300
100,500
4,500
2,000
lHc
1
53c
Anglo-Huronian
7%c
*
Contact
Dalhousie Oil
54c
Dec
7c
...I
Churchill Mining
14c
58c
*
*
15,100
Teck-Hughes
23 H
Low
Price
9,580
31c
,
Ventures
25
2.55
28c
Jan
Towagamac Explor.
20
2.47
Nov
58c
—
Dec
2.01 May
2.50
18%
14%c
Algoma Mining.
91c
36%
*
Algold Mines
Jan
Oct
Nov
160
Week's Range
Last
.
38c
82 %g
Apr
Nov
1.15
Friday
Acme Gas <fe Oil.
93c 104,739
"~~93c
26%
12%
both inclusive, compiled from official sales lists
Par
11c
Exchange—Mining Section
Toronto Stock
Stocks—
Sept
1
18
31%
117
3c
1
2%
23%
Walkerville Brew
Dec. 28 to Jan. 3,
1.10
31H
115
Dec
Mar
2,000
Tashota Goldfields
105
65
Mar
4.10
5%c
Sylvanite Gold
Jan
506
49 %c
Jan
5%c
Nov
Jan
1,640
July
1.25
22c
3.50
Mar
8
6%
20%
Mar
14%o
17c
3.20
10
75
929
32c
21c
39%
4.00
High
Jan
3.20
Dec
7
15
U%
1%
Low
13 He
59,750
29,360
4,615
1
—1
Sudbury Contact
45
U%
102
18%c
21c
*
Sudbury Basin
30
*
*
*
Supertest Pete ord
Nov
22%
8,109
19c
Shares
*
1
St Anthony Gold
4%
Shawinigan.
Standard Paving
Nov
35%
20%
3.25
Week
Price
Par
Stadacona-Rouyn v
4%
Rogers Majestic
Toronto Elevators pref. 100
United Fuel pref
100
Feb
15H
June
8
(Concluded)
19%
100
...100
Prairie Cities Oil A
10
14H
Power Corp
Stocks
High
Low
7%
7
for
of Prices
Low
High
Week
Shares
30
___100
„
International Petroleum.. *
North Star Oil
%
Range for Year 1935
Week's Range
Sale
32%
*
Int Metal Indust
Sales
Last
Range for Year 1935
for
7%
*
.*
Shoe
Preferred.
of Prices
High
Low
Price
Par
Exchange—Mining Section
Friday
Sales
Last
Stocks
Toronto Stock
Exchange—Curb Section
Friday■
Bear
20%c
—
—
14c
■
2c
13c
Oct
lHc
*
Mandy Mines
Night Hawk Pen
3Hc
13c 13Hc
13Hc
1
lHc
Nor don Corp
5
Oil Selections
*
lHc
lHc
20c
15c
21c
6c
4Hc
6c
3He
Mar
3Hc
Jan
Aug
7c May
49c
36Hc
9,000
14c
Feb
1.06
Parkhlll Gold
1
20c
19c
20c
9,450
32c
Feb
*
1.48
1.45
1.50
11,500
1.25
Oct
2.16
Jan
Pawnee-Kirkland
1
2Hc
2Hc
2Hc
10,900
lc
Feb
4Hc
Apr
1
__1
71Hc
71c
75Hc
61,630
31c
Feb
76c
Dec
Pend-Oreille
1
1.07
1.05
1.10
5,550
45c
Mar
1.15
Dec
18Hc 20He
35,273
16c
Nov
38c
Jan
Porcupine-Crown
1
4Hc
4c
4Hc
6Hc
Aug
5.75
5.50
5.75
8,114
4.30
July
12.50
Jan
Preston-East Dome-
2c
2Hc
3Hc
Sept
8c
9c
1,500
2He July
24c
Apr
Ritchie Gold
1
lc
lc
lc
18,078
6,000
5,000
Jan
*
He
Nov
3.81
3.80
3.99
7,985
2.35
Oct
4.07
Dec
6Hc
6Hc
7c
78,400
2c
Apr
Oct
3Hc
Jan
Robb-Montbray
Sudbury Mines
1
%c
3%c
3%c
4c
64,900
3c
Jan
4c
Wood-Kirkland
4c
4c
1,000
3Hc
Oct
1
Exploration
Beattie Gold Mines
Big Missouri
Bobjo Mines
Bralorne Mines
20%c
50c
B RXGold Mines
—
---1
Buffalo-Ankerite
-
49c
*
2MC
2c
2HC
6,500
Bunker Hill.
*
6Hc
6Hc
7c
4,760
Calgary & Edmonton
*
80c
80c
80c
1,700
Canadian Malartic
*
1.10
1.09
1.16
17,490
Buffalo-Canadian
—
1
1
18c
3c
lc June
■
2Hc
Jan
9Mc
He
Nov
7Hc
9
Aug
Aug
'
Jan
8 He
Aug
50c June
85c
54c
Feb
1.20
4c
Dec
Dec
Cariboo Gold
1
1.18
1,175
95c
July
Castle-Trethewey
1
1.25
1.24
1.30
21,200
56c
Jan
1.34
Apr
Central Patricia
1
2.83
2.73
2.95
89,675
1.12
Jan
2.95
Dec
Chemical Research
*
76c
76c
2,200
70c
Oct
2.25
Jan
Chibougamau Pros
*
*
19c
22c
70,100
8c
Jan
27c
Mar
1.15
22c
1.15
1.50
Jan
2 He
3Hc
66,250
2c
Jan
8c
Apr
Commonwealth Pete
*
4HC
4%c
4,000
3c
Sept
5Hc
Dec
Coniagas Mines
5
2.86
3.00
450
2.15
3.60
Feb
Coniaurum
*
1.87
1.90
1,788
Sept
1.35 July
2.60
Jan
42 %
745
Clericy Consol
Mines
3Hc
1.88
42
42
*
Dome Mines,.
Eldorado
1
1.22
1.15
1.25
35
J an
42 H
15,950
Dec
2.93
Drury & Thompson
Members
Apr
Falcon bridge
*
7.10
7.00
7.30
7,781
3.25
Jan
8.60
1
5c
5c
5 He
22,200
3c
Oct
40c
Aug
God's Lake
*
1.35
1.25
1.36
50,871
1.16
Dec
2.24
Jan
Goldale
1
16 %c
13HC 16HC
34,626
11c May
20c
Inc.
Jan
4c June
Canadian Commodity Exchange
Dec
Franklin Gold
Montreal Curb Market
Montreal Stock Exchange
Dec
1.00
SECURITIES
CANADIAN
14c
ST. JAMES ST. W., MONTREAL
PHONE
Mar
HARBOUR
1254
Oct
7c
360
1
6%c
6c
7c
6,000
Graham-Bousquet
1
3%c
3c
3Hc
8,500
2c
July
Granada Gold
1
20c
18c
22c
5,950
18c
July
Grandoro
*
6c
6c
2,000
5c
Dec
12c
Jan
Greene-Stabell
1
26 %c
82c
26HC
28c
22,250
15c
Oct
35c
Jan
77c
84c
51,350
48c
2c
2c
1,000
Goodfish
Mining
GunnarGold
1
H alcr o w-S way ze
1
Feb
2c June
10c
Jan
20.25
30c
31c
340
1
7%c
6Hc
7Hc
28,800
Holllnger Consol
5
13.75
13.70
14.10
7,892
Homestead Oil..
1
12 %c
12c
13c
7,100
4He
Oct
14c
Dec
Howey Gold
1
64c
64c
66c
18,850
59 He
Oct
1.10
Jan
Bay.-.l
32c
28 He
9He Sept
30c
Jan
79,919
3 He
July
65c
Mar
Kirk land Lake
1
55 %c
Lake Shore Mines
1
52%
Lamaque Contact
1
6c
Lebel-Oro
1
48 He 55 He
Oct
46 %
Oct
1 %c
Oct
15Hc 228,298
3 He
32,500
7c
Dec
18c
Nov
2He
Jan
8c
Apr
6 He
58
Mar
8c
Jan
.__1
14%c
3%c
2%c
Little Long Lac
*
6.65
6.40
6.84
19,045
4.50
Aug
7.25
Macassa Mines
1
3.25
3.24
3.35
25,631
1.31
July
3.38
Oct
18,500
3c
Feb
12c
Jan
.
Lee Gold Mines.
Manitoba & Eastern
6c
*
5Hc
6%c
Par
Stocks—
Agnew-Surpass Shoe.. —.*
"*
Preferred
Feb
Maple Leaf Mines
1
6c
8,500
2 He
M clntyre-Porcupine
5
41%
41 %
4,034
34
McKenzie-Red Lake
1
1.45
1.33
1.48
64,187
96c
Sept
1.45
McMillan Gold
1
3%c
2%c
4Hc
85,150
2He
Jan
46 He
Jan
__1
21c
19Hc
23c
26,900
10c June
40c
Jan
1.58
1.57
1.65
26,195
45c
2.15
Mar
15c
14c
15c
3,500
14c
Sept
1.25
1.30
3,155
98c
Mar
1.53
Dec
lOHc lOHc
1,000
7He June
19c
Jan
McVittle-Graham
McWatters Gold
Merland Oil
*
Mining Corp
*
1.25
Minto Gold
*
10 He
46
Jan
Mar
27c May
7c
2,000
5c
Oct
16c
Jan
62c
18,350
35c
Oct
79c
Sept
2,100
lHc
Jan
4c
Apr
2.58
2.40
2.75
6,250
2.05
Oct
2.95
45%
44 %
60c
*
5
*
;
Jan
13Hc
lHc
7c
1
Newbec Mines
Noranda
Nov
60c
1
M orris-Kirk land
.
Sept
lHc
Moneta-Porcupine
Nipissing
6c
6%c
45%
6,293
31
Jan
47%
Apr
Dec
North Can Mining
O'Brien Gold
*
15,400
16c
July
48c
48c
48c
2,750
30Hc
Olga Oil & Gas,
*
4%c
3%C
4Hc
85,000
2He
Mar
Sept
Pamour-Porcupine Gold..*
3.80
3.75
3.80
16,721
3.55
Dec
3.80
Dec
60c 437,264
16c
Feb
50c
Dec
32c
1
24c
32c
'
Paymaster Consol
1
60c
48c
Perron Gold.
1
1.15
1.15
1.24
16,900
Peterson-Cobalt
1
3C
3c
3%c
8,500
55c
55c
1,210
45c
Feb
4.30
3.55
4.32
18,638
3.55
Dec
Petrol Oil & Gas
*
Pickle-Crow
1
1
9.60
Premier Gold
1
1.82
Prospectors Airways
Quebec Gold.
Read-Authier
Feb
Jan
Dec
75c
Mar
1.25
Dec
9 He
Apr
65c May
4.20
Dec
12.25 May
9.75
1,230
9.00
1.82
1.85
3,350
1.36
Aug
2.05
Apr
2.90
Jan
3.35
Nov
1.06
Deo
9.50
1.00
*
1,500
1.25
1.00
1.06
5,525
1.00
Dec
7Hc
*
_.l
Quemont Mining
50c Sept
lHc
33c
6 He May
2.60
Pioneer Gold..
7Hc
500
3c
Apr
8c June
___1
1.45
1.42
1.48
31,850
55c
Jan
1.48
Deo
1
1.03
99c
1.08
13,100
73c
Oct
1.67
Mar
25c
Aug
54c
Jan
Reno Gold
Red Lake-Gold Shore
*
54c
75,725
Roche Long Lac.
1
6%c
4%c
6 He
29,700
Royallte Oil
*
30%
28
30 %
1,642
San Antonio
1
3.00
3.10
14,300
Sheep Creek
50c
56c
56c
66c
4,050
55c
_1
1.08
1.08
1.15
45c
Siscoe Gold
1
2.92
2.90
3.04
19,532
44,075
2.40
Oct
3.28
Mar
South Tiblemont
*
5c
3%C
7c 706,760
2c
Oct
15c
Mar
Sherritt-Gordon
53 He
48c
3.00
Week
2He
18
Oct
2.00
10 He May
30 H
Deo
Oct
5.20
Mar
Jan
1.25
Apr
Mar
1.23
Nov
Mar
Low
Price
9%
High
9%
10
Range for Year 1935
Low
Shares
315
7%
rH o o £
4
25
15
Sept
28
Jan
20
12
Oct
18
Mar
60
4
10
27
27
27
12H
12%
11
11%
315
8%
14
6,065
100
3
-50
*
Associated Breweries__
Bathurst Pow & Pap A
I*
13H
#
Bawlf (N) Grain
Bell Telephone
"ioo
-..*
Corp A__ _.-*
13H
100
_
Brazilian T L & P
Brit Col Pow
—
11
■
Dec
Sept
13H
Jan
4%
Mar
14
Dec
50c
July
3
Jan
140 H 145 H
142
10H
22
10 H
29
5,825
4H
155
2H
Apr
1,275
14M
Jan
18%
32
9H
28
28
125
118
7H
21
Apr
144 H
Dec
Aug
10H
Jan
July
30 H
*
4H
*
15H
15
16
Building Products A..
*
35H
32
35%
101
26
Oct
Canada Cement
*
6H
6
6%
1,779
5
Oct
8H
244
50
B
Bruck Silk Mills
4H
Aug
Aug
Jan
Aug
100 H
4
"ioo
Preferred
10
2
100
4
Amal Electric pref
High
Jan
96
100
Jan
6c
40
for
of Prices
*
Alberta Pac Grain A—
1,818
53
4%c
10c
11.65
92,000
51
Week's Range
Sale
Mar
1
Harker Gold
35c 108,760
Last
Oct
4c June
Sales
Friday
Jan
49c
Exchange
both inclusive, compiled from official sales lists
Dec. 28 to Jan. 3,
97c May
8 He
Dec
26c
Hard Rock
Kirkland-Hudson
Montreal Stock
40c May
5
Jan
Jan
Sept
Dec
Jan
59
Preferred
Can Nor Power Corp.. ...*
*
Canada Steamship
lioo
Preferred
Can Wire & Cable cl A
58
59
Oct
64 H
Jan
24
22
25%
1,320
17H
Mar
25 %
Dec
1.75
100
1.00
July
2.75
5%
1.75
8
..
9
695
July
11H
22
9
*
*
Class B
1.75
22
50
16
Nov
22
8H
31H
60
5
Nov
195
26
May
8H
_
*
Canadian Bronze
Cndn Car & Foundry.
31
29
*
7%
14%
14
30%
26H
"25
Preferred
*
Canadian Celanese
"ioo
Preferred 7%
100
Cndn Converters
Cndn Fairbanks pref— .100
6H
125
23%
_
_
23H
23
Cons Mining & Smelting.25
8
203 H
33 H
127
Dec
32
Mar
Apr
100
Dec
30
Feb
5
103
May
107 %
48
455
37
Apr
82%
Jan
10H
9H
11
7
Jan
13%
Nov
10H
2,653
1,830
Jan
12
Nov
10H
11H
4,627
Oct
7%
8H
970
6
Mar
13H
8H
420
126
Mar
220
Dec
Dec
9%
11%
♦
Jan
Dec
Dec
*
Class B
Jan
Jan
27H
Aug
10 %
Canadian Pacific Ry._ „25
100
Aug
8H
17
18
*
Cockshutt Plow
60
Apr
32
85
45
.
Oct
24
48
-
Sept
5
Cndn Hydro-Elect pref-100
_
4%
10%
18%
Jan
Dec
5
23%
100
23 H
23H
105
105
105
-
30 %
125
2,601
1,242
3,475
8%
°/4
10
H
100
Cndn Foreign Investment*
100
Preferred
Cndn Ind Alcohol
7%
15
Jan
Dec
203
205
6
8%
35H
970
13 H
May
39
33 %
Jan
Jan
Jan
*
33 %
33%
31%
1,236
24 H
Mar
34 H
Dec
Dominion Coal pref— .100
15%
15%
15%
530
14H
Aug
18%
July
Dom Steel & Coal B-. —25
4%
4%
4%
1,072
3H
73%
82
150
Distillers Corp Seagrams.*
Dominion Bridge
Dominion Textile.
*
73
"ioo
Preferred
Dry den Paper
Eastern Dairies
*
No par
value.
60
7
135
July
2,460
5%
4H
6
*
2%
2H
2H
1
1
1
*
1.1*
5
45
3
1.25
1
16H
Famous Players C Corp..*
General Steel Wares..
152
144
*
Enamel & Heating Prod__*
Foundation Co of Can.
72
144
Apr
Sept
13H
4H
16H
5
12 H
13
13 H
5
340
9H
1,570
4%
3
6
Jan
H
Jan
Dec
July
5%
Jan
Nov
3.50
Nov
Jan
3
Feb
16H
Oct
14
July
5H
Dec
Dec
Nov
Jan
112
Financial
Chronicle
Jan. 4 1936
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Last
(Concluded)
Week's Range
of Prices
Low
High
Week
Price
Par
55%
Gurd
(Charles)
*
Low
Shares
30
55%
High
51% 'July
4
Big Missouri Mines Corp.l
72c
Brazil Gold & Diamond-.1
37c
Jan
Bulolo Gd Dredging Ltd .5
Cartier-Malartic G M Ltdl
73%
320
24%
4%
25%
5
19%
13.80
13.80
14.10
1,145
11.65
*
12%
109%
12%
450
9
July
13
Feb
140
84
May
115
1,495
12
Mar
100
Imperial Tobacco of Can.5
Preferred
13%
7%
£1
Intercolonial Coal
100
Int Nickel of Can
_.*
International Power
_
7,024
26
Feb
Dec
Lake Shore Mines Ltd
1
Dec
Lamaque Construction
*
6.00
Jan
Lebel Oro Mines Ltd
1
Jan
Mclntyre-Porcupine Ltd_5
1,085
7
June
33%
18%
70
80
Sept
*
13
Montreal Cottons pref.100
18%
125
2,337
2,619
6%
12%
13
Mar
3%
13
Oct
73
July
Dec
Dec
125
Nov
Nov
7%
15%
52c
6%c
13%c
2.50
"~2~50
Feb
2.10 May
1.44 July
4.32
Dec
100
100
99
100
45
80
Jan
.102
Deo
Slscoe Gold Mines Ltd
39%
40
1,263
31
Jan
40
Nov
Sullivan Cons
42%
43
20
44
Nov
Teck-Hughes G M Ltd.-_1
Noranda Mines
,__*
45%
Mar
Sept
Jan
36
45%
4,333
31
Jan
47%
Dec
/
49c
500
1.83
1.86
2.01
Apr
1.00
1.05
9,600
9%c
Jan
1.05
Dec
1.48
1.42
1.49
60c
Jan
1.48
Dec
1
2.93
2.90
3.05
14,650
11,175
2 40
Oct
3.29
Mar
1
92c
87c 92 %c
33,831
38c
Feb
91%c
Dec
3.67
Jan
5.25
Dec
81c June
1.92
Dec
200
18%
Jan
Ventures Ltd
4.95
1~67
5.00
400
1.67
"
*
1.80
5,850
Unlisted—
Arno Mines Ltd
*
2c
2c
2c
*
Ottawa L H & Power
200
195
200
136
140
Mar
Dec
Central Patricia G M.
1
2.87
2.80
2.95
90
88
90
26
74
Feb
89%
Dec
Howey Gold Mines Ltd._l
65c
63c
65c
21
21
10
14
Feb
22
Feb
San Antonio G M Ltd
1
3.05
3.05
3.08
11%
1,571
7
Apr
Nov
Sherritt-Gordon M Ltd-.l
1.11
1.08
14
425
13
Oct
l.|15
15%
12%
17%
Jan
18%c
20c
96
60
83
1.45
1.25
1.45
1,895
4%
May
Sept
Stadacona-Rouyn Mines.*
Abitibi Pow & Paper Co..*
19%C
96
1,300
7,650
2,100
1,400
2,100
53,010
6%
7%
800
60c
July I
7%
7%
3%
6%
7%
335
1.20
1.20
1.20
2%
13%
2%
13%
2%
13%
81%
81%
5
80
59%
59%
25
55
33
33%
120
29
6%
20
Ottawa Traction
100
Power Corp of Canada...*
Quebec Power
..
*
Rolland Paper pref
-
-
-
11%
15
100
Regent Knitting
10%
*
:
St Lawrence Corp
5%
53%
25
2.00
2,325
3,954
*
1.95
1.75
50
A preferred
8%
8%
St Lawrence Flour MillslOO
Preferred
.100
St Lawrence Paper pref.100
40
„
-
Shawinigan W & Power
*
Sherwin-Williams of Can..*
Preferred
Simon (H) & Sons
*
Southern Canada Power..*
Steel Co of Canada
*
Preferred
25
-
*
Western Grocers Ltd
Preferred
30
Sept
113
June
20%
8%
Dec
6%
Dec
1.90
Jan
9%
39%
Dec
preferred 6%
100
Ctfs of dep 6% pref-_100
Brewers & Distill of Van..*
Jan
Brewing Corp of Can Ltd.*
125
Feb
2,502
1,325
15
18
10
Sept
18
Dec
117
25
100
Jan
118
Deo
9
9
80
8
Nov
14
May
16%
-
22%
22%
Nov
13
12%
13
330
56%
60%
841
42%
Mar
14%
58%
Dec
50%
48%
50
694
41%
Feb
49%
Dec
133%
Jan
9% May
cum
Preferred
*
Jan
Calgary prior pref
100
Can & Dom Sugar
*
Canada Malting Co Ltd..*
Canada Bud Breweries
*
Canadian Canners Ltd
33%
Jan
2.40
Oct
5.00
Mar
45c
Mar
1.23
Nov
14c
Jan
31%c
Mar
55c
3
July
Sept
Apr
115
50c
July
245
1.05
Oct
4%
Jan
530
7%
Oct
22%
May
Sept
Aug
Apr
5%
*
5
5
50
4
20
30
20
Dec
16%
17%
1.75
2%
595
11%
Jan
6,430
65o
July
Jan
Jan
9%
7
Nov
1.70
Nov
85
Deo
60%
Apr
Nov
36
Jan
8%
May
20
Dec
2
Oct
Can Light & Power Co. 100
Consol Bakeries of Can
*
Mar
Jan
6%
30
Jan
Nov
150
10
29
175
16
July
50
25
32
Feb
50
Dec
3
3
100
25
98
Jan
106
Nov
Ford Mot Co of Can Ltd A*
25%
25
27
936
35
4
Apr
Nov
57
54
58
318
35
Oct
66
Dec
350
45
Nov
70
Jan
Gen Steel Wares pref
Int Paints pref
23% June
18
19%
90
18
Dec
20
Aug
19
19
July
66
May
135
Nov
Apr
Apr
Nov
Sept
17%
18%
93%
19%
52
Massey-Harris pref
100
McColl-Frontenac pref.100
37
88
Price Bros Co Ltd
14
14
50
52%
100
Montreal
6%
.....
59
52%
52%
•
150
Dec
31%
Deo
14%
Consol Paper Corp Ltd
Donnaconna Paper A
*
"2%
*
B
5
*
100
30
"l9~~
Loblaw Groceterias Ltd A *
..100
1.09
28
Banks—
Commerce
2.95
Oct
17%
2%
4%
3%
38%
104% 104%
Winnipeg Electric pref.100
Woods Mfg pref
100
Canadienne
4c
Feb
60c
47
28%
*
50
Jan
1.15
150
...100
Canada
1^0
Dec
59%
Tuckett Tobacco pref. .100
Wabasso Cotton
5
2,240
96
July
Apr
'
-
June
10
23
19%
18
117
».
40
119% 119%
20
3
204
117
20
100
9%
40
-
22%
Apr
~1~90
100
Ogilvie Flour Mills
56c
Deo
44%
37c
4,000
Montreal Tramways
National Breweries
15
Apr
4.32
Quebec Gold Mining Corpl
Read-Authier Mine Ltd-.l
12%
2.80
49c
Premier Gold Mining Ltd.l
38
Aug
4.21
Feb
115
2.20
4.30
1
Deo
825
/ 50
Dec
Nov
16%
2.50
32c
36%
36
Mar
1.25
58%
15
Oct
45%
Aug
Pickle Crow
34
16c
Nov
July
July
Jan
16
Dec
34%
18c
Apr
M
8c
,50
56c
54%
-
10,666
8,000
26%
*
2,000
14c
39%
6%0
i5,150
25
25
Mar
6%c
lie
39%
20c
2,073
Preferred
Mar
1.25
57
National Steel Car
67%
6%c
19c
32%
Niagara Wire Weaving...*
46 %c Oct
2c Sept
55
52%c
Dec
1.14
86
39%
Dec
49c
86
*
32o
1.15
Jan
97
Oct
19%c
57
5
Dec
9%c
1
31%
«.
27c
O'Brien Gold
57
-
8.70
Mar
Parkhill Gold Mines Ltd.l
Perron Gold
1
32%
M
Deo
Jan
5c
Jan
5
40
*
Mar
2c
1.58
36
Niplssing Mines Ltd
Montreal Telegraph
MtlLH&PCons
Mar
2.30
44%
1,500
45%
47%
Apr
6c
Oct
27c 161,900
35c
21,150
30c
75 %c
3.25
35
7.25
Feb
Feb
100
42%
30c
5,000
1.84
42%
33c
22
5%
2c
1.84
*
1
1,365
18
2c
*
Dome Mines Ltd
J M Cons...
33
123
"2c
Coniaurum Mines Ltd
Dec
32%
6%
38% May
7%
64
123
61o June
Nov
24c
July
•_*
Jan
30c
7.00
40
Feb
20c
200
26c
80
Apr
8,600
7.15
140
1.00
16,900
*
3%
Dec
75c
37c
35%
Franco Eur Gold
57%
High
30c
Falconbrdge Nickel M Ltd*
46
22%
72c
Aug
.
Low
35%
Nov
45
18%
100
McColl-Frontenac Oil
120
Mar
Range for Year 1935
Shares
Mining—
14%
3%
56%
*
.
45
Oct
6%
Jan
20.20
33
*
;
230
%
Jan
32
July
45%
3%
57%
100
Massey-Harris
7
7%
43
*
Preferred
106% 110
14
13%
July
June
Oct
Price
Jan
6%
3
Week
6%
7%
5%
Oct
5%
4%
for
of Prices
Low
High
Deo
4%
1,334
1,370
Par
Week's Range
55%
6%
11
Sales
Last
Stocks (Concluded)
6
Hollinger Gold Mines
Howard Smith Paper
Preferred
Market
Sale
6%
7%
-
Preferred
Range for Year 1935
4%
Gypsum Lime & Alabas__*
Hamilton Bridge.
*
Preferred
100
Jamaica Pub Ser Ltd
Lake of the Woods
55
Curb
Friday
for
Sale
Stocks
Montreal
Sales
Friday
133
133
15
125
Jan
148
150
150
90
120
Sept
370
152
Oct
100
201
198
201
Nova Scotia
100
271
271
271
17
Royal
100
165
162
165
560
Oct
246%
133%
Sept
169%
Feb
204
Jan
304
ESTABLISHED
56 Sparks St., Ottawa
Dec
Jan
96%
38
100
4%
26%
3%
22%
7,535
1,115
14
Nov
34
*
30%
28
900
18
Aug
9
June
30%
11%
Sept
Sept
16%
Sept
Bid
Ask
Royalite Oil Co Ltd
295
30%
Jan
United Amusement Co A.*
15
15
Weston Ltd
14%
14%
*
1.50 June
10
185
100
14%
Mar
Feb
3%
May
Dec
No par value.
Railway Bonds
Bid
Atk
Canadian Paoiflo Ry—
Canadian Paoiflo Ry—
4s perpetual debentures.
873s 8778
110i2 111
_
Public Utility and
6s
Sept
15 1942
4%s
Deo
16 1944
98
5s
July
1 1944
113
4%s
Sept
1 1946
IO284 10314
6s
Deo
1 1954
10538 10578
4%s
9834
Industrial Bunds
1883
Oct
Mar
36
Jan
.173%
Municipal
255 St. James St., Montreal
125
2% June
Apr
1.00
36
Canadian Government
INCORPORATED
38
97
100
Preferred
*
HANSON BROS
5
Nov
July
1 1960
10084 101%
113io
330 Bay St., Toronto
Dominion Government Guaranteed Bonds
Montreal Curb Market
Dec. 28
to
Jan. 3, both Inclusive,
Friday
Par
Acme Glove Works
Week's Range
for
Sale
of Prices
Price
1
Asbestos
17 %
Bright T G Ltd pref... 100
"80"
British Amer Oil Co Ltd..*
18%
Shares
7
30
380
3%
158
Low
High
3
Jan
7
6
Mar
18
80
80
May
15%
18%
6,610
14%
Mar
16%
85c
40
500
Feb
1.75
Jan
20
75
20
20
20
13
July
27
26 %
27
35
44
44 %
44
180
24%
19%
Mar
37
1.50
1.90
Oct
25
1.00
Mar
2
100
12
12
30
6%
Jan
16
3
3
98
1.50
Jan
Preferred A
30
Commercial Alcohols Ltd *
Dom Tar & Chem Co Ltd.*
^Cum preferred
100
23
90c
27
23
90c
90c
27
292
200
120
8%
9%
830
6%
5%
125
3% June
60
57 X
60
7%
7%
11%
12%
Jan
7%
Feb
16
Dec
7
10
493
2%
1.75
July
July
8%
778
8%
Deo
400
44c
Oct
90o
Dec
15%
Mar
22%
4%
39%
Nov
Feb
14%
Nov
20 %
19%
20%
2,328
10
Int Paints (Can) Ltd A...*
Int Petroleum Co Ltd
*
"34 %
Melchers Distillers Ltd A.*
11%
3
*
3
11
1,212
11
11%
140
7
Mar
Apr
115
2%
3%
Mar
5
5%
6%
2
"~6%
2%
2
80
6%
2%
48
*
Apr
Nov
7
105
107
98
99
6a
CURRENT
—Ritter &
Sept
1 1930
10314 103*8
NOTICES
Co., members of the New York Stock Exchange,
a
announce
the removal of their offices to 48 Wall Street.
—Swart, Brent & Co., Inc.,
offices to larger quarters at 40
—Edward
H.
Leslie
and
announce the removal
of their New York
Exchange Place.
Samuel
R.
Milbank
have
been
admitted
as
partners in the firm of Wood, Struthers & Co.
—Sol Frank has been admitted to
general partnership In
—B. W. Pizzini
108%
&
Nov
1.50
Jan
2
Apr
75%
Aug
87
Co.
announce
that
Rittenberg &
Francis H. Hand has been ad¬
mitted to general partnership in their firm.
—Evers, Paulding & Co., Ltd.,
are
removing the office of their New
York representative to 52 Wall Street.
—Joseph
bulletin
on
Walker
&
Sons,
120
Broadway, New York,
have issued
a
guaranteed railroad stocks.
—Harriman &
Keech have opened a branch office at 230
South Palm
June
6%
3
915
176
18
18
160
2
Oct
2
Oct
23% May
16%
Jan
8%
25
121% 121%
2,853
75
3%
3%
108% 109
417
3
1.50
Mar
Jan
6%
4%
35
Deo
Jan
Beach
53
Apr
98% May
Florida.
partnership in Parrish & Co.
Nov
18%
8%
121%
Sept
7%
Feb
111
Ave., Palm Beach,
—John A. Payne and Donald C. Rubel have been
admitted to general
Apr
Deo
—Hirsch, Lilienthal & Co.
announce
—Elson
Guiterman
has
65c
15
50c
Oct
2%
Jan
45c
55c
340
30c
Mar
85c
Aug
"~55c
Pow Corp of Can cum pf 100
Sou Can Pow Co Ltd pflOO
99
98
99
60
80
Apr
99
joined
98
99
89
80
May
100
Jan
with
as a
Sulzbacher,
Granger
&
Co.
as
a
cus¬
Benjamin Block has become associated
them.
Nov
99
Joseph O. Sivin has retired
man.
—H. Hentz & Co. announce that
Nov
65o
Inter Utilities Corp cl B..1
that
general partner in their firm.
tomers'
3%
Foreign Pow Sec Corp Ltd*
1 1962
—Hoit, Rose & Troster, 74 Trinity Place, New York have prepared
special study of Manufacturers Trust Company.
Nov
7%
5
33%
8%
121%
28%
Utility—
C Nor Pow Corp Ltd pdlOO
1 1970
Deo
5
223
32%
"18"
June
35%
80
Page-Hersey Tubes Ltd..*
2
33%
5
6%
Mtl Refridge & Stor vot tr*
Beauharnois Power Corp .*
Feb
Jan
Feb
72
_*
Public
Deo
Oct
Imperial Oil Ltd
100
Nov
Jan
80c
Cum preferred
5s
4s
38
Jan
1 1962
Grand Trunk Railway—
115'2 1161s
115l2 II6I4
Nov
4
650
Whittall Can Co Ltd
95c
Jan
44
80c
____*
23
27
Aug
Nov
80
*
Preferred
4%
Deo
125
*
Walkerville Brewery Ltd.*
Walker-Gooderham & W_*
Ask
12214 123
Mayer, members New York Curb Exchange.
7
*
Reliance Grain Co Ltd—*
Apr
July
4%
Voting trust
B
Jan
45o June
9%
Home Oil Co Ltd
Mitchell & Co Ltd (Robt) *
9
17
4%
English Elec Co of Can B_*
Fraser Co Ltd
21
25 J*
Nov
28% May
43%
Catelli Macaroni Prod B_*
Dominion Eng Works Ltd *
Dominion Stores Ltd
*
1 1969
1 1969
6%s
July
1 1946
Grand Trunk Paoiflo Ry—
Aug
75c
1.90
1 1956
Oot
lllh
113
113i2
111
llli2
109U 1C934
U334 11412
1 1957
Mar
Feb
4%
77%
20
*
16 1966
Feb
July
July
111
Aug
Apr
100
Cum preferred
June
4%s
4%s
1 1951
Nov
1.00
Canada Vinegars Ltd
*
Can Dredge & Dock Ltd..*
Canadian Vickers Ltd
Bid
Canadian Northern Ry—
Sept
5s
Range for Year 1935
18
17%
3%
*
Preferred
High
7
Corp vot trusts.*
Bathurst Power & Paper B*
BC Packers
Low
4%s
5s
Week
Ask
Canadian National Ry—
4%s
Sales
Last
Stocks-
Bid
compiled from official sales lists
—E. W. Swachkamer is
now
—Robert Ware Allison is
associated with B. J. Van
Ingen & Co., Inc.
now
associated with
Hardy & Co.
113
Chronicle
Financial
Volume 142
,
Over-the-Counter
Insurance Stocks
STOCKS & BONDS
New
Members
Whitehall 4-3700
Security Dealers Association
York
Open-end telephone wires to Baltimore, Boston,
•
mm.
Quotations
Bid
101%!
a3Hs Not 1 1954
a3 Hs Mar 1 1960
101%
03^8 July 1 1975
10034
105
10512
0414 s
1 1957
04ha June
a4%0
a414 s
o4 14 b
1958
105
10512
o4lis
a48 May 1
1959
105
105i2
04148
a4a May 1
1977
1980-
104% 10434
04148
04148
o4a Nov 1
048 Oct 1
«4*s Sept 1
10438110484
108V10812
1960
04148
a414s
108»8|i08i2
o4He Mar 1 1962
aWin Mar 1 1964
Tat*
New York State
109
109i2
..
MUNDS, WINSLOW & POTTER
109% 109%
UO'8 111%
40 Wall Street, New
110% 111%
111% 112
11134 112%
11234 11334
r3.00
1971
Bonds
'63.
r2.30
1949—
Improvement—
4s Mar A Sept 1958 to '67
Canal Imp 4a J A J '60 to '67
Barge C T 4s Jan 1942 to "46
Barge CT4%a Jan 1 1945—
130
1964—
1965.
130
Highway Imp 4 Ms Sept
Can A Imp High 4%s
'
mmm
126%
—
Port of New York Authority
4
1952
April 1955
Holland Tunnel 454 s
5a
101%
106
5548 Aug 1941
114%
Conversion 3s
1946
1947
-100
-.20
1073s 10734
104
104%
1938.MAN
10434 105%
4 5s a
98%
1958 optional
98%
101%
101
--MAN
4a 1946
4a
99%
98%
optional 1945.. JAJ
optional 1946
JAJ
3%8 '65 optional '45
1956 opt 1936
JAJ
112
115% 121%
16
19%
21
Underwriters
100
66%
67%
United States
ASk
100 2190
25
Btd
National Bank A
...100
190
Trust
I
100
8
1
3
25
45
prat..*
*
16.50 preferred
1
100
101
96%
MlselsslDDi-Tennessee
New
96%
100
101
100
101
-
100
100
100
*
101
99
101
101
100
5s
101
88
Phoenix
6
107
111
_
San
Antonio
Southwest
Tennessee
Union of Detroit 6s
Daytoa Pr A Lt 6% pref 100
Derby Gas A Eleo 17 pref
100
101
Essex-Hudson Gas
100
101
Foreign Lt A Pow unite..
*
100%
108"
101
45%
101
—
Atlanta
100
32
AtlanMo
100
100
38
43
North Carolina
67
72
Pennsylvania
10
Potomac
Dallas..;
100
Des Moiim b..........-100
First Carolina.
,,,r»
-100
Fremont
100
Dei. Vetmmmmmmm—
_
5
83
87
Lincoln
San Antonio
13
17
Virginia
12
14
Virginia-Carolina
-
100
100
15
20
7834
107
109%
103
104%
38%
21
23
88%
79%
81%
27
28
190
198
60%
70%
62
72
101
103
107
108%
86%
100
109%
Kings Co Ltg 7% pref—100
93%
96
United GAE (Conn) 7% pf
86
Long island Ltg 6% pf. 100
67
69
UnitedGAE(NJ) pref 100
63%
65
100
75
7734
Utah Pow A Lt 57 pref
46%
47%
90
93
17%
18%
Kansas Gas A El 7% pf
—
100
Memphis Pr A Lt 17 pre!..*
Metro Edison 17 pref B.._*
24
26
6% preferred ser C
•
Mississippi P A L16 pre!..*
100
23
27
Miss Rlv Pow 6% pref..100
100
.100
20
58
"
111% 112%
83
81
*
Utlca Gas A El 7% pref. 100
Utll Power A Lt 7% pref 100
—100
88
94
105%
Virginia Railway
102% 103%
Washington Ry A Eleo—
6% preferred
100
107% 109%
107
Western Power 57 pref..100
104
23
63
5
100
h
28
1
5934
5834
109
Realty, Surety and Mortgage Companies
32
Par
Empire Title A Guar
115.
55
100
Sioux City G A E 57 pL.100
Sou Calif Ed pref B
26
South Jersey Gas A Elec.100
Tom Eleo Pow 6% pref. 100
7% preferred
100
Texas Pow A Lt 7% pf. .100
Toledo Edison 7% pf A .100
37%
Bid
100
1
7
Par.
Ask
%i
Bond A Mortgage Guar..20
For footnotes see page
5334
Jersey Cent F A L 7% pflOO
Los AngeleeG A E 6% pf
Ask
•
0% preferred C
55%
Bid
73%
Roch Gas A Eleo 7% B—100
23%
100
77
101
53%
99
70%
198
22%
98%
29%
107%
77
*
101
75%
100
0% preferred
Interstate Power 17 pref
97
2834
Queens Borough GAE
110
„
96
102
99%
Puget Sound Pow A Lt—
56 prior preferred
198
190
108
pref...*
100
102%
100
preferred
112
94%
Pub Serv of Colo 7 % pf. .100
oY"
58
99
7%
110
111
110%
190
Illinois Pr A Lt 1st
102
100
112% 114
95
Interstate Natural Gas....*
101
106
100
•
Idaho Power 16 pref
~
98%
*
»
100
Ohio Pub Serv 6% pf—100
7% preferred
100
Okla Q A E 7% pref—100
57 pref.*
Philadelphia Co 55 pref
*
120
Hudson County Qas
83
107
Pacific Pow A Lt 7% pf. 100
Jamaica Water Supply pf.50
Par
Ask
100
3934
97
Penn Pow A Light
93
Land Bank Stocks
27
88
100
3834
105
Pac Gas A Eleo 6% pf...25
107
86
32
100
viretnlan
Bid
106
101
88
5s
Par
44
41
103% 104%
105% 106%
42
98
10C
Ohio Power 6% pref
101% 103
41
pf__*
57 preferred
103% 105
Gas A Eleo of Bergen... 100
7% preferred
Joint Stock
7% cum preferred
Ohio Edison 56 pref
100
Virginia-Carolina 5«
sn
N Y Pow A Lt 56 cum
/30
6s
Southern Minnesota 5s
101
LaPiiTMT'
101
100
5a
101
mmm
100
..100
6% preferred
6.60% preferred
97
/44
Louis 5s
100"
98%
73
47%
64
100
100
Potomao 6s__
100
98
71
45%
87%
15 pref.
57%
81
85
Consumers Pow
25%
57
103
89
83
100
100
Coneo! Traction (N J)—.100
125
24%
Northern States Pr 57 pf 100
87
A
120
66"
60%
58%
23%
prel.25
16.50 preferred B
112% 113%
E 5H% Pf-*
New Eng Pow A sen 8% pflOO
New England Pub Serv Co—
17 prior lien pref
*.
New Jersey Pow A Lt 96 pf •
New Orl Pub Serv 57 pf—*
N Y A Queens E L P pf 100
2~4~34
preferred
preferred
New Engl G A
24
7% preferred
—100
Dallas Pow A Lt 7% pref 100
99% 100%
—
100
5a...
7%
Continental Gat A El—
4%s
63
City 5s.
Illinois of Montloello
Nebraska Power 7% pref100
Newark ConBol Gas
100
4
99% 100%
98 %
97
Pennsylvania 6s
Kentucky of Lexington
Iowa of Sioux
43
108
9934 100%
Oregon-Washington 5s
Pacifie Coast of Portland 5e
Pacific Coast of Salt Lake 5s
Pacific Coast of San Fran.5s
St.
96
100
6a—
5s
Ohio-Pennsylvania 5s
.
First of Montgomery
York
North Carolina 5s
86
First of Fort Wayne
Illinois Mldweet 5s
Nassau A Suffolk Ltg pf 100
105
1st 16 preferred
101
Greensboro
4%
Columbus By. Pr A Lt—
All
100
18
Greenbrier 5a
100
3%
pf.100
17 preferred
100
Cent Pr A Lt 7% pref—100
Maryland-Virginia 5s
101
....
1%
23
*
Cent Maine Pow 6%
ASk
9
3
Cent Ark Pub Serv pief.100
Teletype CGO. 437
Bid
101
100
/17
5s
Ask
pre!.*
Bangor Hydro-El 7% Df.100
Birmingham Elee 17 praf—*
17 preferred
Atlantic City Eleo 16
Burlington 5s.
Fremont 5s
Bid
Stocks
Mountain States Pr com..*
101
Fletcher
Par
Public Utility
Mo Pub Serv $7 pref
100
95
580
87%
100
5s—»
6s...
First of New Orleans 6s...
First Texas of Houston 6s.
First Trust of Chicago 5s..
560
74
6s...
Carolines 5a
.100
85%
101
First
Northern Trust Co
'124
121
72
100
84
320
Arkansas Pr A Lt 17 pref..*
Louisville 5s.
Denver 5a
221%
300
Alabama Power 17 pref...*
Lincoln 5s
Dallas 5a
218
National
100%
100
Land Bank Bonds
100
Ask
.100
Harris Trust A Savings- .100
First
33%
..
Bid
Par
Ask
'210
BU
DEALERS-COUNSELORS
California 5s..
2240
Par
101
5a...
{
Carolina Pr A Lt 17 pref..*
Chloago
83
73
100% 10634
101% 101%
100
Atlantic
14%
18
-10
101% 102%
103% 104
10334 104%
99
Atlanta 5e
125
13%
—20
Buff Nlag A East pr
Ask
122
Title Guarantee A Trust..20
6%
Bid
50
25
New York
Chicago Bank Stocks
VP
Joint Stock
48
56
Broad Rlv Pow 7% pt„ 100
State 0540
45
20
1
65
115
Bought—Sold—Quoted
La Salle St., Chicago
48
25
Manufacturers
Lawyers
02
115
112
MUNICIPAL BONDS
120 So.
322
100 317
1834
1734
10
1750
...100 1700
Corn Exch Bk A Tr
STOCK LAND BANK BONDS & STOCKS
MUNICIPAL BOND
24
230
64
Assoc Gas A El orlg
JOINT
Kings County
135
Continental HI Baok A
opt 1937..—JAJ
opt 1937—MAN
opt 1938—MAN
opt 1935...MAN
Irving
23
220
11234
Bid
optional 1944 —JAJ
4s 1067 optional 1937.MAN
3s 1955
3s 1956
Guaranty
II84
10%
130
Trust...
JAJ
...
12
10
...7
10
100
Fulton
72%
70%
-.20
Ask
Btd
Par
Empire
525
Continental Bk A Tr
115
Bonds
opt 1936
Companies
Ask
105
Colonial Trust
112
Ask
454s 1956
4548 1967
4548 1957
4548 1958
4548 1942
40
517
Par
Bid
30
.100
_
Sicily
Bank of
American
Federal Land Bank
Yorkvllle (Nat Bank of). 100
Clinton Trust
3.00
117% 119
110
U S Conversion 3a
18%
30
Chemleal Bank A True! —10
Atk
r3.50
5a July 1948
111
112
.....
107%
110
58 Feb 1962
Hawaii 454sOct 1956
2434
2130
16%
Tr.100
Bank of New York A
Bronx County
454b July 1968
103
48
23%
115
Bankers..
112%
111
Govt of Puerto Rico—
101
.....
10
A
25
Bank
46
Bid
Par
Baaoa Oomm Italian*.
11961.
17
9
45
60
.100
Central Hanover
5s
Honolulu
Exchange
Trust
1080
New York Trust
Bonds
U S Panama 3s June
85
28
15%
Sterling Nat Bank A Tr__26
Trade Bank
12%
179
Avenue
Brooklyn
1936-60
70
23
Tr_1254
10
50
103
MAS
series B
MAS
103% 104%
.
Peoples National
Pubtlo
National
National
Ask
na
Ask
104% 105%
103% 104%
4 54a July
Penn
40%
Klngsboro Nat Bank..
Ask
100
54s Oct 1959
45
38%
173
100
100 1050
First National of N Y._ 100 2090
20
Flatbush National
100
Bid
Bid
43
1254
Bank
110% 111%
United States Insular
Philippine Government—
4a 1946
13.56
A Trust
Bonds
1936-60
...
Nat Safety Bank A
(National)
Fifth
11434
Bridge—
1936-50—JAD
4s terles B
m »
38
Commercial
123%
112%
454s ser B 1939-53—MAN
Inland Terminal 4%a ser D
'
National...60
Washington
Geo.
103
103%
1 1975.
101%
11941..
99% 100
Gen A ret 2nd ser 354s '65
Arthur
Kill
Bridges
4 He
serlefa A 1986-46—
MAS r.50%
Bayonne Bridge 4a series C
1938-58
JAJ 3 102% 10334
Gen A ret 4« Mar
3s aeries F Maroh
123%
Bid
Port of New York
National Bronx Bank
Chase
City
Ask
Bid
40
Bensonburst
Highway
Canal Imp 4%a Jan
Yorktown.. 66 2-3
of
Bank
Par
100
50
Merchants Bank
34%
32%
Bank of Manhattan Co.. 10
Ask
Ask
Bid
Par
4J4B April 1940 to
—
Bank Stocks
New York
World War Bonus—
19461
Commodity Exchanges
—
Bid
Canal A Highway—
Chicago and other Stock and
Members New York,
105% 105%
.
York
Whitehall 4-5500
11134
111
1003'6|
25 1QS7
Bought, Sold and Quoted
109%
Ask
Bid
6a Jan A Mar
109
008 Jan 25 1936
108% 108%
■l08i8 108i2
ei%s April 1 1966
•
Bank and Insurance Stocks
Ask
Bid
<23H a Ma; 1 1954
048 May
in United States and Canada.
Private wires to principal cities
•
108l2 109
108% 109 I
108% 109%
1972
1 1074————
Feb 16 1976
Jan 1 1977
Nov 16 1978
March 1 1981
May 1 A Nov 1 1957—
Mar 1 1963
June 1 1965
July 1 1967—
Dec. 16 1971—
Dec 1 1979
04MB April 15
95
101%
101%
101%
101i2
100%
Philadelphia.
City Bonds
Ask
,
9458
Newark and
Over-the-Counter Securities—Friday Jan. 3
on
New York
a3>48 July 1 1075-..
Railroad Bonds
Real Estate Bonds
Established 1914
Trinity PL, N. Y.
74
Utility Stocks & Bonds
Public
HOIT.R8SESTR9STI
Bank Stocks
*
1
1
12
Lawyers Mortgage
Lawyers Title A Guar..
20
100'
Bid
1%
2%
Ask
2
3%
114
Financial Chronicle
Quotations
1936
Jan. 4
Over-ttie-Counter Securities—Friday Jan. 3-Continued
on
Associated Gas & Electric
System
Guaranteed Railroad Stocks
Securities
3oscpb CUalkersSons
S. A. O'BRIEN & CO.
Inquiries Solicited
Members New York Curb Exchange
Members 2^lew "York Stock Exchange
^Dealers
.
120 Broadway
150
.;=\
in
Tel. REctor
Broadway, New York
Hancock 8920
Direct private telephone between New York and Boston
2-6600
STOCKS
75 Federal St., Boston
COrtlandt 7-1868
GUARANTEED
NEW YORK
.gncelSg
Public
Guaranteed Railroad Stocks
Utility Bonds
Par
Bid
Albany Ry Co con 5s 1930..
General 6s 1947..
(Guarantor in Prrtnthnli.)
/35
-
-
-
/25
-
-
-
As
Rifl
Par
Ask
10458 104'8
▲mer States P S 534s 1948..
Par
Alabama 4 Vlcksburg (111 Cent)..
la Dollars.
Bid
6.00
78
82
Albany 4Suaquehanna (Delaware 4 Hudson). 100
.100
Allegheny 4 Western (Buff Roch 4 Pitts)
Beech Creek (New York Central)
Boeton 4 Albany (New York Central)
10.50
177
183
Boston 4 Providence (New Haven)
Canada Southern (New York Central)
Caro CUnchfleld 4 Ohio
2.00
8634
Mtn States Pow lBt 6s 1938
9212
Nassau El RR 1st 5s 1944..
102
104
97
9814
Newport N 4 Ham 5s 1944
100
107
1st 6s series A new
1946.
Ark Missouri Pow 1st 6a '63
69
35
33
8.76
64i2
91
95
90
6.00
62U
85l2
Arizona Edison 1st 6s new'48
Asked
.100
Metrop Edison 4s ser G 1965
Monongahela W P Pub Serv
1st A gen 4128
1960
▲mer Wat Wks 4 Elec 5s '75
Divide ud
Associated Electrio 6a
1961.
62
63
30
31*2
120
140
145
3.00
65
70l2
New
Associated Gas 4 Elec Corp
*
& Power 334s
1965
98
68
Inoome deb 334s.—.1978
Northern N Y Utll 5a 1965
103
88
Income deb 334 s
1978
28*2
29*2
2912
85
30
Northern States Pr 5s
108
90
92
Inoome deb 4s....
1978
3U2
32
Ohio Edison 1st 4 cons 4s '65
6.00
-.60
83
Income deb 434s....1978
33i2
35
88
1978
1964
99
1948
91
9212
70
72
85
Conv debenture 4s
57
59
49
Conv debenture 434s 1973
58i2
5912
4412
4612
Conv debenture 6s 1973.
63
64
66I2
69
Parr Shoals Power 5s 1962.
97
99
Pennsylvania Eleo 5s 1962Penn Telep Corp 1st 4s 1965
PeopleeL4P 534s 1941
6.60
75
80
Conv debenture 534s 1973
10.00
165
170
4.00
72
76
Participating 8s 1940...
Bellows Falls Hydro El 5s'58
60.00
950
1050
Morris 4 Essex (Del Laok 4 Western)
-.60
New York Laokawanna 4 Western (D L 4 W)_100
Northern Central (Pennsylvania)
4.00
Old Colony (N Y N H 4 Hartford)
Bklyn C 4 Newt'n
con 6s
'39
85
62i2
88
91
Blacks tone Vy G 4 E 4s 1965
Cent Ark Pub Serv 5s 1948
CentralG AE534a 1946
71*2
1st lien ooll tr 6s 1946
7412
94
97
7.00
48
51
4.50
64
68
-.60
1.60
36
38
Cent Maine Pow 4s
3.00
73
.100
7.00
157
7.00
176
Rensselaer 4 Saratoga (Delaware 4 Hudson) .100
St Louis Bridge 1st pref (Terminal RR)
.100
6.90
96
6.00
143
Preferred
Pittsburgh Fort Wayne 4 Chicago (Penn)
Preferred
2nd preferred
ser
94
93
1st 4 ref 434s July 1 1960.
77
Sobeneotady Ry Co 1st 6s'46
Sioux City Gas 4 Eleo 6s '47
/7
10
105
106
Sou Blvd RR 1st 5s 1945...
70
75
179
Columbus Ry, Pr 4 Lt 4s *65
102
Con laid 4 Bklyn con 4s '48
68
70
44
45
Consol Elec 4 Gas 5-6s A '62
Dayton Pr & Lt 3 34s
~
-
1023s
Sou Calif Edison 4s
1043s 10458
1960
1025s 103
/22
100
148
10514 io6i4
10278 10314
Publlo Utilities Cons 534« *48
10534
162
1063.1 1071s
lOUs 101l2
75
143
148
Duke Prioe Pow 6s 1966
10414 10434
Sou Calif Gas 1st 4s
-100
10.00
247
250
1045s 105
Sou Cities Utilities 5e A 1958
Utloa Chenango 4 Susquehanna(D L 4 W). -100
6.00
84
88
Duquense Light 3 34s. .1965
Edison Elec 111 (Bos) 3 34s *65
1035s 1037s
Valley (Delaware Laokawanna 4 Western)
6.00
90
Federal Pub Serv 1st 6s 1947
/40
S'western Bell Tel 334s B *64
S'western Gas & El 4s 1960
.100
,100
6.00
70
Federated Utll 534s 1957...
6.00
68
73
42d St Man 4 St Nlok 5s '40
85
..60
3.50
44
48
Qreen Mountain Pow 5s '48
102
3.00
Vloksburg Shreveport 4 Paolflo (111 Cent)
62
65
Iowa So Utll 534s I960
Preferred
Warren RR of N J (Del Lack 4 Western)
West Jersey 4 Sea Shore (Penn)
66
v
71
-
-
103
98
99l2
3112
Kan City Pub Serv 3a 1951.
Refunding 334s
1965
102
1023s
5414
53U
1037« 104*8
10034 101
Tel Bond 4 Share 6s 1958
73
-
24
1960
72
3.00
__
78i2
10714 10758
1960
3.00
.100
Tunnel RR St Louis (Terminal RR)
United New Jersey RR 4 Canal (Penna)
6514
/63U
Public Serv of Colo 6s 1961.
Roohester Ry 1st 6s 1930...
San Diego Cons G 4 E 4s '65
Colorado Power 5s 1953
^
1053s
105
1003S
100
1085s 1087s
m
96
94
10414 10514
Pub Serv of Nor Illinois—
Cleve Elec 111 gen 3 34s. 1965
'
10658 107
85
84
G *60
100*2
Pub Serv of N H 334s C 1960
10658 1071s
Cent Ind. Pow 1st 6s A 1947
Pittsburgh Boss 4 Lake Erie (U S Steel)
90
6OI2
6.00
60
Western)
6s series B
102t4 103
3.875
33
80
82
Union Ry Co N Y 5s 1942..
84
88
On Trac Albany 434s 2004..
/5
Utloa Gas 4 Elec Co 5s. 1957
121
Virginia Power 5a 1942
io6i4 10714
7
12212
Kan Pow & Lt 1st 434s *65.
Wash 4 Suburban 6Ws 1941
85
87
100
101
Westohester Eleo RR 5s 1943
70
75
Lehigh Vail Trans ref 5s '60
48
49
Western P 8 534s I960
87l2
89
Long Island Lighting 5s 1955
10712
Los
Quotation«—Appraisals Upon Request
10758 108
Keystone Telephone 5 34> '55
EQUIPMENT TRUST CERTIFICATES
10318 10338
Angeles G 4 E 4s__1970
Stroud & Company Inc.
Private Wirea to
New York
Seaboard Air Line R.
Philadelphia, Pa.
underlying
Bid
Ask
rl.eo
0 60
r2.75
2.00
Baltimore A Ohio 4 He
r3.60
2 25
Bid
2 25
r3.60
Boston & Maine 4Hs
5s
r3 75
2 75
r3.75
3Hs Deo 1 1936-1944.
2 75
73.50
2.00
Canadian National 4Hs-
Missouri Paolflo 434s
6s
r6.00
r6.00
r3.60
r3.85
3 25
2 75
2 75
2 50
N Y N H 4 Hartford 4Hs.
6s
r2.75
2 00
Northern Pacific 434s
r3.00
Chesapeake A Ohio 5Hs_.
OHs
r2.00
Pennsylvania RR 434s...
r2.00
"60
5s
2 00
r2.76
2 00
90
91
Also in Public Utility Bonds and Insurance Stocks
94
95
John
due Jan 4 July '36-'49
23^8 series G
r3.00
2.00
98
98
non-call Deo 11936-50
r2.75
Sloane & Co.
2.00
Pere Marquette 434s
r3 65
3.00
Reading Co 434s
r3.oo
2.50
r3 00
2 50
89
94
89
94
Chicago RIA Pao 4hb._.
70
76
70
76
r6 75
6.00
5s
r6.75
6.00
5He.__
r6.75
6 00
r3.f>0
2.75
6s
r3 69
2.75
4H«
r3.59
2.75
6a
r3.50
2.75
r2.25
1 75
5s
E.
Members New Tor\Security Dealers Association
93
Ohio MUw A St Paul 4Ka
6a
Great Northern 4Hs
JOhn 4-1360
2 00
94
RR fiHs
& CO.
We specialize in
4s series E
Erie
Quoted
Street, New York
1.40
50
r2.75
6a
Denver 4 R G West 4Hs.
—•
Underlying Inactive Railroad Bonds
1.25
r2.10
6s
«Hi
6s
r2 25
1.75
Hooking Valley 6s
TU 25
1 .6D
Illinois Central 4Hs
6s
r3 25
2 25
r3 25
2.25
6s
St Louis-San Fran 4s...
70
41 Broad
St., NtwYork
HAnover 2-2455
Railroad Bonds
75
-
434«
70
75
5s
70
534s
r5.60
4.75
r5.60
Southern Ry 434s
6s
4.75
2.00
2.00
r4.50
6s
r2 75
r2.75
Southern Paolflo 434 s
3.75
Akron Canton 4
Youngs town 534 b. 1945
6s, 1945
Augusta Union Station 1st 4s, 1963
Birmingham Terminal 1st 4s. 1957
Boston & Albany 1st 434s, April
Boston 4 Maine 3s, 1950
.....
1 1943
79
82
2.60
Convertible 5s, 1940-45
80
90
r3.60
5s
Prior lien 4s. 1942
Prior lien 434s. 1944
r3.60
434s
3.75
2.50
2.60
Buffalo Creek 1st ref 5s, 1961
79
99i2
Union Paolflo 434a
6s
r2.00
1.00
Chateaugay Ore 4 Iron 1st ref 4s, 1942
r2.00
1.00
Choctaw 4 Memphis 1st 5s. 1952
re.ro
5.50
Virginian Ry 434s
r2 25
1.50
r2 25
OHi
1.75
f2 00
Loulsv 4 Nashv 4Hs
6a
2.00
1.00
rl 50
Maine Central 6s
..J
0.75
tm..
3.76
3 75
r6 50
5.75
f6 60
Minn St P 4 S S M 4s
T4.25
r4.25
5Hs
81
_
^
77
80
/55
60
Cincinnati Indianapolis 4 Western 1st 6s, 1965
Cleveland Terminal 4 Valley 1st 4s. 1995
91i2
93*2
1.50
89
90
92
96
Georgia Southern 4 Florida 1st 5s, 1945
50
93
97
93
5s
97
Goshen 4 Deckertown 1st 534s.
Ho bo ken Ferry 1st 5s, 1946
r2 25
Wabash Ry 434s
68
534s...
6a
5.75
64
4.00
1.00
2.00
97
IOII4
r4.40
1.50
r3 00
95*2
r4.40
r2 oo
r3 00
91
10078
T3.60
634a.:_
Texas Paolflo 4a
r2.on
6s
Alt
/68
r 68
60
64<i
Long Island 4Hs
Bia
75
St Louis Southwestern 5s.
OHl
Internat Great Nor 4Ha.
R.
issues
1
2.75
3.25
r3.60
6s
R.
2.75
r3.85
r3 60
Chicago A Nor West 4Hs.
65
6.60
r3.b0
5s
N Y Chic 4 St L 4Hs
20 Pine
5.25
5 25
r6 50
r3 50
rl
105*2
62
Members New York Security Dealers Association
6.25
rfl.oo
6^8
New Orl Tex 4 Mex 4 Hs_.
New York Central 4Hs-_.
DUNNE
Ask
Canadian Paolflo 4Hs
Cent RR New Jer 4 He
6s
Sold
—
105
Equipment Bonds
Atlantlo Coast Line OHa.
4HS
5a
Wisconsin Pub Serv 6ijs '59
Yonkers RR Co gtd 5s 1946.
Norfolk & Southern R.
Bought
Railroad
96
99
1978...
Kanawha 4 Wast Virginia 1st 6s.
87
1955...
52
100
90
9712
.
.
.
99
3.00
35
40
5 75
r6.50
Western Pacific 5s
Kansas Oklahoma 4 Gulf 1st 5s, 1978
Little Rock 4 Hot Springs Western 1st 4s. 1939.....
r6.50
68
3.00
T4.00
Western Maryland 434s..
5.75
Macon Terminal 1st 5s. 1965
Maine Central 6s. 1935
9834
9934
m.oo!
100
120
BROADWAY, NEW YORK
CITY
89
92
Maryland 4 Pennsylvania 1st 4s. 1951
57
60
Meridian Terminal 1st 4s, 1955...
ABBOTT, PROCTOR & PAINE
75
Minneapolis St. Paul 4 Sault Ste. Marie 2d 4s, 1949.
Montgomery 4 Erie 1st 5s, 1956
60
Stock and
Exchange and other
Commodity Exchanges
«,«
76
Portland RR 1st 3348. 1951
Consolidated 5s, 1945
66
Rook Island-Frisco Termlna
80
83
434s, 1957
St. Clair Madison 4 St. Louis 1st 4s, 1951
Somerset Ry 1st ref 4s,
Toledo Terminal RR 434s, 1957
Washington County Ry 1st 334s.
90
67i2
84
83
nrnmrnm
71
54
1955...
Southern Illinois 4 Missouri Bridge 1st 4s. 1951
58
74
77
106i2
Toronto Hamilton 4 Buffalo 4348. 1966............
For footnotes see page 115.
-
63
90
New York 4 Hoboken Ferry gen 5s. 1946
Shrevoport Bridge 4 Terminal 1st 5s, 1955.........
Members of New York Stock
-
Oklahoma Nat Gas 6s A1946
82
47
2.00
Delaware (Pennsylvania)
Fort Wayne 4 Jackson pref (N Y Central)
.100
Georgia RR 4 Banking (L4N.AOL)
.100
Laokawanna RR of N J (Del Lack 4 Western) .100
Michigan Central (New York Central)
-
109
10158 10178
Old Dom.Pow.5s May 15 '61
Pacific G 4 El 4s, ser G. 1964
3.50
2.00
Betterman stock
...
10358 10378
4.00
.100
Cleveland 4 Pittsburgh (Pennsylvania)
swego 4 Syracuse (Dei Laok 4
7212
England G 4 E 5s 1962
5.00
,100
(L4NAOL)4%... .100
Common 5% stamped
Chle Cleve Clno 4 St Louie pref (N Y Cent)
74
N Y 4 Queens Electrio Light
117i2
8.60
96i2
9512
New York Cent Elee 5s 1952
Assoc Gas 4 Elec Co 4>4s '68
10114 101*2
1954
89
92
56
57i2
Financial
Volume 142
Quotations
on
115
Chronicle
Over-the-Coiinter Securities—Friday Jan. 3—Continued
Specialists in
OVER-THE-COUNTER SECURITIES
prudence bonds
BOUGHT—SOLD—QUOTED
Furnished
Statistical Information
McMANUS
RYAN &
Title Company Mortgages
& Certificates
Members New York Curb Exchange
39
PULIS,COULBOURN &CO.
New York City
Broadway
a. T. & T. Teletype
26 BROAD
Digby 4 2290
N. Y. 1-1152
Tel.: HAnover 2-6286
ST., NEW YORK
Private Wire Connections to Principal Cities
Real Estate Securities
Specialists in —
Complete Statistical
Public Utilities—Industrials—Railroads
Information—Inquiries Invited
INCORPORATED
BArclay 7
INCORPORATED
EXCHANGE
PLACE,
BAKER &, CO.
AMOTT,
Swart,Brent & Co.
40
/
Reports—Markets
Water Works Securities
-en
o
A. T. & T. Tel.
w
*1
j
150 Broadway, N.Y.
2360
ny 1-588
NEW YORK
Teletype: New York 1-1073
Tel.: HAnover 2-0510
Real Estate Bonds and Title Co. Mortgage
Water Bonds
Certificates
Bid
Bid
96
98
105
Bid
Ask
Alabama Water Berv 6s, *67
Arkansaw Water Co 6s, 1956
103l2
Ashtabula Water Wks 6s. '68
10134
105"
102i2
Atlantic County Wat 6s, '68
Long Island Wat 6)4s, 1965
107
Monmouth Consol W 6s, *56
Monongahela Valley
104"
Ask
102l2
Middlesex Wat Co 5)*s. '67
m
— —
9712
99i2
102
105
Morgantown Water 6s. 1965
Muneie Water Works 6s. '65
104
10212
New Jersey Water 6s, 1950.
10U2 104
5)4s. series A. 1954
103t2
New Roohelle Wat 6s, B. '51
Butler Water Co 6s.
1957_.
6Hs. 1951
10434
105i4 106i2
New York Wat Berv 6s, 1951
104
6s. 1951
102
Newport Water Co 6s, 1953Ohio Cities Water 6)*s, 1963
Ohio Valley Water 6s, 1964
514s, series A, 1961
103i2
Ohio Water 8ervice 6s,
105i2
Cltisens Water Co (Wash)
5s
1968
Ore-Wash Wat Berv 6s, 1957
City of New Castle Water—
91
93
9412
98i2 10012
104i2
(Chat)
84l2
86i2
107
110
94
96
85
87
Penna State Water 5)*s, '52
Penna Water Co 6s. 1940
106
1957
1st 6s series C
Clinton W Wks Co 5a.
1U512
Peoria Water Works Co—
1939
10184 104
614s, series A, 1947
Community Water Service—
614s. series B, 1946
6s, series A. 1946
Connell8vllle Water 6s_1939
73i2
74i2
Pinellas Water Co 534 s 1959
Pittsburgh Sub Water 6s, *68
103
98
Roanoke W W 6s.
Plalnfield Union Wat 6s, '61
6s. series B, 1962
Hackensaok Water Co 6s, '77
614s. series B. 1977
Huntington Water 6s B, '64
6s. 1954....
105l2
89i2
1960
1938
101
Roch A L Ont Wat 6s.
10612
St Joseph Water 6s. 1941
10512
10212
-
-
«...
98
105
104
107
South Pittsburgh Wat 6s. *66
1960
Terre Haute Water 5s, B, '66
102i2
105
102
80
102
101
Indianapolis Water 414s. '40
Union Water Serv 6>4s, 1951
1st lien A ref 6s. 1960
10434
10434
1st lien A ref 6s. 1970
104l2
West Virginia Water 6s, '61
1st lien A ref 514s. 1953..
1st lien A ref 614s. 1954__
104
«.
-
*
104
Western N Y Water Co—
6s
6s. series A, 1949
103
Water Serv Cos, Ino, 6s, *42
104
9412
96l2
102
Interstate Water 6s, A, 1940
Jamaioa Water Sup 514s. '55
105i2
JoDlln W W Co 6s. 1957
Kokomo W W Co 6S. 1968-.
104i2
]06"
Lexington Wat Co 514s. '40
10134
03l4
107"
1st mtge. 5J4s,
9934
90
10 U2 103i2
100
99
Westmoreland Water 6s, '52
Wlohlta Water Co 5s, B. *66
100
97
1960
101
101
1st 0s. Apr 28 1940
Dorset, The. 1st 6s, 1941—
Eastern
«...
-
6Xs series C-2
50l2
/47i2
/30i2
19th A Walnut St
33
9
Eauitable Off Bldg deb 6s'52
6U2
64
47i8
4834
102
10414
6s. series A, 1949
76
7812
65l2
68l2
45*2
47
165 B'way Bldg 1st 5Hb, '51
/39
/22%
PrudenoeCo 5Xsstmpd,1901
m
Prudence Bonds—
52d A Madison Off Bldg—
13-90
Series A to 18 Inclusive...
36i2
/33i2
6s. Nov 1 1947
Prudence Co otfs—
Film Center Bldg 1st 6s, '43
48
51
40 Wall St Corp 6s. 1968...
42 B'way 1st 6a. 1939
70j2
73
Hotel
77l2
81
Hotel Wellington
40
Fifth Avenue Hotel
45
360 Central Park West—.
50
422 East
55
1400
Broadway Bldg—
1st 0Xs stamped. 1948...
/45
13
/II
47
Taft
86th St
60
Graybar Bldg 6s. 1946
47
5a. income,
Roxy
/4934
87
/54l2
56t2
/5212
/5212
55l2
55
Sherry Netherland Hotel—
1st 5«4S. May 16 1948
4312
45l2
80 Park PI (Newark) 6s. *37
Realty ext 1st 5Xs. 1945-
mmrn —
50l2
/47l2
6s. 1945
68
1st 4-5s extended to 1948.
69
61 B'way Bldg 1st 6Xs. 1950
General 7s, 1945
1st
6Xs, 1963
Loew's Theatre Realty Corp
1st 6s. 1947
Bldg ino
London Terrace Apts 6s, '40
/46
58i2
/52l2
/40
1st 6s. 1958—
-
-
m
13
mmmmm
42
48i2
99U
1939..
5Xs.
55i2
2 Park Ave Bldg 1st 4s. 1941
mmm
-
57
"
mm
mm
mm
Walbridge Bldg (Buffalo)—
/29
1st 0i2s. Oct 19 1938—
9278
/38l2
56l2
42
Trinity Bldgs Corp—
Lewis Morris Apt Bldg—
Lincoln
25
Syracuse Hotel (Syracuse)—
Textile Bldg
72
28
/53i2
/19i2
/39i2
/9
1st 0i2s, Oct 23 1940
Lefcourt Manhattan Bldg—
1st 5)48, stamped, 1941..
25
Savoy Plasa Corp—
016 Madison Ave 1st 0X& '38
85
38
/23
/23
/26
45f2
Kelth-Albee Bldg (New
51l2
/36
1943
85
Roohelle) 1st 6s, 1936
mm'
Theatre—
1st fee A leasehold 6Xs '40
72
43
1950
m
mm, mm
Realty Assoc Sec Corp—
63
/45
6912
6Xs unstamped 1949
---
9334
31
Westinghouse Bldg—
62l2
1st fee A leasehold 6s, '39
41
65t2
Ludwig
Bauman—
1st 6s (Bklyn), 1942
lst8Xs (L I). 1936
82
82
---
103
W msport
Water 6s. 1952..
...
Member a
Specialists in
10234 104
York
Stock
Exchange
Baltimore
'
Stock
Exchange
Washington
Exchange
Stock
Associate Member N. Y.Curb Exch.
Par
Par
Bid
Amer Dlst Teleg (N J) com *
New York Mutual Tel. .100
Alt
23
Northw Bell Tel pf 6 H % 100
Pac A Atl Teleg U 8 1%.26
116i2
118""
17
17i2
Mackubin,Legg&Co.
Baltimore—Plaza 9260
New
York—Andrews 3 6630
Philadelphia—Pennypacker 8300
Redwood & South Sts„ Baltimore. Md.
19
Peninsular Telephone com.*
19
Preferred A
Cuban Telep 7% pref
1812
1 Park Ave 6s. Nov 0 1939—
Telephone and Telegraph Stocks
Bell Telep of Canada.... 100
33l2
/15l2
1st 6s, Nov 15 1939.—.
103 East 57th St 1st 6s. 1941
MORTGAGE BONDS
Bell Telep of Penn pref._100
Clncln A Sub Bell Telep
50
/31
Oliver Cromwell, The—
New
100
35i8
51i2
45
(Phlla)—
1st 6s. July 7 1939
m
4534
/50i2
/43i4
6Xs series Q_.
Ambassador Hotels
1st A ref 5)4s, 1947
/44
/34i2
5Xs series BK
5Xs series F-l
SURETY GUARANTEED
Preferred
33
101
6Xs. 1937
NewYork Title A Mtge Co—
103
5s, series C. 1960
105 I4
94
1st 0iis, Apr 15 1937
10012 10134
97
6s, series B, 1950
1st mtge 6s, 1951
Indianapolis W W Securities
6s. 1968
Texarkana Wat 1st 5s__1958
6012
92
Lefcourt Empire Bldg—
1st 5«4S. June 15 1941
102l2 104l2
1962
Illinois Water Berv 6s A, '62
58l2
4s
103
'6s. series A, 1960
6s series B
102
Chesebrough Bldg 1st 6s, '48
Chrysler Bldg 1st 8s. 1948..
Court A Remsen St Off Bldg
Certificates of deposit..
103
109
6738
30i4
/31
1st A gen 6s, 1946
N Y Eve Journal
52
67
Hotel Lexington 1st 6s, 1943
101i2 103l2
78
43
m
5012
Hotel 8t George 1st 5hb. '43
93
South Bay Cons Wat 5s, *60
66i8
Hearst Brisbane Prop 6s '42
93
9!
32
/2834
f deb 5s 1945
Harrlman Bldg 1st 6s. 1951.
103
9Uj>
Sedalla Water Co 5)4 s. 1947
1st leasehold 6)48, 1944.
Fuller Bldg deb 6s, 1944
---
9U2
9U2
95l2
s
Munson Bldg 1st 634s, 1939
-
10212 104
434s. 1958
Scranton Spring Brook
Water Serv 6s. 1961
31l2
f 30
N Y Athletic Club—
Fox Theatre A Off Bldg—
1st 0i2s, Oct 1 1941
100i2
101
1st A ref 6s, A, 1967
9334
9212
6s. series A, 1952
-
Scranton Gas A Water Co—
104
6s. series B, 1942
107
Rlohmond W W Co 6s. 1957
105
•'
105i2 106i2
76
102
6s. series D, 1960
Greenwich Water A Gas—
103»2
75
E St L A Interurb Water—
6s. series A, 1942
100i2
1948
96
101
99
1st mtge 6s. 1958
98i2 100
Phlla Suburb Wat 4s. 1965—
96
Davenport Water Co 6s, '61
98*2 100t2
1st consol 5s. 1948
Consolidated Water of Utica
414s. 1968
1st A ref 6s, 1960
Prior lien 6s.
10512
103i2
6s, series C, 1967
Certificates of deposit...
B'way A 41st Street—
602 Park Avenue 1st 6a, 1941
...
1st oonsoi 4s, 1948
Commonwealth Water (N J)
30i4
B'way Barclay 1st 6s, 1941.
4s, 1949 stamped
100i2 102
101
ta~B—II1954
/2914
Ask
Metropolitan Playhouses Inc
50 Bway Bldg 1st 3s, Ino *46
600 Fifth Avenue—
...
102i4
1941
Clty'w
■mmm
93
California Water Berv 6s. '58
Majestio Apts 1st 6s. 1948—
53
B'way Motors Bldg 6s 1948.
6s. series B. 1954
Cbester Water Berv 4Hs, '58
48l2
/50
/29
Chanln Bldg mo 4s 1945
10134
6a. series C, 1967
Birmingham Water Works—
/4512
Broadmoor, The, 1st 6s. '41
■
109
Water
6Ha. 1950
Atk
Alden 1st 6s, Jan 11941...
Alton Water Co 6s. I960—-
Bid
100
Roch Telep 16.50 1st pf-100
BANKERS—Est.
A. T. A T. Teletype—Bait.
1899
288
1083-4 11034
11034
100
Empire A Bay State Tel. 100
So A Atl Teleg $1.25
Franklin Teleg $2.50
Sou New Engl Telep
100
13334 13534
S'western Bell Tel, pf
100
12234 12434
100
Gen Telep Allied Corp $6 pf
Int Ocean Teleg 6%
100
Trl
Lincoln Tel A Tel 7%
:•
Mount States Tel A Tel.100
26
19i2
2~l"
Surety Guaranteed Mortgage Bonds and Debentures
Rid
States Tel A Tel
Preferred
10
:
Wlsoousln Telep 7% pref 100
10*8
115
1112
117
New England Tel A Tel.100
51
American Meter 6s
1946
40
110T2
Amer Tobacco 4s
1951
109
Am Type Fdrs 6s
1937
/ 89
91
Debenture 6s
1939
/ 89
91
..1942
94
Am
Wire Fabrlos 7s
Journal of Comm 6 Ha 1937
Merohants Ref rig 6s.-.1937
1348
2s
1953
ButterlckPublishlng 6 341930
Chicago Stock Yds 6s. .1961
92i2
/21
99
95
23
100
71
Ai*
76
10012
16 1936 100.26 100.30
Aug 15 1937 102.4 102.8
Aug 15 1938 102.16 102.20
134s...,
June 15 1939 100.16 100 19
Natl Radiator 5s
1946
/38i2 40i2
96
No. Amer Retrao 0)48-1944
Otis Steel 6s otfs
1941
/ 85
Pierce Butler A P 0Hs_1942
/13
15
Scovllle Mfg 5 )4a
1946
St'd.Tex.Prod.lstB Xs as.'42
106
107
Fed F'm Mtge lHSep.l 1939 100.15 100.18
/12
Haytlan Corp 8s
Struthers Wells Tltus6 34s'43
80
Willys-Overland 1st 0 Xs '33
/60
Wltherbee Sherman 6s. 1944
/15
Woodward Iron 5a
/52
/38i2
Cudahy Pack conv 4s..1950
1955
102s4 10314
99i4 9934
1937
/59
1st 3Hb
Deep Rook OH 7s
1938
Internat Cement conv 4s '45
13
40
61
15
11378 114%
.1962
98
/50
•
m —
/25l2
39t2
4U2
39I2
4U2
39i2
2-6s, 1953.
/28
Maryland
4U2
Deben¬
ture
56
Debenture Corp 2-6s, 1953
39i2
4D2
40
42
Corp 2-6s, 1953
Potomac
Realty
Atlantic
27i2
30
Realty
Bond
deb 2-6s,
A
-
Mortgage
1953
4212
Union Mtge Co. 6s.
Nat'I Bondholders part ctfs
(Mtge Security series)
68
Potomac Deb Corp 2-6s, '53
Potomac
75
(Mtge Guarantee series)
(all
Potomac Consol Deb Corp—
52
Mortgage Bond Co of Md.
(Central Funding series)
Nat'i Bondholders part ctfs
Corp
Potomac Franklin Deb Co—
/25
Nat Consol Bd Corp 2-58, '53
69
Nat Deben Corp 2-6s, 1953.
1946
Consolidation Coal 4 V4s 1934
42
A 6s.
1934-43
70
1954
Bond
2-6s, 1953
Nat'I Bondholders part ctfs
Aug
N Y Shipbldg 6s
Mtge Co 5Xs
Inc 2-58, 1953
Home Owners' Loan Corp
1HB
Bear Mountain-Hudson
River Bridge 7s
Bid
43i2
68
Cont'l Inv Deb Corp 2-6s '53
Alt
104
42
1953
Potomac
issues) 2-5s, 1953
Cont'l Inv Bd Corp 2-5s, '53
Home
Bid
Series B 2-5s,
73
Arundel Deb Corp 2-6s, 1953
Associated Mtge Cos, Ino—
Debenture 2-6s,
Ask
51
Series A 2-6s, 1954
72
Arundel Bond Corp 2-5s, '53
Miscellaneous Bonds
Bid
Ask
Nat'I Union Mtge Corp—
Allied Mtge Cos, Inc.—
Ail series, 2-58, 1953
39'2
27
-
1937-47
/40i2
Union Mtge Co 5
A 6s '37
/50
52
Universal Mtge Co 6s '34-'39
/50
52
41i2
101
13'2
•
No par value
d Coupon
v
Now listed
**
17
a
Interchangeable
f Flat price
on
Transferred
New
to
the
r
c
Basis price
Registered coupon (serial!.
w< When Issued
x
Ex-dlvidend.
York Curb Exchange.
investing
companies
under
the
heading
of
Investment
Banking Corp.
f Nowll8ted on
New York 8tock Exchange.
J (juotac.ons cer 100 gold rouble bond oQu»®*icnt to 77 4234 gram* of pur# gcirt.
•
Jan. 4 1936
Financial Chronicle
116
Quotations on Over-the-Counter Securities—Friday Jan. 3—Continued
Foreign Unlisted Dollar Bonds
German and
Bit
Anhalt 7s to 1946—.....
1946
Antloquia 8%.
Bank of Colombia, 7%. *47
Bank of Colombia, 7%, *48
Barrauquilla 8s'35-40-46-4b
Bavaria 6 He to 1945
Brastl funding
(Peru)
Oeara (Braiil)
'46
1953
Power, Light A
/32
7%, 1947
1944
8%. 1947..
8i2
28i2
7s to '46
Municipal Oas A Elec Corp
Recklinghausen, 7s, 1947
Nassau TAndbank 614s, *38
42
40
8i2
9i4
412
East Prussian Pr. 6s, 1953.
47
18
to
43
Panama 5%
3D2
Porto Alegre 7%.
Protestant
43
155
Freneh Nat. Mall SS. 0s.'52
148
152
German Atl Cable 7s, 1945
/32
35
30
M
—
scrip
—
1968
(Ger¬
/30
Salvador
German defaulted coupons
Santa
/58
/40
~2814
/27l4
/7i2
July *34 to Deo '35
German scrip
German called bonds
8i2
/25-3S
German
Dawee
Coupons
10-16-34 Stamped
April 15 1935
Guatemala 8s 1948.
*
26i2
25
35i2
3714
914
13i2
260
/250
/35
/28
7s unstamped 1946——
29
60
70
/54
95
27
Tuouman Prov. 7s, I960—
fSl
33i2
Tuouman Scrip
104
/42
45
Vesten Elec Ry 7s.
1947—
Wurtemberg 7« to 1946
/29i2
/3114
....
90i2
—
92i2
95
—
1.79
1.96
7% preferred
Amerex Holding Corp
*
1278
14i8
Investors Fund C
1
1.14
pid
3714
3714
Ask
40U
89.74 91.56
1.24
Investment Trust of N Y.*
1034
IU4
1.06
1.08
'Bancamerlca Blair Corp.
Corp*
334
4l2
Assoc Standard Oil Shares.2
6i8
7
6
Investm't Banking Corp's
Amer General Equities Ino.
Amer Insurance Btoofc
First Boston
534
6i2
5638
Corp
57h
*258
"50
.75
Major Shares Corp
*
Maryland Fund Inc com
Mass Investors Trust——1
438
478
Mutual Invest Trust
1
1.47
1.61
.55
Nation Wide Securities—l
4.36
4.46
1.63
1.79
**
Baucamerica-Blair Corp.—1
Banoshares, Ltd part shs 50c
Bankers Natl Invest Corp.*
Basic Industry Shares—*
.35
19". 59
4.29
A—..1
18.12
24.20 26.30
British Type Invest
Voting trust certificates.
....1
1678
1838
Canadian Inv Fund Ltd.—1
3.85
4.25
N Y Bank Trust Shares
Central Nat Corp olass A.*
44
50
No Amer Bond Trust ctfs..
8U4
5
No Amer Trust Shares, 1953
2.40
Bullock Fund Ltd
312
*
Class B
Scries
28.19 30.32
*
Century Trust Shares
2.53
Corporate Trust Shares
Series
434
'
334
85^4
3.09
1965
3.05
1956
Series
4
Commercial Natl Corp
.
1958
3.09
Series AA
2.40
Northern Securities
47
53
Accumulative series
2.40
Pacific Southern Invest pf_*
4U2
43
Series A A mod
2.95
1U2
Series ACC T
*32
1.13
100
8% preferred
_
*
Class
_
A
B
13l2
•
lh
2
Plymouth Fund Inc ol A.lOc
34
_
42
10
39l2
100
1.08
Cumulative Trust Shares..*
5.26
Deposited Bank Shs
2.61
2.90
4.32
4.80
Common B shares
7% preferred
Class
---
.97
1.08
Quarterly Ino Shares—25c
Representative Trust Sbareh
1.52
1.67
2.95
od—
Orum A Foster Ins 00m..10
100
...
Republic Investors Fund. .6
11.44 11.94
3.51
3.75
.45
Management
Royalties
Deposited
ser
Iosur Shs
A__
A
Selected Amer Shares Ino..
.55
1.49
1.62
Shares..
Selected American
3.26
98
....
31i2
32i4
Selected Cumulative Shs...
8.54
C
4.10
4.45
Selected Inoome Shares
4.51
D
Z43-54
7s 1940
Affiliated Fund Inc com...
..
36U
Tuouman City 7s, 1951
Invest. Co. of Amer com_ 10
....
90
Housing A Real Imp 7s, '46
Hungarian Cent Mut 7s,'37
.
30
/8U
/12i2
f31h
Stinnes 7s unstamped. 1936
Hanover Han Water Wks.
6%. 1957
.
15
f25
Haiti 6% 1953..
29
7s, 194R
Sao Paulo (Braiil) 6s. 1943
Saxon State Mtge. 6s, 1947
Serbian 5s, 1956
Santander (Colom)
Stettin Pub Utll 7t. 194«
—
28l2
8%. 1947
Santa Fe scrip
Stem A Halske deb 6s. 2930
/1038
/13
/25
1935
1334
/13
/64
IU4
13i2
Coupons
12-1-34 Stamped
38
/1234
/26l2
/27
/25
/26
/2412
/24
(Braail).
Serbian coupons
/1634
38
/35
4% sorlp
Catharlna
29
36
/36
'57
8V8
17U
/83S
1312
f27
Salvador 7% otf of dep
33
65
/34
*33
Prov Bk Westphalia 6s. "36
Rhine Weatph Eleo 7%, '36
Rio de Janeiro 6%. 1933—
Rom Catb Churob 6Hs, '46
R C Church Welfare 7s. *46
Baarbruecken M Bk 6s, '47
Salvador 7%. 1957
Building A Land-
...
29
2812
Church
Prov Bk Westphalia 6s.
28
Frenob Govt. 6M0, 1937..
July to Deo 1933
52
/2712
/63
/1212
many), 7s. 1946
28
/40
/28l2
Jan to June 1934
/49
/26l2
1945
28
Mortgage A In¬
bank 0H%. 1948
54
National Hungarian A Ind
Mtge.7%. 1948
Oberpfals Eleo. 7%, 1946-.
Oldenburg-Free State 7%
Frankfurt 7s to 1945
vestment 7Hs. 1960
it* m
/5l
67
/30
f27
f27
f27
Dulsburg 7% to 1945
.
bV of
40
Par
Ask
15.75 16.76
*
Amer A Continental Corp..
67
Nat Central Savings
Bid
Par
Administered Fund
Amer Business Shares
33l2
-
1948-1949
46
39
5s. 1949
Young
1946-1947 (A & B)
Investing Companies
35
bank Panama 6H%
Nati.
45
Duesseldorf 7s to 1945
June 1
32
6 Ha
95
/16i2
Dortmund Mun Utll 6s. '48
German
/29l2
/3U2
/38
Costa Rica Pao; Ry 7Ha'49
German
29
1941
Munio Bk, Hessen,
55
Correspondent
30
/2712
Kneeland 8C Co.—Western Trading
34
/29
1948
Mannheim A Palat 7s.
/63
4%
Costa Rloa fundus 6%. '51
European
/31
/32
Water 7%.
61
/43
pest, 7s, 1953
1934
Luneberg
Hungary 7Hs. 1962
Columbia sorlp '<wue of "33
BOwIing Green 9-1420
Street, New York
33
/38
/38
/93
/7l2
/8I4
/2i2
7H%.
63 Wall
38
m
City Savings Bank, Buda¬
issue of
88
8s. "41
Corp
Wain 68.1940
(Colombia)
DISTRIBUTORS GROUP, Incorporated
3714
33
Munich 7s to 1946
6Hs. 1963
Company Securities
-
.....
/30
Lelpilg Trade Fair 7s.
/6012
Buenos Aires sorlp
Burmeister
-
Leipiig O'land Pr. 0Hs,
Bank
Ind.
36U
/ /43-54
Coupons
-
Land M Bk. Warsaw
62
7Hs. 1962
Brown
Coal
-
13i2
6OI4
6%, '31-'51
Brail) funding scrip
Hungarian
/41
2434
•/6i2
Brandenburg Eleo. 6s, 1953
Investment
41
/39
'32
84
/26I2
Bolivia 0%. 1940
Specialists in all
Ask
Hungarian defaulted coups /30-55
Hungarian Ital Bk 7Hs,
Jugoslavia 6s. 1966
13
32U
/2334
/12
Olt. 7% to 1945
Call
28i2
1734
1734
Hungarian Disoount A Ex¬
change Bank 7a, 1963—
Koholyt 0Hs, 1943
Bogota (Colombia) 6H. '47
Callao
29
Palatinate Cons
Bavarian
British
Bid
Atk
/27i2
/26i2
/16is
/16i2
fllh
f'61U
6.25
6.90
1.59
1.71
Spencer Trask Fund
*
Standard Amer Trust Shares
Diversified Trustee Shs B—
93s
3.50
3.75
Eqult Invest Corp (Mass).5
27.52 29.57
Standard Utilities Ino
*
.88
.95
Equity Corp ov pref
38i4
49.12 52.89
State Street Inv Corp
*
88.05
Super Corp of Am Tr Shs A
3.62
Dividend Shares
25e
3U4
1
Fidelity Fund Ino
*
Five-year Fixed Tr Shares-
2.46
AA
3.82
B
*
11.10
•
9.22
Ino
2.60
2.85
C
Fundamental Tr Shares A—
5.42
6.00
D
Fixed Trust Shares A
B
Fundamental
Investors
Shares B
.
7.18
Agricultural shares...—.
Automobile shares
1.46
1.83
1.59
Shares
Trustee Standard Invest C_.
4.50
2.68
2.63
D
1.61
1.74
4.20
Shares .....10
Trust Fund
1.66
7.16
-
Supervised
5.14
3.82
2.46
BB
Group Securities—
{Soviet Government Bonds
19.00 20.20
Trustee Standard
Oil She A
6.76
1.15
1.27
Trusteed Amer Bank Shs B.
1.11
1.23
1.22
1.35
Trusteed Industry
Shares..
1.35
1.49
1.41
1.56
Trusteed N Y Bank Shares.
1.66
1.86
1.22
1.35
United Gold Equities (Can)
1.06
1.16
2.49
2.77
Steel shares.
87.681
10% gold rouble—1942
Food shares
Merchandise shares
Ask
1.62
1.46
1.61
Tobacco shares
91.42
|
Soviet Soo Repub
1.98
1.47
Petroleum shares
88.55
1943
Union of
1.80
Chemical shares
Mining shares
| Atk
Union of Soviet Soo Repub
7% gold rouble.
Building shares
Bid
Bid
1.36
1.50
23
25
RR
Insurance
Par
Bid
Aetna Casualty A Surety .10
Aetna Fire
10
104
Companies
107
Par
Atk
10
Home Fire Seeurlty—
—
62
64
Homestead Fire
-10
Aetna Life
10
35
37
Agricultural
26
79
81
Importers A Exp. of N Y—6
Ins Co of North America. 10
10
...
American Alliance
Knickerbocker
,5
Bid
7
29
....
Atk
8
30i2
...
7612
77i2
1334
Equipment shares...
•
Standard
1
Shares
U 8 Eleo Lt A Pow Shares A
B
134
Common
Holding Corp
Incorporated Investors
2U
.62
Un N Y Tr Shs ser F
21.01 22.59
•
1.01
Investors Fund of Amer
177g
183s
2.76
-
Voting trust ctfs
Un N Y Bank Trust C 3
.46
Guardian Invest Trust....*
Huron
6.02
B
2.86
1.03
1.11
4U
2
10.63 18.26
Wellington Fund
1.11
1534
2914
3034
6
32
3514
Lincoln Fire
..10
11
14
2 H
16
171?,
Maryland Casualty
Mass Bonding A Ins
-10
66i2
681*
Merchan is Fire Assur 00m 2 H
58
60
American Reserve
10
3U2
331?,
Merch A Mfrs Fire Newark.5
10
12
American Surety....
25
5714
59U
National Casualty
Automobile
10
40U
4214
National Fire
10
National Liberty
American Equitable..
American
Home.
American of Newark
American Re-lnsuranoe
-
.
5
7
314
—26
—10
....
8l2
312
Short Term Securities
49
1734
80
Bid
26
Baltimore Amer
101
105
National Union Fire—
693
703
New Amsterdam Cas— ...5
1334
1434
Camden Fire
New Brunswick Fire... -10
35l2
371?,
103U 10358
104
10438
Appalachian Pr 7s 1936....
Armour A Co 4Hs 1939
Atlantic Refg Co 6s 1937—
B AORRSeo4Hs 1939
Beech Creek RR 1st 4s 1930.
2 H
Bankers A Shippers
Boston..
9
6
2314
Carolina
10
30i4
City of New York..
10
2514
2
20
10U
154
1134
157
,10
17
19
Bethlebera Steel 6a 1930
10
47
48
Buffalo Gen Eleo 6s..-.1939
10534 106U
9434
94U
101
10U2
102
10214
10714 10734
-20
50
53
Buffalo Koch A Pitts 5s 1937
104
21
24
Calif Gas A Eleo 5s 1937—
1045s
10634 10714
109
113
Caro Clinohf A Ohio 5s 1938
107i2 109
Chee A Ohio RR 1st 6s 1939
llli2 112
105i8 105t2
3214
New
28i4
2934
New Hampshire Fire..
Connecticut General Life. 10
41
4234
New Jersey
Continental Casualty
5
24
25
New York Fire
Eagle Fire
2H
Employers Re-lnsuranoe. 10
38
40
North River
Excess
1334
151*
Northwestern National -.25
142
145
6
414
England Fire
.
12.50
Northern
5
—
2.60
2734
2914
Chie Gas Lt A Coke 1st 5s'37
10
89
94
Pacific Fire
25
133
138
Fidelity A Deposit of Md_20
86
89
Phoenix
..10
102
104
Consum Gas (Chie) 1st 6s '36
10234 10334
Fire Assn of
79
82
Preferred Accident
___6
17
19
Crane Co 5s 1940
Provldenoe-WashlDgton -.10
4234
4434
Crucible Steel (Am) 5s 1940.
CuinbTd Tel A Tel 1st 6s *37
10314 10334
1021* 103
16U
Dayton Lighting Co 6s 1937
Federal
Philadelphia. 10
Firemen's of Newark
6
1234
1414
Franklin Fire
6
3434
36S4
Rochester American
General Alliance
1
I8I4
1934
Rosa la
—
—10
5
,
X25
1434
Columbus Power 1st 6s 1936
10
27
29
3t Paul Fire A Marine.
Glens Falls Fire
6
39
41
Seaboard Firs A Marine —6
12
14
Globe A Republic
6
I6I4
I8I4
Seaboard Surety
10
20
22
16
46
50
Seourity New Haven..
10
3934
4034
70
75
Southern Fire
..IP
26
28
Ulidden Co 6Hs 1939
32l4
Springfield Fire A Marine.25
142
145
10034 lOUs
Erie A Pgh RR gen 3 Hs 1941
15
Georgia Home
!
Globe A Rutgers Fire
2nd preferred „
Great American
Jt
6
x30i4
1
a;9
12
2134
—
Stuyvesant
20'4
25
.
Sun Life Assurance
—
Great Amer Indemnity
Halifax Fire
10
Hamilton Fire
10
10
20
Travelers
Hanover Fire
10
39U
41l4
U S Fidelity A Guar Co ...2
Harmonla
198
..5
6
.100
415
203
734
445
614 ' 624
30i4
32l4
U 8 Fire
10
87
89
U 8 Guarantee..
10
73
75
Westchester Fire
3914
Home
5
Edison EI Ilium Co Boston
...
Bid
(H C)
com
preferred
*
5h
Atk
41
47
100
100
104
Edison Bros Stores pref.100
112
Diamond Shoe prof
Flshman (M H) Stores
Preferred
•
100
1312
.
-
15l2
Lerner Scores pref
100
9312
1U2 12i2
106l2 110
Lord A Taylor.
Kress (8 H) 6% pref
10
...
100
200
1st preferred 0%
100
108
2nd
100
118
preferred
8%
Par
...
...
...
Melville Shoe pref
100
100
MockJudsAVoehr'ger pf 100
Murphy (G C) 8% pref.100
Reeves (Daniel) pref
100
Schlff Co preferred
100
United Cigar Stores 6% pref.
6% pref ctfs
U 8 Stores preferred
108
1014
...1937
General 5s
Paciflo lei A Tel 6« 1937...
Penn-Mary Steel 6s 1937...
Pennsylvania Co 3Hs 1937.
Pennsylvania RR 6 4s 1936.
Phila A Reading C A I 4s 37
101
108«4
102"
1044 1044
10334 1044
1024
Potomac Eleo Power 6s 1930
1004 1004
1024 1034
10134 1024
Roch A L Ont Water 6s 1938
101
Ry L H A P 5s '37
Man
Montana Ext 4s
1937
Scranton Electric 5s 1937...
1033s 1034
Skelly Oil Co 5Hs
1939
South A North Ala RR 5s'36
1014 102
St Joseph
St
Paul
1024
Mln A
1034 1044
1054 1064
Sou Pao Branch Ry 6s 1937-
1024 1024
106
1O034
Terminal RR (StLou) 4 4s'39
109
6Hs March 1 1938
10234
6Hs March 1 1939
1044 105
104
571*
Illinois Steel 4Hs 1940
95
Jones A
Laughlin Stl 5s 1939
108i8 1085s
IO6I4 107
3712
39l2
Kansas Eleo Pow 1st 6s 1937
10014 10634
1015s 102
IOOI4
102
10212
•
--
Mldvale Steel A Ord 5s 1936
11012 11212
99
104
uidf 4s '40
98
105
108
IO8I4
100i2 lOOSg
104U 10434
Trumbull Steel 6s 1940
U S Rubber 6Hs Mat 11937
11034
10234 103
10134
6Hs March 11940
Virginia Midland Ry 5s 1936
Ward Baking Co 1st 6s 1937
Washington Wat Pow 5s *39
Western Mass Cos 4s 1939
10534 1004
103
10334
W N Y A Pa RR 1st 5s 1937
104
1044
Western Union Tel 6 4s 1936
103
106
1034
1064
107
1074
5s
Jan.
I
1938
.
1004 101
100
1064
1104 111
Willmar A Sioux Falls Ry
1938
5s...
10234 103i2
27
98i2
100
Federal Intermediate Credit
110
18
Bank
Debentures
19U
1734
19
2
Bid
4
Ask
Bid
100
F I C lHsFeb.
15 1930.
F I C lHs Mar. 16 1930.
r.35%
r.35%
F I C lHs June
1004 101
1936
10434
F I C lHs Apr.
For footnotes see page 115.
5s April 1
Nor Ry of Calif 5s 1938..
Ohio River RR 1st 58—1930
102i2 10258
90
Alt
1014 102
11034 1114
Nor American Lt A Power—
10234 10278
10458 105
55l2
24
N Y CblO A St L 1st 4s 1937
New York Tel 1st 4Hs 1939.
Great Northern Ry 7s 1938
1936
HoustonBeltATermRy5s'37
Illinois Central RR 6 Hs 1933
Bid
Nash Flo A Sheffd Ry 5s '37
Hood Rubber 7s
Gen 48 June 1 1938
Miller (I) A Sons pref
7i2
100
Atk
10414 1044
1034 105
Gr Trunk Ry Can (gu) 6s '3
Long Island Ltg 1st 6s 1936.
Long Island RR 6s 1937
4
10
2,50
Morris A Co 1st 4 He 1939
105i2 IO6I4
103
10334
103l8 10312
Louisville A Nasb
7%
10U4
16
Chain Store Stocks
Bohack
101
5s April 16 1930
15
41l4
;
Dututh A Iron Range 6s '37
104i8 104»2
10414 105
107
10738
Laclede Gas Light 5s 1939..
Lake Erie A West 6s
1937
10
Hartford Fire
Hartford Steam Boiler
Bid
Atk
1914
78
100
...
15 1936.. r.40%
r.40%
15 1938.
FIClhs July
15 1930
—
r.50%
FICIHa Aug. 15 1930- r.50%
F I O IHs 8ept. 15 1936.
r.55%
FIClHs Nov. 15 1930- f.60%
F I C lHs Dec. 15 1930.. V.60%
Ask
Financial
Volume 142
Quotations
By Barnes & Lofland, Philadelphia:
Over-the-Counter SecuritiesFriday Jan. 3—Concluded
on
Shares
Co., Philadelphia, Pa., par $50__
50 Meteor Crater Exploration and Mining Co., common
60 Meteor Crater Exploration and Mining Co., preferred
100 Petroleum Conversion Corp., capital, temporary certificate
200 Insurance Securities Co., Ino
10 No. 1510 Walnut St. Corp., common voting trust certificate
2 Central Warehouse Corp., class A
10 Central Warehouse Corp., class B
20 J. M. Sons Building Co., 2nd preferred
200 Kreuger & Toll Co., American certificates
60 Van Swerlngen Corp., common
12 Cities Service Refining Co., preferred
6 Cities Service Refining Co., common
242 The Land Co. of Florida, common
242 The Land Co. of Florida, common
510 Schulte Real Estate Co., Inc., common..
510 Schulte Real Estate Co., Inc., common
50 Media Drug Co
ROBINSON, MILLER & CO.
INC.
NT«S
COMPREHENSIVE SERVICE
Per Cent
Market
income,
By A. J. Wright & Co., Buffalo:
20
Members New York Security Dealers' Association
$ per Share
Stock
Shares
Established 1920
Genesee
Garage,
Motoramp
$1 lot
50c lot
$25 lot
$4 lot
preferred
Inc.,
20 Genesee Motoramp Garage, Inc., common
Tel. BArclay 7-0700
Y.
$1 lot
$10 lot
$100 lot
$25 lot
1975
1937
$3,000 Wilbur-Suchard Chocolate Co., Inc., 634s, 1937
$1,300 Van Camp Packing Co. 6s, 1948
cum.
$20,000 Jenkintown Noble Co., ref. Income 6s,
Bristol & Willett
115 Broadway, N.
24
$10 lot
$3 lot
$1 lot
$1 lot
$1 lot
$5 lot
$3 lot
$3 lot
$3 lot
$26 lot
--$51 lot
..$27 lot
$25 lot
$5 lot
Bonds—
$100 Central Warehouse Corp.,
in the
Over-the-Counter
540
$1 lot
$1 lot
$1 lot
Co., Philadelphia, Pa, par $100
4 Bankers Trust
Quotations and Analysis
A
$ per Share
Stocks
4 Northern Trust
GARLOCK PACKING COMPANY
HA^ovePrh2-T282 52 William Street, N.Y.
117
Chronicle
18 Yumm Y,
Inc., preferred with 26 shares common
220 Fashion Park Associates, Inc., preferred voting trust certificate
Industrial Stocks
Prices
Par
American Book $4
27
King Royali* com
*
23
28
76
102
44
$8 preferred
100
Kinner Airplane A Motor .1
97
41
58
?8
32l2
333s
Lawrence Port Cement--100
19i2
2U2
3U
412
37i2
34
534
Canadian Pacific
39
Canal de Suez
Macfadden Publlca'ns com 6
22
*
Manufacturing 100
19
13
1412
100
63
68
Amer Maize Products
American
1
73l2
25
Hardware
Preferred
618
American Republics oom..*
Andlan National Corp.—*
9t2
pf_*
5234
Bowman-Blltmore
Hotels.*
,
100
Preferred
National
42U
100
106«2
118
56
101
•
•
*
Taylor Milling Corp
Trico Products Corp
TublseCbatillon cum pf.101
66
Unexcelled Mfg Co.
103
105
10
Un Piece Dye Wks pfd
..100
100
U S Finishing pref
«.•
4
825
79
84
Nord Ry
1,017
1,017
1,045
3234
Orleans Ry
18s
4t2
Warren,
Northam—
$3 conv pref
120
Cycle
Corp
4i2
...*
3414
100
Preferred
36i4
White (S 8) Dental Mfg—20
47U
10
5012
5i2
$7 1st preferred
100
...50
100
4
37
39
Wiloox-Glbbs oom
2612
2714
Worcester Salt
12
Young (J 8) Co com
Paper..
25
9
Herrlng-Hall-Marv Safe. 100
7%
A C
100
100
preferred
Cache
La
Poudre
Co..20
21
2D2
11
18l2
...
Preferred
2,240
52
27
27
29
54
28
2,264
2,285
2,325
100i2 10212
1538
1658
539
539
539
Societe Marseillaise
Tublze Artificial 811k pref
102
Wagon-Llts
72
73
75
521
534
41
41
43
540
43
;
_
22
19
60
114"
110
Berlin Stock
The
118
Exchange
of representative stocks as received by
day of the past week
Dec.
Bid
...»
103i2
100
11134
1*2
7% preferred
30
31
cable
each
Jan.
2
Jan.
1
Jan.
3
Per Cent of Par
Ask
West Indies Sugar Corp.—1
Savannah Sugar Ret
Dec.
Dec.
28
Ask
539
72
521
Union d'Electricitie
99
54
51
54
1
Par
12
16'2
Eastern sugar Assoc
2,230
1,708
1,565
2,264
Sugar Stocks
Bid
2,250
1,696
1,545
Societe Francaise Ford
Societe Lyonnalse
Closing prices
Par
2,160
1,670
1,530
Societe Generale Fonclere
I6I4
White Rock Mln Spring—
*
81.80
103.60
2,190
1,670
1,530
Royal Dutch
Saint Gobaln C
83.25
80.80
102.80
75.90
75.10
83.25
81.75
103.50
81.40
1932 B
Rentes 5%, 1920
1758
99
West Va Pulp A Pap
.—100
Northern
6
82.30
79.90
102.00
Rentes4^%, 1932 A
45
43
Welch Grape Juioe pref-. 100
8
Graton A Knight com
Preferred
11
10
312
92
73.40
76.00
76.20
75.25
75.25
634
Gen Flreprooflng $7 pf-.lOO
72.20
74.75
73.50
81.75
80.40
102.10
74.40
Schneider <fc Cle
com.-*1
413
22
1,301
73.30
74.50
Rentes 4H %.
413
409
24
1,280
Rentes4%, 1918
3l2
890
1,035
24
Rentes4%, 1917
(*)
Preferred
Rentes. Perpetuel 3%
4234
Holiday
406
9l2
102
1,610
2,310
1,243
72.80
20"
2&8
90
24
403
Pechlney
8I2
97
—_
1,243
71.90
Pathe Capital
18*2
4112
1,350
17
588
910
831
583
891
811
25g
American shares
Galr (Robert) Co com
Great
571
890
811
(*)
Foundation Co—Foreign shs
Golden
671
880
35
Taylor Whar IA 8 com
**
Energie Electrlque du Littoral..
L'Alr Liqulde
342
53
m
1,710
2,300
484
713
Lyon(PLM)
33
20
•
1,670
2,280
480
708
Kuhlmann
32
17
"s
1,670
2,260
480
708
480
708
24i2
336
64
•
2,160
Energle Electrlque du Nord
~4~12
3*2
25
49
100
10
101
100
Draper Corp
Driver-Harris pref
1,660
Eaux Lyonnalse-.
^
20
Douglas Shoe pref erred-.100
First Boston Corp.
5i2
Singer Manufacturing—100
Standard Cap A Seal
5
Standard Screw
100
48i2
Flour Mills of America
478
Preferred
58
4512
*
Credit Lyonnalse
Comptolr Nationale d'Eseompte
SoovlllMlg
56
Dictapnone Lorp
50
579
40
100
-♦
$7 1st preferred
,
44<4
Dentist's Supply Co of N Y.
Preferred
573
38
Publication Corp com
Rockwood A Co
•
673
248
584
22
Remington Arms com
97
935
89
241
100
7
52
930
84
234
98
15»2
100
925
83
20
46i2
-100
80
234
*
45
*
Preferred
925
1
...*
Leather
Ohio
46i2
Doehler Die Cast pref
77
Credit Commercial de France...
13t2
Dixon (Joe) Cruelble
78
36i2
Pathe Film 7% pref
*
79
3434
Oldetyme Distiller*..
$7 preferred
17
6
58
Crowell Pub Co com
179
18,100
79
Coty S A
40i2
45
177
18,000
1,069
1,360
17
Courrleres
114
♦
175
18,100
1,067
1,360
17
Cle Generate Transatlantique
Cle Generale d'Electricitie
15
9,300
171
Citroen B
52
11012
89
Norwich Pharmacol
9,600
1,028
478
18,000
1,043
1,350
17
48
39
Class B
9,600
1,029
475
995
468
Jan. 3
Francs
173
87
56
5
9,400
995
468
Jan. 2
Francs
18,000
1,043
1,340
Cle Distr. d'Electricitie.
46
no
$1.00 cum pref
9,300
Francs
Francs
Banque de l'Union Parlslenne..
86
100
Columbia Baking com
Francs
Banque de Paris et Des Pays Bas
100
Yeast
Northwestern
27i2
7% pref
100
Co new
Columbia Broadcasting ol A *
Francs
Bank of France
Jan. 1
28 Dec. 30 Dec. 31
Dec.
North Amer Match Corp..*
102
128
carnation Co $7 pref
37
cable each day
of the past week
113l2 11512
*
123
Climax Molybdenum
U
45s
*
Casket
Preferred
25i2
35
Quotations of representative stocks as received by
Nat Paper A Type pref-100
New Haven Clock pref—100
100
Preferred
Carrier Corp
1
100
6% preferred
334
100 '100
Co 7% pref
Canadian Celaneee com—*
»
Merck A Co Ino com
,
2i2
100
Brunswick Balke Collander
1st preferred
*
Preferred
Malllson H R Inc com
65s
48U
1U2
54l2
46U
Art Metal Construction.. 10
Beneficial Induat Loan
212
Kildun Mining Corp
...
Paris Bourse
on
Aft
2h
125g
25
100
American Hard Rubber-.60
American
Bit
1138
*
American Arch $1....
Far
Ask
Bid
Amer Air Lines Ino v t 0—
35
Berliner Handela-Geaellsohaft
(6%)
Berliner Kraft u. Llcht (8%)
Coramerz-und Privat-Bank A G
35
35
37
37
114
135
Allgemelne Elektrizltaets-Geseilschaft
114
136
114
135
113
136
114
136
1
J2
84
84
84
84
83
120
120
121
121
121
83
84
84
84
84
105
106
107
123
105
123
106
Deutsche Relchsbahn (German Rys pf 7%). 123
Haytian Corp Amer......*
120
120
Deasauer Gas
(7%)
Deutsche Bank und Dlsconto-Gesellschaft..
For footnotes see page
115.
Deutsche Erdoel
AUCTION
The
following securities
were
(4%)
84
sold at auction
on
Wednesday
of the current week:
Farbenlndustrle I G (7%)
Gesfuerel (6%)
Hamburg Electric Werke (8%)
Hapag
$ per Share
no par...
214^
par
Co., Inc. (N. Y.) common,
Stokes Coal Co., Inc. (N. Y.), pref.,
$100
adj. to Jan. 15 1936
adj. to Jan. 15 1936
Per Cent
Bonds—
Holi- 148
day
125
132
84
84
149
125
132
147
125
132
15
15
15
15
79
79
79
79
79
16
17
17
17
Rhelnlsche Braunkohle (8%)
Sabdefurth (7H
180
209
173
180
210
173
179
210
174
17
181
211
Siemens <t Halske(7%)
163
164
165
Nordeutsch
Stocks
Shares
625 Stokes Coal
84
149
125
131
.14
Mannesman d Roehren
By Adrian H. Muller & Son, New York:
84
149
125
131
Dresdner Bank
SALES
n
Lloyd
_
Relchsbank (8%l
180
210
179
165
165
$2,000 Old York Club, Inc., 3% 20-year gold adjustment debenture Income
bonds.
Due April 15 1951.
All coupons attached
$10 lot
CURRENT
NOTICES
By R. L. Day & Co., Boston:
Shares
$ per Share
Stocks
2 Worcester County Trust Co., Worcester, common, par
41 Pelzer Manufacturing Co., par $5
$10
—
-
11J4
15H
Manufacturing Co
45 34
10 Saco Lowell Shops, 1st pref., par $100
3134
33 Missouri Kansas Pipe Line, common, par $5: 30 Missouri Kansas Pipe Line,
class B voting trust certificate, par $1
$91 lot
200 Grlgsby Grunow Co., common
.10c lot
50 Dewey & Almy Chemical Co., Class A
26
1
Newmarket
9
91
10 Saco Lowell Shops, 2nd preferred, par $100
20 Howes Bros., 6 preferred, par $100
Per Cent
Bonds—
91 & Int.
$8,000 8. D. Warren Co. 6s, Feb. 1945
act
3 Boston & Maine RR., common
2 Nashua & Lowell RR, par $100
(unstamped),
par
$100
12834
13 Taber Mills, par $100
90 Fairhaven Mills Real Estate
28
Hill
Corp., trust certificate
Shares
Boston Athenaeum,
5 New England Power
90
par
$300
Association, 6% preferred, par $100
Eastern Utilities Associates,
convertible
1,300 rights Edison Electric Illuminating Co. Boston (Cash)
$10 lot
$10 lot
130
295
5634
434
1-16
The new firm will be located at 61 Broadway,
—Washburn
&
Company announce that Charles H. Lake,
Bankers Trust Company, has become
their municipal bond department.
firm intends
issues,
as
as
business.
underwriting of municipal
the distribution of municipal and corporate securities.
name
of Rubinger, Wohlstetter & Co. has been
There has been no change
changed to
in the partnership or other per¬
York Curb Ex¬
The firm will also conduct a general over-the-counter brokerage
Offices will remain at 120 Broadway, New York.
—William Reid, who becomes a partner
was,
formerly of
associated with them as manager of
sonnel and the firm will continue as members of the New
change.
bonds and
New York.
With the association of Mr. Lake, the
to broaden its activities to include the
well
Ballin & Co.
\M
Manufacturing Co
10 Ludlow Manufacturing Associates
1
.39c
3
members New York Stock Exchange, to trans¬
general investment and commission business in stocks,
a
commodities.
—The firm
$ per Share
Stocks
member New York Stock Exchange, announce the forma¬
tion of Sivin, Franklin & Co.,
By Crockett & Co., Boston:
Shares
20 Atlantic National Bank, Boston, par $10
and
—Joseph Oscar Sivin, Lewis M. Franklin, Earl Vernon Biddle Jr.,
Thomas F. Kelly,
of J. S. Bache & Co., on Jan. 1
until recently, a Vice-President of the Guaranty Trust Co. and
prior
that, of the old National Bank of Commerce.
Previous to his joining
the latter institution he was for many years in the
commodity business as a
to
merchant in rubber and also hides and skins.
Financial
118
Earnings of Large Telephone Companies—The Inter¬
Commerce Commission at Washington has issued a
state
monthly earnings statement of the large telephone companies
having, an annual operating revenue of $250,000 or over.
Below is a summary of the October return:
No.
of Co.
Stations in
S\Prinrf>
Revenues
Expenses
Income
14,512,031 $86,328,446 $59,320,810 $18,529,292
81,638,451
58,051,599
16,209,469
14,093,488
821,211,489 579,190,361 159,608,519
780,401,742 547,060,847 155,195,062
October 1935
October 1934-
10
mos.
end. Oct. 31 '35-
10
mos.
Operating
Operating
Operating
end. Oct. 31'34.
—
Advance Rumely
—
Corp.—Liquidating Dividend—
Jan. 4 1936
Stockholders will
exchange their present holdings on the basis of one
new common for each 10 shares now held.
Creditors and stockholders will be offered 200,000 shares of new common
stock at $1.50 a share.
The offering of the 200,000 snares of new common
stock will be underwritten at $1.25 a share and the new company will
receive the net sum of $250,000 for the issuance of the 200,000 new shares.
share of
Compensation of the underwriters for their underwriting commitment
10,000 shares of new stock and 25 cents a share for each share of
new stock subscribed for by creditors and stockholders.
On Dec. 4 1935 the Executive Committee of the RFC approved a loan
to the new company in the sum of $350,000 to be advanced upon the
consummation of the plan.
Malcolm A. Schweiker, now President of the Franklin Tile Co. of Lansdale, Pa., will be made President of the new company.
For his services
Mr. Schweiker is to receive $10,000 a year plus 5% of the annual net
profits in excess of $100,000 after depreciation and before deduction of
taxes.
He is also to receive an optio
to purchase 15,000 snares of the
new stock at $2 a share, exercisable from Jan. 1
1937 to Dec. 31 1939.—
V. 140, p. 3536.
will be
the
.
The company has declared a liquidating dividend of $1 in cash and
Yi share of Allis-Chalmers stock on each share of Rumely no par common
stock outstanding.
The payment will be made on and after Jan. 14.
Shareholders must send in their stock or present same in person to the
New York Trust Co. to obtain the dividend since the stock must be stamped
with the amount of the liquidating dividend.—V.
Chronicle
141, p. 2874.
American
&
Foreign
Power
Co.,
Inc.—Financial
Statement—
The statement of income of company
Akron Rubber Reclaiming
income
Earnings for Year Ended Oct. 31 1935
Net loss after all charges
$69,473
Balance Sheet Oct. 31 1935
Assets—
Cash
on
Liabilities—
deposit and
on
$62,350
hand
Accounts receivable—trade
825
Accounts receivable—employees
Plant and equipment
Deferred charges
Common stock
$577,567
$1,669
15,264
102
302,750
333,250
Deficit
75,467
-
$577,567
Total....
for depreciation of $209,722.—V.
reserve
payable
8% preferred stock
x467,558
<5,880
Total
After
Miscellaneous accounts
16,055
Investments
Other assets
x
Accounts payable—trade
Accrued property taxes
417
24,480
130, p. 2774.
Alaska-Juneau Gold Mining Co.—15-Cent Extra Div.—
V The directors have declared
an extra dividend of 15 cents per share, in
the usual quarterly dividend of like amount, on the common
$10, both payable Feb. 1 to holders of record Jan. 10.
Similar
distributions were made in each of the nine preceding quarters.—V. 141.
p. 3682.
addition
stock,
to
par
[Allied Products Corp.—Earnings—
9
Earnings for 10 Months'Ended Oct. 31 1935
Net profit after all
Earnings
share
per
$176,000
$1.10
charges including Federal taxes
outstanding
oa common
—V. 141, p. 4157.
Alton
RR.—Earnings.—
1935
1934
1933
1 Q39
$1,198,989
253,799
28.521
$948,590
158,814
def68,900
$1,073,969
82,812
$1,045,460
295,932
19,203
12,685,415
1,912,313
def609,436
12,105,304
2,ol3,493
2.1,535
12,366,113
3,848,908
1,501,148
13,059,954
3,234,100
451,333
November—
Gross from railway
Net from railway
Net after rents.
From Jan 1—
Gross from railway
Net from railway
Net after rents
—V. 141, p. 3526.
335,395
Aluminum Co. of America—Bonds Called—
A total of $6,081,000 5% sinking fund debenture gold
bonds have been
called for redemption on March 1, next, at 105 and interest.
Payment
will be made at the Union Trust Co. of Pittsburgh, trustee, Pittsburgh, Pa.
—V. 141, p. 3682.
American Alliance Insurance
alone, not including undistributed
ended Sept. 30 1935, shows net
of $11,053,580.
Interest
(including inter-companv) and other deductions for the period aggregated
$7,333,205, leaving a balance before exchange adjustments carried to
surplus of $3,720,375.
The Sept. 30 1935 balance sheet of American & Foreign Power Co., Inc.,
shows cash in banks on demand of $9,318,978.
A statement accompanying the report states in substance:
Charges were recently made against the company's principal operating
subsidiary in Chile, Compania Chilena de Electricidad Limitada, that it
had remitted exchange from Chile over the period from 1932 to 1935 in
contravention of the laws governing the control of foreign exchange.
A
decision has recently been rendered against the company in the Court of
Appeals at Santiago, imposing on the company a fine of 55,278,293 pesos,
and fines and short sentences of imprisonment on certain individuals who
were also involved in the charges.
The company has appealed from the
decision of the Court of Appeals to the Supreme Court of Chile, where the
case is now pending.
Concurrently, however, with the hearing of the case in the Court of
Appeals, discussions were had between C. E. Calder, President of American
& Foreign Power Co., Inc., representing the
company's subsidiary, South
American Power Co., and the Government of Chile, as a result of which
an agreement was entered into with the Chilean Government, subject to
the ratification of the Chilean Congress, which it is believed will dispose of
all differences between the Government and Compania Chilean de Electrici¬
dad Limitada.
The agreement has already been approved by the President
of Chile and ratified by the Senate and will come up for consideration by
the lower House later this month.
On Dec. 17 1935 the President of
Chile, in view of the above mentioned agreement, sent to the Chilean
Congress a recommendation that it pass an amnesty law covering all
alleged contraventions of the Exchange Control Law.
If the recommenda¬
tion of the President is accepted by the Congress, the company will be
exonerated from the payment of the fine imposed upon it, the sentences
against the individuals will be discharged and the company's right to
remit exchange in the future will be recognized.
It is stated in the Sept. 30 1935 financial statement that Section 3 of
the Public Utility Holding Company Act of 1935, as finally enacted into
law, provides that the Securities and Exchange Commission must by rule
or by order on application, exempt from the Act
companies such as American
& Foreign Power Co., Inc., and its subsidiaries, unless the Commission
finds it detrimental to the public interest or the interest of investors or
consumers to do so.
On Nov. 29 1935 the Commission issued a rule granting
a temporary exemption from all provisions of the Act until Feb. 3 1936, to
panies controlling only foreign systems.
American & Foreign Power
,Inc., controls systems in 13 foreign countries, but does not control
system in the United States.
applicable income,
Co.—Darnings-
Co., N. Y.-—Extra Div.—
The directors have declared an extra dividend of 20 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
capital stock, par $10, both payable Jan. 15 to holders of record Jan. 3.—
V. 141, p. 3216.
before
Consolidated
The company paid an extra dividend of 2£> cents per share onthe capital
stock, no par value, on Dec. 24 to holders of record Dec. 14.
The regular
quarterly dividend of like amount was distributed on Dec. 2 last.—V. 137,
P. 139.
the
Income
American
The
Can
has
company
Co.—Gets
obtained
Restraining Order—•
Circuit
Court
of
of its officers and direct >rs and data as to the extent of its business
would
be to stir up widepsread price-cutting and "excite
and lower
the morale of the operating force,
serious labor trouble."-—V.
American
141,
p.
Commercial
9 Mos. Ended
and
criticism, breed envy
perhaps, foment
even,
4157.
Alcohol
Corp.
Sept. 30—
Expenses
Interest
1934
84,332
„
Cash discount
on
Subs.)—
$2,851,535
1,179,950
47,125
on
sales
45,352
107,883
Provision for doubtful accounts receivable
Loss on abandoned property
Loss
(&
1935
$3,213,885
1,684,561
Total income
32,160
46", 844
216.622
200",067
88,825
130,186
Miscellaneous deductions
Federal taxes
Net income.
Net
rev.
from opera'n.
Gross corp. income—
per
16,316
157,712
$1,109,373
S3.10
$4.23
share
262 000
—V. 141. p. 4157.
American
A
Encaustic Tiling Co.
(Ltd.).—Reorg. Plan—
of reorganization has been submitted to creditors and stock¬
approval.
The proposal calls for the formation of a new
corporation with an authorized capitalization of 310,000 shares of common
stock (par $1) to take over the assets of the old
company.
Under the plan the secured creditor—the Reconstruction
Finance Corp.—
will be paid in cash in full from funds to be derived from a new
loan made
by the Corporation.
plan
holders
for
Unsecured
cash
and
creditors
are
the remaining
to
90%
receive
in
new
share of stock for each $10 of claims.
10%
of their
common
stock
allowable
on
tne
12
Months Ended Sept.
30
1935—12 Mos—1934
•
$5,589,804
441,369
$5,753,806 $22,550,547 $21,952,758
95,129
909,230
719,374
$6,031,173
$5,848,935 $23,459,777 $22,672,132
other
Int.charged to construc'n
Property retirement re¬
serve appropriations..
1,057,990
Cr7,239
918,788
$4,061,634
1,243,647
Crl2,180
4,175,138
Crl7,573
4,955,397
Cr48,678
924,158
4,147,524
3,676,442
$3,693,310 $15,154,688 $14,088,971
public (full
div. require, applicable
to the respective per'ds
whether earned
or
un¬
697,630
applicable
minority interests
687,878
2,766,089
2,750,092
248,442
earned)
Portion
78,102
614,570
426,775
to
Net
equity of Am. &
Fgn. Pr. Co. Inc. in
inc.
of
subs,
(of
which only part is
avail, in U. S. cur¬
rency)—before
ex¬
change adjustments $3,115,562
Am. & Foreign Pr. Co. Inc.—
Net
equity of Am. &
Fgn. Pr. Co., Inc., in
inc. of subs, (of which
only part is avail, in
U.
S.
currency)—be¬
fore exchange adjust'ts $3,115,562
$2,927,330 $11,774,029 $10,912,104
5,600
Other income.
Total income
Expenses, incl. taxes—
$809,280
260,901
Shares capital stock outstanding
and
■,
Other income (net)
Int.
to
public
&
$2,927,330 $11,774,029 $10,912,104
15,867
79,047
105,900
$3,121,162
169,709
$2,943,197 $11,853,076 $11,018,004
105,470
799,496
622,276
claims
basis
of
in
one
other
deductions.
1,830,517
1,907,086
7,333,205
7,842,300
change adjustments $1,120,936
$930,641
$3,720,375
$2,553,428
Balance—before
Earnings
3
1935—3 Mos.—1934
93,659
15,173
sale of corn options, &c
Depreciation
for
deductions
Operating revenues
$13,641,647 $13,532,768 $54,951,325 $54,970,277
Oper. exp., incl. taxes..
8,051,843
7,778,962
32,400,778
33,017,519
Pref. divs. to
temporary
a
restraining order from the
Appeals enjoining the Securities and Exchange
Commission from making public information
relating to the salaries of
its officers and directors and from divulging "trade secrets."
Tne order was signed by Judge J. Whitaker
Thompson, and is to remain
in eifect until the Court hears an
appeal by the company from an order
of the Commission of Oct. 31 last
holding that such information was
of "public interest."
*»In its appeal the company attacks the
constitutionality of the SEC
law and asserts that the only effect information
concerning the salaries
S.
months
other
■
Balance
U.
12
and
Account
Period End. Sept. 30—
Subsidiaries—
Interest to public &
deductions
American Arch Co.—Extra Dividend—•
for
interest
Notation—All
ex¬
inter-company transactions have been eliminated in the
Interest and preferred dividend deductions of sub¬
sidiaries represent full requirements for the respective periods, paid or
accrued (where not paid), on securities held by the public.
The "portion
applicable to minority interests" is the calculated portion of the balance of
income apnlicable to minority holdings by the public of common and noncum. participating pref. stocks of subsidiaries.
Minority interests have
not been charged in the above with deficits where income accounts of sub¬
sidiaries have so resulted.
The "net equity of American & Foreign Power
Co., Inc., in income of subsidiaries (of which only part is available in United
States
currency)—before exchange adjustments" includes interest and
preferred dividends paid or earned on securities held, plus the proportion of
earnings which accrued to common stocks held by American & Foreign
Pow°r Co., Inc., less losses where income accounts of individual subsidiaries
have resulted in deficits for the respective periods.
above
statement.
Comparative Statement of Consolidated Operating Revenues, Operating Expenses,
and Net Revenues from Operation of Subs. Only for the Month of September
1935-1934
1934
1935
Operating
Operating
including taxes
expenses,
$4,589,075
2,581,620
$4,565,398
2,716,147
revenues
changed method of accounting will require an expensive restatement of
the accounts of the plaintiffs and will entail the expenditure of substantial
sums of money over a ,d above the cost of keeping the present prescribed
system of accounts."—V. 141, p. 4157.
American Water Works & Electric Co.,
Date
x
Net
x
$2,007,455
appropriations, interest, dividends,
Before property retirement reserve
from operation
revenues
$1,849,251
—
and exchange adjustments.
{Co. Only)
& Summary of Surplus
1935—3 Mos.—1934
1935—12 Mos—1934
$2,172,176 $10,692,382
$9,710,810
15,867
79,047
105,900
$2,408,842
5,600
Other
Total
$2,188,043 $10,771,429
105,470
799,496
52,414,442
169,709
Expenses, including taxes
Int.
(incl. inter-co.) &
$9,816,710
622,276
1,830.821
1,918,085
7,341,899
7,878,124
$413,912
other deductions
$164,488
$2,630,034
$1,316,310
Bal.
(before
exchge.
adjustments) carried
to surplus.
The company has
2,630,033
W1935, before exchange adjustments (as above)
**
$17,393,556
181,705
18,254
Earned surplus, Sept. 30 1935
$17,193,595
-
Comparative Balance Sheet Sept. 30 {Company Only)
1934
1935
$
$
488,403,154 481,714,242
9,318,977
9,538,264
29,623,534
39,863,297
3,665,181
603,607
Assets—
Investments in subsidiaries, &c
Cash.
Loans receivable—subsidiaries
Accounts receivable—subsidiaries
Notes & loans
for subscrip. to securs.
receivable—others
Accounts
Contracts
rec.
38,685
of subs..
5,507
245,525
the board.
Sundry debits
47,874
538,402,807 539,464,714
_
_
7,132,486
83,193
p
Liabilities
393,940,452 393,940,452
50,000,000
50,000,000
31,907,048
33,911,200
Capital stock
Gold debentures, 5% series due 2030
Notes and loans payable—Banks
x
Electric Bond & Share Co
Contracts
43,477,800
42,976,762
..
524,292
272,779
75,008
payable
Accounts payable
Accrued accounts
649,406
2,197,642
400
2,037,162
—
Sundry credits
Surplus
-
17,193,596
14.763,522
538,402,807
Weekly Output—
Output of electric energy for the week ended Dec. 28 1935 totaled 39,207,000 kwh., an increase of 19.7% over the output of 32,741,000 kwh. for
the corresponding period of 1934.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1935
1934
1933
1932
1931
Dec.
7
44,253,000 35,563,000 32,793,000 29,113,000 31,238,000
Dec. 14
44,254,000 36,799,000 33,240,000 29,543,000 31.289,000
Dec. 21
45,349,000 38,198,000 33,687,000 28,894,000 27,438,000
Dec.
28
..39,207,000 32,741,000 28,997,000 25,179,000 28,322.000
—V. 141, p. 4158.
Amoskeag Mfg. Co.—Protective Committees Organized—
Stockholders and bondholders have prepared to protect their interests in
the move to reorganize the corporation by the appointment of two separate
serve
539,464,714
in their behalf.
named Allen Forbes, President of the State
Allen, ex-Governor of Massachusetts;
Roger Amory of Boston, a trustee; Willard D. Rand, Vice-President of the
Amoskeag Savings Bank, Manchester, N. H., and Edgar C. Hirst of Con¬
cord, N. H.
Ralph W. Eastman was made Secretary of the committee
and Peabody, Arnold, Bradley & Luther of Boston were made counsel.
Stockholders named a committee comprising W.
Rodman Peabody,
Substantial
bondholders
Street Trust Co. of Boston; Frank G.
the Boston Safety Deposit & Trust Co.;
Colony Trust Co., Boston;
National Bank; Josiah E.
Fernald, President of the National State Capital Bank. Attorney Charles
Boston attorney; James Dean of
Gordon Abbott, Chairman of the board of Old
S. Bean, President of the Manchester
Norwin
M.
Storey of Boston was made Secretary.
Interest currently due on the $11,379,000 6%
paid by the company.
Represented by 478,995 shs. $7 pref stock; 387,025 shs. $6 pref stock
(inclusive of 5.65 shs. of scrip); 2,623,962 shs. $7 2d pref., series A in 1935
(2,628,783 in 1934), 1,976,334 shs. of com. stock in 1935 (1,956,982 in
1934), and option warrants to purchase 6,749,398 shs. of common stock
in 1935 (6,768,618 in 1934) for $25 per sh. (one sh. of 2d pref. stock accept¬
able in lieu of cash with warrants for four shs. in full payment for four shs. of
common stock).—V. 141, p. 3682.
debentures is not being
Earnings for Six Months Ended June 30 1935
$10 ,347,414
2 ,477,359
3 ,639,286
876,016
208,829
527,710
328,505
:~
7,770
2 ,669,855
Gross sales
Material purchased
Labor
—
Expenses
City taxes
Processing taxes
Repairs, including labor
Bad debts, net
Decrease in inventory
Total manufacturing costs
Manufacturing loss
Deduct—Net interest paid
$10,735,330
387,916
280,612
-
—
Net loss
Total
members of
•
30,158
496,100
7,057,735
receivable—subsidiaries
Unamortized discount and expense
Total
Tuesday, to meet the greater convenience of the
committees to
5otal
Exchange adjustments (net)
Miscellaneous adjustments (net)
announced that the date of the monthly meeting of its
board of directors has been changed from the first Wednesday in the month
1935
I
Summary of Surplus for the 12 Months Ended Sept. 30
Earned surp us, Oct. 1 1934
.$14,763,522
Balance from Statement of income for 12 mos. end. Sept. 30
Inc.—Meeting
Changed—
to the first
Comparative Statement of Income
Period End. Sept. 30—
Gross inc., from subs.._
P*
119
Financial Chronicle
Volume 142
New
—
$668,528
*
37,587
machinery purchased and charged to plant-
x
Balance Sheet
June 30 "35
Cash and receiv
Inventories
Other assets
American Lace
At their meeting
$
Liabilities—
15,110,441
7,803,662
4,646,173
7,316,028
225,658
222,364
15,127,717
5,987,291
Mfg. Co.—25-Cent Dividend—
held Dec. 17 the directors declared a dividend of 25 cents
1934
settled
130,659
208,160
5,50b"666
1,540,000
20-year 6s, 1948—11,379,000 11,379,000
Processing taxes._
ful accounts
Profit & loss res
25,986,839 30,452,495
$2,509,870
The
Cost of goods sold
xl ,068,047
1,391,261
company
$50,561
56,158
Profit from operations.
Total
Income charges
19,122
Reconstruction
Finance
has
Corporation
been
$77,731
Net income
Dividends (preferred stocks)
63,853
__
Jan. 1 Interest—•
was
paid
on
1936. on the first mortgage gold 4% bonds, due
that date.—V. 141, p. 4158.
Antilla Sugar Estates
(& Subs.)—Earnings—
per share on
$0.19
80,000 common shares
Consolidated Balance Sheet
Oct. 5 '35
Sept. 30 '34
S67.489
5149,087
73,920
234,747
67,866
399,225
379,718
67,388
59,782
261,070
secure,
Accts. receivable,_
Inventories
Life insur. policies,
Land,
bldgs.,
Def'd
424,898
Total
432,159
6,079
debit items
10,105
34,787
28,211
_
.$1,328,279 $1,368,250
Market
mortgage
$135,414
30,671
140,000
180,000
25,000
c465,462
b238,338
517,171
Capital stock
Surplus
758,827
25,000
$1,328,279 $1,368,250
Total
b Represented
by 35,630 shares $2 preferred stock,
and 80,000 shares common stock, both of no par value,
c Represented by
32,665 $7 prior preferred shares at $228,655.
33,527 shares no par par¬
ticipating preferred, 10 shares new preference, participating no par. 80,000
no par share of common stock and preference (430 shares of old issue not
exchanged), at $236,806 total capital stock (as above) $465,461.—V.
140,p. 631.
a
value,
American
Telephone & Telegraph Co.—Obituary—
Thomas R. Keyes, Assistant Comptroller of
Court Bars New Accounting
Tne
from
Federal
Communications
.
the company, died Dec. 26.
System—
Commission
was
temporarily restrained
putting into effect on Jan. 1 a new system of accounting for the
Telephone & Telegraph Co. and other telephone companies.
American
A
special
Augustus
consisting of Judges Martin T. Manton and
United States Circuit Court of Appeals and
of the District Court, handed down the temporary restraining
statutory
N.
John O. Knox
court
Hand of the
order.
The order will remain
In effect until the final decision of the statutory
rescraining the FCC and other Federal
authorities from enforcing the new system of accounts.
The FCC order, dated Jan. 19 1935, would have subjected tne telephone
companies to heavy penalties if they had failed without a lestraiuing order
to put the system of accounts into effect.
The new system is materially
different from that prescribed by the Interstate Commerce Commission
and held by the company to add a heavy burde l of expense.
"If the temporary order is not granted pending the decision herein,"
he Court write, "irreparable damage will result to plaintiffs in that said
court
i
i
the suit for a i i ijunction
947,901
83,095
$2,591,356
1,835.226
Total operating revenue-
Operating costs
$756,130
102,655
Net operating profit
Current interest paid and accrued (net)
Int. accrued on debs, and income notes from Oct. 1 1934, pay¬
able if earned, subject to provisions under agreements
July 1 1931.
dated
780,000
307,787
17,962
-
Reserve for depreciation
Amortization of reorganization expenses
$452,275
Net loss for year.
6s
(Realty Co.)..,
Reserves
fix¬
tures, &c
Other assets
Sept. 30 '34
$104,977
17,182
Other accruals
25,919
Other cur.liabilities
32,568
First
officers
Oct. 5 '35
Liabilities—
Accounts payableAccrued taxes
$1,560,359
—
blackstrap molasses and from other sources
$13,878
* Cost of
goods sold and selling and general expenses include the follow¬
ing; Depreciation,
$32,477;
maintenance and repairs,
$lb,528; taxes
(other than income taxes), $21,589 rents and royalties, $43,606.
Assets—
1935
Revenue from sugar, crop 1934-35
Revenue from invert molasses
Revenue from
i
Balance
Market,
that the
from the
The interest due Jan. 1
1995,
Earnings for the Year Ended Sept. 30
Cash
advised
plans to pay $100,000 to the RFC, reducing its loan
to $500,000 from $600,000.
Government agency
9,866
Provision for income taxes
a
30,452,495
25,986,839
$106,719
Gross income.__
Earnings
1,231,318
1,231,318
11,164,648 11,825^275
Ann Arbor RR.—Reduces RFC Loan—•
Earnings for the Period from Oct 1 1934 to Oct. 5 1935
Other income credits
300,757
307,547
tory due
Gross sales—less returns and allowances
-
13,696
202,449
25,507
-V. 141, p. 4158.
Subs.)—Earnings—
Selling and general expeuses
claims.-
Reserve for Inven¬
Total
American Products Co. (&
$
$
& un¬
Accrued city taxes
dividend of 12cents per
a
pay.
Reserve for doubt¬
share was paid and that
dividend was the first since a regular 25 cent per share quarterly dividend
was paid on Sept. 30 1931.—V. 138, p. 506.
25
Accts.
Notes payable
per share on the no par stock, which was paid on Dec. 21 to holders of
record Dec. 18.
This was the first dividend paid since Dec. 22 1934 at
which time a dividend of 20 cents per share was distributed.
On Jan.
Dec. 31 '34
June 30'35
Dec. 31 '34
$
*1 cocto
Plant account
x Deduct adjustments of sugars and molasses
other adjustments relating to prior periods
Loss for year
Deficit at Sept. 30 1934.
Includes
128,390
$323,884
1,833,706
—
Deficit at Sept. 30 1935x
carried over and
$2,157,591
-
25,511 bags of sugar for sale to U. S. A. inventoried at 1.95
pound.
cents f.o.b. per
Consolidated Balance Sheet Sept. 30
1935
Ass6ts-~~m
$261,872
26,412
Cash in banks and on hand
Accounts receivable, less reserves
Advances to planters—crop 1935-1936
Raw sugar sold pending liquidation (202,499
27,310
bags) and on hand
unsold
(223,187 bags) pledged per contra
Molasses sold pending liquidation—estimated value (pledged,
per contra)—
Importation duty recoverable on unsold sugar shipped to U. S.—
per
contra
Supplies in commercial stores
Working assets and growing cane
—
Mortgages receivable
Certificates of participation issued by National Sugar Export
Corp.—nominal value (pledged, per contra)
Investments in subsidiary and other companies
Plant, railroad, buildings, equip., &c., less re. for deprec.(Note 2)
Lands, &c
Claim against Compania Azucarera Antilla, S.A.—nom. value._
Claim against Compania Agricola Van Home, S.A.—nom. val._
Claim against Compania Agricola Antilla, S.A.—nom. value—
Reorganization expenses, less amount amortized
Deferred charges
Total.
1,454,019
99,717
111,000
32,514
598,870
14,500
1
2
x9,154,786
4,328,470
1
1
1
107,776
3,626
$16,220,882
Financial
120
Acceptances and
12,139
15,594
during year to Sept. 30 1936
Interest, rent and taxes accrued
Mtges., censos & deferred payments on lands & equip, purchased
—balances payable in instalments after Sept. 30 1936
Int. accrued on debs. & income notes from July 1 1933, payable if
71,696
1,755,000
4,000,000
9,000,000
2,440,240
2,157,590
earned,
20-yr.
20-yr.
Common stock (par value $100).
Deficit;
Total
-$16,220,882
-
After
for depreciation of
reserve
$1,194,190.—V. 141, p. 4010.
dividend of $1
Armour & Co.
per
dispatch from Washington, Dec. 31
a
required to withdraw from allied industries, may be reopened in the District
of Columbia Supreme Court.
"Justice Hennings Bailey denied a motion of the United States Wholesale
Grocers Association for leave to intervene in the suit
quescent and there is
now
no
on
that its subsidiaries,
Zapon
Co.
and
Zapon
manufacturers of coated fabrics and industrial
finishes, have become divisions of Atlas Powder Co.
There will be no
change in management, personnel or policies under the new set-up.
Addi¬
tional manufacturing facilities are being built at North Chicago, where the
former Brevolite Lacquer Co. and the western division of Zapon Co. have
been operating joint research and plant facilities since Sept. 1933.
The
business of Zapon Co., which includes lacquers, leather cloth and other
industrial fabrics, will be conducted under the name of Zapon DivisionAtlas Powder Co., from the plant at Stamford, Conn., and from the
branch offices in New York and Detroit.
The activities of the ZaponBrevolite Division are confined solely to the manufacture and sale of
industrial finishing materials.—V. 141, p. 2877
(J. T.) Baker Chemical Co.—Pays 1st Pref. Accruals—The company paid a dividend of $5.25 per share on account of accumula¬
the
7% cumulative first preferred stock, par $100 on Dec. 31.
The company also paid
quarterly dividend of $1.75 per share on the above stock on
Dec. 31—V. 138. p. 864.
on
Baldwin Locomotive Works—Exception
Filed to Plan—
Seven preferred stockholders filed objections Dec. 31 to the bankruptcy
reorganization plan.
They entered petitions in U. S. District Court at
Philadelphia, taking exception to the report of the special master which
recommended
"preliminary approval" of the plan.—V. 141, p. 4011.
Baltimore & Ohio RR.—To Extend Alton Guarantee—
says:
"Indications became apparent to-day that the Packers' Consent Decree
of 1920, under which the five largest packing groups in the country were
litigation is
Co.—Merges Two Subsidiaries—
announces
Lacquer Co.,
This payment cleared up all accruals on the issue.
(111.)—Suit May Reopen Packers1 Decree—
The New York "Times" in
company
the regular
share on the common
stock, no par value, payable Jan. 15 to holders of record Dec. 30.
This
will be the first payment made since July 16 1934 when 50 cents per share
was distributed.
On April 16 and Jan. 15 1934 dividends of $1 per share
were paid.
From July 1 1926 to and including July 1 1927 the company
made quarterly payments of $1.50 per share.—Y, 140, p. 790.
a
The
Brevolite
tions
Arlington Mills—To Pay $1 Common Dividend—
The directors have declared
Jan. 4 1936
Atlas Powder
$947,046
49,859
86,896
notes
Accounts payable
Provision for shipping expenses, &c. of sugar and molasses
Annual instalments on lands and equipment purchased—payable
x
Chronicle
1
Liabilities—
The company on Dec. 27 asked the Interstate Commerce Commission to
continue in effect until July 28 1938, an authorization under which it had
a loan of $1,894,632 from the Reconstruction Finance Corpora¬
tion to the Alton.
The B. & O. owns all the capital stock of the Alton.
guaranteed
Recently the RFC extended the Alton loan to July 281938.—V. 141, p.4159.
grounds that the
occasion for intervention.
Bangor & Aroostook RR.—Earnings—
At
almost the same time Fred J.
Leuckel of New Jersey, who says he owns
13,250 shares of common stock of Armour & Co., filed a motion for leave
to intervene and attached to the motion a
copy of the petition that he will
file if the leave is granted.
"In the petition he says that despite the orders contained in the decree
that required the Armour, Swift, Libby, Cudahy and Wilson groups to with¬
draw from all industries not directly allied to packing, the Armour concern
has not conformed to the Court order.
It still owns, he
charges, a large
amount of stock in public stockyard market
companies and in stockyard
railroad terminals, although under the terms of the decree of 1920 it was
specifically required to divest itself of all such holdings.
Mr. Leuckel asked the Court to
inquire into the extent of Armour holdings
in unallied industries and for a direct order to the company to divest itself
of such holdings.
Period End. Nov. 30—
Gross oper. revenues-.-
Operating
Tax
'$143,014
Operating income
1935—11 Mos.—1934
1935—Month—1934
$458,139
$624,771
291,342
314,184
23,782
57,485
$5,588,012
3,650,684
465,556
$5,684,614
3,610,661
482,710
$253,102
defl8,051
$1,471,772
44,782
$1,591,243
def8,916
$134,098
60.873
$235,051
69.837
$1,516,554
700,926
$1,621,524
721,876
$73,225
$165,214
$815,628
$899,648
Other income
Gross income
Deductions
Net income
30,281
—V. 141, p. 4159.
"The United States Wholesale Grocers Association filed its
petition for
leave to intervene several weeks ago and did not ask for affirmative relief.
This group was formed at hearings before a
deputy administrator of the
National Recovery Administration while attempts were being made to for¬
mulate a wholesale grocers' code.
Dissatisfied with some of the code prin¬
expenses
accruals
Barcelona Traction, Light & Power Co.,
Ltd.—Earns.
[Spanish currency]
Period End. Nov. 30—
3,748,868
1935—11 Mos.—1934
$10,556,804 $110,962172 $106.238531
3.727,897
40,181,272
38,103,710
$7,361,637
$6,828,907 $70,780,900 $68,134,821
1935—Month—1934
Gross earns, from oper_.$ll,110,505
ciples, a number of wholesalers withdrew from associations to which they
belonged and formed the new group.
Their sole claim for leave to inter¬
vene in the packers' case was based on the
proposition that since the Na¬
tional and American Wholesale Grocers Associations were
intervenors, they
—V. 141, p. 3528.
"Justice Bailey refused to accept this
reasoning, but his denial of the peti¬
tion was without prejudice on the
part of the association to file another
should the present situation change.
It is believed that the Leuckel move
Period End. Nov. 30— 1935—3 Mos.—1934
Net sales
$14,803,128 $14,517,561
Operating
Net
expenses
earnings.
should be allowed to intervene also.
change the situation.
Chicago dispatch quotes R. H. Cabell, President of Armour & Co., as
denying charges that the company owns capital shares in public stockyards,
as is charged in a suit filed
by Fred J. Leuckel of Trenton, N.J.
may
A
Mr.
Cabell said that neither the company nor any of the Armour in¬
dividuals mentioned in the consent decree violated the
agreement.
Beatrice Creamery
Costs,
exps.,
int.,
After 44 years of service, Frederick W. Ellis, Vice-President in
charge of
transportation, retired on pension effective Dec. 31.—V. 141, p. 3683.
Associated Gas & Electric
14,239,896
Other income
—
Depreciation
Federal taxes
69,932,234 units
41,539,087
38,473,061
$507,798
33,408
$1,638,052
82,959
$2,034,095
85,431
$541,206
278,181
29,641
$1,721,011
900,185
113,364
$2,119,526
1.052.574
119,963
$233,384
$707,462
$0.37
$0.12
$0.47
Earns, per sh. on 377,719
shs. com. stk., par $25
year
14,009,763
$316,471
Operating profit
$563,232
23,805
$587,037
242,505
28,061
taxes, &c
Net profit
Co.—Weekly Output-—
1935-9 Mos.—1934
$43,177,139 $40,507,156
ord.
Total income.
Vice-President Retires—
Co.—Earnings—
$946,989
—V. 141, p. 2269.
For the week ended Dec.
21
the system reports net electric output of
(kwh.), which is 11.8% above the comparable week a
Gross output, including sales to other utilities, amounted to
ago.
82,424,998 units for the week under review.
The improvement in output has not been carried over into earnings.
Rate cuts, and higher operating expenses and taxes have resulted in lower
Beaumont Sour Lake & Western
November—
Jury Ends Inquiry- -No Basis Found for Action
Fraud Charges—
on
Mail
Bell
Operating
Operating
acquisition of
concluded that no indictment should be returned.
"I am informed that the conclusion reached
by the Grand
for the
Jury is
the common stock,
The
Bessemer & Lake Erie
From Jan.
rvTi16
1929 of
o
a
an additional income tax for the year
50% penalty for that year, amounting to $304,669,
6% a year, totaling $210,552.—Y. 141, p. 4158.
and interest at the rate of
Atlanta
November—
Net after rents
From Jan. 1—
Gross from railway
Net from
railway
Net after rents
-—V. 141, p. 3683.
1935
/
2,763,507
197,269
def82,757
Net from
railway
railway
Net after rents
$232,567
def6,946
def35,683
Net after rents
—V. 141, p.
3683.
Boston Consolidated Gas
$206,595
2,045
def 19,470
1932
$185,113
def48,307
def67,948
2,382,999
19,113
def234,655
2,221,262
def553,883
def 810,785
$144,681
26,349
1,719
1,446,154
171,700
def47,399
(In Cubic Feet)—
January
February
54,623
$385,661
def40,764
def57,139
6,379,218
1,957,613
1,745,576
3,516,932
def681,449
def907,255
Co.—Output—
1935
,
_
i
—
1934
$121,568
15,823
def7,696
1933
April
May
.
—
$105,230
def2,607
def23,965
$93,185
def 16,451
1,152,477,000
1,039,210,000
1,009.712,000
897,530,000
July
August
September
792,302,000
807,899,000
923,828,000
1,014.558,000
1,048,141,000
1,288,651,000
•
October
November
12 months
New Rates
Jan. 31
1932
1,346,975,000
-1,153,085.000
March
The
RR.—Earnings.—
1935
-
December
2,585,145
def28,172
def289,973
From Jan. 1—
Gross from railway
Net from railway
1933
-
Atlanta & West Point
November—
Gross from
1934
$258,940
17,970
def5,603
1932
$521,597 *
71,451
7,979,057
1,687,012
1,477,480
June
Birmingham & Coast RR.—■Earnings.—
Gross from railway
Net from railway
411,172
9,318,945
3,329,769
2,980,173
Net after rents
Utility
r°^ t'*10 ^en includes
$609,338, also
1933
1934
$561,449
30,574
18,266
1—
Gross from railway
Net from railway
"transferee of the assets of North American
Electric group.
i
Dividend—
—V. 141, p. 3684.
National
Investing Corp.,
Develop™un*JP0'' ^td., transferee of Public Utilities and Financial Securities Corp."
The National Utility
Investing Corp. is a member of the Associated Gas &
as
$12,679,938 $12,803,003
RR.—Earnings.—
1935
$950,115
429.838
Net after rents
notice Dec. 30 that another lien, for $1,124,529,
lodged against it by James J. Hoey, Collector of Internal Revenue
Second New York District.
was
directed against the
$1,201,654
both payable Jan. 30 to holders of record Jan. 15.—•
Gross from railway
Net from railway
Against Subsidiary—
lien
$1,202,859
November—
con¬
by the Department of Justice."
described in the lien
$5,015,182 $55,819,755 $55,031,374
22,798
219,843
169,104
3,556,366
39,692,583
39,511,720
234,364
3,227,391
2,547,547
V. 141, p. 3528.
delinquencies, received
had been
1935—11 Mos.—1934
1935—Month—1934
$5,164,716
18,490
3,634,508
308,859
Beneficial Industrial Loan Corp.—Extra
The Associated Gas & Electric
utility group, which within the last two
weeks has been served with almost
$60,000,000 in liens for Federal income
tax
1,463,329
369,849
defl66,964
The directors on Jan. 2 declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividend of 37 H cents per share on
only through Grand Jury proceedings.
"A Federal Grand Jury was summoned about
2H months ago and from
that time has continued its
hearings. ,
'
"After careful and detailed study of all facts
available, the Grand Jury
Lien Filed
expenses
taxes
Net operating income.
to determine other facts available
S.
1,226,348
259,820
defl97,825
—V. 141, p. 3852.
properties involving a number of affiliated companies.
When the results
of this examination were assembled and
analyzed, it was found necessary
U.
1,525,485
345,243
defl23,884
an examination
of the methods pursued in the sale of securities and in the
Another
revenues
Uncollectible oper. rev..
subsidiary companies.
curred in
$92,218
21,850
def23.314
Telephone Co. of Pa.—Earnings—
Period End. Nov. 30—
Operating
"Most of the complaints were based on transactions which took
place
prior to 1930.
-A -J
"The transactions referred to were extensive and
required
1932
—V. 141, p. 3684.
indictment, and
statement saying that the
no
connection with certain activities of the Associated Gas & Electric Co.
and
1933
$107,649
22,956
defl7,661
1,589,810
398,297
def46,686
Net from railway
Net after rents
Attorney, issued a
Department of Justice approved its failure to act.
Mr. Hardy's statement was as follows:
"Complaints were received that the mail fraud statute had been violated
in
Ry.—Earnings.—
1934
$119,070
17,058
def20,376
From Jan. 1—
Gross from railway
Jury, which for the last three months has been
investigating the affairs of the company, was discharged Dec. 27 by Fed¬
eral Judge Goxe.
"■*
Although the investigation was based on complaints that the mail fraud
body returned
$1.02
$157,798
44,432
6,703
Net after rents
A special Federal Grand
statutes had been violated, the Federal
Lamar Hardy, United States
1935
Gross from railwayNet from railway
net income in some instances.
.
-
1934
1,172,408,000
1,171,444.000
1,126,368.000
988,598,000
985,750,000
879,667,000
784,460,000
837,210,000
911,322,000
1,034,386.000
1,051,311.000
1,275,802,000
12,474,368,000 12,218,726,000
-
Deferred—
Massachusetts
Department
of Public Utilities has deferred until
1936, unless otherwise ordered by the Department, the proposed
schedules of rates filed by the company.
These rates were to have
become effective Aug. 1 1935, but due to complaints from consumers were
new
suspended several times.—V. 141,
p.
3684.
def40,070
Boston Elevated Ry.—Bonds Called—
1,293,056
77,167
def126,951
1,176,267
20,205
def208,895
1,174,222
def62,867
def305,036
All of the outstanding
10-year 5% gold bonds, due Feb. 1 1937, have
1 at 101 and interest.
Payment will
Colony Trust Co. and the First National Bank of Boston,
Boston, Mass.—V. 141, p. 4161.
been called for redemption on Feb.
be made at the Old
Financial
Volume 142
Boston & Maine
Period End. Nov. 30—
Operating revenues
Net oper. revenues
Net ry. oper. income
Other income
Gross income.
1935—Month—1934
1935—11 MoS.—1934
$3,537,573 $3,347,976 .$39,823,160 $38,665,072
1,008,090
1,172,483
9,692,838
9.715,486
597,264
795,276
5,592,602
5,703,398
77.362
74,306
987,326
884,192
Net
def$405,456
-V. 141, p. 3852.
Ltd.—Earnings—
British American Tobacco Co.,
360,000
1934
£5,452,981
225,000
360,000
1933
£5,403,065
225,000
360,000
Ordinary divs. (25%,
4,735,768
4,726,418
4,716,593
1932
£5,438,252
225,000
360,000
4,716,552
Balance, surplus
Previous surplus
£148,402
2,998,867
£141,563
2,857,305
£101,472
2,755,833
£136,701
2,619,132
Years End. Sept.
1935
£5,469,170
225,000
30—
Net profit after chgs__
Pref. dividends (5%) — .
x
Pref. dividends (6%)
— .
_
,
1935
$2,094,044
993,922
Gross corporate income (balance be¬
fore bond int. depreciation, &c)_«
—V. 141, p.
After
x
providing
income
for
tax.
Balance Sheet
1935
831,819
b Preference
Plant, mach., Ac.
504,092
518,357
c
Inv. in
d
subsid.
Invest,
Employ,
4,910,373
Materials A supp_
3,945,882
3,488,830
1,553,206
1,699,512
8,037,383
Debtors and
2 ,965,579
the comparisons
Sour board made inhere made. of October 1933, we are including the major
the month The following are comparisons of that year
l
items:
Prem. on ord. shs.
7,718,568
Cash
Redempt. of coup's
Special reserve—
96,332
1,952,281
3,147,269
Profit and loss
112,143
114,149
700,000
623,308
675,000
620,808
91,607
1,952,282
2,998,867
gain of 6%; 1935 com¬
compared to 1933 show a gain
1934 compared to 1933 show a
Sales—Sales for
pared to 1934 show a gain of 5.8%; 1935
of 12.5%,
1935
1934
1933
Six Months Ended Dec. 31—
Profit
(prior to income tax provision
profit or loss on sale of secur's)__
Total taxes applicable to this period.
Net cash at Dec. 31 after bank loan
&
30,789
$12,689
31,651
$100,000
50,000
x223,885
26,469
225,000
x223,885
26,469
141,740
950,150
11,906
940,400
177,103
930,200
230.000
loss$69,472
balance held for
purchase of bonds)
Net cash at Dec. 31, after bank loan
deductions (excluding balance held
for purchase of bonds)
Bonds outstanding (net—after deduc¬
tion of bonds held)
Working capital
deductions
x
(incl.
Overdraft.
position has changed from a bank overdraft of $223,885 in 1933
$141,740 in 1935, or a gain of $365,625. In both years
to a cash balance of
2,967,380
benevo¬
Dec. 31, states:
first six months
years
liabilities consisted of the usual current
Res. for bldgs., Ac.
debit
bal. less reserves
>
5,177,694
1,008,672
beginning July 1 1933-1934-1935.
The results of the
current month are estimated, but the estimates made are not greater than
the actual results will show.
Owing to material changes in the personnel of
of the fiscal
The cash
4 387,350
incl.
$2,016,482
Ltd.—Review by President—
Canada Bread Co.,
C. H. Carlisle, President, in a letter to shareholders dated
For purposes of review and comparison we have taken the
curr.
lent fund
9,372,342
cur.
A
cred.,
taxes
Dom.
Ac., sec
aects.
Loans A
stock 4 ,500,000
accts. of sub. cos
28,507,681 24,624,299 Other
cos
in
govt.,
Deposits
200,000
200,000
and
assoc.
£
4,500,000
6,000,000
6% pref. stock. _ 6 ,000,000
Ordinary stock_23 ,681,761 23,676,761
828,227
Good-will,
trade¬
marks, Ac
1934
Liabilities—
£
£
Real est. & bldg.
a
£
1934
1935
Assets—
Sept.. 30
_
3685.
_
£2,998,867
£2,857,305 £2,755,833
deducting all charges and expenses for management, &c., and
£3,147,269
Total surplus..______
1933
1934
$2,059,665
1,035,642
12 Months Ended Nov. 30—
Gross revenues
$6,587,590
6,993,046
$234,686 def$348,063
$37,911
income
$6,579,928
6,927,991
$869,581
634,895
$674,625
636,714
_
Co.—Earnings—
California Water Service
RR.—Earnings—
Deductions
121
Chronicle
indebtedness.
appreciate that for the absolute protection
Directors fully
holders' equity they must make adequate provision
bonds maturing in 1941, and last October set aside,
sum of $94,040, which was 10% of the outstanding
of the share¬
for the payment of
the
into a special fund, the
bonds at June 30 1935.
An amount of $10,780 has been expended from this fund in the purchase of
the company's own bonds. There still remains in the fund a sum of $83,260
which will be used for further bond purchases and is additional to the cash
balance stated above.
Had it been included with the current cash, the
improvement in cash position would have amounted to $448,885.
The working capital, which was $11,000 at Dec. 31 1933, has been built
„
Total..
a
48,168,029 48,772,542
Total
48,168,029 48,772,542
buildings jat cost, less provision for amortization
Preferred
stock authorized and outstanding, 4,500,000
Real estate ^and
leaseholds,
b
5% cum. pref. shares of £1 each,
c Preferred stock authorized and out¬
standing, 6,000,000 6% cum. shares of £1 each,
d Ordinary stock repre¬
sents share*
of £1 each.
Sues Reserve Bank for
$4,331,509—
has filed a suit in Federal Court at New York for the re¬
of $4,331,509, against the Federal Reserve Bank of New York.
The amount of the action represents an alleged loss incurred by the com¬
The company
covery
pany
when it surrendered 1,081 bars of gold bullion to the bank Nov.
23
complaint sets forth that the company is engaged in selling tobacco
products all over the world and in these transactions accepts and pays out
the currency of the various countries.
Early in 1933 in order to protect
the cost basis of the company's business the gold bullion was purchased
for £1,818,622.
The President's executive order of April 5 1933, which
the plaintiff alleges has been held invalid called for the surrender of allgold
toiithe United States Treasury or to the Federal Reserve Bank
When
the plaintiff surrendered this gold it had a greater purchasing power, it is
alleged, than the $6,249,235 which it received in Federal Reserve notes.
Recovery of this difference is sought.—Y. 141, p. 4012
.
The
$230,000, with current
up in the past two years to a balance approximating
assets in a ratio of 2 to 1 over current liabilities. Balance
Net earnings for the past
Canada Cement Co.,
Brunswick-Balke-Collender
—Accruals Paid
Co.—Recapitalization Voted
A recapitalization plan designed to clear up accumulated dividends on the
company's preferred stock was adopted on Dec. 20 by the stockholders.
Under the plan present holders of 7% preferred stock of $100 par value
will receive IK shares of new no piar value $5 preferred stock and $4.75
in cash for each old preferred share.
The cash dividend was paid Dec. 24
to holders of record of Dec. 23.—V. 141, p. 3685.
1935
Net after rents
1932
1933
1934
$83,111
defl9,527
def36.717
$59,514
defl9,994
def34,553
$109,513
29,154
10,913
$137,780
59,525
35,619
789,547
defl34,274
def314.088
729,930
def111,137
875,435
137,276
943,525
108,754
def260,196
def30,885
.....
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$2,641,724
1,038.913
1,002,194
48,979
1,028,136
1,052,748
1,000,000
1,000,000
250,000
555,656
25,000
11,755
82,711
145,400
9,690
$37,693
$55,165
$76,914
$784,931
680,677
$55,165
$76,914
$104,254
1934
102,995
Deprec. written off prop.
account
Prem. paid on bonds pur¬
chased for redemption
20,759
65,162
Executive remuneration.
1,463
&
19,470
Provincial inc. taxes._
Reserves
def96,456
Gross from railway
Net from railway
1932
$1,486,740
Bond interest
Legal expense
Prov. for
Dominion
Burlington & Rock Island RR.—Earnings.—
November—
1933
x$2,193,151 x$2,094,114
Prem. on N. Y funds
►
r
Ltd.—Earnings—
1935
Years End. Nov. 30—
Total profits
Up—
of cash remaining
special appropriation of $94,040 is not included in the balance shown.
six months approximate $100,000, from which
must be deducted an amount of $18,000 for Dominion and Provincial taxes
and premium on bonds purchased for sinking fund.
This leaves an addi¬
tion to the surplus of $82,000 from which has been paid first preferred divdends of $25,000. Surplus account has consequently been increased during
the six-month period by $57,000.
The improvement in earnings and in working capital has been, as was
to be expected, reflected in the market prices for the bonds and the pre¬
ferred and common shares. There is a current market for all classes of se¬
curities.
Partial dividends have been paid to preferred shareholders, divi¬
dends mi the "B" preferred, while not now being paid, are cumulative and
therefore become an asset to the holders of this stock and will become a
first charge on the company, after dividends have been paid in full to first
jrofcrrcd. sh&rchold
With the exception of idle property with a book value of $247,772 which
remains a liability to the company and a problem for the management to
deal with, it would appear that company is proceeding along constructive
and conservative lines.—V. 141, p. 3853.
from
Directors' fees
Net income
Preferred dividends
$37,693
Balance, surplus
Including interest, and interest on
x
—V. 141, p. 3685.
the company's holdings in its own
bonds.
Balance Sheet Nov. 30
(F. N.) Burt Co., Ltd.—New Chairman—
S. J. Moore has assumed the office of Chairman of the Board of directors
and|E. G. Baker has become President of the company.
as Vice-President.—V. 141, p. 426.
W. N. McLeod
succeeds Mr. Baker
Bush Terminal
1935—Month—1934
Loss after exps., deprec.,
int. & other charges,
$103,285
$10,217
$2,312
prof.$5,716
141, p. 3685.
Bush Terminal
1935—Month—1934
The
loss$5,068
$128,467
$290,087
4161.
directors
have declared
a
the 7% cumul.
holders of record Dec. 31.
1,408,457
341,163
dividend of $1 per share on account of
pref. stock, par $100, payable Jan. 15 to
A similar payment was made on Nov. 15 and
Aug. 12 last, this latter being the first distribution made on this issue since
Jan. 15 1934, when a regular quarterly payment of $1.75 per share was made.
Accumulations after the payment of the Jan. 15 dividend will amount
to $11.50 per share.—V. 141, p. 3069.
1st
mtge.
1934
$
.20,086,900 20,086,900
stock- 6,403,905
6,403,905
sinking
fund bonds
payable.
17,059,000 17,767,500
294,628
322,010
Bond int. accrd. A
unpres.
coupons
6,302
8,001
16,008
5,798
Compen. Com..
Govt,
bonds and
5,000
5,000
Pref. stk. red. acct.
securities.
1,570,516
371,000
1,154,540
75,685
c78,187
113,612
Prov. for Domin.,
shares
Cash
a
After
and
66,129
71,772
55,900
1,384,600
55,900
1,385,800
Earned surplus
1,035,647
945,295
other taxes
1,228,016
526,000
1,600,548
64,970
3,574,728
46,464,897 47,152,694
Total
Provincial
Reserves
793,957
Investments
Dividend—
b Common
Accounts
purchase of co.'s
Def. chgs. to oper.
Co.—Accumulated
Cement
on
1,373,438
340,003
of
Invest, in cos. bds.
$18,942
Federal taxes
accumulations
purpose
other
& int. but before
Calaveras
_
emp'yees
Loans to
Deps. under Work.
1935—11 Mos.—1934
Profit after expenses, de¬
—V. 141, p.
receivable.
Deps. on tenders..
Co.—Earnings—
Period End. Nov. 30—
prec.
Accts.
for
but before Fed. taxes.
—V.
Ao_40,766,456 38,382,006
Inventories
1935—11 Mos.—1934
$
Liabilities—
Preference stock.
Land, buildings,
equipment,
Buildings Co.—Earnings—
Period End. Nov. 30—
dl935
1934
$
$
Assets—
a
1
■
dl935
deducting
depreciation,
Total
b Represented
46,464,897 47,152,694
by 600,000 shares
(no par),
c Bond interest accrued only,
d Includes all subsidiaries with
exception of St. Lawrence Land Co., which owns Canada Cement Bldg.
—V. 140, p. 1140.
Canadian
Bronze
Co., Ltd.—Extra
Dividend—
declared an extra dividend of 50 cents per share in
quarterly dividend of 15 cents per share on the
stock, no par value, both payable Feb. 1 to holders of record
For detailed dividend record see V. 136. p. 2429.—V. 140, p. 1304.
The directors have
California Cotton Mills
Co.—January Interest—
The'directors have voted to pay on Jan. 1 interest
to the regular
addition
represented by regular
common
interest coupon for tne six
months ending Jan. 1 on all outstanding bonds
which were subject to provisions of the bondholders' deposit agreement of
Jan. 20 •1933.
Bonds not deposited under the agreement, representing
Jan. 20.
outstanding, will receive on Jan. 1 all
Jan. 1 1936, inclusive.
K The directors also voted to retire through the sinking fund and out of
bonds owned and held in the company's treasury, $170,000 principal
amount.
This brings retirement provided by sinking fund up to date.
All defaulted interest now has been eliminated, and all retirements in
compliance with sinking fund have been accomplished.—V. 141, p. 107.
Minister Wants Diiect Parliament
about*9%
of the entire amount
interest due and accrued from Jan. 1 1933 to
Cambria & Indiana
November—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 141, p. 3529.
RR.—•Earnings.—
1933
1932
$107,056
def26,276
27,739
1934
$88,515
def68,320
def8,590
$92,520
30,589
81,336
$108,738
48,932
91,808
1,021,244
185,651
723,338
955,950
16,199
599,387
1,088,302
348,954
861,469
1,007,166
296,637
-739,047
1935
Canadian National Ry.—Board to Be
Changed—Railways
Control and New Manage¬
ment—
Press
dispatches from Ottawa state that
reorganization of the Canadian
staff, involving resignation of Charles P. FullerF. K. Morrow and J. Edouard Labelle, trustee, will
be provided for in legislation to be submitted to Parliament which meets
in regular session Jan. 30.
C. D. Howe, Minister of Railways, plans to overhaul present legislation
under which the State-owned railway operates.
He asserts he will not be
responsible to Parliament for the present method of "remote control" or
absentee landlordism.
Parliament has been voting $50,000,000 annually
to make up the Canadian National deficit, Howe explains, and he believes
Parliament should have direct control of the railway management.
Amalgamation of the privately-owned Canadian Pacific Ry. with the
National Lines cannot be entertained, as the government is committed
to maintenance of Canadian National as a publicly-owned and operated
system.
No spectacular economies are therefore possible, according to
National Ry. headquarters
ton, Chairman, ana
122
Financial Chronicle
and
government
Canadian
economists, who are convinced the
only solution of Canada's railway problem is more traffic.
Earnings for November and
Net
Consolidated Balance Sheet Oct.
AsseJs—-
—1935—Month—1934
1935—11 Mos.—1934
expenses
revenue.
$2,335,158
$1,700,014 $12,130,957 $11,651,947
November—
1934
$121,526
11,255
defll,571
From Jan. 1—
Gross from railway.
Cash
Maine.—Earnings.—
1935
Gross from railway
Net from railway
Net after rents
1933
$131,398
22,453
1932
4,618
def26,920
1,803,374
238,097
def44,960
1,673,271
72,130
defl95,318
Net from railway
Net after rents
Vermont.—Earnings-
1935
railway
Net from railway
1934
1933
From Jan. 1—
Gross from railway.
Net from railway
Net after rents-
$73,197
def3,070
def21,863
853,095
def202,398
def437,207
830,555
defll5,561
def357,998
and
$56,245
def22,899
def50,922
877,120
def219,187
def456,363
.
Net after rents
$66,252
defl8,489
def38,499
976,179
defll5,764
def405,686
Gross earnings-
Wokring
expenses
$3,455,408
less
Dec. 30 declared
on
of accumulations
on
the
dividend of
a
7% 1st pref. partic. pref. stock,
1935
52,454
4,295
From Jan 1—
Gross from railway
Net from railway
Net
after
2,138,620
13,310,364
2,089,852
955,286
reserve
license
&
14,364
$7,878,056 $8,005,1241
a
Gross from
amount to
$2.92^
per
1
11,206,593
1,699,622
.,02,224
distribution
1 0,733,542
1,122,155
def203,246
Net after rents
11,168,978
1,383,621
defl218,376
&
1934
1933
1932
$1,241,812
362,789
155,111
$1,229,946
394,733
151.838
$1,178,303
201,766
def85,062
14,294,887
3,822,818
1,170,839
13,440,241
3,794,436
r 1,013,097
14,020,341
3,332,412
439,792
—V. 141, p. 3686.
Chicago & Illinois Midland Ry.—Earnings.—
&c.—
November—■
1935
$25C ,729
$244,129
$244,600
58,954
53,022
70,465
70,253
95,185
92,288
$220,414
67,082
59,312
2,976,321
851,886
763,127
2,707,506
765,728
723,403
2,739,766
978,509
878,733
1,820,035
318,042
165,331
Gross from railway
Net from railway
Ohio, has been
Net after rents
1934
1932
1933
From Jan. 1—
Gross from railway
N et from railway
Net after rents
3686.
—V. 141, p. 3686.
November—
1935
Gross from railway
Net from railway
after
119,444
14,198,488
3,346,581
829,215
railway
Net from railway.
4162.
Charleston & Western Carolina
Net
11,179,657
2,356,397
From Jan. 1—
board meeting held Dec. 20 D. F. Brown was elected Vice-President.
p.
11,652,118
2,426,891
380,729
$988,334
149,085
def66,876
1935
Gross from
Certain-teed Products Corp.—-New Vice-President—
141,
22,986
$1,328,124
471,792
255,175
Net after rents
elected Chairman of the Executive Committee of the board of directors of
a
def 549
1932
218-004
Chicago Great Western RR.—Earnings.—
share.—V. 141, p. 2271.
Reading company below.
George M. Shriver, Vice-President of the Baltimore
At
1933
$1,058,122
November—
See
—V.
1934
$1,034,896
182,980
12,122.278
2,412,467
439.792
railway....
Gross from railway
Net from railway
accumulations will
Central RR. of New Jersey—New President,
this company.—V. ,141,
p.
1935
$1,194,726
288,457
88,575
—V. 141, p. 4162.
Corp.—lb-Cent Pref. Div.—
Feb.
special meeting held Dec. 20 elected James H. Douglas
Net from railway
Net after rents
dividend of 15 cents per share on the $1.50
After the
made.
treas¬
From Jan. 1—
1932
$911,562
111,647
def7,997
ceding quarters, prior to which regular quarterly payments of 37 lA cents
were
on
Chicago & Eastern Illinois Ry.—Earnings—
no par value, on account of accumulations payable Feb. 1
to holders of record Jan. 20.
A like amount was paid each of the 12 pre¬
share
a
November—
preferred stock,
per
$91,218 discount
141, p. 2112,
director and
Gross from railway
Net from railway
—V. 141, p. 3685.
The directors have declared
32,834
166,538
$100, payable
$964,311
84,891
1,491
12,273,804
1,861,486
64/.898
Central Illi nois Securities
$8,005,124
2,182,938
2,572
a member of the Executive Committee.
He will fill vacancies
caused by tne recent death of Harold Beacom.—V.
141, p. 3220.
•
rents..
Total .........$7,878,056
54,101
Chicago Corp.—New Director—
on account
1933
$1,141,050
193,084
87,552
677,688
376,007
632,633
Net after rents
1934
$1,233,338
235 051
132,099
3,290,675
418,486
749,231
ury stock since resold at approximate cost.—V.
Ry.—Earnings.—
November—
Gross from railway
Net from railway
Net after rents
3,397,950
z
x
Feb. 20 to holders of record Jan. 31.
This will be the first payment made on
the issue since Dec. 1 1930 when a regular
quarterly dividend of $1.75 per
share was distributed.—V. 141,
p. 3685.
Central of Georgia
1,090,500
19,736
2,046,800
Represented by 135,918 no par shares in 1935 and 131,627 in 1934.
Less in 1935, $166,537 good-will
charged thereto by action of the executive
committee Oct. 31 1935, and
including in 1934
a
par
23,359
2,010,700
cum. pref.stk.
Common stock..
z
$21,212,614
$2~per share
f. deb. bonds
1 1938
Capital
Good-will
Corp.—Accumulated Dividend—
The directors
x
632,633
Total
$19,091,510
11,805
s.
Earned surplus
rts., less amort.
1935—11 Mos.—1934
$3,441,828
7%
13,214
Tne directors at
Celluloid
74,544
6%
Unearned income.
capi¬
advance...
Patents
$11,859,007 $11,184,503 $118097,638 $114837,174
8,^03,598
7,742,677
99,006,127
93,624,559
Net profits.
—V. i.41, p. 4161.
49,906
Miscell. investm'ts
Canadian Pacific Ry.—Earnings—
1935—Month—1934
27,500
119,029
Property, plant &
equip., at cost,
3685.
Period End. Nov. 30—
55,443
360,000
Cherry-Burrell,
Ltd., cap. stock
1932
$99,213
110
def22,478
...
87,915
due Aug.
tal stock
Canadian Pacific Lines in
November—
11,731
95,921
charges
Inc.,
101,182
103,403
Notes pay. to bks.,
after Oct. 31 *36
55,443
develop¬
Advs. to employees
Central Fibre Prod.
Co.,
Gross from
103,403
Other def.
1,491,355
def72,365
def373,865
156,372
133,860
contra)
ment expense...
1,408,364
167,212
defl09,548
259*176
Divs. payable (per
current
Deferred
def45,275
,
&c
Res. for Fed., Can.
& State inc.taxes
with
contra)
not
•
_
depos.
1934
284,692
payroll,
cal taxes,
6,119
1,998,105
Notes receivable—
$68,072
$100,969
9,661
def8,628
1,338,501
2,931
1935
$240,000
bonuses, corn's,
int., State & lo¬
pay'g agent (per
—V. 141, p. 3685.
p.
,381,075
1 ,966,308
Inventories
Canadian Pacific Lines in
141,
40,288
Accrued interest..
31
Liabilities—
Notes pay. to bks.
Accounts payable.
Accrued
at cost
Notes &accts. rec.,
less reserve
—V. 14i, p. 4161.
—V.
1934
$1,262,172
able securities—
—$15,253,708 $13,782,020 $158209,796 $151548,021
12,918,550
12,082,006 146,078,839 139,896,074
revenues
1935
$1 ,411,197
Cash..
to Date
Short-term market¬
Period End. Nov. 30—
Operating
Operating
Year
1936
Jan. 4
National
Ry.—Earnings.—
1934
471,225
42,533
30,972
1,765,200
544.094
294,474
rents
From Jan 1—
Net from railway
Net after rents.
1933
350,512
'
Chicago Indianapolis & Louisville Ry.—Earnings.—
1932
$147,115
37,296
25,840
1,737,930
584,209
394,600
'$151,350
$158,278
37,393
22,525
1,790,981
$124,272
24,498
16,355
1,510,102
308,843
148,400
—V. HI, p. 3686.
November—
Gross from
1935
1934
1933
1932
$769,245
183,252
73,170
$578,008
56,471
def38,101
$618,352
137,286
7,45b
$616,901
125,833
35,299
7,450,428
6 808,635
6,097,681
def368.926
6,653,134
1,323,909
def 58,894
7,301,553
1,264,788
def212,782
railway
Net from railway
Net after rents
From Jan 1—•
Gross from railway
Net from railway
Net after rents
—V. 141, p. 4013.
Chicago Burlington & Quincy RR.—Earnings.—
November—
1935
1933
1,944,931
669,792
1,174,004
$7,221,314
2,438,878
1,477,669
$6,357,412
1.679,458
646,596
after rents
Net
From Jan 1—
Gross from railway
Net from railway
75,635,883
16,3b4.915
6,952,214
Net after rents.
—V.
141,lp.
Chicago Milwaukee St. Paul & Pacific RR.—Interest
Hearing Scheduled for Jan. 21—■
1932
$6,588,386
1,936,595
railway
railway
1934
$7,670,994
Gross from
Net from
A hearing will be held on Jan.
73,957,970
20,>60,650
11,600,466
72,270,001
22,730,312
12.236,789
73,587,851
19.662,626
8,950,722
Court has ruled.
Cherry-Burrell Corp.—Annual Report—
$270,425,
being
an
increase
of
63.21%.
Tne
as
Selling and
1
The
An
torily.
This ratio changed from 10.4
year
no
well
as
as
Commission
on
Dec. 30 ratified the appoint¬
Mr. Scandrett (who is also President),
salary except that granted by the Court for his services
independent
Scandrett's
bondholders
appointment
was
p.
4i62.
Chicago & North WesternRy.—Earnings—
November—
Gross from
railway
Net from railway
Net after rents
Canada
considerably increasing our Canadian business.
Cherry-Burrell Ltd. of London has enjoyed a sub¬
stantial increase in business and has resumed dividend
payments upon its
preferred stock.
This subsidiary company recently purchased and moved
into a new factory building, well located and well
equipped, and the pros¬
interest
order stipulated tnat
Cnicago attorney.—V. 141,
Canadian subsidiary is developing satisfac¬
The reciprocal trade agreement recently negotiated with
1
He is Chairman of the Board of the Continental Illinois National Bank &
Trust Co., in which the RFC is the major stockholder.
Mr. Haight is a
net income.
should have the effect of
During the past
Oct.
committee had protested ratification of
at a recent ICC hearing.
The ICC order
approved by tne Reconstruction Finance Corpo¬
ration, which has lent the road $11,499,000, and added tne preponderance
of evidonce showed him to be held in high regard as a railroad executive.
His appointment, the ICC said, "would aid
materially in reconstructing
the earning power of the debtor."
Mr. Cumming's appointment, it was said, was suggested
by the RFC.
Mr.
1936 to exhaust the fund.
business of company's
some
trustee.
said his appointment
By action of the executive committee the good-will item of $166,537
appearing in previous balance sheets was written off to capital surplus.
The current requirement under our certificate of
incorporation to provide
a sinking fund of $64,482 for retirement of
preferred stock has been met by
purchases of stock and a call of sufficient additional shares tor retirement on
Feb.
ICC
should receive
to 1 at the close of the previous year to 5.8 to 1 at Oct.
31 1935.
It was
further influenced by increased accrued taxes
generally and a larger income
liability resulting from increased taxable
includes
Henry A. Scandrett, AValter J. Cummings and George I. Haight,
Chicago, as trustees.
1
all of
Company called for redemption on Aug. 1 1935 the balance of $864,500
6% sinking fund debenture bonds due Aug. 1 1938, using for this purpose
bank loans and a part of its working capital.
A portion of the bank loans
and tho usage of working capital had the effect of somewhat
decreasing the
tax
sum
Ratifies Naming of Trustees—
The interstate Commerce
administrative expenses for the year decreased 2.18% in ratio to net sales.
ratio of current assets to current liabilities.
Tho total
ments of
W. L. Cherry, President, says in part:
Company's sales for the year ended Oct. 31 1935 increased 15.31%
over the total for the previous
year.
Net income amounted to $698,240,
as compared with $427,815 for the
previous year.
The increase in net earn¬
to
the application of trustees for per¬
of that due July 1.
some
4013.
amounted
on
July 1 1935, on
bonds, and to pay 20% of the principal
instalments
matured during 1935 on certain equipment trust certificates, the Federal
mortgage
ICC
ings
21
mission to pay two-thirds of the semi-annual interest due
general
From Jan. 1—•
Gross from railway
Net from railway.
Net after rents
1935
1934
1933
$6,621,464
1,444,624
743,644
$5,566,027
841,587
166,402
$5,751,899
1,061,798
294,804
$5,443,007
771,817
def160,539
71,015,827
10,930,709
2,935,191
70,408,039
68,060,435
14,752,964
5,848,345
67,099,126
10,933,368
1,048,255
1
M
13,016,570
4,784,766
—V. 141, p. 4162.
pects for the company continue to look encouraging.
Chicago Rock Island & Gulf Ry.—Earnings-
Consolidated Income Account Years Ended Oct. 31
November—
1935
Gross profit & other inc.
Selling & admin.
exps___
1934
1933
1932
$2,842,553
1,750,206
$2,437,114
1,679,465
$2,185,224
1,771,602
$2,093,913
2,083,959
285,318
108,788
263,534
66,299
247,458
195,159
$698,241
141,882
167,135
$427,816
$389,224
135,918
$4.09
$205,92$
Int. and amort, of bond
discount,
&c
Prov. for Fed. inc. tax__
Net
income
Preferred
u-
dividends
Common dividends
Balance
Shs.com.stk.out.(nopar)
Earnings per share
182,640
16.463
Gross from
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$149,700 loss$185,205
113,583
$36,117
130,827
$0.27
1935
1934
$350,159
109,555
52,339
$290,722
3,581,029
976,123
84,147
1933
1932
def6,245
$336,363
120,831
30,143
$317,055
95,769
28,409
3,351,025
797,373
def22,533
3,117,154
782,280
def277,904
3,737,658
1,230,695
58,105
424,954
—V. 141, p. 3686.
152,762
39,248
131,627
$1.86
railway
Net from railway
Net after rents
def$337,967
135,255
.Jq
j
Chicago Rock
Gulf Subsidiary—
s
Island
&
Pacific
Ry.—Would
Absorb
The company plans to file shortly with the Interstata Commerce Commision an application to absorb within its system the Chicago
Rock Island &
Gulf Ry.
The move, if approved,
Island controls the Gulf through
would save $125,000 a year.
Tne Rock
ownership of the latter's stock.
The
properties, however, are operated under a separate system of accounts.
The proposed move has been approved by Federal Judge Wilkerson.
two
Earnings of System
Period End. Nov. 30—
Uncoil, railway revenue-
Equipment rents
Joint Facility rents..._.
1,102
196,329
84,070
Netry. oper.income.-
def$7,106
x
def$10,951 def$726,439
Includes
RR.
4% contribution required by
$105,386 for November 1934.
$1,805,563
1934,
Retirement Act
Earnings for November and Year to Date
November—
Gross from railway
Net from railway
Net after rents
1935
Net after rents*-
$4,898,267
601,773
$4,807,536
473,584
def59,443
def4,706
def26,816
defl93,374
57,863,161
5,991,499
def810,585
58,618,633
8,939,010
56,736,425
10,956,250
1„828,096
3,203,097
61,901,466
12,472,225
3,403,318
....
From Jan. 1—
Gross from railway—
Net from railway
$4,703,721
458,848
1932
1933
1934
$5,414,698
449,840
—V. 141, p. 3854.
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
November—
Gross from raUway
Net from railway-Net after rents
-
1935
1934
1933
$1,372,806
261,480
108,216
$1,127,777
29,686
defl07,433
$1,110,091
197,600
68,443
$1,124,229
147,172
9,737
14,098,690
1,981,902
143,112
-
pi From Jan. 1—
Gross from railwayNet from railway
13,640,574
2,298,224
13,426,371
3,106,311
13,715,762
672,739
1,461,529
1932_
^
1,496,629
defl78,886
Clinchfield RR.—Earnings.—
November—
Gross from railway——
Net from railway
Net after rents
1935
239,294
231,150
From Jan. 1—
Gross from railway——
Net from railway
Net after rents..
—V. 141, p. 3687.
4,804,627
1,941,621
1,778,422
Colorado Southern
$414,974
160,280
1932
1933
1934
$497,966
$358,355
141,711
$404,624
151,792
170,608
169,690
4,793,473
2,021,874
1,887,676
4,444,443
1,982,146
1,719,960
109,185
3,665,245
1,175,508
663,355
A proposal to wipe out arrears of dividends on the 7 % preferred stock
through the issue of funding certificates is to be submitted to shareholders
Jan.
$534,181
129,251
72,688
$632,808
248,983
186,694
$496,587
From Jan. 1—
Gross from railway
5,673,072
5,165,023
Net from railway
Net after rents
1,056,389
247,693
949,071
145,591
4,958;463
1,046,943
243,040
5,055,864
766,153
def74,686
-
amounting to $33.25 per share by an issue of 7,857 dividend funding
rights.
Each preference share shall entitle the holder to one right.
Cer¬
tificates are to be non-interest-bearing.
Provision for redemption of the certificates is made in the setting up of a
sinking fund.
When net earnings in any year are not less than $45,000,
the company is to be obligated to set aside before March 31 of the next year
50% of the surplus for the year or $10,000, whichever is greater.
Provided net current assets are not reduced below $260,000 and that
sinking fund and dividends on the preference stock are not in arrears,
the company may at any time, out of surplus available for dividends, re¬
deem by purchase in the open market the whole or any of the dividend fund¬
ing rights outstanding at not more than $33.25 each.
In case of liquida¬
tion, the rights shall carry a preference of $33.25 after all payments to
preference shareholders.
In sending the proposal to shareholders, J. A. Whealy, Vice-President
and Secretary, states that for some time past a number of preeference
shareholders and directors of the company have felt that the existence of
substantial arrears on preference shares constituted an obstacle in the way
of shareholders dealing with and realizing upon their shares.
It also ham¬
pered the company in regard to dividend policy and in respect to redemption
of stock.
For this reason the proposal for wiping out of arrears is made.
In the current year earnings are reported satisfactory.—-V. 141, p. 3223.
arrears
_
Co8den Oil
Columbia Pictures
Corp.—To Be Added to List—
,
The company filed a petition under Section 77B of th8 Bankruptcy Act
in the Federal Court for the Northern District of Texas about July 1 1935,
at which time W. D. Richardson was appointed temporary trustee.
A fur¬
ther hearing in the proceeding has now
Inc.—Capital Increase—
The New York State Banking
company to increase its
V. 141. p. 2273; 1929.
Department has granted approval to the
capital stow to $25,000,000 from $20,500,000.—
Como Mines Co.—New
President, &c.—
common
vacancy.
Ferdinand L. Salomon has become a director
Herbert G. Fautz is Secretary and Treasurer.—V. 141, p.
Connecticut River Power
of the
2273.
company.
185,912 additional shares of
stock, $1 par, upon notice of issuance.—V. 141, p. 3375.
Crown Drug
Co.—Listing—1
The New York Curb Exchange has approved the listing of 31,912 out¬
standing shares of 7% cumulative convertible preferred stock, $25 par„and
442,419 outstanding shares of common stock, 25 cents par.
The Exchange
will also list 20 additional shares of 7% cumulative convertible preferred
stock and 63,884 additional shares of common stock, upon notice of issu¬
ance.—V. 141, p. 4013.
Cuban-American Sugar
George E. Keiser, President,
Co.—Annual Report—•
says
in part:
The 1934-35 Cuban sugar crop was
restricted for the fifth successive year
by governmental decree and although it was originally contemplated to
limit the total production to 2,315,000 long tons, the actual quantity
produced aggregated 2,537,385 long tons, of which 2,056,654 tons were
available for disposition during 1935 and the remainder, or 480,731 tons,
to 999,329
production of company was 144,992 long tons, equivalent
bags of 325 pounds each, which were allocated to the various
markets
follows:
The
raw sugar
as
Bags
Destination—
Co., N. H.—To Finance—
The company, controlled by New England Power Association, has called
special meeting of stockholders, to be held Jan. 8 for the purpose chiefly
of authorizing an issue of not exceeding $20,300,000 of first mortgage bonds,
bearing interest not exceeding 4%, to refund existing $18,000,000 of 5%
first mortgage bonds maturing in 1952.
The latter are callable at 103 and
a
To the United States for distribution in 1935—.——461,427
To world markets for distribution in 1935-_
284,353
Total
New
England Power Association, which holds all of the company's
presently outstanding 600,000 shares of $25 par.
Price at which the stock
is sold will be fixed at the special meeting and shall be subject to approval
of the P. S. Commission of New Hampshire.—V. 135, p. 2491, 2830.
—
The production of refined sugar
46.17
28.45
16.75
2.15
6.02
.46
999,329
For distribution in Cuba in 1935
For distribution in Cuba in 1936-
issue will be subject to approval by the P. S. Commissions of
Vermont and New Hampshire and by the Securities and Exchange Com¬
mission.
Authorization will also be asked of an increase of $86,000 par value of
the common stock of $25 par.
This common stock would be issued to
% of Total
167,329
21,469
60,205
4,546
To the United States for distribution in 1936
To World markets for distribution in 1936
interest.
the
Added to List—
must be carried over until after Jan. 1 1936.
J. Robinson-Duff has been elected President and a director, succeeding
Charles Oster, while Hugh P. Fenwick has been made Vice-President to fill
a
been set for Jan. 13 1935.—V. 141,
2273.
P.
additional shares o
stock, no par, upon notice of issuance.—V. 141, p. 4162.
Commercial Investment Trust,
Chairman of a stockholders
Deposit of stock is not requested by
and Walker & Redman are counsel.
the committee at this time.
The New York Curb Exchange will list 21,625.183
new
Corp.—Stockholders\ Committee Formed—
reorganization committee wnich has been formed to represent holders of
7% pref. stock (par $100), and $1 par value common stock, of which there
are outstanding
36,000 shares and 400,000 snares, respectively.
Other
members of the committee are H. C. Richard, director of Manufacturers
Trust Co.; J. A. Sisto, member of the New York Stock Exchange; J. Robert
Stout, President of Nortd Jersey Trust Co., Ridgewood, N. J.; and Wm.
Rheinlander Stewart.
Wm. R. Derby, 67 Wall St., New York, is Secretary
159,499
97,470
—V. 141, p. 4162.
The
next.
The New York Curb Exchange will list
1932
1933
1934
$713,655
305,941
234,730
common
14
In a letter sent out to shareholders, details of the proposal drafted by a
committee of preference shareholders in consultation with the board of direc¬
tors are released for the first time.
Provision is made for the funding of
Croft Brewing Co.— To Be
Ry.—Earnings—
1935
Out
Wipe
Lld.- ■May
Co.,
Box
J. S. Cosden, President oi the corporation, is
Net after rents
—V. 141, p. 4162.
November—
Gross from railway
Net from railway
Net after rents
Corrugated Paper
Preferred Arrearages—
on
1935—11 Mos.—1934:
$4,994,444 $61,444,189 $61,969,659
x4,477,490
54,476,567 52,233,275
185,000
3,945,000
4,200,000
2,215
28,545
22,610
242,202
2,737,469
2,719,212
98,488
983,047
988,999
1935—Month—1934
Railway oper. revenue.- $5,764,856
Railway oper. expenses5,205,461
Railway tax accruals
285,000
amount
123
Financial Chronicle
Volume 142
100.00
for the year aggregated 391,108,397
pounds.
The operations for the year resulted in a net profit of $751,152*after de¬
ducting all agricultural and manufacturing expenses, repairs and mainte¬
nance charges,
interest, depreciation, amortization of cane fields, and
normal provisions for possible colono losses and for United States and
Cuban income taxes, as compared with a loss of $312,902 for the previous
Jrear. United States market as the result of thethe higher prices prevailing
the The improved showing is attributable to
efforts of the government
n
Consolidated Gas, Electric Light
Baltimore—Earnings, &c.—
&
Power
Co.
of
1934.
Substantially higher consumption by all three major
classes of customers (domestic, commercial and industrial) contributed to
this record, the principal single item of increase being sales to the Pennsyl¬
vania RR. for use in propelling
and Washington, D. C.
its electrified trains between Perryville, Md.,
Gas revenues have not shown an appreciable increase due largely to
smaller average domestic consumption, incident to higher temperatures
this year than last, and in a
measure to the
use
by families of more
prepared foods, which require less cooking.
With the business revival in the fall of 1935 the industrial "come back"
of Baltimore's widely diversified activities is significant of future growth
that may be expected with sustained recovery.
Consolidated Statement of Operations (Co. and Wholly Owned
284,223
340,691
303,176
365.337
Total operating rev—$28,049,876 $26,326,539 $30,676,617 $28 866,853
Operating expenses
14,352,626
13,060,927
15,703,683
14,242,043
Retirement expense
Taxes
2,220,916
3,386,745
2,188,788
3,266,238
.
2,441,807
3,692,311
2,407,125
3,621,763
Consolidated Income Account for
1935
Operating income
$8,089,588
293,515
$7,810,584
176,552
$8,838,815
316,980
$8,595,922
189,356
$8,383,104
2,715.474
$7,987,137
2,640.397
$9,155,795
2,957,58b
$8,785,278
2,900,012
$5,667,629
1,051.821
Net income
Preferred
dividends
$5,346,739
1,062,288
$6,198,208
1,148,459
$5,885,266
1,158.914
molasses of pr. years.
185,219
1871366
available
common
1933
„
1932
$7,954,012 $12,007,469
165,867
187.561
353,541
190477
Total
$18,354,322 $10,190,399
Prod. & mfg. costs, sell¬
Net profit
$2,204,971
1,012,490
Disct.
on
bonds & notes.
Interest on bonds..
Other interest
Loss due to
67,171
113,033
65,841
cyclone
Miscell. losses
(net)
U. S. & Cuban inc. taxes
Balance
$9,488,758
160,734
Adjust, of treas. stock..
Miscell. income (net)—
Depreciation
Gross income
Fixed charges-
Years Ended Sept. 30
1934
^
Sug. & molasses produc.$17,879,988
Interest received
98,938
Prof, realized on sugar &
ing & general expenses 16,149,351
Non-operating income..
_
properties will be in good operating condition for the coming crop.
The National Sugar Export Corp. of Cuba which was organized in
November 1930 for the purpose of disposing of the surplus raw sugar stocks
then in Cuba of 1,300,000 long tons over a period of five years to markets
other than the United States, has completed this program and is now in
process of liquidation.
Subsidiary Cos.)
Period End. Nov. 30— 1935—11 Mos.—1934
1935—12 Mos.—1934
Rev, from electric sales.$19.084,684 $17,324,407 $20,801,655 $18,951,798
Revenue from gas sales.
8,087,552
8,084,043
8,879,866
8,885,437
Rev. from steam sales..
593,416
577,396
691,919
664,280
Mi8cell. operating rev..
a
United States and the remainder (37.08) for
Despite higher temperatures this year, revenue from steam sales was 2.8%
above that of last year.
In 1935, for the first time in any 11-month period of company's history,
sales of electricity exceeded 900,000.000 kilowatt hours, an increase or
over
reference was made in last year's annual report.
part of Cuba's production (62.92%) was earmarked for the
markets where prices are still
substantially below the cost of production, which condition had an adverse
effect on the net operating results for the year.
The advances to colonos for the financing of planting and cultivation of
can fields are stated in the balance sheet at net book values as the many
uncertain and unknown factors make it impossible to estimate at this time
a figure that
might ultimately be recovered.
The company s bond issue of $2,000,000 maturing March 15 1936 was
called as or June 15 1935 and was paid on that date at the stipulated call
price of 100 H.
On Sept. 28 1935 some of the properties in the Provinces of Santa Clara
and Mantanzas were demaged by hurricane.
The loss was fully covered
by insurance and the necessary repairs are now in progress and all of the
However, only
Herbert A. Wagner, President, states in part:
The results of tne first 11 months of 1935 reflect material increases in
electric sales. Revenue from gas sales was practically the same as in 1934.
11.7%
in Washington to which
12,577
8,911,878
35,660
11.663
$8,167,203 $12,195,029
7,172,871
12,548,981
$1,278,521
1,070,165
40,000
159,736
46,002
95,737
$994,331 loss$353,952
1,181,410
1,250,028
179,785
143',108
40,000
160,000
23,530
71,616
182,707
40,000
160,000
107,101
for
stock.
Common dividends
$4,615,808
3,852,410
$4,284,450
3,852,357
$5,049,749
4,202,629
$4,726,351
4,202,577
Net loss
Previoussurplus
...—pf $751,152
14,542,887
Wtire-off of good-will
Bal. (remainder avail.
for corporate uses).
Earns, per sh. of com, stk,
—V. 141, P. 3532.
$763,398
$3-95
$432,092
$3.67
$847,120
$4.33
$523,774
$4.05
$312,903
$482,225
$2,054,188
If,785,130
19.2671356
21 321,544
3,929,340
....
P. & Usurp. Sept. 30.$15,294,039 $14,542,887 $18,785,130 $19,267,356
Shs.com. stock (par $10)
981.600
981,500
981,500
1,000,000
Earnings per share..
$0.24
Nil
Nil
Nil
Financial Chronicle
124
1935
x
1935
1934
$
$
Assets—
machinery &c__22,086,752
Adv.to colonos,&c.
Investments
23,026,597
3,939,087
434,939
3,630,114
511,153
1934
v
$
$
Common stock
10,000,000 10,000,000
7,893,800
Preferred stock— 7 893,800
2,000,000
Funded debt
Liabilities—
Lands, buildings,
Real estate,
Planted and grow¬
gage
149,495
490,277
440,323
& censos—
and time
Demand
551,482
materials, &c.__
1,765,337
1,538,941
Accounts
Raw & ref'd sugar.
Cash
4,574,250
388,336
6,290,801
Inventory
of
142,253
Gross from railway
Net from railway
1,974,704
856,219
35,026
26,259
14,274
for
115,000
1,831,173
1,465,403
224,298
137,672
Surplus
910,183
903,424
15,294,039 y 14,542,887
...
703,027
35,842,598 39,453,290
Total
35,842,598 39,453,290
After depreciation reserve of $21,774,361 in
1934.
y After writing off good-will heretofore
at value of $3,929,340.—V. 140, p. 3385.
"directors
felt
for
extra dividend."—V.
warrant this
1935
141.
2734.
Curtis Manufacturing
The directors
have
declared
Co.—Doubles Common Dividend—
dividend of 50 cents per share on the
a
15.
This
first pay¬
ment made since April 1 1932 when a regular quarterly dividend of like
amount was distributed.
Company paid 25 cents per share each quarter
from July 1 1931 to and including April 1 1932 and 62H cents per share
previously each three months.—v. 141, p. 3532.
common
stock, par $5, payable Feb. 1 to holders of record Jan.
with 25 cents paid on Aug. 1 last, this latter being the
compares
Curtiss Aeroplane & Motor
Co.—New Vice-President—
Burdette S. Wright has been appointed
Vice-President in charge of the
effective Jan. 1.
He succeeds Ralph S. Daman,
signed to become Vice-President of American Airlines.—V. 140, p.
Buffalo plant,
Davison
Chemical
who re¬
2002.
Davison Chemical
559,708
89,076
47,934
717,817
151,015
107,769
Detroit Toledo & Ironton
RR.—Earnings.—
on
$289,734
92.851
48,550
$281,012
282,377
Net after rents
From Jan. 1—
$349,180
123,513
73,232
7,362,216
4,005,370
2,921,905
5,297,700
2,559,140
1,767,142
3,647,105
1,432,414
945.376
3,814,653
971,942
417,681
$650,254
394,751
railway
Treasurer; M. C. Roop, Secretary and Treasurer, and
McCloskey, Assistant Secretary.
of the new company are:
Mr. Hockley, Howard Bruce,
Edwin J. Quintal, Chester A. Fulton, R. A. Lockwood, A. C. Read and
W. Graham Boyce.
See also Davison Chemical Co. above.—V. 141, p. 3533.
McCord,
78,835
24.010
*
Gross from railway
Net from railway
Net after rents
—V. 141, p. 3688.
Deutsche Bank und Disconto-Gesellschaft, Berlin,
Germany—Exchange Restrictions Bring Two Offers to Bond¬
holders—
Foreign exchange restrictions existing in Germany having made it Im¬
possible for the bank to transfer sufficient of their available funds out of
Germany to make on Sept. 1 1935 the payment in dollars due on the note
as represented by participation certificates not repaid in connection with
acceptances of the previous offer for payment, the bank, under date of
Aug. 30 1935, made two alternative offers of payment to holders of partici¬
pation certificates who resided outside of Germany, namely (1) payment
immediately in "blocked" reichsmarks at the rate of RM 2,489.- for each
$1,000 of participation certificates, or (2) payment on Sept. 1 1938 in dollars
with interest payable semi-annually (M. & S.) at 6% per annum.—V. 138,
p. 1404.
•i
Group, Ipc.—Merger—
A proposed merger
of this company and Group Assets, Inc., will be voted
by stocknolders of both enterprises on Jan. 24.
Stockholders of
record Jan. 2 have the right to vote.
Distributors Group, Inc., at present
owns approximately 68% of the capital stock of Group Assets, Inc.—V. 139,
upon
(Jacob) Dold Packing Co. (& Sub.)—Earnings—
Nov. 2 '35
Oct. 27 '34
$33,709,782 $29,766,933
Years Ended—
Gross sales
1,557,524
2,603,506
1,901,302
2,603,104
27,662,410
22,729,396
1,977,817
1,999,723
Prepaid freight and other deductions
Inter-plant sales
Cost of sales
Selling, administrative and general expense
$91,475prof$533,405
119,464
218,992
Operating net loss.
Other
income
$752,397
162,566
203.998
$27,989
162,940
190,916
45,076
Operating net and other income.
Depreciation
Dec. 31 for the new company.
1932
1933
1934
1935
November—
Interest and discount--
Corp. (Md.)—Personnel—
Officers and directors were selected
H.
70,168
—V. 141, p. 4164.
Miscellaneous
Chester F. Hockley, who has been in charge, was made President; William
O. Geoghan, Elemer Heubeck and James R. Rossman, Vice-Presidents;
M.
611,012
108,672
Distributors
Davison Chemical Co., Davison Realty Co.
(V. 141, p. 3375) dated Sept. 18 1935, as con¬
firmed by the U. S. District Court for the District of Maryland, has been
consummated as of the close of business on Dec. 31 1935 by the transfer
to the Davison Chemical Corp. of Maryland of the assets of Davison
Chemical Co. and Davison Realty Co. and by the transfer to Eastern
Fertilizer Corp. (Virginia) of the assets of Eastern Cotton Oil Co.
The common stock and stock purchase warrants of the Davison Chemical
Corp. of Md., and scrip certificates in respect of fractions thereof, dis¬
tributable to creditors and stockholders pursuant to the plan are now
available for distribution in accordance with the provisions or the plan and
of the order confirming the plan entered by said Court on Nov. 16 1935.
Notes of Davison Chemical Co. and Davison Realty Co. (but not certifi¬
cates of deposit representing such notes) and certificates for the preferred
stock of Eastern Cotton Oil Co. should be surrendered to Chase National
Bank, 11 Broad St., New York, and certificates for common stock of
Davison Chemical Co. and Eastern Cotton Oil Co. should be surrendered
to Baltimore National Bank, Baltimore; in each case, for cancellation and
exchange pursuant to the plan.—V. 141, p. 3688.
$62,258
11,074
6,305
594,930
118,493
125,261
19,331
$52,767
15,478
9,986
From Jan. 1—
Gross from railway
Net from railway
Co.—Reorganization Completed—
The plan of reorganization of
and Eastern Cotton Oil Co.
1932
1933
1934
$59,357
19,958
17,558
$70,208
24,384
railway
Gross from railway
Inc.—Extra Dividend—
profits
Gross from
Ry.— -Earnings.1935
Net from railway
Net after rents.
Net from
of 30 cents per share on
the common stock, no par value, payable Jan. 15 to holders of record Jan. 2.
The regular quarterly dividend of like amount was paid on Nov. 1 last.
In connection with the current extra dividend the company stated that
p.
Detroit & Mackinac
November—
1935 and $20,891,574 in
carried in balance sheet
The directors have declared an extra dividend
1,710,513
800,129
675,131
—V. 141, p. 4164.
Net after rents
x
Cuneo Press,
con¬
tingencies
1,605,016
1,522,361
686,540
648,267
1,438,442
615,757
1,133,739
$165,411
95,645
87,487
From Jan. 1—
1,014~85§
33,586
Res. for inc. taxes.
Reserve
16,680
_
Total..
450,000
698,152
payable-
Interest accrued..
Republic of
Cuba at par
Accts. & bills reo__
Deferred charges.
2,540,000
payable..
accrued
227,231
Sugarstabil'n5 H %
sec. gold bds. of
the
loans
Bills payable
raw
$150,337
73,060
65,713
73,476
100,843
Net after rents
1932
1933
1934
$158,453
$268,936
131,668
railway
Net from railway
Salaries and wages
Livestock & equip.
Ry.—Earnings.-
1935
November—
Gross from
Net after rents
mort¬
342,096
559,036
ing cane
Jan. 4 1936
Denver & Salt Lake
Consolidated B ilance Sheet Sept. 30
Net loss
9.316
$370,943prof$376,515
47,991
Provision for Fed'l income & capital stock taxes
William B.
Directors
Davison
Net earnings to
139,
p.
-
$1,115,646
Surplus
Realty Co.—Reorganization Completed—
See Davison Chemical Co. above.—V.
Consolidated
1399.
Nov. 2 '35
De Havilland Aircraft of Canada,
Years End. Sept. 30—
Net loss after all charges
Previous surplus
Prov. for income taxes
Profit
on
red. of shares.
1935
prof$4,977
def37,946
Ltd.—Earnings—
$6,567
2,242
$29,155
34,518
$19,952
12,069
900
818
3,186
_
12,950
10,125
Acc'ts receivable
342,756
5,599
advs., &c_.
owned,
14,712
31,888
366,449
88,298
6,912,996
$30,683
$37,945
sur$2,242
sur$18,313
$30,683
$37,945
sur$2,242
Contracts pay.,
Accruals
97,906
6,490,384
"
8*078
156,929
754,539
29,020
75,990
3,312,134
Fed. Inc. & cap.
Fixed assets
stock taxes
Reserves
3,620,082
20-yr. 6%
s. f. gold bonds. 2,167,100
Preferred stock
4,502,100
1st
6.243
Deficit.
199,670
Res. for taxes, incl.
est.
sur$12,069
Adj. applic. to prev. yr.
S
400,000
1,410,000
101,310
net
138,976
6,155
Res. for Fed. proc¬
368,129
Deferred charges.-
2 '35 Oct. 27 '34
$
Notes pay., banks
Accounts payable.
essing tax
other than plant
rec.,
27,026
Total loss
2,697,288
bonds
In
Stocks in other cos.
Real
4,413
Written off inventories
1,342,391
Inventories
Inv.
Nov.
Liabilities—
1,297,608
1,579,182
2,793,776
335,683
3,909
$1,424,357
Sheet
Oct. 27 '34
1,499,329
Misc. notes, accts.
3,000
Duty claims written offExtraordinary exp. re,
changes on staff
x
Balance
$
Assets—
Cash
1932
1933
1934
$370,943prof$328.524
1,424,357
1,144,420
Cr62,231
Dr48,587
deficit—
Previous surplus
Miscellaneous adjustments
y
m.
22,500
2,299,100
4,502,100
22,500
1,115,646
1,424,357
Common stock.-
Capital surplus
Balance Sheet Sept. 30
1935
1934
$38,169
$23,317
4,136
Assets—
Cash...
a
Accts. receivable
23,122
Liabilities—
Aircraft Co.Ltd.
Accrued
15,240
23,579
225
inc. taxes
29,009
2,929
909
1,029
f Common stock._
13,269,818 12,998,469
After
1934.
y
270"500
37,945
32,840
1,825
29,000
74,281
delivered
d Plant & equip.--
9,787
1935
November—
fixtures
266
1,404
2
$309,002
$271,436
Mfg. rights
Total
a
Shs.
1,511
$309,002
$271,436
b Market value 1935,
After depreciation of $18,192 in 1935 and $16,788 in 1934. f Repre¬
by 25,000 no par shares class A stock and 5,000 no par shares class
B stock, g After depreciation of $1,814 in 1935 and $1,511 in 1934. h After
reserve for depreciation of $1,063.—V.. 140, p. 637.
e
sented
Denver & Rio Grande Western
Period End. Nov. 30—
Operating revenues
revenue
755,620
Net ry. oper. Income—
Available for interest—
569,595
Interest
474,414
Net
-V.
income
141, p. 4164.
RR.—Earnings—
1935—Month—1934
$2,093,692
566,204
$81,789
def366,200
def308,989
9,402,221
3,129,702
2,375,076
$67,267
def306,085
def311,287
9,621,527
2,310,155
4,565,721 def2,074,007
3,982,729 def2,191,009
common
1935
1933
1934
$264,376
$331,920
264,267
$0.73
270,000
$0.97
1932
$475,834
$277,228
270,000
251,343
$0.74
stock out¬
$1.49
/
Consolidated Balance Sheet Nov. 30
Total
13,621
d After c After depreciation of $16,186 in 1935, and
§24,025; in 1934.$43,210. depreciation of $13,851 in 1935 and $11,487 in
1934,
Net
11,527,687
5,423,476
4,423,566
standing (no par)
Earnings per share
After reserve for doubtful accounts of $1,000.
1934.
def367,278
and Federal taxes
1,403
2
g Furn. &
1932
1933
1934
Duplan Silk Corp. (& Subs.)—Earnings-
266
Deferred charges._
315.
From Jan. 1—
6 Mos. End. Nov. 30—
Net profit after charges
2,405
h Trucks & tract'rs
p.
Ry.—Earnings.—
—V. 141, p. 3688.
1,525
29,000
76,846
11,770
1,000
1,209
shares.—V. 140,
$106,931
def341,332
def365,855
$162,627
def321,734
Net from railway
Net after rents
Gross from railway
Net from railway
Roadways & im¬
provements
par
Duluth Missabe & Northern
Net after rents
Buildings
13,269,818 12,998.469
Total
for doubtful accounts of $56,972 in 1935 and $60,534 in
reserve
Represented by 22,500 no
Gross from railway
900
270,500
32,840
30,683
Preferred stock
Deficit
__
Land
e
x
$2,204
78,090
as
Inventory
Payment in adv.
lor goods to be
c
384
89,895
Accrued Income
hand
40,781
charges..
Res. for
England & accr.
int
on
1934
$5,406
Co., Ltd., Eng.
b Investm'ts bonds
per
1935
payable,
trade
De Havilland Aircr.
Loan, DeHavilland
Stock
Accounts
Total
1935—11 Mos.—1934
$1,689,811 $19,155,543 $17,641,394
312,206
4,252,918
4,123,988
64,987
2,029,516
2,041,586
63,681
2,053.025
2,304,377
467.218
5,231,222
5,090,279
$91,789 def$403,536def$3178,196def$2785,902
$301,155
Accounts
$343,892
1,002,819
1,681.425
Inventory
Investment cost—
412,472
t Fixed assets
3,109,956
49,659
Prepaid expenses.-
1,108,191
Accts. receivable.
_
Reacquired stock.
Total.
735,917
1935
Liabilities—
1934
1935
Assets—
Cash
payable
$407,417)
.
Accts., pay roll <fc
112.88oj
taxes
1,205,432
141,552
52,915
1,767,600
8% pref. stock
1,350,000
y Common stock
Earned surplus— 2,813,954
1,767,600
1,350,000
2,917,394
Federal tax
549.725
3,336,546
45,285
93,167
$6,593,403 $6,682,238
Total
$6,593,403 $6,682,238
Represented by 270,000 no par shares,
reacquired for sale to employees at cost.—V. 141, p. 1435.
x
Less depreciation,
y
Eastern Cotton Oil
Fertilizer
z
3,067
Co.—Reorganization Completed—
See Davison Chemical Co. above.—V.
Eastern
1934
$594,329
Eastern Cotton Oil Co.—
See Davison Chemical Co. above.
136,
p.
1381.
(Va.)—Acquires Properties of
Corp.
.
1932
1933
1934
1935
in each three-month period of 1934, and a dividend of 20 cents paid on
March 15 1932.
Prior to this latter date regular quarterly dividends of
-Earnings.-
Duluth South Shore & Atlantic Ry.
November—
Gross from
125
Financial Chronicle
Volume 142
9.649
$143,311
5,291
def5,328
$149,173
8,683
defl3,112
2,210,429
534,776
386.942
2,053,401
402,722
188,048
1.778,914
266,329
19,876
25
$56,199
def71,626
defl02,181
1,490,519
def230,459
def563,332
$179,005
23,596
railway
Net from railway
Net after rents
__
Net after rents
per
1935
$1,571,340
Other
Total operating income
x
1934
1935
$10,624,417 $11,837,144
3,269,513
$1,704,725
-
$1,928,434
36,447
38,084
128,877
408,900
289,176
22,077
121,671
Other operating expenses
Provisions for doubtful accounts
$4,028,376
Other general expenses
Interest, debt discount and expenses, Federal taxes,
minority interest
Net income
1,107,398
35
8,179
$951,543
$704,153
577,055
17,500
Interest
& F. A. and sub¬
stock owned by E. G.
$109,597
Reduced—
Eastern Shore Public Service Co.—Rates
The Maryland Public Service Commission announced on Dec. 23 that an
agreement had been reached with the company under which rates would be
reduced approximately $78,500 a year.
The new rates are to be effective
on all services after the January 1936 meter readings.
The companies included in the inter-connected system affected by the
new schedule are the Consumers Public Service Co., operating in Crisfield,
and most of the Eastern Shore propertiy of the Maryland Lght & Power
Co.
The Eastern Shore Public Service Co. is an affiliate of the Associated
Gas & Electric Co.—V. 141, p. 2274.
Eastern Utilities Associates
1935
companies—
$8,472,108
applicable to Eastern Utili¬
1,609,256
Other income of Eastern Utilities Associates
367,795
Balance for Eastern Utilities Associates dividends
and surplus—
1,872,582
—V. 141, p. 4165.
Co.—Extra
Ebasco Services,
ended
week
x
59,879,000
1
—V.
Purchase obligat'ns
Reserve
Class Astock
p.
.!
i n
,i.
]rflCT^(lS0
1934
' " ";~1 "
■'
790,500
8,152
4,366
Deficit
48,617
Total
$1,734,892 $1,725,635
1594.
Metallurgical Corp.—To Be Added to List—
47,677 additional shares of com¬
stock, no par, upon notice of issuance.—V. 141, p. 4165.
Federal Light &
Traction Co. (& Subs.)—Earnings—
1935
$7,762,158
Years Ended Sept. 30—
Gross operating revenue
Operating expenses, maintenance, taxes (incl. pro¬
vision for estimated Federal income tax)
Amount
79,830,000
33,847,000
65,962,000
'
8,454,000
4,915,000
x6,083,000
1935—12 Mos.—1934
1934
$7,099,377
4,663,741
4,316,366
$3,098,417
101,044
$2,783,010
132,310
$3,199,461
432,611
187,201
$2,915,321
435,000
188,969
Proportion of net loss of a sub. applic. to min. int.
$2,579,649
2,233
$2,291,350
2,981
Int., disc. & other chgs. of Fed. Lt. & Trac. Co..
Provision for depreciation as determined by cos
$2,581,881
794.568
442,848
$2,294,332
868,734
469,974
$1,344,465
6,033,520
43,250
$955,623
5,407,715
40,268
$7,421,235
16,657
582,956
266,244
$6,403,607
$6,555,378
$6,076,770
Other income.
1935—3 Mos.—1934
$113,724
4,373
850,838
805,620
8,152
57,073
$210,278
3,119
771,461
Class B stocks
$1,734,892 $1,725,635
141,
1934
1935
Current liabilities.
The New York Curb Exchange will list
i,:
$3,327
1
2,512
Prepd. & def.chgs.
Total
Light Corp. (& Subs.)—Earnings—
Period End. Nov. 30—
323,000
500
Organizations exps
Decrease.—V. 141, p. 4165.
Electric Power &
1,155,027
""566
Franchise
mon
i
29,009
1,198
5
v
Liabilities—
$204,630
25,800
12,310
Fansteel
Client Operating Subs, of—
1935
American Power & Light Co. 88,284,000
Electric Power & Light Corp. 38,762,000
1,096,852
239,000
rec'ble.
Contracts
Dec. 26
National Power & Light Co.
800
Deferred assets
share was distributed on
'■i
12,302
4,342
$5,415
1934
1935
Property
Inc.—Weekly Input—
1933
$32,335
Comparative Balance Sheet Sept. 30
1935, the kilowatt-hour system input of
the client operating companies which are subsidiaries of American Power
& Light Co., Electric Power & Light Corp. and National Power & Light
Co., as compared with the corresponding week during 1934, was as follows:
For the
$9,757
J
$395,226
Investments
1,764,720
Dividend—
per
—
Current assets
cents per share in
quarterly dividend of 25 cents per share on the
of 25 cents
profit.
1934
$21,500
1935
for bad accounts and amortization.
Assets—
1,574,632
368,598
stock, no par value, both payable Feb. 15 to holders
of record
Similar extras were paid in each of the two preceding quarters.
Feb. 1.
In addition, a special extra dividend
Dec. 20 1935—V. 141, p. 3534.
Co., Ltd.—Earnings—
Earnings from oper.
and sale of
capital assets
Depreciation and depletion, reserve
Net
The directors have declared an extra dividend of 12
common
Exeter Oil
3 Months Ended Sept. 30—
1934
$8,133,795
12 Months Ended Nov. 30—
Gross earnings, subsidiary
Manufacturing
$268,731
i
x In addition to depreciation, amounting to $128,877,
charged against
operations for the six months ended Oct. 31 1935, in accordance with
rates, allowed by the U. S. Treasury Department, the corporation has
provided as additional depreciation an amount of $104,187, which has been
charged directly to earned surplus.
The total of $233,064 is equivalent to
the amount accrued for the payment of the principal due on the funded
debt for the six months period.
For the corresponding period last year
the corporation reserved as additional depreciation the sum of $84,270.
After the above deduction the earned surplus now stands at $1,582,503.—
V. 141, p. 2115.
(& Subs.)—Earnings—
Net earnings of subs,
ties Associates
addition to the regular
-
Net income
Co.—Capital Reduced—
meeting held Dec. 20 approved a reduction
In the capital stock from $4,000,000 to $2,000,000.
The number of shares
of common is being reduced from 800,OOO, par $5, to 80,000, par $25.
Fractional warrants will be issued.
Exchange will be made at the Colonial
Trust Co., Waterbury.—V. 141, p. 3534.
The stockholders at a special
Eaton
funded debt
on
Provision for Federal income tax
sidiaries.—V. 141, p. 3534.
Eastern Malleable Iron
$899,326
587,594
43,000
Miscellaneous other income
Net income
on
$894,909
3,012
1,404
1,970,591
def $281,761
♦Exclusive of dividends
137,890
401,200
303,115
25,666
129,205
$695,938
Net operating income
on marketable securities
Interest
1.106,242
1,971,984
Dividends paid on 4 H % prior pref. stock
♦Dividends paid on 6% preferred stock
Surplus
^
4,617,691
$2,797,621
Depreciation
Real estate taxes
3,191,077
4,557,283
Depreciation and depletion
144,968
operating income..
Maintenance and repairs.
Associates—-Earnings-
12 Months Ended Nov. 30—
Total income
1934
$1,783,466
13o,385
6 Months Ended Oct. 31—
Rental income
—V. 141, p. 3688.
Eastern Gas & Fuel
of 12)4
Equitable Office Building Corp.—Earnings—
From Jan. 1—
Gross from railway
Net from railway
share were paid.
In addition an extra dividend
paid on Oct. 31 last.—V. 141, p. 2275.
cents
cents was
Interest, discount and other charges
Preferred dividends of subsidiaries
of subsidiaries
Subsidiaries—
Operating revenues
$19,754,613 $18,514,903 $77,345,609 $73,435,684
Oper. exps.,incl. taxes.. 10,929,989
10,381,220
42,753,266
39,801,126
Net revs, from oper..
Other income
(net)
Gross corp. income
Int.
public
to
&
$8,824,624
•
3,532
$8,133,683 $34,592,343 $33,634,558
18,123
56,615
100,736
$8,828,156
$8,151,806
3,863,214
Crl8,151
3,880,080
cm,173
Int. chgd. to construct'n
retire.
Prop,
&
$34,648,958 $33,735,294
other
deductions
15,408,272
Cr53,773
15,667,085
C/-22.075
Consolidated earned surplus at Sept. 30
Minority int. in deficit of a subsidiary at
Sept. 30.
deplet.
2,033,705
2,275,974
8,516,506
8,392,065
$2,949,388
$2,006,925
$10,777,953
$9,698,219
reserve approps
a sub. at Sept. 30 1934 not prev. consol.
Surplus adjustments, net debits
Def. of
Balance
Pref.
divs.
to pub.
(full
Preferred dividends—
60,593
266,244
div. require, applic. to
Consolidated earned surplus at Sept. 30
respect'e pers. whether
earned or unearned)__
applic. to min.
1,980,874
1,981,187
7,923,496
7,924,715
22,714
35,174
105,453
111,256
Consolidated Balance Sheet Sept. 30
Portion
interests
1935
1935
1934
$
$
v
Assefs—
ing
inc. of subs
$945,800
loss$9,436
$2,749,004
$1,662,248
tangibles...44,231,043 43,818,529
Invest,
(incl.
Co., not consol.)
Corp. in inc. of
subs, (as shown above)
$945,800
627
Other income
loss$9,436
1,857
$2,749,004
$1,662,248
4,088
10,131
Sinking
fund
Total income
$946,427
38,233
397,244
loss$7,579
116.543
397,244
$2,753,092
275,395
1,588,974
$1,672,379
421,827
1,588,974
Note—All
$510,950 loss$521,366
$888,723 loss$338,422
transactions have been eliminated from the
and preferred dividend deductions of subs,
represent full requirements for the respective periods (whether paid or not
paid) on securities held by the public. The "portion applicable to minority
interests" is the calculated portion of the balance of income available for
minority holdings by the public of common stock of subsidiaries. Minority
interests have not been charged with deficits where income accounts of
subsidiaries have so resulted.
The "net equity of Electric Power & Light
Corp. in income of subsidiaries" includes int. & pref. divs. paid or earned
on securities held, plus the proportion of earnings which accrued to common
stocks held by Electric Power & Light Corp., less losses where income ac¬
counts of individual subsidiaries have resulted in deficits for the respective
periods.—V. 141, p. 3859.
inter-company
statement.
Interest
—not
Elgin Joliet & Eastern Ry.
1935
November—
Gross from railway
From Jan.
$1,328,870
459,289
current..
materials
Deferred charges..
351,601
Net after rents
2,577,346
1933
1934
1932
$758,891
109,168
21,906
$768,751
95,084
71,077
$561,602
21,609
def54,316
9,465,156
1,790,650
511,058
9,252,118
2,321,128
821,490
7,175,644
551,180
def957,101
—V. 141, p. 3535.
Employers' Group
an
Notes pay., banks.
Accts. payable and
1,038,317
467,420
507,055
extra dividend of 10 cents per share on the
capital stock,
no par
value,
payable Jan. 31 to holders of record Jan. 17.
This compares with
12)4 cents paid in each quarter of 1935, 1 j cents per share distributed
both
debt
68,536
60,916
22,295
23,749
18,587,600 18,922,600
2,157,040
1,442,760
other notes pay.
Accts.
payable
affiliated
44,468
41,289
dividends. 1,051,542
Accts.
payable—
not current
245,024
933,049
121,178
16,724
12,118
2,039,518
3,152,335
pref.
Customers'
extension
&
x
After
...51,401,485
51,983,074'
423,657
13,295
455,909
surp..
1,691,757
Cons, earned surp.
6,555,378
acquired
222,901
line
dep.,
incl. accrued int.
Total..
264,034
284,892
to
cos...
Acer. Int., taxes &
6,122,898
1,825,157
6,076,770
51,401,485 51,983,074
Total
reserve of $71,760 in
1935 and $115,S24 in
44,374 no par shares.—V. 141, p. 1932.
1934.
y
Repre¬
Federal Mogul Corp.—Resumes
Common Dividends—
The directors have declared a dividend of 10 cents per share on the com¬
stock, payable Jan. 15 to holders of record Jan. 4.
This will be the
first payment made on the common stock since Jan. 2 1931, when a dividend
mon
share
was
distributed.—V. 141,
p.
2736.
Federal Water Service Corp.—Obtains Control of
Southern
58% Interest Following Transfer of
New Company—Reorganizztion Completed
Natural Gas Co.—Holds
Southern''s Assets to
Association—Extra & Larger Div.—
The directors have declared a quarterly dividend of 15 cents per share
and
2,697,140
Tickets outstand'g
13,347
Reserves
6,087,671
Consol.
cap.
and
of 30 cents per
12,833,439
3,658,620
2,656,440
-Earnings.-
1—
Gross from railway
Net from railway
company..
Funded
Accts. & notes rec.
sented by
Net from railway.
Net after rents
sub.
162,098
ma¬
interest & taxes.
4,387,400
7,873,545
in
944,931
receivable
$
4,387,400
7,873,545
stock¬
Int.
559,084
xAccounts and notes
Merchandise,
Railway
com.
holders'
158,608
Prepaid insurance,
earned surplus
above
2,668,012
690,221
terials & supplies
Bal. carried to consol.
2,667,912
and
special cash dep.
Cash
Expenses, incl. taxes
Int. to pub. & oth. deds.
stock.._
in hands of public
Min.
Brunswick Pow.
& Lt.
Common
1934
$
$6 pref. stock...
Pref. stocks of subs.
inv.
In & adv. to New
Elec. Pow. & Lt. Corp.—
Net equity of Elec. Pow.
Liabilities—
y
Properties, includ¬
Net equity of Electric
Pow. & Lt. Corp. in
With the announcement Jan. 2 of the transfer of all assets of the Southern
Natural Gas Corp. to a new company known as the Southern Natural
Gas
control of the latter company with its 1,250 mile gas transmission
passed to Federal Water Service Corp., by virtue of Federal's
ownership of 58% of the new company's class A voting stock.
Christopher
Co.,
system
126
Financial
Chronicle
T. Chenery, President of Federal Water Service, Is to be Chairman of the
new
Southern Natural Gas Co., and James H. White, President of the
gredecessor corporation who served with Hugh M. Morris is a trustee in
ankruptcy, is to be elected President.
Conveyance of the properties to the
terminates the finan¬
cial difficulties of the Southern Natural Gas Corp., which went into receiver¬
ship on Sept. 30 1931.
Subsequently on Sept. 4 1935, trustees were
appointed in bankruptcy under 77-B.
Federal Water Service Corp. obtained its financial interest in the Southern
Natural Gas system in 1930 when it advanced money to Southern, for the
completion of its construction program. In March 1932, during the receiver¬
ship of Southern Natural Gas, Federal exchanged part of its holdings of
Southern first mortgage bonds for debentures of the same company held by
outside holders.
In the reorganization of Southern under 77-B, Federal
will receive approximately 58% of the class A stock of the new company,
representing the controlling interest, in exchange for its claims against
new company
the
old company.
Gross revenues of the Southern Natural Gas system have increased from
$2,536,810 in 1932, to $4,033,737 for the year ended Nov. 30 1935.
Net
earnings, after all operating expenses, were $1,360,101 in 1932 and have
increased to $2,279,103, before depreciation or Federal income taxes, for
year ended Nov. 30 1935.
Present rate of business is the highest in the
company's history, with transmission running at near-capacity.
The transfer of properties was ordered by the District Court of the United
States for the District of Delaware, following the confirmation by the court
on Nov. 1 of a reorganization plan under Section 77-B of the
Bankruptcy
Act. The plan was sponsored by a committee headed by Henry P. Turnbull, Vice-President of the Central Hanover Bank & Trust Co. of New
York, and including Christopher T. Chenery, John Y. Bobbins, and
William von Phul, President of Ford, Bacon and Davis, Inc.
It is expected that the securities in temporary form of the new company
will be available for delivery during January at the office of the Central
Hanover Bank & Trust Co., New York.
Notice will later be published by
the Committee regarding the definite date of delivery.
Outstanding capitalization of the new company will comprise $14,800,000
of first mortgage 6% bonds, due 1944, which remained undisturbed in the
reorganization; approximately $5,800,000 of adjustment mortgage 555,000
shares of class A stock; and 275,000 shares of class B stock.
Provision has
also been made for the issuance of secured notes not in excess of $1,000,000,
to be placed in the company's treasury.
The new company is also authorized
to issue, if it sees fit, refunding mortgage bonds under the terms and
conditions outlined in the refunding mortgage.—V. 141, p. 4014.
Fiberloid
Corp.—Larger Dividend—•
The company paid a dividend of $3 per share on the common
stock, no
value, on Dec. 31 to holders of record Dec. 20.
This compares with
par
$2 paicHh each of the four preceding quarters; $1.50 per share paid on
on Dec.
Oct. 1 and July 2 1934, and $1 per share paid on April 2 1934 and
30 1933.—V. 141, p. 435.
Fonda
Johnstown
&
RR.—To
of
the
line's
"below
Ry.—Earnings.—
1935
'
$35,546
def20,733
def26,765
$46,168
defl0,001
def21,521
$45,849
defl5,466
def25,824
1932
$43,570
def21,691
def28,113
405,736
defl52,451
def241,248
431,312
defl37,201
def242,708
390,710
def252,920
def367.824
439,483
def242,831
def368,547
railway
Net from railway
Net after rents
1934
1933
From Jan 1—
Gross from railway
Net from railway
Net after rents
—V. 141, p. 3690.
Fourth National Investors Corp.—Asset Value—
The company reports for 1935 a net asset value of $45.42 for each common
share, computed
for taxes
on the basis of market values, before deducting reserves
unrealized profits, and $43.75 after deducting such reserves.
on
This represents
an
increase of $13.42
or
41.9% before deducting such
re¬
serves, and $11.75 or 36.7% after deducting these reserves. Total net assets
of the company amounted to $21,875,892, of which $667,950 was cash and
miscellaneous items and $21,207,942 represented investments in common
after deducting reserves for taxes on unrealized profits.—V. 141,
stocks
3860.
p.
*
Frost Steel & Wire
Co., Ltd.—Accumulated Dividend—
The directors have declared a dividend of $1.75 per share on account
of accumulations on the 7% cum. red. sinking fund 1st pref. stock, par
$100, payable Feb. 1 to holders of record Jan. 18.
The amount will be
paid in Canadian funds, subject to a tax of 5% in the case of non-residents,
A similar payment was made on Nov. 1, June 15 and March 15 last, and
on Dec. 17 1934.
The last regular quarterly distribution of $1.75 per share
was made on the above issue on Feb. 1
1932.
Accruals after the Feb. 1
payment will amount to $19.25 per share.—V. 141, p. 4015.
General Motors
Corp.—Chevrolet $1,000,000 Co-operative
Used Car Fund—
The Chevrolet Motor Co. started the new year with a $1,000,000 co¬
operative plan to help move its dealers' stocks of used cars, and to retire
unworthy vehicles from the highways of the country, it was announced
on
Jan. 2 by M. E. Coyle, President and General Manager of Chevrolet.
Beginning
on New Year's Day, and continuing throughout January.
Coyle said, two important special activities run concurrently.
Chebrolet will pay to the dealer $20 for every old automobile
(accepted in trade on a new or used car) that he disposes of by scrapping
or junking.
Second: Chevrolet will pay a bonus to salesmen whose efforts enable
their dealership to sell more used cars in January than it sold in the same
Mr.
First:
month of 1935.
Buick Sales Gain—
Increase
Fares, Thus Ending Cent-a-Mile Experiment—
discontinuance
November—
Gross from
Retail deliveries of Buick Motor
Gloversville
cost"
cars during the second 10 days of De¬
about 1,400 ahead of the first 10 days period, sales totaling
compared with 3,459 for the first 10 days and 1,118 during the
second 10 days of December 1934.
Deliveries for the second 10 days of December were the largest on record
for this period.—V. 141, p. 4166.
cember
4,850
A dispatch from Gloversville, N. Y., Dec. 27, states; Because
they said,
receipts had not kept pace with increasing patronage, officials of the road
announced
1936
Jan. 4
Fort Worth & Rio Grande
transportation
were
cars
ex¬
periment.
The cent-a-mile plan inaugurated on July 15 will be
suppla ited on the
company's electric lines by a rate of 13^ cents on Jan. 1, if the P. S. Com¬
mission approves. J. L. Hees, trustee, said.
The 5-cent bus fare within
Gloversville will be eliminated and 10 cents cash wid be charged, with two
fares offered for 15 cents when a company token is
purchased.—V. 141,
p. 4166.
General Railway Signal Co.—Receives Order—
The company has received an order from the New York Central RR.
amounting to $299,475 for electric interlocking switches at the grade crossing
project in Syracuse.—V. 141, p. 2737.
General
Tire
&
Riibber
Co.—Complaint—
The company is charged with unfair competitive methods in a complaint
Food
Machinery Corp.—Preferred Stock Offered—Public
offering of 20,000 shares of 43^% cum. conv. pref. stock
($100 par) is being made by Kidder, Peabody & Co. and
Mitchum, Tully & Co. at $102 per share and accrued divs.
to date of
delivery.
Net proceeds from the sale will be used
partly for new capital and partly
for refunding purposes.
The sum of $625,000 will be devoted to the pay¬
ment of an existing bank loan which was incurred for the
purpose of redeem¬
ing the corporation's 6% 10-year convertible debentures on Sept. 26 last.
The sum of $806,205 will be devoted to the
repayment of bank loans and
to the reimbursement of the
company's cash accounts in connection with
the redemption on Dec. 30 of the
company's 6H % preferred stock, series A.
The balance of the proceeds will be used
by the company to reimburse its
cash accounts for expenditures made in the
redemption of its 6% 10-year
by the purchase
convertible debenture bonds, for possible future
expansion
of other businesses and for ordinary corporate
purposes.
Upon the completion of this financing, and after giving effect to the
redemption of the company's 6 H % preferred stock and the reclassification
of its
Trade Commission.
According to the complaint, this
advertised in newspapers and over the radio that its "New
issued by the Federal
company
General
Dual Balloon Tire"
stock, the outstanding capitalization of the company will
4M % cumulative convertible preferred stock and
384,444 shares of common stock, together with 45,000 shares of common
stock reserved for conversion of the convertible
preferred stock.
The new preferred stock is convertible at
any time in the next three years
into 2M shares of common stock for each share of
preferred, and thereafter
into 2 shares of common for each share of
preferred.
The new convertible
preferred stock is redeemable
at any time at prices
ranging from 105 until
102H after 1940.
It will have the same voting rights
share as the common stock and in the event of default in six or more
quarterly dividends, holders of the convertible preferred stock as a class
shall have the right to elect one less than a
majority of the directors of the
the end of 1938 to
per
"Blowout-Proof." when in fact this
Georgia Florida & Alabama RR.—Receiver—
Effective Sept. 28 1935 Leon S. Freeman was succeeded as roceiver^by
T. Anderson.
By order of the U. S. District Court for the Middle
District of Georgia, dated July 30 1935, in the mortgage foreclosure suit
of Bankers Trust Co.
P. T. Anderson and Philip Weltner^were appointed
receivers.—V. 139, p. 3965.
Georgia & Florida RR.—Earnings—
Third Week of Dec.
1935
1934
Period—
Gross earnings
$18,650
Earnings for November and
Period End. Nov. 30—
Railway
oper. revenue..
Net
from ry. oper._
rev.
Net ry. oper.
income—
Non-operating income..
Gross income
Jan.
various
fruit
preservative and
ment and acts as
coloring
leases sterlizing equip¬
agent for the products of other manufacturers.
Principal
processes,
Elants are located in San Jose, Riverside, Los Angeles and Fresno,
ansing, Mich.; Hoopeston, 111.; Dunedin, Fla., and Portland, Ore.
Calif.;
Consolidated net income of the company for the
year ended Sept. 30
1935, after all charges including depreciation, interest and income
taxes,
amounted to $1,025,037, compared with
$517,532 for the preceding fiscal
year, and $52,078 in the year ended Sept. 30 1933.—V.
141, p. 4015.
Ford Motor Co. of Detroit—1935
An announcement made
Output Up 77%—
Dec. 31 by the company showed an increase
in production in the company's factories in the
United States and Canada
in 1935 of 77% over that of 1934.
In 1934 the output was
715,438 units, and the total for 1935 was 1,272,885.
on
—V. 141, p. 4015.
Fort Smith & Western
November—
Year
1935—Month—1934
$82,535
$78,427
3,227
1,646
def2,257
def4,735
1,394
1,442
railway
Net from railway
Net after rents
_
„
.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$69,296
1934
1 933
$54,711
18,288
290
9,746
def6,605
600,142
32,460
def48,662
621,123
48,433
def28,104
—V. 141, p. 3690.
Fort Worth & Denver City
November—
Gross from railway
Net from railway
Net after rents
1935
$577,635
262,586
Gross from railway
—V.
141,
p.
$64,083
11,300
4,001
$70,312
9,590
4,402
608,615
66,625
def7,490
634,907
25,727
def55,713
1933
1932
349,738
$616,683
311,873
246,014
$684,160
354,625
311,170
4,954,762
1,348,798
846,234
5,237,036
1,887,421
1,216,370
5.105.753
2,042,995
1,395,499
5,483,689
2,117,068
1,470,112
3860.
(Wm.) Freihofer Baking Co.—Accumulated Dividend—
The company paid a dividend of $1.75
per share
lations on the 7% cumulative preferred
stock,
on account
of
accumu¬
par $100, on Jan. 2 to holders
Dec. 26.
This compares with $1 per share
paid on Oct. 1 and
July 1 last.
Prior to this latter date regular
quarterly dividends of $1.75
per share were distributed.
Accumulations now amount to $1.50 per share.
—V. 141, p. 2276.
of record
1934
to Date
1935— lUMos.—1934
$1,013,995 1
i$957,205
91,033 I *
>24,194
24,964
def50,420
14,412 \
114,579
def$863
def$3,293
886
Deductions
929
$39,377
def$35,840
11,2701
10,476
Surp. applic. to int..
def$l,749
def$4,223
$28,106.1 def$46.317
—V. 141, p. 4166.
Georgia RR.—Earnings.—
1935
November—
Gross from railway
Net from railway
Net after rents
From Jan.
1933
1932
$264,908
61,269
69,736
$260,473
35,568
44,422
$231,219
defl.083
2,953,684
474,576
514,185
2,924,419
492,345
508,310
2,796,957
2,648,764
177,532
237,676
a
7,725
1—
Gross from railway
Net from railway
Net after rents.
—V. 141, p.
1934
$257,919
17,729
25,096
461,034]
513,707
3536.
Giant Portland Cement CJo.—New Director—
S. N. Peters,
General Sales Manager, has been elected
a
director.—V.
141, p. 750.
The corporation has filed in the U. S. District Court for the Eastern Dis¬
York in proceedings under 77-B of the Bankruptcy Act a
plan of reorganization dated Dec. 26.
The company is engaged in the meat packing business, that is to
say,
in the purchasing, slaughtering and processing of cattle and hogs and the
trict of New
conversion thereof into various types of packed, canned and cooked meats,
smoked and cured meats and other meat products and the sale thereof and
of other food products throughout various Eastern States of the United
States and abroad.
On May 1 1935 company defaulted in the payment of the principal and
semi-annual interest, due on that date on its $2,250,000 five-year 6K%
$430,039
115,465
60,610
From Jan. 1—
Net from railway
Net after rents
1 932
Ry.—Earnings.—
1934
**-,
$1,071,596.1 $1,010,156
(Adolf) Gobel, Inc .—Plan of Reorganization—
Ry.—Earnings.—
1935
Gross from
1 tolDec. 21
1935
$16,525
company.
Corporation manufactures an extensive line of machinery used in the
fruit, fish, milk and meat canning industries,
equipment for fruit packing,
spray pumps and automobile service station equipment.
It also licenses
was
P.
common
consist of 20,000 shares of
was
not true.
This practice is said to have had a tendency to deceive the tirepurchasing public, and to promote the purchase of these tires in preference
to products of similar types and quality offered by other manufacturers,
retail dealers and distributors, who did not misleadingly advertise their
articles to be blowout-proof.
N*
Friday, Jan. 31 1936, is designated as the time in which the respondent is
to show cause why the Commission should not issue against it an order
to cease and desist from the representations alleged.—-V. 141, p. 4015.
collateral gold notes, secured in part by 14,048 shares (par $100) common
stock of Jacob E. Decker & Sons (Iowa), name now changed to Gobel Co.
of Iowa.
In anticipation of such default, company filed a petition for its
reorganization on April 26 1935, which petition was duly approved by this
Court and the company continued in possession of its property and business.
On Aug. 15 1935 company and Decker entered into a contract in
writing
with Armour & Co. of Del., providing in effect for the sale of
practically
all of the assets of Decker to Armour for cash.
Such contract, however, provided that it should not become effective
unless and until it should be approved by a majority in interest of the stock¬
holders of company and unless and until the U.S. District Court had
ap¬
proved the same and had made an order authorizing and permitting com¬
pany or the trustee under the collateral trust indenture to vote the stock
of Decker pledged thereunder at the stockholders' meeting of Decker to
be called to act upon the proposed sale of assets of Decker in favor thereof
and unless and until such contract had been approved by a vote of the
holders of at least 60% of all of the outstanding stock of Decker entitled to
vote at such stockholders'
meeting.
On Oct. 2 1935 the U. S. District Court by an order made on that day
in*all respects approved and confirmed the contract of Aug. 15 and author¬
ized and directed company to take all steps necessary to carry said contract
into effect and further authorized company and the trustee to join company
in
voting the
common
stockholders
stock of Decker at such meeting of the
of Decker called to act upon the proposed sale of the assets of Decker, in
favor of resolutions ratifying and confirming such contract and authorizing
the sale of the assets of Decker as provided.
The stockholders' meeting of Decker having been held and having ap¬
proved the proposed sale of assets and having authorized and directed the
the contract was had on
officers of Decker to effect the same, a closing of
Oct. 18 1935, as a result of
which Armour became vested with the proper¬
15 1935, and Armour has
ties of Decker sold under the contract of Aug.
paid the total
of
sum
$4,008,892
-
-
Of such amount disbursements have been made by Decker as
provided in the contract of Aug. 15 1935, in the following sums:
For retirement of Decker bonds
For purchase and retirement
For deposit Corn Exchange
reserve
for
581,649
-
of Decker preferred stock——
Bank Trust Co. account No, 1
reserve to
*
33,000
50,000
reserve to
For
1,099,672
1.266,421
processing taxes
Armour re receivables
For
Leaving
a
Armour re undisclosed liabilities
$978,150
balance
Of this amount there has been deposited in First National
of
Chicago
as
Bank
special reserve re claim General American
a
540,000
Tank Car Co
$438,150
Balance
There has since been realized from assets of Decker not sold to
Armour, and deposited by Decker in Corn Exchange Bank
Trust
662,000
Co. account
Balance,
on
deposit
account No.
Corn
Exchange
Bank
Trust
Co.,
2
.—
$1,100,150
Decker has also deposited in a separate account in Corn Ex¬
change Bank Trust Co., as
contract of Jay E. Decker
a reserve re
canceled employment
$30,000
the First National Bank of Chicago was made
pursuant to an order of the TJ. S. District Court for the Eastern District
of New York, dated Oct. 17 1935, as a special fund subject to a claim
of General American Tank Car Co. on a so-called requirement contract
made by it with Decker, and to the further order of the Court.
This claim
is now the subject of litigation.
The deposit of $540,000 in
Description of Business and Properties to Be Reorganized
Company and its wholly owned subsidiary of the same name, a Maryland
corporation, own and lease in the operation of its business the following
properties and plants:
K (A)
Plant known as Adolf Gobel, Inc., Brooklyn plant.
All equinment
in this plant is modern.
The capacity of this plant is about 1,000,000
pounds of meat weekly, manufactured and fresh.
(B) C. Lehmann Packing Co. plant Brooklyn.
The property is subject
to a mortgage now securing $30,000, and interest.
This plant is equipped
for and devoted to the slaughtering and chilling of beef and has a capacity
of approximately 600 head of cattle a week.
(C) Manhattan plant, located at 11th Ave., 40th and 41st Sts., N. Y.
City.
This plant consists of three buildings erected upon land leased under
two separate leases, one from New York Stockyards Co. and the other
known as "Strauss-Adler lease."
Leases run to 1970.
This plant adjoins
the stockyards of the New York Stockyards Co. and has complete equip¬
ment for slaughtering up to 15,000 hogs weekly.
Leaseholds are encum¬
bered with the mortgage securing the issue of bonds of George Kern, Inc.,
now outstanding of $297,400.
At the present time no manu¬
facturing it done in this plant, but debtor is slaughtering hogs there for
itself and for Trunz Pork Stores, Inc., Stahl-Meyer, Inc., and Merkel, Inc.
(D) Milton plant, located on Locust St., Milton, Pa.
This plant is
equipped for and devoted to the processing and packing of meat products
and has a manufacturing capacity of about 100,000 pounds weekly.
(E) Boston plant, located at 15 Mercantile St., Boston, Mass.
This
plant is composed of a single building leased under a lease which expires in
1937, and on or before the expiration of such lease it is expected that the
plant will be relocated.
(F) Washington nlant, Washington, D. C., title to which is in a wholly
owned subsidiary Adolf Gobel, Inc.
(Md.).
This plant consists of a
building for slaughtering, cooling and processing hogs, cattle and sheep;
Its capacity, if completely equipped, approximating for slaughtering 10,000
hogs, 1,200 cattle and 500 sheep weekly, and for manufacturing 750,000
pounds weekly.
This plant has been partially damaged by fire and is not
in first class condition.
For over two years no operations have been con¬
ducted at this plant, although studies are now being made looking to the
restoration and use of this property.
The type of business to be conducted
upon consummation of the plan is the same as has heretofore been con¬
in the amount
Debtor agrees that if the certificates of deposit are not fully paid with
interest on or before one year from the date of the final confirmation of the
plan, it will immediately thereafter liquidate the balance then remaining
unpaid on the certificates of deposit by delivering to the holders thereof
4Vi% convertible debentures maturing May 1 1941, in the principal amount
of such balance remaining unpaid with coupons attached becoming payable
after such date, or at the option of debtor in whole or in part, in cash;
whereupon all claims of holders of certificates of deposit against debtor,
or against any of debtor's properties, or of the properties of Decker in dis¬
solution, arising out of the certificates of deposit, shall cease and determine,
except that debtor will thereafter on the receipt of any moneys realizable
from any of said items 1,2,3 and 4 apply such moneys pro rata to the pay¬
ment of the principal and accrued interest of such debentures as have been
issued against certificates of deposit.
First Mortgage 6M % Bonds of George Kern, Inc.—Immediately on the
final consummation of this plan of reorganization the May 1 1935 and
Nov. 1 1935 interest coupons on these $297,400 bonds are to be paid in full.
Bonds will be stamped to indicate the extension of the maturity date to
May 1 1941; the reduction of the rate of interest thereon after Nov. 1 1935
to 4Ji % and the elimination of the sinking fund provisions therein con¬
tained; the bonds are to be delivered to Manufacturers Trust Co. for the
purpose of having the present coupon sheets removed and new coupon
sheets attached with coupons payable May 1 1936 to May 1 1941, inclusive,
and of having
appropriate notations stamped.
Lehmann Packing Plan—First mortgage covering plant of C. Lehmann
Packing Co. due Aug. 6 1936, now securing $30,000 and int., no change in
terms or conditions is contemplated.
Processing Taxes—(a) If the po-called processing taxes levied under the
AAA are held to be valid in whole or in part, then all such amounts due for
taxes up to and including the date of final confirmation of the plan shall
be liquidated with interest at 6% as follows:
(1) $50,000 in cash on or before 30 days after the final confirmation of plan;
(2) The balance in instalments of $10,000, payable monthly thereafter,
beginning 60 days after the final confirmation of the plan, with a right
at any time to make larger payments on account.
(b) If the levy of processing taxes up to Aug. 24 1935 is held to be invalid
by the U. S. Supreme Court, but no decision is rendered at the same time
as to the validity of processing taxes accrued after Aug. 24 1935, then and
until such time as a final decision has been rendered by the U. S. Supreme
Court as to the validity of processing taxes accrued after Aug. 24 1935,
there shall be deposited as security with a depository the amount of proces¬
sing taxes alleged to be due from Aug. 24 1935 to the date of the final con¬
firmation of the plan, and thereafter similar deposits shall be made monthly
of taxes which thereafter may be alleged to have become due.
(c) The foregoing relates only to hogs processed by Adolf Gobel, Inc.,
for itself.
Processing taxes for hogs processed for or on account of others,
are covered by separate agreements approved by the District Court.
Capital Stock—No change except that upon final consummation of the
plan the par value of common stock will be reduced from $5 to $1 per share,
also the number of shares of stock will be increased from 600,000 shares to
665,000 shares to meet possible conversion requirements in the new con¬
vertible debentures.
Securities to Be Dealt with
so-called processing taxes, which are separately covered herein, will be
paid or settled by debtor to the extent and in the amounts allowed by the
Court in these proceedings.
All other claims against the debtor, including liabilities incurred prior to
the filing of the petition herein, to the extent that proofs of claim therefor
have been duly allowed in these proceedings, will be paid or settled or
otherwise dealt with by debtor.
to
Issuance
5-year 6H% collateral gold notes matured May 1 1935 with
accrued interest, secured by 14,048 shares of the common stock
of Jacob E. Decker & Sons and 72,000 shares common stock
of Merkel, Inc
$2,250,000
1st mtge. 6H% sinking fund gold bonds of George Kern, Inc.,
with accrued interest (assumed) and secured by a first mort¬
gage on the leaseholds of the Manhattan plant; sinking fund
instalments for retirement of $25,000 bonds due May 1 1935,
and on Nov. 1 1935, in default
297,400
1st mtge. covering plant of C. Lehmann Packing Co., with int.
at rate of 6% per annum, due Aug. 6 1936
30,000
Claims of United States of America for accrued processing taxes
as of Nov. 2 1935, estimated with int. and penalties (if same
shall be determined to be legal and exclusive of Decker proces¬
sing tax for which there is a cash reserve as of Nov. 2 1935)
515,721
Capital stock (par $5) outstanding
.430,989^ shs.
General creditors prior to April 26 1935 (estimated)
*$54,391
*
Time for filing claims was to haveexpired Dec. 3l 1935.
This figure is
consequently subject to revision.
_
-
-
Treatment of Secured Creditors
6M % Collateral Gold Notes—Debtor will authorize an issue of $1,750,000
4^% convertible debentures to be dated as of May 1 1935 to mature
May 1 1941, with int. payable May 1 and Nov. 1, first coupon for one year
payable May 1 1936, callable at par and int. at any time on 30 days' notice.
These debentures will be convertible into the capital stock (to be reduced to
$1 par value) as follows: To Nov. 30 1936, at $7.50 a snare; after Nov. 30
a
share.
It is proposed on the consummation of
the principal amount of $900,000.
the plan to issue of these debent¬
ures
Upon consummation of the plan holders of the above 614% collateral
gold notes will receive for each $1,000 of such notes and accrued interest:
Cash
$400
4H% convertible debentures due May 1 1941
400
Registered certificates of deposit, bearing interest at the rate of
4>£ % per annum, payable within one year in cash or in 4H %
convertible debentures
250
.
_
_
.
Holders of 6 M % collateral gold notes on the consummation of plan will
deposit their notes with Corn Exchange Bank Trust Co., the trustee,
and thereupon receive the above cash (to be provided out of funds realized
from the dissolution of Jacob E. Decker & Sons), and the new 4^% con¬
vertible debentures due May 1 1941 and certificates of deposit all on the
basis
above set forth.
Such certificates of deposit shall bear interest at
the rate of 4H% per
and will be payable pro rata from the following items, resulting
from the dissolution of Decker as and when the same become available to
debtor and subject to the approval of the U. S. District Court for the
annum
Eastern District of New York.
(1) $540,000 deposited as reserve with First National Bank, Chicago,
against the claim of General American Tank Car Co., and which in whole
or in part may become available when such claim is determined.
(2) $33,000 reserved by Armour against final collection of receivables of
Decker, a considerable part of which in the opinion of debtor should
shortly be paid back to Decker and should be distributable on its disso¬
lution.
$50,000 reserved by Armour against undisclosed liabilities which amount
is to be held by Armour until two years after the closing of said con¬
tract of Aug. 15 1935.
(4) $30,000 deposited in Corn Exchange Bank Trust Co. as a reserve
against cancellation employment contract of Jay E. Decker, and which
may in whole or in part be repaid to Decker in instalments over the course
of three years commencing with Oct. 31 1937, provided that the employ¬
ment by Armour of Jay E. Decker is continued during such years.
(3)
of New
Securities
Upon consummation of the plan, debtor will have outstanding the fol¬
lowing securities and capital stock:
4K % convertible debentures, due May 1 1941, authorized,
$1,750,000; immediately outstanding
$900,000
4K% certificates of deposit
* 562,500
FLst mortgage 4H % bonds, George Kern, Inc., due May 1 1941
297,400
Common stock (par $1) authorized, 665,000 shs.; outstanding,
550.988M
shs
550,988
__
Estimated Pro Forma Balance Sheet
$373,063
Estimated
Accrued
696,754
Cash & securities deposited
cos.,
5,596
at Dec. 1 1935
Investments—Merkel, Inc
Investments—non-affil. cos__
(net)
Deferred charges
payable
.
payable—trade
$3,740
191,796
interest
48,563
Accrued processing taxes
515,721
Other accrued liabilities
31,035
15,827
1,507
Mtge. payable—Lehmann.
debentures
900,000
72,000
&c__
non-current receiv'les
Fixed assets
Acc'ts
338,964
realization
Notes
324,836
_
Inventories
x
as
Liabilities—
Assets—
Cash on hand and in banks
Accounts & notes receivable.
Miscell.
Under the Plan
-
Creditors—All trade accounts, salary claims and other claims
obligations arising out of the current operations of the business of the
debtor, as well as all tax liabilities ultimately determined to be owing by
the debtor to the United States, or to any State or municipality, except as
General
and
Claims against ins.
ducted.
1936 at $10
127
Financial Chronicle
Volume 142
Kern bondholders
297,400
20,000
2,275,409
70,046
4H%
30,000
Certificates of deposit
562,500
Reserve contingencies
1,000
Common stock
430,989
Surplus
$4,194,003 1
Total
1 181,259
Total
$4,194,003
x Jacob
E. Decker & Sons after applying $900,000 cash to reduction
6M% Adolf Gobel Inc. notes due May 1 1935.—V. 141, p. 2116.
Glidden Co., Cleveland, Ohio—Annual
Report—
Adrian D. Joyce, President, says in part:
All the properties of the company have
been maintained in splendid
physical condition and the regular schedule for charging depreciation has
been followed.
The total depreciation charges for the past fiscal year
amounted to $527,871.
In the last annual report attention was directed to the modern soya bean
oil extraction plant at Chicago which had just been completed, and to the
lecithin and soya-protein plants which were being constructed.
These
plants were completely destroyed by a disastrous explosion on Oct. 7 1935.
Fortunately, the buildings and equipment were well covered by insurance,
and full settlement, not only for loss by explosion but for use and occupancy,
has been received.
Reconstruction of the various units comprising these
new enterprises is now under way.
It is the belief of the management that
the new plants will be in operation early in the spring.
During the year the plant of our affiliated company, the American Zir¬
conium Corp., built for the production of titanium pigments, has been put
into complete operation and should now show satisfactory profits.
The company has purchased the minority interest in the Nelio-Resin
Corp. and this corporation is now a wholly owned subsidiary. The output
of its plants has been sold for the ensuing year and the future looks very
bright for this new development.
The profits for November, the first month of the new fiscal year, as com¬
pared with Nov. of last year, were nearly double. Our sales are increasing
in all divisions and the prospects for our whole business for the new year
are
most
encouraging.
Consolidated Income Account Years Ended Oct. 31
1935
Sales
(net)
Operating profit
1934
1933
bl932
...$39,528,739 $29,820,274 $24,845,551 $22,259,953
d3,809,898
2,529,705
2,397,206
cl,488,443
Interest, &c
244,436
al04,386
220,521
a71,832
233,482
124,355
298,159
Depreciation
527,871
478,473
479,028
534,494
Federal income taxes—
392,000
194,000
180,000
$2,645,590
$1,532,324
$1,432,863
455,000
449,668
$531,435
21,019
471,086
$983,195
650,000
$1.51
$39,330
650,000
$0.05
Other
deductions
Net profit
Sub.
Prior
pref. dividends
pref. divs. (7%)..
cos.
Common dividends
1,081,526
440,346
746,160
Balance, surplus
$1,109,064
753,881
e$2.91
$345,818
650,000
$1.68
Shs. com. out. (no par).
Earnings per share
a After deducting $7,268 in 1934 ($110,886 in 1933) for discount on 5H %
gold notes purchased and retired,
b Net earnings of Canadian subsidiary
have been adjusted to a basis of exchange rate prevailing at end of period,
c Includes other income
(net) of $443,635.
d Includes other income (net)
of $59,543.
e Earnings per share on average number of shares (678,883)
outstanding during year was $3.23.
At end of July company issued 103,881 additional shares.
128
Financial
Chronicle
Jan. 4 1936
Consolidated Balance Sheet Oct. 31
1935
1934
$
$
Assets—
accounts against
for
of
future
delivery
of
$
$
Notes
3,250,000
Prepayments
payable for
Municipal bonds..
108,200
17. S. Govt, bonds.
Other Investments
3,224",666
1,112,382
649,787
5-yr. 534% g. notes
due June 1 1935-
Total
18,000
122,100
8,240,952
5,358,243
4,249,179
Res. forcont'g, &c.
347,807
co.
1st 6s due
April 15 1935—
32,237,345 29,493,6001
Total
32,237,345 29,493,600
After allowance for depreciation of $5,254,089 in 1935 and $4,780,959
b Good-will, trade-marks, reorganization and development ex¬
a
In
33,000
135,798
9,870,177
Sub.
1,414,136
1,243,898
855,479
Deferred charges..
Capital surplus
105,690
7,902,063
9,258,576
Other assets
44,000
Profit & loss surp.
Inventories
3,000
1934.
penses and unamortized bond discount, &c.
c Common stock represented
by 753,881 no-par shares in 1935 and 650,000 shares in 1934.
d Customers'
accounts and note receivable, less reserve fbr doubtful accounts,
discounts,
&c.f of $193,955 in 1935 and $189,351 in 1934.—V. 141, p. 4166.
Goodyear Tire & Rubber Co. of Calif.—Accum. Div.—
Total
$100,
on
Similar payments were made on Oct. 1, July 1 and May 1
last, prior to which no dividends had been paid since April 1 1932, when a
regular quarterly dividend of $1.75 per share
p. 2889.
was
distributed.—V. 141,
per share on the
capital stock, par $5, both payable Jan. 15 to holders of record Jan. 3.—
V. 141, p. 3228.
Hazel Brook Coal Co.—Files Under Section 77B—
,
The company (formerly J. S. Wentz
Co.) has filed a petition for reorgani¬
zation under Section 77-B of the National Federal Bankruptcy Act in the
U. S. District Court at Philadelphia.
The company, which operates five
anthracite coal mines in
Schuykill County, Pa., lists assets of $10,392,051
and current liabilities of
$5,666,180 as of March 30 1935, but explained that
because of the general depression and a lack of demand for coal, it is unable
to meet its
pressing obligations particularly interest on $480,000 in out¬
standing notes.
Federal Judge Kirkpatrick signed an order permitting the company to
retain possession of its assets and conduct its business until Jan. 29, when
he will hold a hearing.
Hearn Department Stores, Inc.—Ends
Co., Ltd., Japan—
as
Great Lakes Paper Co., Ltd.—Successor—
Upper Lakes Pulp & Paper Co., Ltd. below.—V. 141,
See
Great West
a
p.
4167.
Saddlery Co., Ltd.—To Cut Sinking Fund—
1948.
The annual amount required is to be $26,480 for
1936, increasing
over this amount each year, which will be sufficient
outstanding bonds on the due date in 1948.
In view of the amount of bonds
already redeemed, the bondholders also
approximately $2,000
agreed that before any dividends could be paid on preferred or "common
stocks, net current assets requirements be reduced from $1,200,000 to
$800,000, and the net tangible assets from $2,000,000 to $1,500,000.
The
Holly Sugar Corp.—Clears Up All Back Dividends—
on Dec. 30 declared a dividend of
$7 per share on the 7% cum.
par $100, thus clearing up arrears of $5.25 per share on this
providing for the current quarterly dividend due Feb. 1 of $1.75
per share.
The dividend is payable Feb. 1 to stockholders of record Jan.
15.
(For detailed record of previous dividend payments see V. 141, p.
2278.).
issue and
"With the declaration of this dividend," said a statement issued by the
"there will remain only one obstacle to the payment of common
This is the payment to the preferred sinking fund of the
company,
dividends.
$300,000 which will satisfy the sinking fund for the fiscal years ending
March 31 1934, 1935 and 1936.
The next sinking fund date is May 1 1936,
and as the company has in its
treasury 6,800 shares of its preferred stock
there does not seem to be much
question but that it can meet this sinking
fund requirement."
arrangement will improve working capital position and enable the
to take advantage of improved business conditions.—V. 141,
November—
Gross from
RR.—Earnings.—
1934
1933
$104,634
11,796
7,233
1,022,465
71,792
123,231
def510
1932
$85,243
6,325
1,303,154
259,386
railway..—_
1,012,919
140,275
65,981
$99,659
33,327
28,065
440
—Y. 141, p. 4167.
Home Dairy
a
a dividend of 50 cents per share on account
the $2 cumulative class A stock, no par value, payable
A similar payment was made on Oct.
15, July 15 and April 15 last, this latter being the first distribution to be
on this issue since April 1
1932, when a regular quarterly dividend of
like amount
was distributed.
Accumulations after the payment of the Jan. 15 dividend will amount to
$5.50 per share.—V.
141,
Horn & Hardart
Years End. Sept. 30—•
Sales.
meeting of the directors Philip W.
elected
on
made
148,240
59,159
Russell and Frank L. Cheek
to resignations.
Mr. Cheek
member of the company's Executive Committee and
is understood to have acquired an interest in the
company.
The other
members of the board of the new
company are James M. Hills, President,
Bernard M. Gordon, Secretary and
Treasurer; Norman C. Lee, John H.
Mulliken and J. J. Heinrich.—Y.
141, p. 4016.
nas
Co.—50-Cent Class A Dividend—
The directors have declared
1,068,572
Grocery Store Products Co. (Del.)—Directors—
At
were
Stocks—
Jan. 15 to holders of record Jan. 5.
$123,276
def2,127
defl3.832
Net from railway
Net after rents
Delist
of accumulations
1935
Net after rents
From Jan 1—
to
Application by the company to withdraw from listing and registration on
Los Angeles Stock Exchange 100,000 shares common stock (no par)
and 31,800 shares ($100 par) 7% cumulative
preferred stock, will be heard
by the Securities and Exchange Commission Jan. 7.
Reasons stated in the
application are market inactivity, no sales having been made of these stocks
on the exchange during the
past year, and the fact that application has been
made to list these securities on the New York Stock Exchange.
A corresponding application by the New York Curb
Exchange to strike
from listing and registration the same securities in the same amounts on
its exchange gives as a reason the fact that the constitution of the exchange
provides: "Whenever any security listed or admitted to unlisted trading
upon this exchange is admitted to trading upon the New York Stock Ex¬
change, trading therein upon the floor of this exchange shall cease."—
V. 141, p. 3537.
3379.
Gross from railway
Net from railway
directors
also been elected
to
fill
vacancies
due
a
1
1936
1
on
1958,
2279.
1935
1934
1933
1932
$10,996,770 $10,450,002 $10,406,163 $13,100,544
9,142,100
247,143
216,085
260,801
8,734,563
248,993
227,955
283,215
8,525,636
10,646,352
213,441
217,652
306,357
300,322
339,591
Net inc. before deprec.
and Federal taxes..
$1,130,641
$955,276
157,185
$1,060,407
$1,625,273
206,121
234,319
558,584
81,911
$1,112,461
627,667
49,847
$1,266,528
638,271
55,475
$1,859,592
653,588
133,500
$633,969
497,624
$434,947
497,599
$572,782
x645,827
$1,072,505
x684,934
$136,345
def$62,652
def$73,045
$387,571
99,526
$6.37
99,523
$4.37
99,525
$5.74
98,023
$10.94
Divs., «&c., received
143,823
$1,274,464
138,
p.
2925.
Guantanamo & Western RR.—No Interest
Payment—
bonds, series A, due Jan.
2117.
p.
Baking Co. (& Subs.)—Earnings—
Material, costs, salaries.
wages & oth. oper. exp
Maintenance and repairs
Taxes, ins. & water rents
Interest (net)
Group Assets, Inc.—Merger—
See Distributors Group, Inc., above.—V.
The interest due Jan.
1
Directors
company
Green Bay & Western
Jan.
on
V. 141, p. 1439.
Seeks
to take care of all the
new
announced
the
share.—V. 141, p. 4016.
At a meeting held on Dec. 18
bondholders, representing $307,000 of the
$500,000 outstanding bonds of the company, voted to reduce
sinking fund
requirements in the period commencing March 1 1936, and ending March 1
p.
was
by the company.
The announcement
declares that sales during the
period, in common with those of other stores
here, have nor. come up to expectations and that the store has "not realized
the sales budget and the dividends
contemplated under the original plan.
Steamship Co.—Capital Reduced—•
The stockholders have approved a reduction in the stated value of
the
120,000 (no par) shares to $50, from $75
Profit Sharing—
Termination of its "share-the-profits" plan which has been in effect since
Sept. 1,
pref. stock,
fiscal agent, announced that $450,000 principal
amount of the company s first
mortgage 7% sinking fund bonds, series A,
have been drawn for redemption on Feb. 1 1936
through operation of the
sinking fund.
Payment will be made at 100 and accrued interest at the
office of Dillon, Read & Co. in New York, or at the
principal office of
J. Henry Schroder & Co. in London.—V. 140,
p. 4400.
Great Lakes
Z>r345,517
$3,287,713 $4,245,085
Total
a
The directors have declared an extra dividend of 20 cents
per share in
addition to the regular quarterly dividend of 25 cents
Dillon, Read & Co.,
38,200
20,671
The statement adds: "Nevertheless to show our
appreciation we will make
cash distribution to all customers who
present their receipts" by Jan. 8.—
Great American Insurance Co.—Extra Dividend—
Great Consolidated Electric Poweir
Bonds Called—
$3,287,713 $4,245,085
$699,500
1,500,500
2,300,000
15,835
a After reserve for
depreciation of $1,128,362 in 1935 and $1,009,765 in
1934.
b After reserve for bad debts of $40,000.
c Represented by 139,900
par shares,
d Represented by 300.100 no par shares,
e 41,473 shares
at cost in 1935 and 40,046 in 1934.—V.
141, p. 752.
Dec. 30 to holders of
record Dec. 26.
1934
1935
Liabilities—
no
A dividend of 50 cents per share was paid on account of accumulations
the 7% cumulative preferred stock, par
on
111,015
99,844
64,500
436,542
Inventories
30
$922,487 c Preferred stock.
$699,500
1,857,340 d Common stock. 1,500,500
12,760 Paid-in surplus
1,101,473
699,339 Earned surplus
241,180
138,742 Accounts payable.
17,422
43,481
66,886 Accrued Inc. taxes
24,747
109,844 Other accruals
79,500 Res. for royalties.
19,500
358,187 e Pref. stk. In treasDr360,089
594,293
12,204
972,358
174,525
b Receivables
1,975,000
1934
$822,434
Cash...
banks....
1,000,000
Sub. co. 1st 6s
64,200
Deferred credit...
210,349
5-yr. 5J^% g. notes 3,259,000
Accts. pay., misc.
accounts, &c___ 1,279,799
Acer, tax., int., &c
754,374
cot¬
tonseed oil
1935
a Plant <fe
equlpm't
Pats., trade marks
money borrowed
from
Assets—
6,500,000
7% prior pref. stk. 6,500,000
c Common stock..
3,769,405
-
sub.
1934
1935
Liabilities—
aLd.,bldgs.,mach.
and equipment. 10,890,121 11,054,013
b Good-will, trade¬
marks, &c.
2,795,509
3,106,051
Investments
2,058,523
1,027,388
Cash
1,030,969
953,376
dNotes&accts.rec. 3,948,470
3,482,905
Mlscell. accts. rec.
149,800
100,169
Bal. in brokerage
commitments
Balance Sheet Nov.
the company's first mortgage 6%
was not paid
on
that date.—V.
gold
141,
Depreciation & reserve.
Federal income tax
_
Dividends.
271,675
p.
Gulf Mobile & Northern
November—
Gross from railway
Net from railway
1935
Surplus
RR.—Earnings.—
1934
1933
Shares capital stock out¬
1932
$597,958
225,587
132,706
$446,308
128,926
50,724
$406,014
108,533
30,400
$393,825
88,333
26,383
5,658,233
1,910,936
1,019,653
4,800,940
1,334,094
455,750
3,798,981
1,216,957
598,204
3,621,019
583,964
def25,793
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
For
comparative purposes operations of New Orleans
RR. are included beginning
July 1932.—V. 141, p. 3691.
Great
Northern
Includes $49,971 paid in stock at $87.5) a share in 1933 and
$128,123
dividends paid in stock at $87.50 per share in 1932.
x
Balance Sheet Sept. 30
1935
Assets—
$
Cash
to take no action on the
payment of a dividend
ordinarily due at this time on the 5% non-cum. partic. preferred stock,
par $100.
A quarterly dividend of $1.25 per share was
paid on Oct. 1
last.—V. 141, p. 921.
(Pittsburgh)—To Increase Capital—
The company has filed a certificate at
Dover, Del., increasing the capital
from $1,000,000 to $50,000,000.
This is equivalent of 500,000
shares of stock at par value of $100.
An official stated that the move bore no
significance in that it was merely
an internal adjustment of
subsidiaries and no securities would be offered
for sale.—V. 119, p. 700.
1935
$
Liabilities—
10,445
18,450
353,665
12,097,156
12,485,804
111,208
146,068
92,000
Investments
555,565
306,748
517,400
Accts. receivable..
y
1934
556,804
Inventories
Hatfield-Campbell Creek Coal Co.—No Preferred Div.—
The directors decided
Gulf Refining Co.
standing (no par)
Earnings per share
92,000
Res. for Fed. taxes
63,832
35,021
Prepayments
Good-will
Deferred charges.
_
Treasury stock—
33,117
33,177
517,400
Dividends payable
Res. for contlng..
Deferred credit
1
Hart-Carter
Co.
Years Ended Nov. 30—
Royalties
Total
Selling, general & admin¬
istration, &c., expense
deductions
1935
1934
$132,325
44,037
15,7u5
$48,161
44,534
13,588
$53,829
$496,417
received
Other income
Other
(& Subs.)—Earnings—
$192,126
$106,283
$111,731
213,326
21,363
217,950
13,750
229,018
3,265
274,949
4,233
$39,574
$126,000
$167,450
Prov. for U. S. & Canadi¬
an
income taxes
1933
Total
x
1932
38,896
19,006
36,382
prof$225.345
14,237,1511
Total
47,160
23,600
15,765
107,072
66,355
210,000
4,622,500
567,000
4,660,000
5,812,331
5,948,878
13,788,710 14,237,151
Represented by 99,526 no par shares in 1935 and 99,523
y After reserve for depreciation.—V. 140, p. 318.
St.
no par
shares
George (Clark
Henry
Corp.,)
Brooklyn,
N. Y.—Distribution—
The Chase National Bank, New York, as corporate trustee under trust
mortgage dated Nov. 1 1928 is ready to make distribution on the 1st mtge.
5H% serial gold bond certificates series A and interest warrants appurten¬
ant thereto of the entire net proceeds of the foreclosure sale of the
premises
and property covered by the trust mortgage and of all other funds applicable
thereto collected or otherwise held by the trustee upon presentation of
certificates, with all appurtenant interest warrants due, by their terms,
on and after May 1
1933 thereto annexed, for notation thereon of such
distribution.
Such distribution will be made at the following rates:
1. On each $1,000 certificate due, by its terms, on May 1 1933, $312.0121
account of principal and $52.7820
by Interest warrants;
on
Net loss
13,788,710
mtges.
124~407
2,137,231
309,077
247,827
250,000
124,404
47,160
1934.
Hotel
$427,158
48,197
21,062
Gross profits on sales
year
Long-term
Surplus
stock
n
$
Capital stock...
2,137,025
Accts. payable
317,274
Accrued expenses.
250,792
Notes payable
Real estate,land,
fixtures
1934
S
Mtges. due within
x
on account of interest not
represented
Financial
Volume 142
2.
On each
$1,000 certificate due, by its terms, subsequent to May 1
1933, $312.0121 on account of principal;
3. On each $28.75 interest warrant due, by its terms, on May 1 1933,
$8.9705;
4. On each $28.75 interest warrant due, by its terms, on Nov. 1 1933,
$10.6929;
5. On each $28.75 Interest warrant due, by its terms, on May 1 1934,
Nov. 1 1934 or May 1 1935, $10.9204;
6. On each $28.75 interest warrant due, by its terms, on Nov. 1 1935,
$9.1003.
In the case of certificates due, by their terms, after May 1 1933 and prior1
to Nov. 1 1935, distribution on account of interest after their stated maturi¬
ties will be made directly on the certificates in the same amount as though
„
.
129
Chronicle
31 1935.
No other dividends on preferred stocks
paid during the period by any of the companies.
the quarter ended July
were
(Estimated0—Company and Subsidiaries
Income Accounts
Consolidated
Period End. Sept. 30—
1935—9 Mos —1934
12 Mos. *35
Operating revenues (after deducting
prov. for uncollectible accounts)--- $1,979,857
$1,848,749 $2,614,847
Operating expenses and taxes
1,085,487
1,039,656
1,421,839
Provision for depreciation (as deter¬
mined by the companies)
377,359
377,037
501,715
Net operating
$691,293
$517,011
def455
2,847
$519,677
$431,601
$694,140
290,625
2,993
22,198
290,625
2,936
22,198
387,500
4,128
29,598
Crl,212
14,758
Cr685
Crl,681
163,432
179,933
223,319
6,160
2,720
8,007
2,728
8,969
3,879
$18,003
loss$74,141
$23,670
$70,125
97,495
12,350
$70,125
97,590
12,350
$93,500
130,026
16,467
$179,971
.
$432,056
2,666
income
$180,065
$239,993
Other income—net
interest warrants therefor were attached.
Distribution
tions
than
on
certificates and interest warrants of smaller
$1,000
$28.75,
and
respectively,
will
proportionately
be in
Net earnings
denomina¬
deductions—Subsidiaries;
xlnt., &c.,
funded debt
reduced amounts.
Interest
promptly to the
corporate trust department of the trustee,
11 Broad St., New York,
accompanied by Federal income tax ownership certificates for distributions
General interest
Certificates and interest warrants should be presented
aforesaid
as
on account
Preferred stock dividends paid
Undeclared
preferred stock divi¬
Net profits of the company in
Operations Show Profit—
dends accrued during period
the
taxes for the year, according to
Barit, General Manager of the
company.
The profit in the last quarter of 1935 compares with a loss of
$1,676,057 in the last quarter of 1934.
Total shipments of the company in 1935 amounted to 101,080 cars.
Of
the total 1935 shipments 34,039 Hudsons and Terraplanes were accounted
for by shipments of 1936 models in the last quarter of the year.
Shipments of 101,080 cars in 1935 compare with 85,835 in 1934 and
40,982 in 1933. The 1935 total is the largest for any year since 1930.
Retail sales of 1936 model Hudson and Terraplane cars in the 12 weeks
since shipments of new models began totaled 12,524 units, a gain of 124%
over sales of 5,589 cars in the 12 weeks following start of shipments of 1935
models.
At the height of the 1935 spring selling season there were only
two weeks that exceeded the week ended Dec. 21 when United States saies
company a net profit after all charges and
announcement made on Jan. 2 by A. E.
2,279 cars.—V. 141, p. 4017.
corporation
has
suspended
production,
officials
announced
on
Dec. 31, because of inadequate working capital.
"It is
question of obtaining between $500,000 and $1,000,000 in capital
to carry on, but the company will carry on," said Alex J. Groesbeck,
attorney for the corporation.
He said applications had been filed for a
Federal Reserve Bank loan and for permission to sell stock.
"The company has a large amount of assets and is in better shape this
year than it was last year,
he said, "but Hupp has suffered from a lack
of working capital for more than a year."
Mr. Groesbeck expressed confidence that there would be no considerable
delay in resuming production of the company's 1936 models.—V. 141,p.3229
a
Illinois Central RR.—Seeks Extension of
RFC Loans—
The company
approval of
an
has applied to the Interstate Commerce Commission for
extension until July 1 1941. of loans from the Reconstruction
Finance Corporation totaling $17,775,333, part of which will mature
and
the
remainder
year.
approve an additional loan of
Incorporated Investors—Extra Dividend—
The directors have declared an extra dividend of 10 cents per share
in addition to the regular semj-annual dividend of 25 cents per share on
the common voting trust certificates, both payable Jan. 31 to holders of
record Jan. 7.
A similar disbursement was made on Jan. 30 1935.
Stock
dividends of 2^% were paid on April 20 1935 and April 20 1934.—V. 141,
p.
2589.
Indiana Central
Telephone Co.—Earnings, &c.—
Christopher L. Ward Jr., trustee, in
dated
Dec.
31
a
letter to creditors and stockholders
states;
By order of the U. S. District Court for the District of Delaware, Chris¬
topher L. Ward, Jr., was appointed temporary trustee of the company in
proceedings for the reorganization of the company under Section 77-B
of the Bankruptcy Act, as amended, on June 25 1935.
On July 22 1935 the
appointment was made permanent.
The known assets of the corporation consist of the entire common stock
issues of Michigan Associated Telephone Co., Southwestern Associated
Telephone Co.. and Interstate Telephone Co., all deposited as collateral
securing the $1,700,000 first lien collateral 10-year b)4% gold bonds, and
approximately $20,000 in cash.
Income accounts for these subsidiary companies and consolidated income
accounts for
Indiana Central Telephone Co. and subsidiary companies
have recently been prepared for periods ended Sept. 30 1935 (see below).
The consolidated net income is subject to possible adjustment in depre¬
ciation rates and no deduction has been made for fixed charges of Indiana
Central Telephone Co., debtor, accruing since May 1 1933, when receivers
were appointed for the company by the Court of Chancery of the State of
Delaware.
Such fixed charges accrued during the 12 months ended Sept.
30 1935 to the extent of $239,993.
It should also be pointed out that ac¬
cumulated dividends were in arrears, as of Sept. 30 1935, on preferred stocks
of the subsidiary companies outstanding in the hands of the public in the
following amounts:
$221,370
274,626
147,225
Interstate Telephone Co
On Nov. 15 1935
Michigan Associated Telephone Co. paid a dividend of
its 6% cumulative preferred stock and a dividend of
50 cents per share on account of dividends in arrears.
On Dec. 10 1935
Interstate Telephone paid a dividend of $3 per share on account of divi¬
dends in arrears on its $6 cumulative preferred stock.
For the year ended Sept. 30 1935 Michigan Associated Telephone Co.
had net income, before dividends, of $118,767, as against preferred stock
dividend requirements for the year amounting to $88,548; Southwestern
Associated Telephone Co. had consolidated net income, before dividends,
of $78,629.96, as against preferred stock dividend requirements for the year
of $91,542; Interstate Telephone Co. had consolidated net income before
dividends of $67,481, as against preferred stock dividend requirements for
the year of $58,890.
For the first nine months of 1935 the subsidiary companies gained 4,668
stations compared with a gain of 3,301 for the same period last year.
$1.50
per
share
Fixed charges do not incl. the
follow¬
ing fixed charges of Indiana Central
Telephone Co.:
Interest
on
funded debt
Interest
on
inter-co. note
Amort, of debt disc't & expense-
—V.
141, p.
278.
Indiana Associated
1935—11 Mos.—1934
46,409
$1,026,223
1,273
556,881
$977,787
4,193
513,786
53
11,375
388
14,892
553
131,146
1,151
151,328
$35,190
$27,536
$336,370
$307,329
$96,458
120
49,720
Operating revenues
Uncollectible oper. rev__
Operating expenses
Rent for lease of operating property
Operating taxes
$89,336
111
„
Net operating
income3692.
—Y. 141, p.
Telephone Corp.—Earnings—
1935—Month—1934
Industrial Credit Corp. of New
England—Extra Div.—
of 6)4 cents per share in
quarterly dividend of 32 cents per share on the
common stock, both payable Jan. 2 to holders of record Dec. 16.
A like
payment was made on Oct. 1 last.
An extra dividend of 6)4 cents was
paid on July 1 last, while in each of the six preceding quarters extra ofs
6)4 cents per share were distributed.—V. 141, p. 2118.
The directors have declared an extra dividend
the regular
addition to
Inland
Privately—
Steel Co.—Sells $10,000,000 Bonds
The company has filed with the Securities and Exchange Commission an
application to issue $45,000,000 of bonds. The issue consists of $10,000,000
of 3% first mortgage serial bonds, series C, maturing serially from 1937 to
1946, inclusive, and $35,000,000 first mortgage bonds, series D, due 1961.
Interest rate on the latter issue has not yet been determined.
According to the registration statement, the $10,000,000 series C bonds
were sold to Kuhn, Loeb & Co. at a private sale at 100 under a contract
dated Nov. 26 1935.
The contract provided among other things that the
proceeds be used toward redemption of Inland Steel's $13,800,000 of 4)4%
first mortgage bonds, series B, and that Kuhn Loeb would not make any
public offering of the issu.
The statement further discloses that Kuhn Loeb & Co., in turn, sold the
$10,000,000 issue at a private sale to one purchaser for $10,047,826.
Underwriters of the $35,000,000 series D bonds will be disclosed in an
It is contemplated that Kuhn Loeb & Co. will be the prin¬
cipal underwriters.
Proceeds from sale of the series D issue will be used to redeem on April 1
1936, at 102$25,800,000 of 4)4% first mortgage sinking fund bonds,
series A.
The balance of the proceeds will be used for general corporate
amendment.
purposes.—V. 141, p. 3692.
Interborough Rapid Transit Co.—Note Interest—
The Bankers Trust Co. in a
notice to the holders of the 10-year secured
1 1932, states:
Dec. 16 1935 entered by the U. S. District
Court for the Southern District of New York, receiver has paid to Bankers
Trust Co. as trustee, the int. due Jan. 1 1936, on the 1st & ref. mtge. 5%
convertible 7% gold notes, due Sept.
Pursuant to an order dated
bonds, pledged as security for the notes.
By order of the court distribution
representing such interest has been authorized as of Jan. 1
the basis set forth below.
The sum so received is sufficient to make payment on account of the
of the funds
1936
on
amount due on the notes
of the
sum
of $43
per
$1,000 note and appurtenant
Sept. 1 1932 coupon and $1.45 per $35 principal amount, which is at the
rate, upon the outstanding and unpaid $10,402 principal amount of
coupons maturing prior to Sept. 1 1932, appertaining to the above notes.
Pursuant to order of the court, the trustee, will allocate said distribution
same
upon
its records as follows:
Principal
of $1,000
Final
Couopn
Note
Bal. due Jan. 1 1936 (incl..int. at
Michigan Associated Telephone Co..
Southwestern Associated Telephone Co
14,758
stockholders' int.
Net income
x
this
Company also asked the Commission to
$7,449,667 to meet obligations maturing on
July 1, this year; in this instance $8,000,000 of 6)4% 16-year bonds.
Under the proposal the collateral for the $8,000,000 bonds will be trans¬
ferred to the RFC as security for the $7,449,667 loan.
The RFC has in¬
dicated its approval of the old-loan extensions and new loan.
All that is
now necessary to close the transaction is the formal approval of the ICC.
See also V. 141, p. 4168.
next
common
in net income of sub. cos—
Miscellaneous deductions from income
Period End. Nov. 30—
Hupp Motor Car Corp.—Lack of Capital Forces Closing
of Plant—
The
Minority
the fourth quarter are expected to be
sufficient to offset the loss of $250,561 in the first nine months and give
totaled
Amort, of debt discount & expense.
Interest charged to construction
of interest.—V. 141, p. 3692.
Hudson Motor Car Co.—1935
on
{No. 20)
Total
7%
$976.47
$34.19
$1,010.66
33.02
8.53
July 1 1935)--
1.16
.29
34.18
8.82
distribution—$43 applic. to
Seventh
past due interest
Applicable to principal
on
Income Accounts for
Year Ended Sept. 30 1935
Michigan
Southwestern
$962,632
$937,375
517,896
503,994
Operating revenues
Operating expenses and taxes
a
Net oper. income, before
Interstate
$714,840
396,607
Other income (net)
$433,380
180,000
$444,736
179,141
$318,233
142,574
$253,380
$265,595
625
874
$175,659
^1,136
$254,005
125,000
deprec'n_
Provision for depreciation
$266,469
162,500
2,672
12,621
$176,795
100,000
Cr75
Cr259
8,925
1,196
1,236
$78,629
$67,481
-_
Net earnings
on funded debt
Interest
981
General interest
473
'
Amortization of debt disc't & expense
Interest charged to construction
9,155
Crl,345
7,821
Minority common stockholders' inter¬
est in net income of
subsidiary
Miscellaneous deductions
"
...
l",447
44
$41.55
due
after
distribution
(as
Jan. 1 1936)
As further directed, the trustee,
$1.45
$43.00
$934.92
Total distribution
Bal.
$32.74
$967.66
of
contemporaneously with the distribution,
the holders of the $10,402 principal amount of coupons maturing
prior to Sept. 1 1932 a sum representing simple interest upon the face
amount of such coupons from their respective maturity dates to Sept. 1
1932, so that, after such payment, such coupons will be entitled to receive
future distributions upon the same basis as those matured Sept. 1 1932.
will pay to
Accordingly, payments at such rates will be made to the holders of such
or not registered as to principal, and of such Sept. 1 1932
and of such coupons maturing prior to Sept. 1 1932, respectively,
upon presentation thereof, for appropriate stamping, to the trustee, 16
Wall St., N. Y. City.
In cases where coupons are held apart from the
notes, proportionate payment will be made separately.
notes whether
coupons,
Notice having been received that payment of $43 per $1,000 note will
on Jan. 2, on the 10-year secured convertible 7% gold notes, due
be made
1932, the Committee on Securities of the New York Stock Exchange rules
that the notes be quoted ex $43 per $1,000 note on Jan. 2; that the notes
shall continue to be dealt in "flat" and to be a delivery in settlement of
transactions made on and after that date the notes and Sept. 1 1932,
coupon
$43.
be stamped as to payment of $41.40, $44, $43.50, $43, $43, $43 and
be securely attached and bear the same serial
Such coupons must
number
as
the notes.
Further notice having
been received that the above payment
on
that
part of the notes represented by certificates of deposit will be mailed after
the close of business on Jan. 2, to holders of record at the close of business
on
Dec. 30, the Committee on Securities rules that certificates of deposit
be quoted ex $43 per $1,000 certificate on Jan. 2 1936; that certificates of
deposit delivered in settlement of contracts made Dec. 27, 28, 30 and 31
1935, must be accompanied by due-bills for the above payment, and that
all due-bills must be redeemed on Jan. 3 1936.
Jan. 1 Interest and
b Net income before dividends
$118,767
Thomas E. Murray
Sinking Fund Payments on Bonds—
Jr., receiver, announced Jan. 2, that he had met all
After deducting provision for uncollectible accounts,
b Annual pre¬
ferred stock dividend requirements are $88,548, $91,542 and $58,890,
interest and sinking fund charges due Jan. 1 on the $223,266,000 5% bonds
under the terms of Circuit Judge Julian W. Mack's order of Dec. 16,
During the period Michigan Associated Telephone Co. paid
pref. divs. of $14,758, such payment being at the rate of 4% per year for
fund trustees $172,685 in cash and $794,000 in bonds.—V.
a
respectively.
through payment of $5,581,650 in interest, and delivering to the sinking
141, p. 4168. j
130
Financial Chronicle
International Business Machines Corp.—Add'l Pay—
r
Additional compensation for all hourly-basis employees of the company
in its plants at Endicott, N. Y., Rochester,
N.Y., Wasnington, D. O., and
Toronto, Oanada, was voted by the Executive Committee of the board
of directors on Dec. 24, according to an announcement by Thomas J. Wat¬
President.
son,
Jam 4 1936
Kansas City PoweP & Light
Period End. Nov. 30—
Gross earnings
Operating
expenses
Interest charges
Amortiz. of disc. prem..
...
Hourly basis employees at these plants with service of one or more
years will receive one week's additional pay and those of more than six
month's and less than one year's service will receive one-half weeks' addi¬
Depreciation
tional pay, the announement stated.
Balance
—V. 141, p. 3230, 3863.
,
Two promotions
_
were
3692.
International Great Northern RR.—Earnings.
November—
1932
$ 871,021
213,696
1933
1934
1935
Gross from railway
Net from railway
Net after rents
$945,357
124,938
15,778
$961,866
182,313
56,140
$851,534
168,574
38,796
10,616,346
1,876,917
552,136
11,666,403
3,098,882
1,400,742
11,391,253
3,218,327
1,477,471
...
November—
Gross from
—
—
Period End. Nov. 30—
Gross
Oper.
exps.
Income
fixed
applicable
charges
2,733,118
*2,549,794
$121,395 $1,709,298 $1,578,796
earned or incurred in Salvadorian colones
$187,242
Revenues and expenses
converted at rate Of 2.5 colones for $1 (approximately current rate), in¬
stead of at 2 colones for $1 (parity as in 1934).—V. 141, p. 3693.
1932
$147,412
68,743
46,267
1,823,210
807,632
478,892
1,728,609
793,187
457,333
1,648,665
776,446
419,821
1,644,876
687,157
383.308
Superior & Ishpeming RR.—Earnings.-
November—
Gross from railway
Net from railway
1935
1933
1934
$139,980
61,790
39,702
..
..
__
$42,391
def21,257
def35,797
$128,580
47,197
29,186
2,179,409
1,189,329
876,432
-
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
1,393,461
533,904
314,587
1,839,510
1,055,377
788,348
.
1932
$36,435
def7,468
defl8,865
418,110
defl39,964
def304,036
—V. 141, p. 3694.
The company paid a dividend of 50 cents per share on the common stock,
par $50, on Dec. 31 to holders of record Dec. 16.
This was the first pay¬
ment made since June 30 1933, when a quarterly distribution of like amount
Lawyers Mortgage Co.—Reorganization Plan Pi opposed—
A creditors'
1933
1934
Years Ended Nov. 30—
Consol. net income after
1935
deprec. & Fed. taxes—
Earns, per sh. on 3,350,000 no par shs. com.
,541,962
$8,967,024
made.—V. 137, p. 2645.
was
International Shoe Co.—Earnings—
1932
$6,647,527
$9,909,566
committee has been formed and
has submitted to
Justice
Frankenthaler of the New York Supreme Court a plan for reorganization
of the company.
The proposal includes a determination of claims of all
creditors and
distribution
a
on
account of such claims in cash at the time the
Slan is completed. Additional cash distributions will later be made from the
quidation of assets of the company.
$2.55
stock—..
$2.67
$2.58
$1.80
—V. 141, p. 3074.
Foods,
1933
$135,497
41,109
1,573
Land Title Building Corp.—Resumes Dividends—•
to
*
Ivanhoe
1934
$144,319
44,227
17,127
—V. 141, p. 3539.
Lake
9,360,276
1,713,420
488,896
America—Earnings—
244,467
*227,740
& taxes
Ry.—Earnings,'
97,494
1935—Month—1934
1935—11 Mos.—1934
*$414,982
$365,862 *$4,259,092
$4,311,914
revenues
$3,272,098
$3,620,072
$199,205
110,582
73,172
railway
Net after rents.
International Rys. of Central
$301,634
1935
Net from railway...
Net after rents.
From Jan 1—
Gross from railway
Net from railway
Net after rents
CfciFrom Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 141, p. 3692.
55.200
$344,160
Kansas Oklahoma & Gulf
announced on Dec. 31 by Thomas J. Watson,
President of the company.
Waiter P. Titus, Executive Assistant, has
been made Vice-President in charge of manufacturing.
L. S. Harrison,
Manager of Engineering, has been made Assistant to the President.—V. 141,
P.
Fed. & State inc. tax
,
Promotions—
Co.—Earnings—
1935—12 Mos.—1934
$1 ,283,659 $15,666,963 $14,707,724
590,146
7,458,233
6,733,266
146,867
1.690,580
1,768.183
131.609
10,967
120,422
183,586
2,200,433
2,216,997
602,132
50,457
560,657
1935—Month- -1934
$1,386,673
660,029
134,119
9,102
184.060
Inc.—Earnings—
Earnings for Year Ending Sept. 30 1935
Gross sales
$402,640
35,473
305,792
Freight, cash discounts & returns
Cost of sales (material and labor)
Gross profit.
Expenses
$61,374
Profit
Other income.
$22,698
6,200
Total income.
Other expense..
$28,899
13,550
38,675
The committee responsible for the drawing up of these plans is com¬
posed of Mortimer N. Buckner, Chairman of the New York Trust Co.;
Ridley Watts, director Chemical Bank & .Trust Co.; E. G. Lantman,
Executive Secretary New York State Teachers' Retirement System; Stanley
M. Isaacs, Baron de Hirsch Fund, and Hubert E. Rogers, Webb Institute
of Naval
Architecture.
/
The Lawyers' Mortgage Co. has approximately $6,000,000 in cash and
government bonds and $17,000,000 book value of other assets, consisting
of mortgages, mortgage certificates, office buildings free and clear, real
estate, interest to be collected and other items. It owes nothing to the
banks.
Its sole creditors are holders of its mortgage guaranties.
The plan calls for submission of
penses, loss on
totaled and
Net profit.
$15,348
Balance Sheet Sept. 30 1935
Liabilities—""
Assets—
Cash
Accounts
receivable
Merchandise
inventories
Invest., mtges. & treas. stock.
$10,093
16,635
36,758
3,898
Trade mark
1
Bldg., mach'y & equip., furni¬
ture & fixtures, autos., &c_.
Prepaid insurance & expense..
Total..
313,620
2,970
$383,976
Accounts
payable
$3,455
10,764
Trade acceptances payable..
Commissions payable
854
Accrued items—not due
2,961
32,000
1,738
114,487
178,614
39,101
Mortgage on building
Empl. stock purchase fund-.
Res. for deprec. & bad debts.
Capital stock
Surplus.
Total..
$383,976
-V. 138, p. 157.
Jamaica Water Supply
The
Lawyers Mortgage Guarantee Corp., wholly owned by the Law¬
yers Mortgage Co., will reduce its capital to $1,000,000 and surplus to
$500,000, and will offer stockholders of the Lawyers Mortgage Co. one-half
of the stock.
The corporation will assume the servicing of the mortgages
and mortgage certificates of the Lawyers Mortgage Co., and will be equipped
to carry on a general mortgage business.
In filing the plan with the Supreme Court application was made for a
reasonable period in which to submit the proposal to all the creditors of
the Lawyers Mortgage Co., in order to obtain consents.
Circular letters
outlining the proposition will be sent to all creditors.
The Mortgage Commission had served notice on the Lawyers Mortgage
Co. that it must surrender some $95,000,000 of certificated series to the
Commission for actual servicing on Jan. 1 1936.
The committee asserts that holders of mortgage guaranties amounting
to $270,000,000 have the right to determine whether or not they desire
the Lawyers Mortgage Co. reorganized, and whether or not they prefer
their whole mortgages and certificated series to be serviced by the Lawyers
Mortgage Co. or the Mortgage Commission.—V. 141. p. 4018.
Lee Rubber & Tire
fold bonds the sinking fund. A, due Jan. 1be received
1955 to exhaust the sum of
58,107 in 30-year 5% series Tenders will
to 12 o'clock
Jan.
on
141,
a
it
1936
at the
bank's office, 22 William
Net sales
Cost
&
(& Subs.)—Earnings—
sales
$3,360,050
2,446,782
460,998
103,421
Cost of sales
Selling
expenses
Administrative expenses
Profit before other income and expenses
Other income
$348,846
64,866
,
$413,712
3,494
72,856
expenses
excess
profits taxes, estimated
$337,361
Balance, Nov. 11934, incl. portion of minority interests' share of
deficit, Foot Saver Shoe Shops, Inc., Chicago, which is se¬
cured by capital stock ($1,500)
Special prov. for doubtful notes & accounts receivable returned
to surplus
Excessive deprec., Chicago store, furniture & fixtures, prior yrs.
Total surplus
Miscellaneous
Federal excise taxes
Dividends paid
Balance, Oct. 311935-—.
Surplus for
on
1,106,648
68,000
3,299
stock
$1,381,138
$2.56
Liabilities—
Accounts payable
$339,494 Accrued wages, taxes, &c
55,703 Federal taxes
x533,325 Common stock
720 Surplus arising from retirement
...
hand & in bank
Certificate of deposit
on
Notes, acceptances & accts.
...
reo
Accrued Interest receivable
$11,000 IT. S. Treas. notes, at
cost
InventoriesCash surrender value of life ins.
Accts. receivable, suspense
Securities owned, at cost (mar-
► ket value not available)
Prepaid & deferred accounts—
Land
Buildings & equipment
Goodwill...
Total
11,082
935,506
48,036
2,442
of preferred stock
Earned surplus, as annexed
$137,557
34,756
76,713
z433,056
606,075
1,381,138
State
tax
$181,730
28,303
1,161
240,937
181,775
3,395
180 ,902
$326,870
889,430
$260,607
628,823
$150,032
486,660
Dr7,870
$889,430
258,965
$628,823
273,265
$0.55
6,327
ZM27.232
Z>r3,809
Drl01,906
$1,161,612
254,465
$0.72
$1,110,585
254,465
$1.28
—
Total surplus
Shh. cap.stk.out.(par $5)
Earnings per share
a
15 ,875
2 ,383
316 ,399
assess¬
ment, prior years
Dividends paid
$1.00
b Includes depreciation charges.
After all discounts and allowances,
Consolidated Balance Sheet Oct.31
1935
1934
Liabilities—
1935
1934
y Capital stock... 1,500,000 $1,500,000
real est.
75,000
75,000
equipment.$4,087,244 $4,169,277 Mtge. payable
Patents
1
1 Accounts payable.
385,055
275,154
Cash
150,175
761,228
806,418 Accrued expenses.
133,554
Notes reo. (less res.)
[ 76,051 Reserve for Fed'l
Income tax
Cyst'ers' & sundry
20,592
950,167
accts. rec.
Reserves
(less 248,671
211,325
reserve)
825,266 Capital surplus... 5,355,384
6,355,384
Inventories
1,161,612
2,773,266
2,446,486 Surplus
1,110,585
Advs. to salesmen
x Treasury stock.. Drl78,363
Drl78,363
and employees
23,767
14,278
z
Plants,
and
...
,
Real est. not used
for mfg. purpose
Deferred charges.
Total
.
76,311
11,811
34,330
$8,718,126
93,397
14,064
37,401
$8,482,640'
TotaL
$8,718,126 $8,482,640
Represents 45,535 reacquired capital stock at cost (3,000 shares reserved
y Represented by $5 par value
in treasury,
z After reserve for
depreciation of $3,062,425 in 1935 and $3,049,647in 1934.—V. 141, p. 2119.
x
under option to officer at $8 per snare).
shares and includes 45,535 shares of stock
Total.
$2,669,297
x After allowance for doubtful accounts and
discounts of $96,996. y After
allowance for depreciation of $112,452.
z Represented by 131,411 no par
shares.—V. 141, p. 297.
$688,308
2,867
960
$184,586
1,110,585
year
Investments
120,147
8,536
64,429
y299,872
250,000
$2,669,2971
$844 ,638
2 ,210
sale of cap. assets
Adjustments—debit....
Add'l
Consolidated Balance Sheet Oct. 31 1935
Cash
$127,156
54,574
.
Previous surplus
Assets—
Assets—
b6,283,943
$636,071
52,237
2,339
325,505
190,509
20,592
__
Depreciation
$1,515,309
2,760
131,411
_■
Additional income taxes for the year 1933
Earns, per share on 131,411 no par shares capital
4,514,445
$788,729
55,909
$770,635
2,383
23,891
13,829
7,000
Interest paid.
Loss or dispos. of assets.
Prov. for loss on real est.
Prov. for contingencies.
Claims paid
Loss
Net profit
r
6,565,438
$723,801
46,834
Prov. for Fed.income tax
Total profit
Other
Federal income &
$6,411,099
7,727,647
Total income
Consolidated Income Account Year Ended Oct. 31 1935
Net
$5,150,516
Street, N. Y.—
Operating profit-....
Kokenge Co.
$7,354,167
general
Other income
Julian
1932
$8,451,448
of
goods,
expenses, &c
3694.
p.
Corp.—Earnings—
Consolidated Income Statement—Years Ended Oct. 31
1935
1934
1933
up
noon
a
the creditors.
to
Co.—Tenders—
The City Bank Farmers Trust Co., as trustee, is inviting tenders for the
sale to it, at prices not exceeding the redemption price, viz., 105% of the
principal amount and accrued interest, of a sufficient number of 1st mtge..
V.
claims to the creditors' committee, such
delinquent taxes, foreclosure ex¬
principal of mortgages, and so forth. These claims will be
portion of the cash on hand used for a pro rata distribution
claims representing delinquent interest,
,
Lefcourt
Realty
Corp.—Accumulated Dividend—
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $3 convertible cumulative preferred stock, no par
value, payable Jan. 15 to holders of record Jan. 8.
A like payment
was
on Oct. 15, July 15 and April 15 last, as against $1 per share paid
Jan. 15 1935, this being the first payment made on this issue since
July 15 1932, when a regular quarterly dividend of 75 cents per share
was paid.
V. 141, p. 3539.
McLellan Stores Co.—Admitted to List—
6% preferred stock ($100 par),
and the common stock (Slpar)
Exchange list, replacing the
made
on
The
have been admitted to the New York Stock
old stocks.
One share of
Lehigh & Hudson River Ry.—Earnings.—
1935
1932
$115,634
36.451
$118,581
34,980
$129,011
39,903
11,342
12,701
13,152
1,328,542
382,506
1,327,809
435,412
1,448.149
411,649
184.440
131,836
175,865
share, in exchange for common
Macfadden Publications,
Net after rents.
128,671
—V. i4i, p.4170.
accumulations
Wilkes-Barre
Corp.—Smaller Dividend—
distributed.
was
Accumulations after the payment
share on the common
of record Jan. 13.
This
compares with $2 per share paid each three months from July 22 1932 to
and including Oct. 22 last; $1 on April 22 1932, and $4 per share distributed
each quarter from April 1 1931 to and including Jan. 2 1932.—V. 135,
to $12 per
P. 997.
will amount
of the Jan. 15 dividend
Net
The directors have declared a dividend of $1.50 per
stock,
value, payable Jan. 22 to holders
no par
t
Josiab
O.
Wolcott
at
Wilmington,
has ordered the stock
held by Charles G. Guth in Loft, Inc., and the Pepso-Cola Co. sequestered
and held pending a hearing in the Court of Chancery Jan. 31 on charges
brought against Guth by Loft, Inc., of which he was once President.
The Chancellor also ordered the Grace Co., Inc., and Pepso-Cola Co.
to make appearance in Court of Chancery Jan. 22 and show cause why
they should not be temporarily enjoined from disposing of respective stock
each company holds in the other.—V. 141, p. 4170.
Loblaw Groceterias,
Period End. Dec. 14
Sales
Ltd.—Earnings—
4 Weeks
•
$1,330,436
$1,283,974
Net profit after charges
and income taxes
28 Weeks
—•
$8,321,776
$7,999,989
_
71,105
80,080
share.—V. 140, p. 4405.
Madison
382,088
386,281
profit after deprec.
charges...
—V. 141, p. 2741.
Gross from railway
Net from railway
Net after rents
$1,804,652
279,682
def62.097
1934
$1,796,506
427.240
88,626
1933
$1,790,392
717,923
395.525
1932
$1,987,496
628,545
285,064
Maine Central RR.—Extend
Gross from railway
—V. 141
Los
22.274 805
6,308,244
458,571
1,915,616
22 195,785
7,913,510
3,751,135
26,167,302
9,079,320
"While assents are
Net after rents
From Jan 1—
Gross from railwau
Net from railway
Net after rents..
_
came
$1,291,581
455,985
$1,115,105
341,312
213,284
131,838
15,508,080
5,059,541
2,643,059
14.871,364
12,777,463
4,180,438
1,501,272
14,097,175
4,590,341
1,599,959
1934 1
5,428,767
2,833,188
Ry.—Earnings.—
1935
1934
1933
1932
$439,694
163,192
116,977
$368,393
116,796
$343,549
103,585
$322,346
94,515
73.434
64,278
67,435
Gross from railway
Net from railway
4,384,075
1,536,955
4,084,418
1,402,182
3,765,425
1,129,100
Net after rents
1,039,011
934.128
3,794,864
1,314,303
851,070
Net after rents
From Jan 1—
721,864
Gross from railway
Net from railway
Net after rents
1933
$72,848
9,789
$79,057
22,003
def5,826
$83,170
16,838
3,607
8,649
Gross from railway
$72,840
28,208
15,848
775,444
143,525
627,963
100,892
7,930
def4,555
defll,246
—V. 141, p. 3695.
November—
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
$1,931,760
1,969,410
$81,879
$96,898
def$37,650
4019.
p.
(N. H.) Gas Co.—No Preferred Dividend—
Walter M. Africa, Treasurer, in a
on
considered the question of a dividend
on the preferred stock for the quarter ended Dec.r 1 1935, feel that in view
of the earnings for the year, no further distribution should be made.
This
should not be interpreted to mean that dividend payments have ceased,
but that the amount already disbursed is as much as the earnings for the
year warrant.
"It is hoped that with the restoration of normal conditions in Man¬
chester the company will share in such recovery and that increased earnings
will result
With this end in view, any action which you may take either
personally or through recommendation to friends, looking toward the in¬
creased use of the appliances or products of the company, will not only
be much appreciated but will be of material assistance in promoting the
increased use of gas, which is vital if earnings are to improve."
For detailed record of dividend payments see V. 141, p. 2120.
Manhattan
1934
1933
$5,986,255
1,512,612
1,290,005
$5,483,276
1,069,177
821,129
68,894,755
16,004,406
12,319,925
64,235,204
15,242,017
11,762,955
60,535,710
14,306,399
10,764,976
of
Ry.—Demolition
Tiansit Commission—
Line up to
was
Sixth
Elevated
Avenue
told Dec. 30 that it must face
the responsi¬
application to proceed
Ave. elevated line.
The application will go to the Transit Commission for such decision and
the receiver for the Interborough will be instructed by the Federal Court
not to oppose
1932
$5,419,592
1,566,084
1,285,706
58,437,757
10,411,007
6,284,462
141. P. 4170.
McCrory Stores Corp.—Plan Confirmed—
Confirmation by the U. S. District Court of the plan of reorganization
announced Dec. 30 by Stuart Hedden, Chairman of the reorganization
committee under the plan.
Mr. Hedden explained that the plan had been
was
approved by more than a majority of both preferred and common stock¬
holders and also by the only creditors whose approval was required and that
Mr. Hedden'sstatement
was made at this time to correct items appearing in the press last week
the order of confirmation was signed on Dec. 27.
scheduled
A Transit Commission hearing is
the demolition.
for Jan. 9.
The Commission attempted on Dec. 30 to have Federal Judge Julian
Mack halt the condemnation movement by refusing the city's request
W.
for
Sermission special counsel for the TransitHowever, Judge Mack grant the
Curtin, to go before the Commission.
Commission, that to told John
.
is to sit in final
RR.—Earnings.—-
1935
$6,931,973
1,580,680
1,286,185
preferred
letter sent to holders of 7%
Dec. 30, said in part:
"The directors having carefully
stock
Commission's request would be to usurp
Louisville & Nashville
Gross from railway
$2,090,626
1,993,728
$65,728
Net income
$263,022
181,143
toward condemnation of the Manhattan Ry. Co.'s Sixth
1932
889,334
194,770
886,026
198,488
42,494
1935—11 Mos.—1934 ^
$915,479 $10,427,630 $10,010,198
343,401
2,715,293
2,630,040
225,932
1,634,435
1,622,153
37,090
456,191
309,607
bility of making its own decision on New York City's
Ry.—Earnings.—
1934
1935
From Jan. 1—
Net from railway.
Net after rents.
36,814
The Transit Commission
Louisiana Arkansas & Texas
Year to Date
$245,209
179,481
Deductions
—V. 141, p. 3695.
November—
$943,275
310,751
208,395
Other income
141,
& ref.
1935—Month—1934
Operating revenues
Net oper. revenues
Net ry. oper. income...
1932
$1,155,459
288,581
62,200
1935
Louisiana & Arkansas
November—
of the $20,000,000 1st
due Dec. 1 1935, have now assented to the plan.
It is understood that holders of 93.75%
bonds, which
Manchester
1933
$1,563,776
530,589
322,467
for stamping,
to be finally
avoided."
—V.
—V. 141, p. 3540.
Gross from railway
Net from railway
daily b^jng received, it is now considered necessary
legal matters, and to obtain acceptance of
the plan from bondholders who have not yet sent in their bonds
if proceedings under Section 77 of the Bankruptcy Act are
Angeles & Salt Lake RR.—Earnings.—
November—
deposit their bonds for stamp¬
to iron out further troublesome
4.688,820
p.3695.
Gross from railway
Net from railway
Time for Bonds—
Extension of time in which bondholders may
Gross income..
21,837,693
4,967.844
loss$83.050 loss$50,987
ing under the proposed refinancing plan was voted by the board of directors
Dec. 30, after necessary permission had been obtained from the Reconstruc¬
tion Finance Corporation.
A statement from the railroad said:
From Jan 1—
Net from railway
Net after rents
„
_
Earnings for November and
1935
1935—6 Mos.—1934
$29,609
$62,554
Period End. Nov. 30—
Long Island RR.—Earnings.—
Owned
(& Wholly
Corp.
1935—3 Mos.—1934
Period End. Nov. 30—
—V. 141, p. 3694.
November—
Garden
Square
Subs.)—Earnings—
& all other
Loft, Inc.—Stock Ordered Sequestered—
Chancellor
of
15
A similar distribution was made on July 15
and Jan. 15 1935 and on July 10 1934, this latter payment being the first
made since Jan. 22 1932, when a regular semi-annual dividend of $3 per
to holders of record Dec. 31.
share
&
Inc.—Accumulated Dividend—
directors have declared a dividend of $3 per share on account
on the $6 cum. pref. stock, no par value, payable Jan.
The
From Jan 1—
Gross from railway
Net from railway
1H shares of common
for each share of 6% preferred stock,
stock ($1 par) was issued, share for
stock (no par).—V. 141, p. 4170.
6% preferred stock ($100 par) and
stock ($1 par) were issued in exchange
series A ($100 par) and the common
14,969
1,369,788
447,365
Net after rents
1933
3i,779
Gross from railway
Net from railway
1934
$114,555
November—
Lehigh
131
Financial Chronicle
Volume 142
the Commission's function, which
judgment.
"I cannot permit the Transit Commission," said
that responsibility, or to pass the buck to me."
Judge Mack, "to shift
petition is folly, declaring that
if the city causes "a single bolt" to be removed from the Sixth Avenue struc¬
ture, "the heart of the elevated system," the Interborough will have grounds
for lawfully ridding itself of the Manhattan system lease.
The Interborough, said Mr. Curtin. would not be interested in unifica¬
tion if, through demolition by the city of the Sixth Avenue elevated, it could
terminate the obligation imposed by the dual contract to operate a unified
subway and elevated system at a five-cent fare. "Rid of the Manhattan's
two million-odd a year loss, the railroad can go on beautifully," said the
Transit Commission counsel, "and it won't be interested in unification ex¬
cept at enormous prices."'
To Judge Mack's objection that the city's condemnation of elevated
structures on 42d St. and on Sixth Ave. north of 53d St. had not resulted
in disaffirmance of the lease, Mr. Curtin replied that the present case differs
in that the Sixth Ave. line is the most vital portion of the system.—V.
141, p. 4170.
Mr. Curtin had contended that the city's
Manning, Maxwell & Moore, Inc.—Pays 50-Cent Div.—
Indicating that the plan had merely been tentatively approved.
The plan, which has now been confirmed, was originally sponsored by the
preferred stockholder's committee, but was subsequently changed by modi¬
fications proposed by the Merrill committee of common and class B common
stock
stockholders.
—V. 135. p. 1172.
confirmed, holders of debentures of the present com¬
pany will receive cash payment of the principal amount with interest at
5H % thereon from Dec. 15 1932 to the date of consummation, plus interest
at 5H % on overdue instalments of interest to Aug. 3 1934, and thereafter
at 6% on the total of such instalments of interest.
Holders of general claims will receive cash payment in full of the principal
amount of their claims with interest at 6% from Jan. 14 1933, to the date of
$813,105
Under the plan as
consummation.
(other than those held by United Stores Corp., which
receive cash in the amount of such
claims as allowed by the court or in accordance with approved settlements.
Preferred stockholders will receive an equivalent number of shares of
Landlord claims
will be refunded in stock and cash) will
The
paid
company
on
made
on
a
dividend of 50 cents per share on the common
This was the first distribution
Jan. 2 to holders of record Dec. 27.
the issue since Oct. 2 1930, when a similar payment was
Maryland Casualty Co.—Accrued Dividend—•
dividend amounting to
the first convertible preferred stock, series A and B, representing
1 1935.
The stock is at present
The directors have authorized the payment of a
on
accrued dividends on that stock to Sept.
held by the
Reconstruction Finance Corporation.—V. 141, p. 3867.
Melville Shoe
4
Corp.—Sales—
19
Feb.
16
-
Mar. 16
Apr. 13
May 11
McGraw-Hill Publishing Co .—New Chairman—
At a meeting of the board of directors held Dec. 27, James H. McGraw,
founder of the company and its head for more than 50 years, resigned as
Chairman of the Board and was elected Honorary Chairman.
He will
—Y. 141, p.
Common stockholders will receive an
member of the board.
James H. McGraw, Jr., who has been connected with the company for
remain
as a
Chairman of the Board.
He has served as
Vice-President and Vice-Chairman of the
Board at the time of his election.
Malcolm Muir, President of the com¬
pany since 1928 continues in that capacity.—V. 141, p. 2591.
the past 20 years, was elected
Treasurer and was Executive
8
June
July
6
Aug.
3
Aug. 31
Sept. 28
Oct.
1
26
Nov. 23
Dec. 21—
52 weeks ended Dec. 21
1935
$1,748,419
1,421,024
1,699,250
2,516.819
3,364,128
2.985.692
2,654,958
1,377,870
1,596,796
2,878.307
$1,325,240
1,290,858
1,543,401
2,720,111
2,323,145
2,910,143
2,152,583
1,283,701
1,562,967
2,549.956
2.606,212
2,382,025
2,788,509
Weeks Ended—
Jan.
preferred stock and all accrued dividends will be paid in cash.
equivalent number of shares of new
common stock and in addition will receive rights to subscribe at $10.75 a
share to enough shares of new common stock to assure the company of
working capital of at least $6,000,000 as of Dec. 31 1935, after giving effect
as of that date to the plan.
The stock thus offered for subscription, as well
as an issue of new debentures, have been underwritten.
The reorganization committee and the trustee in bankruptcy will now
proceed as rapidly as possible to carry out the necessary details to put the
plan into effect.
Creditors and stockholders will be notified when these
matters have been completed and the plan is ready for consummation.
See also V. 141, p. 3865.
new
made.
1934
1933
$1,060,914
1,017,182
1,010,003
2,305,298
2,148,161
2,665,164
1,945,178
1,444,198
2,054,505
1,770,716
1,242,728
1,500,476
2,028.993
1,829,453
1,860.431
2,307,892
$30,020,009 $26,780,731 $21,072,901
3696.
Mexican
Light & Power Co., Ltd.—Earnings—
[Canadian currency]
Period End. Nov. 30—
Gross earnings from oper
Oper. exps. & deprec...
Net
earnings—.
—V. 141, p.3696.
1935—Month—1934
$680,025
446,935
$552,677
447,353
$233,090
$105 324
1935—11 Mos.—1934
$7,129,158
$7,257,602
5,057,340
4,942,270
$2.071;818
$2,315,332
132
Financial Chronicle
Michigan Bell Telephone Co.—Earnings—
Trustee
Period End. Nov. 30—
1935—Month—1934
1935—11 Mos—1934
$2,841,261
$2,500,865 $29,869,467 $28,135,239
Uncollectible oper/rev__
22
Drl94
37,144
167,687
Operating expenses
1,781,343
1,781,768
19,485,581
19,327.555
Operating taxes
346,115
236,202
3,552,597
2,873,664
Operating
revenues
Net oper. income
—V. 141, p.
$713,781
$6,794,145
$483,089
$5,766,333
3867.
Michigan Public Service Co.—Preferred Dividends—
r
cents
per share respectively, were paid.
Prior to then regular quarterlydividends of $1.75 per share on the 7 % preferred stock, and $1.50 per share
on the 6% pref. stock were distributed.—V. 141, p. 2121.
Mid-America Corp.—ICC Orders Hearing on Application
of Director to Serve as Fort Worth Belt Director and Reopens
Consideration of All Previous Directorships Granted Him—
The Inter-State Commerce Commission took its second step in moving
to
investigate the Mid-America Corp., most recently organized Van
Sweringen holding company, on Dec. 26, when it ordered a hearing on the
application of George A. Tomlinson of Cleveland to serve as a director of
tne Fort Worth Belt Ry. and reopened consideration of
previous authoriza¬
tions granted Mr. Tomlinson to serve as director of other railroads, among
-them roads in the Van Sweringen system.
The Tomlinson application to serve on the Fort Worth Belt was filed
with the ICO two months ago.
Mr. Tomlinson, a director of the MidAmerica Corp., and his agents have failed to make any reply to a letter
sent by O. E. Sweet, director of the ICO Bureau of
Finance, querying Mr.
Tomlinson indirectly in regard to his connection with Mid-America.
The Commission's action on Dec. 26 setting a hearing for Feb. 3 on the
Tomlinson application to serve on the Fort Worth Belt as well as reopening
for
further
consideration
previous
shipping man, is the ICC's
response to Mr.
the Commission's inquiries.—v.
Middle West
directorships
granted
Cleveland
the
Tomlinson's failure to
answer
141, p. 4170; 2440.
Corp.—Approval to Issue Stock Granted—
Suit
Against
1930,
whereby the railroad properties in Kansas City and St. Joseph, Mo. /.were
acquired by Missouri Pacific from Terminal Shares.
The Court is asked
to grant the trustee a lien with
authority to sell these properties to recover
the $3,200,000, plus interest, paid
by Missouri Pacific in amounts of
$400,000 each during the period from March 1 1931 to Dec. 1 1932, when
payments ceased.
Reorganization Plan Proposal Is Defended at ICC Hearing
Holding its first hearings since
new regulations were issued to control
committees for railroad securities, the Inter-state Commerce
Commission on Dec. 27 inquired into the
application of a committee for
protective
junior securities of the Missouri Pacific RR.
It
the members of the committee was suggested
by
of the "Mop," a Van Sweringen road.
Meanwhile, it became known that the Stedman committee for refunding
of the Missouri Pacific has employed J. D. Farrington
a report on the Van
Sweringen reorganization plan.
The Sted¬
man committee opposes the
plan, which will be up for hearing in February.
Mr. Farrington will present his conclusions at that time.
The hearing on Dec. 27 was on the
application of Mr. Thornton, J. J.
Sevin, Pittsburgh, and J. M. Kemper, Kansas City, to serve as a protective
committee for MOP preferred and common stock.
The committee_also
proposes to represent two issues of junior bonds.
The inquiry was separate from the general investigation which the ICC
is making of the
set-up of Mid-America Corp., the new Van Sweringen
holding company.
It came as a result of the new ICO rules, covering
protective committees.
mortgage bonds
to make
,
Earnings for November and
November—
1934
1933
1932
$5,575,472
735,302
163,116
$5,636,128
1,120,762
387,445
$5,831,458
1,441,368
854,205
railway.68,156,117
67,915,019
14,392,064
6,078,653
62,793,558
14,748,175
6,770,520
64,715,646
15,548,234
8,259,296
Middle West Service Co. under the Public
Utility Holding Company Act
of 1935.
—V. 141, p. 4172.
to 100 shares, of the new company at $10 a share and will make
a
loan of
$75,000 for working capital to the new company at the rate of 4% per annum.
Also after public hearing, the Commission entered an order
permitting
the declaration of the Middle West Corp. covering the issuance of
3,310,757
shares of
common stock to become effective.
These shares are to be issued
a plan of the reorganization
of the corporation's predecessor, the
Middle West Utilities Co.
The declaration which has been permitted to
become effective includes scrip certificates for fractions of these shares and
under
stock purchase warrants for
310,757 shares, together with scrip for fractional
warrants.
The securities are to be issued in exchange for the
outstanding securities
and obligations of the predecessor company, according to the terms of the
reorganization plan approved by the U. S. District Court for the Northern
District of Illinois, Eastern Division, in proceedings under Section 77-B
of the Bankruptcy Act.
The Middle West Corp., a registered holding
company, was represented
at the public hearings by Daniel C. Green, new President and counsel.
James M. Landis, Chairman of the Commission/and Commissioner Robert
E. Healy presided.—V. 141, p. 4170.
Midland Steel Products Co.—Gets
Refrigerator Contract—
E. J.
Kulas, President of the company, announced that the company
has been awarded a contract by Sears, Roebuck & Co. for the manufacture
of refrigerating units for new type of refrigerator to be introduced
by
Sears.
The
•'
refrigerator will operate on kerosene and is specifically designed
for rural sections not reached by electricity.
new
Midland
Steel
Products has
acquired the exclusive patent rights to a
new type of gasoline pressure stove burner and
portable gasoline,pressure
stove.
The company intends to enter into the manufacture of these
items in 1936.—V. 141, p. 3868.
Midland
12,516,780
4,685,906
Missouri Illinois
RR.—Earnings.—
November—
1935
$80,202
14,806
3,416
Gross from railway
974,148
Net from railway
Net after rents
198,920
885,566
190,756
51,106
777,721
167,644
23,879
Net after rents
From Jan 1—
49,080
1934
1933
1932
$120,945
61,514
44,922
$118,380
52,612
34,232
$108,620
38,937
16,150
$135,287
71,660
51,681
1,212,789
From Jan 1—
Gross from railway
1,207,835
506,179
348,741
1,266,438
575,055
386,515
1,402,443
591,890
397,854
538,036
374,210
—V. 141, p. 3543.
November—
1935
Gross from railway
1934
1933
1932
$669,713
129,740
40,878
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
$598,137
54,219
3,635
def22,290
$624,316
52,768
defl4,112
6,971,586
747,781
61,760
Net from railway
Net after rents
6,976,843
678,186
63,098
7,068,627
865,888
226,756
7,259,928
388,033
def360,029
$617,758
44,472
—V. 141, p. 4019.
Mobile & Ohio
1935
$787,806
68,149
def24,100
From Jan 1—
Gross from railway
Net from railway
Net after rents
November—
1935
1934
1933
1932
$2,043,722
426,703
170,030
Gross from railway
Net from railway
Net after rents
$1,754,783
295,124
242,502
$1,585,678
$1,792,941
229,646
def62,301
22,024,048
20,758,291
4,118,868
3,993,366
1,325,040
97,022
defl58,126
From Jan 1—
Gross from railway
Net from railway
_
Net after rents
1,514,746
—V. 141, p. 4171.
1933
1932
$677,150
85,946
5.411
$673,162
7,895,354
1,125,937
32.695
7,500,078
1,277,038
160,704
7,305.664
784,495
def488,772
110,505
16.847
—V. 141, p. 3697.
Monongahela Ry.—Earnings.November—
1935
1934
1933
1932
$317,316
187,361
87,790
$316,406
183,154
83,426
$304,810
176,893
$303,797
70,203
195,151
107,549
3,495,778
2,093,658
1,029,463
Gross from railway
Net from railway
Net after rents
3,544,303
2,106,619
1,010,321
3,258,813
2,046,562
1,051,430
3,354,730
1,983,065
1.049,307
From Jan 1—
Gross from railway
Net from railway
Net after rents
—V. 141, p. 3697
Munson
Steamship Line (& Subs.)—Earnings-
Operating revenues, steamships
$1,422,246
Operating and administrative and general expenses, steamships
1,247,416
Loss on miscellaneous operations
20,709
Net operating profit
Non-operating income
$154,119
4,381
Total income
$158,500
Interest charges on notes for insurance premiums, &c
Minority stockholders' interest in profits and losses, before
deprec., of subs, for the period June 13 1934 to June 30 1935-_
Minority stockholders' interest in profits and losses, before
deprec., of subs., for the period July 1 1935 to Sept. 30 1935--
Balance carried to surplus account
1935
Gross from railway—
Net after rents
$64,601
def9,116
$49,352
defl3,521
railway
664,072
86,599
24,519
1933
1932
def5,751
$49,769
2,527
def2,092
$46,290
333
def6,516
589,120
52,280
def8,606
560,671
49,210
defl8,123
570,533
24,134
def57,994
def347
Stores
Net after rents.
3696.
$305,339
a482,543
and
supplies
(deck,
engine and stewards' sup¬
plies, fuel oil, &c)
Prepaid insurance
Special deposits (at cost) and
miscell. invests., &c. (less
•
Gross from railway
Net from railway
Net after rents
1934
1933
1932
$85,706
defl,120
defl6,646
$69,573
16,581
7,668
$85,783
20,379
9,241
$65,841
1,580
def9,650
609,47 1
129,748
52,049
863,632
180,235
63,525
818,231
172,262
50,793
788,716
11,823
defl07,301
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 141, p. 3696.
Missouri Pacific RR.—Interest—
The interest due Jan. 1 1936, on Pacific RR. of Missouri,
extended gold 5% bonds, due 1938, was paid on that date.
consolidated]
drafts
13
Excess
and
Other deferred charges
revenues
over
248,926
ex¬
401,657
c9,772,039
Funded debt
Owing to sub.
cos.
not con¬
solidated
Other
756,840
reserves
^
644,527
Minority stockholders' int. in
191,189
expense
Injury
claims, cargo claims, com¬
pensation Insurance, &c
of
$361,481
2,824,023
personal
pleted
557,750
disc,
1934
for
penses on voyages not com¬
owing from sub. and affili¬
debt
accounts
Applicable to June 13 1934
Reserves
102,718
Unamortized
and
payable, accrued Int., &c.:
Applicable subsequent to
188,547
ated companies
4,933,927
Property
611,770,134
Goodwill, &c. stated at book
30,537
capital stock and surplus of
subs, consolidated herein.«
979,080
6% cum. pref. stk. (par $100)
1,104,500
Common stock
d2,451,000
Deficit
e698,348
Total
$18,845,728 I
Total
$18,845,728
b After reserve for deprecia¬
Including past due maturities and maturities due
within one year,
d Issued and outstanding 125,100 shares at stated value,
e
Rased on stated book values of investments in and amounts owing from
subsidiary and affiliated companies, property and goodwill, and subject to
the adequacy of accumulated reserves for depreciation,
determination of
amount of deferred repairs, disposition of
contingent liabilities, &c.—V.
141, p. 2896.
tion
Ry.—Earnings.—
1935
Notes,
June
283,042
Investments in and amounts
a
Missouri & Arkansas
not
Liabilities—
1—
Gross from railway
Net from railway
10,631
Consolidated Balance Sheet Sept. 30 1935
values
1934
799
038,805
$185,875
[Exclusive of Subsidiaries
Assets—
reserve)
20,344,490
20,554,117
3,854,989
2,025,338
; 793,560def 1,410,206
Mississippi Central RR.—Earnings.—
November—
\->
1934
$689,165
63,088
def29,479
8,116,591
1,043,415
58,447
Net after rents
Receivables
November—
kl.623
808,126
150,520
20,313
RR.—Earnings.—
November—
Gross from railway
Net from railway
Cash
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.
p.
11,906
—V. 141, p. 3696.
«_
Minneapolis & St. Louis RR.—Earnings
141,
$70,002
to Sept. 30 1935
[Exclusive of Subsidiaries Not Consolidated]
1935
Net from railway
Net after rents
—V.
1932
1933
$69,346
14,482
5,646
Valley RR.—Earnings.—
Net from railway
Net after rents
From Jan.
1934
$95,541
24,221
11,746
Gross from railway
Net from railway
Earnings for the Period from June 30 1934
November—
Gross from railway
Net from
to Date
1935
Net after rents
From Jan 1—
Gross from
Year
■
$6,562,753
1,278,710
608,933
Gross from railway.
Net from railway
Net from railway...
Net after rents
amounting
testified that one of
was
William Wyer, Secretary
C. H. Thornton, of Fond du Lac, Wis., one of the proposed members
of the committee, said that he understood that Mr.
Wyer had suggested
him first for the committee.
The thought, he said, came through another
individual.
Mr. Thornton said that the reorganization
plan was fair to
all interests concerned.
After a public hearing Dec. 28 the Securities and Exchange Commission
approved the application of the corporation to acquire the securities of the
The Middle West Service Co. has been formed to carry out the terms of
management contracts acquired by the Middle West Corp. from the
Middle West Utilities Co. on Nov. 27 1935, according to the
application.
The Middle West Corp. will acquire all the
outstanding stock,
1936
4
Terminal Shares, Inc.—
A suit for rescission of contracts and
recovery of moneys paid has been
riled by Guy A. Thompson, trustee,
against Terminal Shares, Inc. in the
Circuit Court for the County of Buchanan and St.
Joseph, Mo.
The petition seeks rescission of the four contracts of Dec. 31
The directors have declared dividends of $1.31>£ per share on the 7%
cum. pref. stock, par $100, and $1.12H Per share on the 6% cum. pref.
stock, par $100.
Both dividends are payable on account of accumulations
on Feb. 1 to holders of record Jan. 15.
Like payments were made on Nov. 1
last, while in each of the six preceding quarters dividends of 87H and 75
Jan.
Files
After
of
reserve
for bad debts of $130,388.
$6,013,618.
c
(G. C.) Murphy Co.—Stockholders' Meeting—
The stockholders will vote on or before Feb. 8
the capitalization as outlined in V. 141, p. 4171.
on
approving changes In
Muskogee Co.—Pays 20-Cent Dividend—
2nd mtge.
The company paid a dividend of 20 cents per share on the no
par common
on Dec. 31 to holders of record
Dec. 23.
This compares with 25
stock
Financial
Volume 142
cents'paid
on
20 cents on Dec, 15 1934, 25 cents on June 15
and 50 cents per share paid on June 15 1932.—
June 15 1935
1934 and June 15 1933
V. 141, p. 759.
,
(Conde) Nast Publications, Inc.—To Combine Magazines
Beginning with the March issue, the magazine "Vanity Fair" will be
of the com¬
pany.
The combination will be published under the title of "Vogue."
•
Mr. Nast states that the circulation of "Vanity Fair" is now at its peak,
but its production as a single unit has become unremunerative by reason
of the lessening advertising patronage being accorded periodicals largely
devoted to books, music, satire, &c.
1
Frank Crowninshield, editor of "Vanity Fair," will continue with Conde
Nast Publications qs editorial adviser.—V. 141, p. 2743.
combined with "Vogue." according to Conde Nast, President
Chronicle
ceeding $75,000,000 at any time outstanding, and to pledge and repledge
as collateral
security therefor not exceeding $175,000,000 of its refunding
and improvement mortgage bonds, series O.
Our orders of Jan. 21 1932, and Dec. 15 1933, authorized the applicant
in each case to issue and reissue from time to timenot rxceeding $75,000,000
of short-term promissory notes.
The order of Jan. 21 1932, authorized
the applicant to pledge and repledge to and incl. Dec. 31 1933, as collateral
security for the notes issued under that order all or any part of $100,000,000
of refunding and improvement
mortgage bonds, series O, and the order of
Dec. 15 1933, authorized the pledge and repledge to and incl. Dec. 31 1935,
as collateral
security for the notes issued under that order of all or any part
of $175,000,000 of refunding and improvement
mortgage bonds, series O,
which
are all of such bonds authorized to be issued.
As of Sept. 30 1935, the applicant nad outstanding
$65,767,248 of shortof which $20,500,000 were issued within the limitations of
20a(9) of the Interstate Commerce Act and $45,267,248 under the
authority of our orders of Jan. 21 1932, and Dec. 15 1933.
There are
pledged as collateral security for these notes $93,800,000 of series C bonds.
In addition, under
authority of section 5 of the Reconstruction Finance
Corporation Act, the applicant has issued to the Finance Corporation, to
evidence loans of a like face amount, $27,499,000 of its 3-year notes, and
has pledged as part of the collateral
security therefor $60,595,000 of series C
term
Fibres Inc.—Extra
National Automotive
share in
The directors have declared an extra dividend of 12 M cents per
the regular quarterly dividend of 25 cents per share on the
class A stock both payable Feb. 1 to holders of record Jan. 10.
Similar dividends were paid on Nov. 1 and Aug. 1 last.
These latter were
also the initial payments on this issue.—V. 141, p. 1938.
par
National
Insurance
Liberty
Co.
of
America—New
Director—
Henry C. Von Elm has been elected a
Director.—V. 141, p. 3233.
Barney Johnson & Co., Chicago, are offering at $12.50 per
share 40,000 shares common stock (par $2).
Offering does
represent new financing in behalf of the company, the
stock having been acquired from stockholders (see below).
A prospectus dated Jan. 2 affords the following:
not
Transfer agent, Harris Trust & Savings Bank of Chicago; registrar.
Continental Illinois National Bank & Trust Co. of Chicago.
Listing—Application will be made for the listing of the common stock
the Chicago Stock Exchange.
History and Business—Company was originally incorporated Nov. 10
1905, as the Northwestern Steel & iron Works, in Wisconsin.
Subsequently
the present title was adopted.
The business of the company in the last
five years has been the manufacture and sale of pressure cookers, aluminum
ware and can sealers.
No sales are made at retail.
The gross sales, less
freight, discounts, returns and allowances, during the years 1932, 1933
and 1934 and the first ten months of 1935 have varied from over $1,000,000
in 1932 to over $1,690,000 for the first ten months of 1935.
Company's
largest volume of sales is made to well-known merchandisers with national
distribution.
Principal purchasers are Sears, Roebuck & Co. and Mont¬
on
gomery
Ward & Co. who take the greater part of the company's product.
plant and properties of the company are located in Eau Claire, Wis.
Capitalization—
Authorized Outstanding
Common stock, non-cumulative ($2 par)
$200,000
$200,000
Earnings—The earnings of the company for the years ended Dec. 31
1932 to Dec. 31 1934, inclusive, and for the 10 months ended Oct. 31 1935,
after provision for depreciation reserves but before provision for Federal
and Wisconsin Income taxes are as follows:
The
■Years Ended Dec. 31
lOMos.End.
Oct. 31 *35
1932
1933
$1,075,475
732,448
$1,432,433
1,007,791
$1,262,698
1,057,630
$1,690,987
1,348,398
Gross profit on sales—
Selling & gen'l expenses.
$343,027
217,550
$424,641
216,227
$205,067
187,665
$342,588
Operating profit
Other income—Cr
Income deduction—Dr_
$125,477
2,957
2,704
$208,414
5,242
$17,402
4,283
7,903
$144,896
6,668
2,393
1934.
freight,
returns and
Gross sales, less
discounts,
allowances
Cost of
goods sold
549
bonds.
As the authority to issue notes and to pledge bonds under the order of
Jan. 21 1932, has expired, and the order of Dec. 15 1933, limited to Dec.
31 1935, the date of maturity of any notes issued thereunder and also the
time within which the series C bonds may be pledged, the applicant desires
Cooker Co. (Wis.)—Stock Offered—
National Pressure
notes,
section
Dividend—
addition to
no
133
authority to issue and reissue its promissory notes, bearing interest at a
exceeding 6% per annum, payable on demand or upon such due
dates as may be specified therein, to an aggregate face amount of not ex¬
ceeding $75,000,000 at any one time outstanding.
This amount excludes
notes issued or to be issued to evidence loans under the provisions of section
5 of the Reconstruction Finance Corporation Act, but includes $65,767,248
of its promissory notes now outstanding and issued under our authority as
heretofore stated, or under the provisions of section 20a(9) of the Interstate
Commerce Act, or any notes issued in renewal of or in substitution for such
notes.
Authority is also sought to pledge and repledge from time to time
as collateral
security for such notes issued or to be issued, not exceeding
$175,000,000 of its refunding and improvement mortgage bonds, series C.
In justification of the proposed issue and pledge, the applicant filed a
for Dec. 1935, and through Jan. 2 1936.
Cash on hand Nov. 30 1935,
exclusive of $1,181,054 to meet outstanding draft vouchers, is given as
$27,956,181, estimated cash receipts for the period, including cash on hand,
as $67,936,300, and
estimated disbursements $56,069,892, indicating a
balance as of Jan. 2 1936, of $11,866,408.
Obligations maturing during
1936, including lessor companies, but excluding loans from banks, were
shown
as
totaling $24,610,695, of which $21,390,000 was equipment
obligations and mortgage bonds.
Of the total maturities, provision for
paying $4,625,000 has been made, so that $19,985,695 remains to be pro¬
vided for.
No estimate was given of operating revenues for 1936, but a
statement of income account for the 11 months ended Nov. 30 1935, the
figures for November being estimated, was submitted, which shows net
railway operating income for that period as $32,450,947.
The issue of the proposed notes has not yet been authorized by the
applicant's board of directors or executive committee.
Such action is
contemplated from time to time as the respective notes are to be issued.
In our opinion the rate of interest on such notes should not exceed 5%
per annum.
Our order will so provide and will require that before any notes
are issued, a certified copy of the resolutions of the board of directors or
executive committee of the applicant authorizing the issue of the notes
shall be filed with us, and that the notes be payable not later than Dec.
31 1937.
The order will also provide that the proposed pledge and repledge
to be made and, if so required by the holder or holders of the notes, be
maintained at a ratio of not exceeding $125 in value of bonds at the market
price prevailing at the time of such pledge or repledge, to each $100, face
amount, of notes.
rate not
197,691
Earnings for November and
Net after rents
From Jan 1—
Net profit before Fed'l
& Wis. income taxes
$125,729
$213,106
$13,782
$149,172
Underwriting—The underwriter has entered into an agreement with E. R.
Hamilton, Eau Claire, Wis., an officer and director of the company, and
Jason & Co., a partnership of Chicago, dated Nov. 25 1935 in which
the
underwriter has agreed to purchase the 40,000 shares of common stock from
E. R. Hamilton and Jason & Co., at $10.50 a share, making an aggregate
amount of $420,000.
The proceeds of the common stock sold pursuant will accrue to E. R.
Hamilton and Jason & Co.
Balance Sheet Oct. 31 1935
Cash and
Notes payable—banks
Acoounts
Accounts
cash items
$26,789
receivable..——... 117,211
Inventories
——.—256,451
Other current assets
.......
Fixed assets
Deferred charges
payable—trade
Accrued payroll
Tax liability
........
-
12,294
5,270 Interest
299,972 Insurance
4,978 Capital stock
Total
$722,965
-
$20,000
43,746
13,028
39,499
22
20,847
200.000
Earned surplus..
—V. 141, p.
385,823
Total
$722,965
4172.
Net loss after deprec. expenses,
New York Chicago
The company
& St. Louis RR.—Time Extended—
has extended to Jan
31 the time for depositing the 6%
gold notes due Oct. 1 1935, under the plan dated Sept. 3 1935, for the
extension of the maturity of the notes to Oct. 1 1938.
The interest due
Oct. 1 1935 will be paid immediately on all notes deposited pursuant to the
No further payments will be made to Investment bankers, banks, trust
companies, or dealers in connection with the solicitation of deposits, the
announces.—V. 141, p. 4173.
company
New York Connecting RR
Net after rents
From Jan 1
taxes, int. & other charges
—Earnings.—
1935
$231,795
188,267
118,573
November—
Gross from railway
Net from railway—
1934
1933
1932
$238,280
189,698
$220,527
173,976
119,860
103,595
$243,684
181,797
104,332
2,488,217
1,913,514
1,154,800
2,470,820
1,934,513
1,129,189
2,535,478
2,015,943
1,220,173
—
i..
2,291,357
1,760,310
920.901
—V. 141, p. 3699.
....$24,285
New
York
New
Haven
&
Hartford
RR.—To
Make
Rental Payments—
Nevada Northern
Ry.—Earnings.—
1934
$30,572
3,162
def670
1933
$18,492
def5,159
def8,313
1932
$23,098
def3,826
def7,547
376,098
109,038
80,290
Net after rents
330,282
72,267
37,084
249,383
def7,429
def38,187
310,246
13,829
def25,595
3699.
England Grain Products Co.—Extra Dividend—
Dec. 31 last paid an extra dividend of 50 cents per share
stock.
The regular quarterly dividend of 40 cents
per share was paid on Nov. 1 last.—V. 139, p. 936.
The company on
the no par common
New Orleans Texas &
Net after rents
Gr^Trom*railway
Netfrom railway.
rents.;
4172.
received a letter stating
pay
Old
Colony RR. also received funds from the New Haven to pay the
issues due Jan. 1, namely, the 4s of 1938 and the 43^«
interest on two bond
of 1950.
The directors of the Old Colony RR. on Jan. 2 declared the usual quarterly
of $1.75 alshare, payable Jan. 15 to holders of record Jan. 6,
contingent upon receipt of the rental from the New Haven. Slightly over
half of this rental payment will come back to the New Haven, which owns
50.2%' of Old Colony's $25,077,600 stock.
Two previous meetings were
held at which no action was taken on the present dividend.
Howard S. Palmer, altrusteelof the New Haven, questioned as to whether
dividend
Mexico Ry.—Earnings.—
1935
$169,045
35,275
33,514
1934
$122,715
8,492
29,501
1933
$108,413
15,112
26,658
1932
$133,289
25,561
52,430
1,605,204
343,826
396,786
November—
railway
Gross from
Net from railway
Norwich & Worcester RR., leased line of the New Haven, has
that the trustees of the New Haven have voted to
the rental due Jan. 1 1936, and similar action has been t aken with re¬
spect to the Boston & Providence.
Norwich & Worcester directors have already declared the usual quarterly
dividend of $2 a share on the $3,000,000 pref. stock, payable Jan. 1, "con¬
tingent upon receipt of the rental," and Boston & Providence directors on
Dec. 10 declared the regular quarterly dividend of $2.12 H a share, payable
Jan. 2. also contingent upon receipt of rental.
Providence & Worcester
directors on Dec. 11, declared the regular quarterly dividend of $2.50 a
share, likewise on a contingent basis, payable Jan. 1.
The
1935
$53,536
28,947
23,781
November—
Gross from railway.....
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from rail way...
Net after
—V. 141. p. 4173.
Net after rents
—V. 141, p. 3869.
on
....
Net from railway
Earnings for 8 Months Ended Aug. 31 1935
New
Net after rents
Gross from railway
National Rubber Machinery Co.—Earnings—
—V. 141, p.
281,917,081 270,452,592 260,465,383 269,954,617
67,833,761
65,724,798
70,460,419
60,462,937
33,256,874
27,584,970
31,035,767
18,599,883
Gross from railway
Net from railway
plan.
Liabilities—
Assets—
Investments
Year to Date
1935
1934
1933
1932
$27,085,283 $22,650,097 $22,812,196 $23,025,040
6,818,320
4,379,482
4,850,445
4,737,418
4,422,727
1,706,079
1,813,159
1,665,356
November—
Gross from railway
Net from railway
1,518,675
314,959
476,137
1,157,263
89.530
250.449
1,439,080
212,285
338.560
thelquarterly rentalfpayment to the Old Colony, upon which the dividend
depends, would belmade, said:
"The cash
in a^day or
for[the!quarterly dividend rental wUl be sent to the Old Colony
two."—-V. 141, p. 4173.
—V. 141, p.
New York Athletic Club, N. Y. C.—Reorg. Agent—
S. District Court for the Southern District of New York has
designated Manufacturers Trust Co. as reorganization agent to effect
the exchange of $920,000 in securities of the New York Athletic Club,
pursuant to thejplan of reorganization.—V. 141, p. 4173.
The U.
Central RR.—$75,000,000 Promissory Notes
Authorized—Interest Rate Not to Exceed 5%—
New York
Commission on Dec. 26 authorized the company
from time to time not exceeding $75,000,000 of short-
The Interstate Commerce
to issue and reissue
promissory notes, and to pledge and repledge as collateral
therefor all or any part of $175,000,000 of ref. & impt. mtge. bonds,
The report of the Commission says in part:
term
The company on
from time to time
security
series O.
Nov. 15 1935, applied for authority to issue and reissue
promissory notes in an aggregate face amount not ex¬
New York Ontario & Western Ry.—New Director—
a meeting of the board of directors Nov. 13 the resignation of B. Camp¬
as a director was accepted and that R. G. Hutchins was elected in his
place.—V. 141, p. 4173.
At
bell
New York
Rys. Corp.—Court Approves Reorganization—
Reorganization of the company, under a plan which provides for com¬
plete motorization by nextfsummer of all its street railway lines, including
the Lexington'Ave., 6th Ave., Broadway-7th Ave. and virtually all crosstownltrolley linesiin Manhattan, wasjapproved Dec. 31 by Judge Henry W.
GoddardUn TJ. s. District Court.
The report of Special Master Van Vechten Veeder found '.thefcompany 'insolvent and eligible for reorganization
under Section 77-Btof the bankruptcy/act.
If the
reorganization-plan is approved by a majority
of the creditors
Transit Commission, motorization will be completed by
Boykin Wright, counsel for the company in reorganization stated.
and by the
July,
134
Financial
Chronicle
In addition to the lines
mentioned, these routes also will be affected:
the Columbus and Lenox Ave. lines and those on
Delancey St., 116th St.,
34th St., 23d St., 14th St. and 8th St.
The reorganization program, sub¬
mitted to the Court several months ago, also includes a complete refinancing
program.
In approving the plan, Judge Goddard said:
"I find that the debtor is insolvent.
The plan of readjustment and
amortization proposed by the debtor is, in my judgment fair, equitable,
does not discriminate unfairly in favor of
any class of creditors or stock¬
holders and is provident and feasible.
The substantial objections to the
Slan have been fully and ably discussed by the special master in his report.
order in accordance with his finding may be entered upon notice."
h The plan was opposed vigorously by holders of 50,000 shares of the pre¬
ferred stock, who held that the plan discriminated in favor of other securities.
.n
Goddfrey Goldmark, counsel to the stockholders, disputed the contention
that the company was insolvent and asserted that if income-bearing bonds
of the company, having a face value of
$11,500,000, which were purchased
by the Fifth Avenue Bus Co. for $1,000,000, were listed as a liability at
the latter figure instead of the former, the
company still would be solvent.
—V.
141, p. 4173.
New
York
Electric
&
Corp.—Seeks
Per-
The corporation, subsidiary of Associated Gas & Electric Co., has filed
with the Securities and Exchange Commission a
registration statement for
the issuance of $17,500,000 4% first mortgage bonds, due 1965.
The new
4%
bonds are redeemable before Dec. 1 1940 at 105: thereafter and on
Dec. 1 1945, at 104: thereafter and on Dec. 1 1950, at 103; thereafter and
on Dec. 1 1935, at 102; thereafter and on Dec. 1 1960
,at 101, and there¬
after and before Dec. 1 1965 at 100.
Names of underwriters and offering
price to the public will be disclosed by amendment.
Further details are
given under "Current Events and Discussions" on a preceding page.
—V. 141, p. 3235.
New York Title & Mtge. Co.—C-2
Mtges. to be Reorg.—
Consents having been received representing approximately two-thirds of
the capital amount required, the Mortgage Commission of the State of New
York announced Dec. 28 that the reorganization of Series C-2 guaranteed
mortgage certificates of the company was assured.
Additional consents
totaling $640,000, in the possession of the Mortgage Certificate Loan
Corp., will be in hand early it was indicated.
The total from all sources
is'above $16,000,000, which is substantially more than the amount required,
the Commission stated.
Nicholson File
were
disbursed.—V. 137,
Norfolk Southern
November—
paid
3337.
1935
4,319,182
868,043
314,920
Net after rents
Net after rents
have declared
1932
$1,887,457
868,351
540,818
19,673,601
6,457,519
2,945,304
18,720,455
6,577,843
3,021,153
456,243
•
••
'
18,813,155
6,192,864
2,493,472
3700.
Oregon-Washington RR. & Navigation Co.—Earns.—
November—
Gross from railway
Net from
1935
Gross from railway
Net from railway
Net after rents
1933
1932
$1,166,778
235,814
29,890
$1,096,277
165,163
def80,675
$1,013,241
15,279,014
3,109,894
620,156
Net after rents
From Jan. 1—
1934
$1,480,668
165,091
defl8.915
railway
14,104,790
3,119,808
525,461
12,175,613
12,194,514
2,345,355
1,564,758
def345,016 def1,261,436
—V. 141, p. 3700.
160,333
def52,459
Pacific Coast Co.—New President—
At
a
meeting of the directors held Dec. 11, Thomas A. Davies, of Seattle,
to succeed Henry M. Brooks who retired.
Wash., was elected President
—V. 141, p. 3235.,
Pacific Mills, Ltd.—Bonds Called—
The company has called for
redemption on Feb. 1 at
interest $500,000 principal amount of
6%
last, the company retired $1,100,000 of 6%
of 6% 1st mtge. bonds as its
only funded
$900,000 by the retirement of $500,000
V. 141, p. 1449.
101H and accrued
1st mtge. bonds.
On Aug. 1,
serial bonds leaving $1,400,000
debt.
This will be reduced to
principal amount on Feb.l.—
The directors have declared
a dividend of 20 cents
per share on account
on the $1.30 cumulative first
preferred stock, no par value,
payable Feb. 1 to holders of record Jan. 15.
A similar dividend was paid
on Nov.
1 and Aug. 1 last, this latter
being the first distribution made
since May 1 1932 when a
regular quarterly dividend of 32 K cents was paid.
—Y. 141, p. 3870.
of accumulations
John Golden
409
Paterson
4,440,987
1,093,828
480,005
4,066,089
710,821
229,165
3,925,356
359,441
def260,357
Pictures, Inc.—New Director—
elected
was
a
director on Dec. 26.—V. 141, p. 3870.
& Hudson
River
RR.—Smaller Dividend—
The directors
have declared a semi-annual dividend of $1
per share on the
capital stock, par $50, payable Jan. 2 to holders of record Dec. 27.
Pre¬
viously regular semi-annual dividends of $1.75
per share were distributed.
In addition an extra dividend of
25 cents was paid on Jan. 2 1931.—V. 133,
p. 282.
Patino
Co.—Pref. Div.—
dividend of 87 H
cents per share on the
7% cum. pref. stock, 75 cents per share on the 6% cum. pref. stock and
68H cents per share on the 5H% cum. pref. stock (all of $100 par value),
all payable Jan. 14 to holders of record Dec. 31.
Similar distributions
have been made on these issues each quarter since and including April 14
1933, prior to which quarterly payments were made at the regular rates.
There has been no payment on trie common stock since June 1932.—V. 141,
a
p.
1933
$2,051,891
771,751
22,285,107
7,351,229
3,955,316
Net after rents
—Y. 141,
1934
$1,818,539
628,539
256,279
■
Gross from railway
Net from railway
1932
Northern Indiana Public Service
1935
$2,423,278
999,896
708,847
Net after rents
From Jan. 1—
$299,132
defl9,051
def73,616
—Y. 141, p. 3700.
The directors
shares.
November—
Gross from railway
Net from railway
1933
$358,898
73,099
52,261
—
Gross from railway
Net from railway
common
Paramount
1934
$352,567
48,801
railway
Net from railway
From Jan 1
p.
on
Pending confirmation by the Court and granting of supplementary letters
patent, the meeting adjourned to Jan. 17 next.—V. 141, p. 3700.
RR.—Earnings.—
$346,801
32,038
3,903
Gross from
p.
sinking fund
in original plans.
Sinking fund will now be set aside at the rate
of net profits per annum after pref. dividends, and then
10% of
dividends paid in the preceding year.
In the original plan sinking fund was
to be set aside at the rate of
10% of net profits per annum.
It was also
deemed advisable to set
up a reserve of at least $20,000 before dividends are
set up
Pacific Public Service Co.—Accumulated
Dividend—
per share distributed each three months from Jan. 2 1932 to and including
Oct. 1 1935.
Prior to Jan. 2 1932 regular quarterly dividends of 50 cents
share
One of the amendments at the
meeting was an increase in the
of 10%
Co.—Larger Dividend—
The company paid a dividend of 40 cents per share on the common stock,
on Jan. 2 to holders of record Dec. 20.
This is an increase over the 30 cents
per
ment.
as
the
figures have been checked, final application will be made to
Justice Frankenthaler in the Supreme Court for his approval of the order,
directing the holders of Series C-2 certificates to vote whether they desire
the court to appoint trustees or wish to elect them themselves, or prefer
tobave the State Mortgage Commission act as trustee.
?*ftThe Commission holds that, while its members, being agents of the
State, do not intend to "enter any race" with other candidates, its trustee
facilities are ready and available to certificate holders.
The plan which
will now become operative was promulgated by the Commission in July.
On Oct. 9 Justice Frankenthaler signed the order approving the plan with
amendments.—V. 141, p. 4173.
soon as
per share.
Under the plan shareholders will receive
75 cents in cash and one income
funding right as full payment of arrears.
The rights will carry interest at
the rate of 5%, while a
sinking fund will be set up for their eventual retire¬
Oregon Short Line RR.—Earnings.—
Gas
mission to Issue $17,500,000 Bonds—
As
Following minor amendments to the company's by-laws, shareholders
attending the special general meeting held on Dec. 17 voted their approval
the company's plan of
payment of pref. arrears amounting to $20.75
to
^
State
Jan. 4 1936
Ontario Silkmt, Ltd.—Dividend Plan
Approved—
Mines
&
Enterprises
Consolidated,
9 Months Ended Sept. 30—
Income from mine operations.
1934
-
£231,582
£32,146
-
£460,046
228,464
£255,556
223,410
-----
Depreciation & depletion
£1,092,917
£484,497
228,941
Production costs, taxes, &c
Loss from railroad
Profit
Inc.—
1935
£1,306,807
822,310
£231,582
631,392
1,479
2745.
Northern Pacific
^
Ry.—Earnings.—
November—
1935
Gross from railway
Net from railway
$4,957,693
1,386,130
1,259,880
49,587,150
Net after rents
$4,285,032
1932
765,601
647,740
$4,096,029
827,971
638,783
$3,927,950
694,135
535,802
47,600,789
9,140,397
6,970,598
43,908,658
7,840,094
4,977,150
43,609,688
5,268,429
From Jan. 1—
Gross from railway
Net from railway
Net after rents
8,473,917
6,494,366
1,4$9,776
—V. 141, p. 3546.
Northwestern Improvement
The
Co.—Pays Extra Dividend—
controlled by the Northern Pacific Ry., on
regular dividend of 4%, amounting to $992,000 and
dividend of $2,800,000, payable Dec. 31.
company,
declared
a
Dec.
27
an
extra
The company paid an extra of $2,500,000 in 1934, $4,000,000 in
1933,
$5,600,000
in
1932 and $5,000,000 in 1931.—V. 140, P. 646.
Northwestern Pacific
November—
Net after rents
From Jan. 1—
Gross from railway...—
I
3,070,344
220,658
def32,672
Oahu Ry. & Land
1934
1933
$217,069
defl6,922
def41,232
defl9,167
1932
$235,752
6,141
$201,688
def22,102
def55,216
3,011,905
312,365
12,764
2,629,061
121,430
def200,844
2,978,750
155,404
def279,437
Co.—Pays Extra Dividend—
The company paid an extra dividend of 20 cents per share on the common
on Dec. 31 to holders of record Dec. 28.
The regular monthly divi¬
dend of 15 cents per share will be paid on Jan. 20 to holders of record
stock
Jan. 9.—V. 133, p. 4155.
1935
3ross from railway
Set from railway
1934
1933
1932
$27,362
5,424
def4,330
6,527
def3,877
$22,614
4,490
def5,557
394,057
143,464
41,987
311,274
97,744
def9,548
293,986
100,257
defl5,702
354,056
95,169
def30,543
$24,727
From Jan. 1—
from railway
Set from railway
Set after rents
141, p. 3547.
The Interstate Commerce Commission has modified its order of Jan. 11
1934, so as to extend to Dec. 31 1937, the time within which the Old Colony
RR. may pledge and repledge, not
as
exceeding $600,000 of its first mtge. gold
collateral security.—V. 141, p. 3870.
Oldetyme Distillers Corp.—Acquisition—
The
Hiram
Terminal
on
reserve deducted at end of
on
Assets—
Cash and amount
Walker bottling plant and
distillery
at the
Lackawanna
Grove Street, Jersey City, N. J„ has been
purchased by this
company.
The plant, it is stated, has a
capacity of 6,000 cases a day and will be
Improved with new machinery, which is expected to double this output.
With its plant in Newark, N. J., the total
output of the company will be
in excess of 15,000 cases of whiskey a day. President H. O. Kaplan said.
—V. 140, p. 3397.
Lives &
Dec. 31
*35
dep. with Fed. Res. Bank $85,025,730
47,092,744
41,690.352
36.339,435
10,260,000
18,369,044
Reserve fund for protection of "cash balances in
on
U. S. Government securities
Loans upon collateral
Investment securities
Call loans to brokers
Commercial paper
trust accounts
—
and accepted, executed
Capital
Surplusi_———
Undivided profits.
Granting
Dec. 30 '34
$56,180,905
42,703,000
51,521,472
31,078.509
15,600.000
18,706,897
7,986,749
4,798,961
821,451
1,893,405
1,980,872
120,414
.
Interest accrued
Bank building, vaults and
equipment.
Customers' liability account letters of credit issued
..Total
x
year.—V. 141, p. 1941.
Annuities—Balance Sheet—
1,096,775
9,240,968
4,520,816
883,302
$254,398,296 $233,513,513
—
_—
Reserve for dividends
Reserve for building, taxes and expenses
Interest payable depositors
Miscellaneous liabilities
Letters of credit and accept, exec, for customers.
Deposits
8,400,000
12,000,000
2,070,461
336,000
233,883
12,729
120,414
230,655,503
569,307
8,400,000
12,000,000
1,668,597
336,000
320 296
317 994
«
26 688
1,096*774
207,373,756
1,973,408
$254,398,296 $233,513,513
—V. 141, p. 2596.
Pennsylvania RR.—Review of Year 1935—
The company issued a statement dated Jan.
2, which says in part:
The year 1935, which showed some
improvement in general
business,
signalized by one of the greatest construction, betterment and
service
improvement programs in the history of the Pennsylvania RR.
Reflecting the faith of the management in the future of the
country and
of the railroad Industry, the betterments and
extensions carried out and
was
undertaken in the last 12 months
served by the railroad.
Old Colony RR.—Bonds—
bonds, series E,
Exchange
Pennsylvania Co. for Insurances
Total---------
$36,810
14,469
4,054
Set after rents
-V.
x
Reserve for contingencies
Oklahoma City-Ada«Atoka Ry .—Earn ings.—
November—
jross
Net profit
Liabilities—
Net from railway
Net after rents.
—V. 141, p. 3700.
reserve
Miscellaneous assets.
RR.—Earnings.—
1935
$263,367
6,357
2,567
Gross from railway
Net from railway
Profit
Exchange
1QQQ
1934
cover
nearly every part of the territory
Outstanding among these achievements
was the
completion, at a cost
electrifying the entire Pennsylvania RR
freight trackage between New York, Philadelphia, Baltimore
and Washington—the largest single project of its kind
ever undertaken.
The last stages of this work, which included
extending the passenger
electrification from Wilmington, Del,
to Washington, electrifying the
freight tracks over the entire route, and building 101 new electric
locomo¬
tives, was financed through the Public Works Administration and
of $100,000,000, of tne work of
passenger and
employment to 25,000
gave
men.
1
During 1935, also, delivery was completed on an order for 7,000 new
freight cars, and shortly before the end of the year the placing of recordbreaking orders for 10,000 more new freight cars was announced.
Another notable feature
was
the completion and
opening of a new pas¬
giving that city a railroad terminal or the
senger station at Newark, N. J.,
Financial
Volume 142
most modern type.
Its cost was $20,000,000 and it is of particular interest
by reason of the fact that on four different levels there are brought into the
same structure
transportation by standard electrified railroad,
Radio
New York and Washington was cut on the fastest trains, "The Congres¬
sional" north and south-bound, to 225 minutes for the 225 mile run, includ¬
The Philadelphia-Washington time was cut to
It is said company has
Judge Robert M. Gibson set Jan. 16 for
railway.
Passenger train schedules were speeded up throughout the entire system
during the year.
New York and Chicago were brought within 16 H hours
of each other; Philadelphia and
Chicago within 15 hours. The time between
135
for 1,000 freight cars.
books.
by inter-
urban electric railway, by motor vehicle and by electric street
ing six intermediate stops.
Chronicle
a
$6,500,000 orders on its
hearing.—V. 141, p. 4175.
Corp. of America—Television in 1936—
David Sarnoff, President, in a year end statement, among other things,
states:
The last 12 months saw the introduction of one of the most revolutionary
improvements of recent years in radio—the all metal tube.
The quickness
of the industry in recognizing and
embracing definite advances is witnessed
by the fact that 48 of the leading radio set manufacturers were using all-
two hours and 12 minutes.
metal tubes before the year ended.
A further comprehensive program of air-conditioning was carried out,
and before the close of the year 1,159 air-conditioned passenger cars were
being operated on the Pennsylvania BR. system, the largest fleet of these
For sea-going steamships the Radiomarine Con), introduced lifeboat
equipment which demonstrated a working range of 75 miles.
Then there is television.
The RCA will bring it out of the laboratory
next year for the first comprehensive, experimental field-test in America.
We are planning ahead, bearing the expense of the test of our laboratory
achievements under actual field conditions, so that when television is
finally introduced on a commercial basis, the public shall not be dis¬
appointed.
cars on any
railroad in the world.
Passenger traffic on the Pennsylvania made a substantial gain during
1935, reversing a steady ebb of the tide which began in 1921. The railroad
management attributes this in no small part to the comfort and attractive¬
ness of
air-conditioning.
While air-conditioning is perhaps most appre¬
ciated in the summer, it is a year-round process which operates to keep the
air in the car at the most pleasant and healthful
temperature and degree of
humidity at all times. It also excludes dust and smoke and provides quiet
by reason of the fact that the windows are always kept closed.
Paster and otherwise improved freight service was established between
the western cities and the eastern seaboard, and to and from the southern
terminals.
Further
advances
were
made
in
classifying and dispatching
trains. The eastern seaboard cities now receive freight from Chicago and St.
Louis on third morning delivery, while between New York and Pittsburgh
and between the Baltimore-Philadelphia area and the Providence-Boston
district merchandise is delivered overnight.
Broad expansion of the Pennsylvania RR.'s collection and delivery
service for less-than-carload freight took place
during 1935, and additional
improvements in its features were inaugurated.
More than 4,000,000
shipments were handled under the plan, as compared with 2.643,510 in
1934.
The service is now being used by approximately 75,000
regulart
patrons, and accounts for nearly one-third of the entire less-than-carload
traffic of the railroad.
of
a
"cash
on
One of the innovations of 1935 was the establishment
feature to meet the convenience of merchants
in other communities.
If so desired, the railroad
delivery"
selling to customers
not only delivers the shipment direct to the
consignee's door, but also,
collects the invoice price and remits it to the
shipper, thus permitting
merchants to ship without risk to patrons with whom
they have no estab¬
Joseph P. Kennedy, to Study RCA Finances—
Following the regular meeting or the board of directors on Dec. 27,
David Sarnoff, President, announced that the services of Joseph P. Ken¬
nedy, former Chairman of the Securities and Exchange Commission, have
been retained by the corporation for the special
purpose of making a study
of the problems relating to its capital structure.
Mr. Kennedy is under¬
taking this study immediately, and will advise the board
completed.
>
The
placing of the order for 10,000
new
freight
almost at the turn
cars
Representing an expenditure of $25,000,000. it is one of the largest single
equipment building programs ever undertaken by an American railroad.
It has been interpreted in
every quarter as reflecting confidence in the
traffic requirements of to-morrow.
The building of these cars will provide
approximately 11,000,000 manhours of work in the shops of the railroad and in the
plants of equipment
companies and will give employment to about 8,000 men.
Construction of these cars was financed by a normal banking trans¬
action, through the sale of equipment trust certificates, and the cost of the
money to the railroad was less than 2H%.—V. 141, p. 4174.
Pennsylvania Reading Seashore Lines.—Earnings.—
November—
1935
1934
1933
1932
$360,391
defl5,532
defl48.126
$366,733
$364,728
def30,711
defl59,448
def89.491
def256,881
$121,512
def23,601
def67,175
5,314,528
252,090
Gross from railway
Net from railway
Net after rents
5,362,197
263,369
3,735,826
139,837
From Jan 1 —
Gross from railway
Net from railway
Net after rents
1,847,026
def5,029
def505,574
defl,588,329defl,772.355defl,218,408
—V. 141, p.3701.
Penn Traffic
The directors
common
stock, par
$2.50,
dividend of 7M cents per share on the
payable Feb. 1 to holders of record Jan. 15.
a
This compares with 5 cents paid on
Aug. 1, last. 7H cents on Feb. 1 1935,
5 cents on Aug. 1 1934, and semi-annual distributions of 7H cents per
share made up to and including Feb. 1 1932.—V. 141, p. 444.
Philadelphia Electric Power Co.—Bonds Called—
A total of $166,000 1st mtge. gold
bonds, 5H % series due 1972, have been
Payment will be made at
trustee, Philadelphia, Pa.
^
called for payment on Feb. 1 at 106 and interest.
the Fidelity-Philadelphia Trust Co., successor
M
-
„
be relieved from the responsibilities of this office because of the increased
as Chairman of the Board of directors of the Radio-
Keith-Orpheum Corp., to which office he was elected last month.
Mr.
Aylesworth remains as a member of the board of directors of the NBO,
and
resignation, Lenox R.
new duties
Lohr has been elected President of the NBC and assumed his
on Jan. 1 1936.—V. 141, p. 4175.
Railway Express Agency, Inc.—Earnings—
Period End. Oct. 31—
1935—Month—1934
1935—10 Mos.—1934
$13,224,710 $12,014,959$116.167,643$110,097,633
7,459,450
6,775,524 a69,501,269
64,757,338
129,685
126.379
1,291,369
1,264,536
Int. & disc, on funded dt.
144,353
145,278
1.453.86&
1,447,611
Other deductions
5,024
3,837
28,476
43,309
Revenues & income
Operating expenses
Express taxes.
Rail transp. rev. (paym'ts
to rail & other carriers
—express
a
Accumulations on the preferred stock, following the
will amount to $3.50 per share.—V. 141, p. 2288.
Feb. 1 payment,
Pittsburgh & Lake Erie RR.—Earnings.—
November—
1935
1934
1933
$1,154,792
104,080
220,438
$1,228,145
124,448
184,681
$1,162,392
220,018
237,169
15,491,399
3,105,075
3,523,571
14,161,817
2,284,057
2,986,270
13,458,002
2,509,665
2,743,108
11,481,401
1,151,325
1,480,363
From Jan 1
Gross from railway
Net from railway
Net after rents-..
'
—Y. 141, p. 3871.
Pittsburgh & Shawmut RR.—Earnings.—
November-
1935
Gross from railway$39,577
Net from railway
def6,460
Net after rents
From Jan 1
def3,537
1934
1933
$56,887
5,281
6,543 •;
592,191
57,872
100,403
1932
$58,439
8,310
611,564
$76,609
17,275
15,314
15,274
—
Gross from railway
Net from railway
517,402
def200
31,681
Net after rents.
—
$5,486,198
$4,963,941a$43,892,666 $42,584,839
740,624
139,881
115,086
102,959
113,854
—V. 141, p. 2902, 3548.
1935, accruals
contribu¬
January to March
1935, are excluded.
1935, amounting to
141, p. 3701.
$613,074 also reversed in April
—V.
Rapid Transit in N. Y. City—New Subway Link—
Operation of the new Houston-Essex Street line of the city's independent
subway system began at noon Jan. 1.
Mayor La Guardia, heading an
official inspection party, opened the $17,300,000 link of the
city's rapid
transit network to the public.
The new line, which penetrates the heart of the lower East Side, extends
from a junction with the Eighth Avenue line at the Washington Square-
by
way
of Houston
and Essex streets.
A loan and grant of $23,160,000 from the Public Works
Administration provided most of the funds required for its construction.
—V. 141, p. 3083.
„
Reading Co.—New President, &c.—
Edward W. Schoer
elected President of this company and the Central
RR. of New Jersey by the boards of directors of the two railroads on Dec. 27.
Mr. Scheer had been Vice-President in charge of operation and maintenance
of both railroads and he succeeds i»he late Charles H.
was
Ewing.
Reveile W. Brown, Vice-President and General Manager of the Central
RR. Co. of New Jersey, was elected Vice-President in
charge of operation
and maintenance of Reading and the Jersey Central,
succeeding Mr. Scheer.
—V. 141, p. 4175.
Stores
Corp.—$10.50 Accumulated Dividend—
The directors have declared two dividends of $5.25 per share
each, on
on the 7% cum. 1st
pref. stock, par $100.
One
account of accumulations
dividend is payable March 16 to holders of record of same
other dividend is payable July 15 to holders of record July 15.
date, and the
A dividend of
$7 per share was paid on Jan. 2 1935, this latter being the first payment
made since July 1 1932 when a regular quarterly distribution of $1.75
per
share was made.—V. 141, p. 1945.
Richfield
1932
$1,486,622
273,188
321,330
Net from railway.
Net after rents
privileges)
Includes credit of $1,023,725 due to reversing in
April
made during August to December 1934, inclusive,
covering carrier
tion under Railroad Retirement Act.
Similar accruals for
Reliable
on the 7% cum. pref.
payable Feb. 1 to holders of record Jan. 20.
A like
on this issue in each of th8 nine preceding quarters,
March 14 1933 a payment of $3.50 per share was made.
Gross from railway
order
to the newly created office of Vice-Chairman of the Board of the NBC.
To fill the vacancy created by Mr, Aylesworth's
A dividend of $1.75 per share has been declared
par $100,
amount was paid
while on
in
that the
company may continue to have the benefit of his
long experience and advice in the field of broadcasting, he has been elected
Phillips Jones Corp.—$1.75 Preferred Dividend—
stock,
it is
as
duties he has assumed
West Fourth St. station to the East Broadway station
Co.—Dividend Increased—
have declared
soon
David Sarnoff, President, announced Dec. 27 the resignation of Merlin H.
Aylesworth as President of the National Broadcasting Co.
He asked to
lished credit relations.
of the year was received with wide-spread enthusiasm in the business world.
as
Aylesworth Resigns Presidency of NBC—
Oil
Co.
of
Calif.—Sale
Proceedings
Ordered
Published—
Federal Judge William P. James has ordered publication of
legal advertis¬
ing describing Richfield and Pan American properties to be sold Jan. 31.
Appraisal of the combined properties on a going concern basis placed the
value at $54,212,070 and upon a fair judicial sale basis at $35,867,190 before
allowing for the receivers liabilities.
Original figures reported, after pro¬
viding for these liabilities, a going concern value of $48,845,170 and fair
judicial sale value of $30,600,290.
Definite establishment of an upset price was postponed two weeks when
the court continued the hearing until Jan. 13 at which time additional
testimony concerning valuations will be heard.
One of the major reasons
for the continuance is understood to have been to permit additional time for
preparation of a reorganization plan, which Kuhn,
promised will be forthcoming.—V. 141, p. 4175.
Loeb
&
Co.
have
Richmond Insurance Co. of N. Y.—Extra Dividend—
The directors have declared an extra dividend of 5 cents per share In
addition to the regular quarterly distribution of 10 cents per share on the
stock, par $5, both payable Feb. 1 to holders of record Jan. 11.
Aug. 1, May 1 and Feb. 1 last and
with an extra of 25 cents per share paid on Aug. 1 1934 and extras
2H cents per share distributed on May 1 and Feb. 1 1934.—V. 141, p. 2290.
common
Pittsburgh Shawmut & Northern RR.—Earnings.—
November—
Gross from railway
1935
—
Net from railway.
Net after rents
From Jan 1—
Gross from railway
Net from railway
Net after rents.
1934'
$65,242
2,597
$91,168
def620
5,438
15,189
1933
$81,767
15,936
9,903
1
1932
$79,107
10,881
5,938
Like payments were made on Nov. 1,
compare
Ritter Dental
833,552
64,175
def9.322
840,812
23,589
def62,135
908,089
171,916
98,290
855,418
40,941
def30,752
—V. 141, p. 2749.
R.K. O. Radio Pictures, Inc.—Personnel—
—Y. 141, p. 3701.
M. H. Aylesworth, Chairman of the
Pittsburgh & West Virginia Ry.—Earnings.—
November—
Gross from wailway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
1935
1934
1393
1932
$256,115
79,503
89,545
$204,086
36,060
53,684
$207,032
50,237
58,491
$189,528
47,560
102,396
2,718,226
857,380
923,239
2,515,772
2,350,273
764,753
856,409
2,062,521
452,552
547,961
670,750
782,995
Plymouth Electric Light Co.—Consolidation Approved—
127,
823.
Rochester American Insurance Co.—Extra Dividend—
The directors have declared
addition
common
an
extra
dividend
of 20 cents per
share in
to the regular quarterly dividend of 15 cents
per share on the
stock, both payable Jan. 15 to holders of record Jan. 3.—V. 141,
Root
they said, would increase the number of employees in the McKees Rocks
plant from 1,500 to 2,000.
In the new business, they said, was an order
Refining Co.—Removed from Listing & Registration
The New York Curb Exchange has removed from
listing and registration
the $1.80 convertible cumulative prior prefreence stock,
$10 par.
This
company
Co.—May Increase Working Capital—
Petitioning the Court on Dec. 27 to be allowed to issue $2,500,000 of
certificates of indebtedness, the trustees, George D. Wick and Walter A.
Bonitz, explained that the new funds were needed to turn out orders,which,
had been eiected: Leo Spitz,
p.3549.
See Southeastern Massachusetts Power & Electric Co., below.—V.
Pressed Steel Car
Board, announced on Dec. 20, after
special meeting of the directors of the company that the fol,owing officers
President; J. R. McDonough Executive VicePresident; Samuel Briskin, Vice-President in Change of Production; Ned.
Depinet, Vice-President and B. D. Kahane, Vice-President.
a
—V. 141, p. 3701.
p.
Mfg. Co.—Pays Accumulated Dividend—
The company paid a dividend of $2 per share on account of accumulations
the 8% cumulative preferred stock, par $100 on Dec. 27 to holders of
record of same date.
A dividend of $7 per share was paid on Oct. 10 1935.
on
recently
"Chronicle" July
Russell
changed its
20 1935,
Motor
Car
to the Root Petroleum
446)—V. 141, p. 1946.
name
page
Co.
(See
Co., Ltd.—Accumulated Dividend—
The directors have declared
a dividend of $2.75 per share on account of
the 7% cumulative preferred stock, par $100,
payable
Feb. 1 to holders of record Dec. 31.
A similar payment was made on Nov. 1
accumulations
on
Financial
136
last, and compares with $1.50 per share paid on Aug. 1 and May 1 1935:
$1.25 on Peb. 1 1935 and Nov. 1 1934, and $1 per share paid each quarter
from May 1 1933 to and including Aug. 11934, prior to which the company
paid regular dividends of $1.75 per share.
—«
Accumulations after the payment of the Feb. 1 dividend will amount to
$4Aper share.—V. 141, p. 1947.
Rutland RR.—Earnings.—
November—
Gross from rail way.....
$240,276
def7,633
def21,160
$264,153
11,340
6,190
$282,526
20,620
5,601
2,999,184
160,550
def22,509
3,138,909
358,862
266,362
3,599,485
482,923
'
2,965,016
81,032
defl25,631
Net from railway
Net after rents...
—V. 141, p. 3872.
St.
1932
1933
1934
$261,226
6,165
defl0,998
Net after rents
From Jan. 1—
Gross from raU way
1935
St. Louis-San Francisco
From Jan. 1—
Gross from railway.
1932
$192,206
78,123
45,621
2,704,128
1,029,796
565,887
2,656,063
1,004,902
486,187
2,442,798
1,035,991
559,427
2,126,440
708,501
339,974
November—
Gross from railway.
1934
1935
$315,697
21,339
def9,580
Gross from railway
Net from railway
Net after rents.._
—V. 141, p. 3702.
$334,469
4,105,183
852,540
42-1,027
Net from railway
Net after rents
From Jan. 1-
1933
1932
$302,971
63,621
26,061
$243,594
47,115
23,175
4,187,596
1,204,895
669,174
3,590,522
1,005,085
476,655
4,415,051
1,667,210
1.051,879
82,203
49,754
—V. 141, p. 4176.
St. Louis-San Francisco & Texas.
.
.
$33,807
723,600
52,437
...
Total'surplus.
$809,844
Reserve for revaluation of fixed assets
Reduction of par value of cap. stock from $50 to $10 per share..
Dividends paid.
.
Net after rents.....
From Jan. 1—
Gross from railway
1935
_
350,000
Cr578,880
489,288
549,435
Assets—
$82,646
def4,467
$63,315
def30,434
def59,535
$92,100
15,653
defl3,995
def37,168
1,008,566
defl!7,073
def429,874
876,428
def151,682
def473.018
983,354
26,983
def314,555
962,191
def30,912
def397,006
.
Southwestern
Action
RR.—Bankruptcy
Judge Davis entered an order approving the petition as properly filed and
the contention that the road's action was not taken in "good
overruled
faith."
He found that testimony in a four-day hearing justified the road's
allegation that it was unable to meet matured and maturing debts of $24,-
958 992.
The bondholders who opposed the petition were Walter E. Meyer of
New York, a former director of the Cotton Belt; Mrs. Rose Schaines of
New York and Joseph P. Morse of Hollywood, Fla.
They had contended
that the Southern Pacific Co., owner of 87% of the Cotton Belt's stock,
had "deliberately forced" the bankruptcy.—V. 141, p. 4176.
Saks Realty Corp.—Tenders—
See Saks & Co. above.—V. 140, p.
Liabilities—
Cashton hand & in banks
receivable—storage...
Demand loan receivable
(at cost)
Accrued general taxes
Income taxes—estimated
$6,434
2,339
56,396 Dividends payable
x$242,811 Capital stock
tion
56,245
2,000
Surplus
1,758
150,000
Dr5,280
549,435
Total
$704,159
Treasury stock...
Land, bldgs., machinert, Ac.,
i
at company official's valua¬
395,304
Total........
Saks & Co.—Tenders
$704,1591
In
xllncludes 15,044 shares of Federal Compress & Warehouse Co.—V. 137
3686.
St. Louis-Kansas City Short
struction of Railroad Denied—
Line RR.—Proposed Con¬
Lafayette and Jackson counties, Mo., has been denied by the Interstate
Commerce Commission.
request for a further hearing, but subsequently this request was withdrawn.
Through an intermediary, the Missouri Central Construction Co.,
the applicant acquired the property of the defunct Missouri Central RR.
This property included certaiu rights of way on lines other than that now
contemplated and options on 20,000 acres of coal land.
The record does
not Bhow the dates of these transfers nor wether the options on coal lands
says:
The following circumstances make it possible for Saks & Co. at this
consider tenders by such holders of the outstanding leasehold
mortgage 6% seriel gold bonds of Saks Realty Corp. as may wish to dispose
rights and property of the defunct Missouri Central
were
first trans-,
present secretary of the applicant, who is also one of its direc¬
tors, is a civil engineer, and was the principal witness for the
applicant,
double track railroad, connecting with the
terminal railway systems of St. Louis and Kansas City.
IlrTaken as a whole, the applicant's estimates of traffic and revenues appear
to be excessive and over-optimistic, and are not reasonably supported by
a
the facts of record.
The estimated income account of the applicant may be summarized as
follows: Railway operating revenues $13,192,961, operating expenses,
computed at aa operating ratio of 65.4%, $8,625,870, taxes, $300,000,
joint facility rents, $700,000, net railway operating income, $3,567,091,
non-operating Income, $500,000, interest on bonds ($35,350,000 at 6%).
$2421,000, net income, $1,946,091,
The ratio of 65.4% may be compared witb the operating ratios of the
six ciass 1 railroads serving the teiritory, which averaged approximately
76.8% in the period of three years and eight months ended Aug. 31 1933,
the (average being noacly uniform throughout the period.
The item of
joint facility rents includes reatals of termi lals at St. Louis and Ka-rn^s
Oity, which are estimated at $1,000 a day for each terminal.
The/e is no
allowance for car rentals.
The item of $500,000, non-operating income,
probably refers to" potential" use of the applicant's facilities under wheelage
and (or) trackage arrangements, the revenue from which is estimated at
$1,000,000 a year or more.
The applicant represents that it has no notes outstanding and does not
owe a dollar, but it has
lot submitted a balance sheet.
The amount of its
assets, available or actual, cannot be determined from the record.
It
admits that funds to complete the financing are not available from the
Corp.
now
The remainder has been held under lease.
stock
(par $100), the stack to be issued as and when its directors shall
order; all of this stock to be common except 200,000 shares of preferred.
The issue of 5,000,000 shares of no par stock was also autnorized by the
applicant, in so far as they shall be needed lor the purchasing of equipment,
appears that a considerable amount of stock was subscribed, but
noae has been paid for in casn and none has been issued.
No application
for authority to issue securities uader Section 20-A of the act has been filed.
The cost of passenger train equipment which would be needed in the first
four years is estimated at $2,400,000.
The applicant plans to purchase
this equipment on a mileage basis of 50 to 75 cents per passenger trail-mile.
Freight cars would be purchased.at an estimated cost of $4,908,500.
Live-
same
period
as
the lease
on
San Antonio Uvalde & Gulf
November—
1935
railway
Net from railway
Net after rents
From Jan. 1—
1933
1932
$70,496
14,345
def7,881
$65,953
10,855
def9,621
$66,589
17,531
def8,534
801,904
def44,351
def314,227
976,058
306,810
41,213
689,854
131,482
defl23,571
/
Gross from railway.
Netfromrailway
Net after rents
RR.—Earnings.—
1934
$87,093
2,982
def21,914
Gross from
...
886,430
215.185
defl00,724
—V. 141, p. 3702.
San Diego & Arizona
November—
Gross from railway
Eastern Ry.—Earnings.—
1934
1935
Netfromrailway
$23,223
def23,887
$26,319
def17,260
Net after rents
def27,081
From Jan. 1—
Gross from railway
Netfromrailway
Net after rents
—V. 141, p. 3702.
Netfromrailway
Net after rents
From Jan 1—
Gross from railway
Net from railway
Net after rents
1933
def 18,169
$23,858
def14,745
def13,747
413 ,090
def86,027
411,241
def44,682
396,233
def40,035
defll3,708
def51,932
def52,070
Seaboard Air Line
November—
Gross from railway
1932
$10,529
def21,050
def24,348
346,141
def242,123
def281,909
Ry.—Earnings.—
1935
1934
1933
1932
$2,852,969
232,112
39,221
$2,758,295
335,579
113.221
$2,672,603
476,365
281,322
$2,404,118
214,649
3,239
30,826,135
4,260,046
30,897,832
4,563,557
28,763,236
5,170,125
28,087,406
2,975,246
1,329,169
1,387,805
2,284,162
80,802
—V. 141, p. 4176.
Second National Investors Corp.—Asset Value—•
asset value of $97.52 for each pref.
on the basis of market values, before deducting reserves
to
issue $70,000,000 of
Saks Realty Corp. has
sold to the landlord this small parcel of land, which has been leased
the balance of the property.
In
accordance with the terms of the indenture under which the bonds were
issubd, the parcel of land sold was released from the lien of the indenture,
against delivery to the trustee for cancelation of $1,000,000 of bonds
earlier acquired by Gimbel Brothers, Inc., which owns all of the capital
stock of Saks Realty Corp. and Saks & Co.
The total principal amount
of bonds remaining outstanding after such cancelation is $4,395,000.
Saks & Co. now has on hand certain cash arising in part out of the sale of
the above-mentioned parcel of land, which cash and (or) securities (which
may include Saks Realty Corp. bonds) are to be held as security for the
benefit of the landlord, subject to reduction of the bond indebtedness.
The consolidated net sales of Gimbel Brothers, Inc., and subsidiaries,
including Saks & Co. and Saks Realty Corp., for the first 10 months of the
fiscal year beginning Feb. 1 1935, were about 5.4% in excess of those for
the first 10 months of the fiscal year beginning Feb. 1 1934, and it is esti¬
mated that a consolidated net profit for the current fiscal year substantially
in excess of that for the preceding fiscal year will be realized.—Y. 123, p. 466.
general moneyloan from the Reconstruction Finance Corporation, this road
y means of a markets, but hopes to finance the construction of the loan
be secured by bonds which would be issued by the applicant.
(Its
application to the RFC for a loan of $35,000,000 was dismissed May 27
1933, for the reason that the applicant was not a qualified applicant under
,
A small portion of the land upon which is located the Saks-Fifth Avenue
N. Y. City has until recently been owned in fee by Saks Realty
store in
the applicant.
It appears,
however, that the Missouri Central was organized some 10 or 15 years ago;
the provisions of Section 5 of the RFC Act.)
The applicant company has charter authority to
Realty Corp. lease¬
6% serial gold bonds, Adam L. Gimbel, President,
time to
have been kept alive aDd remain the property of
that the applicant was incorporated in 1925, and tne line now proposed,
with some modifications, follows the general route proposed by the Missouri
Central.
letter sent to the holders of Saks
back for the
The report of the Commission says in part:
r. The
company, a corporation organized for the purpose of engaging in
later-State commerce by railroad, on June 26 1933, filed an application for
authority to construct a line of railr aad from St. Louis to Kansas City, 236.2
miles.
Tne Chicago Burlington & Quincy RR., L. W. Baldwin and
Guy A. Thompson, trustees, Missouri Pacific RR., debtor; Altoa RR.;
Wabash Ry., and Walter S. Franklin and Frank O. Nicodemus Jr., re¬
ceivers thereof, the Missouri-Kansas-Texas RR., and Chicago Rock Island
&*Pacific Ry., intervened in opposition to the application.
The Missouri
Public Service Commission requested that a hearing be held.
A hearing
was held in October 1933.
On March 16 1934, we granted the applicant's
»
It
a
hold mtge.
of them:
The application of the company to build 236 miles of road in St. Louis.
St. Charles. Warren, Montgomery, Callaway, Boone, Howard, Saline,
fc. The proposed line would be
2020.
for Bonds of Subs.—
The company has invited tenders of Saks Realty Corp. 6% serial bonds
which are secured by a leasehold mortgage upon the Saka-Fifth Avenue
property in New York City.
Tenders will be received up to 3 p.m., Jan. 10.
The company has also invited tenders of scrip issued during the past three
years in respect of interest on the bonds.
874
Unexpired insurance
&c.
Louis
1932
1933
def43,639
Net from railway
Net after rents...
—V. 141, p. 3702.
St.
Ry.—Earnings.—
1934
$98,535
defl4,097
Balance Sheet Aug. 31 1935
ferred to the
1935
District Judge Charles B. Davis at St. Louis.
Earnedjmrplus before provision for deprec. of fixed assets
The
37,779,011
7,927,727
3,986,320
tion under the amended
Earnings for the Year Ended Aug. 311935
p.
35,717,106
6,672,740
3,254,669
Objections of three bondholders to the company's petition for reorganiza¬
bankruptcy law were dismissed Dec. 31 by U. S.
Co.—Earnings—
Net income before provisio i for depreciation of fixed assets...
Previous surplus
■
f
37,107,822
6,129,202
2,984,104
From Jan. 1—
Gross from railwayNetfromrailway
Approved—
St. Louis Cotton Compress
Investments
$3,292,179
518,380
301,390
November—
r
Accts.
$3,186,146
365,097
82,036
Gross from railway.....
Net from railway—
St. Louis Brownsville & Mexico Ry.- —Earnings.
1932
1933
$3,033,310
149,325
def81,129
37,106,866
4,432,446
1,723,779
Net after rents
Net after rents
Net from railway.
Net after rents.....
—V. 141, p. 3872.
1934
$3,503,781
480,940
225,303
Netfromrailway
$257,170
128,894
57,079
Ry.—Earnings.—
1935
Gross from railway
1933
1934
$219,976
3,126
def38,027
$265,911
124,840
64,080
Net from rents...
balance Aug. 31
not shown to
require the construction by the company of a line of rail¬
Louis, St. Charles, Warren, Montgomery, Callaway, Boone,
Howard, Saline, Lafayette and Jackson counties. Mo., described in the
application.—V. 137, p. 313.
are
road in St.
290,735
Joseph & Grand Island Ry.—Earnings.-
November—
L
a substantial need of another railroad in the territory,
and it has not been shown that the applicant has any funds available for the
construction of the line.
We find that the prese.it and future public convenience and necessity
November—
Gross from railway.....
Net from railway
►
Jan. 4 me
stock, took, and refrigerator cars would be rented.
Fifteen locomotives,
estimated cost not stated, wouid be purchased for freight service.
It is clear from the record that the territory is reasonably well served by
existing railroads and other means of transportation; that the lines serving
the territory have had heavy losses in recent years, have ample capacity
to handle an increase in business, and could ill afford to lose the traffic
which would be diverted by the
proposed operation. The record fails to
show that there is
1935
Netfjromrailway.i
Chronicle
The company reports for 1935 a net
share, computed
on unrealized profits, and $93.84 after deducting such reserves.
This represents an increase of $27.74 or 39.8% before deducting such
for taxes
and $24.06 or 34.5% after deducting these reserves.
Total net
assets or the company amounted to $7,752,783, of which $371,826 was cash
and miscellaneous items and $7,380,957 represented investments in common
reserves,
stocks after deducting reserves
P.
for taxes on unrealized profits.—V. 141,
3874.
Sentry Safety Control Corp.—Admitted to Listing and
Registration—
The New York Curb Exchange has admitted to listing and registration
new capital stock, $1 par, issuable share fore share in exchange for old
capital stock, no par.—Y. 141, p. 3392.
the
,,
Volume 142
Financial Chronicle
Sharon Steel
Hoop Co.—To Refinance and Change Name
Proposals to change the name of the company to the Sharon Steel Corp.
and to revise its capitalization will be voted
upon by the shareholders at a
special meeting to be held on Feb. 27.
The company plans to reduce its stated
capital to $3,750,000 from
$9,875,000 and will increase its authorized indebtedness by $7,000,000.
The authorized capital stock will be increased to 1,070,000 shares divided
into 1,000,000 snares of common stock and 70,000 shares of
preferred.
At present 500,000 shares of common are authorized.
The directors have decided
upon a refunding program, it was announced
Dec. 30.
This would embrace the issuance and sale of debentures bear¬
on
ing lower interest than the present bonds, and also the sale of preferred
stock entitled to a rate lower than that of the
present bonds.
Both the new
debentures and the new preferred stock would be convertible into common
stock.
Henry A. Roemer, President, said the refunding operation would bring
the common stock nearer to the point where dividends
might be paid.
"During the last two years,
Mr. Roemer said, "the company has
made considerable progress.
All bank loans have been paid off, a more
favorable cash position has been established, and the company is in a
position where it should be able to refund its outstanding 5M % bonds.
"In anticipation of the proposed financing and because of changed con
ditions, the board of directors has also directed that the book value of the
fixed assets of the company and its subsidiary, the
Steel Co., be restated at the value which such assets
Youngstown
Pressed
are carried for Federal
income-tax purposes.
"The fixed assets have been carried on the basis of a 1927 appraisal.
This change has resulted in a write-down of approximately $5,300,000 on
the
books but
no
change in the actual assets of the company."—V.
141,
767.
p.
Broadway Building (Broadway Exchange Corp.)—
Protective Committee to Oppose Debtor Plan of Reorganization—
Announcement is made of the formation of a protective committee for
the 1st mtge. 5H% bonds, headed by Jonathan M. Steere, Vice-President,
Girard Trust Co., Philadelphia, Chairman.
The committee, which was
formed at the request of holders of more than $2,000,000 of principal amount
bonds, states that the corporation has filed in the U. S. District
Court its tentative plan of reorganization which the committee considers
of these
not
in the best
interests of the bondholders and should
be vigorously
opposed.
Other
members
of
the
committee
Gordon
L.
Parker, investment
officer, Rhode Island Hospital Trust Co.; Stanley W. Cousley, VicePresident, Fidelity-Philadelphia Trust Co.; Barnard Flaxman, statistician,
Hartford Fire Insurance Co.; and George J. Wise, real estate consultant,
N. Y. City.
Marshall, Bratter & Seligson are counsel, and Herbert R.
Williams, care of Girard Trust Co., Philadelphia, is Secretary.
The committee is not seeking
deposit ol bonds at this time but is asking
for powers of attorney.—V. 141, p. 4025.
are
Southeastern Massachusetts Power & Electric Co.—
Consolidated Approved—
The
Massachusetts
Department of Public Utilities has approved the
consolidation of this company and the Plymouth Electric Light Co.
The Department has also
approved the issuance by the Southeastern
Massachusetts Power & Electric Co. at $32.75 a share of 25,280 shares of
new $25 par
capital stock, $790,000 of the proceeds of the sale to be applied
solely to acquisition of the physical property of the Plymouth Co., together
with customers' deposits, and balance of proceeds,
$37,920, to be applied
solely to payment of obligations incurred in making additions and improveents to property.—V. 140, p. 2879,
'
Southern
Bell
Telephone & Telegraph
junction Against Rate Reduction Granted—
Co.—7n-
The company was granted a temporary injunction in Circuit Court re¬
straining the City of Louisville from enforcing its recently enacted ordi¬
nance wnich reduces telephone rates
25%. Judge W. H. Field, granting
the injunction, ruled that the difference between the rates
charged and those
set
by the city must
be impounded pending determination of the case.
The company contends that the city is without
legal authority to regulate
rates, that being the exclusive jurisdiction of the State Utilities Commis¬
sion.—V. 141, p. 4025.
cipal amount and accrued interest to the redemption date, plus a premium
of 3% on the series A and series B bonds and 5% on the series O bonds.
Holders of the bonds of any of the three series may tender their bonds for
fiayment prior to the redemption date and per annum. the redemption price
bank discount at the rate of
of 1% will receive
Bonds surrendered
ess
before the close of business Dec. 31 1935 will be paid without deduction of
any discount.
Bonds called for
redemption wil. be payable at the Bankers Trust Co.,
New \ ork, or at the City National Bank & Trust Co. of Chicago.—V. 141,
4025.
p.
Standard-Coosa-Thatcher Co.—Earnings—
Years Ended Sept. 30—
Net income after expenses, deprec. & other chgs__
Earns, per share on 198,220 shares common stock
Properties—Control
Corp.—See latter company
$0.20
Assets—
Accounts payable
$396,536
Accounts receivable
15,439
x425,428
Accrued processing taxes
Equity in cotton contracts with
Reserve for contingencies
23,382
1,667,026
Inventories
Sundry assets
7% pref. stock (par $100)
Common stock (par $25)
Capital surplus
Earned surplus
92,309
Investments (at cost)
738,399
Property
y3.946.615
Unexpired insur. premiums, &o
32,679
Total
x
$7,337,818'
After
reserves
$158,251
10,321
216,654
30,064
52,700
589,800
4,955,500
1,012,847
311,677
Preferred dividends payable.
Accrued accounts
of $80,293.
y
$7,337,818
Total
After depreciation of $4,233,992.
Notation—The above balance sheet includes the assets
(except cash
$250) and liabilities of the National Yarn & Processing Co., a wholly-owned
subsidiary, organized for the purpose of selling the manufactured products
of its parent company in foreign countries.—V. 141, p. 768.
Standard Gas & Electric
Co.—Weekly Output—
Electric output for the week ended Dec. 28 1935, totaled 88,717,992
kilowatt-hours, an increase of 8.6% compared with the corresponding week
last year.—V. 141, p. 4177.
Stanley Co. of America (& Subs.) -Earnings—
Years Ended—
Net income
Aug. 31 '25
$4,439,371
2,192,878
Interest expense
1,776,447
Provision for investments in affiliated companies.38,972
Miscellaneous charges
20,000
Provision for Federal income taxes
107,495
~
Amortization and depreciation of properties
Net profit before other Income &
Aug. 25 '34
$1,530,731
2,417,307
1,676,095
82,516
42,280
minority in-
!
$303,5791oss$2687468
101,117
98,147
Other income.
Net profit before min. interests' share of profits.
Proportion of profits applic. to min. stockholders.
$404,6961oss$2589321
_
_
975
Adjustment of tax reserves of prior years
Profit on redemp. of bonds of the co. and its subs.
Settlement made with Elec. Research Products, Inc
$404,6961oss$2590296
1,535,011
3,448,708
86,685
508,296
262,950
185,778
Net profit.
—
_
$2,202,656
201,450
Earned
$2,001,206
surplus
$1,639,173
104.162
$1,535,010
Consolidated Balance Sheet
Aug. 31 '35 Aug. 25'34
Transferred to
Corp. above.—
V. 141, p. 4025.
November—
Due
railway
railway
Co.—Earnings.—
$10,607,544
2,935,501
2,081,393
Net after rents
From Jan. 1—
Gross from railway
—
.
1934
113,558,662 104,142,625
30,755,005
28,886,915
17.158.341
16,211,863
$8,106,947
1,602,974
479,090
Accounts payable.
89,051,497 100.044.022
21,590,990
23.394,161
8,610,449
7,676,044
—V. 141, p. 4176.
40.812
98,205
9,758
Serial bonds, sink¬
_
Misc. accts. receiv.
$100,000
1935
Gross from railway..—
Net from railway
Net after rents
$414,225
1934
1933
1932
iated
defl2,589
309,571
def55,609
def56,086
351,454
def58,542
def59,431
4,369,352
def461,816
def500,274
From Jan. 1—
Gross from railway
Net from railway
Net after rents..
Due
863,150
4,095,698
def734,566
def736,079
3,873,597
def375,835
def384,814
4,108,337
def817,980
def831,400
537,120
660,720
95,822
67,026
68,824
—V. 141, p. 3703.
Southern Weaving Co.—President
reserves
Fixed assets
60,245
73,671,636 72,766,748
440,380
Deferred charges406,293
Good-will
52,878
52,878
in
February.
J. W. Burnett will continue as Treasurer, but his duties
Secretary will be taken over by William Lowndes.—V. 139, p. 3973.
Southwestern Bell Telephone
revenues.
—
Uncollectible oper. rev.
.Operating expenses
Net oper. income—.
—V. 141, p. 3875.
3,932
715,000
$1,508,004
7,261
660,000
64,331
7,720,000
81,720
7,386,000
$1,374,116 $15,638,227
$14,342,601
November—
Net after rents
From Jan 1—
Gross from railway
Net from railway
Net after rents.
1934
$35,103
def6,472
defl0,524
$38,195
4,359
def97
1933
$36,028
def6,530
defll,252
547,194
53,154
defl3,557
470,853
12,249
def48.678
411,507
def25,720
def95,929
496,785
def46,576
defl25,360
1932
Spokane Portland & Seattle Ry.—Earnings.—
November—
Net after rents
1935
1934
1933
1932
$540,549
230,228
145,494
$381,650
122,673
45,607
$404,759
174,122
125,081
$344,730
58,265
def40,873
5,708,287
2,491,992
1,630,873
5,298,563
2,270,697
1,343,312
4,231,639
1,686,567
806,378
4,564,754
1,290,053
295,752
From Jan 1—
Gross from railway
Net from railway
Net after rents
—V. 141, p. 3703.
notes
276,217
372,986
Mtges.&funded dt.30,199,631x31,204,425
351,655
370,217
Capital stock
4,524,232
4,524,232
Cap. surp., arising
Deferred income..
from
changing
cap.
stock
par val.
no
share..33,044,850 33,044,850
Earned surplus... 2,001,206
1,535,010
76,240,901 75,533,999'
Total
76.240.901 75,533,999
x Including
$3,500 sinking fund payments and instalments in arrears,
$7,699,850 standing demand and other mortgages and $969,200 instalment
payments, maturing within one year, subject in part to renewal.—Y. 140,
p. 486
States
Oil Corp.—Resumes Dividends—
The company paid a dividend of 65 cents per share on the common stock,
This was the first payment
par $5, on Dec. 26 to holders of record Dec. 2.
made on the issue since Nov. 20 1928, when
10 cents per share was dis¬
126, p. 2001.
Stecher-Traung Lithograph Corp.-
1935
$52,889
4,354
defl,082
—V. 141, p. 3703.
Gross from railway
Net from railway
&
to $5 pe"r
tributed.—V.
Spokane International Ry.—Earnings.—
Gross from railway
Net from railway
ligates
from
Total
Co.—Earnings—
1935—11 Mos.—1934
$5,922,138 $68,004,850 $64,405,112
25,832
300,823
345,542
3,854,929
44,281,469
42,249,249
Rent for lease of operat-
ingproperty
Operating taxes
1,116,803
28,863
payable maturing
serially after 1 yr
the
as
1935—Month—1934
$6,355,572
27,416
4,101,220
.
1,336,651
19,900
Pictures,
Inc
the par value of
Resigns—
F. D. Murdock, President of the company, for
many years, has resigned.
His successor will not be elected until the annual
meeting of the corporation
Period End. Nov. 30—
22,257
1,629
Purchase money or
contractural ob¬
Miscell. investm'ts
less
3,624
Warner
Deposits
building
& loan assns
14,829
particip'ts.
to
Bros.
824,355
...
less
cos.,
in
124,809
ing fund require¬
ments
purchase
money & contractural oblig., &c. 2,058,192
Due to
& sinking
reserves
Shares
__
Due to affil. cos_._
an
affiliated co.) less
advances to affil¬
338,018
def72,174
def72,836
def330
accruals
come taxes
13,375
60,961
mtge.
from
receiv.
fund deposits
November—
Sundry
Investments in and
Lines.—Earnings.—
2,352,057
934,476
Res. for Federal in¬
Deposits to secure
contracts
(incl.
reserve
Southern Pacific SS.
1,265,117
995,985
9,304
receiv.,
Inventory of suppls
$
24,000
2,188
12,990
Settlement Corp
less reserves
1932
$8,637,084
2,230,763
1,434,691
$
24,000
505,678
Circuit
from
Accounts
1933
$8,750,166
2,409.642
1,415,251
Liabilities—
Notes pay., insec'd
Purch. money obllg
455,834
bursing agent)__
1935
Gross from
Net from railway
Net after rents
Aug. 31 '35 Aug. 25*34
Cash
(receiving & dis¬
Southern Pacific
_
Nil
Liabilities—
Cash
Notes and acceptances receiv¬
able—customers
Assets—
Southern Natural Gas
Corp.—Properties
New Company—See Federal Water Service
Operating
$32,652
Condensed Balance Sheet Sept. 30 1935
above.
Net from
1934
1935
$81,550
par $25
Miscellaneous deductions.
Southern Natural Gas
Co.—Acquires
Held by Federal Water Service
-
The company is notifying holders of its 1st mtge. 5% gold bonds, series A,
due Jan. 1 1957; 1st mtge.
5% gold bonds, series B, due May 1 1957, and
1st mtge. 6% gold bonds, series C, due Nov. 1 1961, that all outstanding
bonds of these three series will be redeemed on Jan. 27 1936, at their prin¬
brokers
61
is
137
Southwestern Gas & Electric Co.-—Bonds Called—
Accumulated Div.
The company paid a dividend of $1.87^ per share on account of accu¬
on the 7\i%
cum. preferred stock, par $100
on
Dec. 31 to
holders of record Dec. 24.
Accumulations now amount to $3.75 per sh:ire.
—Y. 141, p. 3876.
mulations
Stokeley Brothers & Co —Pref. Stock Offered—Public
offering of 20,900 shares of 7% cum. cony. pref. stock is
being made by Paine, Webber & Co.
The shares, priced
at par ($25 per share) were
purchased from a stockholder
and this offering does not represent any new
financing for
the company.
Studebaker
Corp.—Refinancing Plan Passed by Court—
Judge Thomas W. Slick of Federal Court at Fort Wayne, Ind., gave final
approval on Dec. 30 to reorganization of the corporation and the Rockne
Motors Con), under Section 77-B of the national
Bankruptcy Act.
Paul G. Hoffman and Harold S. Vance of South Bend,
Ind., trustees,
reported to the judge that they had complied with all details or the reor-
Financial
138
Judge Slick released the trustees from their bonds and
securities and substituted the reorganized company as administrator of
Chronicle
ganization plan.
the firms.
claims of creditors filed in
Co.—Hearing Postponed—
hearing on the application of the Texas Utilities Co. to acquire
New Mexico Utilities Co., which was scheduled for Dec. 30
1935, has been postponed until Jan. 10, at the office of the Securities and
Exchange Commission in "Washington, D. O.
1 I nterest—
The interest due Jan. 1 (1H %) on the 10-year convertible
due 1945, was paid on that date.—V. 141, p. 3551.
Jan. 4 1936
Utilities
The
of the
assets
The Federal Court retained jurisdiction over
the proceedings and now undisposed of.
JCLYL
Texas
Third Avenue Ry.
6% debentures,
Sunray Oil Corp.—Earnings—
9 Mos. Ended Sept. 30—
Net prof, after deple., deprec,, &c—
Shares common stock
Earnings
—V.
$158,748 loss$198,187
1,585,401
1,585,401
$0.09
Nil
1,587,526
$0.11
share
141, p. 1287.
per
Operating
Operating
19o3
1934
1935
$179,297
-
revenues
Operation
Maintenance
Taxes
oper. revenues—
Non-oper. income (net)
_
Balance
$145,787
1,149
$154,903
605
Net income
$1,714,938
30,227
$1,745,166
429,999
10,977
$146,936
35,833
$155,509
35,833
1,268
Retirement accruals
Interest
904
$1,304,188
$110,198
$118,407
$806,143
188,973
$874,862
181,190
$219,777
228,076
$219,169
227,749
$995,115
1,142,113
$1,056,052
1,134,793
$8,299
Deductions
$182,261
36,908
$8,581
$146,998
$78,741
Net deficit
—V. 141, p. 3551.
Third National Investors
"The
$1,703,021
12,976
$1,715,997
429,090
10,025
$1,276,881
-V. 141, p. 3704.
share, computed
on
p.3876.
November—
$159,538
49,688
25,743
$128,875
20,858
5,823
1,682,567
1,595,826
345,743
124,850
1,562,691
414,579
219,757
1,387,461
Netafterrents
Jan.
1—
Gross from rail way
Net from rail way
421,159
193,388
Netafterrents
—V.
141,
Earnings for 3 Months Ended Nov. 30 1935
Dry tons of ore treated
Dry tons of old tailing re-treated
Tri-State
Telephone & Telegraph Co.—Earnings—
Period End. Nov. 30—
1935—Month—1934
$443,705
$416,226
316
2,188
315,311
1935—11 Mos.—-1934
$4,564,202
$4,805,161
14,069
17,397
.
25,952
$91,649
3,604,015
246,385
3,414,761
282,698
$72,775
328,135
23,605
Net operating income.
$937,364
$852,674
-V. 141. P. 3394.
Tung-Sol Lamp Works, Inc. (& Subs.)Total tonnage milled
I
Income from investments
Earnings for 7 Months Ended July 25 1935
Net inc. after expens., Fed. taxes and other charges
—V.
?otal gross
$1,207,306
439,683
earnings
Development, mining and milling expense
____
107,508
Insurance and taxes
141,
$217,191
4177.
p.
Union-Buffalo Mills
Co.—Earnings—
64,123
13,822
outside properties and exploration work
1935
1934
1933
$295,001
32,640
$637,888
22,234
$725,075
10,272
Prov. for Fed. & State income taxes.
General expense, incl. marketing bullion & assaying
on
•Earnings—
106,112
$1,173,434
33,872
Gross value of bullion
Expense
242,706
93,353
3704.
p.
Operating revenues
Uncollectible oper. rev.
88,900
17,212
1932
1933
1934
$122,998
13,092
def 5,538
Net from rail way
From
RR.—Earnings.-
1935
$180,050
62,931
37,196
Gross from railway
Operating expenses
Operating taxes
Teck-Hughes Gold Mines, Ltd.—Earnings-
Corp.—Asset Value—
1935, a net asset value of $36.97 for each
the basis of market values, before deducting
reserves for taxes on unrealized profits, and $36.27 after deducting such
reserves.
This represents an increase of $10.50 or 39.7% before deducting
such reserves, and $9.80 or 37.0 after deducting such reserves.! Total net
assets of the company amounted to $6,066,761, of which $157,620 was cash
and miscellaneous items and $5,909,141 represented investments in common
stocks after deducting reserves for taxes on unrealized profits.—V. 141,
for
reports
company
common
Toledo Peoria & Western
1935—12 Mos.—1934
1935—Month—1934
$4,020,270
$3,873,025
$326,121
$348,718
1,493,791
122,990
1,605,245
136,328
225,631
239,409
18,860
20,287
450,581
460,676
38,482
37,199
1935—5 Mos.—1934
$5,406,806
$5,235,446
4,068,373
4,004,128
532,290
446,455
$181,C09
38,768
Operating income
Non-operating income-
Tampa Electric Co.—Earnings—
Period End. Nov. 30—
expenses
Gross income
„
,,
1935—Month—1934
$1,099,460
$1,070,728
809,730
798,053
108,722
90,414
revenue
Taxes
(James) Talcott, Inc.—Capital Increase Approved—
The stockholders on Jan. 2 unanimously approved an increase in the
capital stock from $3,500,000 to $6,000,000 and an increase in the number
of authorized shares from 35,00) of $100 par value to 120,000 shares of
$50 par value.
Under a reclassification of the company's shares, 50,000 shares or pre¬
ferred stock will be authorized, of which the first series to be issued will be
30,000 shares of 5H% participating preference stock of an aggregate par
value of $1,500,000.
Pursuant to an agreement approved by the stockholders, a public offer¬
ing of these shares will be made by F. Eberstadt & Co., Inc., following the
effective date of a registration statement which the company plans promptly
to file with the Securities and Exchange Commission.
In addition to the
preferred stock, the new capital structure of the company will consist of
18,500 shares of class A stock and 51,500 shares of class B stock.—V. 141,
p. 4177.
Operating
System—Earnings—
[Railway and Bus Operations]
Period End. Nov. 30—
$327,641
146,250
33,319
$660,122
149,765
90,405
$735,347
156,271
102,026
7% pref. divs. paid in casn.
$148,072
6,367
$419,950
7,000
$477,050
7,000
$141,706
138,369
$412,950
92,246
$470,050
Divideads
$320,654'
$470,050
Years Ended Sept. 30—
Consolidated operating profit
Miscellaneous income
I»
$582,167
$0.12
Balance to surplus account (estimated)
Earns, per share 4,807,144 shs. (par $1) cap. stock-—V. 141, p. 3086.
Tennessee Central Ry.November—
1932
1933
1934
$200,232
48,496
31,033
Net after rents
$178,494
42,259
25,117
$155,759
30,563
till,513
$169,858
44,674
27,528
2,060,036
587,250
388,019
Net from rail way
K- From Jan.
■Earnings.—
1935
Gross from rail way
Depreciation
1,933,965
1,768,319
510,866
312,895
454,054
1,696,121
360,275
176,282
Gross from rail way
Net from rail way
Netafterrents
249,170
Balance.
Texas Mexican
$3,337
Consolidated Balance Sheet Sept. 30
—V. 141, p. 3704.
Assets—
1933
1932
$40,866
def8,676
defl6,458
$49,305
defl3,683
def20,804
1934
1935
railway
$97,193
33,264
23,148
$96,049
20,096
10,803
Net from railway
Net after rents
From Jan 1—
$257,098
439,343
Mat'ls&suppl.,«fec. 1,871,836
Dep. with Mutual
Notes & accts. rec.
to
1,484,521
3,686
Rail-
roadCredltCorp.
Gross from railway
Net from railway
Net after rents
609,039
14,161
def75,812
579,719
881,069
def29,708
217,656
121,764 ldefll3.580
1,099,874
297,335
182,778
825
Ins.,tax.&int.,&c.
Accts. rec., deferred
18,621
10,560
20,385
22,777
5,095,502
x
Fixed
assets
4,359,699
Notes payable
965
$450,000
$335,000
1st
$280,252
375,205
Insurance Cos—
Advance
1934
1935
Liabilities—
1934
1935
Cash
Ry.—Earnings.
November—
Gross from
first preferred stock
on
1—
413,763
7% pref. stock 2,635,696
1,709,359
254,680
Minority interest84,200
Capital surplus
620,175
Earned surplus.—
799,933
225,453
2,635,696
2d 5% pref. stockCommon stock
1,709,359
254,680
Accts. pay. & accr.
expense
100,000
1,216,868
796,413
—V. 141, p. 3704.
Tex&s & New Orleans
November—
Total
RR.—Earnings.-
Gross from railway
Net from railway
$3,354,438
992,311
650,416
Netafterrents
$2,767,691
654,188
$2,441,733
394,923
39,693
296,119
$2,523,803
387,759
29,312
From Jan. 1—
31,471,089
5,863,861
1,569,938
Netafterrents
29,208,223
4,497,920
defl70,418
26,324,908
d 98ft
P1QQ
def2411332
28,726,315
3,496,630
def1,345,719
—V. 141, p. 3704.
1935
1934
$6,075,224
850,000
2,926,330
1,015,475
1,653,933
$4,230,959
600,000
2,026,803
1,417,775
899,655
1,589,759
5,711,073
1,967,465
6,427,728
498,601
Assets—
Cash on hand, due from Federal Reserve Bank and
other banks
loans
U. S. Government bonds—market value
State and
municipal bonds—market value
Other stocks and bonds—market value
Demand
or
short-term loans
secured
—
470.256
896
391
119,321
458,116
13,441,884
6,628,620
2,168,467
5,832,861
76,127
412,058
14,791,327
6,920,292
2,368,467
3,301,825
236,804
192,533
233,902
698,057
176,672
135,306
270,901
695,846
123,971
Depositors' overdrafts
as
trustee
Interest receivable
Bonds
and mortgages
Real estate—Acquired for company's offices
Acquired for other corporate
y
purposes
Acquired through foreclosure
Interest in real estate-
Title insurance
reserve
fund
Stocks of associate companies
Other
assets
Cust'ers' liab. for accepts. & letters of credit
(contra)
Total
$50,480,185 $47,165,501
Liabilities—
Undivided profits
Capital notes
Secured debenture notes
payable in instalments
Reserve for contingencies
Reserve for title insurance
,
Res. for taxes, int., exps. & unearned income
Deposits
Certified and officers' checks
Acceptances and letters of credit (contra)
Net after rents—
y
$10,000,000 $10,000,000
7,500,000
5,000,000
660,355
416,102
3,000,000
3,933,126
9,539,084
410,258
2,937",544
5,274,004
135,306
192,533
247,495
216,936
18,006,232
18,585,206
610,472
664,139
134,971
181,922
--$50.480,185 $47,165,501
After deducting mortgages amounting to $316,500.—V. 140,
RR.—Earnings.—
...
...
-
_
1Q34.
1Q33
1932
$6,572,674
2,271,711
1,528,067
$5,511,614
1,598,656
778,732
$6,054,598
2,257,048
1,295,377
$5,410,134
1,946,520
1.500,497
65,514,435
17,349,224
9,413,415
62,162,511
19,151,502
10,665,487
58,122,529
20,844,955
12.759,855
61,637,281
21,084,641
13,689,078
From Jan 1—
Net from railway
Net after rents
—Y. 141, p.
_.
...
...
...
4177.
United Gas Corp. (&
Period End. Nov. 30—
Subs.)—Earnings—
1935—3 Mos.—1934
1935—12 Mos.—1934
Subsidiaries—
Operating revenues. ..— $6,525,451
Oper. exps., incl. taxes3,623,715
$5,930,311 $26,894,930 $24,583,455
3,460,964
14,437,830
12,993,212
Net revs, from oper..
Other income (net)
$2,901,736
16,119
$2,469,347 $12,457,100 $11,590,243
19,848
97,963
102,389
Gross corp. Income—_
Int. to pub. & oth. deds.
Int. chgd. to construct'n
$2,917,855
311,094
Cr8,849
$2,489,195 $12,555,063 $11,692,632
308,045
1,276,751
1,269,758
Crl0,312
Cr39,662
Crl9,125
Prop,
retire.
&
deplet.
708,401
970,023
3,282,605
3,280,727
$1,907,209
Preferred divs. to public
9,345
Portion applic. to min.
$1,221,439
9,655
$8,035,369
37,380
$7,161,272
38,612
61
12,768
15,999
23,402
$1,897,803
$1,199,016
$7,981,990
$7,099,258
Corp. in inc. of subs.
(as shown above)
$1,897,803
24,516
$1,199,016
20,641
$7,981,990
91,340
$7,099,258
$1,219,657
49,675
$8,073,330
251,656
2,869,813
$7,175,349
202,353
2,869,813
reserve approps
Balance
interests
equity of United
Gas Corp. in income
Net
of subs
Net equity of United Gas
Other income
Total income
p.
4417.
—
.
Expenses, incl. taxes—
Interest to public
$1,922,319
64,805
715,488
715,488
76,091
Bal. carried to consol'd
earned
surplus
$1,142,026
$454,494
$4,951,861
$4,103,183
inter-company transactions have been eliminated from the
Interest and preferred dividend deductions of subs,
represent full requirements for the respective periods (whether paid or-not
paid) on securities held by the public. The "portion applicable to minority
Note—All
above
Total
1935 and
United Gas Corp.—
Capital
Surplus
Notes
in
by market¬
able collateral
Other loans and discounts (less prepaid interest)
Accounts receivable
Advanced
$6,967,807 $7,273,468
1Q35
railway.
Net from railway
Gross from railway.
Title Guarantee & Trust Co.—Balance Sheet Dec. 31—
Call
Union Pacific
November—
Gross from
Gross from railway
Net from railway
Total
After
deducting reserve for depreciation of $4,701,277
$4,588,242 in 1934.—V. 141, p. 4027.
x
1932
1933
1934
1935
$6,967,807 $7,273,468
statement.
interests" is the calculated portion of the balance of income available for
minority holdings by the public of common stock of subsidiaries. Minority
interests have not been charged with deficits where income accounts of
subsidiaries have so resulted.
The "net equity of United Gas Corp. in
income of subsidiaries" includes interest and preferred dividends paid or
earned
on
common
securities held,
Corp., less losses where income accounts
respective periods.
—Y. 141, p. 3705.
United Gas Improvement
Week Ended—
Co.—Weekly Output—
Dec.
Electric output of system (kwh.)
'35
28
81,211,209
Dec.
*35 Dec.
21
87,249,389
29 '34
70,687,134
by the company, Frederic N. Melius, President, announced on Dec. 25.
The plan will be administered by the Metropolitan Life Insurance Co.
under a group-annuities contract.
At the normal retirement age of 65 the retirement income will be approxi¬
mately 1 Yi % of the total salary received from the date of participation in
the plan, it is stated. The income will represent tne proceeds of annuities
set up by the insurance company from contributions made by employer and
employee.
In addition, the company is purchasing an additional retire¬
ment income recognizing past service, for employees more than 50 years of
age on Jan. 1 next, the effective date of the plan.
Liberal concessions are included with respect to the return of co ltributions of employees upon withdrawal or death.
If an employee wishes to
retire before the normal age, the retirement income will be adjusted.
This
plan is in addition to the company's co-operative life insurance plan under¬
written by the Equitable Life Assurance Society, which has been in opera¬
number of
years.—V. 141, p. 3088.
United States Rubber Co.—Notes Called—
All of the outstanding 6M% serial gold notes, series L, due March 1
1937, and series M, due March 1 1938, have been called for payment on
1 next.
The series L will be redeemed at 101 and interest and
March
thelseries M at 102 and interest.
Trust Co. of New York.—V. 141,
Payment will be made at the Guaranty
p.
2752.
Upper Lakes Pulp & Paper Co., Ltd.—Formed to Take
Over Great Lakes Paper
Co.—
The company, to which will be transferred the property and assets of
the Great Lakes Paper Co., Ltd., has been incorporated under a Dominion
charter.
bondholders of Great Lakes Paper Ci. recently voted to accept
Gefaell and Lyman Aldrich to purchase the company
going concern and Justice J. A. McEvoy approved the action.
The
offer provided that the purchasers should transfer the property, assets
The
offer of John E.
an
as
a
and business to a new company.
Utah
141.
1 1936, on the Wabash RR. debenture
B, due 1939, was paid on that date.—V.
4179.
p.
Walgreen Drug Co.—Acquisition—
The
has purchased five Hook Drug Co. stores
company
in Louisville
ia Indianapolis, Hook
while Hook company bought seven Walgreen stores
thereby retiring entirely from the Louisville field and Walgreen
out of Indianapolis.
The transaction is reported to involve $2,000,000 in leases and
$500,000 in assets.—V. 141, p. 3877.
getting
around
Walker-Gooderham & Worts, Ltd.—$8,000,Offered—An issue of $8,000,000 10-year 434 % cony,
debentures of Hiram Walker-Gooderham & Worts, Ltd., and
Hiram Walker & Sons Distilleries, Inc., is being offered
through an underwriting group in Canada and the United
States headed by Hornblower & Weeks.
The debentures,
which are due Dec. 1 1945, are priced at par.
Associated with Hornblower & Weeks in the offering are:
000 Bonds
Freight Co.—Adopts Pension Plan—
A program that enables certain supervisory employees and executives
to retire at fixed ages with incomes guaranteed for life has been adopted
a
1 Interest—
due Jan.
mortgage 6% gold bonds, series
(Hiram)
4178.
United States
tion for
Wabash Ry.—Jan.
The interest of 3%
plus the proportion of earnings which accrued to
stocks held by United Gas
of individual subsidiaries have resulted m deficits for the
—V. 141, p.
139
Financial Chronicle
Volume 142
>
Ry.—Earnings.—
1935
Net after rents
1934
1933
1932
$156,209
73,475
54,445
November—
Gross from railway
Net from railway
$87,285
38,951
$93,743
26,415
5,513
$115,817
60,450
932,446
290,727
148,480
625,542
116,53 1
def80,539
878,890
255,448
970,276
314,306
50,596
92,118
17,510
38,050
From Jan 1—
Gross from railway
*
Net from railway
Net after rents
—V. 141, p. 3552.
Virginian Ry.—Non-Redeemable Preferred Stock to Replace
Redeemable Issue
on
Share-for-Share Basis—
The Interstate Commerce Commission on Dec. 26 authorized the company
$27,955,000 6% non-redeemable cumul. pref. capital
$100). to be delivered in exchange, on a share for share basis, for
equal amount of outstanding 6% redeemable cumul. pref. stock,
u The report of the Commission
says in part:
F^'The applicant's authorized capital stock is $75,000,000, divided into
350,000 shares of 6% cumul. pref stock (par $100), and 400,000 shares of
common stock (par $100).
There are issued and outstanding 279,550 shares
of pref. stock and 312,715 shares of common stock, leaving unissued 70,450
shares of pref. stock and 87,285 shares of common stock.
The $27,955,000 6% cumul. pref. stock was issued as of Feb. 1 1913,
pursuant to the provisions of the applicant's charter as amended Feb. 5 1912.
As originally issued, this stock contained a provisioin that it might be re¬
deemed as an entirety by a vote of a majority in amount of the outstanding
stock at any time after three years from the date of issue upon the payment
of a premium of $5 plus accrued dividends.
The holder of each share of the
stock was entitled to an annual cumul. dividend of 5%.
By order of
Aug. 23 1922, the applicant was authorized to increase the dividend rate
from 5 to 6%, and the charter was amended on Aug. 30 1922, to provide
for such an increase.
The stock was thereafter endorsed to provide for a
dividend rate of 6% per annum.
N*On May 29 1925, the charter was further amended to eliminate there¬
from the redemption provisions pertaining to the outstanding pref. stock.
This action was proposed by unanimous vote of the directors of the applicant
and was adopted at a meeting of the stockholders, at which all of the
issued and outstanding pref. stock was represented, and 310,197 shares of
the 312.750 shares of issued and outstanding common capital stock.
The
resolution was adopted by the unanimous vote of all the shares represented
at the meeting.
No action has yet been taken to eliminate the redemption
provisions from the outstanding stock certificates.
IrtkThe applicant therefore proposes to issue $27,955,000 of 6% cumul. pref.
capital stock (par $100), which will be exchanged on a share for share basis
for an equal amount of outstanding 6 % cumul. pref. stock.
The proposed
stock will not contain the redemption provision, but in other respects it
will be similar to the stock for which it is to be substituted.
Upon its
surrender the outstanding stock will be canceled.
The applicant cites several reasons why it is in the public interest and in
the interest of the applicant corporation to eliminate the redemption pro¬
vision from the pref. stock.
It is stated that the elimination of this provi¬
sion was adopted in 1925 by the practically unanimous vote of both classes
of stockholders, and that the right to redeem prior to that date was theoreti¬
cal rather than practical, since both classes of stock have equal voting
rights, and it would require the vote of a majority of the outstanding stock,
both pref. and common, to effect a redemption.
The holders of the pref.
stock could not be expected to vote in favor of the redemption of their stock
at 105, so it would require the affirmative vote of practically all the common
stock to effect the redemption.
The failure of but 16,582 shares of the
common stock to so vote would block any proposed redemption.
At the
Mara & McCarthy and Osier & Hammond, both of Toronto;
Chas. D. Barney & Co.; Cassatt & Co., Inc.; Dominick &
Dominick; Eastman, Dillon & Co.; W. E. Hutton & Co.;
Kidder, Peabody & Co.; G. M.-P. Murphy & Co.; Paine,
Webber & Co.; White, Weld & Co.; Bell & Beckwith;
Bancamerica-Blair Corp.; Wm.
Cavalier & Co.; Piper,
Jaffray & Hopwood; Paul H. Davis & Co.; Singer, Deane
& Scribner; Barclay, Moore & Co.; Reed & Co., Inc., and
G'Brian, Potter & Co.
The issue is the joint and several obligation of Hiram Walker-Gooderham
& Worts Ltd., a Canadian corporation, and Hiram Walker & Sons Dis¬
tilleries', Inc., its subsidiary controlling the companies which manufacture
and sell the company'a products in the United States.
Proceeds of the issue will be applied to payment of bank loans incurred to
finance the construction and operation of the Hiram Walker & Sons Dis¬
tilleries plant at Peoria, 111., which, according to the prospectus, is con¬
sidered to be the largest single whiskey distillery in the world.
Of the net
proceeds, $7,450,000 will be used for this purpose and the balance will be
used for general corporate purposes.
The debentures will be convertible at any time into common stock of the
the following rates:
$40 per share so long
$6,000,000 of debentures are outstanding; $45 per share
parent Canadian company at
not less
as
than
less than $6,000,000 and not less than $4,000,000 are outstanding;
$55 per share so long as less than $4,000,000 and not less than $2,000,000
are outstanding and $60 per share so long as any of such remaining $2,000,000 of debentures are outstanding.
While the principal and interest of the
debentures will be payable in American dollars, the conversion feature will
permit an exchange for stock of a Canadian company on which dividends
are payable in Canadian currency.
Application will be made to list both the debentures and the common
stock of the parent Canadian company on the New York Stock Exchange
Extension of the business of Hiram Walker-Gooderham & Worts Ltd. into
so
long
as
the United States followed the repeal of prohibition in 1933.
of subsidiaries of the Canadian company were organized in
States in
and
1933
A number
the United
1934, the chief manufacturing company being
Hiram
Walker & Sons Inc., which owns the Peoria distillery with a daily capacity
in excess of 100,000 U.S. proof gallons of spirits. Through other American
subsidiaries, plants of the organization are also operated in Detroit, Jersey
City and San Francisco.
Under the recent
Trade Agreement between the United States and
Canada providing that whisky of all types and classes may be imported
from Canada into the United States at a duty of $2.50 per proof gallon
against the previous duty of $5.00 per proof gallon, it is anticipated that
matured wnisky manufactured in Canada by the
to be sold at
to issue not exceeding
as
stock (par
such reduction will permit
an
subsidiaries of Hiram Walker-Gooderham & Worts Limited
present time the owners of pref. and common stock are in many cases identi¬
cal, and this situation is expected to continue.
Under the circumstances,
the right to redeem could not be effected.
The applicant also states that the further extension of its property is in a
great degree limited by its environment to mine tracks and short spurs
reaching coal measures, and consequently a large amount of additional capi¬
tal will probably never be required by such future development of the prop¬
the United States with a wider market and increased volume,
according to the prospectus.
The parent Canadian company represents a consolidation of Hiram
Walker's Limited, whose distillery originally was established in Canada
in 1858, and of Gooderham & Worts Limited, the oldest existing distillery
in Canada which was founded in 1832.
The company and its subsidiaries
lower prices in
engaged in the production and selling of alcoholic products for beverage
together with their by-products and other materials.
Upon the completion of this financing, the $8,000,000 debenture issue
will constitute the sole funded debt of Hiram Walker-Gooderham & Worts
Limited and subsidiaries.
Maximum interest
requirements on
these
debentures will amount to $340,000 a year.—V. 141, p. 3552.
are
and industrial purposes,
Walworth
Co.—Compl tes Reorganization Plan—
The company,
in line with final approval of its plan of reorganization by
which became effective Jan. 2,
holders to submit letters of transmittal for the issuance
of that date.
This carries into
effect the reorganization plan, all details of which but the actual exchange
of the new for the old securities have been completed, allowing the com¬
the U. S. District Court of Massachusetts,
is asking security
of the new securities which is being made as
enter the new year on the reorganized basis.
Application already has been made for listing of the new
(See V. 141, p. 4179.)
pany to
securities on the
New York Stock Exchange.
has notified the N. Y. Stock Exchange of the appointment
of City Bank Farmers Trust Co. as transfer agent for its common stock
effective Jan. 1 1936.—V. 141, p. 4179.
The company
Wardman
Realty & Construction Co., Washington,
Voided—
D. C.—Mail Fraud Writs
Eastern Wisconsin in quashing
against Halsey, Stuart & Co1;, Inc., was permitted
Action of the Federal District Court for
mail fraud indictments
to stand Dec.
The appeal was dismissed
The unanimous opinion was read by Chief
23 by the U. S. Supreme Court.
because of lack of jurisdiction.
1
Justice Hughes.
attorneys had said it probably was too late
the time was limited by law.
The indictments charged misuse of the mails in the sale of $2,500,000
bonds of the Wardman Realty & Construction Co. of Washington. D. C.
The government contended that the securities firm knew the Wardman
interests were in an unstable financial condition, and said the Wardman
company collapsed witn more than $18,000,000 bonded indebtedness.
In taking its action the lower court held the government had failed to
disclose a scheme to defraud.—V. 135, p. 2507.
Previously,
government
to seek new indictments because
Warner-Quinlan Co.—Filing of Claims—
Pursuant to an order of the U. S. District
of New York dated Dec.
Court for the Southern District
13, all claims and interests of the creditors and
stockholders must be filed or evidenced on or
before Jan. 13 1936.
Claims
special master, 15 Park Row, New York.
of the 10-year 6% conv. goid debentures due
be evidenced in the aggregate by the filing of a verified
must be filed with Irwin Kurtz,
erty as may now be reasonably anticipated.
It is also reprsented that under
normal conditions non-callable 6 % pref. stock of a corporation with a good
The claims of the holders
record of earnings and dividend payments sells at substantially higher prices
than the call price of 105, and that the excess over the call price would not
be subject to dividends, which would be a decided advantage to the corpo¬
statement by the Chase National Bank, New York, trustee.
Holders
such debentures need not file individual claims on their own behalf.
ration, from the standpoint of financing with stock rather
also in keeping down the fixed charges.
Although, as a
than bonds, and
rule, we do not
without a redemption provision, never¬
theless, under the facts and circumstances of this case the applicant's
look with favor upon the pref. stock
Earnings for November and
November—
sTet after rents
1935
$1,252,177
677,172
577,223
sTet from railway
STet after rents
-V. 141, p. 4179.
14,358,665
7,772,877
6,545,938
Year to Date
1934
1933
1932
$1,288,918
736,214
652,170
$1,129,199
583,192
530,328
$1,061,631
522,561
479,902
13 ,177,839
12,287.406
6,306,391
5,527,216
11,592,642
5,375,197
4,573,189
7 ,028,461
6 ,145,347
of
of the stockholders may be evidenced by the stock books
of the company and such stockholders
their own behalf.—Y. 141, p. 2600.
Warren Brothers Co.—Time
a
need not file individual claims on
for Deposits Extended—
meeting held Dec. 18, extended the time for
deposit
of company's notes and debentures under the deposit agreement by and
between the company and State Street Trust Co., depositary, dated Sept.
From Jan. 1—
Jross from railway
The interest
The directors at
claim of benefit to it is persuasive.
jJross from railway
Si et from railway
March 1 1939, may
23 1935, up to and including Jan. 31
1936.—V. 141, p. 2753.
West Penn Power Co.—To Issue
H. L. Mitchell, President of the company
lommission covering the proposed issue of
Sany has filed a registration statement with
$27,000,000 Bonds—
has announced that the com-
the Securities first Exchange
$27,000,000 and mortgage
bonds, series I, 3H%. to be due Jan. 1 1966.
The
by the company's first mortgage, dated March 1
Chase National Bank, New York, is trustee.
bonds are to be secured
1916, under which the
Financial Chronicle
140
The registration statement states that no firm commitment has been made
for the sale of the bonds but that it is expected that the principal under¬
writers will be W. O. Langley & Oo. and others.
Information concerning
the
underwriters, the price at which the bonds are to be offered and similar
matters are to be supplied later by amendment.
According to the registration statement the company proposes upon sale
of the
bonds to apply the net proceeds of the issue,
together with other
funds, to the redemption of $8,500,000 of first mortgage gold bonds, series
A, 5%, on March 1 1936, and $18,500,000 of first mortgage gold bonds,
series G, 5% on June 1 1936.
Both of such issues are redeemable at 105
new
and int.
The company also announced that the issue and sale of the new bonds
have been authorized by the P. S. Commission of Pennsylvania.-—V» 141,
White Motor
1932
$6,658,368
6,725,694
173,458
Other income
Total income.
Interest
Federal taxes...
$887,676 loss$154,089 loss$184,815
17,188
/ 5,222
9,076
140,534
7,512
$729,954 loss$166,824 loss$193,892
295,655
295,655
299,408
292,707
76,573
150,000
$323,271
..
$847,559 loss$192,777 loss$240.784
40,117
38,688
55,969
$911,633
295,655
292,707
.
$1,066,828
45,875
$1,112,703
4,697
196,373
Operating profit.
$141,592 def $539,051 def$643,299
Net profit.
Preferred dividends
Common dividends
Surplus...
Shares
171,403
186,494
......
1933
$7,402,245
7,423,411
171,611
stock
com.
585,414
584,154
Assets—'
marketable
at
secur.
z
cost...
Invest.in cos.own
preferred stock.
202,374
994,415
Loans & advances.
Employees'
bal
ances
.....
Deposits in banks
in liquidation
a
301,564
Cos.own com.stk.
held for emply..
Inventories
148,805
24,577,608
Accts. & bills reo.. 3,598.410
Cash
3,666,643
Mlscell. Invest..
Loans
to
306,098
.
.
Prepaid expenses.
166,254
.
$
20,571,786 20,571,786
9,824,273 y Capital stock
2,839,559
182,914 Accts. accrd., &c__ 2,658,680
9,250,000
2,490,000
144,000 Bank loans.
Pref. di s. payable
295,655
295,655
292,707
63,044 Com. divs. payable
292,707
Federal tax reserve 1,748,567
361,277
202,374 Res. for oil mill exp
758,767
578,360
906,013 Insur. & contlng.
reserve...
998,269
760,588
131,254 Sub. cos. purch.
106,000
money notes
3,200,000
308,869 Paid in surplus
3,200,000
5,886,868
Capital surplus... 5,886,868
148,805 Revenue surplus.. 6,371,592
4,185,433
27,813,793
3,221,606
3.935,343
523,157
96,841
U. S. Govt, secur.
Other
$
Liabilities—
$
$
Plant, equip., &o 9,904,366
148,101
Invest. & advances
964,758
45,272,891 48,328,2331
depreciation,
y
.45,272,891 48,328,233
Total
Represented by 300,000
no
par
shares of $4
z 4,345
Wickwire Spencer Steel Corp.—Earnings—
[Exclusive of American Wire Fabrics]
a
S. Bloom, President of the
director.—V. 140,
p.
4252.
y82,914
loss360,304
loss55,699
x38,203
x Earnings after
all charges but before depreciation and interest were
$73,012 for the month of November 1935, against a loss in the like month
a year
ago of $15,426.
Depreciation was based on the old formula calling
for $34,254
per month,
under the plan of reorganization these charges
will be $20,833 monthly, or $13,421 per month less than under the old basis.
y For the 11 months ended Nov. 30 profit after depreciation but before
interest amounted to $82,914 on the old depreciation basis.
They would
have been $230,545 on the new depreciation basis.—V. 141, p. 4179.
Yazoo &
Earnings.—
Mississippi Valley RR.1934
1933
1932
$1,109,132
407,309
198,177
$1,030,563
489,251
279,214
$1,172,317
406,513
167,696
11,604,618
3,024,727
863,332
10,944,092
2,935,845
590,342
10,812,031
3,567,174
1,138,079
10,809,918
2,715,251
231,108
November—
1935
Gross from railway$1,322,946
Net from railway
Net after rents
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
359,902
124,521
Period—
Gross earnings (est.)
Jan. 1 to Dec. 21
1935
1934
Total revenue
Cost of production
25,428
—...
.......
$50,295
...
966
$51,262
21,485
5.000
10,000
;
Dominion and Provincial income taxes
4,397
.......
Net profit
$10,380
Balance Sheet Aug. 31 1935
A t\r*jyfn
Liabilities—
Cash in bank
$37,13$ Purch. money oblig. Wesko Ex¬
precipitates on
ploration & Develop. Co., Ltd.
$2,300
hand & in proc. of realization.
33,538 Trade accounts payable
....
12,434
Inventories of stores & supplies.
6,599 Wages payable
5,159
Def'd repairs & shutdown exp..
2,500
20,000 Reserve for income A other taxes
Unexp. insur. & prepaid items..
...........y556,251
4,906 Capital stock
Capital assets
486,842 Earned surplus......
.....
10,380
Concentrates &
Commission refused
mmission
on
Explained-
Dec. 30 to coi
commit
x
on the course pursued by the company in authorizing the purchase
of $3,900,000 of equipment without providing definitely for the financing
of the transaction.
to
Commissioner
B.
H.
Meyer, Warren Olney Jr.,
counsel for the Western Pacific's trustees, said he had applied to the court
of jurisdiction for authority to incur the expenses of $3,900,000, but
without providing therein for authority to issue trustees' certificates or
other evidence of indebtedness.
This was omitted, he explained, because of objections by the bond¬
holders' committee, which thought the rehabilitation of the road as pro¬
posed shoxild be made a part of the road's general plan of reorganization.
Should the issuance of trustees' certificates prove to be necessary, they
could be provided for subsequently, he explained.
Without discussing the advisability of the course pursued by the Western
Pacific, Commissioner Meyer repled that, if an issue of trustees' cer¬
tificates became necessary, application should be made to the Interstate
Oommerce Commissioner under the appropriate provisions of the law.
Earnmps for November and
November—
1935
Gross from railway
Net from railway
$1,291,518
Year to Date
1934
1933
1932
350,204
212,235
Western Ry. of
$1,050,036
281,663
145,137
$828,596
110,393
17,955
11,864,716
2,100,023
921,249
Net after rents
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
—V. 141, p. 3706.
$994,407
120,953
9,186
11,345,123
2,333,474
1,188,552
10,011,082
1,874,544
812,717
10,102,017
1,742,196
590,101
Alabama.—Earnings.
1935
$125,912
17,137
13,218
.
..
1,243,995
..
def 12,034
def54,077
1934
$113,391
5,021
2,602
1,192,472
defl6,561
def36,438
After
..$589,0251
reserve
York Ice
def644
def8,372
1,136,702
def31,277
def89,031
1932
$92,076
defl5,173
def20,642
1,143,194
deflll,636
def174,880
Brake
Co.—Recapitalization
Plan
Approved—
At a special meeting of stockholders held on Dec. 20 the
company's
plan of recapitalization was approved.
See also V. 141, p. 3397.
Wheeling Steel Corp.—Files Issue With SEC—
The company has filed a registration statement with the Securities and
Exchange Commission covering $35,000,000 1st mtge. sinking fund 414%
bonds, series A, due 1966.
Kuhn, Loeb & Co.; Brown Harriman & Co.,
Inc., and Lee, Higginson Corp. are to be the principal underwriters.
Names of other underwriters and amounts to be underwritten by each
will be filed by amendment.
According to the registration statement, the net proceeds from the sale
of the bonds will be applied as
fotyows:
Represented by 2,225,005
1935
$741,277
324,930
62,482
3,557
422,525
Int.
on debentures
Int. onunsec. 3% notes.
Provision for deprec'n..
$815,365
Loss for year.
x
1933
1934
$19,183
324.930
65,552
1,897
442,168
$72,216
Net income
Int. on 6% 1st mtge. bds
1932
x$369,296
337,295
86.442
x$16,014
326,633
74,724
-
455,157
472,599
$840,501
$527,040
Including discount in the amount of $130,439 ($112,770 in 1932) on
bonds and debentures retired.
Comparative Balance Sheet Sept. 30
1935
Assets—
1934
$
Cash
Cash held by dis¬
counters of notes
38,205
551,107
53,828
Est.
cost
to
162,975
xNotes & accts. reo 3,795,231
Accrued interest..
30,435
Cost of uncomplet¬
ed contracts
61,222
Mlscell. assets
467,386
Inventories
2,698,682
Investments
664,800
y Property
7,565,175
$
555,581
244,387
328,750
219.492
com¬
210,877
48,657
108,645
87,480
226,266
157,094
Funded debt
6,554,200
6,554,200
7% preferred stock 5,447,800
5,447,800
106.063 z Common stock807,405
807,405
Surplus
2,255,699 2,308,410
2,523*953 Pref. treasury stk Drll0,700 Dr 110,700
981,735
7,912,580
162,975
3,408,550
41,644
Reserves
Deferred credits..
1
Deferred charges..
49*688
106,153
.16,300,060 15,848,6891
Total..
16,300,060 15,848,589
Total
After deducting reserve for doubtful notes and accounts of $190,606
in 1935 and $243,671 in 1934.
y After deducting reserves for
of $6,236,819 in 1935 ($5,862,539 in 1934).
z Represented by
of
1934
$
Accounts payable.
Accrued accounts.
plete contracts-
Deposit for pay. on
1st mtge.bd.lnt_
x
1935
Liabilities—
$
766,261
no
par
value.—V. 141,
Yosemite
Air
y
Machinery Corp.—Earnings—
Years Ended Sept. 30—
Patents
1933
$104,139
..$589,025
Total
for depletion of $15,000.
no-par shares.
itself
Westinghouse
$226,770
151,045
-
...
...
Total
Interstate Commerce
November—
Gross from railway
Net from railway
Net after rents.
From Jam. 1—
Gross from railway
Net from railway
Net after rents
—V. 141, P. 3706.
...
Shipping, marketing and smelter charges
.........
$273,711 $14,402,159 $13,561,572
$290,732
Western Pacific RR.- •Need for Spending
letter
Ltd.—Earnings—
...
—Third Week of Dec.
1935
1934
—V. 141, p. 4179.
$6,771,173
/
charges but before int_
Depletion
Depreciation
company,
Western Maryland Ry.—Earnings—
.
■
$7,886,701
$544,741
$768,075
Total income
Deductions
announced on Dec. 30
that sales in 1935 will exceed $104,000,000.
They were $91,807,000 in
1934.
A continued improvement is anticipated in 1936.
As a result of this increase in activity, Mr. Bloom said, it was possible
in the latter part of the year to re-engage many of the company's employees
and to provide five days of work a week for a substantial majority of
them.—V. 141, p. 939.
recent
1935—11 Mos.—1934
1935—Month—1934
Net after deprec. & other
Gross profit on operations
Miscellaneous income
Western Electric Co.-—Sales—
a
550,374
157,119
72,779
Earnings for the Period from July 12 1934 to Aug. 311935
George T. Cussen has been elected
In
513,561
149,177
84,906
105,847
43,777
Ymir Yankee Girl Gold Mines,
Western Air Express Corp.—•New Director—•
The
474,937
251,633
cumulative preferred and 600,000 no par shares of common stock,
shares at cost,
a 14,586 shares at cost.—V.
141, p. 3553.
Edgar
$61,970
25,486
17,751
574,313
293,494
life Insurance...
After
$53,228
20,360
15,489
513,120
136,421
81,664
Net from railway
Net after rents
—Y. 141, p. 3707.
$35,526
1,719
def3,950
—V. 141, p. 3553.
glnners
securities.
x
$45,517
8,183
3,439
...
Net after rents
From Jan. 1—
Gross from railway
Cash surrender val.
Total...
1932
1933
1934
1935
Gross from railway
Net from railway
Period End. Nov. 30—
1934
Stock Called—
Wichita Falls & Southern RR.—Earnings.—
November—
Sales
1935
1934
appointed
4029.
p.
Nil
Balance Sheet Nov. 30
1935
x
Whittall Can Co., Ltd.—Preferred
600,000
Nil
585,414
$0.74
$1.05
.
The company has called for redemption on Jan. 20 all its preferred
stock at 110 and accrued dividends together with interest at 614 % to date
of redemption.
Dividend arrears amount to $11.3714 a share.—V. 141,
out¬
standing (no par)
Earnings per share
—
„
Co.—Transfer Agent—
The Chase National Bank of the City of New York has been
transfer agent for the common stock.—v. 141, p. 3089.
Wesson Oil & Snowdrift Co., Inc.—
Depreciation
to
—
P. 3553.
3 Mos. End. Nov. 30—
1935
1934
Net sales..
...$18,522,866 $14,169,194
Cost of sales..
17,269,544
13,150,232
Jan. 4 1936
discharge indebtedness to various banks, which was
contracted as to $9,308,110 thereof to provide funds for the redemption
on Jan. 1 1936 of
$9,037,000 principal amount of 1st & ref. mtge, 514%
sinking fund gold bonds, series A, due July 1 1948, at 103% (accrued
interest to be paid out of treasury funds);
$16,008,900 to redeem on April 1 1936 all the outstanding $15,695,000
principal amount of 1st & ref. mtge. 414 % sinking fund gold bonds, series B,
due April 11953, at 102% (accrued interest to be paid out of treasury finds);
$2,000,000 for additions and improvements to certain of the plants
of the corporation;
The balance for additional working capital and other corporate purposes.
—V. 141, p. 4179.
$14,000,000
p.
depreciation
161,481 shs.
2913.
Valley RR.—Road Bought for $10,000—
This road which cost $5,000,000 to build 30 years ago,'was purchased'for
$10,000 on Dec. 23 by a bondholders' committee at a foreclosure sale. The
76-mile road from Merced to El Poral, gateway of Yosemite National Park,
probably will be used largely for moving lumber and cement.
The Yosemite Valley Ry. was incorp. in Oct. 1934 to carry out
provisions
of a plan of reorganization (V. 135, p. 3519).
It is understood that the
bondholders' committee will turn over the property acquired to the new
company.—V. 141, p. 2132.
Zenith
Radio
Corp.—Earnings—
Period Ended Nov. 30 1935—
Profit after depreciation, excise taxes St royalties
but before Federal taxes
...
Earnings per share on 500,000 shares capital stock.
—V. 141, P. 3397.
Month
$172,618
$0.34
7 Mos.
$720,066
$1.44
.
Financial
Volume 142
Chronicle
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Jan. 3 1936.
Coffee—On
lower for Santos contracts, with
transactions of 10,250 bags.
Rio contracts closed 4 lower, with
Sept. Rio touched 4.96c.,
Rio de Janeiro futures
market
Rio No.
Brazil
did
rate
7
was
not
1 to 3 points
closed
28th ult. futures
the
transactions of 7,750 bags.
seasonal low for that month.
75 reis higher, while the open
a new
were
The official spot price on
change.
Cost and freight offers
off 200 reis.
from
The action taken
by the Venezuelan Government last week to buy the coffee
crop and establish a virtual monopoly, has sent coffee prices
on
unchanged to 5 points higher.
were
that
country's product
trade advices.
up
Havre futures
3^ to 1 cent, according to
134 to 134 francs lower.
were
closed
On the 30th inst. futures
lpt. higher for Santos
Rio contracts closed
contracts, with sales of only 500 bags.
unchanged to 4 points higher, with sales of 2,250 bags.
Rio de Janeiro futures were 125 reis higher, while the open
market
exchange rate
dollar.
Cost and
remained at 18.05 milreis to the
freight offers from Brazil were about un¬
changed with Santos peaberry 4s at from 7.50 to 7.85 c.
Spot market
Havre futures
quiet.
was
were
334 to 434
francs higher,
to
this strength being attributed more or less
the firmer franc rate and more favorable turn of political
situation.
On the 31st inst. futures closed 2 to 4
Santos contracts, with sales of 7,750
tracts closed 2 to 4
The
open
bags, while Rio
con¬
points higher with transactions of 1,250
Rio de Janeiro futures
bags.
points higher for
were
25 to 100 reis higher.
market exchange rate was unchanged at 18.05
Cost and freight offers from Brazil
milreis to the dollar.
were
about
have
contracted
unchanged.
Large roasters
American
Central
for
were
reported to
coffees
at
higher
prices, taking Guatemalas at about 9%c.
On the 2d
inst. futures closed 6 to 8 points higher for
Santos contracts, with sales
tracts closed 5 to 4
of 18,750 bags, while Rio
points higher, with trading of 750 bags.
The open market exchange rate was
milreis to the dollar.
Santos
Bourbon
4s
Brazil
from
at
futures closed 4 to 7 points up
of 87 contracts.
20 reis weaker at 18.07
At Rio de Janeiro there
Cost and freight offers from
with
con¬
was a
holiday.
were
about unchanged,
7.80
to
8.20c.
Today
for Santos coffee, with sales
Rio contracts closed at 3 to 5 points advance,
with sales of 31 contracts.
Rio de Janeiro futures
were
50
offers from Brazil
were
5 to
Cost and freight
10 points higher with Santos
Bourbon 4s at 8.05 to 8.20 cents, while Peaberry 4s were
at 7.90 cents.
Rio coffee prices
closed
May
July
as
follows:
-4.731 September
March
.8.20
-
.8.28
4.861 December
4.981
-
-
Sugar—On the 28th ult. futures closed 1 to 2 points off.
were limited to but 35 lots or 1,750 tons.
Trading and
Sales
fluctuations
were in sharp contrast with previous day, when
heavy and price gains substantial.
The business
of Saturday's short session was confined largely to evening
up in January delivery.
The raw market was quiet.
Two
lots of Puerto Ricos and possibly one parcel of Philippines
were offered at 3.25c., with nothing else below 3.30c.
London
market closed unchanged to Id. higher, with trading quiet.
On the 30th ult. futures closed 4 to 7 points up, with sales of
20,650 tons.
Trading was more active than for some time,
with Cuban interests conspicuous on the buying side.
Hedge
selling and profit taking did much to supply the demand.
The 1936 government quota figures of 6,434,088 short tons
were regarded favorably by the trade, and held responsible
in a large measure for the strength displayed in both spots
and futures.
Raws were active and firmer.
The spot price
volume
was
Puerto Ricos, loading Jan. 14th, to
points higher.
Other sales included
4,000 tons of Philippines for Jan .-Feb. shipment at 3.27c.,
and 2,000 tons of Philippines for April-May shipment at
3.30c., both to McCahan of Philadelphia.
On the 31st ult.
futures closed unchanged to 1 point higher.
Sales were
1,850 tons.
Spot price for raws advanced 3 points to 3.28c.
on
a sale of
Cubas to National from store.
National in
on a
sale of 4,300 tons of
Nation al at 3.25c., was 5
addition, bought 2,000 tons of Philippines, Jan.-Feb. ship¬
3.30c.; Pennsylvania paid 3.25c. for 4,600 tons of
Puerto Rico second half January shipment, and Rionda
bought 4,000 tons of Philippines due to arrive early January
at 3.30c.
The spot price for raws as the year ended, was
3.28c., which was 56 points better than at the end of 1934.
Refined at 4.90c., was 60 points better.
On the 2d inst. futures closed one to two points lower, with
sales of 3,100 tons. In the raw market all sales were at 3.30 c.
to outport refiners.
Revere of Boston took 2,000 tons of
Philippines, January-February shipment, while Henderson
of New Orleans took a like amount.
Sacannah bought 4,150
ment at
and Godchauz of
January-February shipment
Philippines.
London market was quiet with futures un¬
To-day futures closed unchanged to 2 lower.
changed.
The volume of trading was small and without special feature.
The raw market was quiet.
Offering of duty free sugars con¬
tinued at 3.30 c., the last price.
In London the market was
quiet and steady, with futures unchanged to Hd lower.
tons
of Puerto Ricos January shipment,
New Orleans took 4,000 tons of
Prices
were as
prices closed
as
follows:
8.051 September
May
July——
8.091 December
8.151
8.20
8.28
Cocoa—On the 28th ult. futures closed 2
points higher,
There was no special
London unchanged,
and futures 134^. higher to unchanged, with no contracts
sold.
Closing: Jan., 4.81; Mar., 4.91; May, 4.99; July,
5.07; Sept., 5.16; Oct., 5.20; Dec., 5.28.
On the 30th ult. futures closed 3 points down, after a
quiet and featureless session.
There was an issuance of 18
transferable notices for January delivery.
While prices
eased off under this, there was no pressure of selling.
Trans¬
actions for the session totaled 17 lots, or 228 tons.
Closing:
Jan., 4.78; Mar., 4.88; May, 4.96; Sept., 5.13.
^In the 31st ult. futures closed unchanged with trans¬
or
724 tons.
There
was
some
switching
nearby positions and evening up over the end of
the year.
Outside of this there was virtually no feature to
the trading.
Closing: Jan., 4.78; Mar., 4.88; May, 4.96;
July. 5.04; Sept., 5.13; Oct., 5.17; Dec., 5.25.
On the 2d inst. futures closed with gains of 8 to 4 points,
with trading
comparatively light and without feature.
Transactions amounted to 24 lots or 322 tons.
Warehouse
out of the
stocks decreased 2,600 bags over the
holiday to a total of
789,075 bags.
Closing: Jan., 4.86; Mar., 4.92; May, 5.00;
and Sept., 5.17.
Today futures closed 1 to 4 points up.
The market was more or less influenced by the substantial
---2.19
2.251 January
March
2.181 May
2.21
September
2.301 November
2.34
points lower.
heavier receipts of hogs at
the Western markets for some weeks past and the consequent
accumulation of lard stocks are factors contributing much to
bearish sentiment.
Export demand continues slow. Closing
hog prices were mostly 15c. to 25c. lower at Chicago; the top
price was $9.75 and the bulk of sales ranged from $9 to
$9.60. Total receipts for the Western run were 21,200,
against 25,200 for the same day last year.
On the 30th ult.
The recent decline in the hogs, the
lower
on
the
liquidation
10 to 15
distant
and
points lower on near months and 5
There was considerable
deliveries.
switching from
nearby
positions.
Lard
last half of December are expected
to increase owing to lack of export business and slow cash
demand.
All this, naturally has a bearish influence on
sentiment.
Closing hog prices were 10c. higher on the light
weights and 10c. lower on the other weights.
The top price
at Chicago was $9.85, and the bulk of sales ranged from $9
to $9.75.
Total receipts for the Western run were 70,500,
against 67,100 for the same day last year.
On the 31st ult.
futures closed 2 to 5 points lower on the nearby positions and
unchanged to 2 higher on the distant deliveries.
The weak¬
ness in hogs was again the depressing influence.
Consider¬
able liquidation took place, mostly in the nearby deliveries.
Cash trade in lard continues slow, and the price on cash
declined 25 points. The number of hogs marketed recently
is quite a surprise to many in the trade, and leads to the belief
that the shortage in the hog crop was overestimated.
Hog
prices at the close were 10c. to 25c. lower, the top price at
Chicago being $9.70, with the bulk of sales ranging from
$8.85 to $9.50.
Total receipts for the Western run were
63,000 head, against 25,000 for the same day last year.
On the 2d inst. futures closed 5 to 10 points higher.
The
higher hog and grain markets had a favorable effect on prices.
During the month of December lard stocks at Chicago in¬
creased 6,989,000 pounds, and the total stocks now are
17,878,000 pounds, against 73, 453,000 pounds on January
1st, 1935. This was expected because of the heavy shipment
stocks at Chicago for the
with sales of only 24 lots, or 322 tons.
feature to the trading.
Cash cocoa in
actions of 54 lots
follows:
July
futures closed
Santos coffee
March
v
Lard—On the 28th ult. futures closed 2 to 7
reis lower, while the open market exchange rate was 20 reis
improved at 18.05 milreis to the dollar.
buying of spot cocoa by manufacturers. A further decline
of 2,500 bags in warehouse stocks was reported.
Stocks
have been declining for the past two weeks.
Closing:
Mar., 4.96; May, 5.04; Sept., 5.20; Dec., 5.30.
x
142
Financial Chronicle
of
hogs.
Hog prices were firm at the start of the year and
closing values were unchanged to 15 cents higher, the top
price at Chicago being $9.70, with the bulk of sales ranging
from $9.10 to $9.60. -Total receipts for the Western rum
were
50,000 against 74,600 for the same day a year ago.
To-day futures closed 2 points lower to 5 points higher. The
upturn in the hog market gave lard its strength.
DAILY
CLOSING PRICES OF LARD
Mon.
Sat.
December
IN
Wed.
11.52
Holi-
11.57
11.72
11.67
weaker;
11.47
11.55
11.67
11.70
day
11.80
11.80
11.62
11.62
11.70
11.80
mess,
$29.37 to $37.37.
$36.37; family,
11.55
Ocean Freights showed a little more
$36.37; fat backs,
family, $22. to $23.; extra India mess nominal. Cut meats
quiet; pickled hams, picnics loose, c.a.f. 4 to 6 lbs., 15^c.;
6 to 8 lbs., 1534c.; 8 to 10 lbs., 15^c.; skinned loose, c.a.f.
14 to 16 lbs., 2234c.; 18 to 20 lbs., 29c.; 22 to 24 lbs., 17^c.;
pickled bellies, clear, f.o.b., N. Y., 6 to 8 lbs., 24c.; 8 to 10
lbs., 2334c.; 10 to 12 lbs., 22%c.; bellies, clear, dry salted,
boxed, N. Y., 14 to 16 lbs., 1934c.; 18 to 20 lbs., 18J4c.;
20 to 25 lbs., 18%c.; 25 to 30 lbs., 1824c.;
Butter, creamery,
first to higher than extra and premiums 3424 to 37c. Cheese,
state, whole milk, held, 1934 specials 22 to 23c.; held, 1935
fancy 20 to 2034c.
Eggs, mixed colors, checks to special
packs 20 to 31}^c.
$5.25 to $6.95.
Cottonseed Oil
Crude, S. E., 934c.
January
February
10.60 @
10.50 @10.65
10.55 @
10.54 @10.65
March
April
'
'
sales, including switches,
Prices closed as follows:
May.
10.54@ 10.57
June
July
August
60 contracts.
10.55 @10.60
—
10.53@
10.50@10.65
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—On the 28th ult. futures closed
unchanged to
4
points higher.
Sales totaled 950 tons.
Spot ribbed
smoked sheets in New York advanced to 13.37 as against
13.31 the previous day.
London and Singapore markets
closed.
Closing Jan., 13.32; Mar., 13.51; May, 13.66;
July, i3.82.
On the 30th ult. futures closed 7 to 10 points
higher, with transactions 2,570 tons.
Spot ribbed smoked
sheets in New York advanced to 13.44 as against 13.37 on
Saturday.
During the day 3,710 tons were tendered for
deliver against January contracts.
This was first notice
day for that delivery.
London and Singapore closed steady
with slight advances.
Closing; Jan., 13.41; Mar., 13.59;
May, 13.75; July, 13.92; Sept., 14.05; Oct., 14.13.
On the
31st ult. futures closed at 1 to 6 points advance, with trans¬
actions totaling 710 tons.
The price of spot ribbed smoked
sheets in New York advanced to 13.50 as against 13.44 on
Monday.
London closed quiet, with prices l-16d. higher.
Singapore was firm, with prices showing advances of 1-16
to 3.32d.
Closing; Jan., 13.47; Mar., 13.63; May, 13.76;
July, 13.94; Sept., 14.08.
On the 2d inst. futures closed 3 points lower to 3 points
Sales totalled 720 tons.
The price of spot ribbed
smoked sheets in New York remained unchanged at 13.50.
Sixty tons
tendered for delivery against January con¬
Singapore rubber markets closed
quiet, with prices virtually unchanged. Closing: Jan. 13.48;
Mar., 13.64; May, 13.79; July, 13.94; Sept., 14.06; Oct.,
14.12.
To-day futures closed 9 to 13 points up.
Trans¬
actions totalled approximately 1,150 tons.
The London
market closed steady at a slight advance.
Singapore was
quiet and slightly lower. Closing: Jan., 13.57; Mar., 13.75;
May, 13.91; July, 14.05; Sept., 14.19.
tracts.
were
The London and
Hides—On the
Transactions
28th ult.
totaled
futures
closed 2 points lower.
680,000 pounds.
Certificated stocks
licensed by the Exchange remained
unchanged at 953,709 hides in storage at the close of business
Saturday.
In the Chicago spot market sales of 19,000 hides
were reported, with light native cows
selling at 1134 cents—
unchanged from the last previous sales.
In the Argentine
market 5,000 frigorifico steers were sold at 1434 cents—up
approximately 3^-cent from the last previous sales.
Clos¬
ing: Mar., 11.92; June, 12.23; Sept., 12.55; Dec., 12.85.
On
the 30th ult. futures closed firm with prices 2 to 4 points
higher, excepting March, which closed 2 points down.
Transactions totaled 6,400,000 pounds.
The major portion
of this business was made up of switching
operations between
the March and May deliveries.
Closing: Mar., 11.90; June,
12.25; Sept., 12.59; Dec., 12.89.
On the 31st ult. futures
closed unchanged to 2 points lower, with transactions of
360,000 pounds.
Closing: Mar., 11.90; June, 12.24; Sept.,
12.57; Dec., 12.87.
activity.
Longuevalles.
Coal
output
rose slightly the past week, reflecting of
prolonged cold spell, which stimulated demand
very materially.
Production of bituminous coal showed a
total output for the week ended Dec. 21st, of 8,385,000 net
tons, as compared with 8,179,000 tons during the preceding
week, a gain of 206,000 tons, or 2.5%.
Production during
the corresponding week of 1934 amounted to 8,344,000 tons.
the
course
Copper—The strength of copper reflects an increasingly
stronger world statistical position and a highly promising
outlook for demand.
The vast expansion in electric power
consumption, the increased use of home electrical appliances,
and the requirements for the proposed rural electrification
program are factors which will do much in making heavy
inroads on supplies of copper.
The telephone, telegraph
and radio industries are expected to be large consumers of
copper in 1936.
■
Tin
.
was
down to
London
movement.
4834c. for Straits
was
weaker
of
a
new
late.
low for the
The
world's
visible
supply increased only 84 tons for the year, total at
the close 13,782 tons as against 13,698 tons at the end of
1934.
The supply declined 1267 tons in Dec.
World
supplies at the end of the year were as follows-: Straits 5,522
tons, Australian, 32 tons; Banca, 787 tons; Chinese, 1,055
tons; standard, 1,795 tons; total, 9,191 tons.
There was a
considerable falling off in shipments of both Straits and
Banca tin in Dec.
Lead producers reported demand as extremely quiet,
reflecting like other markets, the holiday period. However,
the demand for this metal has been steady, with very little
let-up, the past several months. The outlook for the coming
year is most promising, especially in view of the highly
active state of the automobile industry and building con¬
struction.
Prices are still unchanged at 4.50 to 4.55c. per
pound New York, and 4.35c. East St. Louis.
were
higher.
was
Charters included:
Grain—Atlantic range to United Kingdom, 2s.;
booked—25 loads Baltimore-Rotterdam, 9c., and 20 St. John-AntwerpRotterdam at 10c.; 23^ loads of Canadian wheat to Havre-Dunkirk, 11c.;
five to Marseilles-Genoa at
14c., all from New York.
Sugar—Santo
Domingo to United Kingdom, Jan. loadings, 14s.
Trips—West Indies
round, $1.25; three to six weeks, $1.
Scrap iron—February, Atlantic
range, gross form, Italy, $4.80 sulphur; Gulf, $5.25, Arzew, Marseilles,
Beef firm; mess nominal; packer nominal;
Oils—Linseed was in only moderate demand at best. The
Argentine seed market has recently shown a firmer tone.
Tank cars were quoted at 9.4 to 9.6c.
China wood, tanks,
Jan., 14c., Feb. 1334c., Mar. forward 12.7 to 13. Cocoanut,
Manila tanks, Jan.,June, 424c.1; Coast Dec., 424®.
Corn,
Crude, Tanks, Western mills, 1034c.
Olive, denatured
spot, Spanish, 78 to 80c.; shipment, 75 to 78c.
Soya Bean,
tanks, Western, 7% to 8c.; C. L. drums, 9.6c.; L. C. L. 10c.
Edible, 76 degrees, 1024c.
Lard, prime, 1434c.; Extra
strained winter, 1334c.
Cod, Newfoundland nominal; Nor¬
wegian Yellow, 3834®. Turpentine, 5034 to 5434c.
Rosin,
inst.
futures closed 4 to 7 points net lower.
comparatively light, transactions totalling
800,000 pounds. No sales were reported in the packer hide
market.
Stocks of certificated hides in warehouses licensed
by the exchange remained unchanged at 951,639 hides
yesterday. Closing: Mar., 11.86; June, 12.20; Sept., 12.50;
Dec., 12.80.
To-day futures closed 15 to 18 points up.
Sales were 28 contracts.
Shorts covered.
Closing: March,
12.02; June, 12.35; Sept., 12.68.
Fri.
11.67
the 2d
Trading
CHICAGO
Thurs.
11.75
11.70
January
May
July
Pork
FUTURES
Tues.
On
Jan. 4 1936
Zinc—It
would
seem
as
though the American price is
threatened by the sharp delcine in the price of zinc on the
London Metal Exchange.
The London price was figured as
slightly under parity with the American price, and should
the decline extend further, it will undoubtedly be
followed
drop in the American quotation in order to shut out
the foreign product.
However, yesterday's quotation was
unchanged at 4.85c. per pound East St. Louis.
by
a
Steel operations for this
week are estimated at 46.7%
capacity, which is a decline of 2.6 points from the previous
week, reflecting the holiday period and seasonal shut down.
This figure compares with 56.4% of capacity last month
for this period, which was the high point for 1935.
For the
same period in
1934, the industry was operating at 39.2%
of capacity.
Big consumers are purchasing on a larger
scale.
Steel authorities seem to have every confidence that
the improvement in the industry will continue into the first
four to six months of 1936, basing this assurance on the
amount of steel being consumed and the great prospects of
additional business during the coming weeks.
Substantial
increase in the purchases of heavy steel are expected shortly
because of the large number of government financed pro,
jects which are pending and expected to materialize soon
into actual-inquiries and orders.
The largest steel order of
1935 was announced the last day of the year, involving
58,573 tons purchased by the Atchison, Topeka & Santa Fe
of
RR.
The
same
Road
also
ordered
17,804 tons of track
fastenings. The Pennsylvania RR., it is reported—is about
to place an order early this month, involving a total of 115,,
000 tons of steel.
of hides in warehouses
Pig Iron interests
outlook
for
the
new
seem
year.
optimistic concerning the
Sellers especially have great
very
hopes for the first quarter of the current year.
With the
steel trade showing every indication of expanding on a large
scale, pig iron is bound to benefit in a large way.
In fact
prospects seem so bright that Middle West interests are
talking of another advance of $1. per ton in the price of pig^
iron.
If there is a general advance in steel prices soon, it
will yery likely be reflected in advances for pig iron. A late
report announced another rise of 25c. per ton in heavy
melting steel scrap at Pittsburg, which brought the price
levels there to the highest of the year.
The pig iron trade
is now enjoying the best conditions in five years.
Wool—Domestic
woolen consumption in the month of
exceptionally high rate, although it was
slightly under the Oct. peak.
The total w^ts 27,528,000
Nov.
ran
at
an
143
Financial Chronicle
Volume 142
pounds, scoured basis, a decline of 6.9% from Oct. con¬
sumption of 29,564,000 pounds. With the exception of Oct.,
the month of Nov.
showed the heaviest
of wool since
use
May 1923.
Wool top futures continued to show strength,
with Jan., Mar. and May ruling at approximately 97.0c.,
and spots 102.0c.
/
to Japan, and 30,505 to other destinations.
In the corre¬
sponding week last year total exports were 153,068 bales.
For the season to date aggregate exports have been 3,484,585
bales, against 2,506,415 bales in the same period of the
'previous season.
Below are the exports for the week:
.
Silk—On
Week Ended
the 30th ult. futures closed 5% to
6%c. higher.
Trading was active, with sales totaling 1,340 bales.
Crack
double extra in the spot market advanced to $1.99% as
against $1.96 on Friday.
Closing: Jan., 1.96; Feb., 1.96;
Mar., 1.95%; Apr., 1.95; May, 1.95; June, 1.95; July, 1.94%;
Aug., 1.95.
On the 31st ult. futures closed 1% to 4 cents higher,
with total sales of 870 bales.
The price of crack double
extra in the spot market advanced 5 cents to $2.04%.
The
Yokohama Bourse was closed.
The price of grade D in the
outside market advanced 20 yen to 905 yen a bale.
Yen
exchange remained unchanged at 28%.
Closing: Jan.,
1.98K; Feb., 1.98%; Mar., 1.99; Apr., 1.97%; May, 1.97;
June, 1.97; July, 1.96%; Aug., 1.96%.
On the 2d inst. futures closed with a % to 2%c. decline.
Sales totalled 200 bales.
The price of crack double extra in
the New York spot market remained unchanged at $2.04%.
The Yokohama Bourse was closed.
Closing: Jan., 1.97;
May, 1.96; June, 1.96; July, 1.96; Aug., 1.96.
To-day
futures closed unchanged to 2 points up.
Transactions
totalled 44 contracts.
The price of crack double extra silk
in the spot market remained unchanged at $2.04% a pound.
Ten bales were tendered for delivery on Jan. contracts. The
Yokahoma market was closed.
Closing: Jan., 1.97; Feb.,
1.97; Mar., 1.97; April, 1.98%; May, 1.97; June, 1.97; July,
1.96%; Aug., 1.96%.
Exports to—
Jan. 3 1936
Exports from—
Ger¬
Great
France
Britain
Galveston
Houston
Corpus Christi..
Texas
3,879
L768
"372
608
980
4,560
833
379
10,926
1,462
""23
"273
1,960
350
650
1,798
12,201
"250
Lake Charles...
"32
Jacksonville
32
1*664
Pensacola, &c
"798
Savannah
951
Los Angeles
Total
l"300
21,129
14,181
5,821
45,026
35,494
Total 1934
3,392
10,282
34,374
5,933
22,125
8,911
17,468
67,346
56,934
From
to
Great
Exports from,—
Britain
Galveston
Ger-
I
France'
89,668
122,200
28,651
Texas City
Beaumont
5~89o' "686
142,035180,48l|
41,143
64,524
16,315
470
Houston
91,080
152,633102,347
52,283, 51,965
745
55,537
5,744
Jacksonville...
31,209
308
1,400
68,099
84,704
131,046
Savannah
Charleston
as
1,753
from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
99,705 bales, against 158,812 bales last week and 188,143
bales the previous week, making the total receipts since Aug. 1
1935 5,352,477 bales, against 3,250,192 bales for the same
period of 1934-35, showing an increase since Aug. 1 1935
of 2,102,285 bales.
grams
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
26,087
6,204
10,177
3,193
5,485
158
11,444
39,146
4,480
12", 045
2",400
6,307
4,579
Texas City
Houston
546
158
2,853
Galveston..
25,437
5,209
527
224
17
70
3,817
11,927
391
936
"68
"49
'255
"169
"96
90
New Orleans
216
5,213
3.440
Corpus Christi..
Mobile
96
63
59
193
"376
"521
Pensacola
Savannah
Charleston
66
521
637
"87
'777
12
110
320
l.llli
55
1,110
21
Norfolk
40
"228
Baltimore
18,033
16,332
Totals this week.
_
_
_
9,585
99,705
17,129
7,414
50
16"024
688
"562
107,902
1,656
2,826
2,324
2,355
1,903
4,712
2,679
128,030
68,175
77
165
"229
80
Seattle
Total.......
Total
1934-35.
Total
1933-34.
Week
Beaumont
New Orleans
2,025
116,577
166", 958
99,953
134,858
3,531
280,089
453
63,942
6,279
100,875
20,167
4,299
195,412
15,346
4,225
124,737
•
220
71
Pensacola
Jacksonville
"637
Savannah
28
1.341
459
Brunswick
955,919
18,614 552,984 3484,585
474,621203,530
399,328 227,511
747,636 536,730
226,169 232,953 977,802 55,993386,659 2506,415
809,628 391,633 1029,908 136,817 565,581 4217,933
concerning the same from week to week, while reports from the
districts on the Canadian border are always very slow in coming to hand.
returns
48", 755
2.342
950
40
55,167
17,540
28,137
387
116,273
53,636
13,993
39,179
"228
"l2"308
"286
19,612
1,110
Norfolk
114
Newport News
New York
Boston
Baltimore
24,506
22.935
34,52
67,891
35,936
26,125
29.606
38",592
133
192", 421
104
Lake Charles
5,472
2,585
1,575
Philadelphia.
62,371 3,250,192 2,727,745 2,942,602
99 705 5,352,477
In order that
we
comparison may be made with other years,
for six seasons:
give below the totals at leading ports
hav6 been
12,251 bales.
In the corresponding month of the preceding season the
35 505 bales.
For the four months ended Nov. 30 1935 there were
exports were
56,651 bales exported, as against 83,258 bales for the four months of 1934.
In addition to above exports, our
telegrams to-night also
on shipboard, not
give us the following amounts of cotton
cleared, at the ports named:
On
Shipboard Not Cleared for—Leaving
Jan. 3 at—
Ger¬
Oreat
Britain
Galveston
New
Orleans..
11,800
1,938
9,717
France
14,900
3,829
18,125
Other
Foreign
wise
Stock
Coast¬
many
7,300
5,766
7,483
39,000
33,190
12,885
2,000
383
Total
728,197
624,515
587,741
195,312
48,595
164,583
34,562
173,289
75,000
45,106
48,210
100
100
Savannah
"160
Charleston
2",375
Mobile
160
2,375
ports...
Total 1936.Total 1935
Receipts at—
1935-36
Houston
New
Orleans.
Mobile
1932-33
20.585
20,244
2,025
1,341
3,527
435
46,041
72,744
50,289
6,516
1,081
35,602
31.629
•
1931-32
1930-31
95,631
124.059
86.587
21,057
42,991
21,338
19,141
3,312
11,744
7,655
"
...
Charleston
Newport News
Total this wk_
"1,566
"l",897
"1,138
"4", 170
950
2C9
387
287
2,075
1,051
1,280
40
Norfolk
All others
2 ,342
1.110
1,012
2,284
1,538
"1,569
"7",507
12,326
21,794
3,319
99,705
62.371
101,016
194,020
353.609
115,570
""501
Wilmington..
Since
1933-34
18,918
14,254
637
Savannah
Brunswick
1934-35
26,087
39,146
25,437
5,209
667
"
6.534.712 6.924.853
Aug. 1__ 5,352.477 3,250,192 5,487,981 5,945.216
for the week ending this evening reach a total
143,715 bales, of which 27,053 were to Great Britain,
21,129 to France, 14,181 to Germany, 5,821 to Italy, 45,026
The exports
of
23,455
10,519
40,987
Speculation
quiet,
in
the Bankhead
on
36,854
6,949
6,818
cotton
20,549 87,550
60,761
6,501
18,716 145,952
for
future
2,543 170,951 2,556,794
921
85,651 2,856,951
6,000 218,473 3,762,152
delivery
was
with traders awaiting the Supreme Court
rather
decision
and Agricultural Adjustment Acts, which
expected Monday.
The market has shown an upward
tendency of late, with world consumption on a very large
is
scale.
ult. prices closed 2 points down to 4 points
with trading comparatively light.
There was very little
interest in the news.
Nothing in the way of real activity
On the 28th
of
expected until the Supreme Court decisions are out of the
The possibility of something very grave developing
suddenly in connection with the European political crisis
is not being lost sight of by the trade.
These uncertainties
together with the holidays are factors that easily explain the
is
way.
present narrow quiet market.
Average price of middling as
reported in the 10 designated spot markets on this date
was
11.60c.
closed unchanged to 4 points up.
light and without special feature, being con¬
fined largely to professionals.
Fluctuations were within a
comparatively narrow range.
Holiday atmosphere still
prevailed.
Authorities in the trade seem very hope ul con¬
cerning cotton trade prospects the coming year, pointing
out that world consumption of cotton shows great promise
of running in excess of probable production this season,
especially in view of the prospective broadening of world
trade and consequent increase of world buying power.
On the 31st ult. prices closed 8 points lower to 18 points
higher.
The strength in the near positions was decidedly
pronounced, due largely to switching of the short interest
to distant deliveries.
Trade buying was also in evidence.
The late months were relatively easy, due to liquidation and
transferring of short commitments.
First notices so ar
issued for January delivery covering 200 bales, were promptly
On the 30th ult. prices
Trading
Galveston
customs
In view
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of November the exports to the Dominion the present season
up,
"4",645
"501
Charleston
Wilmington
1,161
5,548
818,489460,428
Total 1934
324",683
397
14,254
Gulfport
Mobile
1935
20,585
521
Corpus Christi
1936
619,609
803,197
29,511
16,126
669,621 1,036,918
77,817
54,173
2,183
24,730
726,096
635,951
5,209
City
Houston
Since Aug
1 1934
743,243
59,320
912,179
265,713
4,538
740,374
18,918
26,087 1,278,540
158
43,339
39.146 1,371,585
527
255,904
31,162
25",437 1,323,213
Galveston
Texas
This
Since Aug
1 1935
This
Week
6,049
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
Other
Stock
Receipts to
Jan. 3
133,183
160,006
2,102
2",730
Norfolk
1934-35
1,758
121,966
2,030
6,318
6.694
8,800
6,303
4,056
158
Francisco.
Houston
The following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
last year:
1935-36
7,200
765,186
430
...J
49
_.
Los Angeles-
228
6,234
32,392
29", 322
720
San
474
32,563
12,3391
16,944! 185,941
165
1
732
104
42
"132
7
"72
Wilmington
I
501
104
Lake Charles
8,043179,183! 913,651
400, 43,663 252,362
608
3,932
56,034
773
7311
Philadelphia.
indicated by our tele¬
6,175 132,523
2,023
1,701
2,102
3,243
&c.
151,222
14,963^
32,037
31,660
22,266
"783
Pensacola,
Total
3,996 140,3671 698,216
2,782
3,600,
Mobile
Other I
China
240,700
284,721
59,085
2,109
150
97",213
8,098
74,559| 18.944
Orleans..
Lake Charles..
New York
Friday Night, Jan. 3 1936.
Crop,
| Japan
Italy
many
91,262
Corpus Christi.
New
21,124 153,068
27,574 164,743
3,978
2,876
Exported to—
1935
Jan. 3 1936
Boston
of the
30,505 143,715
27,053
Gulf port
Movement
9" 350
"600
Total 1935
1
43,481
65,958
4,917
6~366
New Orleans
Aug.
Total
11,080
11,378
1,577
19,847
15,457
City
Norfolk
The
Other
China
Japan
1,569
2,950
Wilmington
COTTON
Italy
many
3,494
14,513
1,572
4,541
20,731
was
144
Financial
taken.
Outside of this there
news or
trading.
was
very
little feature to the
On the 2nd inst. prices closed 8 to 14 points
higher.
The
strength in the nearby positions was attributed largely to
short
covering and buying by the speculative element in the
that the technical position of the market was far
weak, and that an adverse decision on the part of the
Supreme Court will be found to have been largely dis¬
counted.
Spot houses reported a little more inquiry for
spot cotton from domestic mills. Average price of middling,
as reflected in the 10 designated spot markets, was 11.81c.
compared with 11.70c. the previous day.
To-day. prices
closed 5 to 9 points down.
There was a moderate amount
of evening up operations, but outside of this the market was
dull and featureless.
Liverpool interests, the trade, and
houses with Japanese connections were reported as buyers
around the opening, while selling came largely from spot
belief
from
and the South.
houses
Chronicle
The
Jan. 4 1936
Visible
Supply of Cotton to-night,^ as made up
by cable and telegraph, is as follows:
Foreign stocks as
well
all
afloat
as
and consequently
week's returns,
this
are
brought down to Thursday evening.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
foreign figures
are
Jan. 3—
Stock at Liverpool__^>.__.bales.
1934
886,000
120,000
f 1933
1936
616 000
107,000
1935
846,000
79,000
723,000
243,000
187,000
17,000
59,000
74,000
11,000
4,000
925,000 1,006,000
330,000
612,000
175,000
305,000
30,000
32,000
80,000
84,000
65,000
150,000
14,000
9,000
7,000
9,000
861,000
500,000
271,000
19,000
73,000
80,000
595,000
701,000 1,201,000
943,000
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
734,000
127,000
;
Total
European stocks
1,318.000 l,b2o,000 2,207,000 1,804.000
India cotton afloat for Europe—
82,000
51,000
83,000
47.000
American cotton afloat for Europe
429.000
307,000
214,000
395,000
63.000
85,000
152,000
Egypt, Brazil,&c., afl'tfor Europe 114,000
Stock in Alexandria, Egypt
566.000
448,000
334,000
325,000
Stock in Bombay, India
705,000
560,000
571,000
452,000
Stock in U. S. ports
2,727,745 2,942,602 3,980,625 4,733.395
Stock in U. S. interior towns
2,361.505 1,883,029 2,181,268 2,169,o30
U. S. exports to-day
53,956
45,114
44,531
27,360
'
Staple Premiums
Differences between grades established
for deliveries on contract to Jan. 9 1936
60% of average of
six markets quoting
for deliveries
on
Jan. 9 1936
are
16-16
inch
the
quotations
average
of
the
ten
markets
designated by the Secretary of
Agriculture.
1-lnch &
longer
.23
.46
Middling Fair
White
.74
.23
.46
.62
do
.46
Strict Good Middling.,
Good Middling
do
.23
do
.52
do
.23
.46
Strict Middling
do
.37
.22
.45
Middling
do
Basis
.18
.39
do
.42 off
.17
.37
Strict Low Middling
Low Middling
do
.86
♦Strict Good Ordinary.,
♦Good Ordinary
Good Middling
;
do
do
do
do
.52
do
do
do
Strict Low Middling
Low Middling
.41
Good Middling
.20
.41
Strict Middling
.16
.35
.41 off
.24
U. S. ports stockU. S. interior stock
U. S. exports to-day
do
do
do
.84
Spotted
do
Total American..
do
on
do
04 off
do
Middling
do
on
37
Even
do
.45 off
do
.91
do
Bremen stock
1.38
do
299,000
39.000
Manchester stock
do
do
Havre stock
do
.31
Strict Good Middling..Yellow Tinged..
Good Middling
do
do
03 off
.15
30 off
do
Indian afloat for Europe
.31
Strict Middling
53
do
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
do
do
93
do
do
1.40
do
♦Low Middling
Good Middling
do
do
1.88
do
♦Middling
.15
.31
do
Light Yellow Stained.
♦Strict Middling
♦Middling
.15
.31
.15
.15
do
do
do
do
.49 off
do
do
do
1.40
do
do
do
1.87
do
.35 off
do
.61
do
do
do
♦Good Middling
92
Blue Stained
do
.93 off
do
do
1.41
do
do
1.88
do
on
future contract.
Dec. 28 to Jan. 3
Sat.
Mon.
Tues.
11.90
Futures—The
11.95
12.10
highest,
lowest
and
New York for the past week have been
Saturday
Monday
Tuesday
Dec. 28
Dec. 30
Dec. 31
Wed.
Thurs.
Hoi.
Wednesday
Jan. 1
Fri.
12.20
closing
as
Range.. 11.48-11.49 11.49-11.55 11.56-11.74
11.49n
11.53
12.10
prices
at
follows:
7.23d.
12.85c.
10.55c.
9.95J.
8.98d.
8.93d.
8.66d.
5.84d.
6.03d.
4.41d.
5.07d.
6.31d.
6.79d.
5.24d.
7.20d.
5.64d.
5.33d.
6.25c.
corresponding period of the previous year—is set out in
detail below:
Thursday
Friday
Jan. 2
Jan. 3
Movement to Jan. 3 1936
11.79
Season
Stocks
ments
Week
11.70
—
Movement to Jan. 4 1935
Ship¬
Receipts
11.69-11.80 11.72-11.77
11.71-11.74
—
6.44d.
12.10c.
113,862 bales, a loss of 82,552 bales from 1935, a
of 2,282,239 bales from 1934, and a decrease of
2,653,229 bales from 1933.
At the
Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
Towns
.
7,767,610 7,850,162 10049,849 10420,839
decrease
Jan.(1936)
Closing
705,000
56,000
51,000
63,000
566,000
560,000
week of
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Middling upland
■
Continental imports for past week have been 201,000 bales.
The above figures for 1936 show a decrease from last
do
♦Middling
Not deliverable
82,000
82,000
85,000
448,000
1,405,000 1,948,000 1,874,000 1,675,000
6 362,610 5.902,162 8,175,849 8,745,839
—
Total visible supply
tiddling
Middling uplands, Liverpool
Middling uplands, New York—
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
do
♦Strict Middling
*
47,000
114,000
325 000
452,000
332,000
47,000
—
do
92 off
Gray
Total East India, &c-_
Total American
do
1.40
—
418,000
54,000
-
do
.93
...
Yellow Stained.
♦Middling
Good Middling
Strict Middling
♦Middling
.31
do
do
Good Middling
♦Strict Middling
.31
Other Continental stock
do
♦Strict Low Middling
611,000
31,000
62,000
29,000
75,000
83,000
152,000
334,000
571,000
64,000
14,000
51,000
.15
do
5,902,162 8,175.849 8,745,839
East Indian, Brazil, &c.—
♦Low Middling
.31
6.362,610
Liverpool stock
♦Strict Low Middling
.15
317,000
235,000
468,000
420,000
68,000
48,000
66,000
80,000
180,000
269,000
173,000
146,000
113,000
12,,000 1,119,000
887,000
*395,000
214,000
307,000
429,000
2,727,745 2,942,602 3,980,625 4,733,3*5
2,361.505 1,883,02„ 2,181,268 2,16*,330
27,360
44,531
53,956
45,114
bales.
Havre stock
do
do
do
Liverpool stock
Manchester stock
Bremen stock
Other Continental stock
American afloat for Europe
1.35
1.83
Extra White
7,767,610 7,850,162 10049,849 10420.839
of American and other descriptions are as follows:
do
do
Middling
.20
do
Mid.
do
Strict Middling
Total visible supply
Of tne above, totals
Mid.
on
jan.
Receipts
Week
Ship¬
Siason
Stocks
ments
3
Week
Jan.
Week
4
Feb.—
11.37n
.
11.40/1
11.59n
11.62n
Range._ 11.20-11.24 11.23-11.30 11.30-11.40
11.54/1
Closing
April—
11.24
_
11.36-11.47 11.37-11.47
11.46
11.37-11.38
11.26-11.28 11.34-11.36
ll.lSn
11.21n
'
11.33n
11.07-11.10 11.09-11.14 11.07-11.15
11.26/1
11.10-11.21
11.15-11.23
11.10
11.07
—
HOLI¬
11.02«
.
11.02n
10.96n
ll.lOn
11.04n
377
5,791
Little Rock
10.92-10.93 10.93
_
27,400
1,175
100,458
31,744
24,037
65,432
207,340
151,804
24,039
.
20
Ga., Albany..
25
7,511
Augusta
10.92
637
1.0001
Columbus
Macon
10.81n
.
10.82n
10.75n
10.88/1
10.80
72
Rome
50
10.65n
10.77n
10.70/1
22,353
18
411
3,631103,539
1,280
65
25,004
21,962
196
668
21,347
262
1,150
1,570
46
27,960
145
2,563112,770
l,277i 23,430
3,476 70,239
1,633
69,898
1,398, 23,516
184
196
.
10.60/«
10.55n
162
18,279
70,144
"loo
1,434
10.66n
10.59/1
10.68-10.69 10.59/1
80,468
17,500
11,564
16,928
22,250
400
247] 44,835
39
26,234
200
96
181
38,723
158,915
51,794
37,549
26,848
2,881
62,729
30,106
4,497
1,729
1,053
2,067
8
8,673
535
85
711
12,739
1,122
604
25,366
64
Mo., St. Louis.
3,624
28.094
37,454
98,563
3,624
159
2,444
206
3,304
171
3,135
27
21,565
313,219
12,558191,640
2,500 62,087
4,771
1,728
20,159
957,794
Columbus
1,309
165
—
71
Range for future prices at New York for week ending
began on each option:
15 towns *
2,500
93,551
36,8411 ,336,760
2,986.
Texas, Abilene.
Austin
78'
Brenham
67
Dallas
Option for—
Range for Week
1935..
Range
Since
Beginning of Option
10.05
Jan.
1936.. 1L48
Feb.
Mar. 18 1935 12.71 Jan.
2 1935
10.35 Mar. 19 1935 11.97 Nov. 21 1935
10.10 Mar. 18 1935 12.70 Jan.
9 1935
2 10.16 Mar. 18 1935 12.70 Feb. 18 1935
~De"c".~28 lL8(j"jan~"~2
1936..
Mar. 1936.- 11.20 Dec. 28 11.47 Jan.
1936..
10.51
June
1936._
Sept. 30 1935 11.34 Oct.
8 1935
3 10.33 Aug. 24 1935 12.07 May 17 1935
10.58 Sept. 30 1935 11.38 Oct.
8 1935
July
1936.. 10.85 Dec. 31 11.01 Jan.
3 10.41
May 1936..
ilTof ~dYc~.~28
1L23
JanT~
10.61
10.42
Aug. 1936..
Sept. 1936..
1936.. 10.52
Sept.
Dec. 28 10.67
Jan.
2 10.50 Dec.
Dec. 28 10.69
Jan.
2
3 1935 11.40 July
26 1935
16 1935 11.45 Dec.
3 1935
28 1935 10.69
2 1936
Nov. 1936..
1936..
10.54"
10.54"
991
Paris
484
Robstown...
Dec.
Jan.
2,319
52,491701,827
.50
954
159
10
4,829
226
4,626
227
579
14,211
27,116
20,938
30,977
61,051
20,337
72,045
22,977
5,106
1,148
11,049
822
25,267
1,875
17,926
2,439
"63
Total, 56 towns
70,407
4,212129,316
3,218' 74,802
29,965 527,542
.
3,013
392
21,390
214
7,464
268
3,088
65
19,807
416
5,634
5
4,609
53
182
792
13,309
801
1,185
15,571
169
14,198
41,767
33,150
6,674
14,550
25,668
52,876
5,045
13,493
15,565
1,644
3,235
1,704
"151
720
4,621
905!
22,746
368
14,117
286
385
__
Waco
216,314
3,217,
10,501
San Antonio.
Texarkana
*
47,513
17,419
11,154
41,980
32.095
76,228
324
11,656
1,000
97,5643,877,358 118,316 2361505
45,4782,661,231
1,309
373
305
20,413
1,000
14,666
73,276:1883029
Includes the combined totals of 15 towns in Oklahoma.
The
above
totals
show
Sept.
3 1935 11.97 May 25 1935
Sept. 30 1935 11.55 Nov. 25 1935
100
336
Oklahoma—
Tenn., Mem phis
Jan. 3 1936 and since trading
1,026139,114
56,086
109.564
20,168
120,899
23,116
3,443
18,048
28,084
97,225
1,507
S.C., Greenville
Nominal.
42,431
14,556
8,401
200 47,908
6,672 122,888
57,151
425
3,136149,414
|
15,491
230
1,018
250
47,196
14,396
23,304
26,043
51,684
16,718
32,975
Natchez
10.62-10.69 10.63-10.66
1,878
69,470
24,231
4,484
12,735
6,803 174,786
800
28,439
64
1,065
Yazoo City..
Range._ 10.54-10.54 10.63-10.66 10.61-10.61
10.6In
Closing. 10.58n
10.56?i
928
678
468
2,629
232,
10.65-10.66 10.59
Dec.—
24,441
47,745
981 100,980
546 25,889
1,705
70,835
Vicksburg
10.58n
702
42,536
111.563
27,126
42,182
28,012
105,865
Jackson
6,074
96
388
Greenwood..
_
1
16
72,122
858
10.55-10.67 10.57-10.66
7.947
1,868] 70,046
N.C.,Gr'nsboro
10.71n
Range..
Dec.
194
330
18,391
7,226
Miss.Clarksdale
Nor.—
Oct.
75
La., Shreveport
Closing. 10.70n
Apr.
29,289
9,035
137,072
1,809
10.99
10.85
Range.. 10.52-10.59 10.56-10.65 10.54-10.64
10.59
10.60
Closing
10.54-10.55
Dec.
104,124
25,974
35,028
2,179
Newport-
Atlanta
Oct.—
n
Hope
260
Athens
Range..
Closing
351
10.88-10.90 10.91-11.01
__
Closing
Sept.—
460
Pine Bluff...
11.20-11.21 11.15
DAY.
Range.. 10.87-10.93 10.91-10.97 10.85-10.96
Range
1,864
Ark., Blythville
57,255
14,742
77,514
83,472
Walnut Ridge
11.10
_
Range..
Closing
Aug.—
90
Jonesboro—
11.17n
_
June—
Closing
July—
22
Forest City-
__
Closing
26
Selma
Helena
Range..
Closing
May—
Eufaula
Montgomery
Closing
March—
Range
85
Ala., Birming'm
Range..
324' 38,606
120! 11,968
decreased
that
the
interior
stocks
have
during the week 20,752 bales and are to-night
478,476 bales mose than at the same period last year. The
receipts at all the towns have been 52,086 bales more than
the
same
week last year.
New York Quotations for 32 Years
quotations for middling upland at New York on
for each of the past 32 years have been as follows:
The
Jan. 3
9.35c.
15.00c.
16.10c.
9.35c.
11.40c.
10.75c.
11.85c.
7.10c.
39.25c. 11912
31.65c. 11911
32.70c. 11910
17.55c. 11909
12.40c. 11908
7.90c. 11907
12.40c. 11906
12.10c. 11928
19.55c.' 1920
12.85c. 11927
12.80c. 11919
10.45c. 11926
20.70c. 11918
6.10c. 11925
24.30c. 11917
10.30c. 11924
35.65c. 11916
10.30c. 11923
26.80c. 11915
17.30c. 11922
18.65c. 11914
20.25c. 11921 —..16.00c. 11913
1936
1935
1934
1933
1932
1931
1930
1929
13.30c.U905
the spot each day during the
indicated in the following statement.
The total sales of cotton
week at New York
which show at
closed
are
of
convenience
the
reader,
the
also add columns
we
SALES
Futures
Spot Market
Market
Closed
Saturday.
Monday
Tuesday
Closed
Total
Contr'ct
Spot
Steady, unchanged- Steady
Steady, 5 pts. adv.. Steady
Steady, 15 pts. adv. Steady
_
and futures
glance how the market for spot
days.
a
same
on
on
"755
"375
_
375
37,980
1,075
43,380
700
Since Aug. 1
5,400
and Since Aug. 1—
Overland Movement for the Week
We give below a statement showing the overland
for the week and since Aug. 1, as made up from
movement
telegraphic
The results for the week and since
follows:
1934r-35
1935-36-
Via St. Louis
3,624
Via Mounds, &c
Via Rock Island
Via Louisville
460
8~,675
3,382
28,545
89,816
312,092
..29,644
560,020
36.646
572,138
228
236
12,366
4,654
121.200
286
6,279
19,612
6,936
134,918
138,220
overland
6,899
161,466
421,800
29,747
410,672
&c_.
..
..
Inalnd, &c., from South
6,212
..
Total to be deducted
Leaving total net overland
*...22,968
334
Canada.
Including movement by rail to
foregoing shows the week's net overland movement
has been 22,968 bales, against 29,747 bales for
The
year
the week
last
and that for the season to date the
increase over a year ago
year,
aggregate net overland exhibits an
of 11,128 bales.
-1934-35-
1935-36In Sight
99,705
Receipts at ports to Jan. 3
22,968
Jan. 3--100.000
Net overland to Jan. 3
Southern consumption to
222,673
*20,752
Excess
over
62,371
29,747
90,000
3.250,192
410,672
1,970,000
7,979,277
1,237,167
182,118
*28,109
5,630,864
730,292
Southern
123,257
548.893
Total in sight Jan.
North. spinn's*
6,484,4i3
9,765",337
3.
509.497
7,501
591,843
26,494
takings to Jan. 3-. 26,494
Decrease.
Movement into sight
in previous years:
Bales
Week—
1934—Jan.
214,968
258,863
455,020
5
1933—Jan. 6
1932—Jan. 8—
Bales
Since Aug. 1—
9,298,661
9,451,217
10,721,907
1933
1932
1931
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Below
principal cotton markets for each day,
Southern and other
of the week:
Closing Quotations for Middling
Cotton on-
Week Ended
Saturday Monday
Jan. 3
Tuesday
Dec.
31.
McFadden said that "on the
Mr.
preliminary data," it is estimated that the world
used approximately 25,700,000 bales of all cottons in the
past calendar year, compared with only 23,034,000 bales in
1931, the low year of the depression, and 26,056,000 bales
in 1929, the last year of world prosperity.
"The high con¬
sumption during the past year must be considered impres¬
sive, in view of the current low buying power of large portions
of the world and the marked expansion of production and
of
consumption of certain competing fibers,"
said, continuing:
Mr. McFadden
American cotton, however, it is
discouraging to find
So far
as
concerns
world consumption of it constituted far less
than
consumption total of the world—
probably the smallest since the Civil War.
The world used only about
11,450,000 bales of American cotton in 1935, compared with 11,761,000
bales in the depression year of 1931, and 14,791,000 bales in the predepression year of 1929.
Of the world all-cotton consumption total,
American cotton was only 44.6% last year, as against an average of about
percentage of the all-cotton
normal
60% in the latter part of the last decade.
Starting with the Hoover Administration and continuing to the present
time, a conscientious effort has been made by our government, by one
means
or another,
to increase the income of the cotton growers.
The
underlying principle of these efforts has been to raise the price of American
cotton, either by withholding it from market by the aid of government
funds or by restricting the production of it.
Opinions differ as to how much
these various measures have contributed to the great decline in the con¬
sumption of American cotton, but personally I cannot help believing that
they have been of major importance.
Our exports of cotton have suffered
also from trade and financial policies of this country which have restricted
the amount of dollar exchange available to foreign buyers of our products.
Those who question whether past policies will be of permanent benefit
base their apprehension on the realization that the prosperity
does not depend entirely on the price per pound but on the
price per pound times the number of pounds produced and sold, and they
are fearfuj that, while the price is being maintained, necessary volume is
being lost.
In other words, they realize that growers are not so well off
with a 10,000,000-bale crop selling for 12 cents a pound as they would be
with a 13,000,000-bale crop selling at 11 cents a pound, but they have seen
the consumption of out cotton shrinking, in consequence, as they believe,
of our efforts to hold up the price.
Larger crops presuppose larger exports,
and so, they feel, the prosperity of the cotton-growing industry rests upon
our recovering our export markets.
It would seem obvious that, if this country is to recover lost markets for
American cotton, we must, first, produce larger crops than those raised
in the past two years, and, secondly, we must offer our supplies freely in
competition with foreign growths.
We cannot expect that the world will
again use 14,000,000 to 15,000,000 bales of American cotton if we produce
only 10,000,000 to 12,000,000 bales, and, if, while doing so, we hold 4,000,000 to 5,000,000 bales off the market for what we consider satisfactory prices.
Foreign countries are now producing 14,000,000 to 15,000,000 bales a year,
as compared with
10,000,000 to 11,000,000 prior to 1930, and they will
certainly produce whatever quantity of cotton the world needs if we fail
to supply it.
.
.
.
One of the most constructive moves that could be made, from the stand¬
to the growers
of the growers
would be the liquidation of the present
This is bound to be a delicate operation,
with judgment and over a period of time.
Other constructive steps would be to increase acreage in the country gradually
to avoid government loans to growers above sound commercial loan levels,
and to continue adjustment payments on some such basis as this past year.
Further trade agreements with foreign countries might be attempted, for
the purpose of increasing the general welfare of agriculture and industry
government-financed stocks.
and
have
will
to
be handled
alike.
Industry for Novem¬
announced on Dec. 21
that, according to preliminary figures, 29,582,594 cotton
spinning spindles were in place in the United States on
Nov. 30 1935, of which 23,193,734 were operated at some
time during the month, compared with 23,192,602 for Octo¬
ber, 22,683,816 for September, 22,046,652 for August,
22,311,970 for July, 22,703,836 for June, and 25,072,392
for November 1934.
The hours of employment and of pro¬
ductive machinery are affected generally by organized short
time.
However, in order that the statistics may be com¬
parable 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 November 1935, at
101.1% capacity.
This percentage compares with 103.8
for October, 93.9 for September, 76.4 for August, 73.5 for
July, 75.0 for June, and 94.1 for November, 1934.
Theaverage number of active spindle hours per spindle in place
for the month was 233.
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:
Activity in the Cotton Spinning
of the Census
ber 1935—The Bureau
154.009
201.921
*
Aug. 1
2 205.000
5,352.477
421,800
mill takings
consumption to Dec. 1.—
of
Week
Aug. 1
Week
issued
basis
point of the entire cotton situation,
Since
Since
and Spinners'
Takings
accumulating statistical evidence that world consumption
of all growths of the staple has been at almost the highest rate
on record," states John H. McFadden Jr., President of the
New York Cotton Exchange, in his annual cotton trade out¬
"
7,818
91,986
319.905
Between interior towns—
this
2,280
5,699
19.201
Deduct Shipments—
Overland to N. Y., Boston,
*
107,298
54,257
2,439
195
Via Virginia points
Via other routes, &c
Total gross
Aug. 1
Week
98,637
41,479
660
—
Since
Since
Aug. 1
Week
World
couraging Phase of Trade—"The most encouraging phase
of the world cotton trade during the past year has been the
a
Total week.
Shipped—
of
1,075
_.
Jan. 3—
Cotton
that during the past year
HOLI DAY.
Wednesday.
Steady, 10 pts. adv. Steady
Thursday
Friday.
Quiet, 10 pts. dec .. Barely steady.
reports Friday night.
Aug. 1 in the last two years are as
Trade by President McFadden of
Exchange—Cites Almost Record Rate
Consumption of All Growths as Most En¬
of
Review
New York Cotton
look
Market and Sales at New York
For
145
Financial Chronicle
Volume 142
Wed'day Thursday
Friday
11.62
11.65
11.73
11.80
11.75
11.72
11.75
11.81
11.95
11.85
Mobile
11.49
11.51
11.60
11.71
11.62
Savannah
11.74
11.78
11.84
HOLI¬
11.96
11.88
Norfolk
11.85
11.40
11.85
11.95
DAY.
12.05
12.00
11.40
11.50
11.60
11.52
Augusta
Memphis
11.84
11.87
11.95
12.06
11.97
11.50
11.70
11.80
Houston..
11.70
11.70
11.70
11.80
11.80
Little Rock.
11.39
11.50
11.61
Dallas
11.23
11.43
11.26
11.34
11.44
11.63
11.35
Fort Worth
11.23
11.26
11.31
11.44
11.35
Galveston
Orleans
New
Montgomery
11.50
■
11.70
Spinning Spindles
Active Spindle Hours
for November
State
Average per
In Place
New Orleans Contract
for
leading contracts in the New Orleans cotton
week have been as follows:
Monday
Dec. 28
Dec. 30
February
Tuesday
Dec. 81
Wednesday
Jan. 1
6,897,420,223
233
17,016,232
5,417,822,788
1,329,689,51S
149,907,917
281
Jan. 2
1,910,238
1,647,090
670,868
2,969,940
541,578,670
284
England States.
Jan. 3
All other States
Alabama
11.63
11.08
Georgia
11.19
11.08-11.09
—
11.13
Massachusetts
10.90
Mississippi
New Hampshire
._
823,520
3,374,080
921,888
5,106,640
224,354
5,526,938
650,564
632,442
Spindle in Place
143
148
148,599,673
180
949,323,625
148,521,091
281
161
3,022,464
171,494
736,928,791
144
54,726,484
244
99,837,993
DAY.
92
New York
10.96
—
September
Bid. 10.57
Bid. 10.52
Bid.
10.62
Bid. 10.55
—
Spot
Options...
Steady.
Quiet.
Steady.
124
1,662,730,586
272
1,240,712
5,814,094
638,112
258,764
Tennessee
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
755,040
175,452,250
141
5,389,766
1,784,491,191
307
182,199,580
286
561,676
38,214,574
148
Virginia
648,816
533,212
156,141,826
241
All other States
875,492
617,944
152.606,720
174
Texas
Tone—
Steady.
66,067,169
5,408,138
8outh Carolina
November
December. 10.55
278,796
6,123,322
Rhode Tsland
10.58
10.62
105551056a 105851059a 10.54
1,089,102
533,460
377,068
North Carolina
108761088a
10.92
10.88
...
..
23,193,734
19,271,088
9,299,126
1,012,380
New
HOLI¬
October
29,582,594
Maine.
June
July
United States
Friday
11.45-11.46 11.35
ll.24r-ll.25 11.31
11.07
May
Total
Connecticut
11.22
April
August
Thursday
.
March
ing Nov.
Cotton growing States
market for
11.70
11.65
11.50
Jan. (1936) 11.48
Nov. 30
Market—The closing quotations
the past
Saturday
Active Dur¬
157,796
146
Financial Chronicle
World Stocks of American Cotton at Close of Novem¬
ber
Lowest Since
1929
According to New York Cotton
Exchange—The total stock of American cotton in all hands
in the world at the end of November, including the unpicked
portion of the crop and government-financed stocks, was
only 15,531,000 bales, which was less than that on the comp¬
arable date in any year since 1929, according to the New
York Cotton Exchange Service.
At the end of November
last year the total world stock was 16,342,000 bales, and
two years ago 19,456,000.
In an announcement issued Dec.
30 the Exchange Service stated:
In
1931, the
year
of peak stocks at the end of November, the world held
21,589,000 bales.
In the five pre-depression years ending with 1929, the
end-November stock averaged 15,344,000 bales.
Thus the end-November
stock this year was about 6,000,000 bales less than the maximum reached
during the depression, and was about equal to the average in pre-depression
years.
1 f world consumption were running equal to that in the pre-depression
period, the world stock at the end of November could be considered no
more than normal, even including aU Government-controlled cotton.
With
world consumption probably running between 12,000,000 and 13,000,000
bales this season, as compared with about 15,000,000 bales in the pre-
depression period, an end-November stock of between 12,000,000
13,000,000 bales would represent about a normal supply relative to
sumption.
The following is also
An
from the announcement:
and
Jan. 4 1936
The above statement shows:
from the plantations since Aug.
in
1933
(1) That the total receipts
1 1935 are 6,562,464 bales;
bales and in 1934 were 6,398,306
3,973,871
That, although the receipts at the outports the
past week were 99,705 bales, the actual movement from
plantations was
78,953
bales, stock at interior towns
having decreased 20,752 bales during the week.
bales.
were
(2)
Cotton Holdings of Producers' Pool Dec. 15 Aggre¬
gated 1-528,020 Bales, New York Cotton Eschange Re¬
ports—Total holdings of cotton of the Producers' Pool on
Dec. 15, the latest date for which figures are available,
aggregated 1,528,020 bales, according to a report issued
Dec. 30 by the New York Cotton Exchange Service.
This
total consisted of 627,920 bales of spot cotton and 900,100
bales of futures.
It was officially stated the early part of
last week (about Dec. 23) that the Pool holdings of January
futures then totaled 796 contracts, or 79,600 bales, all on
the New York Cotton Exchange, says the service.
con¬
.j.
analysis of world stocks of American cotton at the end of November
shows that the stock in the United States on that date was above average
pre-depression levels both absolutely and relative to domestic consumption
while the stock abroad was very low absolutely but not so low relative to
foreign consumption.
The stock in the United States on Nov. 30 was
13,217,000 bales, as compared with stocks averaging between 11,000,000
and 12,000,000 bales in the pre-depression period, but domestic consumption
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
during the season to the end of November totaled only 1,878,000 bales,
while in the pre-depression years it ranged from about 2,100,000 to 2,400,000
bales in the same months.
The stock abroad at the end of November
Cotton
Takings,
Weather
Reports by Telegraph—Reports to us by
telegraph this evening indicate that the weather has been
of the roughest kind and has swept the cotton region, but
all sections report the best season is in the ground for many
years.
No section can complain of the lack of moisture.
Rain
Texas—Galveston
Amarillo
Austin
1935-36
Week
days
days
in.
in.
in.
in.
2.22 in.
0.04 in.
0.06 in.
dry
0.64 in.
0.43 in.
0.25 in.
Corpus Christi
Dallas
Del Rio
3 days
day
days
2 days
1 day
Paso
Houston
4 days
3 days
Palestine
San Antonio
4 days
Okla.—Oklahoma City
Ark.—Fort Smith
-.1 day
Little Rock
La.—New Orleans.
2 days
__4 days
2 days
Shreveport
4 days
Miss.—Meridian
3 days
Vicksburg
Ala.—Mobile
Birmingham
Montgomery
Fla.—Jacksonville
3 days
5 days
2 days
2 days
2 days
-.1 day
4 days
Miami
Pensacola
Tampa
Ga.—Savannah
2 days
4 days
3 days
Atlanta
Augusta
3 days
Macon
S. C.—Charleston
N.C.—Asheville
Charlotte
3 days
4 days
3 days
3 days
Raleigh
Wilmington
Tenn.—Memphis
Chattanooga
3
3
3
3
days
dyas
days
days
3 days
Nashville
0.24
1.00
0.12
0.28
0.24 in.
0.10 in.
0.42 in.
4.76 in.
0.45 in.
2.16 in.
0.28 in.
9.51 in.
1.14 in.
2.44 in.
0.52 in.
0.01 in.
8.68 in.
0.04 in.
0.22 in.
2.51 in.
1.62 in.
2.57 in.
1.31 in.
1.10 in.
3.08 in.
2.14 in.
1.31 in.
0.27 in.
1.48 in.
1.28 in.
Visible supply Dec. 27
Visible supply Aug.
1
high 60
high 58
high 62
high 64
high 70
high 62
high 58
high 64
high 62
high 58
high 54
high 62
high 54
high 44
high 46
high 62
high 52
high 56
high 48
high 64
high 56
high 62
high 74
high 76
high 66
high 78
high 70
high 44
high 66
high 60
high 63
high 48
high 52
high 60
high 66
high 43
high 48
high 46
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
32
26
44
mean
57
of
out
1934-35
Season
7,818,939
4,295",259
201", 921
Total supply
9,765,337
640,000
113.000
221,000
1,185/00
207,000
6,879,719
6,484,413
574,000
248,000
960,200
253,000
154.669
90,000
14,000
52,000
12,000
Bombay receipts to Jan. 2
Other India ship'ts to Jan. 2__
Alexandria receipts to Jan. 1.
Other supply to Jan. l*b
16,000
46,000
15.000
8,251,393 16,314,196
8,162,948 15.399,332
7,767,610
7.767,610
7,850,162
7,850,162
483,783
329,783
154,000
8,546,586
6,189,986
2,356,600
312,786
213,786
99,000
7,549.170
5.276.970
2,272,200
Deduct—
Visible supply Jan. 3
Total takings to Jan. 3.a
Of which American
Of which other
*
41
24
gone
Week
Season
7,881,472
American in sight to Jan. 3
Thermometer
•
1.19 in.
Abilene
Brownsville
El
Rainfall
days
3
2
3
1
2
from which statistics
amounts
or
Week and Season
totaled
2,314,000 bales, as compared with stocks ranging from about
3,000,000 to 4,000,000 bales in pre-depression years, but foreign consump¬
tion from Aug. 1 to Nov. 30 was only 2,089,000 bales as compared with a
consumption ranging from about 2,600,000 to 3,300,000 bales in the same
months of pre-depression years.
The foregoing figures on stocks in the
United States include stocks of government-financed cotton.
These totaled
5,100,000 bales at the end of November, of which amount about 4,500,000
bales were in the loan stocks, mostly in the 12-Cent Loan stock of last year,
and about 600,000 bales were in the Producers' Pool.
sources
obtainable; also the takings
sight for the like period:
are
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
total embraces since Aug. 1 the total estimated consumption by
This
51
a
mean
41
Southern mills, 2,205,000 bales in 1935-36 and 1,970,000 bales in 1934-35—
mean
47
mean
45
mean
44
30
36
28
34
28
mean
53
mean
takings not being available—and the aggregate amount taken by Northern
foreign spinners, 6,341,586 bales in 1935-36 and 5,579,170 bales in
1934-35, of which 3,984,986 bales and 3,306,970 bales American.
and
b Estimated.
44
mean 50
45
mean
mean 46
41
mean
36
mean 49
26
16
20
32
27
26
26
24
26
mean
mean
40
30
33
mean
Cotton
Movement from All
Ports—The receipts
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:
40
at
47
mean
India
of India cotton
mean
1935-36
1934-35
1933-34
Jan. 2
low
low
low
low
low
low 28
low 30
low 44
mean
60
Exports
low 30
low 36
mean
48
52
From—
mean
20
mean
45
22
mean
33
26
26
29
mean
43
1934-35-.
mean
46
1933-34-.
10
mean
29
OtherIndia-
16
16
20
15
22
14
mean 34
38
43
30
65
30
low
low
low
low
low
low
low
low
low
low
low
low
mean
41
45
52
mean
mean
46
mean
mean
mean
mean
mean
mean
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
a. m. on the dates given:
8
Jan. 3 1936
Feet
Since
Week
Aug.
Since
Week
Aug. 1
Aug. 1
44
mean
Week
37
mean
Since
Receipts—
mean 41
Jan. 4 1935
Feet
New Orleans
Above
zero
of gauge-
3.3
2.0
Memphis
Above
zero
of gauge.
6.8
11.0
Nashville
Above
zero
of gauge.
13.7
12.6
Shreveport
Above
zero
of gauge.
7.7
Above
zero
of gauge-
12.8
90,000
640,000 113.000
For the Week
Great
|
Britain
65,000
501,000
Since Aug. 1
Great
Conti-
Britain
ment
Conti- Jap'nek
merit
574.000
I China
Total
Japan
&
'
China
Total
Bombay—
1935-36-.
3,000
12,000
15,000
17,000
104,000
302,000
423.000
2,000 100,000 102,000
15,000
4,000
22,000
119,000
148,000
427,000
1,000
561,000
274,000
1935-36..
1,000
13,000
14,000;
79,000
142,000
1934-35-.
13,000
3,000
16,000
59,000
189,000
248,000
1933-34-.
11,000
17,000
28,000
66.000
172,000
238,000
96,000
74,000
246,000
302,000
644,000
308,000
427,000
809,000
88,000
320.000
104,000
512,000
3,000
8,000
104,000
!
i
|
'
221,000
Total all—
1935-36-.
1934-35..
1,000
13,000
1933-34..
12,000
16,000
12,000
29,000
5,000100,000118,000
21,000
3,000 36,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
23,000 bales.
Exports from all India ports record a decrease
of 89,000 bales during the week, and since Aug. 1 show a
decrease of 165,000 bales.
6.6
Vicksburg
Bombay
11.0
Alexandria
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The
figures
do not include overland receipts
nor
Soi.thern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
which finally reaches the market through the outports.
crop
Receipts
and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
a
Alexandria, Egypt,
Jan. 1
Week
I
Receipts at Ports
Stocks
at
Interior
Towns
Ended-
1934-35
1933-34
260,000
5,971,947
230,000
4,802,789
225,000
5,270,859
Receipts (cantars)—
1935
1934
1933
1935
1934
1933
1935
1
1934
1
1933
This week
Since Aug.
Sept.-|
27—336.897237,205 406.6451,610,222
Oct.-—|
I
322.464 1.446,194 532,515 344.223 541,732
531,616
To Liverpool
504.550
To Manchester, &c
To Continent and India..
445.096
Dec.-
986.737404,498^254,957 417,938
313,111 2,253. 100 1,882 ,2231,
275,658 2.287. 554 1,922 ,254 2, 081.239 398.140 188.532
257.126 2,316, 783 1,963 ,293 2, 151.371359.714 175.466
285.757 2.321, 538 1,983 ,1742, 186.566 276.748153.406
266.062 2.350.425 1.973 ,968 2, 198.290 251.319,110.549
370.160
327.258
250,572
277,796
l
6.. 268.950 104.014 218,332 2.358, 279 1,960 ,556 2, 207.139
266,804
13.. 177.455 109.945 177.899 2,369, 180 1,934 ,2152, 203.417 188.356
20- 188 14K 105.02ft 165,800 2.371, 801 1,915 166 2,
27- 158,112
1936
195.903,190.764
84,550 150,873 2,382, 257 1,911 ,138 2, 188,745 169.268
1935
1934
1936
1935
i
1934
1936
I
90.602 227,181
83.604 174.177
85.980 158,286
80 522 143.715
1935
1934
Jan.—
99,705
62,371 101,016 2,361,*05 1.883,029 2,181,268
78,953
34,262
This
Week
Exports (Bales)—
This
Since
Aug.
1
Week
Since
Aug.
1
538.013
Nov.
1-372,149 201,932
8—363.686 148.501
15-330.485 134,427
22-271.993 133,525
29-222.432 119.755
1
I
4— 326,252 244,448 401,8371.784, 489 1.547.5721 502,765 500,519 345.826
11—387.060240.603 376,794 1,990, 723 1.640.0921 644,128 593,294 337.159
18—372.945208,963 376,859j2,132, 345 1.735,609 1 785,278 514,566 300,444
25—405.164 232,059 348,464 2,220, 751 1,829.1981, 881,910 493,570 325.648
3..
1935-36
Receipts from Plantations
93,539
To America
Total exports
—
6.000 122,161
75,557
6",000 348,592
19,510
1,000
13,000 565,820
This
Week
Since
Aug.
1
74,077
62,524
333,025
16,112
11,000 163,762
10,000 88,429
9.000 271.803
17,000 485,738
30,000 556,025
11,000
6",66O
32,031
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Jan. 1
260,000 cantars and the foreign shipments 13,000 bales.
were
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in yarns and
cloths is steady.
Demand for cloth is improving.
We give
prices to-c.ay below and leave those for previous weeks of
this and last year for comparison.
147
Financial Chronicle
Volume 142
Liverpool—By cable from Liverpool we
1934
1935
8Yi Lbs. Shirtr
8M Lbs. Shirt¬
Middl'g
32s Cop
Ppl'ds
Twist
Tivist
Cotton
ings, Common
to Finest
Cotton
ings, Common
to Finest
32s Cop
ing statement of the week's imports,
Middl'g
d.
8.
s.
d.
d.
d.
d.
s.
d.
d.
s.
51,000
84,000
1,000
237,000
126.000
6.40
10M@11M
9 1
@93
6.59
@11^
9 5
10
@11H
9 5
6.40
10H@11H
10H@11H
105-6® 11H
10
@11H
6
6.47
10H@11 h
90
9 0
9 1
9 1
@92
@92
@93
@93
6.92
9
@97
@97
@97
@10 0
6.88
9 5
10
each
@11H
9
6
@10 0
6.45
10
@11*4
@11H
10 0
@10 2
6.47
10
@11H
0
@10 2
6.77
2
4
9 4
@93
@94
@94
@96
@96
9 4
94
9 4
9 4
@96
@ 96
@96
@96
7.02
12:15
7.08
P. M.
6.50
12
10
1
@10 2
6.77
10H@12
10
3
@10 5
6.59
105i@115*
@10 5
@10 4
6.67
6.50
105i@llM
10J4@11H
@102
@10 2
6.38
10M @1134
6.41
1054@HH
10
3
10
10^@12
10K@ll*i 10 2
10^@1154 100
10Ji@llJi 10 0
day of the past week and the daily closing
6 81
6.88
Market,
demand.
opened
7.23
{
changed
2
95
100—Dec. 31—Vasaholm, 2,447
To
To
To
To
To
To
To
To
Genoa—Dec. 28—Sahale, 1,569
Barcelona—Dec. 28—Sahale, 1,925
Japan—Dec. 27—Hindenburg, 7,465—-Dec.
2,700; Torvanger, 9,682
L
Oporto—Dec. 30—Sapinero, 532
Leixoes—Dec. 30—Sapinero, 311
30—Sapinero, 85._—
To Bilboa—Dec. 30—Sapinero, 81
To Passages—Dec. 30—Sapinero, 286
NEW ORLEANS—To Bremen—Dec. 20—Hagen,
31—Siljistad,
311
85
81
286
2,896—-Dec. 27
To
To
To
To
Hamburg—Dec. 20—Hagen, 330
Gdynia—Dec. 27—Trolleholm, 1,490
Barcelona—Dec. 27—Mar Blanco, 1,495
Gothenburg—Dec. 27—Trolleholm, i,450
Norrkoping—Dec. 27—Trolleholm, 125
HOUSTON—To
Liverpool—Dec.
To
To
To
Japan—Dec. 30—Siljestad, 2,500;
Dec. 31—Chinese Prince, 10,567
Hindenburg, 2,390—.
To
769
Antwerp—Dec. 31—Syros, 200; San Pedro, 40
Ghent—Dec. 31—Syros, 1,789; San Pedro, 963
Havre—Dec. 31—Syros, 2,397; Tapti, 2,903; San Pedro,
To
2,567
Rotterdam—Dec. 31—Syros,
15,457
2,979
240
2,052
To
To
To Lisbon—Dec.
295
400
To
To
Barcelona—Dec. 30—Sahale,
1,548
Oporto—Dec. 31-—Sapinero, 1,548
Leixoes—Dec. 31—Sapinero, 756
To
7.867
-
295
31—Sapinero, 400
756
2,420
19
114
175
r-
2,420
31—Sapinero, 19
To Passages—Dec. 31-—Sapinero, 114
To Coruna—Dec. 31—Sapinero, 175
To Gijon—Dec. 31—Sapinero, 25
To Dunkirk—Dec. 31—Tapti, 2,474; San Pedro, 2,503
To Bordeaux—Dec. 31—San Pedro, 1,669
TEXAS CITY—To Oporto—Dec. 30—Sapinero, 225
To Leixoes—Dec. 30—Sapinero, 383
To Japan—Dec. 31—Torvanger, 372
LAKE CHARLES—To Abo—Dec. 27—Weschatala, 50
To Bilbao—Dec.
....
25
4,977
1,669
225
383
372
50
833
114
15
250
200
Bremen—Dec. 27—Weschatala, 833
To Gdynia—-Dec. 27—Weschatala, 114—
To Ghent—Dec. 27—Youngstown,
15
To Havre—Dec. 27—Youngstown, 250
To
27—Youngstown, 200
CHRISTI—To Ghent—Jan. 1—Oakwood,
Rotterdam—Dec.
To
CORPUS
637
50
1,215
357
90
1,586
182
458
342
637
1—Oakwood, 50—
1—Oakwood, 1,215
To Dunkirk—Jan. 1—Oakwood, 357-To Rotterdam—Jan.
1—Oakwood, 90
To Bremen—Dec. 28—Endicott, 1,586—
To Hamburg—Dec. 28—Endicott, 182
—
To Gdynia—-Dec. 28—Endicott, 458
To Reval—Dec. 28—Endicott, 342
JACKSONVILLE—To Liverpool—Dec. 27—Shickshinny,
Antwerp—Jan.
To
To Havre—'Jan.
;
PENSAOOLA—To Ghent—Dec. 30—Kenowis, 31
To Bremen—-Dec. 30—Kenowis, 48
Dec. 30—Sandham,
To Genoa—Dec. 30—Ida 0,23
To
1,616 1,664
23
200
42
350
650
618
180
Gdynia—Dec. 30—Kenowis, 200
To
32
31
32
Antwerp—Dec. 30—Kenowis, 42
Genoa—Dec. 30—Montello,
SAVANNAH—To
350-
Gdynia—Dec. 31—Sydland, 650
Liverpool—Dec. 29—Shickshinny, 618
Manchester—Dec. 29—Shickshinny, 180
—
ANGELES—To Liveroool—Dec. 21—Willamette Valley,
Nitcheray, 751 —-Dec. 23—Anniston City, 100
To
1
To
To
LOS
To
24—Washington, 1,200Dunkirk—Dec. 24—Washington, 100
Bremen—Dec. 21—Witell, 600-
To
Japan—Dec.
100;
951
1,200
100
600
-
To Havre—Dec.
To
Chichibu
— --
—
21—Golden Dragon, 4,000-_-Dec.
Maru, 2,000; President Coolidge, 3,350
23—
143,715
Total
Cotton
York,
9,350
as
from New
furnished by Lambert & Barrows, Inc., are as
Freights—Current rates for cotton
follows, quotations
being in cents per
.65c.
.57c.
.50c
,65c.
Flume
.30c
.45c.
30c.
.45c.
Barcelona
Antwerp
,50c.
.65c.
Copenhag'n.42c.
Naples
.40c.
Leghorn
,40c.
Bremen
.30c.
•45c.
Gotbeub'g
Hamburg
.32r.
6.20
6.23
6.22
March
6.20
6.23
6.22
May
6.15
6.18
27c.
42c.
Rotterdam
45c
Shanghai
Genoa
30c
45c
60c.
Bombay *
Oslo
46c.
610.
42c
57c.
•
Rate Is open.
%
Only small lots.
'
mm
mm
d.
mm
mm
mm
0.20
0.24
6.20
6.20
6.24
0.20
6.17
6.16
HOLI¬
6.18
6.15
6.19
6.15
6.13
6.12
6.11
DAY.
6.13
6.09
0.09
6.10
0.13
July
5.91
5.94
5.93
5.92
5.92
5.88
5.92
5.89
October
5.88
5.87
5.88
5.87
5.87
5.86
5.86
January (1937)..
5.86
--
--
5.85
March
May
5.83
July
•
5.85
__
mm
5.84
mm
mm
5.83
mm
mm
5.82
mm
mm
5.80
mm
mm
5.78
•
5.84
5.83
5.81
5.82
-
-
-
5.85
5.84
...
«.-
-
--
-
-
-
5.83
5.81
5.79
5.72
5.71
5.75
October
BREAD STUFFS
Friday Night, Jan. 3
Flour of late showed
much.
strength, but demand does
prices gave flour its
decision on the processing
interest. It is felt that a decision
The recent rise in wheat
tax is awaited with
much
eliminating the tax would stimulate
in
1936
not im¬
The Supreme Court's
buying and a sharp rise
Bakers' stocks are reported to be very
prices.
Wheat
on
28th
the
ult.
small.
closed unchanged to
%-cent
moderate and prices moved within a
very narrow range.
Outside of the report that Brazil had
purchased a cargo of Canadian wheat, there was little of
interest in the news.
Winnipeg closed fractionally higher.
The first official estimate of the 1935-36 wheat crop by the
Trading
higher.
was
yield at 144,305,000
apparently received just
passing attention.
On the 30th ult. prices closed 1J^ up
for the old crop delivery, while the new crop July showed a
gain of V8c.
The strength displayed by Liverpool had a
stimulating effect on traders in the domestic market, especi¬
ally the speculative element, the demand being confined
largely to the old crop May delivery.
The Winnipeg market
failed to respond to the strength of Liverpool and the Chicago
Board prices, and this was ascribed largely to the action of the
Canadian Wheat Board in its attempt to stabilize Canadian
prices of wheat.
On the 31st ult. prices closed y to J^-cent
higher.
The Liverpool strength was again a factor, in¬
fluencing considerable buying here, especially on the part of
commission houses.
Despite liquidation by the speculative
element, prices held firm to the close.
A substantial portion
of the buying was credited to mill account.
Attention is
being called to the fact that wheat is now in the strongest
position for old supplies in several years.
The huge accumu¬
lation of world stocks has disappeared except in Canada and
Canada's excess supplies promise to be well disposed of before
the new crop comes in.
It would appear that European im¬
porters are taking this long range view.
Since the week of
Nov. 26 the price of May wheat in Liverpool has advanced
approximately 13K cents, in Winnipeg 2y8 cents and in
Argentine Government, placing the
bushels
(the smallest since 1916)
Chicago 7 cents.
On the 2nd inst.
prices closed y2 to %c. higher.
This was
in sympathy with the strength displayed in the
foreign markets.
An advance of around 2c. per bushel in
Liverpool wheat further narrowed the spread between Liv¬
largely
erpool and Canada.
There is greater curiosity on the part
of traders as to how the markets will act following the
To-day
.42o
.570
•
prices closed
DAILY CLOSING
PRICES OF WHEAT IN NEW
Sat.
No. 2 red
•
mm
-
6.23
6.21
.47c,
Japan
Havre
Stockholm
January (1936)
-
6.24
Court decision.
1.00
.50c.
*
Trieste
,4.5c.
—
-
d.
d.
d.
d.
d.
d.
6.22
,65f
.85c.
Venice
.45c.
Piraeus
30c.
Manchester. 30c.
Liverpool
d.
d.
d.
d.
.55c.
.85 c.
Salonica
Density
ard
Frl.
decision, which is expected Monday.
*4 to %c. down, with the market
developing no marked weakness in sympathy with the de¬
cline at Liverpool.
There was a moderate amount of trad¬
ing and at no time was there any marked pressure to sell.
Traders seem to be at attention now pending the Supreme
*
Density
ard
Density
High
Stand¬
below:
Supreme Court
pound:
Standard
1.00
High
Stand¬
High
1
to
pt. advance
Thurs.
Wed.
Tues.
Mon.
6.21
strength.
280
1,764
977
Quiet,
4 pts. unch.
to
decline.
Liverpool for each day are given
6.20
December (1935)
prove
30—Sanale, 2,210; Monfiore,
To Genoa—Dec.
Jan. 3
10,209
900
313
Copenhagen—Dec. 28—Vasaholm, 313
28—Vasaholm, 280
Gdynia—Dec. 28—Vasaholm, 1,764
Gothenburg—Dec. 28—Vasaholm, 977
1
Noon Close Noon Close
Close Noon Close Noon Close Noon Close
New Contract
10.522
-
31—West
To Oslo—Dec.
To
to
1,490
1,495
1,450
125
28—De Lillian, 4,951; West
Quechie, 2.025...Dec. 31—Harburg, 3,546
Manchester-—Dec. 28—De Lillian, 5,427—Dec.
Quechie, 1,628; Harburg, 3,154
To Naples—Dec. 30—Monfiore, 900
To
decline.
to
6,036
330
—Sandhamn, 3,140
advance.
advance.
Quiet,
2 pts.
Quiet but
stdy., 1 pt.
Sat.
Dec. 28
pts. 3 to 5 pts.
3
to
advance.
Quiet,
pt. dec.
December
19,847
532
To Lisbon—Dec.
To
1
2
pts.
decline.
advance.
Quiet, un¬
changed
2
1 pt.
to
dec.
Prices of futures at
220
3,798
1,373
743
1,282
383
3,113
381
974
1,569
1,925
31—Vasaholm, 220
pts.
Steady,
Steady,
Quiet,
Steady,
Quiet, un¬
(
j
P. M.
2,950
95
2,547
Bremen—Dec. 26—Porta, 2,950
Liverpool—Dec. 28—Delislian, 3,798
Gothenburg—Dec. 31—Vasaholm, 1,373
Manchester—Dec. 28—Delislian, 743
—
Ghent—Dec. 28—Syros, 986; Burgerdijk, 1,282
Antwerp—Dec. 28—Syros, 50; Burgerdijk, 333
Havre—Dec. 28—Syros, 3,113
Dunkirk—Dec. 28—Syros, 381
Rotterdam—Dec. 28—Syros, 415; Burgerdijk, 559
To
6.39d.
6.44d.
6.44d.
HOLI¬
DAY.
Copenhagen—Dec. 31—Vasaholm,
To
doing.
6.43d.
6.40d.
Mid.Upl'ds
7.20
Bales
Oslo—Dec.
business
demand.
A fair
4
To
Moderate
Quiet.
\
[
7.15
Fvtures.
To
Moderate
Quiet.
Wednesday
Tuesday
f
Market,
Gdynia—Dec. 26—Porta,
Friday
Monday
6.96
News—Shipments m detail:
GALVESTON—To
Thursday
Saturday
Spot
6.91
Market,
Shipping
and futures
prices of
Liverpool market for spots
The tone of the
6.97
@96
9 4
10% @11%
6.44
@10 0
9 6
10Ji@ll«
6 88
19 35
19 36
Jan.
3
9
9
9
9
105*@115S
10H@llh
10
Amount afloat
Of which American
io^@mi
To
3,000
174,000
112,000
spot cotton have been as follows:
10
1
2
6.79
10
To
42,000
48,000
3,000
373,000
155.000
3
9H@im
To
54,000
616,000
317,000
32,000
583,000
304,000
4,000
271.000
159.000
Total imports
Of which American
9
@95
6.91
9M@11
To
Jan. 3
Dec. 27
52,000
553,000
290,000
62,000
499,000
238,000
Total stocks——
have the follow-
&c., at that port:
Dec. 20
Dec. 13
Forwarded
Upl'ds
Of which American
d.
stocks,
113^
Mon.
Tues.
116M 117^
Wed.
YORK
Thurs. Fri.
Hoi. l\8% 118
148
DAILY
Financial
CLOSING
PRICES
OF
WHEAT
►
Sat.
May
July
September
Season's
December
May
DAILY
CLOSING
IN CHICAGO
Wed.
Thurs.
Fri.
Tues.
100%
101%
90%
90
102%
91%
90%
Holiday
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York
Produce Exchange.
101%
90%
First
When
PRICES
OF
WHEAT
Sat.
December.
May...
July.
FUTURES
Mon.
84%
87%
88%
Tues.
84%
88%
88%
IN
Thurs.
Holiday
Receipts at—
Fri.
89%
90
buying side, yet a
demand was in evidence from commission and cash
houses,
which found the market quite
responsive, and the early
strength held to the end of the session.
On the 30th ult.
prices closed
to % up. . This was rather a poor
reponse to
the strength displayed in wheat and the
sharp advances in
spot corn, the latter showing a gain of
Ij4 cents. Country
marketings of corn are reported decreasing, but this appa¬
rently had very little stimulating effect on traders.
On the
31st ult. prices closed M to
2^ cent higher.
Trading was
quiet.
The cash basis unchanged to 1 cent higher.
Country
offerings to arrive increased.
Buenos Aires corn closed
unchanged to 3^-cent lower.
.
the
2nd
Chicago
Minneapolis..
ter
outside
of
CLOSING PRICES
OF
Sat.
No. 2 yellow
CORN
Mon.
80%
IN
NEW
Tues.
82%
83
Thurs.
Sat.
May
July
Mon.
Hoi.
83%
83%
60%
61%
Season's
High and
September
84%
When
Jan.
December
65
June
May
68%
Made
5 1935
July
Tues.
60%
61%
Wed.
60%
61% Holi.
Season's Low and
September
6 1935
Fri.
61%
62%
61%
62%
When Made
67%
60%
December
29 1935 May
Thurs.
Mar. 25 1935
June
1 1935
Aug. 13 1935
56
Oats—On the 28th ult. prices closed 3^-cent
up.
Trading
extremely quiet.
On the 30th ult. prices closed unchanged
to 2^-cent lower.
Trading quiet.
On the 31st ult. prices
closed
up to % off, with trading quiet.
2nd
the
inst.
prices closed with May %c. up and
July 24c. dfown.
Trading was light and without feature.
To-day priced closed with a fractional gain of %c., in sym¬
pathy apparently with corn.
DAIRY CLOSING PRICES
OF
OATS
'
Sat.
41%
No. 2 white
DAILY CLOSING
PRICES
OF
Mon.
42
OATS
Sat.
May
July
Season's
High and
44%
35%
37
December
May|
NEW
Tues.
42%
Tues.
28%
28%
IN
Fri.
42%
42%
CHICAGO
Wed.
28%
28%
Thurs.
Holi-
Fri.
28%
day
28%
28%
28%
When Made
Season's Low and When Made
Jan.
7 1935 September
31%
June 13 1935
June
4 1935 December
33%
June 13 1935
Aug.
1 1935 May
29%
Aug. 17 1935
DAILY CLOSING PRICES OF OATS FUTURES IN
WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
December
May
.-
-
30%
32%
—
-
30%
30%
Holi-
32%
32%
32%
day
32%
On
was a
the
inst.
prices closed 24
to
%c. higher, which
better showing than oats on the strength of the wheat
market.
To-day prices closed 24c. lower, with trading
CLOSING
PRICES
OF
RYE
Sat.
May
July
53%
53%
-
Season's
High and
September
76
When Made
Jan.
December
53%
June
May
52%
Aug.
FUTURES
Mon.
Tues.
54%
54%
55
55
very
CHICAGO
Holi-
day
Season's Low and
5 1935 September
3 1935 December
1 1935 May
DAILY CLOSING PRICES
IN
Wed.
45
Thurs.
Fri.
55%
55%
55%
55%
June 13 1935
Aug. 19 1935
OF RYE
FUTURES IN WINNIPEG
Mon.
Tues.
Wed.
Thurs. Fri.
Sat.
December
42%
45%
May
43%
46%
44%
46%
Holiday
47
47%
46%
47%
DAILY CLOSING PRICES OF BARLEY FUTURES IN
CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
43%
DAILY CLOSING PRICES OF
December
May
43%
Hoi.
,
43%
43%
BARLEY FUTURES IN
WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
35%
37%
Closing quotations
43%
were as
35%
38%
36%
38%
Holiday
39%
39%
38%
39%
follows:
Buffalo......
Tot. wk.'35
Same wk., '34
303,000
325,000
301,000
Same wk., '33
Since Aug. 1—
1935
Corn, New York—
No. 2 yellow, all rail
83%
-
Rye, No. 2, f.o.b. bond N.Y..
64x4
Barley, New York—
47% lbs. malting
56%
Chicago, cash
-...-..46-80
Hard winter clears
828 000
9,000
5~3~66o
72,000
56,000
146, 000
138, 000
695, 000
~~6~666
2,000
113,000
19,000
8,000
61,000
6,008,000
3,238,000
2,395,000
1,257,000
1,119,000
530,000
414,000
181,000
58,000
1,709,000
1,103,000
903,000
9, 000
2,707,000
1,842,000
2,126,000
Saturday, Dec. 28 1935, follow:
Receipts at—
Flour
Wheat
Corn
Oats
Rye
Barley
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.
bush.56lbs. bushASlbs.
New York
.
New Orleans *
137,000
33,000
12,000
27,000
779,000
54,000
93,000
10,000
10,000
7,000
33,000
40,000!
18,000|
27,000
Galveston
2,000
7,000
48,000
2,000
5,000
4,000
2,000
St. John
80,000
St. John,West
Boston
8,000
20,000
10,000
224,000
236,000
120,000
Tot. wk. '35
247,000
Since Jan.1'35 13,165,000
1,586.000
71,635,000
Halifax
Week 1934
205,000
87,000
57,000
77,000
57,000
68,000
15,573,000, 17,335.000 4,826,000 4,926.000
477,000
Since Jan.1'34 13,457,000
10,000
2,000
5,000
87,591,000
157,000
467,000
4,000
9,362,000 11,379,000 3,065,000 3,205,000
Receipts do not include grain passing
through New Orleans for foreign ports
through bills of lading.
*
on
The exports from the several seaboard
ports for the week
Saturday, Dec. 28 1935, are shown in the annexed
statement:
ended
Exports from—
Wheat
New York
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
1,245,000
11,890
2,000
Philadelphia
40,000
New Orleans
2,000
"2" 000
1,000
476,000
40,000
136,000
25,000
20.000
5,000
1,939,000
842,000
58,890
83,595
St.
John, West
Halifax
St. John
Total week 1935—
Same week 1934
ie'ooo
8,000
2.85
Fancy pearl,Nos.2,4&7 4.00^4.75
16,000
5,000
The destination of these
exports for the week and since
as below:
July 1 1935 is
Flour
Wheat
Corn
Exports for Week
and Since
Week
July 1 to—
Dec.
Since
28
Week
Since
Week
Since
July 1
Kingdom.
Continent
Dec. 28
July 1
Dec. 28
1935
1935
1935
1935
1935
Barrels
United
July 1
1935
Barrels
Bushels
Bushels
Bushels
Bushels
38,660
12,230
So. & Cent. Amer.
2,000
6,000
Brit.No.Am. Cols.
Other countries...
Total 1935
Total 1934
58,890
83,595
The
1,368,733
271,728
44,000
79,000
7,000
93,555
652,000
1,283,000
4,000
1,864,016
1,981,748
1,939,000
842,000
28,278,000
18,391,000
43,600
328,000
"2'.000
ei'ooo
47,058,000
46,705,000
45,000
——
6,000
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at
lake and
seaboard ports
Saturday, Dec. 28, were as follows:
GRAIN STOCKS
Wheat
New York
Oats
Rye
Bushels
Bushels
Barley
Bushels
6,000
120,000
Boston
Corn
Bushels
United States—
Bushels
113,000
26,000
424,000
174,000
21,000
38,000
15.000
20.000
58,000
afloat
Philadelphia
832,000
1,423,000
31,000
565,000
2,144,000
1,166,000
2,388,000
1,229,000
12,515,000
4,477,000
360,000
2,111,000
1,835,000
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson.
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
183,000
48,000
112,000
98,000
76,000
62,000
210,000
13,000
906,000
13,000
187,000
112,000
18,000
154,000
82,000
197,000
1,040,000
48,000
154,000
2,289,000
4,842,000
523,000
688,000
612,000
83,000
6,025,000
232,000
652,000
220,000
427,000
547,000
946,000
30,000
2,417,000
13,737,000
5,169,000
6,000
512,000
52,000
afloat
Minneapolis
453,000
14,000
777,000
1,000
Duluth
197,000 13,248,000
64,000
7,661,000
150,000
6,000
5,000
7,032,000
4,818,000
664,000
1,636,000
1,206,000
"
afloat
Total Dec. 28 1935...
Total Dec. 21 1935
Total Dec. 29 1934.
Note—Bonded
Buffalo,
grain
173,000: total,
72,003,000
72,507,000
5,000
1,000
92,000
1,000
58,000
102,000
8,619,000
188,000
1,088,000
afloat
Milwaukee
202" 000
58,000
Buffalo
Barley goods—
Coarse
636 000
Detroit
>8.551 Rye flour
patents
$5.70@5.90
>8.25 Seminola, bbl., Nos. 1-3.
9.00<
>7.60 Oats, good.
~
>6.60 Corn flour
>7.90
>8.05
6.90( >7.15
303 000
15~666
Total receipts of flour and
grain at the seaboard ports for
the week ended
Chicago
425.
FLOUR
Spring pats..high protein $8.30
Spring patents
8.00(
Clears, first spring
7.35<
Soft winter straights
6.25<
Hard winter straights... 7.70<
Hard winter patents.... 7.85<
26,000
34,000
102,000
18,000
27,000
100,000
48,000
63,000
672,000
1,000
26,000
7,382,000136,431,000106.717,000 42,262,000' 7,399,000 27,301,000
Peoria
Oats, New York—
No. 2 white
5 000
797 000
9,000
296,000
473,000
8,170,000238,672,000 70,156,000 86,521,00013,525,00051,837,000
7,892,000 138,453,000115,268,000 29,842,000 8,711.000
39,923.000
1934
Indianapolis....
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic—118
Manitoba No. 1, f.o.b. N.Y. 97 %
67,000
136,000
77 000
When Made
June 13 1935
48%
46%
10,000
142.000
171, 000
31, 000
146, 000
quiet.
DAILY
74 000
475 000
Joseph...
Wichita
Sioux City...
West Indies
corn.
2nd
91 000
120,000
4,000
33, 000
32%
32%
Rye—On the 28th ult. prices closed
^ to 2^-cent up, this
advance being largely in sympathy with wheat and corn.
On the 30th ult. prices closed 1 to
134= cents higher.
There
was nothing
special in the news to account for this unusual
strength outside of the strength in wheat.
On the 31st ult.
prices closed 34 to % up, evidently influenced by the strength
in wheat and
262,000
330,000
3 000
Barley
Bushels
Thurs.
Hoi.
234 COO
217, 000
10, 000
498, OOO;
201, 000
98,000
30,000
16,000
Kansas City..
Omaha
St.
Rye
bushMlbs. bushASlbs.
35, 000
Louis
YORK
Wed.
FUTURES
Mon.
28%
-28%
September
IN
1,574, 000
Indianapolis..
St.
Baltimore..
Fri.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
On
17,000
Peoria
Philadelphia
YORK
Wed.
Oats
bush. 32 lbs
983, 000
84, 000
4, 000
74, 000
...
another
upturn in spot corn prices and con¬
of the grain from country points.
To-day prices ruled fairly steady and closed %c. up.
Trad¬
ing was quiet, and these was no special feature to the news.
Corn
143, 000
Toledo
Detroit
tinued light marketings
DAILY
142,000
Milwaukee...
1933
with the
Wheat
Duluth
inst.
prices closed with gains of %c., influ¬
largely by the strength in wheat. Trading was quiet,
news containing very little of a
stimulating charac¬
enced
Flour
bbls.imbs. bush. 60 lbs. bush. 56 lbs
89
89%
Corn prices on the 28th ult. closed
% to J^-cent higher.
There was nothing in the news from the outside that could
be regarded as an incentive to take the
On
give the receipts at Western lake and river ports
Saturday and since Aug. 1 for each
we
for the week ended last
of the last three
years:
WINNIPEG
Wed.
84%
88%
89%
Jan. 4 1936
All the statements below
90
Made
|
Season's Low and When Made
Apr. 16 19341 September
78%
July
6 1935
July 31 19351 December
81
July
6 1935
Aug.
1 19351 May
88%
Aug. 19 1935
High and
102%
97%
98%
September
Mon.
99%
89%
Chronicle
FUTURES
7,701,000 41,936,000
2,613,000
562,000
58,000
498,0<
47,0(
1,821,0(
2,676~000
6,627"(M
1,038,000
15,000
1,063,000
90,000
1,501,0(
1,585,0(
1,782,0(
80,0(
8,915,000 15,559 000
6,719,000 42,266,000
9,083 000 15 801 000
84.230.000 41.330.000 21,588.000
12,484.000
included above;
Oats. New York,
232,000 bushels, against none in 1934.
not
uffiooo
159 000
bushels-
Barley, Duluth*
THE DRY GOODS
64,000 bushels: total, 54,000 bushels, against 1,682,000 bushels in 1934. Wheat,
New York, 2,708,000 bushels: N. Y. afloat, 853,000; Philadelphia, 768,000; Balti¬
more, 852,000; Buffalo, 9,112,000; Buffalo afloat, 11,302,000; Duluth, 964,000;
Erie, 2,231,000; Boston, 1,063,000; Chicago, 200,000; Chicago afloat, 115,000:
total, 30,168,000 bushels, against 23,423,000 bushels in 1934.
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
628,000
2,127,000
Bushels
113,000
3,046,000
Bushels
684,000
2,385,000
79,532,000
3,143,000
295,000
Total Dec. 28 1935.-.126,271,000
128,027,000
121,638,000
5,898,000
5,947,000
7,245,000
3,454,000
3,458,000
3,238,000
7,701,000 41,936,000
5,898,000
8,915,000 15,559,000
3,454,000 3,917,000
7,701,000 47,834,000
200,534,000
6,719,000 48,213,000
205,868,000 41,330,000 28,833,000
12,369,000 19,476,000
12,541,000 19,700,000
15,722,000 20.404,000
8,879,000
William & Pt. Arthur 37,860,000
usual
Other Canadian & other
water
points
Total Deo. 21 1935
Total Dec. 29 1934
Summary—
American
Canadian
Total Dec. 28 1935.-198,274,000
Total Dec. 21 1935
Total Dec. 29 1934
The world's
shipment of wheat and corn, as
Broomhall to the New York
furnished by
Produce Exchange, for the week
ended Dec. 27, and since July 1
1935 and July 2 1934, are
Week
Since
Since
Week
Since
July 1
July 2
Dec. 27
July 1
July 2
1935
1934
1935
1935
Bushels
Bushels
Bushels
Black Sea
Argentina
Australia
Bushels
256,000
688,000
328,000
20,976,000
1 4,911,000220,368,000257,641,000
Total
Weather
Report
for the
27,380,000
22,104,000
6,858,000189,194,000
146,930,000
1,012,000
Week Ended Jan. 2—The
general summary of the weather bulletin
Department of Agriculture,
issued by the
indicating the influence of the
weather for the week ended Jan.
2, follows:
abnormally cold from the Rocky Mountains eastward,
reporting the coldest weather in from 18 to 30 years.
The relatively coldest, 18 to 20 deg. below normal, centered over the lower
Ohio Valley and the middle Appalachian region, while elsewhere depar¬
tures of from minus 5 to minus 17 deg. were general.
To west of the Rockies
temperatures were normal or slightly above, with portions of the Great
Basin reporting an excess of as much as 9 deg.
Minimum temperatures of zero or below occurred in most Central and
Northern States, with —22 deg. the lowest reported by a first-order station;
this was at Devils Lake, N. Dak.
In the East the line of zero tempera¬
tures reached southward to the Virginias and Kentucky, while minima of
—8 deg. were reported in northern Missouri.
Every State experienced
freezing weather, and in Florida and Texas freezing occurred generally,
except on the immediate southern coast.
Chart I shows the temperature
distribution during the past week and also the limits of zero and freezing
The week was
with several sections
weather.
Moderate to
especially over southern and eastern
changes, caused by the passage of cold
locally heavy snows,
districts, and marked temperature
the outstanding features of the week's weather.
Snow occurred
in the Ohio Valley daily and several times was reported as far south as
the Carolinas and Georgia and in extreme northern Florida late in the
week.
Over much of the Plains States, however, amounts were inconsid¬
erable and several large western areas had only 1 or 2 days with precipi¬
tation.
Chart III shows the extent of the snow-covered area late Monday
evening, and the dotted line shows the change in area since last week.
The table on page 4 shows the distribution of precipitation.
Although
waves, were
heavy
snows
occurred during the week, the
improvement in
sales during the final days of
merchants to
there is some
ness
cause
Domestic
market
western
Small
snows
locally, the widespread, moderate to heavy
beneficial to all grains and grass.
Occasionally,
Grains—Except
of the week were
damage resulted from the extremely cold weather
which obtained before the snows came, but elsewhere conditions were
favorable, and no lifting of consequence has been reported.
No change
in grain condition is noted in Montana, Nebraska, and some other grain
States, but in Wyoming winter grains are mostly poor, and bare ground
early in the week was unfavorable in Utah; in eastern Colorado and New
Mexico moisture is badly needed.
In Kansas winter wheat was not materially injured by the cold, though
it was frozen down in many places, and browned elsewhere.
In some
portions of the central valleys, notably in south-central Iowa, Missouri,
and in portions of the Ohio Valley, some corn is still in the field, and
little progress has been made in husking in Indiana.
as
in
Tennessee,
some
in
Goods—Trading
the gray cloth
in
its previous desultory
fashion,
with
and the uncertainty over the forthcom¬
decision of the Supreme Court on the AAA and the
Act forming the chief obstacles to a broadening
of activities.
Prices generally held firm, however, although
ing
Bankliead
early in the week a few scattered lots of
second-hand goods
While buyers' needs for
the first quarter are by no means fully covered, the dispo¬
sition appears to be general to await the verdict of the
Washington tribunal before entering into larger scale com¬
mitments.
On the other hand, mills are still supplied with
sufficient contracts to tide them over the present hiatus and
were
to
offered at slight concessions.
keep them from pressing their offerings on the market.
and a fair call
Drills continued to move in moderate volume,
prevailed for sateens.
Business in fine goods, following a
quiet opening, later in the week gave indications of a mild
expansion.
Inquiries on certain constructions in the lawn
and voile division were more numerous, with prices develop¬
a somewhat firmer trend.
carded piques continued to meet
ing
Pigmented
taffetas
and
with a fair demand. Clos¬
ing prices in print cloths were as follows:
39-inch 80's,
8%c.; 39-inch 72x76's, 8%c.; 39-inch 68x72's, 7y2c.; 38%incli 64x60's, G%c.; 38%-inch 69x48's, 5% to 5%c.
Woolen Goods—Trading in men's wear
week, Colorado
picking was nearly com¬
needed to protect citrus during the week.
Washington.
Cotton
continued
seasonal influences
In California cotton
Colorado, and New
Trading in rayon yarns
livery reaching gratifying figures.
favorable and, while Idaho,
Missouri Valley yard feeding has been general.
In Montana, much
Mexico livestock was favored, but water shortage
southern Rocky Mountain sections, particularly, ranges
need moisture.
In Utah, Arizona, and portions of southern Idaho the
condition of livestock is mostly satisfactory, and pastures are good in
or
with the renewed stiffening of raw silk
Some activity developed in greige goods be¬
impending advance in dyeing and finishing
continued fairly active,
policy of producers
concerning 150 and 300 denier yarns acted as somewhat of
a
damper.
Yarn shipments continued heavy, and it was
generally expected that the turn of the year would see
stocks at a record low point, with orders for January de¬
did not have such a good
continues, and in
the
although the uncertainty over the price
levels.
upper
of
charges.
the
pleted; some orchard heating was
In the East and Southeast the cold weather was unfavorable for most
truck, and Florida reports tender varieties practically all killed, though
cabbage, celery, and citrus were little hurt.
The gathering of those crops
still left in the field has been further delayed.
In California the harvest¬
ing of navel oranges, grapefruit, lemons and avocados continues, and
valencias are coloring well.
Snow-covered ranges and pastimes have necessitated stock feeding in
most sections, although in some portions of the lower Ohio Valley, and
occasionally in the Plains States where strong winds have cleared pastures,
cattle have ranged.
In North Dakota, eastern South Dakota, and in the
commitments now that short-
goods appear to be developing in many lines.
Busi¬
in silks was seasonally dull, but prices showed a firmer
quotations.
complete cessation of farm and other outdoor work; only necessary chores
are being done in much of the Ohio and middle Mississippi valleys, and
elsewhere that which is being carried on is mostly limited to the care and
feeding of livestock, the hauling of wood, and to snow removal.
In nearly
every State east of the Rocky Mountains frozen ground has hindered out¬
door activities, and in east Texas and portions of Louisiana the soil has
been too wet; even as far south as South Carolina and northern Georgia
the ground has been frozen hard; Tennessee and Kentucky report some
operations delayed by frozen water supplies and the unusually low stream
reports excellent progress.
to secure needed
merchandise for January promotions were
trend in sympathy
complaint of lack of moisture.
cold weather of the week and the heavy snows in most
and in some southern sections, resulted in an almost
conditions are generally more
the
inclined to enter into forward
The abnormally
In the West
rather
I ages of
central and eastern
Utah, and eastern Washington
a
quantities of clear¬
said to have
met with scant success, indicating the virtual absence of
burdensome stocks in most primary channels.
With the
expected arrival of large numbers of retail buyers soon after
the turn of the year and the early opening of fall lines on
important staple goods such as blankets, flannels and heavy
underwear, broader wholesale markets are held to be immi¬
nent and hopes are expressed that merchants will be more
hours rain was
24
made
ance
the 27th, and the following day brought pre¬
Gulf States and portions or the far Southwest
reported from most Gulf and South
Atlantic States.
The largest weekly totals reported by first-order stations
were 4 inches in Washington and northern California.
Despite the mod¬
erate to heavy snows in many of the central and northern portions of the
country, weekly totals of precipitation at many stations in the Plains
States and the upper Mississippi and Missouri valleys, and over much of
the Southwest, did not exceed 0.1 inch, and in the last-mentioned section
next
the
volume
retail trade in January
disappointing showing.
efforts of retail buyers
to the western
while
December
hope for favorable
Agricultural Adjustment Act forming an additional
an expansion in business.
The price structure,
however, held very firm, reflecting the sound inventory con¬
dition in both the wholesale and retail fields.
Scattered
northern California on
cipitation
encouraged
deterrent to
totals were subnormal over
eastern and southern areas, with deficiencies also general in
Ohio Valley and Lake region.
The upper Mississippi and Missouri valleys
likewise had rather scanty falls, and about half the stations in the moun¬
tain region had subnormal precipitation.
Light to locally heavy rains
occurred daily over the North Pacific Coast States, and extreme southern
Texas had heavy rain on the 26th.
Light to moderate showers occurred
large
in
heavy apparel
spurt in holiday buying, the
on
15,000
16,960,000
India
Oth. countr's
lipes of all types. Owing to the final
total sales volume for Decem¬
ber is expected to make a letter showing than the meager
results during the first half of the month had led merchants
to anticipate.
Department stores in the metropolitan area,
according to a report issued by the Federal Reserve Bank
of New York, recorded an increase of 2.8% up to Dec. 24,
although for the first of the month a decline of the same
amoupt had been shown.
Much larger gains are expected
to be revealed by the Western and Southwestern sections,
with some districts anticipating increases up to 20%.
The
for
in the wholesale dry goods markets continued
seasonally dull, with the pending Supreme Court decision
1,000
77,943,000 92,707,000
43" 000
4,979,000 10,529,000
80,000 30,346,000
4,080,000
114,282,000
704,000 50,653,000 88,875,000 5,803,000 156,834,000
778,000, 44,210,000 50,675,000
2,661,000
North Amer.
dulness, retail business
Clearance sales met with en¬
and there was a good demand
Trading
1934
Bushels
|
trend toward
satisfactory account.
couraging consumer response,
1935
Since
Dec. 27
1935
3 1936.
counteracting the
figures in January, in as much as
Corn
Wheat
Bushels
conditions
has
shown in the following:
Exports-
post-holiday
gave a
TRADE
York, Friday Niglit, Jan.
weather
seasonal
With
3,917,000
3,899,000
6,090,000
72,003,000
126,271,000
New
848.000
Canadian—
Montreal
Ft.
149
Financial Chronicle
Volume 142
jh
fabrics, although
hampered by year-end influences and holiday interruptions,
expanded moderately during the second half of the period
under review.
Numerous small lots found buyers, reflect¬
clothing manufacturers for fill-in stocks.
with additional scattered advances
coming to light.
Mill operations continued active on old
contracts, and with new fall lines of men's wear suitings,
topcoatings and overcoatings scheduled to be opened during
the second week of January, the outlook for the industry
remains promising.
Reports from retail clothing centers
stressed material gains in sales owing to the wintry weather
conditions prevailing in many sections.
Business on spring
lines of women's wear goods continued rather dull, but a
ing the
Prices
need of
ruled
strong,
sustained demand for cruise and resort materials wras again
reported.
Foreign Dry Goods —While trading in linens was sea¬
sonally restricted, the price structure held steady, reflecting
the continued firm trend in the primary markets abroad.
Burlap prices reacted further, in line with lower quotations
reported from Calcutta, and as result of the slow demand
on
the
Domestically, light¬
heavies at, 5.50c.
part of the consuming trades.
weights were quoted at 4.10c.;
150
Financial
Chronicle
$3,650,000 Massachusetts
(State
of)
bonds
were
sold
as
follows:
$2,000,000 public works 1 Ms, due from 1936 to
1945 incl.,
purchased by Kidder, Pea body & Co. of New
York and asso¬
ciates at a price of
100.70, a basis of about 1.62%; $1,650,000
Metropolitan Sewerage Loan 2Ms, due serially from 1936 to
1955 incl., sold to the First National Bank
of New York and
associates at 100.649, a basis of about
2.19%.
2,725,000 Cuyahoga Co., Ohio, 2H%
emergency relief bonds, due
serially from 1936 to 1944 incl., awarded to an account
headed
by Field, Richards & Shephard, Inc. of Cincinnati at a
price of
100.42, a basis of about 2.41%.
2,200,000 Nassau Co., N. Y., bonds,
comprising $2,000,000 3s and
$200,000 2 Ms, due serially from 1937 to 1964
incl., sold to
Specialists in
Illinois & Missouri
Jan. 4
Bonds
,
STIFEL, NICOLAUS &. CO., Inc.
Lehman Bros, of New York and associates at
a price of
100.03,
basis of about
2.975%. Public re-offering was made by the
bankers at prices to
yield from 1.25% to 3.05%, according to
interest rate and date of
maturity.
1,800,000 New Orleans. La., 4%
sewerage, water and drainage bonds
sold pri vately by the Reconstruction
Finance Corporation to a
syndicate headed by the Chase National Bank of New
York at a
price of 102.50, a basis of about
3.65%.
Due serially from
1936 to 1950 incl. Re-offered for
public subscription at prices
to yield from
1.25% to 3.60%, according to maturity.
1,772,000 Rhode Island (State of) bonds
a
105 W. Adams St.
DIRECT
CHICAGO
WIRE
314 N.
Broadway
ST.
LOUIS
MUNICIPAL BOND SALES IN DECEMBER AND
FOR
THE YEAR 1935
New issues of State and
municipal bonds continue to find
ready market as was conclusively demonstrated during the
month of December, when,
despite a sharp decline in
activity in the investment field in the latter part of the
awarded as follows: $872,000
public works 3s, due from 1956 to 1963
incl., sold to Brown
Harriman & Co., Inc. of New York and associates
at 109.339;
$500,000 unemployment relief Is, due
Sept. 16 1938, pur¬
chased by Estabrook & Co. of New
York and associates at
100.26 and $400,000
a
month,
as a
3% public works bonds, maturing from
•1938 to 1941 incl., were sold to a
group headed by Edward B.
Smith & Co. of New York at a
price of 107.059.
result of the Christmas
holidays, the volume of
period reached $128,511,998, as compared with
$112,523,762 in November and with $121,702,118 in Decem¬
ber 1934. It should be noted
however, that the total for the
sales for the
past month included
such
sizeable flotations
as
those
1,500,000 Louisiana
(State of) 4M% highway bonds, due from
1939
1960 incl., sold to the Chase
National Bank of New York
others at 107.11, a basis of
about 3.86%.
Offered for
general investment at prices to
yield from 2.75% to 3.85%,
according to maturity.
to
and
of
$16,500,000 by the Port of New York Authority, $7,000,000
by the State of Louisiana and $7,711,000
by the Boston
Metropolitan District, Mass. Moreover, the Reconstruction
1,500,000
hattan Co. of
New York at a price of
100.19, a basis of about
1.98%.
1,425,000 Harris Co., Tex., bonds sold as follows:
$1,000,000 road and
bridge 2s, due serially from 1937 to 1956
incl., sold to the
Finance Corporation contributed
$12,614,300 to the month's
output, representing the disposal of that amount of bonds to
investment
the
Houston National Bank and Neuhaus
& Co. of
Houston, as
agents, at a price of 101.239, a basis of about
2.88%: $425,000
hospital 3s, maturing from 1936 to 1961
incl., awarded to
Edward B. Smith & Co. of New York
and associates at a
price of 100.339, a basis of about
2.97 %.
bankers
which were originally
purchased from
municipalities by the Public Works Administration.
Market conditions for the
bonds during 1935 were
sale
of
State
and
extremely favorable,
municipal
particularly
with respect to the terms achieved
by borrowers. Notwith¬
standing the very low interest rates carried on the issues
marketed, there was a continued demand for
municipal
liens, as is indicated in the fact that the volume of sales for
the year, at
$1,214,904,867, was the largest for any period
since 1931. The total for 1935
compares with $939,453,933 in
the calendar year 1934,
$520,478,023 in 1933 (this having
been the smallest total of
any period since 1918), $849,480,079 in 1932 and
$1,256,254,933 in 1931.
The total for
1935, of course, as was the case with the results of
municipal
financing in the previous
year, was considerably augmented
a result of the
public sales by the RFC of bond issues
originally purchased by the PWA. In December
alone, as
mentioned previously
above, the RFC effected a sale of
such bonds
having an aggregate par value of $12,614,300.
However, it is to be noted that a distinction is made
by us
in our
as
tabulations in transactions of that
nature and loans
or
grants obtained by municipal units
directly from the
PWA. Those issues sold to the latter
agency do not appear
in our totals as in most
instances they represent a
private
transaction between the borrower and
the PWA and
are
not
subject to actual market conditions
prevailing at the time
Then again, as
many of these issues are later sold
publicly by the RFC our policy of
excluding them in the first
of sale.
instance from
our
compilations eliminates the possibility of
duphcation of these items in our figures.
Records showing the
aggregate of all municipal financing
in 1935, long- and
short-term, including Island Possession
loans and Canadian
municipal issues, also indicating the
month-by-month volume of United States
municipal loans
floated
in the years 1935 and 1934
will be found at the
clusion of this article.
The issues of $1,000,000 or more
month of December
were
as
follows:
con¬
disposed of during the
$16,500,000 Port of New York
Authority, N. Y., general and refunding
bonds, due Dec. 1 1965, optional at
any time prior to maturity
at various prices
depending on date of call, awarded to a
syndicate headed by the National
City Bank of New York as
3 Ms, at a price of
97.11, a basis of about 3.905%. Re-offered
by the bankers at a price of 99 and
accrued interest, to yield
3.81% to maturity.
7,711,000 Boston Metropolitan
District, Mass., 2J^ % bonds sold to an
account headed
by Halsey, Stuart & Co., Inc. of New
York at a
price of 97.585, a basis of about
2.636%.
The bonds, due
serially from 1936 to 1960 incl., were
publicly offered at
prices to yield from
0.40% to 2.70%, according to
maturity.
7,000,000 Louisiana (State
of) 5% highway bonds sold at
private
sale by the
Reconstruction Finance Corporation to
the Chase
National
Bank of New York and
associates at a price of
a basis of
109,
about 4.08%.
Due serially from 1936 to
1957 incl.
Re-offered for public investment at
to
4%, according to maturity.
6,480,000 Fairfield Co.,
Conn.,
1M%
prices to yield from 1.50%
Parkway
Merritt
Authority,
N. Y.,
bonds sold
privately to B. J. Van Ingen & Co., Inc. 4M%
of New York and
associates. Due on Dec. 1
1960, although callable on
any int.
payment date at various
prices, according to date of
call.
Publicly re-offered by the underwriters at
a price of
99.50.
3,900,000 Allegheny Co.,
Pa., 2 M % various purposes bonds,
maturing
serially from 1936 to 1965 incl., went
to a
banking group
headed by Brown Harriman &
Co., Inc., of New York at a
price of 100.125, a basis of
about 2.74%.
In re-offering the
issue
the bankers priced the
1936-1945 maturities to
yield
from 0.50% to
2.50%: the 1946 to 1950 bonds at
102.25 and
the 1951 to 1965
obligations at 102.
1.270,000 Easton, Pa., 2
M% water works, refunding and improvement
bonds, due serially from 1937 to 1966
incl., sold to Brown
Harriman & Co., Inc. of New York
and associates at a
,
price
of 100.97.
1,199,000 Hamilton Co., Ohio.
2%
poor relief
bonds, due serially from
1936 to 1944 incl., sold to the Harris
Trust & Savings Bank of
Chicago and Breed & Harrison, Inc. of
Cincinnati, jointly,
at a
price of *00.81.
1,092,000 Albany, N. Y., bonds,
comprising $792,000 2s and $300,000
2^8, maturing serially from A93v. to 1955
incl., awarded to the
Baneamerica-Blair Corp. of New York and associates
at a
price of 100.10, a basis of about
2.08%. Publicly re-offered at
prices to yield from 0.30% to
2.25%, according to maturity.
1,000,000 Mississippi (State of)
2M% bonds, due serially from 1937 to
1943 incl., purchased
by an account headed by the First
National Bank of Memphis at a
price of 100.30, a basis of
about 2.67%.
1,000,000 Rochester, N. Y., 1M% public welfare
bonds, due serially
from 1936 to 104
pincl., sold to Gertler & Co. of New York at a
price of 100.27, a basis of about
1.22%.
1,000,000 St. Paul, Minn.,
2M% sewage disposal system bonds, due
serially from 1938 to 1965 incl., awarded to Brown
Harriman
& Co., Inc. of New York
and associates at a price of
100.599,
a basis of about
2.69%.
Re-offered for public investment at
prices to yield from 1.25% to
2.75%, according to maturity.
1,000,000 Trenton, N. J., 2M% tax revenue
bonds, due $500,000 each
on June 15 and Dec.
15 1937, awarded to
Halsey, Stuart <fc
Co., Inc. of New York and associates at a
price of 100.035, a
basis of about 2.49%.
Although the bulk
of the issues offered for sale in
December
were some which, for various
reasons,
could not be marketed.
This was also true in each of
were
readily sold, there
the
previous months of 1935, although the
aggregate par value
of all of the issues
unsuccessfully offered in the calendar
year just ended was
considerably less than the total for 1934.
The figures for the two
years are $43,220,216 and
$70,889,715, respectively. The number of issues which
failed of sale
in December was 19 and the
total amount
involved, $2,872,-
000.
They are listed herewith together with the
page number
of the "Chronicle" where an
account of the abortive
offering
appears; also the rate of interest named
borrower,
amount of the loan and the
by the prospective
given for the
reason
non-sale.
RECORD
OF
ISSUES
THAT
FAILED
OF
SALE
DECEMBER
Page
Name
Amarillo, Tex
Ball Ground, Ga
Cliffside Park, N. J
4055
3891
4195
4054
3899
3895
3903
4199
4199
161
Int. Rate
Exeter, Pa
a
x
x
_
Kinsman Sch. Dist., Ohio
4%
Laurel, Mont
Little Falls S. D., N. Y
Muskegon, Mich
Olyphant Sch. Dist., Pa
Pawhuska, Okla
not exc.
not exc.
_
4%
4%
4%
4%
x
Port of Coos Bay, Ore
5%
2M%
4%
4K%
South River, N. J
..not exc. 5%
Stafford Twp. S. D., Ind_...
4^%
Vinita, Okla
x
bRollinsford S. D., N. H
San Luis Obispo Co.,
Calif..
4191 cSan Francisco, Calif
3897
4192
4053
3906
Amount
4%
4^%
4%
.
Cresson Sch. Dist., Pa
3903
3901
4195
3891
Parkway bonds pur¬
chased by a syndicate
managed by Lehman Bros, of New
York on a bid of 99, a basis of
about 1.89%. Due
serially from
1936 to 1950 incl. In
re-offering the bonds, the bankers priced
them to yield from
0.25% to 2.05%, according to
maturity.
6,000,000 Marine
Providence, R. I., 2% highway and relief bonds,
maturing
serially from 1937 to 1951 incl., sold to the Bank of the
Man¬
dWaukesha, Wis
not exc.
$605,000
15,000
411,000
25,000
22,000
45,000
11,000
21,000
384,000
109,000
37,000
25,000
40,000
30,000
391,000
570,000
18,000
28,000
85,000
DURING
Report
Bids
rejected
Bids rejected
No bids
No bids
Not sold
Not sold
No bids
Postponed
Bid rejected
No bids
Postponed
No bids
Postponed
No bids
Postponed
No bids
No bids
Postponed
3%
Not sold
x Rate of
interest was optional with the bidder,
a Defect in
bond reso¬
lution prevented sale of issue,
b Tenders returned
unopened on Dec. 27
and new sale announced for
Jan. 16.
c Sale
postponed m order
legal opinion,
sale.
d
to
Misunderstanding concerning
obtain
rate of interest caused
non-
The marked demand which
prevailed in previous months
of the year for short-term State and
municipal issues con¬
tinued unabated
during the month of December.
The
total amount of issues
placed during the month was
$80,940,500, of which $62,350,000 represented interim
financing
Volume 142
Financial Chronicle
by the City of New York. At no time during 1935 was there
any diminution in investment demand for temporary muni¬
cipal liens.
Moreover, interest costs on such loans were
extremely favorable and in numerous instances represented
the lowest ever obtained by borrowers. This was particularly
true with respect to the credits obtained by the City of
New York and most of the other larger cities in the country.
Canadian long-term municipal financing in December
was featured by the announcement of the consummation of a
sale of $40,000,000 Dominion of Canada 2% notes, due Jan. 1
1939.
Of the issue, $25,000,000 was underwritten by New
York banking institutions.
The Dominion received a price
of 99.75 and accrued interest for the obligations and will
apply the proceeds to the redemption of $40,000,000 %%
notes maturing in New York City on Feb. 1 1936.
It was
announced that no re-offering of the notes would be made
by the underwriters. The financing by the Dominion helped
swell the total amount of Canadian long-term borrowing
during December to a figure of $53,095,600.
Temporary
financing consisted of the disposal by the Canadian govern¬
ment of $20,000,000 Treasury Bills.
There was no United States Possession borrowing effected
during the month of December.
Below we furnish a comparison of all various forms of
obligations sold in December during the last five years:
1935
Perm.
1934
1933
1932
$
$
$
$
1931
$
128.511,998 121,702,118
45,217,320 117.952,271
45,760,233
80,940,500
20,000,000
59,071,823 249,731,300 337,910,300
None
132,000
1,250,000
92,451,000
13,095,600
40,383,275
10,000
135,000
116,260
40,000,000
None
None
None
None
Gen.fd.bds.(N.Y.C.)
None
None
None
None
None
Bds.ofU.S.Possess'ns
None
None
100,000
100,000
904,000
Temp. mun. loans,
(United States)
—
Canad. loans (temp.)
Canad. loans (perm.)
Placed in Canada
News Items
California—Petitions
Placed in U. S
Against New Income
Tax—•
Initiative petitions seeking repeal of California's new income tax law
qualified to-day at the Secretary of State's office, assuring a vote upon the
revenue
measure
at the general election
next November.
Frank Jordan, Secretary of State, said the petitions carried
195,844 signal
tures of registered voters.
The income tax was passed by the 1935 Legislature and is expected to
return about $20,000,000 in two years.
The rates range from 1% of $1,000
controversial
of net taxable income to 15% on $250,000 a year and more.
Recently William Randolph Hearst, publisher; Kathleen and Charles
Norris, novelists, and several motion picture stars, including William Powell
and Marlene Dietrich, said they would leave the State because of the in¬
come and other taxes imposed by the 1935
Legislature.
None
Talmadge Made Dictator Over State's
in the much publicized activities
of the administration of the above State was
reported as
follows in an Associated Press dispatch from Atlanta on
Finances—The latest
Jan.
.
Filed
An Associated Press dispatch from Sacramento on Dec. 31
had the following to say regarding the movement on foot to
have the newly enacted income tax law repealed by a popular
vote in November 1936:
Georgia—Governor
loans,
mun.
(United States)
*
151
move
1:
Dictatorship of Georgia's financial affairs was conferred by legislative
default upon Governor Eugene Talmadge to-day without a National Guards¬
bayonet in sight at the Capitol.
Last-day tax remittances left a little more than $1,000,000 of 1935 funds
the treasury for operation of the State's $20,000,000-a-year business
without the guidance of an appropriations Act.
"We have more money on hand right now than ever before In our his¬
man or a
in
Total
282,548,098 221,157,216 295,190,620 457,347,571 139,231,493
'
♦
Includes temporary securities Issued by New York City In December; $62,350,000
In 1935; $35,875,000 In 1934; $241,378,800 In 1933; $310,000,000 In 1932; $76,200,000
In 1931.
The
of
number
municipalities emitting bonds
and the
number of separate issues made during December 1935 were
483 and 645, respectively. This contrasts with 413 and 519
for November 1935, and with 241 and 288 for December 1934.
The following table shows the aggregate of State and
municipal permanent issues for December, as- well as the
12 months for a series of years. The 1935 figures are subject
to revision by later advices:
Month of
December
1935
Month of
For the
December
12 Mos.
1913
$128,511,998 $1,214,904,867
939,453,933
121,702.118
520.478,023
45.217,320
1934
1933
1932
117,952.271
45,760,233
186,773,236
1931
1930
1929
1926
290,827,938
149,428,822
111,025,235
144,878,224
1925
157.987,647
1924
1915
93,682,986
113,645,909
66,049,400
220.466,661
55,476,631
62.082,923
22,953,088
32,559,197
35,779,384
34,913,362
1914
1927.
1923
1922
1921
1920...
1919
1918
1917.
1916
$44,635,028
27,657,909
36,028,842
1912
1911
1910
1909
1,487,313,248
1,430,650,900
1,414,784,537
1,509,582,929
1,365,057,464
1,399,637,992
1,398,953,158
1,063,119,823
1,100,717,313
1,208,548.274
683,188,255
691,518,914
1908..
12 Mos.
$403,246,518
386,551,828
396,859,646
320,036,181
339,424,560
313,797,549
227,643,208
201,743,346
183,080,023
250,754,946
132,846,535
149,498,689
131,549,300
145,733,062
36,621,581
1,256,254,933
31,759,718
28,050,299
13,718,505
21,260,174
849,480.079
29,211,479
1928
For the
1907.
1906
1905
8,254,593
9,985,785
13,491,797
11,567,812
15,456,958
22,160,751
4,981,225
7,306,343
17,855,473
10,664,287
8,545,804
1904
1903
1902
1901.
1900
1899
1898
1897.
296,525,458
1896
451,278,762
457,140.965
1895
118,113,005
103,084,793
137,984,004
106,406.060
1893
13,486,375
17,306,564
114,021,633
117,176,225
77,421,273
1892
3,297,249
83,823,515
1894
498,557,993
474,074,395
The monthly output in each of the years 1935 and 1934
is shown in the following table:
1934
1935
1935
$97,172,419
53,435,359
$55,071,204
Feb...
65,182,481
Oct
Mar...
150.313,900
98,012,229
Nov
April..
May
156,078.031
106,389,422
79,788,577
115,126,622
94,813,149
27,708,331
Deo
Jan...
78,274,868
64,735,885
87,468,655
65,703.316
..
June
..
July...
Aug...
Sept
1934
$148,870,640
71,816,034
$40,819,694
42,748,755
112,523,762
128,511,998
92,091,301
121,702,118
1214,904,867
$939,453,933
month...$101,242,072
$78,287,827
Total
Average
per
The total of all municipal loans put out
during the calendar
year 1935 was $2,767,308,009, including $1,214,904,867 of
new issues of long-term bonds by the States, counties and
minor civil divisions of the United States, $1,035,337,775
temporary municipal loans negotiated, $505,369,367 obliga¬
tions of
Canada, its Provinces and municipalities (not in¬
temporary issues), and $11,696,000
cluding $214,475,000
bonds of United States possessions.
In the following table
we furnish a comparison of all these forms of securities
put
out in each of the last five years:
1935
1934
$
$
1933
1932
1931
$
$
(U. S.)
939,453,933
520,478,023
849,480,079 1256,254,933
987,590,375 1225,456,354 1287,343,635
935.827,606
389,369,367
116,000,000
11,696,000
522,261,774
50,000,000
408,835,489
60,000,000
296,451,019
66,015,000
368,760,648
Total
x
stitutionality of the dispersal of public funds without legislative authori¬
zation.
Illinois—Relief System Ordered Halted Jan. 15—A
com¬
plete shutdown of relief activities in Illinois, effective Jan.
15, was ordered on Dec. 30 by Wilfred S. Reynolds, executive
secretary of the Illinois Emergency Relief Commission, ac¬
cording to an Associated Press dispatch from Chicago on
that day.
The action, affecting 151,800 relief clients, ex¬
clusive of Chicago, and more than 5,500 relief administration
employees/ is said to have been made following a conference
with Governor Henry Horner and other relief officials.
The action followed the unsuccessful efforts of Governor
Horner to obtain aid from the Federal government in the
present emergency.
What provision, if any, the State in¬
tends to make for indigent families who will be dropped from
the relief rolls, was not
disclosed.
New York
City—Credit Rating at High Level—The credit
of the city, measured by the percentage of
unpaid taxes and
the reductions in both the short-term and the funded
debt,
is better now than it has been at any time in the last five
years, it was said by Comptroller Frank J. Taylor, in a
statement made public on Dec. 31, from which we
quote in
part as follows:
The ability
of the property owner to pay his taxes has increased, although
To-day the uncollected remainder of the levy
A year ago the delinquency formed 21.22% of
the levy; at the end of 1933 it was 26.42%; at the end of 1932 it was
26.46%.
In short; 1935 made the best record of any year since 1930.
Because the debtors have paid, the creditors have
been-paid.
I have
called for payment, on Jan. 1 1936, $33,825,000 of notes that were out¬
standing against the taxes of 1933 and prior years, and 1934 and the first
half of 1935.
I have on hand $5,650,000 to be applied to the payment of
bills sold in anticipation of the tax collections for the second half of
1935.
A year ago the aggregate of debt representing tax
anticipation notes and
bills was $139,933,973 net.
To-day the aggregate is $104,387,500 net.
The reduction in this short-term debt is due, of course, to the
better tax
collections.
Payments of arrears of the 1934 levy during the year 1935
aggregated approximately $63,000,000 and payments on taxes in arrears
for 1933 and prior years aggregated $31,000,000.
The obligations which will remain outstanding after the
redemptions of
January ,1 and considering cash on hand are shown herewith:
he has been hard pressed.
for 1935 is but 15.85%.
Net
Amount
Revenue Notes and Revenue Bills—
Outstanding
Dec. 31 1935
Revenue notes issued against taxes of 1933 and prior
Revenue notes issued against taxes of 1st half of 1934-Revenue notes issued against taxes of 2nd half 1934
Revenue notes issued against taxes of 1st half 1935
Revenue bills issued against taxes of 2nd half 1935
$39,719,500
2,652,000
7,754 000
18,932,000
35,330!000
The chief factor was the
$52,000,000 of rapid transit bonds on May 1. The net funded
outstanding to-day is 7.9% of the assessed valuation.
The Con¬
stitution allows the city to incur debt to the extent of
10%.
Last July I secured a modification of the bankers'
agreement by which
retirement of
None
1,500,000
1,292,000
None
None
None
None
the rate of interest
50,422,000
♦
867,000
Gen. fd. bonds,
(N. Y. City)
appropriation Act placed responsibility for expenditures upon
debt
(permanent):
Bds. U.S.Poss's
•
an
$104,387,500
Can'dn loans
PlacedinU.S.
Lack of
The funded debt of the city has been reduced.
1214,904,867
Temp, loans,
(U. S.)
1035,337,775
Placed in Can
Talmadge.
the wiry, black-haired former farmer and lawyer wno has announced tenta¬
tive candidacy for the Democratic Presidential nomination in
opposition
to President Roosevelt.
Bankers and political leaders questioned the con¬
$
Permanent loan
x
tory." the Governor said.
The Macon (Ga.) "News" suggested editorially that the
Legislature,
which failed to enact an appropriations bill for 1936-37, "has a
right to
convene itself"
for impeachment proceedings.
The House is hostile to
None
2767,308,009 2499,306,082 2216,269,866 2500,581,733 2612,132,187
Includes temporary securities Issued by New York City as follows:
In 1935; $526,089,100 In 1934;
$551,522,000 in 1931.
$801,338,802 in 1933; $753,749,000
$496,8101,00
in
1932, and
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
revenue bills was reduced from
3% to 2H%.
Our refunding efforts on a callable issue this year netted a
saving to the
city of a sum approximating $11,000,000 over the period of the issue.
Notwithstanding the encouragement to be derived from these
figures I
am convinced that the city should not be
tempted into new enterprises or
new functions,
not strictly of an essential nature, that will increase the
cost of carrying on the government.
We must remember that the problem of relief is still with us.
The special
taxes levied by the city, in order to do its
part, are a great burden upon
business, industry and commerce.
They deprive corporations and in¬
dividuals of an important share of their
purchasing ability.
I hope that
on
1936 will show
meeting, and
New
Probe
a diminution in the requirements which
the city is
a consequent reduction in the burden on the people 01 the
York
State—Governor
Lehman
now
city.
Proposes Legislative
of Relief Question—Also Asks Strengthening of Mortgage
and Bank Laws—Gov. Herbert H. Lehman,
session of the
Legislature
opening the 1936
Jan. 1, recommended a non-
on
political legislative investigation of unemployment relief.
He also urged the adoption of a social security program that
will permit the State to obtain funds under the Federal
Social Security law.
In his lengthy address to the 159th Session of the Legisla¬
ture, the Governor suggested to the two bodies that the
eligibility age for old-age pensions be reduced from 70 to 65
years and that the additional expenditures required under
the reformed social security statutes be obtained by 4'a
moderate increase in the tax on alcoholic beverages."
He
recommended legislation to strengthen the mortgage and
banking laws, the creation of "model" forms of county
government to bring about reduced taxation, Congressional
and legislative reapportionment, 4-year terms for Governor
and 2-year terms for Assemblymen, and the ratification of
the Federal child labor amendment, among numerous other
recommendations.
Tribune" of Jan. 2 listed
as
follows
outstanding proposals for action by the Legislature:
Unemployment and Relief
legislative commission of eight members to investigate the
relief situation with the view to making recommendations for a permanent
long-range relief policy.
Transfer of many Temporary Emergency Relief Administration duties
to Department of Social Welfare.
Allocation of S35.000.000 of S55.000.000 unemployment bond issue to
reimbursement of cities and local welfare districts and the remaining
S20.000.000 to construction of permanent State works, such as hospitals,
prisons, highways and parkways.
Gradual shift from borrowing to pay-as-you-go relief financing.
Creation of
a
Social Security
Amendment of State Old-Age
Relief Act to reduce age of eligibility for
relief from 70 to 65 years.
Complete co-operation with Federal government in the new National
Social Security program.
Division of Federal contributions toward old-age relief equally between
State and local welfare districts.
Division of cost of caring for dependent children one-third to the Federal
government, one-third to the State and one-third to counties.
Enlargement of State program of assistance to the blind.
Co-operation with Federal government in extension of maternal
child welfare services and in establishment of public health services.
and
Labor
Ratification of the Federal Control of Youth Amendment.
State-wide regulation of fee-charging employment agencies.
Regulation of labor agents and so-called private detective agencies
supplying inside shop operatives and strike breakers.
Amendment of labor law to give hotel employees shorter working week.
Enlargement of definition of "employee" in labor law to include many
classes now excluded.
Highway Safety
.
Compulsory periodic inspection
of motor vehicles.
police force to provide better patrol of highways.
of a traffic commission to exercise powers now divided
Increase of State
Establishment
Commissioner of Highways, Superintendent of State Police and
Commissioner of Motor Vehicles.
More stringent laws for revocation of licenses of unsafe drivers.
among
Guaranteed Mortgages
Revision of
mortgage foreclosure procedure to
stricter supervision.
eliminate high costs and to
judgments.
Extension of mortgage
on
moratorium until July 1 1937. with modifications
non-home mortgages.
Town and
County Government
to creation of a
county budget system.
State
men
Amendments
the Governor from two to four years and of Assembly¬
from one to two years.
permit initiation of constitutional change
To require personal registration of voters,
counties, throughout the State.
To
by petition of 10% of voters.
now in force in the larger
Public Utilities
Vesting in Public Service Commission power to establish plans for sharing
of profits between stockholders and consumers, such as the so-called Wash¬
ington plan.
'
Agriculture
.
Formulation
of a
,
farm-to-market road program to
extend over next
five to ten years.
Miscellaneous Reforms
caution in creating further public authorities so as to
the government of the State.
Vesting in municipal Legislatures authority to enact laws which under
city home law now can be passed only by State Legislature.
An amendment to city home law to permit initiation of charter reforms
The exercise of
by petition of voteres of cities.
An amendment to public officers' law to make all public officials subject
to removal by the Legislature, the Governor, the Appellate Division of the
Supreme Court or other
State—Tax Law Revision Commission Advises
Taxes—We quote in part as follows
article in the New York "Herald Tribune" of
discussing the findings of the State Tax Revision
Commission, headed by Seabury C. Mastick:
an
Dec. 28,
of the governmental finances of New York
for the Revision of the Tax Laws will report
for additional taxes and that
the present revenues will produce the $310,000,000 to $325,000,000 for the
expenses of government and yield a surplus of at least $25,000,000 as well,
according to Seabury C. Mastick, chairman.
The Mastick commission also will recommend the enactment of a law
creating State body known as the municipal advisory commission, whose
duty will be to pass on all local budgets and bond issues when the citizens
of a community feel that their elective officials are wasting or are about to
After several months' study
State, the State Commission
to the 1936
waste the
A third
Legislature that there is no need
public funds.
recommendation will include a group of five county charters
which any county in the State, outside the City of New
the form of government best suited to its needs under the
from
York, may select
new county home
State constitution.
will be embodied in reports which will
rule amendment to the
All three proposals
be submitted
Legislature between the middle and end of January.
Announcement that the Mastick Commission would not make any new
tax recommendations, which marks a departure in the five years of its
existence, was made by Mr. Mastick at the close of yesterday's session of
the commission held at the Bar Association, 42 West Forty-fourth St.
Asked if the commission would recommend the reduction of any taxes in
view of the estimated surplus of $25,000,000 or more, Mr. Mastick said
that was for Governor Herbert H. Lehman to decide.
Pressed to say what
he would do, Mr. Mastick said:
Puts Reductions Up to Lehman
to the 1936 State
"I'd make up the deficit of $97,049,000 before I started to reduce taxes.
There should be no changes in our revenue laws save to equalize here and
there."
Works
Public
Administration—Report
on
Municipal
agency:
construction were announced
Public Works Administrator Harold L. Ickes, the loans and
totaling $3,653,800.
,
The allotments were made from the old appropriations for public works
construction.
Grants are based on the basis of 30% of the cost of labor and
materials used in construction.
Loans bear 4% interest.
They are:
{
Union Springs, Ala.—Loan and'grant of $50,800 for construction of new
Butane-air gas plant and distribution system.
(Docket Ala.-1030).
Dowagiac, Mich.—Loan and grant of $202,000 for the extension of elec¬
tric power plant and distribution system.
(Docket Mich.-5995.)
Fulton, Mo.—Loan and grant of $86,000 for the construction of a Butaneair gas generating plant and distribution system.
(Docket Mo.-6637.)
Sandusky, Ohio—Loan and grant of $1,515,000 for the construction of a
complete turbo-electric generating plant and distribution system.
(Docket
Ohio-7004.)
Four allotments for municipal power or gas
to-day by
States—Tax
United
in
Collections
Cities
Leading
Show
Improvement in 1935—Tax collections in 1935 in many of the
larger cities of the United States have improved over 1934,
according to a nation-wide survey just acompleted by
Frank H. Morse of Lehman Brothers.
Reports submitted
by 61 cities in 23 States, all having a
population of 50,000 or
established the fact that during the first 10 months of
1935, 55 cities collected a larger percentage of their current
taxes than during the corresponding period of 1934.
This
is the second consecutive year that current tax collections in
a large number of major cities have shown an improvement.
more,
in the collections of current taxes,
and delinquent taxes also improved
majority of the 45 cities which included these figures in
their reports.
In total taxes, both current and delinquent, 39 cities collected
a larger percentage of their levy in 1935 than in 1934 and only six collected
Not only was there an improvement
but the combined collections of current
in 1935 in a great
a
smaller percentage.
"The combined collection figures
should be regarded as most significant
since they are indicative of the abUity of cities to balance budgets on a
cash basis and to reduce previously created delinquent tax debt," said
Mr.
"Of 45
Morse.
cities
which figures are available, seven have
for
collected in combined current taxes and arrears more
than 100% of their
1935 tax levy and
15 others have collected more than 95%.
In many
other cities included in the survey the percentage collections likewise may
be regarded as equally favorable as the fourth quarter tax payment was not
due at the time the figures were reported.
For instance in 22 cities which
more than 95% of the tax levy, the reports received gave year-end
figures in only eight cases.
In 14 instances the fiscal year had not yet been
closed.
Year-end figures, however, were usqd in the survey for those cities
in which the last fiscal year ended on June 30 1935, or later.
Because of
the variations in the tax payment dates, the dates of tax sales and the dates
of the closing of the fiscal year, it would be unfair to attempt to make com¬
parisons between individual cities on the basis of the interim figures
obtained.
For this reason the comparisons made in the study have been
confined to the trend of collections in 1935 over the previous year."
New York Municipalities Gain
.
"Because of the wide interest in the subject in both New
York and New
Jersey, particular attention has been given," said Mr. Morse, "to muni¬
cipalities in those States.
The figures reported reveal substantial improve¬
ment over 1934.
"Of nine New York
State cities reporting, eight showed improved
tax collections in 1935 while one showed no change over 1934.
Furthermore, on the basis of average of percentages, improvement in
current tax collections in the New York State cities was relatively greater
than the improvement found in the same cities last year.
In combined
current and delinquent tax collections seven of the nine made better show¬
ings in 1935 than in 1934.
New York City has continued to show sub¬
stantial progress in collecting taxes, having received 75.8% of its current
levy in the first 10 months of 1935 as compared with 70.8% in the same
period of 1934.
Combined collections of current and delinquent taxes in
York City during the first 10 months of 1935 were 93.4% of the tax
levy as compared with 92.9% in the first 10 months of 1934/'
The following table summarizes the results in New York State:
current
Combined Percentage
Collections of Current and Delinquent Taxes
[Comparisons for 10 months, unless otherwise noted]
1933
Schenectady
Syracuse
Troy
Yonkers.
*
June 30 (year-end)
95.7%
*96.5%
75.6%
a85.5%
84.6%
85.0%
102.6%
89.5%
80.7%
Rochester
1935
1934
94.8%
*93.1%
City—
Binghamton.
Buffalo
Mt. Vernon.
appropriate officials or body.
Against Imposition of New
from
real estate.
Utility Allotments—The following news release (No. 1777)
has just been made available by the above-named Federal
avoid complicating
New York
on
said the details of the legislation creating a Municipal
Commission are complete save for the clause prescribing the
number of citizens required to invoke State supervision over local expenses
and local bond issues.
Some members of the Mastick Commission, which is
non-partisan in its make-up, favor 10% of the voters while some suggest 5.
Others would limit the signers to such a petition to taxpayers.
Mastick
Mr.
Advisory
view to reducing
Adoption of centralized county government with a
number of officeholders and overlapping agencies and
To extend term of
inevitable deficit
collected
Thoroughgoing revision of title insurance with
Prohibition of sale of guaranteed mortgages.
outlaw deficiency
supervision of local expenditures and bond
repeat the recom¬
all municipalities.
This last recommendation, according to Mr. Mastick, will go a long.way
toward solving the local tax problems.
"Such a budget," said Mr. Mastick, "would be a true pay-as-you-go
policy.
The estimate of actual expenditures would be shown and taxes
levied accordingly.
This, of course, would be different from the method
employed by many of our budget makers to-day, and for years past, who
first adopt what they call a budget, levy on their various sources of revenue,
and when their so-called budget is exhausted, soak the resulting and
The bill providing for State
issues through the proposed Municipal Advisory will also
mendation of its 1935 report for a mandatory budget for
grants
The New York "Herald
the
Jan. 4 1936
Financial Chronicle
152
98.7%
92.9%
92.5%
94.6%
91.8%
90.3%
89.2%
figures.
a
Nov. 29
Trend Upward in
96.5%
*98.9%
95.0%
93.4%
95.9%
91.4%
102.1%
90.8%
94.2%
figure (11 months),
New Jersey
New Jersey municipalities also evidenced the upward trend in tax collec¬
All of the seven cities reporting showed an improvement in current
tions.
tax
collections and six showed an improvement
arrears
in combined current and
collections.
Combined Percentage Collections
of Current and Delinquent Taxes
[Comparisons for 10 months]
City—
Camden
East Orange....
Elizabeth
♦Jersey City
1934
70.9%
84.3%
78.1%
*77.6%
1935
81.1%
99.6%
81.9%
*72.5%
City—
1934
1935
Newark
90.0%
90.4(1
Paterson
82.3%
83.1%
88.5?
83.8?
Trenton
included.
"The improvement in tax collections has been effected," said Mr. Morse,
"in spite of many obstacles to efficient collection methods which are still
on the statute books or which were made law during the year.
It is true
that a number of cities held tax sales during 1935 for the first time in several
years, that in some cases delinquent tax penalties have been restored, that
in some States cities have proceeded against income producing properties
under tax receivership laws and that tax collection publicity campaigns
have been used successfully.
In other cases, however, tax sales have again
been postponed, penalties have been abated or canceled and tax payment
dates have been extended.
In addition the tax buyer has not yet generally
returned to the market.
The very fact that collections have improved in
the face of these handicaps, is reassuring as it indicates an increasing ability
to pay.
When municipalities generally enforce strict collection methods
and are again able to sell tax liens, still further improvement in collection
percentages can be looked for."
*
Second class railroad
taxes not
Volume 142
New York
Financial
Chronicle
State—Legal Investments Jor Savings Banks—
Connecticut.
Anson la
list being dated Dec. 1 1935.
new
This
new
tion 52
as
them
list
of Jan.
as
1,
inaugurated
was
some
are
Torrlngton
New London
Merlden
Norwalk
Enfield
Fairfield
utilities.
17
removed from
were
Additions include 26 utilities,
municipal issues.
the
list
BANKING
DEPARTMENT,
ALBANY.
N.
Harrison
New Brunswick
Rutherford
Hoboken
Ocean
Rutherford School
Hudson County
Hunterdon County
Orange
[Passaic]
County
District
Somerset County
Summit
Passaic County
Paterson
Plainfleld
Trenton
Rahway
Redbank
Union City
Union County
Redbank School
Weehawken
Linden
Englewood
Maplewood Twp.
Mercer County
Gloucester County
Middlesex County
Hamilton Township Monmouth County
Hamilton Township Montclalr
Essex County
School District
Sussex
District
Westfield
Westfleld School
Ridgewood Twp .Sch
District
[West New York]
Coraopolis
Allegheny County
Lebanon Sch. Dist.
School
Allentown
Lehigh County
Cumberland County Lewlstown
Allentown School
District
Dauphin County
a
a
School
Scranton Sch. Dist,
Luzerne County
Sharon
[Lycoming County]
Sharon School Dist.
Monessen
Dormont
Tamaqua
Bellevue
Dormont 8ch. Dist. Monessen Sch. Diet. Tioga County
Bellevue Sch. Dls. El I wood City
Munhall
Vandergrift
Ellwood City School Munball Sch. Dist. Warren
Blair County
a Nanticoke
District
Warren Borough
a
Bradford
Erie
having been intended for the
New Castle
Bradford School
Erie School Dist.
New Castle School
the
of
Berks County
of dealers in securities.
of
District
savings banks are not, because of this list, reUeved of
of making a careful investigation on their own part into the
duty
legality of their investments.
the list.
upon
It
Bucks County
be assumed
to
Canonsburg
Canonsburg School
that has been exercised in its preparation it is not
the list is a complete and infallible guide.
The pro¬
care
that
visions of the Banking Law relating to legal investments for
savings banks
for the most part be applied as of the date of investment.
Con¬
ditions vary so from time to time that securities which were
legal invest¬
ments on the date they were placed
upon the list may even now be dis¬
Vice
qualified.
versa,
securities
whicn
are
not
included
in
this
be found to be legal.
their
As the cost
of
preparing the list is assessed upon the savings banks,
been printed to enable us to make a general
sufficient copies have not
distribution.
Hazleton
GEORGE
In
W.
Hazleton Sch. Dist. ♦Philadelphia
Huntingdon County ♦Philadelphia Sch.
WUkes-Barre School
Wilkin8burg
Wllklnsburg School
Clairton
Lancaster
Clalrton Sch. Dist.
Columbia
Lancaster
a
PIttston Sch. Dist.
Lawrence County
Lebanon
new
BANKING
issues
are
indicated with the
LAW
A8
Rhode Island.
Bristol
Cumberland
North Providence
Westerly
Central Falls
East Providence
Pawtucket
West Warwick
Cranston
Lincoln
Providence
Woonsocket
Newport
Warwick
Vermont.
Barre
Bennington
Burlington
interest-bearing
or
asterisk
those for which
Subdivision 2.
respective school district
Subdivision 3.
Georgia—
Atlanta
Augusta
Interest-bearing obligations of
the
following States and Ter¬
Alabama
Iowa
Nebraska
Arizona
Kansas
Nevada
Kentuoky
Tennessee
Utah
South Carolina
South Dakota
Colorado
Louisiana
New Hampshire
New Jersey
Connecticut
Maine
New Mexico
Delaware
North Carolina
Florida
Maryland
Massachusetts
North Dakota
Georgia
Michigan
Ohio
Hawaii
Minnesota
Oklahoma
Idaho
Mississippi
Oregon
Wisconsin
Illinois
Missouri
Pennsylvania
Wyoming
Montana
Washington
West Virginia
Massachuseus.
Dedham
Maiden
Marlborough
Medford
Salem
Saugus
Somervllle
Everett
Melrose
Southbridge
Springfield
Berkshire County
Beverly
Boston
Fall River
Middlesex County
Needham
Taunton
New Bedford
Wakefield
Newbury port
a
Newton
tan
Fitchburg
District
note
to
sion 5-b)
(see Gardner
Subdivi¬ Gloucester
Board of Education of City of Chicago*
Elgin*
Elgin Union Sch. Dist. No. 40 (Elgin)*
Peoria
School
City Jr. College
Dlstrlot (Sacramento)*
Swampscott
School
Sacramento County (Sacramento)*
San Diego
San Diego
School District (San Diego)*
Diego High Sch. Dist. (San Diego)*
Diego County (San Diego)*
San Francisco
County
Barbara
Barbara)*
Rock
Island
School
(Rockford)*
District
No.
41
Sangamon County School District No.
186 (Springfield)*
Springfield
Indiana—
Evansville
School City of Evansville
Fort Wayne
(Evansville)*
Fort Wayne School City (Fort Wayne)*
Hammond
Indianapolis*
Indianapolis School City (Indianapolis)*
(San Jose;*
Santa Barbara*
School
District
(Santa
Marion County
(Indianapolis)*
South Bend
/
Barbara
High
School
District
(Santa Barbara) *
Santa Barbara County (Santa Barbara)*
[Stockton]
[Stockton School District (Stockton) *]
Colorado—
Waltham
Adams
Hammond School City (Hammond)*
San Jose
Santa
172,
(Rock Island)*
High School District
(Sacramento)*
Santa
No.
Rockford 8cbool District
Sacramento
San
Dist.
(Qulncy) *
Rock Island*
City EI em. School District
San Jose Sch. Dlsts.
Belmont
Illinois—
Chicago*
Rockford
San
a.
bonds and other obligations (excluding non-negotiable
warrants), either Interest-bearing or sold at a discount, of the
following:
stocks,
Easthampton
Essex County
Savannah
Peoria County School Dlstrlot No. 150
(Sacramento)*
they
Athol
Muskogee County (Columbus)*
Richmond County (Augusta)*
(Peoria)*
Qulncy*
Sacramento City
Issued pursuant to law and that the faith and credit of the
munici¬
pality or district that issued them is pledged for their payment.
Arlington
Angeles*
Los Angeles City School District (Los
Angeles)*
Los Angeles City High School District
(Los Angeles)*
Los Angeles County (Los Angeles)*
(Pasadena)*
All Interest-bearing obligations, or revenue notes
sold at a discount,
city, county, town, village, school district, union free school dis¬
trict, poor district, or fire district In New York State, provided that
Framingham
Metropoli¬ Franklin County
a Alameda High School District*
Berkeley Grammer Sch. Dist. (Berkeley)*
Sacramento
of any
Lynn
(Savannah)*
Macon
Sacramento
Subdivision 4.
Danvers
Alameda County (Oakland)*
Pasadena City Sch. Dist. (Pasadena)*
Pasadena City High School District
Virginia
were
(Macon)*
Columbus*
Oakland*
Vermont
<
County
Chatham County
Oakland Grammar Sch. Dist. (Oakland)*
Oakland High Sch. Dist. (Oakland)*
Pasadena
Texas
Rhode island
Subdivision 6
California—
Alameda*
Los
California
«
discount, of the following:
county.
or
Alabama—
Berkeley High School Dist. (Berkeley)*
Berkeley
Interest-bearing obligations of New York State.
a
a
(*).
Bibb
or
United States is pledged to provide payment of interest
and principal, Including bonds of the District or Columbia.
Boston
sold at
tax obligations only are legal for
places Indicated with
Furthermore, the legality of obligations Issued by schoo
districts and counties depends on whether or not the obligations Issued
by
the city, indicated in parenthesis In each case, are legal.
It will be noted
that unlimited tax obligations only are legal for some of the cities
appearing
In parentheses.
We believe that the failure of any city in such case to
have outstanding any unlimited
tax obligation would render illegal the
an
Subdivision 1.
Attleboro
Rutland
Subdivision 5 b (1).
[Jefferson County (Birmingham)*]
of the
Adams
York School District
Birmingham
NUMBERED.
interest-bearing obligations of the United States
Certain
York
PottsvllleSch. Dist.
Note.—Unlimited
following list
Indiana
District
Pottsville
Corao polls
BANKS, UNDER SUBDIVISIONS OF SECTION 239 OF THE
Certain
ritories:
Wllllamsport
Willtamsport Sch.
Pittston
Certain stocks, bonds, and other obligations (excluding non-negottable
faced brackets.
All
District
District
School
District
Columbia Sch. D.
Conshobocken
warrants), either
SECURITIES CONSIDERED LEGAL INVESTMENTS FOR SAVINGS
All
District
District
Kingston
Pittsburgh
Chester School Dist. Kingston Sch. Dist. Pittsburgh School
EGBERT, Superintendent of Banks.
symbol (a)f> while issues that have been removed since
the publication of the Dec. 1934 list are enclosed in full-
the faith
District
Northumberland Co. .Wilkes-Barre
Chester
1935.
the
Waynesboro School
Westmoreland Co..
Jefferson County
desire.
Dec. 2
Waynesboro
[North Braddock
School District]
Carlisle Sch. Dist.
You may communicate with this Department for
any further information
you may
Washington County
Charlerol
protection,
own
District
Carlisle
list may
Therefore, the trustees of savings banks, should
supplement the work of the Department by
their own careful investigation into each doubtful case.
The conditions
under which securities may be considered legal investments for
savings
banks are contained in Sec. 239 of the
Banking Law.
An important provision of the law requires that certain
municipalities
■hall have power to levy taxes on the taxable real
property therein for
the payment of their obligations without limitation of rate or
amount.
Municipalities to which this provision applies are specified.
However,
It must be left to the trustees of the
savings banks to satisfy themselves
that the securities comply with the law on the
question of unlimited taxes.
It is presumed that In so doing
they will be assisted by an attorney's opinion
accompanying the bond issue or by an opinion of their own attorney.
for
[Washington School
District]
Norrlstown
Harrlsburg School
District
must
now
School District
Washington
District
Farrell School Dist. Norrlstown School
Butler Sch. District Fayette County
District
Cambria County
Harrlsburg
[North Braddock]
has been
Erepared after believed, therefore, to beinto the legality of the but, not¬
a thorough investigation substantially correct: securities
sted, and is
withstanding the
Erie County
FftTTfll 1
Butler
In fact it would be Improper for trustees
savings banks to place their sole reliance
Schuylkill
Scranton
District
Donora
Altoona Sch. Dist. Donora School Dist.
[Beaver County!
legal investments for savings
prepared in accordance with the provisions of Section 52
Lewlstown
Delaware County
Altoona
Y.
Reading
Reading Sch. Dist.
District
Banking Law.
The list is prepared for the protection of the trustees
of savings banks, and should not be considered a
guide for executors,
administrators or trustees generally.
Neither should it be considered as
use
District
Pennsylvania.
Adams County
of the
The trustees
County
Rldgewood Twp.
Morris County
•Newark
17
Tbe following llat of securities considered
banks has been
Windham
town)
Elizabeth
statement as given by the Superintendent of Banks which
accompanies the list follows:
STATE
Will lrn an tic
Stamford (city and
County
Irvlngton
Cumberland County Jersey City
East Orange
Kearny
The
of retirements.
and town
West Hartford
Mlddletown
[Burlington Co'ty]
Many of the utilities
because
Middlesex
Cape May County
issues, including bonds of 18 municipalities, 44 railroads
and
a
Bayonne
Bergen County
Bloomfield
former custom of issuing a supplemental list on June 30.
This present list is characterized chiefly by the removal of
and 55 public
Walllngford (borough
Water bury
New Jersey.
presented under
Department has, and will, issue from time to time, supple¬
mentary lists during the year, instead of following the
railroads
municipality)
Fairfield County
Greenwich
The
time ago.
Stonington
Metropolitan Dist., Norwich (city and
Hartford County
town)
(an incorporated Shelton
East Hartford
sub-headings corresponding to paragraphs and sub-sections
of subdivisions 5-a, 5-b and 5-d of Section 239 of the banking
law, as amended by the 1928 Legislature. The Banking
117
Stratford
New Haven
Derby
previous method of dating
municipal sections of the following list
New Britain
Hartford County
Manchester
Dan bury (city and
town)
prepared in accordance with the provisions of Sec¬
of the banking law.
The custom of dating the legal
of Dec. 2, instead of the
Milford
Hartford
Bristol
has been
lists
Hamden
Bridgeport
The State Banking Department has
compiled a new list of
securities considered legal investments for savings bank
funds, this
153
Watertown
Denver
Norfolk County
Webster
Northampton
Weliesley
Denver School District No. 1 (Denver)*
Delaware—
South Bend School City (South
Bend)*
Vanderburgh County (Evansville)*
Iowa—
Cedar Rapids
Council Bluffs*
Independent School District (Council
Bluffs)*
Davenport
Independent School Dist. (Davenport)*
Brain tree
Hampden County
Hampshire County
Brockton
Haverhill
Brookllne
North Attleborough Westfleld
[Nor wood J
West Springfield
Holyoke
Cambridge
[Peabody]
Lawrence
Pittsfield
Chelsea
Leominster
Chlcopee
Plymouth
Qulncy
Winthrop
Lowell
Woroester
sonville) *
Jacksonville
Independent School City (Sioux City)*
Revere
Worcester County
Tampa
Woodbury County (Sioux City)*
Clinton
Weymouth
Winchester
New Castle County (Wilmington)*
Wilmington
Florida—
a
Duval Co. Spec. Tax Dist. No. 1 (Jack¬
Des Moines
Des Moines
Independent School District
(Des Moines)*
Polk County (Dee Moines)*
Sioux City
Waterloo
Financial
154
Kansas—
Butler County
School Dist. (Kansas City)*
Kansas City
Sedgwiok County (Wichita)*
(Hamilton)*
Canton
Canton School District
Topeka
23 (Topeka)*
(Canton)*
Cleveland City Sch. Dist.
(Cleveland)*
Covington
Covington School District (Covington)*
Kenton County (Covington)*
Lexington
Central Pacific Ry.—
Hamilton
Paducab*
Louisiana—
Lorain City
Caddo Parish School District No
1
Mansfield School District
New Orleans*
Parish
Orleans
Sohool District (Lorain)*
Mansfield*
(Shreveport)*
(Mansfield)*
School Board (New
Springfield
Springfield City
Orleans)*
Shreveport
School District (Spring¬
Warren*
City School District (Warren)*
1st ext. 3Ha.
Lewiston*
Davidson County (Nashville)*
Potts Creek Branch 1st 4s,
Portland
Memphis*
Maryland—
Allegany County (Cumberland)*
Nashville
Rich. A Alleg. Div. 1st cons 4s, 1989.
Rich. A Alleg. Dlv. 2d cons. 4s, 1989.
Shelby County (Memphis)*
Warm
Austin
Equip,
Equip,
Equip,
Equip,
Dallas
Michigan—
Battle Creek*
El Paso
Battle Creek Sch. Dist. (Battle Creek) *
Fort Worth
Bay City
Bay City School District (Bay City)*
Fort Worth
Kalamazoo
Harris County
Kalamazoo School District
(Kalamazoo)*
a
Galveston
Dist. (Port Huron)*
Saginaw
Independent Sch. Dist. (San
Saginaw School District (Saginaw)*
Tarrant County
Illinois Division 1st 4s, 1949.
Virginia—
Roanoke
Washington—
King County
(Seattle)*
Gen.
[Pierce County]
St. Louis
Springfield
Springfield School District (Springfield)*
Nebraska—
Spokane
Spokane 8ch. Dist. No. 81 (Spokane)*
Tacoma
Lincoln
No. 10 (Tacoma)*
Tacoma Sch. Dist.
Lincoln School District (Lincoln)*
Whatcom County*
Omaha*
West Virginia—
School District (Omaha)*
Charleston
Hampshire—
Charleston Ind. S. D.
Hillsborough County
(Manchester)
Manchester
Charlotte
Mecklenburg County (Charlotte)*
Green Bay
Hanover County
New
(Portland)*
District No. 1
Multnomth County School
(Portland)*
Sioux
(La Crosse)*
1st 4Hs
Milwaukee County
a
(Milwaukee)*
(Sioux Falls)*
1st 4s,
1945.!
a
Superior*
1st 3 Ha,
Louis
St.
1st 5s.
a
1943, series A.
4s, 1943, series B.
1st cons. 6s,
1951.
5s,
Co.
RR.
1st A ref.
1950
Battle Creek A Sturgis Ry. 1st 3s.
Bay City A Battle
Aroostook Northern RR. 1st 5s, 1947.
Atchison Topeka A Santa Fe
1989.
Creek Ry. 1st 3s, 1989.
1st
Ry.—
1965.
1960.
4 Ha. 1948.
Gen. 4s, 1995.
Conv. 4,
1936.
1st 4s.
2d 5s. 1936.
Lines
1st ref.
1962, series A and B.
Rocky Mtn. Dlv
1st 4s, 1905.
4Hs.
Calif.-Arlzona
Transcontinental Short Line 1st 4s,
5*
Atlanta Terminal Co.—
series A.
1st 5s 1939. series B.
1st 6s 1939.
Atlantic Coast Line RR.—
1952.
Gen. unified 4Hs. 1964. series A.
Gen. unified 4s 1964. series R.
a
10-yr. collat. trust 5s, 1945
Coast
Line
RR.
Carolina 1st 4s. 1948.
Boston
Co.—
1943, series A.
1937.
Imp. 5s, 1938.
Imp. 58, 1942.
Imp. 4Hs, 1978.
Ref. 6s, 1946.
Ref. 3 Ha, 1952.
Ref. 5s, 1963.
Term. 3H3, 1951.
1st 4H8,
of
South
Gen. 58, 1940, series
Gen.
Gen.
1st 4s,
1948.
Gen.
1st 6s,
1948.
Gen.
series A.
series Y and Z.
5s, 1944, series A A and BB.
58. 1945, series CC and DD.
5s. 1946. series EE.
4Hs, 1947, series FF.
48, 1947, series GG.
Gen. 5s, 1943,
Baltimore A Ohio RR.—
1995, series B.
Q, R and S.
1941, series T and U.
Gen. 5s. 1942, series V, W and X.
Gen. 5s.
Gen.
Ref. A gen. 6s,
1st 4s. 1944
Albany RR.
Imp. 4 Ha,
Austin A Northwestern RR. 1st 5a, 1941
Ref. A gen. 5s. 1995,
&
1943.
Boston A Maine RR.—
Equip, trust 6Hs D, due to Feb. 1936
Equip, trust 4 Ha E, due to Feb. 1941.
Atlantic
Big Sandv Ry
a
Gen. 5s, 1955. series II.
Gen. 4^s,
C.
1st 3s.
1961, series J J.
1942, series A.
1942, series B.
series B.
Gen. 3 Ha, 1948. series C.
Gen. 3Ha, 1950, series D.
Gen. A ref. 4Hs. 1977, series A
Gen A ref. 4 Ha, 1981, series B
Cleveland Short Line Ry. 1st 4Hs, 1961
Cleveland Terminal A Valley RR
Is
1943.
Equip.tr. 5Hs, 1922, due to Aug. 1 37.
Gen. 4s, 1938
Unified 4s.
Ref. 4s.
Equip. Trust 6s, F, due to Apr. 1
'39.
Equip. Trust 6s, G, due to Jan. 1 *40.
Equip. Tr. 4H8, H, due to Mar. 1 '41
Equip. Tr. 4H8, J, due to Aug. 1 45.
4s, 1945.
1977. series C.
1st 4s, 1945.
Louisville A Nashville RR.—
Coal River Ry.
1st 5s.
Colorado A Southern Ry.—
1937.
2003, series A.
2003, series B.
series C.
1st A ref. 5Hs.
1980, series A.
4Hs, 1945.
1st A ref. 6s,
1st A ref. 4Hs, 2003,
Equip, tr. 5Hs, 1922, due to May 1937
Columbia A Port Deposit Ry. 1st 4s. 1940
Sec. 5s,
Columbus A Toledo RR. 1st
1941.
1940.
Unified 4s.
RR. 1st 4s
Atlanta Knox
1948.
A Cin. Dlv. 4s. 1955.
Mobile A Mont. 1st 4Hs.
4s. 1955
1945.
Padueah A Memphis 1st 4s,
V
1st 4H«.
1946.
1971.
8t.
Louis Dlv. 1st 6s.
St.
1st 4s,
4s, 1936.
1949.
1949.
Equip. Trust 5s, E, due to May 1 '38.
LoulsvlUe A Jeffersonvine Bridge Co. 1st
1951
1951.
1st 5s. 1951.
Delaware River RR. A Bridge Co.
Equip, tr. 58. No. 5, due to May 1 1944.
Southern Ry. 1st
Equip. Tr. 4Hs, I, due to June 1 *42.
1972, series A.
5s, 1973. series B.
1st 5Ha,
Equip, tr. 6s, No. 3, due to June 1 1938.
Equip, tr. 4Hs, No. 4, due to April 1
1938.
1940.
1941.
Equip, trust 4Hs F, due to Nov. 1944.
1961, dollar.
Ry. 1st 5s. 1965.
Long Island City A Flushing RR. Co.
1st cons 5e, 1937.
Long Island RR. Co.—
4s, 1995.
Cleveland Union Terminals Co.—
Equip, trust 5s, due to August 1937.
4Hs. 1944.
1961, stamped,
1st 4 Ha,
i*xington A Eastern
Gen. 3Hs, 1942,
Connecting Ry.—
Equip, trust 58. due to February
Equip, trust 4Hs B, due to May
Equip, trust 4V$s C. due to Feb
1st 4Hs,
3Hs. 1997.
Gen. 38, 1950.
Gen.
1961, plain.
Lake Shore A Michigan
Ry.—
1938.
Indiana Terminal RR.—
1st 4Hs.
a
Gen. 5s, 1967, series AC.
Gen. 4s. 1942.
1950
Equip, trust 5Hs E, due to Sept.
Gen. 4Ha,
Columbus A Hocking Valley
Ry.—
1950.
Kentucky A
Gen. 4Ha,
Ref. A ext.
RR. 1st 5s,
A Terminal Co. 1st 5s,
Ref. A impt. 5s,
1936.
Gen. 4Hs.
RR. 1st 5s,
1948.
Cleveland A Pittsburgh RR.—
1st 4 H8.
1st 4s,
Rapids
1938.
Kansas City Southern
[Cleve. A Marietta Ry. 1st 4Ha, 1935.]
1st
1st 5s,
Grand
A
1940.
Cairo 1st 4s. 1939
Gen. 5s,
R.
Kanawha Bridge
Ref. A Impt. 5s, 1963. series D
Ref. A impt. 4Hs, 1977, series E.
Cleveland Lorain A Wheeling
Indiana RR.
Allegan
1939
1993, series A.
series C.
aKef. A gen. 5s, 2000, series D.
Ref. A gen. 5s, 1996, series F.
Pitts. Lake E. A W. Va. ref. 4s. 1941.
Ref. A gen. 6s. 1995,
'
anapolis Ry. gen. 6s, 1934.]
Belvldere Delaware RR. cons. 3Hs.
Northern
Ka'amnzoo A South Haven
[Eq. tr. 6s, due to Jan. 1935, ser. 44.]
[Cleveland Columbus Cincinnati A Indi¬
Beech Creek RR.—
Conv. 4,
Conv. deb.
A
Kalamazoo A White Pigeon
Spring. A Col. 1st 4s. 1940
White Water Vy
1st 4s. 1940.
3Hs, 1951.
1955.
Clearfield RR 1st
1959.
Kalamazoo
Cinn. Wabash A Mich. 1st 4s, 1991.
Cons. 4s,
1967.
1967. series A.
series B.
ext. 6s, 1907.
1957
(Of
Gen. 5s, 1993, series B.
Ref. A impt. 6s, 1941, series
Beech Creek Extension RR.—
Adj. 4. 1995.
1st cons. 4s,
4s.
Jollet
Akron
Gen. 4s.
<k
Jamestown Franklin A
1st 4 Hz
1957. series C.
1940.
A ext. os.
Ref
Louis Ry.—
Piscataquis Dlv. 1st 5s, 1943.
St. John River Ext. 1st 5s. 1939.
Van Buren Ext. 1st 5s, 1943.
Washburn Ext. 1st 5s. 1939
RR. 1st ref. 3Hs,
Allegheny Valley Ry. gen. 4a, 1942.
Eastern
(stamped)
1943.
Medford Ext. 1st 5s, 1937.
1940.
Arizona
Conv. cons. ref. 4s, 1951
1st 5s.
Equip, trust 5s G, due April 1938.
a
1st A gen. 5s,
iter
1948.
A Columbus Ry. 1st
this issue only bonds
bearing
guaranty
endorsement
of
Pennsylvania RR. are considered legal.'
Cleveland
Cincinnati Chicago
A
St
4s,
1951.
Cons. ref. 4s,
Alabama Great Southern RR.—
Albany A Susquehanna
1st 5s. 1939.
A
Chicago Ry. 1st gen. 4s. 1936
A Muskingum Valley RR.
Cleveland
RR.—
Saginaw RR. 1st 3Ha,
1951.
'
Bangor A Aroostooic
RR. 1st 4«, 1950.
1935.]
Jacksonville Terminal Co.—
Cincinnati Union Terminal Co.
Certain railroad obligat ons:
1957.
Jackson Lansing A
2020. series A. and 5s, series B
Adirondack Ry. 1st 4Ha. 1942.
1957.
Gen. 4Hs.
[Iowa Minnesota A North Western Ry.
Cincinnati Northern RR. 1st 4s,
Subdivision 7
1st cons.
Gen. 4s.
Cincinnati
1st 4s
Allis*
Aug. 1939.
1940.
1941.
1942.
1944.
Oct.
N, due to Oct.
trust 4Ha O. due to July
trust 4 Ha P. due to April
trust 4Ha L, due to
trust 4Hs
Indiana Illinois A Iowa
1963, series D.
Indianapolis
trust 6Ha H, due to Feb. 1937.
trust 4 Ha I, due to Oct. 1937.
trust 4 Ha K, due to
Indiana Harbor Belt RR.—
1963, series C.
Cincinnati
Sheboygan*
West
Equip,
Equip,
Equip,
Equip,
Equip,
Equip,
Equip,
1943.'
Guar. 5s. 1944.
Racine County (Racine)*
Falls Independent School District
Springfield Div. 1st 3 Ha. 1951.
Western Lines lat 4s, 1951.
1963, series A.
1st 6Hs,
1951.
1st 3Hs. 1951.
St. Louis Dlv. A Term.
[1st 5s. 1963, series B ]
Milw&uk66
Racine
South Dakota—
Sioux Fa'is*
1940.
1942.
1942.
1942.
3s,
1st
St. Louis Dlv. A Term.
Chicago Union 8tatlon Co.—
O8hkosh*
Portland*
Omaha Dlv. 1st 3s. 1951.
1939.'
Memphis Division 1st 4s. 1951.
Madison
Multnomah County
Louisville Dlv. A Term. 1st 3Hs, 1953.
1938.d
III. Cent. Jt. 1st ref. 4Hs. 1963, ser. C
La Crosse County
Oregon—
1963, series B.
1963, series C.
1st ref. 4 Ha.
Litchfield Dlv. 1st 3s. 1951.
1)1. Cent. Jt. 1st ref. 5s. 1963, series B
La Crosse*
Wilmington*
1st ref. 5s,
1936.]
111. Cent. Jt. 1st ref. 5s, 1903, series A.
Kenosha
(Wilmington)*
Chicago St. L. A N. O. Jt.—
1st ref. 5s, 1963, Series A.
Cons. 3Hs, 1951.
(Madison
Douglas Coun ij (Superior
4s, 1950.
Cairo Bridge lat
Chicago St. Louis A New Orleans RR.—
Wisconsin—
Dane County
North Carolina—
Sterling trust 3Ha, 1950.
1987.]
.Eq. tr. 4 Ha X, due to Feb.
Wheeling
Nashua*
1955.
Ref. 6s.
Eq. tr. 4H8 W, due to Sept. 1944.
Huntington
1952.
Ref. 4s, 1955.
|Eq. tr. 4H8 V, due to Aug. 1944.,
(Charleston)*
1951.
1st ext. 3Hs,
Purchased lines 3Ha,
1987.]
Eq. tr. 58 O, due to Dec.
iEq. tr. 5s P, due to Feb.
!Eq. tr. 4Ha Q, due to Oct.
.Eq. tr. 4H3 R, due to May
;Eq. tr. 4 Ha S, due to Oct.
Eq. tr. 4H8 T, due to Nov.
;Eq. tr. 4 Ha U, due to May
Spokane County (Spokane)*
Douglas County (Omaha)*
1st
,Eq. tr. 5s M, due to June 1938.;
tEq. tr. 5s N, due to June 1938
Seattle Sch. Dist. No. 1 (Seattle)*
1951.
1951.
sterling 3s, 1951.
1st 3 Ha.
5s, 1987.]
Sec. 6 Ha,
Seattle*
School District (St. Louis)*
1st 4s.
"Gen. 4 Ha,
"Gen. 4 Ha,
Bellingham*
School District (St. Joseph)*
1st ext. 3Hs, 1950.
[Chicago A North Western Ry.—]
[1st A ref. 4Ha, 2037.]
1st A ref. 5s, 2037.]
Gen. 3Ha, 1987.]
"Gen. 4s, 1987.]
Richmond
RR.—
1951.
1st ext. sterling 4s,
1956.
Lynchburg*
Newport News*
Joseph
New
RR. 1st 4s. 1951.
Illinois Central
Chicago Indianapolis A St. Louis Short
Line Ry. 1st 4s. 1953.
City
St. Louis
1977, series B.
City)*
palt Lake County (Salt Lake City)*
Joplin*
Joplin School District (Joplin)*
Omaha
1st A ref. 4Hs,
Gen. 4s, 1958
Illinois Division IstSHa, 1949.
[
Jackson County (Kansas City)*
St. Joseph
Eq. tr. 3s, 1935, due 1936-50.
Chicago Indiana A Southern RR. 1st 4s.
Missouri—
St
trust 4Hs, due to May 1 1944.
tr. 4hs 1930, due to May 1945.
Eq. tr. 4s, 1934, due to 1936-49.
Ogden*
Ogden School District (Ogden)*
Salt Lake City
Salt Lake City School District (Salt Lake
Buchanan County (St. Joseph)*
Kansas
to July 1939
tr. 4Hs W, due to October 1940.
1945.
Utah—
Independent School District (Duluth)*
Hennepin County (Minneapolis)*
Minneapolis
Ramsey County (St. Paul)*
St. Louis County (Duluth)*
Sti Paul
Gen. 5s, 1973,
Chicago Burlington A Quincy RR.—
1st A ref. 5s, 1971, series A.
Antonio)*
(Fort Worth)*
Waco
Minnesota—
Duluth
Gen. 5Hs,
Chesapeake A Ohio Northern Ry. 1st 5s.
San Antonio
series A.
1952, series B.
series C.
Gen. 4Hs, 1976 series D.
Gen. 4Hs, 1977, series E.
Equip, trust 5s B, due to Sept. 1938.
Equip, trust 4Hs D, due to Jan. 1940,
Greenbrier Ry, 1st 4s, 1940.
Gulf Mobile A Northern RR.—
1st 5Ha, 1950. series B.
1st 5s, 1950, series C.
Gulf Terminal Co. 1st 4s, 1957.
Harrisburg
Portsmouth
Mt.
Jo
A
Lancaster RR. 1st 4s, 1943.
Hocking Valley Ry.—
1st cons. 4Ha. 1999.
Equip, trust 5s, due to April 1 1938.
Equip, trust 5s, due to July 1 1939.
Hollldaysburg Bedford A Cumberland
Gen. 7s, 1936,
a
■
Independent School District (Houston)*
Port Huron Sch.
1946.
Chesapeake A Ohio Grain Elevator Co.
1st 4s, 1938.
Houston
Port Huron*
trust 5s V, due
1961.
1st A ref. 4Ha,
a
Independent School District
(Fort Worth)*
(Houston)*
Lansing
Great Northern Ry.—
Spring Valley Br. 1st, 5s, 1941
Equip, tr. 5Hs T, due to June 1937.
Equip, trust 5s U, due to March 1938.
Texas—
Cumberland*
1959.
Grand River Valley RR. 1st 4s,
Paint Creek Branch 1st 4s, 1945
Tennessee—
Istl5z,
RR.—
1941.
1941.
1st ext. 4Hs,
Warren
Baltimore
1956.
1942.
A Impt. 4Hs, 1995,
Androscoggin County (Lewiston)*
Cumberland County (Portland)*
* ^
1961.
Equip, trust 5Hs. due to May 111937.
Gettysburg A Harrlsburgh Ry. lsMHa,
Grand Rapids A Indiana
1993, series A.
series B.
Craig Valley Branch 1st 5s, 1940 ,
Ref
1945.
Ry.—
1st 4s,
1st ext. 5Hs,
Gen. 4Hs, 1992.
Ref. A impt. 4Hs,
field)*
Maine—
1948.
1940, series B.
1940, series C.
Gen. 3 Ha,
Gen. 3H8,
Gouverneur A Oswegatchle RR.
Chattanooga Station Co. 1st 4s, 1957.
Chesapeake A Ohio Ry.—
1st cons. 5s, 1939.
Norwood*
of
1st 4s,
Erie A Pittsburgh RR.—
Fort Worth A Denver City
Line 4s, 1954.
35-year guar. 5s, 1960.
Charleston A Savannah Ry. 1st 7s, 1936.
Charleston Union Station Co. 1st 4s, 37.
1st Through Short
Lorain*
gen.
RR. 1st 4s, 1958.
Minnesota, Northern
Florida Southern RR.
European loan 4s, 1946.
1st ref. 4s, 1949.
(Hamilton)*
Hamilton County (Cincinnati)*
Ry.
Division
[Eq. tr. 4Ha, L, due to Apr. 1935.]
Equip, trust 4Hs, due to August 1941.
Hamilton School District
Louisville
Eastern
Gen. 5s, 1987.
Dayton*
Franklin County (Columbus)*
Ry.
Northern
A
Missabe
East Pennsylvania
Gen. 4s, 1987.
Dist. (Columbus)*
Columbus City Sch.
4hs, 1961.
Duluth
5s, 1941.
Central RR. of New Jersey—
Columbus
Kentucky—
1st
Gen. 4s. 1955.
Catawlssa RR. 1st cons. 4s, 1948.
Cleveland
Wichita School District No. 1 (Wichita)*
Ry. 1st 4hs, 1947.
Detroit River Tunnel Co.: Det. T. A T.
Des Plalnes Valley
Carthage A Adirondack Ry. 1st 4s, 1981.
(Cincinnati)*
Cincinnati School District
4s, '43,
Delaware A Hudson Co. 1st A ref.
1st 5s, 1941.
Cincinnati
Topeka School District No.
Wichita
1982, ser. A
Delaware RR. Co. 1st 4s,
Brooklyn A Montauk RR. 2d 5s, 1938
Brunswick A Western RR. 1st 4s, 1938.
Cambria A Clearfield RR.—
Ohio-
City
Kansas
Jan. 4 1936
Chronicle
Louis Dlv. 2d 3s. 1980.
Equip, trust 6 Ha D, due to March 1936
1st
Equip, trust 4Hs E, due to Deo
1937.
Equip, trust 5s F, due to Sept. 1938.
Financial Chronicle
Volume 142
Louisville «& Nashville Terminal Co. 1st Philadelphia
Baltimore
Washington
A
RR.—
4s, 1952
1st 4s, 1943.
Maoon Terminal Co. 1st 5s, 1965.
Gen.
[Manitowoc Green Bay & North West¬
ern Ry. 1st 34s, 1941.J
Memphis Union Station Co. 1st 5s, 1959.
Michigan Central RR.—
1st 34s, 1952.
Ref. & impt. 44s, 1979.
Mich. Air Line 1st 4s, 1940.
[Milwaukee
Sparta
Ry. 1st 4s, 1947.3
North
&
Western
[Minnesota &
34s, 1935.3
South Dakota
Ry.
1st
RR.
Mohawk & Malone Ry.—
Gen. & ref. 5s, 1977, series B.
Gen. A ret. 5a, 1979, series C.
Gen. A ref. 6s, 1980, series D.
Equip.
Equip,
Equip,
Equip,
Equip,
Equip,
Equip.
New
A
York
1st 3s, 1942.
Impt. 4s. 1947.
Del. Riv. Term. P. M. 5s, 1942.
Del. Riv. Term. P. M. ext. 5s. 1942.
Cincinnati
Chicago
St.
A
2000.
1978, series A.
a
Manhattan
1935.3
&
N. Y. Cent. A Hud. River RR. Co.—
Cons. 4s, 1945, series D.
1997.
Ref. A lmpt. 44s, 2013. series A.
Lake Shore coll. 34s, 1998.
New York Central RR.—
Com. 44s. 1964. series J.
Gen. 5s, 1970, series A.
Gen. 5s, 1975. series B.
6s, 1944
1944.
Equip, trust 44s 1930, due to May 15
1945.
N.Y.C.L. eq. tr. 5s, due to June 1937
N.Y.C.L. eq.tr. 44s, due to Sept. '37
N.Y.C.L. eq. tr. 5s, due to June 1938
N.Y.C.L. eq. tr. 6s, due to June 1939
44s, due to Sept. 15
1939.
/
1943.
Pocahontas Coal A Coke Co. Joint 4s, '41.
Reading Co.—
Oen. A ref. 44s, 1997, series A
Gen. A ref ,44s, 1997, series B.
Equip, trust 44s M, due to May I'45.
Reading Belt RR. 1st 4s, 1950
Reading A Columbia RR. 1st com. 4s,
1962.
Rensselaer A Saratoga RR. 1st 6s, 1941
Richmond
Fredericksburg A Potomac
com.
N.Y.C.L. eq. tr. 44». due to May 15
1940.
Richmond A Petersburg RR. oons. 44s,
1940.
Richmond Terminal
1952.
New York Lackawanna A Western Ry.—
1st & ref. 448, 1973, series B.
cons.
4s. 1993
New York Short Line RR. 1st 4e. 1957.
Norfolk A Carolina RR.—
& gen.
1996.
1st cons. 48,
[Equip, trust 6s,
due
Elmpt. A ext. 44s.193 L]to Oct.
I
1934.
[Equip, trust 44s, due to Jan. 1935.]
Terminal
A
Transportation
Norfolk
1st 58,
1st 5s,
1948.
[St. Paul Eastern Grand Trunk Ry. 1st
44a, 1947.J
Main
&
4s.
Line
1961.
Connecting
RR. 1st 4s. 1952.
North East Pennsylvania RR
1st 44s,
1955, ext"
4s
Northern Ry. of California
Gen. lien A land grant 3s, 2047.
Prior Hen A land grant 4s. 1997.
Ref. A Impt. 44s. 2047. series A.
Ret. A Impt. 68. 2047, series B.
Ref. A Impt. 5s, 2047, series C.
Ref. A lmpt. 5s. 2047, series D.
St. Paul A Duluth Div. 4s. 1996.
Equip, trust 44s, due to March 1940
Ohio River RR.—
A New England RR.
4s. 1975.
1945.
cons.
Dev. A gen. 48, 1956,
Pennsylvania RR.—
Cons. 34s, 1945.
Cons. 34s, 1945, sterling.
Cons. 48, 1943.
Cons. 4s, 1948.
Cons. 4s, 1948 sterling
Cons. 4s. 1948, sterling, stamped.
Com. 4 4 8, 1960.
Gen. 44s, 1981, series T>.
Gen.
44s, 1984, series E.
Gen. 44s, 1965, series A.
Gen. 5s, 1968, series B
Gen. 6s. 1970, s *ries 0.
Secured 64s, 1936.
Equip, trust 6s A, due to March 1938
Equip, trust 6s B, due to April 1939.
Equip, trust 44s C, due to Oct. 1939.
Pennsylvania Ohio A Detroit RR. 1st A
ref. 44s. 1977, series A.
44$, 1981, series B.
Pere Marquette Ry.—
1st 5s, 1956.
series A.
]
Oregon Lines 1st 44s, 1977, series A.
Equip. trMt 5s Q, due to May 1939.
Equip, trust 44s K, due to Aug. 1943.
Equip, tmst 44s L, due to June 1944.
Equip. trMt 448 M. due to May 1 *45.
Francisco Terminals
—
a
[Chicago Gas Light A Coke Co. 1st 5s.
1937.]
Cleveland Electric Illuminating Co.—
a 1st 34s.
1965.
series A.]
[Gen. 5s, 1961, series B.]
Connecticut Light A Power Co.—
1st A ref. 78, 1951, series A.
1st A ref. 54s, 1954, series B.
1080
A
Wllkea-Barre Ry.
Sunbury A Lewlstown Ry. 1st 4s, 1936.
1st & gen. 4s, 1970.
1st 4s, 1971. series E.
1st 58.
5s,
1st ref.
44s, 1970, series
4s, 1981.]
44s, 1935.]
H.]
Elst ref. 44s, 1969, series G.]
1st ref.
Consolidated Gas Co.
(Baltimore)
1st ref. 4s, 1981.
Power Co.—
[1st Hen A ret. 5s, 1936.]
[1st lien A unify. 5s, 1952, series C.]
1st lien A unify. 44s, 1958.
a 1st lien & unify. 34s & 34s, 1965.
[Dayton Lighting Co. 1st A ref. 5s, '37.]
[Dayton Power & Light Co. 1st A ret.
5s, 1941.]
Detroit Edison Co.—
[Gen. A ref. 5s, 1949, series A.l
[Gen. A ref. 5s, 1955, series B.]
Gen. A ret. 4s, 1965, series F.
Duke Power Co, 1st A ref. 44s A 4s, *67.
a
Duquesne Light Co.—
[1st 44s, 1967, series A.]
[1st 44s, 1957, series B.]
1st 34s,
1965.
[Eastern Connecticut Power Co. 1st 5s,
1948, series A.]
a
a
Edison Eleo. Ilium. Co. of Boston 1st
34s, 1965, Beries A.
1962. series F.
[Michigan Light Co. 1st ref. 5s, 1946.]
Milwaukee Gas Light Co. 1st 44s, 1967.
Narragansett Electric Co.—
1st 5s, 1967. series A.
1st 5s, 1957, series B.
1st 5s,
1937
Louis Ry. 1st 3s.
1st & ref. 5s, 1939.]
Gen. A ret. 6s, 1942, series
D.]
[Gen. A ret. 54s, 1947, series E.]
[Gen. A ret. 54s, 1943, series F.I
[Gen. A ret. 6s, 1942, series G.]
Gen. A ref. 6s, 1942, series
H.]
Gen. A ref. 54s, 1949, series I.]
1st A ref. 5s, 1953, series C.
1st 44s, 1968, series D.
Gen. A ref. 44s. 1961, series D.
Gen. & ref. 5s. 1952. series E.
1st
""1st A gen. 5s, 1961]
a
Gen. & ref. 5s, 1962, series C.
8pokane Falls A Northern Ry. 1st 6s, '39.
Stony Creek RR. 1st ext .4s, 1957.
Los
4s, 1960, series C.
Angeles Gas A Electric Corp.—
Metropolitan Edison Co.—
44s. 1956, series C.
com.
6s, 1948, series A.
1955. series B.
1st ref. 5s,
Central Vermont Public 8ervlce Corp. 1st
A ref. 5s. 1959, series A.
1955.
Sunbury Hasleton
2d 6s. 1938.
1st ref.
1st & gen. 44s, 1957, series E.
1st A gen. 4s, 1960, series G.
Pacific Co. 1st 4s. 1950
34s, 1959.
8turgls Goshen A St
1st 4s. 1951.
1st 5s. 1939.
Southern Paclfio RR. (California)—
Southern Paclfio Branch Rv. 1st 6s, 1937.
1940, series B.
Lone Island Lighting Co.—
[1st sinking fund 5s, 1936.]
a
Southern
Spuyten Duyvll A Port Morris RR.
Philadelphia A Baltimore Central RR.
Central Maine Power Co.—
a
1st
1945.
Central Hudson Gas A Electric Co. 1st
A ref. 5s. 1941.
Consumers
Central Pacific stock coll. 4s, 1949.
1st com. 5s,
1st ref, 64s, 1954.
Lake
Superior Dist. Power Co. 1st A
ref. 5s, 1956, series B.
Lawrence
Gas A Electric Co. 1st 44s;
a
Central Hudson Gas A Electric Corp.
1st & ref. 34s, 1965.
1st 5s, 1939.
1st 44s. 1954.
1st 4s, 1956, series B.
44s, 1980, series C.
Equip, trust 44s A, due to Aug. 1942
Equip, trust 44s 1930, due to May 1
1st ref. 5s, 1939.
1st 5s. 1952, series A.
Consolidated Gas Electric Light A Power
10-year sec. serial 4s, 1944s
1st ret. 4a,
1st 5s. 1937.
1st 6s. 1997.
Kings County Lighting Co.—
1st ref. 5s, 1954.
1939.
Gen. A ret. 5a, 1956, series A.
Gen.
Co.—]
[1st 44s, 1957, series B.]
1st 44s, 1961.
Kings County Electric Lt. A Pr. Co.—
Connecticut River Power Co.—
1938.
A Light
1st 44s, 1961, series C.]
[1
Kansas City Power A Light Co.—
[Connecticut Power Co. 1st A
1963.]
Gold 448, 1969.
Gold 44s. 1981.
San
[Jersey Central Power
[1st 58, 1947, series B.]
Gen. A ref. 44a, 1981, series B.
Southern Pacific Co.—
Gold 44s, 1968.
5s. 1934
A ret.
1st A ref. 5s, 1962, series D.
1st A ref. 34s, 1965, series E.
Equip. trMt 5sX, due to April 1938.
Equip, trust 5s Y, due to March 1939.
Equip, trust 44s Z, due to Oct. 1939.
Equip. trMt 4sBB, due to March 1943.
Equip, trust 44s CC, due to Deo. 1944.
[Conv
Idaho Power Co. 1st 5s, 1947.
gen.
a
Memphis Div. 1st 5s, 1996.
St. Louis Div. 1st 4s, 1951.
4s, 1939.
1st 5s. 1942.
Erie County Eleotrle Co. com.
6s. 1959.
1st com. 58, 1945.
1st lien A ret. 6s, 1947, series A.
1st A ref.
Illuminating Co. (Brook¬
Harrisburg Gas Co. 1st 5s, 1970.
Brooklyn Union Gas Co.—
a
com.
Electric
Illuminating Co. (New
York) 1st com. 5s, 1995
Equitable Gas A Electric Co. of Utlca
1952, series A and E.
series A.
Dev. & gen
a
lyn) I t
5s. 1967.
Dev. A gen. 6s, 1956, series A.
East Tenn. Reorg. 5s,
1961.
Padueah A Illinois RR. 1st 44s, 1955.
Edison Electric
Edison
Gen. 5s, 1954,
fist 5s, 1939.]
Gen. 58,1937.
1st & ref. 4s,
business.
Androscoggin Eleo. Corp. 1st 44s, '55.
1st lien A ret. 44s. 1960.
a 1st lien A ref. 4s, 1954.
5s. 1963.
South Pacific Coast Ry. 1st 4s, 1937
a Southern
Paclfio Branch Ry. Co. 1st
6s, 1937.
Southern Ry.—
1st cons. 5s, 1994.
1st 5s. 1936.
Oregon Short Line RR. 1st eons. 5s, 1946.
Oregon-Washington RR. A Navigation
artificial
1st A ret. 5s, 1956.
Bangor Hydro-EIectrle Co.—
1st lien A ret. 5s, 1955.
Com. 5s, 1936.
Gen.
of corporations
Atlantic City Electric Co.—
1st A ref. 5s. 1938.
1st
64s, 1956, series A.
Aiken Branch 1st 4s, 1998.
a
a
1st A ref. 5s,
[Sioux City A Pac. RR. 1st 34s, 1936.1
[Northern Maine Seaport RR. A Termi¬
South A North Alabama RR.—
nal Co. 1st 5s, 1935.3
Co.
of such
1st 5s,
1st 6s. 193*.
Northern Pacific Ry.—
bonds
engaged in the business of supplying
gas. or natural gas, purchased from another
corporation and supplied in substitution for. or in mixture with, artificial
gas, for light, heat, power and other purposes, or transacting any or all
1989.
1st
Subdivision 10-a
(including consolidated bonds) issued by Federal Land
Intermediate
1st lien A ret. 5a.
RR. 1st 5s. 1938.
Sbamokin Sunbury A LewlsburgRR.—
10
Subdivision 12.
-Certain
electrical energy or
Sewell Valley
2nd 5s.
Subdivision
Buffalo General Electric Co.—
[Savannah Florida A Western Ry.—1
[1st 5s, 1934.1
[1st 6s, 1934.1
Schuylkill A Lehigh RR. 1st 4s, 1949.
1st 4s.
1960.
Winston-Salem Terminal Co. 1st 5s. 1966.
suant to the
Ry.—
1972, series A*
8an Antonio A Aransas Pass Ry. 1st 4s,
1943.
Scioto Valley
Norfolk Terminal Ry. 1st
1st 44s, 1977.
[Wilmington A Weldon RR.—]
[Gen. 4s, 1935.]
[Gen. 5s, 1935.]
Brooklyn Edison Co. gen. 5s, 1949 and
St. Paul Minneapolis A Manitoba
A
Credit bank debentures (including con¬
issued by Federal Intermediate Credit banks, pur¬
provisions of the Federal Farm Loan Act, as amended; and
Federal Farm Mortgage Corporation bonds issued pursuant to the provi¬
sions of the Federal Farm Mortgage Corporation Act.
Federal
Brooklyn Borough Gas Co.
1948.J
1st
solidated debentures)
trust
Montana Ext. 1st 4s, 1937.
lien
4s, 1944.]
{Conv. 44s, Sept. 1938.3
Co
ooll.
RR.
Winston-Salem Southbound Ry.
a
Farm Loan bonds
banks and
[St. Louis Peoria & North Western Ry.
Pacific Ext. 4s. 1940.
St. Paul Union Depot Co.
Norfolk A Western Ry.—
Norrlstown
Co.
Connecting
Bonds of the Land Bank of the State of New York.
Cons. Ext. 5s of 1943.
1st 5s. 1939.
2d 5s. 1946.
Div. 1st
Com. 4s, 1955, series A.
St. Paul A Duluth RR. 1st com. 4s, 1968.
1st A ref. 4s, 1973, series A.
N, Y. A Putnam RR. 1st
5s.
4s. 1943, series a to E.
N. Y. A Harlem RR. 1st ref. 34s, 2000
a
VandallaRR.—
•
Richmond-Washington
1st 44s, 1953, series A.
1st 5s. 1953, series B.
1st guar.
Wheeling A Lake Erie Ry. Co. ref. 4s.
1966, series D.
Wllkea-Barre
Wilmington A Newbern RR. 1st 4s. 1947
Wilmington A Northern RR.—
[1st A ref. 54s. 1954.]
Ry.
P. M.
44s, 1945, No. 1.
Impt. 5s, 1947, series A.
Williams Valley RR. 1st 4s. 1938,
WUlmar & Sioux Falls Ry. 1st 5s, 1938.
(Of this Issue only bonds bearing guar
anty endorsements of PenMylvanla
RR. are considered legal.)
44s. 1940.
Ref. A lmpt. 5s. 2013. series C.
New York Connecting RR.—
a
—
*
Raleigh A Southwestern Ry. 1st 4s, 1936.
RR.
1st 44s. 1945.
1st ext. 44s, 1946. No. 2.
a
Pittsburgh
Young3town
A
Ashtabula
Ry. 1st 44s, 1977, series D.
(Of this
Issue only bonds bearing guaranty en¬
dorsement of PenMylvanla RR. are
4s
Pennsylvania Ry.
Corp.—
1st ext.
Gen. 44s. 1979.
1041*
Pittsburgh Virginia A Charleston Ry. 1st
[Eq. tr. 6s, due to Jan. 15 1935.3
[Eq. tr. 7s, due to April 1935.3
Equip, trust 4 4s. due to April 1944.
Equip, trust 44s. second of 1929, due
Western New York A PenMylvanla RR.
1st 5a, 1937.
Gen. 4s, 1943.
Gen. 4s, 1948.
Gen. 44s, 1973.
West Virginia
Lake ErleA
Express Co.—
Equip. trMt 44s D, due to June 1944,
Equip.trust 4 4s E, due to Nov. 11945.
Western Pocahontas
Virginia Air Line Ry. 1st 5s, 1952.
1st 5s, 1934.
4s
Western Fruit
Com. 4s, 1957, series B.
Savannah Florida A Western Ry.—
1st
1st cons. 34s, 1936, series B A C.
Western New York A
Gen. 4s, 1944.
44s, 1947.
•
Detroit
40-year gold 44s, 1967.
40-year gold 4s, 1968.
United New Jersey RR. A Canal Co
Gen. 34s. 1951.
considered legal.)
Cons. 4s, 1998.
N Y.C.L. eq. tr.
A
RR.
1st cons. 4s. 1936. series D, E A F.
West Shore RR. 1st 4s, 2361.
West Virginia A Pittsburgh RR. 1st 4s,
1990.
1st lien A ref. 4s, 2008, sterling.
Com. 448, 1963, series I.
rof
'Michigan Central coll. 34s, 1998.
1
Southern
Vandermere
1st Hen A ref. 5s. 2008.
E.
Cons. 4s, 1957, series Q.
Com. 4s, 1960, series H.
Pittsburgh
1942.
Dec.
Canada
1st 6s. 1934.
[Deb. 4s, 1934J
to
1964.
1st RR. A land grant 4s, 1947.
1st lien A ref. 4s, 2008.
St. Paul Eastern Grand Trunk Ry. 1st
1st 5s. 1982, series A.
sec
54s.
Union Pacific RR.—
St. Peal a Duluth RR. 1st com. 4s. 1968.
New York Bay RR. Co.—
Conv.
trMt 44B.C, due to June 1944.
1st
&
44s. 1947.
West Jersey A Seashore RR.—
1st eons. 4s, 1936.
Toledo & Ohio Central Ry. Co. ref. &
Toledo
Equip, trust 44s B, due to Oct. 1937
..Nashville Florence & Sheffield Ry. 1st
Gen. 44s. t977. series C.
5s, 1937.
'
Gen. 58. 1981, series D.
New Jersey Junction RR. 1st 4s, 1986.
New Orleans Terminal Co. 1st 4s, 1953. St. Louis Peoria A North Western Ry.
1st 5s. 1948.
New York Bay Ext. RR. 1st 5s, 1943.
1st 34s,
trust 4s B, due to May 1943
Ry. 1st 4s, 1956,
Cons. 44s, 1940, series A.
Cons. 44s, 1942, series B.
Cons. 44s, 1942, series C.
Cons, 4a, 1953, series F.
Constr. mtge. 5s, 1955, series A.
Constr. mtge. 4^8, 1955, series B.
Nashville Chattanooga A St. Louis Ry.—
Deb. 4s,
trust 44s A, due to Feb. 1943
Toledo Walhondlng Valley & Ohio RR.—
1st 4s. 1942,.series C
Cons. 34s, 1949, series
Morris <st Essex RR.—
Beach Ry. 1st cons. 5s,
Washington
trust 44s JJ. due to April 1942
series A.
44s, 1943.
Louis RR.—
Brooklyn
Washington Terminal Co.—
1st 34s, 1945.
1st 4s. 1945.
RR. Of New Orleans
1st cons. 4s, 1937.
Pittsburgh
1st 4s, 1991.
Cons. 34s. 2002.
York
trust 5s GG, due to Nov. 1939
trust 44s HH, due to Sept. '40
lmpt. 34s, I960, series A.
Montana Central Ry.—
1st 5s. 1937.
1st 6s. 1937.
Montauk Ext. RR. Co. 1st 5s, 1945
[New
[Washington & Columbia River Ry. 1st
4s, 1935.]
trMt 5s FF, due to Oct. 1937.
Texas Pacific-Missouri Paclfio Terminal
Philadelphia A Reading RR.—
1st term. 5s. 1941.
Prior lien 4s, 1962, series B.
Prior lien 44s, 1978, series D.
1st ref. 34s,
Newton
1st 4 4s, 1962, series B.
Equip, trust 5s D, due to May 1938.
Equip, trust 44s E, due to July 1940.
Warren RR. 1st ref. 34s, 2000.
Texas A Pacific Ry.—
1st cons. 58, 2000.
1952.
1st ext.
Mlssouri-Kausas-Texas RR.—
Prior lieu 5s, 1962, series A.
1st cons. 4s,
44s, 1977, series C.
(Of this
Issue only bonds bearing guaranty en¬
dorsement of Pennsylvania RR. are
considered legal.)
Oen. 44s, 1981. series D.
Philadelphia A Chester Valley RR.—
Pref. 4s, 1938.
Non-pref. 3s, 1938.
Philadelphia A Frankford RR. 1st 44s.
Philadelphia
[Mllw. & State Line Ry. 1st 34s, 1941.3
Virginian Ry.—
1st 5s, 1962, series A.
Terre Haute A Peoria RR. 1st 5a, 1942.
Gen. 5s, 1974, series B.
[Mahoning Coal RR. 1st 5s, 1934.]
155
Susquehanna Bloomsburg a Berwick RR.
1st 5s, 1952.
Nassau
1958. series C.
A
Suffolk
Lighting Co. 1st 5s.
1945.
Nebraska Power Co. 1st 44s, 1981.
New England Power Co. 1st 6s. 1951.
New^Jersey Power A Light Co. 1st 44s,
New York Edison Co.—
1st A ret. 64s, 1941, series A.
1st A ret. 5s, 1944, series B.
1st A ret. 5a. 1951, series C.
New York Gas, Electric Light, Heat A
Power Co.—
1st 5s. 1948
P. M 4s, 1949.
New
Gas A
New
Electrlo A Gas Corp.
York State
1st 54s. 1962.
York State
1st 44s,
1st
Electric Corp.
1960.
44a, 1980.
North
Hudson Light,
Co. 1st 5s. 1938.
Heat
A
Power
Northern Pennsylvania Power Co.—
1st A ret. 5s, 1956, series A.
1st A ret. 5a. 1962.
Paclfio Gas A Electric Co.—
1st A ret. 6s. 1941, series B.
[1st A ret. 54s, 1952, series C.]
[1st & ref. 5s, 1955,
series
D.j
1st A ret. 4 4s, 1957, series E.
1st A ref. 44s. 1960, series F.
a 1st A ret. 4s.
1964, series G.
Financial
156
Pacific Light & Power Co. 1st 5s. 1942'
San Diego Consol. Gas A
lst 5s, 1939.J
Pennsylvania Electric Co.—
1st A ret. 4s, 1971, series F.
1st & ret. 4s, 1901, series O.
1st & ret. 5s. 1962, series H.
1939, series A.]
series B.l
1947, series C.l
1st <fc ret. 5 Ms, 1960, series D.J
1st & ret. 6s,
a
Ret. (now 1st &
Ret. (now 1st A
Gen
Suburban-County
Gas
a
Electric Co. 1st & ret. 4Ma, 1957.
Potomac Electric Power Co.—
Cons. 5s, 1936.
Gen. A ret. 6s, 1953, series B.
LANDRETH
1963,
4s,
[Southern Public Utilities Co. 1st A ret.
5s, 1943.J
Syracuse Gas Co. 1st 5s, 1946.
Syracuse Lighting Co.—
[1st 5s, 1951.J
1st A ret. 5Ms, 1954.
1st A ret. 5s, 1957, series B.
ARKANSAS
State & Municipal Bonds
Twin State Gas A Electric Co.—
series B.
1st A ret. 5s, 1953.
Public Service Co. ol New Hampshire—
1st 4Ms, 1957, series
{1st 5s, 1956, series A.JB.J
1st <fe ret. 5 Ms, 1945, series A.
[Union Electric Light A Power Co.—J
Service
Electric
Gas
a
WALTON, SULLIVAN A CO.
LITTLE
[Gen. 5s, 1954, series A.J
1st 3%s, series C and D, 1960.
1957.J
4Ms, 1957.J
Gen. 5s,
Co.
Gen.
of
Electric Co.
of New Jersey
New Jersey—
1st A ret. 4Mb, 1967.
United
1st A ret.
1949.
4s
Gen. 5Ms, 1949,
[Public Service Newark Terminal By.
1st 5s, 1955.J
Queens Borough Gas A Electric Co.—
Gen. 6s, 1952.
Ret. 5s, 1955.
Ret. A ext. 5s, 1957.
Waterbury Gas L&ht Co, 1st 4Ms,
West Penn Power Co.—
19581
1st 5s, 1946, series A.
1963, series E.
1st 5s,
1st 5s, 1956, series G.
1st 4s, 1961, series H.
[Gen. 5Ms, 1948, series C.J
Gen. 4Mb, 1977, series D.
Rochester Ry. A Light Co. Cons. 5s, *54.
Rockland Light A Power Co. 1st ret.
1st 5s, 1952,
series A.
York Haven Water A Power Co. 1st 5s
1951.
4Mb, 1958, series A.
Subdivision 13,
bonds
of corporations
engaged in
telephone service in the United States.
Bell Telephone Co. of Pennsylvania—
1st A ret. 5s, 1948, series B.
1st & ret. 5s, 1960, series C.
Central District Telephone Co.
the
business of
furnishing
York
4MB
1st A coll. 5s, 1937.
1st 5s,
Ret. 5s, 1952, series A.
1943.
Chesapeake A Potomac Telephone Co. of Southern Bell Telephone A Telegraph
Co. 1st 5s. 1941.
Virginia 1st 5s, 1943.
Cumberland Telephone A Telegraph Co. Southern California Telephone Co. 1st
A ret.
(Ky.) 1st A
gen. 5s. 1937.
1st A ret.
1970.
New England Telephone A Telegraph Co
1st 6s, 1952, Series A.
1st 4Ms. 1961, series 3.
Illinois Bell Telephone Co.
3 Ms,
a
i
1st 5Ms,
1942, series A.
5s. series B.
Subdivision
a
Bank, such amount as may
condition of membership therein or credit
Subdivision
16
In the bonds of Home Owners' Loan Corporation, a
under Home Owners' Loan Act of 1933.
corporation created
of the Refunding Board or subsequent legislation.
'It is possible that circumstances in the future might make necessary
changes in Act II, and I doubt the wisdom of appealing the case to the
United States Supreme Court for the reason that ir the decree be upheld,
the State never could amend or change Act II in
any way.
'The price of bonds has increased since the last tender (Oct. 8), and
the long delay pending final decision by the
Supreme Court would work
a further
injury to the State by interfering with tenders which are expected
to be called early nest year.* "
CALIFORNIA
CALIFORNIA
Curley Urges New Taxes to
Avoid Levy on Cities—A. United Press dispatch from Boston
on Jan.
1 reported as follows on the message of Governor
Curley to the 1936 session of the State Legislature:
Raising of revenue from other sources to obviate necessity of laying a
State tax on cities and towns was recommended to-day by Governor James
M. Curley in his annual message to the Legislature.
*'I believe that the time has come to .make a thorough study of the tax
problems and the expe iditure program," the Governor said. "I therefore
commission of recognized authorities on
taxation, including members of the Legislature.'
Taxes recommended by the Governor included: Continuance of the 10%
surtax on individuals, estates and corporations; doubling of truck licensing
fees; a 40-cents-a-gallon tax on alcohol, increase from 3M to 5% in the
"handle" of dog racing; a 2-cents-a-package levy on cigarettes and a corre¬
sponding rate upon other tobacco products, and a $5 annual fee on slot
recommend the appointment of a
machines.
Mississippi-—Financial Survey Prepared—The Bond De¬
partment of the First National Bank of Memphis, Tenn.,
of the above State, setting
forth the debt structure, the sources of revenue and disposi¬
tion of revenue, giving reports on the proceeds of the sales
tax and the gasoline tax, two of the chief revenue producing
levies.
Also included in the booklet is a detailed statement
on
the outstanding bonds of the State, showing dates of
maturity and amounts.
prepared
a
financial
survey
(State
of)—BOND
OFFERING
ANTICIPATED—
Foley, Chairman of the State Veterans Welfare Board an¬
recently that $5,000,000 veterans' bonds will be sold in March.
Thomas M.
CENTRO,
Calif.—GOVERNIENT
RECEIVED—TO
BID
TRY
PRIVATE SALE—A bid for $160,000 outfall sewer bonds was received at
city hall recently from Washington.
The offer of the government
included notation of the grant to the city of sum not to exceed $130,000.
bonds
are
general obligation type of $1,000 each; interest 4%
and
mature in
1960.
Bonds may be sold privately if bids are forthcoming.
The city, however, will try to sell the bonds privately before taking the
government's offer.
ELIM UNION SCHOOL DISTRICT, Merced County, Calif.—BOND
ELECTION—The district will vote on Jan. 13 on the question of issuing
$30,000 school building bonds.
LOS
Massachusetts—Governor
has
the Court is that Act II of 1934 is a valid
between the State and the bondholders and cannot be changed
an act
The
15
In the capital stock of a Federal Home Loan
be required to comply with any
therefrom.
'According to the accounts,
contract
EL
r
a
refunding bonds at
35 cents on the dollar.
"In a letter dated Dec. 18 and sent to other members of the Refunding
Board Commissioner Wasson made the following statement:
nounced
14
Federal Home Loan Bank
Federal Home Loan Bank Act approved July 22
1932.
.
Co. 1st A
Tri-State Telephone A Teleg. Co.—
In bonds, debentures or other obligations of a
created pursuant to the
of bonds from redemption accounts, Marion Wasson, Bank
Commissioner opposes the plan of the Arkansas Refunding Board to appeal
from the decision of the three judge Federal District Court,
throwing out
the Board's resolution to peg series B road district
5s, 1947.
Southwestern Bell Telephone
ret. 5s. 1954.
Subdivision
appeal contem-
olated by the State Refunding Board on a recent decision
invalidating its
procedure on the purchase of certain road district refunding bonds:
"For the double reason that a decision of the United States Supreme
Court would permanently bar the State from
amending Act 11 of 1934.
and that an appeal would be to the disadvantage of the State in the next
by
Telephone Co. 1st A gen.
J939_
Pacific'Telephone A Telegraph Co.—
New
ARKANSAS, State of—APPEAL FROM FEDERAL COURT RULING
ON BOND PURCHASES OPPOSED BY BANK COMMISSIONER—The
Chicago "Journal of Commerce" of Dec. 21 carried the following report
on the opposition of the State Bank Commissioner to an
purchase
Wheeling Electric Co. 1st 5s, 1941.
Wisconsin Gas A Electric Co.—
Gen. 6s, 1962, series F.
LOUIS, MO.
ARKANSAS
series C.
Gen. 5s, 1956, series D.
Gen. 5s, 1952, series E.
Bet. 4Mb. 1958.
Rochester Gas & Electric Corp.—
ST.
ROCK, ARK.
1st
Utica Gas & Electric Co.—
4Mb. 1970.
1st & ret. 4s. 1971.
a 1st A ret. 3 Ms, 1965.
Certain
BUILDING, ST. LOUIS, MO.
5s, 1939.
Toledo Edison Co. 1st 5s, 1962.
[1st 4s, 1963, series B.]
Gas Co.
1st
a
SCHERCK, RICHTER COMPANY
[Southern California Edison Co.—J
1st s. t. 5s. 1966.
1st Hen & rel. 4Mb. 1967
1st A ret. 4s. 1971.
Public
ret.) 4 Ms, 1955.
ret.) 3Ms, 1960.
Ret. (now 1st A ret.) 3Ms, 1960, ser. B.
1st s. t. 4s, 1966.
alProvldence
Town Issues
Southern California Edison Co., Ltd.—
1st A ret. 4s, 1960.
Philadelphia Electric Co.—
a
Markets in all State, County &
1965.
Jgjj
H
Penn Public Service Corp.—
1st A ret. 6s. 1947, series C
1st A ret. 5s, 1954, series D.
Jan. 4
ARKANSAS BONDS
1st A ret. 5s, 1947,
1st A ret. 6s,
Pennsylvania Power Co. 1st 5s, 1956.
Philadelphia
Chronicle
Electric Co.-
ANGELES, Calif.—4% WATER BONDS DECLARED FEDERAL
INCOME TAX EXEMPT—The following report is taken from the New
York "Herald Tribune" of Dec. 24:
"Guy
T.
Helvering,
Commissioner
of
Internal
Revenue,
yesterday
handed down a ruling that $22,799,000 of 4% bonds issued by the City of
Los Angeles department of water and power are exempt from Federal income
taxes.
This ruling was expected, since there are many other bonds of local
government
exempt.
instrumentalities
now
outstanding
which
are
similarly
tax
"In some
legal circles a question had been raised on this matter because
salaries of one local government agency were held subject to income taxes
of the Federal government, but there never was any doubt
regarding the
tax exempt status of the bonds.
The Los Angeles departmental issue was
offered publicly some time ago by Brown Harriman & Co., Inc., and
associates."
LOS ANGELES COUNTY (P. O. Los
Angeles) Calif.—BOND SALE—
It is reported that the $20,000 issue of school bonds offered for sale without
on Dec. 16—V. 141, p. 4043—was purchased on Dec. 30
by Red-
success
field, Royce & Co. of Los Angeles, as 4^s, at par.
1937 to 1956 incl. No other bid was received.
Due $1,000 from Jan. 1
LOS ANGELES COUNTY SCHOOL DISTRICT (P. O. Los
Angeles),
Calif.—BOND OFFERING—Sealed bids will be received until 2 p.m.
Jan. 6 by L. E. Lampton, County Clerk, for the purchase of $165,000 bonds
of Inglewood Union High School District.
Bonds will be dated Jan. 1
1936: mature Jan, 1 1961 and bear interest not to exceed 5%. Denom.
$1,000 each. Certified check for 3% required.
These bonds had been offered on Dec. 9 without success.—V. 141, p. 3890.
BOND
OFFERING—The
County
Supervisors
will
receive
bids
untl*
2 p.m. Jan. 13 for the purchase of $110,000 Santa Monica School District
bonds and $180,000 Santa Monica High School District bonds.
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. O. Los Angeles),
Calif.—BOND SALE—'The two issues of school district bonds offered for
on Dec. 30—V. 141, p. 4190—were awarded as follows:
sale
OFFERINGS
WANTED
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL
BONDS
Francis, Bro. .& Co.
ESTABLISHED
1877
InPrnstmrnnt Securitiea
Fourth and Olivo Streets
ST. LOUIS
$195,000 Glendale Junior College District bonds to the Anglo-California
National Bank as 3 Ms, for a premium of $107, equal to 100.055,
a basis of about
3.24%. Dated Jan. 1 1936. Due Jan. 1 1961.
22,000 Saugus School District bonds to Redfield, RoyCe & Co. as 4Ms
for a premium of $255, equal to 101.159, a basis of about 4.40%.
Dated Jan. 1 1936.
Due $1,000 yearly on Jan. 1 from 1937 to
1958, incl.
The Bankamerica Co. offered a $1,739 premium for 3 Ms in bidding for
the Glendale issue.
James R. Martin & Co. offered to take the Saugus
bonds as 4i^s for a premium of $301.
ORANGE
COUNTY
SCHOOL
DISTRICTS
(P.
O.
Santa
Ana),
Calif.—BONDS VOTED—At an election held on Dec. 12 the voters are
said to have approved the issuance of $223,000 in Santa Ana High School
District bonds.
Bond Proposals and Negotiations
BONDS DEFEATED—At the
to issue
same time the voters defeated a proposal
$100,000 in Lathrop High School District bonds, failing to give
required majority.
the issue the
ARKANSAS
SACRAMENTO COUNTY SCHOOL DISTRICT (P. O. Sacramento),
Calif.—BOND SALE—The County Supervisors have sold $9,000 5%
CRAIGHEAD COUNTY (P. O. Jonesboro), Ark .—BOND SALE—
An issue of $23,000 scrip funding bonds has been sold to the Mercantile
bonds of Orangevale School District to Dean Witter & Co. for a premium
of $21, equal to 100.233.
Bank of Jonesboro.
LITTLE ROCK STREET IMPROVEMENT DISTRICT NO.
508
(P. O. Little Rock), Ark.—CERTIFICATE SALE—We are informed by
the Chairman of the Board of Commissioners that on Dec. 17 the District
sold $428,000 of State of Arkansas refunding certificates of indebtedness to
W. J. Herring & Co., Inc., at a price of 77.27 on 3% obligation, a net
interest cost of about 6.72%.
Due on Jan. 1 1944.
The second highest
bid received was an offer of 75. submitted by Cherry, Villareal & Co., Inc.
of Little Rock.
SAN
DIEGO
COUNTY
(P.
O.
San
Diego), Calif.—COURT TEST
ON VALIDITY OF BOND VOTE FORECAST—A dispatch from the Pacific
Coast bureau of the' 'Wall Street Journal,
appearing in the issue of Dec. 26,
reported as follows on a court test planned for $2,600,000 bonds approved
recently by the voters of the above county:
"A test case to decide the validity of the $2,600,000 general obligations
bonds approved by San Diego County voters recently is planned for the
near future.
Since proceeds from the sale of these bonds are to be used
to pay off acquisition and improvement district and. road district bonds,
delinquent, the question to be decided is whether it is constitutional
general obligation bonds with which to pay off special assessment
bonds.
"If validity of the proposed bond issue is upheld, the way will then be
cleared for settlement of the controversy between San Diego County
supervisors and the improvement district bondholders' committee for
distribution of the proceeds.
"There are outstanding approximately $9,300,000 par value of bonds
to sell
which delinquent interest amounts to about $5,500,000.
The
of supervisors proposed a plan of settlement whereby bondholders
on
board
would
receive from 15 to 50 cents on the dollar for their holdings.
The county
would hold the bonds so purchased for the purpose of endeavoring to receive
50% of the cost to the county of acquisition or the bonds.
The committee
believes the county intends to attempt to collect all delinquent county taxes
in each district."
SAN FRANCISCO
(City and County), Calif.—BOND OFFERING—
Sealed bids will be received until 3 p. m. on Jan. 6 by J. S. Dunnigan,
Clerk of the Board of Supervisors, for the purchase of a $391,000 issue of
4H%
sewer
bonds, 1929.
Due $23,000 from Jan. 11939
Denom. $1,000.
to 1955 incl.
Interest payable J. & J.
No alternative bids will be con¬
sidered by the said Board.
The successful bidder will be furnished the
approving opinion of Thomson, Wood & Hoffman of New York.
A
certified check for 5% of the amount bid, in lawful money of the United
States, no deposit to exceed $10,000, payable to the above named Clerk,
required.
is
SHASTA COUNTY" SCHOOL DISTRICT (P. O. Redding),
SALE—The issue of $50,000 Redding Grammer School
BOND
bonds offered on Dec. 27 was awarded to Heller, Bruce
Calif.—
District
& Co. of San Fran¬
cisco at
3M% for a premium of $976, equal to 101.952.
The Bankamerica
Co. of San Francisco, second high bidders, offered a premium of $339 for
3 Ms% bonds.
WHITTIER
DISTRICT, Calif.—BONDS VOTED—Voters
$25,000 school building bond
vote of 786 to 147.
Bids will be called for after Jan. 1.
Bonds
a
recent election approved a
issue by a
will bear no more than 5% interest.
COLORADO
SCHOOL
DISTRICT
NO.
14
(P. O. Lamar), Colo.—
sold
composed of Bickford, Inc., th e International Trust Co., Boettcher
F. Benwell & Co., and Gray B. Gray, Inc., all of Denver. The
made subject to approval at an election to be held in the near future.
to a grown
& Co., O.
was
CONNECTICUT
DANBURY, Conn.—BOND SALE—The City National Bank & Trust
Co. of Danbury was awarded the $95,000 coupon or registered, series B,
sewer and refunding bonds offered on Dec. 30—V.
141, p. 4044.
Their
bid was 100.21 for 2%% bonds, a basis of about 2.73%.
Second high bid
was received from the Bancamericar-Blair Corp.,
101.565, for 3% bonds.
Dated Jan. 1 1936.
Due $5,000 yearly on Jan. 1 from 1938 to 1956, incl.
HARTFORD,
Conn.—BOND SALE—The
$350,000
1%
coupon
refunding bonds offered on Dec. 30—V. 141, p. 4044—were awarded to
Lincoln R. Young & Co. of Hartford at a price of 100.21, a basis of about
.93%.
Dated Jan. 1 1936.
Due $70,000 yearly on Jan. 1 from 1937 to
1941, inclusive.
PIERCE-BIESE CORPORATION
JACKSONVILLE
Miami
Orlando
Tampa
FLORIDA
Jacksonville),
on Dec. 18 the
Special Tax School District No. 1 centered in Jacksonville, voted
down the proposition to issue $1,750,000 school bonds.
In School District
No. 2, located at Baldwin, a proposal to issue $25,000 school building bonds
was
approved, and in District No. 5, comprising Jacksonville Beach,
Atlantic Beach and Neptune Beach, an $80,000 bond issue was given
voters of
approval.
FLORIDA SHIP CANAL NAVIGATION DISTRICT (P. O. Jack¬
sonville), Fla.—BOND OFFERING—It is reported by Charles P. Summerall, Chairman of the Board of Commissioners, that he will receive
sealed bids until 10 a. m. on Jan. 23 for the purchase of a $300,000 issue
of 4% right-of-way bonds.
Denom. $1,000.
Dated Jan. 1 1936.
Due
$12,000 from Jan. 1 1939 to 1963 incl.
Callable at any time at the option
of the district, at 101 plus accrued interest.
Prin. and int. (J. & J.)
Say able at N. Y. City, at the option of the holder. These bondsNational
lity Bank, the Florida National Bank, Jacksonville, or at the
are part
total
$1,500,000.
The issuance of these bonds
by decree of the Circuit Court of the Fourth Judicial
They will be sold subject to the ap¬
authorized issue of
has been validated
Circuit in and for Duval County.
proving opinion of Chapman & Cutler of Chicago, whose opinion will be
furnished the purchaser.
Delivery of the bonds will be made at the
Florida National Bank in Jacksonville.
No bid for less than par plus
accrued
debt settle¬
plan providing for a 25% reduction in the approximately $16,000,000
principal debt of West Palm Beach, has been agreed upon, and the formal
contract when drawn will be submitted to a referendum of the voters about
ment
Jan. 15
"Members of City Commission and bondholder's committee representa¬
tives have just concluded final negotiations which had been preceded by
•
years of effort to reach a lasting and workable agreement between the
City Commission and the Bondholders' Committees.
"Under the terms of the program, the committees will accept refunding
bonds in an amount equal to 75% of the principal amount of the bonds
exchanged therefor.
Such refunding bonds will mature on Aug. 1 1961.
and will bear interest at the following rates:
"From Oct. 1 1935 to Aug. 1 1941, 2%; from Aug. 1 1941 to Au . 1 1944,
2M%; from Aug. 1 1944 to Aug. 1 1947, 3%; from Aug. 1 1947 to Aug. 1
1950, 3>£%; from Aug. 1 1950 to Aug. 1 1953, 4%; from Aug. 1 195£ to
Aug. 1 1956, 4H%; from Aug. 1 1956 to Aug. 1 1961, 5%. interest will
be payable semi-annually each Feb. 1 and Aug. 1.
"Provisions are made in the agreement for the levying of taxes for interest,
sinking fund, non-interest bearing certificates of indebtedness and redemp¬
tion, canceling and collecting of back taxes and for balancing the budget
for the year 1936-37 in a manner which the committee may deem adequate.
"The City Commission announced that»it would recommend the settle¬
ment to the voters, and representatives of all the bondholders' committees
announced their acceptance of it."
seven
GEORGIA
interest, will be considered.
Sar value of the bonds bid for,
required.
i
AUGUSTA, Ga.—BOND OFFERING—Sealed bids will be received unti
Jan. 20, by J. W. Westmoreland, Clerk of Council, for the purchase
of a $34,000 issue of 4% coupon or registered refunding bonds.
Denom.
noon on
GEORGIA, State ot—FLOATING DEBT CLEARED UP—An Asso¬
on Dec. 21 had the following to say
regarding the Governor's use of the general fund to pay off $1,650,000 in
floating debt:
"Governor Eugene Talmadge announced to-day that Georgia had the
money to pay off its floating indebtedness, leaving the State with only a
funded debt of $4,187,000, brought over from reconstruction days.
The
Governor issued an order setting aside moneys which reverted to the general
fund last July 1, six months after the close of the 1934 fiscal year, to pay
the floating debt of $1,651,809.03.
"The floating indebtedness accumulated from the excess of legislative
appropriations over the State's income.
Georgia put a stop to this pro¬
cedure when Richard B. Russell Jr., now junior United States Senator, was
Governor, by enacting a State budget law.
"When Mr. Talmadge took office the floating debt was
$7,523,853.82.
The bonded indebtedness is being paid off at the rate of $100,000 a
year."
ciated Press dispatch from Atlanta
GLYNN COUNTY (P. O. Brunswick), Ga .—BOND SALE DETAILS
—We are now informed that the $150,000 issue of 4%
coupon school
improvement bonds sold on Dec. 31, was awarded for a premium of $8,350,
(not $8,430, as previously reported—V. 141, p. 4191) equal to 105.566.
Denom. $1,000.
Interest payable J. & J.
It is also stated that the
Robinson-Humphrey Co. of Atlanta, was associated with Johnson, Lane,
Space & Co. of Savannah, in the purchase of these bonds.
A certified check for 2% of the
payable to the Board of Commissioners,
HILLSBOROUGH COUNTY SPECIAL TA X SCHOOL DISTRICT
(P. O. Tampa), Fla.—BOND OFFERING—E. L. Robinson, Secretary of
a. m. Jan. 2,
the Board of Public Instruction," will receive bids until 11
for the
purchase of $3,500 6% coupon school bonds. Denom. $350. Dated
Jan. 1 1936.
Principal and semi-annual interest (Jan. 1 and July 1) pay¬
able at the Exchange National Bank of Tampa.
Due $350 yearly on
Jan. 1 from 1938 to 1947, incl.
Certified check for 2% of amount of bonds
bid for, required.
INDIAN RIVER COUNTY (P. O. Vero Beach), Fla.—BOND SALE
CONTEMPLATED—It is stated by the Clerk of the Circuit Court that
by the Public Works Administration.
KEYSVJLLE CONSOLIDATED SCHOOL DISTRICT, Fla.—BONDS
VOTED—At a recent special election the voters of the district approved a
proposition to issue $22,000 school building bonds.
LEON COUNTY SPECIAL TAX SCHOOL
hassee),
Fla.—BOND OFFERING—F.
Board of Public Instruction,
S.
DISTRICT (P. O. Talla¬
Hartsfield, Secretary of the
will receive bids until noon Jan. 16 for the
purchase of $250,000 4% school bonds.
Denom. $1,000. Dated Dec. 1
1935.
Interest payable June 1 and Dec. 1.
Due yearly on Dec. 1 as
follows:
$8,000 1937 to 1947, and $9,000 1948 to 1965.
PENSACOLA, Fla.—MATURITY—It is stated by the City Manager
$100,000 5% semi-annual funding bonds purchased by F. M.
Blount, Inc., of Pensacola at a price of 101.01, as reported in these columns
recently—V. 141, p. 4044—are due as follows:
$10,000, 1936 to 1943;
$4,000,1944; $1,000,1945, and $5,000,1949 to 1951, giving a basis of about
that the
4.81%.
TAMPA, Fla.—NOTE SALE—The $110,000 revenue anticipation notes
that were authorized recently by the Board of Aldermen, as reported—
V. 141, p. 4191—are said to have been purchased jointly by the First
National Bank, the Exchange National Bank, and the First Savings &
Trust Co., all of Tampa, at 4H%.
Due on Feb. 27 1936.
WEST PALM BEACH, Fla.—AGREEMENT REACHED ON
SETTLEMENT PLAN—A dispatch from the above city
DEBT
(P.
O.
Gainesville),
Ga .—BOND
ELECTION
LUMPKIN, Ga .—BONDS NOT SOLD—It is stated by E. J. Tucker.
City Clerk-Treasurer, that the $20,000 iy2% semi-ann. sewerage system
bonds offered on Dec. 30—V. 141, p. 4191—were not
sold, as all the bids
received were rejected.
LUMPKIN SCHOOL DISTRICT (P. O. Lumpkin), Ga .—BOND SALE
—The $25,000 issue ot 4M% semi-ann. school bonds offered for sale on
Dec. 30—V. 141, p. 4192—was awarded to the Farmers State Bank of
Dated Oct. 1 1935.
Lumpkin and the Singer Co., jointly,
Due annually
beginning Jan. 1 1937.
SAVANNAH, Ga.—BOND SALE—The five issues of 3% bonds, aggre¬
gating $265,000, which were offered on Dec. 30—V. 141, p. 4192—were
awarded to the Citizens & Southern National Bank of Savannah on a
bid
of 106.184, a basis of about 2.57%.
The bonds are described as follows:
$50,000 street paving bonds.
Due $2,000 from 1936 to I960, incl.
55.000 water works and sewerage extension and improvement bonds.
Due $1,000 from 1936 to 1950, and $4,000 from 1951 to
I960,
cill incl.
BOND
to the
v«
^
'
50,000 public library addition and Armstrong Junior College Auditorium
bonds.
Due $2,000 from 1936 to 1960, incl.
35,000 airport improvement bonds.
Due $1,000 from 1936 to 1950, and
$2,000, 1951 to I960, all incl.
75,000 West Bay St. widening and paving bonds.
Due $3,000 from 1936
to 1960, incl.
Denom. $1,000.
Dated Dec. 16 1935.
The bonds are registered as to
principal with the City Treasurer.
Interest in coupon form, with principal
and interest payable at the City Treasurer's office or at its agency in New
York City.
Second high bid came from Johnson, Lane, Space & Co. and associates,
who offered to pay 104.664 for the bonds.
HAWAII
MAUI
COUNTY (P. O. Wailuku), Hawaii—BOND SALE—We are
by J. P. Cockett, County Treasurer, that the $250,000
issue of 4% coupon semi-annual improvement bonds offered for sale on
Nov. 18—V. 141. p. 3259—was awarded to the Territorial Retirement
System, for a premium of $15,669.30, equal to 106.2679, a basis of about
3.52%.
Dated Dec. 1 1935.
Due $10,000 from Dec. 1 1940 to 1964 incl.
The second highest bid was submitted by a syndicate headed
by the Bank
of Hawaii, and Dean Witter & Co., offering a premium of $8,482.30.
now
informed
the $45,500 4% semi-annual court house bonds approved by the voters
at the election held on Dec. 16—V. 141, p. 4191—will be purchased at
par
COUNTY
SCHEDULED—It was decided recently by the County Commissioners to
call an election for the latter part of January to have the voters
pass on
the issuance of $75,000 in court house bonds.
(A loan of $99,500 has
been approved by the Public Works Administration.)
BONDS RE-OFFERED—Sealed bids will be received by the above named
official for the purchase of the said bonds, until Jan. 7.
Denom. $1,000.
Dated Jan. 1 1936.
Prin. and int. (J. & J.) payable at a local bank.
A
certified check for $500 must accompany the J&id.
COUNTY SCHOOL DISTRICTS (P.
O.
Fla.—RESULTS OF BOND VOTES—At the elections held
DUVAL
a
"Announcement has been made by the City Commission and representa¬
tives of the bondholders' committees, authorized to act, that a
HALL
BONDS
FLORIDA
of
principal:
$1,000.
Dated Feb. 1 1936.
Due on Feb. 1 as follows:
$1,000, 1937 to
1962, and $2,000,1963 to 1966, all incl.
Interest payable F. & A.
Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston.
A certified
check for 5%, payable to the City Council, must accompany the bid.
BOND SALE—An issue of $28,000 3M% school bonds was recently
sale
"Wall Street Journal" of Dec. 27 had the following to say on the agreement
reached between the officials of the city and the Bondholders' Protective
Committee on a debt settlement plan involving about $16,000,000 of
SCHOOL
of the district at
LAMAR
157
Financial Chronicle
Volume 142
now
IDAHO
BLACKFOOT INDEPENDENT SCHOOL DISTRICT NO. 8 (P. O.
Blackfoot), Ida.—BOND SALE—The $30,000 issue of 4% coupon refund¬
ing bonds offered for sale on Dec. 23—V. 141, p. 4045—was purchased by
the State of Idaho, paying a premium of $250, equal to 100.833, a basis
of about 3.82%.
Dated Jan. 1 1936.
Due from Jan. 1 1937 to 1945.
The Cassia National Bank of Burley, also offered a premium of
$250 for
thebonds.
BOISE CITY, Idaho—BOND SALE DETAILS—The $115,000
coupon
refunding bonds that were purchased by Sudler, Wegener & Co. of Boise
Brown, Schlessman, Owen & Co., of Denver, and associates, as 3 Ms, on
a
basis of about 3.11%, as reported in these columns
recently—V. 141
p. 4045—are dated Jan. 1 1936, due on Jan. 1 1956, and optional on Jan. 1
1946.
Principal and interest (J. & J.) payable in New York City, or at
the City Treasurer's office in Boise, at the option of the holder.
Legality
to be approved by Pershing, Nye, Bosworth & Dick, of Denver.
BOISE INDEPENDENT SCHOOL DISTRICT (P. O.
Boise), Idaho—
BOND SALE—The issue of $250,000 coupon building and improvement
bonds offered on Dec. 30—V. 141, p. 4045—was awarded to R. W. Press-
Srich 1&1936.at Due in for 3 Ms, aoptional tit any time after 10 years. Dated
Co. 101.26 20 years; basis of about 3.19%. to maturity.
an.
Edward L. Burton & Co. and the First Security Trust Co. were associated
with R. W. Pressprich & Co.
Second high bid was submitted by Sudler.
Wegener & Co., The First Boston Corp. and Wheelock & Cummins,
$500 premium for 3.15% bonds.
a
158
Financial Chronicle
LEWISTON, Ida.—BONDS CALLED—It
is reported
Issue of 43^ % general
refunding bonds, dated Jan.
that the entire
1 1917,
were called for
payment on Jan. 1, at the Chase National Bank in New York City.
ILLINOIS
CASEYVILLE
trict has sold
an
SCHOOL
DISTRICT,
111.—BOND SALE—The
dis¬
issue of $22,500 school bonds to the First National Bank
of Belleville.
COOK COUNTY FOREST PRESERVE DISTRICT (P. O.
Chicago),
111.—BOND SALE—The $470,000 4% series A improvement bonds, part
an authorized issue of
$2,500,000, offered on Dec. 27—V. 141, p. 4192—
were awarded to Rogers &
Tracy, Inc. of Chicago and Robert Showers of
Chicago, jointly, at a price of 99.255.
Dated Jan. 1 1931 and due Jan. 1
-1936.
The bonds, with the Jan. 1 1936 coupon attached, were re-offered
by the bankers at a price of 102.15 flat, equivalent to a 4% yield.
The
SHAWSWICK SCHOOL TOWNSHIP (P. O. Bedford), Ind.—BOND
SALE—The $26,100 4% school building bonds offered on Dec. 11—V.
141, p. 3566—were awarded to the Bedford National Bank at par plus a
premium of $310, equal to 101.18.
Dated Nov. 15 1935 and due semi¬
annually from July 1 1937 to Jan. 1
a premium of $157.
was
to
continue
in effect
1944, incl.
The Citizens Trust Co.
offered
of
purpose of the sale of this block of bonds
resolution authorizing the original issue.
Jan. 4 1936
OLIVE SCHOOL TOWNSHIP (P. O. New Carlisle), Ind.— BOND
SALE—The $35,000 coupon school building bonds offered on Dec. 23—V.
141, p. 3723—were awarded to the Security Corp. of Indianapolis as 3Hs,
at par plus a premium of $108,
equal to 100.30.
Dated Dec. 30 1935 and
due as follows:
$1,500 June 30 and Dec. 30 from 1936 to 1942 incl.;
$1,000 June 30 and Dec. 30 from 1943 to 1949 incl.
SHELBY SCHOOL TOWNSHIP (P. O. New Marion), Ind.—BOND
SALE—The $16,000 school building bonds offered on Dec. 27—V. 141,
6 3893—were Due $1,280 Jan.to and $640 July 1 1938 of Versailles. 1Date
awarded as 3s 1 the Versailles Bank and $640 Jan. and
1 1935.
ec.
July 1 from 1939 to 1949 incl.
the
WHITLEY COUNTY (P. O. Columbia
City),
Ind.—OTHER BIDS—
COOK COUNTY (P. O. Chicago), III.—TAXES COLLECTED IN
LARGER VOLUME IN 1935—Collection of taxes in the county for the
fiscal year ended Dec. 1 1935 totaled $217,100,108, which is $35,598,056
The $60,000 asylum construction bonds awarded to the Farmers Loan &
Trust Co. as 3s, for a premium of
$198, equal to 100.33, a basis of about
2.94%, as previously noted in these columns, were also bid for as follows:
greater thanTreasurer Joseph L. Gill. of 1934, it was announced Dec. 28
the $181,502,052 collection
y County
Citizens
One of the reasons, Treasurer Gill said, was that a majority of the 1933
taxes were paid early this year and the first installment of the 1934 taxes
Seasongood & Mayer
was
Premium
Int. Rate
$1,213.34
795.00
228.85
3M%
3H %
3M %
;.
paid Nov. 1.
Other
reasons
advanced
that
times
getting better and people
are more able to pay; the Treasurer is
getting the bills out on time, and
confusing tax litigation that has retarded tax payments in recent years is
clearing up.
REFUNDING
are
are
PROPOSALS
SOUGHT—Proposals from banks, bond
dealers and individuals seeking to act as refunding agents in the $47,000,000
refinancing program of Cook County will be opened at 11 a. m. on Jan. 6
at the office of the Board of County Commissioners.
This was decided at
a recent meeting of the Board.
Bids, it is said, shall be accompanied by a definite plan for the refunding
of all outstanding bonds of Cook County, in conformity with the provisions
of the ordinance of Dec. 19, which calls for the issuance of $35,781,000
refunding bonds of 1936, series A, and $11,510,910 bonds of 1936, series B,
and stipulates the levy and collection of taxes for the payment of the bonds.
Bidders shall agree to act as refunding agent for the county and recom¬
mend to the holders of the bonds, due later than June 2
1936, that they
exchange their holdings for the various new series A bonds, at par for par,
with interest coupons on the new bonds to be the same as for the ones
exchanged.
The refunding agent also shall recommend to holders of past due bonds,
maturing up to and including June 2 1936, that they exchange their hold¬
ings for the new series B bonds on the basis of dollar for dollar of unpaid
principal, subject to the reservation by the county of the right to retire
these past due bonds by cash payment from the proceeds of the sale of the
refunding bonds if sold for cash to underwriters.
It is provided that a depositary shall be appointed by the refunding
agents, and that the plan shall not be declared effective until acceptance
is
Bidder—
State Bank
Central Securities Corp
signified by the deposit of holders of 85% of the outstanding debt of
maturing after June 2.
IOWA
CALMAR
ELGIN, 111.—BONDS AUTHORIZED—The City Council
voted in favor of
revenue
an
Dec. 16
ordinance authorizing the issuance of $100,000 water
on
bonds.
HARR1SBURG, 111.—BOND OFFERING—Sealed
bids addressed to the
Town Clerk will be received until
1 p. m. on Jan. 4, for the purchase of
$15,000 5% public park and swimming pool bonds.
Dated Dec. 30 1935.
Denom. $1,000.
Due $5,000 on Dec. 30 from 1936 to 1938, inclusive.
SCHOOL
DISTRICT,
Iowa—BOND SALE—The $48,000
issue of school bonds offered on Dec. 28—V.
141, p. 4193—was awarded to
the Carleton D. Beh Co. of Des Moines at
par and accrued interest, plus a
premium of $76,
equal to 100.158. Wheelock & Cummins of Des Moines,
offered a $75 premium for the bonds.
second high bidders,
CANTRIL
INDEPENDENT
SCHOOL
DISTRICT, Iowa—BOND
SALE—The district has disposed of a block of
$4,000 3% school addition
construction bonds to the State
Denom.
Savings Bank of Canton, for
$26 premium.
a
$500.
CHARLES CITY, Iowa—BOND OFFERING—It is
reported that bids
will be received until 7:30 p. m. on Jan.
13 by J. W. McGeeney, City
Clerk, for the purchase of a $50,000 issue of hospital building bonds.
Int.
rate is not to exceed 4%, payable
semi-annually. Due from 1937 to 1948,
optional on Dec. 1 1939.
The approving opinion of Chapman & Cutler
of Chicago will be furnished.
DUNDEE CONSOLIDATED SCHOOL
DISTRICT, Iowa—BOND
ELECTION—The voters of the district will be asked at a soecial election
be
to
held
on
Jan.
9
to
vote
on
the
question of issuing $17,000 school
improvement bonds.
the county,
EDWARDSVILLE, 111.—BOND SALE—An issue of $52,000 4% re¬
funding bonds was recently sold to the H. G. Speer Sons Co. of Chicago.
Due serially 1937 to 1952.
|
BRADGATE CONSOLIDATED SCHOOL DISTRICT (P. O. Bradgate), Iowa—BOND OFFERING—It is reported that bids will be received
until Jan. 6 by W. H.
Thurley, District Secretary, for the purchase of a
$27,000 issue of refunding bonds.
GLENWOOD
SCHOOL
DISTRICT,
Iowa—BONDS
VOTED—A
special election held on Dec. 23 resulted in
approval of a proposition to issue
$65,000
high
"against."
school
building
bonds.
The
vote
was
452
"for"
to
175
GRAETTINGER
INDEPENDENT
SCHOOL
DISTRICT
(P. O.
Graettinger) Iowa—MATURITY—Tt is stated by the Secretary of the
Board of Education that the $13,000
refunding bonds purchased by Jackley
& Co. of Des Moines, as 3s at
par—V. 141, p. 4193—-are due $1,000 from
Feb.
1 1937 to 1949 incl.
HORNICK
CONSOLIDATED SCHOOL DISTRICT
(P. O. Hor
nick), Iowa—BOND SALE—The $7,000 issue of school addition bonds
offered
La
SALLE, 111.—CERTIFICATE OFFERING—Bertha Young, City
Clerk, will receive sealed bids until 7:30 p. m. on Jan. 20 for the purchase
of $750,000 6% public utility certificates.
Dated July 1 1936.
Denom.
$1,000.
Due July 1 as follows:
$39,000, 1938; $42,000, 1939; $46,000,
1940; $51,000, 1941; $57,000, 1942; $65,000, 1943; $73,000, 1944; $82,000,
1945; $95,000 in 1946 and $100,000 in 1947 and 1948.
Interest payable
J. & J.
A certified check for 2% of the issue bid for, payable to the order
of the city, must accompany each proposal.
In advising us of the offering,
the City Clerk States that the certificates will be liquidated from the
receipts of the light and power plant which the city proposes to construct
and operate.
MATTOON,
111.—BOND
OFFERING—The Town Clerk will receive
sealed bids until Jan. 11 for the purchase of $15,000 park bonds.
Denom.
$1,000.
MORGAN COUNTY SCHOOL DISTRICT NO. 117
(P. O. Jackson
111.—BIDS RECEIVED—-The Elliott State Bank of Jacksonville
and the Harris Trust & Savings Bank of Chicago, jointly, were high bidders
for the $56,000 coupon school bonds offered on Dec. 28—V. 141, p. 4192.
villa),
They offered a premium of $772 for 3% bonds, or a premium of $2,820 for
3^s.
The White-Phillips Co. of Davenport, second high bidders, offered
a premium of $430.35 for 3s, or $2,550.41 for 3Ks.
The sale has not been
closed as yet.
Dated Dec. 1 1935.
Due serially as follows:
$7,000, 1943
to 1946; $10,000, 1947 and 1948; and $8,000, 1949.
ST. JACOB SCHOOL DISTRICT NO. 40, Madison City, 111.—
District Clerk, informs us that an issue of
$25,000 4% school bonds has been sold to the State Bank of St. Jacob
at par plus a premium of $908.75, equal to 103.63.
Denom. $500.
Due
as follows:
$500, 1937: $1,000, 1938 to 1944 incl.; $1,500, 1945; $1,000,
1946; $1,500, 1947 and 1948; $1,000, 1949; $1,500, 1950 to 1953 incl.;
$2,500 in 1954 and 1955.
BOND SALE—Fred Blumer,
STERLING,
111.—BOND SALE—Andrew Huber, City Clerk, states
an issue of $52,000 3%
coupon working cash fund bonds was sold
Dec. 9 to C. W. McNear & Co. of Chicago at par plus a premium of
$613.60, equal to 101.18.
Dated Jan. 1 1936.
Denom. $1,000.
Due
that
on
serially from 1940 to 1949 incl.
WYANET,
Interest payable J. & J.
Dec. 16.
INDIANA
SCHOOL
TOWNSHIP
(P.
O.
Mooresville),
Ind.—BOND
SALE—The issue of $18,600 4% coupon school bonds offered on Dec. 30—
141, p. 3892—was awarded to the City Securities Co. of Indianapolis
for a premium of $601.01, equal to 103.231, a basis of about 3.47%. Dated
Jan. 1 1936. Due $400, July 1 1937. and $700 each six months from Jan. 1
V.
1938 to Jan. 1 1951.
refunding bonds.
A preliminary report of this offering appeared in a
previous issue.
The bonds are dated Jan. 15 1936.
Denom. $500.
Due
$2,500 July 15 1937; $2,500, Jan. 15 and July 15 from 1938 to 1942 incl.,
and $2,500, Jan. 15 1943.
Bidder to name one rate of int. on the issue,
expressed in a multiple of M of 1 %.
A certified check for 3 % of the bonds
bid for, payable to the order of the Board of County Commissionres, must
accompany
each proposal.
The bonds are general obligations of the
county, payable from unlimited ad valorem taxes.
SCHOOL
HOSPERS
TOWNSHIP,
Scott
%
INDEPENDENT
SCHOOL DISTRICT (P. O.
Hospers)
Iowa—BOND SALE—The $6,000 issue of school
building bonds offered
on Jan. 2—V. 141, p. 4193—was awarded
to the Farmers Savings
Bank of Boyden, as 2^8, at
par. according to the President of the Board
for sale
of Education.
HUMBOLDT COUNTY (P. O. Dakota
City), Iowa— WARRANT
SALE—A $23,000 issue of
anticipatory warrants is reported to have been
purchased by Shaw, McDermott & Sparks, of Des Moines, at 1M%-
IOWA, State of— WARRANTS CALLED—Leo J. Wegman, State Treas¬
is said to have called for payment as of Jan. 1, a total of $228,000
State anticipation warrants on the State
Sinking Fund, for public deposits of
Nov. 1 1934.
This call is said to leave a balance of
$1,000,000 outstanding
of an original $3,500,000 issue.
urer,
MANSON INDEPENDENT SCHOOL DISTRICT (P.
.
Iowa—BOND
O.
Manaon),
OFFERING—Sealed bids will be received until 2 p. m.
Jan. 14 by H. C. De Kock, Secretary of the Board of
Directors, for the
of a $26,000 issue of school bonds.
Denom. $1,000.
Dated
Feb. 1 1936.
Due on Nov. 1 as follows:
$2,000, 1945 to 1951 and $3,000,
1952 to 1955.
The approving opinion of Chapman & Cutler of
Chicago
will be furnished.
Interest
on
purchase
scheduled for sale
on
payable M. & N.
(These bonds were originally
141, p. 4193—but a postponement was
delay in having the contracts approved by
Dec. 27—V.
made necessary because of a
the Public Works
Administration.)
MAQUOKETA,
Iowa—BOND OFFERING—J.
G.
Thonne,
City
Manager, will receive bids until Jan. 6, for the purchase of $3,800
judg¬
funding bonds.
ment
McINTIRE INDEPENDENT SCHOOL DISTRICT
(P. O. Mclntire),
Iowa—BOND OFFERING—It is reported that bids will be received until
11 by L. E. Gooder, Secretary of the Board of School
Directors, for
the purchase of a $5,500 issue of school bonds.
Denom. $500.
Due $500
Jan.
PELLA INDEPENDENT SCHOOL DISTRICT
(P. O. Pella), Iowa—
SALE DETAILS—It is stated by the District
Secretary that the
$32,000 school bonds purchased jointly on Dec. 23 by the Pella National
Bank, and the Marion County State Bank of Pella, as reported—V.
141,
p. 4193—were sold as 3s, at a price of 96.00, a basis of about
3.90%, to
optional date.
Coupon bonds dated Feb. 1 1936.
Due in 20 years, optional
after five years.
Interest payable June 1.
Denoms. $500 and $1,000.
BOND
PERRY
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Perry),
Iowa—BOND SALE—The $65,000 issue of school bonds offered for
sale
Dec. 30—V. 141, p. 4046—was awarded to the Iowa-Des Moines
National
on
Bank of Des Moines
as 2^s, paying a
premium of $210, equal to 100.32,
according to the Superintendent of Sshools.
RIDGEWAY
CLINTON COUNTY (P. O. Frankfort), Ind.—BOND OFFERING—
Arthur J. Spurgeon, County Auditor, will receive sealed bids until 10 a. m.
on Jan. 15 for the purchase of $30,000 not to exceed 4% int.
public hospital
JENNINGS
payable A. & O.
in from 1 to 11 years.
III.—BOND
OFFERING—The Village Clerk will receive
bids until Jan. 13 at 11 a. m. for the purchase of $30,000 sewage revenue
bonds.
This is the issue which had previously been offered for sale on
BROWN
for sale on
Dec. 27—V. 141, p. 3893—was purchased
by the
Carleton D. Beh Co. of Des Moines, as 2Ks, at
par.
Coupon bonds dated
Oct. 1 1935.
Denom. $1,000.
Due from Oct. 1 1937 to 1943, incl. Interest
Sounty,
Ind.—BOND
OFFERING— Charles W. James, Trustee, will receive sealed bids until
7 p. m. on Jan. 31, for the purchase of $14,0Jj 4 >3 % school building bonds.
Dated Feb. 1 1936.
Denom. $875.
Due one bond each June 30 and
Dec. 30 from 1937 to 1944 incl.
Prin. and int. (J. & D.30) payable at the
Austin State Bank, Austin.
way),
that
INDEPENDENT
SCHOOL DISTRICT
Iowa—BOND OFFERING—It is
he will receive bids until 2 p.
m.
(P. O. RidgeDistrict Secretary
Jan. 10, for the purchase of a
stated by the
on
$20,000 issue of school bonds.
ROCKWELL
Rockwell
CITY
City),
INDEPENDENT
Iowa—BOND SALE
SCHOOL DISTRICT (P. O.
DETAILS—The $75,000 school
building bonds that were sold on Dec. 23 to the Polk-Peterson Corp. of
Des Moines, as 3s, at a price of 101.32—V. 141, p. 4193—are dated
Dec. 1
1935, and mature over a 20-year period.
Interest payable J. & D.
SHIEFFIELD
INDEPENDENT
SCHOOL
DISTRICT
(P. O.
school bonds offered
141, p. 4193—was awarded to the White-Phillips
as 2%s, paying a premium of $55, equal to 101.22.
Sheffield), Iowa—BOND SALE—The $4,500 issue of
for sale
Co.
on
Dec. 28—V.
of Davenport,
SIGOURNEY,
outlet
Iowa—BOND SALE—The $17,500 issue of sewer
purifying plant bonds offered for sale on Dec. 30—V. 141, p.
awarded to the White-Phillips Co. of Davenport, as
2ks,
premium of $110, equal to 100.62, a basis of about 2.37%.
Due
and
4193—was
paying
a
NEWTON COUNTY (P. O. Kentland), Ind.— WARRANT OFFER¬
ING—W. Emory Towers, County Auditor, will receive bids until 2 p. m.
Jan. 6 for the purchase of $25,000 tax anticipation warrants.
Denom.
from 1937 to 1945.
$1,000, or any multiple thereof.
Dated
July 6 1936.
Certified check for 5% required.
for Jan. 8 at which time
$500,
Jan.
6
1936.
Payable
STUART
INDEPENDENT
ELECTION—The
SCHOOL
Board of School
will be voted upon.
a
DISTRICT,
Iowa—BOND
Directprs has called a special election
proposition to issUe $25,000 school building bonds
Financial
Volume 142
159
Chronicle
KANSAS
MARYLAND
CHANUTE SCHOOL DISTRICT, Kan.—BOND SALE—The issue of
"55,000 school bonds offered on Jan. 2—-V. 141, p. 4193—was awarded to
the First National Bank and the Bank of Commerce, both of Chanute, on a
MARYLAND, State of (P. O. Annapolis)—PLANS SALE OF RAILROAD ANNUITY—A land grant annuity, obtained by the State in 1855
and representing a first mortgage on almost the entire main line of the
Northern Central Railway between Baltimore and Harrisburg, now part
of the Pennsylvania system, will be offered for sale by the State some time
next month, according to report.
The annuity, it is said, is irredeemable
and pays 6% interest, or $90,000 a year.
Valued at $1,500,000 by the
State, the investment is not expected to be sold for less than a sum yielding
3% or 3H% annually, or at a price between $2,750,000 and $3,000,000.
A group of Baltimore dealers have been studying the matter with a view
toward submitting a bid on behalf of several life insurance companies.
The
offering, not being a bond issue, will not attract any tenders from invest¬
ment banking interests, according to report.
bid of par and accured interest, plus cost of printing bonds and legal opinion.
Second high bid was submitted by a group comprising the Lathrop-Hawk-
Herrick Co., the Ranson-Davidson Co. and the Columbian Securities
Corp., all of Wichita, offering to take the bonds at par and accrued interest,
plus cost of printing bonds and legal opinion, less a discount of $19.79.
* CHERRYVALE, Kan.—BONDS DEFEATED—A special election held
on
Dec. 12 resulted in defeat of a proposal to issue $31,000 bonds for
establishment of a municipal power plant.
EL
DORADO, Kan .—BOND SALE—An issue of $70,000 sewage dis¬
posal plant bonds has been sold to the Lathrop-Hawk-Herrick Co. and the
RaDson-Davidson Co., both of Wichita, at par plus accrued interest.
SUBURBAN SANITARY DISTRICT, Md.—BOND
WASHINGTON
Sanitary Commission,
10 at 804 Tower Building, 14th and K
OFFERING—T. Howard Duckett, Chairman of the
KANSAS CITY,
will receive bids until 3 p. m., Jan.
MT.
Streets, N. W., Washington, D. C., for the purchase of $250,000 4% water,
series II, bonds.
Dated Dec. 1 1935.
Interest payable semi-annually.
Due Dec. 1 1985; redeemable after Dec. 1 1965. Certified check for $2,500,
Kan.—BOND SALE—The city has sold an issue of
$27,680 2H% bonds to the Exchange State Bank on a bid of par, accrued
interest and a premium of $200, equal to 100.722.
Kan.—BOND ELECTION—The city will hold a special
HOPE,
election
$25,000
Jan. 7, for the purpose of voting on the question of issuing
waterworks
improvement
bonds and
$21,000 sewer system
on
required.
Approving opinion of Masslich & Mitchell of New
York will be
furnished to the purchaser.
construction bonds.
ST.
works
MASSACHUSETTS
PAUL, Kan.—BONDS VOTED—A $45,000 bond issue for water¬
improvement was voted at a recent election.
EAST
SALINA,
Kan.—BONDS
AUTHORIZED—An
ordinance
the issuance of $72,000 refunding bonds was recently passed
Council.
SHAWNEE
COUNTY
(P.
Topeka),
O.
authorizing
by the City
Kan .—BOND SALE—The
$24,500 issue of 2)4, % seml-ann. relief bonds offered for sale on Dec. 27—
V. 141, p. 4046—was awarded to the City National Bank & Trust Co. of
Kansas City, Mo., for a preinium of $277.83, equal to 101.13, a basis of
about
2.01%.
BRIDGE WATER,
Mass.—BOND SALE—The $67,000 coupon
high school bonds offered on Dec. 27—V. 141, p. 4047—were awarded to
Tyler, Buttrick & Co. of Boston as 2Ms, for a price of 100.79, a basis of
about 2.40%.
Graham, Parsons & Co., next high bidders, offered 101.853
for
2%% bonds.
Dated Dec. 1 1935.
Due yearly on Dec. 1 as
$3,000, 1943 to 1955, inclusive.
Other bids were as follows:
„
_
TOPEKA, Kan.—BOND SALE—A block of $24,500 public works relief
has been sold to the City National Bank & Trust Co. of Kansas
City at 101.134.
KENTUCKY
2M %
101.43
2M%
101.36
2M %
100.45
2M%
100.25
revenue
Nashville
Knoxvllle
Chattanooga
Memphis
MANCHESTER, Mass.—TEMPORARY LOAN—The
Bank of Boston was awarded an issue of $25,000
Lexington),
Merchants Nat¬
notes, issued for
highwav purposes in anticipation of State reimbursement, at 0.14% dis¬
count.
Dated Jan. 4 1936 and due July 6 1936.
Other bids were as follows:
KENTUCKY
(P.fO.
of $300,000
the National
Shawmut Bank
ional
COUNTY
100.152
2%%
HAVERHILL, Mass .—TEMPORARY LOAN— An issue
anticipation notes, due Sept. 15 1936, was sold to
of Boston at 0.39% discount.
Corporation
York
Birmingham
100.659
100.39
101.853
Mass.—NOTE SALE—An issue of $40,000 temporary
loan notes, dated Jan. 3 1936, and maturing Nov. 4 1936, has been sold
to the New England Trust Co. on a .14% discount basis.
The Naumkeag
Trust Co. bid .19%; Faxon, Gade & Co. .21%; the Merchants National
Bank .24%, and the Day Trust Co. .275%.
EQUITABLE
Securities
Rate Bid
2M %
2M%
2M%
Bidder—
HAMILTON,
Municipal Bonds
New
Int. Rate
Faxon, Gade & Co
First National Bank
Due from Feb. 1 1937 to 1945..
Webster, Kennedy & Co
R. L. Day & Co
Graham, Parsons & Co
Home National Bank of Brockton
Bridgewater Trust Co—
Hornblower & Weeks
Dated Dec. 1 1935.
bonds
FAYETTE
follows:
$4,000, 1936 to 1942, incl.; and
Ky.—MATURITY—In
connection with the sale of the
$65,000 4% seml-ann. school bonds to the
Security Trust Co. of Lexington, at a price of 101.23, as reported in these
columns recently—V. 141, p. 4046—it is stated that the bonds mature
$4,000 from 1936 to 1940, and $3,000 from 1941 to 1955, giving a basis of
about 3.84%.
received
LOUISVILLE, Ky.—BOND OFFERING—Sealed bids will be
until
noon on Jan.
8, by James F. Queenan, Secretary and Treasurer,
Sewerage Commissioners, for the purchase of a $750,000 issue of sewer
bonds.
Dated Feb. 1 1929.
Due on Feb. 1 1969.
No bids under par and
accrued interest will be considered.
Two forms of proposals will oe con¬
sidered.
(1) for 3H% and 3% bonds.
The proposal which carries the
greatest number of 3 % bonds and the least number of 3 \i % bonds will be
considered the best proposal.
(2) for 3% and 2%% bonds.
The same
condition of award obtains in this class.
If any bids are received on pro¬
posal No. 2, no bids on proposal No. 1 will be considered.
Legality of the
bonds of this issue heretofore sold—$8,000,000—have been approved by
Masslich & Mitchell, and Thomson, Wood & Hoffman, both of New York
City.
The purchaser will be required to pay the legal fees.
Coupons
payable at the Chemical Bank & Trust Co. in New York City. They are no iregisterable as to principal or interest, delivery, at the place of purchaser's
choice.
A $20,000 certified check, payable to the said Commissioners, is
required.
Discount
0.18%
Bidder—
National Shawmut Bank
0.19%
England Trust Co
Second National Bank
New
0.21%
Whiting, Weeks & Knowles
0.15%
—
MASSACHUSETTS (State of)—BOND SALE—The two issues
141, p. 4047—were awarded as follows:
of bonds
offered on Dec. 30—V.
$2,000,000 coupon registerable emergency
public works loan bonds to a
Brown, Harriman
S. Moseley & Co.
Interest payable
Dec. 1 from 1936
syndicate comprising Kidder, Peabody & Co.,
& Co., Stone & Webster and Blodget, and F.
as
1%b at 100.70, a basis of about 1.62%.
June 1 and Dec. 1.
Due $200,000 yearly on
'
to 1945, incl.
1,650,000 registered Metropolitan
.
,
Sewerage Loan, North System, bonds
composed of the First National Bank of New York,
R. W. Pressprich & Co., the Northern Trust Co., Newton,
Abbe & Co., Hornblower & Weeks and Preston, Moss & Co. as
2^s, at 100.649, a basis of about 2.19%.
Interest payable
March 1 and Sept. 1.
Due $83,000 yearly on Sept. 1 from 1936
to 1945, incl., and $82,000 yearly on
Sept. 1 from 1946 to
to a group
1955, incl.
A syndicate
headed by the Bankers Trust
Co. was second high bidder
RULING ON BONDS—It was
held
recently by the Circuit Court that the city could incur a bonded debt of
public works loan, offering 100.659.
The Kidder, Peabody & Co.
syndicate was second high in the bidding for the sewerage loan, offering
100 016
Kidder, Peabody & Co. and associates made public re-offering of the
$2,000,000 1Mb at prices to yield from 0.20% to 1.75%, according to
maturity, and the First National Bank account re-offered the issue of $1,-
$60,000 for refinancing.
650,000
NEWPORT, Ky.—BOND SALES—A $40,000 issue of refunding bonds
Is reported to have been purchased recently by the American
Bank of Newport, for a premium of $830, equal to 102.C7.
PRINCETON,
National
Ky.—-COURT
for the
we
from 0.25% to 2.35%.
for the two issues:
For $1,650,000
Stone &
on a yield basis of
list all of the bids submitted
Bidder—
Immediate Firm Bid*
Peabody & Co.,
Webster and
Blodget,
Inc.,
Brown Harriman & Co., Inc., F. S.
Moseley & Co
---2 34 %
Bankers Trust
Co., The National
City Bank of New York, Edward
B. Smith & Co., Harris Trust &
Savings Bank, Paine, Webber &
Co., Roosevelt & Weigold, Inc.,
Baker, Weeks & Harden, Burr,
Gannett & Co., Washburn & Co.,
Inc., Tyler, Buttrick & Co., Inc_ -234%
First National Bank of the City of
New York, R. W. Pressprich & Co.,
The Northern Trust Co., Chicago,
Newton,
Abbe &
Co., Boston,
Hornblower
&
Weeks,
Preston,
Kidder,
on
Jones
INCORPORATED
A. T. T. TEL. N. 0.
TELEPHONE RAYMOND 1189
180
New Orleans
LOUISIANA
SCHOOL DISTRICT NO. 65 (P. O.
La.—BOND SALE—It is now stated that the $120,000 school
were offered for sale without success on May 31—V.
141, p.
since been purchased by Scharff & Jones of New Orleans at
from April 1 1936 to 1947 Inclusive.
ACADIA
POINTE
PARISH
COUPEE
PARISH
SCHOOL DISTRICT NO.
New Roads), La.—BOND OFFERING—It
be received until Jan. 24, by J. H. Kepper,
for the purchase
of
a
Crowley),
bonds that
789—have
par.
Due
19
(P.
O.
is reported that sealed bids will
Secretary of the School Board,
$70,000 issue of school bonds.
MAINE
Me.—OTHER BIDS—The $1,000,000 tax anticipation
notes, due Oct. 10 1936, awarded jointly to the National Bank of Commerce
of Portland and the National Shawmut Bank of Boston at 0.40% dis¬
count, plus a premium of $3.25, were also bid for as follows:
PORTLAND,
Discount
0.41 %
0.42%
Bidder—
First National Bank of Portland (plus
$1.50)
E. II. Rollians & Sons-
0.43%
0.43%
0.434%
0.44%
0.56%
First Boston Corp
Whiting, Weeks & Knowles
Leavitt
&
Co
Faxon, Gade & Co_
Halsey, Stuart & Co., Inc. (plus
$15)
SOUTH PORTLAND, Me.—NOTE
SALE—The $175,000 revenue
anticipation notes offered on Jan. 3 were awarded to Jackson & Curtis
of Boston at 0.46% discount.
Dated Jan. 8 1936 and due Oct. 8 1936.
Other bids were as follows:
•...>■
***
Bidder—
Whiting, Weeks & Knowles
Faxon, Gade & Co
First of Boston Corp. (plus $1.35)Union Market National Bank of Water town
Newton, Abbe & Co
Jackson & Curtis
Leavitt
&
Co
fv*
For $2,000,000
&
LOUISIANA MUNICIPALS
Scharff
In the following
Discount
0.36*
0.37%
0.38<^
0.39*
0.41%
0.42%
0.425%
2J4%
Moss & Co., Boston
The First Boston
Corp., Estabrook & Co., Whiting,
Weeks & Knowles, Inc., Jackson &
Curtis, Lee Higginson Corp
2 >4%
Halsey, Stuart & Co., Inc., Bancamerica-Blair
Corp., Ladenburg,
Thalmann & Co., Graham, Parsons
& Co., Geo. B. Gibbons & Co.,
Inc., Darby & Co., Inc., Dick &
Merle-Smith, Spencer Trask & Co.,
Shields & Co., G. M.-P. Murphy &
Co., Burr & Co., Inc., Manufac¬
turers & Traders Trust Co., Adams,
McEntee & Co., Inc., Stranahan,
Harris & Co.,
Inc., The R. F.
Griggs Co.. Bond, Judge & Co.,
Incf, Battles & Co., Inc..
-224%
The Chase National Bank, Salomon
Bros. & Hutzler, Blyth & Co., Inc.,
J. & W. Seligman & Co., L. F.
Rothschild & Co., E. H. Rollins &
-.,4
1 /£%
100.714
1 24%
100.6599
100.649*
124%
100.64
100.589
124%
100.589
100.039
124%
100.405
100.0399
124 %
100.3999
100.616
•
.
_
100.4199
„.
.
„.
R. L. Day & Co.,
&
Sons, Inc
-
-
2 34 %
Lazard
Freres & Co., Inc., Goldman, Sachs
& Co., Mercantile Commerce Bank
& Trust Co., St. Louis; Hemphill,
Noyes & Co., A. G. Becker & Co.,
H. C. Wainwright & Co., Equitable
Securities Corp., Stern Brothers &
Co., Kansas City; F. L. Putnam &
„„„„
Chemical Bank & Trust Co.,
Co.!
*
Inc
Accepted bids.
*
•
224%
_
100.609
124%
100.259
NEWTON, Mass.—BOND SALE—The following three issues of coupon,
fully registerable, bonds, offered on Jan. 3, were awarded to the First
Boston Corp. as 2s, at a price of 100.449, a basis of about 1.94%.
$175,000 school bonds.
Dated Oct. 1 1935. Due yearly on Oct. 1 as
follows: $9,000, 1936 to 1950, and $8,000, 1951 to 1955.
160
Financial
60,000 school bonds.
Dated Nov. 1 1935.
Due $6,000 yearly on Nov. 1
from 1936 to 1945.
50,000 building bonds.
Dated Nov. 1 1935.
Due $5,000 yearly on
Nov. 1 from 1936 to 1945.
Denom. $1,100. Principal and semi-annual interest payable at the First
National Bank of Boston; except that interest on
registered bonds will be
paid by check from the City Treasurer's office.
NORFOLK COUNTY (P. O. Dedham),
NORTH ANDOVER, Mass.—TEMPORARY LOAN—A temporary loan
of $25,000 due Nov. 10
1936, has been awarded to the New England Trust
Co. on a 0.29% discount basis.
The National Sbawmut Bank bid 0.41%
discount, plus $4.36 premium, and the Second National Bank of Boston
0.355%.
NORTHBOROUGH, Mass.—BOND
of Boston has purchased
$26,000 2}4%
1937
toi1949f
QUINCY,
finance
OFFERING—Herbert K. Bartlett,
AUTHORIZED—The
City
Council
on
loan order authorizing the issuance of $150,000 bonds to
a
of
the
hospital
administration
building
and
noon
on
E. Spore, Village Clerk,
Jan. 13 for the
purchase of $13,500
follows:
as
$7,000 water extension bonds.
Due Dec. 2
as
$300 from 1938
1951 to
follows:
1944 incl.; $400 from 1945 to 1950 incl., and $500 from
1955 incl.
to
6,500 sewage disposal plant bonds.
Due Dec. 2 as follows:
1938 to 1944 incl. and $400 from 1945 to 1955 incl.
$300 from
Each issue is dated Dec. 2 1935.
Denoms. $500, $400 and $300.
Bids
may be made on both or either of the issues.
The bonds are general obliga¬
tions of the village,
although revenues of each system are pledged to
either or both issues.
A certified
must accompany each proposal.
pay
SALE— The First National Bank
Mass.—BONDS
construction
check for 2% of the bonds
bid for
MINNESOTA
BENSON, Minn.—BOND SALE—The
two issues of bonds aggregating
$45,000, offered for sale on Dec. 16—V. 141, p. 3726—were awarded to
the M. H. Bishop Co. and the Allison-Williams Co., both of Minneapolis,
jointly, as follows;
$33,000 sewage disposal plant bonds
12,000 storm sewer bonds as 43^s.
GRANT
COUNTY
DISTRICT
NO.
3
4 Hs.
Due from Dec. 11938 to 1949.
Due $1,000 from Dec. 1 1938 to 1948.
as
INDEPENDENT
(P.
O.
Herman),
CONSOLIDATED
Minn.—BONDS
SCHOOL
is
VOTED— It
stated by the District Clerk that at the election held on Dec.
23—V. 141,
P. 4048—the voters approved the issuance of the $30,000 in 3% school
building bonds.
It is said that the bonds are to be purchased by the State.
ROCHESTER,
Minn.—BOND
ELECTION—'The
Council
City
has
decided to call a special election Jan. 21 for the purpose of voting on the
question of issuing $75,000 public library and swimming pool bonds.
the
garage.
SALEM,
Mass.—OTHER
Bidder—
Rate
Merchants National Bank of Salem
Whiting, Weeks & Knowles (plus $1)
Naumkeag Trust Co
Merchants National Bank of Boston
0.24%
0.26%
0.28%
0.29%
WATERTOWN, Mass .—TEMPORARY LOAN—The $300,000 revenue
anticipation notes offered on Jan. 3 were awarded to the National Shawmut
Bank of Boston at 0.33% discount.
Due Nov. 27 1936.
The Merchants
National Bank of Boston, second high bidder, named
Other bids
were
as
MISSISSIPPI
BIDS—The
$130,000 revenue anticipation
notes, due Oct. 17 1936, awarded to the New England Trust Co. of Boston
on a
0.164% interest-to-follow basis, as previously reported in these columns,
were also bid for as follows:
a rate
MISSISSIPPI, Stat, of—BONDS OFFERED FOR INVESTMENT—
The $1,000,000 issue of 2%% refunding bonds that was sold on Dec. 18
a syndicate headed
by the First National Bank of Memphis, at 100.30,
basis of about 2.67%, as reported at that time—V. 141, p. 4049—was
offered on Dec. 30 for public subscription at prices to yield from 0.75% to
to
a
2.60%, according to maturity.
Dated Jan. 1 1936.
Due from Jan. 1
1937 to 1943 incl.
Prin. and int. (J. & J.) payable at the National City
Bank of New York.
Legality to be approved by Thomson, Wood &
Hoffman of New York.
MISSOURI
of 0.34%.
follows:
WESTPORT, Mass.—BOND
SALE—The town has sold an issue of
high school addition bonds to Tyler, Buttrick & Co. of
price of 100.69.
Due Jan. 1 as follows:
$2,000 from 1937 to
1947, incl. and $1,000 from 1948 to 1956, inclusive.
$31,000 2}4%
Boston at
PENTWATER, Mich.—BOND OFFERING—D.
will receive sealed bids until
water system improvement bonds
Town
Treasurer, will receive sealed bids until 4 p. m. on Jan. 6, for the purchase of
$189,850 coupon high school bonds. A preliminary report on this offering
appeared in a previous issue.
The bonds are dated Jan. 1 1936.
One bond
for $850, others $1,000.
Due Jan. 1 as follows:
$13,850 in 1937; $13,000
from 1938 to 1945, incl. and
$12,000 from 1946 to 1951, incl.
Bidders to
name the rate of
interest, expressed in a multiple of H of 1%.
Principal
and interest (J. & D.)
payable at the Merchants National Bank of Boston.
This institution will supervise the
preparation of the bonds and certify as
to their genuineness.
Approving opinion of Storey, Thorndike, Palmer &
Dodge of Boston will be furnished the successful bidder.
Dec. 16 approved
Jan. 4 1936
coupon bonds offered on Dec. 2—V.
141, p. 3569—was sold as 4s,
at a price of
par, to the Public Works Administration, the only bidder.
Dated Nov. 1 1935 and due Nov. 1 as follows:
$500 from 1937 to 1946,
incl. and $1,000 from 1947 to 1956, inclusive.
7* a basis of about 2.17%. Due $2,000 yearly from
PLYMOUTH, Mass.—BOND
municipal
$15,000
4% bonds, divided
Mass.—NOTE SALE—The
Second National Bank of Boston was the successful bidder for the $60,000
tuberculosis hospital nurses' home notes offered on Dec. 31—V. 141, p. 4194.
Award was made on a
.175% discount basis.
The Norfolk County Trust
Co. bid .181% discount.
Notes are dated Dec. 31 1935 and will mature
Dec. 31 1936.
o
Chronicle
RAYTOWN-SWOPE PARK WATER DISTRICT (P. O. Raytown),
Mo.—BONDS VOTED—At a recent special election the voters of the
district approved, by 321 to 4, a proposal to issue $66,000 water system
installation
bonds.
a
MONTANA
We
BOZEMAN, Mont.—MATURITY—In connection with the sale of the
Buy for Our Own Account
$10,000 6% semi-annual special improvement bonds to the Cemetery
Permanent Care Fund, at a price of 101.00, as reported in these columns
recently—V. 141, p. 4049—it is stated by the Clerk of the Commission that
the bonds mature on Jan. 1 1944, giving a basis of about 5.86%.
MICHIGAN MUNICIPALS
FLATHEAD COUNTY
Cray, McFawn & Company
DETROIT
Telephone CHerry 6828
(P. O. Kali * pell), Mont.—BOND CALL—It
Is stated by C. A. Robinson, County Treasurer, that he called for payment
at his office on Dec. 26, various poor fund, road fund, bridge fund, exten¬
sion, general fund, Asheley irrigation maintenance, Asheley drainage, and
county and district school warrants.
A. T. T. Tel. DET347
JEFFERSON COUNTY (P. O. Boulder), Mont.—WARRANT CALL
—The County Treasurer is said to have called for payment at his office
on Dec. 10, on which date interest
ceased, all warrants, with 6% interest
from date of registration to date of call.
MICHIGAN
ALPENA
UNION
SCHOOL
DISTRICT,
MOORE, Mont,—BOND OFFERING—Isaac B. Clary, Town Clerk, will
Mich.—BOND
The issue of $99,000 coupon
registerable school bonds offered
SALE—
on
—V.
Dec. 20
141, p. 3895—was awarded to Harry E. Fletcher of Alpena at
4%
interest for a price of 101.10, a basis of about
3.91%.
Dated Nov. 1 1935.
Due yearly on Nov. 1 as follows:
$2,000, 1937 to 1945; $3,000, 1946 to
1949; $4,000, 1950 to 1960, and $5,000, 1961 to 1965.
* ANN ARBOR, Mich.—BID REJECTED—The issue of
$100,000 sewage
revenue bonds offered on Dec. 30—V.
141, p. 4194—was not disposed of,
as the City Council
rejected the only bid received.
The offer came from
Watling, Lerchen & Hayes of Detroit and Stranahan, Harris & Co. of
Toledo.
Dated July 1 1934.
Due yearly on July 1 as follows:
$4,000,
1937 to 1946; $6,000, 1947 to 1950; $8,000, 1951 and
1952, and $10,000,
1953 and 1954.
4
if
BAY
CITY, Mich.—BOND SALE—The $30,000 emergency bonds
on Dec. 16—V.
141, p. 3895—were awarded to W. O. Clift & Son of
Bay City as 3s, for a premium of $15, equal to 100.05, a basis of about
2.95%.
Dated Nov. 12 1935 and due Nov. 12 as follows:
$19,000 in 1936
and $11,000 in 1937.
t
offered
BURR
OAK
TOWNSHIP AND BRONSON TOWNSHIP "FRAC¬
TIONAL SCHOOL DISTRICT NO. 5
(P. O. Burr
BONDS NOT SOLD—The issue of $33,000 school bonds offered
on Dec. 16—
V. 141, p. 3726—was not sold.
Dated Oct. 1 1935.
Due yearly on April 1
as follows:
$1,000, 1938 to 1960, and $2,000, 1961 to 1965.
^
Oa" Mic£-
r
CENTRAL
LAKE,
Mich.—BOND
OFFERING—Grant
receive bids until 2 p.m. Jan. 24 for the purchase of either amortization or
serial bonds in the amount of $6,000 for the purpose of seeming funds to
compromise and liquidate a judgment.
Dated Jan. 2 1936, int. not to
exceed 6%.
Certified check to the amount of $600 required with bids.
SILVER BOW COUNTY (P. O. Butte),
Dec. 13, the following warrants: Nos. 52234 to 52894 of general fund
Nos. 23881 to 24003 of jury fund, Nos. 13742 to 13748 of witness fund.
No. 121 of Improvement District No. 8, No. 104 of Improvement District
No. 107 and Nos. 101 and 103 of Improvement District No. 9.
SWEET GRASS COUNTY (P. O.
Trust Co. of Big Timber, as
for a premium of $850, equal to 100.607.
Second high bid was submitted by the First National Bank of St. Paul,
a premium of $840 for 3 H % bonds.
offering
TOOLE COUNTY (P. O. Shelby) Mont.—BONDS CALLED—It is
reported that the following bonds were called for payment on Dec. 28:
Nos. 21 to 23, of refunding bonds, dated July 1 1930; Nos. 61 to 70, of
public highway bonds, dated Oct. 1 1919, Nos. 51 to 60, of public highway,
dated Jan. 1 1921, Nos. 61 to 66, of special relief refunding, dated Jan. 1
1925, and Nos. 63 to 66, of seed grain refunding, dated Feb. 1 1925.
All
of the above bonds
DISTRICT,
Mich.—NO
coupon
DETROIT, Mich.—TAX COLLECTIONS HIGHER—Taxpayers seek¬
ing to avoid penalties which will be lveied after Dec. 30 on second-half
1935 bills filed in long lines past cashiers in the
City Hall on Dec. 26,
leaving $513,934 in checks and currency.
Deputy Treasurer Charles N. Williams expected larger totals the follow¬
ing Monday and Tuesday.
He said that $29,981,521 or
54.6% of the
1935-36 tax levy had been collected thus far in the current fiscal
year.
This compares with a collection of
$27,118,676 or 48.8% of the 1934-35
levy at the corresponding date last year.
Second-half
subject to
a
1935-36 taxes which become delinquent Jan.
penalty of 5% plux subsequent penalties.
MUSKEGON
HEIGHTS,
Mich.—BOND
1
OFFERING—R.
1936, are
J.
Miles,
$2,000, 1938; $6,000,1939;
$4,000, 1940; $3,000, 1941; $6,000, 1942; $4,000 in 1943 and
1944; $3,000,
1945; $6,000, 1946; $2,000 from 1947 to 1949, incl. and $6,000 in 1950.
Interest payable J. & J.
Successful bidder to furnish bonds
and'coupons
and the city will furnish the legal
approving opinion of Miller, Canfield.
NEBRASKA
DECATUR, Neb.—BONDS VOTED—At
approved
a recent election the voters
proposal to issue $42,000 school building bonds.
a
_
Neb.—PURCHASER—In connection with the"sale of the
semi-annual water works bonds, reported in these columns
recently—V. 141, p. 4049—it is stated by the Village Clerk that the bonds
were purchased by the First Trust Co. of Lincoln.
Due in 20 years, op¬
LOOMIS,
$10,000 4%
tional in five years.
NEMAHA COUNTY SCHOOL DISTRICT NO. 8 (P."07Du Bois),
Neb.—BOND SALE—A $14,000 issue of 334% semi-ann. refunding bonds
reported to have been purchased by the Greenway-Raynor Co. of Omaha.
Denom. $1,000.
Dated Jan. 1 1936.
Due in from 1 to 14 years, optional
is
in 5
years.il
_
_
___________
NORTH
PLATTE, Neb.—BONDS AUTHORIZED—A resolution au¬
thorizing the issuance of $200,000 refunding bonds has been passed by the
City Council.
OMAHA, Neb.—BOND CALL—Charles E. Steinicka, City Comptroller,
calling for payment at the Department of Accounts and
Finance, on March 1, the following bonds: $700,000 sewer; $432,500 street,
and $50,000 park bonds.
NEVADA
DOUGLAS COUNTY
voters of the county on
NEGAUNEE SCHOOL DISTRICT NO. 1
(P. O. Negaunee), Mich.—
OFFERING—Marius
G.
DeGabriele,
District
Secretary,
will
receive bids until 3 p. m. Jan. 15, for the purchase of
BOND
$132,000 coupon,
principal, school building bonds.
Denom.
$1,000.
Principal and semi-annual interest (Feb. 1 and
Aug 1)
payable at the office of the Treasurer of the Board of Education.
Due
yearly on Feb. 1 as follows: $3,000, 1937 and 1938; $4,000, 1939, 1940 and
1941; $5,000, 1942 to 1947; $6,000, 1948 to 1954; and $7,000, 1955 to 1960.
to
(P. O. Minden), Nev.—BONDS VOTED—The
Dec. 14 approved a proposal to issue $15,000 higq
school gymnasium construction bonds.
Paddock & Stone of Detroit.
as
payable at the Irving Trust Co. in New York City.
is reported to be
City Clerk, will receive sealed bids until 7 p. m. on Jan. 13, for the
pur¬
chase of $50,000 not to exceed 5% interest
refunding bonds.
Dated Jan. 1
1936.
Denom. $1,000.
Due Jan. 1 as follows:
registerable
are
E.""Wilso7,
no bidders for the
$40,000
school bonds offered on Dec. 28—V. 141, p. 4048.
The issue
will be taken by the U. S. Government at
par.
Due as follows:
$1,500,
1937 to 1940; $2,000, 1941 to 1949; $2,500, 1950 to
1953; and $3,000, 1954
and 1955.
4%
Big Timber), Mont.—BOND SALE
—The $140,000 refunding bonds offered on Dec. 30—V. 141, p. 3896—were
awarded to the Yellowstone Bank of Columbus and the Citizens Bank &
Village Clerk, will receive sealed bids until Jan. 4 for the purchase of $12,000
general obligation bonds.
Proposals must be accompanied by a certified
check for 5% of the bonds bid for.
DELTON
AGRICULTURAL
SCHOOL
BIDS—BONDS SOLD TO U. S.—There were
Mont.—WARRANT CALL—
The County Treasurer is reported to have called for payment at his office
on
GERLACH
SCHOOL
DISTRICT
NO.
27
(P.
O.
Gerlach),
Nev.—
BOND SALE—The $9,000 issue of registered school bonds offered for sale
on Dec. 27—V. 141, p. 3896—was purchased by the Pub lie School Teachers
Retirement Salary Fund Board, as 4s, paying a premium of $35.00, equal
to
100.388,
a
basis of about 3.94%.
Feb.
1
1937
to
1945 incl.
NORTHVILLE AND NOVI FRACTIONAL SCHOOL
DISTRICT
NO. 2 (P. O. Northville), Mich.—BONDS SOLD TO PWA—The
issue of
CONCORD, N. H.—BOND SALE—The National Shawmut BankTof
Boston purchased on Dec. 23 an issue of $50,000 1H % public works bonds
at a price of 100.01, a basis of about 1.49%.
Dated Dec. 2 1935;
Denom.
No other bid
Due $1,000 from
Dated Feb. 1 1936.
was
NEW
received.
HAMPSHIRE
,
$1,000.
Due $10,000 on Dec. 1 from 1936 to 1940 incl.
Prin. and int.
D. payable at the National Shawmut Bank, Boston, or at the City
office.
Legality approved by Storey, Thorndike, Palmer &
J. &
Treasurer's
Dodge
of Boston.
HILLSBOROUGH
COUNTY
(P.
Manchester),
O.
N.
H.—NOTE
SALE-^—An issue of $300,000 tax anticipation notes, dated Jan. 2 1936 and
maturing Dec. 10 1936, has been awarded to the First Boston Corp. on a
•43% discount basis, plus a premium of $1.35. Other bidders were:Faxon,
Gade & Co., .465%; Ballou, Adams & Whittemore and Jackson & Curtis,
jointly, .48%; and the First National Bank of Boston .96%.
.
NASHUA, N. H.—BOND OFFERING—The City Treasurer, will receive
10 a. m., Jan. 8 for the purchase of $330,000 3% high school
bonds.
Dated Jan. 1 1936.
Interest payable semi-annually. Due serially
bids until
from 1937 to 1956.
ROLLINSFORD SCHOOL DISTRICT (P. O. Salmon Falls), N. H.—
RETURNED—BONDS TO BE REOFFERED—Everett F. Tozier,
School Board, informs us that all bids received for the
$40,000 224% coupon school bonds offered on Dec. 27—V. 141, p. 4049—
Burley & Co., according to an explanation made by Auditor Carl V.
Wright, are buying $99,000 of the refunding bonds at par plus accrued
Borough that much cash to take up outstanding indebted¬
ness, and are negotiating the exchange of $101,000 of the new bonds for
outstanding temporary loan notes and past due assessment bonds.
In
addition to this, the State holds $110,000 of the original Borough bonds
and has agreed to exchange them direct for the new bonds at the lower
interest giving the
interest rate.
With these transactions completed the Borough is left with only $93,000
of the total refunding issue of $403,000, which it may now sell privately
within the next 30 days, or hold for exchange from time to time for out¬
standing bonds of the old issue which the holders have not yet decdied to
Chairman of the
bond¬
inasmuch as
of
Auditor Wright said that an effort has been made to get all of the
holders to exchange their old bopds for the new ones, but that
the original ones carry 6% interest and the new ones only 434%, some
the bondholders have hesitated to make the exchange.
and that a new offering will take place on Jan. 16,
Due $2,000 yearly on Nov. 1 from 1936 to 1955, incl.
Mdtdhipal Bonds
New York
"
Sold
-
-
1837,
even
SEASIDE PARK, N. J.—BOND
NEW JERSEY MUNICIPALS
Bought
in
chase
Be N. Y. 1-528
A. T. & T.
contracted
POINT PLEASANT BEACH, N. J .—BOND OFFERING—Alex Adams,
Borough Clerk, will receive sealed bids until 8 p.m. on Jan. 9 for the pur¬
of $246,000 434% coupon or registered general refunding bonds.
Dated Sept. 1 1935.
Denom. $1,000.
Due Sept. 1 as follows: $9,000
from 1936 to 1962 incl. and $3,000 in 1963.
Principal and interest (M. & S.)
payable at the Ocean County National Bank, Point Pleasant Beach.
A
certified check for 2%, payable to the order of the Borough, must accom¬
pany each proposal.
Legal opinion of Hawkins, Delafield & Longfellow
of New York will be furnished the successful bidder.
Telephocdiiiior 2-7333
100 Broadway
River), N. J .—TO PAY 1837 DEBT—
of a debt which
OCEAN COUNTY (P. O. Toms
before Ocean County was set aside from
Monmouth.
This latter change was made in 1850.
Although the prin¬
cipal amount of the debt is $13,806.30, the county has already paid $76,848
in interest charges, according to Theodore B. Cranmer, County Treasurer.
The loan was originally made to Monmouth County by the State of New
Jersey from funds obtained by the Federal government through land sales.
AlleKIi Company
New Jersey
a
Provision has been made in the 1936 budget for payment
was
H. L.
bonds of the Borough
gilt-edge investment and as the refunding arrangement
compel them to exchange,
he explained.
"Some of these bondholders think the original 6%
of New Milford still
is entirely voluntary, we cannot
returned unopened,
Dated Nov. 1 1935.
4
turn in.
BIDS
were
161
Financial Chronicle
Volume 142
OFFERING—Aaron Wilbert, Borough
Clerk, will receive bids until 3 p. m., Jan. 11 for the purchase at not less
than par of an issue of $183,500 coupon or registered general funding bonds,
to bear interest at either 334%. 4%, 4)4% or 434%.
Denom. $1,000 and
Quoted
Dated Dec. 1 1935. Principal and semi-annual interest (June 1 and
1) payable at the Ocean County National Bank of Point Pleasant
Due $8,000 yearly on Dec. 1 from 1936 to 1957 incl.; and $7,500,
Dec. 1 1958. Only enough bonds will be awarded to bring a price equal to
par of the amount of the offering, $183,500, plus an additional $500.
Certified check for 2% of amount of bonds, payable to the Borough, re¬
quired.
Approving opinion of Caldwell & Raymond of New York will be
furnished to the purchaser.
$500.
Dec.
lobdell & co.
48 Wall
Beach.
123 S. Broad St., Phila.
Kingsley 1030
St., New York
HAnover 2-1720
A. T. & T.: NY 1-735
N. J .—BOND SALE—'The issue of $570,000 coupon
registered serial refunding bonds unsuccessfully offered on Dec. 9 has
privately to Leach Bros., Inc., of New York as 434s, at a
price of 92, a basis of about 5.29%. Dated Dec. 1 1935 and due Jan. 1 as
follows: $10,000, 1937 to 1941 incl.; $20,000,1942 to 1952 incl. and $30,000
SOUTH RIVER,
municipal bonds
or
since been sold
Jersey and General Market Issues
New
from
B. J. Van
Ingen & Co. Inc.
Telephone: John 4-6364
WILLIAM STREET, N. Y.
57
Newark TeL: Market 3-3124
N. Y. 1-730
A. T. & T.:
The voters recently approved a
Colyer, Robinson $ Company
$50,000
INCORPORATED
1180
T. A. N. 1K% due Aug. 1
A. T. & T. Teletype
NWRK 24
REctor 2-2055
<
TOWN OF EASTCHESTER, N.
MArket 3-1718
Raymond Blvd., Newark
New York Wire:
MEMBERS NEW
CITY,
N.
J .—ELIMINATES
40
INTEREST
ON
Jan.l.
bonds, according to the annual debt service report that is being prepared
for submission to Walter R. Darby, State Auditor.
The present unpaid
interest is $3,172,695, only $791,825 having been paid in the three years.
In addition, the figures show $2,835,000 of default in payments on the
principal of the permanent debt.
All this is la connection with the $28,465,850 of outstanding permanent
bonds.
Besides this sum, the total city debt also includes $2,976,303, com¬
prising the city's share of the county debt and of tax notes, State tax bonds
and scrip.
COUNTY
(P.
O.
Mount
Holly).
N.
YORK
EXCHANGE
STOCK
Whitehall 4-5770
ST., N. Y.
NEW
J.—BOND
Board of Freeholders has sold an issue of $178,000 234%
tax revenue note refunding bonds to C. C. Collings & Co. of Philadelphia.
Dated Dec. 16 1935.
Due on Dec. 16 as follows:
$26,000, 1936; $22,000,
SALE—The
YORK
ALBANY, N. Y.—BONDS AUTHORIZED— On Dec. 23 the Common
Council approved an ordinance authorizing the issuance of $200,000
Loudon Reservoir improvement bonds.
$3,172,695 INTEREST IN DEFAULT—Since 1932, the city has fallen
behind more than $1,000,000 a year in interest payments on its permanent
BURLINGTON
WALL
NEW
SCRIP—Municipal scrip, which the city has been issuing for almost three
years at 4% interest, will be issued hereafter, the City Commission decided
Dec. 30, without interest.
At first it was subject to heavy discount, but
now it is accepted at par and is issued in decreasing amounts.
Recent pay¬
rolls have been met with cash, and city employees are to receive cash pay¬
ment
Y.
1936 at 100%
Gordon Graves & Co.
NEW JERSEY
ATLANTIC
MEXICO
NEW
ALBUQUERQUE SCHOOL DISTRICT, N. M.—BONDS VOTED—
$330,000 bond issue for school expansion.
jersey municipals
new
1962 incl.
1953 to
SUMMIT, N. J .—BONDS SOLD—An issue of $15,000 3 % fire equipment
bonds was recently sold to the City Sinking Fund Commission at par.
Dated Dec. 2 1935.
Interest payable June and December.
Due $5,000
Dec. 1 in 1936, 1937 and 1938.
ALBANY
(P. O. Albany)^iC Y^BOND~OFFERING^.
sell at public auction at 2 p. m.
following not to exceed 4% int. coupon or registered bonds,
$627,000:
COUNTY
Felix Corscadden, County Treasurer, will
on
Jan. 6, the
aggregating
$377,000 series of 1936 refunding
bonds.
Due Jan. 1 as follows: $37,000
from 1937 to 1939 incl. and $38,000
from 1940 to 1946 incl.
150,000 work relief bonds.
Due $15,000 on Jan. 1 from 1937 to 1946
100,000 public works bonds.
Due Jan. 1 as follows: $10,000 from
to 1945 incl. and $20,000 in 1946.
incl.
1938
Denom. $,1000.
Bidder to name a single
on all of the bonds, expressed in a multiple of 34 of 1%.
Prin.
(J. & J.) payable at the New York State National Bank, Albany.
A certified check for $12,540, payable to the order of the County Treasurer,
Each issue is dated Jan.l 1936.
int. rate
and int.
is
required.
The approving opinion of Reed, Hoyt &
bidder.
Washburn of New
York will be furnished the successful
1937; $80,000, 1938, and $50,000, 1939.
BINGHAMTON, N. Y.—BOND SALE—Everette E. Allen, City Comp¬
GARFIELD,
N.
J .—BONDS
BEING
EXCHANGED—'The City of
the Manhattan Co.,
Garfield is exchanging through its agent, the Bank of
its defaulted or temporary bonds and notes for new 4 >4
% serial funding and
refunding bonds.
The City recently sold an additional $750,000 of new 434% bonds at
private sale.
This sale and exchange completes the refunding program
which was prepared by Norman S. Taber & Co., consultants on municipal
finance, and which called for a refinancing of approximately $3,350,000 of
defaulted bonds, temporary notes or unpaid obligations.
The new bonds
all bear 434% interest and mature annually over the next 30 years.
The
obligations retired carried interest rates averaging over 534%.
The new bonds are issued under Chapter 77 P. L. 1935 and Chapter 60
P. L. 1934, which latter Act calls for a cash basis of operations in the future.
N. J .—BONDS APPROVED ON FIRST READING—
first reading to two
serial funding bonds
$3,870,000 general refunding bonds.
The measures will come up for
JERSEY CITY,
The Board of City Commissioners on Dec. 17 gave
ordinances which authorize the issuance of $1,200,000
and
final consideration
on
Jan. 7.
KNOWLTON TOWNSHIP SCHOOL DISTRICT (P. O. Columbia),
N. J .—BOND SALE—'The $31,000 4% bonds offered on Dec. 30—V. 141,
3897—were awarded to the Peoples National Bank of
price of 100.75 for the $20,500 issue and 100.90 for that
p.
a
bonds
mature
as
Hackettstown at
of $10,500. The
follows:
$20,500 dated July 1 1935 and due $1,000 on Jan. 1 from 1937 to
incl. and $500 in 1957.
10,500 dated Jan. 1 1936 and due $500 on Jan. 1 from 1937 to 1957
1956
incl.
NEWFIELD, N. J.—BONDS SOLD PRIVATELY—'The $48,400 4%
registerable as to principal and interest or principal only, water
141, p. 3264—-have been sold privately at
price of par.
Dated Dec. 1 1935 and due serially on Dec. 1 from 1938
coupon,
bonds offered on Nov. 25—V.
a
to 1965 inclusive.
MILFORD, N. J.—BOND SALE—The $182,000 434% coupon
registered refunding bonds offered on Dec. 17 without success—V. 141,
4050—have since been disposed of.
Burley & Co. of New York have
taken the issue plus an additional $18,000, making a total of $200,000, all
at 434%.
Another $110,000 refunding bonds will be issued to the State
of New Jersey in exchange for outstanding obligations.
troller, informs us that an issue of $50,000 1.60% coupon flood reconstruc¬
was sold to the Water Emergency Fund last September at a price
tion bonds
of par.
Dated Aug.
1 1935.
from 1936 to 1945 incl.
Denom. $1,000.
Due $5,000 on Aug. 1
Int. payable F. & A.
syndicate headed by Halsey,
Bancamerica-Blair Corp.:
Schlater, Noyes & Gardner, all
of New York, and the Anglo-California National Bank of San Francisco,
was
awarded the $1,500,000 coupon, registerable as to principal and
interest, work relief and home relief bonds offered on Jan. 3—V. 141, p.
4196. The successful bidders offered a premium of $1,786, equal to 100.119,
for 3.30% bonds, a basis of about 3.29%. Lehman Bros, offered a premium
of $6,600 for 3.40s. Dated Jan. 15 1936. Due Jan. 15 1946.
BUFFALO,
Stuart
&
Co.
N.
Y.—BOND SALE—A
of New York and including the
Ladenburg, Thalmann & Co.; Burr & Co.;
CHESTER UNION FREE SCHOOL DISTRICT NO. 1
(P. O. Ches-
ter), N. Y. —BOND SALE-The $31,000 coupon or registered school bonds
4196—were awarded to the Chester National
Bank of Chester, on a bid of par for 334s.
Phelps, Fenn & Co. of New
York offered a premium of $127.10 for 334s.
Dated Jan. 1 1936.
Due
Jan. 1 as follows: $2,000, 1939 to 1941; and $1,000, 1942 to 1966, incl.
offered on Jan. 3—V. 141, p.
CLARENCE,
NEWSTEAD
AND
LANCASTER
UNION
FREE
1 (P. O. Clarence), N. Y.—BOND OFFER¬
SCHOOL DISTRICT NO.
ING—Sealed bids will be received by James T. Grey, Clerk of the Board of
Education, until 3 p. m. on Jan. 6 for the purchase of $60,000 not to exceed
5% interest coupon or registered school bonds.
The issue is dated Jan. 1
1936.
Denom. $1,000.
Due $3,000 on Jan. 1 from 1937 to 1956, incl.
Bidder to name a single interest rate for all of the bonds, expressed in a
multiple of 34 or l-10th of 1%.
Principal and interest (J. & J.) payable in
lawful money of the United States at the Bank of Clarence.
A certified
check for $1,200, payable to the order of Mary E. Parker, Treasurer, must
accompany each proposal.
The bonds are direct general obligations of the
district, payable from unlimited taxes.
Legal opinion of Clay, Dillon &
Vandewater of New York will be furnished the successful bidder.
NEW
or
p.
CLYMER, HARMONY AND FRENCH CREEK CENTRAL SCHOOL
DISTRICT NO. 1 (P. O. Clymer), N. Y.—BOND SALE—The issue
$110,000 4% coupon or registered school building bonds offered on Dec.
—V. 141, p. 4196—was awarded to the Marine Trust Co. of Buffalo
106.875, a basis of about 3.37%.
Dated Dec. 1 1935.
Due Dec. 1
of
30
at
as
162
Financial
follows:
$3,000, 1938, 1939 and 1940: $4,000, 1941; $5,000, 1942 to 1946;
$6,000, 1947 to 1951; and $7,000, 1952 to 1957. Other bidders were:
Name—
-
Price Bid
.
Buffalo Savings Bank
Bank of Jamestown
105.91
A. O. Allyn & Co
Farmers State Bank
104.33
Bacon, Stevenson
103.20
104.42
103.61
& Co
J. & W. Seligman & Co
Geo. B. Gibbons & Co
103.01
102.17
Chronicle
N. Y.—TEMPORARY FINANCING IN DECEMBER—
Short-term financing in the amount of $62,350,000 was undertaken by the
city during the month of December.
In addition, $89,000 4% bonds, due
serially from 1954 to 1960 incl., were sold to the Public Works Administra¬
tion.
The interim borrowing represented disposal of the following:
$20,000,000 3% special revenue bonds of 1935.
Due March 1 1930.
7,000,000 3% special revenue bonds of 1935.
Due Dec. 18 1936.
4,350,000 3% tax notes of 1935.
Due Dec. 18 1936.
5,000,000 0.8% work and home relief certificates of indebtedness.
Due
_
Feb. 20 1936.
_
5,000,000 0.8% work and home relief certificates of indebtedness.
Feb. 20 1936.
U.,, ,
21,000,000 2M% revenue bills of 1935.
Due Dec. 31 1935.
f
ERIE COUNTY (P. O.
Buffalo), N. Y.—BOND ISSUE REPORT—
Edwin J. Kreinheder, Deputy County Treasurer, informs us that no
definite date has been set for a sale of bonds, although it is his opinion that
the next long-term financing by the county will take place about Feb. 15.
Jan. 4 1936
NEW YORK,
Due
NYACK.N. Y.—BOND SALE—The $50,000 coupon or registered bonds
offered on Dec. 31—V. 141, p. 4051—were awarded to J. & W. Seligman
& Co. of New York as 3.10s, at a price of 100.05, a basis of about 3.09%.
EVANS UNION FREE SCHOOL DISTRICT NO. 13 (P. O. Angola)
N. Y.—BOND OFFERING—C. A. Morley, District Clerk, will receive
sealed bids until 11 a. m. (Eastern Standard Time) on Jan. 6, for the
purchase of $110,000 not to exceed 5 % interest school bonds.
Dated Jan. 1
1936.
Denom. $1,000.
Due May 1 as follows:
$4,000 from 1937 to 1959.
incl. and $3,000 from 1960 to 1965, incl.
Principal and interest (M. & N.)
payable at the Evans National Bank, Angola. Certified check for $2,200,
payable to the order of Arthur Car beck. Treasurer, must accompany each
Int. Rate
Rate Bid
Adams, McEntee & Co., Inc
3.20%
jsrojaosal.
Manufacturers & Traders Trust Co
3.20%
100.28
100.167
100.24
100.28
100.33
Legality to be approved by Clay, Dillon & Vandewater of New
District has
an
assessed valuation for 1935-1936 for
$2,069,840 and total
Population, 1,700.
debt, including present offering, of $126,460.
FULTON, N. Y.—BOND SALE—The issue
of $60,000 coupon or regis-
tered
refunding bonds offered on Jan. 3—V. 141, p. 4196—was awarded to
Webster, Kennedy & Co. of New York as 2Ms, at a price of 100.299, a
basis of about 2.19%.
Dated Jan. 15 1936 and $6,000 on Jan. 15 from
1937 to 1946 incl.
The Bancamerica-Blair Corp. of New York, second
high bidders, offered 100.23 for 2.40s.
GOWANDA, N. Y.—BOND SALE—The $39,000
registered
fire hall bonds offered on Jan. 3 were awarded to Halsey, Stuart & Co. of
New York as 2.90s, at a price of 100.42, a basis of about 2.83%. Dated
Jan. 1 as follows: $3,000, 1937 to 1945; and $4,000, 1946 to 1948.
Other
bidders included:
Name—
coupon or
Price Bid
Int. Rate
100.01
2.90%
3M%
3 M%
3.40%
Gertler & Co
A. C. Allyn & Co
Leach Bros
Geo. B. Gibbons & Co
100.15
1U0.09
100.26
.HAMBURG UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Hamburg), N. Y.—BOND OFFERING—lone E. Pierce, District Clerk,
will/receive sealed bids until 3 p. m. (Eastern Standard Time) on Jan. 7,
for the purchase of $39,000 not to exceed 5% interest school bonds.
Dated
Jan. 1 1936.
Denom. $1,000.
Due Jan. 1 as follows: $2,000 from 1937 to
1955, incl. and $1,000 in 1956.
Principal and interest (J. & J.) payable at
the Peoples Bank of Hamburg.
A certified check for $800, payable to the
order
of
Gordon
S.
Mohr,
Treasurer,
must
each
accompany
proposal.
Legality to be approved by Clay, Dillon & Vandewater of New York.
District has
19354
an
offering, of $295,400.
r
The
assessed valuation of $9,444,090 and total debt, incl. current
HUNTINGTON,
Population 6,000.
SALE— The Town^Supervisors have sold $50,000 certificates of indebtedness to W. O. Gay & Co.
of New York.
The certificates will bear 2% interest and will mature in
three
to
N.
Y.—CERTIFICATE
months.
$431.20, equal to 100.385,
basis of about 2.21%, were also bid for
a
as
follows:
Each issue is dated Jan. 1 1936.
Other bids were
Bidder—
George B. Gibbons & Co., Inc
Roosevelt & Weigold, Inc
Bacon, Stevenson & Co
Int. Rate
Price Bid
2.70%
2.50%
2.40%
2.50%
2.70%
2.40%
2.40%
Geo. D. B. Bonbright
Dick & Merle Smith
Geo. B. Gibbons & Co
Bacon Stevenson Co
Harris Trust & Savings Bank
Roosevelt & Weigold
$222.75
447.66
369.60
257.60
571.20
299.00
246.40
M1DDLETOWN UNION FREE SCHOOL DISTRICT NO. 21 (P. O.
Fleischmanns), N. Y.—BOND SALE—A. C. Allyn & Co. of New York,
bidding 100.57 for 3Ms, a basis of about 3.46%, were awarded the $84,000
coupon or registered school building bonds offered on Dec. 30—V. 141, p.
4050.
Dated Jan. 1 1936.
Due $3,000 yearly on Jan. 1 from 1939 to 1966,
incl.
The Manufacturers & Traders Trust Co. bid 100.51 for
3Ms, and
J. & W. Seligman & Co. offered 100.05 for 3.60s.
MONTGOMERY UNION FREE SCHOOL DISTRICT NO. 7 (P. O.
Havens, Clerk of
Board of Education, will receive sealed bids until 2 p. m. on Jan.
8,
for the purchase of $88,000 not to exceed 6% interest
coupon or registered
school bonds.
Dated Jan. 1 1936.
Denom. $1,000.
Due Jan. 1 as follows:
$2,000,1937 to 1946, incl.; $3,000,1947 to 1958, incl. and $4,000 from 1959
to 1966, incl.
Rate of interest to be expressed in a multiple of M or 1-10th
of 1%.
Principal and interest (J. & J.) payable at the First National
Bank of Montgomery.
A certified check for $1,760, payable to the order
of the Board of Education, must
accompany each proposal.
The approving
opinion of Hawkins, Delafield & Longfellow of New York will be furnished
Montgomery), N. Y.—BOND OFFERING—George H.
the
the successful bidder.
b
MOUNT VERNON,
N. Y.—BOND OFFERING—Leslie S. Roberts,
Secretary of the Board of Education, will receive sealed bids until 3:30 p. m.
Jan. 7, for the purchase of $303,000 not to exceed 4% interest
coupon or
registered bonds, divided as follows:
$273,000 school bonds.
Dated Aug. 1 1935.
Due Aug. 1 as follows:
on
$1,000 from 1936 to 1940, incl.; $14,000 from 1941 to 1948, incl.
and $13,000 from 1949 to 1960, inclusive.
K. 30,000 school bonds.
Dated Oct. 1 1935.
Due Oct. 1 as follows:
$1,000
1936 to 1940, incl.; $2,000 from 1941 to 1945, incl. and
$1,000 from 1946 to 1960, inclusive,
f
Denom. $1,000.
Rate or rates of interest to be expressed in multiples of
M or l-10th of 1 %. Different rates may be named on the issues, but all of
from
the bonds of each issue must bear the
same coupon.
Principal and interest
payable at the Chemical Bank & Trust Co., New York City.
A certified
check for 2% of the bonds bid for, payable to the order of the Board
of
Education, must accompany each proposal.
The approving opinion of
Caldwell & Raymond of New York will be furnished the successful
bidder.
Bonds will be delivered to the successful bidder at the Chemical
Bank &
Trust Co., New York, on or about Jan. 17.
The bonds are
tions of the city, payable from unlimited ad valorem taxes
property therein.
Financial Statement Dec. 15 1935
Assessed valuation, incl. special franchises (1936)
Total bonded debt
(incl. these issues)
Deductions—Water bonds
$2,633,000-00
Sinking funds for bonds other than water
bonds..
general obliga¬
on
all taxable
incl. and $2,000 in 1945.
3.60%
Other bids
Reductions
$152,589,080.00
14,578,050.00
Roosevelt & Weigole
George B. Gibbons & Co., Inc
PORT CHESTER, N. Y.—BOND SALE—On Jan. 3 the $45,000 cou¬
or registered public works bonds offered on that date—V.
141, p.
4197—were awarded to Faxon, Gade & Co. of New York as 1 Ms at a price
of 100.32, a basis of about 1.34%.
The First National Bank & Trust Co.
pon
of Port Chester, offering a $47 premium for lMs, was second high in the
bidding.
Dated Jan. 1 1936.
Due $15,000
Discount
Casco National Bank & Trust Co
First of Boston
0.47%
0.54%
Corp
Merchants National Bank of Boston
0.70%
PUTNAM VALLEY, PHILLIPSTOWN AND FISHKILL CENTRAL
SCHOOL DISTRICT NO. 1, (P. O. Cold Spring), N. Y.-BOND SALE
—The $90,000 4% coupon or registered school construction bonds offered
on Dec. 28—V. 141, p. 4051—were awarded to the National Bank of Cold
Spring at 105.05,
a
basis of about 3.53%.
Maynard, Oakley & Lawrence
high bidders, offered a price of 104.60 for the bonds.
Due March 1 as follows: $5,000. 1944: $7,000, 1945;
of New York, second
Dated March 1 1934.
1932-456
1946, 1947 and 1948; $9,000,
1952 and 1953, and $10,000, 1954.
Uncollected at
m
-
$5,555,778.99
5,524,777.78
5,301,427.34
The calendar year is the fiscal year.
ments, Jan. 1 and July 1.
The population of the city
61,270.
Uncollected
census
of 1930 is
"stated above does not include the debt of
any other
having power to levy taxes upon any or all of the property
subject to taxing power of the city.
The charter of the city is Chapter 490
of the Laws of New York of 1922, and acts amendatory thereof.
as
subdivision
1950; $9,000,
1951,
$58,365,000 to the Queens Midtown Tunnel Authority for con¬
of the twin vehicular tubes under the East River
connecting
struction
Manhattan, Queens and Brooklyn.
RENSSELAER COUNTY (P. O.
Troy), N. Y.—BONDS AUTHORIZED
—John J. Tower, County Treasurer, has been authorized to issue $322,000
bonds to refund bond principal maturing from Feb. 1 to Oct. 1 1936.
The
new bonds are to bear not more than 5% interest.
RIVERHEAD UNION FREE SCHOOL DISTRICT NO. 5 (P. O.
Riverhead), N. Y.—BOND OFFERING—Ernest M. Robinson, District
Clerk, will receive sealed bids until 2 p.m. on Jan. 9 for the purchase of
$430,000 not to exceed 4% interest coupon or registered school building
bonds.
Dated Jan. 1 1936.
Denom. $1,000.
Due Jan. 1 as follows:
$10,000, 1937 to 1944 incl.; $12,000, 1945 and 1946; $15,000, 1947 to 1959
incl.; $17,000,1960 to 1962 incl., and $20,000 from 1963 to 1696 incl.
Rate
of interest to be
expressed in a multiple of M or l-10th of 1%.
Principal
and interest (J. & J.) payable at the Suffolk County Trust Co., Riverhead.
A certified check for $8,600, payable to the order of the Board of
Education,
must
accompany each proposal.
The approving opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the successful bidder.
SCARSDALE, N. Y.—NO BOND FINANCING CONTEMPLATED—
Anson McLoud, Treasurer, informs us that the village does not
contemplate
issuing
any
bonds in the immediate future.
STEWART MANOR,
or
N. Y.—BOND SALE—The two issues of
coupon
registered bonds which
were
were offered for sale on Jan. 2—V. 141, p. 4197—
awarded to the Garden City Bank & Trust Co. of Garden City:
$20,000 municipal building bonds as 3s, at 100.50, a basis of about 2.95%.
Denom. $1,000. Due $1,000 on Oct. 1 from 1936 to 1955 incl.
7,500 municipal building site bonds, as 2 Ms, at 100.25, a basis of about
2.69%.
One bond for $1,500, others $1,000 each.
Due Oct. 1
as follows:
$1,000 from 1936 to 1941 incl., and $1,500 in 1942.
Each issue is dated Oct. 1 1935.
Principal and interest (A. & O.) payable
at the Irving Trust Co., New York.
The Manufacturers & Traders Trust Co. of Buffalo, second
high bidder,
offered a price of 100.159, both issues to bear 3M% interest.
Bacon,
Stinenson & Co. of New York, the only other bidder, offered a
premium
ofj|$38.50 for 3Ms.
TUCKAHOE. N. Y.—BOND OFFERING—John O. McDonnell.
Village
Clerk, will receive sealed bids until 3 p.m. on Jan. 13 for the purchase
of $83,000 not to exceed 6% interest coupon or registered general
Improve¬
ment bonds.
Dated Feb. 1 1936.
Denom. $1,000.
Due Feb. 1 as follows:
$5,000 from 1938 to 1953 incl. and $3,000 in 1954.
Principal and interest
(F. & A.) payable at the First National Bank & Trust Co., Tuckahoe.
Rate of interest to be expressed in a multiple of M or l-10th of 1%.
A
certified check for $1,700, payable to the order of the village, must
accom-
Eany York will be furnished the successful Clay, Dillon & Vandewater of
Tew
each proposal. Legal opinion of bidder.
Assessed
Financial Statement
valuation
$14,105,320
(including present offering)
618,370
None
Population, 6,500
Tax Collection Report
1932-33
1933-34
1934-35
$245,740.1"* $228,955.16 $206,652.24
WARREN COUNTY (P. O. Glens
Falls), N. Y.—BOND OFFERING—
registered highway bonds.
Dated Jan. 1 1936.
Denom. $1,000.
Due
as follows: $10,000 in 1945 and 1946 and $20,000 from 1947 to
1950
All of the bonds must bear the same int. rate, expressed in a
multiple
of M or l-10th of 1 %.
Prin. and int. (J. & J.) payable at the First National
Bank of Glens Falls.
A certified check for $2,000, payable to the order of
the county,
must accompany each proposal.
Legal opinion of Clay,
Jan. 1
End of
Nov. 30
Fiscal Year
1935
$1,691,502.65
$228,783.23
1,435,628.21
576,073.53
Unexpired
1,172,682.84
Taxes are payable in two instal¬
according to the Federal
1949; $8,000,
QUEENS MIDTOWN TUNNEL AUTHORITY, N. Y.—PWA ALLOTS
$58,365,000—On Jan. 2 the Public Works Administration at Washington
or
56,152.20
Tax Collections
Tax Levy
Jan. 1 in each of the years
Bidder—
Romney C. Patterson, County Treasurer, will receive sealed bids until
2 p. m. on Jan. 10 for the purchase of $100,000 not to exceed 4% int.
coupon
1,396,433.30
Year—
on
1937, 1938 and 1939.
Discount
Fiscal Year (March 1)—
307,281.10
__
100.129
100.2559
100.277
100.11
100.089
100.27
2%%
3%
3%
3%
3.30%
3.40%
Uncollected end of fiscal year
56,305.72
62,455.89
44,213.72
Uncollected Jan. 2 1936
2,279.14
5,068.68
5,196.07
Note—Taxes for fiscal year 1935-1936 were levied in amount of
$175,048.28
of which $139,236.93 was collected to Jan. 2 1936.
1,033,000.00
Current loans included in 1936 taxes
Rate Bid
Int. Rate
Manufacturers & Traders Trust Co
Levy
4,231.434.58
Temp, loans in anticipation of bond issues.
were as follows:
Deductions
524,434.58
Tax anticipation loans due in 1936, the tax
for which has been levied
follows:
3.40%
3.50%
-
Bidder—
Marine Trust Co
Gordon Graves & Co
Gertler & Co
Total bonded debt
Bonds other than water bonds, payable in
1936, the taxes for which have been levied 1,074,000.00
Unfunded debt—
as
OSSINING, N. Y.—BOND SALE—The $47,000 coupon or registered
judgment funding bonds offered on Dec. 27—V. 141, p. 4051—were awarded
to A. C. Allyn & Co., Inc. of New York as 2Ms, at 100.21, a basis of about
2.46%.
Dated Dec. 1 1935 and due as follows: $5,000 from 1936 to 1944
allotted
Bidders—
Marine Trust Co
The bonded debt
of:
$8,000,
ITHACA, N. Y.—OTHER BIDS—The $112,000 school bonds awaTded
Halsey, Stuart & Co., Inc. of New York as 2 Ms, for a premium of
tt
The sale consisted
$40,000 water bonds.
Due $2,000 on Jan. 1 from 1937 to 1956 incl.
10,000 fire equipment bonds.
Due $2,000 on Jan. 1 from 1937 to 1941 incl.
incl.
Dillon & Vandewater of New York will be furnished the successful bidder.
Financial Statement
Assessed valuation
_$59,755,691
Total bonded debt
(incl. current offering)
Population: 174,000.
Tax Collection Report
Fiscal Year {Nov. 1)—
1,234,000
Uncollected
Uncollected
Levy
End of Year Dec. 27 1935
$881,257.77 $99,732.89
$45.19
850,359.90
81,958.08
349.95
971,950.50
76,955.41
52.904.13
990,099.82
Financial
Volume 142
White Plains), N. Y.—ADOPTS
TABLE—MUNICIPAL POWER PLANT OP¬
WESTCHESTER COUNTY (P. O.
TAX
EQUALIZATION
POSED—The Board of Supervisors adopted Dec. 30 an equalization
to be used in levying 1936 State and county taxes in the cities and
of the county, which was submitted by its equalization committee,
Approving opinion of Storey, Thorndike, Palmer
towns
The voters of
proposition to
valuation
$6,432,-
as
sums to
be paid by the
four cities of the county
follows:
$213,135
210,386
172,712
Harrison
$1,096,764
717,165 Pelham
Yonkers
New Rocbelle
-
White Plains
584,990 Bedford
543,630 Ossining
Greenburgh
Rye
510,578
491,936
Mount Vernon
;
Cortlandt
Scarsdale
Mount Pleasant
112,179
94,064
52,098
43,088
32,318
30,292
-
North Castle
322,609 Yorktown
304,907 Lewisboro
260,139 Somers
249,212 North Salem
223,963 Poundridge
Mamaroneck
Eastchester
152,119
New Castle
-
14,538
the Board, and a committee which it had
appointed to look into the public utility situation and report as to the
advisability of undertaking a county power plant made its report.
The committee held that a county power plant was impracticable be¬
cause the county was not a suitable unit for such an
enterprise. If it
should become necessary, the committee said, it would be better for the
various communities to decide whether or not they should erect power
It
was
ORANGE
the first meeting of
plants.
COUNTY
(P.
N.
Orange),
O.
C.—BOND SALE—The
$190,000 issue of coupo i school bonds offered for sale oa Dec. 31—V. 141,
p. 4198—was awarded to a group composed of Lewis & Hail and Oscar
Burnett & Co., both of Greensboro, and the Branch Banking & Trust Co.
of Wilson, offering a premium of $27.00, equal to 100.0142, on the bonds
divided as follows: $142,000 as 3Ks, maturing from Nov. 1 1936 to 1951,
and $48,000 as 3 Ms, due from Nov. 1 1952 to 1955 incl.
•
and the towns are
will
Bakersville), N. C.—BONDS VOTED—
the county at a psecial election held on Dec. 21 approved a
issue $55,000 school bonds.
MITCHELL COUNTY (P. O.
headed
placed at $1,701,175,225, and it was estimated that the assessed
represented 81.1% of the true value.
The tax levy for 1936 is
833.83, which is an increase of $246,588.78.
& Dodge of Boston
be furnished to the purchaser.
table,
by Joshua M. Fieor Jr.
The table is virtually the sames as that of 1934,
which had the approval of the State Tax Commission.
An alternative table was submitted as usual by Edward P. Barrett,
which would have made things easier for rural communities, but it was
voted down by the Board.
The assessed valuation of the real estate of the county in 1935 was
The
163
Chronicle
The fohowing is a
Bidder—
complete list of the bids
&
*1
-
For the 1st $100,000
For the remainder
Lewis
Hall with
received:
Price
Rate
BV J. McGulre
.
-
4%
!$190,100.00
3H%
J
3K%
3M%
I 190,027.00
J
3^%
-
Branch Banking & Trust
1190,214.80
Co.,
Burnett & Co.—
Oscar
For the 1st $142,000
For the remainder
Kirchofer & Arnold, with McAlister,
For the 1st $43,000
For the remainder
R. S. Dickson & Co., with Equitable
For the 1st $52,000
Smith & Pate—
3H%
Securities Corp.—
J
4H%
I 190,457.50
3H%
,
1
For tne remainder
RICHLANDS, N. C.—BONDS SOLD TO PWA—A $7,000 issue of 4%
semi-annual water bonds is reported to have been purchased at par by the
Public Works Administration.
(An allotment of $40,000 has been ap¬
proved on this project.)
ROCKY
MOUNT,
received until 11 a. m.
C.—BOND
N.
on
OFFERING— Sealed bids will be
Jan. 7, by W. E. Easterling, Secretary of the
his office in Raleigh, for the purchase
registered bonds aggregating $230,000, divided
Local Government Commission, at
of two issues of coupon or
follows:
as
$130,000 public improvement bonds.
Due on Dec. 1 as follows: $5,000,
1936 to 1941; $7,000, 1942 to 1945, and $8,000, 1946 to 1954.
100,000 electric light system bonds.
Due on Dec. 1 as follows: $4,000,
1936 to 1941; $5,000, 1942 to 1944; $6,000, 1945 and 1946,. and
$7,000, 1947 to 1953.
Southern Municipal Bonds
McALISTER, SMITH & PATE, Inc.
NEW YORK
67 BROAD STREET
Telephone WHitehall 4-6765
GREENVILLE,
CHARLESTON, S. C.
S. C.
Denom. $1,000.
Dated Dec. 1 1935.
Interest rate is not to exceed 6%,
payable J. & D.
A separate bid for each separate issue (not less than par
and accrued interest) is required.
Bidders are requested to bid in multiples
of M of 1%.
Prin. and int. payable in lawful money in N. Y. City.
livery at the place of purchaser's choice.
No bid for less than all of the
bonds will be considered.
The approving opinion of Reed, Hoyt & Wash¬
burn of New York, will be furnished.
The Secretary will furnish the
De¬
required bidding forms.
A certified check for $4,600,
the bid.
payable to the State
Treasurer, must accompany
$20,000.00
CITY OF WILMINGTON, N.
due January
C., 4i/2s
1951-59@3.75% basis
F. W. CRAIGIE &
COMPANY
Richmond, Va.
A.T. T. Tel. Rich. Va. 83
Phono 3-9187
NORTH
CAROLINA
Albemarle). N. C.—BOND SALE—The $20,offered on Dec. 31—V. 141,
Kirchofer & Arnold of Raleigh, who offered a
premium of $31.40, equal to 100.157.
The first $10,000 maturities will
bear 3% int. and the remainder 3^%, making the net int. cost to the
county, about 3.33% annually.
The Wachovia Bank & Trust Co. offered
par for $8,000 3 Hs and $12,000 3Ks.
Dated Nov. 1 1935.
Due on Dec. 1
as follows:
$1,000, 1936 and 1937, and $2,000, 1938 to 1946.
STANLY COUNTY (P.O.
000
N. C.—BOND CALL—It is
stated by Geo. E. Holt Jr., County Treasurer, that the following bonds are
being called for payment at the Chase National Bank in N. Y. City, on
Feb. 1, on which date interest shall cease:
ALAMANCE COUNTY (P. O. Graham),
bonds.
of refunding road and bridge bonds.
1933.
Due on Aug. 1 1959.
Said bonds and interest ac¬
crued to Feb. 1, will be paid on presentation of holdings in negotiable form
accompanied by all Feb. 1 and subsequent coupons.
Nos. 1 to 108 of refunding court house
Nos. 649 and 662 to 728
ALAMANCE COUNTY (P. O. Graham),
N. C.—BOND OFFERING—
Jan. 14, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of the following two issues of coupon refunding bonds
aggregating $809,000:
$105,000 court house of 1935 bonds.
Due on Dec. 1 as follows: $1,000,
1937 and 1938: $2,000,1939 to 1942: $3,000, 1943 to 1945; $1,000,
1947; $2,000, 1948 and 1949; $4,000, 1950; $5,000, 1951; $6,000,
1952 and 1953; $7,000.
1954; $10,000, 1955; $11,000, 1956;
$12,000, 1957; $13,000 in 1958, and $7,000 in 1959.
704,000 road and bridge of 1935 bonds.
Due on Dec. 1 as follows: $9,000,
1937 and 1938; $13,000, 1939 to 1942; $17,000, 1943 and 1944;
$22,000. 1945; $9,000, 1947; $18,000, 1948 and 1949; $31,000,
;
1950; $35,000. 1951; $39,00^. 1952; $44,0C0, 1953; $48,000, 1954;
$70,000, 1955; $74,000, 1956; $78,000, 1957; $85,000, 1958 and
$29,000 in 1959.
is not to exceed 6%, payable J. & D. Denom. $1,000.
Dated Dec. 1 1935.
A separate bid for each separate issue (not less than
Interest rate
and accrued interest) is required.
Interest rate is to be
multiples of M of 1 %.
Each bid may name one rate for part of
par
named in
the bonds
(having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates for any issue and each
bidder must specify in his bid the amount of bonds of each rate.
Principal
and interest payable in lawful money in New York City.
Delivery at the
Chase National Bank, New York, on Jan. 31.
These bonds are registerable as to principal only.
The approving opinion of Masslich & Mitchell
of New York, will be furnished.
A certified check for $16,180, payable
or
registered refunding bonds
WILSON COUNTY (P. O.
TO PWA—
to have been
Wilson), N. C.—BONDS SOLD
A $31,000 issue of 4% semi-annual school bonds is reported
purchased at par by the Public Works Administration.
N. C.—BOND SALE—The $470,000 issue o
registered refunding bonds offered for sale on Dec. 31—V. 141,
4052—was awarded to a syndicate composed of E. B. Smith & Co.;
R. W. Pressprich & Co., and Estabrook & Co., all of New York, and
McAlister, Smith & Pate, of Greensboro, S. C., paying a premium of
$12.00, equal to 100.0025, on the bonds divided as follows:
$177,000 as
3Hs, maturing from Dec. 1 1940 to 1952 incl., the remaining $293,000
as 3&s .maturing from Dec. 1 1953 to 1965 incl.
.
'
WINSTON-SALEM,
coupon or
p.
NORTH
DAKOTA
(P. O. Carrington), N. Dak.—
bonds is reported to have been
Bond Commission, as 4s. Due from 1937
CARRINGTON SCHOOL DISTRICT
BONDS SOLD—A $6,000 issue of school
purchased recently by the State
to
1946.
PEMBINA, N. Dak.—BOND SALE—An $8,700 issue of city
Is reported to have been purchased by the Bank of North
Bismarck
on
of either issue
to the State Treasurer, must accompany
coupon
4198—were awarded to
p.
Dated Aug. 1
Sealed bids will be received until 11 a.m. on
,
SHELBY, N. C.—BOND OFFERING—It is stated by W. E. Easterling,
Secretary of the Local Government Commission, that he will receive sealed
bids at his office in Raleigh, until 11 a.m. on Jan. 7, for the purchase of a
$40,000 issue of coupon public improvement bonds.
Interest rate is not
to exceed 6%, payable J. & D.
Rate to be stated in multiples of K of
1%.
Denomination $1,000.
Dated Dec. 1 1935. Due $2,000 from
Dec. 1 1937 to 1946 incl.
Each bid may name one rate for part of the
bonds (having the earliest maturity) and another rate for the balance, but
no bid may name more than two rates and each bidder must specify in his
bid the amount of bonds of each rate.
Principal and interest payable in
lawful money in New York.
Delivery on or about Jan. 21, at place of
purchaser's choice.
The approving opinion of Masslich & Mitchell of
New York, will be furnished.
A certified check for $800, payable to the
State Treasurer, must accompany the bid.
These bonds were
approved by the voters at an
hall bonds
Dakota of
election held
Aug. 9.
N. Dak.—BONDS SOLD TO
VALLEY CITY,
$55,000 issue of auditorium and community
the Public Works Administration.
a
PWA—It is stated that
hall bonds was purchased by
the bid.
BURLINGTON, N. C.—BONDS AUTHORIZED—'The Board of Alder¬
men recently passed an ordinance authorizing the issuance of $165,000 re¬
funding water and improvement bonds.
BURLINGTON,
N.
C.—BONDS
SOLD—It
is
stated
Attorney that the $25,000 warehouse bonds approved by the
election held on July 30, have been sold to a local purchaser.
by the City
voters at the
CABARRUS COUNTY (P. O. Concord), N. C.—BONDS VOTED—
a recent election the voters of the county approved a proposition to issue
At
$80,000 hospital bonds.
FAIRMONT, N. C.—BOND REFUNDING PLAN PREPARED—We
informed by the North Carolina Muncicipal Council, Inc., that they
are
which provides
have set up a plan for the above town, dated Dec. 1 1935,
for the extension of the maturities of bonds (water, sewer and
light bonds
excepted) maturing on or before Dec. 1 1944, without interest reduction,
designed to prevent default and not as a relief to taxpayers.
It is said that
rearrangement of the maturing principal, as provided for in the plan, will
permit the prompt payment of principal and interst out of the present sub¬
stantial tax levy.
The new refunding bonds will be dated Dec. 1 1935, and
will mature on Dec. 1 as follows;
$2,000, 1940 to 1944; $3,000, 1945 and
1946; $4,000, 1947; $6,000, 1948 to
1954, and $7,000 in 1955.
HAYWOOD COUNTY (P. O. Waynesville), N. C.—MATURITY—
It is stated by the Clerk of the Board of County Commissioners that the
$25,000 tax anticipation notes purchased by the Branch Banking & Trust
Co. of Wilson, at 3.09%, as reported in these columns in November—
V. 141, p. 3420—are due on May 5 1936.
,
HICKORY, N. C.—BOND OFFERING—W. E. Easterling, Secretary
of the Local Government Commission, will receive bids until 11 a. m.
Jan. 14 at Raleigh for the purchase at not less than par of $50,000 coupon,
registerable as to principal, water and sewer bonds.
Bidders are to name
rate of interest, in a multiple of M%, but not to exceed 6%.
Denom.
$1,000.
Dated Jan. 1 1936.
Principal and semi-annual interest (Jan. 1
and July 1) payable in New York.
Due yearly on Jan. 1 as follows:
$2,000, 1939 to 1942; $3,000, 1943 to 1946, and $5,000, 1947 to 1952.
Certified check for $1,000, payable to the State Treasurer, required
OHIO
City Council on Dec. 10
the issuance of $393,000 general
AKRON, Ohio—BONDS AUTHORIZED—The
approved an ordinance providing for
obligation sewer construction bonds.
ASHLEY SCHOOL
DISTRICT, Ohio—BONDS VOTED—By a vote
of the district recently approved a proposition
construction bonds.
of 492 to 139 the residents
to issue
$35,000 school addition
BATAVIA
SPECIAL SCHOOL DISTRICT, Ohio—BOND SALE—
Retirement System has purchased an issue of $57,000
The State Teachers
school building bonds.
CARDINGTON, Ohio—BOND SALE—'The $7,000 5% coupon water
bonds offered on Dec. 27—V. 141, p. 4052—were awarded to the
plus a premium of $810, equal to 111 .55.
Dated Jan. 1 1936 and due $1,000 on Jan. 1 from 1939 to 1945, incl.
Other
works
Citizens Bank of Cardington at par
bids were as follows:
Bidder—
L. K. Wornstaff, Ashley
Bliss, Bowman &
'
Co
Premium
$350.00
7.70
PARK, Ohio—BOND SALE—An issue of $11,000 municipal
building bonds has been sold to the State Teachers Retirement System.
DEER
DEFIANCE COUNTY (P. O. Defiance),
Ohio—BOND OFFERING—
County Auditor, will receive bids until noon Jan. 17 for
purchase at not less than par of $25,400 6% emergency relief bonds
Fred A. Troeger,
the
164
Dated
Financial Chronicle
Nov.
1
1935.
Interest
yearly on March 1 as follows:
payable semi-annually.
Due one bonds
§2,200, 1936; $2,400, 1937; $2,500, 1938;
$2,600, 1939; $2,800, 1940; $3,000, 1941; $3,100, 1942;
$3,300, 1943,
and $3,500,
1944.
Certified check for $300, payable to the Board of
County Commissioners, required.
LINN COUNTY SCHOOL DISTRICTS
(P. O.
gating $43,500, divided as follows:
$28,750 Union High School District No. 6 bonds.
Due on Dec. 1 as
follows: $1,750 in 1937; $2,000, 1938 to 1948, and $2,500 in 1949
and 1950.
14,750 School District No. 41 bonds.
Due on Dec. 1 as follows- $750,
1937 to 1939; $1,000, 1940 to 1950, and $1,500 in 1951. '
KEENE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Keene),
Ohio—BOND SALE—An issue of $10,000 4% school bonds has been sold
to the State Teachers Retirement
System at a price of par.
_
Int. rate is not to exceed 4%, payable J. & D.
Prin.
the office of the County Treasurer.
The approving
Winfree, McCulloch, Shuler & Kelley of Portland, will
certified check for $500 on each issue must accompany
at
KNOX COUNTY
(P. O. Mount Vernon), Ohio—BOND SALE— The
Board of Sinking Fund Trustees has
purchased an issue of $35,700 poor
relief bonds.
3%
2M%
2M%
*2)4%
4%
2H%
J
Bellefontaine National Bank
*
For semi-annual interest
payments.
$103.85
103.66
83.70
127.50
V
■
PORT OF PORTLAND (P. O. Portland), Ore.—BOND ELECTION
At the special State-wide election scheduled for Jan. 31 the voters will
pass
the issuance of $300,000 in bonds for the construction of an airport.
Par
on
10.00
SALEM, Ore.—BOND ISSUANCE CONTEMPLATED—It is stated by
A. Warren Jones, City Recorder, that an ordiance calling for the issuance of
$200,000 in reservoir bonds will be up for final consideration by the City
Council at a meeting on Jan. 6 1936.
LYKENS TOWNSHIP SCHOOL
DISTRICT, Crauford County,
Ohio—BONDS VOTED—The voters of the district at a recent election
approved a proposal to issue $38,000 school building bonds.
MANCHESTER, Ohio—BOND
SALE—Tne $35,000 municipal bohding
141, p. 3572—were awarded to the Blisspremium of $36.50.
Dated Nov. 1 1935.
Due $1,500 on March 1 in each year from 1937 to 1961
inci., except in the
years 1937, 1942, 1947, 1952 and 1957 wnen
$1,000 will come due.
bonds offered
Bowman
Co.
on
Dec.
for
a
MARTINS
FERRY
CITY
SCHOOL
DISTRICT,
Ohio—BOND
OFFERING—H. H. Riethmiller, Clerk-Treasurer of the Board of Educa¬
tion, will receive bids until noon Jan. 18 for the purchase of $36,000
4%
school building bonds.
Denom. $1,000.
Dated Jan. 1 1936.
Interest
payable April 1 and Oct. 1.
Due $2,000 yearly on Oct. 1 from 1937 to
1954 incl.
required.
SILVERTON, Ore.—BOND SALE—The $17,549.47 issue of refunding
bonds offered for sale on Dec. 27—V. 141, p. 4199—was purchased by the
Federal Securities Co. of Portland, as 3 Ms,
paying a premium of $100.07,
9—V.
of Toledo
Certified check for $500, payable to the Board of
Education,
Approving opinion of Squire, Sanders & Dempsey of Cleveland
will be furnished to the purchaser.
the bid.
by Harold E. Bernier, Secretary of the Board of Commissioners, for the
purchase of a $15,000 issue of 4% water bonds.
Dated Jan. 1 1936.
Due
on Jan. 1 as follows:
$500, 1937 to 1941; $1,000, 1942 to 1946, and $1,500
from 1947 to 1951.
Prin. and int. (J. & J.) payable at the First National
Bank, Oregon City.
The approving opinion of Teal, Winfree, McCulloch,
Shuler & Kelley of Portland will be furnished.
A certified check for $500
must accompany the bid.
,
Prudden & Co
Belle Center Bank
and int. payable
opinion of Teal,
be furnished.
A
PARK PLACE WATER DISTRICT (P.
O. Park Place), Ore.—
BOND OFFERING—Sealed bids will be received until 8
p. m. on Jan. 10
LOGAN COUNTY (P. O.
Bellefontaine), Ohio—BOND SALE—The
$31,000 poor relief bonds offered on Dec. 28—V. 41, p. 3901—were
awarded to the First Cleveland
Corp. as 2Ms, for a premium of $117.80,
equal to 100.38, a basis of about 2.41%.
Dated Dec. 1 1935 and due
serially on March 1 from 1936 to 1944, incl. Other bids were as follows:
Bidder—
Int. Bate Premium
Seasongood & Mayer
Stranahan, Harris Co
Provident Savings Bank & Trust Co
Halsey), Ore.—BOND
OFFERING—Sealed bids will be received until 8.30 p. m. on Jan. 6, by
B. M. Bond, District Clerk, for the purchase of two issues of bonds
aggre¬
JEFFERSON UNION SCHOOL
DISTRICT, Jefferson County,
Ohio—BONDS DEFEATED—A proposed $50,000 school
building bond
issue was beaten at a special election held
recently.
A favorable vote of
652 to 546 was cast, but a
65% majority is required for approval.
P
Jan. 4 1936
premium of $96.25, equal to 101.203, a basis of about 4.33%, according to
the Secretary of the Board of Commissioners.
equal to 100.57,
a
basis of about 3.4(3%.
Dated Jan. 1 1936.
Due from
Jan. 1 1937 to 1946.
UNION COUNTY SCHOOL DISTRICT NO. 1 (P. O. La
Grande),
Ore.—BOND OFFERING—Sealed bids will be received until Jan. 4 by
Raymond Williams, District Clerk, for the purchase of a $40,000 issue of
4% school bonds.
Denom. $1,000.
Dated Nov. 1 1935.
Due on Nov. 1
as follows:
$2,000, 1940 to 1942; $3,000, 1943 to 1952, and $4,000 in 1953.
Prin. and int. (M. & N.) payable at the County Treasurer's office or at the
fiscal agency of the State in New York.
A certified check for $500, payable
to the district, is required.
PEEBLES SCHOOL DISTRICT, Ohio—BONDS
DEFEATED—At a
special election the voters rejected a proposal to issue $45,000 school
building bonds.
The vote was 431 "for" to 354 "against," the favorable
majority being insufficient to give the measure 65% of the votes required
recent
City of
for passage.
PORTSMOUTH, Ohio—OTHER
PHILADELPHIA
BIDS—The $82,250 refunding bonds
awarded to Stranahan, Harris & Co. of Toledo as 3
Ms, at par plus a premium
of $263.20, equal to 100.32, a basis of about
3.72%, as previously noted in
these columns, were also bid for as follows:
Bidder—
Int. Rate
BancOhio Securities Co., Columbus
Grau & Co., Cincinnati, with Fox, Einhorn &
Co.,
$164.50
4.00%
880.08
642.85
573.00
1520 Locust
Cincinnati, Nelson, Browning & Co., Cincinnati,
Co., Cincinnati
Seasongood & Mayer, Cincinnati
Weil, Roth & Irving, Cincinnati
First Cleveland Corp., Cleveland
Security-Central National Bank of Portsmouth
The Portsmouth Banking Co., Portsmouth
and Bohmer-Reinhart &
4.00%
4.00%
4.0)%
4.00%
4.00%
12.50
PUTNAM
a
COUNTY
(P. O. Ottawa), Ohio— OTHER BIDS—The
poor relief ponds awarded to Prudden & Co. of Teledo as
2Ms,
premium of $189, equal to 100.63, a basis of about 2.10%, as
noted in these
columns,
were also
bid for
previously
as
follows:
Bidder—•
Int. Rate
Paine, Webber & Co
Weil, Roth & Irving Co
First National Bank, Ottawa
Cool, Stiver & Co
First Cleveland Corp
Seasongood & Mayer
Premium
2)4%
2)4 %
2)4 %
2)4 %
2)4 %
3%
$113.27
52.00
10.00
137.99
96.00
82.85
1
RIPLEY, Ohio—BONDS NOT SOLD—The $14,400 4M%
municipal
building bonds offered on Dec. 28—V. 141, p. 3901—were not sold, as all
bids
to
were
1951,
rejected.
incl.
Dated Jan. 1 1936 and due serially on
April 1 from 1937
WARREN COUNTY (P. O.
Lebanon), Ohio—BOND SALE—The
$30,000 poor relief bonds offered on Dec. 30—V. 141,
p. 3901—were
awarded to Prudden & Co. of Toledo as
2)4s, for a premium of $111, equal
to 100.37, a basis of about
2.16%.
Dated Nov. 1 1935 and due serially on
March 1 from 1936 to 1944, incl.
Other bids
were as
follows:
ALLENTOWN,
Pa.—BOND OFFERING—Sealed bids addressed to
Fred E. Lewis, Mayor, will be received until 1.30 p.m. on Jan. 14 for the
purchase of $750,000 2, 2M, 2M, 2%, 3, 3M or 3M% coupon or registered
water works improvement bonds.
Dated Feb. 1 1936.
Denom. $1,000.
Due Feb. 1 as follows: $10,000,1937 to 1946 incl.; $20,000.1947 to 1951 inc
$30,000, 1952 to 1956 incl., and $40,000 from 1957 to 1966 incl.
Bidder
.
to name one rate of interest on all of tne bonds.
Int. Rate
2% of the bonds bid for, payable to the order of the
City Treasurer, must accompany each proposal.
Issue will be sold subject
the favorable legal opinion of
Townsend, Elliott & Munson of Phila¬
delphia.
to
_
BERWICK, Pa.—BOND SALE—The $65,000
bonds offered
on
Dec.
Lebanon-Citizen National Bank
Ceveland Corporation
81.00
BLOOMSBURG, Pa .—BOND
sold
$65,000
3M%
Works
_
sewer
SALE—On Dec. 27 the Borough Council
Progress
Administration
Butcher & Sherrard of Philadelphia at 100.60.
projects
bonds
to
BUFFALO TOWNSHIP SCHOOL DISTRICT
(P. O. Silverville), Pa.
—BOND OFFERING—The School Board will receive bids until Jan.
6 for
building bonds.
CLAIRTON, Pa.—BONDS AUTHORIZED—The City Council recently
Eassed an ordinance authorizing the issuance of $150,000 improvement
onds.
26.00
168.00
paving and
Rollins & Sons of Philadelphia bid 100.55 for 3
Ms.
$129.85
208.00
coupon
27—V.
141, p. 4053—were awarded to Butcher &
Sherrerd of Philadelphia as 3 Ms, at a price of 100.60, a basis of about
3.19%.
Dated Jan. 15 1936 and due Jan. 15 as follows: $3,000, 1943;
$6,000, 1944
to 1946 inch; $10,000 from 1947 to 1950 incl. and
$4,000 in 1951.
E. H.
Premium
2)4%
2 M%
2)4 %
2)4 %
2)4%
Interest payable F. & A.
A certified check for
the purchase of an issue of $37,000 school
Names—
Seasongood & Mayer
Provident Savings Bank
8tranahan, Harris & Co
First
St., Philadelphia
PENNSYLVANIA
468.83
$30,000
for
Moncure Biddle & Co.
Premium
3.75%
EASTON, Pa.—BOND ELECTION—The city will hold
on
a
special election
Jan. 28 to ask the voters to approve a
proposal to issue $550,000 bonds
acquisition of the property of the Lehigh Water Co.
to finance the
OKLAHOMA
ANADARKO
SCHOOL
DISTRICT
(P.
EAST NORR1TON SCHOOL DISTRICT
(P. O.
O.
Anardarko).
Okla.—
BOND SALE—The $28,000 issue of school bonds
offered for sale on Dec. 30
—V. 141, p. 4199—was purchased
by the Brown-Crummer Co. of Wichita
as follows:
$26,000 as 3)4s and $2,000 as 3)4s.
FAIRFAX, Okla.—BONDS NOT SOLD—It is stated by Mrs. H. L.
Helton, Town Clerk, that the 25,000 refunding bonds offered on
Dec. 31
—V. 141, p. 4199—were not sold as all the bids
received were rejected
BONDS RE-OFFERED—Sealed bids will
again to received by the above
Clerk for the purchase of the said
bonds, up to Jan. 14. Interest rate to be
named by the bidder.
A certified check for 2% of the bid is
required.
OKLAHOMA CITY, Okla—DEBT REDUCTION
SCHEDULED—The
.Oklahoma City "Daily Oklahoman" of Dec. 22 carried the
following report:
"The city will pay off $1,571,300 of its bonded
debt during the next three
months, F. G. Baker, city auditor, said
Saturday.
"Total debt to be retired
during the current fiscal year is $1,966,300.
During the last six months, $395,000 worth of bonds have been
paid off.
Civic Center bond issues added $1,128,000 to the
city's bonded debt, but the
year will show a net decrease in indebtedness of
$738,300.
"Bond payments by months will be
January, $161,000; February,
$823,300, and March, $587,000.
The largest
payments falling due will be
on park bonds voted in the
purchase of the Civic Center tract in 1928."
PAWHUSKA, Okla.—BOND OFFERING—An
light plant bonds
issue of $37,000 electric
be offered for sale by the
City Commissioners on
Due $5,000 yearly beginning three
years after date of
issuance, except that the list instalment is to amount to
$7,000.
ROGERS COUNTY (P. O.
Claremore), Okla.—BOND ELECTION—
In response to petitions the Board of
County Commissioners has called a
special election for Jan. 14, for the purpose of
voting on a proposition to
issue $25,000 courthouse and jail bonds.
is to
Jan. 7 at 1:30 p. m.
TAYLORSVILLE
(P.
O.
Philo),
Ohio—BONDS
The Public Works Administration has
purchased
bonds.
an
SOLD
TO
PWA—
issue of $31,500 water
WYNNEWOOD, Okla.
BONDS SOLD TO PWA-A
$46,000 issue of
electric light plant bonds is stated to have been
purchased by thel Public
Works Administration, as 4s at par.
(An allotment of $65,000 for the
project
was
approved by the said Federal agency.)
P
MAUCH CHUNK, Pa .—BOND SALE—An issue of
$25,000 3% bonds
recently sold to the Mauch Chunk Trust Co.
was
NETHER
GILBERT WATER DISTRICT (P. O.
Gilbert), Ore.—BOND
TOWNSHIP
(P.
O.
Wallingford), Pa.—
3% coupon sewer refunding bonds.
Dated Feb. 1 1936.
Denom.
$1,000.
Due Feb. 1 as follows: $6,000, 1937 to 1941 incl.;
$3,000, 1942 to
1946 incl., and $4,000 from 1947 to 1956 incl.
Bidder to name a single
interest rate on all of the bonds.
Interest payable F. & A.
The bonds
are registerable as to
principal only and will be issued subject to the favor¬
able legal opinion of Townsend, Elliott & Munson of
Philadelphia.
A
certified check for 2% of the amount bid, payable to the order of
the Town¬
ship Treasurer, must accompany each proposal.
or
MIDDLETOWN, Pa.—BOND SALE—The issue of $22,000 4%
bonds offered on Dec. 30—V. 141, p. 3903—was awarded to
E. H.
& Sons of Philadelphia at par plus a premium of
$1,135.20, equal to
a basis of about
3.01%.
Dated Dec. 1 1935 and due $2,000 on
from 1936 to 1946 incl.
4)4s, paying
a
Rollins
105.25,
Dec. 1
PUNXSUTAWNEY
SCHOOL
DISTRICT,
Pa.—BOND SALE—The
$95,000 coupon school bonds offered on Jan. 2—V. 141, p. 4200—were
awarded to Leach Bros., Inc. of Philadelphia, as
3Ms, at a price of 100.64,
a
basis of about 3.44%.
Bancamerica-Blair Corp. was second in the
bidding with an offer of 100.60 for 3Ms.
Dated Jan. 1 1936.
Due $7,000
Jan. 1 1939, and $4,000 yearly on Jan. 1 from 1940 to
1951, incl.
ROARING SPRINGS SCHOOL DISTRICT, Pa.—BOND
SALE—The
$50,000 school building bonds offered on Nov. 15—V. 141, p. 2936—were
awarded to the
Dec.
1
as
Roaring Springs Bank.
follows:
Dated Dec. 1 1935.
Due yearly
$1,000, 1937 and 1938; $2,000, 1939 to 1956, and
RUTLEDGE,
SALE
141 p
coupon
PORTER TOWNSHIP SCHOOL DISTRICT
(P. O. New Bethlehem,
R. D. 1), Pa.—BOND SAEE—The $9,000 4% school bonds
offered on
Dec. 27—V. 141, p. 3904—were awarded to the First
National Bank of
New Bethlehem.
Due Jan. 1 1956, redeemable on Jan.
1 and July 1
on and after Jan. 1 1937.
$3,000, 1957 to 1960.
—The $8,000 issue of water bonds offered for sale on
Dec. 27—V
4053—was awarded to Conrad, Bruce & Co. of
Portland, as
PROVIDENCE
BOND OFFERING—J. Paul Palmer,
Township Secretary, will receive sealed
bids until 8 p.m. on Jan. 6 for the purchase of
$85,000 2, 2M, 2M, 2M
on
OREGON
Norristown), Pa.—
MATURITY—The $55,000 2M% school building bonds purchased in
November by Singer, Deane & Scribner, Inc. of
Pittsburgh at a price of
101.604, as previously noted in these columns, mature $15,000 in 1945 and
$20,000 in 1955 and 1965.
Pa.—BOND SALE—The $10,000 coupon sewer bonds
Dec. 26—V. 141, p. 4054—were awarded as
3s, at a price of par,
Bank of Morton.
Dated Jan. 15 1936 and due
Jan. 15 1941.
The Sw
thmore National Bank bid
offered
to
on
the Morton National
par for
3Ms.
Financial
Volume 142
SAYRE, Pa.—BONDS NOT SOLD—No bids were submitted for the
2 H or 3% coupon or registered refunding bonds offered
$140,000 2 Yi,
on Dec. 16—V. 141, p. 3904.
from 1936 to 1955 incl.
Dated Dec. 1 1935 and
due serially on
due ser
Dec. 1
SCHOOL
CITY
RHODE ISLAND (State of)—OPERATING SURPLUS EXPECTED—
Predicting that the State would end the current fiscal year next June 30
with a balanced budget and probably a surplus, Budget Director Christopher
Del Sesto recently made public his November financial statement, which
showed that the cash balance in the general fund of the State on Dec. 1
was double the amount there when the fiscal year began last July 1.
Cash Balance $3,683,588
The
Dec.
1
balance
cash
$3,683,588.89,
was
compared with $1,560,-
July 1, the budget director's statement showed.
The State collected $6,769,247.33 and spent $4,646,202.10 from July 1
to Dec. 1, according to the statement.
Revenues during November totaled
$1,097,062.05 and expenditures during the month were $968,733.35.
Expenditures for the period from June 30 to Dec. 1 last year amounted
to $4,168,675.05, as compared with the $4,646,202.10 this
year,
and
revenues for the five months a year ago were listed as $5,222,041.58, as
against $6,769,247.33 this year.
on
CAROLINA
SOUTH
GREATER GREENVILLE SEWER DISTRICT (P. O.
Greenville),
S, C.—BOND SALE—A $242,000 issue of 4% Parker Water and Sewer
Sub-District bonds has been purchased by a syndicate composed of Frost,
Read & Co. of Charleston, G. H. Crawford & Co. of Columbia, the Robin¬
son Humphrey Co. of Atlanta,
McAlister, Smith & Pate, of Greenville,
Johnson, Lane, Space & Co. of Savannah, James Conner & Co. of Charles¬
ton, and R. S. Dickson & Co. of Charlotte.
Denom. $1,000.
Dated
Feb. 1 1934.
Due on Feb. 1 as follows:
$5,000, 1936 to 1947; $8,000,
1948; $7,000, 1949; $10,000, 1950 to 1956; $13,000, 1957 to 1960; $12,000,
1961 to 1963, and $9,000 in 1964.
Prin. and int. (F. & A.) payable at the
Guaranty Trust Co. in New York City.
Legality toAbe approved by
Storey, Throndike, Palmer & Dodge of Boston.
Financial Statement (as
Officially Reported June 30 1935)
$35,000,000.00
Actual valuation (estimated)
Assessed valuation of all property
Total
bonded
Less—Cash
on
8,288,840-00
490,000
(1935)
(including this issue)
debt
$470,104.00
5.7%
Ratio net debt to assessed valuation
Per capita net debt
debts
bids will be received
City Manager, for the pur¬
and playgrounds bonds.
Rate to be stated in a
multiple of M. of 1%, and bids must show the gross and net interest costs to
the city.
No bid for less than par and accrued interest will be accepted.
Denom. $1,000.
Coupon bonds, dated Dec. 1 1935.
Due as follows:
$500,1939- $3,000,1940; $4,000,1941; $21,000,1942; $7,000,1943; $19,000,
1944: $15,000, 1945; $17,000, 1946; $10,000, 1947; $19,000. 1948; $39,000,
1949; $40,000, 1950; $18,000, 1951: $4,000, 1952; $28,000, 1953 and 1954;
$29,000, 1955; $30,000, 1956; $31,000, 1957; $32,000, 1958; $33,000, 1959
and 1960; $35,000, 1961; $36,000, 1962; $37,000, 1963; $38,000,
1964;
$40,000,1965, and $41,000 in 1966.
Prin. and int. payable in lawful money
at the Central Hanover Bank & Trust Co., New York.
No bid for less than
all of the bonds will be considered.
A certified check for 1 % of the amount
of the bonds, payable to Henry
Keller, City Secretary-Treasurer, is
Tex.—BOND OFFERING— Sealed
FORT WORTH,
until 2:30 p. m. on Jan. 8 by G. D. Fairtrace,
chase of a $687,500 issue of pleasure grounds, parks
Interest rate is not to exceed 5%, payable J. & D.
GLADEWATER, Tex.—BOND SALE—The State Department of Educa¬
$150,000 4% bonds issued by the city to finance the
tion has purchased
purchase of the property
of the Gladewater Water &
$18.80
„
25,000.
political subdivisions having power to levy taxes
within the district
are
not included in the above
propositions:
.
First
SUMMERVILLE, S. C.—BOND SALE—A $12,000 issue of water works
was purchased on Dec. 27, by a local investor, according to the City
bonds
The maturities of said
of bonds.
1937 and $35,000 Feb. 1
Feb. 1
Feb.
1 1966.
WINNSBORO SCHOOL DISTRICT, S. C.—BOND SALE—On
the later
ones
3K %
Dec. 11
R. S. Dickson
maturities will bear 3 M % int., and
SIOUX
S.
FALLS,
DAKOTA
issue of $77,000 4%
National Bank & Trust
Second Proposition
bonds
provided the same are to be
Proposition, the Board of Education to
outlined under First Proposition.
outlined under the First
accrued interest as
Proposition
Third
the lowest rate of interest at which he
of $2,102,000 of bonds, all bonds being dated
Feb. 1 1936 and maturing $72,000 Feb. 1 1937 and $70,000 Feb. 1 each
year for the following 29 years from Feb. 1 1937; the Board of Education
to receive accrued interest lapsing between Feb. 1 1936 and actual delivery
will take the entire issue
of bonds.
Fourth Proposition
Each bidder will clearly state
the premium offered for tne entire
$2,102,-
the same are to be 3K % bonds all dated Feb. 1 1936
$72,000 Feb. 1 1937 and $70,000 each year for 29 consecutive
years from Feb. 1 1937.
The Board of Education desires bids on each of the above separate and
distinct four propositions, but it is expressly understood that the Board
of Education will accept only one of tne said propositions and that it is
optional with the Board as to which proposition it will accept. Interest on
EQUITABLE
Securities
New
district subject to taxation by said district within the
The Board of Education reserves the right to
such bid on any one of the four proposi¬
tions submitted as may be deemed most advantageous.
Delivery of said
bonds will be at the First National Bank, Houston.
All bids to be on
bidder's form to be supplied by the Business Manager. Enclose a certified
check for 2% of the entire issue of bonds, payable to the School District.
Memphis
TENNESSEE
LA
(P.
of voting on the
INDEPENDENT
O.
Tenn.—BOND
Athens),
SALE—The
$55,000 4% school improvement bonds that were authorized by the County
Court last August—V. 141, p. 1313—are said to have been purchased by
W. N. Estes & Co. of Nashville for a premium of $225, equal to 100.40.
Tenn.—BOND OFFERING—Sealed bids will be received
until 2:30 p. m. on Jan. 28. by D. C. Miller,
of two issues of bonds, aggregating $506,000.
school building bonds.
DEFINED ROAD DISTRICT NO. 1 (P. O.
Brady), Tex.—BOND CALL—George O. Parker, County Clerk, is reported
to be calling for payment at par and accrued interest, at the Frost National
Bank in San Antonio, on Feb. 1, on which date interest shall cease, a total
of $40,000 in 5% road bonds.
Denom. $1,000.
Dated June 12 1911.
Due on Jan. 12 1951, optional at any time after 20 years.
These bonds
are said to be the remainder of an original issue of $75,000.
City Clerk for the purchase
divided as follows:
Dated Dec. 1 1935.
$396,000 public works bonds.
1936 to
Interest payable J. & D.
$16,000,
1941,
and
Bidders will name interest rate in a
Due on Dec. 1 as
$15,000,
1942
to
1961.
Due $10,000 from Jan. 1
multiple of \i of l-10th of 1%.
Sold
—
Arthur), Tex.—BONDS VOTED—It
Quoted
It is
ARTHUR INDEPENDENT SCHOOL DISTRICT (P. O.
Arthur), Tex.—BOND SALE—A $62,000 issue of refunding bonds
reported'to have been purchased by Mahan, Dittmar & Co. of San
Antonio.
These bonds are said to have been approved by the voters at
an election held on Dec. 26.
PORT
Port
is
SAN
PATRICIO
COUNTY
DEFINED ROAD
DISTRICT NO. 1
(P. O. Sinton), Tex.—BOND ELECTION—In connection with the report
given in these columns recently, to the effect that an election was
for a vote on the issuance of $200,000 in lateral road bonds—V. 141, p. 4201—
it is stated by the County Judge that the election will be held on Jan. 11.
It is said that the bonds are to be issued and sold only if a Public Works
Administration grant is received.
scheduled
SAN PATRICIO
COUNTY ROAD DISTRICT NO. 5 (P. O.
Sinton),
Tex.—BOND ELECTION—The County Commissioner's Court has ordered
that an election be held on Jan. 18 at which the voters will be asked to
proposal to issue $50,000 road
bonds.
UTAH
COMPANY
Incorporated
Sterling Building
is reported
that a $20,000 issue of 5% and 6% water system
by the voters on Dec. 28.
Due in 40 years.
also said that the bonds are to be offered for sale immediately.
approve a
H. C. BURT &
im¬
by the City Secretary
No
TEXAS BONDS
—
at a
provement bonds.
bonds was approved
higher rate of interest shall be chosen than shall be required to insure a sale
at par and all bonds shall bear the same rate of interest.
Split rate bids will
not be received on any single issue, all issues, however, are not required to
bear the same rate of interest.
Denom. $1,000. Prin. and int. payable at
the City Hall, or at the Chemical Bank & Trust Co. in New York City.
The city will furnish the prepared bonds to purchaser.
The city has no
option of payment prior to maturity.
These bonds are both coupon or
registered, at the option of purchaser.
The approving opinion of Thomson,
Wood & Hoffman of New York, will be furnished the purchaser.
A certified
check for 1 % of the amount of bonds bid for, payable to the city, is required.
Bought
MADISONVILLE, Tex.—BONDS VOTED—The voters of the c ty
approved a proposition to issue $26,000 water system
recent election
PEAR RIDGE (P. O.
110,000 public works bonds. Dated Jan. 1 1936.
1937 to 1947.
Interest payable J. & J.
Utah—BONDS OFFERED FOR INVESTMENT—
Public offering on a yield basis of 0.40% was made on Dec. 23 by a group
headed by R/W. Pressprich & Co. of New York, of $1,250,000 0.30% tax
anticipation bonds.
The obligations, issued in anticipation of 1936 taxes,
are said to be general obligations of the entire city, payable from unlimited
SALT LAKE CITY,
Houston, Texas
TEXAS
taxes.
BOND SALE—A syndicate
AMARILLO, Tex.—BOND OFFERING NOT SCHEDULED—It is
stated by J. M. Barker, City Auditor, that the City Commission'has not
definitely decided whether to re-offer for sale the $605,000 refunding
bonds that were offered without success on Dec. 18, when all the bids
received were rejected—V. 141, p. 4055.
Due from 1943 to 1962 incl.
BRAZORIA COUNTY ROAD DISTRICT
Tex.—BONDS VOTED—A proposed $650,000
SCHOOL DISTRICT, Tex.—BOND
been called for Jan. 18 for the purpose
question of issuing $50,000
McCULLOCH COUNTY
bonds,
COUNTY
PORTE
ELECTION—A special election has
GREENBRIER, Tenn.—BONDS VOTED—At a recent special election
the voters balloted 92 to 28 in favor of the issuance of $23,000 waterworks
system construction
by law.
reject any and all bids or to accept
Nashville
Knoxvllle
Chattanooga
and Aug. 1, both interest and
property within said
limits prescribed
Corporation
York
Birmingham
payable semi-annually Feb.
principal payable at the Central Hanover Bank & Trust Co., New York
City. The Board of Education will furnish the bidder with the opi lion of
the Attorney-General of Texas, as well as the opinion of Thomson, Wood
& Hoffman of New York. The opinion of Thomso l, Wood & Hoffman will
recite tnat said bonds constitute valid and legally binding obligations of
the district and said district has power and is obligated to levy ad valorem
taxes for the payment of said bonds and the interest thereon upon the
Municipal Bonds
follows:
$1,051,000 of
3f$% bonds, maturities the same as
receive
the premium offered for
bidder will clearly state
said bonds is
TENNESSEE
MEMPHIS,
maturing
including
and maturing
Dak.—BOND SALE—An
city hall bonds has been sold to^the Northwestern
Co. of Minneapolis at 106.71.
McMINN
bonds to be as follows: $36,000
each year thereafter up to and
000 of bonds provided
•
SOUTH
^
which he
Board of Education to receive
1936 and the actual delivery
o
the Board of School Trustees soid $80,000 school bonds to
Bonds in the eany
Proposition
the lowest rate of Interest at
Each bidder will clearly state
will take $1,051,000 bonds and pay par, the
the accrued interest lapsing between Feb. 1
Each bidder will clearly state
figures.
Clerk.
& Co. of Columbia.
Sewer Co.
SCHOOL DISTRICT (P. O. Houston),
Tex.—BOND OFFERING—Sealed bids will be received until 2 p.m. on
Jan. 15, by H. L. Mills, Business Manager of the Board of Education,
for the purchase of a $2,102,000 issue of school bonds.
Dated Feb. 1 1936.
Due on Feb. 1 as follows: $72,000. 1937 and $70,000, 1938 to 1966 incl.
All of said bonds were voted on Nov. 16 1935, being 30-year bonds, nonoptional.
These bonds are being offered for sale under the following
HOUSTON INDEPENDENT
(estimated),
of other
CALL—It is stated by Henry Keller,
WORTH, Tex.—BOND
FORT
City Secretary-Treasurer, that the city has exercised its option and is calling
for payment at par and accrued int., at the Central Hanover Bank &
Co., New York City, on Feb. 1, on which date int. shall cease, 4% City
North Fort Worth water works bonds, numbered 129, 130, 132 to 143,
161 to 183, 194 and 200, aggregating $19,500.
Denom. $500. Dated
Feb. 1 1905.
<
Each
The
The vote was 148
SCHOOL DISTRICT, Tex.—BOND ELECTION—The School
special election to be held on Jan. 6 to vote on the question
$25,000 school building bonds.
ENNIS
of issuing
19,896.00
hand
Net debt
Population
recent election.
10
required.
CLINTON, S. C.—BONDS AUTHORIZED—'The Town Council recently
adopted an ordinance authorizing the issuance of $90,000 refunding bo ads.
„
to
approved by the voters at a
against."
was
Trust
of
ISLAND
RHODE
542.46
roads
"for"
Board has called a
DISTRICT.
Pa.—BOND SALE—The
district has sold an issue of $39,000 4% school bonds to the National
Bank of Union City for a premium of $2,735, equal to 107.013.
UNION
165
Chronicle
NO. 3 (P. O. Angleton),
bond issue for extension of
composed of R. W. Pressprich &
Co. of New
both
York,
at .30%,
York, the First Security Trust Co., and Edward L. Burton & Co.,
of Salt Lake City, and the Bank of the Manhattan Co. of New
purchased on Dec. 10. the above bonds aggregating $1,100,000,
at a price of 99.70.
The bonds are divided as follows:
$950,000 tax anticipation bonds. Dated Jan. 1 1936.
150,000 refunding tax anticipation bonds. Dated Dec. 31 1935.
Due on Dec. 31 1936.
166
Financial
Chronicle
SALT LAKE COUNTY
(P. O. Salt Lake City), Utah—BONDS
OFFERED FOR INVESTMENT—R. W.
Pressprich & Co. of New York,
headed a
group that on Dec. 23 offered for general subscription at a price
to yield
0.40%, an issue of $1,000,000 0.30% tax anticipation bonds and
refunding tax anticipation bonds.
These bonds are said to be general obliga¬
tions of the county,
payable from unlimited taxes.
Jan. 4 1936
County Clerk, for the purchase of two issues of bonds, aggregating $660,000,
divided
as
follows:
„
,
„
$360,000 refunding bonds.
Dated Feb. 1 1936.
Due $20,000 from Feb. 1
1937 to 1954.
Bonds Nos. 101 to 360 may be redeemed at the
option of the county in their inverse numerical order at the price of
par and accured interest to redemption date, on any interest pay¬
date
ment
on
or
after
4M %, payable F. & A.
Feb.
1
1941.
Interest
is
not
to
exceed
The bonds will not be sold for less than
par and the basis of determination shall be the lowest net interest
We Are
Specialists in
cost to the county.
These bonds are issued for the purpose of
providing funds for the redemption of an issue of poor relief bonds,
i
MAINE—-NEW HAMPSHIRE—VERMONT
series 1934, dated Feb. 1.
300,000 3% poor relief, ser. 1936 bonds. Due on Jan. 15 as follows: $10,000,
1937 to 1946, and $20,000, 1947 to 1956.
Bonds Nos. 51 to 300,
incl., may be redeemed in their inverse numerical order at the
option of the county, at par and accrued interest on any interest
Municipal Issues
E. H. Rollins & Sons
payment date on
sold for less than
Devonshire
St.,
or
after Jan.
15
1941.
Tno bonds will not be
95% of par and the successful bidder must pay
accrued interest at the rate borne on the bonds from the date of
the bonds to the date of the purchase price.
Incorporated
200
Boston, Mass.
"Denom.
$1,000.
Prin. and int. payable in lawful money at the County
office.
Legality to be approved by Chapman & Cutler or
A certified check for 2% of the amount of bonds bid for, payable
to the county, is required.
Treasurer's
Chicago.
VERMONT
CHESTER, Vt.—BOND
SALE— The $22,000 coupon refunding bonds
offered on Dec. 28—V. 141,
p. 3905—were awarded to Vermont Securities,
Inc.. of Brattleboro as
3Ms. at a price of 100.5-l, a basis of about 3.19%.
Dated Jan. 1 1936 and due
serially on Jan. 1 in from 1 to 20 years.
Other
bids were as follows:
Bidder—
Int. Rate
Rate Bid
Ross & Co., Inc., Rutland..
3M%
-
100.40
3M%
Coffin & Burr, Inc., Boston
Waltham National Bank, Waltham
Vermont Savings Bank, Brattleboro
Bellows Falls Trust Co., Bellows Falls
E. H. Rollins &
Sons, Boston
Lamoille County Savings Bk. & Tr. Co.,
Hyde Park.
100.36
100.10
100.
3 M %
3M%
3M%
3 H%
4%
LARAMIE, Wyo.—BOND CALD—It is reported that Nos. 1 to 12, of
the 5% sewer bonds, dated Nov. 1 1931, due on Nov. 1 1951, are bemg
called for payment at the First National Bank in Laramie.
OWL IRRIGATION DISTRICT (P.O.
100.
ONPWA ALLOTMENT—It is stated by L. F. Thornton, District President,
100.91
that
a
loan of $244,000 for an
multiple of M%.
Denom. $1,000.
Dated Jan. 1 1936.
Prin.
(J. & J. 1) payable at the National Shawmut Bank of
Due yearly on Jan. 1 as follows:
$2,000,1937 to 1947, and $1,000,
a
Bonds
are
engraved under the supervision of and certified
as
ness
irrigation project has been approved by the
Public Works Administration.
Canadian Municipals
and semi-ann. int.
Boston.
Thermopolis), Wyo.—REPORT
100.82
POULTNEY, Vt —BOND OFFERING—The Board of Trustees of the
Village will receive bids until 3 p. m. Jan. 10 for the purchase at not less
than par of $23,000 coupon
refunding bonds.
Bidders are to name rate of
int., in
WYOMING
DOUGLAS, Wyo.—-BONDS AUTHORIZED—An ordinance has been
passed providing for the issuance of $38,000 refunding bonds to retire out¬
standing water bonds dated Jan. 1 1921.
S. W. Trethewey is City Clerk.
Information and Markets
to genuine¬
by the National Shawmut Bank of Boston; their legality will be ap¬
proved by Storey, Thorndike, Palmer &
Dodge, whose opinion will be fur¬
nished the purchaser.
All legal papers incident to this issue will be filed
with said bank where
they may be inspected.
BRAWLEY, CATHERS & CO.
Bonds will be delivered to the
purchaser at the National Shawmut Bank
of Boston.
25
KING
ST.
WEST, TORONTO
ELGIN
6438
Financial Statement Dec. 19 1935
Assessed valuation 1935
Total bonded debt,
including this issue
$752,525.00
-
1935
1934--.
$4,515.15
4,555.80
1933
Water rents collected—1934
Uncollected
$584.10
368.85
3,773.63
225.12
5,185.33
1933
4,592.04
POULTNEY SCHOOL DISTRICT, Vt.—BOND SALE—The issue
of
$53,000 coupon improvement bonds offered on Dec. 27—V. 141,
p. 4055—
was
awarded to the National Shawmut Bank of Boston
on a
3M% bonds.
Dated Dec. 1 1935.
Due yearly on Dec.
$3,000, 1936 to 1948, incl., and $2,000, 1949 to 1955, Incl.
ST.
ALBANS,
Vt.—BOND ISSUE
CANADA
26,000.00
Total Levy
DETAILS—The
bid of par for
1
as
follows:
BRANDON, Man.—SEEKS LOAN OF $75,000 IN VIEW OF LARGE
DEFICIT—Anticipating a large deficit in operation for the year, the city
has asked the Province for
to report.
a
loan of $75,000 to cover relief costs, according
CANADA (Dominion of)—BORROWS $25,000,000 ON TREASURY
BILLS—The Bank of Canada on Dec. 30 announced it had
accepted on
behalf of the Finance Minister tenders for the full amount of
$25,000,000
Dominion of Canada treasury bills due next
price, the announcement said,
was
April 1.
The average discount
$99,70549 and the average yield 1,198%.
HAMILTON,
$20,000
3M%
public improvement bonds purchased at a price of
par by the Burlington
Savings Bank of Burlington, as previously noted in these
columns, are
dated Dec. 2 1935, coupon in denoms. of
$500 and mature $1,500 from 1940
to 1949, incl. and $1,000from
1950 to 1954, incl.
Interest payable J. & D.
Ont.—TAX COLLECTIONS HIGHER—City tax colleptions to Nov. 29 were $7,835,299,
compared with $7,455,461 in the same
period of 1934.
Percentage of current collections to the budget, was 78.33
and for total collections,
including arrears, it was 100.35.
A small over¬
draft for the year, however, is possible.
NORTH YORK TOWNSHIP, Ont .—TAX COLLECTIONS IMPROVE
township collected $371,276 of 1935 taxes up to Nov. 30, compared
$337,598 in the 1934 period.
Arrears compare, $217,936 against
$220,177.
Bank loan
of $159,000 last year has been
paid off.
Total
expenditures were $651,510, against revenue of $876,294.
—The
with
VIRGINIA
LYNCHBURG, Va.—BOND
OFFERING—Sealed bids will be received
2.30 p.m. on Jan. 13, by George M. Bell, City
Treasurer, for the
purchase of a $340,000 issue of coupon or registered
city bonds.
Denom.
$1,000.
Dated Feb. 1 1936.
Due $20,000 from Feb. 1 1939 to 1955 incl.
until
Bids will be taken on said bonds in blocks:
Block 1, covering all oonds
years to 10 years, incl., after date, and Block
2, covering all
bonds from 11 to 19 years
incl., after date; and "all or none" bids will be
taken on the entire issue at one interest
rate; and "all or none" bids will be
taken on the entire issue at two interest
rates, one rate on bonds from
1 to 160 incl., and another rate on bonds from
161 to 340 incl.
All bids
shall fix the interest rate in
maturing 3
multiples of l-10th or M of 1 %.
The interest
by the Council, after bids are received, at the
rate
or
rates will be fixed
rate
or
rates set forth in the successful bid
or
bids.
All bids must be par
better, and interest from Feb. 1 1936 to delivery.
Principal and interest
payable in lawful money at the Chase National Bank in New York.
Legal
approval furnished by Thomson, Wood & Hoffman of New
York.
A
certified check for 2%, payable to the
City Treasurer, must accompany bid.
or
WASHINGTON
CONNELL, Wash.—BOND SALE—It
that
as
a
$3,600 issue of general bonds
was
is
sold
reported by the Town Clerk
on
Dec. 9 to
6s at par.
SKAGIT
COUNTV
SCHOOL
DISTRICT
NO.
a
local investor,
73
(P. O. Mount
Veenon), Wash.—BOND OFFERING—George Dunlap,
County Trea¬
surer, will receive bids until 10 a. m. Jan.
11, for the purchase of $3,500
school bonds, which will bear no
more than 6% interest.
Certified check
for 5% of amount of bid,
required.
SNOHOMISH
COUNTY
(P.
O.
Everett),
Wash.—WARRANTS
CALLED—The County Treasurer is
reported to have called for payment
his office on Dec. 17, various school
district, secondary highway dike
at
district, drainage district and soldiers' relief fund warrants.
WEST
WEST
Sept. 1 1935.
Due $40,000
will bear interest at the rate
of 4% or in any lesser rate which is a
multiple of M of 1%, which may
be named by the bidder.
A part of the bonds
may bear one rate and a
part a different rate.
Not more than two rates will be
considered in any
one bid.
The bonds will be sold to the bidder
offering to take the bonds
bearing the lowest interest rate and to pay the
highest price offered for
bonds bearing such lowest rate.
Prin. and int. (M. &
S.) payable in lawful
money at the State Treasurer's office, or, at the
option of the holder, at the
National City Bank in New York.
The legal opinion of Caldwell &
Raymond of New York will be furnished, but the
purchaser will be required
to pay the expense for such
approval.
The bonds cannot be sold at less
than par and accrued interest.
Delivery will be made in New York City.
A certified check for
2% of the face value of the bonds bid
to the
a
for, payable
State, is required.
announced Dec. 19 following receipt
letter from H. L. Cummings, Ontario
Neither town
for
sale
on
Dec.
30—V.
OTTAWA, Ont .—VOTES FUNDING OF RELIEF COSTS—1Taxpayers
have voted against paying
unemployment relief costs out of current revenue.
Relief costs may, therefore, be funded in
1936.
QUEBEC
(Province of)—AGREES TO REFUNDING OF LOCAL
DEBTS—Seven suburban municipalities of the Island of
Montreal, which
borrowed a total of $1,533,000 under the 1919 Federal
Workmen's Dwellings
Act will shortly borrow $546,000 from the
Metropolitan Commission to
refund the balance of the 1919 loans due in
1940^43 inclusive.
v
At present, the Town of Mount
Royal, Verdun, Lachine, Ville LaSalle,
Montreal East, St. Laurent and the
bankrupt town of Pointe aux Trembles
are paying
5% interest annually to Quebec on the post-war loans
; by re¬
funding immediately through short-term ten-year loans
bearing interest at
4%, they will be able to cut their annual loan charges
considerably, par¬
ticularly at a time when their treasuries are
sorely beset by the dole and
depression era costs.
The refunding scheme will enable the
seven municipalities to save some
$40,000 in loan charges alone during 1936, and realize further
savings during
seven
years from 1937 to
1943 inclusive.
Range of these savings
can roughly be
gauged when it is recalled that the municipalities are now
supposed to pay annual interest of 5% on the total loan
principal of $1,533,000 contracted under the 1919 Act;
refunding will wipe out the 1919
loan entirely and the
municipalities will only be called upon to pay
4%
interest annually for 10 years on the
$546,000 they are borrowing from the
Metropolitan Commission to wipe out the Federal Workmen's
Dwellings
the
was
the Quebec
Municipal Commission, under L. E. Potvin, Chair¬
man, which enjoined the Provincial Treasurer's
Department to consent
to refunding by the seven island
municipalities of their 1919 loans, this
in order to enable them to effect
appreciable
savings in annual loan charges.
REGINA, Sask.—PAYMENT OF MATURING INTEREST CHARGES
GIVE CONCERN—City officials, it is
said, have been somewhat concerned
about meeting $267,000 of interest
charges due Jan. 1.
Increase of Dom¬
inion relief allowance to the Province for the aid of
municipalities is expected
to help materially.
The city's relief costs were $1,054,197 to
Dec. 8,
compared with $947,190 in the 1934 period.
ST. GENEVIEVE DE
PIERREFONDS, Que.—BOND OFFERING—
J. E. Cardinal,
Secretary-Treasurer, will receive sealed bids up to 8 p.m.,
Jan. 7 for the purchase of
$25,000, 25-year serial bonds dated Nov. 1
1935,
in denominations of $100 or
multiples thereof, and payable at Montreal
and St. Genevieve de Pierrefonds.
Alternative bids asked for 4 and
4M %
bonds.
TORONTO, Ont .—TAX COLLECTIONS RISE—It is estimated that
the city will fund $3,260,000 of direct relief
expenditures made in 1935.
Tax collections show improvement, as follows:
Tax Collections to Dec. 14
1935
of
refunding bonds
141, p. 4056—was purchased by the
3s, paying a premium of $15.56, equal to
100 04
Bancamerica-Blair Corp. as
a basis of about 2.995%.
Dated Dec. 15 1935.
Due on Dec. 15 1951.
'
KENOSHA COUNTY (P. O.
Kenosha),"! Wis.—BOND OFFERING—
Sealed bids will be received until 2 p. m. on Jan.
15, by John C.
in position to pay
anything on its debentures,
default at the end of 1935 totaled
$295,943.03.
was
the letter stated.
The
The County of Simcoe, which
guaranteed the defaulted debentures and
interest payments, sent a deputation to the
Ontario Governemnt asking that
the situation be given attention.
WISCONSIN
KENOSHA, Wis.—BOND SALE—The $38,500 issue
offered
adopted early in 1936,
by Warden H. J. Crawford
Deputy Minister of Municipal
was
of
It
of—BOND OFFERING—Sealed bids will be
received until 1 p. m. on Jan. 9 by Governor
H. G. Kump for the purchase
of an issue of $1,000,000
4% coupon or registered road bonds.
Coupon
bonds in $1,000
denominations, convertible into fully registered bonds of
rom
it
Affairs.
Act loans.
VIRGINIA
VIRGINIA, State
?11,000 and 1 $5,000to 1960 incl. TheDated
denominations.
Sept.
1936
bonds
ONTARIO (Province of)—REFUNDING PLANS FOR TWO
TOWNS
EXPECTED SOON—A refunding plan for the defaulted
debentures of the
of Midland and Penetanguishene
may be
towns
Niederprim;
Levy for year
Current collections.
Percentage collected
Arrears Jan. 1
Arrears collections
Percentage collected
All taxes uncollected
1934
$35,521,338
28,853,222
81.22%
11,487,591
7,602,986
66.20%
10,552,721
$34,903,843
27,258,255
78 09%
12,065,416
7,744,089
64 18%
11,966,915
@FedFRASER